Perseus Mining Limited
TSX : PRU
ASX : PRU

Perseus Mining Limited

August 28, 2015 09:47 ET

Perseus Mining Limited Achieves A$92.2 Million Profit For FY2015

PERTH, WESTERN AUSTRALIA--(Marketwired - Aug. 28, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Perseus Mining Limited ("Perseus" or the "Company") (TSX:PRU)(ASX:PRU) is pleased to announce a record profit after tax ("PAT") of A$92.2 million, or 16.7 cents per share, for the 2015 Financial Year ("FY2015"). This PAT represents an increase of A$124.2m, or 288%, on the FY2014 result.

Highlights of the 2015 Financial Year results include:

  • 26% increase in revenue
  • 10% decrease in expenses
  • Foreign exchange (FX) gain of $52.4M
  • Cash balance of A$103.7M, or 19.7cps - A$66.8M (181%) more than FY2014
  • Combined value of cash and bullion of A$127.3M, or 24.2cps at the end of FY2015 - up A$78.6M or 61% on FY2014
  • Working capital of A$177.6M - an increase of A$108.3M, or 157%, on FY2014
  • No third party debt.

At an operational level, Perseus's Edikan Gold Mine in Ghana performed strongly during FY2015, recording material performance improvements, including:

  • Gold production increased 17% to 212,000 ounces
  • All In Site Costs decreased 32% to US$877/oz
  • Average sale price of gold steady at US$1,324/oz.

Managing Director Jeff Quartermaine Comments:

"Our team has worked very hard to improve the operating performance at our Edikan Gold Mine and this is reflected in the strong financial results published today. Favourable foreign exchange movements have certainly improved the result in A$ terms but significant cost savings and productivity gains underpin the performance as does a prudent approach to gold price risk management which has delivered an average gold price of US$1,324/oz in a falling gold market.

Our debt free working capital base of A$178M has been steadily built up during the course of the year and this has placed us in a strong position to deliver growth in total shareholder returns notwithstanding the challenging gold price environment in which we are currently operating."

Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine without any major disruption, development of a mine at Sissingué, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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