Perseus Mining Updates Mineral Resources and Ore Reserve Estimates
26 AUGUST 2026
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVE ESTIMATES HIGHLIGHTS
- Measured and Indicated (M&I) Mineral Resources now total 10.6 Moz gold reflecting a 2.9 Moz or 37% increase
- Proved and Probable Ore Reserves for the Group now total 7.0 Moz gold representing a 2.0 Moz or 40% increase
- Yaouré Ore Reserves increased by 217 koz or 15%
- Edikan M&I Mineral Resources increased by 834 koz or 54%
- Nyanzaga Ore Reserves increased by 1,767 koz or 75% since June 2025 Ore Reserve
EXECUTIVE SUMMARY
Perth, Western Australia/ August 26, 2026/ Perseus Mining Limited (ASX/TSX: PRU) is pleased to update estimates of its Mineral Resources and Ore Reserves as of 30 June 2026.
The Perseus Group’s Measured and Indicated (M&I) Mineral Resources now total 10.6 Moz gold reflecting a 2.9 Moz or 37% increase against the 2025 M&I Mineral Resources (Table 1).
Proved and Probable Ore Reserves for the Group now total 7.0 Moz gold representing a 2.0 Moz or 40% increase against the 2025 Ore Reserve (Table 2).
The sources of change underlying the 2.0 Moz gold increase in Perseus’s estimate of Ore Reserves against those reported at 30 June 2025 are presented in Figure 1. As part of its annual planning cycle, the Company has reassessed the growth opportunities available within its portfolio with the approach of optimising the portfolio rather than focussing on fixed investment targets for each asset. In this way, the Company has sought to find the balance between investment in growth opportunities and the cash margin generated by the business.
| PERSEUS MINING LIMITED | |
|---|---|
| Level 2, 437 Roberts Road, Subiaco WA 6008 ABN: 27 106 808 986 | 1 |
Figure 1: Change in Perseus Group Ore Reserves by Project – June 2025 to June 2026
Perseus’s Managing Director and CEO, Craig Jones, said:
This is another year of strong growth in Perseus’s Mineral Resource and Ore Reserve base. Growing our Measured and Indicated Mineral Resources by 37% to 10.6 million ounces, and our Proved and Probable Ore Reserves by 40% to 7.0 million ounces reflecting Perseus’s ongoing value generation through extending the life of its mines through exploration and reflects the quality of the exploration and technical work done by our teams.
Nyanzaga is now firmly established as a cornerstone of the Perseus portfolio, contributing 4.1 million ounces of Ore Reserves and underpinning the next phase of the Company's production growth as we advance the project toward first gold. At Yaouré, the net addition to Reserve was driven from Yaouré pit, while at Edikan and Sissingué we continue to replace mining depletion, maintaining reserve life at both operations
Our Mineral Resources continue to grow with our ongoing organic drilling activities, with an increased drilling program planned for FY27.
