Perseus production beats quarterly plan as FY27 outlook holds

Perseus production exceeded the company’s plan for the three months ended September 30, 2026, with 92,551 ounces of gold produced at an all-in site cost of US$2,035 per ounce. In its October 27 quarterly update, the miner maintained its full-year guidance and said the Nyanzaga project remained on track for first production by January 2027.

Key Takeaways

• Perseus ended September with US$900 million in cash and bullion and no debt.
• FY27 production guidance remains 420,000–480,000 ounces at all-in site costs of US$1,835–2,070 per ounce.
• Nyanzaga reached 88.4% overall project progress, while Yaouré’s CMA Underground entered commercial production.

Perseus production exceeds plan in September quarter

The September quarter was the first quarter of Perseus’s financial year ending June 2027. Gold sales totalled 99,661 ounces at an average realised price of US$3,881 per ounce.

Perseus reported an average cash margin of US$1,846 per ounce of gold produced and notional operating cash flow of US$171 million. That company-labelled cash-flow measure should not be read as net profit.

Alongside its US$900 million cash and bullion balance, Perseus held liquid listed securities valued at US$338 million. Managing director and chief executive Craig Jones said the debt-free balance sheet supported growth plans and shareholder returns through the buyback and an upcoming special distribution.

Yaouré’s CMA Underground achieved commercial production on July 1, 2026. September-quarter operating metrics therefore include the underground operation, whereas certain costs and financial metrics in preceding quarters excluded it while related cash costs were capitalised. That accounting change limits straightforward quarter-to-quarter comparisons.

Full-year guidance depends on a stronger second half

Perseus retained FY27 group production guidance of 420,000–480,000 ounces and all-in site cost guidance of US$1,835–2,070 per ounce. These are management forecasts, not completed results.

Jones said production was expected to build in the second half as CMA Underground increased output, Edikan accessed higher grades in the Nkosuo pit and Nyanzaga began operating.

The cost outlook assumes a gold price of US$4,000 per ounce and government royalty rates of 8% in Côte d’Ivoire and 11% in Ghana at that price. Group cost guidance covers the three operating mines; Nyanzaga’s operating costs are to be capitalised until its planned commercial production in the fourth quarter of FY27.

Nyanzaga advances toward January start

Perseus reported Nyanzaga at 88.4% overall project progress at the end of September. Jones said construction remained on budget and on schedule, with first production targeted by January 2027.

The company’s Nyanzaga project overview describes an 80%-owned development comprising the adjacent Nyanzaga and Kilimani deposits. This project background is separate from the September-quarter construction update.

FY27 guidance includes approximately 55,000 ounces from Nyanzaga, based on the April 2025 final investment decision. First production and commercial production are separate milestones, with the latter planned for the final quarter of the financial year.

Next milestone

Perseus plans to provide further Nyanzaga guidance in the third quarter of FY27, as the project approaches its targeted January 2027 production start.

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