PRU.TO · 2026-04-23

MARCH 2026 QUARTER REPORT Perseus reports strong operational performance; cash & bullion rises to US$817 million

Production Results Financials

23 APRIL 2026

NEWS RELEASE

MARCH 2026 QUARTER REPORT

Perseus reports strong operational performance; cash & bullion rises to US$817 million

PERTH, Western Australia/April 23, 2026/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended March 31, 2026 (the “Quarter”).

Overview

Q3 FY26 production totalled 107,144 ounces of gold at an All-In Site Costs of US$1,748 per ounce
Average cash margin of US$2,395/oz of gold produced, delivering notional operating cashflow of US$252 million
Cash and bullion of US$817 million, plus liquid listed securities of US$254 million
First gold produced from CMA Underground at Yaouré
Nyanzaga ore reserves increased 73% to 4.0Moz
Nyanzaga project development on track for first production planned for January 2027
Perseus acquired a 9.9% interest in Aurum Resources Limited (ASX:AUE)
Sale of 70% group interest in the Meyas Sand Gold Project for US$260m cash

FY26 Outlook

Production and AISC guidance for June 2026 Financial Year (FY26) ¹remain unchanged at 400,000 - 440,000 ounces at AISC US$1,600 – 1,760 per ounce.

Key operating indicators and highlights for the March 2026 quarter (Q3 FY26) include:

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26
PERFORMANCE INDICATOR	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold recovered Ounces 99,953 88,888				107,1442	295,9852
Gold poured Ounces 103,566 78,641				109,3822	291,5892
Production Cost US$/ounce 1,152 1,362				1,2383	1,2463
All-In Site Cost (AISC) US$/ounce 1,5161 1,8001				1,7483	1,6853
Gold sales Ounces 101,589 86,607				96,2602	284,4562
Average sales price US$/ounce 3,075 3,437				4,1433	3,5443
Notional Cashflow US$ million 1561 1451				2523	5483

1. As explained in the previous December 2025 Quarter report, Q1 FY26 AISC and Notional Cash Flow were restated to include the 2% additional royalty paid in Côte d'Ivoire in Q2 FY26 but relating to the Q1 FY26 quarter. Q2 FY26 quarter only includes Q2 FY26 additional 2% royalty paid.

1 The cost guidance released in the Q2 FY26 report was based on a gold price assumption of $3,900 per ounce (January to June 26) and royalty rates of 8% in Côte d'Ivoire and 5% in Ghana.

2. Includes the CMA Underground gold produced, poured and sold for this quarter ahead of commercial production.

3. Excludes CMA Underground production cost, excludes CMA Underground gold produced, AISC, Average sales price and Notional Cashflow as the related cash costs are capitalised until commercial production is achieved. Commercial production is scheduled to be reached in Q3 FY27.

Conference Call Perseus will host investor webinar and conference call to discuss its March 2026 Quarterly Results, at 9.00am AEDT today (23 April 2026). Register for the webinar at:

https://us02web.zoom.us/webinar/register/WN_f0XhNd81RT2LZFHakssoEw

A recording of the conference call will be made available via Perseus’s website at www.perseusmining.com.

OPERATIONS

PRODUCTION, COSTS AND NOTIONAL CASHFLOW

Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, demonstrated strong performance in Q3 FY26 producing a combined total of 107,144 ounces of gold, 21% more than the 88,888 ounces achieved in Q2 FY26. Higher production was achieved across all three operating gold mines.

The weighted average production cost was US$1,238 per ounce, while the weighted average All-in-Site Cost (AISC) was US$1,748 per ounce. The weighted average AISC for the quarter was lower than the Q2 FY26 AISC of US$1,800 attributable to higher production.

Gold sales from all three operations totalled 96,260 ounces or 9,653 ounces more than in Q2 FY26 attributable to higher production. The weighted average realised gold price was US$4,143 per ounce, US$706 per ounce more than the Q2 FY26 price of US$3,437 per ounce.

Perseus’s average cash margin for the quarter was US$2,395 per ounce, resulting in notional operating cashflow of US$252 million from all operations. This was US$107 million higher than in Q2 FY26.

