Perseus Mining - A Compelling Investment in African Gold Production Growth

• Perseus Mining is a growing, African-focused mid-tier gold producer with strong financial metrics, a robust social license to operate, and an experienced team.
• The company has three operating mines (Edikan in Ghana, Sissingué and Yaouré in Côte d'Ivoire) that have produced nearly 3.7Moz of gold to date at low costs.
• Perseus has a strong balance sheet with $702M cash, no debt, and $300M undrawn debt capacity to fund growth and shareholder returns.
• The company is building its gold reserve base through successful exploration and value-accretive M&A, aiming for a 10+ year mine life at 500koz+/yr.
• Perseus prioritizes ESG, contributing significantly to host country economies through 95% local employment and 87% local procurement while maintaining high safety, environmental and community standards.

About Perseus Mining

Perseus Mining Limited (ASX/TSX: PRU) is an established African-focused gold producer, developer and explorer, operating three mines in West Africa. Since pouring first gold at its Edikan Mine in Ghana in 2011, Perseus has grown into a multi-mine, multi-jurisdiction gold producer with a strong track record of operational execution and value creation.

Chairman & CEO Jeff Quartermaine believes Perseus offers a compelling investment case underpinned by its strong financial performance, growth pipeline and commitment to sustainable mining practices. "Perseus is a lower risk, African-focused, multi-mine gold producer with scale, strong cash flows, a robust balance sheet, and an experienced team that delivers on its promises," he said.

All Known Questions Answered, with Chairman & CEO Jeff Quartermaine

A Growing Gold Producer

Perseus has produced nearly 3.7 million ounces of gold from its three operating mines - Edikan in Ghana, and Sissingué and Yaouré in Côte d'Ivoire. In the 2023 financial year, the company expects production of 491-517koz at an AISC of US$1,000-1,100/oz, placing it firmly in the lowest cost quartile of global gold producers.

"Our operations have been performing consistently, with the gold price rising but our costs remaining stable around US$950-1,000/oz," said Mr. Quartermaine.

"This expanding margin combined with increasing production has generated significant cash flows, with a cash balance of US$702 million at the end of March 2023."

Importantly, Perseus has achieved this strong operating performance solely from mines in Africa, demonstrating its ability to successfully navigate both technical and non-technical risks. The company has met or exceeded production and cost guidance in all but one half-year period since 2016.

Investing in Future Growth

While generating strong cash flows from operations, Perseus continues to reinvest in its business to extend mine lives and expand production. Brownfield exploration has been a key focus, with the company spending US$20-25 million per year drilling around infrastructure to replace depleted reserves. This has been highly successful, with Perseus maintaining its reserve base in recent years despite mining depletion.

"We maintain an active pipeline of organic growth opportunities across all stages, from early generative work to resource drilling," Mr. Quartermaine explained. "The aim is to convert projects up the exploration-development triangle as quickly as we can to build reserves."

Perseus has also delivered transformational growth through acquiring development assets such as the Yaouré project in Côte d'Ivoire, now its flagship mine. More recently, Perseus has acquired the Meyas Sand project in Sudan and the Nyanzaga project in Tanzania, both with potential to be long-life, low-cost gold mines.

Mr. Quartermaine sees particular opportunity in Sudan and Egypt through a cooperation agreement with mining conglomerate Ajlan & Bros Mining. "The Nubian and Arabian shields are highly prospective but underexplored due to past geopolitical and cultural challenges. By partnering with Ajlan & Bros, we are well-equipped to operate successfully in these jurisdictions."

Sustainable Value Creation

While creating value for shareholders, Perseus also places great emphasis on contributing to its host countries and communities. Regardign ESG, the Environment and Governance is a given, but the "Social" aspect is the heart of its social license.

In 2022, Perseus contributed over US$560 million to the economies of Ghana and Côte d'Ivoire through employment, procurement, royalties and taxes. Around 95% of its workforce and 87% of goods and services are sourced locally, while the company maintains high standards of health, safety, environmental stewardship and community engagement."

Responsible and sustainable business practices have been part of Perseus's DNA from day one," said Mr. Quartermaine. "Our ESG efforts align with global standards like the World Gold Council's Responsible Gold Mining Principles, but the key is our commitment to generating benefits for all stakeholders in fair and equitable proportions."

Investment Thesis for Perseus Mining

• Perseus offers exposure to an established and growing gold producer with multi-mine scale (500koz+/yr), low costs (lowest quartile ASIC), and a 10-year mine life from a portfolio of mines in West Africa.
• The company has a proven track record of achieving production and cost guidance, built on a platform of operational excellence across exploration, project development and M&A execution.
• Perseus generates strong free cash flows, with nearly US$1 billion of available liquidity to fund growth and shareholder returns. The company has an active dividend policy with an attractive yield.
• Perseus has one of the strongest growth pipelines in its peer group, including near-term development projects with potential to extend production above 500koz/yr for at least 10 years.
• Compared to global peers, Perseus offers a compelling valuation based on near-term cash flows and growth potential. The company believes its African operations are misunderstood and undervalued by the market.

"By investing in Perseus, you gain exposure to a high-quality, undervalued gold producer with multi-mine scale, low costs, a strong balance sheet and an attractive growth pipeline," Mr Quartermaine concluded. "We believe responsible and sustainable mining practices in partnership with our host countries and communities will deliver long-term value for all stakeholders."

With operations consistently delivering and a disciplined approach to capital allocation, Perseus appears well-positioned to continue its profitable growth trajectory and close the valuation gap to its global peers. For investors seeking gold exposure, Perseus Mining warrants a closer look.