While the company is currently valued about mid-table in a list of ASX peers on an enterprise value per reserve ounce, US$110 million will be spent on exploration to try and increase reserves by 2.4 million ounces by the end of fiscal 2024.

Reserves at the end of June stood at 3.2Moz.

Perseus is also mid-table and on an enterprise value per production ounce basis, with output this year growing strongly and 500,000oz being targeted.

Presenting virtually today as part of the NWR Resource Series, Quartermaine/Perseus' slide deck also pointed to the potential for average cash flows of US$335 million per annum.

Responding to questions, Quartermaine said capital returns to shareholders above the 1% yield recently initiated could occur if the company generated excess cash beyond its needs.

He also said that while the company was concentrating on organic growth, it was open to M&A elsewhere in West Africa if it could get the "risk return ratio" right.

"Executing M&A is a lot more difficult than talking about it," Quartermaine said.

Shares in Perseus were down 1.8% to A$1.37 in morning trade during a week session for the gold patch, capitalising the company at nearly $1.7 billion.

At the start of the September quarter cash and bullion of US$156 million and debt of $100 million.