DECEMBER 2023 QUARTER REPORT Perseus Mining produces 528,486 oz gold at US$984/oz AISC in CY 2023
24 JANUARY 2024
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
DECEMBER 2023 QUARTER REPORT
Perseus Mining produces 528,486 oz gold at US$984/oz AISC in CY 2023
PERTH, Western Australia/ January 24, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended December 31, 2023 (the “Quarter”).
• Key operating indicators and highlights for the December 2023 quarter include:
PERFORMANCE INDICATOR UNIT DECEMBER 2023 QUARTER DECEMBER 2023 HALF YEAR CALENDAR YEAR 2023
Gold recovered Ounces 128,773 261,577 528,486
Gold poured Ounces 128,339 261,055 529,152
Production Cost US$/ounce 862 833 826
All-In Site Cost (AISC) US$/ounce 1,023 979 984
Gold sales Ounces 135,137 251,091 526,734
Average sales price US$/ounce 1,963 1,951 1,913
Notional Cashflow US$ million 122 254 492
• Gold production of 128,773 ounces in the December 2023 quarter, giving December Half Year and 2023 Calendar Year
production of 261,577 ounces and 528,486 ounces, respectively.
• December 2023 quarter weighted average AISC of US$1,023 per ounce resulting in December Half Year and 2023
Calendar Year AISC of US$979 per ounce and US$984 per ounce, respectively.
• Gold production in the December Half Year and 2023 Calendar Year both in the upper half of guided production ranges
while AISC was below the bottom end of guided cost ranges in the same periods.
• Quarterly gold sales increased to 135,137 ounces; average quarterly gold sale price increased to US$1,963 per ounce.
• Average quarterly cash margin of US$940 per ounce of gold resulted in notional operating cashflow of US$122 million in
the quarter and US$492 million for the 2023 calendar year, US$90 million or 22% more than 2022 Calendar Year.
• Strong operating performance expected to continue in the June 2024 Half Year. Gold production guided at 226,000 to
254,000 ounces at AISC of US$1,180 to US$1,340 per ounce for the period, which would result in 491,000 to 517,000
ounces at an AISC of US$1,000 to US$1,100 per ounce for the Financial Year ending 30 June 2024.
• Organic growth activities included completion of a DFS for the CMA Underground development at Yaouré as well as
various brownfields exploration programmes to expand Mineral Resources inventories at our operating mines.
• Available cash and bullion balance of US$642 million, as well as US$60 million of listed securities at quarter-end. Zero
debt and US$300 million of undrawn debt capacity available.
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• Group 12-month rolling average TRIFR at 0.89, down from 1.07 in the September 2023 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 128,773 ounces of gold in the December 2023 quarter. The weighted average production cost at the operations
was US$862 per ounce, while the weighted average AISC was US$1,023 per ounce of gold for the quarter.
Combined with strong gold production in the September 2023 quarter, this performance resulted in Half Yearly gold
production of 261,577 ounces of gold, produced at an average AISC of US$979 per ounce. This performance was in the
upper half of production mar ket guidance for the December 2023 Half Year of 242,500 to 272,500 ounces of gold
produced and below the bottom end of AISC market guidance of US$1,000 to US$1,100 per ounce.
When combined with June 2023 Half Year production of 266,909 ounces at an AISC of US$989 per ounce, Perseus
delivered total production of 528,486 ounces of gold at an AISC of US$984 per ounce for the 2023 Calendar Year.
In the December 2023 quarter, combined gold sales from all three operations totalled 135,137 ounces or 19,183 ounces
more than in the September 2023 quarter. The weighted average gold price realised was US$1,963 per ounce, US$27 per
ounce more than the September 2023 quarter price of US$1,936 per ounce.
Perseus’s average cash margin for the December 2023 quarter was US$940 per ounce resulting in notional operating
cashflow from operations of US$122 million, US$10 million less than the September quarter. This decrease was driven by
slightly lower overall group gold production, combined with higher AISC, mainly at Yaouré, where improved weather
conditions enabled increased material movements from the open pit.
