Perseus’s Drilling Demonstrates Potential for Additional Gold Resources at Yaouré Gold Mine

18 JANUARY 2023

NEWS RELEASE

PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE

Perth/Western Australia/January 18, 2023/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an update on ongoing exploration at its Yaouré Gold Mine in Côte d’Ivoire, where drilling has returned high-grade gold results from CMA NorthWest and CMA North Targets, down dip from the recently announced Underground Ore Reserves, demonstrating potential for further underground resources growth.

HIGHLIGHTS

• CMA NORTHWEST TARGET - infill drilling has returned high-grade intercepts including:
  • YRC2142D: 22.00m @ 3.14g/t Au from 281.00m, including 15.00m @ 4.42g/t Au from 283.00m and 3.40m

@ 11.28g/t Au from 294.00m

• CMA NORTH TARGET - infill and extensional drilling of the CMA structure, down dip from the existing Underground Ore Reserve, has returned multiple very encouraging broad, high-grade intercepts including:
  • YRC2181D: 13.20m @ 9.36g/t Au from 332.00m, including 5.80m @ 18.01g/t Au from 337.00m
  • YRC2157D: 24.00m @ 3.65g/t Au from 308.00m, including 6.00m @ 10.34g/t Au from 313.00m
  • YRC2166D: 13.00m @ 5.99g/t Au from 388.00m, including 2.80m @ 23.74g/t Au from 392.20m
  • YRC2180D: 8.00m @ 5.07g/t Au from 322.00m
  • YRC2159D: 16.00m @ 3.42g/t Au from 368.00m, including 9.55g/t Au @ 5.17g/t Au from 368.90m
  • YRC2161D: 18.00m @ 3.68g/t Au from 337.00m
  • YRC2162D: 22.50m @ 2.14g/t Au from 405.50m, including 13.10m @ 3.14g/t Au from 414.90m
  • YRC2168D: 20.00m @ 2.17g/t Au from 332.00m
• Drilling to test conceptual targets, including targets generated from a 2020 3D seismic survey, has identified new “hanging wall” lodes associated with seismic reflectors. Results include:
  • YDD0575: 41.00m @ 1.12g/t Au from 437.00m, including 3.00m @ 4.87g/t Au from 514.80m, 1.00m @

19.47g/t Au from 474.00m and 8.80m @ 3.46g/t Au from 506.00m

• Drilling over the next two quarters aims to add confidence to existing Mineral Resources and convert Mineral Resources from Inferred to Indicated classification, as well as test additional targets, potentially leading to new discoveries.

Perseus’s Managing Director and CEO, Jeff Quartermaine, said:

“With our three gold mines, Yaouré, Edikan and Sissingué, producing at an annualised rate of more than 500,000 ounces of gold per year, Perseus aims to maintain this level of production to the end of the current decade and beyond.

Our latest infill and step out drilling results from below Yaouré’s CMA open pit and the recently reported Underground Reserve have confirmed previous drilling results and give us a growing level of confidence that these Mineral Resources and Reserves will continue to grow.”

BACKGROUND

Perseus is currently mining the CMA orebody at the Yaouré Gold Mine in Côte d’Ivoire using conventional open-pit mining methods. The CMA is a tabular zone of mineralisation 2-20 metres thick, which generally grades at 3-7g/t gold and dips to the east at 20-35 degrees but can be shallower or steeper locally. Perseus reported its first open pit Mineral Resource and Ore Reserve in the News Release “Perseus Confirms Quality of Yaouré Gold Project” dated 3 November 2017 based on a Feasibility Study. The open pit Feasibility Study identified the potential for the CMA orebody to extend to depth. This was confirmed by a Concept Study entitled “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré” dated 5 November 2018, which evaluated the potential to mine the orebody using underground mining methods and produced a maiden Mineral Resource estimate for the CMA underground.