FUEL SUPPLY CONDITIONS AND OPERATIONAL IMPACT

The Group continues to closely monitor fuel supply availability, consumption levels and inventory positions to mitigate the risk of operational disruption in the short to medium term.

Perseus is working with its long-standing fuel suppliers in the region to assess any material impacts of the current Iran conflict. There were no operational disruptions to the Group’s activities during Q3 FY26, and fuel supply is expected to be sufficient to support operations. Refer to the “Group Gold Production and Cost Guidance” section for the sensitivities of diesel price to AISC.

Group and mine operating results are summarised in Tables 1 to 3 below.

Table 1: Gold Production by Mine

MINE			TOTAL GOLD RECOVERED (OUNCES)					TOTAL GOLD POURED (OUNCES)
			SEPTEMBER	DECEMBER	MARCH		FY26	SEPTEMBER	DECEMBER	MARCH		FY26
			2025 QUARTER	2025 QUARTER	2026 QUARTER		TO DATE	2025 QUARTER	2025 QUARTER	2026 QUARTER		TO DATE
Yaouré Edikan Sissingué		55,405 32,045 32,856 38,352 11,692 18,491			36,5661		124,0161	57,672		37,2651	123,2621 116,322 52,005
					45,123		116,331	33,583		45,464
					25,455	55,638				26,653
G	roup		99,953	88,888	107,144		295,985	103,566	78,641	109,382		291,589

Table 2: Gold Sales by Mine

MINE		TOTAL GOLD SOLD (OUNCES)						REALISED GOLD PRICE (US$ PER OUNCE)
		SEPTEMBER 2025 QUARTER	DECEMBER	MARCH		FY26		SEPTEMBER 2025 QUARTER	DECEMBER	MARCH		FY26
			2025 QUARTER	2026 QUARTER		TO DATE			2025 QUARTER	2026 QUARTER		TO DATE
Yaouré Edikan Sissingué		57,441 34,835 31,274 37,219 12,874 14,553		37,2401	129,5161 112,473 42,467		2,959 3,243 3,337 3,700 2,953 3,227			4,0062	3,3312 3,827 3,439
				43,980						4,284
				15,040						4,059
G	roup	101,589	86,607	96,260		284,456		3,075	3,437	4,143		3,544

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)
		SEPTEMBER 2025 QUARTER	DECEMBER	MARCH		FY26	2	SEPTEMBER	DECEMBER 2025 QUARTER	MARCH		FY26
			2025 QUARTER	2026 QUARTER		TO DATE		025 QUARTER		2026 QUARTER		TO DATE
Yaouré Edikan Sissingué		1,188 2,092 1,603 1,535 2,826 1,844		2,0492	1,6712 1,556 1,895		98 37 57 83 1 25			682	2032 264 81
				1,539						124
				1,708						60
G	roup	1,516	1,800	1,748		1,685		156	145	252		548

Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places

1. Includes the CMA Underground gold produced, poured and sold for this quarter ahead of commercial production.

2. Excludes CMA Underground production cost, AISC, Average sales price and Notional Cashflow as the related cash costs are capitalised until commercial production is achieved. Commercial production is scheduled to be reached in Q3 FY27.

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q3 FY26 for the open pit operations and Table 5 for the CMA Underground development statistics.

YAOURÉ OPEN PIT

During the quarter, Yaouré total material mined increased to 8.5 million tonnes, up 18% quarter on quarter primarily due to increased available mining areas. The ore tonnes mined increased by 21% to 1.35 million tonnes in line with the total material mined increase, coupled with a slightly lower strip ratio. Gold grade also improved, driven by the Yaouré Stage 1 ore access per the mine plan.

Yaouré produced 34,960 ounces of gold, up 9% quarter on quarter at a production cost of US$1,564 per ounce and an AISC of US$2,049 per ounce. The increase in production was largely attributable to higher head grade of 1.29g/t compared to 1.18g/t in Q2 FY26.

Ore tonnes milled totalled 905,895, in line with previous quarter performance. The mill run-time was higher at 92.0%, compared to 90.1% for the December quarter due to less unplanned maintenance in the current quarter. Mill throughput averaged 456 tph, consistent with prior quarter’s 455 tph. Gold recovery was marginally higher at 93.4% compared to 93.2% in Q2 FY26.

