JUNE 2025 QUARTER REPORT Continued strong performance of Perseus Mining’s operations grows cash & bullion balance to US$827 million
28 JULY 2025
NEWS RELEASE
JUNE 2025 QUARTER REPORT
Continued strong performance of Perseus Mining’s operations grows cash & bullion balance to US$827 million
PERTH, Western Australia/July 28, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended June 30, 2024 (the “Quarter”).
- Key operating indicators and highlights for the June 2025 quarter (Q4 FY25) include:
| MARCH 2025 | JUNE 2025 | JUNE 2025 | 2025 | ||
| PERFORMANCE INDICATOR | UNIT | ||||
| QUARTER | QUARTER | HALF YEAR | FINANCIAL YEAR | ||
| Gold recovered Ounces 121,605 | 121,237 | 242,843 496,551 | |||
| Gold poured Ounces 122,915 | 119,868 | 242,782 495,984 | |||
| Production Cost US$/ounce 977 | 1,038 | 1,008 980 | |||
| All-In Site Cost (AISC) US$/ounce 1,209 | 1,417 | 1,313 1,235 | |||
| Gold sales Ounces 117,585 | 131,242 | 248,826 494,343 | |||
| Average sales price US$/ounce 2,462 | 2,977 | 2,734 2,543 | |||
| Notional Cashflow US$ million 152 | 189 | 345 650 |
- Record 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) of 0.60 is well below industry average.
- Quarterly gold production of 121,237 ounces at a weighted average AISC of US$1,417 per ounce enabled Perseus to achieve production guidance and better cost guidance for June 2025 half year (2H FY25) and 2025 financial year (FY25).
- Average gold sales of 131,242 ounces with a weighted average gold sales price of US$2,977 per ounce.
- Average cash margin of US$1,560 per ounce of gold produced, giving notional operating cashflow of US$189 million.
- Perseus’s gold production and AISC outlook for the next 5 years includes average gold production of 515,000 - 535,000 ounces per year, at an average AISC of US$1,400 – US$1,500 per ounce.
- For the 2026 financial year (FY26), gold production guidance is 400,000 - 440,000 ounces while AISC guidance is US$1,460 – 1,620 per ounce, representing a temporary dip in the longer-term outlook for the Company.
- A Final Investment Decision (FID) was taken during the quarter to develop the Nyanzaga Gold Project (NGP). Site works are accelerating and are on-budget and on schedule, consistent with the target of first gold production in January 2027.
- Outstanding infill drilling results at NGP have Perseus on target for a Mineral Resource and Ore Reserve upgrade in Q3 FY26 resulting in a possible mine life extension.
- Available cash and bullion of US$827 million, plus liquid listed securities of US$118 million, notwithstanding significant payments associated with development of NGP, corporate tax, dividends and share buy-back payments.
- Zero debt and available undrawn debt capacity of US$300 million at quarter-end.
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 its shares continued between blackout periods during the quarter and is currently ~73% complete with 22,995,853 shares 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 total of 121,237 ounces of gold in Q4 FY25. The weighted average production cost was US$1,038 per ounce, while the weighted average AISC was US$1,417 per ounce.
In Q4 FY25, combined gold sales from all three operations totalled 131,242 ounces or 13,657 ounces more than in Q3 FY25 due to the timing of shipments. The weighted average realised gold price was US$2,977 per ounce, US$515 per ounce more than the Q3 FY25 price of US$2,462 per ounce.
Perseus’s average cash margin for the quarter was US$1,560 per ounce resulting in notional operating cashflow from all operations of US$189 million, US$37 million more than in Q3 FY25.
These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better performing mid-tier gold producers.