These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better
performing mid-tier gold producers in 2023.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2023
QUARTER
DECEMBER
2023
QUARTER
DECEMBER
2023
HALF YEAR
CALENDAR
YEAR
2023
SEPTEMBER
2023
QUARTER
DECEMBER
2023
QUARTER
DECEMBER
2023 HALF
YEAR
CALENDAR
YEAR
2023
Yaouré 73,737 60,642 134,379 271,499 73,801 61,917 135,718 272,347
Edikan 48,497 50,150 98,647 202,599 47,882 49,926 97,808 203,843
Sissingué 10,570 17,981 28,551 54,389 11,033 16,496 27,529 52,962
Group 132,804 128,773 261,577 528,486 132,717 128,339 261,055 529,152
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2023
QUARTER
DECEMBER
2023
QUARTER
DECEMBER
2023
HALF YEAR
CALENDAR
YEAR
2023
SEPTEMBER
2023
QUARTER
DECEMBER
2023
QUARTER
DECEMBER
2023 HALF
YEAR
CALENDAR
YEAR
2023
Yaouré 65,197 67,491 132,688 276,986 1,949 1,955 1,952 1,909
Edikan 44,209 50,074 94,283 200,913 1,910 1,954 1,933 1,904
Sissingué 6,548 17,572 24,120 48,836 1,974 2,019 2,007 1,968
Group 115,954 135,137 251,091 526,734 1,936 1,963 1,951 1,913
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Table 3: All-In Site Costs (AISC) and Notional Cash Flow by Mine
MINE
ALL-IN SITE COST (US$/OUNCE) NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
SEPTEMBER
2023
QUARTER
DECEMBER
2023
QUARTER
DECEMBER
2023
HALF YEAR
CALENDAR
YEAR
2023
SEPTEMBER
2023
QUARTER
DECEMBER
2023
QUARTER
DECEMBER
2023 HALF
YEAR
CALENDAR
YEAR
2023
Yaouré 677 960 805 795 93 61 154 302
Edikan 1,078 930 1,003 1,050 40 51 92 173
Sissingué 2,095 1,498 1,719 1,685 (1) 9 8 15
Group 937 1,023 979 984 132 122 254 492
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
Figure 1: Growth in gold production at attractive cash margins
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YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of operating and financial parameters recorded at the Yaouré gold mine during the
period ending 31 December 2023 and relevant prior periods.
During the quarter, Yaouré produced 60,642 ounces of gold at a production cost of US$794 per ounce and an AISC of
US$960 per ounce. The weighted average sales price of the 67,491 ounces of gold sold during the quarter was US$1,955
per ounce, giving rise to a cash margin of US$995 per ounce. Notional operating cashflow generated during the quarter
by Yaouré was US$61 million, or US$32 million less than in the September 2023 quarter.
This performance contributed to half yearly gold production at Yaouré of 134,379 ounces of gold at an average AISC of
US$805 per ounce, which was in the upper half of market guidance range for the half year of 125,000 to 140,000 ounces
of gold and below the guided AISC range of US$850 to US$950 per ounce.
