ASX-listed Perseus Mining has reported material improvements across all key financial metrics including revenue, earnings before interest, taxes, depreciation and amortisation (Ebitda), profit after tax, operating cash flow and net cash position in its interim financial report for the six months ended December 31.

Perseus reports that it continued to deliver strong results and production levels within its market guidance.

The company notes that it has benefited from higher gold prices, leading to higher cash margins during the half-year, generating strong operating cash flows.

Revenue increased by 5% year-on-year to $608-million owing to a 38% increase in the average gold price realised of $3 241/oz, offset by 23% less gold sold, owing to an expected decrease in production.

Gold sold during the half-year totalled 188 196 oz at an all-in site cost (AISC) of $1 649/oz.

The company also reports Ebitda of $315.5-million and net cash and bullion of $755-million.

Cost of sales increased by 28% to $293-million owing to higher royalties during the period from higher gold prices and a 2% increase in royalty rates in Côte d’Ivoire.

The company explains that this additional 2% was paid to the government of Côte d’Ivoire, despite the stability afforded under the applicable legislation and the Yaouré and Sissingué conventions with the government.

Perseus says payment of the additional 2% was done in good faith as part of ongoing discussions between the mining industry and the government of Côte d’Ivoire in relation to formalising a revised fiscal arrangement which takes into account fair and equitable distribution of profits in the current high gold price environment.

A total of $20-million was paid in relation to the additional 2% royalty, of which $9-million related to six months under review and $11-million related to the second half of the financial year ended June 30, 2025.

In addition, the primary ore sources for the Yaouré gold mine, in Côte d'Ivoire, and Edikan, in Ghana, have transitioned to the Yaouré openpit and the Nkosuo openpit respectively, both of which have higher concentrations of waste and lower overall grades, which have increased the total cost to produce each ounce.

The group’s net profit after tax for the six months under review was 8% lower year-on-year at $185.5-million after bringing to account a foreign exchange loss of $26.9-million owing to a loss on bank balance translations, intercompany loan balances and intercompany dividends, primarily owing to the weakening of the US dollar.

Additionally, the company explains that depreciation and amortisation was 46% lower year-on-year, at $47.5-million, mainly driven by lower mine property and deferred stripping amortisation as a result of lower ore tonnes mined during the half-year, and the completion of the Edikan AG and Fetish pits and Yaouré Stage 1 and CMA Stage 3 pits by June 2025.

The group maintained stable profit during the period, represented by the continued strong contribution from all three operating gold mines.

The group generated net cash from operating activities for the half-year of $193.4-million, down 22% on the comparative period.

Perseus explains that this was primarily impacted by higher royalties, as described above. Revenue also benefited from the higher gold prices, offset by the anticipated decrease in gold sold.

Cash outflows from investing activities increased 127% to $166.9-million owing to the ramp-up in development activity at both the Nyanzaga project, in Tanzania, and the CMA Underground project, in Cote d’Ivoire.

As at December 31, 2025, Perseus had cash on hand of $683.1-million and 16 450 oz of gold bullion valued at $71.8-million using the prevailing spot price.

At the end of the period, the group had net assets of $2.47-billion and an excess of current assets over current liabilities of $781.5-million.

The group’s net assets increased as a result of the strong cash generation benefiting from the current gold price environment used in acquiring more assets and the fair value gains on the investments in listed securities.

Additionally, Perseus notes that the directors have declared a record interim dividend of A$0.05 a share, a 100% increase on the financial year 2025 interim dividend of A$0.025c a share.

This equates to a dividend yield of 0.91% based on a volume weighted average share price of A$5.50 at December 31, 2025, and an estimated outflow of $47.3-million.

Refinanced and upsized undrawn debt facility to $400-million, and $228.7-million of marketable shares.

The group forecasts production guidance for the Yaouré gold mine for the financial year to June 30 to be between 168 000 oz and 184 000 oz, with an AISC of between $1 620/oz and $1 790/oz.

For the Edikan gold mine, the company forecasts production to be between 154 000 oz and 169 000 oz, with an AISC of between $1 470/oz and $1 620/oz.

Production guidance for the Sissingué Gold Complex, in Côte d'Ivoire, is forecasted to be between 78 000 oz and 87 000 oz, with an AISC of between $1 810/oz and $2 000/oz.

Market guidance for the financial year is forecast to be between 400 000 oz and 440 000 oz of gold production at $1 600/oz to $1 760/oz AISC.

“As we have flagged, the first half of 2026 reflected a period where our mine sites transitioned into new mining areas along with significant advancement of our capital growth projects," says CEO Craig Jones.

“With a strong balance sheet, high-margin operations, and a clear growth path, we believe we are well-positioned to continue delivering long-term value for our shareholders,” he adds.