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Africa-focused gold miner Perseus ups gold production 50% to 494,014 ounces in FY2022

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(Kitco News) - Perseus Mining (TSX: PRU) announced today that for the financial year ended 30 June 2022 (FY2022), its gold production was 494,014 ounces, which is an increase of 50% compared to 328,632 ounces in FY2021.

The company said that its FY2022 gold production was in upper half of market guidance range of between 471,164 and 506,164 ounces, notwithstanding a 19-day preventative maintenance shut at Edikan in the June 2022 quarter.

Importantly, Perseus noted that weighted average all-in sustaining cost of US$952 per ounce for the financial year to 30 June 2022 was in the bottom quartile of the market guidance range of US$932 to 1,020 per ounce.

The company added that its strong operating performance is forecast to continue with market guidance for the December 2022 Half Year of 240,000 to 265,000 ounces produced at an AISC of US$1,000 to US$1,100 per ounce.

The company also reported average cash margin of US$731 per ounce of gold and notional cashflow from operations of US$361 million achieved during FY2022.

Perseus pointed out that the company’s business growth activities delivered excellent results, with a material increase in Perseus’s ore reserves inventory and mine lives at Edikan and potentially, Yaouré.

The company noted that its financial position continues to strengthen with available cash and bullion of US$328 million, debt of US$50 million, and net cash of US$278 million at 30 June 2022, US$50 million more than last quarter.

Perseus operates three gold mines in West Africa (Edikan in Ghana, Sissingué and Yaouré in Ivory Coast), with its third mine, Yaouré, pouring its first gold in December 2020.

The company has recently acquired Orca Gold, and now owns 70% of the Block 14 development project in Sudan, and a 31.4% stake in the Kone gold project in Ivory Coast.

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