Perseus June qtr: 109,013oz gold, AISC US$1,941/oz, cash US$924m, FY27 guidance 420-480koz

What investors must know

1. June quarter gold recovered was 109,013oz, 2% above the March quarter, including 8,472oz from the CMA Underground ahead of commercial production.
2. All-in site cost (AISC) rose to US$1,941/oz from US$1,748/oz, which the company attributes to lower Yaoure volumes, higher Edikan costs and Ghana's new scaled royalty from 10 March 2026.
3. Cash of US$924m plus bullion of US$110m (total US$1,034m) and zero debt; the quarter included US$260m of Meyas Sand sale proceeds and US$71m of buyback spending.
4. FY27 group guidance is 420,000-480,000oz at US$1,835-2,070/oz AISC, based on a US$4,000/oz gold price assumption, and excludes Nyanzaga production costs until commercial production.
5. Yaoure head grade fell to 1.13g/t from 1.29g/t and Edikan contained gold reconciled 14% below reserve, while Sissingue was 27% above reserve on contained gold.
6. Exploration highlights include 3m at 37.63g/t Au at Zanikan and 35m at 3.79g/t Au at Papara, but holes drilled, collar details and nil results are not given for most programs.

The drill intercepts, normalised

Every interval, in numbers

Every interval as metal-metres: width x grade (gram-metres for gold, %-metres for copper). Gold bands are Stockhead's rule of thumb: over 50 good, 100-200 really good, 200-500 excellent, beyond that stellar (and under 10, low). Top share is how much of an interval comes from its richest sub-interval - the smearing check.

Checked against the PDF. Every interval above is printed in the announcement itself - each width and grade was found, together, in the PDF's own text.

Drilling

RC (reverse circulation), diamond (DD, including NQ2 and HQ), AC (aircore) and geotechnical diamond core

True widths

Not stated - intervals are down-hole

Hole spacing

No hole spacing or step-out distances are given. Papara is described as infill drilling to raise confidence in existing resources, Zanikan as testing continuity along strike and down dip, Yaoure proximal as testing ROMSE and ZAIN2 trend convergence, and Ifugandi as testing soil anomalies. Overall this is early-stage exploration and not resource-defining.

Depth

Hole depths are not stated per hole. Metres drilled by program as reported: Yaoure proximal 5,180m RC and 480m DD (35 holes); Waste Dump Extension 2,119m RC (46 holes) and 505m AC (10 holes); Zanikan 641m RC (6 holes); Edikan 2,778.5m across 25 holes including geotechnical; Powuako North 927m (12 holes); Ayanfuri 1,266m HQ DD and 49m RC (8 geotechnical holes); Nanankaw 84m (1 hole); Besease 436m NQ2 DD (4 holes); Ifugandi 3,825m RC (program total). Papara metres not stated.

Against the project's earlier holes

Against the 17 July 2026 Yaoure results in DrillScore's database, the best June intercept is higher in grade but shorter. The 37.63g/t over 3m at Zanikan exceeds the 29.84g/t over 7m at YRC3427, but the June intercepts are mostly narrower and sit in different deposits, so this is not a like-for-like upgrade. The supplied history lists only Yaoure intercepts, so a comparison with earlier Sissingue, Ghana and Tanzania holes cannot be made from the data supplied. The company describes the Yaoure proximal results as weak to moderate, a weaker message than the 17 July Yaoure results.

Against similar explorers

The strongest hits (Papara PRC0241 and PRC0242, and Zanikan ZARC0137) are solid for explorer drilling. The Zanikan 3m at 37.63g/t is a high grade but short interval. Yaoure proximal grades are weaker. Because only highlights are given, a typical result for these programs cannot be judged.

Gram-metre calculator - gram-metres explained - the leaderboard

Disclosure checks - the ASX's own focus areas

• Drill-hole table (collars, dip, azimuth, depth, every intercept)

  Required for exploration results on a material project.

  fail
• JORC Table 1, Section 1 - sampling techniques and data
  fail
• JORC Table 1, Section 2 - reporting of exploration results
  fail
• Competent person statement
  fail
• No metal equivalents - grades as assayed
  pass
• Balanced reporting - low and high grades both shown

  Results are given as highlights only. For Yaoure proximal, 35 holes were drilled and 3 highlighted; for Waste Dump Extension, 56 holes and 5 highlighted; for Papara, 18 holes and 4 highlighted; for Ifugandi, 15 holes assayed and 4 highlighted. Nil and low results are not listed, and holes drilled are not reported for every program. The release notes weak to moderate grades at Yaoure proximal, but does not list the weaker holes.

  fail
• Visual estimates of mineralisation

  Descriptions of weak, sporadic pyrite and quartz-calcite veining at Besease (Domenase PL) and Nanankaw come from logging before assays are reported. No quantified visual percentages are given, and the release does not include the cautionary statement the ASX expects for visual estimates.

  caution
• Down-hole widths only

  Down-hole intervals can overstate how thick the mineralisation really is.

  caution

Red flags and notes

Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates

Money: can they follow it up?

