PRU.TO · 2024-10-23

SEPTEMBER 2024 QUARTER REPORT Perseus Mining consistently delivers strong production, cashflow and growth, resulting in a cash & bullion balance of US$643 million

Production Results

23 OCTOBER 2024

NEWS RELEASE

SEPTEMBER 2024 QUARTER REPORT

Perseus Mining consistently delivers strong production, cashflow and growth, resulting in a cash & bullion balance of US$643 million

Perth, Western Australia/October 23, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)

reports on its activities for the three months’ period ended September 30, 2024 (the “Quarter”).

Key operating indicators and highlights for the September 2024 quarter (Q1 FY25) include:

PERFORMANCE		MARCH 2024	JUNE 2024	JUNE 2024	SEPTEMBER 2024	CALENDAR 2024
	UNIT
INDICATOR		QUARTER	QUARTER	HALF YEAR	QUARTER	YEAR TO DATE
Gold recovered Ounces 127,471 120,929 248,400					121,290	369,690
Gold poured Ounces 128,356 121,726 250,084					121,370	371,453
Production Cost US$/ounce 923 947 934					991	953
All-In Site Cost (AISC) US$/ounce 1,091 1,173 1,130					1,201	1,153
Gold sales Ounces 115,648 141,930 257,578					108,894	366,472
Average sales price US$/ounce 2,025 2,117 2,076					2,249	2,127
Notional Cashflow US$ million 119 117 236					127	363

Group 12-month rolling average TRIFR at 0.97, a reduction compared to the June 2024 quarter (Q4 FY24) of 1.06 and well below industry average.
121,290 ounces of gold produced at a weighted average All-in-Site Cost (AISC) of US$1,201 per ounce.
Average gold sales decreased 23% to 108,894oz due to the timing of gold shipments. The average gold sales prices increased 6% quarter-on-quarter to US$2,249 per ounce.
Gold production and AISC remains on track to achieve market guidance for the December 2024 Half Year (1H FY25)

and Calendar Year 2024 (CY24).

Market guidance remains unchanged at 220,000 to 260,000 ounces at US$1,230 to US$1,330 per ounce for H1 FY25 and 468,400 ounces to 508,400 ounces at US$1,182 to US$1,223 per ounce for CY24.
An average cash margin of US$1,048 per ounce of gold produced resulted in notional operating cashflow of US$127

million for the quarter and US$363 million for CY24 to date.

Available cash and bullion of US$643 million, plus liquid, listed securities of US$84 million and zero debt, with US$300 million of undrawn debt capacity available at the end of Q1 FY25.
Work on Perseus’s two development projects, the CMA Underground project at Yaouré and the recently acquired Nyanzaga Gold Project in Tanzania, progressed towards a Final Investment Decisions (FID) around year end.
Acquired a 19.9% stake in ASX-listed Predictive Discovery Limited with the cash outlay largely offset by the proceeds received from the sale of Perseus’s 9.6% interest in TSX-V listed Montage Gold Corp.

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008 ABN: 27 106 808 986 PERSEUSMINING.COM

OPERATIONS

PRODUCTION, COSTS AND NOTIONAL CASHFLOW

Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined 121,290 ounces of gold in Q1 FY25. The weighted average production cost was US$990 per ounce, while the weighted average AISC was US$1,201 per ounce of gold.

In Q1 FY25, combined gold sales from all three operations totalled 108,895 ounces or 33,035 ounces fewer than in the June 2024 quarter (Q4 FY24) due to the timing of gold sales. The weighted average gold price realised was US$2,249 per ounce, US$132 per ounce more than the Q4 FY24 price of US$2,117 per ounce.

Perseus’s average cash margin for the quarter was US$1,048 per ounce resulting in notional operating cashflow from all operations of US$127 million, US$10 million more than in Q4 FY24.

These strong operating results, summarised in Tables 1 to 3 below, confirm once again Perseus’s position as one of the world’s better performing mid-tier gold producers.

