PRU.TO · 2024-07-30

JUNE 2024 QUARTER REPORT Perseus Mining delivers strong production & free cashflow resulting in cash and bullion of US$587 million after acquiring Nyanzaga

Production Results

30 JULY 2024

NEWS RELEASE

JUNE 2024 QUARTER REPORT

Perseus Mining delivers strong production & free cashflow resulting in cash and bullion of US$587 million after acquiring Nyanzaga

PERTH, Western Australia/ July 30, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended June 30, 2024 (the “Quarter”).

Key operating indicators and highlights for the June 2024 quarter (Q4 FY24) include:

PERFORMANCE		MARCH 2024	JUNE 2024	JUNE 2024	2024 FINANCIAL YEAR
	UNIT
INDICATOR		QUARTER	QUARTER	HALF YEAR
Gold recovered Ounces 127,471			120,929	248,400 509,977
Gold poured Ounces 128,356			121,726	250,084 511,138
Production Cost US$/ounce 923			947	934 882
All-In Site Cost (AISC) US$/ounce 1,091			1,173	1,130 1,053
Gold sales Ounces 115,648			141,930	257,578 508,669
Average sales price US$/ounce 2,025			2,117	2,076 2,014
Notional Cashflow US$ million 119			117	236 490

Group 12-month rolling average TRIFR at 1.06, slightly higher than in the March 2024 quarter (Q3 FY24) but still well below industry average.
In Q4 FY24, 120,929 ounces of gold were produced at a weighted average All-in-Site Cost (AISC) of US$1,173 per ounce.
Gold production for the June 2024 Half Year (H2 FY24) and the 2024 Financial Year (FY24) of 248,400 ounces and 509,977 ounces, compared favourably to production guidance ranges of 226,000-254,000 ounces and 491,000 to 517,000 ounces respectively.
AISC for H2 FY24 of $1,130 per ounce and FY24 of US$1,053 per ounce, were below the bottom of the H2 FY24 cost guidance range of US$1,180 to US$1,340 per ounce and in the middle of the FY24 cost guidance range of US$1,000 to US$1,100 per ounce.
Average gold sales in Q4 FY24 increased 22.7% to 141,930oz. while average sales prices increased 4.5% quarter on quarter to US$2,117 per ounce.
Gold production and AISC guidance for the December 24 Half Year (H1 FY25) and Calendar Year 2024 (CY24) of 220,000 to 260,000 ounces at US$1,230 to US$1,330 per ounce and 468,400 ounces to 508,400 ounces at US$1,182 to US$1,223 per ounce respectively.
An average cash margin of US$944 per ounce was recorded in Q4 FY24 resulting in notional operating cashflow of

US$117 million for the quarter and US$490 million for FY24.

Perseus’s balance sheet at the end of FY24 included available cash and bullion of US$587 million, plus liquid, listed securities of US$42 million and zero debt, with US$300 million of undrawn debt capacity available.

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008 ABN: 27 106 808 986 PERSEUSMINING.COM

An all cash, off-market acquisition of ASX listed OreCorp Limited was completed during the quarter, providing Perseus with further growth potential in the form of the large scale Nyanzaga Gold Project in Tanzania.

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 120,929 ounces of gold in Q4 FY24. The weighted average production cost at the operations was US$947 per ounce, while the weighted average AISC was US$1,173 per ounce of gold.

In Q4 FY24, combined gold sales from all three operations totalled 141,930 ounces or 26,282 ounces more than in the March 2024 quarter (Q3 FY24), due to the timing of gold sales. The weighted average gold price realised was US$2,117 per ounce, US$92 per ounce more than the Q3 FY24 price of US$2,025 per ounce.

Perseus’s average cash margin for the quarter was US$944 per ounce resulting in notional operating cashflow from all operations of US$117 million, in line with the result in Q3 FY24.

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 in 2024.

