DECEMBER 2021 QUARTER REPORT Perseus achieves record production and operating cashflow
25 JANUARY 202 2
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
DECEMBER 2021 QUARTER REPORT
Perseus achieves record production and operating cashflow
PERTH, Western Australia, January 25, 2022/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended December 31, 2021 (the “Quarter”).
PERFORMANCE INDICATOR UNIT CALENDAR
2020 YEAR
JUNE 2021
HALF YEAR 1
SEPTEMBER
2021 QUARTER
DECEMBER
2021 QUARTER
DECEMBER 2021
HALF YEAR
CALENDAR
2021 YEAR 1
Gold recovered Ounces 260,045 191,246 112,786 128,378 241,164 432,410
Gold poured Ounces 257,592 191,510 110,535 126,948 237,483 428,993
Production Cost US$/ounce 871 894 857 823 839 863
All-In Site Cost (AISC) US$/ounce 1,002 1,030 966 934 949 985
Gold sales Ounces 265,127 194,114 107,650 130,486 238,136 432,250
Average sales price US$/ounce 1,579 1,6421 1,655 1,669 1,663 1,653
Notional Cashflow US$ million 150.0 103.31 77.8 94.0 171.8 275.11
Notes: 1. Includes Yaouré cost and sales data from 31 March 2021 following declaration of Commercial Production.
• Key Operating highlights include:
– Gold production increased 14% quarter-on-quarter to 128,378 ounces or 66% year-on-year to 432,410
ounces.
– Weighted average AISCs decreased by 3% or US$32 quarter-on-quarter to US$934 per ounce or 5% year-on-
year to US$985 per ounce.
– Gold production of 241,164 ounces and AISC of US$949 per ounce, comfortably achieved market guidance for
the December Half Year of 225 - 255,000 ounces of gold at US$925 -1,025 per ounce.
– Quarterly gold sales increased by 21%, giving a 63% increase in year-on-year gold sales to 432,250 ounces.
– Average quarterly cash margin of US$735 per ounce of gold was US$46 more than prior quarter.
– Notional cashflow from operations increased by 21% quarter-on-quarter to US$ 94.0 million, and 84% year-
on-year to $275.1 million.
– Operating performance consistently in line with ESG KPIs.
• Perseus’s strong operating performance is forecast to continue with production of 230,000 to 265,000 ounces at
an ASIC of US$915 to US$1,085 per ounce planned in the June 2022 Half Year, translating to 471,000 to 506,000
ounces at an ASIC of US$932 to US$1,020 per ounce for the full 2022 Financial Year.
• Business development activities continued to deliver encouraging results, demonstrating potential to materially
increase Perseus’s Ore Reserves inventory and extend the economic mine lives of its operations:
– Exploration programmes on the Nkosuo prospect near Edikan and the CMA Underground prospect at Yaouré
both returned excellent drill results, confirming the potential for strong organic growth of each mine.
– Assessment of inorganic growth opportunities continue to generate encouraging results.
• Perseus’s financial position continues to strengthen with available cash and bullion of US$212 million
(A$292 million), debt of US$50 million (A$68 million), and net cash of US$162 million (A$269 million) at 31
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December 2021, after returning US$13 million (A$18 million) of capital to shareholders, reducing debt by US$50
million (A$68 million) and investing US$11 million (A$15 million) in organic growth during the quarter.
OPERATIONS
QUARTERLY PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana have combined to
produce a total of 128,378 ounces of gold in the December 2021 quarter, 14% more than in the prior quarter. The
weighted average production cost at the operations was US$823 per ounce, while the weighted average AISC incurred
during the quarter was US$934 per ounce of gold. Production costs and AISC’s were 4% and 3% respectively, lower
than comparative costs in the previous quarter.
This performance contributed to Half Yearly gold production at our three mines of 241,164 ounces of gold, produced
at an average AISC of US$949 per ounce. This strong performance compared favourably to market guidance for the
Half Year of 225,000 to 255,000 ounces of gold produced at an AISC of US$925 to 1,025 per ounce and has positioned
Perseus to achieve our corporate objective of producing more than 500,000 ounces of gold at a margin of greater than
US$400 per ounce in FY2022.
