PERSEUS DELIVERS RECORD FINANCIAL RESULTS & CAPITAL RETURNS

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Perth, Aug. 28, 2024 (GLOBE NEWSWIRE) — Perth, Western Australia/August 28, 2024/African centered gold producer Perseus Mining Restricted (ASX/TSX: PRU), has launched its Annual Report for the monetary 12 months ending June 30, 2024 (FY24), which incorporates Perseus’s Annual Monetary Report, and its Sustainable Improvement Report.

highlights

monetary efficiency

• Income of US$1.026¹ billion (up 7%)², Earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) of US$625.2 million (up 13%)² and Revenue after tax of US$364.8 million (up 14%)²
• Primary earnings per share of US$0.236 cents per share (up 12%)² leading to an earnings yield of 13.3% and a worth: earnings (P/E) ratio of seven.5⁴
• Internet money movement from working actions of US$429.2 million (up 1%)² or US$0.313³ cents per share leading to a worth: working cashflow (P/OCF) ratio of 5.7⁴
• Internet tangible property of US$1.2 billion or US$0.89 per share per share
• US$587.0 million of money and bullion and nil debt
• Remaining dividend of A$0.0375 per share for FY24 complete dividend of A$0.05 per share or 2.1% yield⁴
• As much as A$100 million to be invested in an on-market share buy-back programme of Perseus’s shares over a 12-month interval

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1. All references to $ and cents are US {dollars} except famous in any other case
2. % will increase referenced towards Monetary Yr finish 30 June 23 (FY23)
3. Working money movement per share is calculated as web money inflows from working actions divided by weighted common variety of excellent unusual shares
4. Dividend yield, in addition to P/E and P/OCF ratios are based mostly on Perseus’s 20-day quantity weighted common worth (VWAP) at 30 June 24 of US$1.77 or A$2.376 per share

Sustainability efficiency

• Complete financial contribution of ~US$717 million to our host international locations of Ghana and Côte d’Ivoire
• Improved Group rolling 12-month Complete Recordable Damage Frequency Charge (TRIFR) of 1.06
• 96% native employment and 89% native procurement
• Zero vital environmental occasion and one vital neighborhood occasion recorded
• Comparatively secure emissions depth at 0.53t CO₂e per ounce of gold produced, in comparison with FY23

Perseus’s Chairman and CEO Jeff Quartermaine mentioned:

“The report monetary outcomes which were delivered by Perseus this monetary 12 months mirror the robust gold worth setting by which we’re at the moment working in addition to our continued robust, constant and protected working efficiency in any respect ranges of our enterprise all year long.

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Since our maiden dividend distribution in August 2021, Perseus has returned A$168 million to its shareholders through dividends. Given the robust monetary efficiency recorded this 12 months, our Board has determined to extend the quantity of dividends paid to shareholders by declaring a remaining dividend of A$0.0375 per share, bringing the total FY24 dividend to A$0.05 per share. Perseus’s Board has additionally determined to return an extra sum of as much as A$100 million to shareholders, by the use of an on-market share buy-back over the following 12 months.

In figuring out these capital returns, we’ve taken under consideration the very vital capital funding programme that probably lies forward for Perseus as we work to enhance the standard of our asset portfolio by growing the Nyanzaga Gold Mission in Tanzania, the CMA Underground Mission in Cote d’Ivoire and probably the Meyas Sand Gold Mission in Sudan.

We’re additionally aware that along with investing materials sums of cash underwriting the longer term progress of our Firm, we have to proceed to take a position vital sums of cash into our ‘social licence to function’ by persevering with to contribute considerably to the economies of our host international locations and host communities and paying salaries and bonuses for good efficiency to our native and expatriate staff who’ve delivered these excellent outcomes.

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In different phrases, Perseus could be very centered on delivering on our company mission of producing materials advantages for all of our stakeholders in truthful and equitable proportions. We consider we’ve achieved this aim in FY24 and have accomplished this in a socially and environmentally sustainable method. We look ahead to persevering with to do that for a few years to return.”

fy24 monetary efficiency

*The comparative statements have been restated to indicate the impact of the voluntary change in presentation foreign money.

