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FINALIST: MINER
18/10/22 10:45 am
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Gold Mining Journal 2022 - Strip ad - 20 x 420.indd 1 18/10/22 10:45 am
Perseus goes from myth to legend

by Dominic Piper

imply by the raw factors of cash generation and value in the last 18 months.
Sreturn, Perseus Mining Ltd had an exceptional 2022 The market has responded, sending the company’s shares
when compared to the rest of the Australian gold sector. up nearly 30% year-on-year while Australian-focused miners
That it did so from operations far removed from the Tier- struggled to maintain their footing. Perseus is now firmly
1 jurisdiction of its domestic-focused peers makes it established as an international mid-tier gold miner.
achievements even more remarkable.
For managing director Jeff Quartermaine, Perseus’ recent
The last three years have seen Perseus grow into a premier market performance is reward for the company sticking to
mid-tier gold miner on the ASX, delivering a plus-100% its plan.
return while rivals shrunk in value. FY2022 saw the company
“The simple fact is, we keep generating a lot of free cash
produce 494,014oz at AISC of $US952/oz for $1.126 billion
flow and are keeping cash costs under control; that is seen
revenue, $280 million NPAT and $523 million operating
as a positive by investors,” he told GMJ. “We laid out our
cashflow.
plan to investors four years ago and we’ve delivered on
The results led it to declare a final dividend of 1.64c/share – everything in that plan.”
a 1.5% yield – taking total shareholder returns to $50 million
It is remarkable to think that back in 2018, Perseus had
only recently graduated from single-mine status, having
just switched on its Sissingue mine in Cote d’Ivoire. Four
years on, Sissingue and the Edikan mine in Ghana are still
performing well, as is the company’s largest mine, Yaoure,
also in Cote d’Ivoire.
Such is the consistent nature of the existing assets,
Perseus is now preparing for its next stage of growth having
completed the acquisition of Orca Gold for $C215 million.
The deal hands Perseus the 2.9 moz gold Block 14 deposit
and a large land package in Sudan, widely considered one
of the world’s final gold frontiers.
The Orca deal was capable because of Perseus’ improved
balance sheet strength, a factor which can be directly
attributed to the consistent performance of the company’s
trio of West African gold mines – Yaoure and Sissingue in
Perseus produced almost 500,000oz across its West African Cote d’Ivoire and Edikan in Ghana.
operations in FY2022 Edikan has long been the company’s problem child but

The Sissingue gold mine in Cote d’Ivoire has continued to
surprise on the upside for Perseus
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18/10/22 2:29 pm
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