Table 1: Cost and Production Summary by Mine
MINE
TOTAL GOLD PRODUCED (OUNCES) ALL-IN SITE COST (US$/OUNCE)
SEPTEMBER
2021 QUARTER
DECEMBER 2021
QUARTER
DECEMBER 2021
HALF YEAR
SEPTEMBER
2021 QUARTER
DECEMBER 2021
QUARTER
DECEMBER 2021
HALF YEAR
Yaouré 64,558 75,189 139,747 671 700 687
Edikan 32,161 35,124 67,285 1,574 1,450 1,509
Sissingué 16,067 18,065 34,132 931 905 917
Perseus Group 112,786 128,378 241,164 966 934 949
Combined gold sales from all three operations totalled 130,486 ounces, 21% more than last quarter. The weighted
average gold price realised was US$1,669 per ounce, slightly better than the price received in the September 2021
quarter. Perseus’s average cash margin for the December 2021 quarter was US$735 per ounce, US$46 per ounce or
7% more than that achieved during the September 2021 quarter. Notional operating cashflow from operations was
US$94.3 million, US$16.5 million or 21% more than that generated in the prior period, driven by quarter-on-quarter
production growth of 14%, derived largely from improved production performance at all three mines, combined with
improved AISCs at Sissingué and Edikan.
Table 2: Realised Gold Price and Notional Cash Flow by Mine
MINE
REALISED GOLD PRICE
(US$ PER OUNCE)
NOTIONAL CASH FLOW FROM OPERATIONS
(US$ MILLION)
SEPTEMBER
2021 QUARTER
DECEMBER 2021
QUARTER
DECEMBER 2021
HALF YEAR
SEPTEMBER
2021 QUARTER
DECEMBER 2021
QUARTER
DECEMBER 2021
HALF YEAR
Yaouré 1,690 1,699 1,695 65.8 75.1 140.9
Edikan 1,602 1,613 1,608 0.9 5.7 6.6
Sissingué 1,624 1,638 1,631 11.1 13.2 24.3
Perseus Group 1,655 1,669 1,663 77.8 94.0 171.8
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
During the quarter, Perseus’s newest mine, Yaouré, increased its gold production by a further 16% compared to the
prior quarter to 75,189 ounces of gold at a production cost of US$589 per ounce and an AISC of US$700 per ounce.
The weighted average sales price of the 79,669 ounces of gold sold during the quarter was US$1,699 per ounce, giving
rise to a cash margin of US$999 per ounce. Notional operating cashflow generated by Yaouré was US$75.1 million
during the quarter, US$9.3 million more than in the September 2021 quarter. Refer to Table 3 below for details of
operating and financial parameters.
This performance contributed to half yearly gold production at Yaouré of 139,747 ounces of gold, produced at an
average AISC of US$687 per ounce which compared favourably to market guidance for the half year of 130,000 to
140,000 ounces of gold produced at an AISC of US$675 to US$775 per ounce.
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The improving operating performance at Yaouré was a result of strong operating fundamentals compared to the prior
quarter, including mill throughput rates (487 tph compared to 449 tph), gold recovery rates (93.6% compared to
92.7%) and importantly, the head grade of processed ore (2.64 g/t to 2.37 g/t).
Table 3: Yaouré Quarterly Performance
PARAMETER UNIT
CALENDAR
2020 YEAR
JUNE 2021
HALF YEAR 2
SEPTEMBER
2021
QUARTER
DECEMBER
2021
QUARTER
DECEMBER 2021
HALF YEAR
2021 CALENDAR
YEAR TO DATE 2
Gold Production & Sales
Total material mined Tonnes 6,449,440 16,979,488 6,340,478 9,870,283 16,210,761 33,190,249
