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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 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$637.86M which is a rise of roughly 92% over the last seven months. As of 02/02/2019 they have ~C$47M debt and ~C$63.92M cash. They have 1,037M shares outstanding and trade on the Toronto Stock Exchange and the over-the-counter markets.

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General Details

Financial 02/02/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Mkt. Cap (FD): $332.06M $637.86M 02/02/2019 $305.80M
Total Assets: $686.43M $677.60M 02/02/2019 $-8.83M
Total Liabilities: $152.37M $150.41M 02/02/2019 $-1.96M
Current Assets: $89.90M $88.74M 02/02/2019 $-1.16M
Current Liabilities: $73.14M $72.20M 02/02/2019 $-0.94M
Total Debt: $48.00M $47.38M 02/02/2019 $-0.62M
Cash: $64.76M $63.92M 02/02/2019 $-0.83M
Enterprise Value: $315.30M $621.32M 09/09/1989 $306.02M
Cash Flow: $20.49M $52.59M never $32.10M
Cash Flow Multiple: 16.20 12.13 never -4.07
Net Debt to
Cash Flow Ratio:
n/a n/a never 0.00
Finance within 1 year: 02/02/2019 n/a
Tax Rate: (guess)  30.00% (default)  30.00% 02/02/2019 0.00%
Misc 02/02/2019
Last
Analysis
Data

Current Data

Change
Item Value Value Updated Value
Shares Outstanding: 1,037,000,000 1,037,000,000 02/02/2019 0
Shares (FD): 1,178,000,000 1,178,000,000 02/02/2019 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 02/02/2019 n/a
Production (Gold Eq Oz.): (guess) 
250,000
(guess) 
250,000
02/02/2019 0
Production (Silver Eq Oz.): (guess) 
20,748,267
(guess) 
22,183,619
02/02/2019 1,435,352
Initial CapEx (Outstanding): n/a n/a 02/02/2019 n/a
Funding Option: n/a n/a 02/02/2019 n/a
Documentation: none PRODUCER 02/02/2019 n/a
Value Adjustment: none none never 0%

Resource Data

GOLD 02/02/2019
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 02/02/2019 0.00M
Measured & Indicated: 7.50M 7.50M 02/02/2019 0.00M
Inferred: 1.50M 1.50M 02/02/2019 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 02/02/2019 0.00M
Measured & Indicated: 5.78M 5.78M 02/02/2019 0.00M
Inferred: 0.64M 0.64M 02/02/2019 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.
02/02/2019 0oz.
Cash Cost: $850 $850 02/02/2019 $0.00
Extra Operating Cost: $350 $350 02/02/2019 $0.00
Average Grade: 1.50 g/t 1.50 g/t 02/02/2019 n/a
Recovery Rate: (CG)  85.00% (CG)  85.00% 02/02/2019 0.00%
F
U
T
U
R
E
Proven & Probable: 7.50M 7.50M 02/02/2019 0.00M
Annual Production: 400,000oz. 400,000oz. 02/02/2019 0oz.
Cash Cost: $850 $850 02/02/2019 $0
Extra Operating Cost: $350 $350 02/02/2019 $0
SILVER 02/02/2019
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 02/02/2019 0.00M
Measured & Indicated: n/a n/a 02/02/2019 0.00M
Inferred: n/a n/a 02/02/2019 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 02/02/2019 0.00M
Measured & Indicated: n/a n/a 02/02/2019 0.00M
Inferred: n/a n/a 02/02/2019 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 02/02/2019 $0.00
Extra Operating Cost: n/a n/a 02/02/2019 $0.00
Average Grade: n/a n/a 02/02/2019 n/a
Recovery Rate: n/a n/a 02/02/2019 0.00%
F
U
T
U
R
E
Proven & Probable: n/a n/a 02/02/2019 0.00M
Annual Production: n/a n/a 02/02/2019 n/a
Cash Cost: n/a n/a 02/02/2019 n/a
Extra Operating Cost: n/a n/a 02/02/2019 n/a

Property

Last Analysis Data  (02/02/2019)
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
02/02/2019
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 22.97M
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 19.52M
Maximum Profit (Gold): $278.70M $715.19M n/a $436.49M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $278.70M $715.19M n/a $436.49M
Max Profit / Current MCap: 0.839 1.121 n/a 0.282
Max Profit Per Share (Gold): $0.24 $0.61 n/a $0.37
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.24 $0.61 n/a $0.37
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $97.66 $187.61 n/a $89.94
FD Mkt. Cap / Silver Eq.: $1.18 $2.11 n/a $0.94
FD Mkt. Cap / Per Metal
as % Spot Price:
7.42% 12.50% n/a 5.09%
Measured &
Indicated
02/02/2019
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 43.06M
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 33.19M
Maximum Profit (Gold): $473.79M $1,215.82M n/a $742.04M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $473.79M $1,215.82M n/a $742.04M
Max Profit / Current MCap: 1.427 1.906 n/a 0.479
Max Profit Per Share (Gold): $0.40 $1.03 n/a $0.63
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.40 $1.03 n/a $0.63
Total Free Profit Per Share: $0.03 $0.31 n/a $0.28
FD Mkt. Cap / Gold Eq.: $57.45 $110.36 n/a $52.91
FD Mkt. Cap / Silver Eq.: $0.69 $1.24 n/a $0.55
FD Mkt. Cap / Per Metal
as % Spot Price:
4.36% 7.35% n/a 2.99%

Reserves &
Resources
02/02/2019
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 51.67M
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 36.85M
Maximum Profit (Gold): $526.04M $1,349.92M n/a $823.88M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $526.04M $1,349.92M n/a $823.88M
Max Profit / Current MCap: 1.584 2.116 n/a 0.532
Max Profit Per Share (Gold): $0.45 $1.15 n/a $0.70
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.45 $1.15 n/a $0.70
Total Free Profit Per Share: $0.08 $0.43 n/a $0.35
FD Mkt. Cap / Gold Eq.: $51.74 $99.39 n/a $47.65
FD Mkt. Cap / Silver Eq.: $0.62 $1.12 n/a $0.50
FD Mkt. Cap / Per Metal
as % Spot Price:
3.93% 6.62% n/a 2.70%

Future Valuation (Cash Flow & Totals)

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