The production cost and AISC was marginally lower than Q2 FY26 primarily due to lower mining costs per tonne as a result of the higher total material mined impact on fixed costs. Processing costs were higher attributable to planned mill reline maintenance and lower grid power availability. Sustaining capital was lower due to timing of deliveries and the bulk of the tailings relocation project earthworks being completed in previous quarter.

Gold sales of 36,285 ounces were 4% or 1,450 ounces more than the prior quarter at a weighted average realised gold price of US$4,006 per ounce generating an average cash margin of US$1,957 per ounce. This resulted in notional cash flow of US$68 million compared to US$37 million achieved in Q2 FY26.

In FY26 to date, Yaouré produced 122,410 ounces of gold from open pit and underground operations, representing 41% of Perseus’s total gold production, at an AISC of US$1,671 per ounce, generating notional cashflows of US$203 million during the period.

Table 4: Yaouré Quarterly Performance

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold Production & Sales
Total material mined Tonnes 5,197,676 7,192,989				8,498,724	20,889,388
Total ore mined Tonnes 1,276,492 1,113,918				1,348,940	3,739,350
Average ore grade g/t gold 1.77 1.01				1.15	1.32
Strip ratio t:t 3.1 5.5				5.3	4.6
Ore milled Tonnes 935,745 904,720				905,895	2,746,360
Milled head grade g/t gold 1.96 1.18				1.29	1.48
Gold recovery % 94.0 93.2				93.4	93.6
Gold produced ounces 55,405 32,045				34,960	122,410
Gold sales1 ounces 57,441 34,835				36,285	128,561
Average sales price US$/ounce 2,959 3,243				4,006	3,331
Unit Production Costs
Mining cost US$/t mined 4.35 3.87				3.55	3.87
Processing cost US$/t milled 16.06 15.78				18.51	16.77
G & A cost US$M/month 2.76 2.68				2.58	2.67
All-In Site Cost
Production cost US$/ounce 829 1,574				1,564	1,234
Royalties US$/ounce 3063 3724				369	341
Sub-total US$/ounce 1,1353 1,9464				1,932	1,575
Sustaining capital US$/ounce 53 146				117	96
Total All-In Site Cost2 US$/ounce 1,1883 2,0924				2,049	1,671
Notional Cashflow from Operations
Cash Margin US$/ounce 1,7713 1,151				1,957	1,660
Notional Cash Flow US$M 983 37				68	203

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$3.0 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

3. Royalties, Total All-In Site Cost, Cash Margin and Notional Cash Flow for FY26 Q1 has been restated to include the additional 2% royalty costs of US$0.9 million paid in FY26 Q2 but relating to FY26 Q1.

4. FY26 Q2 AISC only includes additional 2% royalties of US$1.3 million paid in Côte d’Ivoire that relate to the December 2025 quarter after adjusting to exclude US$0.9 million related to the September 25 quarter and US$1.6 million related to the Q3 and Q4 of FY25 paid for FY26 Q2. The royalties from FY26 Q3 are being paid at the rate including the additional 2%.

CMA UNDERGROUND

CMA underground development commenced in Q1 FY26 with the first blast of the Pauline portal followed by the Blika, Sika and Assanou declines in Q2 FY26. A total advance to date of 2,399 metres has been achieved across the four portals. In January 2026 a key milestone was achieved with first ore mined from the Blika Portal. Stoping operations are anticipated to commence in early Q4 FY26.

During the quarter, development activities at CMA Underground resulted in the mining of 31,126 tonnes of ore, of which 20,760 tonnes were milled, producing 1,606 ounces of gold. Gold sales totalled 955 ounces at an average realised price of US$4,006 per ounce. Capitalised mining and processing costs of $1.3 million ($1,362 per ounce) were recognised as cost of sales during the quarter relating to the 955 CMA Underground ounces sold.

Table 5: Yaouré CMA Underground Pre-Commercial Production Statistics

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Development Production
Total material mined Tonnes - 80,480				154,046	234,526
Total waste mined Tonnes - 80,480				122,920	203,400
Total ore mined Tonnes - -				31,126	31,126
Average ore grade g/t gold - -				2.85	2.85
Gold contained ounces - -				2,850	2,850
Ore milled Tonnes - -				20,760	20,760
Milled head grade g/t gold - -				2.58	2.58
Gold recovery % - -				93.3	93.3
Gold produced ounces - -				1,606	1,606
Gold sales1 ounces - -				955	955
Average sales price US$/ounce - -				4,006	4,006
Cost of sales US$/ounce - -				1,362	1,362

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account

ORE RESERVE TO MILL RECONCILIATION

Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Ore Rserve.

