ASX-listed Perseus Mining’s strong operational performance in the June quarter enabled it to grow its cash and bullion balance to $827-million.

Quarterly gold production of 121 237 oz at a weighted average all-in sustaining cost (AISC) of $1 417/oz enabled the miner to achieve production guidance and better cost guidance for its 2025 financial year.

Average gold sales were 131 242 oz with a weighted average gold sales price of $2 977/oz.

The average cash margin of $1 560/oz of gold produced gave notional operating cash flow of $189-million.

Perseus’ gold production and AISC outlook for the next five years includes average gold production of 515 000 oz/y to 535 000 oz/y, at an average AISC of $1 400/oz to $1 500/oz.

For the 2026 financial year, gold production guidance is 400 000 oz to 440 000 oz, while AISC guidance is $1 460/oz to $1 620/oz, representing a temporary dip in the longer-term outlook for the company.

A final investment decision was taken during the quarter to develop the Nyanzaga gold project, in Tanzania.

Site works are accelerating and are on budget and on schedule, consistent with the target of first gold production in January 2027, the company points out.

Outstanding infill drilling results at the project has Perseus on target for a mineral resource and ore reserve upgrade in quarter three of full-year 2026, resulting in a possible mine life extension.

The company has available cash and bullion of $827-million, plus liquid listed securities of $118-million, notwithstanding significant payments associated with development of Nyanzaga, corporate tax, dividends and share buy-back payments.

It had zero debt and available undrawn debt capacity of $300-million at quarter’s end.

Perseus’ A$100-million buy-back of its shares continued between blackout periods during the quarter and is currently about 73% complete, with 22.96-million shares bought and subsequently cancelled.

The company points out that its record 12-month rolling average total recordable injury frequency rate of 0.60 is well below industry average.