Table 1: Gold Production by Mine
| MINE | TOTAL GOLD RECOVERED (OUNCES) | TOTAL GOLD POURED (OUNCES) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARCH 2025 QUARTER | JUNE 2025 QUARTER | JUNE 2025 HALF YEAR | 2025 | MARCH 2025 QUARTER | JUNE 2025 QUARTER | JUNE 2025 HALF YEAR | 2025 FINANCIAL YEAR | |||||||||
| FINANCIAL | ||||||||||||||||
| YEAR | ||||||||||||||||
| Yaouré Edikan Sissingué | 68,822 41,668 11,115 | 70,259 | 139,081 262,239 80,534 177,167 23,228 57,145 | 262,239 | 69,697 | 69,059 | 138,756 260,386 81,288 177,149 22,739 58,449 | |||||||||
| 38,865 | 177,167 | 42,632 | 38,655 | |||||||||||||
| 12,113 | 10,586 | 12,153 | ||||||||||||||
| G | roup | 121,605 | 121,237 | 242,843 | 496,551 | 122,915 | 119,868 | 242,782 | 495,984 |
Table 2: Gold Sales by Mine
| MINE | TOTAL GOLD SOLD (OUNCES) | REALISED GOLD PRICE (US$ PER OUNCE) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARCH 2025 QUARTER | JUNE 2025 QUARTER | JUNE 2025 HALF YEAR | 2025 | MARCH 2025 QUARTER | JUNE 2025 QUARTER | JUNE 2025 HALF YEAR | 2025 FINANCIAL YEAR | |||||||||
| FINANCIAL | ||||||||||||||||
| YEAR | ||||||||||||||||
| Yaouré Edikan Sissingué | 64,859 40,562 12,164 | 77,750 | 142,609 257,954 82,595 178,544 23,622 57,845 | 2,415 2,551 2,418 | 3,004 | 2,736 2,553 2,745 2,564 2,682 2,435 | ||||||||||
| 42,033 | 2,932 | |||||||||||||||
| 11,459 | 2,964 | |||||||||||||||
| G | roup | 117,585 | 131,242 | 248,826 | 494,343 | 2,462 | 2,977 | 2,734 | 2,543 |
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) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MARCH 2025 | JUNE 2025 | J | UNE 2025 HALF | 2 | 025 FINANCIAL | MARCH 2025 | JUNE 2025 | JUNE 2025 | 2025 FINANCIAL | |||||||
| QUARTER | QUARTER | YEAR | YEAR | QUARTER | QUARTER | HALF YEAR | YEAR | |||||||||
| Yaouré Edikan Sissingué | 981 1,177 2,736 | 1,180 | 1,082 1,101 1,324 1,159 2,657 2,089 | 99 57 -4 | 128 | 230 381 114 249 1 20 | ||||||||||
| 1,482 | 56 | |||||||||||||||
| 2,584 | 5 | |||||||||||||||
| G | roup | 1,209 | 1,417 | 1,313 | 1,235 | 152 | 189 | 345 | 650 |
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 Q4 FY25.
During the quarter, Yaouré produced 70,259 ounces of gold, 2% more than the prior quarter, at a production cost of US$809 per ounce and an AISC of US$1,180 per ounce. In total, 77,750 ounces of gold from Yaouré were sold at a weighted average sale price of US$3,004 per ounce. This resulted in an average cash margin of US$1,824 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$128 million, compared with US$99 million in Q3 FY25
Mill throughput averaged 509 tph, slightly below the prior quarter’s 514 tph, due to increased high-grade fresh ore blend added in May and June 2025. Mill run-time was 93.8%, compared to 95.3% previously.
Operating performance at Yaouré improved in Q4 FY25 relative to the prior quarter. Gold production was up 2%, driven by a 4% increase in head grade, with gold recovery remaining comparable to the prior quarter.
Yaouré saw a modest increase in each of its unit costs during the quarter, most notably in relation to royalties and sustaining capital. The increase in royalties is a result of the heightened gold price sustained over the duration of the quarter, whilst the increase in sustaining capital primarily relates to ongoing works on the tailings storage facility expansion. Although the gold price has increased royalties, it has also had a positive impact on the average realised sales price, which increased 24% from the prior quarter. This has led to an increase in cash margin and notional cash flow of 27% and 30% respectively.
