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Perseus Mining Ltd

www: www.perseusmining.com   email: info@perseusmining.com
Category: Mid-tier Producer
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Symbol Data

Symbol Currency
TSE:PRU CAD
ASX:PRU AUD
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 exploration properties. Currently they produce roughly 500koz. of gold per year. They have approximately 12Moz. of gold in the reserves and resources category of which 10Moz. are in the measured and indicated category. They have a market capitalisation of ~C$2396.04M which is a rise of roughly 32% over the last ten months. As of 12/05/2023 they have no debt and ~C$588.62M cash. They have 1,374M shares outstanding and trade on the Toronto Stock Exchange, the Australian Stock Exchange and the over-the-counter markets.

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General Details

Financial 12/05/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $1,809.50M $2,396.04M 12/05/2023 $586.55M
Total Assets: $1,772.80M $1,768.08M 12/05/2023 $-4.72M
Total Liabilities: $1,551.20M $1,547.07M 12/05/2023 $-4.13M
Current Assets: $715.77M $713.86M 12/05/2023 $-1.90M
Current Liabilities: $127.05M $126.71M 12/05/2023 $-0.34M
Total Debt: $0.00M $0.00M 12/05/2023 $0.00M
Cash: $538.49M $588.62M 08/20/2024 $50.14M
Enterprise Value: $1,271.01M $1,807.42M 04/11/2027 $536.41M
Cash Flow: $391.51M $541.15M never $149.64M
Cash Flow Multiple: 4.62 4.43 never -0.19
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 12/05/2023 n/a
Misc 12/05/2023
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 1,374,000,000 1,374,000,000 12/05/2023 0
Shares (FD): 1,384,000,000 1,384,000,000 12/05/2023 0
Insider Ownership: n/a n/a never n/a
Dividend (Annual): n/a 1.8% 08/20/2024 1.8%
Company Type: Mostly Gold Mostly Gold never n/a
Production ETA: n/a n/a 12/05/2023 n/a
Production (Gold Eq Oz.): (guess) 
535,000		 (guess) 
500,000		 01/24/2024 -35,000
Production (Silver Eq Oz.): (guess) 
44,349,776		 (guess) 
41,730,769		 01/24/2024 -2,619,006
Initial CapEx (Outstanding): n/a n/a 12/05/2023 n/a
Funding Option: n/a n/a 12/05/2023 n/a
Documentation: none PRODUCER 08/20/2024 n/a
Future MCap Modifier: 0.25
Producer: Quality
 0.25
Producer: Quality
 12/04/2023 0
Cash Flow Multiplier: 12 12 12/04/2023 0.00

Resource Data

GOLD 12/05/2023
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 3.50M 5.00M 08/20/2024 1.50M
Measured & Indicated: 10.00M 10.00M 12/05/2023 0.00M
Inferred: 2.00M 2.00M 12/05/2023 0.00M
Reserves & Resources: 12.00M 12.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 2.98M 4.25M 08/20/2024 1.28M
Measured & Indicated: 7.40M 7.65M 12/05/2023 0.26M
Inferred: 0.85M 0.85M 12/05/2023 0.00M
Reserves & Resources: 8.25M 8.50M never 0.26M
C
U
R
R
E
N
T		 Annual Production: (guess) 
535,000oz.		 (guess) 
500,000oz.		 01/24/2024 -35,000oz.
Cash Cost: $850 $950 07/30/2024 $100.00
Extra Operating Cost: $450 $550 07/30/2024 $100.00
Total: $1,300 $1,500 07/30/2024 $200.00
Margin (Free Cash Flow): $732 (36%) $1,082 (42%) $350.50
G
R
A
D
E		 Underground (Avg): 1.50 g/t n/a 03/24/2024 n/a
Open Pit (Avg): n/a 1.40 g/t 03/24/2024 1.40 g/t
Recovery Rate: (CG)  85.00% (CG)  85.00% 08/20/2024 0.00%
F
U
T
U
R
E		 Proven & Probable: 10.00M 10.00M 12/05/2023 0.00M
Annual Production: 600,000oz. 600,000oz. 12/05/2023 0oz.
Cash Cost: $950 $1,000 07/30/2024 $50
Extra Operating Cost: $450 $550 07/30/2024 $100
SILVER 12/05/2023
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 12/05/2023 0.00M
Measured & Indicated: n/a n/a 12/05/2023 0.00M
Inferred: n/a n/a 12/05/2023 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 12/05/2023 0.00M
Measured & Indicated: n/a n/a 12/05/2023 0.00M
Inferred: n/a n/a 12/05/2023 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 12/05/2023 $0.00
Extra Operating Cost: n/a n/a 12/05/2023 $0.00
Total: n/a n/a 12/05/2023 $0.00
Margin (Free Cash Flow): n/a $0.00
G
R
A
D
E		 Underground (Avg): n/a n/a 12/05/2023 n/a
Open Pit (Avg): n/a n/a 12/05/2023 n/a
Recovery Rate: n/a n/a 12/05/2023 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 12/05/2023 0.00M
Annual Production: n/a n/a 12/05/2023 n/a
Cash Cost: n/a n/a 12/05/2023 n/a
Extra Operating Cost: n/a n/a 12/05/2023 n/a

Property

Last Analysis Data  (12/05/2023)
Stage Name Owned Au Ag Cu Notes
Prod Angovia 90% n/a
Prod Sissinggue 100% show
800,000 oz open pit.

