Perseus Mining Updates Mineral Resources and Ore Reserve Estimates Executive Summary
21 AUGUST 2025
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVE ESTIMATES
EXECUTIVE SUMMARY
Perth, Western Australia/August 21, 2025/Perseus Mining Limited (ASX/TSX: PRU) is pleased to update estimates of its Mineral Resources and Ore Reserves as of 30 June 2025.
The Perseus Group’s Measured and Indicated (M&I) Mineral Resources now total 7.8 Moz gold (Table 1) while Proved and Probable Ore Reserves total 5.0 Moz gold (Table 2). Not included in these estimates, is the Foreign/Historical Estimate for the Meyas Sand Gold Project (MSGP, formerly Block 14) including Indicated Mineral Resources1 consisting of 3.3 Moz Au (Table 3) and a Probable Mineral Reserve1 of 2.9 Moz gold (Table 4).
The sources of change underlying the 2.1 Moz gold increase in Perseus’s estimate of Ore Reserves against those reported at 30 June 2024 are presented in Error! Reference source not found.. 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.
Figure 1: Change in Perseus Group Ore Reserves by Project – June 2024 to June 2025
1 These estimates including the tables set out below have been prepared by Orca in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. Orca Ore Reserve and Mineral Resource figures are stated on 100% basis.
| PERSEUS MINING LIMITED | |
|---|---|
| Level 2, 437 Roberts Road, Subiaco WA 6008 | |
| ABN: 27 106 808 986 | 1 |
PERSEUS ESTIMATES
Table 1: Perseus Mining Mineral Resources1,2,4,5
| MEASURED & INDICATED | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MEASURED RESOURCES | INDICATED RESOURCES | 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 | 13.1 | 0.96 | 407 | 37.7 | 1.02 | 1,236 | 50.8 | 1.01 | 1,644 | 7.8 | 1.5 | 367 |
| Sissingué3 | 1.5 | 1.18 | 56 | 5.3 | 1.85 | 317 | 6.8 | 1.71 | 373 | 0.2 | 1.2 | 7 |
| Yaouré | 11.5 | 0.79 | 293 | 42.6 | 1.68 | 2,301 | 54.1 | 1.49 | 2,594 | 16.9 | 1.8 | 982 |
| Nyanzaga | - | - | - | 74.2 | 1.33 | 3,162 | 74.2 | 1.33 | 3,162 | 15.0 | 1.2 | 584 |
| Total | 26.1 | 0.90 | 756 | 159.8 | 1.37 | 7,017 | 185.9 | 1.30 | 7,773 | 39.9 | 1.5 | 1,940 |
Table 2: Perseus Mining Ore Reserve1,4,5
| 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 | 8.6 | 0.91 | 250 | 21.1 | 1.08 | 730 | 29.7 | 1.03 | 980 |
| Sissingué3 | 0.8 | 1.42 | 38 | 2.9 | 2.14 | 199 | 3.7 | 1.98 | 237 |
| Yaouré | 11.5 | 0.79 | 293 | 19.8 | 1.81 | 1,151 | 31.3 | 1.44 | 1,444 |
| Nyanzaga | - | - | - | 52.0 | 1.40 | 2,342 | 52.0 | 1.40 | 2,342 |
| Total | 20.9 | 0.86 | 581 | 95.8 | 1.44 | 4,422 | 116.7 | 1.33 | 5,003 |
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 Mineral Resources are 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).
