PRU.TO · 2025-01-29

DECEMBER 2024 QUARTER REPORT Perseus Mining delivers strong production, cashflow & growth in Q2 FY25, resulting in a cash & bullion balance of US$704 million

Production Results

29 JANUARY 2025

NEWS RELEASE

DECEMBER 2024 QUARTER REPORT

Perseus Mining delivers strong production, cashflow & growth in Q2 FY25, resulting in a cash & bullion balance of US$704 million

PERTH, Western Australia/January 29, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)

reports on its activities for the three months’ period ended December 31, 2024 (the “Quarter”).

Key operating indicators and highlights for the December 2024 quarter (Q2 FY25), December 2024 Half Year (H1 FY25) and Calendar Year 2024 (CY24) include:

PERFORMANCE		JUNE 2024	SEPTEMBER 2024	DECEMBER 2024	DECEMBER 2024	2024 CALENDAR
	UNIT
INDICATOR		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold recovered Ounces 248,400 121,290				132,419	253,709 502,109
Gold poured Ounces 250,084 121,370				131,832	253,202 503,286
Production Cost US$/ounce 934 991				919	953 944
All-In Site Cost (AISC) US$/ounce 1,130 1,201				1,127	1,162 1,147
Gold sales Ounces 257,578 108,895				136,623	245,518 503,096
Average sales price US$/ounce 2,076 2,249				2,430	2,350 2,209
Notional Cashflow US$ million 236 127				173	300 536

Perseus’s 12-month rolling average TRIFR is 0.66, lower than 0.97 at the end of the September 2024 quarter (Q1 FY25) and well below industry average.
In Q2 FY25, gold production increased by 9% to 132,419 ounces and the weighted average All-in-Site Cost (AISC) of US$1,127 per ounce, was 6% less than the prior quarter.
Gold production for H1 FY25 and CY24 was towards the upper end of production guidance ranges in each case, while AISCs for the same periods were below the bottom end of the cost guidance ranges.
Average gold sales increased by 20% to 136,623oz due to sale of gold whose shipment was delayed in the prior quarter. The average gold sales prices increased 7% quarter on quarter to US$2,430 per ounce.
An average cash margin of US$1,303 for each ounce of gold produced in the quarter resulted in notional operating cashflow of US$173 million in Q2 FY25 and US$536 million in CY24.
Balance sheet at quarter-end included available cash and bullion of US$704 million, plus liquid, listed securities of US$67 million and zero debt, with US$300 million of undrawn debt capacity available at the end of Q2 FY25.
Market guidance for June 2025 Half Year (2H FY25) and 2025 Financial Year (FY25) respectively are 215,000 to 220,000 ounces at US$1,360 to US$1,435 per ounce and 469,709 to 504,709 ounces at US$1,250 to US$1,280 per ounce.
A Final Investment Decision (FID) was taken to develop the CMA underground project at the Yaouré Gold Mine in Côte d’Ivoire during the quarter.
The FID for the development of the Nyanzaga Gold Mine in Tanzania is pending finalisation of negotiation of several amendments to the Framework Agreement with the Government

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008 ABN: 27 106 808 986 PERSEUSMINING.COM of Tanzania that comprehensively describes the terms on which the mine will be developed and operated.

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 132,419 ounces of gold in Q2 FY25. The weighted average production cost was US$919 per ounce, while the weighted average AISC was US$1,127 per ounce of gold.

In Q2 FY25, combined gold sales from all three operations totalled 136,623 ounces or 27,728 ounces more than in the September 2024 quarter (Q1 FY25) due to the timing of gold sales. The weighted average gold price realised was US$2,430 per ounce, US$181 per ounce more than the Q1 FY25 price of US$2,249 per ounce.

Perseus’s average cash margin for the quarter was US$1,303 per ounce resulting in notional operating cashflow from all operations of US$173 million, US$46 million more than in Q1 FY25.

