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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$376.5M which is a rise of roughly 13% over the last four months. As of 02/02/2019 they have ~C$47M debt and ~C$63.18M 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 $376.50M 02/02/2019 $44.44M
Total Assets: $686.43M $669.69M 02/02/2019 $-16.74M
Total Liabilities: $152.37M $148.65M 02/02/2019 $-3.72M
Current Assets: $89.90M $87.71M 02/02/2019 $-2.19M
Current Liabilities: $73.14M $71.35M 02/02/2019 $-1.78M
Total Debt: $48.00M $46.83M 02/02/2019 $-1.17M
Cash: $64.76M $63.18M 02/02/2019 $-1.58M
Enterprise Value: $315.30M $360.14M 05/31/1981 $44.84M
Cash Flow: $20.49M $14.79M never $-5.71M
Cash Flow Multiple: 16.20 25.46 never 9.26
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) 
22,100,826
02/02/2019 1,352,559
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 21.64M
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 18.39M
Maximum Profit (Gold): $278.70M $201.11M n/a $-77.59M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $278.70M $201.11M n/a $-77.59M
Max Profit / Current MCap: 0.839 0.534 n/a -0.305
Max Profit Per Share (Gold): $0.24 $0.17 n/a $-0.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.24 $0.17 n/a $-0.07
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD Mkt. Cap / Gold Eq.: $97.66 $110.73 n/a $13.07
FD Mkt. Cap / Silver Eq.: $1.18 $1.25 n/a $0.08
FD Mkt. Cap / Per Metal
as % Spot Price:
7.42% 8.62% n/a 1.21%
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 40.58M
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 31.27M
Maximum Profit (Gold): $473.79M $341.89M n/a $-131.90M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $473.79M $341.89M n/a $-131.90M
Max Profit / Current MCap: 1.427 0.908 n/a -0.519
Max Profit Per Share (Gold): $0.40 $0.29 n/a $-0.11
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.40 $0.29 n/a $-0.11
Total Free Profit Per Share: $0.03 $0.00 n/a $-0.03
FD Mkt. Cap / Gold Eq.: $57.45 $65.14 n/a $7.69
FD Mkt. Cap / Silver Eq.: $0.69 $0.74 n/a $0.04
FD Mkt. Cap / Per Metal
as % Spot Price:
4.36% 5.07% n/a 0.71%

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 48.69M
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 34.72M
Maximum Profit (Gold): $526.04M $379.60M n/a $-146.45M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $526.04M $379.60M n/a $-146.45M
Max Profit / Current MCap: 1.584 1.008 n/a -0.576
Max Profit Per Share (Gold): $0.45 $0.32 n/a $-0.12
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $0.45 $0.32 n/a $-0.12
Total Free Profit Per Share: $0.08 $0.00 n/a $-0.08
FD Mkt. Cap / Gold Eq.: $51.74 $58.67 n/a $6.92
FD Mkt. Cap / Silver Eq.: $0.62 $0.66 n/a $0.04
FD Mkt. Cap / Per Metal
as % Spot Price:
3.93% 4.57% n/a 0.64%

Future Valuation (Cash Flow & Totals)

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