Table 4: Yaouré Quarterly Performance
| MARCH 2025 | JUNE 2025 | JUNE 2025 | 2025 | ||
| PARAMETER | UNIT | ||||
| QUARTER | QUARTER | HALF YEAR | FINANCIAL YEAR | ||
| Gold Production & Sales | |||||
| Total material mined Tonnes 8,184,423 | 7,799,852 | 15,984,275 34,043,363 | |||
| Total ore mined Tonnes 2,803,764 | 1,603,623 | 4,407,386 8,868,265 | |||
| Average ore grade g/t gold 1.24 | 1.47 | 1.32 1.35 | |||
| Strip ratio t:t 1.9 | 3.9 | 2.6 2.8 | |||
| Ore milled Tonnes 1,060,202 | 1,042,307 | 2,102,509 4,148,359 | |||
| Milled head grade g/t gold 2.16 | 2.24 | 2.20 2.10 | |||
| Gold recovery % 93.6 | 93.8 | 93.7 93.4 | |||
| Gold produced ounces 68,822 | 70,259 | 139,081 262,239 | |||
| Gold sales1 ounces 64,859 | 77,750 | 142,609 257,954 | |||
| Average sales price US$/ounce 2,415 | 3,004 | 2,736 2,553 | |||
| Unit Production Costs | |||||
| Mining cost US$/t mined 3.65 | 3.96 | 3.80 3.95 | |||
| Processing cost US$/t milled 13.82 | 15.67 | 14.74 13.67 | |||
| G & A cost US$M/month 2.59 | 3.21 | 2.90 2.66 | |||
| All-In Site Cost | |||||
| Production cost US$/ounce 760 | 809 | 785 851 | |||
| Royalties US$/ounce 172 | 232 | 202 176 | |||
| Sub-total US$/ounce 932 | 1,041 | 987 1,028 | |||
| Sustaining capital US$/ounce 50 | 138 | 95 74 | |||
| Total All-In Site Cost2 US$/ounce 981 | 1,180 | 1,082 1,101 | |||
| Notional Cashflow from Operations | |||||
| Cash Margin US$/ounce 1,434 | 1,824 | 1,655 1,452 | |||
| Notional Cash Flow US$M 99 | 128 | 230 381 |
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$3.8 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 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource Estimate (MRE).
In Q4 FY25, tonnes processed at Yaouré were 25% higher than predicted, while the head grade was 15% lower, resulting in contained gold being 6% above the MRE prediction. This represents an improvement against the Q3 2024 reported results. Although mined grades remained below expectation, higher tonnage continues to offset this divergence, allowing the site to maintain a positive metal variance. Over the six and 12-month periods, the same pattern has persisted. Reconciliation performance in the CMA pit is largely attributed to edge effects associated with blasting and mining of the final benches of the open pit where mining expected to finish in Q1 FY26. At the Yaouré pit, the current reconciliation performance remains outside of acceptable ranges, however work progressed during the quarter on a range of measures to improve grade reliability, including the implementation of an updated grade control methodology suitable for the differences in structural setting seen within the Yaouré deposit. As these measures continue to be implemented across site, improvements in reconciliation performance are expected.
Table 5: Yaouré Block Model to Mill Reconciliation
| BLOCK MODEL TO MILL CORRELATION FACTOR | |||
|---|---|---|---|
| PARAMETER | |||
| 3 MONTHS | 6 MONTHS | 1 YEAR | |
| Tonnes of Ore | 1.25 | 1.01 1.12 | |
| Head Grade | 0.85 | 0.91 0.88 | |
| Contained Gold | 1.06 | 0.92 0.99 |
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q4 FY25 and in relevant prior periods.
Edikan produced 38,865 ounces of gold at a production cost of US$1,060 per ounce and an AISC of US$1,482 per ounce during the quarter. Edikan’s production was down and AISC was up compared to the previous quarter (-7% and 26% respectively). Gold sales of 42,033 ounces were 4% higher than in the prior quarter at a weighted average realised gold price of US$2,932 per ounce. This was US$381 more than in the prior quarter, generating an average cash margin of US$1,451 per ounce. Notional cashflow of US$56 million was generated by Edikan during the quarter, 2% less than in Q3 FY25.
During the quarter, the head grade of processed ore was 0.86 g/t, down from 0.95 g/t; throughput averaged 794 tph, slightly lower than 800 tph; gold recovery was 87.9%, down from 88.3%; and mill run-time was 93%, compared to 90% previously.
AISC for the quarter was US$1,482 per ounce, US$305 per ounce higher than the previous quarter. This increase reflects the transition from the AG and Fetish pits to the Nkosuo pit, resulting in a higher strip ratio during early-stage mining and lower recovery from processing oxide material rather than fresh ore that was mined in AG and Fetish. Delays in ramping up Nkosuo due to wet weather required processing of lower grade stockpiles, further impacting head grade and gold production.
Mining at the Nkosuo deposit, was also 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. Subsequent to the end of the quarter, the Ghanaian government has intervened in the dispute with landowners, and a resolution is considered imminent which will allow Perseus full access to the deposit and enable mining of higher-grade material than was available during the quarter.
