DECEMBER 2022 QUARTER REPORT Perseus Mining produces 521,221oz gold at US$941/oz AISC in 2022
24 JANUARY 202 3
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
DECEMBER 2022 QUARTER REPORT
Perseus Mining produces 521,221oz gold at US$941/oz AISC in 2022
PERTH, Western Australia/ January 24, 2023/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended December 31, 2022 (the “Quarter”).
• Key Operating highlights for Quarterly, Half Year and Calendar Year periods ending December 31, 2022 include:
PERFORMANCE INDICATOR UNIT DECEMBER 2022 QUARTER DECEMBER 2022 HALF YEAR CALENDAR 2022 YEAR
Gold recovered Ounces 130,911 268,371 521,221
Gold poured Ounces 130,992 270,545 523,598
Production Cost US$/ounce 881 820 827
All-In Site Cost (AISC) US$/ounce 983 930 941
Gold sales Ounces 203,154 261,921 504,862
Average sales price US$/ounce 1,748 1,724 1,714
Notional Cashflow US$ million 101 213 402
– Gold production in the December Half Year and 2022 Calendar Year exceeded respective production guidance
ranges of 240,000 to 265,0000 ounces and 492,850 to 517,850 ounces.
– AISCs in both the December Half Year and 2022 Calendar Year were below the cost guidance ranges of
US$1,000 to US$1,100 per ounce and US$980 to US$1,025 per ounce respectively.
– At 130,911 ounces, gold production for the December 2022 quarter achieved an annualised rate of nearly
525,000 ounces and was only slightly less than Perseus’s record gold production of 137,460 ounces achieved
in the September 2022 quarter.
– December 2022 quarter weighted average AISCs (US$983 per ounce) were 12% above the September 2022
quarter AISC due to overall reduced gold production at Sissingué and inflation.
– As forecast last quarter, quarterly gold sales increased by 144,387 ounces to 203,154 ounces; average
quarter-on-quarter gold sale price increased by 6% to US$1,748 per ounce.
– Average quarterly cash margin of US$765 per ounce of gold was in line with the prior quarter’s cash margin of
US$766 per ounce.
– Notional cashflow from operations of US$101 million in the quarter resulted in the full calendar year notional
cashflow total of US$402 million, 46% more than in the corresponding period.
– Perseus’s strong performance is forecast to continue in the June 2023 Half Year with gold production of
230,000 to 260,000 ounces at an ASIC of US$1,000 to US$1,200 per ounce.
– Perseus on track to produce 498,370 to 528,370 ounces at an ASIC of US$1,000 to US$1,100 per ounce for the
Financial Year ending June 30, 2023.
• Perseus further strengthened its financial position with available cash and bullion of US$405 million
(A$594 million), and no debt, at year end, an increase of US$76.2 million net cash this quarter and US$243 million
(A$325 million) or 150%, year-on-year.
2
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
• Front-End Engineering and Design, confirmatory and sterilisation drilling at the Meyas Sand Gold Project
(previously referred to as Block 14) in Sudan started during the quarter. Preparations underway for FID in Dec
2023 HY.
• Organic growth activities included feasibility-level studies at the MSGP and CMA Underground, work to increase
confidence in existing Mineral Resources, as well as generative exploration.
• Perseus published a comprehensive 2022 Sustainable Development Report, detailing its continually improving
sustainability performance, during the quarter.
• Total economic contribution to host countries of Ghana, Côte d’Ivoire and Sudan was ~US$116 million
(approximately 33% of revenue) during the quarter.
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana combined to
produce a total of 130,911 ounces of gold in the December 2022 quarter. The weighted average production cost at the
operations was US$881 per ounce, while the weighted average AISC incurred during the quarter was US$983 per
ounce of gold.
