DECEMBER 2024 QUARTER REPORT Perseus Mining delivers strong production, cashflow & growth in Q2 FY25, resulting in a cash & bullion balance of US$704 million
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29 JANUARY 2025
NEWS RELEASE
PERSEUSMINING.COM
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
DECEMBER 2024 QUARTER REPORT
Perseus Mining delivers strong production, cashflow & growth in
Q2 FY25, resulting in a cash & bullion balance of US$704 million
PERTH, Western Australia/January 29, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended December 31, 2024 (the “Quarter”).
• Key operating indicators and highlights for the December 2024 quarter (Q2 FY25), December 2024 Half Year (H1 FY25)
and Calendar Year 2024 (CY24) include:
PERFORMANCE
INDICATOR UNIT JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
DECEMBER 2024
HALF YEAR
2024 CALENDAR
YEAR
Gold recovered Ounces 248,400 121,290 132,419 253,709 502,109
Gold poured Ounces 250,084 121,370 131,832 253,202 503,286
Production Cost US$/ounce 934 991 919 953 944
All-In Site Cost (AISC) US$/ounce 1,130 1,201 1,127 1,162 1,147
Gold sales Ounces 257,578 108,895 136,623 245,518 503,096
Average sales price US$/ounce 2,076 2,249 2,430 2,350 2,209
Notional Cashflow US$ million 236 127 173 300 536
• Perseus’s 12-month rolling average TRIFR is 0.66, lower than 0.97 at the end of the September 2024 quarter (Q1 FY25)
and well below industry average.
• In Q2 FY25, gold production increased by 9% to 132,419 ounces and the weighted average All-in-Site Cost (AISC) of
US$1,127 per ounce, was 6% less than the prior quarter.
• Gold production for H1 FY25 and CY24 was towards the upper end of production guidance ranges in each case, while
AISCs for the same periods were below the bottom end of the cost guidance ranges.
• Average gold sales increased by 20% to 136,623oz due to sale of gold whose shipment was delayed in the prior
quarter. The average gold sales prices increased 7% quarter on quarter to US$2,430 per ounce.
• An average cash margin of US$1,303 for each ounce of gold produced in the quarter resulted in notional operating
cashflow of US$173 million in Q2 FY25 and US$536 million in CY24.
• Balance sheet at quarter-end included available cash and bullion of US$704 million, plus liquid, listed securities of US$67
million and zero debt, with US$300 million of undrawn debt capacity available at the end of Q2 FY25.
• Market guidance for June 2025 Half Year (2H FY25) and 2025 Financial Year (FY25) respectively are 215,000 to 220,000
ounces at US$1,360 to US$1,435 per ounce and 469,709 to 504,709 ounces at US$1,250 to US$1,280 per ounce.
• A Final Investment Decision (FID) was taken to develop the CMA underground project at the Yaouré Gold Mine in Côte
d’Ivoire during the quarter.
• The FID for the development of the Nyanzaga Gold Mine in Tanzania is pending finalisation of negotiation of several
amendments to the Framework Agreement with the Government
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of Tanzania that comprehensively describes the terms on which the mine will be developed and operated.
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined
132,419 ounces of gold in Q 2 FY25. The weighted average production cost was US$ 919 per ounce, while the weighted
average AISC was US$1,127 per ounce of gold.
In Q2 FY25, combined gold sales from all three operations totalled 1 36,623 ounces or 27,728 ounces more than in the
September 2024 quarter (Q1 FY25) due to the timing of gold sales. The weighted average gold price realised was US$2,430
per ounce, US$181 per ounce more than the Q1 FY25 price of US$2,249 per ounce.
Perseus’s average cash margin for the quarter was US$1, 303 per ounce resulting in notional operating cashflow from all
operations of US$173 million, US$46 million more than in Q1 FY25.