During the quarter, the current phase of Fetish Pit was completed, and equipment reassigned to Nkosuo. Finalisation of mining in the AG Pit was prevented by wet weather during the quarter, but this is expected to occur shortly. Plans are now being developed for a further cutback of the Fetish pit and the Esuajah North Pit in future periods.
MINERAL RESOURCE TO MILL RECONCILIATION
Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan MRE.
In Q4 FY25, ore tonnes processed were 10% greater than predicted, with a 11% reduction in head grade, resulting in slightly lower (2%) contained gold. This is attributed to mining constraints at the bottom of the Fetish pit, and interactions with historical artisanal workings in the Nkosuo pit. While the six-month performance is affected by lower grades (-8%), the 12-month performance remains within an acceptable range with block model estimates achieving actual milled grades.
Table 6: Edikan Quarterly Performance
| MARCH 2025 | JUNE 2025 | JUNE 2025 | 2025 | ||
| PARAMETER | UNIT | ||||
| QUARTER | QUARTER | HALF YEAR | FINANCIAL YEAR | ||
| Gold Production & Sales | |||||
| Total material mined Tonnes 2,942,218 | 3,323,268 | 6,265,486 10,755,245 | |||
| Total ore mined Tonnes 1,815,604 | 829,623 | 2,645,227 6,109,120 | |||
| Average ore grade g/t gold 0.86 | 0.79 | 0.84 0.92 | |||
| Strip ratio t:t 0.6 | 3.0 | 1.4 0.8 | |||
| Ore milled Tonnes 1,551,978 | 1,607,055 | 3,159,032 6,335,727 | |||
| Milled head grade g/t gold 0.95 | 0.86 | 0.90 0.97 | |||
| Gold recovery % 88.3 | 87.9 | 88.1 89.8 | |||
| Gold produced ounces 41,668 | 38,865 | 80,534 177,167 | |||
| Gold sales1 ounces 40,562 | 42,033 | 82,595 178,544 | |||
| Average sales price US$/ounce 2,551 | 2,932 | 2,745 2,564 | |||
| Unit Production Costs | |||||
| Mining cost US$/t mined 6.09 | 4.92 | 5.47 6.12 | |||
| Processing cost US$/t milled 10.28 | 10.60 | 10.45 10.60 | |||
| G & A cost US$M/month 2.00 | 2.59 | 2.29 2.24 | |||
| All-In Site Cost | |||||
| Production cost US$/ounce 957 | 1,060 | 1,007 903 | |||
| Royalties US$/ounce 199 | 299 | 247 210 | |||
| Sub-total US$/ounce 1,156 | 1,358 | 1,254 1,113 | |||
| Sustaining capital US$/ounce 21 | 123 | 70 46 | |||
| Total All-In Site Cost2 US$/ounce 1,177 | 1,482 | 1,324 1,159 | |||
| Notional Cashflow from Operations | |||||
| Cash Margin US$/ounce 1,374 | 1,451 | 1,421 1,405 | |||
| Notional Cash Flow US$M 57 | 56 | 114 249 |
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$2.5 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 7: Edikan Block Model to Mill Reconciliation
| BLOCK MODEL TO MILL CORRELATION FACTOR | |||
|---|---|---|---|
| PARAMETER | |||
| 3 MONTHS | 6 MONTHS | 1 YEAR | |
| Tonnes of Ore | 1.10 | 1.02 0.95 | |
| Head Grade | 0.89 | 0.92 1.00 | |
| Contained Gold | 0.98 | 0.93 0.95 |
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q4 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 12,113 ounces of gold during the quarter at a weighted average AISC of US$2,584 per ounce. Compared to the previous quarter, gold production increased 9% while AISC decreased 6%. The improved performance was primarily due to an improvement in head grade, which averaged 1.12 g/t compared to 1.03 g/t in Q3. A portion of the Airport West pit was mined for high-grade oxide ore, while waste stripping progressed at Fimbiasso West and Sissingué Stage 4 to access higher grade ore.
Mill runtime at 96% was up from previous quarter 94%. Throughput averaged 180 tph, below the 188 tph achieved in Q3, primarily due to a higher proportion of fresh ore in the blend. Gold recovery improved marginally to 88.3%, from 87.4% in Q3.
The improved operating performance in Q4 FY25 has resulted in a cash margin of US$372 per ounce, resulting in a notional cashflow of approximately US$5 million for the quarter.
