Perseus announced it reached production guidance for the December Half Year after producing 94,190 ounces of gold (guidance 91,000-101,000oz) from its Edikan Gold Mine in Ghana, West Africa.
At 31 December 2013, the Company had cash and bullion valued A$28.2M with zero debt and a hedge position valued at US$31.6M.
Significant progress was made towards resolving an outstanding VAT liability of US$39.4M owed to the Company from the Ghanaian Government.
Perseus was featured in an article in the Australian Financial Review on Tuesday titled Perseus Looks Cheap: Macquarie.
CIMB released updated coverage on Perseus, commenting that the preliminary results from Edikan were "a step in the right direction". "...we see this as a successful first step in delivering the results required for the market to regain confidence in the stock and re-rate it accordingly. We retain our Add recommendation and A$0.78/share NPV-based target price," analyst David Coates said.
Foster Stockbroking released a note on Perseus on Wednesday titled Perseus Mining – Huge turnaround story with exceptional leverage to gold price, too cheap to ignore.
"PRU will move with the sentiment on gold as all the producers will, but this looks to be the best turnaround story of the producers, given no debt, management have already taken decisions to improve profitability which are now starting to come through, and it is a large producer with sizeable reserves/resources." Foster has a BUY rating with a $0.60/share price target.
Citi Group updated its rating on Perseus from Neutral to BUY with an unchanged target price of A$0.60/sh.
Analyst Daniel Seeney: "DQ13 production and costs were broadly in line with expectations, signalling a return to operational consistency at Edikan following a challenging FY13." Click here to view the full report.
Macquarie released a flash note on Perseus during the week with Analyst Mitch Ryan rating the Company an OUTPERFORM with a $1.00/sh 12-month price target.
"While the full numbers, to be released as part of PRU's December quarterly on 28 January, will provide further clarity on the where the improvements have been achieved we see the headline numbers as demonstrating a step in the right direction at Edikan."
Perseus Mining (ASX/TSX: PRU)
Perseus announced it reached production guidance for the December Half Year after producing 94,190 ounces of gold (guidance 91,000-101,000oz) from its Edikan Gold Mine in Ghana, West Africa.
At 31 December 2013, the Company had cash and bullion valued A$28.2M with zero debt and a hedge position valued at US$31.6M.
Significant progress was made towards resolving an outstanding VAT liability of US$39.4M owed to the Company from the Ghanaian Government.
Perseus was featured in an article in the Australian Financial Review on Tuesday titled Perseus Looks Cheap: Macquarie.
CIMB released updated coverage on Perseus, commenting that the preliminary results from Edikan were "a step in the right direction". "...we see this as a successful first step in delivering the results required for the market to regain confidence in the stock and re-rate it accordingly. We retain our Add recommendation and A$0.78/share NPV-based target price," analyst David Coates said.
Foster Stockbroking released a note on Perseus on Wednesday titled Perseus Mining – Huge turnaround story with exceptional leverage to gold price, too cheap to ignore.
"PRU will move with the sentiment on gold as all the producers will, but this looks to be the best turnaround story of the producers, given no debt, management have already taken decisions to improve profitability which are now starting to come through, and it is a large producer with sizeable reserves/resources." Foster has a BUY rating with a $0.60/share price target.
Citi Group updated its rating on Perseus from Neutral to BUY with an unchanged target price of A$0.60/sh.
Analyst Daniel Seeney: "DQ13 production and costs were broadly in line with expectations, signalling a return to operational consistency at Edikan following a challenging FY13." Click here to view the full report.
Macquarie released a flash note on Perseus during the week with Analyst Mitch Ryan rating the Company an OUTPERFORM with a $1.00/sh 12-month price target.
"While the full numbers, to be released as part of PRU's December quarterly on 28 January, will provide further clarity on the where the improvements have been achieved we see the headline numbers as demonstrating a step in the right direction at Edikan."
PRU Price at posting:
37.0¢ Sentiment: LT Buy Disclosure: Held
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