Core Viewpoint - Perseus Mining Limited reported strong operational performance for the quarter ending June 30, 2024, with significant increases in cash and bullion balance, reaching US$827 million, alongside a robust production outlook despite rising costs in the gold sector [2][4]. Financial Performance - Gold recovered in the June 2025 quarter was 121,237 ounces, with total gold production for the financial year at 496,551 ounces [2][4]. - The average sales price for gold in June 2025 was US$2,977 per ounce, leading to a notional cash flow of US$189 million for the quarter [2][4]. - The All-In Site Cost (AISC) for the June 2025 quarter was US$1,417 per ounce, with an average cash margin of US$1,560 per ounce of gold produced [4]. Production Guidance - For FY26, Perseus has set gold production guidance between 400,000 and 440,000 ounces, with AISC expected to range from US$1,460 to US$1,620 per ounce [5][4]. - The company anticipates an average annual gold production of 515,000 to 535,000 ounces over the next five years, with AISC projected at US$1,400 to US$1,500 per ounce [4]. Project Developments - A Final Investment Decision (FID) was made to develop the Nyanzaga Gold Project, with site works on schedule for first gold production targeted in January 2027 [4]. - Outstanding infill drilling results at Nyanzaga are expected to lead to a Mineral Resource and Ore Reserve upgrade in Q3 FY26, potentially extending the mine life [4]. Cash Position and Share Buyback - Perseus holds US$827 million in cash and bullion, along with US$118 million in liquid listed securities, despite ongoing development costs for Nyanzaga and other financial obligations [4]. - The company is executing a A$100 million share buyback program, which is approximately 73% complete, having purchased and cancelled 22,995,853 shares [4]. Industry Context - The gold sector is experiencing rising costs due to increased royalties and indirect charges from host governments, as well as higher operational costs related to wages and freight [7][8]. - Specific challenges include anticipated power supply interruptions at the Yaouré Gold Mine, which may increase operational costs due to reliance on standby generators [8].