Perseus (ASX:PRU) share price edges higher on dividend debut

Shares in the Aussie miner are up slightly on Thursday. Here's why.

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The Perseus Mining Ltd (ASX: PRU) share price is edging higher on Thursday after the Aussie miner reported a 48% surge in net profit for the year ended 30 June 2021 (FY21).

Perseus share price lifts after first ever dividend

Some of the big takeaways from today's FY21 results release include:

The Perseus share price has edged higher on Thursday following the results update.

What happened for Perseus during the year?

The Aussie gold miner produced 328,632 ounces in FY21 at an all-in sustaining cost (AISC) of US$1,016 per ounce. Those production numbers exceeded guidance as the group's Yaouré mine boosted performance higher.

The group's sales revenue was underpinned by an average realised price of US$1,642 per ounce alongside the record production result. Perseus said it was on track for 500,000 ounces per annum of gold production and well-positioned for future growth.

Following the strong financial performance, the board decided to implement a dividend policy, starting with the first ever dividend for investors announced today.

What did management say?

CEO and managing director Jeff Quartermaine was positive about the latest results:

FY2021 has been a transformational year for us, during which we have successfully brought our third gold mine, Yaouré, on stream and as importantly, converted our group's strong gold production into improved earnings and cash flow.

Looking to the future, we expect this trend of improved earnings and cash flow to continue as we close in on our corporate objective of producing more than 500,000 ounces of gold per year, a target that we expect to achieve for the first time in FY2022.

What's next for Perseus and its share price?

Perseus is tracking for 500,000 ounces of annual production with 1H FY22 guidance of 225,000 to 255,000 ounces. The Aussie gold miner is expecting an AISC of US$925 to US$1,025 per ounce and is planning a "significant" reduction in capital expenditure.

The Perseus share price has edged 0.34% higher to $1.48 on Thursday following the FY21 results update, and remains up 10.2% in 2021.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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