Perseus increases stake in emerging explorer

The African focused gold producer first acquired a 13.82 per cent stake in Predictive in August, with its eyes on the Bankan gold project, Predictive’s pre-development project in Guinea.

Bankan has a reported probable ore reserve of 57.7 million tonnes at 1.64 grams per tonne of gold, for a total 3.05 million ounces of gold.

Perseus chair and chief executive officer Jeff Quartermaine previously described Bankan as “an attractive gold development project located in a jurisdiction that has an increasing presence in the gold mining industry”.

Further demonstrating its interest in the project, Perseus has now upped its stake in Predictive to 19.9 per cent, reportedly paying $US65.6 million ($98.3 million).

“As part of funding the acquisition of this increased stake in Predictive, Perseus has applied the proceeds raised from the unwinding of its previously announced cash settled equity swap position in Predictive,” Perseus said.

Perseus does not plan to make a bid for Predictive, confirming there are no takeover discussions taking place and it has “no current intention to acquire control or make a takeover offer for Predictive”.

Quartermaine previously said the company is focused on developing the Nyanzaga gold project in Tanzania, which it gained ownership over through its acquisition of OreCorp in April.

Perseus is anticipated to bring Nyanzaga online in the first quarter of 2027.