PRU.TO · 2023-08-24

Perseus Mining Updates Mineral Resources and Ore Reserves Executive Summary

Resource Estimates

24 AUGUST 2023

NEWS RELEASE

PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES

EXECUTIVE SUMMARY

Perth, Western Australia/August 24, 2023/Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of the Mineral Resources and Ore Reserves at each of its West African operations as summarised in Table 1 and

Table 2 below, and detailed in this report. Foreign Estimates are stated for the Meyas Sand Gold Project (MSGP, formerly Block 14) Mineral Resource and Mineral Reserves in the ‘Foreign Estimate’ subsection.

HIGHLIGHTS

Perseus Mining has delivered another year of positive growth from resource definition drilling and studies, leading to an increase to the Measured and Indicated (M&I) Mineral Resource and increase to Proved and Probable Ore Reserves, ensuring the long-term sustainability of the Group’s production profile.
The Group’s total M&I Mineral Resources at 30 June 2023 are estimated to be 122.8 Mt grading 1.31 g/t gold, containing 5.2 Moz of gold, compared with the estimate of 30 June 2022 of 132.9 Mt grading at 1.19 g/t Au for 5.1 Moz of gold.
Group Proved and Probable Ore Reserves are now estimated at 73.8 Mt at 1.45 g/t gold for 3.4 Moz, compared to the estimate of 30 June 2022 of 72.5 Mt grading at 1.39 g/t Au for 3.3 Moz ounces of gold, this is an increase after depletion of +192 koz (+6% addition) via organic growth during the past twelve months.
At Yaouré Gold Mine, the completion of an underground feasibility study, combined with underground and open pit resource definition drilling and studies has converted Inferred Mineral Resources to Indicated, and increased Yaouré Ore Reserves by 5.5 Mt grading 2.31 g/t for 410 koz of gold after depletion, for a total of 37.2 Mt at 1.73 g/t containing 2.1 Moz, which will significantly increase mine life.
Underground Probable Ore Reserves estimated to date total 4.9 Mt of ore grading 3.51 g/t gold and containing 559 koz of gold, which is an increase for FY23 of 2.7 Mt at 3.46 g/t gold containing 300 koz of gold.
Yaouré open pit Probable Ore Reserves have increased in FY23 by 6.9 Mt at 1.82 g/t for 403 koz of gold, for a total of 11.8 Mt at 1.49 g/t gold containing 565 koz of gold.

Table 1: Perseus Mining Mineral Resources1,2,4,5

							MEASURED & INDICATED
	MEASURED RESOURCES			INDICATED RESOURCES			RESOURCES			INFERRED RESOURCES
PROJECT	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
									‘000
	Mt	g/t gold	‘000 oz	Mt	g/t gold	‘000 oz	Mt	g/t gold	oz	Mt	g/t gold	‘000 oz
Edikan	15.6 1.07 534			46.6 1.02 1,523			62.2 1.03 2,057			6.2 1.6 311
Sissingué3	3.5 1.63 182			2.4 1.87 144			5.9 1.73 326			0.3 1.8 15
Yaouré	4.4 0.84 119			50.3 1.66 2,684			54.7 1.59 2,804			11.3 1.9 701
Total	23.5	1.11	835	99.3	1.36	4,351	122.8	1.31	5,187	17.8	1.8	1,027

PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986	1

Table 2: Perseus Mining Ore Reserve1,4,5

	PROVED			PROBABLE			PROVED AND 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	7.4 1.07 255			25.0 1.09 874			32.5 1.08 1,129
Sissingué 3	2.7 1.72 149			1.5 2.04 98			4.2 1.83 247
Yaouré	4.4 0.84 119			32.8 1.85 1,953			37.2 1.73 2.072
Total	14.6	1.12	523	59.3	1.53	2,925	73.8	1.45	3,448

Notes for Tables 1 and 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), 86% of Sissingué Gold Mine (SGM) and 90% of Yaouré Gold Mine (YGM).

5 Excludes Foreign/Historical Estimates

The change in Group Ore Reserve estimate from June 2022 to June 2023 is shown below in Figure 1. Perseus Group Ore Reserves have been estimated at a gold price of $1,500/oz for June 2023, an increase from the $1,300/oz price assumption used in June 2022. Please refer to individual tables below for details of which price applies to individual Ore Reserves.