In Q3 FY26, mill tonnes were 49% above reserve, while grade was 7% lower, resulting in a positive variance in contained gold of 39%. Grade performance improved compared to the previous quarter through focussed mining improvements.

The higher tonnes reflect additional ore defined through grade control in the Yaouré open pit and underground development extending beyond the reserve model. The lower grade reflects mining dilution in the Yaouré open pit and differences between designed and actual mined shapes in the underground.

The 6-and-12-month trends continue to show strong alignment, with contained gold tracking above reserve. Ongoing improvements in ore control and the progression of underground mining are expected to support more consistent grade performance going forward.

Table 5: Yaouré Ore Reserve to Mill Reconciliation

	ORE RESERVE TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.49	1.41 1.26
Head Grade	0.93	0.88 0.86
Contained Gold	1.39	1.24 1.09

EDIKAN GOLD MINE, GHANA

Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q3 FY26 and in relevant prior periods.

Total material mined at Edikan was 3.7 million tonnes, up 50% compared to 2.5 million tonnes for Q2 FY26. Ore mined was also higher by 57% due to additional equipment deployment and higher equipment availability and utilisation. Better ground conditions within the Nkosuo pit further contributed to increased material mined.

Edikan produced 45,123 ounces of gold at a production cost of US$980 per ounce and an AISC of US$1,539 per ounce during the quarter. Production was 18% higher than the prior quarter mainly attributable to more tonnes milled, higher head grade and a slightly higher recovery rate. Throughput averaged 952 tph, 6% higher than prior quarter’s 896 tph with the treatment of more Nkosuo oxides in the feed blend for the quarter. The head grade of processed ore was 0.84 g/t, up from 0.77 g/t due to less low-grade stockpile blending compared to Q2 FY26. Gold recovery was stable at 88.6% compared to 88.2% achieved in the prior quarter, and mill run-time was 91.6%, compared to 89.1% for the previous quarter due to lost time from the SAG Mill bearing failure in Q2.

Quarter on quarter, Edikan’s production cost of US$980 per ounce was lower by 11% and the weighted average AISC of US$1,539 per ounce was in line with the previous quarter. The lower production cost was driven by lower mining and processing costs due to the fixed cost impact of producing 18% more ounces, partly reduced by higher cost of mining deeper benches. The AISC was higher mainly due to higher royalties.

The Government of Ghana implemented a new royalty regime that replaced the flat 5% revenue-based royalty with a sliding-scale structure effective 10 March 2026. Under this framework, royalty rates increase progressively in line with rising gold prices from 5% for gold prices up to US$1,900 per ounce, 6% for gold prices from $1,901 to $2,000 per ounce, increasing 1% for every $500 per ounce increase in gold price above $2,000 per ounce. Royalites are capped at a maximum of 12% when the gold price exceeds US$4,500 per ounce. The gold price for the new regime is based on the average gold market price in the week the sale of gold occurs compared to the previous framework which was based on realised price for each shipment. This change has impacted the royalty costs and AISC for Q3 FY26 compared to the prior quarter. The impact of this recent royalty amendment will be partly offset going forward by:

An amendment to the Growth and Sustainability Levy (GSL) rate which was reduced from 3% to 1% of gross revenue which received government approval on 31 March 2026. This amendment results in an effective ~3% gross reduction as the GSL is not tax deductible.
Removal of the non-refundable levies totalling 6% levied on the supply of all goods and services.

Gold sales of 43,980 ounces were 18% more than 37,219 ounces in the previous quarter. The weighted average realised gold price of US$4,284 per ounce was achieved compared to US$3,700 per ounce. This was an increase of US$584 per ounce, generating an average cash margin of US$2,746 per ounce and notional cashflow of US$124 million, up 49% quarter on quarter.

