PRU June 2026 Quarter Report

Perseus Mining Limited (PRU) reported fourth-quarter FY26 gold production of 109,013 ounces, bringing full-year output to 404,998 ounces, which sits just above the low-end of its 400,000-ounce guidance. The company’s all-in sustaining costs (AISC) for FY26 totaled US$1,750 per ounce, landing at the top of its US$1,600–1,760 per ounce range, while fourth-quarter AISC alone reached US$1,941 per ounce.

Financially, the miner achieved a record FY26 notional operating cash flow of US$769 million. Its cash and bullion holdings crossed US$1.03 billion, with listed securities adding another US$233 million.

Looking ahead, Perseus introduced FY27 guidance projecting group production of 420,000–480,000 ounces at an AISC of US$1,835–2,070 per ounce, representing a material step-up in costs compared to FY26 actuals. The company also increased its share buyback program to A$150 million, a move pre-announced in June.

Perseus Mining Limited (PRU) has set its FY27 All-In Sustaining Costs (AISC) guidance at US$1,835–2,070 per ounce. This represents an 11–14% increase at the midpoint over the FY26 actual of US$1,750 per ounce, and a 14–18% increase over the FY26 guidance midpoint of US$1,680 per ounce. Management had not previously telegraphed a cost jump of this magnitude, marking a genuine negative surprise. The Q4 FY26 AISC of US$1,941 per ounce was already elevated, and the full-year FY27 guide confirms sustained margin pressure into FY27.

While absolute cash generation remains robust, the forward cost escalation materially resets the earnings outlook. The company’s balance sheet strength, comprising US$1.03 billion in cash and no debt, partially offsets these pressures. An increased buyback was also announced, though this expansion was already known to the market. Investors are likely to focus on the implied margin compression, particularly with gold prices possibly peaking.

Perseus Mining Limited (PRU) is a mid-tier gold producer operating three mines in West Africa: Edikan in Ghana, Sissingué in Côte d'Ivoire (including the Bagoé satellite), and Yaouré in Côte d'Ivoire. The company also holds an 80% interest in the developing Nyanzaga project in Tanzania, which is scheduled to produce its first gold in January 2027. Additionally, Perseus is ramping up production at the CMA underground operation at Yaouré. In April 2026, the company sold its Meyas Sand interest in Sudan for US$260 million, a move intended to focus resources on its core assets.