DECEMBER 2025 QUARTER REPORT Perseus Mining sustained operational performance r esulting in cash & bullion balance of US$755 million Operating performance
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29 JANUARY 2026
NEWS RELEASE
PERSEUSMINING.COM
DECEMBER 2025 QUARTER REPORT
Perseus Mining sustained operational performance
r esulting in cash & bullion balance of US$755 million
Operating performance
• In January 26, tragically 2 contract employees lost their life in an offsite vehicle accident
• Q2 FY26 production totalled 88,888 ounces of gold at an All-In Site Costs of US$1,8001 per ounce
• Average cash margin of U S$1,6371 per ounce of gold produced, delivering notional operating cashflow of US$145
million 1
• Cash and bullion of US$755 million, plus liquid listed securities of US$229 million
• CMA Underground development progressed with first ore delivered in January 2026
• Nyanzaga project development progressing to plan with first production planned for January 2027
• Work progressed on life extension for the sites through resource conversion and drilling activities
FY26 Outlook
• Production market guidance remains unchanged for the June 2026 Financial Year (FY26) at 400,000 - 440,000
ounces. AISC market guidance adjusted up to US$1,600 – 1,760 per ounce reflecting increased gold price assumptions
and increased royalties in Côte d’Ivoire under negotiation with the government.
Corporate
• Perseus delivers proposal to acquire Predictive Discovery Limited (PDI) which was ultimately rejected by the PDI board.
• Perseus refinances and upsizes debt facility to US$400 million replacing the existing US$300 million facility.
Key operating indicators and highlights for the December 2025 quarter (Q2 FY26) include:
PERFORMANCE INDICATOR UNIT JUNE 2025
HALF YEAR2
SEPTEMBER 2025
QUARTER2
DECEMBER 2025
QUARTER1
DECEMBER 2025
HALF YEAR1
2025 CALENDAR
YEAR
Gold recovered Ounces 242,843 99,953 88,888 188,841 431,684
Gold poured Ounces 242,782 103,566 78,641 182,207 424,989
Production Cost US$/ounce 1,008 1,152 1,362 1,250 1,114
All-In Site Cost (AISC) US$/ounce 1,358 1,516 1,800 1,649 1,482
Gold sales Ounces 248,826 101,589 86,607 188,196 437,022
Average sales price US$/ounce 2,734 3,075 3,437 3,241 2,953
Notional Cashflow US$ million 334 156 145 301 636
1. FY26 Q2 AISC only includes additional 2% royalties paid in Côte d’Ivoire that relate to the December 2025 quarter. December 2025 half year only
includes the Q1 and Q2 FY26 additional 2% royalty paid.
2. June 2025 half year and FY26 Q1 AISC and Notional Cash Flow have been restated to include the 2% additional royalty paid in FY26 Q2 but relating to
the respective periods.
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NEWS RELEASE | DECEMBER 2025 QUARTER REPORT
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Conference Call Perseus will host investor webinar and conference call to discuss its December 2025 Quarterly Results,
at 9.00am AEDT today (29 January 2026). Register for the webinar at:
https://us02web.zoom.us/webinar/register/WN_4u-x7H_SSK6qm1OBKH1I4w
A recording of the conference call will be made available via Perseus’s website at www.perseusmining.com.
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined
total of 88, 888 ounces of gold in Q 2 FY26. The weighted average production cost was US$1,363 per ounce, while the
weighted average All-in-Site Cost (AISC) was US$1,800 per ounce.
The weighted average AISC of US$1,800 per ounce for the quarter was higher than Q1 FY26 restated AISC of US$1, 516
attributable to higher royalties driven by the increased gold price achieved during the period and an additional
2% royalties paid on revenue. Q2 FY26 AISC only includes the additional 2% royalty paid that relates to the quarter. This
additional 2% was paid to the Government of Côte d’Ivoire, despite the stability afforded under the applicable legislation
and the Yaouré and Sissingué conventions with the Government of Côte d’Ivoire. Payment of the additional 2% was done
in good faith as part of ongoing negotiations between the mining industry and the Government of Côte d’Ivoire in relation
to formalising a revised fiscal arrangement which takes into account fair and equitable distribution of profits in the
current high gold price environment. A total of US$20 million was paid in FY26 Q2 in relation to the additional 2% royalty
of which US$4 million related to the December 25 quarter, US$5 million related to the September 25 quarter and US$ 11
million related to the Q3 and Q4 of FY25.
In Q2 FY26, combined gold sales from all three operations totalled 86, 607 ounces or 14,982 ounces less than in Q1 FY26
attributable to lower gold poured. The weighted average realised gold price was US$3,437 per ounce, US$362 per ounce
more than the Q1 FY26 price of US$3,075 per ounce.
Perseus’s average cash margin for the quarter was US$1, 637 per ounce resulting in notional operating cashflow from all
operations of US$145 million, US$11 million lower than in Q1 FY26.
