SEPTEMBER 2025 QUARTER REPORT Perseus Mining’s sustained operational performance grows cash & bullion balance to US$837 million
27 OCTOBER 2025
NEWS RELEASE
SEPTEMBER 2025 QUARTER REPORT
Perseus Mining’s sustained operational performance grows cash & bullion balance to US$837 million
PERTH, Western Australia/October 27, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended September 30, 2025 (the “Quarter”).
Operating performance
- 12-month rolling average TRIFR of 0.60 well below industry average.
- Gold produced totalled 99,953 ounces at an AISC of US$1,463 per ounce.
- Average cash margin of US$1,612 per ounce of gold produced, giving notional operating cashflow of US$161 million.
- Cash and bullion of US$837 million, plus liquid listed securities of US$134 million.
- CMA Underground development commenced at Yaouré.
- Nyanzaga project development progressing to plan with first production planned for March Quarter 2027.
FY26 Outlook
- Production and AISC market guidance remains unchanged for the June 2026 Financial Year (FY26) at 400,000 - 440,000 ounces at AISC of US$1,460 – 1,620 per ounce.
- Share buyback programme renewed, with up to A$100 million to be invested over a 12-month period.
Corporate
- Jeff Quartermaine retired as Perseus’s Managing Director and Chief Executive Officer on September 30, 2025 with Craig Jones assuming the role on October 1, 25.
Key operating indicators and highlights for the September 2025 quarter (Q1 FY26) include:
| PERFORMANCE | MARCH 2025 | JUNE 2025 | JUNE 2025 | SEPTEMBER 2025 | CALENDAR 2025 | |
|---|---|---|---|---|---|---|
| UNIT | ||||||
| INDICATOR | QUARTER | QUARTER | HALF YEAR | QUARTER | YEAR TO DATE | |
| Gold recovered Ounces 121,605 121,237 242,843 | 99,953 | 342,795 | ||||
| Gold poured Ounces 122,915 119,868 242,782 | 103,566 | 346,349 | ||||
| Production Cost US$/ounce 977 1,038 1,008 | 1,152 | 1,050 | ||||
| All-In Site Cost (AISC) US$/ounce 1,209 1,417 1,313 | 1,463 | 1,366 | ||||
| Gold sales Ounces 117,585 131,242 248,826 | 101,589 | 350,415 | ||||
| Average sales price US$/ounce 2,462 2,977 2,734 | 3,075 | 2,832 | ||||
| Notional Cashflow US$ million 152 189 345 | 161 | 503 |
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined total of 99,953 ounces of gold in Q1 FY26. The weighted average production cost was US$1,152 per ounce, while the weighted average All-in-Site Cost (AISC) was US$1,463 per ounce.
In Q1 FY26, combined gold sales from all three operations totalled 101,589 ounces or 29,653 ounces less than in Q4 FY25 due to lower production in line with FY26 guidance and the timing of shipments. The weighted average realised gold price was US$3,075 per ounce, US$98 per ounce more than the Q4 FY25 price of US$2,977 per ounce.
Perseus’s average cash margin for the quarter was US$1,612 per ounce resulting in notional operating cashflow from all operations of US$161 million, US$28 million lower than in Q4 FY25.
Group and mine operating results summarised in Tables 1 to 3 below.