Table 1: Gold Production by Mine

MINE			TOTAL GOLD RECOVERED (OUNCES)					TOTAL GOLD POURED (OUNCES)
			MARCH 2024	JUNE 2024	SEPTEMBER		CALENDAR YEAR	MARCH 2024	JUNE 2024 QUARTER	SEPTEMBER 2024 QUARTER		CALENDAR YEAR
			QUARTER	QUARTER	2024 QUARTER		2024 TO DATE	QUARTER				2024 TO DATE
Yaouré Edikan Sissingué		61,283 55,195 49,096 47,337 17,092 18,397			56,458		172,936	61,610		55,314	172,361 144,849 54,244
					47,766		144,199	49,389		47,627
					17,066	52,555				18,428
G	roup		127,471	120,929	121,290		369,690	128,356	121,727	121,369		371,454

Table 2: Gold Sales by Mine

MINE			TOTAL GOLD SOLD (OUNCES)						REALISED GOLD PRICE (US$ PER OUNCE)
			MARCH 2024	JUNE 2024	SEPTEMBER 2024		CALENDAR YEAR		MARCH 2024	JUNE 2024 QUARTER	SEPTEMBER 2024 QUARTER		CALENDAR YEAR
			QUARTER	QUARTER	QUARTER		2024 TO DATE		QUARTER				2024 TO DATE
Yaouré Edikan Sissingué		56,021 64,741 46,764 50,696 12,863 26,493			46,309	167,071 142,723 56,679		2,009 2,126 2,036 2,132 2,052 2,067			2,224	2,114 2,153 2,101
					45,263						2,297
					17,323						2,190
G	roup		115,648	141,930	108,895		366,473		2,025	2,117	2,249		2,127

Table 3: All-In Site Costs (AISC) and Notional Cash Flow by Mine

MINE			ALL-IN SITE COST (US$/OUNCE)						NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
			MARCH 2024	JUNE 2024	SEPTEMBER 2024		CALENDAR YEAR		MARCH 2024	JUNE 2024 QUARTER	SEPTEMBER 2024 QUARTER		CALENDAR YEAR
			QUARTER	QUARTER	QUARTER		2024 TO DATE		QUARTER				2024 TO DATE
Yaouré Edikan Sissingué		1,025 1,189 982 1,015 1,628 1,530			1,226	1,143 1,006 1,592		60 53 52 53 7 11			56	169 166 28
					1,021						61
					1,621						10
G	roup		1,091	1,173	1,201		1,153		119	117	127		363

Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places

Figure 1: Growth in gold production at attractive cash margins

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

Refer to Table 4 below for details of operating and financial parameters recorded at the Yaouré Gold Mine during Q1 FY25.

During the quarter, Yaouré produced 56,458 ounces of gold, 2.5% more than the prior quarter, at a production cost of US$1,025 per ounce and an AISC of US$1,226 per ounce. In total, Perseus sold 46,309 ounces of gold from Yaouré at a weighted average sale price of US$2,224 per ounce. This gave rise to an average cash margin of US$998 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$56 million, compared with US$53 million in Q4 FY24.

In CY2024 to date, Yaouré has produced 172,936 ounces of gold, nearly half of Perseus’s total gold production for the period, at an AISC of US$1,143 per ounce, generating notional cashflows of US$169 million over the 9-month period.

Operating performance at Yaouré improved slightly in Q1 FY25 relative to the performance in the prior quarter. Gold production was up by 2.5% driven by a 4% increase in the head grade of processed ore (1.79 g/t gold to 1.86 g/t gold), and a small improvement in tonnes per hour throughput rates (470 tph to 488 tph). Mill run-time and gold recovery were slightly below the prior quarter at 95% and 92.2%.

Significantly, a total of 10.628, million tonnes of waste and ore were moved at Yaouré during the quarter. At 8.578 million tonnes, waste movement was 25% higher than in the prior quarter. This reflected an accelerated waste stripping programme designed to recover from earlier periods, when for a variety of reasons, waste movements fell short of targets. As predicted in the Q4 FY24 Report, increased waste stripping comes at a cost and Yaouré’s AISC of US$1,226 per ounce this quarter reflects the elevated waste movements. Going forward planned waste movements significantly reduce from recent levels and AISC per ounce is expected to decrease accordingly.

