Results - ASX:PRU
Perseus FY26 profit up 14% to US$480m; 404,998oz gold; US$1.03bn cash and bullion, no debt
Perseus reported FY26 profit after tax of US$480.5m (up 13.9%) on 404,998 oz of gold, within guidance, at a group all-in site cost of US$1,750/oz. Cash and bullion was US$1.03bn at 30 June with no debt and an undrawn US$400m facility. FY27 guidance is 420,000 to 480,000 oz at a higher cost range of US$1,835 to 2,070/oz, and the report contains no new drill grades or intercepts.
(price sensitive) - Perseus Mining announced: "Annual Report 2026" (80 pages) - read the original
What investors must know
- Revenue of US$1,483.9m (up 18.9%) and profit after tax of US$480.5m (up 13.9%); profit attributable to shareholders was US$428.2m (up 15.5%).
- Gold production of 404,998 oz, including 10,078 oz from the first ounces of CMA Underground, sits inside the 400,000 to 440,000 oz guidance; group AISC of US$1,750/oz sits inside the US$1,600 to 1,760/oz guidance.
- Operating cash flow was US$666.4m. Cash of US$924.1m plus bullion of US$109.9m (27,299 oz) gave US$1,034.0m at 30 June, with no debt and the US$400m facility undrawn.
- Nyanzaga is 67% complete, with US$423.5m incurred and committed against a US$523m budget, and first gold is scheduled for January 2027.
- Nyanzaga Ore Reserves are 95.7 Mt at 1.34 g/t for 4.1 Moz, and group Measured and Indicated Resources are 10.6 Moz; both are summarised from the 26 August 2026 release rather than newly reported here.
- FY27 market guidance is 420,000 to 480,000 oz at AISC of US$1,835 to 2,070/oz, a higher cost range than the FY26 outturn of US$1,750/oz.
The drill intercepts, normalised
- Drilling
- Mixed: RC, diamond and RC/AC programmes (not quantified in this report)
- True widths
- Not stated - intervals are down-hole
- Hole spacing
- Not stated. Work is described as near-mine resource definition, extensions and regional targets at Yaoure, Sissingue, Edikan and Nyanzaga.
- Depth
- The Operations Review cites about 82,700 m of RC and diamond drilling at Tusker and Kilimani since April 2024. No FY26 batch total is given, so metres drilled is left unstated.
Against the project's earlier holes
Not comparable: the report gives no new intercepts with grades or widths. Its qualitative mentions (Zain 1 continuity, encouraging Yaoure West intercepts, strong Papara assays, high grade Zanikan intercepts, moderate grade Ifugandi intercepts) cannot be matched to DrillScore's records.
Against similar explorers
No intercept in this report can be measured against the gram-metre guide. The best Yaoure hole in DrillScore's history (YRC3427, 208.9 g-m, July 2026) is an earlier release.
Gram-metre calculator - gram-metres explained - the leaderboard
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $1.3bn
- Debt
- $0
- Undrawn facilities
- $559m
- Operating cash flow (quarter)
- $931m
- Exploration spend (quarter)
- $56.7m
- Shares on issue
- 1,327.1m
- Options, rights & convertibles
- 8.6m
- Gold produced
- 404,998 oz
- AISC
- A$2,446/oz (margin about A$4,115/oz at the day's gold price)
- Revenue
- $2.1bn
- Guidance
- FY26 production guidance of 400,000 to 440,000 oz was met (404,998 oz). FY26 AISC guidance of US$1,600 to 1,760/oz was met (US$1,750/oz). FY27 market guidance: 420,000 to 480,000 oz and AISC of US$1,835 to 2,070/oz, both higher on cost.
The report is in US$ (financial statements in US$'000). A$ figures are converted at AUD/USD 0.7155, the 25 August 2026 close in the supplied market context. Cash US$924.1m is A$1,291.5m; undrawn US$400m is A$559.1m; operating cash flow US$666.4m is A$931.4m; investing outflow US$237.0m is A$331.2m; exploration and evaluation payments US$40.6m are A$56.7m (capitalised spend only, expensed part not split out). Revenue US$1,483.9m is A$2,073.9m. AISC is the all-in site cost of US$1,750/oz at the same rate. gold_oz is gold produced (poured), not sold. Burn and funding quarters are not stated because an annual report has no Appendix 5B. Cash is strong and there is no debt, so no raise is needed on these figures. DrillScore's stored June quarter cash of A$1,324.7m used a different conversion; the US$ figure is the same.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 270.3 Mt
- Grade
- 1.22 g/t Au
- Contained metal
- 10.64 Moz
- What changed
- Group Measured and Indicated Resources are 270.3 Mt at 1.22 g/t for 10.6 Moz; Inferred Resources are 57.5 Mt at 1.4 g/t for 2.5 Moz; Mineral Resources include Ore Reserves. Group Proved and Probable Ore Reserves are 175.2 Mt at 1.24 g/t for 7.0 Moz. Nyanzaga Ore Reserves are 95.7 Mt at 1.34 g/t for 4.1 Moz, reported as up 73% with mine life extended from 11 to 16 years. All figures are summarised from the 26 August 2026 release and were not newly reported here.
How the price reacted
News signal positive, and on day 1 the stock moved +8.6% against the gold index (XGD). After 20 trading days: +16.9% against the XGD.
From the last close before the market could trade on it ($6.13 on 25 Aug 2026), with day-1 volume 1.4x the 20-day average.
PRU's past price-sensitive news
After 8 earlier announcements, PRU rose on day 1 4 times and fell 4 times - an average move of +3.6%; after financial results alone, +9.5%.
