Perseus Mining - Encouraging Drill Results at Meyas Sand Gold Project in Sudan

• Perseus Mining has reported encouraging infill drilling results from its Meyas Sand Gold Project (MSGP) in Sudan.
• Drilling resumed at MSGP on May 20, 2024, following a temporary suspension due to hostilities in Sudan in April 2023.
• Infill drilling confirms the grade and tenor of the Galat Sufur South (GSS) deposit, with significant intercepts including 77m @ 3.47 g/t Au and 81m @ 2.02 g/t Au.
• Perseus aims to convert the published Foreign Reserve Estimate for MSGP into a JORC 2012 compliant Ore Reserve.
• The company remains optimistic about the future development of MSGP once peace is restored in Sudan.

About Perseus Mining

Perseus Mining Limited (ASX/TSX: PRU) is a multi-mine, multi-jurisdiction gold producer, developer, and explorer with a strong focus on West Africa and now North-East Africa. The company currently operates three gold mines: Yaouré in Côte d'Ivoire, Edikan in Ghana, and Sissingué in Côte d'Ivoire. Perseus acquired the Meyas Sand Gold Project (MSGP) in Sudan through the acquisition of Orca Gold Inc. in May 2022, adding a potentially large-scale, low-cost, long-life gold mine to its asset portfolio.

Meyas Sand Gold Project Update

Perseus Mining has provided an update on exploration activities and studies completed to date at its Meyas Sand Gold Project in Sudan. Since acquiring MSGP in May 2022, the company has focused on the development of the Galat Sufur South (GSS) deposit, conducting infill resource definition drilling, sterilisation trenching and drilling, and various technical studies in preparation for a Front-End Engineering and Design (FEED) Study and a Final Investment Decision (FID) for the project.

Hostilities in Sudan in April 2023 led to a temporary suspension of exploration activities at MSGP. However, Perseus's personnel have recently re-established facilities to support on-site exploration activities and in-house security teams at the MSGP camp. With this restoration work well advanced, drilling resumed at MSGP on May 20, 2024, targeting high-priority exploration targets near the GSS deposit.

Encouraging Infill Drilling Results

The infill drilling results received to date, while incomplete, are considered very encouraging by Perseus Mining. The results confirm the grade and tenor of the GSS deposit, with more significant intercepts including:

• GSRD00883B: 4.1m @ 5.48 g/t Au from 181.9m and 77m @ 3.47 g/t Au from 191m, including 9.9m @ 14.56 g/t Au from 214.1m
• GSRD00882A: 37m @ 4.56 g/t from 32m, including 5m @ 15.82 g/t Au from 64m
• GSRC00974: 20m @ 3.12 g/t Au from 32m, including 4m @ 11.25 g/t Au from 43m
• GSRD00902A: 81m @ 2.02 g/t from 0m, including 6m @ 6.54 g/t Au from 16m
• GSDD00870: 6.85m @ 14.38 g/t from 195.25m, including 5.85m @ 16.66 g/t Au from 196.25m

These results provide a degree of confidence in the current foreign estimate for the GSS deposit.

Path to Ore Reserve Conversion

As a next step, Perseus Mining intends to convert the published Foreign Reserve Estimate for the Meyas Sand Project into an Ore Reserve prepared in accordance with the JORC Code (2012 Edition). This updated Ore Reserve will form the basis for a confident FEED study. Exploration drilling will also be conducted on the broader Block B exploration license.

Overcoming Challenges & Looking Ahead

Jeff Quartermaine, Perseus's Chairman and CEO, acknowledged the setback caused by the outbreak of hostilities in Sudan in 2023 but expressed optimism about the recent resumption of drilling activities at MSGP. He stated,

"The confirmatory drilling results that have been achieved by our team to date at MSGP are very encouraging, and we are now looking forward to returning further strong results that will lead to the conversion of the published Foreign Reserve Estimate for MSGP into an updated Ore Reserve reported in accordance with JORC 2012 on which a FEED study can be confidently based."

Conclusion

Perseus Mining's update on the Meyas Sand Gold Project in Sudan provides investors with a glimpse of the potential value that the project could add to the company's already strong portfolio of gold assets. Despite the challenges posed by the hostilities in Sudan, Perseus has demonstrated its commitment to advancing the project by swiftly resuming exploration activities and reporting encouraging infill drilling results.

The confirmation of the grade and tenor of the GSS deposit through infill drilling is a positive sign for investors, as it increases the confidence in the project's future development. Perseus's plan to convert the Foreign Reserve Estimate into a JORC-compliant Ore Reserve further enhances the project's credibility and attractiveness to investors.

Moreover, Perseus's track record of successfully operating gold mines in West Africa and its recent acquisition of MSGP showcase the company's growth strategy and ability to identify and develop high-quality gold assets in diverse jurisdictions. As the company continues to progress the Meyas Sand Gold Project and explore additional targets within the Block B exploration license, investors can anticipate potential value creation and long-term growth.

While the situation in Sudan remains a key risk factor, Perseus's proactive approach to managing the challenges and its optimism about the future development of MSGP once peace is restored in the country should provide some reassurance to investors. As the company continues to deliver on its exploration and development plans, Perseus Mining presents an attractive opportunity for investors seeking exposure to a growing, multi-jurisdiction gold producer with a strong focus on Africa.