Perseus Mining Finalizes Leadership Transition with Jones Appointment as Managing Director & CEO

• Perseus Mining Limited has officially appointed Craig Jones to the position of Managing Director and Chief Executive Officer, effective October 1, 2025, marking the completion of a planned leadership transition.
• The appointment follows the retirement of former Managing Director and CEO Jeff Quartermaine on September 30, 2025, after his tenure leading the West African gold producer.
• Jones commenced his transition into the role as CEO-Designate on August 18, 2025, providing a structured handover period between the outgoing and incoming leadership.
• The company operates as a dual-listed entity on both the Australian Securities Exchange and Toronto Stock Exchange under the ticker PRU, maintaining its position in the gold mining sector.
• Detailed information regarding Jones's professional experience and remuneration arrangements was previously disclosed in Perseus's market release dated August 1, 2025, ensuring transparency for shareholders.

Perseus Mining Limited is a West African-focused gold mining company operating multiple production facilities across the region. The company has established itself as a significant producer in the African gold sector, with operations that contribute to its position as a mid-tier mining enterprise. Perseus maintains listings on both the Australian Securities Exchange and the Toronto Stock Exchange, providing access to capital markets in two key mining investment jurisdictions.

The company has formalized the appointment of Craig Jones as Managing Director and Chief Executive Officer, effective October 1, 2025. This development represents the conclusion of a carefully managed leadership transition that began in mid-August 2025, when Jones assumed the role of CEO-Designate. For investors monitoring Perseus Mining, this leadership change marks a significant milestone in the company's governance structure and strategic direction as it enters a new phase under Jones's stewardship.

Leadership Transition Timeline

Perseus Mining structured the leadership transition over a deliberate timeframe designed to ensure continuity in operations and strategic execution. The transition process began on August 18, 2025, when Craig Jones commenced in the position of CEO-Designate, creating an overlap period with outgoing Managing Director and CEO Jeff Quartermaine.

This transition period extended for approximately six weeks, during which both executives worked to facilitate knowledge transfer and operational handover. The structured approach allowed Jones to familiarize himself with Perseus's operations, key stakeholders, and strategic priorities while Quartermaine remained in his executive capacity.

Jeff Quartermaine's retirement became effective on September 30, 2025, marking the end of his tenure leading Perseus Mining. The following day, October 1, 2025, Jones formally assumed the full responsibilities of Managing Director and Chief Executive Officer, completing the leadership succession plan.

The timeline demonstrates Perseus's commitment to managing executive transitions through a phased approach rather than an immediate changeover, a practice that aims to minimize disruption to business operations and maintain strategic momentum during periods of leadership change.

Background on the Appointment

Perseus Mining initially announced the upcoming leadership change and Jones's appointment details in a market release dated August 1, 2025. That disclosure provided shareholders and the investment community with comprehensive information about Jones's professional background, qualifications, and the terms of his remuneration package as incoming Managing Director and CEO.

The advance notice and detailed disclosure allowed market participants to assess the incoming leadership and understand the company's succession planning well before the transition became effective. This approach aligns with corporate governance practices that emphasize transparency in executive appointments and provide stakeholders with adequate time to evaluate leadership changes.

The company's reference to this earlier market release in its current announcement indicates that the terms and conditions of Jones's appointment remain consistent with what was previously disclosed, maintaining the continuity of information provided to the market.

Implications for Perseus Mining Operations

The appointment of a new Managing Director and CEO represents one of the most significant governance events for any publicly listed mining company. The individual in this dual role holds responsibility for both executive management of day-to-day operations and participation at the board level in strategic decision-making.

For Perseus Mining, Jones's appointment comes at a time when the company continues to operate its gold mining assets across West Africa. The region presents both opportunities and challenges for mining operators, including operational considerations related to infrastructure, regulatory environments, and community engagement across multiple jurisdictions.

The new CEO will be responsible for overseeing operational performance across Perseus's mining portfolio, managing capital allocation decisions, engaging with stakeholders including governments and communities in host countries, and executing the company's strategic plan. The effectiveness of this leadership will directly impact production outcomes, cost management, and ultimately shareholder returns.

