Perseus Mining Limited (ASX: PRU)
Perseus Mining Limited (ASX: PRU), on 30 April 2025 delivered strong operational results during the March 2025 quarter. PRU producing 121,605 ounces of gold across its three African mines -Yaoure, Edikan and Sissingue. The average AISC was US$1,209 per ounce and gold sales touched 117,585 ounces at an average price of US$2,462 per ounce. These data led to an average cash margin of US$1,253 per ounce and notional operating cashflow of US$152M. Cash and bullion reserves grew to US$801 million maintained by steady unit costs and elevated gold prices. The company also held US$111 million in liquid listed securities and maintained zero debt with US$300 million in undrawn debt capacity.
Yaoure contributed 68,822 ounces supported by strong runtime, improved grades and recovery. Edikan produced 41,668 ounces down from the prior quarter due to lower grades and recovery. Production cost rose to US$957 per ounce. Sissingue’s output was 11,115 ounces impacted by low-grade stockpile processing and contractor challenges. Its AISC increased to US$2,736 per ounce.
PRU finished final investment decision to develop the CMA Underground at Yaoure and the Nyanzaga Gold Project. The latter involves US$523.1 million in pre-production and infrastructure costs funded entirely from existing cash. Early works, capacity building and relocation planning have commenced. The company is positive about executing Nyanzaga successfully, leveraging past experience and strong local support. Resource drilling is in progress to extend mine life by upgrading inferred resources.
Evolution Mining Ltd (ASX: EVN)
Evolution Mining Limited (ASX: EVN), on 15 April 2025 Board has approved the Cowal Open Pit Continuation (OPC) project, extending operations to 2042 and adding 2 million ounces of gold production through growth at E42pit and development of E46, GR and E41pit. The project has a capital investment of $430M over 7 years offering strong returns of 71% at current spot price. FY25 will see $65–70 million spent on project establishment and fleet together with $5 million in mine development. Cowal has generated $1.62 billion in net cash flow since 2015 and $479 million in the first 9 months of FY25 alone. Underground development at Cowal is progressing to supply 30% of mine feed by FY26.
EVN achieved strong March quarter results with Cowal generating $210 million and Ernest Henry contributing $100 million in net mine cash flow. FY25 guidance remains at 710,000–780,000 ounces of gold and 70,000–80,000 tonnes of copper. The company achieved 98.5% of spot gold pricing due to minimal hedging benefiting from price uplift of $630/oz over the quarter.
Mungari’s mill expansion was delivered 9 months early and under budget by 9%. Mt Rawdon Pumped Hydro gained Queensland Government support, advancing toward investment decision. Exploration at Cowal continues to disclose underground opportunities enabling long-term value creation through high grade ore targets and maintaining full mill utilisation.
(Source: Company Announcements)
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