Table 1: Gold Production by Mine

MINE			TOTAL GOLD RECOVERED (OUNCES)							TOTAL GOLD POURED (OUNCES)
		MARCH 2024 QUARTER		JUNE 2024 QUARTER		JUNE 2024 HALF YEAR		2024	MARCH 2024 QUARTER		JUNE 2024 QUARTER		JUNE 2024 HALF YEAR
					JUNE 2024			FINANCIAL		MARCH 2024		JUNE 2024			2024 FINANCIAL
					QUARTER			YEAR		QUARTER		QUARTER			YEAR
Yaouré 61,283 Edikan 49,096 Sissingué 17,092					55,195	116,478 250,857 61,610 96,433 195,080 49,389 35,489 64,040 17,357		250,857		61,610		55,436	117,046 252,764 97,222 195,030 35,815 63,344
					47,337			195,080		49,389		47,833
					18,397							18,458
G	roup		127,471		120,929		248,400	509,977		128,356		121,727		250,083	511,138

Table 2: Gold Sales by Mine

MINE			TOTAL GOLD SOLD (OUNCES)							REALISED GOLD PRICE (US$ PER OUNCE)
		MARCH 2024 QUARTER		JUNE 2024 QUARTER		JUNE 2024 HALF YEAR		2024	MARCH 2024 QUARTER		JUNE 2024 QUARTER		JUNE 2024 HALFYEAR
					JUNE 2024			FINANCIAL				JUNE 2024			2024 FINANCIAL
					QUARTER			YEAR				QUARTER			YEAR
Yaouré 56,021 Edikan 46,764 Sissingué 12,863					64,741	120,762 253,450 2,009 97,460 191,743 2,036 39,356 63,476 2,052						2,126	2,072 2,009 2,086 2,011 2,062 2,041
					50,696							2,132
					26,493							2,067
G	roup		115,648		141,930		257,578	508,669		2,025		2,117		2,076	2,014

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)
		MARCH 2024 QUARTER		JUNE 2024 QUARTER		JUNE 2024 HALF YEAR		2024	MARCH 2024 QUARTER		JUNE 2024 QUARTER		JUNE 2024 HALF YEAR
					JUNE 2024			FINANCIAL				JUNE 2024			2024 FINANCIAL
					QUARTER			YEAR				QUARTER			YEAR
Yaouré 1,025 Edikan 982 Sissingué 1,628					1,189	1,103 943 60 999 1,001 52 1,578 1,641 7						53	113 267 105 197 18 26
					1,015							53
					1,530							11
G	roup		1,091		1,173		1,130	1,053		119		117		236	490

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 30 June 2024 and in relevant prior periods.

During the quarter, Yaouré produced 55,195 ounces of gold at a production cost of US$953 per ounce and an AISC of US$1,189 per ounce. A total of 64,741 ounces of gold from Yaouré was sold at a weighted average sales price of US$2,126 per ounce, giving rise to an average cash margin of US$937 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$53 million, compared with US$60 million in Q3 FY24.

This performance resulted in Yaouré producing 116,478 ounces of gold at an AISC of US$1,103 per ounce for H2 FY24 which was above the top end of the production guidance range of 100,000 to 113,000 ounces of gold and below the bottom end of the cost guidance range of US$1,150 to US$1,300 per ounce.

In terms of the full FY2024, Yaouré produced 250,857 ounces of gold (or nearly half of Perseus’s total gold production for the period) at an AISC of US$943 per ounce, and in the process exceeding production guidance of 235,000 to 247,000 ounces of gold and comfortably achieving cost guidance for the full financial year of US$900 to US$1,000 per ounce.