Table 1: Gold Production by Mine
| MINE | TOTAL GOLD RECOVERED (OUNCES) | TOTAL GOLD POURED (OUNCES) | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARCH 2025 | JUNE 2025 | SEPTEMBER | CALENDAR | MARCH 2025 | JUNE 2025 | SEPTEMBER | CALENDAR | |||||
| QUARTER | QUARTER | 2025 QUARTER | 2025 TO DATE | QUARTER | QUARTER | 2025 QUARTER | 2025 TO DATE | |||||
| Yaouré Edikan Sissingué | 68,822 70,259 41,668 38,865 11,115 12,113 | 55,405 | 194,486 | 69,697 | 57,672 | 196,428 114,871 35,050 | ||||||
| 32,856 | 113,389 | 42,632 | 33,583 | |||||||||
| 11,692 | 34,920 | 12,311 | ||||||||||
| G | roup | 121,605 | 121,237 | 99,953 | 342,795 | 122,915 | 119,868 | 103,566 | 346,349 |
Table 2: Gold Sales by Mine
| MINE | TOTAL GOLD SOLD (OUNCES) | REALISED GOLD PRICE (US$ PER OUNCE) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARCH 2025 | JUNE 2025 | SEPTEMBER | CALENDAR | MARCH 2025 | JUNE 2025 | SEPTEMBER | CALENDAR 2025 | ||||||
| QUARTER | QUARTER | 2025 QUARTER | 2025 TO DATE | QUARTER | QUARTER | 2025 QUARTER | TO DATE | ||||||
| Yaouré Edikan Sissingué | 64,859 77,750 40,562 42,033 12,164 11,459 | 57,441 | 200,050 113,869 36,497 | 2,415 3,004 2,551 2,932 2,418 2,964 | 2,959 | 2,800 2,907 2,778 | |||||||
| 31,274 | 3,337 | ||||||||||||
| 12,874 | 2,953 | ||||||||||||
| G | roup | 117,585 | 131,242 | 101,589 | 350,416 | 2,462 | 2,977 | 3,075 | 2,832 |
Table 3: All-In Site Costs and Notional Cash Flow by Mine
| MINE | ALL-IN SITE COST (US$/OUNCE) | NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION) | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARCH 2025 | JUNE 2025 | SEPTEMBER | CALENDAR | MARCH 2025 | JUNE 2025 | SEPTEMBER | CALENDAR | ||||||||
| QUARTER | QUARTER | 2025 QUARTER | 2025 TO DATE | QUARTER | QUARTER | 2025 QUARTER | 2025 TO DATE | ||||||||
| Yaouré Edikan Sissingué | 981 1,180 1,177 1,482 2,736 2,584 | 1,110 | 1,106 1,405 2,686 | 99 128 57 56 -4 5 | 102 | 329 170 3 | |||||||||
| 1,603 | 57 | ||||||||||||||
| 2,745 | 2 | ||||||||||||||
| G | roup | 1,209 | 1,417 | 1,463 | 1,366 | 152 | 189 | 161 | 503 |
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q1 FY26.
During the quarter, ore tonnes mined at Yaouré were lower by 20% and 55,405 ounces of were produced, 21% lower than the prior quarter, in line with expected production. This reflects constrained mining at the base of CMA pit and a change in ore source from the CMA open pit to the Yaouré open pit as per the mine plan. A final “good-bye” cut was taken in the CMA open pit during the quarter. Gold grade for the remainder of the year is expected to be lower than Q1 due to the completion of the CMA pit and the Yaouré pit being the primary ore source.
CMA underground development commenced during the quarter with the firing of the Pauline portal. The Blika, Sika and Assanou portals will commence early in Q2. CMA Underground will be the first mechanised underground mine in Côte d’Ivoire.
The production cost in the quarter was US$829 per ounce with an AISC of US$1,110 per ounce. In total, 57,441 ounces of gold from Yaouré were sold at a weighted average sale price of US$2,959 per ounce. This resulted in an average cash margin of US$1,849 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$102 million, compared with US$128 million in Q4 FY25.
Ore milled tonnes were lower mainly due to maintenance shutdown for the Apron feeder reline and management of crushed ore stockpile levels. Mill throughput averaged 450 tph, which was below the prior quarter’s 506 tph. Throughput was reduced to manage the crushed stockpile levels ahead of crusher maintenance shutdown in the quarter. Mill runtime was 94.2%, compared to 93.8% for the June quarter. Gold recovery remained comparable to the previous quarter.
