Perseus Mining Ltd (ASX: PRU) shares are slipping today.
Shares in the S&P/ASX 200 Index (ASX: XJO) gold stock closed yesterday trading for $5.59. In early morning trade on Tuesday, shares are changing hands for $5.55 apiece, down 1.6%.
For some context, the ASX 200 is down 0.6% at this same time, while the S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down a steeper 2.1%.
Here's what's happening.
Image source: Getty Images
Perseus Mining shares slip despite 'key milestone'
In a release labelled non-price sensitive to Perseus Mining shares, the company announced that it has successfully completed the first underground production blast at its CMA Underground project, located in Cote D'Ivoire.
Excavation of the first production ore commenced immediately after the blast.
The ASX 200 gold stock said that this "key milestone" for the project marks an important part of the mine's ongoing ramp-up toward steady-state production. That's targeted for the third quarter of FY 2027.
Perseus' CMA Underground mine is the first mechanised underground mine in Cote D'Ivoire.
What did management say?
Commenting on the progress that should help support Perseus Mining shares longer term, managing director and CEO Craig Jones said:
The first production blast is a defining moment for Perseus and Cote d'Ivoire, representing the culmination of many months of intensive underground development, drilling and infrastructure installation.
This is a testament to the hard work and dedication of our site team and contractors, and we look forward to scaling up operations over the coming months with the higher-grade underground ore providing mill feed.
What else has been happening with Perseus Mining shares?
Perseus Mining released its March quarter (Q3 FY 2026) update last Thursday, 23 April.
Highlights for the three months included a 21% quarter-on-quarter increase in gold production to 107,144 ounces.
And, pleasingly, costs came down. The ASX 200 miner reported all-in site costs (AISC) of US$1,748 per ounce in Q3, down from US$1,800 the prior quarter.
Perseus achieved an average sales price for its gold of US$4,143 per ounce.
The miner reported third-quarter operating cash flow of US$252 million.
Turning to the balance sheet, as at 31 March, Perseus Mining held cash and bullion of US$817 million.
Looking at what could impact Perseus Mining shares in the months ahead, the miner reaffirmed its FY 2026 production guidance of 400,000 ounces to 440,000 ounces of gold. Management forecasts an AISC of US$1,600 to US$1,760 per ounce.
Atop aiming for commercial production from the CMA Underground mine in Q3 FY 2027, as mentioned above, Perseus is also targeting first gold from its Nyanzaga project, located in Tanzania, in January 2027.
Perseus Mining shares remain up 71.8% over 12 months, not including dividends.