DrillScore's database has no earlier price reactions for PRU, so there is no pattern to read. Since the 25 August close of A$6.13, the shares have moved to A$6.35, up about 3.6%, while the XGD is down 11.2% and GDX is down 22.6%. The move on the release day (26 August) is not in the supplied data. The shares trade near the top of their A$4.43 to 6.96 52-week range. This describes past moves only and is not a prediction.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for PRU and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.6% by day 1, +2.1% by day 5 and +0.6% by day 20 against the XGD on average.
- Day 1
- +1.6%
- Day 5
- +2.1%
- Day 20
- +0.6%
After its earlier announcements, PRU moved +1.0% by day 1, +1.6% by day 5 and +1.3% by day 20 against the XGD on average.
- Day 1
- +1.0%
- Day 5
- +1.6%
- Day 20
- +1.3%
In the 20 trading days before this release the XGD gold index moved +30.0% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.6% by day 1, +2.4% by day 5 and -4.8% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.6%
- Day 5
- +2.4%
- Day 20
- -4.8%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/oz) | US$4,695 | US$3,886 | -17.2% |
| Gold (A$/oz) | A$6,561 | A$5,737 | -12.6% |
| Copper (US$/lb) | US$6.71 | US$6.09 | -9.2% |
| AUD/USD | 0.7155 | 0.6774 | -5.3% |
The report values bullion at US$4,026/oz at 30 June. Gold was US$4,694.5/oz at the 25 August close and is now US$3,886.3/oz, down 17.2%. The FY26 average sale price was US$3,693/oz. Against the group AISC of US$1,750/oz, current spot leaves a gap of roughly US$2,100/oz, and even the top of FY27 AISC guidance (US$2,070/oz) sits about US$1,800/oz below spot. The hedge book of 115,000 oz (about 7% of three-year production) fixes part of the exposure. The AUD fell from 0.7155 to 0.6774 US$, which cut the A$ gold price to A$5,737/oz from A$6,561/oz. Rates and the dollar moved against gold: the US 10-year yield rose to 5.154% from 4.639%, and the dollar index rose 4.5%. Sector mood is weak since release: XGD down 11.2%, GDX down 22.6%, GDXJ down 27.1%, COPX down 28.1%. The report does not give a price deck.
Against PRU's own history
Cash: the June quarter report (analysed 30 July 2026) showed cash of US$924m, the same as this report's US$924.1m. Cash and bullion rose from US$817m at 31 March 2026 to US$1,034m at 30 June. Gold: the June quarter produced 109,013 oz and the March quarter 107,144 oz, against 404,998 oz for FY26. Shares on issue of 1,327.13m match the June quarter record. There are no capital raisings on record. The buyback continued, with A$126.7m spent in FY26 and the programme lifted to A$150m in June. Drilling: the stored Yaoure intercepts run to YRC3427 (7m at 29.84 g/t from 145m, 208.9 g-m, 17 July 2026), but this report gives no grades to compare. The report describes FY26 Yaoure production as lower than the year before, and the history shows no change in the stated outlook.
Risks & caveats
- Higher royalties raised cash costs: Ghana moved to a higher scaled royalty from 10 March 2026, Cote d'Ivoire royalty rates rose 2%, and Edikan royalties were US$502/oz against US$210/oz the year before.
- Head grades fell at two mines: Yaoure milled head grade was 1.39 g/t (2.10 g/t in FY25) and Edikan was 0.77 g/t (0.97 g/t), as ore sources shifted to lower-grade pits.
- Nyanzaga is still under construction, with US$94.95m of capital commitments at year end and first gold dependent on the remaining build.
- FY27 AISC guidance of US$1,835 to 2,070/oz is above the FY26 outturn of US$1,750/oz.
- Income tax expense rose to US$235.4m (from US$142.7m) after the Yaoure tax holiday ended on 31 December 2025, and the group operates across three African jurisdictions with ongoing government and royalty exposure.
What's next
- Nyanzaga first gold - January 2027
- CMA Underground commercial production at Yaoure - Q3 FY27 (January to March 2027)
- Edikan Fetish and Esuajah North pit cutbacks, forecast to add about 300,000 oz to mine life - not stated
- Surface sampling programmes in Guinea after reconnaissance licences granted - not stated
Questions worth asking
- Which Ore Reserve estimate supports the roughly 300,000 oz Edikan mine-life addition from the Fetish and Esuajah North cutbacks, and when will it be reported under JORC?
- Has the Sissingue Ore Reserve basis been updated since the 2015 technical report, and does it cover Fimbiasso and Bagoe?
- What is the remaining Nyanzaga capital and schedule risk to January 2027 first gold, given US$94.95m of commitments at year end?
- What drives the step-up in FY27 AISC guidance to US$1,835 to 2,070/oz, and how much is royalty versus grade?
- What date and basis sit behind the claim of more than US$1.4bn of cash and undrawn capacity?
What it means
For someone following PRU, the report confirms a cash-rich producer with no debt, a larger Nyanzaga reserve and a January 2027 first gold target. It also shows lower head grades at two mines, higher royalties and a higher FY27 cost range, so cash generation depends on gold price and cost control. Since release the shares have moved against the sector, which the report does not explain. This is general information, not personal financial advice.
General information only - not financial advice. DrillScore's analyses are produced automatically by an AI model (Claude, by Anthropic) from the company's own ASX announcement and public market data, and scored by a fixed formula (how it works). They can be wrong or incomplete, don't consider your objectives or circumstances, and are not a recommendation to buy, sell or hold anything. Always read the original announcement and consider advice from a licensed adviser.
Decoded 15 Nov 2026, 8:17 am by claude-haiku-5-5 - confidence: high. Spotted a mistake? Tell us.
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