Group and mine operating results summarised in Tables 1 to 3 below.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
DECEMBER 2025
HALF YEAR
2025
CALENDAR
YEAR
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
DECEMBER 2025
HALF YEAR
2025
CALENDAR
YEAR
Yaouré 55,405 32,045 87,450 226,532 57,672 28,325 85,997 224,752
Edikan 32,856 38,352 71,208 151,741 33,583 37,275 70,858 152,146
Sissingué 11,692 18,491 30,183 53,411 12,311 13,041 25,352 48,091
Group 99,953 88,888 188,841 431,684 103,566 78,641 182,207 424,989
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
DECEMBER 2025
HALF YEAR
2025
CALENDAR
YEAR
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
DECEMBER 2025
HALF YEAR
2025
CALENDAR
YEAR
Yaouré 57,441 34,835 92,276 234,885 2,959 3,243 3,066 2,866
Edikan 31,274 37,219 68,493 151,088 3,337 3,700 3,534 3,103
Sissingué 12,874 14,553 27,427 51,049 2,953 3,227 3,099 2,906
Group 101,589 86,607 188,196 437,022 3,075 3,437 3,241 2,953
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NEWS RELEASE | DECEMBER 2025 QUARTER REPORT
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Table 3: All-In Site Costs and Notional Cash Flow by Mine
MINE
ALL-IN SITE COST (US$/OUNCE) NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
SEPTEMBER
2025 QUARTER
DECEMBER 2025
QUARTER
DECEMBER 2025
HALF YEAR
2025
CALENDAR
YEAR
SEPTEMBER
2025 QUARTER
DECEMBER 2025
QUARTER
DECEMBER 2025
HALF YEAR
2025
CALENDAR
YEAR
Yaouré 1,188 2,092 1,519 1,286 98 37 135 358
Edikan 1,603 1,535 1,566 1,438 57 83 140 253
Sissingué 2,826 1,844 2,226 2,444 1 25 26 25
Group 1,516 1,800 1,649 1,482 156 145 301 636
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q 2 FY26.
During the quarter, total material mined at Yaouré increased by 38% however the ore tonnes mined were lower by 13%
mainly reflective of the increased strip ratio compared to the previous quarter. 32,045 ounces were produced, 42% lower
than the previous quarter mainly due to milled head grade due to unplanned higher reliance on lower grade stockpile
material and the planned switch in ore sources from the CMA open pit to the Yaouré open pit. Gold grade is expected to
improve for the remainder of the year compared to Q2 FY26 as direct feed Yaouré open pit ore increases and the higher
grade CMA UG ore feed commences. As a result, Yaouré underperformed relative to expectation in the quarter.
Ore milled tonnes were lower by 3% mainly due to lower mill -run time compared to Q1 FY26. Mill run-time was 90.1%,
compared to 94.2% for the September quarter mainly from unplanned stoppages due to SAG mill barricade seal failure,
mill splitter box holed and SAG lube changeout (barricade seal related contamination). Mill throughput averaged 455 tph,
slightly above the prior quarter’s 450 tph. Gold recovery was slightly lower at 93.2% compared to 94.0% in last quarter
For the calendar year 2025 (CY2025), Yaouré produced 226,532 ounces of gold, representing 52% of Perseus’s total gold
production for the CY period, at an AISC of US$1,2 86 per ounce, generating notional cashflows of US$358 million over
the 12-month period.
The production cost in the quarter was US$1,574 per ounce with an AISC of US$ 2,092 per ounce (refer explanation on
impact of additional royalties below) . In total, 34,835 ounces of gold from Yaouré were sold at a weighted average sale
price of US$3,243 per ounce. This resulted in an average cash margin of US$ 1,151 per ounce for the quarter. N otional
operating cashflow generated by Yaouré during the quarter was US$37 million, compared with US$98 million in Q1 FY26.
The AISC for Yaouré increased from US$1,110 to US$2,092 per ounce compared to the previous quarter due to expected
decrease in ounces produced, higher royalties and timing related increase in sustaining capital largely as a result of the
timing of the life of mine extension tailings pipeline relocation. As mentioned earlier expected gold production was lower
for the quarter on previous quarter which result ed in higher costs per ounce. Royalties were higher attributable
to increased gold price achieved during the period and an additional 2% royalties paid on reven ue for the full 2025
calendar year. The additional 2% was paid to the Government of Côte d’Ivoire as described earlier.
CMA UNDERGROUND
CMA underground development commenced in Q1 FY26 with the first blast of the Pauline portal. The
other three declines namely Blika, Sika and Assanou commenced during Q2 FY26. A total advance to date of 800 metres
has been achieved across the four portals. CMA Underground will be the first mechanised underground mine in Côte
d’Ivoire hence there is close monitoring of development performance and compliance for the project.
In January 2026 a key milestone was achieved with first ore mined from the Blika Portal. First ore was achieved through
development mining with stoping operations anticipated to commence in Q4 FY26.
