SYDNEY, June 10, 2026, 04:03 AEST
Perseus Mining Ltd dropped 4.2% to finish at A$4.80 in Sydney after its buy-back update didn’t lift sentiment in a flat session for gold miners. Shares touched A$4.43 during the day before paring losses late. Trading volume hit 8.62 million shares, well above normal levels.
Perseus shares lagged the broader Australian market on Tuesday, with the S&P/ASX 200 down 0.24%. The miner continued its share buyback, which can shore up per-share earnings by cutting share count. But that doesn’t always support the stock when commodity prices are weak.
Perseus disclosed in an Appendix 3C dated June 9 that it spent A$1.75 million buying back 347,836 shares on June 5, with prices between A$5.00 and A$5.11 per share. After this, 23.7 million shares are still left on the on-market buy-back program, the filing said. That covers shares purchased on exchange, not off-market.
Gold stayed weak on Tuesday, with spot prices dropping 0.7%. Investors were watching for clues on inflation and rates in the U.S. Bob Haberkorn, senior market strategist at RJO Futures, told Reuters, “Gold and silver remain under pressure” until traders have clearer direction from the Fed. Reuters
Selling hit more than Perseus. Northern Star Resources slid 3.3%, Evolution Mining dropped 3.7%, and Genesis Minerals declined 2.8%. The moves suggest the pressure was broad across Australian gold miners, not just one stock.
Perseus’s operating position looks stronger than where the stock traded on Tuesday. The company’s March-quarter update in April showed gold output at 107,144 ounces, with full-year guidance held at 400,000 to 440,000 ounces. All-in site cost, or AISC, was left at US$1,600 to US$1,760 per ounce. AISC covers cash operating costs and sustaining capex at the mine.
Perseus Managing Director and CEO Craig Jones told investors on the April call it was “a good quarter for Perseus.” CFO Lee-Anne de Bruin said “liquidity is growing.” Jones also said the company didn’t see any “foreseeable fuel restrictions,” which remains a key issue for investors as fuel and logistics changes can swing West African mining costs. Investing
Perseus says its long-term pitch relies on its mines and projects in West Africa. The miner runs Yaouré and Sissingué in Côte d’Ivoire and Edikan in Ghana, and reported first gold from Yaouré’s CMA Underground during the March quarter. Perseus added that ore reserves at Nyanzaga are up 73% to 4.0 million ounces, and said the Tanzania project is still aiming for first output in January 2027.
The risk is clear: stronger U.S. inflation data could support higher rates, and that could keep gold under pressure. Higher rates usually hurt non-yielding assets like gold—assets that pay no interest—and that can offset any lift from a buy-back. Another drop in bullion prices, higher fuel costs, or setbacks at Nyanzaga could also slow the stock’s rebound.
ASX cash-market trading usually starts at 10 a.m. in Sydney. That puts Perseus in focus after its drop on Tuesday, with traders watching overnight bullion moves, the U.S. inflation release and whether buyers will see the fall as too sharp.