PERSEUSMINING.COM 2
PERSEUS ESTIMATES
Table 1: Perseus Mining Mineral Resources1,2,4
| MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED | INFERRED RESOURCES | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RESOURCES | ||||||||||||
| PROJECT | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | Mt | g/t gold | ‘000 oz | Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | |
| Edikan | 21.2 | 0.89 | 604 | 68.2 | 0.88 | 1,923 | 89.4 | 0.88 | 2,528 | 16.7 | 1.0 | 544 |
| Sissingué3 | 1.7 | 1.23 | 66 | 10.8 | 1.37 | 475 | 12.5 | 1.35 | 541 | 2.1 | 1.0 | 64 |
| Yaouré | 12.4 | 0.73 | 292 | 45.6 | 1.75 | 2,565 | 58.1 | 1.53 | 2,857 | 32.3 | 1.5 | 1,591 |
| Nyanzaga | - | - | - | 110.4 | 1.33 | 4,715 | 110.4 | 1.33 | 4,715 | 6.5 | 1.6 | 343 |
| Total | 35.3 | 0.85 | 963 | 234.9 | 1.28 | 9,677 | 270.3 | 1.22 | 10,640 | 57.5 | 1.4 | 2,542 |
Table 2: Perseus Mining Ore Reserve1,4
| PROVED | PROBABLE | PROVED & PROBABLE | |||||||
|---|---|---|---|---|---|---|---|---|---|
| PROJECT | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | |
| Edikan | 12.7 | 0.87 | 355 | 20.2 | 0.99 | 643 | 32.9 | 0.94 | 998 |
| Sissingué3 | 1.0 | 1.34 | 43 | 4.1 | 1.43 | 190 | 5.1 | 1.41 | 233 |
| Yaouré | 12.4 | 0.73 | 292 | 29.1 | 1.46 | 1,369 | 41.5 | 1.24 | 1,661 |
| Nyanzaga | - | - | - | 95.7 | 1.33 | 4,109 | 95.7 | 1.34 | 4,109 |
| Total | 26.1 | 0.82 | 690 | 149.1 | 1.32 | 6,312 | 175.2 | 1.24 | 7,001 |
Notes for Table 1 and Table 2:
1 Refer to Notes to individual tables of Mineral Resources and Ore Reserves in respect of each project presented below.
2 Measured and Indicated Mineral Resources are reported inclusive of Ore Reserves.
3 Sissingué Mineral Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine.
4 The Company holds 90% of Edikan Gold Mine (EGM) and Yaouré Gold Mine (YGM), 86% of Sissingué Gold Mine (SGM) except Bagoé at 90%, and 80% of Nyanzaga Gold Project (NGP).
PERSEUS’S MINERAL RESOURCE ESTIMATES
The Perseus Group’s total M&I Mineral Resources reported as at 30 June 2026 are estimated to be 270.3 Mt grading 1.22 g/t gold, containing 10.6 Moz of gold, compared with the estimate of 30 June 2025 of 185.9 Mt grading at 1.30 g/t Au for 7.8 Moz of gold. The Mineral Resource Statement accounts for mining depletion of in-situ Mineral Resources and is reported inclusive of Ore Reserves. Inferred Resources are 57.5 Mt grading at 1.4 g/t Au for 2.5 Moz of gold, compared with the estimate of 30 June 2025 of 39.9 Mt grading at 1.5 g/t Au for 1.9 Moz of gold. Tonnes are reported as dry metric tonnes. All tabulated tonnes, grade and metal have been rounded to reflect appropriate precision in the estimate and may cause some discrepancies in totals. A breakdown of these changes is presented graphically in Figure 2.
PERSEUSMINING.COM 3
Figure 2: Change in Perseus Group Mineral Resources by Project and Classification – June 2025 to June 2026
In March 2026 Perseus announced the sale of the Meyas Sand Gold Project (MSGP) in Sudan (see news release titled “Perseus announces sale of Group interest in Meyas Sand Project in Sudan” dated 16 March 2026). This was previously quoted as a Foreign/Historical Estimate, and with Perseus’s sale of all interest, has been removed from reporting in this release.
The Group Mineral Resource estimates are reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). The classification categories of Measured, Indicated and Inferred under the JORC Code (2012) are equivalent to the CIM categories of the same names (CIM, 2014). For the purpose of satisfying “reasonable prospects for eventual extraction” (JORC Code 2012), open pit Mineral Resources are reported above optimised open pit shells developed with actual and estimated operating costs, geotechnical and metallurgical parameters, and a long-term gold price assumption of US$3,300 per ounce, with the exception of Nyanzaga reported at US$2,700 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA open pit and reported at a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of 700 mRL at Esuajah South and are all exclusive of open pit Mineral Resources.
