PRU.TO · 2024-01-24

DECEMBER 2023 QUARTER REPORT Perseus Mining produces 528,486 oz gold at US$984/oz AISC in CY 2023

Production Results

24 JANUARY 2024

NEWS RELEASE

DECEMBER 2023 QUARTER REPORT

Perseus Mining produces 528,486 oz gold at US$984/oz AISC in CY 2023

PERTH, Western Australia/ January 24, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended December 31, 2023 (the “Quarter”).

Key operating indicators and highlights for the December 2023 quarter include:

DECEMBER 2023 QUARTER DECEMBER 2023 HALF YEAR CALENDAR YEAR 2023 PERFORMANCE INDICATOR UNIT

Gold recovered	Ounces	128,773	261,577	528,486
Gold poured	Ounces	128,339	261,055	529,152
Production Cost	US$/ounce	862	833	826
All-In Site Cost (AISC)	US$/ounce	1,023	979	984
Gold sales	Ounces	135,137	251,091	526,734
Average sales price	US$/ounce	1,963	1,951	1,913
Notional Cashflow	US$ million	122	254	492

Gold production of 128,773 ounces in the December 2023 quarter, giving December Half Year and 2023 Calendar Year production of 261,577 ounces and 528,486 ounces, respectively.
December 2023 quarter weighted average AISC of US$1,023 per ounce resulting in December Half Year and 2023 Calendar Year AISC of US$979 per ounce and US$984 per ounce, respectively.
Gold production in the December Half Year and 2023 Calendar Year both in the upper half of guided production ranges while AISC was below the bottom end of guided cost ranges in the same periods.
Quarterly gold sales increased to 135,137 ounces; average quarterly gold sale price increased to US$1,963 per ounce.
Average quarterly cash margin of US$940 per ounce of gold resulted in notional operating cashflow of US$122 million in the quarter and US$492 million for the 2023 calendar year, US$90 million or 22% more than 2022 Calendar Year.
Strong operating performance expected to continue in the June 2024 Half Year. Gold production guided at 226,000 to 254,000 ounces at AISC of US$1,180 to US$1,340 per ounce for the period, which would result in 491,000 to 517,000 ounces at an AISC of US$1,000 to US$1,100 per ounce for the Financial Year ending 30 June 2024.
Organic growth activities included completion of a DFS for the CMA Underground development at Yaouré as well as various brownfields exploration programmes to expand Mineral Resources inventories at our operating mines.
Available cash and bullion balance of US$642 million, as well as US$60 million of listed securities at quarter-end. Zero debt and US$300 million of undrawn debt capacity available.

PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986	1

Group 12-month rolling average TRIFR at 0.89, down from 1.07 in the September 2023 quarter.

OPERATIONS

PRODUCTION, COSTS AND NOTIONAL CASHFLOW

Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, combined to produce a total of 128,773 ounces of gold in the December 2023 quarter. The weighted average production cost at the operations was US$862 per ounce, while the weighted average AISC was US$1,023 per ounce of gold for the quarter.

Combined with strong gold production in the September 2023 quarter, this performance resulted in Half Yearly gold production of 261,577 ounces of gold, produced at an average AISC of US$979 per ounce. This performance was in the upper half of production market guidance for the December 2023 Half Year of 242,500 to 272,500 ounces of gold produced and below the bottom end of AISC market guidance of US$1,000 to US$1,100 per ounce.

When combined with June 2023 Half Year production of 266,909 ounces at an AISC of US$989 per ounce, Perseus delivered total production of 528,486 ounces of gold at an AISC of US$984 per ounce for the 2023 Calendar Year.

In the December 2023 quarter, combined gold sales from all three operations totalled 135,137 ounces or 19,183 ounces more than in the September 2023 quarter. The weighted average gold price realised was US$1,963 per ounce, US$27 per ounce more than the September 2023 quarter price of US$1,936 per ounce.

Perseus’s average cash margin for the December 2023 quarter was US$940 per ounce resulting in notional operating cashflow from operations of US$122 million, US$10 million less than the September quarter. This decrease was driven by slightly lower overall group gold production, combined with higher AISC, mainly at Yaouré, where improved weather conditions enabled increased material movements from the open pit.

