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Perseus Mining Ltd

www: www.perseusmining.com   email: info@perseusmining.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:PRU CAD
ASX:PRU AUD
OTCMKTS:PMNXF USD

Description

Perseus Mining Ltd are a gold focused mid-tier producer with three producing mines in Cote d'Ivoire and Ghana, two mines in development in Cote d'Ivoire and exploration properties. Currently they produce roughly 500koz. of gold per year. They have approximately 12Moz. of gold in the reserves and resources category of which 10Moz. are in the measured and indicated category. They have a market capitalisation of ~C$2368.6M which is a rise of roughly 31% over the last twelve months. As of 12/05/2023 they have no debt and ~C$572.14M cash. They have 1,374M shares outstanding and trade on the Toronto Stock Exchange, the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/05/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $1,809.50M $2,368.60M 12/05/2023
Total Assets: $1,772.80M $1,718.58M 12/05/2023
Total Liabilities: $1,551.20M $1,503.76M 12/05/2023
Current Assets: $715.77M $693.88M 12/05/2023
Current Liabilities: $127.05M $123.16M 12/05/2023
Total Debt: $0.00M $0.00M 12/05/2023
Cash: $538.49M $572.14M 08/20/2024
Enterprise Value: $1,271.01M $1,796.46M 12/05/2026
Cash Flow: $391.51M $583.95M never
Cash Flow Multiple: 4.62 4.06 never
Net Debt to
Cash Flow Ratio:		 n/a n/a never
Finance within 1 year: 12/05/2023
Misc 12/05/2023
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 1,374,000,000 1,374,000,000 12/05/2023
Shares (FD): 1,384,000,000 1,384,000,000 12/05/2023
Insider Ownership: n/a n/a never
Dividend (Annual): n/a 1.8% 11/15/2024
Company Type: Mostly Gold Mostly Gold never
Production ETA: n/a n/a 12/05/2023
Production (Gold Eq Oz.): (guess) 
535,000		 (guess) 
500,000		 01/24/2024
Production (Silver Eq Oz.): (guess) 
44,349,776		 (guess) 
42,809,692		 01/24/2024
Initial CapEx (Outstanding): n/a n/a 12/05/2023
Funding Option: n/a n/a 12/05/2023
Documentation: none PRODUCER 11/15/2024
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 12/04/2023
Cash Flow Multiplier: 12 12 12/04/2023

Resource Data

GOLD 12/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.50M 5.00M 08/20/2024
Measured & Indicated: 10.00M 10.00M 12/05/2023
Inferred: 2.00M 2.00M 12/05/2023
Reserves & Resources: 12.00M 12.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.98M 4.25M 08/20/2024
Measured & Indicated: 7.40M 7.65M 12/05/2023
Inferred: 0.85M 0.85M 12/05/2023
Reserves & Resources: 8.25M 8.50M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
535,000oz.		 (guess) 
500,000oz.		 01/24/2024
Cash Cost: $850 $950 07/30/2024
Extra Operating Cost: $450 $550 07/30/2024
Total: $1,300 $1,500 07/30/2024
Margin (Free Cash Flow): $732 (36%) $1,168 (44%)
G
R
A
D
E		 Underground (Avg): 1.50 g/t n/a 03/24/2024
Open Pit (Avg): n/a 1.40 g/t 03/24/2024
Recovery Rate: (CG)  85.00% (CG)  85.00% 11/15/2024
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 12/05/2023
Annual Production: 600,000oz. 600,000oz. 12/05/2023
Cash Cost: $950 $1,000 07/30/2024
Extra Operating Cost: $450 $550 07/30/2024
SILVER 12/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 12/05/2023
Measured & Indicated: n/a n/a 12/05/2023
Inferred: n/a n/a 12/05/2023
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 12/05/2023
Measured & Indicated: n/a n/a 12/05/2023
Inferred: n/a n/a 12/05/2023
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 12/05/2023
Extra Operating Cost: n/a n/a 12/05/2023
Total: n/a n/a 12/05/2023
Margin (Free Cash Flow): n/a
G
R
A
D
E		 Underground (Avg): n/a n/a 12/05/2023
Open Pit (Avg): n/a n/a 12/05/2023
Recovery Rate: n/a n/a 12/05/2023
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/05/2023
Annual Production: n/a n/a 12/05/2023
Cash Cost: n/a n/a 12/05/2023
Extra Operating Cost: n/a n/a 12/05/2023

Property

Last Analysis Data  (12/05/2023)
Stage Name Owned Au Ag Cu Notes
Prod Angovia 90% n/a
Prod Sissinggue 100% show
800,000 oz open pit.