In 2020, Perseus completed a 3D Seismic survey over a large volume around the CMA pit, that provided encouragement that the CMA orebody continued further down dip from the area assessed in the 2018 Concept Study. Based on the findings, it instigated drilling programs and a Pre-Feasibility Study (PFS) in 2021 to convert the identified underground Inferred Mineral Resource to an Ore Reserve and to investigate the potential to extend the underground Inferred Mineral Resource further down dip. Two drilling programs were completed in the first half of 2022 which resulted in declaration of a maiden Ore Reserve and extension of the Inferred Mineral Resource down-dip. The CMA underground maiden Ore Reserves was first reported on 30 August 2022 in the ASX Announcement entitled “Perseus Mining Announces Maiden Underground Ore Reserve at Yaouré”. The two drilling programs also had a small impact on the open pit Mineral Resource, mainly on the resource classification. A third drilling program commenced in May 2022 to test if the CMA continued further down dip and to test targets below the CMA identified from the 3D Seismic survey. Initial results from the deep drilling are included in this release.

Perseus announced a maiden Underground Ore Reserve of 2.2Mt at 3.58g/t for 259,000 ounces of contained gold for the initial stages of mining of the CMA orebody by underground methods beneath the existing CMA open pit. The Pre-Feasibility Study on the drilled-out portion of the CMA deposit at Yaouré (approximately 200 metres down dip) has proven the economic and technical viability of underground mining immediately beneath the existing open pit, providing additional value to the Yaouré Gold Mine. A Feasibility Study for the CMA Underground is now underway.

More widely spaced drilling below the underground Ore Reserve has shown that mineralisation extends deeper, allowing an extension to Inferred Mineral Resources at depth. The total Mineral Resource for CMA underground now exceeds 1Moz (Indicated Mineral Resources at CMA underground amount to 3.7Mt at 4.48g/t for 537,000 ounces of contained gold, and Inferred Mineral Resources are estimated at 3.7Mt at 4.1 g/t containing 488,000 ounces of gold). The current release relates to infill and extensional drilling of the CMA structure. Results continue to be positive.

GEOLOGY

The CMA gold deposit occurs near the south-eastern flank of the Bouaflé greenstone belt in central Côte d’Ivoire. Mineralisation is hosted by Paleoproterozoic-aged metabasalts of the Birimian Supergroup. The rocks are metamorphosed to lower greenschist facies and only locally feature penetrative deformation fabrics.

Gold mineralisation is associated with quartz-albite-carbonate veining in reverse fault structures, forming a series of interconnected lodes, the best developed of which dip at 25 to 30 degrees to the east. The CMA Underground resource comprises five lodes with horizontal widths ranging from 2-3 metres up to 15-20 metres. Ninety per cent of the Indicated Resource tonnage and 93% of the Indicated Resource contained metal is hosted in two principal lodes. Gold is associated with disseminated pyrite within veins and altered wall-rocks. No significant concentrations of other economic metals or deleterious elements are known to occur within the mineralisation. Arsenopyrite and molybdenite occur in trace quantities.

CMA underground Mineral Resource extends from the designed base of the CMA open pit at approximately 200 metres vertical depth, to a maximum vertical depth of approximately 275 metres for Indicated Resources and 425 metres for Inferred Resources. The corresponding down-dip extents beneath the pit design base are approximately 200 metres and 350 metres. The Mineral Resource extends over 1,200 metres in strike length.

CMA RESOURCE INFILL & EXTENSIONAL DRILLING

Perseus last announced results of drilling completed at CMA on 30 August 2022 with the ASX Release “Perseus Mining Announces Maiden Underground Ore Reserve at Yaouré.” The company continues to undertake infill and extensional drilling designed to add to the existing Mineral Resources and Ore Reserves at Yaouré and to make new discoveries. This announcement relates to previously unannounced results received to date from the drilling at CMA NorthWest, CMA North and CMA Deeps Targets.

