Perseus closes FY2026 with record cash flow and first stoping at Yaouré underground

Perseus Mining ended its 2026 financial year with a record $769m of notional operating cash flow, according to its June quarter report, released to the ASX on 30 July. The group recovered 405,000oz of gold in the twelve months at an AISC of $1,750/oz.

The June quarter itself was softer on cost. Perseus recovered 109,013oz at an AISC of $1,941/oz, generating $216m of notional cash flow. Cash and bullion reached $1.03bn at the end of June, with a further $233m held in listed securities.

Underground era begins at Yaouré

The quarter's headline milestone was the start of stoping at the CMA underground mine at Yaouré in Côte d'Ivoire in April. The underground operation delivered 33,606t of ore and contributed 8,472oz of gold in its first quarter of stoping. Chief executive Craig Jones described the period as a quarter of significant milestones for the company.

Yaouré's costs, however, moved up, with all-in site costs rising 11% to $2,277/oz and the notional cash margin falling 16% to $1,643/oz.

Edikan under pressure

At Edikan in Ghana, production slipped 7% on the previous quarter to 41,900oz. All-in site costs jumped 27% to $1,959/oz, which the company linked to higher spending on diesel, blasting, stockpile rehandling and royalties.

FY2027 guidance

For the year to June 2027, Perseus has guided group production of 420,000oz to 480,000oz at an AISC of $1,835/oz to $2,070/oz. The breakdown is:

• Yaouré: 150,000oz to 170,000oz
• Edikan: 150,000oz to 170,000oz
• Sissingué (Côte d'Ivoire): 65,000oz to 85,000oz
• Nyanzaga (Tanzania): about 55,000oz before commercial production

The Nyanzaga project in Tanzania was 67% complete at the end of June, with commercial production targeted for January 2027. The build had logged 8 million hours worked without a lost-time injury.

What it means

Perseus's West African mines will still carry the bulk of production in FY2027. The transition at Yaouré from open pit to a combined open pit and underground operation is the key to sustaining output there, while Edikan's cost increase highlights how inflation in fuel, explosives and state royalties is eating into margins even at record gold prices. With more than $1bn in cash and bullion, and a guidance range that implies modest growth in FY2027 despite higher unit costs, the company has ample room to finish Nyanzaga and pursue further expansion without stretching its balance sheet.

Sources

• GlobeNewswire (Perseus Mining release): PRU June 2026 Quarter Report, 29 Jul 2026
• Investing.com: Perseus Mining June 2026 slides: record cashflow, Nyanzaga on track, 30 Jul 2026

Photo: Fishing boats on Lake Kossou in central Côte d'Ivoire. Hanay, Wikimedia Commons, CC BY-SA 4.0.