Perseus Mining Q4 Earnings Call Highlights

Strong fiscal 2026 performance: Perseus produced 405,000 ounces of gold and generated record notional operating cash flow of $769 million. In the June quarter, production rose to 109,000 ounces, with $216 million in notional cash flow. Growth projects advancing: Nyanzaga was 67% complete and remains on budget and on schedule for first gold in January 2027, while CMA Underground at Yaouré is expected to reach commercial production later in calendar 2026. Robust balance sheet and shareholder returns: The company ended June with more than $1 billion in net cash and bullion and $1.4 billion in liquidity. Perseus returned $194 million to shareholders during fiscal 2026 through dividends and share repurchases, while guiding for fiscal 2027 production of 420,000–480,000 ounces. Perseus Mining TSE: PRU closed its 2026 financial year with higher quarterly gold production, record annual notional operating cash flow and more than $1 billion in cash and bullion, while advancing its CMA Underground and Nyanzaga growth projects. The company produced 109,000 ounces of gold in the June quarter, up 1,869 ounces from the March quarter. Weighted-average production cost was $1,340 per ounce, while all-in site cost was $1,941 per ounce and comparable all-in sustaining cost was $1,865 per ounce. Gold sales across Perseus' three operating mines totaled 114,567 ounces, approximately 18,000 ounces higher than the prior quarter. At a realized gold price of $4,086 per ounce, the company generated an average cash margin of $2,145 per ounce and notional quarterly cash flow of $216 million. For the full 2026 financial year, Perseus produced 405,000 ounces at an all-in site cost of $1,750 per ounce. Annual gold sales reached 399,000 ounces at an average realized price of $3,693 per ounce, $1,150 per ounce above the prior financial year. The company reported a record notional operating cash flow of $769 million, up $119 million from fiscal 2025. Mine-by-Mine Results Yaouré produced 38,900 ounces during the June quarter at an all-in site cost of $2,277 per ounce. Production included 30,440 ounces from the open pit and 8,472 ounces from the CMA Underground operation. Processed head grade at Yaouré declined to 1.13 grams per tonne from 1.29 grams per tonne in the previous quarter. Management said heavy rainfall limited access to the higher-grade Yaouré Stage 1 area, while oxide material mined from the Zone 2 deposit in June returned grades below plan. Yaouré sold 39,000 ounces at a realized price of $3,920 per ounce and generated notional cash flow of $50 million. The CMA Underground commenced stoping in April, completing three stopes and delivering 33,606 tonnes of ore. Lateral development reached 3,604 meters across four declines. Management said the project started later than originally planned because of permitting delays, but the team recovered some lost production through stronger-than-budgeted ramp-up performance. Commercial production is expected later in calendar 2026. At Edikan, quarterly production was 41,940 ounces at an all-in site cost of $1,959 per ounce. Processed head grade fell to 0.79 grams per tonne from 0.84 grams per tonne as mining moved through lower-grade areas of the Nkosuo pit. Production cost increased 17% quarter over quarter to $1,155 per ounce, reflecting higher diesel prices, greater blasting volumes, rehandle costs and expanded grade-control drilling. Edikan's all-in site cost also reflected increased royalties following Ghana's new scaled royalty regime, effective March 10, 2026. The royalty increase amounted to $216 per ounce, according to the company. Edikan sold 43,868 ounces at $4,347 per ounce and delivered notional cash flow of $100 million. The company also began cutbacks and...