Perseus Mining Reports 2.1 Moz Increase in Gold Ore Reserves, Total Resources Now 7.8 Moz

• Perseus Mining increased its total Ore Reserves by 2.1 million ounces to 5.0 million ounces of gold, representing a significant 72% increase from June 2024 levels.
• The company's Measured and Indicated Mineral Resources now total 7.8 million ounces of gold across operations in Côte d'Ivoire, Ghana, and Tanzania.
• The Nyanzaga Gold Project in Tanzania contributes the largest single resource with 3.2 million ounces of Indicated resources and 2.3 million ounces of Probable reserves.
• Additional Foreign/Historical Estimates for the Meyas Sand Gold Project in Sudan add 3.3 million ounces of Indicated resources and 2.9 million ounces of Probable reserves.
• The company has adopted a portfolio optimization approach rather than fixed investment targets for each asset to balance growth opportunities with cash generation.

Perseus Mining Limited (ASX/TSX: PRU), a West African-focused gold producer operating across Côte d'Ivoire, Ghana, and Tanzania while maintaining interests in Sudan, has delivered transformative growth in its mineral inventory with updated resource and reserve estimates as of June 30, 2025. The company's latest figures reveal a remarkable 2.1 million ounce increase in Ore Reserves, bringing total Proved and Probable Ore Reserves to 5.0 million ounces of gold—a substantial 72% increase from the previous year's 2.9 million ounces.

This dramatic expansion reflects more than just successful exploration programs; it represents a fundamental shift in Perseus's strategic approach to portfolio management.

"As part of its annual planning cycle, the Company has reassessed the growth opportunities available within its portfolio with the approach of optimising the portfolio rather than focusing on fixed investment targets for each asset. In this way, the Company has sought to find the balance between investment in growth opportunities and the cash margin generated by the business."

The company's Measured and Indicated Mineral Resources now total 7.8 million ounces, compared with 4.9 million ounces reported in June 2024, while an additional 3.3 million ounces of Foreign/Historical Estimates for the Meyas Sand Gold Project in Sudan provide further upside potential. This comprehensive resource base positions Perseus as a significant mid-tier gold producer with clear visibility on sustained production growth across multiple jurisdictions.

Nyanzaga Emerges as Portfolio Cornerstone

The standout contributor to Perseus's resource expansion is the Nyanzaga Gold Project in Tanzania, which has delivered maiden Measured and Indicated Mineral Resources of 74.2 million tonnes grading 1.33 g/t gold, containing 3.2 million ounces. More significantly for near-term production planning, the project's Proved and Probable Ore Reserves total 52.0 million tonnes grading 1.40 g/t gold, containing 2.3 million ounces.

The Nyanzaga project comprises two primary deposits: Tusker, contributing 3.1 million ounces of Indicated resources and 2.3 million ounces of Probable reserves, and Kilimani, adding 101,000 ounces of Indicated resources and 86,000 ounces of Probable reserves. Perseus completed a Feasibility Study update for Nyanzaga in April 2025, demonstrating the economic feasibility of the project with detailed mine designs based on Measured and Indicated Mineral Resources and economics assessed at a gold metal price of US$2,100 per ounce.

This substantial addition to Perseus's portfolio comes at a time when the company is implementing its portfolio optimization strategy, allowing management to allocate capital based on the most attractive opportunities across the asset base while maintaining focus on cash generation. The approach has proven successful, as evidenced by the significant resource growth achieved while maintaining operational flexibility across existing producing operations.

Established Operations Demonstrate Resource Sustainability

While Nyanzaga captures attention as the growth driver, Perseus's established operations continue to demonstrate the sustainability and expansion potential of their resource bases. The Yaouré Gold Mine in Côte d'Ivoire maintains its position as a cornerstone asset with combined Measured and Indicated Mineral Resources of 54.1 million tonnes grading 1.49 g/t gold, containing 2.6 million ounces, while Proved and Probable Ore Reserves total 31.3 million tonnes grading 1.44 g/t gold, containing 1.4 million ounces.

