PRU.TO · 2025-04-30

MARCH 2025 QUARTER REPORT Strong performance of Perseus Mining’s operations continues, cash & bullion balance grows to US$801 million

Financials

30 APRIL 2025

NEWS RELEASE

MARCH 2025 QUARTER REPORT

Strong performance of Perseus Mining’s operations continues, cash & bullion balance grows to US$801 million

PERTH, Western Australia/April 30, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)

reports on its activities for the three months’ period ended March 31, 2025 (the “Quarter”).

Key operating indicators and highlights for the March 2025 quarter (Q3 FY25) include:

		SEPTEMBER 2024	DECEMBER 2024	MARCH 2025	FY25
PERFORMANCE INDICATOR	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold recovered Ounces 121,290 132,419				121,605	375,314
Gold poured Ounces 121,370 131,832				122,915	376,117
Production Cost US$/ounce 991 919				977	961
All-In Site Cost (AISC) US$/ounce 1,201 1,127				1,209	1,177
Gold sales Ounces 108,895 136,623				117,585	363,103
Average sales price US$/ounce 2,249 2,430				2,462	2,386
Notional Cashflow US$ million 127 173				152	452

Perseus’s 12-month rolling average TRIFR of 0.74 was well below industry average at quarter-end.
Quarterly gold production of 121,605 ounces at a weighted average all-in-site cost (AISC) of US$1,209 per ounce.
Production and AISC market guidance unchanged for June 2025 Half Year (2H FY25) and 2025 Financial Year (FY25 at 215,000 to 250,000 ounces at US$1,360 to US$1,435 per ounce and 469,709 to 504,709 ounces at US$1,250 to US$1,280 per ounce respectively.
Average gold sales of 117,585 ounces with a weighted average gold sales price of US$2,462 per ounce.
Average cash margin of US$1,253 per ounce of gold produced, giving notional operating cashflow of US$152 million.
Available cash and bullion of US$801 million, plus liquid listed securities of US$111 million.
Zero debt and available undrawn debt capacity of US$300 million at quarter-end.
An affirmative Final Investment Decision (FID) was taken in January 2025 to develop the CMA Underground mining operation at the Yaouré Gold Mine in Côte d’Ivoire. Contractor mobilisation commenced post quarter-end.
Following constructive negotiations with the Government of Tanzania to amend the Framework Agreement for the Nyanzaga Gold Mine development in Tanzania, an affirmative Final Investment Decision was taken post quarter-end to develop the mine.

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008 ABN: 27 106 808 986 PERSEUSMINING.COM

Perseus’s A$100 million buy-back of shares continued between blackout periods during the quarter. The buyback is currently approximately 33% complete and 11,458,975 shares have been purchased and subsequently cancelled.

OPERATIONS

PRODUCTION, COSTS AND NOTIONAL CASHFLOW

Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined 121,605 ounces of gold in Q3 FY25. The weighted average production cost was US$977 per ounce, while the weighted average AISC was US$1,209 per ounce.

In Q3 FY25, combined gold sales from all three operations totalled 117,585 ounces or 19,038 ounces less than in Q2 FY25 due to the decreased production and timing of shipments. The weighted average realised gold price was US$2,462 per ounce, US$32 per ounce more than the Q2 FY25 price of US$2,430 per ounce.

Perseus’s average cash margin for the quarter was US$1,253 per ounce resulting in notional operating cashflow from all operations of US$152 million, US$21 million less than in Q2 FY25.

These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better performing mid-tier gold producers.

Table 1: Gold Production by Mine

MINE			TOTAL GOLD RECOVERED (OUNCES)						TOTAL GOLD POURED (OUNCES)
			SEPTEMBER	DECEMBER	MARCH 2025		FY25	2	SEPTEMBER	2	DECEMBER	MARCH 2025		FY25
			2024 QUARTER	2024 QUARTER	QUARTER		TO DATE		024 QUARTER		024 QUARTER	QUARTER		TO DATE
Yaouré Edikan Sissingué		56,458 66,700 47,766 48,868 17,066 16,851			68,822		191,980		55,315			69,697	191,327 138,494 46,296
					41,668		138,302		47,627			42,632
					11,115	45,032						10,586
G	roup		121,290	132,419	121,605		375,314		121,370		131,832	122,915		376,117

