Perseus remains on track for guidance

 Perseus Mining chief executive officer and managing director Jeff Quartermaine says the company has a great opportunity to reach or potentially surpass its annual production guidance of 491,000-517,000 ounces of gold for the 2024 financial year.

The Subiaco-based gold miner released its March 2024 quarterly update on Wednesday, producing 127,471oz, slightly down from 128,773oz during December 2023.

Overall, Perseus has produced 389,048oz to date throughout the 2024 financial year.

“The three operations are running very strongly,” Mr Quartermaine said.

“And that’s put us into a position where in terms of our half year guidance (226,000-254,000oz), we are really well positioned – similarly with the all-in site cost ($US1,180-$US1,340/oz) side.

“If we achieve our budgets for the next two months, we should be right at the top end of that range, if not a little over, along with being under the cost range.

“Once again, pushing along very nicely, relative to the targets that we’ve set.”

Presently, Perseus has three major African operations in production - its Sissingué and Yaouré gold mines in Côte d'Ivoire, along with the Edikan gold mine in Ghana. 

Mr Quartermaine also provided an update on the company's recently acquired Nyanzaga gold project in Tanzania, after it completed its compulsory acquisition of OreCorp last week. 

"We're going to be commencing drilling very shortly," he said.

"We've been talking to people in the country about rigs which are currently available, so they will get going very shortly. In terms of time frame, we would like to reach a final investment decision by the end of this year.

"Which means between now and then, we'll do detailed design, upgrade both the reserve and life of mine plan, along with coming up with a definitive cost estimate for the project." 

Perseus closed trade at $2.21 per share, up 1.38 per cent.