ASX-listed Perseus Mining has posted a 26% increase in its earnings before interest, taxes, depreciation and amortisation (Ebitda) to $352-million for the six months ended December 31, 2024.

This compares with the Ebitda of $280-million reported for the six months ended December 31, 2023.

The company increased its profit after tax to $201-million from $164-million in the prior corresponding period, marking a 22% year-on-year increase, while operating cash flow increased by 17% from $211-million in the prior corresponding period to $248-million in the six months under review.

The group owns and operates three gold mines in Ghana and Côte d’Ivoire – Edikan, Sissingué and Yaouré – as well as owns the Nyanzaga gold project, in Tanzania, and the Meyas Sand gold project, in Sudan.

Perseus declared an interim dividend of A$0.02 apiece, which increased by 100% compared with its prior interim dividend of A$0.01.

Gold production amounted to 245 518 oz in the reporting period, of which it sold 2% less gold year-on-year, but at a 20% higher price than the same months of 2023. Production in the first half of the prior financial year amounted to 134 379 oz.

The group’s sales include 115 345 oz from Yaouré at a weighted average sales price of $2 326/oz, 34 223 oz from Sissingué at $2 264/oz and 95 950 oz from Edikan at $2 409/oz.

The company aims to produce between 460 000 oz and 504 000 oz for the full year, at an all-in sustaining cost of between $1 250/oz and $1 280/oz.

Perseus had $628-million of cash on hand at the end of December, and 29 078 oz of gold bullion valued at $76-million. The company also owns $67-million of investments in listed securities.

The group’s assets of $1.8-billion compare with liabilities of $659-million.

“Perseus continues to cement its position as one of the more profitable midtier gold producers globally. In recognising the improving financial position of the company, we have increased our interim dividend to A$0.02 apiece, while maintaining a balanced capital structure that enables us to continue enhancing the quality of our asset portfolio,” says CEO Jeff Quartermaine.