So it was the case that PRU did sell off shares in Montage Gold was to top up the piggy bank after the significant accumulation of PDI

"Perseus chair and CEO Jeff Quartermaine said: “We are very pleased to have successfully completed the sale of the Montage shareholding at a price that will largely offset the cost of our recent acquisition of a strategic stake in Predictive’s Bankan Gold Project in Guinea, which we believe is a potentially attractive gold development project.”

The investment in Predictive Discovery cost Perseus A$86 million (US$57.9 million)."

Perseus Mining offloads shares in Montage Gold Corp for C$61.38 million to offset stake in Predictive Discovery

Last updated: 21:25 21 Aug 2024 EDT, First published: 20:58 21 Aug 2024 EDT

Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has sold its 33 million common shares in TSX Venture Exchange-listed gold explorer Montage Gold Corp for C$61.38 million (~US$45 million).

The transaction was executed on August 20, under an agreement with BMO Nesbitt Burns Inc, at a price of C$1.86 per share.

Non-core to operations

Perseus originally obtained the shares in May 2022 through its purchase of Orca Gold Inc, whose principal asset was a 70% interest in the Block 14 Gold Project in Sudan, now renamed the Meyas Sands Gold Project.

Before this week's transaction, Perseus owned 33 million shares, representing around 9.6% of Montage's outstanding shares. With the completion of this sale, Perseus will no longer hold any shares in Montage.

Perseus considered the Montage stake to be non-core to its operations.

The proceeds from the sale will bolster Perseus’s balance sheet, following its recent acquisition of a strategic stake in Predictive Discovery Ltd, the company behind the Bankan Gold Project in Guinea.

Strategic stake in Predictive Discovery

Perseus chair and CEO Jeff Quartermaine said: “We are very pleased to have successfully completed the sale of the Montage shareholding at a price that will largely offset the cost of our recent acquisition of a strategic stake in Predictive’s Bankan Gold Project in Guinea, which we believe is a potentially attractive gold development project.”

The investment in Predictive Discovery cost Perseus A$86 million (US$57.9 million).

Perseus will file an early warning report with Canadian securities regulators concerning the Montage share sale, in compliance with National Instrument 62-103, which will be available on SEDAR+.