OREMAVEN
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2026-11-06
◂ Monitor PRU ASX

PERSEUS MINING LIMITED

Producer · Gold · GH · CI · TZ · GN Rating locked: sign in to view v8 · pru-20261024t180155-full
Last 2026-11-06
A$6.28
1D
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1M
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YTD
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1Y
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Upside
Locked: sign in to view
Mkt cap
A$8.3B
EV
A$7.2B
Cash
A$1.3B
Debt
A$0
8 newer ASX announcements not yet reflected in this valuation

Funding, performance and ownership

Financials & Capital

As of 2026-06-30
Cash A$1.3B Self Funding
Debt A$0 Net cash A$1.3B
Basic shares 1.3B 2026-10-09
Runway Self Funding Audited FY26 operating cash inflow US$666.420m; corporate cash US$924.057m plus US$400m undrawn credit facility supports project build. Financing is not equity value.

Liquidity

Financial position

Strong gross cash, no interest-bearing debt. Deduct known October distribution and September executed buy-back in equity bridge, but do not invent a new post-June cash balance. AUD comparison presentation converts source-native USD using RBA 30 June 2026 FXRUSD 0.6869 USD/AUD; original USD balances remain in source facts and report.

Inventory composition5

27,299 oz bullion on hand is distinct from stockpiled ore, gold in circuit and consumable supplies. Annual inventories USD395.016m comprise current176.911m and non-current218.105m. Bullion is valued separately; the model releases only funded non-bullion working stock through the operating schedule.

Bullion on hand at 30 June 2026
— carrying · 27,299 oz Au
Current ore stockpiles at cost
A$97.2M carrying
Non-current ore stockpiles at cost/NRV
A$317.5M carrying
Gold in circuit at cost
A$16.5M carrying
Materials and supplies at cost
A$89.7M carrying

Capital structure

Ownership and dilution

Ordinary shares
1.3B
Fully diluted
1.3B

30 June 1,327,131,493 ordinary shares less 1,019,938 cancelled on 2 October = 1,326,111,555. Rights 7,466,234 on 21 September less 223,240 on 29 September plus 26,552 issued 1 October = 7,269,546. The automated 2 October forms were briefly in flight; the 9 October issuer release confirms both final totals. Future authorized buy-backs do not alter denominator.

Security classes2
ClassTypeQuantityStrikeExpiry
ASX ordinary fully paid shares after completed buy-back cancellationOrdinary Share1.3B——
All outstanding performance rights; conservative full inclusionPerformance Right7.3MA$0—

KPI history

Operating metrics · Company

Group recovered gold shown
034,04968,099102,148136,198Quarter ended 2025-03-31: 121,605 oz AuQuarter ended 2025-03-31Quarter ended 2025-06-30: 121,237 oz AuQuarter ended 2025-06-30Quarter ended 2025-09-30: 99,953 oz AuQuarter ended 2025-09-30Quarter ended 2025-12-31: 88,888 oz AuQuarter ended 2025-12-31Quarter ended 2026-03-31: 107,144 oz AuQuarter ended 2026-03-31Quarter ended 2026-06-30: 109,013 oz AuQuarter ended 2026-06-30
MetricUnitTrendQuarter ended 2025-03-31Quarter ended 2025-06-30Quarter ended 2025-09-30Quarter ended 2025-12-31Quarter ended 2026-03-31Quarter ended 2026-06-30
Group recovered goldoz AuQuarter ended 2025-03-31: 121,605 oz AuQuarter ended 2025-06-30: 121,237 oz AuQuarter ended 2025-09-30: 99,953 oz AuQuarter ended 2025-12-31: 88,888 oz AuQuarter ended 2026-03-31: 107,144 oz AuQuarter ended 2026-06-30: 109,013 oz Au121,605121,23799,95388,888107,144109,013
Group all-in site cost; September 2025 restatedUSD/oz AuQuarter ended 2025-03-31: 1,209 USD/oz AuQuarter ended 2025-06-30: 1,417 USD/oz AuQuarter ended 2025-09-30: 1,516 USD/oz AuQuarter ended 2025-12-31: 1,800 USD/oz AuQuarter ended 2026-03-31: 1,748 USD/oz AuQuarter ended 2026-06-30: 1,941 USD/oz Au1,2091,4171,5161,8001,7481,941
Corporate cash excluding bullion and restricted depositsUSDQuarter ended 2025-06-30: 751,829,000 USDQuarter ended 2025-12-31: 683,097,000 USDQuarter ended 2026-06-30: 924,057,000 USD—751,829,000—683,097,000—924,057,000
Operating metric source table15
MetricProjectPeriodPeriod typeValueStatus
Group recovered goldCompanyQuarter ended 2025-03-31Quarter121,605 oz AuReported
Group all-in site cost; September 2025 restatedCompanyQuarter ended 2025-03-31Quarter1,209 USD/oz AuReported
Group recovered goldCompanyQuarter ended 2025-06-30Quarter121,237 oz AuReported
Group all-in site cost; September 2025 restatedCompanyQuarter ended 2025-06-30Quarter1,417 USD/oz AuReported
Group recovered goldCompanyQuarter ended 2025-09-30Quarter99,953 oz AuReported
Group all-in site cost; September 2025 restatedCompanyQuarter ended 2025-09-30Quarter1,516 USD/oz AuReported
Group recovered goldCompanyQuarter ended 2025-12-31Quarter88,888 oz AuReported
Group all-in site cost; September 2025 restatedCompanyQuarter ended 2025-12-31Quarter1,800 USD/oz AuReported
Group recovered goldCompanyQuarter ended 2026-03-31Quarter107,144 oz AuReported
Group all-in site cost; September 2025 restatedCompanyQuarter ended 2026-03-31Quarter1,748 USD/oz AuReported
Group recovered goldCompanyQuarter ended 2026-06-30Quarter109,013 oz AuReported
Group all-in site cost; September 2025 restatedCompanyQuarter ended 2026-06-30Quarter1,941 USD/oz AuReported
Corporate cash excluding bullion and restricted depositsCompany2025-06-30Point In Time751,829,000 USDReported
Corporate cash excluding bullion and restricted depositsCompany2025-12-31Point In Time683,097,000 USDReported
Corporate cash excluding bullion and restricted depositsCompany2026-06-30Point In Time924,057,000 USDReported
Company guidance2
MetricProjectPeriodLowHighStatus
Gold ProductionCompanyFY2027420,000480,000 oz Au (gross group)Current
All In Site CostCompanyFY2027; three operating mines only1,8352,070 USD/oz AuCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-09-24Ann. 2026-08-26BuybackOrdinary Fully PaidA$350M1M—OngoingNew program A$350m authorized; cancellation of 1,019,938 completed shares reflected in current share count. Authorization does not equal cash spent.Max 66M · Period 2026-09-24 to 2027-08-26 · On-market; completed cash consideration A$6,658,448.30 to 29 September · Barrenjoey Markets Pty Limited
2026-10-07Ann. 2026-08-26DividendA$119.4M——Completed—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Annual report, resource statement, quarterly fiscal disclosure and hedge table reviewed. Free carries, minority interests, active commodity contracts and royalties are represented; no disclosed live FX hedge identified.

