Perseus reaffirmed its gold production forecast for the second half-year.

SECOND HALF FORECAST
Still sees gold production 230,000 to 260,000 oz
Still sees all-in sustaining costs/oz $1,000 to $1,200

YEAR FORECAST|
Still sees gold production 498,370 to 528,370 oz
Still sees all-in sustaining costs/oz $1,000 to $1,100

THIRD QUARTER RESULTS
Gold production 130,275 oz, -0.5% q/q
All-in sustaining costs/oz $971, -1.2% q/q
Gold sales volume 135,111 oz, -33% q/q

COMMENTARY AND CONTEXT
Perseus’s strong operating performance is forecast to continue in the June quarter with both gold production and cost guidance for 1H and FY expected to be achieved strong quarterly cashflows further strengthened Perseus’s financial position with available cash and bullion of $471 million, zero debt, net cash and bullion balance increased by $66 million at quarter end
Development activities continued at Meyas Sand Gold Project with confirmatory and sterilisation drilling, Front-End Engineering and Design and site preparation, ahead of a possible FID during 2H 2023
Organic growth activities including Mineral Resource drill outs and feasibility studies for MSGP and Yaouré’s CMA Underground Project progressed on schedule; Results due in Sept. qtr

Eoin Treacy's view

The team at Perseus are betting Sudan’s welcome for foreign investment will persist despite the threat of internal conflict. That was driven by the desire to acquire a promising asset at a discounted price. It’s a challenge every miner faces. New supplies of key resources are most often now found in politically unstable parts of the world.