Table 2: Gold Sales by Mine

MINE			TOTAL GOLD SOLD (OUNCES)						REALISED GOLD PRICE (US$ PER OUNCE)
			SEPTEMBER	DECEMBER	MARCH 2025		FY25	2	SEPTEMBER	2	DECEMBER	MARCH 2025		FY25
			2024 QUARTER	2024 QUARTER	QUARTER		TO DATE		024 QUARTER		024 QUARTER	QUARTER		TO DATE
Yaouré Edikan Sissingué		46,309 69,036 45,263 50,687 17,323 16,900			64,859	180,204 136,512 46,387		2,224 2,395 2,297 2,509 2,190 2,340				2,415	2,358 2,451 2,304
					40,562							2,551
					12,164							2,418
G	roup		108,895	136,623	117,585		363,103		2,249		2,430	2,462		2,386

Table 3: All-In Site Costs and Notional Cash Flow by Mine

MINE			ALL-IN SITE COST (US$/OUNCE)						NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
			SEPTEMBER	DECEMBER	MARCH 2025		FY25		SEPTEMBER	DECEMBER	MARCH 2025 QUARTER		FY25
			2024 QUARTER	2024 QUARTER	QUARTER		TO DATE		2024 QUARTER	2024 QUARTER			TO DATE
Yaouré Edikan Sissingué		1,226 1,037 1,021 1,023 1,621 1,782			981	1,073 1,069 1,956		56 91 61 73 10 9			99	246 191 15
					1,177						57
					2,736						(4)
G	roup		1,201	1,127	1,209		1,177		127	173	152		452

Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places

Figure 1: Growth in gold production at attractive cash margins

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q3 FY25.

During the quarter, Yaouré produced 68,822 ounces of gold, 3% more than the prior quarter, at a production cost of US$760 per ounce and an AISC of US$981 per ounce. In total, 64,859 ounces of gold from Yaouré were sold at a weighted average sale price of US$2,415 per ounce. This gave rise to an average cash margin of US$1,434 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$99 million, compared with US$91 million in Q2 FY25.

Operating performance at Yaouré has improved in Q3 FY25 relative to performance in the prior quarter. Gold production was up 3%, driven by a 4% increase in total ore tonnes milled, with head grade and gold recovery remaining within 1% of the prior quarter.

Yaouré has again benefited from the accelerated waste stripping programme undertaken in Q1 FY25, achieving another increase in ore tonnes mined (16%) compared to the prior quarter, coupled with a decrease in mining unit cost (-24%) driven by the transition to Yaouré pits. This has enabled Yaouré to further reduce its AISC, despite the increase in royalties from rising gold prices and the additional expenditure on sustaining capital during the quarter.

Table 4: Yaouré Quarterly Performance

		SEPTEMBER 2024	DECEMBER 2024	MARCH 2025	FY25
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold Production & Sales
Total material mined Tonnes 10,627,904 7,431,184				8,184,423	26,243,511
Total ore mined Tonnes 2,050,112 2,410,767				2,803,764	7,264,643
Average ore grade g/t gold 1.40 1.37				1.24	1.33
Strip ratio t:t 4.2 2.1				1.9	2.6
Ore milled Tonnes 1,023,425 1,022,425				1,060,202	3,106,052
Milled head grade g/t gold 1.86 2.16				2.16	2.06
Gold recovery % 92.2 93.9				93.6	93.3
Gold produced ounces 56,458 66,700				68,822	191,980
Gold sales1 ounces 46,309 69,036				64,859	180,204
Average sales price US$/ounce 2,224 2,395				2,415	2,358
Unit Production Costs
Mining cost US$/t mined 3.58 4.80				3.65	3.95
Processing cost US$/t milled 12.46 12.68				13.82	13.00
G & A cost US$M/month 2.33 2.51				2.59	2.48
All-In Site Cost
Production cost US$/ounce 1,025 843				760	866
Royalties US$/ounce 132 160				172	156
Sub-total US$/ounce 1,157 1,003				932	1,022
Sustaining capital US$/ounce 69 34				50	50
Total All-In Site Cost2 US$/ounce 1,226 1,037				981	1,073
Notional Cashflow from Operations
Cash Margin US$/ounce 998 1,358				1,434	1,286
Notional Cash Flow US$M 56 91				99	246

Notes:

2. Included in the AISC for the quarter is US$3 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life

During the quarter, Perseus’s Board took the FID to develop the CMA Underground. The FID took into consideration the Ministry of Mines, Petroleum and Energy’s in-principal approval for the project, as announced by Minister Sangafowa Coulibaly on 28 November 2024. This approval marks a critical step towards the start of underground mining at Yaouré, which will begin with development of the first portal in July 2025. Approval of the project’s Environmental and Social Impact Assessment (ESIA) by the Ministry of Environment, Sustainable Development and Ecological Transition, occurred after the end of the quarter, and the formal granting of a Ministerial Decree, foreshadowed in Minister Coulibaly’s announcement, is expected to follow shortly.

Perseus has appointed Byrnecut, an Australian specialist underground mining contractor, as the primary mining contractor for the project. Byrnecut has significant international experience, particularly in West Africa, including in Ghana, Burkina Faso and Mali. Given the CMA Underground project will become Côte d’Ivoire’s first mechanised underground mine, an important element of Byrnecut’s role will be training Ivorian miners in the skills and disciplines of underground mining, particularly safe working practices.

Byrnecut commenced mobilising to site shortly after the end of the quarter and preparation for commencement of underground operations continues at pace with surface infrastructure construction well progressed, recruitment and onboarding of the CMA Underground team underway, and in-pit preparations on track to support portal development in July 2025.

Based on the current estimate of Ore Reserves, together with Yaouré’s open pit ore sources, the CMA Underground project will extend the Yaouré Gold Mine’s operational life until at least 2035. There is potential for further life extensions through additional discoveries of mineralisation down dip from the currently delineated mineralisation.

MINERAL RESOURCE TO MILL RECONCILIATION

Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource Estimate (MRE).

In Q3 FY25, tonnes reconciled at Yaouré were 35% higher than predicted, while the head grade was 22% lower, resulting in contained gold being 6% above the MRE prediction. Although grades remain below expectation, the higher tonnage continues to offset this, maintaining a positive metal variance. Over the 6 and 12-month periods, this same pattern has persisted, tonnes above, grades below.

Performance in the CMA open pit is primarily influenced by geological complexity at the orebody periphery and less selective mining with the acceleration of open pit mining to make way for underground mining. With mining expected to finish in July 2025, no material improvement is anticipated. However, it is worth noting that the CMA pit has reconciled well over the life of the pit, demonstrating a strong overall understanding of the CMA deposit and its mining performance.

At the Yaouré pit, the current reconciliation performance reflects early mining in new domains, where active optimisation of the resource model, grade control model and mining processes is underway.

Perseus acknowledges that overall reconciliation remains outside the preferred range and is addressing this through targeted initiatives to improve grade reliability.

Table 5: Yaouré Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.35	1.32 1.28
Head Grade	0.78	0.79 0.83
Contained Gold	1.06	1.04 1.06

EDIKAN GOLD MINE, GHANA

Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q3 FY25 and in relevant prior periods.

Edikan produced 41,668 ounces of gold at a production cost of US$957 per ounce and an AISC of US$1,177 per ounce during the quarter. Edikan’s production was down and AISC was up when compared to the previous quarter (-15% and 15% respectively). Gold sales of 40,562 ounces were 20% lower than in the prior quarter at a weighted average realised gold price of US$2,551 per ounce. This was US$42 more than in the prior quarter, generating an average cash margin of US$1,374 per ounce. Notional cashflow of US$57 million was generated by Edikan during the quarter, 21% less than in Q2 FY25.

Edikan’s Q3 FY25 operating performance reflected the planned ramp-down of mining at the AG and Fetish pits, the transition to Nkosuo operations, and two scheduled mill liner replacements. During the quarter, the head grade was 0.95 g/t, down from 1.01 g/t; throughput averaged 800 tph, slightly higher than 786 tph; gold recovery was 88.3%, down from 90.5%; and mill run-time was 90%, compared to 96% previously.

AISC for the quarter was US$1,177 per ounce, US$154 per ounce higher than the previous quarter. This increase reflects the planned transition to Nkosuo, including a higher strip ratio during early-stage mining and lower expected recovery from oxide material. Delays in ramping up Nkosuo also required processing of lower grade stockpiles, further impacting head grade and gold production.

