Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has delivered its financial report for the financial year ending June 30, 2022, with record performance across all key metrics relative to the prior financial year.
In recognition of the good performance, the African gold producer has issued a bonus dividend in its final dividend for the year.
Increased production at Yaouré
The company attributes the strong improvement in performance to a number of factors, including:
- Higher gold prices and increased production at Yaouré, offset by lower gold production from Edikan and Sissingué.
- A proportionately smaller increase in cost of sales due to the increased proportion of sales coming from Yaouré that achieved an all-in site cost of US$668 per ounce during the financial year.
- An income tax benefit of A$200,000 compared to a A$23.7 million expense in the prior year due to lower profits at Edikan – both Yaouré and Sissingué are currently exempt from paying corporate tax under their respective mining conventions.
- Depreciation and amortisation expense of A$214.2 million, a 107% increase on the previous financial year largely due to the inclusion of depreciation and amortisation of Yaouré for the full financial year when compared to three months in the 2021 financial year.
The numbers
Financial highlights included:
- Revenue of A$1,126 million, up 66% on the previous year.
- An EBITDA of $564.1 million, up 86% on last year.
- A profit after tax of A$279.9 million, up 101% on last year, after exploration write down of A$43.4 million.
- Basic earnings per share of A18.8 cents per share, up 96% year-on-year.
- Net cash inflows from operating activities of A$522.9 million or A42.01 cents per share, up 73% on last year.
- Net tangible assets of A$1,187 million or A$0.87 per share including a$426.8 million of cash.
- A final dividend of A1.64 cents per share including a bonus dividend of A0.79 cents per share, bringing total dividends during the year to A2.45 cents per share or 1.5% yield.
Managing director and CEO Jeff Quartermaine said: “Our record financial results for FY22 reflect our continued strong operating performance at all levels of our business during the period.
“Our three gold mines are producing at our targeted rate of production with 494,014 ounces of gold produced in FY22, and our weighted average all-in site cost of US$952 per ounce is very competitive relative to most of our peers.
Strong balance sheet
“Our financial result has allowed us to include a bonus in our final dividend bringing our full year dividend yield to 1.5% and at the same time, our balance sheet has continued to strengthen.
“This ensures that going forward, we can continue to return capital to our shareholders and also continue to fund the strong growth that Perseus has enjoyed in recent years.
“We are delivering excellent drill results from our organic growth programs targeting mineable Mineral Resources close to our existing operations and the acquisition of Orca Gold Inc (TSX-V:ORG) earlier this year has provided us with the opportunity to diversify away from West Africa and access the Nubian Shield precinct in North-East Africa that appears to be one of the more well-endowed and under-explored mineral provinces in the world.
“Our collective commitment to our mission of generating material benefits for all of our stakeholders, in fair and equitable proportions, is delivering results and we look forward to continuing this for many years to come.”