Perseus opens the taps on shareholder returns

PERSEUS Mining has unveiled a more generous dividend policy after record cash generation in its 2026 financial year, promising shareholders a minimum 20% of operating cash flow while retaining scope for additional dividends, buybacks and capital returns.Announcing its results for the year ended June 30, 2026, the West African gold miner declared a final dividend of nine Australian cents a share, taking the full-year payout to 14c/share, worth A$187m — 87% higher than in FY25.It has also approved a fresh A$350m share buyback and is considering returning another A$100m from the proceeds of the sale of its Meyas Sand project in Sudan.Perseus CFO Lee-Anne de Bruin said during a results presentation that the new dividend policy committed Perseus to paying at least 20% of net cash flow from operating activities after dividends paid to non-controlling interests, which include government shareholders in its mines.Additional cash can still be returned through special dividends, buybacks or capital returns once the group’s operating, growth and balance-sheet requirements have been met.Perseus operates Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana, while developing Nyanzaga in Tanzania.It has also pursued M&A opportunities, including taking a 9.9% stake in Aurum Resources in Côte d’Ivoire earlier this year.Perseus previously terminated a proposed A$2.1bn takeover of fellow West African gold miner Predictive Discovery.The increased shareholder returns follow a bumper financial year. Revenue rose 19% to $1.48bn and profit after tax increased 14% to $480.5m.Earnings per share rose 17% to 31.73 US cents, while operating cash flow increased 24% to $666.4m.Higher gold prices played a significant part. Perseus received an average $3,693/oz for its gold, up 45%, while its all-in site cost increased 42% to $1,750/oz.Costs are likely to remain elevated. Perseus forecasts all-in site costs of $1,835 to $2,070/oz in FY27, partly reflecting higher government royalties.Côte d’Ivoire’s royalty rate increases from 6% to 8% when gold trades above $2,000/oz, while Ghana operates a sliding scale that rises with the gold price.The FY27 cost guidance assumes a $4,000/oz gold price and royalty rates of 8% in Côte d’Ivoire and 11% in Ghana.Perseus expects to produce between 420,000 and 480,000oz during the year.Despite the larger cash returns, Perseus is not shying away from from growth spending.CEO Craig Jones said the group had almost doubled its exploration budget to between $70m and $80m in FY27, from $41m last year.“What’s in that exploration budget is significant drilling programmes at Yaouré, Edikan and Sissingué … to bring additional material into the production profile,” he said.Perseus ended June with more than $1bn in cash and bullion and total liquidity of $1.4bn, including $400m of undrawn debt.The post Perseus opens the taps on shareholder returns appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com