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Category: Mid-tier Producer
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Perseus Mining Ltd
www: www.perseusmining.com     email: info@perseusmining.com

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Notes
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Symbol Data

Symbol Currency
OTCMKTS:PMNXF USD
TSE:PRU CAD

Description

Perseus Mining Ltd are a gold focused mid-tier producer with three producing mines in Burkina Faso, Cote d'Ivoire and Ghana, three mines in development in Cote d'Ivoire and Sierra Leone and two exploration properties. Currently they produce roughly 200koz. of gold per year. They have approximately 15Moz. of gold in the reserves and resources category of which 11Moz. are in the measured and indicated category. They have a market capitalisation of ~C$385.46M which is a rise of roughly 54% over the last twelve months. As of 06/03/2017 they have no debt and ~C$42.85M cash. They have 1,033M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 06/03/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $250.36M $385.46M 06/03/2017 $135.10M
Total Assets: $699.40M $734.77M 06/03/2017 $35.37M
Total Liabilities: $570.35M $599.19M 06/03/2017 $28.84M
Current Assets: $200.25M $210.38M 06/03/2017 $10.13M
Current Liabilities: $81.58M $85.71M 06/03/2017 $4.13M
Total Debt: $0.00M $0.00M 06/03/2017 $0.00M
Cash: $40.79M $42.85M 06/03/2017 $2.06M
Enterprise Value: $209.57M $342.61M 11/09/1980 $133.04M
Cash Flow: $-3.01M $-1.22M never $1.79M
Cash Flow Multiple: 0.00 0.00 never 0.00
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 06/03/2017 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 06/03/2017 0.00%
Misc 06/03/2017
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 1,033,000,000 1,033,000,000 06/03/2017 0
Shares (FD): 1,164,000,000 1,164,000,000 06/03/2017 0
Insider Ownership: n/a n/a never n/a
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 06/03/2017 n/a
Production (Gold Eq Oz.): (guess) 
200,000
(guess) 
200,000
06/03/2017 0
Production (Silver Eq Oz.): (guess) 
14,586,423
(guess) 
15,757,169
06/03/2017 1,170,746
Initial CapEx (Outstanding): n/a n/a 06/03/2017 n/a
Funding Option: n/a n/a 06/03/2017 n/a
Documentation: none PRODUCER 06/03/2017 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 06/03/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 6.00M 6.00M 06/03/2017 0.00M
Measured & Indicated: 11.00M 11.00M 06/03/2017 0.00M
Inferred: 4.00M 4.00M 06/03/2017 0.00M
Reserves & Resources: 15.00M 15.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 5.10M 5.10M 06/03/2017 0.00M
Measured & Indicated: 8.50M 8.50M 06/03/2017 0.00M
Inferred: 1.70M 1.70M 06/03/2017 0.00M
Reserves & Resources: 10.20M 10.20M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
200,000oz.
(guess) 
200,000oz.
06/03/2017 0oz.
Cash Cost: $900 $900 06/03/2017 $0.00
Extra Operating Cost: $400 $400 06/03/2017 $0.00
Average Grade: 1.50 g/t 1.50 g/t 06/03/2017 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 06/03/2017 0.00%
F
U
T
U
R
E
Proven & Probable: 12.00M 12.00M 06/03/2017 0.00M
Annual Production: 500,000oz. 500,000oz. 06/03/2017 0oz.
Cash Cost: $800 $800 06/03/2017 $0
Extra Operating Cost: $350 $350 06/03/2017 $0
SILVER 06/03/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: n/a n/a 06/03/2017 0.00M
Measured & Indicated: n/a n/a 06/03/2017 0.00M
Inferred: n/a n/a 06/03/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: n/a n/a 06/03/2017 0.00M
Measured & Indicated: n/a n/a 06/03/2017 0.00M
Inferred: n/a n/a 06/03/2017 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T
Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 06/03/2017 $0.00
Extra Operating Cost: n/a n/a 06/03/2017 $0.00
Average Grade: n/a n/a 06/03/2017 n/a
Recovery Rate: n/a n/a 06/03/2017 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 06/03/2017 0.00M
Annual Production: n/a n/a 06/03/2017 n/a
Cash Cost: n/a n/a 06/03/2017 n/a
Extra Operating Cost: n/a n/a 06/03/2017 n/a

Property

Last Analysis Data  (06/03/2017)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Yatenga Province, Burkina Faso Kalsaka 78% n/a n/a show
Producing mine. 50,000 oz per year.

Halted production in 2014.

