Perseus continues its market leading operating performance,

increasing its cash and bullion balance to US$594M.

Perseus Mining Limited (TSX:PRU) (ASX: PRU) reports on its activities for the three months’ period ended September 30, 2023.

• Key operating highlights for the September 2023 quarter include:

Quarterly gold production of 132,804 ounces at AISC of US$937 per ounce.

Production and cost guidance for the Half Year to 31 December 2023 remain unchanged.

Quarterly gold sales of 115,954 ounces, 17.5% below the June 2023 quarter due to timing of sales.

Average sale price of gold was US$1,936 per ounce, up US$3 per ounce from the June 2023 quarter.

Average cash margin of US$999 per ounce of gold sold, up 8% (+US$73 per ounce) from the June 2023 quarter.

Notional cashflow of US$132 million during the quarter, up 4% (+US$5 million) from the June 2023 quarter.

Strong quarterly cashflows have further strengthened Perseus’s financial position with available cash and bullion of US$594 million, an increase of US$72 million during the September 2023 quarter.

Zero debt with undrawn debt capacity of US$300 million.

Group 12-month rolling average TRIFR at 1.07, down from 1.20 in the June 2023 quarter.

• Key operating indicators for the September 2023 quarter and the Calendar Year 2023 to date include:

• Demonstrated financial capacity to continue business growth either through organic growth or M&A activity via value accretive opportunities or a more aggressive approach to capital management.
• Yaouré Gold Mine Ore Reserves increased to 37.2 million tonnes of ore grading 1.73 g/t gold and containing 2.07 Moz from open pits and underground operations. Life of mine extended to 2035, with potential for further extension.
• Planning is currently underway to upgrade security arrangements and recommence Mineral Resource definition drilling at Meyas Sand Gold Project in Sudan.
• Perseus’s total economic contribution of ~US$129 million (approximately 58% of revenue) to host countries of Ghana, Côte d’Ivoire and Sudan during the quarter, supporting its strong social licence to operate in these countries.

Perseus’s Managing Director and CEO Jeff Quartermaine said:

“This quarter, Perseus has produced another excellent operating performance with the Group’s gold production and AISC outperforming internal targets, placing the Company on a firm footing to once again, achieve or potentially outperform market guidance for the current Half Year Period ending 31 December 2023.

During the quarter, we also reported adding more ounces of gold to our gold inventory than we depleted through mining activities in the preceding 12-month period. At Yaouré, our flagship gold mine, not only have we demonstrated our ability to grow our business through organic means by increasing JORC Compliant Ore Reserves and Mineral Resources, but we have also extended its operating life to 2035 by adding an underground mining operation to the existing open pit operation.

Our cash balance continues to grow. This quarter, we have added US$72 million to our cash and bullion balance increasing it to US$594 million. We have zero debt and US$300 million of undrawn debt capacity. As a result, we are in an excellent position to either continue to grow our business through organic or inorganic means, or actively return capital to shareholders, should this prove to be a more appropriate use of funds.”

Competent Person Statement

All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Edikan

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 24 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso and Bagoé

The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 24 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

Yaouré

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement “Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré” released on 23 August 2023. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply.

Meyas Sand Gold Project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement “Perseus Enters Into Agreement to Acquire Orca Gold Inc.” released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company’s ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca’s NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.