Figure 1: Change in Group Ore Reserves – June 2022 to June 2023

MINERAL RESOURCE ESTIMATES

The Group’s total M&I Mineral Resources as at 30 June 2023 are estimated to be 122.8 Mt grading 1.31 g/t gold, containing 5.2 Moz of gold, compared with the estimate of 30 June 2022 of 132.9 Mt grading at 1.19 g/t Au for 5.1 Moz of gold. The Mineral Resource Statement as at 30 June 2023 accounts for mining depletion of in situ Mineral Resources and is reported inclusive of Ore Reserves. 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 Group M&I Mineral Resources as at 30 June 2023 are detailed in Table 3.

Foreign/Historical Estimates for the MSGP Mineral Resource in Northern Sudan, announced on 28 February 2022 (see news release “Perseus enters into agreement to acquire Orca Gold Inc.”) are stated in the ‘Foreign/Historical Estimate’ subsection of this report and are reported separately from the Group’s Mineral Resources detailed below.

PERSEUSMINING.COM 2

Table 3: Perseus Mining Group Measured and Indicated Mineral Resources 1,2,3

PROJECT	MEASURED RESOURCES			INDICATED RESOURCES			MEASURED & INDICATED RESOURCES
	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	15.6	1.07	534	46.6	1.02	1,523	62.2	1.03	2,057
Sissingué	3.5	1.63	182	2.4	1.87	144	5.9	1.73	326
Yaouré	4.4	0.84	119	50.3	1.66	2,684	54.7	1.59	2,804
Total	23.5	1.11	835	99.3	1.36	4,351	122.8	1.31	5,187

1 Refer to Notes to individual tables of Mineral Resources in respect of each project presented below.

2 Mineral Resources are inclusive of Ore Reserves 3 Excludes Foreign/Historical Estimates Key change to the M&I Mineral Resources are:

The increase of Indicated open pit Mineral Resources at the Yaouré deposit at the Yaouré Gold Mine by 300 koz to 19.2 Mt at 1.27 g/t Au for 784 koz of gold.
The CMA underground Indicated Mineral Resource increased by 439 koz for 3.55 Mt at 3.84 g/t Au after the inclusion of recent resource definition drilling.

As at 30 June 2023, Inferred Resources are 17.8 Mt grading at 1.8 g/t Au for 1.0 Moz of gold. The Group Inferred Mineral Resources are detailed in Table 4.

Table 4: Perseus Mining Group Inferred Mineral Resources 1,2,3

PROJECT	Inferred Resources
		Quantity		Grade		Gold
	Mt		g/t gold		‘000 oz

Edikan	6.2	1.6	311
Sissingué	0.3	1.8	15
Yaouré	11.3	1.9	701
Total	17.8	1.8	1,027

1 Refer to Notes to individual tables of Mineral Resources in respect of each project presented below.

2 Mineral Resources are inclusive of Ore Reserves 3 Excludes Foreign/Historical Estimates 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). The classification categories of Measured, Indicated and Inferred under the JORC Code 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$1,800 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA Stage 3 pit design and a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of 600mRL 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:

Yaouré Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 18 December 2017
Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015
Edikan Operations, Ghana, NI 43-101 Technical Report, dated 7 April 2022

These reports can be found on Perseus’s website at www.perseusmining.com and on the System for Electronic Document Analysis and Retrieval (SEDAR) website www.sedar.com.

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

The combined M&I Mineral Resource for the Yaouré Gold Mine (“YGM” or “Yaouré”) is estimated at 54.7 Mt grading 1.59 g/t Au, containing 2.8 Moz of gold (Table 5). A further 11 Mt of material grading 1.9 g/t gold, containing 701 koz of gold are classified as Inferred Mineral Resources (Table 6).

The CMA open pit and the Yaouré open pit Mineral Resource estimates for the Yaouré Gold Mine were updated to include all recent Yaouré deposit and CMA Underground resource drilling and are depleted to 30 June 2023 surveyed mining surfaces. The inclusion of additional resource drilling resulted in a substantial increase to the Indicated Mineral

PERSEUSMINING.COM 3

Resources for the Yaouré open pit and CMA Underground. Readers are referred to ASX release “Perseus Mining announces open pit and underground Ore Reserve growth at Yaouré” dated 23 August 2023 for additional details.