5 Excludes Foreign/Historical Estimates
FOREIGN/HISTORICAL ESTIMATES
Table 3: Summary of Meyas Sand Gold Project Mineral Resource 1,2,3,4,6
| INDICATED5 | INFERRED | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TYPE | Mt | Au g/t | Ag g/t | Au koz | Ag koz | Mt | Au g/t | Ag g/t | Au koz | Ag koz |
| Oxide | 10.2 | 1.35 | 1.49 | 443 | 487 | 1.1 | 1.0 | 1.2 | 34 | 41 |
| Trans. | 13.4 | 1.22 | 1.33 | 527 | 575 | 1.5 | 1.0 | 1.2 | 50 | 57 |
| Fresh | 56.3 | 1.31 | 1.82 | 2,371 | 3,296 | 15.9 | 1.2 | 1.6 | 626 | 838 |
| TOTAL | 79.9 | 1.30 | 1.70 | 3,342 | 4,358 | 18.5 | 1.2 | 1.6 | 711 | 936 |
Notes for Table 3:
1. Based on September 2018 estimates of Galat Sufar South and Wadi Doum Mineral Resources by MPR Geological Consultants Pty Ltd.
2. 0.6 g/t cut-off grade applied to all material types.
3. Estimates are not depleted for artisanal mining, the impact of which is not considered material.
4. Galat Sufar South Mineral Resource estimates are truncated at 350 m depth, with around 90% of Indicated and Inferred resources occurring at depths of less than 240 and 300 m respectively. Wadi Doum estimates extend to around 255 m depth, with around 90% of Indicated and Inferred resources occurring at depths of less than 115 m and 190 m respectively. The depth limits imposed on the estimates are considered to largely confine the estimates to material with reasonable prospects of eventual economic extraction.
5. Indicated Mineral Resources are inclusive of Mineral Reserves.
6. Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.
Table 4: Summary of Meyas Sand Gold Project Mineral Reserves1,2,3,4,5
| OXIDE | TRANSITIONAL | FRESH | TOTAL | ||||||
|---|---|---|---|---|---|---|---|---|---|
| PROJECT AREA | CLASSIFICATION | ‘000 tonnes | Au g/t | ‘000 tonnes | Au g/t | ‘000 tonnes | Au g/t | ‘000 tonnes | Au g/t |
| Main | Probable | 4,347 | 1.27 | 5,088 | 1.19 | 13,488 | 1.31 | 22,923 | 1.28 |
| East | Probable | 8,302 | 0.89 | 11,236 | 0.89 | 30,729 | 1.05 | 50,267 | 0.99 |
| North East | Probable | 1,606 | 0.84 | 2,192 | 0.85 | 367 | 0.90 | 4,166 | 0.85 |
| Total GSS | Probable | 14,255 | 1.00 | 18,516 | 0.97 | 44,584 | 1.13 | 77,356 | 1.07 |
| Wadi Doum | Probable | 527 | 1.90 | 119 | 2.37 | 1,941 | 2.49 | 2,588 | 2.36 |
| Block 14 Total | Probable | 14,783 | 1.03 | 18,635 | 0.98 | 46,525 | 1.19 | 79,943 | 1.11 |
Notes for Table 4:
1. Based on Mineral Reserve Statement 7 November 2018.
2. CIM Definition Standards were followed for the classification of Mineral Reserves.
3. Mineral Reserves were optimised using a gold price of US$1,100/oz.
4. Mining Cut-off grades vary between 0.32 g/t and 0.90 g/t.
5. Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.
PERSEUSMINING.COM 2
PERSEUS’S MINERAL RESOURCE ESTIMATES
The Perseus Group’s total M&I Mineral Resources reported as at 30 June 2025 are estimated to be 185.9 Mt grading 1.30 g/t gold, containing 7.8 Moz of gold, compared with the estimate of 30 June 2024 of 115.9 Mt grading at 1.31 g/t Au for 4.9 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 39.9 Mt grading at 1.5 g/t Au for 1.9 Moz of gold, compared with the estimate of 30 June 2024 of 24.1 Mt grading at 1.6 g/t Au for 1.3 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.
The Foreign/Historical Estimate for the MSGP Mineral Resource in Northern Sudan, announced on 28 February 2022 (see news release titled “Perseus enters into agreement to acquire Orca Gold Inc.”) is stated in the ‘Foreign/Historical Estimate’ subsection of this report and is reported separately from the Group’s Mineral Resources detailed below.