During the quarter, mining at the Nkosuo deposit, located approximately 10 kilometres from the Edikan mill, was constrained by limited access to parts of the designated mining area. Negotiations for land access and compensation for affected landowners and farmers have progressed more slowly than planned, despite full Government approval and support. Negotiations are expected to conclude shortly, allowing Perseus to fully access the deposit and mine higher grade material than was available during the quarter.

After the end of the quarter, the current phase of Fetish Pit was completed, and equipment reassigned to Nkosuo. Plans are now being developed for a further cutback of the Fetish pit in future periods.

Table 6: Edikan Quarterly Performance

PARAMETER	SEPTEMBER 2024	DECEMBER 2024	MARCH 2025	FY25
	QUARTER	QUARTER	QUARTER	TO DATE
Gold Production & Sales
Total material mined Tonnes 2,664,915 1,824,844			2,942,218	7,431,977
Total ore mined Tonnes 2,057,482 1,406,411			1,815,604	5,279,497
Average ore grade g/t gold 0.97 0.99			0.86	0.94
Strip ratio t:t 0.3 0.3			0.6	0.4
Ore milled Tonnes 1,511,083 1,665,612			1,551,978	4,728,673
Milled head grade g/t gold 1.07 1.01			0.95	1.01
Gold recovery % 92.0 90.5			88.3	90.3
Gold produced ounces 47,766 48,868			41,668	138,302
Gold sales1 ounces 45,263 50,687			40,562	136,512
Average sales price US$/ounce 2,297 2,509			2,551	2,451
Unit Production Costs
Mining cost US$/t mined 6.32 8.06			6.09	6.66
Processing cost US$/t milled 11.13 10.42			10.28	10.60
G & A cost US$M/month 1.72 2.67			2.00	2.13
All-In Site Cost
Production cost US$/ounce 813 820			957	859
Royalties US$/ounce 166 192			199	185
Sub-total US$/ounce 979 1,011			1,156	1,044
Sustaining capital US$/ounce 42 12			21	25
Total All-In Site Cost2 US$/ounce 1,021 1,023			1,177	1,069
Notional Cashflow from Operations
Cash Margin US$/ounce 1,276 1,486			1,374	1,382
Notional Cash Flow US$M 61 73			57	191

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account

2. Included in the AISC for the quarter is US$0.2 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life

MINERAL RESOURCE TO MILL RECONCILIATION

Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan MRE.

In Q3 FY25, ore tonnes reconciled at Edikan were in line with the MRE (+1%), while the head grade was 8% lower than predicted, resulting in contained gold being 6% below expectations. However, the 6 and 12-month grade trends remain positive, indicating overall consistency and reliability in grade delivery over the longer term. Perseus considers this performance to be within an acceptable range.

Table 7: Edikan Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.01	0.96 0.94
Head Grade	0.92	0.98 1.03
Contained Gold	0.94	0.95 0.97

SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE

Refer to Table 8 below for details of operating and financial performance achieved during Q3 FY25 and relevant prior periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold Mine, and mining operations at the Fimbiasso East and West pits located on the Fimbiasso Exploitation Permit, some 40 kilometres from the Sissingué processing facilities.

The Complex produced 11,115 ounces of gold during the quarter at a weighted average AISC of US$2,736 per ounce. Compared to the previous quarter, gold production decreased 34% while AISC increased 54%. The weaker performance was primarily due to a reduction in head grade, which averaged 1.03 g/t compared to 1.54 g/t in Q2. Lower grades resulted from the need to process stockpiled lower grade material while waste stripping progressed at Fimbiasso West and Sissingue Stage 4 to access higher grade ore. Performance is expected to improve in the fourth quarter as access to these higher-grade areas is achieved.

Mill runtime at 94% was consistent with the previous quarter. Throughput averaged 188 tph, slightly above the 185 tph achieved in the previous quarter, supported by a higher proportion of softer ore and good mill availability. Gold recovery declined marginally to 87.4%, from 88.6% in Q2.

Despite achieving a weighted average gold sales price of US$2,418 per ounce - US$78 per ounce more than in Q2 - a negative cash margin of US$319 per ounce was recorded, resulting in a notional cash outflow of approximately US$4 million for the quarter.

MINERAL RESOURCE TO MILL RECONCILIATION

Table 9 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Sissingué MRE.

