Our Chief Financial Officer, Lee-Anne de Bruin. This quarter marks the close of the 2026 financial year. It's been another period of solid operating performance from our three operating gold mines with strong cash generation, along with continued progress on our organic growth projects. Looking at our operating performance. We produced 109,000 oz of gold, which was up 1,869 oz on the March quarter. The higher production was achieved across two of the three operating gold mines. The weighted average production cost was $1,340/ oz , and the All-in Site Cost was $1,941 /oz. The comparable All-in Sustaining Cost for the quarter was $1,848 /oz . Gold sales from the three operations totaled 114,567 oz, which was 18,000 oz more than the quarter three of the financial year.
The realized gold price was $4,086 /oz, and our average cash margin for the quarter was $2,145 /oz, resulting in a notional cash flow of $216 million. We finished the quarter notably with over $1 billion in cash and bullion. Looking at our performance across the 2026 financial year, we produced 405,000 oz of gold at an All-in Site Cost of $1,750 /oz. Gold sales from all three operations totaled 399,000 oz with an average realized gold price of $3,693 /oz, which is $1,150 /oz more than the financial year 2025. Our average cash margin for the year was $1,943 /oz, which was $635 /oz higher than the 2025 financial year, resulting in a record notional operating cash flow of $769 million from all operations, $119 million higher than financial year 2025.
If we turn now to Yaouré, overall gold production from the open pit and the CMA Underground was 38,900 oz of gold at an All-in Site Cost of $2,277 /oz. The Yaouré open pit produced 30,440 oz, and the CMA Underground produced 8,472 oz. Overall, processed head grade was lower than planned, at 1.13 g/ton , down from 1.29 g/ ton last quarter. This is for two reasons. Firstly, access to the higher grade Yaouré Stage 1 area was limited as a result of high rainfall. Secondly, we mined the oxide section of the Zone 2 deposit in June, which returned a grade that was lower than planned. Sustaining capital was higher, reflecting timing of works on the new community road, which is part of the waste dump extension and the replacement of the tailings pipeline.
As I mentioned earlier, the quarterly production for the CMA Underground was 8,472 oz, which was up 1,600 oz from Q3. The overall gold sales for the site totaled 39,000 oz at $3,920 /oz, including 7,252 oz sold from production at the CMA Underground. Yaouré produced a notional cash flow for the quarter of $50 million. On the CMA Underground, this was a landmark quarter for the CMA Underground. We've advanced 3,604 m of lateral development across the four declines to date. Critically, we commenced stoping in April with three stopes completed, delivering 33,606 tons of ore. Preparations commenced for the installation of the primary ventilation fans and the expansion of the generator farm with contractor engagement for civil, structural, and steel works. Project development progressed well with $89.6 million spent by 30 June 2026.
Whilst CMA Underground started later than we initially planned due to the permitting delays, the team's been able to recover some of the lost production through good performance throughout the year. I really look forward to CMA Underground project adding considerable value to Perseus as we ramp up to commercial production, positioning CMA Underground as a long-term key value driver for Yaouré. For Edikan, we produced 41,940 oz of gold at an All-in Site Cost of $1,959 /oz. Head grade process was 0.79 g/ton, down from 0.84 g/ton in the previous quarter as a result of pit sequencing and mining in lower grade areas of the Nkosuo pit. Quarter-on-quarter, Edikan production cost increased by 17% to $1,155 /oz.
The increase was primarily attributable to higher mining costs driven by increased diesel prices, increased blasting volumes associated with higher volumes of fresh ore, and increased rehandle costs. In addition, grade control drilling at Nkosuo was increased during the June quarter, following weather-related delays in the previous quarter. The increased costs were compounded by lower production volumes, which negatively impact the fixed cost absorption. The weighted average All-in Site Cost increased to $1,959 /oz from $1,539 /oz in the previous quarter, attributable to the increased production costs, along with increase in royalties and timing of sustaining capital spend associated with the new cyanide tailings storage facility construction and pit perimeter dewatering wells. The royalties increased by $216 /oz as a result of the new scaled royalty implemented by the government of Ghana that was effective from the 10th of March 2026.
Gold sales from Edikan were 43,868 oz at $4,347 /oz. We also commenced the cutbacks and dewatering of the Fetish and Esuajah North pits, which are the future ore sources for Edikan once post-completion of the Nkosuo pit. Edikan produced a notional cash flow of $100 million for the quarter. Sissingué was a standout performer for the quarter. Our Sissingué complex produced 28,161 oz of gold at an All-in Site Cost of $1,550 /oz, representing an 11% increase in production and a 3% reduction in All-in Site Cost compared to the previous quarter. This improved performance was mainly attributable to the higher proportion of high-grade ore from the Antoinette pit at Bagoé. Gold sales were 31,453 oz at a realized gold price of $3,890 /oz. Notional cash flow generated from the complex during the quarter was $66 million.
