Perseus Mining Earnings: Elevated Gold Prices Drive a Strong Result

Perseus Mining’s fiscal 2024 result was stronger than we expected. While gold sales volumes of about 510,000 ounces fell 5% on last year, they were about 3% higher than our estimate. This contributed to all-in sustaining costs rising less than we forecast, to about USD 1,050 per ounce, up 10% on fiscal 2023, driven by inflation and lower volumes. This compares with our expectations of about USD 1,120. EBITDA increased 13% to USD 625 million, with higher gold prices more than offsetting the lower volumes and increased unit cash costs. Adjusted net profit after tax rose 14% to about USD 324 million, or USD 23 cents per share, equating to about AUD 34 cents per share at current exchange rates.