Perseus Mining: 4Q26 result - Capital management upside into August?

Research evidence excerpt

Perseus Mining: 4Q26 result - Capital management upside into August?

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Perseus Mining Overweight

PRU.AX, PRU AU

4Q26 result - Capital management upside into August? Price (30 Jul 26):A$4.86

Price Target (Jun-27):A$6.20

Key takeaways from the 4Q26 result: (1) 4Q26 was marginally weaker than Australia

JPMe with production 6% below JPMe and AISC 8% above. FY26 production

Australia Metals & Mining

finished at the lower end of guidance whilst costs came in at the upper end. (2) FY27

guidance was strong with group production exceeding our estimate at the mid-point Branko Skocic AC

(420-480koz vs 434koz) and AISC below (US$1,835 - 2,070/oz vs US$2,110/oz). (3) (61-3) 9633-4069

branko.skocic@jpmorgan.com

Cash was 3% ahead at quarter end. The strong balance sheet position supports the J.P. Morgan Securities Australia Limited

prospects for additional capital management in August (key driver of our OW call). Lyndon Fagan

We retain our Overweight recommendation with our price target unchanged at (61-2) 9003-8648

A$6.20/sh. Our earnings fall 5% in FY26 (weaker JunQ) and increase 5% in FY27 lyndon.fagan@jpmorgan.com

(lower Edikan costs). We remain more conservative on Nyanzaga ramp-up J.P. Morgan Securities Australia Limited

(consistent with our modelling approach across our coverage) with our FY27 group Jonathon Sharp

production in the lower half of guidance. (61 2) 9003-8312

jonathon.sharp@jpmorgan.com

• Nyanzaga on track for first gold in Jan-27. Critical path remains the mill and J.P. Morgan Securities Australia Limited

the award of the primary mining contract. Interestingly, management noted Devwrat Vegad

that the award of the mining contract could be deferred until late CY26 / early (91-22) 6157-3608