The Yaouré satellite deposits are reported for mine depletion as at 30 June 2023. Readers are referred to ASX release “Perseus Mining Updates Mineral Resource and Reserve Estimates” dated 30 August 2022.

Table 5: Yaouré Measured and Indicated Mineral Resources9,10,11

								MEASURED & INDICATED
		MEASURED RESOURCES			INDICATED RESOURCES			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, 6	Open Pit	-	-	-	16.7	1.32	710	16.7	1.32	710
Yaouré2,3,4, 6	Open Pit	-	-	-	19.2	1.27	784	19.2	1.27	784
Satellite deposits5,6	Open Pit	-	-	-	6.6	0.97	206	6.6	0.97	206
Sub Total		-	-	-	42.6	1.24	1,700	42.6	1.24	1,700
CMA8	Underground	-	-	-	7.3	4.17	976	7.3	4.17	976
Heap Leach3,7	Stockpile	-	-	-	0.4	0.61	8	0.4	0.61	8
Stockpiles	Stockpile	4.4	0.84	119	-	-	-	4.4	0.84	119
TOTAL		4.4	0.84	119	50.3	1.66	2,684	54.7	1.59	2,804

Table 6: Yaouré Inferred Mineral Resource9,10,11

		INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	‘000 oz

CMA 1,3,4, 6 Open Pit 2.6 0.7 58 Yaouré2,3,4,6 3.0 1.3 124 Open Pit Satellite deposits^5,6 Open Pit 1.3 0.8 34 CMA⁸Underground 4.4 3.4 485 Total 11.3 1.9 701 Notes for Tables 5 and 6:

1. Based on June 2022 Mineral Resource estimate.

2. Based on June 2023 Mineral Resource estimate.

3. Depleted for previous mining and to 30 June 2023 mining surface.

4. 0.4 g/t gold cut-off applied to in situ open pit material.

5. Based on Angovia 2 April 2021, Govisou June 2022 and CMA SW August 2022 Mineral Resource models.

6. In situ open pit resources constrained to US$1,800/oz pit shells.

7. 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.

8. June 2023 Mineral Resource estimate, below Stage 3 pit and above 1.5 g/t block grade cut-off.

9. Mineral Resources current as of 30 June 2023.

10. Rounding of numbers to appropriate precision may result in summary inconsistencies.

11. Mineral Resources are reported inclusive of Ore Reserves.

STOCKPILES

Mineral Resources contained in stockpiles are based on volume estimates from ground survey data, loose bulk densities are derived over time by reconciliation of volumes mined (at in situ densities) compared to stockpile movements and calculated volumes, with estimates of stockpile grades based on predicted grades of mined material transferred onto stockpiles compared to material depleted by processing.

Closing Yaouré stockpiles at 30 June 2023 were estimated as shown in Table 7.

Table 7: Yaouré Closing Stockpiles ¹

	QUANTITY	GRADE	GOLD
MATERIAL
	kt	g/t gold	‘000 oz

Low grade	4,256	0.76	105
Medium grade	19	1.17	1
High grade	83	2.87	8
Crushed ore stockpile	82	2.39	6
Total	4,441	0.84	119

Notes:

1 Stockpile tonnage and grade estimates are considered sufficiently accurate to support their classification as Measured Mineral Resources.

PERSEUSMINING.COM 4

SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE

The combined M&I Mineral Resource for the Sissingué Gold Mine (SGM or Sissingué) is estimated as 5.9 Mt grading 1.73 g/t gold, containing 326 koz of gold. A further 0.3 Mt of material grading 1.8 g/t gold, containing 15 koz of gold are classified as Inferred Mineral Resources. Details of these estimates are shown below in Table 8 and Table 9.

Sissingué Mineral Resources comprise the remaining in situ mineralisation at the Sissingué mine, Fimbiasso East and West deposits, and mineralisation at the Antoinette, Juliette, and Veronique deposits at the Bagoé Project. These Mineral Resources also include material on stockpiles at Sissingué mine as at 30 June 2023.

All geological models remain unchanged from the previous year’s Mineral Resource Statement (see news release ‘Perseus Mining Updates Life of Mine Plan for Sissingué Gold Mine and Satellite Deposit” dated 28 March 2022).