Table 8: Sissingué Quarterly Performance
| MARCH 2025 | JUNE 2025 | JUNE 2025 | 2025 | ||
| PARAMETER | UNIT | ||||
| QUARTER | QUARTER | HALF YEAR | FINANCIAL YEAR | ||
| Gold Production & Sales | |||||
| Total material mined Tonnes 2,360,945 | 2,511,035 | 4,871,980 9,202,467 | |||
| Total ore mined Tonnes 222,419 | 255,917 | 478,336 1,055,419 | |||
| Average ore grade g/t gold 1.43 | 1.67 | 1.56 1.65 | |||
| Strip ratio t:t 9.6 | 8.8 | 9.2 7.7 | |||
| Ore milled Tonnes 382,521 | 379,238 | 761,759 1,465,816 | |||
| Milled head grade g/t gold 1.03 | 1.12 | 1.08 1.36 | |||
| Gold recovery % 87.4 | 88.3 | 87.9 89.4 | |||
| Gold produced ounces 11,115 | 12,113 | 23,228 57,145 | |||
| Gold sales1 ounces 12,164 | 11,459 | 23,622 57,845 | |||
| Average sales price US$/ounce 2,418 | 2,964 | 2,682 2,435 | |||
| Unit Production Costs | |||||
| Mining cost US$/t mined 6.12 | 6.17 | 6.14 6.07 | |||
| Processing cost US$/t milled 18.97 | 18.43 | 18.70 18.89 | |||
| G & A cost US$M/month 1.66 | 1.78 | 1.72 1.65 | |||
| All-In Site Cost | |||||
| Production cost US$/ounce 2,401 | 2,298 | 2,347 1,809 | |||
| Royalties US$/ounce 207 | 206 | 206 179 | |||
| Sub-total US$/ounce 2,608 | 2,504 | 2,553 1,988 | |||
| Sustaining capital US$/ounce 128 | 80 | 103 101 | |||
| Total All-In Site Cost2 US$/ounce 2,736 | 2,584 | 2,657 2,089 | |||
| Notional Cashflow from Operations | |||||
| Cash Margin US$/ounce (319) | 380 | 26 346 | |||
| Notional Cash Flow US$M (4) | 5 | 1 20 |
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$1.1 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 9 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Sissingué MRE.
In Q4 FY25, tonnes mined at Sissingué exceeded MRE predictions by 11%, while the head grade was 21% lower than predicted. This resulted in a 13% reduction in contained gold compared to the prediction. The positive tonnage variance was driven by two factors, the first being the continued discovery of additional material through grade control drilling at the Sissingué Main pit, and the second being the increased dilution associated with mining of narrow structures at each of Sissingué Main and Fimbiasso West.
Both factors contribute to the lower grades reported as compared to the block model estimates. Continuous monitoring of blast performance and improvement initiatives are in place to minimise dilution in these mining areas. Over the longer six- and 12-month periods, ore tonnes consistently exceeded the prediction, while head grade remained slightly below expectations. Perseus considers this outcome to be in line with operational expectations.
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 | 1.11 | 1.27 1.18 | |
| Head Grade | 0.79 | 0.82 0.90 | |
| Contained Gold | 0.87 | 1.05 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 but at a much slower rate than desirable and signing of the Convention is expected to occur once all formalities are completed, either in late Q1 FY26 or early the following quarter.
Mining operations are scheduled to commence at the Antoinette deposit in Q2 FY26 and progressively move to the Veronique pit in subsequent periods. Work is currently underway to prepare for the construction of infrastructure required to support the Bagoé mining operation. Several tenders were issued this quarter, including fuel supply and ore haulage. Major contract awards are expected to be finalised in early Q1 FY26. The Grade control drilling also commenced at Antoinette, and early in-pit boreholes will be drilled in Q1 FY26 to assist with wall stability and mining conditions, particularly during future wet seasons.
FIVE-YEAR GOLD PRODUCTION OUTLOOK
During the quarter, Perseus published its Five-Year Operating Outlook for the period from FY26 to FY30. The outlook included forecasts of both gold production and AISC for its producing mines located in Ghana, Côte d’Ivoire and the soon to be completed Nyanzaga Gold Mine in Tanzania. The outlook is based on planning assumptions that reflect current operating conditions at each of the existing mines and employs operating assumption that underpinned FID for the CMA underground mining operation at the Yaouré Gold Mine in Côte d’Ivoire (see ASX announcement “Perseus Mining takes Final Investment Decision on CMA underground project at Yaouré” dated 28 January 2025), as well as the development of the Nyanzaga Gold Project (NGP) in Tanzania (see ASX announcement “Perseus Mining proceeds with development of the Nyanzaga Gold Project” dated 28 April 2025).
