Perseus Mining's 2025 Outlook & Guidance and Key Projects Advancement

• Perseus Mining produced 132,419 ounces of gold in the December 2024 quarter, up 9% from the prior quarter, at an all-in site cost (AISC) of $1,127/oz.
• The company generated notional cashflow of $173 million in the quarter as its cash margin expanded 24% to $1,303/oz on a realized gold price of $2,430/oz.
• Perseus ended December with $704 million in net cash and bullion, up $61 million, putting it in a strong position to fund growth and shareholder returns.
• A final investment decision was made on developing the CMA Underground mine at Yaouré, with the Nyanzaga project in Tanzania also progressing towards construction.
• Exploration across Perseus's portfolio focused on extending mine lives, with encouraging results at Yaouré, Sissingué, Edikan and the Meyas Sand project in Sudan.

Perseus Mining Limited (ASX:PRU) is a multi-mine West African gold producer, developer and explorer. The company operates three gold mines - Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana. Perseus is also advancing the development of its Meyas Sand project in Sudan and the Nyanzaga project in Tanzania. The company is focused on generating benefits for all stakeholders, including employees, local communities and host governments in its areas of operation.

Strong Q2 FY2025 Operating & Financial Results

Perseus Mining reported a strong operating and financial performance for the second quarter of its 2025 fiscal year. Gold production increased 9% from the prior quarter to 132,419 ounces, with all three of the company's operating mines performing consistently well.

Total all-in site costs decreased by $74 per ounce or 6% to $1,127 per ounce in the December quarter. This led Perseus's cash margin to expand by an impressive 24% quarter-on-quarter to $1,303 per ounce, based on an average realized gold price of $2,430 per ounce, $181 per ounce higher than in the September quarter.

As a result, Perseus generated notional cashflow of $173 million in Q4 2024, an increase of $46 million from Q3. Managing Director and CEO Jeff Quartermaine attributed the strong performance to the quality of the company's operating mines and assets:

"Our mines continued to perform consistently well in the quarter following some temporary challenges early in the 2025 financial year. The steadily expanding cash margins we are achieving with an elevated gold price and our focus on operating efficiency is reflected in the growth of our cash and bullion balance to over $700 million."

Half Year & CY2024 Results

For the six months to December 2024, Perseus's gold production of 253,709 ounces was in the upper half of its guided range. AISC of $1,162 per ounce for the half was below cost guidance.

The December 2024 half year saw Perseus achieve a notional cashflow of $300 million based on an average realized gold price of $2,350 per ounce, up $296 per ounce from calendar year 2023.

For the 2024 calendar year, Perseus produced 502,109 ounces of gold at an AISC of $1,147 per ounce, generating notional cashflow of $536 million. The company's net cash and bullion position increased by $62 million over the 12 months to December 2024 to reach $704 million.

"Perseus is firmly on track to fund our growth initiatives and continue shareholder returns," said Mr. Quartermaine. "We expect to maintain this momentum in the second half of our financial year."

Mine Operating Performance

At Perseus's cornerstone Yaouré mine in Côte d'Ivoire, gold production increased 18% quarter-on-quarter to 66,700 ounces. Head grade improved to 2.16g/t while AISC decreased 15% to $1,037 per ounce. Yaouré generated a notional cashflow of $91 million in the December 2024 quarter based on a cash margin of $1,358 per ounce of gold produced.

The Edikan mine in Ghana produced 48,868 ounces of gold, up 2% from Q3, at an AISC of $1,023 per ounce. Edikan generated notional cashflow of $73 million for the period. Mining operations commenced at the Nkosuo pit during the quarter ahead of the depletion of the AG and Fetish pits.

At the Sissingué mine, also in Côte d'Ivoire, gold production decreased slightly to 16,851 ounces at an AISC of $1,782 per ounce. Notional cashflow generated was $9 million. Construction of facilities at Sissingué's Bagoé satellite deposit is planned to commence later in FY2025.