Table 4: Yaouré Quarterly Performance

		DECEMBER 2023	MARCH 2024	JUNE 2024	JUNE 2024	2024 FINANCIAL
PARAMETER	UNIT
		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 16,126,694 9,578,098				7,902,627	17,480,725 33,607,419
Total ore mined Tonnes 2,872,184 1,363,256				1,046,844	2,410,100 5,282,284
Average ore grade g/t gold 1.73 1.67				1.50	1.60 1.67
Strip ratio t:t 4.6 6.0				6.5	6.3 5.4
Ore milled Tonnes 1,885,801 943,796				1,037,192	1,980,988 3,866,789
Milled head grade g/t gold 2.38 2.17				1.79	1.97 2.17
Gold recovery % 93.0 93.2				92.3	92.8 92.9
Gold produced ounces 134,379 61,283				55,195	116,478 250,857
Gold sales1 ounces 132,688 56,021				64,741	120,762 253,450
Average sales price US$/ounce 1,952 2,009				2,126	2,072 2,009
Unit Production Costs
Mining cost US$/t mined 3.13 3.37				4.10	3.70 3.43
Processing cost US$/t milled 13.56 15.09				12.26	13.61 13.59
G & A cost US$M/month 2.34 2.31				2.48	2.40 2.37
All-In Site Cost
Production cost US$/ounce 670 874				953	911 782
Royalties US$/ounce 109 115				162	138 122
Sub-total US$/ounce 779 989				1,115	1,049 904
Sustaining capital US$/ounce 26 36				74	55 39
Total All-In Site Cost2 US$/ounce 805 1,025				1,189	1,103 943
Notional Cashflow from Operations
Cash Margin US$/ounce 1,147 984				937	968 1,066
Notional Cash Flow US$M 154 60				53	113 267

2. Included in the AISC for the quarter is US$5 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life. Furthermore, for the whole financial year, a net $72 million of costs reported under AISC above has been absorbed into gold & bullion inventory and will be excluded from cost of sales when reporting our annual results.

While still comfortably achieving production and cost targets for the Half and Full Financial Year periods as noted above, the overall operating performance at Yaouré during Q4 FY24 was below the high standards set in previous quarters and in FY23 in certain critical areas. The head grade of processed ore was down by 17.5% quarter on quarter to 1.79g/t gold, gold recovery rates of 92.3% compared to 93.2%, while throughput rates of 470 tph compared favourably to 461 tph and mill run-time of 96% compared positively to 91.9% in the prior quarter,

As previously reported, reduced ore and waste movements relative to targets earlier in FY24, delayed access to higher grade ore originally scheduled for mining and processing in the quarter. An accelerated mining programme was implemented in H2 FY24, in conjunction with Perseus’s mining contractor, EPSA, with the intention of clawing back the deficit. For a variety of reasons, the results of the accelerated mining programme early in the Half Year were disappointing but by quarter end, a distinct improvement had been achieved and weather permitting, mining is now expected to return to plan by the end of the September 2024 quarter (Q1 FY25) or early in the December 2024 quarter (Q2 FY25).

The quarter-on-quarter decrease in gold production brought about by the reduced head grade of processed ore during the quarter negatively impacted AISC as predicted in the March 2024 Quarterly Report. It is expected that this trend of elevated AISC will continue into Q1 FY25 as the mining shortfall that was experienced in prior periods is progressively eliminated and “work to plan” and access to higher grade ore 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, 16% more ore tonnes were processed at 10% lower grade, resulting in a 5% positive variance in ounces compared to the Mineral Resource model. Over the past six months and year 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, efforts will continue to minimise ore dilution and maximising ore deliveries.

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	1.16	1.23 1.20
Head Grade	0.90	0.93 0.84
Contained Gold	1.05	1.13 1.01

EDIKAN GOLD MINE, GHANA

Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during the period ending 30 June 2024 and in relevant prior periods.

Edikan’s operating performance in the Q4 FY24 was in line with the prior quarter, with 47,337 ounces of gold recovered at a production cost of US$789 per ounce and an AISC of US$1,015 per ounce (compared to 49,096 ounces at an AISC of US$982 per ounce in Q3 FY24). Gold sales of 50,696 ounces were 8% greater than in the prior quarter and were made at a weighted average realised gold price of US$2,132 per ounce, generating an average cash margin of US$1,116 per ounce. Notional cashflow of US$54 million was generated during the quarter, 8% more than in Q3 FY24.