In Q3 FY25, tonnes reconciled at Sissingué exceeded MRE predictions by 52%, while the head grade was 8% lower than predicted. This resulted in a 39% increase in contained gold compared to the prediction. The positive variance is primarily driven by the continued discovery of additional material through Grade Control drilling at the Sissingué Main pit. Over the longer 6 and 12-month periods, tonnes consistently exceeded the prediction, while head grade remained slightly below expectations. Perseus considers this outcome to be in line with operational expectations.

Table 8: Sissingué Quarterly Performance

		SEPTEMBER 2024	DECEMBER 2024	MARCH 2025	FY25
PARAMETER	UNIT
		QUARTER	QUARTER	QUARTER	TO DATE
Gold Production & Sales
Total material mined Tonnes 1,859,478 2,469,220				2,360,945	6,689,643
Total ore mined Tonnes 341,606 233,688				222,419	797,713
Average ore grade g/t gold 1.76 1.69				1.43	1.65
Strip ratio t:t 4.4 9.57				9.6	7.4
Ore milled Tonnes 320,027 384,030				382,521	1,086,578
Milled head grade g/t gold 1.80 1.54				1.03	1.44
Gold recovery % 92.2 88.6				87.4	89.7
Gold produced ounces 17,066 16,851				11,115	45,032
Gold sales1 ounces 17,323 16,900				12,164	46,387
Average sales price US$/ounce 2,190 2,340				2,418	2,304
Unit Production Costs
Mining cost US$/t mined 6.47 5.63				6.12	6.03
Processing cost US$/t milled 21.95 16.73				18.97	19.06
G & A cost US$M/month 1.46 1.70				1.66	1.61
All-In Site Cost
Production cost US$/ounce 1,374 1,509				2,401	1,678
Royalties US$/ounce 164 157				207	172
Sub-total US$/ounce 1,538 1,666				2,608	1,850
Sustaining capital US$/ounce 83 116				128	106
Total All-In Site Cost2 US$/ounce 1,621 1,782				2,736	1,956
Notional Cashflow from Operations
Cash Margin US$/ounce 569 559				(319)	348
Notional Cash Flow US$M 10 9				(4)	15

Notes:

2. Included in the AISC for the quarter is US$1.6 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life

Table 9: Sissingué Complex Block Model to Mill Reconciliation

	BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER	3 MONTHS	6 MONTHS	1 YEAR
Tonnes of Ore	1.52	1.44 1.18
Head Grade	0.92	0.95 0.94
Contained Gold	1.39	1.37 1.06

BAGOÉ EXPLOITATION PERMIT

During the quarter, negotiations continued with various departments of the Ivorian Government on the terms of the Mining Convention to govern the development and operation of mining operations on the Bagoé Mining Licence that was granted in June 2024. The negotiations have progressed well and signing of the Convention is expected to occur once all formalities are completed in either in late Q4 FY25 or early the following quarter.

Mining operations are scheduled to commence at the Antoinette deposit in Q2 FY26 and progressively move to the Juliette and Veronique pits in subsequent periods.

Work is currently underway preparing for the construction of relevant infrastructure required to support the Bagoé mining operation and tenders have been called for a haulage contractor to haul ore back from the various pits to the Sissingué processing facility commencing in November 2025. During Q4 FY25, grade control drilling is scheduled to start at Antoinette and early in-pit bore holes are also planned to be drilled to assist wall stability and mining conditions particularly during future wet seasons.

GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE

Forecast group gold production and AISC for the June 2025 half year (2H FY25) and full 2025 financial year (FY25) remain unchanged are shown in Table 10 below.

Table 10: Production and Cost Guidance

		DECEMBER 2024 HALF YEAR	JUNE 2025 HALF YEAR	2025 FINANCIAL YEAR
PARAMETER	UNITS
		(ACTUAL)	FORECAST	FORECAST
Yaouré Gold Mine

Production Ounces 123,158 120,000 - 135,000 ounces 243,158 – 258,158 ounces All-in Site Cost USD per ounce 1,124 US$1,215 – 1,315 per ounce US$1,160 – 1,210 per ounce

Edikan Gold Mine

Production Ounces 96,634 75,000 - 85,000 ounces 172,634 – 182,634 ounces All-in Site Cost USD per ounce 1,022 US$1,325 – 1,425 per ounce US$1,150 – 1,190 per ounce

