Creator of the article:
Revealed Jan 27, 2025 • 13 minute learn
Article content material
Perth, Jan. 28, 2025 (GLOBE NEWSWIRE) — perseus mining takes ultimate funding resolution on CMA UNDERGROUND PROJECT at yaouré
Article content material
Article content material
Perth, Western Australia/January 28, 2025/Perseus Mining Restricted (ASX/TSX:PRU) is happy to advise {that a} Closing Funding Resolution (FID) has been taken, to develop the CMA underground mission on the Yaouré Gold Mine in Côte d’Ivoire.
The FID took into consideration the Ministry of Mines, Petroleum and Vitality’s in-principle approval for the mission, as introduced by Minister Sangafowa Coulibaly on 28 November 2024. This approval marks a vital step in direction of the beginning of the CMA underground mission which is because of start in mid-2025 with the event of the primary portal. The graduation of this work stays contingent on the approval of the mission’s Environmental and Social Impression Evaluation (ESIA) by the Ministry of Setting, Sustainable Growth and Ecological Transition, which is at the moment underway, and the formal granting of a Ministerial Decree, foreshadowed in Minister Coulibaly’s announcement.
Commercial 2
Article content material
Following its FID, Perseus has appointed the Australian specialist underground mining contractor, Byrnecut, as the first mining contractor for the mission. On condition that the CMA underground mission will turn into Côte d’Ivoire’s first mechanised underground mine, an necessary component of Byrnecut’s function would be the coaching of Ivorian miners within the abilities and disciplines of underground mining, significantly protected working practices. Byrnecut who has vital worldwide expertise, significantly in West Africa with expertise working in Ghana, Burkina Faso and Mali, is anticipated to mobilise on website at Yaouré by April 2025.
The mixed Measured and Indicated Mineral Useful resource (per Perseus’s August 2024 ASX Launch) for Yaouré is at the moment estimated at 55.6 Mt grading 1.52 g/t Au, containing 2.7 Moz of gold together with 7.4 Mt grading 4.16 g/t Au, containing 0.966 Moz of gold related to the CMA underground mission. An additional 17.4 Mt of fabric grading 1.7 g/t gold, containing 0.926 Moz of gold, together with 4.5 Mt grading 3.5 g/t containing 0.51 Moz of gold related to the CMA Underground Undertaking, are categorised as Inferred Mineral Assets (Tables 1 & 2).
Commercial 3
Article content material
Whole Ore Reserves for Yaouré are estimated at 35.2 Mt grading 1.53 g/t Au, containing 1.73 Moz of gold together with 4.9 Mt at 3.51 g/t for 0.56 Moz related to the CMA underground mission (Desk 3).
The CMA underground mission, when mixed with the open pit ore sources, based mostly on the present estimate of Ore Reserves, will prolong the Yaouré Gold Mine’s operational life till not less than 2035. There may be potential for additional life extensions by means of extra discoveries of mineralisation down dip from the at the moment delineated mineralisation.
The transfer to underground operations permits additional utilisation of the CMA deposit – which has proved to be a dependable basis of the Yaouré operation up to now. At regular state manufacturing charges, it’s deliberate that underground ore will characterize roughly 20% of the tonnes of ore mined on the location from each open minimize and underground operations and will probably be mined at a price 700-770kt every year over the lifetime of the at the moment outlined underground operation. The common underground mining value will probably be roughly US$75 per tonne of fabric mined and the underground operation will contribute near half of the steel manufacturing at Yaouré, throughout this era.
High Tales
Article content material
Commercial 4
Article content material
Preparations for the graduation of underground operations is in progress with recruitment and onboarding of the CMA underground workforce. Work to ascertain floor infrastructure, together with camp, electrical tie-in and upkeep areas to help the underground operations is progressing nicely. Open pit mining within the CMA pit has lately uncovered the deliberate underground entry places, these areas are being ready to make the preliminary excavation in Q1 FY26. The desk beneath exhibits the mission progress up to now.
| Course of | FY2025 | FY2026 | FY2027 | ||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | This autumn | Q1 | Q2 | Q3 | This autumn | ||||||||||||||||||||||
| Infrastructure early works | |||||||||||||||||||||||||||||
| Underground Tender Adjudication | |||||||||||||||||||||||||||||
| Closing Funding and Mining award | |||||||||||||||||||||||||||||
| Infrastructure Upgrades Camp and Mine Providers |
|||||||||||||||||||||||||||||
| Contractor Mobilisation | |||||||||||||||||||||||||||||
| Portal Works | |||||||||||||||||||||||||||||
| Underground Growth | |||||||||||||||||||||||||||||
| First Manufacturing – Q1 FY27 Business Manufacturing – This autumn FY27 |
|||||||||||||||||||||||||||||
The accredited capital for the event for the CMA Underground is $124.6M (together with $2.6M of pre-approved funding). This funding permits for the funding in floor infrastructure servicing the underground operations, mobilisation of underground tools (together with related customs and duties payable), underground capital growth and capitalised pre-production for the mission. The accredited funds aligns with the beforehand communicated value estimates for the mission supplied to the market in September 2023 and August 2024.