This performance, when combined with record gold production in the September 2022 quarter, gave rise to Half
Yearly gold production of 268,371 ounces of gold, produced at an average AISC of US$930 per ounce. This consistently
strong performance exceeded market production guidance for the December 2022 Half Year of 240,000 to 265,000
ounces of gold produced and bettered AISC guidance of US$1,000 to US$1,100 per ounce.
When combined with June 2022 Half Year production of 252,850 ounces at an AISC of US$955 per ounce, Perseus
delivered total production of 521,221 ounces of gold at an AISC of US$941 per ounce for the full 2022 Calendar Year.
In the December 2022 quarter, combined gold sales from all three operations totalled 203,154 ounces, including sales
of 93,634 ounces of bullion on hand at the end of the September quarter. The weighted average gold price realised
was US$1,748 per ounce, US$103 per ounce more than the September 2022 quarter price of US$1,645 per ounce.
Perseus’s average cash margin for the December 2022 quarter was US$765 per ounce, in line with the cash margin
achieved during the September 2022 quarter. Notional operating cashflow from operations was US$101 million,
US$11 million less than the September quarter, driven by slightly lower overall group gold production, combined with
higher AISCs at Sissingué and Yaouré.
These strong results, summarised below in Tables 1 and 2 below, confirm Perseus’s position as one of the world’s
better performing mid-tier gold producers in 2022.
Table 1: Cost and Production Summary by Mine
MINE
TOTAL GOLD PRODUCED (OUNCES)1 ALL-IN SITE COST (US$/OUNCE)
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER
2022 HALF
YEAR
2022
CALENDAR
YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER
2022 HALF
YEAR
2022
CALENDAR
YEAR
Yaouré 71,469 65,352 136,821 294,892 658 798 724 685
Edikan 52,127 53,850 105,977 173,235 1,060 1,058 1,059 1,253
Sissingué 13,864 11,709 25,573 53,094 1,336 1,672 1,490 1,349
Perseus
Group
137,460
130,911 268,371 521,221 879 983 930 941
Notes: 1. Gold recovered
Table 2: Realised Gold Price and Notional Cash Flow by Mine
MINE
REALISED GOLD PRICE (US$ PER OUNCE) NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER
2022 HALF
YEAR
2022
CALENDAR
YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER
2022 HALF
YEAR
2022
CALENDAR
YEAR
Yaouré 1,748 1,726 1,727 1,711 78 61 137 303
Edikan 1,626 1,754 1,692 1,706 30 38 67 78
Sissingué - 1,847 1,847 1,755 71 2 9 21
3
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
MINE
REALISED GOLD PRICE (US$ PER OUNCE) NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER
2022 HALF
YEAR
2022
CALENDAR
YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER
2022 HALF
YEAR
2022
CALENDAR
YEAR
Perseus
Group 1,645 1,748 1,724 1,714 112 101 213 402
Notes:
1. The September Quarter has been adjusted to reflect the actual achieved price of $1,847. No sales of Sissingué gold occurred during the
September quarter, the calculation of notional cash flow was based on the average sales price for the Group of US$1,645 per ounce less
Sissingué’s AISC, applied to the gold produced by the mine during the quarter.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 3 below for details of operating and financial parameters recorded at the Yaouré gold mine during the
periods ending 31 December 2022 and relevant prior periods.
During the quarter, Perseus’s Yaouré gold mine produced 65,352 ounces of gold at a production cost of US$707 per
ounce and an AISC of US$798 per ounce. The weighted average sales price of the 126,174 ounces of gold sold during
the quarter was US$1,726 per ounce, giving rise to a cash margin of US$928 per ounce. Notional operating cashflow
generated during the quarter by Yaouré was US$60.7 million, or US$17.2 million less than in the September 2022
quarter.
This performance contributed to half yearly gold production at Yaouré of 136,821 ounces of gold at an average AISC of
US$724 per ounce, which was in the upper half of market guidance range for the half year of 130,000 to 140,000
ounces of gold produced and below AISC guidance of US$810 to US$875 per ounce.
