The Edikan gold mine in Ghana produced 51,563 ounces of gold at all-in sustaining costs of US$1112 an ounce.
“This was our best quarter since June 2015 and was up 6% over the March quarter,” Perseus managing director Jeff Quartermaine said on a teleconference this morning.
Half-year production was 100,218oz at AISC of $1112/oz, up 32% on the previous half and within guidance of 90,000-110,000oz at AISC of $1000-1220/oz.
“This is more solid evidence of Perseus moving onto bigger and better things,” Quartermaine said.
“This turnaround is not a flash in the pan.
“It might be time for those who have been a little doubtful in the past to reassess the situation and not dwell on the past.”
Guidance for Edikan for this financial year is 250,000-285,000oz at AISC of $950-1100/oz, including 110,000-125,000oz in the current half.
June 2018 guidance of 140,000-160,000oz includes the early contribution from the new Sissingué mine in Côte d’Ivoire, which is due to start production in the March quarter.
Perseus has spent $67.6 million on development and has $47.8 million left to spend, which is fully funded by a $40 million finance facility and $7.8 million in existing cash.
“Even the most sceptical visitor to site – and we’ve had a few – has come away really impressed with Sissingué,” Quartermaine said.
“There’s a lot to like about Sissingué.”
The definitive feasibility study for the Yaouré gold project in Côte d’Ivoire will be completed in the December 2017 quarter, and the company said the results to date were meeting or exceeding its expectations, based on due diligence when it acquired the project last year.
Perseus had around $43 million in cash and bullion at the end of June.
Shares in Perseus rose by around half a cent to A29c in Australia yesterday, and were unchanged at C28c in Canada overnight.