Producing.
Dev Tengrela 80% show
Large exploration property.
Dev Yaoure 100% show
3.5 million oz (1.5 gp) deposit.
$260 million capex.
$750 per oz cash costs.
Exp Bagoe Project 100% show
Early exploration.
Exp Liberty Project 100% show
Early exploration.
Prod Edikan 90% show
Main producing mine. 200,000 oz per year.
Exp Grumesa 90% n/a
Exp Block 14 70% show
250,000 acres.

Block 14 includes Galat Sufar, their first potential mine.

Galat is a 3 million deposit at 1.8 gpt.
Exp Block 67 70% n/a
Exp Block 68 100% n/a
Total Land Package Size (ha): 163,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Angovia 90% n/a
Prod Sissinggue 100% show
800,000 oz open pit.

Producing.
Dev Tengrela 80% show
Large exploration property.
Dev Yaoure 100% show
3.5 million oz (1.5 gp) deposit.
$260 million capex.
$750 per oz cash costs.
Exp Bagoe Project 100% show
Early exploration.
Exp Liberty Project 100% show
Early exploration.
Prod Edikan 90% show
Main producing mine. 200,000 oz per year.
Exp Grumesa 90% n/a
Exp Block 67 70% n/a
Exp Block 68 100% n/a
Exp Meyas 70% show
250,000 acres.

Block 14 includes Galat Sufar, their first potential mine.

Galat is a 3 million deposit at 1.8 gpt.
Exp Nyanzaga 80% show
3 million oz high-grade open pit.

DFS released in 2022.
Construction planned for 2024.
Production 2025.

Tanzania Govt 20% ownership free carried.
Total Land Package Size (ha): 165,300  

Profitability (by resource)

Proven &
Probable		 12/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 3.50M 5.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.98M 4.25M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $2,177.11M $4,963.58M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $2,177.11M $4,963.58M n/a
Max Profit / Current MCap: 1.203 2.096 n/a
Max Profit Per Share (Gold): $1.57 $3.59 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $1.57 $3.59 n/a
Total Free Profit Per Share: $0.00 $1.20 n/a
FD MCap / Gold Eq.: $608.23 $557.32 n/a
FD MCap / Silver Eq.: $7.34 $6.51 n/a
FD MCap / Per Metal
as % Spot Price:		 29.94% 20.89% n/a
Measured &
Indicated		 12/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 10.00M 10.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.40M 7.65M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $5,411.66M $8,934.44M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $5,411.66M $8,934.44M n/a
Max Profit / Current MCap: 2.991 3.772 n/a
Max Profit Per Share (Gold): $3.91 $6.46 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.91 $6.46 n/a
Total Free Profit Per Share: $2.14 $4.07 n/a
FD MCap / Gold Eq.: $244.69 $309.62 n/a
FD MCap / Silver Eq.: $2.95 $3.62 n/a
FD MCap / Per Metal
as % Spot Price:		 12.04% 11.61% n/a

Reserves &
Resources		 12/05/2023
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 12.00M 12.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 8.25M 8.50M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $6,033.69M $9,927.15M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $6,033.69M $9,927.15M n/a
Max Profit / Current MCap: 3.334 4.191 n/a
Max Profit Per Share (Gold): $4.36 $7.17 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $4.36 $7.17 n/a
Total Free Profit Per Share: $2.59 $4.78 n/a
FD MCap / Gold Eq.: $219.47 $278.66 n/a
FD MCap / Silver Eq.: $2.65 $3.25 n/a
FD MCap / Per Metal
as % Spot Price:		 10.80% 10.44% n/a

Future Valuation (Cash Flow & Totals)

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