The Sissingué and Fimbiasso Mineral Resource have been depleted to the 30 June 2023 using the surveyed mining surface. Mining has not commenced at the Bagoé Project.

Table 8: Sissingué Measured and Indicated Mineral Resources 1, 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	Open Pit	0.7	1.44	31	1.0	1.49	49	1.7	1.47	80
Fimbiasso5, 7, 8	Open Pit	1.5	1.71	82	0.4	1.79	22	1.9	1.72	104
Bagoé9, 10	Open Pit	0.7	2.24	53	1.0	2.28	73	1.7	2.26	126
Stockpiles	Open Pit	0.6	0.85	16	-	-	-	0.6	0.85	16
Total		3.5	1.63	182	2.4	1.87	144	5.9	1.73	326

Table 9: Sissingué Inferred Mineral Resources ^{1, 3}

		INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	‘000 oz

Sissingué4, 5, 6	Open Pit	0.1	1.3	3
Fimbiasso5, 7, 8	Open Pit	0.1	1.9	6
Bagoé9, 10	Open Pit	0.1	2.2	6
Total		0.3	1.8	15

Notes for Table 8 and 9:

1 Mineral Resources current at 30 June 2023.

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 February 2022 Mineral Resource model constrained to US$1,800/oz pit shell.

5 Depleted to 30 June 2023 mining surface.

6 0.4 g/t gold cut-off applied to in situ material.

7 Based on March 2022 Mineral Resource models constrained to US$1,800/oz pit shells.

8 0.8 g/t gold cut-off applied.

9 Based on May 2021 Mineral Resource models constrained to US$1,800/oz pit shells.

10 0.8 g/t gold cut-off applied to oxide, 1.0 g/t applied to transition, 1.0 g/t applied to fresh (Antoinette, Juliette), 1.2 g/t applied to fresh (Veronique).

STOCKPILES

Closing Sissingué stockpiles at 30 June 2023 are shown in Table 10.

Table 10: Sissingué Closing Stockpiles ¹

	QUANTITY	GRADE	GOLD
MATERIAL
	kt	g/t gold	‘000 oz

Low grade	403	0.66	9
High grade	165	1.31	7
Crushed ore stockpile	4	1.14	0
TOTAL	572	0.85	16

Notes:

1 Stockpile tonnage and grade estimates are considered sufficiently accurate to support their classification as Measured Mineral Resources.

PERSEUSMINING.COM 5

EDIKAN GOLD MINE, GHANA

The updated M&I Mineral Resource for the Edikan Gold Mine (EGM or Edikan) in Ghana is now estimated as 62.2 Mt grading 1.03 g/t gold, containing 2.1 Moz of gold, as at 30 June 2023 (Table 11). A further 6.2 Mt of material grading 1.6 g/t Au and containing 311 koz of gold are classified as an Inferred Mineral Resource (Table 12). The previous Mineral Resource as at 30 June 2022 was estimated at M&I of 70.5 Mt grading at 1.02 g/t gold, containing 2.3 Moz of gold and an additional 6.2 Mt grading 1.6 g/t for 310 koz of gold of Inferred Mineral Resources.

Mineral Resources at AF Gap and Fetish have been depleted to the 30 June 2023 mining survey surfaces. The Mineral Resource estimate for the Esuajah North and South, and Nkosuo deposits remains unchanged.

The Heap Leach Mineral Resource has been depleted to the 30 June 2023 mining activities, and further truncated to the southern portion of the ‘Africa pod’ component, which is currently accessible for haulage and treatment.

Table 11: Edikan Measured and Indicated Mineral Resources 1, 2, 3

								MEASURED & INDICATED
		MEASURED RESOURCES			INDICATED RESOURCES			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	2.9	1.05	99	11.7	0.92	348	14.7	0.95	447
Esuajah North5, 6, 7	Open Pit	2.8	0.79	72	4.0	0.74	95	6.9	0.76	168
Fetish5, 6, 8	Open Pit	5.6	0.92	165	8.5	0.82	225	14.1	0.86	390
Nkosuo9, 10	Open Pit	-	-	-	14.5	0.91	423	14.5	0.91	423
Sub-Total		11.4	0.92	337	38.8	0.88	1,091	50.2	0.89	1,428
Esuajah South11	Underground	3.1	1.70	168	5.9	2.09	393	8.9	1.95	561
Heap Leach12	Stockpile	-	-	-	2.0	0.60	39	2.0	0.60	39
Stockpiles	Stockpile	1.1	0.82	29	-	-	-	1.1	0.82	29
Total		15.6	1.07	534	46.6	1.02	1,523	62.2	1.03	2,057