Operating performance at Edikan during the quarter was in largely line with targeted key performance indicators and compared reasonably well to those achieved in the prior quarter. Mill run time was 95.0% compared to 91.1%, gold recovery rates were 91.4% compared to 92.2%, head grade of processed ore was 1.03 g/t gold compared to 1.07 g/t gold and the throughput rate was 753 tph compared to 781 tph.

AISC for the quarter of US$1,015 per ounce was US$33 per ounce higher than the AISC of US$982 per ounce achieved last quarter. This increase was driven mainly by 3.5% lower gold production, a slightly higher strip ratio, and a marginally lower head grade.

This performance resulted in Edikan producing 96,433 ounces of gold at an AISC of US$999 per ounce for H2 FY24, with production in the upper half of market guidance of 90,000 to 100,000 ounces and AISC materially better than the market guidance of US$1,100 to US$1,250 per ounce for the period.

In terms of the full FY24, Edikan’s production of 195,080 ounces of gold (or 38% of Perseus’s total gold production for the period) at an AISC of US$1,001 per ounce, compared very well to production guidance of 191,000 to 201,000 ounces of gold and cost guidance for the full financial year of US$1,000 to US$1,100 per ounce.

Edikan’s cost performance in FY24 with an AISC of US$1,001 per ounce places Edikan towards the bottom end of the global cost curve and reflects well on our 100% Ghanaian management team, workforce and contractors who have all worked hard on improving operating efficiencies at every opportunity.

Table 6: Edikan Quarterly Performance

PARAMETER	UNIT	DECEMBER 2023	MARCH 2024	JUNE 2024	JUNE 2024	2024 FINANCIAL
		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 6,566,151 2,440,719				2,678,087	5,118,806 11,684,957
Total ore mined Tonnes 3,676,653 1,822,567				1,848,305	3,670,872 7,347,525
Average ore grade g/t gold 0.97 1.00				0.97	1.00 0.98
Strip ratio t:t 0.8 0.3				0.4	0.4 0.6
Ore milled Tonnes 3,128,531 1,554,803				1,559,955	3,114,758 6,243,289
Milled head grade g/t gold 1.07 1.07				1.03	1.05 1.06
Gold recovery % 91.7 92.2				91.4	91.8 91.7
Gold produced ounces 98,647 49,096				47,337	96,433 195,080
Gold sales1 ounces 94,283 46,764				50,696	97,460 191,743
Average sales price US$/ounce 1,933 2,036				2,132	2,086 2,011
Unit Production Costs
Mining cost US$/t mined 5.91 6.68				5.97	6.31 6.09
Processing cost US$/t milled 10.76 11.15				10.36	10.76 10.76
G & A cost US$M/month 1.66 1.72				1.74	1.73 1.70
All-In Site Cost
Production cost US$/ounce 836 788				789	790 813
Royalties US$/ounce 136 154				179	165 151
Sub-total US$/ounce 972 942				968	956 964
Sustaining capital US$/ounce 31 40				47	44 37
Total All-In Site Cost2 US$/ounce 1,003 982				1,015	999 1,001
Notional Cashflow from Operations
Cash Margin US$/ounce 931 1,054				1,116	1,087 1,010
Notional Cash Flow US$M 92 51				54	105 197

Notes:

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

2. There have been no costs capitalised in respect of excess waste stripping in the quarter. However, for the whole financial year, a net $15 million of costs reported in AISC above have been absorbed into gold & bullion inventory and will be excluded from cost of sales when reporting our annual results.

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 (mill reconciliation) has predicted slightly less tonnes (-7%), with a higher grade (+5%) and with similar ounces (-2%) when compared to the Mineral Resource Estimate (MRE). Over the last six and 12-month periods, Edikan has also recorded more contained metal than predicted by the MRE model. Perseus regards the overall outperformance as being acceptable relative to 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	0.93	0.96 0.96
Head Grade	1.05	1.09 1.12
Contained Gold	0.98	1.04 1.08

SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE

Refer to Table 8 below for details of operating and financial parameters at the Sissingué Gold Mine during the period ending 30 June 2024 and relevant prior periods.