These strong operating results, summarised in Tables 1 to 3 below, confirm once again Perseus’s position as one of the
world’s better performing mid-tier gold producers.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
DECEMBER 2024
HALF YEAR
2024
CALENDAR
YEAR
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
DECEMBER 2024
HALF YEAR
2024
CALENDAR
YEAR
Yaouré 56,458 66,700 123,158 239,637 55,315 66,315 121,630 238,676
Edikan 47,766 48,868 96,634 193,066 47,627 48,235 95,862 193,084
Sissingué 17,066 16,851 33,917 69,406 18,428 17,282 35,710 71,526
Group 121,290 132,419 253,709 502,109 121,370 131,832 253,202 503,286
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
DECEMBER 2024
HALF YEAR
2024
CALENDAR
YEAR
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
DECEMBER 2024
HALF YEAR
2024
CALENDAR
YEAR
Yaouré 46,309 69,036 115,345 236,107 2,224 2,395 2,326 2,196
Edikan 45,263 50,687 95,950 193,410 2,297 2,509 2,409 2,246
Sissingué 17,323 16,900 34,223 73,579 2,190 2,340 2,264 2,156
Group 108,895 136,623 245,518 503,096 2,249 2,430 2,350 2,209
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
2024 QUARTER
DECEMBER
2024 QUARTER
DECEMBER 2024
HALF YEAR
2024
CALENDAR
YEAR
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
DECEMBER 2024
HALF YEAR
2024
CALENDAR
YEAR
Yaouré 1,226 1,037 1,124 1,114 56 91 147 260
Edikan 1,021 1,023 1,022 1,011 61 73 134 239
Sissingué 1,621 1,782 1,701 1,638 10 9 19 37
Group 1,201 1,127 1,162 1,147 127 173 300 536
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
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Figure 1: Growth in gold production at attractive cash margins
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 Q2
FY25 period.
During the quarter, Yaouré produced 66,700 ounces of gold, 18% more than the prior quarter, at a production cost of
US$843 per ounce and an AISC of US$1, 037 per ounce. In total , 69,036 ounces of gold from Yaouré were sold at a
weighted average sale price of US$2,395 per ounce. This gave rise to an average cash margin of US$ 1,358 per ounce for
the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$ 91 million, compared with
US$56 million in Q1 FY25.
For CY2024, Yaouré produced 239,636 ounces of gold, nearly half of Perseus’s total gold production for the period, at an
AISC of US$1,114 per ounce, generating notional cashflows of US$262 million over the 12-month period.
Operating performance at Yaouré has improved in Q 2 FY25 relative to the performance in the prior quarter. Gold
production was up by 18% driven by a 16% increase in the head grade of processed ore ( 1.86 g/t gold to 2.16 g/t gold),
and an improvement in gold recovery of 2% to 93.9%.
As highlighted in Q1 FY25, Yaouré had undertaken an accelerated waste stripping programme designed to recover from
earlier periods, which resulted in a total of 10.6 million tonnes mined and an increase in the mines AISC. As predicted in
the Q1 FY25 Report , there has been a significant decrease in total material mined due to significantly reduced waste
movements and a corresponding decrease in Yaouré’s mining unit costs.