Technical Reports associated with these Mineral Resources, have been prepared in accordance with NI 43-101 for the following operations:
- Nyanzaga Gold Project, Tanzania, NI 43-101 Technical Report, dated 10 June 2025
- Yaouré Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 18 December 2023
- Edikan Operations, Ghana, NI 43-101 Technical Report, dated 6 April 2022
- Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015
These reports can be found on Perseus’s website at www.perseusmining.com and on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website www.sedarplus.ca.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Yaouré Gold Mine is estimated at 58.1 Mt grading 1.53 g/t Au, containing 2.9 Moz of gold (Table 3). A further 32.3 Mt of material grading 1.5 g/t gold, containing 1.6 Moz of gold are classified as Inferred Mineral Resources (Table 4). The previous Mineral Resource as at 30 June 2025 was estimated at M&I of 54.1 Mt grading at 1.49 g/t gold, containing 2.6 Moz of gold and an additional 16.9 Mt grading 1.8 g/t for 982 koz of gold of Inferred Mineral Resources.
An updated Mineral Resource estimate was prepared for the Yaouré open pit during the 2026 financial year. All remaining geological models are unchanged from the previous year’s Mineral Resource Statement. An overview showing the relative
PERSEUSMINING.COM 4
locations of the various Mineral Resource areas is presented in Figure 3 while a cross-section view showing the Yaouré open pit design and $3,300/oz Au resource limiting shell is presented in Figure 4. All Yaouré Gold Mine Mineral Resources are depleted to 30 June 2026 surveyed mining surfaces or underground voids.
Table 3: Yaouré Measured and Indicated Mineral Resources 10,11,12
| MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED RESOURCES | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | ||
| CMA 1, 3, 4 | Open Pit | - | - | - | 9.8 | 0.96 | 301 | 9.8 | 0.96 | 301 |
| Yaouré 2, 3, 5 | Open Pit | - | - | - | 21.6 | 1.40 | 972 | 21.6 | 1.40 | 972 |
| Zain 1 2, 5, 7 | Open Pit | - | - | - | 4.0 | 1.51 | 196 | 4.0 | 1.51 | 196 |
| Zain 2 2, 3, 5, 7 | Open Pit | - | - | - | 1.2 | 1.40 | 53 | 1.2 | 1.40 | 53 |
| CMA SW 3, 5, 6 | Open Pit | 0.2 | 1.12 | 6 | 1.4 | 1.37 | 63 | 1.6 | 1.34 | 69 |
| Sub-total | 0.2 | 1.12 | 6 | 38.0 | 1.30 | 1,585 | 38.2 | 1.30 | 1,591 | |
| CMA 9 | Underground | - | - | - | 7.2 | 4.19 | 971 | 7.2 | 4.19 | 971 |
| Heap Leach 3, 8 | Stockpile | - | - | - | 0.4 | 0.61 | 8 | 0.4 | 0.61 | 8 |
| Stockpiles | Stockpile | 12.3 | 0.73 | 286 | - | - | - | 12.3 | 0.73 | 286 |
| TOTAL | 12.4 | 0.73 | 292 | 45.6 | 1.75 | 2,565 | 58.1 | 1.53 | 2,857 |
Table 4: Yaouré Inferred Mineral Resources 10,11
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | ||
| CMA 1, 3, 4 | Open Pit | 7.9 | 0.8 | 214 |
| Yaouré 2, 3, 5 | Open Pit | 14.7 | 1.5 | 698 |
| Zain 1 2, 5, 7 | Open Pit | 4.0 | 1.1 | 143 |
| Zain 2 2, 3, 5, 7 | Open Pit | 0.2 | 0.8 | 6 |
| CMA SW 3, 5, 6 | Open Pit | 0.8 | 1.0 | 26 |
| CMA 9 | Underground | 4.5 | 3.5 | 504 |
| Total | 32.3 | 1.5 | 1,591 |
Notes for Table 3 and Table 4:
1. Based on June 2022 Mineral Resource estimate.
2. Based on June 2026 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2026 mining surface.
4. 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$3,300/oz pit shells.
5. 0.2 g/t gold cut-off applied to in situ open pit material constrained to US$3,300/oz pit shells.
6. Based on May 2024 Mineral Resource estimate.
7. Based on July 2025 Mineral Resource estimate.
8. Heap Leach Mineral Resources are stated at 0 g/t gold cut-off; only heap components with average grade above 0.4 g/t are included.