Commercial 5
Article content material
Nearly all of the capital expenditure is scheduled for FY26 and FY27 as underground growth commences. So far, the Firm has incurred $4.1M in direction of progressing the mission, together with upgrades to camp amenities and mine providers and the order of lengthy lead objects, in preparation for the mobilization of the underground contractor in Q1 FY26.
The mission stays on observe with its deliberate timelines and budgetary necessities, and we sit up for offering additional updates as growth progresses.
LIFE OF MINE PLANS (LOMP) FOR YAOURÉ AND THE PERSEUS GROUP
As is Perseus’s regular follow, LOMPs for all of its operations are up to date yearly as a part of its common budgeting cycle. Sometimes, these plans are finalised early within the June Quarter of every 12 months as a precursor to preparation of annual budgets for the next monetary 12 months commencing on 1 July.
Within the June 2025 quarter, Perseus intends to publish consolidated group manufacturing and price forecasts incorporating particulars from the up to date LOMPs for every of its current and deliberate mines together with Yaouré which can for the primary time embrace the CMA underground mission, and the Nyanzaga Gold Mine which can also be anticipated to obtain an affirmative FID within the close to future. The consolidated plan for the Perseus Group will verify Perseus’s company plan to proceed producing between 500-600,000 ounces of gold per 12 months at a money margin of not lower than US$500 for every ounce of gold produced.
Commercial 6
Article content material
| Perseus’s Managing Director and CEO, Jeff Quartermaine mentioned:
“Perseus is proud to be taking part in a pioneering function in Côte d’Ivoire’s mining sector with our affirmative resolution to spend money on the event of the CMA underground mission at our Yaouré Gold Mine. This funding resolution reaffirms our dedication to being a long-term accomplice within the growth and manufacturing of Minerals Assets in Côte d’Ivoire. We’re significantly grateful to his excellency, the Minister of Mines, Petroleum and Vitality, Monsieur Mamadou Sangafowa Coulibaly, for his continued help and management in bringing underground mining to Côte d’Ivoire. Whereas this represents a brand new part for the Ivorian mining sector, members of our technical workforce have appreciable particular person expertise working mines in underground settings all through the world, with a robust dedication to human and environmental security in addition to coaching of our Ivorian workforce. Very importantly, with the inclusion of the CMA underground operation into the Yaouré mine LOMP, we are going to materially prolong the lifetime of this mine. Since producing first gold at Yaouré in December 2020 on the top of the COVID pandemic, Yaouré has been turn into the flagship operation of Perseus’s enterprise and with the choice to proceed with the underground operation, we have now make sure that it will proceed to be the case for a while to return.” |
Commercial 7
Article content material
Desk 1: Yaouré Measured and Indicated Mineral Assets9,10,11
| DEPOSIT | DEPOSIT TYPE | MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED RESOURCES | ||||||
| QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | ||
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| CMA 1,3,4 | Open Pit | – | – | – | 15.8 | 0.90 | 458 | 15.8 | 0.90 | 458 |
| Yaouré2,3,4 | Open Pit | – | – | – | 19.2 | 1.35 | 838 | 19.2 | 1.35 | 838 |
| Zain 12,4 | Open Pit | – | – | – | 2.4 | 1.57 | 123 | 2.4 | 1.57 | 123 |
| Satellite tv for pc deposits5,6 | Open Pit | 0.1 | 1.28 | 5 | 4.5 | 0.98 | 142 | 4.6 | 0.99 | 147 |
| Sub Whole | 0.1 | 1.28 | 5 | 41.9 | 1.16 | 1,561 | 42.1 | 1.16 | 1,566 | |
| CMA8 | Underground | – | – | – | 7.4 | 4.16 | 996 | 7.4 | 4.16 | 996 |
| Heap Leach3,7 | Stockpile | – | – | – | 0.4 | 0.61 | 8 | 0.4 | 0.61 | 8 |
| Stockpiles | Stockpile | 5.7 | 0.77 | 141 | – | – | – | 5.7 | 0.77 | 141 |
| TOTAL | 5.9 | 0.78 | 146 | 49.8 | 1.60 | 2,565 | 55.6 | 1.52 | 2,711 | |
Desk 2: Yaouré Inferred Mineral Useful resource9,10,11
| DEPOSIT | DEPOSIT TYPE | INFERRED RESOURCES | ||
| QUANTITY | GRADE | GOLD | ||
| Mt | g/t gold | ‘000 oz | ||
| CMA 1,3,4 | Open Pit | 7.5 | 0.8 | 200 |
| Yaouré2,3,4 | Open Pit | 0.6 | 1.5 | 27 |
| Zain 12,4 | Open Pit | 3.7 | 1.4 | 159 |
| Satellite tv for pc deposits5,6 | Open Pit | 1.0 | 0.8 | 26 |
| CMA8 | Underground | 4.7 | 3.4 | 514 |
| Whole | 17.4 | 1.7 | 926 | |
Notes for 1 and a pair of:
1. Primarily based on June 2022 Mineral Useful resource estimate.
Commercial 8
Article content material
2. Primarily based on June 2024 Mineral Useful resource estimate.
3. Depleted for earlier mining and to 30 June 2024 mining floor.
4. 0.3 g/t gold cut-off utilized to in situ open pit materials constrained to US$2,000/oz pit shells.
5. Primarily based on Angovia 2 April 2021 and CMA SW Could 2024 Mineral Useful resource fashions.
6. Angovia 2 has a 0.4 g/t gold cut-off utilized to in situ open pit materials constrained to US$1,800/oz pit shell. CMA SW has a 0.3 g/t gold cut-off utilized to in situ open pit materials constrained to US$2,000/oz pit shell.
7. Heap leach assets are acknowledged at 0 g/t gold cut-off; solely heap leach elements with common grade above 0.4 g/t included.
8. Could 2024 Mineral Useful resource estimate, beneath Stage 3 pit and above 1.5 g/t block grade cut-off.
9. Mineral Assets present as of 30 June 2024.
10. Rounding of numbers to applicable precision might lead to abstract inconsistencies.
11. Mineral Assets are reported inclusive of Ore Reserves.
Desk 3: Yaouré Proved and Possible Ore Reserves5,6
| DEPOSIT | DEPOSIT TYPE | PROVED | PROBABLE | PROVED + PROBABLE | ||||||
| QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | ||
| Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ‘000 oz | ||
| CMA1,2 | Open Pit | – | – | – | 6.8 | 1.81 | 394 | 6.8 | 1.81 | 394 |
| Yaouré2,3, | Open Pit | – | – | – | 13.1 | 1.25 | 524 | 13.1 | 1.25 | 524 |
| Zain 12,3 | Open Pit | – | – | – | 1.5 | 1.12 | 52 | 1.5 | 1.12 | 52 |
| Satellite tv for pc deposits 2,3 | Open Pit | 0.1 | 1.14 | 5 | 3.5 | 0.95 | 107 | 3.6 | 0.96 | 112 |
| Sub Whole | 0.1 | 1.14 | 5 | 24.8 | 1.35 | 1,077 | 25.0 | 1.35 | 1,082 | |
| CMA4 | Underground | – | – | – | 4.5 | 3.52 | 507 | 4.5 | 3.52 | 507 |
| Stockpiles | Stockpile | 5.7 | 0.77 | 141 | – | – | – | 5.7 | 0.77 | 141 |
| TOTAL | 5.9 | 0.78 | 146 | 29.3 | 1.68 | 1,584 | 35.2 | 1.53 | 1,730 | |
Commercial 9
Article content material
Notes:
1. Primarily based on depletion to 30 June 2024 mining surfaces.
2. Variable gold grade cut-offs for every materials kind, starting from 0.30 g/t to 0.75 g/t.
3. Pit designs are based mostly on US$1,500/oz gold steel worth for current designs and satellites and US$1,700/oz for Zain 1, Yaouré and CMA Southwest (listed in Satellite tv for pc deposits) open pits.
4. Primarily based upon cut-off for growth and stoping of 0.5 g/t and a pair of.5 g/t respectively.
5. Inferred Mineral Useful resource is taken into account as waste for optimisation functions.
6. Rounding of numbers to applicable precision might have resulted in obvious inconsistencies.
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 launch that pertains to the Open Pit and Underground Mineral Assets and Ore Reserve at Edikan was up to date by the Firm in a market announcement “Perseus Mining updates Mineral Assets and Ore Reserves” launched on 21August 2024. The Firm confirms that every one materials assumptions underpinning these estimates and the manufacturing targets, or the forecast monetary data 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.
Commercial 10
Article content material
Sissingué, Fimbiasso and Bagoé
The data on this launch that pertains to the Mineral Assets and Ore Reserve on the Sissingué complicated was up to date by the Firm in a market announcement “Perseus Mining updates Mineral Assets 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 data 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 Undertaking, Côte d’Ivoire” dated 29 Could 2015 proceed to use.
Yaouré
The data on this launch that pertains to the Open Pit and Underground Mineral Assets and Ore Reserve at Yaouré was up to date by the Firm in a market announcement “Perseus Mining updates Mineral Assets 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 data 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 Undertaking, Côte d’Ivoire” dated 19 December 2023 proceed to use.