Yaouré's resource sustainability is evidenced by several key developments, including the addition of the Zain 2 deposit Ore Reserve following new resource definition drilling and updates to existing deposits. Updated Mineral Resource estimates were prepared for the Yaouré open pit and Zain 1 project, while a maiden Mineral Resource estimate was completed for Zain 2. These additions partially offset the company's decision to remove the Angovia project from resource reporting due to technical considerations.

Demonstrating the company's disciplined approach to project advancement and risk management, Perseus explained:

"The technical risks associated with mining and backfill of the planned Angovia open pit, and the subsequent placement of the proposed tailings storage facility (TSF) embankment across the backfill area, was considered too great to progress."

The Sissingué Gold Mine, also in Côte d'Ivoire, reported combined Measured and Indicated Mineral Resources of 6.8 million tonnes grading 1.71 g/t gold, containing 373,000 ounces, with Proved and Probable Ore Reserves totaling 3.7 million tonnes grading 1.98 g/t gold, containing 237,000 ounces. The Sissingué resource encompasses the main deposit, Fimbiasso West deposit, and mineralisation at the Antoinette, Juliette, and Veronique deposits within the Bagoé Project, showcasing the integrated nature of Perseus's Ivorian operations.

Ghana Operations Maintain Strategic Value

Perseus's operations in Ghana continue to contribute substantially to the company's overall resource profile, with the Edikan Gold Mine reporting updated Measured and Indicated Mineral Resources of 50.8 million tonnes grading 1.01 g/t gold, containing 1.6 million ounces. Proved and Probable Ore Reserves are estimated at 29.7 million tonnes grading 1.03 g/t gold, containing 980,000 ounces.

The Edikan operations have benefited from new cutbacks at AF Gap Annex, Esuajah North Stage 3, and Fetish Stage 3 pits, which help offset mining depletion from continued operations. This ongoing resource replacement demonstrates Perseus's commitment to maintaining and extending the life of its established operations while developing new projects like Nyanzaga.

Economic Framework Supports Development Plans

Perseus's economics assessments utilize a revenue gold price of US$2,100 per ounce, with All-In Sustaining Costs (AISC) forecasts that reflect the operational maturity and efficiency of each operation. The company projects AISC of US$1,400-1,500 per ounce for Yaouré, US$1,550-1,650 per ounce for Sissingué, and US$1,600-1,700 per ounce for Edikan, providing substantial margins at current gold price levels.

All Mineral Resources and Ore Reserves, excluding the Foreign/Historical Estimates for the Meyas Sand Gold Project, have been calculated and prepared in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and National Instrument 43-101 standards. This compliance ensures that investors can rely on internationally recognized technical standards for resource and reserve classification.

The estimates reflect comprehensive technical work including extensive drilling programs, detailed geological modeling, and metallurgical test work across all operations. Perseus maintains strict quality assurance and quality control procedures, with independent competent persons overseeing resource and reserve estimation processes to ensure accuracy and reliability.

Strategic Positioning for Long-term Growth

For investors evaluating Perseus Mining, the updated resource and reserve estimates demonstrate substantial organic growth potential within the company's existing asset base. The 72% increase in Ore Reserves provides a strong foundation for extended mine life and production growth, particularly with the addition of Nyanzaga as a significant new production center capable of transforming the company's production profile.

The company's diversified geographic footprint across four African countries provides both operational flexibility and risk mitigation, while the portfolio optimization approach enables efficient capital allocation based on the most attractive opportunities rather than rigid investment targets. This strategic flexibility has proven effective in delivering the substantial resource growth evident in the current estimates.

The substantial resource base of 7.8 million ounces of Measured and Indicated resources, combined with 5.0 million ounces of Ore Reserves, positions Perseus as a significant mid-tier gold producer with clear visibility on future production growth. The inclusion of the Meyas Sand Gold Project's Foreign/Historical Estimates, while not JORC-compliant, adds further upside potential of 3.3 million ounces of Indicated resources and 2.9 million ounces of Probable reserves should the company choose to advance development of this large-scale project in Sudan.

With proven operational expertise across multiple jurisdictions, a track record of successful mine development, and now a substantially expanded resource inventory, Perseus appears well-positioned to capitalize on its growth opportunities and deliver sustained value to shareholders through production growth and operational excellence across its diversified portfolio of African gold assets.