Perseus Mining's (ASX:PRU) Nyanzaga project valuation has been updated to reflect the latest information from the project's feasibility update, revealing higher capex, lower production, and higher operating costs than initially modelled, according to a Monday note by Euroz Hartleys.

The company plans to mine Nyanzaga as a large open pit, unlike the original plan of its previous owner, OreCorp, of a smaller open pit and underground mining, with a processing scale of six million tonnes per annum, up from the previous plan of four million tonnes per annum, Euroz Hartleys said.

The previous valuation was based on information from OreCorp's feasibility study released in 2022.

The project received a final investment decision, with Perseus Mining set to invest $523 million in development for targeted first gold in the first quarter of 2027.

Euroz Hartleys maintained Perseus Mining's buy rating and AU$3.95 price target.

The company's shares rose nearly 3% in afternoon trade Tuesday.