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

Table 1: Gold Production by Mine

MINE			TOTAL GOLD RECOVERED (OUNCES)							TOTAL GOLD POURED (OUNCES)
		SEPTEMBER 2024 QUARTER		DECEMBER 2024 QUARTER		DECEMBER 2024 HALF YEAR		2024	SEPTEMBER 2024 QUARTER		DECEMBER 2024 QUARTER		DECEMBER 2024 HALF YEAR	2024
								CALENDAR						CALENDAR
								YEAR						YEAR
Yaouré Edikan Sissingué		56,458 47,766 17,066			66,700	123,158 239,637 96,634 193,066 33,917 69,406		239,637		55,315		66,315	121,630 238,676 95,862 193,084 35,710 71,526
					48,868			193,066		47,627		48,235
					16,851				18,428			17,282
G	roup		121,290		132,419		253,709	502,109		121,370		131,832	253,202	503,286

Table 2: Gold Sales by Mine

MINE			TOTAL GOLD SOLD (OUNCES)							REALISED GOLD PRICE (US$ PER OUNCE)
		SEPTEMBER 2024 QUARTER		DECEMBER 2024 QUARTER		DECEMBER 2024 HALF YEAR		2024	SEPTEMBER 2024 QUARTER		DECEMBER 2024 QUARTER		DECEMBER 2024 HALF YEAR	2024
								CALENDAR						CALENDAR
								YEAR						YEAR
Yaouré Edikan Sissingué		46,309 45,263 17,323			69,036	115,345 236,107 95,950 193,410 34,223 73,579			2,224 2,297 2,190			2,395	2,326 2,196 2,409 2,246 2,264 2,156
					50,687							2,509
					16,900							2,340
G	roup		108,895		136,623		245,518	503,096		2,249		2,430	2,350	2,209

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

MINE			ALL-IN SITE COST (US$/OUNCE)							NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
		SEPTEMBER 2024 QUARTER		DECEMBER 2024 QUARTER		DECEMBER 2024 HALF YEAR		2024	SEPTEMBER 2024 QUARTER		DECEMBER 2024 QUARTER		DECEMBER 2024 HALF YEAR	2024
								CALENDAR						CALENDAR
								YEAR						YEAR
Yaouré Edikan Sissingué		1,226 1,021 1,621			1,037	1,124 1,114 1,022 1,011 1,701 1,638			56 61 10			91	147 260 134 239 19 37
					1,023							73
					1,782							9
G	roup		1,201		1,127		1,162	1,147		127		173	300	536

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 Q2 FY25 period.

During the quarter, Yaouré produced 66,700 ounces of gold, 18% more than the prior quarter, at a production cost of US$843 per ounce and an AISC of US$1,037 per ounce. In total, 69,036 ounces of gold from Yaouré were sold at a weighted average sale price of US$2,395 per ounce. This gave rise to an average cash margin of US$1,358 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$91 million, compared with US$56 million in Q1 FY25.

For CY2024, Yaouré produced 239,636 ounces of gold, nearly half of Perseus’s total gold production for the period, at an AISC of US$1,114 per ounce, generating notional cashflows of US$262 million over the 12-month period.

Operating performance at Yaouré has improved in Q2 FY25 relative to the performance in the prior quarter. Gold production was up by 18% driven by a 16% increase in the head grade of processed ore (1.86 g/t gold to 2.16 g/t gold), and an improvement in gold recovery of 2% to 93.9%.

As highlighted in Q1 FY25, Yaouré had undertaken an accelerated waste stripping programme designed to recover from earlier periods, which resulted in a total of 10.6 million tonnes mined and an increase in the mines AISC. As predicted in the Q1 FY25 Report, there has been a significant decrease in total material mined due to significantly reduced waste movements and a corresponding decrease in Yaouré’s mining unit costs.