Table 4: Yaouré Quarterly Performance

		MARCH 2024	JUNE 2024	JUNE 2024	SEPTEMBER 2024	CALENDAR 2024
PARAMETER	UNIT
		QUARTER	QUARTER	HALF YEAR	QUARTER	YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 9,578,098 7,902,627 17,480,725					10,627,904	28,108,629
Total ore mined Tonnes 1,363,256 1,046,844 2,410,100					2,050,112	4,460,212
Average ore grade g/t gold 1.67 1.50 1.60					1.40	1.51
Strip ratio t:t 6.0 6.5 6.3					4.2	5.3
Ore milled Tonnes 943,796 1,037,192 1,980,988					1,023,425	3,004,413
Milled head grade g/t gold 2.17 1.79 1.97					1.86	1.93
Gold recovery % 93.2 92.3 92.8					92.2	92.6
Gold produced ounces 61,283 55,195 116,478					56,458	172,936
Gold sales1 ounces 56,021 64,741 120,762					46,309	167,071
Average sales price US$/ounce 2,009 2,126 2,072					2,224	2,114
Unit Production Costs
Mining cost US$/t mined 3.37 4.10 3.70					3.58	3.66
Processing cost US$/t milled 15.09 12.26 13.61					12.46	13.22
G & A cost US$M/month 2.31 2.48 2.40					2.33	2.38
All-In Site Cost
Production cost US$/ounce 874 953 911					1,025	948
Royalties US$/ounce 115 162 138					132	136
Sub-total US$/ounce 989 1,115 1,049					1,157	1,084
Sustaining capital US$/ounce 36 74 55					69	59
Total All-In Site Cost2 US$/ounce 1,025 1,189 1,103					1,226	1,143
Notional Cashflow from Operations
Cash Margin US$/ounce 984 937 968					998	971
Notional Cash Flow US$M 60 53 113					56	169

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account

2. Included in the AISC for the quarter is US$5 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life.

MINERAL RESOURCE TO MILL RECONCILIATION

Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource Estimate (MRE).

In Q1 FY25, 25% more ore than predicted by the MRE was processed at Yaouré, however the head grade was 17% lower than predicted. Overall, this resulted in contained gold being 3% higher than predicted. For the six-month and 12-month periods, tonnes of ore processed was consistently above prediction, while head grade was consistently below prediction. The higher ore tonnage compensated for lower grades, resulting in overall positive contained gold variance for both the six-month and twelve-month periods. Perseus views this overall performance as outside of the industry standard range and is investigating all factors that could be giving rise to the discrepancy.

Table 5: Yaouré Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.25	1.17 1.20
Head Grade	0.83	0.91 0.89
Contained Gold	1.03	1.06 1.07

EDIKAN GOLD MINE, GHANA

Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q1 FY25 and in relevant prior periods.

Edikan’s Q1 FY25 operating performance was in line with the prior quarter, with 47,766 ounces of gold recovered at a production cost of US$813 per ounce and an AISC of US$1,021 per ounce (compared to 47,337 ounces at an AISC of US$1,015 per ounce in Q4 FY24). Gold sales of 45,263 ounces was 11% lower than in the prior quarter. However, the weighted average realised gold price of US$2,297 per ounce, US$165 more than in the prior quarter, generated an average cash margin of US$1,276 per ounce. Notional cashflow of US$61 million was generated by Edikan during the quarter, 13% more than in Q4 FY24.

Operating performance at Edikan during the quarter was largely in line with targeted key performance indicators and compared reasonably well to those achieved in the prior quarter. Mill run time was 91.3% compared to 95.0% due to a scheduled maintenance shutdown to replace mill liners, gold recovery was 92.0% compared to 91.4%, the head grade of processed ore was 1.07 g/t of gold compared to 1.03 g/t of gold, and the throughput rate was 750 tph compared to 753 tph.

Edikan’s AISC was US$1,021 per ounce for the quarter, US$6 per ounce higher than achieved last quarter. This increase was driven mainly by a 5.9% increase in mining cost per tonne and a 7.4% increase in processing cost per tonne.

