Can you discuss Perseus Mining’s strategy for optimizing the recently secured A$60 million funding?

Our plan is to allocate A$40 million of the funding to the development of our Sissingué project in northern Côte d’Ivoire, while the remaining US$20 million will be used as needed for working capital. This will enable us to move forward with our strategy of producing gold from three mines and ultimately produce around 500 thousand ounces of gold by 2021. To achieve this, we will continue to improve production from our Ghanaian property, Edikan, which has been cash positive since December. We also plan to bring the Sissingué gold mine into operation by Q1/Q2 of 2018, and with the last of the financing secured, we are halfway through the construction process. Once we have generated enough cash from Edikan and Sissingué, and arranged a suitable debt financing package, we will be able to accelerate the development of our third mine, the Yaouré project in Côte d’Ivoire.

What strategies does Perseus Mining have in place to manage the risks of its operations abroad?

As a company operating in West Africa, we understand that things can change quickly, so we strive to maintain a spread of risk, both political and technical. Having been a single mine operation for some time, we recognize that a secondary revenue source is vital to achieving a reliable income stream, as a single mine shutdown could have serious implications. Therefore, we always look for opportunities to spread risk and minimize exposure to any one operation.

What are the advantages of developing a gold mining project in Western Africa given the current state of the market?

Developing a gold mining project in West Africa offers a number of advantages, particularly in terms of timing and resources. When we began work on the Sissingué project, there was relatively low activity in the sector, which allowed us to engage contractors at relatively low rates in comparison to those that might apply in a bull market for gold. In contrast, our first mine, Edikan, was brought into production during a peak market, which made labor difficult to source. To succeed in this market, it’s essential to have strong quality assets, a solid and capable workforce, financing, a strong social license to operate, and a favorable market. The absence of any one of these components can result in a struggle. What sets Perseus Mining apart from other companies is that we already own the assets that will deliver growth, and we are putting them to work as we speak.

What are the benefits of headquartering Perseus Mining in WA, and how does working remotely impact your operations?

Perth has been the home of Perseus Mining since the company was founded, and there are many advantages to this. One major benefit is that we have access to a huge pool of expertise, which we can purchase in Australian dollars rather than in American dollars or Sterling. Additionally, being based in Perth means that we can travel to West Africa quickly if needed. For instance, if an urgent matter arises, we could get on a plane at 10 pm and be in West Africa by 11 am the following morning. The time difference also works to our advantage, as it allows us to communicate by phone or Skype during the overlap between the two time zones. Overall, we believe that there are many positive advantages to being based in Perth and that it does not impact our management control over our operations.