Perseus Mining Limited Positions Itself for Growth Following Challenging Year - Seite 2

On June 20, 2016, Perseus announced an equity placement and an accelerated entitlements offer. In total A$102 million of equity capital was raised from new and existing institutional and retail investors. Perseus has also advanced negotiations for a project finance debt facility of US$60 million to be used to partially fund the development of Sissingué with Macquarie Bank and BNP Paribas. Final credit approval and documentation of the debt facility are anticipated to be completed early in the 2017 financial year.

Combining proceeds of the equity capital raising and planned debt facility with expected future positive cash flows from Edikan from January 2017 and Sissingué from the March quarter of 2018, means that Perseus is well placed to fund its growth strategy that is expected to transform the Company from being a single-country, single-mine enterprise into a multi-mine, multi-country gold producer with production in excess of 500,000 ounces of gold within five years.
Other key points of the 2016 Financial Year results include:

• 24% decrease in revenue
• 7% increase in expenses
• Cash balance of A$151.2M, or 15.1cps - A$47.5M (46%) more than FY2015
• Combined value of cash and bullion of A$166.0M, or 16.5cps at the end of FY2016 - up A$38.7M or 30% on FY2015
• Working capital of A$159.7M - a decrease of A$17.9M, or 10%, on FY2015
• No third party debt.

Edikan produced the following results in the 2016 Financial Year:

• Gold production 153,900 ounces
• All In Site Costs US$1,351/oz
• Average sale price of gold US$1,224/oz.

Managing Director Jeff Quartermaine Comments:

"The 2016 fiscal year has been a challenging period for Perseus as reflected by the results announced today however, it has been an important year for us in terms of our corporate development. Not only have we met and overcome some sizeable operating challenges at our Edikan mine but we have set the platform for a major transformation of Perseus through acquiring the Yaouré Gold Project, committing to the development of our second operation at Sissingué and arranging sufficient finance to enable us to execute our growth plans.

Considered in the context of a widely held and positive view of the future market for gold, Perseus is now very well positioned to unlock and create material value for shareholders in coming years."

"The 2016 fiscal year has been a challenging period for Perseus as reflected by the results announced today however, it has been an important year for us in terms of our corporate development. Not only have we met and overcome some sizeable operating challenges at our Edikan mine but we have set the platform for a major transformation of Perseus through acquiring the Yaouré Gold Project, committing to the development of our second operation at Sissingué and arranging sufficient finance to enable us to execute our growth plans.