Taking into account the March quarter, the notional cash flow of $60 million, Sissingué has made a meaningful contribution to the performance of the business. Looking ahead to our FY 2027 production and cost guidance, we expect production to be in the range of 420,000-480,000 oz of gold at an All-in Site Cost of $1,835/oz-$2,070/ oz. Our cost guidance is based on gold price assumption of $4,000 /oz and government royalty rates of 8% in Côte d'Ivoire and 11% in Ghana. This guidance reflects the commencement of production at Nyanzaga with our guidance, including 55,000 oz of gold based on the FID that it has released in April 2025. All operating costs at Nyanzaga are capitalized into commercial production, which is planned for Q4 of FY 2027. I'll hand over now to Lee-Anne, who'll talk through the financial aspects of the quarter.
Thanks, Craig. The performance of our sites during this transitional year has not disappointed and allowed us to further strengthen our balance sheet. Our net cash and bullion position, as Craig pointed out, has ended the year just over $1 billion. This was after continued investment in our growth projects across the business. The liquidity position of the business sits at $1.4 billion, with our undrawn debt facility of $400 million. This liquidity excludes the $230 million of liquid investments in relation to our investments in Predictive Discovery and Aurum. Giving consideration to this strong position of our balance sheet, we continued to purchase shares under the share buyback program announced in September 2025. The AUD 100 million was reached in June 2026. The board resolved to further increase the share buyback to AUD 150 million on the 15th of June 2026.
At the end of June 2026, we had purchased back 24.1 million shares at an average price of AUD 5.24, for a total cash outflow and to a return of AUD 126.6 million. In FY 2026, Perseus has returned AUD 194 million to shareholders via its interim dividend declared in February of AUD 0.05 per share, totaling AUD 67.5 million and t he share buyback, as I just mentioned, of AUD 126.6 million. The shareholder returns has continued to grow since our maiden distribution in September 2022, as you can see from the graphs. Further capital allocation will be under consideration by our board as part of the financial statements released in August 2026, in line with our capital management framework and dividend policy.
The strong financial position of Perseus has been built over years of strong sustainable cash flow generations through disciplined execution by our dedicated teams across the globe. As CFO for over my nearly six years as part of Perseus, I've had the privilege of sharing these results with everyone on these calls. It's a team effort of every individual across the Perseus team that contributes to these outcomes. The strong gold price, coupled with a focus on cost and capital discipline, produced an average Q4 cash margin of $2,145 /oz and delivered a notional cash flow for Q4 of $216 million. As Craig pointed out earlier on, this has delivered a record full-year notional cash flow of $769 million for the financial year, another milestone for Perseus. We shift our focus now to the cash flows and capital allocation for the June 2026 quarter, specifically.
The increase in cash and bullion to $1 billion was after operational cash flows of $276 million. Continued capital investment in our growth projects in the quarter of about $142 million, with $108 million spent in progressing the Nyanzaga growth project, which Craig will speak to later. A further $26 million in progressing the development of the CMA Underground. The start of the Edikan cutbacks. Ongoing exploration, drilling at our assets of $8 million, with exploration now a key focus going forward of our capital allocation program. Continued contributions to our host countries of $77 million paid in corporate and other taxes. Noting that we received the proceeds from the sale of the Sudan project in this quarter of $260 million. We continue to return to our shareholders, with AUD 77 million executed of the share buyback in the June quarter.
I'll pause very quickly on this, this is just a reconciliation of our All-in Site Cost cash base metric to the All-in Sustaining Cost metric, showing that the All-in Site Cost of $ 1,941/oz reconciles down to $ 1,848/oz on the All-in Sustaining Cost metric. I'll now hand back to Craig, to take everyone through the update on the Nyanzaga Gold Project.
Thanks, Lee-Anne, some pretty impressive numbers there. Moving on to our organic growth projects starting with Nyanzaga. The Nyanzaga Gold Project remains on budget and schedule for first gold in January 2027. The overall project progress achieved was 67% at the end of the quarter, total costs incurred and committed to date are $424 million, being 81% of the budgeted $523 million. The Nyanzaga Gold Project achieved a major safety milestone during the quarter, recording more than 8 million worked hours and 532 days of lost-time injury-free time, demonstrating Perseus' uncompromising commitment to safe project delivery. The key work fronts achieved significant progress over the period. We've got all major procurement for the process plant completed, with equipment and material deliveries now at the peak. All site installation contracts have been awarded and mobilized.