These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better performing mid-tier gold producers in 2023.

Table 1: Gold Production by Mine

MINE		TOTAL GOLD RECOVERED (OUNCES)				TOTAL GOLD POURED (OUNCES)
		SEPTEMBER 2023 QUARTER	DECEMBER 2023 QUARTER	DECEMBER 2023 HALF YEAR	CALENDAR YEAR 2023	SEPTEMBER	DECEMBER		DECEMBER	CALENDAR
						2023	2023		2023 HALF	YEAR
						QUARTER	QUARTER		YEAR	2023
Yaouré 73,737 Edikan 48,497 Sissingué 10,570			60,642	134,379 271,499 73,801 98,647 202,599 47,882 28,551 54,389 11,033	271,499	73,801	61,917	135,718 272,347 97,808 203,843 27,529 52,962
			50,150		202,599	47,882	49,926
			17,981				16,496
	Group	132,804	128,773	261,577	528,486	132,717	128,339		261,055	529,152

Table 2: Gold Sales by Mine

MINE
		SEPTEMBER 2023 QUARTER	DECEMBER 2023 QUARTER	DECEMBER 2023 HALF YEAR	CALENDAR	SEPTEMBER	DECEMBER		DECEMBER	CALENDAR
					YEAR	2023	2023		2023 HALF	YEAR
					2023	QUARTER	QUARTER		YEAR	2023
Yaouré 65,197 Edikan 44,209 Sissingué 6,548			67,491	132,688 276,986 1,949 94,283 200,913 1,910 24,120 48,836 1,974			1,955	1,952 1,909 1,933 1,904 2,007 1,968
			50,074				1,954
			17,572				2,019
	Group	115,954	135,137	251,091	526,734	1,936	1,963		1,951	1,913

Table 3: All-In Site Costs (AISC) and Notional Cash Flow by Mine


	SEPTEMBER	DECEMBER		DECEMBER	CALENDAR	SEPTEMBER	DECEMBER	DECEMBER	CALENDAR
	2023	2023		2023	YEAR	2023	2023	2023 HALF	YEAR
	QUARTER	QUARTER		HALF YEAR	2023	QUARTER	QUARTER	YEAR	2023
		960	805 795 93 1,003 1,050 40 1,719 1,685 (1)				61
		930					51
		1,498					9
Group	937	1,023		979	984	132	122	254	492

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

Figure 1: Growth in gold production at attractive cash margins

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

Refer to Table 4 below for details of operating and financial parameters recorded at the Yaouré gold mine during the period ending 31 December 2023 and relevant prior periods.

During the quarter, Yaouré produced 60,642 ounces of gold at a production cost of US$794 per ounce and an AISC of US$960 per ounce. The weighted average sales price of the 67,491 ounces of gold sold during the quarter was US$1,955 per ounce, giving rise to a cash margin of US$995 per ounce. Notional operating cashflow generated during the quarter by Yaouré was US$61 million, or US$32 million less than in the September 2023 quarter.

This performance contributed to half yearly gold production at Yaouré of 134,379 ounces of gold at an average AISC of US$805 per ounce, which was in the upper half of market guidance range for the half year of 125,000 to 140,000 ounces of gold and below the guided AISC range of US$850 to US$950 per ounce.