Table 4: Yaouré Quarterly Performance
PARAMETER UNIT
2022
CALENDAR
YEAR
JUNE 2023
HALF YEAR
SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
DECEMBER
2023
HALF YEAR
2023
CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 34,537,538 17,054,666 7,454,464 8,672,230 16,126,694 33,181,360
Total ore mined Tonnes 5,969,706 2,683,589 1,510,898 1,361,286 2,872,184 5,555,773
Average ore grade g/t gold 1.88 1.82 1.81 1.64 1.73 1.78
Strip ratio t:t 4.8 5.4 3.9 5.4 4.6 5.0
Ore milled Tonnes 4,043,860 1,917,555 993,073 892,728 1,885,801 3,803,356
Milled head grade g/t gold 2.43 2.40 2.48 2.27 2.38 2.39
Gold recovery % 93.5 92.4 93.1 93.0 93.0 92.7
Gold produced ounces 294,892 137,120 73,737 60,642 134,379 271,499
Gold sales1 ounces 280,882 144,298 65,197 67,491 132,688 276,986
Average sales price US$/ounce 1,711 1,869 1,949 1,955 1,952 1,909
Unit Production Costs
Mining cost US$/t mined 2.80 2.91 3.00 3.24 3.13 3.02
Processing cost US$/t milled 12.64 12.63 12.66 14.56 13.56 13.09
G & A cost US$M/month 1.94 2.28 2.30 2.38 2.34 2.31
All-In Site Cost
Production cost US$/ounce 580 638 568 794 670 654
Royalties US$/ounce 81 103 85 138 109 106
Sub-total US$/ounce 661 741 652 933 779 760
Sustaining capital US$/ounce 24 45 25 27 26 36
Total All-In Site Cost2 US$/ounce 685 786 677 960 805 795
Notional Cashflow from Operations
Cash Margin US$/ounce 1,026 1,083 1,272 995 1,147 1,113
Notional Cash Flow US$M 303 149 93 61 154 302
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 December 2023 quarter is US$6 million of costs relating to excess waste stripping. When repor ting 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.
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The operating performance at Yaouré during the December quarter compared to the prior quarter was characterised by
mill run time of 87.7% compared to 96.0%, gold recovery rates of 93.0% compared to 93.1%, head grade of processed
ore of 2.27 g/t gold compared to 2.48 g/t gold and throughput rates of 461 tph compared to 468 tph. Decreased mill run
time and grade resulted from specific factors. In the case of run time, an extended unscheduled mill shutdown occurred
in October to replace the bearing in the crusher which had deteriorated rapidly towards the end of the prior quarter. This
shutdown reduced the mill run-time, as availability of crushed ore was reduced.
As previously reported, wet weather in the September 2023 quarter materially reduced ore and waste movements
relative to targets in this period, delaying access to higher grade ore scheduled for mining in the December quarter and
reducing AISC. An accelerated mining programme was implemented for the December quarter, once weather improved,
but this was unable to fully address the shortage of higher -grade mill feed caused in part by sub -standard operating
efficiency and equipment availability on the part of our mining contractor, EPSA. The 16% increase in material movements
during the quarter did however negatively impact on AISC during the period, which were, as anticipated, materially higher
than in the prior quarter. It is expected that this trend will continue for the balance of this financial year as the mining
shortfall incurred in prior periods is eliminated and work to plan is restored.
MINERAL RESOURCE TO MILL RECONCILIATION
Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral
Resource block model. During the last quarter, 15% more ore tonnes were processed at 13% lower grade for 1% negative
variance in ounces compared to the Mineral Resource model. 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 5: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS PROJECT TO DATE
Tonnes of Ore 1.15 1.18 1.19
Head Grade 0.87 0.86 0.92
Contained Gold 0.99 1.01 1.10
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at Edikan during the period ending 31
December 2023 and relevant prior periods.
Edikan’s operating performance in the December 2023 quarter was better than in the prior quarter , with 50,150 ounces
of gold recovered at a production cost of US$769 per ounce and an AISC of US$930 per ounce (compared to 48,497
ounces at an AISC of US$1,078 per ounce in the September quarter). Gold sales of 50,074 ounces were 13% more than in
the prior quarter, at a weighted average realised gold price of US$1,954 per ounce, generating an average cash margin
of US$1,024 per ounce, a significant improvement on results achieved in prior periods. Notional cashflow of US$51 million
for the quarter was US$11 million better than in the September quarter, and for the full 2023 Calendar Year, notional
operating cashflow of US$173 million was US$95 million more than in 2022 – a marked improvement, validating Perseus’s
chosen operating strategy of focussing on cashflow in preference to production at Edikan.
This quarterly performance contributed to Half Yearly gold production at Edikan of 98,647 ounces of gold, produced at
an average AISC of US$1,003 per ounce which was close to the top end of the market guidance range for the Half Year of
90,000 to 100,000 ounces of gold and well below the bottom end of the AISC guidance range of US$1,2000 to US$1,300
per ounce.
