Perseus Mining to sell 70% stake in Sudan’s Meyas Sand project for $260 million

Perseus Mining Limited has announced the sale of its 70 percent group interest in the Meyas Sand Gold Project (MSGP) in Sudan to Hong Kong Matrix Golden Fortune Mining Limited for a total cash consideration of US$260 million.

The company said the transaction follows the signing of a Share Purchase Agreement (SPA) between its wholly owned subsidiary, Perseus Sudan Holdings Pty Ltd, and the buyer, which is a subsidiary of Matrix Resources (Zhejiang) Co., Ltd.

Under the agreement, Perseus will sell Shark (BVI) Inc., the entity that indirectly holds its 70 percent interest in the project. The purchase price includes a US$10 million deposit already received at the signing of the agreement, with the remaining US$250 million to be paid upon completion of the transaction on April 22, 2026.

Perseus Mining Limited will act as the seller’s guarantor in the deal, while the buyer’s obligations are guaranteed by Zhejiang Lygend Investment Co. Ltd, the parent company of Matrix Group.

The Meyas Sand Project was acquired by Perseus in May 2022 through its acquisition of Orca Gold Inc. The company said the sale price would allow it to recover its purchase costs and investment in the project while generating a book gain.

Chief Executive Officer of Perseus Mining, Craig Jones, explained that the company decided to divest the asset following a strategic review, citing the protracted armed conflict in Sudan and its impact on the company’s ability to advance the project’s development.

He noted that the decision would enable Perseus to optimise its asset portfolio and redirect resources to its core operations and growth opportunities.

“The sale represents an important step for Perseus in its portfolio optimisation and allows allocation of resources to core assets and its growth strategy,” Jones said.

Proceeds from the transaction are expected to strengthen the company’s balance sheet, while Perseus also indicated that it may consider additional capital returns to shareholders.

Perseus added that the sale would not affect its reported group mineral resource and reserve estimates, as the project’s figures had been previously reported as foreign estimates.