Resource update - ASX:PRU
Perseus lifts M&I resources 37% to 10.6Moz gold and Ore Reserves 40% to 7.0Moz at 30 June 2026
Perseus updated its gold estimates at 30 June 2026. Measured and Indicated Resources rose 37% to 10.6 Moz (270.3 Mt at 1.22 g/t) and Proved and Probable Ore Reserves rose 40% to 7.0 Moz (175.2 Mt at 1.24 g/t). Much of the Nyanzaga growth was announced in February 2026, and some reserves rely on permits or tenure that the release does not fully resolve.
(price sensitive) - Perseus Mining announced: "Perseus Updates Mineral Resources and Ore Reserve Estimate" (85 pages) - read the original
What investors must know
- Group Measured and Indicated Resources rose 2.9 Moz (37%) to 10.6 Moz gold at 30 June 2026, from 7.8 Moz a year earlier.
- Group Proved and Probable Ore Reserves rose 2.0 Moz (40%) to 7.0 Moz gold, from 5.0 Moz.
- Nyanzaga holds 4.1 Moz of the reserves (about 59%) and 4.7 Moz of M&I resources, but it is still a development project being advanced toward first gold.
- Edikan M&I rose 834 koz (54%) to 2.5 Moz. Yaoure Ore Reserves rose 217 koz (15%) to 1.66 Moz.
- Inferred Resources rose to 2.5 Moz from 1.9 Moz. This is lower-confidence ground and is not included in the Ore Reserves.
- Reserves are economic at US$3,000/oz gold with pit shells and cut-offs at US$2,300/oz. Resources are constrained at US$3,300/oz (Nyanzaga US$2,700/oz).
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 datapass
- JORC Table 1, Section 2 - reporting of exploration resultsn/a
- Competent person statementpass
- No metal equivalents - grades as assayedpass
- Balanced reporting - low and high grades both shownn/a
No exploration results are reported, so the holes drilled versus holes reported test does not apply. The release presents all classification categories, including Inferred, and discloses the removal of the Meyas Sand project. Gold recoveries by ore type are stated in the processing sections, but these are not metal-equivalent calculations.
- No visual estimates - assays onlypass
Red flags and notes
The release states the PE39 mining permit was valid until 8 August 2026, and this release is dated 26 August 2026. Renewal is being pursued and the licence is said to remain valid under section 40(3) of the Mining Code 2014. Sissingue carries 541 koz M&I and 233 koz of reserves, so tenure should be confirmed.
The 352 koz Esuajah South underground reserve is declared before the environmental approval and mining permit applications that the release says are still required. The release gives limited detail of the 2026 feasibility study economics beyond a 10% pre-tax discount rate.
In 2025, 51 Nyanzaga drill holes were re-surveyed and one was redrilled. The Nyanzaga resource model is dated November 2025. The release does not say whether the corrected surveys are in that model.
A 2023 independent review by Cube Consulting identified issues with assay quality, domaining, database coding and reporting at Nkosuo. The release notes a significant RC to DD bias above about 0.7 g/t Au. It says the issues do not invalidate the Indicated and Inferred classification, but the release does not say they have been resolved. Nkosuo supports 195 koz of reserves.
Why these matter: JORC Table 1 - metal equivalents - balanced reporting - visual estimates
Resource / reserve
- Tonnes
- 270.3 Mt
- Grade
- 1.22 g/t
- Contained metal
- 10.60 Moz
- What changed
- Group M&I at 30 June 2026 is 270.3 Mt at 1.22 g/t for 10.6 Moz (table 10,640 koz). This is up 2.9 Moz or 37% from 7.8 Moz at 30 June 2025 (185.9 Mt at 1.30 g/t). Measured is 35.3 Mt at 0.85 g/t (963 koz) and Indicated is 234.9 Mt at 1.28 g/t (9,677 koz). Inferred is 57.5 Mt at 1.4 g/t (2.5 Moz), up from 1.9 Moz. Group Proved and Probable Ore Reserves are 175.2 Mt at 1.24 g/t for 7.0 Moz, up 2.0 Moz or 40% from 5.0 Moz. Yaoure reserves rose 217 koz to 1,661 koz. Nyanzaga reserves rose 1,767 koz (75%) to 4.1 Moz. Edikan M&I rose 834 koz (54%) to 2.5 Moz. Meyas Sand in Sudan was removed after its sale. The percentage shares of M&I in total resources are not stated.
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%.
DrillScore has no recorded share price reactions to Perseus's earlier price-sensitive news, so there is no local pattern to compare. The stock closed at A$6.13 on 25 August, before the release, and is A$6.35 now, about 3.6% higher. Over the same period the XGD fell 11.2% and GDX fell 22.6%. The 26 August reaction is not in the data supplied. This describes past moves only and is not a view on the price.