9. May 2024 Mineral Resource estimate, below CMA pit void and above 1.5 g/t block grade cut-off.
10. Mineral Resources current as of 30 June 2026.
11. Rounding of numbers to appropriate precision has resulted in apparent inconsistencies.
12. Measured and Indicated Mineral Resources are reported inclusive of Ore Reserves.
PERSEUSMINING.COM 5
Figure 3: Yaouré Gold Mine Project Areas
Figure 4: Yaouré Open Pit long section showing Ore Reserve design and Mineral Resource shell
PERSEUSMINING.COM 6
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Sissingué Gold Mine is estimated as 12.5 Mt grading 1.35 g/t gold, containing 541 koz of gold as at 30 June 2026 (Table 5). A further 2.1 Mt of material grading 1.0 g/t gold, containing 64 koz of gold are classified as Inferred Mineral Resources (Table 6). The previous Mineral Resource as at 30 June 2025 was estimated at M&I of 6.8 Mt grading at 1.71 g/t gold, containing 373 koz of gold and an additional 0.2 Mt grading 1.2 g/t for 7 koz of gold of Inferred Mineral Resources.
Sissingué Mineral Resources comprise the remaining in situ mineralisation at the Sissingué mine, the Fimbiasso West deposit, and mineralisation at the Antoinette, Juliette, and Véronique deposits at the Bagoé Project. These Mineral Resources also include material on stockpiles at the Sissingué , Fimbiasso and Bagoé mines as at 30 June 2026.
An updated geological model was developed for the Sissingué Main deposit in March 2026. All remaining geological models are unchanged from the previous year’s Mineral Resource Statement. A plan view showing the Main and Bagoé Open Pit designs at Sissingué is presented in Figure 5 while a cross section of the Sissingué Bagoé design and resource limiting shell is presented in Figure 6.
Reported Mineral Resources at Sissingué, Fimbiasso and Bagoé have been depleted to 30 June 2026 using the surveyed mining surfaces.
Table 5: Sissingué Measured and Indicated Mineral Resources1,2,3
| MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED RESOURCES | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | ||
| Sissingué 4, 5, 6 | Open Pit | 0.6 | 0.86 | 17 | 8.7 | 1.12 | 311 | 9.3 | 1.10 | 328 |
| Fimbiasso 5, 7, 10 | Open Pit | 0.2 | 1.48 | 9 | 1.0 | 1.68 | 53 | 1.2 | 1.65 | 62 |
| Bagoé 5, 8, 9, 10 | Open Pit | 0.2 | 1.60 | 12 | 1.1 | 3.05 | 110 | 1.4 | 2.80 | 122 |
| Stockpiles | Stockpile | 0.6 | 1.38 | 28 | - | - | - | 0.6 | 1.38 | 28 |
| Total | 1.7 | 1.23 | 66 | 10.8 | 1.37 | 475 | 12.5 | 1.35 | 541 |
Table 6: Sissingué Inferred Mineral Resources1,3
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | ||
| Sissingué 4, 5, 6 | Open Pit | 2.0 | 0.9 | 62 |
| Fimbiasso 5, 7, 10 | Open Pit | 0.0 | 1.7 | 0 |
| Bagoé 5, 8, 9, 10 | Open Pit | 0.0 | 1.4 | 2 |
| Total | 2.1 | 1.0 | 64 |
Notes for Table 5 and Table 6:
1 Mineral Resources current at 30 June 2026.
2 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4 Sissingué Main based on March 2026 Mineral Resource model constrained to US$3,300/oz pit shell or within the Ore Reserve pit design.
5 Depleted to 30 June 2026 mining surface.
6 0.3 g/t gold cut-off applied to in situ material.
7 Fimbiasso West based on September 2025 Mineral Resource model constrained to US$3,300/oz pit shell.
8 Based on March 2025 Mineral Resource models for Antoinette and Véronique constrained to US$3,300/oz pit shells.
9 Based on May 2021 Mineral Resource model for Juliette constrained to US$3,300/oz pit shells.
100.4 g/t gold cut-off applied to in situ material.
