Perseus continues its run of cash generation combined with sensible M&A. We expect PRU to hit the upper end of its FY24 production guidance (491-517koz) whilst maintaining an ASIC around US$1,100/oz. In FY26 we model four operations online with an estimated ~580kozpa of production. Once Nyanzaga is brought online, Perseus will have diversified its sovereign risk across three African countries. Whether this sheds the African discount remains to be seen, regardless we back management with continue its path of generating shareholder returns through a tight control on costs and value accretive M&A. We initiate coverage with a Buy Recommendation and set a $3.00 Price Target.
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