Perseus Mining Limited (“PRU”), have today announced a significant increase in the Ayanfuri Gold Project In-Pit Resources. Attached is an updated research report following the upgrade.
The key highlights are:
Ayanfuri (main gold project) in-pit resource increased from 1.9m oz to 3.4m oz (on US$750/oz pit design) or 4m oz (on US$950/oz pit design).
Mine life extended from 10 years to 15-20 years, depending on the gold price.
Initial 4.5mtpa operation could now be expanded to 7 mtpa by end of year 2, which could be funded out of cash flow, and would enable gold production to lift to 300,000 oz p.a.
Today’s announcement coincides with the departure of the MD to Toronto and London this week to undertake a roadshow. Pressure appears to be mounting for a TSE listing. We note that emerging gold producers trade at a significant premium to Australian peers.
Perseus is trading at a 63% discount to our valuation of $2.25 a share. Perseus is our highest conviction gold share. BUY
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