Sissingué Gold Mine

Production Ounces 33,917 20,000 - 30,000 ounces 53,917 – 63,917 ounces All-in Site Cost USD per ounce 1,701 US$2,100 – 2,200 per ounce US$1,880 – 1,900 per ounce

PERSEUS GROUP

Production Ounces 253,709 215,000 - 250,000 ounces 469,709 – 504,709 ounces All-in Site Cost USD per ounce 1,162 US$1,360 – 1,435 per ounce US$1,250 – 1,280 per ounce

SUSTAINABILITY

SUSTAINABILITY GOVERNANCE

During the quarter, Perseus continued to strengthen the governance of its sustainability function through the following activities:

The fatality risk management critical control verification process continues producing positive results with a focus on vehicles and defensive driving.
The ESIA study for the CMA Underground completed in January 2025 and submitted to ANDE for review and ratification.

SUSTAINABILITY PERFORMANCE

This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown below in Table 11 and summarised as:

Safety:
- Safety performance across the portfolio has remained stable this quarter, with the Group 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) at 0.74 for Q3 FY25. There were four recordable injuries in Q3 FY25 across the Group.
- Group 12-month rolling average Lost Time Injury Frequency Rate (LTIFR) remained at 0.07 for the March quarter.
Social:
- Total economic contribution to Perseus’s host countries Ghana, Côte d’Ivoire, Tanzania and Sudan for the reporting quarter was approximately US$192.8 million (or 67% of revenue), which included approximately US$110 million paid to local suppliers representing 89% of procurement on Purchase Order Value basis, US$26.9 million paid as salaries and wages to local employees, US$54.5 million in payments to government as taxes, royalties and other payments and approximately US$1.17 million in social investment.
- Local and national employment decreased slightly to 95% and the proportion of female employees across the Group improved to 15% for the December quarter.
- There were no significant community events (Category 3 or above) reported during Q3 FY25.
Environment:
- Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced decreased to approximately 0.60 tCO2-e/oz for Q3 FY25. This is attributable to the stability of grid power supply in Côte d’Ivoire.
- Zero significant (Category 3) environmental or tailings dam integrity issues occurred during the period.

Table 11: Sustainability Quarterly Performance

P D	ERFORMANC	E	SUB-AREA	METRIC	UNIT	JUNE 2024	SEPTEMBER 2024	December 2024	March 2025
	RIVER					QUARTER	QUARTER	QUARTER	QUARTER

Governance Compliance Material legal non-compliance Number 0 0 0 0

Social Workplace fatalities Number 0 0 0 0 Worker Health, Safety and Wellbeing Total Recordable Injury Frequency (TRIFR)¹ Total Recordable Edikan – 1.52 Edikan – 1.31 Edikan – 0.86 Edikan – 0.83 Injuries per million Sissingué – 1.00 Sissingué – 0.65 Sissingué – 0.65 Sissingué – 0.97 hours worked, Yaouré – 0.82 Yaouré – 1.04 Yaouré – 0.75 Yaouré – 0.75 rolling 12 months Exploration – 0.63 Exploration – 0.59 Exploration – 0 Exploration – 0

Group – 1.06 Group – 0.97 Group – 0.66 Group – 0.74

Lost Time Injury Frequency (LTIFR)¹ Lost Time Injuries Edikan – 0.22 Edikan – 0.22 Edikan – 0.22 Edikan – 0.00

		(LTIFR) per million	Sissingué – 0.33		Sissingué – 0.00		Sissingué – 0.00		Sissingué – 0.00
		hours worked,	Yaouré – 0.00		Yaouré – 0.26		Yaouré – 0.25		Yaouré – 0.25
		rolling 12 months	Exploration – 0.00		Exploration – 0.00		Exploration – 0.00		Exploration – 0.00
			Group – 0.15		Group – 0.15		Group – 0.15		Group – 0.07
Community	Number of significant2community events	Number		0		1		0		0
	Community investment	US$	US$934,513		US$1,119,064		US$974,282		US$1,171,738
Economic Benefit	Proportion local and national employment	% of total		96%		95%		96%		95%

employees Proportion local and national procurement % of total 91% 87% 84% 89% procurement