Table 4: Yaouré Quarterly Performance

		JUNE 2024	SEPTEMBER 2024	DECEMBER 2024	DECEMBER 2024	20024 CALENDAR
PARAMETER	UNIT
		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 17,480,725 10,627,904				7,431,184	18,059,088 35,539,813
Total ore mined Tonnes 2,410,100 2,050,112				2,410,767	4,460,878 6,870,978
Average ore grade g/t gold 1.60 1.40				1.37	1.39 1.46
Strip ratio t:t 6.3 4.2				2.1	3.0 4.2
Ore milled Tonnes 1,980,988 1,023,425				1,022,425	2,045,849 4,026,837
Milled head grade g/t gold 1.97 1.86				2.16	2.01 1.99
Gold recovery % 92.8 92.2				93.9	93.1 92.9
Gold produced ounces 116,478 56,458				66,700	123,158 239,636
Gold sales1 ounces 120,762 46,309				69,036	115,345 236,107
Average sales price US$/ounce 2,072 2,224				2,395	2,326 2,196
Unit Production Costs
Mining cost US$/t mined 3.70 3.58				4.80	4.09 3.90
Processing cost US$/t milled 13.61 12.46				12.68	12.57 13.08
G & A cost US$M/month 2.40 2.33				2.51	2.42 2.41
All-In Site Cost
Production cost US$/ounce 911 1,025				843	926 919
Royalties US$/ounce 138 132				160	147 143
Sub-total US$/ounce 1,049 1,157				1,003	1,073 1,061
Sustaining capital US$/ounce 55 69				34	50 52
Total All-In Site Cost2 US$/ounce 1,103 1,226				1,037	1,124 1,114
Notional Cashflow from Operations
Cash Margin US$/ounce 968 998				1,358	1,203 1,082
Notional Cash Flow US$M 113 56				91	147 260

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

Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource Estimate (MRE).

In Q2 FY25, 30% more ore than predicted by the MRE was processed at Yaouré, however the head grade was 21% lower than predicted. Overall, this resulted in contained gold being 2% higher than predicted.  For the 6-month and 12-month periods, tonnes of ore processed was consistently above prediction, while head grade was consistently below prediction. The higher ore tonnage compensated for lower grades, resulting in overall positive contained gold variance for both the 6-month and 12-month periods. Perseus acknowledges that this performance is outside the industry standard range and is actively working through the discrepancies to resolve the variances.

Table 5: Yaouré Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.30	1.27 1.25
Head Grade	0.79	0.79 0.87
Contained Gold	1.02	1.00 1.08

EDIKAN GOLD MINE, GHANA

Table 7 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q2 FY25 and in relevant prior periods.

Edikan’s Q2 FY25 operating performance improved compared with the prior quarter, with 48,868 ounces of gold recovered at a production cost of US$820 per ounce and an AISC of US$1,023 per ounce (compared to 47,766 ounces at an AISC of US$1,021 per ounce in Q1 FY25). Gold sales of 50,687 ounces was 12% higher than in the prior quarter at a weighted average realised gold price of US$2,509 per ounce. This was US$212 more than in the prior quarter, generating an average cash margin of US$1,486 per ounce. Notional cashflow of US$73 million was generated by Edikan during the quarter, 19% more than in Q1 FY25.

Operating performance at Edikan during the quarter was largely in line with targeted key performance indicators and compared reasonably well to those achieved in the prior quarter. Mill run time was 96% compared to 91.3% due to a scheduled maintenance shutdown to replace mill liners in the September quarter, gold recovery was 90.5% compared to 92.0%, the head grade of processed ore was 1.01 g/t of gold compared to 1.07 g/t of gold, and the throughput rate was 786 tph compared to 750 tph.

Edikan’s AISC was US$1,023 per ounce for the quarter, which is in line with last quarter. Improvements this quarter include a 6% decrease in processing cost per tonne and a 71% decrease in sustaining capital per ounce, offset by an increase in mining costs per tonne.

For CY2024, Edikan’s production of 193,066 ounces of gold, 38% of Perseus’s total gold production for the period, at an AISC of US$1,011 per ounce, generated US$239 million of notional cashflow over the 12-month period.

