PERSEUS MINING LIMITED (PRU)
Share Price Analysis and Chart

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25/09/2025

3

Neutral, High Risk

$4.80

-2.83%

Citi raises its FY26 gold earnings forecasts by 20-30% on higher gold price assumptions, resulting in higher target prices among stocks under the broker's coverage.

December quarter forecasts rise by US$200/oz to US$3,700/oz, while the 2026 estimate increases to US$3,250/oz, up US$500/oz.

Long-term real prices are now set at US$2,500/oz from US$2,200/oz, while Citi also lifts its long-term equity model pricing to US$2,600/oz from US$2,300/oz, in line with consensus.

EPS momentum versus consensus remains positive, explain the analysts, with equities yet to fully reflect spot pricing as seen in prior cycles.

Miners have expanded margins, are showing no appetite for potentially value-destructive M&A, and are generating around $11bn of positive free cash flow (FCF) in this cycle. This compares to around -$16bn of FCF burnt between 2000-2013, highlights Citi.

The broker's preferred ASX100 pick remains Evolution Mining, supported by organic growth options, high-quality long-life assets, consistent operational delivery, and copper exposure. Outside the ASX100, a Buy rating is maintained on Greatland Resources.

The Neutral, High Risk rating is kept for Perseus Mining and the target raised to $4.80 from $3.70.

FORECAST
Citi forecasts a full year FY26 EPS of 38.85 cents.
Citi forecasts a full year FY27 EPS of 26.42 cents.

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01/10/2025

1

Buy

$6.40

29.55%

Canaccord Genuity has updated its long-term (from 2029) gold price forecast by 8.2% to US$4,173/oz, and the medium-term 2026/27/28 by 8.9%/8.5%/8.2%, respectively, in line with the forward curve.

For silver, the broker lifted the long-term price forecast by 14.5% to US$47.8/oz while long-term forex forecasts were left unchanged.

This has resulted in an average 13% rise in the broker's target price for senior producers, 12% for intermediate/junior producers, and 12% for explorers/developers.

The broker expects Perseus Mining to report a -14% q/q fall in the September quarter to 104koz, 2% above the consensus. Cost forecast of US$1,469/oz is -4% lower than the consensus.

Buy. Target rises to $6.40 from $5.80.

FORECAST
Canaccord Genuity forecasts a full year FY26 dividend of 6.22 cents and EPS of 49.73 cents.
Canaccord Genuity forecasts a full year FY27 dividend of 6.22 cents and EPS of 48.17 cents.