The operating performance at Yaouré resulted from sound operating fundamentals relative to the prior quarter,
including mill run time (94.3% compared to 90.4%), and gold recovery rates (93.6% compared to 93.1%). The head
grade of processed ore (2.17 g/t compared to 2.43 g/t) and throughput rates (481 tph compared to 491 tph) both
lagged the outstanding metrics recorded in the prior period, reflecting a shift in the location of mining in the CMA pit.
Table 3: Yaouré Quarterly Performance
PARAMETER UNIT CALENDAR
2021 YEAR2
JUNE 2022
HALF YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER 2022
HALF YEAR
2022 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 33,190,249 18,176,717 6,991,354 9,369,467 16,360,821 34,537,538
Total ore mined Tonnes 3,108,440 3,362,317 1,326,508 1,280,881 2,607,389 5,969,706
Average ore grade g/t gold 1.85 1.90 1.92 1.80 1.86 1.88
Strip ratio t:t 9.68 4.4 4.3 6.3 5.3 4.8
Ore milled Tonnes 3,321,759 2,061,676 980,624 1,001,560 1,982,184 4,043,860
Milled head grade g/t gold 2.02 2.55 2.43 2.17 2.30 2.43
Gold recovery % 92.3 93.6 93.1 93.6 93.2 93.5
Gold produced ounces 199,185 158,071 71,469 65,352 136,821 294,892
Gold sales1 ounces 193,906 145,708 9,000 126,174 135,174 280,882
Average sales price US$/ounce 1,694 1,697 1,748 1,726 1,727 1,711
Unit Production Costs
Mining cost US$/t mined 2.71 2.70 2.87 2.97 2.92 2.80
Processing cost US$/t milled 11.99 13.17 12.18 12.00 12.09 12.64
G & A cost US$M/month 1.89 1.69 2.24 2.14 2.19 1.94
All-In Site Cost
Production cost US$/ounce 659 546 541 707 620 580
Royalties US$/ounce 86 76 93 78 86 81
Sub-total US$/ounce 745 622 635 785 706 661
Sustaining capital US$/ounce 15 29 23 13 18 24
Total All-In Site Cost3 US$/ounce 760 651 658 798 724 685
Notional Cashflow from Operations
Cash Margin US$/ounce 934 1,046 1,090 928 1,003 1,026
Notional Cash Flow US$M 165.1 165.3 77.9 60.7 137.2 302.7
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
4
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
2. Includes Yaouré data from declaration of Commercial Production on 31 March 2021.
3. Included in the AISC for the quarter is US$7 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 4 shows the reconciliation of processed ore tonnes, grade, and contained gold relative to the Yaouré Mineral
Resource block model. During the last quarter, 16% more ore tonnes were processed at 14% lower grade for zero
variance in ounces compared to the Mineral Resource model. In the previous six months and project to date, In the
previous six months and project to date, Yaouré has produced more metal than the Mineral Resource model predicted.
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 1.16 1.16 1.24
Head Grade 0.86 0.90 0.93
Contained Gold 1.00 1.04 1.14
EDIKAN GOLD MINE, GHANA
Table 5 below summarises the key operating and financial parameters recorded at Edikan during the periods ending
31 December 2022 and relevant prior periods.
Edikan produced 53,850 ounces of gold at a production cost of US$935 per ounce and an AISC of US$1,058 per ounce
in the December quarter, slightly bettering the much improved performance in the September 2022 quarter relative
to prior periods. Gold sales of 52,601 ounces were 6% more than in the prior quarter, at a weighted average realised
gold price of US$1,754 per ounce, generating an average cash margin of US$696 per ounce, a significant improvement
on results achieved earlier in the year. In addition, notional cashflow of US$37.5 million was US$8.0 million better than
in the prior period.