Ghana state minority accounted for through 90% attributable project valuation, never a second equity deduction.

Free Carry · Active
Applies to
Edikan Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Perseus ownership: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Côte d’Ivoire minority is incorporated through 90% ownership of Yaouré.

Free Carry · Active
Applies to
Yaouré Gold Mine including CMA Underground · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Perseus ownership: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Sissingué and Fimbiasso interest is 86%; Bagoé is kept as a separate 90% economic interest.

Joint Venture · Active
Applies to
Sissingué and Fimbiasso, excluding Bagoé · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Perseus ownership: 86 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Bagoé cash flows and physical reserves receive 90% ownership exactly once.

Free Carry · Active
Applies to
Bagoé satellite mines · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Perseus ownership: 90 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Perseus retains 80% economic interest but funds full remaining development capital because government equity is free carried.

Free Carry · Active
Applies to
Nyanzaga Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Perseus economic interest: 80 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Statutory graduated royalty5%-12% by gold price; additional1.5%Franco-Nevada and0.25%Waratah plus Nkosuo1.5%NSR and USD2/oz reserve discovery bonus. These apply within project economics; source current resource statement p61-62.

Royalty · Active
Applies to
Edikan Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Statutory royalty scale: — %
How it affects our valuation

No valuation treatment is available for this arrangement.

Guidance uses 8% Côte d’Ivoire royalty, including the disputed additional 2% payment; already included in calibrated all-in site costs.

Royalty · Active
Applies to
Yaouré Gold Mine including CMA Underground · Sissingué and Fimbiasso, excluding Bagoé · Bagoé satellite mines · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Royalty included in guidance: 8 %
How it affects our valuation

No valuation treatment is available for this arrangement.

30,000 oz fixed forwards expire within FY28; modeled only over disclosed ounces.

Commodity Hedge · Active
Applies to
Edikan Gold Mine · Yaouré Gold Mine including CMA Underground · Sissingué and Fimbiasso, excluding Bagoé · Bagoé satellite mines · Gold
Economic direction
Burden
Period
Through 2028-06-30; start date not stated
Key terms
FY27 volume: 25,000 oz
FY27 price: 2,563 USD/oz
FY28 volume: 5,000 oz
FY28 price: 2,606 USD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

85,000 oz call options cap disclosed ounces only; do not cap the whole mine plan.

Commodity Hedge · Active
Applies to
Edikan Gold Mine · Yaouré Gold Mine including CMA Underground · Sissingué and Fimbiasso, excluding Bagoé · Bagoé satellite mines · Gold
Economic direction
Burden
Period
Through 2028-06-30; start date not stated
Key terms
FY27 volume: 80,000 oz
FY27 strike: 3,644 USD/oz
FY28 volume: 5,000 oz
FY28 strike: 4,659 USD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

200,000 oz bought puts protect disclosed volumes in FY27–29. Premium already paid is not invented as a further cash cost.

Commodity Hedge · Active
Applies to
Edikan Gold Mine · Yaouré Gold Mine including CMA Underground · Sissingué and Fimbiasso, excluding Bagoé · Bagoé satellite mines · Gold
Economic direction
Burden
Period
Through 2029-06-30; start date not stated
Key terms
FY27 volume: 80,000 oz
FY27 strike: 2,600 USD/oz
FY28 volume: 95,000 oz
FY28 strike: 2,611 USD/oz
FY29 volume: 25,000 oz
FY29 strike: 2,760 USD/oz
How it affects our valuation

No valuation treatment is available for this arrangement.

Edikan1.5%FN +.25%Waratah, Nkosuo1.5%NSR+USD2/oz reserve bonus; Sissingué/Bagoé.5%FN+.5%community+USD.80/oz. Resource statement pp56,61-62.

Royalty · Active
Applies to
Edikan Gold Mine · Sissingué and Fimbiasso, excluding Bagoé · Bagoé satellite mines · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Private royalties and local partners: — %
How it affects our valuation

No valuation treatment is available for this arrangement.

6%government royalty +1%clearing fee +.3%community levy, resource statement p77.

Royalty · Active
Applies to
Nyanzaga Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Tanzania royalty, inspection and community levy: 7.3 %
How it affects our valuation

No valuation treatment is available for this arrangement.