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 and a long-term gold price assumption of US$2,100 per ounce, with the exception of Nyanzaga reported at US$2,000 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA Stage 3 pit design and reported at a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of 600 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
- Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015
- Edikan Operations, Ghana, NI 43-101 Technical Report, dated 6 April 2022
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 54.1 Mt grading 1.49 g/t Au, containing 2.6 Moz of gold (Table 5). A further 16.9 Mt of material grading 1.8 g/t gold, containing 982 koz of gold are classified as Inferred Mineral Resources (Table 6).
Updated Mineral Resource estimates were prepared for the Yaouré open pit, and the Zain 1 project. A maiden Mineral Resource estimate was also prepared for the Zain 2 project. An overview showing the relative locations of the various Mineral Resource areas is presented in Figure 2. All Yaouré Gold Mine Mineral Resources are depleted to 30 June 2025 surveyed mining surfaces.
The Angovia project was removed from reporting of Mineral Resources in this reporting period. The technical risks associated with mining and backfill of the planned Angovia open pit, and the subsequent placement of the proposed tailings storage facility (TSF) embankment across the backfill area, was considered too great to progress. Notwithstanding the technical risk, had the Angovia pit been developed, timing would have dictated it be mined out of sequence, displacing higher grade mill feed from other areas of the operations.
PERSEUSMINING.COM 3
Table 5: Yaouré Measured and Indicated Mineral Resources8,9,10
| 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 | ||
| CMA1,3,4 | Open Pit | - | - | - | 9.9 | 0.40 | 129 | 9.9 | 0.40 | 129 |
| Yaouré2,3,4 | Open Pit | - | - | - | 20.0 | 1.44 | 928 | 20.0 | 1.44 | 928 |
| Zain 12,4 | Open Pit | - | - | - | 2.3 | 1.66 | 122 | 2.3 | 1.66 | 122 |
| Zain 22,4 | Open Pit | - | - | - | 1.4 | 1.41 | 62 | 1.4 | 1.41 | 62 |
| CMA SW4,5 | Open Pit | 0.1 | 1.27 | 5 | 1.1 | 1.58 | 55 | 1.2 | 1.54 | 61 |
| Sub-Total | 0.1 | 1.27 | 5 | 34.7 | 1.16 | 1,297 | 34.8 | 1.16 | 1,302 | |
| CMA7 | Underground | - | - | - | 7.4 | 4.16 | 996 | 7.4 | 4.16 | 996 |
| Heap Leach3,6 | Stockpile | - | - | - | 0.4 | 0.61 | 8 | 0.4 | 0.61 | 8 |
| Stockpiles | Stockpile | 11.4 | 0.79 | 288 | - | - | - | 11.4 | 0.79 | 288 |
| TOTAL | 11.5 | 0.79 | 293 | 42.6 | 1.68 | 2,301 | 54.1 | 1.49 | 2,594 |
Table 6: Yaouré Inferred Mineral Resource8,9,10
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| CMA 1,3,4 | Open Pit | 6.3 | 0.9 | 185 |
| Yaouré2,3,4 | Open Pit | 3.8 | 1.6 | 190 |
| Zain 12,4 | Open Pit | 1.8 | 1.4 | 82 |
| Zain 22,4 | Open Pit | 0.1 | 0.8 | 4 |
| CMA SW4,5 | Open Pit | 0.2 | 1.0 | 6 |
| CMA7 | Underground | 4.7 | 3.4 | 514 |
| Total | 16.9 | 1.8 | 982 |
Notes for Table 5 and Table 6:
1. Based on June 2022 Mineral Resource estimate.
2. Based on July 2025 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2025 mining surface.
4. 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$2,100/oz pit shells.
5. Based on May 2024 Mineral Resource estimate.
6. Heap leach resources are stated at 0 g/t gold cut-off; only heap leach components with average grade above 0.4 g/t included.