This quarterly performance contributed to Half Yearly gold production at Edikan of 105,977 ounces of gold, produced
at an average AISC of US$1,059 per ounce. This production performance exceeded the top end of the market guidance
range for the Half Year of 90,000 to 100,000 ounces of gold produced and was well below the bottom end of the AISC
guidance range of US$1,190 to US$1,320 per ounce. This performance was a large improvement compared to the
June Half Year with production increasing by 38,719 ounces and AISC falling by US$500 per ounce.
Operating performance at Edikan was generated by sound operating fundamentals generally in line with the prior
quarter. Mill run time (95.9% compared to 91.3%) and gold recovery rates (91.4% compared to 89.7%) both improved
quarter-on-quarter, while head grade of processed ore (1.02 g/t compared to 1.04 g/t), and throughput rates (846 tph
compared to 861 tph) were down slightly on the prior quarter but remaining within acceptable tolerance ranges.
Table 5: Edikan Quarterly Performance
PARAMETER UNIT CALENDAR
2021 YEAR
JUNE 2022
HALF YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER 2022
HALF YEAR
2022 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 30,243,330 13,406,232 6,585,431 7,432,736 14,018,167 27,424,399
Total ore mined Tonnes 3,593,661 2,532,210 1,523,694 1,824,015 3,347,709 5,879,919
Average ore grade g/t gold 1.01 1.06 1.07 1.03 1.05 1.05
Strip ratio t:t 7.4 4.29 3.32 3.07 3.19 3.66
Ore milled Tonnes 6,767,653 2,884,017 1,736,623 1,791,242 3,527,865 6,411,882
Milled head grade g/t gold 0.82 0.86 1.04 1.02 1.03 0.95
Gold recovery % 84.1 84.6 89.7 91.4 90.5 88.1
Gold produced ounces 150,330 67,258 52,127 53,850 105,977 173,235
Gold sales1 ounces 147,953 67,524 49,767 52,601 102,368 169,892
Average sales price US$/ounce 1,604 1,726 1,626 1,754 1,692 1,706
Unit Production Costs
Mining cost US$/t mined 3.32 3.99 4.38 3.94 4.14 4.08
Processing cost US$/t milled 8.98 11.26 9.19 9.11 9.15 10.10
5
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
PARAMETER UNIT CALENDAR
2021 YEAR
JUNE 2022
HALF YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER 2022
HALF YEAR
2022 CALENDAR
YEAR
G & A cost US$M/month 1.63 1.45 1.49 1.61 1.55 1.5
All-In Site Cost2
Production cost US$/ounce 1,201 1,408 945 935 940 1,122
Royalties US$/ounce 104 116 97 117 107 111
Sub-total US$/ounce 1,305 1,524 1,042 1,052 1,047 1,233
Sustaining capital US$/ounce 40 34 18 6 12 20
Total All-In Site Cost2 US$/ounce 1,345 1,559 1,060 1,058 1,059 1,253
Notional Cashflow from Operations1
Cash Margin US$/ounce 259 168 566 696 633 453
Notional Cash Flow US$M 38.9 11.3 29.5 37.5 67.1 78.4
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$ 7.09 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
Reconciliation of processed ore tonnes, grade and contained ounces relative to the Edikan Mineral Resource block
model is in Table 6 below.
During the last three months, grade control has predicted additional tonnes (+9%), exact grade and more ounces
(+8%) when compared to the Mineral Resource Estimate (MRE). Over the last six months, Edikan has also recorded
more contained metal than predicted by the MRE model but in the 12-month period, contained gold was slightly
under that predicted by the MRE. Therefore, Perseus regards the overall outperformance as being within normal
industry standards.
Table 6: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.09 1.09 1.04
Head Grade 1.00 1.01 0.91
Contained Gold 1.08 1.10 0.95
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 7 below for details of operating and financial parameters at the Sissingué gold mine during the periods
ending 31 December 2022 and relevant prior periods.
