Ann: June Quarter Report, page-30

My two cents, for what they're worth.

I had modelled 512,000 ounces for 2023/2024, Perseus were almost bang on with 509,977 ounces for the FY. Tick.
My model then estimates 557,000 oz for 2024/2025. Perseus are guiding for 220,000-260,000 for the H1 of this FY. So they are trekking far below previous mine plans. With this lower production, comes higher costs (1230-1130/oz).

This, and next FY will likely be the worst from production perspective over the next 5 years.

Nyanzaga isn't a growth project - it's the long-term replacement project as Sissingue and Edikan are depleted.

With Perseus' Hedgebook and relatively full valuation for an African miner - it has converted from undervalued (last year), to a capital return vehicle.

Perseus is clearly the defensive choice of the West African miners, with jurisdiction diversity, relatively stable 400-550 over the next 5 years and predictable cashflows.

Less torque for the upside, but less torque to the downside.