During Q4 FY24, Sissingué produced 18,397 ounces of gold at a production cost of US$1,333 per ounce and an AISC of US$1,530 per ounce.

The AISC for the quarter of US$1,530 per ounce was US$98 per ounce lower than the AISC of US$1,628 per ounce achieved in Q3 FY24. This decrease was driven mainly by 8% higher gold production, a lower strip ratio, and better head grade (1.76g/t gold compared to 1.43g/t). With a weighted average sales price of US$2,067 per ounce for the quarter (an increase of US$15 per ounce relative to the prior quarter), a cash margin of US$537 per ounce was achieved resulting in notional cashflow for the quarter of US$11 million.

Overall operating performance for the mine during the quarter was reasonably in line with the previous quarter. Mill runtime at 93% was better than the 87% recorded in the prior quarter when a large scheduled maintenance shutdown occurred. The throughput rate (175 tph compared to 214 tph) caused by a change in the ore blend offset the higher throughput rate and fewer tonnes of ore were processed this quarter relative to Q3 FY24. Gold recovery rates (91.4% compared to 90.2%) were slightly better quarter-on-quarter, as was the feed grade of ore to the mill (1.76g/t compared to 1.43g/t) reflecting the higher grade of material mined in the Fimbiasso East and West pits.

This performance resulted in Sissingué producing 35,489 ounces of gold at an AISC of US$1,578 per ounce in H2 FY24, narrowly missing the low end of market production guidance for the period of 36,000 to 41,000 ounces of gold but in line with AISC guidance for the period of US$1,450 to US$1,650 per ounce.

In terms of the full FY24, Sissingué’s production of 64,040 ounces of gold (or 12.5% of Perseus’s total gold production for the period) at an AISC of US$1,641 per ounce, was less than 1.5% below the bottom end of the production guidance of 65,000 to 69,000 ounces of gold and outside of cost guidance for the full financial year of US$1,400 to US$1,500 per ounce. Unfortunately, the Sissingué Gold Mine endured a very poor start to the financial year when in Q1 FY24, only 10,570 ounces of gold were produced at an AISC of US$2,095 per ounce, largely due to extreme weather conditions. Despite a significant turnaround in the remaining three quarters of the year, Sissingué did not fully recover from this start, delivering a performance which by historical standards was disappointing.

Table 8: Sissingué Quarterly Performance

		DECEMBER 2023	MARCH 2024	JUNE 2024	JUNE 2024	2024 FINANCIAL
PARAMETER	UNIT
		HALF YEAR	QUARTER	QUARTER	HALF YEAR	YEAR
Gold Production & Sales
Total material mined Tonnes 5,068,335 2,822,049				2,266,732	5,088,781 10,157,116
Total ore mined Tonnes 607,797 455,845				437,018	892,863 1,500,660
Average ore grade g/t gold 1.15 1.52				1.65	1.59 1.41
Strip ratio t:t 7.3 5.2				4.2	4.7 5.8
Ore milled Tonnes 777,661 405,995				355,510	761,505 1,539,166
Milled head grade g/t gold 1.26 1.43				1.76	1.60 1.42
Gold recovery % 90.9 90.2				91.4	90.8 90.9
Gold produced ounces 28,551 17,092				18,397	35,489 64,040
Gold sales1 ounces 24,120 12,863				26,493	39,356 63,476
Average sales price US$/ounce 2,007 2,052				2,067	2,062 2,041
Unit Production Costs
Mining cost US$/t mined 4.72 5.06				5.92	5.44 5.08
Processing cost US$/t milled 15.67 16.14				16.33	16.24 15.95
G & A cost US$M/month 1.55 1.46				1.77	1.62 1.58
All-In Site Cost
Production cost US$/ounce 1,590 1,475				1,333	1,402 1,486
Royalties US$/ounce 103 130				172	151 130
Sub-total US$/ounce 1,693 1,605				1,505	1,553 1,615
Sustaining capital US$/ounce 26 23				25	25 25
Total All-In Site Cost2 US$/ounce 1,719 1,628				1,530	1,578 1,641
Notional Cashflow from Operations
Cash Margin US$/ounce 288 424				537	484 401
Notional Cash Flow US$M 8 7				11	18 26