Table 7: Sissingué Quarterly Performance
PARAMETER UNIT CALENDAR
2021 YEAR
JUNE 2022
HALF YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER 2022
HALF YEAR
2022 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 2,840,322 2,447,379 1,639,628 2,039,033 3,678,661 6,126,040
Total ore mined Tonnes 1,200,527 553,739 205,949 310,892 516,841 1,070,580
Average ore grade g/t gold 1.85 0.9 0.71 0.74 0.73 0.82
Strip ratio t:t 1.4 3.4 7.0 5.6 6.1 4.7
Ore milled Tonnes 1,271,788 746,050 389,357 410,365 799,722 1,545,772
Milled head grade g/t gold 2.23 1.28 1.21 0.97 1.09 1.18
Gold recovery % 90.9 89.7 91.2 91.9 91.5 90.6
Gold produced ounces 82,895 27,521 13,864 11,709 25,573 53,094
Gold sales1 ounces 90,389 29,709 0 24,379 24,379 54,088
Average sales price US$/ounce 1,655 1,680 0 1,847 1,847 1,755
Unit Production Costs
Mining cost US$/t mined 6.80 4.58 3.72 3.96 3.85 4.14
Processing cost US$/t milled 18.40 15.97 16.71 16.46 16.58 16.30
G & A cost US$M/month 1.14 1.10 1.39 1.31 1.35 1.22
All-In Site Cost1
6
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
PARAMETER UNIT CALENDAR
2021 YEAR
JUNE 2022
HALF YEAR
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
DECEMBER 2022
HALF YEAR
2022 CALENDAR
YEAR
Production cost US$/ounce 680 1,080 1,209 1,602 1,389 1,229
Royalties US$/ounce 100 110 122 63 95 103
Sub-total US$/ounce 780 1,190 1,331 1,665 1,484 1,332
Sustaining capital US$/ounce 18 28 5 7 6 17
Total All-In Site Cost3 US$/ounce 798 1,218 1,336 1,672 1,490 1,349
Notional Cashflow from Operations1
Cash Margin US$/ounce 856 460 3092 174 357 406
Notional Cash Flow US$M 71.0 12.6 7.12 2.0 9.1 21.6
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.
2. The September Quarter has been adjusted to reflect the actual achieved price of $1,847. No sales of Sissingué gold occurred during the September
quarter, the calculation of notional cash flow was based on the average sales price for the Group of US$1,645 per ounce less Sissingué’s AISC,
applied to the gold produced by the mine during the quarter.
3. Included in the AISC for the quarter is US$0.95 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, Sissingué produced 11,709 ounces of gold at a production cost of US$1,602 per ounce and an AISC
of US$1,672 per ounce.
During the quarter, the ore processed in the Sissingué mill was mined from the remnants of West Arm, Binkadi and
Bagoé pits at Sissingué while access is developed to the satellite pits at Fimbiasso East and West. Notwithstanding this,
overall production performance for the mine during the quarter was better than forecast with each of the key
operating parameters including runtime (92.1%), throughput rate (202 tph), and recovery (91.9%) in line with or better
than the prior quarter. Average head grade (0.97g/t) was down relative to the prior quarter in line with company
expectations, and it was this temporary reduction in grade that accounted for lower gold production during the
quarter.
The AISC of US$1,672 per ounce was in line with expectations falling in the lower half of the AISC guidance range. This
quarter, the AISC was increased by capital investment on infrastructure required to support the mining of the
Fimbiasso East and West pits that commenced following the end of the quarter.
The weighted average sales price of the 24,379 ounces of gold sold during the quarter was US$1,847 per ounce, giving
rise to an average cash margin of US$174 per ounce. As previously reported, no gold from Sissingué was sold in the
September quarter, and was included in the sale of the 24,379 ounces recorded this quarter. Most gold was sold into
specifically designated hedge contracts designed to preserve the cash margin during this period of high capital
expenditure. While the cash margin during the quarter reduced to US$174 per ounce of gold sold, for the full 2022
calendar year, the cash margin was US$406 per ounce, slightly higher than the minimum cash margin target of US$400
per ounce set by Perseus. Notional cashflow generated by the mine during the quarter totalled US$2 million.