Mining at the recently discovered Nkosuo deposit, located approximately 10 kilometres from the Edikan mill, commenced during the quarter. All required government approvals for the development are now in place and work on constructing the access road is nearing completion. Negotiations are progressing for compensation of landowners and farmers who will be impacted by the Nkosuo operation, albeit at a slower rate than was originally planned.

MINERAL RESOURCE TO MILL RECONCILIATION

Table 6 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan Mineral Resource Estimate (MRE).

In Q2 FY25, 10% less ore than predicted by the MRE was processed at Edikan while the head grade was 5% higher than predicted, resulting in contained gold being slightly lower than predicted (-4%). Perseus views this overall performance as acceptable and in line with the industry standard range.

Table 6: Edikan Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	0.90	0.92 0.94
Head Grade	1.05	1.06 1.07
Contained Gold	0.96	0.97 1.01

Table 7: Edikan Quarterly Performance

PARAMETER	UNIT	JUNE 2024	SEPTEMBER 2024	DECEMBER 2024	DECEMBER 2024	2024 CALENDAR
		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 5,118,806 2,664,915				1,824,844	4,489,759 9,608,564
Total ore mined Tonnes 3,670,872 2,057,482				1,406,411	3,463,894 7,134,766
Average ore grade g/t gold 1.00 0.97				0.99	0.98 0.99
Strip ratio t:t 0.4 0.3				0.3	0.3 0.3
Ore milled Tonnes 3,114,758 1,511,083				1,665,612	3,176,695 6,291,453
Milled head grade g/t gold 1.05 1.07				1.01	1.04 1.04
Gold recovery % 91.8 92.0				90.5	91.2 91.5
Gold produced ounces 96,433 47,766				48,868	96,634 193,066
Gold sales1 ounces 97,460 45,263				50,687	95,949 193,410
Average sales price US$/ounce 2,086 2,297				2,509	2,409 2,246
Unit Production Costs
Mining cost US$/t mined 6.31 6.32				8.06	7.03 6.65
Processing cost US$/t milled 10.76 11.13				10.42	10.76 10.76
G & A cost US$M/month 1.73 1.72				2.67	2.19 1.96
All-In Site Cost
Production cost US$/ounce 790 813				820	816 803
Royalties US$/ounce 165 166				192	179 172
Sub-total US$/ounce 956 979				1,011	995 975
Sustaining capital US$/ounce 44 42				12	27 35
Total All-In Site Cost2 US$/ounce 999 1,021				1,023	1,022 1,011
Notional Cashflow from Operations
Cash Margin US$/ounce 1,087 1,276				1,486	1,387 1,236
Notional Cash Flow US$M 105 61				73	134 239

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$0.2 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.

SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE

Refer to Table 8 below for details of operating and financial performance achieved during Q2 FY25 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 40 kilometres from the Sissingué processing facilities.

During Q2 FY25, 16,851 ounces of gold were produced at a weighted average production cost of US$1,509 per ounce and a weighted average AISC of US$1,782 per ounce, which was US$161 per ounce higher than the AISC of US$1,621 per ounce achieved in Q1 FY25. This increase was driven mainly by 14% lower head grade and a higher strip ratio.

Mill runtime at 94% was higher than the 91% recorded in the last quarter. The previous quarter was impacted by the August shutdown extending 39 hours longer than planned.

The milled ore throughput rate of 185 tph was higher than the 159 tph recorded last quarter, driven by a lower percentage of fresh ore in the mill feed blend, coupled with good mill availability. Gold recovery rates were below quarter-on-quarter (88.6% compared to 92.2%), as was the head grade of ore fed to the mill (1.54 g/t gold compared to 1.80 g/t gold). This was attributed to the addition of low-grade ore mined at both Fimbiasso and Sissingué, as well as the increased mill throughput, which reduced plant residence time and impacted recovery.

