Results - ASX:PRU
Perseus FY26: 405koz gold, US$666M operating cash flow, A$14c dividend, reserves up 40%
Perseus produced 404,998 oz of gold in FY26, down 91,553 oz on FY25, at an all-in site cost of US$1,750/oz, up US$515/oz. Operating cash flow was US$666M and net cash and bullion US$1,034M, which funded a 14 cent total dividend, A$126.7M of buybacks and a proposed special distribution of about A$100M. Ore Reserves rose 40% to 7.0 Moz, but FY27 guidance excluding Nyanzaga is roughly flat on FY26, so growth depends on Nyanzaga's first gold pour in January 2027.
(price sensitive) - Perseus Mining announced: "Annual Report Presentation for Year Ended 30 June 2026" (18 pages) - read the original
What investors must know
- FY26 gold output was 404,998 oz, down 91,553 oz on FY25, while the all-in site cost rose to US$1,750/oz (up US$515/oz) as the average sale price rose to US$3,693/oz.
- Operating cash flow was US$666M (up 24%), and the cash margin was US$1,943/oz; the company's own notional cashflow measure is US$769M.
- Net cash and bullion was US$1,034M, up US$207M, and liquidity was US$1,434M including the US$400M undrawn debt facility.
- Total FY26 dividend was 14.0 cents (A$186.9M), including a 9.0 cent final; A$126.7M of buybacks were executed and A$350M was approved for FY27.
- A special distribution of about A$100M is proposed, with the split between dividend and capital reduction still to be determined.
- Ore Reserves were 7,001 koz (7.0 Moz), up 40% mainly from Nyanzaga (+1,767 koz); Measured and Indicated Resources were 10,640 koz (10.6 Moz), up 37%.
- FY27 gold guidance is 420,000-480,000 oz, of which Nyanzaga contributes 55,000 oz; the three operating mines are guided to 365,000-425,000 oz against 404,998 oz in FY26.
Disclosure checks - the ASX's own focus areas
- Drill-hole table (collars, dip, azimuth, depth, every intercept)n/a
- JORC Table 1, Section 1 - sampling techniques and datan/a
- JORC Table 1, Section 2 - reporting of exploration resultsn/a
- Competent person statementfail
- No metal equivalents - grades as assayedpass
- Balanced reporting - low and high grades both shownn/a
No new drill results are reported, so intercept balance does not apply. The resource and reserve tables are shown in full, including Inferred Mineral Resources of 2,542 koz, which are kept separate from the headline figures.
- No visual estimates - assays onlypass
Red flags and notes
Slides 3 and 9 define operating cash flow as net cash from operating activities less dividends and withholding tax paid to non-controlling interests, and the dividend policy uses that measure. Slide 6 labels the US$666M headline as net cash inflows from operating activities. The adjusted figure is not shown, so the basis of the 20 percent dividend policy cannot be checked from this document.
The April 2025 final investment decision included 4.6M BCM of pre-production stripping at US$40M. The presentation now expects more than 7M BCM before first gold at US$70-80M, while the FY27 budget allows US$60M of pre-production costs within the US$230M Nyanzaga figure. The reason for the larger scope and whether the extra cost sits inside the US$483M budget are not explained.
Nyanzaga Ore Reserves rose by 1,767 koz to 4,109 koz, yet the company states that the assumptions in the June 2025 Nyanzaga technical report continue to apply and have not materially changed. The gold price used for the 26 August 2026 reserve estimate is not stated here, and the FY27 Nyanzaga volume still rests on the April 2025 decision basis.
The Sissingue Ore Reserves (233 koz) are supported by a technical report dated 29 May 2015, more than 11 years before this release. The company says its material assumptions still apply, but the presentation gives no update on mine plan, costs or grade that would support that statement for an operating mine.
Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates
Money: can they follow it up?
