Interview with Jeff Quartermaine, Managing Director & CEO of Perseus Mining Ltd.

Our previous interview: https://www.cruxinvestor.com/posts/perseus-mining-asxpru-gold-producers-800m-cash-new-production-coming-7050

Recording date: 11th June 2025

Perseus Mining Limited (ASX: PRU) has released comprehensive five-year guidance targeting 2.5 million ounces of gold production at all-in sustaining costs of $1,400-1,500 per ounce, with an impressive 93% of production backed by JORC-compliant reserves rather than speculative resources. The Australian-listed company, which operates exclusively across African gold mining jurisdictions, aims to address persistent market misconceptions about its asset quality and longevity.

CEO Jeff Quartermaine attributes the company's undervaluation to two primary factors: an "African discount" applied by investors wary of continental operations, and incorrect market perceptions about short mine lives. The reality demonstrates Perseus's exceptional ability to extend operational lifespans - the Edikan mine has been extended from its original nine-year life in 2011 to 2031, while Sissingué has grown from 4.5 years in 2018 to the same 2031 timeline.

Perseus differentiates itself through a cash-focused strategy rather than chasing production volumes. "What we do at Perseus is that the goal for us is to maximise cash production," Quartermaine explained. With $801 million in cash reserves and daily production of 1,300-1,400 ounces at approximately $1,200 per ounce, the company generates substantial operating cash flow.

The growth trajectory includes the Nyanzaga project in Tanzania, Perseus's fourth operation requiring $520 million in capital expenditure and targeting first gold production in January 2027. The company employs sophisticated risk management through zero-cost collar hedging, providing downside protection at $2,600 per ounce while maintaining upside exposure to $4,600 per ounce.

Perseus has committed to organic greenfield exploration for the first time, representing a 10-year investment horizon enabled by improved financial positioning. The company's exclusive African focus, combined with proven operational excellence and strategic cash generation, positions it to capitalise on the continent's mining renaissance while many Western competitors have retreated from these markets.

View Perseus Mining's company profile: https://www.cruxinvestor.com/companies/perseus-mining

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