The result, at 16.7c per share, is a 288% improvement on last year’s result, thanks to a 26% increase in revenue and 10% decrease in expensed.

The result was also pushed along by a foreign exchange gain of $US52.4 million. The company’s cash balance was $103.7 million (19.7c per share), up 181%.

Working capital was $177.6 million, an increase of $108.3 million, up 157% on the figure for 2014.

The company’s Edikan gold mine in the central Ashanti region of Ghana performed strongly, increasing gold production by 17% to 212,000 ounces and containing all-in site costs at $US877 per ounce, a 32% decrease.

 The average sale price of gold was steady at $US1324/oz. 

“Our team has worked very hard to improve the operating performance at our Edikan Gold Mine and this is reflected in the strong financial results. Favourable foreign exchange movements have certainly improved the result in Australian dollar terms but significant cost savings and productivity gains underpin the performance as does a prudent approach to gold price risk management which has delivered an average gold price of $US1324/oz in a falling gold market,” managing director Jeff Quartermaine said.

“Our debt free working capital base of $A178 million has been steadily built up during the course of the year and this has placed us in a strong position to deliver growth in total shareholder returns notwithstanding the challenging gold price environment in which we are currently operating.”

Perseus has other exploration targets in Ghana as well as the Tengrela development in neighbouring Ivory Coast. The company expects to start constructing Tengrela in September 2015 and first gold to be poured within 14 months.