- Period ending
- 2026-06-30
- Cash
- $1.5bn
- Debt
- $0
- Undrawn facilities
- $581m
- Operating cash flow (quarter)
- $967m
- Exploration spend (quarter)
- $59.5m
- Gold produced
- 404,998 oz
- AISC
- A$2,541/oz (margin about A$4,020/oz at the day's gold price)
- Guidance
- FY27 guidance: gold 420,000-480,000 oz (includes 55,000 oz from Nyanzaga, based on the April 2025 decision); AISC US$1,835-2,070/oz at a US$4,000/oz gold assumption; sustaining capital US$50-60M; development capital about US$450M; exploration US$70-80M. Delivery against FY26 guidance is not stated in this presentation.
Full-year FY26 figures, not a quarter. Balance sheet and annual flows are converted at A$:US$ 0.6887, the 30 June 2026 rate stated on slide 8 (the same rate the presentation uses to convert the dividend). Cash is the US$1,034M net cash and bullion converted to A$, so it includes bullion and is net of drawn debt; cash alone is not split out. Debt is shown as 0 because the US$400M facility is described as undrawn, but no drawn debt figure is stated. Undrawn is the US$400M facility. Operating cash flow is the US$666M headline, which slide 6 defines as net cash from operating activities. Exploration is the US$41M growth-exploration allocation. AISC of US$1,750/oz is converted at the same rate. Gold is produced ounces. Revenue is given only as US$1.5B (rounded), so it is not converted. Shares on issue, burn and funding quarters are not stated in the presentation.
Appendix 5B explained - why runway predicts raisings - every company's runway
Resource / reserve
- Tonnes
- 270.3 Mt
- Grade
- 1.22 g/t gold
- Contained metal
- 10.64 Moz
- Measured + Indicated
- 81%
- What changed
- Ore Reserves 7,001 koz (7.0 Moz; 175.2 Mt at 1.24 g/t), up 40% from 5,003 koz at June 2025, mainly Nyanzaga (+1,767 koz), with Yaoure +217 koz, Edikan +19 koz and Sissingue -4 koz. Measured and Indicated Resources 10,640 koz (270.3 Mt at 1.22 g/t, inclusive of reserves), up 37% from about 7,773 koz at June 2025 as read from the chart. Inferred Resources 2,542 koz (57.5 Mt at 1.4 g/t), up from about 1,940 koz. The measured_indicated_pct of 80.7 is a DrillScore calculation on contained gold: 10,640 koz of 13,182 koz total including Inferred. The update is detailed in an ASX release dated 26 August 2026 that is not included in this document.
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%.
No earlier price-sensitive reactions for PRU are on record in the database, so there is no past reaction to compare with this release. The recorded ratings are: the 17 July 2026 drilling update, positive (DrillScore 72, Strong); the 30 July 2026 June quarterly, mixed (DrillScore 41, Weak); and the 26 August 2026 results, positive. Since the release the shares were A$6.35, up from the A$6.13 close before it (about 3.6 percent), while gold miners fell roughly 23 to 28 percent (GDX, GDXJ, COPX) and the All Ordinaries Gold index fell 11.2 percent. These are descriptions of the data, not a forecast of the share price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for PRU and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.6% by day 1, +2.1% by day 5 and +0.6% by day 20 against the XGD on average.
- Day 1
- +1.6%
- Day 5
- +2.1%
- Day 20
- +0.6%
After its earlier announcements, PRU moved +3.5% by day 1, +4.8% by day 5 and +6.5% by day 20 against the XGD on average.
- Day 1
- +3.5%
- Day 5
- +4.8%
- Day 20
- +6.5%
In the 20 trading days before this release the XGD gold index moved +30.0% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.6% by day 1, +2.4% by day 5 and -4.8% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.6%
- Day 5
- +2.4%
- Day 20
- -4.8%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/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% |
Gold fell sharply after the release. COMEX gold went from US$4,694.5/oz on 25 August 2026 to US$3,886.3/oz now, and in A$ from A$6,561/oz to A$5,737/oz. Spot is about US$114/oz below the US$4,000/oz price used for FY27 AISC guidance and about US$193/oz above the FY26 average realised price of US$3,693/oz. Against the FY27 AISC range of US$1,835-2,070/oz, spot leaves a gap of roughly US$1,816-2,051/oz. A weaker A$ (down 5.3% against the US$ since the release) cushions the A$ gold price. Sector mood has been weak: GDX is down 22.6%, GDXJ down 27.1% and COPX down 28.1% since the release, and the S&P/ASX All Ordinaries Gold index is down 11.2%. A stronger US dollar (DXY up 4.5%), a higher 10-year Treasury yield (5.154%) and WTI oil at US$88.56/bbl, up 50.9% on a year ago, are headwinds for gold and diesel-driven mining costs.