Table 4: Yaouré Quarterly Performance

		2022	JUNE 2023	SEPTEMBER 2023	DECEMBER 2023	DECEMBER	2023
PARAMETER	UNIT	CALENDAR	HALF YEAR	QUARTER	QUARTER	2023	CALENDAR
		YEAR				HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 34,537,538 17,054,666 7,454,464					8,672,230	16,126,694 33,181,360
Total ore mined Tonnes 5,969,706 2,683,589 1,510,898					1,361,286	2,872,184 5,555,773
Average ore grade g/t gold 1.88 1.82 1.81					1.64	1.73 1.78
Strip ratio t:t 4.8 5.4 3.9					5.4	4.6 5.0
Ore milled Tonnes 4,043,860 1,917,555 993,073					892,728	1,885,801 3,803,356
Milled head grade g/t gold 2.43 2.40 2.48					2.27	2.38 2.39
Gold recovery % 93.5 92.4 93.1					93.0	93.0 92.7
Gold produced ounces 294,892 137,120 73,737					60,642	134,379 271,499
Gold sales1 ounces 280,882 144,298 65,197					67,491	132,688 276,986
Average sales price US$/ounce 1,711 1,869 1,949					1,955	1,952 1,909
Unit Production Costs
Mining cost US$/t mined 2.80 2.91 3.00					3.24	3.13 3.02
Processing cost US$/t milled 12.64 12.63 12.66					14.56	13.56 13.09
G & A cost US$M/month 1.94 2.28 2.30					2.38	2.34 2.31
All-In Site Cost
Production cost US$/ounce 580 638 568					794	670 654
Royalties US$/ounce 81 103 85					138	109 106
Sub-total US$/ounce 661 741 652					933	779 760
Sustaining capital US$/ounce 24 45 25					27	26 36
Total All-In Site Cost2 US$/ounce 685 786 677					960	805 795
Notional Cashflow from Operations
Cash Margin US$/ounce 1,026 1,083 1,272					995	1,147 1,113
Notional Cash Flow US$M 303 149 93					61	154 302

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 December 2023 quarter is US$6 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.

The operating performance at Yaouré during the December quarter compared to the prior quarter was characterised by mill run time of 87.7% compared to 96.0%, gold recovery rates of 93.0% compared to 93.1%, head grade of processed ore of 2.27 g/t gold compared to 2.48 g/t gold and throughput rates of 461 tph compared to 468 tph. Decreased mill run time and grade resulted from specific factors. In the case of run time, an extended unscheduled mill shutdown occurred in October to replace the bearing in the crusher which had deteriorated rapidly towards the end of the prior quarter. This shutdown reduced the mill run-time, as availability of crushed ore was reduced.

As previously reported, wet weather in the September 2023 quarter materially reduced ore and waste movements relative to targets in this period, delaying access to higher grade ore scheduled for mining in the December quarter and reducing AISC. An accelerated mining programme was implemented for the December quarter, once weather improved, but this was unable to fully address the shortage of higher-grade mill feed caused in part by sub-standard operating efficiency and equipment availability on the part of our mining contractor, EPSA. The 16% increase in material movements during the quarter did however negatively impact on AISC during the period, which were, as anticipated, materially higher than in the prior quarter. It is expected that this trend will continue for the balance of this financial year as the mining shortfall incurred in prior periods is eliminated and work to plan is restored.

MINERAL RESOURCE TO MILL RECONCILIATION

Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource block model. During the last quarter, 15% more ore tonnes were processed at 13% lower grade for 1% negative variance in ounces compared to the Mineral Resource model. In the previous six months and project to date, Yaouré has produced more metal than the Mineral Resource model predicted. The performance of the Yaouré Mineral Resource model to date is considered satisfactory, however work will continue to optimise the grade and reduce dilution.

Table 5: Yaouré Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	PROJECT TO DATE
Tonnes of Ore	1.15	1.18 1.19
Head Grade	0.87	0.86 0.92
Contained Gold	0.99	1.01 1.10

EDIKAN GOLD MINE, GHANA

Table 6 below summarises the key operating and financial parameters recorded at Edikan during the period ending 31 December 2023 and relevant prior periods.

Edikan’s operating performance in the December 2023 quarter was better than in the prior quarter, with 50,150 ounces of gold recovered at a production cost of US$769 per ounce and an AISC of US$930 per ounce (compared to 48,497 ounces at an AISC of US$1,078 per ounce in the September quarter). Gold sales of 50,074 ounces were 13% more than in the prior quarter, at a weighted average realised gold price of US$1,954 per ounce, generating an average cash margin of US$1,024 per ounce, a significant improvement on results achieved in prior periods. Notional cashflow of US$51 million for the quarter was US$11 million better than in the September quarter, and for the full 2023 Calendar Year, notional operating cashflow of US$173 million was US$95 million more than in 2022 – a marked improvement, validating Perseus’s chosen operating strategy of focussing on cashflow in preference to production at Edikan.

