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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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Your Data

Symbol Data

Symbol Currency
TSE:PRU CAD
OTCMKTS:PMNXF USD

Description

Perseus Mining Ltd are a gold focused mid-tier producer with three producing mines in Cote d'Ivoire and Ghana, two mines in development in Cote d'Ivoire and one exploration property. Currently they produce roughly 250koz. of gold per year. They have approximately 9Moz. of gold in the reserves and resources category of which 7.5Moz. are in the measured and indicated category. They have a market capitalisation of ~C$319.62M which is a fall of roughly 17% over the last seven months. As of 05/30/2018 they have ~C$66M debt and ~C$46.75M cash. They have 1,034M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 05/30/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $383.54M $319.62M 05/30/2018 $-63.92M
Total Assets: $702.04M $702.04M 05/30/2018 $0.00M
Total Liabilities: $155.84M $155.84M 05/30/2018 $0.00M
Current Assets: $91.94M $91.94M 05/30/2018 $0.00M
Current Liabilities: $74.80M $74.80M 05/30/2018 $0.00M
Total Debt: $66.23M $66.23M 05/30/2018 $0.00M
Cash: $46.75M $46.75M 05/30/2018 $0.00M
Enterprise Value: $403.02M $339.10M 09/29/1980 $-63.92M
Cash Flow: $17.06M $6.67M never $-10.40M
Cash Flow Multiple: 22.48 47.94 never 25.46
Net Debt to
Cash Flow Ratio:
1.14 2.92 never 1.78
Finance within 1 year: 05/30/2018 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 05/30/2018 0.00%
Misc 05/30/2018
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 1,034,000,000 1,034,000,000 05/30/2018 0
Shares (FD): 1,172,000,000 1,172,000,000 05/30/2018 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 05/30/2018 n/a
Production (Gold Eq Oz.): (guess) 
250,000
(guess) 
250,000
05/30/2018 0
Production (Silver Eq Oz.): (guess) 
19,875,919
(guess) 
21,287,827
05/30/2018 1,411,908
Initial CapEx (Outstanding): n/a n/a 05/30/2018 n/a
Funding Option: n/a n/a 05/30/2018 n/a
Documentation: none PRODUCER 05/30/2018 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 05/30/2018
Last Analysis
Data

Current Data

Change
Item Value Value Updated Value
O
U
N
C
E
S
T
O
T
A
L
Proven & Probable: 4.00M 4.00M 05/30/2018 0.00M
Measured & Indicated: 7.50M 7.50M 05/30/2018 0.00M
Inferred: 1.50M 1.50M 05/30/2018 0.00M
Reserves & Resources: 9.00M 9.00M never 0.00M
P
L
A
U
S
I
B
L
E
Proven & Probable: 3.40M 3.40M 05/30/2018 0.00M
Measured & Indicated: 5.78M 5.78M 05/30/2018 0.00M
Inferred: 0.64M 0.64M 05/30/2018 0.00M
Reserves & Resources: 6.42M 6.42M never 0.00M
C
U
R
R
E
N
T
Annual Production: (guess) 
250,000oz.
(guess) 
250,000oz.
05/30/2018 0oz.
Cash Cost: $850 $850 05/30/2018 $0.00
Extra Operating Cost: $350 $350 05/30/2018 $0.00
Average Grade: 1.50 g/t 1.50 g/t 05/30/2018 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 05/30/2018 0.00%
F
U
T
U
R
E
Proven & Probable: 7.50M 7.50M 05/30/2018 0.00M
Annual Production: 400,000oz. 400,000oz. 05/30/2018 0oz.
Cash Cost: $800 $800 05/30/2018 $0
Extra Operating Cost: $350 $350 05/30/2018 $0
SILVER 05/30/2018
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 05/30/2018 0.00M
Measured & Indicated: n/a n/a 05/30/2018 0.00M
Inferred: n/a n/a 05/30/2018 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 05/30/2018 0.00M
Measured & Indicated: n/a n/a 05/30/2018 0.00M
Inferred: n/a n/a 05/30/2018 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 05/30/2018 $0.00
Extra Operating Cost: n/a n/a 05/30/2018 $0.00
Average Grade: n/a n/a 05/30/2018 n/a
Recovery Rate: n/a n/a 05/30/2018 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 05/30/2018 0.00M
Annual Production: n/a n/a 05/30/2018 n/a
Cash Cost: n/a n/a 05/30/2018 n/a
Extra Operating Cost: n/a n/a 05/30/2018 n/a