Mining companies typically face ongoing considerations around reserve development, exploration activities, processing efficiency, and managing all-in sustaining costs. How Jones approaches these operational priorities will become evident through subsequent quarterly reports and company guidance.

Board and Management Structure

The Managing Director and CEO position combines executive and board responsibilities, making it a pivotal role in Perseus's governance structure. As Managing Director, Jones holds a seat on the company's board of directors while simultaneously serving as the most senior executive officer responsible for implementing board decisions and managing the company's operations.

This dual role creates a direct link between board-level strategic oversight and operational execution, while also requiring careful governance practices to manage the potential for conflicts between management and board responsibilities. Listed companies typically address this through independent director representation and board committees that provide oversight of management performance.

Perseus's board structure includes both executive and non-executive directors, with the latter providing independent oversight of management decisions and performance. The composition and effectiveness of this board structure plays a role in governance quality and ultimately influences investor confidence in the company's decision-making processes.

Market Context for Gold Producers

Perseus Mining operates within the broader context of the global gold mining sector, where companies face various market dynamics including gold price volatility, production cost pressures, and competition for investment capital. West African gold producers specifically operate in a regional environment that has seen significant mining investment over the past two decades.

The appointment of new leadership occurs against the backdrop of gold market conditions that influence revenue realization for producers. Gold prices are affected by numerous macroeconomic factors including monetary policy, inflation expectations, currency movements, and geopolitical developments, all of which impact the profitability of mining operations.

For mid-tier producers like Perseus, operational efficiency and cost management become critical differentiators in translating gold production into shareholder value. The ability of new leadership to optimize operations, control costs, and allocate capital effectively will influence the company's competitive position within its peer group.

Investor Considerations

Shareholders evaluating Perseus Mining following this leadership appointment should consider several factors relevant to their investment thesis. Leadership transitions at the CEO level can influence company strategy, operational priorities, and ultimately financial performance, making executive appointments material events for investors to assess.

The structured transition period provides some indication of Perseus's approach to succession planning and governance. Companies that manage leadership changes through planned transitions rather than sudden departures generally demonstrate stronger governance practices and strategic continuity.

Investors should monitor subsequent company communications, including quarterly production reports, financial results, and strategic updates, to assess how the new leadership influences operational performance and strategic direction. Management commentary in these disclosures will provide insight into Jones's priorities and approach to leading the company.

The remuneration structure disclosed in the August 1, 2025 market release would also be relevant for investors assessing alignment between executive compensation and shareholder interests, though those specific details were not reiterated in the current announcement.

Outlook & Future Disclosure

Perseus Mining will be expected to provide ongoing disclosure regarding operational performance, production guidance, and strategic initiatives under its new leadership. The mining industry requires regular reporting on production metrics, cost performance, exploration results, and development activities, all of which will be overseen by Jones in his capacity as Managing Director and CEO.

Future investor presentations, quarterly reports, and annual results will offer opportunities to assess management's execution against stated objectives and the company's performance relative to industry peers. These disclosures will be the primary mechanism through which shareholders evaluate the effectiveness of the leadership transition and the new CEO's stewardship of the business.

Market participants typically look for consistency between stated strategy and operational execution, transparency in disclosure practices, and management's track record in delivering on commitments as key indicators of leadership quality in the mining sector.

Conclusion

Perseus Mining has completed its planned leadership transition with the formal appointment of Craig Jones as Managing Director and Chief Executive Officer, effective October 1, 2025. The transition follows a structured handover period and the retirement of former CEO Jeff Quartermaine, representing a significant governance milestone for the company.

For investors analyzing Perseus Mining, this leadership change introduces a new executive team that will be responsible for operational performance, strategic execution, and ultimately shareholder value creation. The effectiveness of this leadership will become measurable through subsequent operational results, financial performance, and strategic progress.

Shareholders should continue to monitor company disclosures for insight into operational performance and strategic direction under the new management. The combination of Perseus's asset base, operational track record, and leadership capabilities will determine the company's trajectory in the competitive West African gold mining sector. Investors maintaining positions in PRU or considering entry points should evaluate ongoing operational metrics and management execution against industry benchmarks as key inputs to their investment decisions.