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Australian gold miner Perseus Mining reported quarterly production of 99 953 oz for the period ended 30 September, the first quarter of its 2026 financial year. The result reflects planned lower production as the company transitions its flagship Yaouré mine in Côte d’Ivoire from open pit to underground operations.
Perseus sold 101 589 oz of gold during the quarter, a decline of 29 653 oz from the previous reporting period. However, strong pricing helped support margins, with the company earning an average realised gold price of $3 075/oz—$98/oz higher than in the prior quarter. This delivered a cash margin of $1 612/oz and a notional operating cashflow of $161-million for the three-month period.
The miner has set its full-year production guidance at between 400 000 oz and 440 000 oz, supported by operations at Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana. Perseus ended the quarter with cash and bullion holdings of $837-million, along with listed securities worth $134-million.
CEO and MD Craig Jones noted that the CMA underground development at Yaouré is progressing well, marking a major operational shift that will establish the first mechanised underground gold mine in Côte d’Ivoire. “We are fully into the underground transition at Yaouré, which will support long-term production and resource growth,” said Jones.
In Tanzania, development of the Nyanzaga project remains on schedule, with first production targeted for January 2027. Current work includes formwork, blinding and steel fixing at the processing plant, alongside fabrication of two mills.
Exploration continues around Yaouré, with resource definition drilling at the Zain 1 and Zain 3 prospects and regional targets to the west. Near Sissingué, the company drilled 566 metres across ten holes at the Fimbiasso Central target to support future resource estimates.
At Edikan, production dropped 15% quarter-on-quarter to 32 856 oz, owing to access issues at the Nkosuo pit. Jones concluded that these challenges have mostly been resolved and drilling continues at the Nsoroma target near Edikan to support future mine planning.