AISC for Yaouré decreased by 6% compared to the previous quarter, most notably due to sustaining capital and royalties. The decrease in sustaining capital primarily relates to timing of ongoing works on the tailings storage facility expansion which was higher in Q4 FY25 and a decrease in royalties due to a slightly lower average gold price achieved during the quarter. Mining unit cost was also higher due to reduction in mined tonnes and mining of fresh ore at bottom of CMA open pit and longer haul distances. Higher processing unit costs were driven by the impact of lower milled tonnes on the unit fixed costs offset by slight improvement in recovery. Although the unit costs improved, the gold sales were lower by 26% and the average realised sales price slightly reduced by 1% to US$2,959 per ounce compared to the previous quarter. First ore from underground is expected later in the year.
Table 4: Yaouré Quarterly Performance
| MARCH 2025 | JUNE 2025 | JUNE 2025 | SEPTEMBER 2025 | CALENDAR 2025 | ||
|---|---|---|---|---|---|---|
| PARAMETER | UNIT | |||||
| QUARTER | QUARTER | HALF YEAR | QUARTER | YEAR TO DATE | ||
| Gold Production & Sales | ||||||
| Total material mined Tonnes 8,184,423 7,799,852 15,984,275 | 5,197,676 | 21,181,951 | ||||
| Total ore mined Tonnes 2,803,764 1,603,623 4,407,386 | 1,276,492 | 5,683,878 | ||||
| Average ore grade g/t gold 1.24 1.47 1.32 | 1.77 | 1.42 | ||||
| Strip ratio t:t 1.9 3.9 2.6 | 3.1 | 2.7 | ||||
| Ore milled Tonnes 1,060,202 1,042,307 2,102,509 | 935,745 | 3,038,254 | ||||
| Milled head grade g/t gold 2.16 2.24 2.20 | 1.96 | 2.12 | ||||
| Gold recovery % 93.6 93.8 93.7 | 94.0 | 93.8 | ||||
| Gold produced ounces 68,822 70,259 139,081 | 55,405 | 194,486 | ||||
| Gold sales1 ounces 64,859 77,750 142,609 | 57,441 | 200,050 | ||||
| Average sales price US$/ounce 2,415 3,004 2,736 | 2,959 | 2,800 | ||||
| Unit Production Costs | ||||||
| Mining cost US$/t mined 3.65 3.96 3.80 | 4.35 | 3.94 | ||||
| Processing cost US$/t milled 13.82 15.67 14.74 | 16.06 | 15.15 | ||||
| G & A cost US$M/month 2.59 3.21 2.90 | 2.76 | 2.85 | ||||
| All-In Site Cost | ||||||
| Production cost US$/ounce 760 809 785 | 829 | 798 | ||||
| Royalties US$/ounce 172 232 202 | 228 | 209 | ||||
| Sub-total US$/ounce 932 1,041 987 | 1,057 | 1,007 | ||||
| Sustaining capital US$/ounce 50 138 95 | 53 | 99 | ||||
| Total All-In Site Cost2 US$/ounce 981 1,180 1,082 | 1,110 | 1,106 | ||||
| Notional Cashflow from Operations | ||||||
| Cash Margin US$/ounce 1,434 1,824 1,655 | 1,849 | 1,694 | ||||
| Notional Cash Flow US$M 99 128 230 | 102 | 329 |
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
2. Included in the AISC for the quarter is US$3.2 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life
MINERAL RESOURCE TO MILL RECONCILIATION
Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource Estimate (MRE).
In Q1 FY26, ore tonnes processed were 17% higher than predicted, while the head grade was 10% lower, resulting in a 5% positive variance in contained gold compared with the block model estimate.
Increased proportion of Yaouré Ore continued where geological complexity is greater. Despite the lower grades, the six and 12-month correlations show contained gold tracking within 5–6% of the model, indicating that long-term reconciliation remains stable
The ongoing implementation of the refined grade control and reconciliation workflows, introduced in late FY25, continued to result in improved mill reconciliation in the quarter with September result being within normal ranges.
Table 5: Yaouré Block Model to Mill Reconciliation
| BLOCK MODEL TO MILL CORRELATION FACTOR | |||
|---|---|---|---|
| PARAMETER | |||
| 3 MONTHS | 6 MONTHS | 1 YEAR | |
| 1.17 | |||
| 0.90 | |||
| 1.05 |
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q1 FY26 and in relevant prior periods.