For CY2024 to date, Edikan’s production of 144,199 ounces of gold, 39% of Perseus’s total gold production for the period, at an AISC of US$1,006 per ounce, generated US$166 million of notional cashflow over the nine-month period.

Preparation work for mining the recently discovered Nkosuo deposit, located approximately 10 kilometres from the Edikan mill, continued during the quarter. All required government approvals for the development are now in place and work on constructing the access road is nearing completion. Negotiation of compensation for farmers whose land will be impacted by the Nkosuo operation has progressed, albeit at a slower rate than was originally planned.

Table 6: Edikan Quarterly Performance

PARAMETER	MARCH 2024	JUNE 2024	JUNE 2024	SEPTEMBER 2024	CALENDAR 2024
	QUARTER	QUARTER	HALF YEAR	QUARTER	YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 2,440,719 2,678,087 5,118,806				2,664,915	7,783,721
Total ore mined Tonnes 1,822,567 1,848,305 3,670,872				2,057,482	5,728,354
Average ore grade g/t gold 1.00 0.97 1.00				0.97	0.99
Strip ratio t:t 0.3 0.4 0.4				0.3	0.4
Ore milled Tonnes 1,554,803 1,559,955 3,114,758				1,511,083	4,625,841
Milled head grade g/t gold 1.07 1.03 1.05				1.07	1.06
Gold recovery % 92.2 91.4 91.8				92.0	91.8
Gold produced ounces 49,096 47,337 96,433				47,766	144,199
Gold sales1 ounces 46,764 50,696 97,460				45,263	142,723

Average sales price US$/ounce 2,036 2,132 2,086	2,297	2,153
Unit Production Costs
Mining cost US$/t mined 6.68 5.97 6.31	6.32	6.32
Processing cost US$/t milled 11.15 10.36 10.76	11.13	10.88
G & A cost US$M/month 1.72 1.74 1.73	1.72	1.73
All-In Site Cost
Production cost US$/ounce 788 789 790	813	798
Royalties US$/ounce 154 179 165	166	166
Sub-total US$/ounce 942 968 956	979	963
Sustaining capital US$/ounce 40 47 44	42	43
Total All-In Site Cost2 US$/ounce 982 1,015 999	1,021	1,006
Notional Cashflow from Operations
Cash Margin US$/ounce 1,054 1,116 1,087	1,276	1,146
Notional Cash Flow US$M 51 54 105	61	166

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.

2. Included in the AISC for the quarter is US$0.3 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life.

MINERAL RESOURCE TO MILL RECONCILIATION

Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan Mineral Resource Estimate (MRE).

In Q1 FY25, 8% less ore than predicted by the MRE was processed at Edikan while the head grade was 6% higher than predicted, resulting in contained gold being slightly lower than predicted (-2%). Perseus views this overall performance as acceptable and in line with the industry standard range.

Table 7: Edikan Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	0.92	0.92 0.95
Head Grade	1.06	1.06 1.08
Contained Gold	0.98	0.98 1.03

SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE

Refer to Table 8 below for details of operating and financial performance achieved during Q1 FY25 and relevant prior periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold Mine, and mining operations at the Fimbiasso East and West pits located on the Fimbiasso Exploitation Permit, some 40 kilometres from the Sissingué processing facilities.

During Q1 FY25, Perseus produced 17,066 ounces of gold at a weighted average production cost of US$1,374 per ounce and a weighted average AISC of US$1,621 per ounce, which was US$91 per ounce higher than the AISC of US$1,530 per ounce achieved in Q4 FY24. This increase was driven mainly by 7% lower gold production, a higher strip ratio, and 10% fewer ore tonnes processed.

Mill runtime at 91%, was lower than the 93% recorded in the prior quarter, mainly due to the planned August shutdown extending 39 hours longer than planned.

The milled ore throughput rate of 159 tph was below the 175 tph recorded last quarter, driven by a higher percentage of fresh ore in the mill feed blend. Gold recovery rates were slightly better quarter-on-quarter (92.2% compared to 91.4%), as was the head grade of ore fed to the mill (1.80 g/t gold compared to 1.76 g/t gold) reflecting the higher grade of material mined at Fimbiasso.

