Perseus Discovers More High-Grade Gold at Yaouré Mine

APRIL 13, 2022

NEWS RELEASE

PERSEUS DISCOVERS MORE HIGH-GRADE GOLD AT YAOURÉ MINE

PERTH, WESTERN AUSTRALIA/April 13, 2022/Perseus Mining Limited (ASX/TSX: PRU) is pleased to report further strong results from exploration drilling at its Yaouré Gold Mine in Côte d’Ivoire. Perseus will use the results to upgrade the CMA Underground Inferred Mineral Resource estimate to the Indicated category and complete a Pre-Feasibility Study (PFS) for a Yaouré underground mining operation in the June 2022 Quarter.

HIGHLIGHTS

• Perseus’s ongoing infill and down-dip extension drilling on the CMA structure at Yaouré continues to confirm strong potential for further mineral resources beneath the CMA open pit (“CMA Underground prospect”).
• Infill drilling of the Inferred resource confirms further high-grade gold mineralisation, with recent results including:

‐ YRC1957D: 20.5m @ 5.84 g/t Au from 243.8m, including 19.4m @ 6.12 g/t Au from 243.8m

‐ YRC1960D: 12m @ 2.07 g/t Au from 257m, including 3m @ 6.65 g/t Au from 265m

‐ YRC1961D: 13.4m @ 2.98 g/t Au from 264.6m, including 12.4m @ 3.18 g/t Au from 264.6m

‐ YRC1968D: 12.2m @ 4.9 g/t Au from 291.8m, including 10.4m @ 5.61 g/t Au from 291.8m

‐ YRC1970D: 10m @ 4.29 g/t Au from 275.8m, including 7.70m @ 5.47 g/t Au from 278.1m

‐ YRC1974D: 14.2m @ 4.24 g/t Au from 218.8m

‐ YRC1975D: 9.5m @ 5.34 g/t Au from 223.5m

‐ YRC1982D: 6m @ 5.32 g/t Au from 301m

‐ YRC1988D: 10m @ 12.03 g/t Au from 346m

‐ YRC2006D: 10m @ 7.41 g/t Au from 228m, including 5.7m @ 12.64 g/t Au from 231.1m

‐ YRC2018D: 9m @ 4.11 g/t Au from 321m, including 7m @ 5.24 g/t Au from 321m

‐ YRC2019D: 15m @ 3.49 g/t Au from 268m including 7m @ 4.91 g/t Au from 268m and 5m @ 3.43 g/t Au from

278m

‐ YRC2020D: 6.5m @ 5.15 g/t Au from 224m

‐ YRC2029D: 26m @ 2.46 g/t Au from 235.3m, including 5.6m @ 6.17 g/t Au from 235.2m

‐ YRC2039D: 8.5m @ 8.91 g/t Au from 222.7m

‐ YRC2042D: 12m @ 2.01 g/t Au from 355m, including 3m @ 5.26 g/t Au from 355m

• Perseus returned further high-grade results in the CMA hanging-wall, reflecting CMA splays or oblique S-structures:

‐ YRC1987D: 13m @ 7.78 g/t Au from 145m

‐ YRC1989D: 8m @ 11.42 g/t Au from 60m

‐ YRC2047D: 16m @ 3.39 g/t Au from 56m, including 4m @ 10.75 g/t Au from 68m

‐ YRC2074D: 5m @ 5.46 g/t Au from 99m

Perseus’s Managing Director and CEO Jeff Quartermaine said:

“Having reached our goal of producing gold at a rate of 500,000oz per year across our three gold mines, we are now working to maintain that level of production over the next decade and beyond. These latest drill results from Yaouré give us further confidence in the high-grade gold contained beneath the CMA open pit and we are working towards a Mineral Resource upgrade, that will enable us to complete a Pre-Feasibility Study and maiden Ore Reserve for the CMA Underground Project during the current quarter. Beyond this, we look forward to progressing Perseus’s first underground mining development which is likely to be the first large scale underground mine operating in Côte d’Ivoire.”

CMA UNDERGROUND RESOURCE DRILLING

Perseus continued to focus recent exploration activities on the Yaouré permits at the CMA Underground prospect, located 2 kilometres south of the Yaouré mill (Appendix 1 - Figure 1.1). Results received continue to demonstrate the potential for the Company to materially grow its gold inventory at Yaouré through further drilling success.

As detailed previously (refer to news releases announcements dated October 14, 2021 and January 19, 2022), Perseus has focused on infill drilling at the CMA Underground to firm up a previously defined Inferred Mineral Resource of 1.8 million tonnes grading 6.1 g/t Au extending below the currently planned CMA pit. This resource extends to a maximum 275 metre down dip beneath the open pit resource (refer to Resources and Reserves release August 24, 2021), with potential for further mineralisation down dip beyond this (Appendix 1 – Figure 1.2). Perseus has also completed a Scoping Study which identified the potential to mine the CMA structure using underground mining methods (refer to “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré” dated November 5, 2018).

Drilling during the last quarter comprised 29,805 metres in 136 reverse circulation (RC) pre-collared diamond (DD) holes, infilling the existing 50 x 50 metres coverage to a nominal 25 x 25 metre pattern to allow conversion of the Inferred resource to Indicated. Results continue to provide strong encouragement, with the latest intercepts comparable in grade, thickness and style to those previously encountered (Appendix 1 - Figures 1.3-1.5).

Better intercepts from the CMA infill drilling are shown in Table 1 below, with a complete summary of significant results included in Appendix 2 – Table 2.1.

CMA DOWN-DIP DRILLING

Perseus received further results for drilling completed in late 2021 to investigate the next 300 metre down-dip from the current CMA Underground resource. The step-out program, guided by Perseus’s early 2020 3D seismic survey, is being drilled on an initial 100 x 200 metre pattern to better define the position of the CMA structure and the intensity of mineralisation. If results remain encouraging, this will be infilled to 100 x 100 metres to allow an initial Inferred Mineral Resource Estimate. This program, currently on hold while the CMA Underground resource conversion drilling is completed, will resume in the next quarter.

Better intercepts from the Yaouré step out drilling are shown in Table 1 below and on Figure 1.6, with a complete summary of significant results included in Appendix 2 – Table 2.2.

Table 1: Intercepts from CMA Underground and CMA Down-dip Drilling

CMA Down-Dip Drilling

NEXT STEPS AT CMA

Perseus’s ongoing exploration and study programmes at Yaouré will focus on:

• Completion of the infill drilling program to convert the CMA Inferred Resource to an Ore Reserve potentially exploitable by underground mining methods and providing the basis for a Pre-Feasibility Study (PFS). Geotechnical, hydrological, mining and metallurgical studies are underway, with a targeted completion for the PFS being the end of the June Quarter 2022, with timing dependent on the ultimate footprint size of the orebody.
• Resumption of drilling down dip of the Inferred Resource to identify the potential for further resource extensions.
• Continued analysis of data generated from the 3D seismic survey to define targets for drill testing.
• Completion of a property-wide geochemical auger drilling program to define bedrock geochemical and alteration patterns beneath extensive transported cover.

This announcement has been approved for release by Perseus’s Managing Director and Chief Executive Officer, Jeff Quartermaine.

Competent Person Statement:

The information in this report and the attachments that relate to exploration drilling results at the Yaouré Project is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

APPENDIX 1 - FIGURES

Figure 1.1: Yaouré Gold Project – Tenements and Prospects

Figure 1.2: CMA Underground Resource Drilling and Results Summary

Figure 1.3: CMA Underground Resource – Long Section

Figure 1.4: CMA Underground Resource – Drill Section 777010mN