Property

Last Analysis Data  (05/30/2018)
Stage Location Name Owned Size (Ha) Type Au Ag Cu Notes
Production Yamoussoukro, Cote D'ivoire, Cote d'Ivoire Angovia 90% n/a n/a n/a
Production West Africa, Cote d'Ivoire Sissinggue 100% (guess) n/a Open Pit show
800,000 oz open pit.

Producing.
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
3.5 million oz (1.5 gp) deposit.
$260 million capex.
$750 per oz cash costs.
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 Yamoussoukro, Cote D'ivoire, Cote d'Ivoire Angovia 90% n/a n/a n/a
Production West Africa, Cote d'Ivoire Sissinggue 100% (guess) n/a Open Pit show
800,000 oz open pit.

Producing.
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
3.5 million oz (1.5 gp) deposit.
$260 million capex.
$750 per oz cash costs.
Exploration Ghana Grumesa 90% n/a n/a n/a
Total Land Package Size (ha): 88,000  

Profitability (by resource)

Proven &
Probable
05/30/2018
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.): 4.00M 4.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 22.59M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 3.40M 3.40M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 19.20M
Maximum Profit (Gold): $232.05M $90.68M n/a $-141.37M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $232.05M $90.68M n/a $-141.37M
Max Profit / Current MCap: 0.605 0.284 n/a -0.321
Max Profit Per Share (Gold): $0.20 $0.08 n/a $-0.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.20 $0.08 n/a $-0.12
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $112.81 $94.01 n/a $-18.80
FD Mkt. Cap / Silver Eq.: $1.42 $1.10 n/a $-0.31
FD Mkt. Cap / Per Metal
as % Spot Price:
8.69% 7.59% n/a -1.10%
Measured &
Indicated
05/30/2018
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.): 7.50M 7.50M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 42.36M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 5.78M 5.78M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 32.64M
Maximum Profit (Gold): $394.49M $154.15M n/a $-240.33M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $394.49M $154.15M n/a $-240.33M
Max Profit / Current MCap: 1.029 0.482 n/a -0.546
Max Profit Per Share (Gold): $0.34 $0.13 n/a $-0.21
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.34 $0.13 n/a $-0.21
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $66.36 $55.30 n/a $-11.06
FD Mkt. Cap / Silver Eq.: $0.83 $0.65 n/a $-0.19
FD Mkt. Cap / Per Metal
as % Spot Price:
5.11% 4.47% n/a -0.65%

Reserves &
Resources
05/30/2018
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.): 9.00M 9.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 50.83M
P

L

A

U

S

I

B

L

E
Gold Eq. Oz.: 6.42M 6.42M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 36.24M
Maximum Profit (Gold): $437.99M $171.15M n/a $-266.84M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $437.99M $171.15M n/a $-266.84M
Max Profit / Current MCap: 1.142 0.535 n/a -0.606
Max Profit Per Share (Gold): $0.37 $0.15 n/a $-0.23
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.37 $0.15 n/a $-0.23
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $59.77 $49.80 n/a $-9.96
FD Mkt. Cap / Silver Eq.: $0.75 $0.58 n/a $-0.17
FD Mkt. Cap / Per Metal
as % Spot Price:
4.61% 4.02% n/a -0.58%

Future Valuation (Cash Flow & Totals)

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