Total ore mined Tonnes 128,148 659,620 1,070,285 1,378,535 2,448,820 3,108,440
Average ore grade g/t gold 0.78 1.23 2.07 1.98 2.02 1.85
Strip ratio t:t 49.3 24.74 4.92 6.16 5.62 9.68
Ore milled Tonnes 122,545 1,462,177 913,530 946,052 1,859,582 3,321,759
Milled head grade g/t gold 1.01 1.40 2.37 2.64 2.51 2.02
Gold recovery % 67.7 90.01 92.7 93.6 93.2 92.3
Gold produced ounces 2,687 59,438 64,558 75,189 139,747 199,185
Gold sales1 ounces - 54,182 60,055 79,669 139,724 193,906
Average sales price US$/ounce - 1,692 1,690 1,699 1,695 1,694
Unit Production Costs
Mining cost US$/t mined - 2.71 2.95 2.56 2.71 2.71
Processing cost US$/t milled - 9.90 13.74 13.52 13.63 11.99
G & A cost US$M/month - 1.70 1.89 2.08 1.99 1.89
All-In Site Cost
Production cost US$/ounce - 951 572 589 581 659
Royalties US$/ounce - 83 85 90 87 86
Sub-total US$/ounce - 1,033 657 679 669 745
Sustaining capital US$/ounce - 3 14 21 18 15
Total All-In Site Cost3 US$/ounce - 1,036 671 700 687 760
Notional Cashflow from Operations2
Cash Margin US$/ounce - 648 1,019 999 1,008 934
Notional Cash Flow US$M - 24.2 65.8 75.1 140.9 165.1
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
2. Includes Yaouré data from declaration of Commercial Production on 31 March 2021.
3. Included in the AISC for the quarter is US$ 6.91 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
The reconciliation of processed ore tonnes, grade and contained gold relative to the Yaour é Mineral Resource block
model are shown in Table 4. During the last quarter, 17% more ore tonnes at 10% lower grade for 6% more ounces have
been produced compared to the Mineral Resource model. Over the last six months and project to-date, Yaouré has
produced more metal than predicted by the Mineral Resource model. The performance of the Yaouré Mineral Resource
model to date is considered satisfactory, however work will continue to optimise the grade and reduce dilution.
Table 4: Yaouré Block Model to Mill Reconciliation
PARAMETER
BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS
PROJECT
TO DATE
Tonnes of Ore 117% 114% 109%
Head Grade 90% 97% 99%
Contained Gold 106% 110% 108%
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SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
During the quarter, 18,065 ounces of gold were produced at Sissingué at a production cost of US$817 per ounce and
an AISC of US$905 per ounce. The weighted average sales price of the 16,621 ounces of gold sold during the quarter
was US$1,638 per ounce, giving rise to a cash margin of US$732 per ounce. Notional cashflow generated from the
Sissingué operation totalled US$13.2 million for the quarter, US$ 2.1 million more than in the prior quarter, due to a
combination of improved production, costs and average gold sale prices. Refer to Table 5 below for details of
operating and financial parameters.
This performance contributed to half yearly gold production at Sissingué of 34,132 ounces of gold, produced at an
average AISC of US$917 per ounce. This outstanding performance materially exceeded market guidance for the half
year of 25,000 to 30,000 ounces of gold produced at an AISC of US$950 to US$1,070 per ounce.
The overall result for the quarter at Sissingué, was also better than forecast by Perseus with each of the key operating
parameters including runtime (95%), throughput rate (178 tph), and recovery (90%) improving relative to the prior
quarter. Average head grade (1.67g/t) was down relative to the prior quarter in line with company expectations.
Table 5: Sissingué Quarterly Performance
PARAMETER UNIT CALENDAR
2020 YEAR
JUNE 2021
HALF YEAR
SEPTEMBER
2021 QUARTER
DECEMBER
2021 QUARTER
DECEMBER
2021 HALF YEAR
CALENDAR
2021 YEAR
Gold Production & Sales
Total material mined Tonnes 5,144,335 1,738,136 395,727 706,459 1,102,186 2,840,322
Total ore mined Tonnes 1,681,633 851,552 162,912 186,063 348,975 1,200,527
Average ore grade g/t gold 2.20 2.13 1.52 0.87 1.17 1.85
Strip ratio t:t 2.1 1.0 1.4 2.8 2.2 1.4
Ore milled Tonnes 1,349,807 596,416 299,757 375,615 675,372 1,271,788
Milled head grade g/t gold 2.41 2.70 1.91 1.67 1.78 2.23
Gold recovery % 94.9 92.6 87.1 89.8 88.5 90.9
Gold produced ounces 99,268 48,763 16,067 18,065 34,132 82,895
Gold sales1 ounces 95,765 55,519 18,250 16,621 34,870 90,389
Average sales price US$/ounce 1,606 1,670 1,624 1,638 1,630 1,655
Unit Production Costs
Mining cost US$/t mined 4.72 6.20 9.62 6.80 7.81 6.80
Processing cost US$/t milled 15.98 18.8 19.4 16.90 18.01 18.40
G & A cost US$M/month 1.05 1.05 1.24 1.20 1.22 1.14
All-In Site Cost1
Production cost US$/ounce 589 580 830 817 823 680
Royalties US$/ounce 79 107 94 85 89 100
Sub-total US$/ounce 668 687 924 902 912 780
Sustaining capital US$/ounce 24 28 7 3 5 18
Total All-In Site Cost US$/ounce 692 715 931 905 917 798
Notional Cashflow from Operations1
Cash Margin US$/ounce 927 956 693 732 713 856
Notional Cash Flow US$M 92.0 46.6 11.1 13.2 24.3 71.0
Notes: 1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.