Perseus forecasts producing between 2.6 – 2.7 million ounces of gold during the five-year period, with average annual gold production in the range of 515,000 – 535,000 ounces. The weighted average AISC over the five-year period is forecast to be US$1,400 – US$1,500 per ounce, with no more than ±10% change year-on-year over the period, emphasising the benefit of our portfolio approach to asset management.
At an assumed long-term gold price of US$2,400 per ounce, Perseus’s cash operating margin is expected to consistently exceed US$500 per ounce at all mines over the five-year period and in some periods, it is significantly higher. The fiveyear outlook is underpinned by a high level of geological and technical confidence with 93% of the gold ounces produced as part of the plan comprising existing Ore Reserves, with the remaining 7% of production forecast from Measured or Indicated Mineral Resources.
Inferred Mineral Resources and other upside projections of mineralisation were specifically omitted from Perseus’s Five- Year Outlook but do represent material upside potential if they can be converted to Measured or Indicated Resources through future drilling programmes, as would additional gold production acquired by Perseus through any M&A activity that may take place during this period.
Nyanzaga, the replacement project for Meyas Sands comes
Production and AISC cost five-year outlook
online Impacted by loss of Meyas Sand Gold Project
GROUP GOLD PRODUCTION AND COST GUIDANCE
Group gold production and AISC market guidance for FY26 is as follows:
Table 10: Production and AISC Guidance
| 2026 FINANCIAL YEAR | ||
| PARAMETER | UNITS | |
| FORECAST | ||
| Yaouré Gold Mine |
Production Ounces 168,000 – 184,000
All-in Site Cost USD per ounce $1,500 – $1,660
Edikan Gold Mine
Production Ounces 154,000 – 169,000
All-in Site Cost USD per ounce $1,420 – $1,570
Sissingué Gold Mine
Production Ounces 78,000 – 87,000
All-in Site Cost USD per ounce $1,470 – $1,620
PERSEUS GROUP
Production Ounces 400,000 – 440,000
All-in Site Cost USD per ounce $1,460 – $1,620
The chart below tracks Perseus’s actual AISC performance relative to the guided AISC range since January 2020. This chart demonstrates that Perseus has consistently outperformed relative to its guided AISC. This outperformance is not solely a function of conservative cost estimation but rather, it can be attributed to tight cost control across the operations, identification and adoption of business improvement initiatives, and the fact that Perseus has been able to consistently deliver in the upper range of its production targets through efficient mining and processing practices.
The rise relative to prior periods in Perseus’s guided AISC in FY25 as noted above can be attributed to a range of factors which have been considered in forecasting future operating costs, including an assumed gold price of US$2,700 per ounce for the period.
A trend of rising costs is evident in the global gold sector, including in West Africa, driven by a range of factors, not the least of which is a steady increase in royalties and indirect charges payable to host governments (and others) which are a function of prevailing gold prices. In other words, as the price of gold rises, so too do expectations by host governments and host communities of an increasing share of the higher gold prices. This occurs in the form of higher royalty and gold price linked indirect charges by governments as well as an increase in the cost of land access and contributions to community assistance funds, demanded by host communities.
Other factors that impact Perseus’s operating costs include the rising cost of wages, freight costs and therefore consumables and the fact that in some operations, as they mature, haul distances and elevations increase and facilities such as tailings dams require expansion. In addition, forecast costs are impacted by site specific factors outside of Perseus’s control such as at Yaouré, where an expected interruption is expected to the availability of power from the Ivorian power grid in H1 FY26 caused by planned maintenance of power stations that contribute power to the grid. It has been assumed that Perseus will be required to make significantly more use of its standby generators during this period which operate at a cost that is materially above grid power costs.
CAPITAL DEVELOPMENT OUTLOOK
In line with the publication of the Five-Year Outlook, it is anticipated that ~US$450 million (H1 ~US$200 million, H2 ~US$250 million) will be spent in FY26 on capital development projects. Of this amount, the largest expenditure will occur at the CMA underground mine development at Yaouré (~US$80 million), capitalised waste stripping at Edikan (~US$20 million) and the Nyanzaga Gold Project in Tanzania (~US$340 million).