Operating performance at Edikan was generated by sound operating fundamentals generally in line with the prior
quarter. Mill run time was 95.2% compared to 92.0%, gold recovery rates were 91.7% compared to 91.8%, head grade of
processed ore was 1.08 g/t gold compared to 1.06 g/t gold and throughput rates (749 tph compared to 764 tph).
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Table 6: Edikan Quarterly Performance
PARAMETER UNIT
2022
CALENDAR
YEAR
JUNE 2023
HALF YEAR
SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
DECEMBER
2023
HALF YEAR
2023
CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 27,424,399 11,940,133 4,125,271 2,440,880 6,566,151 18,506,284
Total ore mined Tonnes 5,879,919 3,585,546 2,062,257 1,614,396 3,676,653 7,262,199
Average ore grade g/t gold 1.05 1.05 0.93 1.02 0.97 1.01
Strip ratio t:t 3.7 2.3 1.0 0.5 0.8 1.6
Ore milled Tonnes 6,411,882 3,238,191 1,554,128 1,574,403 3,128,531 6,366,722
Milled head grade g/t gold 0.95 1.09 1.06 1.08 1.07 1.08
Gold recovery % 88.1 92.3 91.8 91.7 91.7 92.0
Gold produced ounces 173,235 103,952 48,497 50,150 98,647 202,599
Gold sales1 ounces 169,892 106,630 44,209 50,074 94,283 200,913
Average sales price US$/ounce 1,706 1,878 1,910 1,954 1,933 1,904
Unit Production Costs
Mining cost US$/t mined 4.08 4.42 5.21 7.09 5.91 4.95
Processing cost US$/t milled 10.1 10.12 11.27 10.26 10.76 10.43
G & A cost US$M/month 1.5 1.5 1.61 1.71 1.66 1.58
All-In Site Cost2
Production cost US$/ounce 1,122 910 905 769 836 874
Royalties US$/ounce 111 137 134 138 136 137
Sub-total US$/ounce 1,233 1,047 1,038 908 972 1011
Sustaining capital US$/ounce 20 47 40 22 31 39
Total All-In Site Cost2 US$/ounce 1,253 1,094 1,078 930 1,003 1050
Notional Cashflow from Operations1
Cash Margin US$/ounce 453 784 832 1,024 931 854
Notional Cash Flow US$M 78 81 40 51 92 173
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 million of costs relating to excess waste stripping. When reporting cost of s ales, 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 7 below.
During the quarter, grade control has predicted fewer tonnes (-4%), but higher grade (+9%) and more ounces (+5%) when
compared to the Mineral Resource Estimate (MRE). Over the last 6 and 12-month periods, Edikan has also recorded more
contained metal than predicted by the MRE model. Perseus regards the overall outperformance as being within normal
industry standards.
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Table 7: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 0.96 0.96 0.99
Head Grade 1.09 1.16 1.10
Contained Gold 1.05 1.12 1.09
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
During the December quarter, Sissingué produced 17,981 ounces of gold at a production cost of US$1,350 per ounce and
an AISC of US$1,498 per ounce, a marked improvement relative to the negatively rain affected September quarter when
10,570 ounces of gold were produced at an AISC of US$2,095 per ounce.
Ore processed in the Sissingué mill was mined from pits at Sissingué as well as the satellite pits at Fimbiasso East and
West. Overall production performance for the mine during the quarter was better than forecast with each of the key
operating parameters including runtime (93.8%), throughput rate (207 tph), and recovery (91.2%) and average head
grade (1.44g/t gold) better than the prior quarter. The primary cause of the improved performance during the quarter
was improved mining conditions following abatement of the very wet conditions experienced in the September quarter.
This allowed access to higher grade ore and meant that material fed to the mill was much drier, helping to boost
throughput rates and run time.