Table 12: Edikan Inferred Mineral Resources ^{1, 3}

		INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	‘000 oz

AF Gap4, 5, 6	Open Pit	0.2	0.9	6
Esuajah North5, 6, 7	Open Pit	0.0	1.0	1
Fetish5, 6, 8	Open Pit	0.2	0.6	4
Nkosuo9, 10	Open Pit	0.9	0.9	27
Esuajah South11	Underground	4.8	1.8	272
Total		6.2	1.6	311

Notes for Tables 11 and 12:

1 All Mineral Resources are current as at 30 June 2023.

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$1,800/oz pit shell.

5 Depleted to 30 June 2023 mining surfaces.

6 0.4 g/t gold cut-off applied.

7 Based on June 2019 Mineral Resource model constrained to US$1,800/oz pit shell.

8 Based on May 2021 Mineral Resource model constrained to US$1,800 pit shell, includes Bokitsi North lode.

9 Based on June 2022 Mineral Resource model constrained to US$1,800/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.

12 Based on November 2015 Mineral Resource model and reported at zero cut-off grade.

STOCKPILES

Closing stockpiles at 30 June 2023 were estimated as shown in Table 13.

PERSEUSMINING.COM 6

Table 13: Edikan Closing Stockpiles¹

	QUANTITY	GRADE	GOLD
MATERIAL
	kt	g/t gold	‘000 oz

Low grade	237	0.55	4
High grade	802	0.90	23
Crushed ore stockpile	48	0.83	1
TOTAL	1,088	0.82	29

Notes:

1 Stockpile tonnage and grade estimates are considered sufficiently accurate to support their classification as Measured Mineral Resources.

ORE RESERVE ESTIMATE

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

The Ore Reserve estimate for Yaouré Gold Mine includes increases at the Yaouré open pit and CMA underground deposits during FY23, and readers are referred to ASX release “Perseus Mining announces open pit and underground Ore Reserve growth at Yaouré” dated 23 August 2023 for additional details. Yaouré Ore Reserves also includes depletion of CMA pit and minor changes to Near-Mine Satellite deposit Ore Reserves. Readers are referred to the previous news release “Perseus Updates Mineral Resource and Ore Reserve Estimates” dated 28 August 2019 and the notes contained therein. Changes of Ore Reserves from CMA, Yaouré, Near-Mine Satellite and CMA underground deposits are covered in the following section.

The Proved and Probable Ore Reserves for Yaouré Gold Mine are estimated as 37.2 Mt, grading 1.73 g/t gold and containing 2.1 Moz of gold. Details of the estimate are shown in Table 14.

Table 14: Yaouré Proved and Probable Ore Reserves^5,6

		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	-	-	-	11.9	1.81	692	11.9	1.81	692
Yaouré2,3	Open Pit	-	-	-	11.8	1.49	565	11.8	1.49	565
Satellite deposits2,3	Open Pit	-	-	-	4.1	1.03	137	4.1	1.03	137
Sub-Total		-	-	-	27.8	1.56 1,394		27.8	1.56 1,394
CMA4	Underground	-	-	-	4.9	3.51	559	4.9	3.51	559
Stockpiles	Stockpile	4.4	0.84	119	-	-	-	4.4	0.84	119
TOTAL		4.4	0.84	119	32.8	1.85 1,953		37.2	1.73 2,072

Notes:

1. Based on depletion to 30 June 2023 mining surfaces.

2. Variable gold grade cut-offs for each material type, ranging from 0.35 g/t to 0.75 g/t.

3. Pit designs are based on US$1,300/oz gold metal price for satellites and US$1,500/oz for CMA and Yaouré open pit.

4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 g/t.