ORGANIC BUSINESS GROWTH
PROJECT DEVELOPMENT
NYANZAGA GOLD PROJECT (NGP), TANZANIA
During the quarter, Perseus announced its FID 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 committed to invest approximately US$523 million (including contingency) to develop and prepare for the operation of the mine, expected to produce first gold in Q3 FY27. 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$827 million as of 30 June 2025.
An updated Nyanzaga FS was also released during the quarter, that incorporates findings and recommendations from a range of comprehensive technical assessments made by Perseus’s technical team (refer to ASX Release entitled “Perseus releases Technical Report for the Nyanzaga Gold Project” dated 10 June 2025). 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 million ounces based on a JORC 2012 compliant Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 million ounces.
- Gold production averages more than 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 Metrics1:
- 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).
1Note: Calculated on a 100% ownership basis and applying an assumed long-term gold price of $2,100 per ounce.
Prior to FID, Perseus spent approximately US$27.5 million to build project team capacity, continue with engineering and design work and commence early works. Since taking the FID, construction activity has ramped up with major packages of work being progressed through to award, process plant bulk earthworks initiated, and permanent camp infrastructure construction started.
Construction Progress Post FID:
Construction activities onsite are gathering strong momentum, with our process plant EPCM contractor mobilised in June along with the concrete contractor. During the reporting period, several key work fronts have seen significant progress:
- Bulk Earthworks: Terracing activities for the camp area are well underway, with particular emphasis on the Carbonin-Leach (CIL) and milling sections of the process plant. These areas have been successfully handed over to the EPCM contractor, who have now commenced construction.
- Camp Construction: Development of a new brick-and-iron camp is progressing well. A brick-making facility has been established onsite, using locally sourced materials. The initiative is being supported by a local workforce, providing economic opportunities to the nearby community.
- Ngoma Bypass Road: The Ngoma bypass road, designed to divert trucks and other vehicles away from the centre of Ngoma village during transit to the site, is now open to traffic. Full completion is expected within this quarter.
- Resettlement Housing: Significant progress has been made on the resettlement housing project, with new homes being delivered to project-affected families as part of our ongoing commitment to community support and development.
- As of 30 June 2025, of the total project budget of US$523.1 million, approximately US$42.9 million has been spent and a further US$26.8 million committed through open purchase orders. In terms of overall schedule, the Project is approximately 4.6% complete and on schedule for first gold pour in January 2027.
Government Relations:
- Negotiation of amendments to the Framework and Shareholder Agreement relating to the NGP by Perseus and the Government Negotiating Team were successfully completed early in the quarter and documents were prepared for execution. As at the date of this report, execution of the documents has not occurred pending completion of formalities by the Government. Perseus has received assurances from key government officials that execution of documents will occur during Q1 FY26.
- The official opening of the Magufuli Bridge on 19 June 2025 presents substantial benefits for the project. Spanning 3.2 kilometres across Lake Victoria, this bridge is the longest in East Africa and expected to be transformational for the region. For the project, it will significantly reduce travel time between Mwanza, Tanzania’s second-largest city, and the Nyanzaga site, enhancing logistics and accessibility during both construction and operations.
CMA UNDERGROUND, YAOURÉ
Since announcing in Q3 FY25 its intention to develop the CMA Underground mine at Yaouré, (refer to ASX Release entitled “Perseus Mining Takes Final Investment Decision CMA Underground Project at Yaouré” dated 28 January 2025), Perseus has been working to prepare for the start of underground mining activities scheduled for Q1 FY26.
During Q4 FY25, underground operational readiness preparations continued to ensure a smooth integration of future underground activities with the existing Yaouré operation. Significant progress was made in recruiting the Perseus technical operations team, with most personnel now mobilised on site.
Byrnecut, our primary underground contractor, has mobilised key project personnel in preparation for the commencement of mining operations. Recruitment for local roles advanced during the quarter, with job advertisements placed within the community, interviews conducted, and suitable candidates selected.
The planned underground portal locations, which were exposed earlier in the year, have been fully prepared for initial underground excavation and ground support activities. Construction of surface infrastructure, including camp facilities, electrical tie-ins, and maintenance areas to support underground operations has progressed well. Operational