Gender Diversity Board gender diversity	%	33%	33%	33%	33%
Executive gender diversity	%	50%	75%	75%	60%
Proportion of women employees4	%	13%	14%	14%	15%
Responsible Environment Number of significant2environmental events	Number	0	0	0	0

Operations

Tailings	Number of significant2tailings dam integrity failures Number	0	0	0	0
Water stewardship	Water used per ounce of gold produced	m3/oz 14.31	14.08	13.14	12.10
Greenhouse Gas	Scope 1 and 2 Greenhouse Gas Emissions per ounce Tonnes of CO2-e/oz	0.55	0.61	0.56	0.60

Emissions of gold produced

Notes:

1. From FY24, the Group number includes corporate data and does not include Sudan or Nyanzaga projects

2. A significant event is one with an actual severity rating of 4 and above, based on Perseus's internal severity rating scale (tiered from 1 to 5 by increasing severity) as defined in our Risk Management Framework

3. Permanent employees only

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ORGANIC BUSINESS GROWTH

PROJECT DEVELOPMENT

NYANZAGA GOLD PROJECT (NGP), TANZANIA

Following the end of the quarter, Perseus announced that a FID had been taken to develop the NGP following an update of the NGP Feasibility Study (FS) (refer to ASX Release entitled “Perseus Mining Proceeds with Development of the Nyanzaga Gold Project” dated 28 April 2025).

Perseus has committed to invest approximately US$523 million (including contingency) to develop and prepare for the operation of the mine that is expected to produce first gold in Q1 2027. The NGP development will be solely financed via non-interest bearing, intercompany loans provided by Perseus from its existing cash and bullion balance of US$801 million as of 31 March 2025.

In anticipation of an affirmative FID, Perseus has spent approximately US$27.5 million to date to build project team capacity and commence early works that include site establishment, installation of temporary construction accommodation, and bulk earthworks as well as implementing the Relocation Action Plan to construct new dwellings for people impacted by future construction and operating activities.

The updated FS incorporates findings and recommendations from a range of comprehensive technical assessments made by Perseus’s technical team. Notably, Perseus has opted for a large scale, wholly open-pit mining operation, for the first phase of development, in preference to a smaller scale, combined open pit - underground option contemplated by the previous owners. Key metrics associated with the NGP include the following:

Production & Cost Metrics:

Total gold production over an 11-year mine life is currently estimated to be 2.01 Moz based on a JORC 2012 compliant Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 Moz.
Gold production averages over 200,000 ounces of gold per annum from FY28 to FY35, with peak production of 246,000 ounces in FY28.
Over the life of the mine, the estimated average AISC is US$1,211 per ounce.
Capital cost for the plant and site infrastructure is estimated at US$472 million, inclusive of US$49 million of contingency; and pre-production capital of US$51 million giving a total capital cost to first gold pour of US$523 million.

Investment Metrics:

On a 100% ownership basis and applying Perseus’s assumed long-term gold price of $2,100 per ounce, the NGP has the following financial metrics:

Undiscounted free cashflow pre-tax of US$1,133 million and US$706 million post-tax, increasing to US$2,252 million pre-tax and US$1,471 million post-tax using of US$2,700 per ounce
Net Present Value (NPV10%) of US$404 million pre-tax and US$202 million post-tax (US$1,010 million pre-tax and US$617 million post-tax at US$2,700 per ounce)
Internal Rate of Return (IRR) of 26% pre-tax and 19% post-tax (45% pre-tax and 34% post-tax at US$2,700 per ounce)

The FID to proceed with developing the NGP builds upon Perseus’s demonstrated capacity to successfully develop and efficiently operate modern gold mines on the African continent. Perseus has previously successfully developed and is now operating three gold mines, including Edikan, Sissingué, and most recently, the Yaouré gold mine that was delivered ahead of schedule and under budget in 2020, using many of the same team that will be deployed on the NGP development. The FID also comes following constructive engagement with the Government of Tanzania to clarify terms of an existing Framework Agreement that sets out the basis on which the project will be developed and operated, as well as the Shareholder’s Agreement between the Tanzanian Government and Perseus.

A second phase of resource definition drilling is currently underway at the NGP with the aim of converting significant quantities of Inferred Mineral Resources into Indicated Mineral Resources, potentially enabling the Ore Reserve to be materially expanded and the life of the NGP operation to be extended during the second phase of the NGP, beyond the currently projected 11-year mine life.

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