This quarterly performance contributed to Half Yearly gold production at Edikan of 98,647 ounces of gold, produced at an average AISC of US$1,003 per ounce which was close to the top end of the market guidance range for the Half Year of 90,000 to 100,000 ounces of gold and well below the bottom end of the AISC guidance range of US$1,2000 to US$1,300 per ounce.

Operating performance at Edikan was generated by sound operating fundamentals generally in line with the prior quarter. Mill run time was 95.2% compared to 92.0%, gold recovery rates were 91.7% compared to 91.8%, head grade of processed ore was 1.08 g/t gold compared to 1.06 g/t gold and throughput rates (749 tph compared to 764 tph).

Table 6: Edikan Quarterly Performance

		2022	JUNE 2023	SEPTEMBER 2023	DECEMBER 2023	DECEMBER	2023
PARAMETER	UNIT	CALENDAR	HALF YEAR	QUARTER	QUARTER	2023	CALENDAR
		YEAR				HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 27,424,399 11,940,133 4,125,271					2,440,880	6,566,151 18,506,284
Total ore mined Tonnes 5,879,919 3,585,546 2,062,257					1,614,396	3,676,653 7,262,199
Average ore grade g/t gold 1.05 1.05 0.93					1.02	0.97 1.01
Strip ratio t:t 3.7 2.3 1.0					0.5	0.8 1.6
Ore milled Tonnes 6,411,882 3,238,191 1,554,128					1,574,403	3,128,531 6,366,722
Milled head grade g/t gold 0.95 1.09 1.06					1.08	1.07 1.08
Gold recovery % 88.1 92.3 91.8					91.7	91.7 92.0
Gold produced ounces 173,235 103,952 48,497					50,150	98,647 202,599
Gold sales1 ounces 169,892 106,630 44,209					50,074	94,283 200,913
Average sales price US$/ounce 1,706 1,878 1,910					1,954	1,933 1,904
Unit Production Costs
Mining cost US$/t mined 4.08 4.42 5.21					7.09	5.91 4.95
Processing cost US$/t milled 10.1 10.12 11.27					10.26	10.76 10.43
G & A cost US$M/month 1.5 1.5 1.61					1.71	1.66 1.58
All-In Site Cost2
Production cost US$/ounce 1,122 910 905					769	836 874
Royalties US$/ounce 111 137 134					138	136 137
Sub-total US$/ounce 1,233 1,047 1,038					908	972 1011
Sustaining capital US$/ounce 20 47 40					22	31 39
Total All-In Site Cost2 US$/ounce 1,253 1,094 1,078					930	1,003 1050
Notional Cashflow from Operations1
Cash Margin US$/ounce 453 784 832					1,024	931 854
Notional Cash Flow US$M 78 81 40					51	92 173

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 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

Reconciliation of processed ore tonnes, grade and contained ounces relative to the Edikan Mineral Resource block model is in Table 7 below.

During the quarter, grade control has predicted fewer tonnes (-4%), but higher grade (+9%) and more ounces (+5%) when compared to the Mineral Resource Estimate (MRE). Over the last 6 and 12-month periods, Edikan has also recorded more contained metal than predicted by the MRE model. Perseus regards the overall outperformance as being within normal industry standards.

Table 7: Edikan Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	0.96	0.96 0.99
Head Grade	1.09	1.16 1.10
Contained Gold	1.05	1.12 1.09

SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE

During the December quarter, Sissingué produced 17,981 ounces of gold at a production cost of US$1,350 per ounce and an AISC of US$1,498 per ounce, a marked improvement relative to the negatively rain affected September quarter when 10,570 ounces of gold were produced at an AISC of US$2,095 per ounce.

Ore processed in the Sissingué mill was mined from pits at Sissingué as well as the satellite pits at Fimbiasso East and West. Overall production performance for the mine during the quarter was better than forecast with each of the key operating parameters including runtime (93.8%), throughput rate (207 tph), and recovery (91.2%) and average head grade (1.44g/t gold) better than the prior quarter. The primary cause of the improved performance during the quarter was improved mining conditions following abatement of the very wet conditions experienced in the September quarter. This allowed access to higher grade ore and meant that material fed to the mill was much drier, helping to boost throughput rates and run time.

