Perseus Mining (ASX: PRU) has acquired a relevant interest in 13.82% of the issued shares of Predictive Discovery as a strategic equity investment.
Predictive’s key asset is the Bankan Gold Project, a pre-development project located in Guinea, West Africa. The Bankan Gold Project has a reported Probable Ore Reserve of 57.7 Mt @ 1.64 g/t gold containing 3.05 million ounces of gold.
In addition to the Predictive share acquisition, Perseus has an economic interest in approximately 3.45% of Predictive shares through cash settled equity swaps.
Perseus is not currently in discussions with Predictive and, subject to there being no actual or proposed material change in the shareholding of Predictive, Perseus says it has no current intention to acquire control or make a takeover offer for Predictive.
“As a deliberate element of our capital management strategy, Perseus continues to assess and, where considered commercially appropriate, deploy our significant reserves of cash and bullion that totalled US$587 million at 30 June 2024, to pursue opportunities that will deliver material growth for our shareholders in coming years,” Perseus’s Chairman and CEO, Jeff Quartermaine, said.
“Predictive’s Bankan Gold Project is an attractive gold development project located in a jurisdiction that has an increasing presence in the gold mining industry. We are looking forward to working with the Predictive management team and Board to help realise the potential of the Bankan Gold Project.”
Perseus is currently focused on the development of our Nyanzaga Gold Project in Tanzania which it plans to bring into production by Q1 2027, as well as continuing to successfully operate our three existing mines, Yaouré, Sissingué and Edikan which in FY24 produced a total of 509,977 ounces of gold at a weighted average AISC of US$1,053 per ounce.”