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. Furthermore, for the whole financial year, a net $7 million of costs reported in AISC above have been absorbed into product inventory and will be excluded from cost of sales when reporting our annual results.

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.

Over the past three months, grade control (mill reconciliation) predicted an 11% increase in tonnes at a 14% lower grade, resulting in a 4% decrease in overall ounces compared to the Mineral Resource Estimate (MRE). However, over the last six and twelve months, Sissingué has consistently produced more metal than the MRE model predicted. Perseus considers this overall performance to be reasonable by 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	1.11	1.19 1.29
Head Grade	0.86	0.92 0.94
Contained Gold	0.96	1.10 1.21

BAGOÉ EXPLOITATION PERMIT

The Bagoé Exploitation Permit was formally signed by the President of the Republic of Côte d’Ivoire during the quarter and planning is well advanced for the construction of facilities on the Bagoé site of the satellite deposit, later in FY25.

GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE

Forecast group gold production and AISC for the December 2024 half year (H1 FY25) and full 2024 calendar year are shown in Table 10 below.

Table 10: Production and Cost Guidance

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

Production Ounces 116,478 108,000 - 124,000 ounces 224,478 – 240,478 ounces All-in Site Cost USD per ounce 1,103 US$1,175 - 1,275/ per ounce US$1,140 - 1,186 per ounce

Edikan Gold Mine

Production Ounces 96,433 82,000 to 98,000 ounces 178,433 to 194,433 ounces All-in Site Cost USD per ounce 999 US$1,200 -1,300 per ounce US$1,100 -1,137 per ounce

Sissingué Gold Mine

Production Ounces 35,489 30,000 – 38,000 ounces 65,489 – 73,489 ounces All-in Site Cost USD per ounce 1,578 US$1,500 – 1,600 per ounce US$1,538 – 1,588 per ounce

PERSEUS GROUP

Production Ounces 248,400 220,000 – 260,000 ounces 468,400 – 508,400 ounces All-in Site Cost USD per ounce 1,130 US$1,230 – 1,330 per ounce US$1,182 – 1,223 per ounce

The guidance provided above, reflects Perseus’s most recent Life of Mine Plans, taking into account, amongst other things, perceived cost inflation trends, and in the case of Yaouré, additional deferred waste stripping in the CMA pit, and the transition of mining activities into the Yaouré open pit.

SUSTAINABILITY

SUSTAINABILITY GOVERNANCE

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

The ‘Safely Home Every Day’ (SHED) programme, which continues to deliver positive outcomes through the leadership field engagements.
The fatality risk management critical control verification process deployed across Perseus’s three operating sites and all Exploration sites.
Three major road projects awarded to Ivorian contractors through the Yaouré local development committee (Acronym of CDLM in French).
Formal establishment of a CDLM for impacted communities on the Fimbiasso Exploitation Permit.
Perseus was formally included as a constituent of the Dow Jones Sustainability Indices Australia.

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) finishing FY24 at 1.06, below the target of 1.14. There were three recordable injuries in Q4 FY24 across the Group most of which were incurred by contractors to the Company.
- Group 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) fell to 0.15 for the June quarter.
Social:
- Total economic contributions to Perseus’s host countries Ghana, Côte d’Ivoire and Sudan for the reporting quarter was approximately US$194 million (or nearly 65% of revenue), which included approximately US$104.7 million paid to local suppliers representing 91% of procurement on Purchase Order Value basis, US$8.5 million paid as salaries and wages to local employees, US$80.3 million in payments to government as taxes, royalties and other payments and approximately US$0.9 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 13% for the March quarter.
- There were no significant community events (Category 3 or above) reported during Q4 FY24.
Environment:
- Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced remained relatively stable with approximately 0.53 tCO2-e/oz for Q4 FY24. The is attributable to slight decrease in ounces produced and more utilisation of onsite generators due to load sharing in Côte d’Ivoire.
- 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 in Ghana, Côte d’Ivoire and Sudan.