The AISC for the quarter of US$1,498 per ounce was US$597 per ounce lower than last quarter, driven mainly by higher gold production. With a weighted average sales price of US$2,019 per ounce for the quarter, the cash margin of US$521 per ounce was achieved resulting in notional cashflow for the quarter of US$9 million, US$10 million more than the prior quarter.

This performance contributed to half yearly gold production at Sissingué of 28,551 ounces of gold at an average AISC of US$1,719 per ounce, which was in the bottom half of the guided production range of 27,500 to 32,500 ounces of gold and the bottom half of the guided AISC range of US$1,700 to US$1,900 per ounce.

Given the position of the Sissingué operation at the end of the rain-effected September quarter, performance at Sissingué during the December quarter was outstanding.

Refer to Table 8 below for details of operating and financial parameters at the Sissingué gold mine during the periods ending 31 December 2023 and relevant prior periods.

Table 8: Sissingué Quarterly Performance

		2022	JUNE 2023	SEPTEMBER 2023	DECEMBER 2023	DECEMBER	2023
PARAMETER	UNIT	CALENDAR	HALF YEAR	QUARTER	QUARTER	2023	CALENDAR
		YEAR				HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 6,126,040 4,306,722 2,206,499					2,861,836	5,068,335 9,375,057
Total ore mined Tonnes 1,070,580 791,063 148,674					459,123	607,797 1,398,860
Average ore grade g/t gold 0.82 1.03 1.05					1.18	1.15 1.08
Strip ratio t:t 4.7 4.4 13.8					5.2	7.3 5.7
Ore milled Tonnes 1,545,772 863,406 348,373					429,288	777,661 1,641,067
Milled head grade g/t gold 1.18 1.01 1.04					1.44	1.26 1.13
Gold recovery % 90.6 92.4 90.5					91.2	90.9 91.6
Gold produced ounces 53,094 25,838 10,570					17,981	28,551 54,389
Gold sales1 ounces 54,088 24,716 6,548					17,572	24,120 48,836

Average sales price US$/ounce 1,755 1,929 1,974	2,019	2,007 1,968
Unit Production Costs
Mining cost US$/t mined 4.14 4.20 4.85	4.62	4.72 4.48
Processing cost US$/t milled 16.30 15.04 17.08	14.53	15.67 15.34
G & A cost US$M/month 1.22 1.61 1.49	1.61	1.55 1.58
All-In Site Cost2
Production cost US$/ounce 1,229 1,431 1,999	1,350	1,590 1,514
Royalties US$/ounce 103 101 64	126	103 102
Sub-total US$/ounce 1,332 1,532 2,063	1,475	1,693 1,617
Sustaining capital US$/ounce 17 116 31	23	26 69
Total All-In Site Cost3 US$/ounce 1,349 1,647 2,095	1,498	1,719 1,685
Notional Cashflow from Operations1
Cash Margin US$/ounce 406 281 (121)	521	288 283
Notional Cash Flow US$M 21.6 7 (1)	9	8 15

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 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

The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource block model is in Table 9 below. During the last three months, grade control has predicted additional tonnes (+3%) at a slightly elevated grade (+3%) resulting in an increase in overall ounces (+7%%) when compared to the Mineral Resource Estimate (MRE). Over the last six- and 12-month periods, Sissingué has also produced more metal than the Mineral Resource model predicted. Perseus regards the overall outperformance as being within normal industry standards.

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	1.03	1.14 1.09
Head Grade	1.03	1.01 1.02
Contained Gold	1.07	1.15 1.11

BAGOÉ MINING LEASE

Perseus’s environmental and social impact assessment (“ESIA”) together with the Definitive Feasibility Study for its proposed Bagoé mining operation, has been approved by Côte d’Ivoire’s environmental regulator (ANDE) and the Department of Mines, Petroleum and Energy. Granting of an Exploitation Permit has also been approved by the Inter- Ministerial Committee and now awaits signature by the President of the Republic. Construction of infrastructure required to support a mining operation on the Bagoé lease will commence as soon as possible following receipt of the Exploitation Permit.

GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE

Table 10: Production and Cost Guidance

		DECEMBER 2023 HALF YEAR	JUNE 2024 HALF YEAR	2024 FINANCIAL YEAR
PARAMETER	UNITS
		(ACTUAL)	FORECAST	FORECAST
Yaouré Gold Mine

Production Ounces 134,379 100,000 to 113,000 235,000 to 247,000 All-in Site Cost USD per ounce 805 $1,150 to $1,300 $900 to $1,000

Sissingué Gold Mine

Production Ounces 28,551 36,000 to 41,000 65,000 to 69,000 All-in Site Cost USD per ounce 1,719 $1,450 to $1,650 $1,400 to $1,500

Edikan Gold Mine

Production Ounces 98,647 90,000 to 100,000 191,000 to 201,000 All-in Site Cost USD per ounce 1,003 $1,100 to $1,250 $1,000 to $1,100

PERSEUS GROUP

Production Ounces 261,577 226,000 to 254,000 491,000 to 517,000 All-in Site Cost USD per ounce 979 $1,180 to $1,340 $1,000 to $1,100

The Chart below tracks Perseus’s actual AISC performance relative to the guided AISC range since H1 2019. A trend that has emerged in the last 18 months is that Perseus has materially outperformed in terms of actual AISC relative to guidance. This outperformance is due to a range of factors including tight cost control across the operations, but an undeniable factor that is relevant to the performance, relative to guidance, is a reduction in total mining movements relative to plan at Yaouré, in particular, and to a lesser degree at Sissingué – particularly in the December Half Years of 2022 and 2023 during which the wet seasons occurred.

As noted earlier in this report, at Yaouré in the December 2023 Half Year, the AISC of operations at US$805 per ounce was well below the bottom end of the guided AISC range of US$850 to US$950 per ounce. Contributing significantly to this better-than-expected AISC was a shortfall in total material movements relative to plan, caused by very wet working conditions at Yaouré during the wet season as well as sub-par performance by our mining contractor.

A range of measures have since been implemented to get mine movements back on track in the forthcoming six months. These involve moving significantly elevated quantities of materials which in turn requires increases in available equipment. The additional equipment and activity come at a cost and account for the increase in the guided AISC for the Yaouré mine for the next six months relative to actual AISC achieved in the last six months.

It is not expected that this increase in open pit mining costs represents a long-term feature of Yaouré as once the shortfall in mined material is made up, mining rates will return to planned levels, below those forecast for the next six months.

A further implication of the shortfall in total material movements in the December Half Year has been a disruption to the ore mining and milling schedule for the June 2024 Half Year period. The grade of ore that is accessible and available for processing during this period is expected to be lower than originally planned for this period, at slightly above 2.0g/t gold. As a result, a temporary reduction in recovered gold is forecast during the period, resulting in production guidance of 100,000 to 113,000 ounces compared to actual production of 134,379 ounces for the prior period.

Once again, this reduction in grade is not expected to be a long-term trend as higher-grade material becomes accessible in future periods.

SUSTAINABILITY

SUSTAINABILITY GOVERNANCE

During the quarter, Perseus continued to strengthen its sustainability governance through the following activities:

The Safely Home Every Day programme continues to progress and evolve through the learnings from a comprehensive culture survey and implementation of leadership field engagements.
Fatality risk management programme deployment continued across the 3 operating sites in selected departments, including both employees and contractors. The programme is based on the principles of the ICMM Health and Safety Critical Control Management Good Practice Guide.
The Nkosuo mining area within the Mining Licence area at Edikan was approved by the Minerals Commission.
At Sissingué, the Bagoé Environment Permit application has successfully progressed, receiving Inter-Ministerial Committee approval, and is with the President’s office for final approval.
Yaouré’s community development plan and annual budget were approved by the Ministry of Mines, Petroleum and Energy. The community development Committee is in place and several projects are out for tender. Yaouré’s underground mining application and the Govissou rehabilitation process plan were submitted to the Minerals Commission for approval.