MINERAL RESOURCE TO MILL RECONCILIATION
The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource
block model is in Table 6 below. During the last three months, grade control has predicted similar tonnes (100%) grade
(99%) and ounces (99%) when compared to the Mineral Resource Estimate (MRE). Over the last six- and 12-month
periods of operation, Sissingué has produced more metal than predicted by the Mineral Resource model. Perseus
regards the overall outperformance as being within normal industry standards.
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Table 6: Sissingué Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 100% 116% 108%
Head Grade 99% 105% 103%
Contained Gold 99% 121% 107%
UPDATED LIFE OF MINE PLAN FOR THE SISSINGUÉ OPERATION
An updated Life of Mine Plan for the Sissingué operation that models the mining and processing of ore from each of
the Sissingué, Fimbiasso and the yet to be granted, Bagoé exploitation permit areas, is being prepared and will be
published in the June 2022 quarter when the results of a recent successful drilling campaign in and around the existing
Sissingué pits are fully collated, understood and incorporated into the revised mine plan and processing schedule.
Based on preliminary optimisations and scheduling, it indicates that the life of the Sissingué operation could be
extended by several years. Current work is focusing on the sequencing of mining to optimise the return on the
investment of capital required to access the new mining areas.
BAGOÉ MINING LEASE
Work by consultants (CECAF), on preparing an Environmental and Social Impact Assessment (ESIA) for the Bagoé
exploration permit area was completed during the quarter. The ESIA has been lodged with the environmental
regulator (ANDE) for approval. Once approval is granted, it will be lodged with the Department of Mines, Petroleum
and Energy together with the recently completed Definitive Feasibility Study of an operation located on the Bagoé
exploration permit. This is expected to occur during the June 2022 quarter and an Exploitation Permit should be
granted once assessment of the submissions is complete.
EDIKAN GOLD MINE, GHANA
In the December 2021 quarter, Perseus produced 35,124 ounces of gold at Edikan (9% more than in the September
quarter) at a production cost of US$1,327 per ounce and an AISC of US$1,450 per ounce. Gold sales of 34,196 ounces
were 17% more than in the prior quarter, at a weighted average realised gold price of US$1,613 per ounce. This
generated a cash margin of US$163 per ounce, a significant improvement on the prior quarter. Notional cashflow of
US$5.7 million, was US$4.8 million better than in the prior period. Table 7 below summarises the key operating and
financial parameters.
While the overall performance of Edikan was materially better than in the September quarter, there is still significant
room for improvement. Signs of this improvement were evident in the month of December when the mill feed was
made up predominantly of ore from the AG Pit which resulted in the head grade of ore treated increasing sharply to
0.86g/t on average and the gold recovery rate increasing to 86.2%.
This quarterly performance contributed to Half Yearly gold production at Edikan of 67,285 ounces of gold, produced at
an average AISC of US$1,509 per ounce. This performance fell short of market guidance for the Half Year of 70,000 to
80,000 ounces of gold produced at an AISC of US$1,350 to 1,450 per ounce.
The shortfall in production relative to guidance was a function of several factors including poor reconciliation of
tonnes and grade of ore mined from the AG pit in the September 2021 quarter and a conscious decision by Perseus to
process ore from low grade ore stockpiles during the December quarter until a comprehensive grade control
programme could be completed to provide a thorough understanding of the distribution of gold bearing material in
the upper benches of the pit. As noted above, in December a marked improvement in head grade and recovery of ore
had been achieved giving confidence in forecasts for future periods.