1. Gross revenue from operations earlier than depreciation and amortisation

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1. Internet money inflows from working actions
2. Together with money, $537 million and 21,570oz bullion readily available, valued at $50 million

Earnings and Cashflow – The Group recorded a web revenue after tax of US$364.8 million for the 12 months, in comparison with US$321.0 million within the earlier monetary 12 months. The monetary outcomes are predominantly based mostly on the next key gadgets:

• A rise in income ensuing from greater gold costs, regardless of the slight lower in gold manufacturing arising from decrease manufacturing at Edikan and Yaouré;
• A lower in value of gross sales as a result of slight lower in manufacturing, which was partially offset by a rise within the money working prices;
• An earnings tax expense of $102.3 million in comparison with a $62.0 million expense within the prior 12 months on account of income at Edikan, coupled with withholding taxes paid on intercompany dividends paid out of Côte d’Ivoire;
  • Depreciation and amortisation expense of $142.4 million, which is a 4% lower from the earlier monetary 12 months;
• A write down and impairment expense of $0.4 million was taken to account in contrast with $6.3 million in FY23. A lot of the impairment in FY23 associated to the battle in Sudan which resulted in $5.1 million of property being broken and consequently impaired in June 2023; and
  • Curiosity earnings earned on obtainable money balances of $11.5 million, which is a $5.5 million enhance on FY23.

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A complete of $429.2⁶ million of working cashflow was generated throughout FY24 translating into 31.26 cents per share and $844⁸ per ounce.

Stability Sheet – At June 30, 2024, the Firm’s web tangible property amounted to $1,217 million, or $0.89 per share. Money and bullion steadiness at year-end of $587⁷ million, with no excellent debt.

Remaining Dividend & Share Buyback – The Administrators have declared a remaining unfranked dividend of three.75 Australian cents per share (A$51.5 million or ~US$34.7 million). Along with the interim dividend of 1.25 Australian cents per share declared in February 2024, this brings the whole dividend declared by Perseus in FY24 to five.00 Australian cents per share, which equates to an annual dividend yield of two.1%.

Shares will go ex-dividend on September 9, 2024 and the report date shall be September 10, 2024. Dividends shall be paid to shareholders on October 9, 2024 and are unfranked and declared as Conduit International Revenue (CFI).

8. Working money movement per ounce is calculated as web money inflows from working actions divided by Gold Offered (oz)

Perseus additionally publicizes its intention to undertake an on-market share buy-back. Making an allowance for Perseus’s future anticipated working and money movement necessities, the Board has unanimously accredited an on-market share buy-back for as much as A$100 million to start on or about September 24, 2024 and be accomplished inside 12 months.

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In accordance with the ASX Itemizing Guidelines, the worth paid for shares bought below the buy-back shall be not more than 5% above the amount weighted common worth of Perseus shares over the 5 buying and selling days previous to the acquisition. Nevertheless, the precise worth paid is topic to prevailing share worth and market situations and shall be executed on the Firm’s discretion.

The buy-back aligns with Perseus’s disciplined capital allocation priorities, which embrace returning money to shareholders, investing in each natural and M&A pushed worthwhile progress and sustaining a powerful steadiness sheet. The share buy-back won’t have an effect on the Firm’s dividend coverage to return an annual dividend yield of at the very least 1% to its shareholders.

The on-market share buy-back will in any other case be undertaken in accordance with the phrases specified within the Appendix 3C launched to ASX at this time. The buy-back shall be carried out within the unusual course of buying and selling over the following 12 months. The ultimate quantity of the buy-back and the precise timing of any trades made sometimes will rely upon various elements together with market situations, Perseus’s prevailing share worth, its future capital necessities and any unexpected developments or circumstances which will come up in the middle of the buy-back.

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Accordingly, there isn’t a assurance that Perseus will purchase again any or all the as much as A$100 million value of shares contemplated. Perseus reserves the proper to droop or terminate the buy-back at any time (having regard to the beforehand talked about elements and the perfect pursuits of Perseus).

The buy-back will fall throughout the “10/12” restrict permitted below the Australian Firms Act and doesn’t require shareholder approval. The “10/12” restrict for a corporation proposing a buy-back is 10% of the smallest variety of votes connected to Perseus shares at any time through the previous 12 months. In line with the necessities of the Firms Act, the Firm will instantly cancel any shares acquired by it below the buy-back.

The Administrators won’t provide any shares into the buy-back.

