Perseus Mining Limited

This report is an updated version of the report published on 14 May 2025 at 11:20 PM AEST.

Section 1: Company Overview and Fundamental Insights

1.1 Company Overview: Perseus Mining Ltd (ASX: PRU) is a West African-focused gold production, development, and exploration company headquartered in Perth, Australia. The company operates three gold mines: Edikan Gold Mine in Ghana, and Sissingué and Yaouré Gold Mines in Côte d’Ivoire. These operations collectively enable Perseus to produce over 500,000 ounces of gold annually, positioning it as a mid-tier gold producer. Kalkine’s Resources Report covers the Investment Highlights, Management Insights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

 1.2 The Key Positives, Negatives, Investment Highlights, and Management Insights

1.3 Top 10 Shareholders:

The top 10 shareholders together form 36.82% of the total shareholding. Van Eck Associates Corporation and Dimensional Fund Advisors, L.P. hold maximum stakes in the company at 7.59% and 6.03%, respectively.

1.4 Key Metrics: Since 2021, Perseus Mining’s profitability margins have been primarily driven by a combination of rising gold prices, disciplined cost management, and steady production growth from key mines such as Yaouré and Edikan.  Additionally, operational improvements and strategic project developments, such as the CMA underground project at Yaouré and the Nyanzaga project in Tanzania, should continue to support margin sustainability and growth prospects. Below are captured some key metrics:

Section 2: Business Updates, Financial and Operational Highlights

2.1 Recent Business Updates:

2.2 Financial Highlights: Below mentioned are some key financial highlights:   

2.3 Historical Financial Trend

Section 3: Key Risks and Outlook:

Section 4: Stock Recommendation Summary

4.1 Price Performance and Technical Summary

The stock price has gained around 32.39% in the last 6 months, whereas over the last 1 year, the stock price has increased by around 44.69%. The stock has a 52-week low and 52-week high of AUD 2.230 and AUD 3.690, respectively, and is currently trading above the 52-week mid-level.

   (Source: REFINITIV; Analysis by Kalkine Group)

4.2 Fundamental Valuation

Valuation Methodology: Price/Cash Flow Multiple Based Relative Valuation (Illustrative)

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is neither an indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 14 May 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.