PERSEUS MINING LIMITED (PRU)
Share Price Analysis and Chart

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27/08/2026

3

Downgrade to Hold from Buy

$6.40

-4.90%

Perseus Mining's FY26 NPAT increased 14% y/y but was -10% below consensus due to higher tax expense.

Ord Minnett points to the key positive as capital management, with a 9c final dividend taking the FY26 payout to 14c, up 86% y/y and well ahead of expectations, alongside a $350m share buyback and potential $100m special dividend and/or capital return.

The updated capital management framework targets minimum liquidity of US$500m and dividends of at least 20% of operating cash flow.

FY27 production and cost guidance is unchanged. FY27-FY29 EPS forecasts are raised by 25.2%, 2.9% and 4.2%, respectively, on lower cost assumptions and higher revenue.

The target price rises to $6.40 from $6.25, but the broker downgrades to Hold from Buy following the share price appreciation.

FORECAST
Ord Minnett forecasts a full year FY27 dividend of 29.07 cents and EPS of 68.32 cents.
Ord Minnett forecasts a full year FY28 dividend of 30.53 cents and EPS of 45.06 cents.

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30/08/2026

1

Buy

$7.55

12.18%

Canaccord Genuity retains a Buy rating for Perseus Mining with its target price increased to $7.55 from $7.30.

The company's FY26 EBITDA of US$861m exceeded expectations, supported by capitalised operating expenses, while net profit reached US$480m, reflecting lower depreciation and amortisation partially offset by higher tax expenses.

The analyst views the substantial capital return initiatives, including a 9c final dividend, an expanded $350m share buyback, and a special $100m cash distribution, as evidence of a strong balance sheet and positive outlook rather than a lack of growth opportunities.

Commentary notes management intends to double exploration spending in FY27 to between US$70m and US$80m. The target price increase is primarily driven by revisions to capitalised cost assumptions for the Nyanzaga project.