Australian gold miner Perseus Mining has reported lower production of 99 953 oz for the quarter ended September 30, which is the first quarter of its 2026 financial year.

Output for the quarter was in line with lower planned production and shipments for the 2026 financial year.

The company owns and operates the Yaouré and Sissingué mines, in Côte d’Ivoire, and the Edikan mine, in Ghana.

Perseus sold 101 589 oz of gold in the quarter, marking a 29 653 oz decrease in sales compared with the prior quarter.

At an average cash margin of $1 612/oz, Perseus realised a notional operating cashflow of $161-million in the reporting quarter. This was supported by an average realised gold price of $3 075/oz in the quarter, which was $98/oz higher than in the prior quarter.

The company has set its production guidance for the 2026 financial year at between 400 000 oz and 440 000 oz.

Perseus has cash and bullion of $837-million, as well as listed securities of $134-million.

CEO and MD Craig Jones says the CMA underground development project at the Yaouré mine is in full swing, with the company switching from openpit to underground mining at the site.  

The CMA underground operation will be the first mechanised underground mine in Côte d’Ivoire.

Meanwhile, the Nyanzaga project development, in Tanzania, is progressing to plan, with first production expected in January 2027. The company is currently undertaking blinding, formwork and steel fixing in the processing plant, as well as fabrication of two mills.

Perseus also continues to undertake exploration around the Yaouré mine, particularly resource definition drilling at the Zain 1 and 3 prospects and regional targets to the west.

Near Sissingué, Perseus has undertaken reverse circulation drilling at the Fimbiasso Central target, with 566 m having been drilled across ten holes, to inform potential resource estimations.

Notably, Jones advises that production at the Edikan mine decreased by 15% quarter-on-quarter to 32 856 oz in the quarter under review owing to access issues on the Nkosuo pit, which have mostly been resolved.

The company continues with resource definition drilling at the Nsoroma target near Edikan.