For CY2024, the 69,407 ounces of gold produced at Sissingué, 14% of Perseus’s total gold produced during the period, was produced at an AISC of US$1,638 per ounce and generated US$36 million of notional cashflow over the 12-month period.

With a weighted average sales price of US$2,340 per ounce for the quarter, an increase of US$151 per ounce relative to the prior quarter, a cash margin of US$559 per ounce was achieved resulting in notional cashflow for the quarter of US$9 million.

Table 8: Sissingué Quarterly Performance

		JUNE 2024	SEPTEMBER 2024	DECEMBER 2024	DECEMBER 2024	2024 CALENDAR
PARAMETER	UNIT
		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 5,088,781 1,859,478				2,469,220	4,328,698 9,417,479
Total ore mined Tonnes 892,863 341,606				233,688	575,294 1,468,157
Average ore grade g/t gold 1.59 1.76				1.69	1.73 1.65
Strip ratio t:t 4.7 4.4				9.57	6.52 5.41
Ore milled Tonnes 761,505 320,027				384,030	704,058 1,465,562
Milled head grade g/t gold 1.60 1.80				1.54	1.66 1.63
Gold recovery % 90.8 92.2				88.6	90.4 90.6
Gold produced ounces 35,489 17,066				16,851	33,917 69,407
Gold sales1 ounces 39,356 17,323				16,900	34,222 73,578
Average sales price US$/ounce 2,062 2,190				2,340	2,264 2,156
Unit Production Costs
Mining cost US$/t mined 5.44 6.47				5.63	5.99 5.69
Processing cost US$/t milled 16.24 21.95				16.73	19.10 17.62
G & A cost US$M/month 1.62 1.46				1.70	1.58 1.60
All-In Site Cost
Production cost US$/ounce 1,402 1,374				1,509	1,441 1,421
Royalties US$/ounce 151 164				157	160 155
Sub-total US$/ounce 1,553 1,538				1,666	1,601 1,577
Sustaining capital US$/ounce 25 83				116	99 61
Total All-In Site Cost2 US$/ounce 1,578 1,621				1,782	1,701 1,638
Notional Cashflow from Operations
Cash Margin US$/ounce 484 569				559	563 518
Notional Cash Flow US$M 18 10				9	19 37

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$1.9 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 (MRE) is shown in Table 9 below.

In the past 3 months, tonnes of ore processed exceeded MRE predictions by 37%, although the head grade was 2% lower than predicted.  This led to a 34% increase in contained gold compared to the prediction. The positive variance is a result from additional material discovered through Grade Control drilling at Sissingué Main pit. Over the longer 6- and 12-month periods, tonnes processed consistently exceeded the prediction while head grade was consistently below prediction.  Perseus views this overall performance as acceptable and in line with 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	1.37	1.14 1.17
Head Grade	0.98	0.94 0.93
Contained Gold	1.34	1.07 1.08

BAGOÉ EXPLOITATION PERMIT

Planning continues to advance the construction of facilities required for the development of the Bagoé site satellite deposit, later in FY25.

GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE

Forecast group gold production and AISC for the June 2025 half year (2H FY25) and full 2025 financial year (FY25) are shown in Table 10 below.

Table 10: Production and Cost Guidance

		DECEMBER 2024 HALF YEAR	JUNE 2025 HALF YEAR	2025 FINANCIAL YEAR
PARAMETER	UNITS
		(ACTUAL)	FORECAST	FORECAST
Yaouré Gold Mine

Production Ounces 123,158 120,000 - 135,000 ounces 243,158 – 258,158 ounces All-in Site Cost USD per ounce 1,124 US$1,215 – 1,315 per ounce US$1,160 – 1,210 per ounce

Edikan Gold Mine

Production Ounces 96,634 75,000 - 85,000 ounces 172,634 – 182,634 ounces All-in Site Cost USD per ounce 1,022 US$1,325 – 1,425 per ounce US$1,150 – 1,190 per ounce