Period ending

2026-06-30

Cash

$1.3bn

Debt

$0

Exploration spend (quarter)

$12.0m

Shares on issue

1,327.1m

Options, rights & convertibles

5.6m

Gold produced

109,013 oz

AISC

A$2,783/oz (margin about A$3,004/oz at the day's gold price)

Guidance

FY27 group guidance: 420,000-480,000oz and AISC US$1,835-2,070/oz, using a US$4,000/oz gold assumption and royalty rates of 8% in Cote d'Ivoire and 11% in Ghana. Nyanzaga is guided at about 55,000oz, outside the AISC range, with further guidance due in Q3 FY27. FY26 guidance outcome is not stated in this release. June quarter AISC was US$1,941/oz.

Cash is US$924m (A$1,324.7m at AUD/USD 0.6975, the 29 July 2026 rate supplied in the context, not stated by the company), excluding US$110m of bullion (27,299oz). Cash and bullion totals US$1,034m. Investing cash flow is an approximation from the stated US$142m of capital expenditure. Exploration is the Table 17 business growth spend of US$8.4m. Gold oz is ounces recovered, including 8,472oz from CMA Underground. Ounces sold were 114,567. No Appendix 5B is included, so burn and funding quarters are not given. Notional cash flow of US$216m is not an actual cash flow. The buyback had used A$126.6m of the A$150m approved by June-end. Liquid listed securities of US$233m are not included in cash.

Appendix 5B explained - why runway predicts raisings - every company's runway

How the price reacted

From the last close before the market could trade on it ($4.95 on 29 Jul 2026), with day-1 volume 0.8x the 20-day average.

PRU's past price-sensitive news

After 8 earlier announcements, PRU rose on day 1 5 times and fell 3 times - an average move of +5.0%; after quarterlies alone, -1.6%.

• 26 Oct 26-3.0%
• 25 Aug 26+9.5%
• 25 Aug 26+9.5%
• 25 Aug 26+9.5%
• 25 Aug 26+9.5%
• 16 Jul 26-3.1%
• 12 Jun 26+8.8%
• 22 Apr 26-0.2%

DrillScore has no recorded share price reactions to earlier Perseus news, so there is no past pattern to compare against. The shares closed at A$4.95 on 29 July and are now A$6.35, a rise of about 28%. Over the same period the XGD gold index rose 17.0%, so part of the move is sector-wide. The timing does not separate the effect of this release from other market moves.

Past reactions describe what happened, not what will. How prices react to results

The historical pattern

What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for PRU and it isn't advice.

A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out

The market it landed in

At the 29 July release, gold was US$4,036/oz (COMEX) and A$5,787/oz. Now it is US$3,886/oz (down 3.7%) and A$5,737/oz (down 0.9%). The fall in US$ gold reflects a stronger US dollar index (up 2.6%) and a higher US 10-year yield (now 5.15%). The weaker Australian dollar (AUD/USD down 2.9%) cushioned the fall in A$ gold. The June quarter realised price was US$4,086/oz, against AISC of US$1,941/oz and a stated cash margin of US$2,145/oz. At current spot, the price is about US$200/oz below the June quarter realised average, which would reduce the per-ounce margin all else equal. The FY27 cost guidance assumes US$4,000/oz, a little above current spot. Hedging covers 30,000oz of fixed forwards at US$2,571/oz, 85,000oz of calls at US$3,704/oz and 200,000oz of puts at a US$2,625/oz floor. Sector mood is mixed: the XGD gold index is up 17.0% and GDX up 11.0% since the release, while GDXJ is up 4.3% and copper miners (COPX) are down 9.1%.

Against PRU's own history

DrillScore's database shows cash of A$950.3m at the March quarter, which matches the US$680m cash in the March waterfall at about AUD 0.716. Cash is now US$924m, up on the quarter mainly because of the Meyas Sand disposal. AISC was US$1,748/oz in March (about A$2,443/oz in the database) and is US$1,941/oz now, up 11%. Shares on issue fell from 1,346.38m in March to 1,327.13m now, consistent with buyback cancellations. Gold recovered rose 2% on the March quarter. No capital raisings are on record. The previous DrillScore scores were 66 for the April quarterly, 66 for the 15 June buyback announcement, and 76 for the 17 July drilling update. The 17 July Yaoure results included the strongest grade and gram-metre hits in the database.

Questions worth asking

• Is the 19% shortfall in Yaoure head grade against reserve a short-term Zain 2 effect, or a sustained change in ore grade?
• When will Nyanzaga pour first gold: by January 2027, or in Q3 FY27, and what milestones remain before commercial production?
• Will the company publish full drill-hole tables with collars, dip, azimuth, cut-offs and nil results for the Yaoure, Papara, Zanikan and Ifugandi programs?
• How will the A$150m buyback, the remaining CMA Underground and Nyanzaga capital and FY27 operating needs be funded from cash flow and the US$924m cash balance?