PERSEUSMINING.COM 7
Figure 5: Sissingué Gold Mine Project Areas
Figure 6: Cross section of Bagoé Ore Reserve pit design with Mineral Resource shell
PERSEUSMINING.COM 8
EDIKAN GOLD MINE, GHANA
The updated M&I Mineral Resource for the Edikan Gold Mine in Ghana is now estimated as 89.4 Mt grading 0.88 g/t gold, containing 2.5 Moz of gold, as at 30 June 2026 (Table 7). A further 16.7 Mt of material grading 1.0 g/t Au and containing 544 koz of gold are classified as an Inferred Mineral Resource (Table 8). The previous Mineral Resource as at 30 June 2025 was estimated at M&I of 50.8 Mt grading at 1.01 g/t gold, containing 1.6 Moz of gold and an additional 7.8 Mt grading 1.5 g/t for 367 koz of gold of Inferred Mineral Resources.
Mineral Resources at Nkosuo, AF Gap, Fetish and Esuajah North have been depleted to the 30 June 2026 mining survey surfaces. The Mineral Resource estimate for the Esuajah South deposit was updated in August 2025. All remaining geological models are unchanged from the previous year’s Mineral Resource Statement. A plan view of the AG-Fobinso (AGF) mined pit void with reference section line is presented in Figure 7 while an oblique long section is presented in Figure 8.
Table 7: Edikan Measured and Indicated Mineral Resources1,2,3
| MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED RESOURCES | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | ||
| AF Gap 4, 5, 6 | Open Pit | 5.4 | 0.75 | 130 | 30.2 | 0.74 | 714 | 35.6 | 0.74 | 844 |
| Esuajah North 5, 7, 10 | Open Pit | 4.4 | 0.75 | 105 | 9.5 | 0.71 | 219 | 13.9 | 0.72 | 324 |
| Fetish 5, 6, 8 | Open Pit | 4.1 | 0.88 | 115 | 13.0 | 0.78 | 326 | 17.1 | 0.80 | 441 |
| Nkosou 9, 10 | Open Pit | - | - | - | 8.9 | 0.87 | 249 | 8.9 | 0.87 | 249 |
| Sub-Total | 13.8 | 0.79 | 350 | 61.7 | 0.76 | 1,507 | 75.5 | 0.77 | 1,857 | |
| Esuajah South 11 | Underground | 3.5 | 1.65 | 187 | 6.5 | 2.00 | 416 | 10.0 | 1.88 | 603 |
| Stockpiles | Stockpile | 3.9 | 0.54 | 67 | - | - | - | 3.9 | 0.54 | 67 |
| Total | 21.2 | 0.89 | 604 | 68.2 | 0.88 | 1,923 | 89.4 | 0.88 | 2,528 |
Table 8: Edikan Inferred Mineral Resources1,3
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | ||
| AF Gap 4, 5, 6 | Open Pit | 5.2 | 0.8 | 134 |
| Esuajah North 5, 7, 10 | Open Pit | 0.5 | 0.7 | 13 |
| Fetish 5, 6, 8 | Open Pit | 4.2 | 0.8 | 103 |
| Nkosou 9, 10 | Open Pit | 1.4 | 0.8 | 37 |
| Esuajah South 11 | Underground | 5.4 | 1.5 | 258 |
| Total | 16.7 | 1.0 | 544 |
Notes for Table 7 and Table 8:
1. All Mineral Resources are current as at 30 June 2026.
2. Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4. Based on March 2020 Mineral Resource model constrained to US$3,300/oz pit shell.
5. Depleted to 30 June 2026 mining surfaces.
6. 0.35 g/t gold cut-off applied for AF Gap and 0.4 g/t gold cut-off applied for Fetish.