Selling the mine.
Production Yamoussoukro, Cote D'ivoire, Cote d'Ivoire Angovia 90% n/a n/a n/a
Production West Africa, Ghana Edikan 90% n/a n/a show
Main producing mine. 200,000 oz per year.
Development Cote D'ivoire, Cote d'Ivoire Tengrela 80% 88,000 n/a show
Large exploration property.
Development West Africa, Cote d'Ivoire Yaoure 100% n/a Open Pit show
6 million oz (1.5 gp) deposit.
$450 million capex.
$750 per oz cash costs.
250,000 oz per year production.
Development Freetown, Sierra Leone Baomahun 100% n/a Open Pit show
2.2 million oz deposit (2.5 gpt).

Feasibility study released in 2013.
150,000 oz production per year.
Capex $150 million.
NPV $127 million.
IRR 22% after-tax at $1350 gold.
Exploration West Africa, Cote d'Ivoire Sissinggue 100% (guess) n/a n/a show
Production decision in 2014.
Exploration Ghana Grumesa 90% n/a n/a n/a
Total Land Package Size (ha): 88,000  
Current Data
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Yatenga Province, Burkina Faso Kalsaka 78% n/a n/a show
Producing mine. 50,000 oz per year.

Halted production in 2014.

Selling the mine.
Production Yamoussoukro, Cote D'ivoire, Cote d'Ivoire Angovia 90% n/a n/a n/a
Production West Africa, Ghana Edikan 90% n/a n/a show
Main producing mine. 200,000 oz per year.
Development Cote D'ivoire, Cote d'Ivoire Tengrela 80% 88,000 n/a show
Large exploration property.
Development West Africa, Cote d'Ivoire Yaoure 100% n/a Open Pit show
6 million oz (1.5 gp) deposit.
$450 million capex.
$750 per oz cash costs.
250,000 oz per year production.
Development Freetown, Sierra Leone Baomahun 100% n/a Open Pit show
2.2 million oz deposit (2.5 gpt).

Feasibility study released in 2013.
150,000 oz production per year.
Capex $150 million.
NPV $127 million.
IRR 22% after-tax at $1350 gold.
Exploration West Africa, Cote d'Ivoire Sissinggue 100% (guess) n/a n/a show
Production decision in 2014.
Exploration Ghana Grumesa 90% n/a n/a n/a
Total Land Package Size (ha): 88,000  

Profitability (by resource)

Proven &
Probable
06/03/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 6.00M 6.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 35.12M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.10M 5.10M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 29.85M
Maximum Profit (Gold): $-76.76M $-31.06M n/a $45.70M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-76.76M $-31.06M n/a $45.70M
Max Profit / Current MCap: n/a n/a n/a 0.226
Max Profit Per Share (Gold): $-0.07 $-0.03 n/a $0.04
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.07 $-0.03 n/a $0.04
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $49.09 $75.58 n/a $26.49
FD Mkt. Cap / Silver Eq.: $0.67 $0.96 n/a $0.29
FD Mkt. Cap / Per Metal
as % Spot Price:
3.84% 5.85% n/a 2.01%
Measured &
Indicated
06/03/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 11.00M 11.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 64.39M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 8.50M 8.50M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 49.76M
Maximum Profit (Gold): $-127.93M $-51.77M n/a $76.16M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-127.93M $-51.77M n/a $76.16M
Max Profit / Current MCap: n/a n/a n/a 0.377
Max Profit Per Share (Gold): $-0.11 $-0.04 n/a $0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.11 $-0.04 n/a $0.07
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $29.45 $45.35 n/a $15.89
FD Mkt. Cap / Silver Eq.: $0.40 $0.58 n/a $0.17
FD Mkt. Cap / Per Metal
as % Spot Price:
2.30% 3.51% n/a 1.21%

Reserves &
Resources
06/03/2017
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 15.00M 15.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 87.81M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 10.20M 10.20M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 59.71M
Maximum Profit (Gold): $-153.51M $-62.12M n/a $91.39M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $-153.51M $-62.12M n/a $91.39M
Max Profit / Current MCap: n/a n/a n/a 0.452
Max Profit Per Share (Gold): $-0.13 $-0.05 n/a $0.08
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $-0.13 $-0.05 n/a $0.08
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $24.55 $37.79 n/a $13.25
FD Mkt. Cap / Silver Eq.: $0.34 $0.48 n/a $0.14
FD Mkt. Cap / Per Metal
as % Spot Price:
1.92% 2.93% n/a 1.01%

Future Valuation (Cash Flow & Totals)

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