PERSEUS MINING LIMITED (PRU)
Share Price Analysis and Chart

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27/08/2026

3

Downgrade to Neutral from Outperform

$6.50

-2.69%

Perseus Mining surprised on capital management in FY26, announcing a larger-than-expected 14c DPS, a new $350m share buyback and a potential $100m special dividend or capital return, Macquarie highlights.

FY26 EBITDA beat consensus by 10%, while NPAT was 9% ahead of consensus and in line with Macquarie, helped by lower costs.

The analyst points to the introduction of a minimum dividend payout ratio of 20% of operating cash flow, while FY27 capex of US$450m is focused primarily on Nyanzaga and the Edikan cutback.

FY27 EPS forecast is trimmed by -1% but FY28-31 EPS forecasts are raised by 5%, incorporating the result and share buyback.

Following strong share price performance, Macquarie downgrades to Neutral from Outperform and raises the target price to $6.50 from $5.50.

FORECAST
Macquarie forecasts a full year FY27 dividend of 18.43 cents and EPS of 51.80 cents.
Macquarie forecasts a full year FY28 dividend of 27.86 cents and EPS of 71.82 cents.

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30/08/2026

1

Buy

$7.55

13.02%

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.