For FY26 to date, Edikan produced 116,331 ounces of gold, representing 39% of Perseus’s total gold production for the respective period, at an AISC of US$1,556 per ounce, generating notional cashflows of US$264 million over the period.

Fetish and Esuajah North pit cutback projects are progressing with approvals received from the Mineral Commission and Environmental Protection Agency (EPA). Mining at Fetish commenced in early Q4.

Table 6: Edikan Quarterly Performance

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold Production & Sales
Total material mined Tonnes 3,232,048 2,469,142				3,709,515	9,410,705
Total ore mined Tonnes 733,998 1,052,877				1,655,164	3,442,039
Average ore grade g/t gold 0.85 0.92				0.85	0.87
Strip ratio t:t 3.4 1.3				1.2	1.7
Ore milled Tonnes 1,732,158 1,761,775				1,884,472	5,378,404
Milled head grade g/t gold 0.67 0.77				0.84	0.76
Gold recovery % 87.7 88.2				88.6	88.2
Gold produced ounces 32,856 38,352				45,123	116,331
Gold sales1 ounces 31,274 37,219				43,980	112,473
Average sales price US$/ounce 3,337 3,700				4,284	3,827
Unit Production Costs
Mining cost US$/t mined 5.39 7.53				5.88	6.15
Processing cost US$/t milled 9.16 8.85				8.27	8.75
G & A cost US$M/month 2.39 2.62				2.28	2.43
All-In Site Cost
Production cost US$/ounce 1,232 1,097				980	1,090
Royalties US$/ounce 324 387				517	419
Sub-total US$/ounce 1,555 1,483				1,497	1,509
Sustaining capital US$/ounce 48 52				42	47
Total All-In Site Cost2 US$/ounce 1,603 1,535				1,539	1,556
Notional Cashflow from Operations
Cash Margin US$/ounce 1,734 2,165				2,746	2,272
Notional Cash Flow US$M 57 83				124	264

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$0.1 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

ORE RESERVE TO MILL RECONCILIATION

Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan Ore Reserve.

In Q3 FY26, mill tonnes were in line with reserve (+1%), while grade was 8% lower, resulting in a negative variance in contained gold of 6%. This is lower than Q2, where contained gold was above reserve.

The lower performance is driven by reduced realised grades, with contributing factors including material reclassification and differences between modelled and mined material. Performance is expected to improve as mining progresses into more consistent fresh zones.

The 6 and 12-month trends remain within acceptable ranges, with contained gold tracking within 2% and 5% of reserve, respectively. Continued focus on ore control and reconciliation is expected to support improved alignment going forward.

Table 7: Edikan Ore Reserve to Mill Reconciliation

	ORE RESERVE TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.01	1.04 1.02
Head Grade	0.92	0.94 0.93
Contained Gold	0.94	0.98 0.95

SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE

Refer to Table 8 below for details of operating and financial performance achieved during Q3 FY26 and relevant prior periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold Mine, together with satellite mining operations comprising the Bagoé Gold Mine, located approximately 137 kilometres from the Sissingué processing facilities. Mining at Bagoé commenced during the Q2 FY26 at the Antoinette Deposit, following the completion of mining operations at Fimbiasso.

The Complex produced 25,455 ounces of gold during the quarter at a weighted average AISC of US$1,708 per ounce representing a 38% increase in production and a 7% reduction in AISC compared to the previous quarter. This performance was driven by increased tonnes milled and higher ore grade from Bagoé (Antoinette pit). Production costs decreased to US$1,246 per ounce compared to US$1,545 per ounce in the previous quarter. Cost performance improved due to a higher proportion of lower-cost oxide ore, resulting in reduced mining and processing costs compared to fresh ore mining at Fimbiasso in Q2 FY26. The increase in royalty costs reflects the timing of sales, mainly for Bagoé. In addition, the higher gold production impact on fixed costs resulted in lower production costs and AISC.

Total material mined increased by 20% during the quarter primarily due to the ramp-up of operations at Bagoé. The strip ratio remained consistent with the previous quarter at 4.7 resulting in more ore tonnes mined for the quarter.

Mill runtime for the quarter remained stable at 97% in line with the previous quarter performance. Average throughput increased to 215 tph from 184 tph in FY26 Q2 and gold recovery improved to 91.7%, compared with 89.5% in the previous quarter due a higher proportion of oxide ore in the mill feed.