Table 11: Sustainability Quarterly Performance

P D	ERFORMANC	E	SUB-AREA	METRIC	UNIT	SEPTEMBER 2023	DECEMBER 2023	MARCH 2024	JUNE 2024		2024 FINANCIAL
	RIVER					QUARTER	QUARTER	QUARTER	QUARTER		YEAR
Governance Compliance Material legal non-compliance Number 0 0 0 0										0
Social Worker Health, Safety and Workplace fatalities Number 0 0 0 0 Wellbeing Total Recordable Injury Frequency (TRIFR)1 Total Recordable Edikan – 1.02 Edikan – 1.03 Edikan – 1.46 Edikan – 1.51 Injuries per million Sissingué – 0.82 Sissingué – 0.38 Sissingué – 0.35 Sissingué – 1.00 hours worked, Yaouré – 1.20 Yaouré – 1.18 Yaouré – 1.13 Yaouré – 0.82 rolling 12 months Exploration – 1.65 Exploration – 0.85 Exploration – 0.74 Exploration – 0.63 Group – 1.07 Group – 0.89 Group – 1.02 Group – 1.06 Lost Time Injury Frequency (LTIFR)1 Lost Time Injuries Edikan – 0.00 Edikan – 0.00 Edikan – 0.21 Edikan – 0.22 (LTIFR) per million Sissingué – 0.41 Sissingué – 0.38 Sissingué – 0.35 Sissingué – 0.33 hours worked, Yaouré – 0.60 Yaouré – 0.59 Yaouré – 0.28 Yaouré – 0.00 rolling 12 months Exploration – 0.00 Exploration – 0.00 Exploration – 0.00 Exploration – 0.00 Group – 0.25 Group – 0.245 Group – 0.24 Group – 0.15 Community Number of significant2 community events Number 0 0 0 0 Community investment US$ US$852,5183 US$891,592 US$928,887 US$978,532 Economic Benefit Proportion local and national employment % of total 95% 95% 95% 96% employees Proportion local and national procurement % of total 85% 87% 85% 91% procurement Gender Diversity Board gender diversity % 29% 33% 33% 33% Executive gender diversity % 40% 40% 50% 50% Proportion of women employees4 % 11.4% 13.2% 13% 13%										0
										Edikan – 1.51 Sissingué – 1.00 Yaouré – 0.82 Exploration – 0.63 Group – 1.06
										Edikan – 0.22 Sissingué – 0.33 Yaouré – 0.00 Exploration – 0.00 Group – 0.15
										0
										US$3,651,529
										96%
										87%
										33%
										50%
										13%
Responsible Environment Number of significant2 environmental events Number 0 0 0 0 Operations Tailings Number of significant2 tailings dam integrity failures Number 0 0 0 0 Water stewardship Water used per ounce of gold produced m3/oz 15.521 15.841 15.03 14.31 Greenhouse Gas Scope 1 and 2 Greenhouse Gas Emissions per ounce Tonnes of CO2-e/oz 0.50 0.50 0.52 0.53 Emissions of gold produced										0
										0
										14.31
										0.53

Notes:

1. From FY24, the Group number includes Corporate data and does not include Sudan. Perseus will look at integrating Sudan information into the Group number in future reporting periods.

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. Includes accruals for the CDLM at Yaouré up to September quarter. For the December quarter and going forward, this is the actual cash flow.

4. Permanent employees only.

PERSEUSMINING.COM

← Back to feed