Perseus Sept qtr: 92,551oz gold, AISC US$2,035/oz, US$900m cash and bullion; FY27 guidance kept

What investors must know

1. Gold recovered was 92,551 oz, down 15% on the June quarter's 109,013 oz, though the company says this beat its internal plan.
2. AISC was US$2,035/oz, up about 5% from US$1,941/oz in June, and sits inside the FY27 group range of US$1,835-2,070/oz.
3. Cash was US$820m with bullion of US$80m (US$900m in total), zero debt, and US$338m of listed investments.
4. Q1 output annualises to about 370,000 oz, below the 420,000-480,000 oz FY27 guidance, so the remaining three quarters need about 109,000-129,000 oz a quarter on average (our arithmetic).
5. Nyanzaga is 88.4% complete with first gold targeted for January 2027, but its forecast final cost is US$553-563m against a US$523m FID budget.
6. Notional operating cashflow was US$171m, while Figure 2 shows operating cash flow before tax and sustaining capital of US$187m.
7. A$100m special distribution (about 7.54c a share) is split between a capital reduction of up to A$70m and a special dividend, with payment targeted for 29 December 2026.

Money: can they follow it up?

Period ending

2026-09-30

Cash

$1.2bn

Debt

$0

Operating cash flow (quarter)

$266m

Exploration spend (quarter)

$7.4m

Shares on issue

1,326.1m

Options, rights & convertibles

7.3m

Gold produced

92,551 oz

AISC

A$2,895/oz (margin about A$2,850/oz at the day's gold price)

Guidance

FY27 (year to June 2027) group production guidance of 420,000-480,000 oz and AISC of US$1,835-2,070/oz was kept and described as on track. Q1 output exceeded the company's internal plan. Cost guidance assumes a US$4,000/oz gold price. Nyanzaga guidance is still to come in Q3 FY27.

All A$ figures are converted at AUD/USD 0.703, the 26 Oct 2026 rate supplied in the context, because the release gives no rate. Cash is US$820m excluding US$80m of bullion (about A$113.8m at the same rate). The release has no Appendix 5B, so burn, funding quarters, undrawn facilities and investing cash flow are not given. Operating cash flow is the Figure 2 'Operating' bar of US$187m. It is before tax (US$27m) and sustaining capital, and is not the statutory figure. Capex in Figure 2 is US$155m. Exploration is the Table 9 business growth total of US$5.2m. Gold is ounces produced, not sold (99,661 oz were sold). AISC is converted from US$2,035/oz. Debt is zero, as stated. Investments in listed securities are US$338m.

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 ($5.59 on 26 Oct 2026), with day-1 volume 1.3x 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 +5.2%; after quarterlies alone, -1.0%.

• 25 Aug 26+9.5%
• 25 Aug 26+9.5%
• 25 Aug 26+9.5%
• 25 Aug 26+9.5%
• 29 Jul 26-1.8%
• 16 Jul 26-3.1%
• 12 Jun 26+8.8%
• 22 Apr 26-0.2%

The share price was A$5.59 at the close before release (26 Oct 2026) and is A$6.35 now, up about 13.6%. Over the same period the XGD rose about 8.1% and the S&P/ASX 300 Metals and Mining index about 5.7%, so the stock has risen more than those benchmarks. The release is one of several factors. DrillScore records no earlier share price reactions for this company, so there is no past pattern to compare with. The price is about 9% below the 52-week high of A$6.96.

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

Gold fell from US$4,038/oz at release to US$3,886/oz now, and is 6.8% lower than a month ago. Spot is close to the quarter's average realised price of US$3,881/oz, so the margin on the quarter's cost base would look broadly similar at today's price, before hedging and royalty effects. The company's cost guidance assumes US$4,000/oz, so spot now sits below that deck. Gold in A$ is almost flat since release at A$5,737/oz, because the AUD fell 3.6% to US$0.6774. The US dollar index rose 1.4% and the US 10-year yield rose to 5.154%, both headwinds for gold. ASX gold stocks have done better, with the XGD up 8.1% since release, while GDX rose 0.8% and GDXJ fell 0.9%. Oil fell 13%.

Against PRU's own history

Against the June quarter, output fell 15% and AISC rose about 5%. Cash only fell from US$924m at 30 June to US$820m, and cash plus bullion fell US$134m to US$900m, consistent with the report. The DrillScore database holds several conflicting June-quarter cash rows in A$ (A$1,291.5m to A$1,501.4m), so this analysis uses the report's US$ figures instead. FY27 guidance is unchanged from the June quarter, and FY26 output was 404,998 oz. No capital raisings are on record. Share buy-backs continue, with 1,019,938 shares bought at an average A$6.53 by the end of September.

Questions worth asking

• What monthly production is needed in the December quarter and beyond to reach 420,000 oz, given the 92,551 oz Q1 result?
• Why did the Nyanzaga forecast final cost rise to US$553-563m from the US$523m FID budget, and what drives the increase in pre-production costs to US$70-80m from US$40m?
• What is the plan to bring Yaoure AISC back inside its FY27 range of US$1,955-2,205/oz?
• Will the ATO rule on the capital reduction before or after the 29 December 2026 payment, and how much of the A$100m could be treated as an unfrankable deemed dividend?
• What undrawn facilities and total available funding does the company hold, given the 5B cash flow detail is not in this release?