Perseus Mining Drilling Results Signal Potential Mine Life Extension at Nyanzaga Project

• Perseus Mining has delivered encouraging drilling results from its ongoing resource definition program at the Nyanzaga Gold Project in Tanzania, with multiple high-grade intersections recorded across both the Tusker and Kilimani deposits.
• The Tusker deposit delivered several standout results including 54 metres at 9.69 grams per tonne gold and 23 metres at 20.87 grams per tonne gold, demonstrating continued mineralisation strength.
• Drilling results below the currently planned open pit suggest potential for underground mining methods, which could significantly extend the project's mine life beyond the current 11-year Phase 1 timeline.
• The company plans to incorporate these results into an updated Ore Reserve statement scheduled for release in the March 2026 quarter, following completion of additional drilling programs by December 2025.
• Perseus made its Final Investment Decision for Nyanzaga development in April 2025, with gold production targeted to commence in January 2027, positioning the company for near-term production growth.

Perseus Mining Limited has released drilling results from its ongoing resource definition program at the Nyanzaga Gold Project that demonstrate the continued potential for resource expansion and mine life extension. Perseus Mining is an Australian gold producer and developer with operations spanning West Africa and Tanzania, focused on delivering sustainable gold production through its portfolio of mining assets and development projects. The company trades on both the Australian Securities Exchange and Toronto Stock Exchange under the symbol PRU.

The latest drilling results from Nyanzaga represent a significant development for investors monitoring Perseus's transition from developer to multi-asset producer, with the project scheduled to commence gold production in January 2027 following the company's Final Investment Decision made in April 2025.

Tusker Deposit Delivers Strong Intersections

The majority of significant drilling results have emerged from the Tusker deposit, where Perseus has identified multiple high-grade intersections that reinforce the project's geological potential. Notable results include drill hole NYZRCDD1399, which intersected 54 metres at 9.69 grams per tonne gold from 577 metres depth, including exceptional grades of 2 metres at 118.3 grams per tonne gold from 591 metres.

Additional standout intersections from Tusker include NYZRCDD1401, which delivered 23 metres at 20.87 grams per tonne gold from 496 metres depth, and NYZRCDD1351, which intersected 63 metres at 6.49 grams per tonne gold from 435 metres depth, including an exceptional 1 metre at 307.8 grams per tonne gold from 438 metres depth.

The drilling program has also identified substantial mineralised zones with drill hole NYZRCDD1422 intersecting 84 metres at 3.24 grams per tonne gold from 339 metres depth, demonstrating the breadth of mineralisation across the deposit. These results indicate consistent gold mineralisation across multiple zones within the Tusker deposit, supporting the geological model underlying the project's development plans.

Kilimani Deposit Shows Continued Promise

While the Kilimani deposit results were more limited in the current announcement, the intersections achieved demonstrate ongoing mineralisation potential. Drill hole NYZRC1471 intersected 44 metres at 4.36 grams per tonne gold from surface, including 3 metres at 43.56 grams per tonne gold from 25 metres depth.

The surface intersection at Kilimani is particularly significant from an operational perspective, as near-surface mineralisation typically offers lower mining costs and earlier cash flow generation during production. This result suggests that the Kilimani deposit may contribute meaningfully to the early production phases of the Nyanzaga project.

Underground Mining Potential Emerges

A key development highlighted in the drilling results is the identification of mineralisation below the currently planned open pit limits. These deeper intersections suggest potential for underground mining methods, which could significantly extend the project's operational timeline beyond the current 11-year Phase 1 mine life.

Perseus Managing Director and CEO Jeff Quartermaine commented on this development: 

"Of particular interest to us are the excellent drill results that have been achieved as part of the current drill program at depths below the bottom of the currently envisaged large open pit. While more drilling is required to confirm extensions of mineralisation at depth, the early indications suggest further exploitation of the mineralisation, including the potential for application of UG mining methods, may be possible resulting in even a further extension of the mine life."

The potential for underground mining represents a significant value proposition for Perseus shareholders, as it could substantially increase the project's total gold production and extend the asset's productive life well beyond current projections.

Resource Update Timeline & Development Progress

Perseus has outlined a clear timeline for incorporating the current drilling results into its resource and reserve estimates. The company plans to complete additional geotechnical, metallurgical and sterilisation drilling programs by December 2025, with an updated Ore Reserve statement scheduled for release in the March 2026 quarter.

This timeline aligns with the project's development schedule, providing sufficient time to incorporate the additional resource information ahead of gold production commencement in January 2027. The updated reserve statement will be crucial for investors seeking to understand the full resource potential and mine life expectations for Nyanzaga.

Quartermaine provided context on the drilling program's strategic importance:

"In announcing our Final Investment Decision in April 2025 for the development of the Nyanzaga Gold Project, we advised the market that our decision was based on only the first phase of a Mineral Resource confirmation drilling program, and that a second phase of drilling was planned with the aim of updating Nyanzaga's Mineral Resources and Ore Reserves prior to the commencement of gold production in January 2027."

Production Timeline & Investment Context

The drilling results come at a critical juncture for Perseus, as the company transitions from project developer to gold producer at Nyanzaga. With the Final Investment Decision completed in April 2025 and production targeted for January 2027, Perseus is positioned to become a multi-asset gold producer spanning West Africa and East Africa.

The encouraging drilling results support management's confidence in the project's long-term potential and validate the investment decision. Quartermaine noted: 

"The drill results that have been announced today have resulted from this second phase of drilling and reinforce our confidence in our ability to expand Nyanzaga's Mineral Resources and Reserves and as a result, potentially extend the life of the mine beyond the currently predicted Phase 1 of 11 years."

For investors, the drilling results provide additional confidence in the project's geological foundation while highlighting potential upside through resource expansion and mine life extension.

Technical Program Continuation

Perseus continues to advance its technical programs at Nyanzaga beyond the resource definition drilling. The company has ongoing geotechnical and metallurgical drilling programs designed to optimise the project's development parameters and processing methodology.

These technical programs are essential for finalising the project's engineering parameters and ensuring optimal extraction and processing efficiency once production commences. The integration of these technical studies with the resource definition results will provide a comprehensive foundation for the updated reserve statement.

Market Implications & Investment Considerations

The drilling results represent a positive development for Perseus shareholders, demonstrating continued geological success at what will become the company's flagship African operation. The identification of deeper mineralisation with underground mining potential provides a clear pathway for resource growth and mine life extension beyond current projections.

The results also validate Perseus's systematic approach to resource definition and project development, with management maintaining a disciplined timeline for incorporating drilling results into reserve estimates ahead of production commencement.

For Investors

Perseus Mining's latest drilling results from the Nyanzaga Gold Project demonstrate the continued geological potential of this significant Tanzanian gold development. With strong intersections across both the Tusker and Kilimani deposits, and emerging evidence of underground mining potential, the project appears well-positioned to deliver sustainable gold production beginning in January 2027. For investors evaluating Perseus Mining, the drilling results provide additional confidence in the company's flagship development project while highlighting potential for resource expansion and mine life extension that could enhance the project's long-term value proposition. The systematic approach to resource definition and the clear timeline for updated reserve estimates demonstrate management's commitment to maximising shareholder value through disciplined project development.