Small cap gold miner Perseus Mining Limited (ASX: PRU) has reported a net loss after tax of $24.9 million for FY18, showing improvement from FY17 when it posted a net loss of $83.1 million.
Although still in the red, Perseus has managed to improve performance due to a 36.5% increase in revenue to $387.1 million off the back of a 3.9% higher gold price and 31.4% higher gold sales as the company moved into commercial production at its Sissingue project and increased its production out of Edikan.
Asset impairments and write-offs totalled $28.6 million with total cash and bullion at $89.8 million – up $46.8 million from FY17 and Perseus managed to increase operating cash flow by $67.4 million.
Recent exploration drilling supports Perseus’ aims to identify additional JORC resources and thus extend the five-year mine life at Sissingue.
With a market cap of just $357 million, Perseus has a long way to go before it will emulate the likes of Evolution Mining Ltd (ASX: EVN) or Newcrest Mining Limited (ASX: NCM) but its continued improvements look promising as does its FY19 outlook.
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