Perseus Mining Limited’s March 2025 quarterly report highlights robust operational performance, with the Group’s three gold mines—Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana—together producing 121,605 ounces in the quarter. The company reported a weighted average all‐in-site cost (AISC) of US$1,209 per ounce and an average gold sales price of US$2,462 per ounce. Notably, the Group generated a notional operating cash flow of US$152 million, reflecting an average cash margin of US$1,253 per ounce. The company’s cash and bullion balance grew to US$801 million, supported by a strong balance sheet, zero debt, and US$111 million in liquid listed securities. At the Yaouré Gold Mine, production increased by 3% quarter-on-quarter, driven by enhanced ore tonnage milled and accelerated waste stripping initiatives. The mine achieved a production cost of US$760 per ounce and an AISC of US$981 per ounce, resulting in an impressive cash margin of US$1,434 per ounce and generating US$99 million of operating cash flow. In contrast, the Edikan and Sissingué operations experienced mixed performance, with Edikan’s production down by 15% and AISC rising due to operational changes, while Sissingué reported lower production and a higher AISC driven by reduced ore grades and strategic waste stripping activities. Looking ahead, the company maintained its market guidance for the June 2025 half-year and full FY25, forecasting group production between 469,709 and 504,709 ounces at an AISC ranging from US$1,250 to US$1,280 per ounce. Perseus has recently taken affirmative final investment decisions to advance both the CMA Underground project at Yaouré and the Nyanzaga Gold Project in Tanzania, the latter with an expenditure commitment of approximately US$523 million and anticipated first gold production in Q1 2027. Ongoing share buyback initiatives have seen roughly 33% of the planned A$100 million program completed, reflecting confidence in the company’s capital management. The report also details comprehensive hedging strategies, with hedge positions protecting around 24% of forecast production against gold price fluctuations, and an updated profile showing fixed forward contracts and put options to safeguard the bottom. Meanwhile, the company’s sustainability efforts remain strong with a 12-month rolling Total Recordable Injury Frequency Rate well below industry average, significant local economic contributions, and a reduction in greenhouse gas emissions intensity to approximately 0.60 tonnes of CO2-equivalent per ounce produced. Bullish sentiment is supported by strong operating cash flows, improved production metrics at key assets, a solid cash and bullion position with zero debt, and strategic investments in future growth projects like the CMA Underground and Nyanzaga Gold Project. On the other hand, bearish concerns include inconsistent production performance across some mines, higher operational costs at certain sites due to challenges such as increased strip ratios and lower head grades, as well as execution risks linked to exploration uncertainties and negotiations with local governments in regions like Tanzania and Sudan.