Edikan produced 32,856 ounces of gold at a production cost of US$1,232 per ounce and an AISC of US$1,603 per ounce during the quarter. Edikan’s production was down by 15% and weighted average AISC was up 8% when compared to the previous quarter. Gold sales of 31,274 ounces were 26% lower than in the prior quarter at a weighted average realised gold price of US$3,337 per ounce. This was US$405 more than in the prior quarter, generating an average cash margin of US$1,734 per ounce. Notional cashflow generated was up 2% to US$57 million for the quarter compared to Q4 FY25.
Operating performance at Edikan during the quarter was in line with production expectations, with access issues to the Nkosuo pit mostly resolved, enabling access for mining operations. Ore tonnes mined were lower due to fewer mining areas following the completion of mining at the AG and Fetish pits over the last two quarters. Throughput averaged 831 tph, higher than prior quarter’s 794 tph; the head grade of processed ore was 0.67 g/t, down from 0.86 g/t due to heavier reliance on low grade stockpiles to offset changes to mining sequences at Nkosuo; gold recovery was 87.7%, down from 87.9%; and mill run-time was 94%, compared to 93% for the previous quarter.
AISC for the quarter was US$1,603 per ounce, US$121 per ounce higher than the previous quarter due to higher production cost and royalties. Production costs increased due to higher mining costs driven by additional waste stripping at Nkosuo following pit face position changes to access new areas, increased explosives usage from changes in blast patterns designs, higher unit fixed cost resulting from lower mined volume and additional rehandle cost from hauling lower grade ore from stockpiles. Mining at Nkosuo was also impacted by wet weather resulting in the processing of lower grade stockpiles, further impacting head grade and gold production for the quarter. Royalties per ounce increased due to higher gold prices achieved quarter on quarter.
The current phase of AG Pit was completed during this quarter. Plans are progressing for further cutback of the Fetish pit and the Esuajah North Pit in future periods.
Table 6: Edikan Quarterly Performance
| MARCH 2025 | JUNE 2025 | JUNE 2025 | SEPTEMBER 2025 | CALENDAR 2025 | ||
|---|---|---|---|---|---|---|
| PARAMETER | UNIT | |||||
| QUARTER | QUARTER | HALF YEAR | QUARTER | YEAR TO DATE | ||
| Gold Production & Sales | ||||||
| Total material mined Tonnes 2,942,218 3,323,268 6,265,486 | 3,232,048 | 9,497,534 | ||||
| Total ore mined Tonnes 1,815,604 829,623 2,645,227 | 733,998 | 3,379,225 | ||||
| Average ore grade g/t gold 0.86 0.79 0.84 | 0.85 | 0.84 | ||||
| Strip ratio t:t 0.6 3.0 1.4 | 3.4 | 1.8 | ||||
| Ore milled Tonnes 1,551,978 1,607,055 3,159,032 | 1,732,158 | 4,891,190 | ||||
| Milled head grade g/t gold 0.95 0.86 0.90 | 0.67 | 0.82 | ||||
| Gold recovery % 88.3 87.9 88.1 | 87.7 | 88.0 | ||||
| Gold produced ounces 41,668 38,865 80,534 | 32,856 | 113,389 | ||||
| Gold sales1 ounces 40,562 42,033 82,595 | 31,274 | 113,869 | ||||
| Average sales price US$/ounce 2,551 2,932 2,745 | 3,337 | 2,907 | ||||
| Unit Production Costs | ||||||
| Mining cost US$/t mined 6.09 4.92 5.47 | 5.39 | 5.45 | ||||
| Processing cost US$/t milled 10.28 10.60 10.45 | 9.16 | 9.99 | ||||
| G & A cost US$M/month 2.00 2.59 2.29 | 2.39 | 2.32 | ||||
| All-In Site Cost | ||||||
| Production cost US$/ounce 957 1,060 1,007 | 1,232 | 1,072 | ||||
| Royalties US$/ounce 199 299 247 | 324 | 269 | ||||
| Sub-total US$/ounce 1,156 1,358 1,254 | 1,555 | 1,341 | ||||
| Sustaining capital US$/ounce 21 123 70 | 48 | 64 | ||||
| Total All-In Site Cost2 US$/ounce 1,177 1,482 1,324 | 1,603 | 1,405 | ||||
| Notional Cashflow from Operations | ||||||
| Cash Margin US$/ounce 1,374 1,451 1,421 | 1,734 | 1,503 | ||||
| Notional Cash Flow US$M 57 56 114 | 57 | 170 |
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
2. Included in the AISC for the quarter is US$2.5 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life
MINERAL RESOURCE TO MILL RECONCILIATION
Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan MRE.
