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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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.