For CY2024 to date, the 52,555 ounces of gold produced at Sissingué, 14% of Perseus’s total gold produced during the period, was produced at an AISC of US$1,592 per ounce and generated US$28 million of notional cashflow over the ninemonth period.

With a weighted average sales price of US$2,190 per ounce for the quarter, an increase of US$123 per ounce relative to the prior quarter, a cash margin of US$569 per ounce was achieved resulting in notional cashflow for the quarter of US$10 million.

Table 8: Sissingué Quarterly Performance

		MARCH 2024	JUNE 2024	JUNE 2024	SEPTEMBER 2024	CALENDAR 2024
PARAMETER	UNIT
		QUARTER	QUARTER	HALF YEAR	QUARTER	YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 2,822,049 2,266,732 5,088,781					1,859,478	6,948,259
Total ore mined Tonnes 455,845 437,018 892,863					341,606	1,234,469
Average ore grade g/t gold 1.52 1.65 1.59					1.76	1.64
Strip ratio t:t 5.2 4.2 4.7					4.4	4.6
Ore milled Tonnes 405,995 355,510 761,505					320,027	1,081,532
Milled head grade g/t gold 1.43 1.76 1.60					1.80	1.66
Gold recovery % 90.2 91.4 90.8					92.2	91.3
Gold produced ounces 17,092 18,397 35,489					17,066	52,555
Gold sales1 ounces 12,863 26,493 39,356					17,323	56,679
Average sales price US$/ounce 2,052 2,067 2,062					2,190	2,101
Unit Production Costs
Mining cost US$/t mined 5.06 5.92 5.44					6.47	5.72
Processing cost US$/t milled 16.14 16.33 16.24					21.95	17.93
G & A cost US$M/month 1.46 1.77 1.62					1.46	1.57
All-In Site Cost
Production cost US$/ounce 1,475 1,333 1,402					1,374	1,393
Royalties US$/ounce 130 172 151					164	155
Sub-total US$/ounce 1,605 1,505 1,553					1,538	1,548
Sustaining capital US$/ounce 23 25 25					83	44
Total All-In Site Cost2 US$/ounce 1,628 1,530 1,578					1,621	1,592
Notional Cashflow from Operations
Cash Margin US$/ounce 424 537 484					569	509
Notional Cash Flow US$M 7 11 18					10	28

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.

2. Included in the AISC for the quarter is US$0.4 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life.

MINERAL RESOURCE TO MILL RECONCILIATION

The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource block model (MRE) is shown in Table 9 below.

In the past three months, tonnes of ore processed exceeded MRE predictions by 2%, although the head grade was 7% lower than predicted. This led to a 5% reduction in contained gold compared to the prediction. Over the longer six and twelve-month periods, tonnes processed consistently exceeded the prediction while head grade was consistently below prediction. Overall, the contained gold has varied between just over and just under prediction over the 12-month period. Perseus views this overall performance as acceptable and in line with industry standards.

Table 9: Sissingué Complex Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.02	1.07 1.12
Head Grade	0.93	0.89 0.94
Contained Gold	0.95	0.95 1.06

BAGOÉ EXPLOITATION PERMIT

The Bagoé Exploitation Permit was formally signed by the President of the Republic of Côte d’Ivoire during the quarter and planning is well advanced for the construction of facilities on the Bagoé site satellite deposit, later in FY25.

GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE

Forecast group gold production and AISC for the December 2024 half year (1H FY25) and full 2024 calendar year remains unchanged and is shown in Table 10 below.