The tailings storage facility construction is ahead of schedule, with the north and southeast embankments complete, the southwest embankment is more than 60% complete, the basin is being prepared for the liner installation. The resettlement action plan was successfully completed with the handover of the final community infrastructure, including two schools, a dispensary, a granary, a village office, and a church. The pre-strip of the mining resource continued at Tusker Hill, with 1.8 million BCMs moved to date. Nyanzaga continues to build momentum as we move into the final phase of construction. I look forward to providing more updates on its construction, as it nears completion. Just a couple of photos there. Moving on to sustainability. Perseus maintained a stable sustainability performance throughout the June quarter finished, as we said, FY 2026 LTI free.
Our Total Recordable Injury Frequency Rate was 0.87, with three medical treatment injuries during the quarter. All sites exceeded their leading safety indicator targets, helping to stabilize that performance. Our contribution to our local economies was $388 million, including $226 million to local suppliers, $ 10.6 million in local wages, $ 126 million in taxes and royalties, $500,000 in social investment. The local and national employment remained at 94%, our female participation increased slightly to 12.8%. In terms of the environment, our rehabilitation at Fimbiasso progressed well. Our emissions intensity reduced to 0.66 tons of CO2 equivalent per ounce produced. Lower water withdrawals at Edikan and Sissingué reduced our overall group water intensity. Overall, we achieved a disciplined and consistent sustainability performance to close out FY 2026.
In closing, Perseus delivered another strong quarter of operational performance and strong financial returns, and meaningful progress on our strategic growth projects. We strengthened our balance sheet. With a strengthened balance sheet, high cash margin operations, and a clear pathway to growth through Nyanzaga and CMA Underground, Perseus is exceptionally well positioned heading into FY 2027. Thank you for joining us today, and I'll now open the floor to questions.
Thanks, Craig. Just a reminder, if you would like to ask a question directly to the company, please use the raise hand function. Your first question comes from Reg Spencer at Canaccord. Please go ahead, Reg.
Nathan, morning, Craig and Lee-Anne. Just a quick question on guidance, and congrats on a very solid quarter. Not much to really dive into, but I know that you provided some detail around what you expect to spend at Nyanzaga. Just group CapEx guidance for FY 2027. Can we expect something with your full- year result, or can you give us some help on that front, please?
We haven't provided any specific CapEx guidance other than our capital projects, both the CMA Underground and the Nyanzaga projects is really the key capital projects for us. Obviously, our sustaining capital is included in our All-in Site Cost guidance.
Roger that. Thanks, Craig. Appreciate it.
Thank you. Your next question comes from Richard Knights at Barrenjoey. Please go ahead, Richard.
Hi, Craig and Lee-Anne. Thanks for the call. Just a quick one on Yaouré. You've had a couple of tough quarters there. I just wanted to get a feeling as to how the CMA Underground is ramping up. What proportion of the June quarter production was underground versus open pit? In terms of the guidance for next year, what does that look like in terms of underground open pit? I suppose your level of confidence with how CMA is progressing.
Thanks, Richard. I think in terms of CMA, it's been a very good ramp-up for that project. If you recall, at the start of the year, the approvals to start that project were delayed by about three months. That set us back at the start of the year in terms of the CMA Underground. We've been able to ramp that mine up quicker than what we initially had in our budget. We've actually recovered some of that lost time throughout the course of the year. That's been a pretty solid performance from the CMA Underground. It's a result of a couple of things. I think that the team at site are doing an exceptional job of building the first and operating the first underground mine in Côte d'Ivoire, and the Ivorians are really taking to that well. There's also very good ground conditions.
It's meant for good development and good scoping performance. We're pretty confident in the ongoing ramp-up. Obviously, we continue to ramp that up through the course of this financial year with a bigger second half than first half from the CMA Underground. We're feeling pretty confident with its performance.
Can I just push you a little bit in terms of how much of the FY 2027 guidance you think the CMA Underground is going to contribute? Just trying to get a feel for how I model ramp up and grades.
We haven't provided any specific guidance on the proportion of underground versus open pit, other than to say that we expect to be in commercial production later this year, this calendar year.
I think, Rich, just the one thing that ultimately once the mine is running, we've mentioned this, at commercial production, you get a 70% feed from the open pit and 30% feed from the underground through the mill, that gives you a 50/50 outcome in terms of ounces out of the ROM from the two sources.