7. May 2024 Mineral Resource estimate, below CMA Stage 3 pit design and above 1.5 g/t block grade cut-off.
8. Mineral Resources current as of 30 June 2025.
9. Rounding of numbers to appropriate precision may result in summary inconsistencies.
10. Mineral Resources are reported inclusive of Ore Reserves.
PERSEUSMINING.COM 4
Figure 2: Yaouré Gold Mine Project Areas
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Sissingué Gold Mine is estimated as 6.8 Mt grading 1.71 g/t gold, containing 373 koz of gold as at 30 June 2025 (Table 7). A further 0.2 Mt of material grading 1.2 g/t gold, containing 7 koz of gold are classified as Inferred Mineral Resources (Table 8). The previous Mineral Resource as at 30 June 2024 was estimated at M&I of 8.7 Mt grading at 1.57 g/t gold, containing 441 koz of gold and an additional 0.2 Mt grading 1.4 g/t for 11 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 Veronique deposits at the Bagoé Project. These Mineral Resources also include material on stockpiles at the Sissingué and Fimbiasso mines as at 30 June 2025. The Fimbiasso East Mineral Resource has been fully depleted and removed from reporting this period.
Updated geological models were developed for the Antoinette and Veronique deposits in March 2025. All remaining geological models are unchanged from the previous year’s Mineral Resource Statement.
The Sissingué, Airport West and Fimbiasso West Mineral Resources have been depleted to 30 June 2025 using the surveyed mining surface. Mining has not commenced at the Bagoé Project.
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Table 7: 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 | ||
| Sissingué4,5,6,7 | Open Pit | 0.9 | 1.13 | 34 | 3.8 | 1.41 | 174 | 4.8 | 1.36 | 208 |
| Fimbiasso6,7,8 | Open Pit | 0.1 | 1.85 | 4 | 0.4 | 2.27 | 30 | 0.5 | 2.22 | 33 |
| Bagoé7,9,10 | Open Pit | 0.2 | 1.62 | 9 | 1.1 | 3.27 | 114 | 1.3 | 3.04 | 123 |
| Stockpiles | Stockpile | 0.3 | 0.93 | 9 | - | - | - | 0.3 | 0.93 | 9 |
| Total | 1.5 | 1.18 | 56 | 5.3 | 1.85 | 317 | 6.8 | 1.71 | 373 |
Table 8: Sissingué Inferred Mineral Resources1,3
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| Sissingué4,5,6,7 | Open Pit | 0.2 | 1.1 | 5 |
| Fimbiasso6,7,8 | Open Pit | 0.0 | 1.2 | 0 |
| Bagoé7,9,10 | Open Pit | 0.0 | 1.5 | 2 |
| Total | 0.2 | 1.2 | 7 |
Notes for Table 7 and Table 8:
1 Mineral Resources current at 30 June 2025.
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 June 2025 Mineral Resource model constrained to US$2,100/oz pit shell or within the Ore Reserve pit design.
5 Airport West based on June 2024 Mineral Resource model constrained to US$2,100/oz pit shell.
6 Depleted to 30 June 2024 mining surface.
7 0.4 g/t gold cut-off applied to in situ material.
8 Fimbiasso West based on June 2024 Mineral Resource model constrained to US$2,100/oz pit shell.
9 Based on March 2025 Mineral Resource models for Antoinette and Veronique constrained to US$2,100/oz pit shells.
10 Based on May 2021 Mineral Resource model for Juliette constrained to US$2,100/oz pit shells.
EDIKAN GOLD MINE, GHANA
The updated M&I Mineral Resource for the Edikan Gold Mine in Ghana is now estimated as 50.8 Mt grading 1.01 g/t gold, containing 1.6 Moz of gold, as at 30 June 2025 (Table 9). A further 7.8 Mt of material grading 1.5 g/t Au and containing 367 koz of gold are classified as an Inferred Mineral Resource (Table 10). The previous Mineral Resource as at 30 June 2024 was estimated at M&I of 51.5 Mt grading at 1.04 g/t gold, containing 1.7 Moz of gold and an additional 6.4 Mt grading 1.5 g/t for 317 koz of gold of Inferred Mineral Resources.
