Perseus shares rise further as Citi notes miner is tracking well on costs
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More news: Perseus shares continued to rally in afternoon trade as Citi analysts noted the gold miner's September quarter production beat expectations on costs.
Shares were up 1.71% to $2.98 at 3:15pm AEDT.
The miner’s all-in site cost of US$1,201 ($1,797) per ounce during the September quarter was 7% lower than consensus estimates of US$1,312.
Citi noted that the company’s December quarter is tracking stronger than the September quarter and Perseus expects to end in the upper half of ounce guidance and at low end of costs.
Perseus Mining shares climb on reaffirmed guidance
More news: Perseus Mining shares climbed after the gold miner reaffirmed first-half and full-year guidance, despite a slide in gold sales during the September quarter.
Perseus shares were up 1.4% to $2.97 by 12:20pm AEDT, extending gains of more than 60% since January.
Perseus Mining reiterates guidance despite sales slide
The news: Perseus Mining said it is on track to achieve first-half and full-year guidance, despite a slide in gold sales during the September quarter.
The numbers: Perseus reported Q1 production of 121,290 ounces, up 0.3% from 120,929 in the previous quarter.
However, average all-in site cost of USD1,201 ($1,797) per ounce was up from USD1,130 in the June quarter.
Average gold sales also fell 23% to 108,894 ounces, while average gold sales prices increased 6% quarter on quarter to USD2,249 per ounce.
Perseus reiterated its guidance of 220,000 to 260,000 ounces at USD1,230 to USD1,330 per ounce for the first half of the year. It also maintained full-year guidance of 468,400 ounces to 508,400 ounces at USD1,182 to USD1,223 per ounce for the 2024 calendar year.
The context: Perseus noted that quarterly combined gold sales from its three operations across Côte d'Ivoire and Ghana came in lower than the previous quarter due to the timing of gold sales.
During the quarter, Perseus acquired a 19.9% stake in ASX-listed Predictive Discovery. The company said the cash outlay was largely offset by the proceeds received from the sale of Perseus' 9.6% interest in TSX-V listed Montage Gold Corp.
The source: ASX announcement