In Q1 FY26, ore tonnes processed were 11% below the block model prediction, while the head grade was 6% lower, resulting in a 16% reduction in contained gold relative to the model estimate. Majority of mining during the quarter was conducted in the Nkosuo pit, where challenging conditions from sustained rainfall impacted ore handling and increased dilution, contributing to the lower-than-expected variances.
Despite the short-term variance, the six and 12-month trends show improved alignment, suggesting that the discrepancy is largely temporary and related to operational factors rather than underlying model performance. Initial results from recent grade control drilling at Nkosuo show that the reconciliation is likely to return to longer term performance trends.
Table 7: Edikan Block Model to Mill Reconciliation
| BLOCK MODEL TO MILL CORRELATION FACTOR | |||
|---|---|---|---|
| PARAMETER | |||
| 3 MONTHS | 6 MONTHS | 1 YEAR | |
| Tonnes of Ore | 0.89 | 1.01 0.96 | |
| Head Grade | 0.94 | 0.90 0.96 | |
| Contained Gold | 0.84 | 0.91 0.92 |
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q1 FY26 and relevant prior periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold Mine, and mining operations at the Fimbiasso East and West pits located on the Fimbiasso Exploitation Permit, some 65 kilometres from the Sissingué processing facilities.
During the Q1 FY26 quarter, the Complex produced 11,692 ounces of gold at a production cost of US$2,458 per ounce and weighted average AISC of US$2,745 per ounce. Compared to the previous quarter, gold production was in line with expectations, decreasing 3% despite higher head grade (Q1 FY26, 1.33g/t against Q4 FY25, 1.12g/t) while weighted average AISC increased 6%. Total material mined was higher for the quarter primarily reflecting the ramp-up of Airport West and Fimbiasso Satellite pits. A slight increase in ore tonnes mined was attributed to a higher strip ratio driven by ongoing low grade waste stripping at Fimbiasso West, Sissingué Stage 4 and Airport West to access higher grade ore.
The increase in the AISC was driven by higher processing costs and royalties. The processing costs were higher due to scheduled mill reline and surge bin apron feeder maintenance in Q1 FY26 which also resulted in lower ore tonnes milled and slightly lower gold ounces produced. Royalties per ounce increase resulted from higher gold prices achieved during the quarter.
Mill runtime at 91% was down from previous quarter’s 96% due to planned maintenance. Throughput averaged 150 tph, below the 180 tph achieved in Q4 FY25, primarily due to a higher proportion of fresh ore in the blend. Gold recovery improved marginally to 90.9%, from 88.3% in the previous quarter.
With a weighted average sales price of US$2,953 achieved, which is a slight decrease from the Q4 FY25 price of US$2,964, the Complex cash margin was US$208 per ounce for the quarter compared to US$380 per ounce in the prior quarter. This resulted in a notional cashflow of approximately US$2 million for the quarter.