Mineral Resources at Nkosuo, AF Gap and Fetish have been depleted to the 30 June 2025 mining survey surfaces. The Mineral Resource estimate for the Esuajah North and South deposits remains unchanged.
Table 9: 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 Gap4,5,6 | Open Pit | 2.8 | 0.81 | 71 | 10.6 | 0.81 | 275 | 13.4 | 0.81 | 346 |
| Esuajah North5,7,10 | Open Pit | 3.3 | 0.63 | 67 | 5.4 | 0.64 | 110 | 8.6 | 0.64 | 177 |
| Fetish5,6,8 | Open Pit | 1.9 | 0.91 | 56 | 2.8 | 0.87 | 79 | 4.7 | 0.89 | 135 |
| Nkosuo9,10 | Open Pit | - | - | - | 13.0 | 0.90 | 379 | 13.0 | 0.90 | 379 |
| Sub-total | 7.9 | 0.76 | 194 | 31.8 | 0.82 | 843 | 39.7 | 0.81 | 1,037 | |
| Esuajah South | Underground | 3.1 | 1.70 | 168 | 5.9 | 2.09 | 393 | 8.9 | 1.95 | 561 |
| Stockpiles | Stockpile | 2.1 | 0.67 | 46 | - | - | - | 2.1 | 0.67 | 46 |
| Total | 13.1 | 0.96 | 407 | 37.7 | 1.02 | 1,236 | 50.8 | 1.01 | 1,644 |
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Table 10: Edikan Inferred Mineral Resources1,3
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| AF Gap4,5,6 | Open Pit | 0.6 | 0.7 | 14 |
| Esuajah North5,7,10 | Open Pit | 1.1 | 1.3 | 48 |
| Fetish5,6,8 | Open Pit | 0.1 | 0.6 | 2 |
| Nkosuo9,10 | Open Pit | 1.2 | 0.8 | 31 |
| Esuajah South11 | Underground | 4.8 | 1.8 | 272 |
| Total | 7.8 | 1.5 | 367 |
Notes for Table 9 and Table 10:
1 All Mineral Resources are current as at 30 June 2025.
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$2,100/oz pit shell.
5 Depleted to 30 June 2025 mining surfaces.
6 0.35 g/t gold cut-off applied for AF Gap with 0.4 g/t gold cut-off applied for Fetish.
7 Based on June 2019 Mineral Resource model constrained to US$2,100/oz pit shell.
8 Based on May 2021 Mineral Resource model constrained to US$2,100 pit shell, includes Bokitsi North lode.
9 Based on June 2022 Mineral Resource model constrained to US$2,100/oz pit shell.
10 0.3 g/t gold cut-off applied.
11 Based on November 2020 Mineral Resource model, 1.0 g/t gold cut-off applied.
NYANZAGA GOLD PROJECT, TANZANIA
The maiden M&I Mineral Resource for the Nyanzaga Gold Project in Tanzania is now estimated as 74.2 Mt grading 1.33 g/t gold, containing 3.2 Moz of gold, as at 30 June 2025 (Table 11). A further 15.0 Mt of material grading 1.2 g/t Au and containing 584 koz of gold are classified as an Inferred Mineral Resource (Table 12). No mining has occurred at the NGP to 30 June 2025.
Table 11: 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 | - | - | - | 71.1 | 1.34 | 3,061 | 71.1 | 1.34 | 3,061 |
| Kilimani | Open Pit | - | - | - | 3.1 | 1.00 | 101 | 3.1 | 1.00 | 101 |
| Total | - | - | - | 74.2 | 1.33 | 3,162 | 74.2 | 1.33 | 3,162 |
Table 12: Nyanzaga Inferred Mineral Resources1,2,3,4,5,6
| INFERRED RESOURCES | ||||
|---|---|---|---|---|
| DEPOSIT | DEPOSIT TYPE | QUANTITY | GRADE | GOLD |
| Mt | g/t gold | ‘000 oz | ||
| Tusker | Open Pit | 14.6 | 1.2 | 571 |
| Kilimani | Open Pit | 0.4 | 1.2 | 13 |
| Total | 15.0 | 1.2 | 584 |
Notes for Table 11 and Table 12:
1 All Mineral Resources are current as at 30 June 2025.
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 October 2024 Mineral Resource model constrained to US$2,000/oz pit shell.
