0325 GMT - Perseus Mining's balance sheet continues to strengthen, giving it flexibility to increase shareholder returns and invest in growth simultaneously, Macquarie says. The gold miner reported over US$1 billion in net cash at June 30. "We anticipate outsized returns, above the current buy-back program," Macquarie says. And the miner "should still leave plenty of capacity in the balance sheet to finalize Nyanzaga and progress organic and/or inorganic growth opportunities," it says. The bank has a outperform rating and target price of 5.50 Australian dollars on Perseus. Shares are up 0.4% at A$4.88.