Gold sales were 15,040 ounces at a weighted average realised gold price of US$4,059 per ounce, 26% up compared to US$3,227 per ounce in Q2 FY26. This resulted in a cash margin of US$2,351 per ounce, compared with US$1,383 per ounce in the prior quarter. Notional cash flow generated by the Complex during the quarter was US$60 million compared to US$25 million achieved last quarter.

For FY26 to date, the Complex produced 55,638 ounces of gold, representing 19% of Perseus’s total gold production for the respective period, at an AISC of US$1,988 per ounce, generating notional cashflows of US$81 million over the period.

Table 8: Sissingué Quarterly Performance

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold Production & Sales
Total material mined Tonnes 3,108,872 2,707,820				3,250,282	9,066,974
Total ore mined Tonnes 258,422 472,004				567,404	1,297,830
Average ore grade g/t gold 1.50 1.86				1.91	1.81
Strip ratio t:t 11.0 4.7				4.7	6.0
Ore milled Tonnes 301,791 392,230				449,100	1,143,121
Milled head grade g/t gold 1.33 1.64				1.92	1.67
Gold recovery % 90.9 89.5				91.6	90.8
Gold produced ounces 11,692 18,491				25,455	55,638
Gold sales1 ounces 12,874 14,553				15,040	42,467
Average sales price US$/ounce 2,953 3,227				4,059	3,439
Unit Production Costs
Mining cost US$/t mined 4.89 6.09				5.90	5.57
Processing cost US$/t milled 26.59 16.26				14.28	18.21
G & A cost US$M/month 1.84 1.93				2.04	1.94
All-In Site Cost
Production cost US$/ounce 2,458 1,545				1,246	1,600
Royalties US$/ounce 3243 2794				408	347
Sub-total US$/ounce 2,7823 1,8244				1,654	1,947
Sustaining capital US$/ounce 44 20				54	41
Total All-In Site Cost2 US$/ounce 2,8263 1,8444				1,708	1,988
Notional Cashflow from Operations
Cash Margin US$/ounce 1273 1,383				2,351	1,451
Notional Cash Flow US$M 13 25				60	81

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$1.4 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

ORE RESERVE TO MILL RECONCILIATION

Table 9 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Sissingué Ore Reserve.

In Q3 FY26, mill tonnes were above reserve by 40%, while grade was 9% lower, resulting in a positive variance in contained gold of 27%.

The improved performance is driven by additional ore tonnes delineated through grade control outside the reserve model, which has compensated for the lower mined grade. Dilution performance has also improved during the quarter, supported by better ore control and mining practices.

The 6 and 12-month trends continue to show improving alignment, with contained gold tracking within 13% and 4% of reserve, respectively. Ongoing focus on ore control and selective mining is expected to maintain this trend.

Table 9: Sissingué Complex Ore Reserve to Mill Reconciliation

	ORE RESERVE TO MILL CORRELATION FACTOR
PARAMETER	3 MONTHS	6 MONTHS	1 YEAR
	1.40
	0.91
	1.27

GROUP GOLD PRODUCTION AND COST GUIDANCE

Forecast group gold production and AISC for the 2026 financial year as shown in Table 10 below remain unchanged.

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 $1,620 – $1,790

Edikan Gold Mine

Production Ounces 154,000 – 169,000

All-in Site Cost US$ per ounce $1,470 – $1,620

Sissingué Gold Mine

Production Ounces 78,000 – 87,000

All-in Site Cost US$ per 0unce $1,810 – $2,000

PERSEUS GROUP

Production Ounces 400,000 – 440,000

All-in Site Cost US$ per ounce $1,600 – $1,760

Notes

1. The cost guidance released in the Q2 FY26 report was based on a gold price assumption of $3,900 per ounce (January to June 26) and royalty rates of 8% in Côte d'Ivoire and 5% in Ghana.

FUEL CONSUMPTION COSTS

Diesel costs in total account for approximately 10% of the Group’s FY26 AISC guidance as disclosed in the Q2 FY26 Quarterly Report.