5. Inferred Mineral Resource is considered as waste for optimisation purposes.

6. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

The changes in the Yaouré Gold Mine Ore Reserve from that last quoted in June 2022 are associated with:

Completion of the CMA underground feasibility study and increase in underground Ore Reserves
Update in Yaouré deposit open pit Mineral Resource based on the recent resource drilling activities;
Update in Yaouré pit optimisation based on the new Mineral Resource model and gold price assumption ($1,500/oz) resulting in new pit design;
Update on Angovia (one of the Near-Mine Satellite pits);
Update in cut-offs due to higher gold price assumption;
Ore depletion from open pit mining activities in CMA and Govisou (one of the Near-Mine Satellites) up to 30 June 2023; and
Stockpile addition as result of mining activities.

The waterfall graph (Figure 2) below, summarises the changes in the Yaouré Gold Mine Ore Reserves.

PERSEUSMINING.COM 7

Figure 2: Change in Yaouré Ore Reserves – June 2022 to June 2023

Gold metal price of US$1,500/oz used for both open pit and underground.
Un-escalated average costs used in optimising pit designs are as shown in Table 15 below.
A discount rate of 10% (real) has been assumed for economic valuation.

Table 15: Assumed average operating costs (Open Pit)

MINING PROCESSING G&A SELLING ROYALTIES CMA open pit US$3.41 /t mined US$14.82 /t milled US$7.30 /t milled US$3.05 /oz sold 4.5% Yaouré open pit US$3.21 /t mined US$17.28 /t milled US$9.30 /t milled US$3.05 /oz sold 4.5%

and trucks. A mining bench height of 10 metres is used, with loading on 2.5 metres flitches to minimise ore loss and dilution.

The economic pit shell was defined using Whittle pit optimisation software (“Whittle”) with inputs such as geotechnical parameters, ore loss and dilution, metallurgical recoveries, operating costs, and gold price.
The pit optimisation was run with revenue generated only by M&I Mineral Resources. No value was allocated to Inferred Mineral Resources.
Open pit optimisation input parameters were generally based on Perseus’s operating site experience and supporting technical studies.
The pit slope design assumptions are based on a geotechnical study by Pitt & Sherry Consultants. Inter-ramp pit slopes are 40 to 60 degrees varied by material weathering level and wall sector. Inter-ramp slopes are excluding ramp but including berms spaced at between 10 and 20 metres vertically and berm widths of 4.5 to 7 metres.
Pit ramps have been designed for a 100-tonne payload truck fleet and are set at 24 metres (dual lane) to 16 metres (single lane).
Vertical mining advance has been capped based on Perseus’s operating experience.
Minimum mining width of 40 metres was generally applied to the pit cutback designs.
There are no physical constraints to mining within the lease area. No property, infrastructure or environmental issues are known to exist which may limit the extent of mining within the mining lease.

PERSEUSMINING.COM 8

Ore cut-off grades, based on metallurgical recoveries, ore costs and gold price, are as shown in Table 16.

Table 16: Open Pit Cut-Off Grades

	CUT-OFF GRADE BY ORE TYPE (G/T GOLD)
				Fresh
DEPOSIT
				Granod
	Oxide	Transition	Fresh Basalt	iorite

CMA 0.30 0.40 0.45 - Yaouré 0.45 0.50 0.75 0.60 Near-Mine Satellites

Angovia 2	0.40	0.45	0.65	-
Govisou	0.40	0.40	0.50	-
CMA Southwest	0.40	0.45	0.55

PROCESSING PARAMETERS

The process metallurgical recovery for gold is fixed by material type in each deposit. Gold recovery rates range from 91.0% – 93.4% for oxide ore, 91.9% – 94.5% for transition ore and 89.5% – 93.8% 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. Recoveries are as shown in Table 17.
No deleterious material has been identified.
Average annual processing throughput rate of ore is dependent on deposit, rock type and weathering state. The weighted average throughput rate for all materials is nominally 3.8 Mtpa.
The processing circuit involves single stage crushing, semi-autogenous grinding, gravity recovery and carbon-inleach (CIL).