This performance contributed to half yearly gold production at Sissingué of 25,573 ounces of gold, produced at an
average AISC of US$1,490 per ounce which exceeded the top end of the market production guidance for the Half Year
of 20,000 to 25,000 ounces of gold produced and fell below the bottom end of the AISC market guidance range of
US$1,600 to US$1,950 per ounce.
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 8 below. During the last three months, grade control has predicted additional tonnes (+19%) at
a reduced grade (-10%) resulting in an increase in overall ounces (+6%%) when compared to the Mineral Resource
Estimate (MRE). Over the last six- and 12-month periods, Sissingué has produced more metal than the Mineral
Resource model predicted. Perseus regards the overall outperformance as being within normal industry standards.
Table 8: Sissingué Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.19 1.22 1.27
Head Grade 0.90 0.87 0.95
Contained Gold 1.06 1.06 1.22
7
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
UPDATE ON DEVELOPMENT PROGRESS OF FIMBIASSO PITS
During the quarter, construction of infrastructure required to support mining ore from the satellite Fimbiasso East and
West pits was completed and after the end of the quarter, mining commenced at Fimbiasso East. The first ore from
the Fimbiasso pits is expected to be transported to the Sissingué mill for processing in late March 2023.
BAGOÉ MINING LEASE
Perseus’s environmental and social impact assessment (“ESIA”) for its proposed Bagoé mining operation has been
approved by the environmental regulator (ANDE) and has been lodged with the Department of Mines, Petroleum and
Energy together with the Definitive Feasibility Study of an operation located on the Bagoé exploration permit.
Approval is expected to occur during the March 2023 quarter and an Exploitation Permit should be granted and a
Mining Convention covering the operation negotiated. Construction of infrastructure required to support a mining
operation on the Bagoé lease will commence as soon as possible following receipt of the Mining Lease.
GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Table 9: Production and Cost Guidance
PARAMETER UNITS DECEMBER 2022 HALF YEAR
(ACTUAL)
JUNE 2023 HALF YEAR
(FORECAST)
2023 FINANCIAL YEAR
(FORECAST)
Yaouré Gold Mine
Production Ounces 136,821 117,500 to 130,000 254,300 to 266,800
All-in Site Cost USD per ounce 724 900 to 1,000 850 to 900
Sissingué Gold Mine
Production Ounces 25,573 25,000 to 30,000 50,600 to 55,600
All-in Site Cost USD per ounce 1,490 1,750 to 1,850 1,625 to 1,675
Edikan Gold Mine
Production Ounces 105,977 87,500 to 100,000 193,500 to 206,000
All-in Site Cost USD per ounce 1,059 1,100 to 1,200 1,075 to 1,125
PERSEUS GROUP
Production Ounces 268,371 230,000 to 260,000 498,370 to 528,370
All-in Site Cost USD per ounce 930 1,000 to 1,200 1,000 to 1,100
SUSTAINABILITY
SUSTAINABILITY GOVERNANCE
During the quarter, Perseus continued to strengthen its sustainability governance through the following:
• Completed Phase 1 of global health and safety cultural program ‘Safely Home Every Day’, which aims to align the
business around a common vision for health and safety and empowering personnel at all levels in Perseus ’s
organisation to understand their unique contribution in creating a safe workplace. Planning of the Health and Safety
improvement program was completed in May 2022. Implementation of Phase 1 of the Health and Safety
improvement program which involved all sites was finalized in November 2022. Phase 2 of the implementation will
occur in the June 2023 Half Year.
• Finalized the establishment of the Yaour é Community Development F und, with the C ôte d’Ivoire Government
signing a new decree specifying the method of operation of the Fund.