OUTLOOK for steadiness of 2024

Gold manufacturing and value steerage for the December 2024 Half Yr stay unchanged from that beforehand reported to the market, particularly:

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On the mid-point of the September 2024 quarter, Perseus is on monitor to comfortably obtain guided gold manufacturing and All-in Website Price ranges for the December 24 Half Yr and 2024 Calendar Yr.

fy24 sustainability efficiency

Via one other 12 months of wonderful efficiency, Perseus improved the Complete Recordable Damage Frequency Charge (TRIFR) by 12% on FY23.  We stay devoted to the well being and security of our staff and contractors, with a selected deal with creating a security tradition centred round crucial management administration, seen management, care and accountability, and significant security interactions. This has been supported by our deployment of the “Safely Dwelling Each Day” and the Fatality Danger Administration programmes. 

Perseus refreshed a number of insurance policies together with Human Rights, Occupational Well being, Security and Wellbeing, Environmental and Social Efficiency insurance policies. Funding in our host communities has continued to ship lasting and constructive impression for the broader stakeholder neighborhood, with $3.6 million contributed to our communities in FY24.

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In FY25, Perseus will proceed to deal with well being and security with emphasis on deadly dangers and contractor security administration. In setting, consideration shall be on establishing long-term water administration methods to minimise our withdrawal of water from bores and floor water our bodies. Within the social space, the main focus shall be on the execution of initiatives recognized below our neighborhood growth funds. 

This announcement was accredited for launch by the Board of Perseus Mining Restricted.

Competent Particular person Assertion

All manufacturing targets referred to on this launch are underpinned by estimated Ore Reserves which have been ready by competent individuals in accordance with the necessities of the JORC Code.

Edikan

The data on this report that pertains to the Mineral Sources and Ore Reserve at Edikan was up to date by the Firm in a market announcement “Perseus Mining updates Mineral Sources and Ore Reserves” launched on 21 August 2024. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 proceed to use.

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Sissingué, Fimbiasso and Bagoé

The data on this report that pertains to the Mineral Sources and Ore Reserve on the Sissingue Gold Mine together with Fimbiasso and Bagoé was up to date by the Firm in a market announcement “Perseus Mining updates Mineral Sources and Ore Reserves” launched on 21 August 2024. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Mission, Côte d’Ivoire” dated 29 Could 2015 proceed to use.

Yaouré

The data on this report that pertains to the Mineral Sources and Ore Reserve at Yaouré was up to date by the Firm in a market announcement “Perseus Mining publicizes Open Pit and Underground Ore Reserve replace at Yaouré” launched on 21 August 2024. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary info derived therefrom, in that market launch proceed to use and haven’t materially modified. The Firm additional confirms that materials assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Mission, Côte d’Ivoire” dated 19 December 2023 proceed to use.

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Warning Relating to Ahead Trying Info:  

This report accommodates forward-looking info which relies on the assumptions, estimates, evaluation and opinions of administration made in gentle of its expertise and its notion of tendencies, present situations and anticipated developments, in addition to different elements that administration of the Firm believes to be related and cheap within the circumstances on the date that such statements are made, however which can show to be incorrect. Assumptions have been made by the Firm concerning, amongst different issues: the worth of gold, persevering with industrial manufacturing on the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine with none main disruption, the receipt of required governmental approvals, the accuracy of capital and working value estimates, the flexibility of the Firm to function in a protected, environment friendly and efficient method and the flexibility of the Firm to acquire financing as and when required and on cheap phrases. Readers are cautioned that the foregoing record shouldn’t be exhaustive of all elements and assumptions which can have been utilized by the Firm. Though administration believes that the assumptions made by the Firm and the expectations represented by such info are cheap, there will be no assurance that the forward-looking info will show to be correct. Ahead-looking info includes recognized and unknown dangers, uncertainties, and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially totally different from any anticipated future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such elements embrace, amongst others, the precise market worth of gold, the precise outcomes of present exploration, the precise outcomes of future exploration, adjustments in challenge parameters as plans proceed to be evaluated, in addition to these elements disclosed within the Firm’s publicly filed paperwork. The Firm believes that the assumptions and expectations mirrored within the forward-looking info are cheap. Assumptions have been made concerning, amongst different issues, the Firm’s means to hold on its exploration and growth actions, the well timed receipt of required approvals, the worth of gold, the flexibility of the Firm to function in a protected, environment friendly and efficient method and the flexibility of the Firm to acquire financing as and when required and on cheap phrases. Readers shouldn’t place undue reliance on forward-looking info. Perseus doesn’t undertake to replace any forward-looking info, besides in accordance with relevant securities legal guidelines.

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