Perseus Mining Outline Five-Year Production Plan To Produce 515,000 Gold Ounces Annually

• Perseus Mining expects to produce 2.6-2.7 million ounces of gold over five years (FY26-FY30) with average annual production of 515-535koz across four operating mines in Ghana, Côte d'Ivoire, and Tanzania.
• The company forecasts weighted average All-In Site Costs (AISC) of $1,400-$1,500 per ounce over the five-year period, with year-on-year variations limited to ±10%.
• Total development capital of approximately $878 million has been allocated across operating assets, with the newly acquired Nyanzaga project requiring the largest investment at $523 million.
• At a long-term gold price assumption of $2,400 per ounce, Perseus expects to maintain cash operating margins exceeding $500 per ounce across all mines throughout the forecast period.
• The production outlook is underpinned by high geological confidence, with 93% of planned gold ounces comprising existing Ore Reserves and the remaining 7% from Measured or Indicated Mineral Resources.

Perseus Mining Limited (ASX:PRU) operates as a geopolitically diversified, African-focused gold mining company with three established operations and one development project. The company maintains mining operations across Ghana, Côte d'Ivoire, and Tanzania, positioning itself as a mid-tier gold producer with a strategic focus on sustainable production growth and operational efficiency.

Strategic Positioning & Portfolio Overview

Perseus's five-year outlook reflects the company's commitment to building a sustainable mining portfolio capable of producing 500,000 to 600,000 ounces of gold annually at competitive cost margins. The strategy emphasizes geographical diversification across politically stable African jurisdictions while maintaining operational scale across multiple assets.

In the company news release, CEO and Managing Director Jeff Quartermaine highlighted the company's production trajectory:

"In FY22, Perseus's gold production reached approximately 500,000 ounces for the first time and set in train our ambition to maintain or exceed this level of production on a consistent basis going forward."

The production profile demonstrates Perseus's ability to optimize its asset portfolio rather than pursuing fixed investment targets for individual mines. This approach allows the company to balance growth opportunities with cash margin preservation across its operational base.

Average production contributions over the five-year period position Yaouré as the portfolio's cornerstone asset contributing 34% of total output, followed by Nyanzaga at 28%, Edikan at 28%, and Sissingué at 10%. This distribution reflects both the maturity of existing operations and the strategic importance of the recently acquired Nyanzaga project.

Financial Framework & Cost Management

Perseus's cost structure remains a key competitive advantage, with the company projecting AISC within a relatively narrow band despite varying production levels across the forecast period. The weighted average AISC of $1,400-$1,500 per ounce reflects the company's focus on operational efficiency and cost discipline.

The cost profile shows slight increases in the initial years due to lower production bases, with FY28 experiencing additional pressure from integrating lower-margin ore sources. However, the portfolio's diversified production base enables AISC stability within ±10% of the five-year average annually.

Development capital allocation totaling $878 million across the portfolio demonstrates Perseus's commitment to sustaining production levels and accessing proven mineralization. The largest single investment targets the Nyanzaga project in Tanzania, requiring $523 million in development and pre-production capital.

Quartermaine emphasized the company's financial strength:

"With cash and undrawn debt capacity currently exceeding US$1.1 billion, Perseus is fully funded to not only deliver the five-year outlook as presented today but also consider a prudent mix of future growth opportunities beyond the current plan, as well as generous returns to shareholders."

Asset-Specific Production Outlook

Yaouré Gold Mine Performance

The Yaouré operation in Côte d'Ivoire represents Perseus's flagship asset, with projected production of 870-905koz over the five-year period at a weighted average AISC of $1,480-$1,580 per ounce. The mine's production profile incorporates both open-pit and underground operations, with the CMA underground project receiving final investment decision approval in January 2025.

Following the underground expansion, steady-state operations plan for underground ore to represent approximately 20% of total mined tonnes. The underground development has experienced capital cost increases, with allocated funding rising 36% from the approved $124.6 million to $170 million due to accelerated development timelines and updated capitalization methodology.

Nyanzaga Project Integration

The Nyanzaga project in Tanzania emerges as Perseus's lowest-cost operation, with forecast production of 725-750koz at a weighted average AISC of $1,230-$1,330 per ounce. This positioning underscores the strategic value of Perseus's 2023 decision to pivot from the Meyas Sand project in Sudan toward Nyanzaga acquisition and development.

Quartermaine acknowledged the transitional impact: "Perseus's decision in 2023 to defer development of its Meyas Sand Gold Project in Sudan and pivot towards acquisition and development of the Nyanzaga Gold Project, will lead to a short term shortfall in 2026 and 2027 relative to this target. From the five-year outlook published today, it is clear that this is a temporary setback and that Perseus's strategy of consistently producing between 500,000 to 600,0000 ounces of gold per year at a cash margin of not less than US$500 per ounce, is eminently achievable."

Edikan & Sissingué Operations

Edikan's updated outlook combines existing Nkosuo deposit mining with new developments at Esuajah North and Fetish deposits, targeting 720-750koz production at $1,450-$1,550 per ounce AISC. The operation benefits from proven reserves and established infrastructure, requiring $180 million in development capital over the forecast period.

Sissingué extends its operational life through FY30 with continued Stage 4 mining and new areas at Bagoé and Airport West, producing 265-275koz at $1,580-$1,680 per ounce AISC. The operation represents the highest-cost asset in the portfolio but contributes meaningful production volumes from existing mining areas.

Market Positioning & Investor Considerations

Perseus's five-year production outlook positions the company as a consistent mid-tier gold producer with geographical diversification across stable African jurisdictions. The production profile demonstrates operational scale while maintaining cost competitiveness relative to industry benchmarks.

The company's geological confidence in its production targets, supported by 93% Ore Reserve backing, provides investors with visibility into operational delivery capabilities. This reserve base, combined with Measured and Indicated Resource support for remaining ounces, underpins production forecast reliability.

For investors evaluating Perseus Mining, the five-year outlook demonstrates the company's evolution from a single-asset operator to a diversified portfolio manager with proven operational capabilities across multiple jurisdictions. The combination of production growth, cost discipline, and strong financial positioning supports the company's strategic objectives while providing multiple avenues for value creation through operational excellence and strategic capital deployment.