Against PRU's own history
No new drill results are in this presentation, so the drilling history is unchanged. The database records a buyback lift to A$150M on 15 June 2026 after the A$100M tranche, and this presentation shows A$126.7M executed in FY26 and A$350M approved for FY27, a clear step-up. The database holds two different June 2026 quarter cash figures (A$1,291.5M and A$1,324.7M) that do not match this presentation's measure, so cash comparisons should rely on the company's stated net cash and bullion of US$1,034M, up US$207M on FY25. No capital raising is on record. Production fell year on year, after the June quarter was rated mixed (DrillScore 41, Weak) on 30 July 2026. The database's March and June 2026 quarterly AISC figures use mixed currency bases, so no reliable AISC trend is drawn here.
Risks & caveats
- Gold output fell 91,553 oz in FY26, and the three operating mines are guided to 365,000-425,000 oz in FY27 excluding Nyanzaga, so volume growth depends on Nyanzaga.
- Nyanzaga pre-stripping is now expected to exceed 7 million BCM at a cost of US$70-80M, against 4.6 million BCM at US$40M in the April 2025 final investment decision.
- FY27 AISC guidance of US$1,835-2,070/oz assumes gold at US$4,000/oz, and spot gold was about US$3,886/oz on the latest data supplied; the guidance royalty rates also vary with price.
- Nyanzaga first gold is due in January 2027 and commercial production is planned for Q4 FY27, so the 55,000 oz in FY27 guidance relies on a fast ramp-up.
- The ~A$100M special distribution is not yet split between dividend and capital reduction, so its tax treatment for shareholders is unknown.
What's next
- Nyanzaga first gold pour - January 2027 (Q3 FY27), as stated
- Nyanzaga FY27 production and cost guidance update - Q3 FY27, as stated
- Nyanzaga commercial production - Q4 FY27, as planned
- Split and timing of the proposed ~A$100M special distribution - in the coming months, as stated
- Ramp-up of Yaoure CMA underground stoping, which commenced in April 2026 - not stated
Questions worth asking
- What gold price was used for the 26 August 2026 Ore Reserve estimate, and what drove the 1,767 koz increase at Nyanzaga when the technical report is dated June 2025?
- Why has Nyanzaga pre-stripping grown from 4.6M BCM at US$40M in the decision to more than 7M BCM at US$70-80M, and how much of that sits within the US$230M FY27 Nyanzaga figure and the US$483M budget?
- Can the company reconcile operating cash flow as defined on slides 3 and 9, after non-controlling interest dividends, with the US$666M headline on slide 6?
- How will the ~A$100M special distribution be split between dividend and capital reduction, and what are the tax consequences for shareholders?
- Why does the Sissingue reserve still rest on a 2015 technical report, and when will it be updated?
What it means
For someone following Perseus, the presentation confirms a cash-rich producer returning large sums to shareholders, with US$1,034M of net cash and bullion and US$400M of undrawn debt. The weaker side is volume and cost. FY26 output fell by 91,553 oz, and excluding Nyanzaga the FY27 guidance is roughly where FY26 was, while the cost range is higher. The growth case rests on Nyanzaga, where first gold is due in January 2027 and where pre-stripping and capital estimates have moved since the 2025 decision to build. The next checks are Nyanzaga's first gold and its FY27 guidance update in Q3 FY27, the split of the special distribution, and the reserve price assumptions behind the 40 percent increase. 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: medium. Spotted a mistake? Tell us.
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