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Africa-focused gold miner Perseus reports record half-year net profit of A$203 million

Kitco News

(Kitco News) - Africa-focused gold producer Perseus Mining (TSX: PRU) announced yesterday that its net profit after tax for the half-year period ended 31 December 2022 was A$203.0 million (~US$139 million), up 60% on the comparative period (31 December 2021: A$126.9 million).

The company said that gold production for the group during the half year totalled 268,371 ounces at an all-in site cost (including production costs, royalties and sustaining capital) ("AISC") of US$930/oz.

"During the six months to 31 December 2022, Perseus made significant progress within its multi-mine, multijurisdictional operations, improving on the comparative half-year period in several key metrics," it added.

Managing Director and CEO Jeff Quartermaine stated, "As stated in our December 2022 Quarter Report, Perseus's three operating mines produced a combined total of 268,371 ounces of gold at an AISC of US$930 per ounce during the December 2022 Half Year, outperforming both gold production and cost market guidance during  the period. This outstanding operating result has translated into equally outstanding financial results for the period, with record after-tax earnings and operating cashflow reported today.

"On the back of this result, Perseus has declared an interim dividend of 1.06 cents per share, consistent with our dividend policy of paying a base dividend yield of 1% per annum. At the conclusion of the financial year ending 30 June 2023, Perseus will review the full year performance and may choose to declare a bonus dividend to supplement the base dividend, as it did in FY2022."

The company also noted it maintains market guidance for FY2023 of 498,370 to 528,370 ounces at an AISC of US$1,000 to $1,100 per ounce.

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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