• Finalized the Environmental Impact Statement (EIS) for the Bagoé project near Sissingué, with the EIS report
validated, recommendations addressed, and the environmental permit for Bagoé granted.
• Conducted several employee and community training and awareness days in partnership with local non -
governmental organisations (NGOs) and community groups, with the intent of improving awareness of heart health,
breast cancer, malaria prevention, HIV/AIDs and female empowerment. Sites also conducted employee training on
safety culture, safe driving during the festive season, survi val swimming, emergency response scenarios and
harassment and violence in the workplace.
• Received approval to store and use explosives and a temporary water permit at Fimbiasso near Sissingué.
8
NEWS RELEASE | DECEMBER 2022 QUARTER REPORT
PERSEUSMINING.COM
• Commenced tracking the societal economic contributions from Sudan operations.
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:
• Safety:
– Lost Time Injury Frequency (LTIFR) across the Group reduced from 0.26 to 0.25. The sites achieved a safety
milestone, celebrating 1.6 million hours without a Lost Time Incident (LTI) for Edikan, 17.2 million hours without
an LTI for Sissingué, and more than 2.4 million hours without an LTI for Yaouré.
– Group Total Recordable Injury Frequency Rates (TRIFR) slightly increased from 1.19 at the end of the September
quarter to 1.44 at the end of December 2022, which is higher than the FY23 target of 0.8. This was driven by an
increase in Restricted Work Injuries at exploration sites. However, additional focus on safety performance at
Yaouré has led to significant improvement at that site over the quarter, from a TRIFR of 1.93 at the end of
September 2022 to 1.27 at the end of December 2022.
• Social:
- Total economic contribution to Perseus’s host countries of Ghana, Côte d’Ivoire and Sudan during the quarter
was ~US$116 million (approximately 33% of revenue), which included approximately US$99 million paid to
local suppliers representing 80% of procurement on Purchase Order Value basis, US$9 million paid as salaries
and wages to local employees, US$7 million in payments to government as taxes, royalties and other
payments, and around US$1.4 million in social investment (includes accrual for Yaouré). Sudan’s economic
contributions have been tracked for the first time this quarter and will continue to be included in future
reporting periods. Excluding Sudan, the proportion of procurement sourced from local suppliers was 87% for
the quarter ended December 2022, a significant increase from 78% for the quarter ended September 2022.
Local and national employment continued to remain above 95% for the reporting quarter. Across the Perseus
group, gender diversity declined slightly with the proportion of female employees ~14% for the quarter ended
September 2022 to 12% for the quarter ended December 2022, reflecting the industry in which we are involved
but more particularly, the cultural orientation of our host countries.
One Category 3 community event occurred in November 2022 where a member of the community barricaded
the road towards the mine at Sissingué. A meeting was organised the next day with the community member
and the Prefect of the local community and the issue was resolved . Another Category 3 community event
occurred on the Agyakusu AM exploration licence during the quarter when access to drill sites was denied by
landowners who were hosting illegal small-scale mining activities. Rather than exercise its legal rights, Perseus
withdrew from the area pending further discussions with landowners and local authorities.
• Environment:
- Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced increased by 5.5% from
0.47 tCO2-e/oz for the quarter ended September 2022 to 0.496 tCO2-e/oz for the quarter ended December
2022. This continues to be well below peer average (0.78 tCO2-e/oz). Total emissions and emissions intensity
has reduced since start of the financial year due to Edikan’s increased use of gas for power.
Zero significant (Consequence 3) environmental or tailings dam integrity issues occurred during the period.
In achieving the above, the following sustainability challenges were encountered by Perseus during the quarter:
• A total of 11 employee and contractor injuries occurred during the quarter, which included one Medical Treatment
Injury (MTI) for a contractor.
• Illegal mining activities on Perseus’s mining and exploration licence areas continue 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.
• There are ongoing tensions within the communities around Yaouré and Sissingué regarding local employment, local
business opportunities, pollution, and crop and land compensation.