On the evening of October 26, 2026, the chief executive of Perseus Mining, Craig Jones, stood before investors to report on a quarter that marks the opening of the company's new financial year. Across its three operating gold mines, the company produced 92,551 ounces, less than the previous quarter but above what had been planned, a dip that was expected once maintenance shutdowns and the shifting positions of the pits were accounted for. It is the kind of steady accounting by which a mining company tells the world it is keeping its promises, even as the larger work of building a new mine, Nya
Perseus Mining Reports Strong September Quarter: 92,551 Ounces Produced Across Three Gold Mines
A quarter that beat plan despite lower output
Mark
Why does a quarter with lower production count as a good one?
Mimi
Because Perseus said it beat its own plan. The drop came from maintenance shutdowns at each mine and where the pit faces sat, all scheduled.
Luke
Worth noting that's management's framing. We have the claim that it exceeded plan, but not the plan figure itself in what's available.
Mark
What do the cost numbers tell us?
Mimi
Average production cost was USD 1,472 an ounce, and the all-in site cost was USD 2,035. Gold sold at a realized USD 3,881.
Luke
Careful, though. Those two cost figures aren't the same as profit. Company-wide costs and the financials were Lee-Anne de Bruin's part, and we don't have that section.
Mark
Sales were 99,661 ounces against 92,551 produced. Why the difference?
Mimi
The remarks given don't say. It's a gap worth watching.
Luke
Right, so no explanation should be assumed. It could be timing, but that's a guess.
Mark
And Nyanzaga?
Mimi
Over 4,200 people on site at peak construction, and 10.9 million hours without a lost time injury.
Luke
That safety record is reported by the CEO. It's specific, but it's self-reported.
Der Puls
- Output fell from the prior quarter to 92,551 oz, but still beat the company's own plan.
- Planned maintenance shutdowns and shifting pit faces pulled volumes down, though management had seen the dip coming.
- All-in site costs of USD 2,035 per ounce sit well beneath a realized gold price of USD 3,881, keeping margins wide.
- Sales of 99,661 oz outran production by roughly 7,000 oz, a gap the opening remarks leave unexplained.
- Nyanzaga, now at peak construction with more than 4,200 people on site, and the inorganic growth projects remain the next pressure points to watch.
On the evening of October 26, 2026, the chief executive of Perseus Mining, Craig Jones, stood before investors to report on a quarter that marks the opening of the company's new financial year. Across its three operating gold mines, the company produced 92,551 ounces, less than the previous quarter but above what had been planned, a dip that was expected once maintenance shutdowns and the shifting positions of the pits were accounted for. It is the kind of steady accounting by which a mining company tells the world it is keeping its promises, even as the larger work of building a new mine, Nyanzaga, continues far from the ledgers.
On a call on the evening of October 26, 2026, Perseus Mining's managing director, Craig Jones, opened the company's September quarter webinar with the headline he had come to deliver: the three operating gold mines had produced 92,551 ounces. The quarter also marked the start of the company's 2027 financial year, and Jones described it as one of strong operational delivery and strong cash generation, alongside steady progress on acquisitions and other inorganic growth projects.
He began with safety, which he treated as the first measure of any quarter. The total recordable injury frequency rate stood at 1, and the lost time injury rate at zero. At Nyanzaga, where more than 4,200 people now work at peak construction, the team has logged over 10.9 million hours without a lost time injury, a result Jones called outstanding for a workforce of that size.
Production came in below the previous quarter but above plan. Jones explained that planned maintenance shutdowns at each asset, along with the position of the faces in the pits, accounted for the dip. It had been anticipated, not a surprise.
Costs were presented in two forms: an average production cost of USD 1,472 per ounce, and a fuller all-in site figure of USD 2,035 per ounce that captures more of what it takes to run the mines. Sales outpaced output, with 99,661 ounces sold at a realized price of USD 3,881 per ounce. The roughly 7,000-ounce gap between sales and production is worth noting, though the available transcript does not explain it.
The transcript ends at the realized price, before CFO Lee-Anne de Bruin takes over the financials, so the detail of that part of the presentation is not available. What the opening remarks do establish is a quarter that beat plan despite lower output, with costs far below the price received. Attention now turns to Nyanzaga and the growth projects the company says are advancing.
On a call held the evening of October 26, 2026, Perseus Mining's managing director and chief executive, Craig Jones, opened the company's webinar on its September quarter by announcing that the three operating gold mines had produced 92,551 ounces. The quarter marks the start of the company's 2027 financial year.
Jones was joined by Chief Financial Officer Lee-Anne de Bruin. He said he would take listeners through the operating results first and then hand over to her for the financials. He described the period as one of strong operational delivery from the three mines, with strong cash generation, alongside continued progress on the company's inorganic growth projects.
He began with safety. Since July 1, the total recordable injury frequency rate stood at 1 for the quarter, while the lost time injury frequency rate remained at 0. At Nyanzaga, the project now at peak construction with more than 4,200 people on site, the team has worked over 10.9 million hours without a lost time injury. Jones called that an outstanding result given the scale of the workforce.
On production, the 92,551 ounces were lower than the previous quarter. They nonetheless exceeded the company's plan. Jones explained the figure reflects planned maintenance shutdowns at each of the assets, as well as the face positions in the pits, meaning the dip was anticipated rather than a surprise.
Costs came in at an average production cost of USD 1,472 per ounce. On an all-in site basis, which captures more of the expense of running the mines, the figure was USD 2,035 per ounce.
Sales ran ahead of output. Gold sales from the three operations totaled 99,661 ounces, at a realized gold price of USD 3,881 per ounce. The gap between the roughly 99,700 ounces sold and the roughly 92,600 produced is a detail worth noting, though the portion of the call available here does not explain it.
The available transcript cuts off at the realized price, so the financial details Lee-Anne de Bruin was set to present are not covered. What the opening remarks do establish is a quarter that beat plan despite lower output, with costs well below the realized price. Attention now turns to Nyanzaga as construction continues at peak, and to the inorganic growth projects Jones said were progressing.
Bemerkenswerte Zitate
Output was lower than the previous quarter but exceeded plan, reflecting planned maintenance shutdowns and pit face positions.— Craig Jones, MD and CEO, Perseus Mining (paraphrased)
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