Organic Growth Projects Advance

During the December 2024 quarter, Perseus took a final investment decision on developing an underground mine at the CMA deposit at its Yaouré operation. Australian contractor Byrnecut has been appointed to undertake the project and is expected to mobilize to site in April 2025. First production from the CMA underground is targeted for Q1 FY2027. According to Mr. Quartermaine:

"The development of the CMA Underground mine is an important step as we continue to maximize the value of our world-class Yaouré operation. It will access material that is not economic for open-pit mining and allow us to further extend the mine life at Yaouré."

At Perseus's Nyanzaga development project in Tanzania, negotiations with the Government on finalizing fiscal terms, a critical milestone for making a construction decision, are at an advanced stage. Work continued on the implementation of a resettlement action plan, construction readiness, additional feasibility studies and infill drilling. Perseus maintained its guidance for first gold production from Nyanzaga in early 2027.

Exploration Highlights

During the December quarter, Perseus's exploration efforts focused on drilling aimed at extending the life of its operating mines and advancing its development projects.

At Yaouré, drilling concentrated on assessing further open-pit potential at the main Yaouré pit and the Zain 1 and Z2 targets. Sissingué drilling at Airport West targeted extending identified mineralization trends, while drilling at the nearby Neguepié and Fimbiasso Central prospects returned encouraging results that will be followed up.

In Ghana, Perseus embarked on a drill program to assess the underground potential beneath Edikan's previously mined open pits. A review by a consultant geologist to develop and rank new exploration targets across the Edikan mining leases is also underway with results expected next quarter.

At the Meyas Sand project in Sudan, a recently completed RC drilling program is being processed and interpreted ahead of follow-up drilling. Regional mapping and sampling work continued. Political unrest in Sudan has restricted on-ground activity, but Perseus was granted a 100% renewal of its GSS Concession Block 14 for a further four years during the quarter.

Financial Position Remains Strong

Perseus recorded $628 million in cash and $76 million of bullion on hand at December 31, 2024, giving it a total of $704 million in cash and bullion - an increase of $61 million or 9% from September 30. The company has no debt and $300 million in available undrawn credit.

Of the $61 million net increase in cash and bullion, $207 million was attributable to operating margin, partly offset by $24 million of income tax payments and $15 million of payments to minority interests.

Perseus's three operating mines all contributed to positive operating cashflow - Yaouré 61%, Edikan 34% and Sissingué 5%. Underpinning the company's future cashflow is a gold hedge book covering 298,100 ounces, representing approximately 24% of projected gold production over the next two years, at an average price of $2,359 per ounce.

Sustainability Performance

In the December 2024 quarter, Perseus's rolling 12-month Total Recordable Injury Frequency Rate (TRIFR) remained stable at 0.66 with no recordable injuries across the group. The Lost Time Injury Frequency Rate (LTIFR) also remained constant at 0.15.

Total economic contribution to Perseus's host countries of Ghana, Côte d'Ivoire, Tanzania and Sudan was approximately $175 million or 53% of revenue for the quarter. This included $0.95 million in social investments and 84% of supply contracts awarded to local companies. Local and national employment remained at 96% with female participation stable at 14% of the total workforce.

On the environmental front, total Scope 1 and 2 greenhouse gas emissions intensity decreased to approximately 0.56 tCO2-e per ounce of gold produced due to more stable grid power supply in Côte d'Ivoire. No material environmental or tailings dam integrity issues were reported.

For Investors

Perseus Mining's strong operating and financial performance in the December 2024 quarter demonstrates the quality and consistency of its multi-mine gold portfolio in West Africa. With $704 million in net cash and bullion, the company is in a robust position to fund the growth of its business through the CMA Underground and Nyanzaga development projects, while continuing to generate returns for shareholders.

Ongoing exploration success across its asset base, headlined by the potential for underground mining at Edikan and new drill results in Côte d'Ivoire, underscore the organic growth opportunities within Perseus's portfolio. The company's significant economic contributions to its host countries and stable safety, environmental and social performance also highlight its credentials as a responsible gold miner.

In the coming quarters, investors can look forward to the continued advancement of Perseus's key growth projects, the CMA Underground development and Nyanzaga, updates on its exploration programs, and further consistent operating delivery from its Yaouré, Sissingué and Edikan mines. With a rising production and cashflow profile, Perseus Mining appears well positioned to generate long-term value for shareholders.