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Perth, Feb. 21, 2023 (GLOBE NEWSWIRE) — PERSEUS DELIVERS RECORD A$203 MILLION HALF YEAR PROFIT AFTER TAX

Perth/Western Australia/ February 21, 2023/African centered gold producer Perseus Mining Restricted (ASX/TSX:PRU) has reported materials enhancements recorded throughout key metrics together with income, EBITDA, revenue after tax and working money stream in its Interim Monetary Report for the six months ending December 31, 2022.

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HIGHLIGHTS

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   (1) A$:US$ alternate price of 0.6708 for 6-month common (2) A$:US$ alternate price of 0.6820 at 31 December 2022

Perseus’s Managing Director and CEO Jeff Quartermaine mentioned:
“As said in our December 2022 Quarter Report, Perseus’s three working mines produced a mixed whole of 268,371 ounces of gold at an AISC of US$930 per ounce through the December 2022 Half Yr, outperforming each gold manufacturing and price market steering throughout the interval. This excellent working outcome has translated into equally excellent monetary outcomes for the interval, with file after–tax earnings and working cashflow
reported in the present day.

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These outcomes mirror the laborious work and dedication of our total crew at Perseus who’ve “walked the speak” when it comes to our core values and never solely delivered on our aim, however exceeded it. I congratulate them for this excellent effort.

On the again of this outcome, Perseus has declared an interim dividend of 1.06 cents per share, in line with our dividend coverage of paying a base dividend yield of 1% every year. On the conclusion of the monetary 12 months ending 30 June 2023, Perseus will assessment the total 12 months efficiency and will select to declare a bonus dividend to complement the bottom dividend, because it did in FY2022.

Our robust monetary efficiency within the December Half Yr has additional strengthened our Stability Sheet and when mixed with additional robust projected cashflows which can be underpinned by an “in-the-money” hedge place, we’re in a really strong place to finance
the event of our fourth gold mine, the Meyas Sand in Sudan, from inner sources alone when a Remaining Funding Determination is taken later this 12 months.”

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Commentary

Throughout the six months to December 31, 2022, Perseus made important progress inside its multi-mine, multi-jurisdictional operations, enhancing on the comparative half-year interval in a number of key metrics. Perseus’s third gold mine, Yaouré, continued its robust efficiency, with constant contributions from Sissingué. There was a notable turnaround within the interval from Edikan, which has proven marked enhancements in its manufacturing charges that favourably impacted its unit price efficiency as nicely.

Gold manufacturing for the Group through the half 12 months totalled 268,371 ounces at an all-in web site price (together with manufacturing prices, royalties and sustaining capital) (“AISC”) of US$930/oz. This outcome included: 136,821 ounces produced at Yaouré at an AISC of US$724/oz; 25,573 ounces produced at Sissingué at an AISC of US$1,490/oz; and 105,977 ounces of gold produced at Edikan at an AISC of US$1,059/oz.

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Gold gross sales by the Group through the half-year totalled 261,921 ounces of gold at a mean gross sales worth of US$1,724/oz. This outcome included: 135,174 ounces bought by Yaouré at a weighted common gross sales worth of US$1,727/oz; 24,379 ounces bought by Sissingué at a weighted common gross sales worth of US$1,847/oz; and 102,368 ounces bought by Edikan at a mean gross sales worth of US$1,692/oz. Throughout the six months, the Group bought 10% extra gold, at a worth that was roughly 4% larger than within the 2021 comparative interval.

At 31 December 2022, the Firm’s internet tangible belongings amounted to $1.4 billion, or $1.03 per share which is roughly 38.3% greater than on the finish of the HY2021.

The Group’s internet revenue after tax for the interval ended December 31, 2022, after bringing to account a overseas alternate acquire of $2.9 million (December 31, 2021: $7.7 million), was $203.0 million, up 60% on the comparative interval (December 31, 2021: $126.9 million). Gross revenue from operations for the interval ended December 31, 2022 was up 62% on the comparative interval to $248.8 million (December 31, 2021: $153.4 million).

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These above monetary outcomes are attributable to:

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The Group generated internet money from working actions for the half 12 months ended December 31, 2022 of $299.8 million, up 22% on the comparative interval (December 31, 2021: $245.9 million).

As at December 31, 2022, Perseus had money available of $528.9 million (June 30, 2022: $426.8 million), and 24,431 ounces of gold bullion valued at $44 million (June 30, 2022: $49.0 million). Throughout the interval, Perseus repaid US$50.0 million of the revolving company money advance facility (Company Facility), with a zero remaining steadiness on that facility at December 31, 2022. Nevertheless, the Group retains the choice to draw-down on the ability, as much as a price of US$100.0 million, which reduces by US$50.0 million at June 30, 2023 and an extra US$50.0 at December 31, 2023.

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FY23 OUTLOOK

Perseus expects this constructive pattern of improved earnings and cashflow to proceed consistent with its company goal of manufacturing greater than 500,000 ounces of gold per 12 months. Gold manufacturing and price steering for FY2023 is as follows:

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This announcement was authorised for launch by the Board.

COMPETENT PERSON STATEMENT

All manufacturing targets referred to on this report are underpinned by estimated Ore Reserves which have been ready by competent individuals in accordance with the necessities of the JORC Code.