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Table 4: Yaouré Quarterly Performance
PARAMETER UNIT JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
DECEMBER 2024
HALF YEAR
20024 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 17,480,725 10,627,904 7,431,184 18,059,088 35,539,813
Total ore mined Tonnes 2,410,100 2,050,112 2,410,767 4,460,878 6,870,978
Average ore grade g/t gold 1.60 1.40 1.37 1.39 1.46
Strip ratio t:t 6.3 4.2 2.1 3.0 4.2
Ore milled Tonnes 1,980,988 1,023,425 1,022,425 2,045,849 4,026,837
Milled head grade g/t gold 1.97 1.86 2.16 2.01 1.99
Gold recovery % 92.8 92.2 93.9 93.1 92.9
Gold produced ounces 116,478 56,458 66,700 123,158 239,636
Gold sales1 ounces 120,762 46,309 69,036 115,345 236,107
Average sales price US$/ounce 2,072 2,224 2,395 2,326 2,196
Unit Production Costs
Mining cost US$/t mined 3.70 3.58 4.80 4.09 3.90
Processing cost US$/t milled 13.61 12.46 12.68 12.57 13.08
G & A cost US$M/month 2.40 2.33 2.51 2.42 2.41
All-In Site Cost
Production cost US$/ounce 911 1,025 843 926 919
Royalties US$/ounce 138 132 160 147 143
Sub-total US$/ounce 1,049 1,157 1,003 1,073 1,061
Sustaining capital US$/ounce 55 69 34 50 52
Total All-In Site Cost2 US$/ounce 1,103 1,226 1,037 1,124 1,114
Notional Cashflow from Operations
Cash Margin US$/ounce 968 998 1,358 1,203 1,082
Notional Cash Flow US$M 113 56 91 147 260
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
Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral
Resource Estimate (MRE).
In Q2 FY25, 30% more ore than predicted by the MRE was processed at Yaouré, however the head grade was 21% lower
than predicted. Overall, this resulted in contained gold being 2% higher than predicted. For the 6 -month and 12-month
periods, tonnes of ore processed was consistently above prediction, while head grade was consistently below prediction.
The higher ore tonnage compensated for lower grades, resulting in overall positive contained gold variance for both the
6-month and 12-month periods. Perseus acknowledges that this performance is outside the industry standard range and
is actively working through the discrepancies to resolve the variances.
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Table 5: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.30 1.27 1.25
Head Grade 0.79 0.79 0.87
Contained Gold 1.02 1.00 1.08
EDIKAN GOLD MINE, GHANA
Table 7 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q2 FY25
and in relevant prior periods.
Edikan’s Q 2 FY25 operating performance improved compared with the prior quarter, with 4 8,868 ounces of gold
recovered at a production cost of US$820 per ounce and an AISC of US$1,023 per ounce (compared to 47,766 ounces at
an AISC of US$1,0 21 per ounce in Q 1 FY25). Gold sales of 50,687 ounces was 1 2% higher than in the prior quarter at a
weighted average realised gold price of US$2,509 per ounce. This was US$212 more than in the prior quarter, generating
an average cash margin of US$1,486 per ounce. Notional cashflow of US$73 million was generated by Edikan during the
quarter, 19% more than in Q1 FY25.
Operating performance at Edikan during the quarter was largely in line with targeted key performance indicators and
compared reasonably well to those achieved in the prior quarter. Mill run time was 9 6% compared to 9 1.3% due to a
scheduled maintenance shutdown to replace mill liners in the September quarter, gold recovery was 90.5% compared to
92.0%, the head grade of processed ore was 1.0 1 g/t of gold compared to 1.0 7 g/t of gold, and the throughput rate was
786 tph compared to 750 tph.
Edikan’s AISC was US$ 1,023 per ounce for the quarter, which is in line with last quarter. Improvements this quarter
include a 6% decrease in processing cost per tonne and a 71% decrease in sustaining capital per ounce, offset by an
increase in mining costs per tonne.
For CY2024, Edikan’s production of 193,066 ounces of gold, 38% of Perseus’s total gold production for the period, at an
AISC of US$1,011 per ounce, generated US$239 million of notional cashflow over the 12-month period.
Mining at the recently discovered Nkosuo deposit, located approximately 10 kilometres from the Edikan mill, commenced
during the quarter. All required government approvals for the development are now in place and work on constructing
the access road is nearing completion. Negotiations are progressing for compensation of landowners and farmers who
will be impacted by the Nkosuo operation, albeit at a slower rate than was originally planned.
MINERAL RESOURCE TO MILL RECONCILIATION
Table 6 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan Mineral
Resource Estimate (MRE).
