This report is an updated version of the report published on 1 September 2025 at 11:30 AM AEST.

Perseus Mining Limited (ASX: PRU) 

Founded in 2004, Perseus Mining Limited (ASX: PRU) is committed to discovering, acquiring, and developing a portfolio of gold producing assets in Africa. The multi-mine, multi-jurisdictional gold-focused company has operations in West Africa. The ASX-listed company is also engaged in mineral exploration and evaluation activities in the region.

Recommendation Rationale - SELL at AUD 3.900

• Surpassed Resistance: PRU has surpassed the ‘Resistance 1’ level recommended on 7 August 2025.
• Decline in Gold Sales Volume: Gold sold dropped by 2.8% YoY (494,343 oz in FY25 vs. 508,669 oz in FY24), despite higher gold prices. This may signal operational challenges or maturing assets such as Edikan and Sissingué.
• Reduced Production Guidance for FY26: FY26 gold production forecast is 400,000–440,000 oz, lower than FY24 and FY25 levels. This may reflect mine depletion or reduced output expectations from older operations.
• Rising All-In Site Costs (AISC): AISC rose 17% to US$1,235/oz, narrowing profit margins despite higher gold prices. If gold prices fall, elevated costs may impact profitability. 

PRU Daily Chart

 PRU Daily Technical Chart, Data Source: REFINITIV

Valuation Methodology: Price/Earnings (FY Jun'26E) (Illustrative)

PRU is expected to trade at a slight premium to its peers considering revenue and earnings growth in FY25, higher operating cash flow in FY25, renewed buyback program, etc. For conducting valuation, the following peers have been considered: Resolute Mining Ltd (ASX: RSG), Regis Resources Ltd (ASX: RRL), and Westgold Resources Ltd (ASX: WGX) and others.

Considering that the stock has crossed its R1 level, macroeconomic uncertainty, rally in share price movement, current trading level, and risks associated, the share price can face consolidation at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the current price of AUD 3.900, as of 1 September 2025, at 10:45 AM AEST.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate. 

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 1 September 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.