The AISC for the quarter of US$1,498 per ounce was US$597 per ounce lower than last quarter, driven mainly by higher
gold production. With a weighted average sales price of US$2,019 per ounce for the quarter, the cash margin of US$521
per ounce was achieved resulting in notional cashflow for the quarter of US$9 million, US$10 million more than the prior
quarter.
This performance contributed to half yearly gold production at Sissingué of 28,551 ounces of gold at an average AISC of
US$1,719 per ounce, which was in the bottom half of the guided production range of 2 7,500 to 32,500 ounces of gold
and the bottom half of the guided AISC range of US$1,700 to US$1,900 per ounce.
Given the position of the Sissingué operation at the end of the rain-effected September quarter, performance at Sissingué
during the December quarter was outstanding.
Refer to Table 8 below for details of operating and financial parameters at the Sissingué gold mine during the periods
ending 31 December 2023 and relevant prior periods.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT
2022
CALENDAR
YEAR
JUNE 2023
HALF YEAR
SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
DECEMBER
2023
HALF YEAR
2023
CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 6,126,040 4,306,722 2,206,499 2,861,836 5,068,335 9,375,057
Total ore mined Tonnes 1,070,580 791,063 148,674 459,123 607,797 1,398,860
Average ore grade g/t gold 0.82 1.03 1.05 1.18 1.15 1.08
Strip ratio t:t 4.7 4.4 13.8 5.2 7.3 5.7
Ore milled Tonnes 1,545,772 863,406 348,373 429,288 777,661 1,641,067
Milled head grade g/t gold 1.18 1.01 1.04 1.44 1.26 1.13
Gold recovery % 90.6 92.4 90.5 91.2 90.9 91.6
Gold produced ounces 53,094 25,838 10,570 17,981 28,551 54,389
Gold sales1 ounces 54,088 24,716 6,548 17,572 24,120 48,836
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Average sales price US$/ounce 1,755 1,929 1,974 2,019 2,007 1,968
Unit Production Costs
Mining cost US$/t mined 4.14 4.20 4.85 4.62 4.72 4.48
Processing cost US$/t milled 16.30 15.04 17.08 14.53 15.67 15.34
G & A cost US$M/month 1.22 1.61 1.49 1.61 1.55 1.58
All-In Site Cost2
Production cost US$/ounce 1,229 1,431 1,999 1,350 1,590 1,514
Royalties US$/ounce 103 101 64 126 103 102
Sub-total US$/ounce 1,332 1,532 2,063 1,475 1,693 1,617
Sustaining capital US$/ounce 17 116 31 23 26 69
Total All-In Site Cost3 US$/ounce 1,349 1,647 2,095 1,498 1,719 1,685
Notional Cashflow from Operations1
Cash Margin US$/ounce 406 281 (121) 521 288 283
Notional Cash Flow US$M 21.6 7 (1) 9 8 15
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 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 ounces relative to the Sissingué Mineral Resource block
model is in Table 9 below. During the last three months, grade control has predicted additional tonnes (+3%) at a slightly
elevated grade (+3%) resulting in an increase in overall ounces (+7%%) when compared to the Mineral Resource Estimate
(MRE). Over the last six- and 12-month periods, Sissingué has also produced more metal than the Mineral Resource model
predicted. Perseus regards the overall outperformance as being within normal industry standards.
Table 9: Sissingué Complex Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.03 1.14 1.09
Head Grade 1.03 1.01 1.02
Contained Gold 1.07 1.15 1.11
BAGOÉ MINING LEASE
Perseus’s environmental and social impact assessment (“ESIA”) together with the Definitive Feasibility Study for its
proposed Bagoé mining operation, has been approved by Côte d’Ivoire’s environmental regulator (ANDE) and the
Department of Mines, Petroleum and Energy. Granting of an Exploitation Permit has also been approved by the Inter -
Ministerial Committee and now awaits signature by the President of the Republic. Construction of infrastructure required
to support a mining operation on the Bagoé lease will commence as soon as possible following receipt of the Exploitation
Permit.