I think if you go back to the initial FID release for the underground, that is a pretty good guide. Hopefully, we do better than that. We are tracking a little bit ahead of that now. T hat would be a good source of information in terms of how to think about the underground.
Just with the open pits at Yaouré, in terms of the sort of grade reconciliation issues and pit access, are you sort of confident in the mine plan for FY 2027?
Yes, we are. If you take the last quarter, it was actually quite a wet season across Africa, both in Ghana and Côte d'Ivoire. We did have some issues that kept us out of Stage 1 a little bit.
That was kind of part of the grade issue for the last quarter. The other thing, we brought in some Zone 2 oxide material, which it was only being mined during June, and that didn't perform the way we expected it to. They were the two sort of mining challenges that we faced during the quarter. Both short-term issues.
Great. Thanks, guys.
Thank you. Your next question comes from Branko Skocic at JP Morgan. Please go ahead.
Good morning, guys. Good to see Nyanzaga on track for January 2027. I guess I was hoping you could step through, I guess, critical path between now and then and just confirm if the mining contractor has been awarded. I might have missed that one in the release.
I think if you talk to critical path, it's really through the mills. All the infrastructure is progressing pretty much ahead of schedule, and it's really through getting the mills up and running. The commissioning, of course, into operation. That's the key for the ongoing project. In terms of mining, we've moved, as I said before, 1.8 million BCMs project to date, well on track for our ore delivery. We're using local contractors to do that work. In terms of the longer term mining contract, we're still working through that. We've got plenty of time to get that contract awarded.
My understanding was that contract needed to be awarded by September, October of this year. Is that still the timeline, or could we potentially push that out a little bit and still get it done?
We've got plenty of time there. We can push that out.
That's good to hear. I guess the final question from me was obviously balance sheet's in a very strong position. I just really wanted to unpack the capital management outlook a little bit more and how the board's potentially thinking about sizing. Any additional capital management and whether there's a preference for like a one-off special or a sustained period of elevated returns over the next couple of years.
We'll talk about that more in August. We've got our, obviously, end- of- year board meeting where we'll discuss all of those sorts of elements of capital returns and be able to talk to you more about that post that meeting.
Not a problem. Appreciate it, guys.
Thank you.
Thank you. Your next question comes from Regan Burrows at Macquarie. Please go ahead, Regan.
Thanks, Craig and Lee-Anne, for taking my questions. A lot of them have been answered already. Potentially just around the All-in Sustaining Cost guidance. How sensitive is that to, I guess, the current fuel issues that we're seeing across all miners?
Look, it's not highly sensitive. It's about a 10% sort of proportion is the fuel cost. It's not massively sensitive.
We did, when we put the All-in Site Cost together, use sort of quite current fuel prices in those assumptions.
A lot of the inflation impact then is really just that Ghana sort of royalty regime and additional sort of costs coming through, and I guess sustaining capital up. Is that sort of how we think about it?
Yeah, for next year.
Correct.
Great. You sort of touched on the weather impacts, before just confirming, I guess there's no sort of hangover into Q1 FY 2027 in terms of the weather impacts across, I think it was Yaouré and Edikan?
No. Sissingué as well. All the sites got a lot of rain this year. No, there's no ongoing impacts from that.
Great. That's all I had. Thank you very much.
No problem.
Thank you. Your next question comes from Ben Wood at UBS. Please go ahead, Ben.
Morning, all. Thanks, Craig and Lee-Anne, for this morning's call. Just a quick one, I guess, on the changing royalty landscapes. Have there been further discussions that you can sort of let us know about? What's sort of going on in Ghana? Sort of the risk of sort of what you're seeing in Tanzania as you ramp up Nyanzaga sort of later this financial year, just broadly, I guess the jurisdictional risk that you're seeing across the portfolio at the moment.
If you take Tanzania, I think that there's really no conversations about royalties and so forth at this point in time. That's pretty stable. I think Ghana's really gone through its changing sort of approach to how it thinks about taxation. Again, the conversations there are pretty stable. There is always ongoing conversations, as you know, in these areas. At this point in time, they're relatively benign. We still are in dialogue with the Ivorian government around their Mining Code. That's not a finalized discussion at this point in time. We'll update if there's any change to that.
Thanks, Craig. C heers.
T here are no further questions at this time. I'll now hand back to Craig for closing remarks.
Thanks, Nathan. I suppose as I said before, we've had a good quarter and a good year. We're looking forward to providing further updates throughout the course of the next financial year, particularly around Nyanzaga as it progresses closer to production. None of this happens without the hard work and dedication of the Perseus team, and I really do thank them for the exceptional results that they're producing. Thank you all for attending.