Table 10: Production and Cost Guidance

		JUNE 2024 HALF YEAR	DECEMBER 2024 HALF YEAR	2024 CALENDAR YEAR
PARAMETER	UNITS
		(ACTUAL)	FORECAST	FORECAST
Yaouré Gold Mine

Production Ounces 116,478 108,000 - 124,000 ounces 224,478 – 240,478 ounces All-in Site Cost USD per ounce 1,103 US$1,175 - 1,275/ per ounce US$1,140 - 1,186 per ounce

Edikan Gold Mine

Production Ounces 96,433 82,000 to 98,000 ounces 178,433 to 194,433 ounces All-in Site Cost USD per ounce 999 US$1,200 -1,300 per ounce US$1,100 -1,137 per ounce

Sissingué Gold Mine

Production Ounces 35,489 30,000 – 38,000 ounces 65,489 – 73,489 ounces All-in Site Cost USD per ounce 1,578 US$1,500 – 1,600 per ounce US$1,538 – 1,588 per ounce

PERSEUS GROUP

Production Ounces 248,400 220,000 – 260,000 ounces 468,400 – 508,400 ounces All-in Site Cost USD per ounce 1,130 US$1,230 – 1,330 per ounce US$1,182 – 1,223 per ounce

SUSTAINABILITY

SUSTAINABILITY GOVERNANCE

During the quarter, Perseus continued to strengthen the governance of its sustainability function through the following activities:

The fatality risk management critical control verification process continues with particularly focus on vehicles and driving in response to an increase in incidents in this area.
Three major road projects awarded to Ivorian contractors through le Comité de Développement Local Minier (CDLM) or the Yaouré local development committee, are progressing well.
The Mincom and EPA permits that are required for development of the Nkosuo deposit at Edikan were successfully obtained during the quarter.

SUSTAINABILITY PERFORMANCE

This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown below in Table 11 and summarised as:

Safety:
- Safety performance across the portfolio has remained stable this quarter, with the Group 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) at 0.97 for Q1 FY25. There were three recordable injuries in Q1 FY25 across the Group.
- Group 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) remained at 0.15 for the September quarter.
Social:
- Total economic contribution to Perseus’s host countries Ghana, Côte d’Ivoire and Sudan for the reporting quarter was approximately US$150 million (or 61% of revenue), which included approximately US$89.3 million paid to local suppliers representing 87% of procurement on Purchase Order Value basis, US$12.2 million paid as salaries and wages to local employees, US$47.4 million in payments to government as taxes, royalties and other payments and approximately US$1.1 million in social investment.
- Local and national employment improved slightly to 95% and the proportion of female employees across the Group also remained stable at 14% for the September quarter.
- There were no significant community events (Category 3 or above) reported during Q1 FY25.
Environment:
- Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced increased to approximately 0.61 tCO2-e/oz for Q1 FY25. This is attributable to utilisation of onsite generators due to load shedding in Côte d’Ivoire.
- Zero significant (Category 3) environmental or tailings dam integrity issues occurred during the period.

Table 11: Sustainability Quarterly Performance

P D	ERFORMANC	E	SUB-AREA	METRIC	UNIT	DECEMBER 2023	MARCH 2024	JUNE 2024	SEPTEMBER 2024
	RIVER					QUARTER	QUARTER	QUARTER	QUARTER

Governance Compliance Material legal non-compliance Number 0 0 0 0

Social Workplace fatalities Number 0 0 0 0 Worker Health, Safety and Wellbeing Total Recordable Injury Frequency (TRIFR)¹ Total Recordable Edikan – 1.03 Edikan – 1.46 Edikan – 1.52 Edikan – 1.31 Injuries per million Sissingué – 0.38 Sissingué – 0.35 Sissingué – 1.00 Sissingué – 0.65 hours worked, Yaouré – 1.18 Yaouré – 1.13 Yaouré – 0.82 Yaouré – 1.04 rolling 12 months Exploration – 0.85 Exploration – 0.74 Exploration – 0.63 Exploration – 0.59

Group – 0.89 Group – 1.02 Group – 1.06 Group – 0.97

Lost Time Injury Frequency (LTIFR)¹ Lost Time Injuries Edikan – 0.00 Edikan – 0.21 Edikan – 0.22 Edikan – 0.22

		(LTIFR) per million	Sissingué–0.38		Sissingué – 0.35		Sissingué – 0.33		Sissingué – 0.00
		hours worked,	Yaouré–0.59		Yaouré – 0.28		Yaouré – 0.00		Yaouré – 0.26
		rolling 12 months	Exploration–0.00		Exploration – 0.00		Exploration – 0.00		Exploration – 0.00
			Group – 0.245		Group – 0.24		Group – 0.15		Group – 0.15
Community	Number of significant2community events	Number		0		0		0		0
	Community investment	US$	US$891,592		US$928,887		US$934,513		US$1,119,064
Economic Benefit	Proportion local and national employment	% of total		95%		95%		96%		95%

employees Proportion local and national procurement % of total 87% 85% 91% 87% procurement