Table 17: Metallurgical Recoveries by Material Type for Open Pit Ore Reserves

	RECOVERY BY ORE TYPE (%)
				Fresh
DEPOSIT
				Granod
	Oxide	Transition	Fresh Basalt	iorite

CMA 92.5 92.0 91.5 - Yaouré 93.0 93.3 92.6 93.8 Near-Mine Satellites

Angovia 2	92.9	92.0	91.1	-
Govisou	91.0	91.9	91.7	-
CMA Southwest	93.4	94.5	89.5	-

UNDERGROUND MINING PARAMETERS

The CMA underground Probable Ore Reserve is based upon a Feasibility level mining study, and readers are referred to ASX release “Perseus Mining announces open pit and underground Ore Reserve growth at Yaouré” dated 23 August 2023 for additional details.

STOCKPILE AND HEAP LEACH PARAMETERS

The stockpiles that existed on 30 June 2023 will be all fed to the processing plant over the mine life based on the blending strategy; associated rehandle costs for all material are allowed for.

CRITERIA FOR ORE RESERVE CLASSIFICATION

Ore Reserves have been classified based on the underlying Mineral Resource classifications and the level of detail in the mine planning. The Mineral Resources were classified as Measured, Indicated and Inferred. The Ore Reserves, based only on the M&I Resources, have been classified as Proved and Probable Ore Reserves, respectively.

The Ore Reserve is classified as Proved and Probable in accordance with the JORC Code, 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.

PERSEUSMINING.COM 9

No Inferred Mineral Resources were included in the Open Pit Ore Reserve estimate.

SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE

The updated Ore Reserve estimate for the Sissingué Gold Mine is a depletion of the previous Sissingué and Fimbiasso deposit Ore Reserve. Mining at Fimbiasso deposit commenced in January 2023.

The Sissingué Ore Reserve is based on the Mineral Resource from 28 March 2022 and readers are referred to ASX news release “Perseus Mining Updates the Life of Mine Plan for Sissingué Gold Mine & Satellite Deposits” dated 28 March 2022 and the notes contained therein.

The Proved and Probable Ore Reserves for the Sissingué Gold Mine are estimated as 4.2 Mt grading 1.83 g/t gold and containing 247 koz of gold. Details of the estimate are shown in Table 18.

Table 18: 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	0.5	1.59	28	0.6	1.59	32	1.2	1.59	59
Fimbiasso2,4	Open Pit	1.1	1.88	63	0.2	2.02	13	1.3	1.90	76
Bagoé2,3,4	Open Pit	0.5	2.47	42	0.7	2.46	54	1.2	2.46	96
Sub-total	Open Pit	2.1	1.95	133	1.5	2.04	98	3.6	1.99	231
Stockpiles6	Stockpile	0.6	0.85	16	-	-	-	0.6	0.85	16
TOTAL		2.7	1.72	149	1.5	2.04	98	4.2	1.83	247

Notes:

1 Based on depletion to 30 June 2023 mining surfaces.

2 Based on Mineral Resource Estimates which were current at 30 June 2023.

3 Based on July 2023 Ore Reserve estimation.

4 Variable gold grade cut-offs for each material type, ranging from 0.40 g/t to 1.05 g/t at Sissingué deposits, from 0.80 g/t to 1.50 g/t at Fimbiasso deposits and from 1.00 g/t to 3.00 g/t at Bagoé deposits.

5 Inferred Mineral Resource is considered as waste.

6 Based on EOM June 2023 stockpile balance report.

7 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

The changes in the Ore Reserve from that last quoted in June 2022 are associated with:

Ore depletion from open pit mining activities in Sissingué and Fimbiasso pits up to 30 June 2023;
Stockpile depletion in order to maintain the processing plant capacity;
Revised Fimbiasso and Bagoé pit designs based on higher gold price assumption; and
Update to cut-offs due to higher gold price assumption.

The waterfall graph (Figure 3) below summarises the changes in the Sissingué Gold Mine Ore Reserves.

PERSEUSMINING.COM 10

Figure 3: Change in Sissingué Ore Reserves – June 2022 to June 2023

•

Gold metal price US$1,600/oz for Sissingué and US$1,500/oz for both Fimbiasso and Bagoé. The higher gold price used at Sissingué reflects the short mine life remaining for the deposit.
Un-escalated average costs used in optimising pit designs are as shown in Table 19 below.
A discount rate of 10% (real) has been assumed for economic valuation.

