Australia

Perseus Mining reaches new six-year high of $1 reflecting strong dynamics

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Perseus Mining Limited (ASX:PRU) (TSE:PRU) continues trending higher on the back of strong gold prices, improved operational stability and a diversified production base with the price reaching $1.00 today.

This not only represents a new 12-month high for the West African gold producer, it also is the highest price for more than six years.

PRU's 5-year price chart (image from Commsec).

Perseus operates two gold mines in West Africa, Edikan and Sissingué, is developing its third mine Yaouré and is leveraged to the growing resource at Mako Gold Ltds (ASX:MKG) Napié project through its 49% ownership.

Outperforms most peers

The companys share price has outperformed most of its gold producer peers in recent months and todays increase of up to 8% was supported by a 1% rally in the gold price overnight.

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Gold price movements since July (image from TradingView.com).

Since the 2018 annual general meeting, the companys share price has risen 50 cents and the market cap has gone from $394 million to $1.08 billion.

The net cash position has improved from $68 million at the 2018 AGM to $125 million which positions the company to continue its growth story in 2020.

PRU's 6-month price and volume charts (image from Commsec).

On track for guidance

Perseus is on track to meet its 2020 financial year guidance of 260,000 tRead More – Source