Sissingué Gold Mine

Production Ounces 33,917 20,000 - 30,000 ounces 53,917 – 63,917 ounces All-in Site Cost USD per ounce 1,701 US$2,100 – 2,200 per ounce US$1,880 – 1,900 per ounce

PERSEUS GROUP

Production Ounces 253,709 215,000 - 250,000 ounces 469,709 – 504,709 ounces All-in Site Cost USD per ounce 1,162 US$1,360 – 1,435 per ounce US$1,250 – 1,280 per ounce

Note that AISCs for Sissingué in H2 FY25 are artificially elevated above prior levels due to the processing of low-grade ore stockpiles while access to higher grade ore is achieved through waste stripping programmes at Sissingué Stage 4 pit and Fimbiasso West Stage 2 pit.

SUSTAINABILITY

SUSTAINABILITY GOVERNANCE

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

The fatality risk management critical control verification process continues producing positive results due to the focus on vehicles and driving.
Three major road projects awarded to Ivorian contractors through the Yaouré local development committee (Acronym of CDLM in French) were completed with another 10 projects awarded to other national contractors.

SUSTAINABILITY PERFORMANCE

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

Safety:
- Safety performance across the portfolio has remained stable this quarter, with the Group 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) at 0.66 for Q2 FY25. There were no recordable injuries in Q2 FY25 across the Group.
- Group 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) remained at 0.15 for the December quarter.
Social:
- Total economic contribution to Perseus’s host countries Ghana, Côte d’Ivoire, Tanzania and Sudan for the reporting quarter was approximately US$175 million (or 53% of revenue), which included approximately US$95.7 million paid to local suppliers representing 84% of procurement on Purchase Order Value basis, US$13.2 million paid as salaries and wages to local employees, US$65 million in payments to government as taxes, royalties and other payments and approximately US$0.95 million in social investment.
- Local and national employment improved slightly to 96% and the proportion of female employees across the Group also remained stable at 14% for the December quarter.
- There were no significant community events (Category 3 or above) reported during Q2 FY25.
Environment:
- Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced decreased to approximately 0.56 tCO2-e/oz for Q2 FY25. This is attributable to the stability of grid power supply in Côte d’Ivoire.
- Zero significant (Category 3) environmental or tailings dam integrity issues occurred during the period.

Table 11: Sustainability Quarterly Performance

P D	ERFORMANC	E	SUB-AREA	METRIC	UNIT	MARCH 2024	JUNE 2024	SEPTEMBER 2024	December 2024
	RIVER					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)¹ Total Recordable Edikan – 1.46 Edikan – 1.52 Edikan – 1.31 Edikan – 0.86 Injuries per million Sissingué – 0.35 Sissingué – 1.00 Sissingué – 0.65 Sissingué – 0.65 hours worked, Yaouré – 1.13 Yaouré – 0.82 Yaouré – 1.04 Yaouré – 0.75 rolling 12 months Exploration – 0.74 Exploration – 0.63 Exploration – 0.59 Exploration – 0

Group – 1.02 Group – 1.06 Group – 0.97 Group – 0.66

Lost Time Injury Frequency (LTIFR)¹ Lost Time Injuries Edikan – 0.21 Edikan – 0.22 Edikan – 0.22 Edikan – 0.22

		(LTIFR) per million	Sissingué – 0.35		Sissingué – 0.33		Sissingué – 0.00		Sissingué – 0.00
		hours worked,	Yaouré – 0.28		Yaouré – 0.00		Yaouré – 0.26		Yaouré – 0.25
		rolling 12 months	Exploration – 0.00		Exploration – 0.00		Exploration – 0.00		Exploration – 0.00
			Group – 0.24		Group – 0.15		Group – 0.15		Group – 0.15
Community	Number of significant2community events	Number		0		0		1		0
	Community investment	US$	US$928,887		US$934,513		US$1,119,064		US$974,282
Economic Benefit	Proportion local and national employment	% of total		95%		96%		95%		96%

employees Proportion local and national procurement % of total 85% 91% 87% 84% procurement