Commercial 11
Article content material
Nyanzaga Gold Undertaking
ASX Itemizing Guidelines disclosure
All data on the Nyanzaga Mineral Useful resource and Ore Reserve estimates has been extracted from the OreCorp ASX bulletins dated 12 September 2017 titled “MRE Replace for the Nyanzaga Undertaking Rising Class and Grade”, 5 Could 2022 titled “DFS Completion and Kilimani Mineral Useful resource Estimate replace inside the Nyanzaga Particular Mining Licence – Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Strong Outcomes” accessible on www.perseusmining.com. Perseus confirms that it isn’t conscious of any new data or information that materially have an effect on the data included within the unique ASX bulletins and that every one materials assumptions and technical parameters underpinning the estimates within the ASX bulletins proceed to use and haven’t materially modified. Perseus confirms that the shape and context by which the Competent Particular person’s findings are introduced haven’t been materially modified from the unique ASX bulletins.
Canadian Nationwide Instrument NI43-101 disclosure
The data on this launch regarding the Nyanzaga Gold Undertaking is extracted from the OreCorp ASX bulletins dated 12 September 2017 titled “MRE Replace for the Nyanzaga Undertaking Rising Class and Grade”, 5 Could 2022 titled “DFS Completion and Kilimani Mineral Useful resource Estimate replace inside the Nyanzaga Particular Mining Licence – Tanzania”, and 22 August 2022 titled “Nyanzaga DFS Delivers Strong Outcomes” accessible on www.perseusmining.com. A Certified Particular person has not accomplished enough work to categorise the Historic Estimates as present. As such, any Mineral Useful resource and Mineral Reserve estimates included on this part are Historic Estimates as outlined in Canadian Nationwide Instrument 43-101 and aren’t reported as present Perseus estimates. The OreCorp Feasibility Examine consists of key assumptions for commodity costs, gold mining and processing prices, and there have been no materials modifications in assumptions. The OreCorp Feasibility Examine in its present type is a complete compilation of all accessible information relevant to the estimation of Mineral Assets and Mineral Reserves. Reference is made to Perseus’s information launch dated 31 Could 2024 titled “Perseus progresses Nyanzaga Gold Undertaking” for additional clarifying statements. Perseus confirms the applicability of those statements haven’t materially modified.
Commercial 12
Article content material
Warning Relating to Ahead Wanting Data:
This report accommodates forward-looking data which relies on the assumptions, estimates, evaluation and opinions of administration made in mild of its expertise and its notion of tendencies, present circumstances and anticipated developments, in addition to different components that administration of the Firm believes to be related and affordable 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 relating to, amongst different issues: the value 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 affordable phrases. Readers are cautioned that the foregoing record isn’t exhaustive of all components 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 data are affordable, there could be no assurance that the forward-looking data will show to be correct. Ahead-looking data includes identified and unknown dangers, uncertainties, and different components 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 data. Such components embrace, amongst others, the precise market worth of gold, the precise outcomes of present exploration, the precise outcomes of future exploration, modifications in mission parameters as plans proceed to be evaluated, in addition to these components disclosed within the Firm’s publicly filed paperwork. The Firm believes that the assumptions and expectations mirrored within the forward-looking data are affordable. Assumptions have been made relating to, amongst different issues, the Firm’s capacity to hold on its exploration and growth actions, the well timed receipt of required approvals, the value 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 affordable phrases. Readers mustn’t place undue reliance on forward-looking data. Perseus doesn’t undertake to replace forward-looking data, besides in accordance with relevant securities legal guidelines.
Commercial 13
Article content material
This market announcement was authorised for launch by Perseus’s Managing Director and CEO, Jeff Quartermaine
| ASX/TSX CODE: PRU
CAPITAL STRUCTURE: Odd shares: 1,372,184,529 Efficiency rights: 10,383,593 REGISTERED OFFICE: Stage 2 437 Roberts Street Subiaco WA 6008 Phone: +61 8 6144 1700 |
DIRECTORS:
Mr Rick Menell Non-Government Chairman Mr Jeff Quartermaine Managing Director & CEO Ms Amber Banfield Non-Government Director Ms Elissa Cornelius Non-Government Director Mr Dan Lougher Non-Government Director Mr John McGloin Non-Government Director |
CONTACTS:
Jeff Quartermaine Managing Director & CEO jeff.quartermaine@perseusmining.com Stephen Forman Investor Relations +61 484 036 681 stephen.forman@perseusmining.com Nathan Ryan Media Relations (Australia, US, UK) +61 420 582 887 nathan.ryan@nwrcommunications.com.au Olga Akin |
Article content material
