Perseus Mining is confident in the development of Yaoure and first gold is timed for December. The company also intends to accelerate a valuation of resources acquired as a result of the takeover of Exore Resources ((ERX)).
Incorporating a notional inventory for the latter and the extension of Sissingue’s mine life by 2.5 years, Macquarie reduces estimates for earnings per share by -5% in FY24 and lifts estimates in subsequent years. Meanwhile, recoveries at Edikan are improving.
The broker retains an Underperform rating and raises the target to $1.40 from $1.30.
Sector: Materials.
Target price is $1.40.Current Price is $1.38. Difference: $0.02 – (brackets indicate current price is over target). If PRU meets the Macquarie target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).
