Perseus Mining: Yaouré growth drilling pays off

Perseus Mining has reported positive growth updates at Yaouré, highlighted by a strong mining performance and plans for an expanded exploration program.

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The Perseus Mining Ltd (ASX: PRU) share price is in focus after the company unveiled a growth-oriented update on its Yaouré Gold Mine, with highlights including strong open pit grade reconcilations and encouraging underground results.

a woman wearing full miner's uniform, including a hard hat with lamp, high visibility overalls and vest, smiles in front of mining equipment.

Image source: Getty Images

What did Perseus Mining report?

  • CMA underground successfully transitioned into production, ramping up towards steady-state operations
  • The Yaouré open pit delivered over 24% more gold than modelled from September 2025 to March 2026
  • Extension drilling at CMA underground and other areas identified potential to grow Mineral Resources
  • Perseus committed $34 million in FY27 for resource drilling to expand the Mineral Resource base
  • The five-year outlook for Yaouré is being reviewed as drilling continues to define new targets

What else do investors need to know?

Perseus reports that since the initial 1.52 million-ounce Ore Reserve in 2020, the Yaouré Gold Mine has replaced 76% of mined ounces, maintaining a 1.44 million-ounce reserve while extending mine life from 9 to 15 years.

Production ramp-up at the CMA underground mine included development milestones and initial stoping, with ore recovery outperforming expectations. Exploration drilling also highlighted new prospects at adjacent deposits like CMA Southwest and ROZA, expanding the scope for future production and mine life extension.

An updated Ore Reserve statement, incorporating recent drilling, is expected in August 2026. This will help clarify the impact of positive grade reconciliation trends and newly defined resources.

What did Perseus Mining management say?

Managing Director & CEO Craig Jones said:

Yaouré continues to demonstrate why it is a cornerstone asset in our portfolio. The successful transition of CMA Underground into stoping operations reflects the strength of our in-house team and their ability to execute complex underground developments safely and to schedule. Equally pleasing is the performance of the Yaouré open pit, which has now delivered more than 20% additional gold relative to our Reserve model year to date, while our drilling continues to define new mineralisation domains both at depth and along strike. Extension drilling at CMA Underground has produced encouraging results pointing to mineralisation beyond the currently defined Mineral Resource, and our exploration success beyond the boundary fence reinforces our confidence that Yaouré's mine life can be extended well beyond current estimates. Our optimistic outlook provides confidence to invest in $34M exploration and in-fill drilling studies at Yaouré in FY27 and underscores our disciplined approach to organic growth — investing in the drill bit to convert Inferred Resources and extend the life of an asset we know intimately. This is precisely the model that has consistently created value for our shareholders, and we look forward to updating the market as these programs progress.

What's next for Perseus Mining?

Perseus Mining is targeting further resource conversion and near-mine exploration at Yaouré, with a focus on potentially extending the mine's operating life and increasing gold output. The $34 million investment in FY27 will fund around 123km of drilling and related studies on site.

Management's strategy remains focused on low-risk organic growth, leveraging in-house technical teams to extract more value from existing assets. Additional drilling and resource model updates are planned for the coming year, underpinning the company's positive production outlook and reinforcing Yaouré as a key contributor to the group's performance.

Perseus Mining share price snapshot

Over the past 12 months, Perseus shares have risen 31%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 2% over the same period.

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Motley Fool contributor Laura Stewart 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 Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

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