As the Canadian markets slip lower in Thursday morning trading, Perseus Mining (TSX: PRU) is a leading performer on the Toronto Stock Exchange, gaining ground on the heels of news from Wednesday evening that the Australian miner had a solid month of June. In fact, June was a record-setting time for Perseus as the company evolved from a single-mine producer into a multi-mine producer.
Perseus said that it has record gold production in the June quarter of 83,881 ounces, an improvement of 31% from the first quarter of the year.
The production was broken down to 57,861 ounces from its Edikan gold mine in Ghana, Africa and 26,020 ounces from its Sissingué gold mine in Côte d’Ivoire, Africa. After starting production at Sissingué in January, commercial production was reached at the end of March. Edikan has been producing for more than six years.
Gold production from the first six months of the year tallied 147,908 ounces, up 37% from the prior six months and in line with the company’s guidance of 140,000 to 160,000 ounces expected for the period. Production was broken down into 112,843 ounces from Edikan and 25,425 ounces from Sissingué.
For the fiscal year 2018, Perseus produced an all-time company high of 255,916 ounces of gold, exceeding fiscal 2017 production by 45%.
Management says it plans to release is full quarterly report, including expenses and cash balances next Friday, July 13.
In addition to Edikan and Sissingué, Perseus is looking to bring a third mine online in the future, with development of the Yaouré gold mine in Côte d’Ivoire expected later this year.
Shares of PRU have skipped ahead 5.5 cents in morning trading to 47.5 cents, marking a gain of 13.1% so far on the day. After closing 2017 at 36.5 cents, the stock was up 15.1% through Wednesday’s close at 42 cents.