Gender Diversity Board gender diversity	%	33%	33%	33%	33%
Executive gender diversity	%	40%	50%	50%	75%
Proportion of women employees4	%	13.2%	13%	13%	14%
Responsible Environment Number of significant2environmental events	Number	0	0	0	0

Operations

Tailings	Number of significant2tailings dam integrity failures Number	0	0	0	0
Water stewardship	Water used per ounce of gold produced	m3/oz 15.841	15.03	14.31	14.08
Greenhouse Gas	Scope 1 and 2 Greenhouse Gas Emissions per ounce Tonnes of CO2-e/oz	0.50	0.52	0.55	0.61

Emissions of gold produced

Notes:

1. From FY24, the Group number includes corporate data and does not include Sudan or Nyanzaga projects.

2. A significant event is one with an actual severity rating of 4 and above, based on Perseus's internal severity rating scale (tiered from 1 to 5 by increasing severity) as defined in our Risk Management Framework.

3. Permanent employees only.

PERSEUSMINING.COM

ORGANIC BUSINESS GROWTH

EXPLORATION

During Q1 FY25, Perseus continued to perform both organic and inorganic activities aimed at making new discoveries and adding to the Company’s Mineral Resources and Ore reserve inventories.

CÔTE D’IVOIRE

YAOURÉ, YAOURÉ CENTRAL AND KOSSOU EXPLOITATION AND EXPLORATION PERMITS

Exploration activities on the Yaouré exploitation permit during the quarter focused on drilling at Yaouré Pit, at Zain 1, at Z2 and at STEREX, a combined exploration and sterilisation drilling program. (Refer to Appendix 1, Figure 1.1).

At Yaouré Open Pit, Perseus drilled 6,901.40m of reverse circulation (RC) holes and in RC-pre-collared diamond tails. The program continued from the previous quarter program at Yaouré Pit which was guided by a US$2,000 per ounce resource shell. Drilling has targeted gaps in drill coverage across the Yaouré Pit and has identified possible extensions, with infill drilling planned during the coming quarter.

At Zain 1, Stage 2 of the resource extension drilling was conducted with 1,400.70m drilled in 11 holes during the quarter. As at Yaouré Pit, drilling was guided by a US$2,000 per ounce resource shell and targeted extensions along the Zain 1 mineralisation trends.

A combined exploration and sterilisation drilling program was conducted to the North and to the South of the Magazine of explosives (Z2 and STEREX), with 11,204m of RC drilled in 68 holes. Drilling was underway at the end of the quarter. Preliminary assay results have indicated gold intercepts at both prospects. Air core drilling south of the CMA pit did not report significant gold intercepts and the area was sterilised and handed over to Operations.

Field mapping continued at Yaouré West over selected targets, with a focus on Akasou and Labou targets. Air core drilling was completed at Akasou with 3,806m drilled in 59 holes and all gold and multi-elements assay results from the Labou auger drilling were reported during the quarter. Follow-up drilling is envisaged at both prospects during the coming quarter.

SISSINGUÉ / FIMBIASSO AND MAHALE PERMITS EXPLOITATION AND EXPLORATION PERMITS

There was no drilling on all three concessions during the quarter.

Field work at Sissingué consisted of minor soil sampling mostly aimed at filling gaps for completeness of the soil coverage over the concession.

BAGOÉ EXPLOITATION PERMIT

All assay results were received for the Antoinette South drilling program. Oxide and transitional materials appear to be conducive to conventional processing options but high-level test work conducted on fresh material confirmed low recoveries. No further work is envisaged at Antoinette South.

GHANA

Exploration activities during the quarter focused on sterilisation and geotechnical drilling at Nkosuo and drilling to designed to evaluate high priority targets along known mineralised structural corridors.