In Q2 FY25, 10% less ore than predicted by the MRE was processed at Edikan while the head grade was 5% higher than
predicted, resulting in contained gold being slightly lower than predicted ( -4%). Perseus views this overall performance
as acceptable and in line with the industry standard range.
Table 6: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 0.90 0.92 0.94
Head Grade 1.05 1.06 1.07
Contained Gold 0.96 0.97 1.01
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Table 7: Edikan Quarterly Performance
PARAMETER UNIT JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
DECEMBER 2024
HALF YEAR
2024 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 5,118,806 2,664,915 1,824,844 4,489,759 9,608,564
Total ore mined Tonnes 3,670,872 2,057,482 1,406,411 3,463,894 7,134,766
Average ore grade g/t gold 1.00 0.97 0.99 0.98 0.99
Strip ratio t:t 0.4 0.3 0.3 0.3 0.3
Ore milled Tonnes 3,114,758 1,511,083 1,665,612 3,176,695 6,291,453
Milled head grade g/t gold 1.05 1.07 1.01 1.04 1.04
Gold recovery % 91.8 92.0 90.5 91.2 91.5
Gold produced ounces 96,433 47,766 48,868 96,634 193,066
Gold sales1 ounces 97,460 45,263 50,687 95,949 193,410
Average sales price US$/ounce 2,086 2,297 2,509 2,409 2,246
Unit Production Costs
Mining cost US$/t mined 6.31 6.32 8.06 7.03 6.65
Processing cost US$/t milled 10.76 11.13 10.42 10.76 10.76
G & A cost US$M/month 1.73 1.72 2.67 2.19 1.96
All-In Site Cost
Production cost US$/ounce 790 813 820 816 803
Royalties US$/ounce 165 166 192 179 172
Sub-total US$/ounce 956 979 1,011 995 975
Sustaining capital US$/ounce 44 42 12 27 35
Total All-In Site Cost2 US$/ounce 999 1,021 1,023 1,022 1,011
Notional Cashflow from Operations
Cash Margin US$/ounce 1,087 1,276 1,486 1,387 1,236
Notional Cash Flow US$M 105 61 73 134 239
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.
2. Included in the AISC for the quarter is US$0.2 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted
practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life.
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q 2 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.
During Q2 FY25, 16,851 ounces of gold were produced at a weighted average production cost of US$1,509 per ounce and
a weighted average AISC of US$1, 782 per ounce, which was US$161 per ounce higher than the AISC of US$1, 621 per
ounce achieved in Q1 FY25. This increase was driven mainly by 14% lower head grade and a higher strip ratio.
Mill runtime at 94% was higher than the 91% recorded in the last quarter. The previous quarter was impacted by the
August shutdown extending 39 hours longer than planned.
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The milled ore throughput rate of 185 tph was higher than the 159 tph recorded last quarter, driven by a lower percentage
of fresh ore in the mill feed blend, coupled with good mill availability. Gold recovery rates were below quarter-on-quarter
(88.6% compared to 92.2%), as was the head grade of ore fed to the mill (1.54 g/t gold compared to 1.80 g/t gold). This
was attributed to the addition of low -grade ore mined at both Fimbiasso and Sissingu é, as well as the increased mill
throughput, which reduced plant residence time and impacted recovery.
For CY2024, the 69,407 ounces of gold produced at Sissingué, 14% of Perseus’s total gold produced during the period,
was produced at an AISC of US$1, 638 per ounce and generated US$ 36 million of notional cashflow over the 12-month
period.