Past reactions describe what happened, not what will. How prices react to results
The historical pattern
What share prices did after past results like this one, from DrillScore's own records. It describes the past: it isn't a forecast for PRU and it isn't advice.
After 41 other announcements read as 'positive', stocks moved +1.6% by day 1, +2.1% by day 5 and +0.6% by day 20 against the XGD on average.
- Day 1
- +1.6%
- Day 5
- +2.1%
- Day 20
- +0.6%
After its earlier announcements, PRU moved +1.0% by day 1, +1.6% by day 5 and +1.3% by day 20 against the XGD on average.
- Day 1
- +1.0%
- Day 5
- +1.6%
- Day 20
- +1.3%
In the 20 trading days before this release the XGD gold index moved +30.0% (rising). After 38 past gold announcements released into a rising gold index, stocks moved +1.6% by day 1, +2.4% by day 5 and -4.8% by day 20 on average - before taking the market's own move out.
- Day 1
- +1.6%
- Day 5
- +2.4%
- Day 20
- -4.8%
A strand leans up or down when its day-5 average is 1% or more either way. Each is shown on its own and never added up into a prediction: small samples swing, and every result is different. The full backtest - how it's worked out
The market it landed in
| Market | On the day | Now | Since |
|---|---|---|---|
| Gold (US$/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% |
At release (25 Aug 2026) COMEX gold was US$4,694.5/oz. It is now US$3,886.3, down 17.2%. Spot remains above Perseus's US$3,000/oz reserve price and its US$3,300/oz resource shell price, though it is below the pre-release level. In A$ terms gold is A$5,737/oz now, down 12.6% from A$6,561 at release, because the Australian dollar fell from US$0.7155 to US$0.6774. The US dollar index rose 4.5% and the US 10-year yield rose to 5.15% from 4.64%, both headwinds for gold. The XGD fell 11.2%, GDX 22.6% and GDXJ 27.1% over the same period. Sector mood has been weak since release, so the reserve price deck and the A$ rate are the main margin checks. The release does not forecast prices.
Against PRU's own history
There are no new drill results to compare with earlier holes. The most recent Yaoure drilling, announced 17 July 2026, included YRC3427 at 7 m at 29.84 g/t from 145 m (208.9 g-m, excellent) and was rated Strong. The release credits recent resource definition and grade control drilling for the Yaoure reserve change, but does not name the holes used. Cash rose from A$950.3m at March 2026 to A$1,324.7m at June 2026 with no capital raisings on record. The on-market buy-back was lifted to A$150m in June. AISC rose from A$2,443/oz in the March quarter to A$2,783/oz in the June quarter. June quarter output was 109,013 oz, with FY27 guidance of 420-480 koz, and the June quarterly rated Weak.
Risks & caveats
- Nyanzaga is about 59% of reserves but is not yet in production; its reserve rests on a February 2026 feasibility update.
- The release gives the Sissingue mining permit (PE39) a validity date of 8 August 2026, before this release. Renewal is still being pursued.
- The Esuajah South underground reserve (352 koz) needs environmental and mining permit approvals that the release says have not yet been granted.
- Inferred Resources rose to 2.5 Moz. These are lower-confidence and are excluded from reserves.
- Côte d'Ivoire royalty increases are under discussion with government, and extra royalties apply at Fimbiasso and Bagoe.
What's next
- Increased organic drilling programme for Mineral Resource growth, described in the release as planned for FY27 - FY27
- Zain 1 and Zain 2 slope design study to confirm pit slopes at depth at Yaoure - FY27
- Renewal of the Sissingue mining permit PE39, which the release says is being pursued - not stated
- Esuajah South underground environmental and mining permit applications and approvals - not stated
- Nyanzaga progress toward first gold, with construction under way - not stated
Questions worth asking
- What is the current status of the Sissingue PE39 mining permit after its stated 8 August 2026 expiry, and how is the 233 koz reserve affected if renewal is delayed?
- Which permits does the Esuajah South underground need, when are they expected, and what are the capital cost and NPV in the 2026 feasibility update?
- Were the corrected downhole surveys for the 51 re-surveyed Nyanzaga holes included in the November 2025 resource model?
- How much of the Nyanzaga 1.77 Moz reserve increase came from the February 2026 update, and what drove the mid-year changes?
- Why are pit shells and cut-offs set at US$2,300/oz when reserve economics use US$3,000/oz, and how have the Nkosuo audit and RC to DD bias issues been resolved?
What it means
For someone following Perseus, the update grows the resource and reserve base, and Nyanzaga is the largest part. Nyanzaga is not yet producing, so the gain is a longer-term option rather than near-term output. Part of the headline growth was announced earlier, and the release contains no cash, production or drilling figures that change the near-term picture. The points to check are the Sissingue permit status, the Esuajah South approvals, the Nyanzaga survey correction and the Nkosuo audit issues. This is general information, not a recommendation.
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.
Start the conversation
Discuss PRU's announcement