Key Highlights

  • FY26 Revenue increased 19% to $1.484 billion, while EBITDA rose 16% to $860.5 million.
  • Profit after tax increased 14% to $480.5 million despite gold production falling 19% to 399,023 ounces.
  • The full-year Dividend increased 87% to 14 Australian cents per share, while A$126 million of share buy-backs were completed during FY26.
  • Cash and bullion increased 25% to $1.034 billion, while Nyanzaga remained on schedule for first gold in January 2027.

Perseus Mining (ASX:PRU) delivered higher financial results in FY26, supported by a substantial increase in the realised gold price. Revenue rose 19% to $1.484 billion from $1.248 billion, while EBITDA increased 16% to $860.5 million.

Profit before tax increased 27% to $715.9 million, while profit after tax rose 14% to $480.5 million. Earnings Per Share increased 17% to 31.7 US cents. The earnings growth occurred despite gold sold falling 19% to 399,023 ounces from 494,343 ounces in FY25.

The average realised gold price increased 45% to $3,693 per ounce. This more than offset the effect of lower production volumes and supported the increase in revenue and earnings.

Higher Costs and Royalties Remain a Financial Factor

The higher gold price also contributed to increased operating costs through higher royalties. Perseus reported an all-in site cost of $1,750 per ounce, up 42% from $1,235 per ounce in FY25.

The company attributed higher cash operating costs to increased Royalty payments, including changes to royalty rates in Côte d'Ivoire and Ghana. Mining conditions at Yaouré and Edikan also affected costs, with operations transitioning to ore sources containing higher waste levels and lower overall grades.

Tax expense increased to $235.4 million from $142.7 million. The increase reflected higher profits at Edikan and Yaouré, Withholding taxes on intercompany dividends from Côte d'Ivoire and the expiry of Yaouré's tax holiday at the end of December 2025.

Depreciation and amortisation, however, declined 24% to $116.9 million, partly reflecting lower deferred stripping Amortisation and the completion of several development stages.

Cash Generation and Balance Sheet Improve

Operating cash flow increased 24% to $666.4 million, compared with $536.7 million in FY25. Cash and bullion increased 25% to $1.034 billion at 30 June 2026, including $924.1 million of cash and 27,299 ounces of bullion valued at approximately $109.9 million.

The company also had an undrawn US$400 million revolving corporate Cash Advance Facility at year-end. Net Assets increased to $2.462 billion, supported by operating margins and the $260 million cash consideration received from the sale of the Meyas Sands Gold Project.

Development Capital increased substantially during the year, reaching $367.1 million compared with $88.9 million previously. The increase reflects the company's ongoing Investment in growth projects, particularly Nyanzaga.

Dividend and Buy-Back Returns Increase

Perseus declared a final dividend of 9 Australian cents per share, taking the FY26 full-year dividend to 14 cents. This represents an 87% increase from the 7.5 cents declared for FY25.

The company has also revised its dividend policy, introducing a minimum dividend equivalent to 20% of Operating Cash Flow after payments to non-controlling interests. Further distributions may be made through supplemental dividends, share buy-backs or capital returns, subject to the company's financial position and board decisions.

During FY26, Perseus completed A$126 million of its A$150 million buy-back programme. The company has now approved a further on-market buy-back of up to A$350 million, expected to commence around 24 September 2026. Perseus is also considering an additional A$100 million distribution related to proceeds from the Meyas Sands disposal.

Nyanzaga Development Remains a Key Capital Project

The Nyanzaga Gold Project in Tanzania reached 67% overall progress by the end of June 2026. Perseus reported $328.5 million of expenditure against the approved $523 million development budget, with first gold still scheduled for January 2027.

However, accelerated mining activity has increased expected pre-production costs. Mining volumes are forecast at 7.0 million to 7.7 million bank cubic metres, compared with the original 4.6 million forecast. Consequently, total project expenditure is now expected to be approximately $553 million to $563 million, $30 million to $40 million above the original development budget.

For FY27, Perseus forecasts group production of 420,000 to 480,000 ounces and an all-in site cost of $1,835 to $2,070 per ounce. Development capital is expected to be approximately $450 million, alongside exploration expenditure of $70 million to $80 million.

Conclusion

Perseus Mining's FY26 results show higher revenue, earnings and cash generation despite a substantial decline in gold sold and a 42% increase in all-in site costs. The 45% increase in the realised gold price was a major contributor to the financial improvement, while higher taxes and operating costs limited the flow-through to profit after tax. Shareholder distributions increased materially through dividends and buy-backs, while the balance sheet ended the year with more than $1 billion in cash and bullion. The next financial period will include significant development spending, particularly on Nyanzaga, alongside the company's existing operations and planned shareholder distributions.