With a weighted average sales price of US$2, 340 per ounce for the quarter, an increase of US$1 51 per ounce relative to
the prior quarter, a cash margin of US$559 per ounce was achieved resulting in notional cashflow for the quarter of US$9
million.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
DECEMBER 2024
HALF YEAR
2024 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 5,088,781 1,859,478 2,469,220 4,328,698 9,417,479
Total ore mined Tonnes 892,863 341,606 233,688 575,294 1,468,157
Average ore grade g/t gold 1.59 1.76 1.69 1.73 1.65
Strip ratio t:t 4.7 4.4 9.57 6.52 5.41
Ore milled Tonnes 761,505 320,027 384,030 704,058 1,465,562
Milled head grade g/t gold 1.60 1.80 1.54 1.66 1.63
Gold recovery % 90.8 92.2 88.6 90.4 90.6
Gold produced ounces 35,489 17,066 16,851 33,917 69,407
Gold sales1 ounces 39,356 17,323 16,900 34,222 73,578
Average sales price US$/ounce 2,062 2,190 2,340 2,264 2,156
Unit Production Costs
Mining cost US$/t mined 5.44 6.47 5.63 5.99 5.69
Processing cost US$/t milled 16.24 21.95 16.73 19.10 17.62
G & A cost US$M/month 1.62 1.46 1.70 1.58 1.60
All-In Site Cost
Production cost US$/ounce 1,402 1,374 1,509 1,441 1,421
Royalties US$/ounce 151 164 157 160 155
Sub-total US$/ounce 1,553 1,538 1,666 1,601 1,577
Sustaining capital US$/ounce 25 83 116 99 61
Total All-In Site Cost2 US$/ounce 1,578 1,621 1,782 1,701 1,638
Notional Cashflow from Operations
Cash Margin US$/ounce 484 569 559 563 518
Notional Cash Flow US$M 18 10 9 19 37
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$1.9 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.
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MINERAL RESOURCE TO MILL RECONCILIATION
The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource block
model (MRE) is shown in Table 9 below.
In the past 3 months, tonnes of ore processed exceeded MRE predictions by 37%, although the head grade was 2%
lower than predicted. This led to a 34% increase in contained gold compared to the prediction. The positive variance is
a result from additional material discovered through Grade Control drilling at Sissingué Main pit. Over the longer 6-
and 12-month periods, tonnes processed consistently exceeded the prediction while head grade was consistently below
prediction. Perseus views this overall performance as acceptable and in line with 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 1.37 1.14 1.17
Head Grade 0.98 0.94 0.93
Contained Gold 1.34 1.07 1.08
BAGOÉ EXPLOITATION PERMIT
Planning continues to advance the construction of facilities required for the development of the Bagoé site satellite
deposit, later in FY25.
GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Forecast group gold production and AISC for the June 2025 half year (2H FY25) and full 2025 financial year (FY25) are
shown in Table 10 below.
Table 10: Production and Cost Guidance
PARAMETER UNITS DECEMBER 2024 HALF YEAR
(ACTUAL)
JUNE 2025 HALF YEAR
FORECAST
2025 FINANCIAL YEAR
FORECAST
Yaouré Gold Mine
Production Ounces 123,158 120,000 - 135,000 ounces 243,158 – 258,158 ounces
All-in Site Cost USD per ounce 1,124 US$1,215 – 1,315 per ounce US$1,160 – 1,210 per ounce
Edikan Gold Mine
Production Ounces 96,634 75,000 - 85,000 ounces 172,634 – 182,634 ounces
All-in Site Cost USD per ounce 1,022 US$1,325 – 1,425 per ounce US$1,150 – 1,190 per ounce
Sissingué Gold Mine
Production Ounces 33,917 20,000 - 30,000 ounces 53,917 – 63,917 ounces
All-in Site Cost USD per ounce 1,701 US$2,100 – 2,200 per ounce US$1,880 – 1,900 per ounce
PERSEUS GROUP
Production Ounces 253,709 215,000 - 250,000 ounces 469,709 – 504,709 ounces
All-in Site Cost USD per ounce 1,162 US$1,360 – 1,435 per ounce US$1,250 – 1,280 per ounce
Note that AISCs for Sissingué in H2 FY25 are artificially elevated above prior levels due to the processing of low-grade ore
stockpiles while access to higher grade ore is achieved through waste stripping programmes at Sissingué Stage 4 pit and
Fimbiasso West Stage 2 pit.