Edikan

The knowledge on this report that pertains to the Esuajah South Underground Mineral Useful resource and Ore Reserve was first reported by the Firm in a market announcement “Perseus Mining Updates Mineral Assets & Ore Reserves” launched on 24 August 2021. The knowledge on this report that pertains to Esuajah North Mineral Assets estimate was first reported by the Firm in a market announcement “Perseus Updates Assets & Reserves” launched on 28 August 2018. The knowledge on this report that pertains to AF Hole Mineral Assets and Ore Reserve estimate was first reported by the Firm in a market announcement “Perseus Updates Mineral Assets & Ore Reserves” launched on 25 August 2020. The knowledge on this report that pertains to the Mineral Useful resource and Ore Reserve estimates for the Fetish deposit and the Heap Leach was first reported by the Firm in a market announcement “Perseus Updates Edikan Mineral Useful resource & Ore Reserves” launched on 19 February 2020. The knowledge on this report that pertains to the Mineral Useful resource and Ore Reserve estimates for the Nkosuo deposit was first reported by the Firm in a market announcement “Perseus Will increase Edikan’s Inventories of Mineral Useful resource & Ore Reserves” launched on 19 July 2022. An replace for mining depletion at Edikan as at 30 June 2022 was reported in a information launch “Perseus Mining Updates Mineral Assets and Ore Reserves” dated 30 August 2022. The Firm confirms that it’s not conscious of any new data or knowledge that materially have an effect on the knowledge on these market releases and that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary data derived therefrom, proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 proceed to use.

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Sissingué, Fimbiasso and Bagoé

The knowledge on this report that pertains to Mineral Assets and Ore Reserve estimates for Sissingué was reported by the Firm in a market announcement “Perseus Mining Updates Lifetime of Mine Plan for Sissingué Gold Mine & Satellite tv for pc Deposits” launched on 28 March 2022. An replace for mining depletion at Sissingué as at 30 June 2022 was reported in a information launch “Perseus Mining Updates Mineral Assets and Ore Reserves” dated 30 August 2022. The knowledge on this report that pertains to Mineral Useful resource and Ore Reserve estimates for the Fimbiasso deposits was reported by the Firm in a market announcement “Perseus Mining Updates Mineral Assets and Ore Reserves” launched on 26 August 2020. The knowledge on this report that pertains to Mineral Useful resource and Ore Reserve estimates for the Bagoé deposits was reported by the Firm in a market announcement “Perseus Mining Updates Mineral Assets and Ore Reserves” launched on 24 August 2021. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary data derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Challenge, Côte d’Ivoire” dated 28 March 2022 proceed to use.

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Yaouré

The knowledge on this report that pertains to the Open Pit and Underground Mineral Assets and the Underground Ore Reserve at CMA was first reported by the Firm in a market announcement “Perseus Mining publicizes maiden Underground Ore Reserve at Yaouré” launched on 30 August 2022. The knowledge on this report that pertains to the opposite Mineral Assets & Ore Reserves (together with the Heap Leach) for the Yaouré Deposit was reported by the Firm in a market announcement “Perseus Mining Updates Mineral Assets & Ore Reserves” launched on 24 August 2021. An replace for mining depletion at Yaouré as at 30 June 2022 was reported in a information launch “Perseus Mining Updates Mineral Assets and Ore Reserves” dated 30 August 2022. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary data derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Challenge, Côte d’Ivoire” dated 18 December 2017 proceed to use.

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CAUTION REGARDING FORWARD LOOKING INFORMATION:

This report accommodates forward-looking data which relies on the assumptions, estimates, evaluation and opinions of administration made in mild of its expertise and its notion of tendencies, present circumstances and anticipated developments, in addition to different components that administration of the Firm believes to be related and affordable within the circumstances on the date that such statements are made, however which can show to be incorrect. Assumptions have been made by the Firm relating to, amongst different issues: the value of gold, persevering with industrial manufacturing on the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine with none main disruption because of the COVID-19 pandemic or in any other case, the receipt of required governmental approvals, the accuracy of capital and working price estimates, the power of the Firm to function in a protected, environment friendly and efficient method and the power of the Firm to acquire financing as and when required and on affordable phrases. Readers are cautioned that the foregoing checklist just isn’t exhaustive of all components and assumptions which can have been utilized by the Firm. Though administration believes that the assumptions made by the Firm and the expectations represented by such data are affordable, there might be no assurance that the forward-looking data will show to be correct. Ahead-looking data entails identified and unknown dangers, uncertainties, and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any anticipated future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such components embrace, amongst others, the precise market worth of gold, the precise outcomes of present exploration, the precise outcomes of future exploration, modifications in venture parameters as plans proceed to be evaluated, in addition to these components disclosed within the Firm’s publicly filed paperwork. The Firm believes that the assumptions and expectations mirrored within the forward-looking data are affordable. Assumptions have been made relating to, amongst different issues, the Firm’s means to hold on its exploration and improvement actions, the well timed receipt of required approvals, the value of gold, the power of the Firm to function in a protected, environment friendly and efficient method and the power of the Firm to acquire financing as and when required and on affordable phrases. Readers shouldn’t place undue reliance on forward-looking data. Perseus doesn’t undertake to replace any forward-looking data, besides in accordance with relevant securities legal guidelines.