Table 7: Edikan Quarterly Performance
PARAMETER UNIT CALENDAR
2020 YEAR
JUNE 2021
HALF YEAR
SEPTEMBER
2021 QUARTER
DECEMBER
2021 QUARTER
DECEMBER
2021 HALF YEAR
CALENDAR
2021 YEAR
Gold Production & Sales
Total material mined Tonnes 27,056,108 14,829,935 7,823,678 7,589,717 15,413,395 30,243,330
Total ore mined Tonnes 4,379,485 1,968,783 788,612 836,266 1,624,878 3,593,661
Average ore grade g/t gold 1.24 1.08 0.92 0.90 0.91 1.01
Strip ratio t:t 5.2 6.5 8.9 8.1 8.5 7.4
Ore milled Tonnes 6,787,946 3,280,435 1,731,146 1,756,072 3,487,218 6,767,653
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PARAMETER UNIT CALENDAR
2020 YEAR
JUNE 2021
HALF YEAR
SEPTEMBER
2021 QUARTER
DECEMBER
2021 QUARTER
DECEMBER
2021 HALF YEAR
CALENDAR
2021 YEAR
Milled head grade g/t gold 1.01 0.93 0.72 0.73 0.73 0.82
Gold recovery % 71.7 85.0 80.2 85.6 83.0 84.1
Gold produced ounces 158,090 83,045 32,161 35,124 67,285 150,330
Gold sales1 ounces 169,362 84,412 29,345 34,196 63,541 147,953
Average sales price US$/ounce 1,564 1602 1,602 1,613 1,608 1,604
Unit Production Costs
Mining cost US$/t mined 3.13 3.22 3.36 3.45 3.41 3.32
Processing cost US$/t milled 9.05 9.60 8.56 8.23 8.39 8.98
G & A cost US$M/month 1.64 1.39 1.78 2.04 1.89 1.63
All-In Site Cost2
Production cost US$/ounce 1,048 1,054 1,445 1,327 1,383 1,201
Royalties US$/ounce 107 106 98 105 102 104
Sub-total US$/ounce 1,155 1,160 1,543 1,432 1,485 1,305
Sustaining capital US$/ounce 42 53 32 18 24 40
Total All-In Site Cost2 US$/ounce 1,197 1,213 1,574 1,450 1,509 1,345
Notional Cashflow from Operations1
Cash Margin US$/ounce 370 389 28 163 98 259
Notional Cash Flow US$M 58.4 32.3 0.9 5.7 6.6 38.9
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$8. 49 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
The disconnect in the Edikan reconciliation has been analysed in detail to understand the performance to ensure that
the trend will not continue in the Stage 3 cutback of the AG Pit. From the work undertaken, it is apparent that the
large block size in the resource model (20 metres x 20 metres x 10 metres) is the cause of the issue whilst mining
around an existing cutback void. Material that is present in the large block has already been partially mined in the
previous Stage 2 pit, which was the higher-grade part of the large block. Overall, the pit continues to reconcile well,
however this section of the cutback is strongly affected by this circumstance. The pit mining is within 10 metres of
reaching the previous cutback base, and from here it is expected the reconciliation will revert to previous correlation
of ~95%-105% overall.
Additional drilling has been undertaken this quarter to confirm the continuity of the grade and geology. The drilling
assays returned emulated the block model grades giving good confidence in the ongoing cutback ore content and has
enhanced the geological model. The Edikan Block Model to mill reconciliation figures are shown in Table 8 below.
Table 8: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 78% 87% 89%
Head Grade 81% 84% 87%
Contained Gold 63% 73% 77%
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GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Table 9: Production and Cost Guidance
PARAMETER UNITS DECEMBER 2021 HALF YEAR
(ACTUAL)
JUNE 20212HALF YEAR
(FORECAST)
2022 FINANCIAL YEAR
(FORECAST)
Yaouré Gold Mine
Production Ounces 139,747 130,000 - 140,000 269,747 - 279,747
All-in Site Cost USD per ounce 687 765 to 815 725 to 750
Sissingué Gold Mine
Production Ounces 34,133 25,000 to 35,000 59,133 – 69,133
All-in Site Cost USD per ounce 917 810 to 1,280 872 to 1,100
Edikan Gold Mine
Production Ounces 67,284 75,000 to 90,000 142,284 – 157,284
All-in Site Cost USD per ounce 1,509 1,210 to 1,430 1,350 to 1,465
PERSEUS GROUP
Production Ounces 241,164 230,000 to 265,000 471,164 – 506,164
All-in Site Cost USD per ounce 949 915 to 1,085 932 to 1,020
SUSTAINABILITY
COVID-19 UPDATE
A fourth wave of COVID-19 has spread across West Africa during the quarter, with higher infection rates consistent
with the Omicron variant. In response, Perseus continued to update its COVID-19 critical controls, with focus on
keeping its people safe and healthy, maintaining safe and stable operations, and supporting host governments and
local communities. Although around 190 cases of COVID-19 have been recorded across the Company’s operations
since the beginning of the pandemic, no cases have led to serious illness and our controls have been effective in
limiting the spread in our workforce.
