PERSEUS MINING LIMITED (PRU)
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25/02/2025

1

Buy

$3.20

-1.23%

Perseus Mining's 1H25 EBITDA of US$353m, was in line with Citi's expectations, while net profit of US$178m was 4% ahead due to lower tax. Yaoure is expected to start paying income tax this half. 

At mid-February, the company had completed around $12m of its A$100m buyback. January costs were lower than expected due to shorter Yaoure haul distances and sustaining capex, though guidance remains unchanged.

An updated life of mine plan including Nyanzaga, sustaining 500–600kozpa production, is expected in 2Q25, the broker explains. The gold miner had US$704m in cash and bullion at 31 December.

Target price $3.20 and Buy rating maintained.

FORECAST
Citi forecasts a full year FY25 dividend of 6.13 cents and EPS of 36.32 cents.
Citi forecasts a full year FY26 dividend of 6.13 cents and EPS of 30.04 cents.

04/03/2025

1

Buy

$4.00

23.46%

Perseus Mining's 1H earnings (EBITDA) of US$352m surpassed Canaccord Genuity and consensus forecasts for US$295m and US$277m, respectively, mainly driven by cost capitalisation and the exclusion of certain restructuring costs.

Net income of US$201m was also above consensus, driven by lower depreciation and amortisation (D&A), though higher tax expenses impacted results, notes the broker.

Management reiterated FY25 guidance for 469-504koz at a cost (AISC) of between US$1,250-1,280/oz, with the year-to-date performance suggesting to the analysts potential to exceed both production and cost targets.

The Buy rating and $4.00 target are unchanged.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 7.66 cents and EPS of 39.85 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 6.13 cents and EPS of 32.18 cents.