Gender Diversity Board gender diversity	%	33%	33%	33%	33%
Executive gender diversity	%	50%	50%	75%	75%
Proportion of women employees4	%	13%	13%	14%	14%
Responsible Environment Number of significant2environmental events	Number	0	0	0	0

Operations

Tailings	Number of significant2tailings dam integrity failures Number	0	0	0	0
Water stewardship	Water used per ounce of gold produced	m3/oz 15.03	14.31	14.08	13.14
Greenhouse Gas	Scope 1 and 2 Greenhouse Gas Emissions per ounce Tonnes of CO2-e/oz	0.52	0.55	0.61	0.56

Emissions of gold produced

Notes:

1. From FY24, the Group number includes corporate data and does not include Sudan or Nyanzaga projects.

2. A significant event is one with an actual severity rating of 4 and above, based on Perseus's internal severity rating scale (tiered from 1 to 5 by increasing severity) as defined in our Risk Management Framework.

3. Permanent employees only.

PERSEUSMINING.COM

ORGANIC BUSINESS GROWTH

EXPLORATION

During Q2 FY25, 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 drilling at Yaouré Pit, at Zain 1, at Z2 and at STEREX, a combined exploration and sterilisation drilling program. (Refer to Appendix 1, Figure 1.1).

At Yaouré Pit, a total of 2,715m were drilled in RC holes and in and RC-pre-collared diamond tails. The program continued from the multistage drilling that provided additional confidence on the location and orientation of mineralisation within the Yaouré pit area. Drilling during the quarter was aimed at infilling and extending the mineralization, as well as covering gaps in drill coverage across the Yaouré Pit.

At Zain 2 and STEREX targets a total of 16,348m were drilled in 147 RC holes. The program has been designed to achieve a 25m x 25m drill spacing on the ZAIN2 resource area that was defined along a NNW trending mineralized trend. Drilling was underway at the end of the quarter. The programs will follow up on recent positive results and are aimed at defining Indicated Resource ounces.

Field mapping continued at Yaouré West over selected targets, with a focus on Target P3B and Target T2 (Labou). RC drilling was completed at P3B with 1,493m drilled in fourteen holes. Only minor mineralization was intersected. Air core drilling is envisaged at Labou during the coming quarter to follow up on auger results.

SISSINGUÉ / FIMBIASSO AND MAHALE PERMITS EXPLOITATION AND EXPLORATION PERMITS

Drilling was conducted at Airport West with 960m drilled in 15 RC holes to test the extensions of the mineralized trend to the North and to the South. Mineralization was closed off to the north and narrowed down to the south. No further work is envisaged at Airport West. In addition, 441.6m were drilled in four diamond holes for geotechnical purposes.

Drilling was conducted at Neguepié on the Mahalé concession with 531m drilled in 16 AC holes. Drilling was also conducted at Fimbiasso Central with 559m drilled in 10 RC holes. Encouraging assay results were reported at both prospects, with follow-up drilling envisaged during the coming quarter.

BAGOÉ EXPLOITATION PERMIT

There was no drilling conducted at Bagoé during the quarter.

GHANA

Exploration activities in the quarter focussed on; completion of the first pass drilling investigations to explore mineralised intrusives mapped along known structural corridors; drilling to enable preliminary assessment of the potential for mining gold below Edikan’s mined out pits; drill testing conceptual targets located within highly prospective mineralised corridor hosting multiple Edikan deposits and further drilling to explore the northern end of Obuasi – Akropong structure hosting the Bokitiso and Tribune Gyapa deposits and a couple of satellite pits. Mapping and prospecting continued as a target generating tool and also to acquire litho-structural data augment data for updating existing maps. A total of 7,306m (RC – 6,050m & DD – 1,256m) was drilled in 75 holes and approximately 18km² of ground mapped and 34 mapping samples collected and prepared for analysis on all Edikan properties.