FUEL	YGM	SGM	EGM	GROUP
% of AISC guidance 11% 12% 9%				10%

ORGANIC BUSINESS GROWTH

PROJECT DEVELOPMENT

NYANZAGA GOLD PROJECT, TANZANIA

The Nyanzaga Gold Project (NGP) remains on budget and schedule with first gold anticipated in January 2027.

Overall project progress achieved was 48% at end of the quarter. Total costs incurred to date are at US$220 million (42% of the budgeted US$523 million).

As of 31 March 2026, the Project has recorded over 5.4 million worked hours with zero Lost Time Injuries (LTIs). The workforce has increased to more than 3,162 personnel and continues to ramp up in line with construction activity.

The project remains confidently on track to pour first gold in January 2027.

Key work fronts achieved significant progress and milestones over the period:

All major procurement associated with the process plant is complete.
Fabrication of the mills, gyratory crusher and thickeners has been completed on schedule, with deliveries to site ongoing.
Structural steel fabrication has reached 78% completion, with site deliveries underway.
TSF construction has commenced ahead of schedule.
Pre-strip mining activities have commenced ahead of schedule.
SMP installation works commenced during the quarter.
Mill Installation Specialist contract awarded, with installation (on the project critical path) forecast to commence on schedule in April.
Primary crusher vault progressing well, with first lift complete and second lift rebar and formwork nearing completion.
Reclaim wall advancing, with first concrete lift complete and second lift rebar installation underway.
SAG and Ball mill foundations progressing, with second concrete lift poured and third lift rebar installation underway.
Concrete footings and pedestals for pipe racks complete.
CIL tank installation is ongoing, with the first four tanks nearing full strake height.
Non-process infrastructure progressing ahead of schedule, including low and high security buildings, mine services area, 11kV overhead powerline and site fencing.

Project total spend to date is US$227.3 million, representing (43%) of budgeted project cost, expenditure incurred to date is US$220.3 million (42%) and a further US$124.9 million (23%) committed, by 31 March 2026. Funds incurred and commitments to date is 66% of the FID budget of $523M.

Table 11 Nyanzaga Gold Project Development– Financial Status

DEVELOPMENT BUDGET	FORECAST FINAL COST	COMMITMENTS ENTERED		EXPENSES INCURRED TO DATE1		TOTAL SPEND TO DATE2
US$M	US$M	US$M	%	US$M	%	US$M	%

523.0 523.0 124.9 23% 220.3 42% 227.3 43%

1. Expenses to date include work invoiced and accrued

2. Total spend to date includes expenses incurred and capital advance payments.

Table 12 Nyanzaga Gold Project Development Progress

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26	PROJECT
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE	TO DATE
Development capital spend US$M 61.7 59.6				63.0	184.3 227.3
Development Production
Total material mined Tonnes - -				771,466	771,466 771,466
Total waste mined Tonnes - -				771,466	771,466 771,466

CMA UNDERGROUND, YAOURÉ

Q3 FY26 saw strong progress in the CMA UG, with a total of 1,599m of lateral development achieved across the four declines.
With the continued efforts of critical surface infrastructure projects, high voltage electrical power supply to the UG portals was completed during the quarter.
In January 2026, a key milestone was achieved with first ore mined from the Blika Portal, with stoping operations anticipated to commence in early Q4 FY26. Commercial production scheduled to be reached in Q3 FY27.
Project development is progressing to plan with US$63.3 million incurred for supply of goods and services by 31 March 2026.

Table 13 CMA Underground Development Project – Financial Status

DEVELOPMENT BUDGET	FORECAST FINAL COST1	COMMITMENTS ENTERED		EXPENSES INCURRED TO DATE2		TOTAL SPEND TO DATE3
US$M	US$M	US$M	%	US$M	%	US$M	%

171.8 181.7 3.9 2 63.3 37 72.1 42

1. Development capital for the CMA UG has increased by $9 million due to the requirement for additional remediation of the eastern wall in the CMA open pit to mitigate access risks from ground instability.

2. Expenses incurred to date include work invoiced and accrued

3. Total spend to date includes expenses incurred and capital advance payments.

Table 14 CMA Underground Development Progress

		SEPTEMBER 2025	DECEMBER 2025	MARCH 2026	FY26
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Development capital US$M 12.3 13.8				18.6	44.7
Development metres Metres 3 797				1,599	2,399

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