During the quarter 60 new cases of COVID-19 were recorded, mainly at the Edikan and Yaouré operations and almost
all in the month of December. Vaccination campaigns progressed across our operations, and with increased vaccine
availability across the region, around 50 per cent of Perseus’s employees and contractors are now fully vaccinated.
Efforts continue to improve vaccination rates as they become available under government programs.
SUSTAINABILITY GOVERNANCE
During the quarter, Perseus continued to strengthen its sustainability governance by:
• Releasing the second Modern Slavery Statement in line with the Australian Modern Slavery Act 2018 (Cth), for the
period 1 July 2020 to 30 June 2021, providing further information on the human rights risk profile of Perseus’s
global supply chain, and outlining its human rights and modern slavery due diligence program.
• Commencing a global project to transform Perseus’s health and safety approach and performance across the
operations in line with international best practice, focusing on leadership, culture, capability and risk
management. The work will be delivered throughout the remainder of FY22 and FY23.
• Commencing an independent review of closure plans and cost estimates, to be completed by the end of Q3.
• Updating security risk assessments at Sissingué due to the increased terrorism risks in countries to the north of
Côte d’Ivoire associated with activity of Jihadist groups in the Sahel region.
SUSTAINABILITY PERFORMANCE
This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown
below in Table 10 and summarised as follows:
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• Safety: Perseus’s record of zero fatalities across the operations was maintained, and safety performance
improved significantly from the previous quarter at Edikan and Sissingué, with Total Recordable Injury Frequency
Rates (TRIFR) to the end of December 1.36 and 0.0 respectively. The TRIFR across the Group was 1.49, a significant
improvement on the September quarter and our FY21 performance, however still higher than our FY22 target of
1.3. Sissingué achieved 1 year without a recordable incident, and Edikan was awarded the Best Performer in
Occupational Health and Safety during the 7th Ghana Mining Industry Awards, established by the Ghana Chamber
of Mines.
• Social:
– Total economic contribution to Perseus’s host countries of Ghana and Côte d’Ivoire for the financial year to
date of around US$223 million (around 60% of revenue), included approximately US$166 million paid to local
suppliers, US$21 million paid as salaries and wages to local employees, US$35 million in payments to
government as taxes, royalties and other payments, and around US$591,000 in social investment.
– Local and national employment has been maintained at above 95% for the quarter, and local
procurement around 81%.
– Zero significant community events occurred.
• Environment:
– Scope 1 and 2 greenhouse gas emissions remained steady from the first quarter. Water intensity increased
slightly due to dry season conditions across the region.
– As part of development of Perseus’s emissions reduction strategy, two vendors were shortlisted to support
further detailed studies to partially replace the diesel fired back-up generators at Yaouré with solar power.
– Zero environmental events or significant tailings dam integrity issues occurred during the period.
In achieving the above, the following sustainability challenges were encountered by Perseus during the quarter:
• Total Recordable Injury Frequency Rates (TRIFR) at Yaouré increased from 3.24 in the September quarter to 3.49,
tracking significantly higher than its FY21 result of 1.59 and higher than its FY22 target of 2.2. Given its
performance and the significant work required to embed Perseus’s Health and Safety standards at this new
operation, Yaouré will be the primary focus of the Health and Safety improvement program for the remainder of
FY22.
• Government administrative delays to the establishment of the Yaouré Community Development Fund, and
associated delays to commencement of community projects. Perseus is working with Government to establish the
fund as soon as possible, and community funding is being accumulated in an account each month since
commercial production was achieved at Yaouré.
• Illegal mining activities on Perseus’s mining and exploration licence areas continues to present challenges for the
Company in both Ghana and Côte d’Ivoire. The Company continues to work closely with relevant government
authorities to manage these activities that have proven to negatively impact both the environmental and social
fabric of local communities.
• Ongoing tensions with the community around Yaouré regarding employment and business opportunities and land
compensation.
• Security risks at Sissingué and satellite exploration activity areas (Fimbiasso and Bagoé) are being closely
monitored due to ongoing political and social unrest which has given rise to terrorist activities in Mali which lies
immediately to the north of the Sissingué mine.