Perseus Mining Advances Nyanzaga Gold Project, Targets 2024 Investment Decision

• Perseus Mining completes acquisition of OreCorp Limited, now owns 100% of Nyanzaga Gold Project in Tanzania
• Concurrent work underway on resettlement plan, additional drilling, and Front-End Engineering and Design (FEED)
• Perseus to release first Mineral Resources and Ore Reserves estimates for Nyanzaga in Q4 2024
• Final Investment Decision targeted by year-end 2024, project development planned for early 2025
• Nyanzaga represents key growth project as Perseus aims to produce over 500,000 oz/year and operate 4+ mines

About Perseus Mining

Perseus Mining Limited is a multi-mine West African gold producer, developer and explorer, operating three gold mines in Côte d'Ivoire and Ghana. The company's portfolio includes the Edikan Gold Mine in Ghana, and the Sissingué and Yaouré Gold Mines in Côte d'Ivoire. Perseus is currently producing over 500,000 ounces of gold per year and is targeting to maintain or exceed this production rate well into the decade through organic growth from its development pipeline. The recently acquired Nyanzaga Gold Project in Tanzania represents a key growth opportunity for Perseus that aligns with its strategy of expanding its portfolio.

Nyanzaga Project Overview

The Nyanzaga Gold Project, located in northwestern Tanzania, represents an exciting new chapter of growth for Perseus Mining following the successful acquisition of OreCorp Limited. Historical estimates for Nyanzaga, which are not yet compliant with Perseus's reporting standards, indicate a Measured and Indicated Resource of 2.8Moz at 3.64g/t Au and an Inferred Resource of 0.5Moz at 2.4g/t Au. The project has a historical Probable Ore Reserve estimate of 2.6Moz at 2.01g/t Au. Perseus is currently conducting an independent review to generate updated Mineral Resource and Ore Reserve estimates in accordance with its own reporting standards.

Progressing on Multiple Fronts

To rapidly advance the Nyanzaga Project, Perseus has hit the ground running with three concurrent work streams:

1. Implementation of the Resettlement Action Plan (RAP): The comprehensive RAP, developed in compliance with Tanzanian legislation, outlines the strategy for resettlement of households affected by the project. Key next steps include finalizing building permits, commencing construction of replacement housing, and continuing livelihood restoration training.
2. Additional Drilling: Perseus plans to commence drilling as soon as possible to increase confidence in the mineral resource, explore potential extensions, and sterilize areas for key infrastructure. This drilling will underpin Perseus's updated resource and reserve estimates expected later this year.
3. Front-End Engineering and Design (FEED): Engineering studies are underway to optimize the plant design and capital cost estimates. The FEED work will incorporate lessons learned from Perseus's existing operations in West Africa and align the plant throughput with the revised resource model.

Pathway to Production

The Nyanzaga Project is on track to become Perseus's fourth operating mine, with a clearly defined pathway to production:

• Perseus's independent Mineral Resource and Ore Reserve estimates are expected to be released in the December 2024 quarter
• A Final Investment Decision is targeted by the end of 2024, incorporating results of the FEED study
• Project development is slated to commence in early 2025 following FID
• First gold production is anticipated in the first quarter of 2027, pending successful project execution

By following this timeline, Perseus aims to bring Nyanzaga into production on a schedule that aligns with its organic growth strategy to maintain or exceed its 500,000 oz/year production rate well into the decade.

Well-Positioned for Success

With a track record of successfully developing and operating gold mines in West Africa, Perseus is well-positioned to unlock the value of the Nyanzaga Project. The company's experienced management team, strong financial position, and focus on responsible mining practices provide a solid foundation for advancing Nyanzaga while continuing to optimize its existing operations.

Perseus's commitment to creating benefits for all stakeholders is evident in its approach to the Nyanzaga Project. The company's focus on local employment, training, and livelihood restoration as part of the RAP demonstrates its dedication to positively impacting the communities in which it operates. As Perseus progresses Nyanzaga, it will continue to prioritize environmental stewardship, social responsibility, and strong governance practices.

Conclusion

The acquisition of the Nyanzaga Gold Project represents a significant milestone in Perseus Mining's growth strategy. With a historical resource base of over 3Moz and a clear path to production, Nyanzaga has the potential to become a cornerstone asset for Perseus as it targets maintaining or exceeding its 500,000 oz/year production rate.

Investors should keep a close eye on Perseus's progress at Nyanzaga over the coming months. Key catalysts to watch include the release of updated Mineral Resource and Ore Reserve estimates, results of the FEED study, and the Final Investment Decision. As Perseus continues to deliver on its growth strategy, the company is well-positioned to create value for shareholders while making a positive impact in the communities where it operates.

With a strong track record of successful mine development and operation, a robust balance sheet, and a commitment to responsible mining, Perseus Mining presents a compelling investment opportunity for those seeking exposure to a growing multi-mine gold producer. As the company advances the Nyanzaga Project and continues to optimize its existing operations, it is poised to emerge as a leading pan-African gold producer, consistently creating value for all stakeholders.