CMA NORTHWEST TARGET

Perseus recently completed its FY 2023 Phase One CMA North West drill program and received all assay results. The program consisted of a total of 26 holes for an aggregate of 8,846.00 metres. The program was designed to target the NW extension of the CMA where it parallels the faulted contact between basalts and volcaniclastics. It has achieved 50m down-dip intercepts on 100m spaced sections, over an initial strike length of 650m.

While there were multiple high-grade intercepts, they were generally thinner than expected and initial indications are that they will not add significant Ore Reserve ounces. Perseus has delayed Phase Two drilling until drilling is completed at higher priority areas.

CMA NORTH PROGRAM

Perseus’s FY 2023 Phase One CMA North drill program is currently underway. The program consists of a total of 38 holes for an estimated aggregate of 16,000 metres. To date, 26 holes have been completed for an aggregate of 13,719.20 metres. The program has been designed to target the Northern down-dip extension of the CMA lode between the 1,000mRL to 900mRL. The program will achieve 60m down-dip intercepts on 50m spaced sections, over an initial strike length of 600m.

Results from the CMA North program drilling continue to be viewed as extremely encouraging delivering broad high-grade intercepts and demonstrate strong potential to add to Mineral Resources and Ore Reserves.

CMA SOUTH PROGRAM

Perseus’ FY 2023 South program has recently commenced and will comprise 16 holes for an aggregate of 6275 metres. To date, a total of seven RC pre-collars have been completed for an aggregate of 514 metres. The program has been designed to drill the target area at intervals of 100m along strike and 120m down dip. No results are available to date.

CMA DEEPS PROGRAM

Perseus’s CMA Deeps drilling is currently in progress, with six holes completed for an aggregate of 7,275 metres. These holes are testing multiple targets generated following interpretation of the 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage. Continuous assessment and interpretation of the results from this drilling have allowed the program to be refined on an ongoing basis. Early results from the CMA Deeps seismic drilling are promising and continue to demonstrate the potential for Perseus to materially grow its gold inventory at Yaouré by organic means. Results for 1.5 holes (YDD0569 & YDD570) were reported to the market on 30 August 2022.

Better Intercepts are included in Table 1 below and in Table 2 in Appendix 1. Figures 1-7 illustrate salient features.

YAOURÉ EXPLORATION – NEXT STEPS

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

• Continuation of drilling to upgrade the status of Mineral Resources at CMA and Yaouré.
• Continued drilling down dip of the current Underground CMA Ore Reserve to identify the potential for further resource extensions.
• Continuation of drill testing of targets generated from the 3D seismic survey, with an initial focus on nearsurface targets; and
• Aircore and auger drilling at early-stage regional prospects such as Degbézéré NorthEast.

Table 1: Intercepts from CMA Underground and CMA Down-dip Drilling (>20gxm intercepts)

CMA NORTHWEST TARGET

CMA NORTH TARGET

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 Mr Glen Edwards, a Competent Person who is a Chartered Professional Geologist. Mr Edwards is the General Manager Exploration of the Company. Mr Edwards 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”). Mr Edwards 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, Edikan Gold Mine and 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: Yaouré Gold Project – Permits and Prospects

Figure 2: CMA NorthWest and CMA North Targets

Figure 3: CMA Downdip Infill and Extensional Drilling – CMA NorthWest and CMA North Targets

Figure 4: Isometric (inclined) view of CMA Stage 3 Open Pit and CMA Underground Ore Reserve with planned position for CMA South, CMA NorthWest and CMA North Targets drilling (section looking west).

Figure 5: CMA North Drilling Section - Drill Section 777,590mN (+/- 50m window)

Figure 6: CMA North Drilling Section - Drill Section 777,235mN (+/- 50m window)

Figure 7: CMA North Drilling Section - Drill Section 778083mN (+/- 50m window)

APPENDIX 2 – SIGNIFICANT INTERCEPTS TABLES

Table 2: CMA Underground Resource Drilling - drill holes and significant assays

(Based on lower cut-off of 0.2 g/t Au with maximum 2m internal waste <0.2 g/t)