Table 8: Sissingué Quarterly Performance
| MARCH 2025 | JUNE 2025 | JUNE 2025 | SEPTEMBER 2025 | CALENDAR 2025 | ||
|---|---|---|---|---|---|---|
| PARAMETER | UNIT | |||||
| QUARTER | QUARTER | HALF YEAR | QUARTER | YEAR TO DATE | ||
| Gold Production & Sales | ||||||
| Total material mined Tonnes 2,360,945 2,511,035 4,871,980 | 3,108,872 | 7,890,852 | ||||
| Total ore mined Tonnes 222,419 255,917 478,336 | 258,422 | 736,758 | ||||
| Average ore grade g/t gold 1.43 1.67 1.56 | 1.50 | 1.54 | ||||
| Strip ratio t:t 9.6 8.8 9.2 | 11.0 | 9.8 | ||||
| Ore milled Tonnes 382,521 379,238 761,759 | 301,791 | 1,063,550 | ||||
| Milled head grade g/t gold 1.03 1.12 1.08 | 1.33 | 1.15 | ||||
| Gold recovery % 87.4 88.3 87.9 | 90.9 | 88.9 | ||||
| Gold produced ounces 11,115 12,113 23,228 | 11,692 | 34,920 | ||||
| Gold sales1 ounces 12,164 11,459 23,622 | 12,874 | 36,496 | ||||
| Average sales price US$/ounce 2,418 2,964 2,682 | 2,953 | 2,778 | ||||
| Unit Production Costs | ||||||
| Mining cost US$/t mined 6.12 6.17 6.14 | 4.89 | 5.66 | ||||
| Processing cost US$/t milled 18.97 18.43 18.70 | 26.59 | 20.94 | ||||
| G & A cost US$M/month 1.66 1.78 1.72 | 1.84 | 1.76 | ||||
| All-In Site Cost | ||||||
| Production cost US$/ounce 2,401 2,298 2,347 | 2,458 | 2,384 | ||||
| Royalties US$/ounce 207 206 206 | 243 | 219 | ||||
| Sub-total US$/ounce 2,608 2,504 2,553 | 2,701 | 2,603 | ||||
| Sustaining capital US$/ounce 128 80 103 | 44 | 83 | ||||
| Total All-In Site Cost2 US$/ounce 2,736 2,584 2,657 | 2,745 | 2,686 | ||||
| Notional Cashflow from Operations | ||||||
| Cash Margin US$/ounce (319) 380 26 | 208 | 92 | ||||
| Notional Cash Flow US$M (4) 5 1 | 2 | 3 |
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
2. Included in the AISC for the quarter is US$2.1 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life
MINERAL RESOURCE TO MILL RECONCILIATION
Table 9 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Sissingué MRE.
In Q1 FY26, ore tonnes processed were slightly below block model predictions (-4%), while the grade was 14% lower, resulting in a reduction of 18% in contained gold compared to expectations. The lower grade performance reflects a continuation of higher dilution than anticipated when mining of narrow, variably mineralised structures at Sissingué Main, Fimbiasso West and Airport West pits. The six and 12-month data demonstrate a longer trend that shows contained gold is now tracking within 7% of the block model over the annual period.
Operational controls, including blast design refinement and ore mining initiatives remain in place to minimise dilution and maintain anticipated operating limits when assessing model to mill reconciliation performance.
Table 9: Sissingué Complex Block Model to Mill Reconciliation
| BLOCK MODEL TO MILL CORRELATION FACTOR | |||
|---|---|---|---|
| PARAMETER | 3 MONTHS | 6 MONTHS | 1 YEAR |
| Tonnes of Ore | 0.96 | 1.14 1.26 | |
| Head Grade | 0.86 | 0.77 0.85 | |
| Contained Gold | 0.82 | 0.88 1.07 |
BAGOÉ EXPLOITATION PERMIT
During the quarter, negotiations continued with various departments of the Ivorian Government on the terms of the Mining Convention to govern the development and operation of mining operations on the Bagoé Mining Licence that was granted in June 2024. The negotiations have progressed but at a much slower rate than anticipated and signing of the Mining Convention is expected to occur once all formalities are completed in early Q3 of FY26. Signing of the Mining Convention does not impact commencement of mining operations.
Mining operations are on track to commence at the Antoinette deposit in Q2 FY26, with activities progressively transitioning to the Véronique pit thereafter. Construction of site infrastructure is progressing well and remains on schedule. All major contracts have been awarded, and key contractor mobilization is proceeding as planned.
Sissingué mill feed grade is expected to increase for the remainder of FY26, with the inclusion of Bagoé ore as mill feed.