A consultant geologist has been engaged to conduct a review of all available exploration data and to develop and rank targets for testing – results from this review are expected in the coming quarter. (Refer to Appendix 1, Figure 1.2).

AYANFURI MINING LICENCE

Exploration activities within the quarter continued to completion, ongoing drilling investigations planned as follow up to explore for strike extensions of quartz veined intrusive identified through mapping southeast of Chirawewa deposit. A first pass RC drilling program was similarly launched as scout to explore CGSG conceptual targets predicting extensions and repetition of the mineralised intrusive structures south of Fetish Deposit. Fifteen (15) RC holes totalling 1,658m were drilled to complete the program. Results were generally disappointing with a few notable exceptions that require further investigation in the coming quarter. Concurrent with the drilling program mapping and prospecting focussed on acquiring lithostructural data and assessing the gold potential at Anikokoso where both open cast and underground activities are ongoing at the northern end of the Obuasi Akropong structure.

NANANKAW MINING LICENCE

During the quarter a first pass drilling program was undertaken to explore CGSG conceptual targets predicting near surface gold mineralisation from mineralised structural extensions and or repetitions of similar around Fobinso and scout program to preliminary assess the depth potential beneath AG pit hosting the Edikan largest resource using a single DD hole. A total of 1,515.50m (RC – 575.00m & DD – 940.50m) of drilling was conducted in 5 holes to complete the programs. Generally reported Au values for the Fobinso were weak but some moderate Au intercepts were recorded for the deep drilling investigations at AFGap. It is therefore evident from the results that gold mineralisation with the intrusive extends to depth but did not meet the criteria for an underground project. This program is slated down for further review. Concurrent with the drilling program mapping and prospecting focussed on acquiring lithostructural data and assessing the gold potential within artisanal mining pits along the Bokitiso – Dadieso structural corridor in the enclaves of Ntwintwina.

NSUAEM PL

Exploration activities during the quarter continued with a follow up drilling investigations at Pokukrom to explore for depth and strike extensions of ore-shoots intercepted in an earlier program along the highly prospective Akropong structure hosting a cluster of orogenic gold deposits at Edikan. A total of 2,352m of drilling (RC – 2,024m & DD – 328m) were drilled in 32 holes (RC – 28, RD – 2 & DD – 2). Better mineralisation is hosted within pods within a tight shear within meta-sediments. Mapping and prospecting activities continued at Akyease to assess the southern extensions of the intrusive structure previously drill tested. Approximately 1.28km2 of grounds was covered within the period.

DML AGYAKUSU PROSPECTING LICENCE

During the quarter drilling was proposed to follow up significant intercepts identified from the Porwuako North drilling program. Land access consultation is in progress. Drilling is scheduled for upcoming quarter. Mapping and prospecting activities continued within the period on the property focussing on the southern extensions of the Nkosuo structure in the enclaves of Nkyirifi and Powuako. Approximately 6.76sqkm of grounds was covered under the exercise and 11 rock samples collected and prepared for analysis.

DOMENASE PROSPECTING LICENCE

Exploration activities on the property continued to completion, the first pass RC drilling programs implemented to explore mineralised intrusive mapped along two known structural corridors at Dompoase N, Dompoase NE and Anwianwia. Targets were sites for extensive artisanal mining activities and coincident with Fathom Geophysics Resistivity ridges. A total of 1,828m of RC drilling was conducted in 23 holes across the three prospects. Gold values reported were generally weak and would not require any immediate follow up drilling investigations. This notwithstanding, the drilling program did not fully scope out the extents of the intrusive leaving behind open end structures for further investigations in the coming quarter.

Concurrent with the drilling program, mapping and prospecting focussed on acquiring lithostructural data and assessing the gold potential within artisanal mining sites in the three project areas. Approximately 0.43km2 of grounds was covered.

← Back to feed