Producing.
Dev Tengrela 80% show
Large exploration property.
Dev Yaoure 100% show
3.5 million oz (1.5 gp) deposit.
$260 million capex.
$750 per oz cash costs.
Exp Bagoe Project 100% show
Early exploration.
Exp Liberty Project 100% show
Early exploration.
Prod Edikan 90% show
Main producing mine. 200,000 oz per year.
Exp Grumesa 90% n/a
Exp Block 14 70% show
250,000 acres.

Block 14 includes Galat Sufar, their first potential mine.

Galat is a 3 million deposit at 1.8 gpt.
Exp Block 67 70% n/a
Exp Block 68 100% n/a
Total Land Package Size (ha): 163,000  
Current Data
Stage Name Owned Au Ag Cu Notes
Prod Angovia 90% n/a
Prod Sissinggue 100% show
800,000 oz open pit.

Producing.
Dev Tengrela 80% show
Large exploration property.
Dev Yaoure 100% show
3.5 million oz (1.5 gp) deposit.
$260 million capex.
$750 per oz cash costs.
Exp Bagoe Project 100% show
Early exploration.
Exp Liberty Project 100% show
Early exploration.
Prod Edikan 90% show
Main producing mine. 200,000 oz per year.
Exp Grumesa 90% n/a
Exp Block 67 70% n/a
Exp Block 68 100% n/a
Exp Meyas 70% show
250,000 acres.

Block 14 includes Galat Sufar, their first potential mine.

Galat is a 3 million deposit at 1.8 gpt.
Exp Nyanzaga 80% show
3 million oz high-grade open pit.

DFS released in 2022.
Construction planned for 2024.
Production 2025.

Tanzania Govt 20% ownership free carried.
Total Land Package Size (ha): 165,300  

Profitability (by resource)

Proven &
Probable		 12/05/2023
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.): 3.50M 5.00M n/a 1.50M
Total (Silver Eq. Oz.): n/a n/a n/a 127.17M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 2.98M 4.25M n/a 1.28M
Silver Eq. Oz.: n/a n/a n/a 108.09M
Maximum Profit (Gold): $2,177.11M $4,599.78M n/a $2,422.67M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,177.11M $4,599.78M n/a $2,422.67M
Max Profit / Current MCap: 1.203 1.920 n/a 0.717
Max Profit Per Share (Gold): $1.57 $3.32 n/a $1.75
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $1.57 $3.32 n/a $1.75
Total Free Profit Per Share: $0.00 $0.97 n/a $0.97
FD MCap / Gold Eq.: $608.23 $563.78 n/a $-44.46
FD MCap / Silver Eq.: $7.34 $6.75 n/a $-0.58
FD MCap / Per Metal
as % Spot Price:		 29.94% 21.83% n/a -8.10%
Measured &
Indicated		 12/05/2023
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.): 10.00M 10.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 5.65M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 7.40M 7.65M n/a 0.26M
Silver Eq. Oz.: n/a n/a n/a 25.46M
Maximum Profit (Gold): $5,411.66M $8,279.60M n/a $2,867.93M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $5,411.66M $8,279.60M n/a $2,867.93M
Max Profit / Current MCap: 2.991 3.456 n/a 0.465
Max Profit Per Share (Gold): $3.91 $5.98 n/a $2.07
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $3.91 $5.98 n/a $2.07
Total Free Profit Per Share: $2.14 $3.63 n/a $1.49
FD MCap / Gold Eq.: $244.69 $313.21 n/a $68.52
FD MCap / Silver Eq.: $2.95 $3.75 n/a $0.80
FD MCap / Per Metal
as % Spot Price:		 12.04% 12.13% n/a 0.09%

Reserves &
Resources		 12/05/2023
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.): 12.00M 12.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.78M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 8.25M 8.50M n/a 0.26M
Silver Eq. Oz.: n/a n/a n/a 25.94M
Maximum Profit (Gold): $6,033.69M $9,199.55M n/a $3,165.86M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $6,033.69M $9,199.55M n/a $3,165.86M
Max Profit / Current MCap: 3.334 3.839 n/a 0.505
Max Profit Per Share (Gold): $4.36 $6.65 n/a $2.29
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.36 $6.65 n/a $2.29
Total Free Profit Per Share: $2.59 $4.30 n/a $1.71
FD MCap / Gold Eq.: $219.47 $281.89 n/a $62.42
FD MCap / Silver Eq.: $2.65 $3.38 n/a $0.73
FD MCap / Per Metal
as % Spot Price:		 10.80% 10.92% n/a 0.11%

Future Valuation (Cash Flow & Totals)

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