GROUP GOLD PRODUCTION AND COST GUIDANCE
Group gold production and AISC market guidance for the 2026 financial year (FY26) remains unchanged and is as follows:
Gold production is weighted to H2 of FY26 with the inclusion of the new higher grade ore sources at Edikan and Sissingué as part of the mine plan.
Table 10: Production and AISC Guidance
| 2026 FINANCIAL YEAR | ||
| PARAMETER | UNITS | |
| FORECAST | ||
| Yaouré Gold Mine |
Production Ounces 168,000 – 184,000
All-in Site Cost US$ per ounce $1,500 – $1,660
Edikan Gold Mine
Production Ounces 154,000 – 169,000
All-in Site Cost US$ per ounce $1,420 – $1,570
Sissingué Gold Mine
Production Ounces 78,000 – 87,000
All-in Site Cost US$ per ounce $1,470 – $1,620
PERSEUS GROUP
Production Ounces 400,000 – 440,000
All-in Site Cost US$ per ounce $1,460 – $1,620
ORGANIC BUSINESS GROWTH
PROJECT DEVELOPMENT
NYANZAGA GOLD PROJECT (NGP), TANZANIA
The NGP remains on budget and schedule with first gold anticipated in January 2027. Construction activities onsite continued during the quarter gathering strong momentum. Several key work fronts achieved significant progress:
- Blinding, formwork and steel fixing commenced on Primary Crushing, Milling and CIL Areas with a second concrete contractor mobilised to site to provide additional capacity and redundancy.
- Fabrication of SAG mill and Ball mill continued during the quarter, the construction and installation of which are on the current project schedule critical path, are progressing well and are ahead of schedule.
- Bulk earthworks are complete at both camp accommodation and treatment plant work areas allowing other activities to progress.
- Camp construction continued with the roofing installed on the first accommodation blocks and other buildings progressing well working towards occupancy next quarter.
- Grid connection contracts were awarded for the installation of the transmission line, transformer and tie-in for the project power supply.
- Ngoma Bypass Road intended to divert heavy vehicles and other project related traffic away from the centre of Ngoma village during transit to the site is now complete and in operation.
- Progress continued with the resettlement housing project, with new homes being delivered to project-affected families as part of our ongoing commitment to community support and development.
Government Relations:
- Amendments to the Framework and Shareholder Agreement relating to the NGP by Perseus and the Government of Tanzania were signed on 20 August 20251.
1 See ASX Release dated 21 August 2025: Perseus Executes Key Nyanzaga Agreements with Tanzania
CMA UNDERGROUND, YAOURÉ
- The first blast was taken at the Pauline Portal on 29 September marking a significant milestone in the CMA Underground’s progress. During Q1 FY26, underground operational readiness preparations continued to ensure a smooth integration of future underground activities with the existing Yaouré operation.
- The primary underground contractor is continuing to mobilise equipment and materials to site in advance of development ramp up.
- The remaining planned underground portal locations have been fully prepared for initial underground excavation with ground support activities initiated with the commissioning of the underground jumbos during the period. Administration buildings and fit out of other support buildings are complete. Other surface infrastructure, including camp facilities, electrical tie-ins, and maintenance areas to support underground operations continued during the quarter.
- A Presidential Decree authorising the development and operation of the CMA underground project was granted on 18 September 20252 by His Excellency Mr. Alassane Ouattara, President of the Republic of Côte d’Ivoire. The Presidential Decree was issued following the approval of an Environmental and Social Impact Assessment, and issuance of a Ministerial Arrêté by the Minister of Environment, Sustainable Development and Ecological Transition in May this year. These approvals, supported by the Minister of Mines, Petroleum and Energy, were pre-requisites for the commencement of the development phase of the CMA underground project.
- With the commencement of the underground development, the next major milestone for the CMA underground operation will be first ore production which is planned for Q3 FY26, with commercial production scheduled to be reached in Q3 FY27.
EXPLORATION
During Q1 FY26, Perseus continued to perform both organic and inorganic activities aimed at making new discoveries and adding to the Company’s Mineral Resources and Ore Reserve inventories.
