Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has delivered a solid first half result, posting US$185.5 million in profit after tax and doubling its interim dividend, while simultaneously strengthening the long-term outlook of its Tanzanian growth project with a major ore reserve upgrade.
The mid-tier gold producer reported revenue of US$608.5 million for the six months to December 31, 2025, up 5% on the prior corresponding period. Profit after tax came in at US$185.5 million, supported by strong gold prices and continued operational delivery across its producing assets.
Operating cash flow totalled US$193.4 million, while net cash and bullion stood at US$755 million at period end. Full-year FY26 production guidance remains unchanged at 400,000–440,000 ounces at an all-in site cost (AISC) of US$1,600–$1,760 per ounce.
“The first half of 2026 reflected a period where our mine sites transitioned into new mining areas along with significant advancement of our capital growth projects,” said Perseus CEO Craig Jones.
“Our strong operational results, along with our low operating cost, produced robust cash flows, further strengthening our superior balance sheet, enabling a 100% increase in our interim dividend to A$0.05 per share.”
Nyanzaga reserve expands to 4.0Moz
Alongside its financial results, Perseus announced a substantial upgrade to the Ore Reserve at its Nyanzaga Gold Project (NGP) in Tanzania, increasing reserves by 73% to 4.0 million ounces (Moz) of gold.
The updated Probable Ore Reserve stands at 90.9 million tonnes grading 1.38 g/t gold for 4.046Moz, based on a November 2025 Mineral Resource estimate.
Nyanzaga Gold Project Ore Reserve Changes – April 2025 to February 2026.
Mine life has now been extended to 16 years, including 14 years of production above 200,000 ounces per annum.
The upgrade follows about 82,700 metres of reverse circulation and diamond drilling completed since Perseus acquired the project in May 2024, focused on infill and resource conversion.
The broader Mineral Resource at Nyanzaga now comprises 110.4 million tonnes (Mt) grading 1.33 g/t for 4.7Moz in the Measured and Indicated categories, plus 343,000 ounces classified as Inferred.
NGP location plan.
Strengthened project economics
Perseus updated the financial metrics for Nyanzaga using a long-term gold price assumption of US$3,000/oz.
On a 100% project basis, the project delivers a post-tax net present value (NPV10%) of US$864 million and an internal rate of return (IRR) of 28.8%.
Life-of-mine all-in site costs are estimated at US$1,621 per ounce, with undiscounted post-tax free cash flow of US$2.65 billion.
Perseus holds an 80% contributing interest in the project, with the Government of Tanzania retaining a 20% free-carried interest.
The updated reserve is underpinned by a revised large-scale open pit design, with pit optimisation based on a gold price of US$2,300/oz, providing pricing conservatism relative to current spot levels.
Mining is planned via conventional truck-and-shovel open pit methods, with processing through a standard carbon-in-leach plant and expected average gold recoveries of around 85.8% over the life of mine.
Growth platform taking shape
Perseus already operates three producing gold mines in West Africa — Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana — and Nyanzaga represents its next development pipeline asset.
The half-year result showed investing cash outflows rising to US$166.9 million, largely reflecting increased development activity at Nyanzaga and the CMA underground project.
While gold sales volumes were lower year-on-year at 188,196 ounces, higher realised prices — averaging US$3,241/oz — helped offset the production dip.
With a strengthened reserve base at Nyanzaga, confirmed FY26 production guidance, and a materially increased dividend, Perseus is presenting as both a cash-generative producer and a near-term growth developer.
The reserve expansion meaningfully de-risks Nyanzaga’s long-term profile and extends the company’s production horizon beyond its current operating mines, providing a clear pathway for sustained output at or above 200,000 ounces per year from Tanzania once in production.
For investors, the combination of robust balance sheet strength, rising shareholder returns and an expanded development pipeline highlights Perseus’s dual focus on capital discipline and organic growth.