7. Based on June 2019 Mineral Resource model constrained to US$3,300/oz pit shell.
8. Based on May 2021 Mineral Resource model constrained to US$3,300 pit shell, includes Bokitsi North lode.
9. Based on June 2022 Mineral Resource model constrained to US$3,300/oz pit shell or reserve pit design.
10. 0.3 g/t gold cut-off applied.
11. Based on August 2025 Mineral Resource model, 0.8 g/t gold cut-off applied and restricted to 700 mRL.
PERSEUSMINING.COM 9
Figure 7: Overview of Edikan Site showing AG-Fobinso (AGF) pit void
Figure 8: Oblique long-section showing AG-Fobinso (AGF) pit void and Mineral Resource shell
PERSEUSMINING.COM 10
NYANZAGA GOLD PROJECT, TANZANIA
In February 2026, Perseus announced an updated Mineral Resource and Ore Reserve for the Nyanzaga Gold Project in Tanzania (see news release titled “Perseus Mining increases Nyanzaga Gold Project Ore Reserves to 4.0 Moz” dated 20 February 2026). The M&I Mineral Resource for the Nyanzaga Gold Project is reported as 110.4 Mt grading 1.33 g/t gold, containing 4.7 Moz of gold, as at 30 June 2026 (Table 9). A further 6.5 Mt of material grading 1.6 g/t Au and containing 343 koz of gold are classified as an Inferred Mineral Resource (Table 10). Mining at the NGP to 30 June 2026 has involved pre-strip activities of waste material only.
Table 9: Nyanzaga Measured and Indicated Mineral Resources1,2,3,4,5,6
| MEASURED RESOURCES | INDICATED RESOURCES | MEASURED & INDICATED RESOURCES | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | Mt | g/t gold | ’000 oz | ||
| Tusker | Open Pit | - | - | - | 100.7 | 1.37 | 4,436 | 100.7 | 1.37 | 4,436 |
| Kilimani | Open Pit | - | - | - | 9.7 | 0.90 | 279 | 9.7 | 0.90 | 279 |
| Total | - | - | - | 110.4 | 1.33 | 4,715 | 110.4 | 1.33 | 4,715 |
Table 10: Nyanzaga Inferred Mineral Resources1,3,4,5,6
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ’000 oz | ||
| Tusker | Open Pit | 5.5 | 1.8 | 312 |
| Kilimani | Open Pit | 1.0 | 1.0 | 31 |
| Total | 6.5 | 1.6 | 343 |
Notes for Table 9 and Table 10:
1 All Mineral Resources are current as at 30 June 2026.
2 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4 Based on November 2025 Mineral Resource model constrained to US$2,700/oz pit shell.
5 0.25 g/t gold cut-off applied to in-situ open pit material.
6 Mineral Resources are reported on a 100% basis.
PERSEUSMINING.COM 11
PERSEUS’S ORE RESERVE ESTIMATE CRITERIA FOR ORE RESERVE CLASSIFICATION
All Ore Reserves are reported in accordance with the JORC Code (2012) and are reported by category, deposit and type, above variable cut-off grades. The classification categories of Proved and Probable under the JORC Code (2012) are equivalent to the CIM categories Proven and Probable respectively (CIM, 2010).
The Ore Reserve is classified as Proved and Probable corresponding to the Mineral Resource classifications of M&I and considering other factors where relevant. The deposits’ geological models are well constrained. The Ore Reserve classification is considered appropriate given the nature of the deposits, the moderate grade variability, drilling density, structural complexity, confidence in input parameters based on operational experience, and mining history. It was therefore considered appropriate to use Measured Mineral Resources as a basis for Proved Ore Reserves and Indicated Mineral Resources as a basis for Probable Ore Reserves.
No Inferred Mineral Resources were included in the Ore Reserve estimate, with the exception of 2.8 koz of incidental Inferred which is included in the CMA Underground development and is not considered material to the Ore Reserve. Group Ore Reserve changes by activity type are shown in Figure 9, while changes by project are shown in Figure 10.
Figure 9: Change in Group Ore Reserves by Activity – June 2025 to June 2026
PERSEUSMINING.COM 12