CÔTE D’IVOIRE
YAOURÉ, YAOURÉ CENTRAL AND KOSSOU EXPLOITATION AND EXPLORATION PERMITS
Exploration activities on the Yaouré exploitation permit during the quarter focused on resource definition drilling at the Zain 1 and Zain 3 prospects inside the mine take as well as work assessing regional exploration targets on the Yaouré West Permit.
(Refer to Appendix 1, Figure 1.1).
At Zain 1 and Zain 3 Perseus drilled 10,042m this quarter in 50 RC and RC pre-collared diamond holes. The programme was aimed at testing possible extension of the Zain 1 resource towards the southeast. Results received to date are encouraging and suggest that ZAIN 1 is likely to continue towards southeast.
Drilling commenced at Yaouré with 591m drilled in one diamond hole. The drilling is aimed at testing mineralisation in the footwall of the modelled CMA Underground mineralisation. Results were pending at the end of the quarter.
2 See ASX Release dated 19 September 2025: Perseus Mining Secures Approvals for Underground Development and Mining Operations at Yaouré At Yaouré West, field mapping continued over selected targets, with a focus on identifying possible sources to the Zagouta alluvial gold down topographic highs. No significant gold mineralisation was detected in the rock samples collected this quarter.
SISSINGUÉ / FIMBIASSO AND MAHALE PERMITS EXPLOITATION AND EXPLORATION PERMITS
RC drilling was conducted at Fimbiasso Central with 566m drilled across 10 RC holes with the aim was to inform potential resource estimations. Results were pending at the end of the quarter.
There was no drilling at Sissingué and Mahalé during the reporting period.
BAGOÉ EXPLOITATION PERMIT
There was no drilling at Bagoé during the reporting period.
GHANA
During the quarter, exploration activities focused on resource definition drilling at Nsoroma; follow-up drilling to further evaluate conceptual targets at Powuako North, Fetish and sterilization drilling of the proposed oxide waste at dump at Nkosuo as well as target generation and mapping along known structural corridors to obtain lithostructural data and identify promising areas for further investigation across all Edikan properties. In total, Perseus conducted 5,006m of drilling across 31 holes, which included 2,393m of reverse circulation (RC) drilling and 2,613m of diamond drilling (DD). Approximately 10km2 of ground was mapped, and 5,598 samples were collected. (Refer to Appendix 1, Figure 1.2).
NKOTOMSO PL
Exploration activities continued in the quarter with a primary focus on resource conversion drilling, aiming to tighten drilling spacing to 40 metres by 40m at Nsoroma. A total of 3,637 metres of drilling was undertaken across 17 holes. Results are currently being compiled and interpreted with a view to refining, resource model and running optimizations to assess economic viability and whether further resource reserve definition drilling is warranted or required.
Concurrently, mapping activities continued within the property, particularly in the areas of Fobinso, focusing on acquiring lithostructural data at Nsoroma, assessing newly exposed mineralised structures resulting from artisanal mining activities, and identifying prospective targets for follow-up drilling. Approximately 5 km2 of ground was covered.
AGYAKUSU DML PL
Exploration activities on the property continued with the follow up drilling investigations to explore drill targets returning significant Au intercepts from previous programmes and potential mapping targets located along the southern extension of the Nkosuo Structure north of Powuako. In total, 565 metres of drilling was carried out across five holes. Assay results received to date did not identify any significant mineralization.
AYANFURI ML
Exploration activities during the quarter concentrated on follow-up drilling programme aimed at investigating depth and strike extensions of high-grade gold mineralization previously identified in FY25. This initiative anticipated the repetition or extensions of the Fetish orebody located within a D2 shear zone. During this period, two RC holes, totaling 244m, were drilled. Assay results remained pending at the conclusion of the period.
Mapping and prospecting activities continued on the property, focusing on the collection of lithostructural data and the evaluation of gold potential within prospective artisanal mining sites along the highly promising structural corridor referred to as the Akropong shear. A total area of approximately 1.3km2 was surveyed during this campaign.