Perseus Mining Reports Strong Drill Results at Nyanzaga Project, Boosting Development Confidence

• Infill drilling program at Nyanzaga Project is 77% complete with 20,278m drilled
• Multiple high-grade intersections including 111m @ 5.02 g/t gold and 114m @ 3.72 g/t gold
• Construction expected to commence in January 2025 after Final Investment Decision
• First gold production targeted for January 2027
• Project development progressing with FEED completion, resettlement action plan, and early works

About Perseus Mining

Perseus Mining Limited (ASX/TSX: PRU) is a diversified African-focused gold producer, developer, and explorer. The company operates multiple gold mines across West Africa and is expanding its footprint into East Africa through the Nyanzaga Project in Tanzania. With a track record of successful mine development and operations, Perseus has established itself as a reliable mid-tier gold producer with a strong balance sheet and consistent operational performance.

The Nyanzaga Gold Project

The Nyanzaga Gold Project is strategically located in north-western Tanzania, within the Sengerema District of the Mwanza Region. Positioned approximately 60 kilometers southwest of Mwanza, Tanzania's second-largest city, the project benefits from its location on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake Victoria Goldfield. The project's location is particularly advantageous, situated approximately 60 kilometers east of AngloGold Ashanti's Geita Gold Mine and 35 kilometers northeast of Barrick's Bulyanhulu Gold Mine.

The project area encompasses Nyanzian greenstone volcanic rocks and sediments typical of the greenstone belts of the central craton. Current resource estimates demonstrate the project's significant scale, with a Measured and Indicated Resource of 24.2 Mt grading 3.64 g/t gold for 2.8 Moz gold and an Inferred Resource of 5.8 Mt grading 2.4 g/t gold for 0.5 Moz gold. The project boasts a substantial Probable Ore Reserve Estimate of 40.1 Mt grading 2.01 g/t Au for 2.6 Moz gold.

Perseus has made significant strides in advancing the project since its acquisition. The company is well-progressed in its review of Nyanzaga's existing geology, mining engineering, and mineral processing studies. Additional geotechnical and mineral processing test work and analysis are underway to ensure optimal value extraction through the project's development.

The company's comprehensive review of all aspects of the project will culminate in the production of Perseus's own Mineral Resource estimate and Ore Reserve estimate for Nyanzaga, which will support the development Final Investment Decision (FID) expected in January 2025. This thorough approach demonstrates Perseus's commitment to ensuring the project's technical and economic robustness before proceeding with full-scale development.

Drilling Program Results

The current infill drilling program, which commenced in August 2024, has achieved significant progress with 20,278 meters of combined reverse circulation (RC) and diamond drilling completed, representing 77% of the planned 26,250-meter program. The program aims to increase drill density from 40m x 40m to 20m x 40m spacing, enhancing confidence in the resource model.

Notable high-grade intersections include:

• NYZDD1340: 56m @ 3.44 g/t gold and 111m @ 5.02 g/t gold, including sections of 22.02 g/t and 17.09 g/t
• NYZRCDD1336: 114m @ 3.72 g/t gold, including sections up to 20.84 g/t
• NYZRCDD1353: 42m @ 4.74 g/t gold
• NYZDD1329: 41.6m @ 3.99 g/t gold

Development Progress

Perseus is advancing multiple workstreams in preparation for the Final Investment Decision (FID) expected in January 2025. The Front End Engineering Design (FEED) is nearing completion, focusing on optimising process plant throughput and incorporating lessons learned from existing operations. The company has also made substantial progress on the Resettlement Action Plan, with the first homes scheduled for handover by December 2024.

Early works are underway, including construction camp improvements, service establishment, and procurement of equipment. Additionally, Perseus is working with the Tanzanian government to align the Framework Agreement with current legislation and regulations.

Management Commentary

Perseus Mining's Managing Director and CEO, Jeff Quartermaine, emphasised the company's confidence in the project's potential: "When Perseus acquired the Nyanzaga Gold Project earlier this year, we were confident that, in our hands, Nyanzaga could be developed into a high-quality gold mine capable of generating significant benefits for all stakeholders, including our shareholders, employees, the host government and communities in Tanzania."

He noted that the recent drilling results have reinforced their conviction:

"The results of the work carried out by Perseus on the Project to date, especially the very promising results of the infill resource definition drilling, has reinforced our belief that our goal is achievable."

Looking ahead, Quartermaine outlined the company's immediate plans: "We are looking forward to making a Final Investment Decision on the development of Nyanzaga in January 2025 and adding a high-quality operation to our existing geopolitically diversified, African focussed asset portfolio of gold mining operations and development projects." He confirmed that following the Final Investment Decision, "development works will commence immediately, leading to the production of first gold at the Nyanzaga Gold Mine by January 2027."

The Investment Thesis for Perseus Mining

Perseus Mining presents a compelling investment opportunity based on several key factors:

• Asset Quality: The Nyanzaga Project demonstrates robust geology with consistently high-grade intersections, supporting the potential for a large-scale, long-life operation.
• Development Expertise: Perseus has a proven track record of successfully developing and operating gold mines in Africa, reducing execution risk.
• Strategic Timing: With FID expected in January 2025 and first gold targeted for January 2027, the project is well-positioned to capitalize on strong gold market fundamentals.
• Geographic Diversification: The project provides Perseus with entry into East Africa, diversifying its predominantly West African portfolio and reducing geographic risk.
• Government Support: The established framework agreement with the Tanzanian government, including their 16% (soon to be 20%) free-carried interest, demonstrates strong government backing.

The latest drilling results from the Nyanzaga Project significantly boost confidence in the resource model and overall project viability. Perseus Mining's systematic approach to development, combined with strong operational expertise and government support, positions the company well for successful project execution. The planned transition from development decision in January 2025 to first gold production in January 2027 represents a clear path to value creation for shareholders. With multiple workstreams progressing simultaneously and consistently positive drilling results, Perseus Mining appears well-positioned to deliver on its growth strategy through the Nyanzaga Project development.