SUSTAINABILITY PERFORMANCE

This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown below in Table 11 and summarised as follows:

Safety:
- Safety performance has remained stable, with the Group 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) decreasing from 1.07 at the end of September to 0.89 at the end of December 2023. There were 4 recordable injuries in the December quarter across the Group.
- Group 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) remains stable at 0.24 in December.
Social:
- Total economic contribution to Perseus’s host operating countries Ghana, Côte d’Ivoire and Sudan for the reporting quarter was around ~US$145 million (approximately 55% of revenue), which included approximately US$95.3 million paid to local suppliers representing 87% of procurement on Purchase Order Value basis, US$9.8 million paid as salaries and wages to local employees, US$39.7 million in payments to government as taxes, royalties and other payments and more than US$0.89 million in social investment. There was an increase in our local procurement for the quarter, from 85% for the quarter ended September 2023 to 87% at December 2023.
- Local and national employment remained stable at 95% and the proportion of female employees across the Group increased to 13.2% for the December quarter.
- There were no significant community events (Category 3 or above) reported during the December quarter.
Environment:
- Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced remained stable at ~0.50 tCO2-e/oz for the quarter ended December 2023.
- Zero significant (Category 3) environmental or tailings dam integrity issues occurred during the period.

In achieving the above, Perseus encountered the following sustainability challenges during the quarter:

Illegal mining activities on Perseus’s mining and exploration licence areas continue to present challenges for the Company across its activities in Ghana and Côte d’Ivoire. The Company conducted educational sessions for communities in Sissingué on the harmful risks associated with the misuse of sodium cyanide that may be used by illegal miners and continues to work with communities and regulators to manage these sustainability challenges.

Table 11: Sustainability Quarterly Performance

PERFORMANCE	SUB-AREA	METRIC	UNIT	MARCH 2023	JUNE 2023	SEPTEMBER 2023	DECEMBER 2023
DRIVER				QUARTER	QUARTER	QUARTER	QUARTER

Governance Compliance Material legal non-compliance Number 0 0 0 0

Social Workplace fatalities Number 0 0 0 0 Worker Health, Safety and Wellbeing Total Recordable Injury Frequency (TRIFR) Total Recordable Edikan – 1.02 Edikan – 1.03 Edikan – 1.02 Edikan – 1.03 Injuries per Sissingué – 0.96 Sissingué – 0.89 Sissingué – 0.82 Sissingué – 0.38 Yaouré – 1.23¹ Yaouré – 1.21 Yaouré – 1.20 million hours Yaouré – 1.18 worked, rolling 12 Sudan – 5.63¹ Sudan – 4.43 Exploration – 1.65 Exploration – 0.85 months Exploration – 2.241 Exploration – 2.28 Group – 1.07⁶ Group – 0.89⁶ Group – 1.29 Group – 1.20⁶ Lost Time Injury Frequency (LTIFR) Edikan – 0.20 Edikan – 0.21 Edikan – 0.00 Edikan – 0.00 Lost Time Injuries (LTIFR) per million Sissingué – 0.00 Sissingué – 0.00 Sissingué – 0.41 Sissingué – 0.38 hours worked, Yaouré – 0.31 Yaouré – 0.61 Yaouré – 0.60 Yaouré – 0.59 rolling 12 months Sudan – 0.00 Sudan – 0.00 Exploration – 0.00 Exploration – 0.00 Exploration – 0.00 Exploration – 0.00 Group – 0.25⁶ Group – 0.24⁶ Group – 0.25 Group – 0.26⁶

Community	Number of significant2community events	Number	0	0	0	0
	Community investment	US$	US$1,114,3883 US$1,335,0643		US$852,5183	US$891,592
Economic Benefit	Proportion local and national employment	% of total	96%	94%	95%	95%

employees Proportion local and national procurement % of total 88% 77% 85% 87% procurement

Gender Diversity	Board gender diversity	%	33%	29%7	29%7	33%7
	Executive gender diversity	%	13%	40%7	40%7	40%7
	Proportion of women employees	%	12.4%4	11.4%4	11.4%4	13.2%4
Responsible Environment	Number of significant2environmental events	Number	0	0	0	0

Operations

Tailings Number of significant² tailings dam integrity Number 0 0 0 0 failures

Water stewardship	Water used per ounce of gold produced5	M3/oz	18.361	12.561	15.521	15.841
Greenhouse Gas	Scope 1 and 2 Greenhouse Gas Emissions per	Tonnes of CO2-	0.53	0.48	0.50	0.50
Emissions	ounce of gold produced	e/oz

PERSEUSMINING.COM

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