Perseus Mining Limited, a mining company based in Perth, Western Australia, has released its quarterly report for the period ending March 31, 2024 [1facf671]. The report highlights the company's strong operating performance, with gold production of 127,471 ounces in the March 2024 quarter and a total of 389,048 ounces for the financial year to date. The average gold sales price increased by 3% quarter on quarter to US$2,025 per ounce. Perseus Mining expects its strong performance to continue for the remainder of the June 2024 Half Year, with gold production and all-in sustaining costs (AISC) guidance unchanged at 226,000-254,000 ounces at an AISC of US$1,180 to US$1,340 [1facf671].
Perseus Mining has also signed a Cooperation Agreement with Ajlan & Bros Mining & Metals Company to explore exploration and development opportunities. Additionally, the company's takeover offer for OreCorp Limited has progressed significantly, with the OreCorp Board endorsing the offer. The report provides Group Gold Production and Cost Market Guidance for the June 2024 half year and the full 2024 financial year. It also includes a Competent Person Statement and a Caution Regarding Forward Looking Information [1facf671].
In other news, Perseus Mining Limited has accepted the resignation of David Ransom, a non-executive, independent Director of the Company [e3785fce]. Mr. Ransom's resignation, due to ill health, took effect on June 30, 2024. Perseus intends to recruit a replacement director in the future. Perseus's Chairman and CEO, Jeff Quartermaine, expressed gratitude for Mr. Ransom's contributions to the company over the past four years and highlighted his professionalism and knowledge [e3785fce].
Soma Gold Corp. has also released its financial and operational results for the first quarter of 2024 [32145f9f]. The company reported a total production of 7,335 AuEq ounces, an 8% increase compared to the same period last year. Revenue for the quarter reached US$19.3 million, up 21% from the previous year. Despite the temporary increase in production costs, Soma Gold's Adjusted EBITDA remained consistent at US$6.3 million. The company is focusing on expanding its exploration efforts and increasing resources on its Antioquia properties. Soma Gold is also advancing the formalization process for small miners operating on its concessions. CEO Geoff Hampson highlighted the progress made in understanding and interpreting the structural geology, which is expected to lead to additional resources. Soma Gold Corp. has a market cap of US$40.19 million and trades in a 52-week range of CA$0.30 and CA$0.74. As of December 31, 2023, it had CA$1.8 million in the bank, with a monthly exploration budget of CA$330,000. CEO and Chairman Geoffrey Hampson holds 17.17% of the company, and 67.45% is held by management and insiders. Institutions hold 0.70% of control, and the rest is with retail investors.
U.S. GoldMining Inc., a Nevada-incorporated mining company, has disclosed its unaudited condensed consolidated interim financial statements and management's discussion and analysis for the three and six months ending May 31, 2024 [868dfa5d]. The financial statements provide a snapshot of the company's performance over the past six months compared to the same period in the previous year. However, the figures have not been audited and are subject to change. Investors are advised to exercise caution and not rely solely on these interim financials for making investment decisions. The company has not yet completed its financial close processes for the fiscal quarter ended June 30, 2024, and the current information should be considered preliminary. The financials were prepared by GoldMining Inc., the parent company of U.S. GoldMining, and are not in accordance with U.S. generally accepted accounting principles (GAAP). The management's discussion and analysis, included as part of the SEC filing, provides further context to the financial statements. U.S. GoldMining has warned that the financial information might not be complete and should not be the sole basis for investment decisions. The information disclosed is not deemed 'filed' for purposes of the Securities Exchange Act of 1934 and is not subject to the liabilities of that section. In other news, US GoldMining Inc. has received a raised price target from H.C. Wainwright, following updates on its Whistler Gold-Copper Project in Alaska. The company has outlined plans for the 2024 field season, including drilling at the Whistler and Raintree West deposits to expand and optimize the current mineral resource area. The increased price target reflects an improved valuation for the company's projects [868dfa5d].