5 0.3 g/t gold cut-off applied to in-situ open pit material.
6 Mineral Resources are reported on a 100% basis.
PERSEUSMINING.COM 7
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 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 3.
Figure 3: Change in Group Ore Reserves by Activity – June 2024 to June 2025
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The Ore Reserve estimate for Yaouré Gold Mine includes drilling and design changes at the Yaouré open pit and Zain 1 deposit. Additions to the Yaouré Ore Reserves are the Zain 2 Open Pit, which is east of Zain 1 (Error! Reference source not found.), and which was discovered as part of ongoing resource extension programs across the Yaouré project.
The Proved and Probable Ore Reserves for Yaouré Gold Mine are estimated as 31.3 Mt, grading 1.44 g/t gold and containing 1.4 Moz of gold. Details of the estimate are shown in Table 13.
PERSEUSMINING.COM 8
Table 13: Yaouré Proved and Probable Ore Reserves5,6
| PROVED | PROBABLE | PROVED & PROBABLE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| CMA1,2 | Open Pit | - | - | - | 0.7 | 2.13 | 48 | 0.7 | 2.13 | 48 |
| Yaouré1,2,3, | Open Pit | - | - | - | 11.8 | 1.28 | 485 | 11.8 | 1.28 | 485 |
| Zain 12,3 | Open Pit | - | - | - | 1.6 | 1.19 | 62 | 1.6 | 1.19 | 62 |
| Zain 22,3 | Open Pit | - | - | - | 0.4 | 1.28 | 15 | 0.4 | 1.28 | 15 |
| CMA SW2,3 | Open Pit | 0.1 | 1.14 | 5 | 0.8 | 1.31 | 35 | 1.0 | 1.29 | 40 |
| Sub-Total | 0.1 | 1.14 | 5 | 15.3 | 1.31 | 644 | 15.4 | 1.31 | 650 | |
| CMA4 | Underground | - | - | - | 4.5 | 3.52 | 507 | 4.5 | 3.52 | 507 |
| Stockpiles | Stockpile | 11.4 | 0.79 | 288 | - | - | - | 11.4 | 0.79 | 288 |
| TOTAL | 11.5 | 0.79 | 293 | 19.8 | 1.81 | 1,151 | 31.3 | 1.44 | 1,444 |
Notes:
1. Based on depletion to 30 June 2025 mining surfaces.
2. Variable gold grade cut-offs for each material type, ranging from 0.30 g/t to 0.75 g/t.
3. Pit designs are based on US$1,500/oz for CMA and CMA SW and US$1,800/oz for Yaouré, Zain 1 and Zain 2 open pits.
4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 g/t respectively.
5. Inferred Mineral Resource is considered as waste for optimisation purposes.
6. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
Figure 4: Zain 2 Cross Section at 778,250 mN looking North
The changes in the Yaouré Ore Reserve from that last quoted in June 2024 are associated with:
- Depletion of the CMA open pit and Yaouré open pit via mining and processing during FY25;
- Addition of the Zain 2 deposit Ore Reserve due to new resource definition drilling during FY25;
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- Write-down of the Angovia deposit for operational reasons, including technical risks of placing a TSF embankment
on backfill material, and the economic implications of mining the deposit out of sequence;
- Update in Yaouré deposit open pit Mineral Resources based on the recent resource definition and grade control
drilling activities,
- Update in Zain 1 deposit open pit Mineral Resources based on recent extensional resource definition drilling.
- Stockpile changes as result of mining activities.
The waterfall graph (Figure 5) below, summarises the changes in the Yaouré Gold Mine Ore Reserves.