Table 19: Assumed average operating costs

MINING (OPEN PIT) PROCESSING G&A SELLING ROYALTIES US$5.79 /t mined US$14.99 /t milled US$11.00 /t milled US$3.75 /oz sold 4.8%

and trucks, mining bench heights of 5 metres with 2.5 metre flitches to minimise ore loss and waste rock dilution.

The economic pit shell was defined using Whittle pit optimisation software (“Whittle”) with inputs such as geotechnical parameters, ore loss and dilution, metallurgical recovery and mining costs.
The pit optimisation was run with revenue generated only by M&I Mineral Resources. No value was allocated to Inferred Mineral Resources.
Open pit optimisation input parameters were generally based on Perseus’s operating site experience and supporting technical studies.
The pit slope design assumptions are based on a geotechnical study by George, Orr and Associates (Australia) Pty Ltd for Sissingué and Fimbiasso. For Bagoé deposits, the geotechnical study was completed by Pitt & Sherry Consultants. Overall pit slopes are 30 to 50 degrees inclusive of berms spaced at between 5 and 20 metres vertically and berm widths of 4 to 7 metres.
Pit ramps have been designed for a 40 tonne ADT truck fleet and are set at 17 metres (dual lane) to 11 metres (single lane).
Vertical mining advance has been capped based on Perseus’s operating experience.
Minimum mining width of 40 metres was generally applied to the pit cutback designs.
There are no physical constraints to mining within the lease areas. No property, infrastructure or environmental issues are known to exist which may limit the extent of mining within the mining areas.

PERSEUSMINING.COM 11

Ore from Fimbiasso pits will be trucked to Sissingué with a maximum limit of 80 kt/month and from Bagoé pits will be trucked at a maximum limit of 60 kt/month.
Ore cut-off grades, based on the gold price, cost and mining parameters, are as shown in Table 20.

Table 20: Open Pit Cut-Off Grades

	CUT-OFF GRADE BY ORE TYPE (G/T GOLD)
DEPOSIT
	Oxide	Transition	Fresh Granite	Fresh Sediment/Mafic

Sissingué 0.40 0.60 0.85 1.05 Fimbiasso 0.60 0.90 1.00 1.20 Bagoé

Antoinette	0.90	1.20	5.00	-
Juliette	1.00	1.30	3.50	-
Veronique	0.90	1.10	1.40	-

PROCESSING PARAMETERS

The metallurgical recovery for gold is fixed by material type in each deposit. Gold recovery rates range from 85.4% for oxide ore and 91% for fresh ore. Recovery variation is a function of differing metallurgical properties of different material type of ores from each deposit. The metallurgical recoveries are as shown in Table 21.
No deleterious material has been identified.
Average annual processing throughput rate of ore is nominally 1.2Mtpa of ore from all deposits, with throughput rates variable by material type. The processing circuit involves single stage crushing, semi-autogenous grinding, gravity recovery and CIL.

Table 21: Metallurgical Recoveries by Material Type and Pit

	RECOVERY BY ORE TYPE (%)
DEPOSIT
	Oxide	Transition	Fresh Granite	Fresh Sediment/Mafic

Sissingué 97.0 95.0 92.0 83.3 Fimbiasso 94.0 93.0 91.0 91.0 Bagoé

Antoinette	93.3	86.1	24.4	-
Juliette	85.4	79.4	35.4	-
Veronique	93.0	89.7	85.0	-

STOCKPILE PARAMETERS

Ore mined from both Fimbiasso and Bagoé will be temporarily stockpiled on site then trucked to Sissingué for processing. Ore from Fimbiasso and Bagoé will be blended with remaining ore from the Sissingué deposit in order to keep the processing plant full, thereby minimising unit processing and G&A costs.

CRITERIA FOR ORE RESERVE CLASSIFICATION

The Ore Reserve is classified as Proved and Probable in accordance with the JORC Code, 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 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.

EDIKAN GOLD MINE, GHANA

The Ore Reserve is based on the Edikan Mineral Resources as at 30 June 2023. The Open Pit Ore Reserve is a depletion of the previous Ore Reserves and update on Fetish and Nkosuo deposits. Readers are referred to ASX release “Perseus Updates Mineral Resource and Ore Reserve Estimates” dated 30 August 2022 and the notes contained therein. All Ore Reserves are reported in accordance with the JORC Code and are reported by category,

PERSEUSMINING.COM 12

← Back to feed