A total of 6,458.6m (RC – 5,550m & diamond drilling (DD) – 908.6m) was drilled in 74 holes and approximately 12sqkm of ground mapped with 18 mapping samples collected and prepared for analysis on all Edikan properties. (Refer to Appendix 1, Figure 1.2).

AYANFURI MINING LICENCE

Exploration activities during the quarter focused on a first pass drilling program to explore a CGSG conceptual target predicting a repetition or extensions of the Chirawewa ore body in a D2 shear zone. Three (3) holes totalling 280.30m (RC – 211 & DD – 69.30m) were drilled within the period. The intrusive structure was intercepted but assay results were not encouraging and few spotty kicks. A mapping and prospecting exercise on the property focused on acquiring lithostructural data and assessing and evaluating the gold potential within potential artisanal mining sites along the highly prospective structural corridor (the Akropong shear). Approximately 2.59km² of grounds was covered and four mapping samples collected.

NANANKAW MINING LICENCE

Exploration activities during the quarter focused on sterilisation and geotechnical drilling to assess and confirm use of grounds earmarked for dumping of mined waste at Nkosuo. A total of 2,898.70m (RC – 2,528m & DD – 370.20m) of drilling was conducted in 36 holes to complete the program. Concurrently mapping and prospecting focused on acquiring lithostructural data and assessing the gold potential within artisanal mining pits along the AFGap – Mampong – Huntado structural corridor. A few targets have been earmarked for detailed investigations in the coming quarter.

NSUAEM PL

Exploration activities during the quarter continued with follow up drilling investigation to explore for depth and strike potential of ore-shoots intercepted along the highly prospective Akropong structure at Pokukrom. A total of 102m of RC drilling was conducted in a single hole at Pokukrom. Further drilling investigations will be conducted to assess and develop mineralised shoots identified in the area. A first pass drilling program to explore a conceptual target for repetition or extensions of the Chirawewa orebody in a D2 shear zone commenced from Ayanfuri ML and transcended boundary onto the Nsuaem PL. A total of 676.60m (RC – 322m & DD – 354.60m) has been drilled in five holes to date. The intrusive structure has been intercepted as predicted but reported gold assays shows mineralisation is generally weak.

DML AGYAKUSU PROSPECTING LICENCE

Exploration activities during the quarter on the property continued on a target identified north of Powuako. A total of 1,640m (RC -1,602m & DD – 36m) was drilled in 21 (RC – 20 & DD -1) holes. Assay results are being reviewed and follow-up drilling will be undertaken in the next quarter. Mapping and prospecting activities continued within the period on the property focusing on the southern extensions of the Nkosuo structure. Approximately 2.53km² of grounds was covered under the exercise and two rock samples collected and prepared for analysis.

DOMENASE PROSPECTING LICENCE

Exploration activities on the property focused on a first pass RC drilling program planned to explore a mineralised intrusive identified from the mapping exercise immediately east of the Dompoase structure. Target is coincident with an extensive artisanal mining site. A total of 783m was drilled in eight holes northeast of Dompoase. Gold assay results reported were generally weak. Concurrent with the drilling program, mapping and prospecting focused on acquiring lithostructural data and assessing the gold potential within artisanal mining sites along the Treposo – Besease and Dompoase structures. Three potential artisanal mining targets were identified from the program and earmarked for drill testing at Anwiawia and Dompoase. Approximately 4.40km² of ground was covered and five mapping samples collected, results however are still pending.

TANZANIA

During the quarter, exploration activities focused on resources definition drilling at the Nyanzaga Gold Project. This program comprised 25,270m of infill drilling, 7,500m of geotechnical and metallurgical drilling, and 5,000m of sterilisation drilling, for a total of 37,770m of combined reverse circulation and diamond drilling.

By the end of the quarter a total of 8,157m of drilling was completed in 18 RC pre-collar holes and 14 diamond tails. The program aims to supplement and fill gaps of work done by previous owners and to provide information to inform the change in mine design from a smaller open cut + underground operation to a large open pit operation. Resource definition, geotechnical and metallurgical drilling is ongoing. (Refer to Appendix 1, Figure 1.3).

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