Figure 5: Change in Yaouré Ore Reserves – June 2024 to June 2025
ECONOMIC ASSUMPTIONS
Economics of the Yaouré Gold Mine Ore Reserves have been assessed at a revenue gold price of US$2,100/oz. In a change from prior reporting, Yaouré Ore Reserves are based on a balanced portfolio of ore sources which have been scheduled to provide an overall AISC for the operation. The weighted average AISC for the LOM period for Yaouré Gold Mine is forecast to be US$1,400/oz – US$1,500/oz.
PROCESSING PARAMETERS
The process metallurgical recovery for gold is fixed by material type in each deposit except for the CMA underground basalt, where recovery is determined via a regression. Gold recovery rates range from 92.5% – 93.4% for oxide ore, 92.0% – 94.5% for transition ore and 87.2% – 92.9% for fresh ore. Recovery is a function of the differing metallurgical properties of different material type of ores in each deposit and is determined from metallurgical test work for each deposit and material type, or from actual performance of the ore type in the process plant. No deleterious material has been identified.
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SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The Ore Reserve is based on the Sissingué Mineral Resources as at 30 June 2025. The updated Ore Reserve estimate for the Sissingué Gold Mine is based on depletion of the previous Sissingué, Airport West, and Fimbiasso Ore Reserves, and update of the Sissingué and Bagoé Ore Reserve.
The Proved and Probable Ore Reserves for the Sissingué Gold Mine are estimated as 3.7 Mt grading 1.98 g/t gold and containing 237 koz of gold. Details of the estimate are shown in Table 14.
Pit designs for Sissingué and Airport West are shown in Figure 6 with an example cross section for Airport West presented in Figure 7.
Table 14: Sissingué Gold Mine Proved and Probable Ore Reserves 5,7
| PROVED | PROBABLE | PROVED & PROBABLE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | ||
| Sissingué1,2,3,4 | Open Pit | 0.4 | 1.70 | 23 | 1.8 | 1.95 | 111 | 2.2 | 1.90 | 134 |
| Fimbiasso1,2,3,4 | Open Pit | 0.0 | 1.38 | 1 | 0.2 | 2.69 | 13 | 0.2 | 2.55 | 14 |
| Bagoé2,3,4 | Open Pit | 0.1 | 1.72 | 5 | 1.0 | 2.41 | 75 | 1.1 | 2.35 | 80 |
| Sub-total | Open Pit | 0.5 | 1.69 | 29 | 2.9 | 2.14 | 199 | 3.4 | 2.07 | 228 |
| Stockpiles6 | Stockpile | 0.3 | 0.93 | 9 | - | - | - | 0.3 | 0.93 | 9 |
| TOTAL | 0.8 | 1.42 | 38 | 2.9 | 2.14 | 199 | 3.7 | 1.98 | 237 |
Notes:
1 Based on depletion to 30 June 2025 mining surfaces.
2 Based on the Mineral Resource Estimate which was current at 30 June 2025.
3 Based on July 2025 Ore Reserve estimation.
4 Variable gold grade cut-offs for each material type, ranging from 0.45 g/t to 1.1 g/t at the Sissingué and Fimbiasso deposits, and from 0.80 g/t to 5.00 g/t at Bagoé deposits.
5 Inferred Mineral Resource is considered as waste.
6 Based on EOM June 2025 stockpile balance report.
7 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
Figure 6: Sissingué Gold Mine project areas
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Figure 7: Airport West example cross-section
The changes in the Ore Reserve from that last quoted in June 2024 are associated with:
- Ore depletion from open pit mining activities in Sissingué, Airport West and Fimbiasso pits up to 30 June 2025;
- Revised Bagoé pit designs for Antoinette and Véronique based on updated Mineral Resource estimates (see Figure
9 to Figure 12);
- Addition of a Stage 5 cutback to Sissingué Main Pit, based on extra drilling and an increase in gold price;
- Stockpile depletion and addition;
- Write down of Fimbiasso East.
The waterfall graph (Figure 8) below summarises the changes in the Sissingué Gold Mine Ore Reserves.
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