Perseus Mining June Quarter Report

Continued strong performance of Perseus Mining’s operations grows cash & bullion balance to US$827 million

PERTH, Western Australia/July 28, 2025/ Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended June 30, 2024 (the “Quarter”). Below is a summary of the release. The full report is available at www.perseusmining.com, www.sedarplus.ca and www.asx.com.au.

• Key operating indicators and highlights for the June 2025 quarter (Q4 FY25) include:

• Record 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) of 0.60 is well below industry average.
• Quarterly gold production of 121,237 ounces at a weighted average AISC of US$1,417 per ounce enabled Perseus to achieve production guidance and better cost guidance for June 2025 half year (2H FY25) and 2025 financial year (FY25).
• Average gold sales of 131,242 ounces with a weighted average gold sales price of US$2,977 per ounce. 
• Average cash margin of US$1,560 per ounce of gold produced, giving notional operating cashflow of US$189 million.
• Perseus’s gold production and AISC outlook for the next 5 years includes average gold production of 515,000 - 535,000 ounces per year, at an average AISC of US$1,400 – US$1,500 per ounce.
• For the 2026 financial year (FY26), gold production guidance is 400,000 - 440,000 ounces while AISC guidance is US$1,460 – 1,620 per ounce, representing a temporary dip in the longer-term outlook for the Company.
• A Final Investment Decision (FID) was taken during the quarter to develop the Nyanzaga Gold Project (NGP). Site works are accelerating and are on-budget and on schedule, consistent with the target of first gold production in January 2027.
• Outstanding infill drilling results at NGP have Perseus on target for a Mineral Resource and Ore Reserve upgrade in Q3 FY26 resulting in a possible mine life extension.
• Available cash and bullion of US$827 million, plus liquid listed securities of US$118 million, notwithstanding significant payments associated with development of NGP, corporate tax, dividends and share buy-back payments.
• Zero debt and available undrawn debt capacity of US$300 million at quarter-end.
• Perseus’s A$100 million buy-back of its shares continued between blackout periods during the quarter and is currently ~73% complete with 22,995,853 shares purchased and subsequently cancelled.

GROUP GOLD PRODUCTION AND COST GUIDANCE

Group gold production and AISC market guidance for FY26 is as follows:

Table 10: Production and AISC Guidance

The rise relative to prior periods in Perseus’s guided AISC in FY25 as noted above can be attributed to a range of factors which have been considered in forecasting future operating costs, including an assumed gold price of US$2,700 per ounce for the period.

A trend of rising costs is evident in the global gold sector, including in West Africa, driven by a range of factors, not the least of which is a steady increase in royalties and indirect charges payable to host governments (and others) which are a function of prevailing gold prices. In other words, as the price of gold rises, so too do expectations by host governments and host communities of an increasing share of the higher gold prices. This occurs in the form of higher royalty and gold price linked indirect charges by governments as well as an increase in the cost of land access and contributions to community assistance funds, demanded by host communities.

Other factors that impact Perseus’s operating costs include the rising cost of wages, freight costs and therefore consumables and the fact that in some operations, as they mature, haul distances and elevations increase and facilities such as tailings dams require expansion. In addition, forecast costs are impacted by site specific factors outside of Perseus’s control such as at Yaouré, where an expected interruption is expected to the availability of power from the Ivorian power grid in H1 FY26 caused by planned maintenance of power stations that contribute power to the grid. It has been assumed that Perseus will be required to make significantly more use of its standby generators during this period which operate at a cost that is materially above grid power costs.

September 2025 QUARTER EVENTS & ANNOUNCEMENTS

• 22 July – Resource Definition Drilling Update for Nyanzaga Gold Project
• 28 July – June 2025 Quarterly Report & Webinar
• 27 August – Annual Mineral Resources and Ore Reserves Update
• 28 August – Financial Year 2024 Annual Report & Webinar
• 14-17 September - Mining Forum Americas

Competent Person Statement

All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Edikan

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso and Bagoé

The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

Yaouré

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 19 December 2023 continue to apply.

Nyanzaga Gold Project 

The information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement “Perseus Mining proceeds with development of the Nyanzaga Gold Project” released on 28 April 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Nyanzaga Gold Project” dated 10 June 2025 continue to apply.

The information in this report relating to Nyanzaga exploration results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market update “Perseus Mining Delivers Encouraging Drilling Results from its Current Drill Program at the Nyanzaga Gold Project“ released on 22 July 2025. The Company confirms that it is not aware of any new information or data that materially affect the information in that market release.

Meyas Sand Gold Project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement “Perseus Enters Into Agreement to Acquire Orca Gold Inc.” released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company’s ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared 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. This release and all technical information regarding Orca’s NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.

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, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, 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. 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.

This market announcement was authorised for release by the Board of Perseus Mining Limited.