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NEWS RELEASE | DECEMBER 2025 QUARTER REPORT
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Table 4: Yaouré Quarterly Performance
PARAMETER UNIT JUNE 2025
HALF YEAR3
SEPTEMBER 2025
QUARTER3
DECEMBER 2025
QUARTER4
DECEMBER 2025
HALF YEAR4
2025 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 15,984,275 5,197,676 7,192,989 12,390,665 28,374,940
Total ore mined Tonnes 4,407,386 1,276,492 1,113,918 2,390,410 6,797,796
Average ore grade g/t gold 1.32 1.77 1.01 1.42 1.35
Strip ratio t:t 2.6 3.1 5.5 4.2 3.2
Ore milled Tonnes 2,102,509 935,745 904,720 1,840,465 3,942,974
Milled head grade g/t gold 2.20 1.96 1.18 1.58 1.91
Gold recovery % 93.7 94.0 93.2 93.7 93.7
Gold produced ounces 139,081 55,405 32,045 87,450 226,532
Gold sales1 ounces 142,609 57,441 34,835 92,276 234,885
Average sales price US$/ounce 2,736 2,959 3,243 3,066 2,866
Unit Production Costs
Mining cost US$/t mined 3.80 4.35 3.87 4.07 3.92
Processing cost US$/t milled 14.74 16.06 15.78 15.92 15.29
G & A cost US$M/month 2.90 2.76 2.68 2.72 2.81
All-In Site Cost
Production cost US$/ounce 785 829 1,574 1,102 907
Royalties US$/ounce 270 306 372 330 293
Sub-total US$/ounce 1,055 1,135 1,946 1,532 1,201
Sustaining capital US$/ounce 95 53 146 87 85
Total All-In Site Cost2 US$/ounce 1,150 1,188 2,092 1,519 1,286
Notional Cashflow from Operations
Cash Margin US$/ounce 1,586 1,771 1,151 1,547 1,580
Notional Cash Flow US$M 221 98 37 135 356
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$ 2.3 million of c osts 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
3. Royalties, Total All-In Site Cost, Cash Margin and Notional Cash Flow has been restated to include the additional 2% royalty paid in FY26 Q2 but relating
to the respective periods.
4. FY26 Q2 AISC only includes additional 2% royalties paid in Côte d’Ivoire that relate to the December 2025 quarter. The December 2025 half year only
includes the Q1 and Q2 FY26 additional 2% royalty paid. A total of US$17 million was paid in FY26 Q2 of which US$3 million related to the December 25
quarter, US$4 million related to the September 25 quarter and US$10 million related to the Q3 and Q4 of FY25.
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, ore tonnes processed were 27 % higher than predicted, while the head grade was 1 1% lower, resulting in a
13% positive variance in contained gold compared with respect to the resource model estimate. This continues the trend
from the previous quarter, with higher mined tonnage offsetting lower grades, though the overall metal reconciliation
has improved slightly.
Mining continued within the Yaouré pit stages 1&2, where geological variability and dilution continue to impact short-
term grade performance. Despite the lower grades, the 12 -month correlation show contained gold tracking within 5%
of the model, indicating that long-term reconciliation remains stable.
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The on -going implementation of the improved grade control and reconciliation workflows, introduced in late FY25,
continues to enhance confidence in model performance and alignment between mine and mill outcomes
Table 5: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.27 1.14 1.23
Head Grade 0.89 0.90 0.84
Contained Gold 1.13 1.03 1.03
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q2 FY26
and in relevant prior periods.
Edikan produced 38,352 ounces of gold at a production cost of US$1,097 per ounce and an AISC of US$1,535 per ounce
during the quarter. Edikan’s production was up 17% and weighted average AISC was lower by 4% when compared to the
previous quarter. Gold sales of 37,219 ounces were 19% higher than in the prior quarter at a weighted average realised
gold price of US$3,700 per ounce. This was US$363 more than in the prior quarter, generating an average cash margin of
US$2,165 per ounce. Notional cashflow generated was up 46% to US$83 million for the quarter compared to Q1 FY26.
For CY25, Edikan produced 151,741 ounces of gold, representing 35% of Perseus’s total gold production for the calendar
year period, at an AISC of US$1,4 38 per ounce, generating notional cashflows of US$253 million over the 12- month
period.
Total tonnes mined at Edikan during the quarter lagged production expectations, with low digger availability production
impediment encountered in Q2 FY26. Ore tonnes mined in Q2 FY26 were however 43% higher than Q1 mainly
attributable to higher grade ore access during the period. The full footprint of the Nkosuo pit is now being mined
following previous access constraints, allowing improved efficiency in mining operations. Throughput averaged 896 tph,
higher than prior quarter’s 831 tph with the treatment of more Nkosuo oxides in the feed blend for the quarter; the head
grade of processed ore was 0.77 g/t, up from 0.67 g/t following ramp up of Nkosuo mine operations; gold recovery was
87.9%, marginally higher than the 87.3% achieved in the prior quarter; and mill run -time was 1,966 hours, compared to
2,085 hours for the previous quarter due to lost time from SAG Mill bearing failure in Q2.
AISC for the quarter was US$1,535 per ounce, representing a decrease of US$68 per ounce compared to the
previous quarter. This decrease is primarily due to lower production cost per ounce associated with an increase in ounces
produced driven by higher head grade. In addition, production costs benefited from lower consumption of leaching
and flotation reagents. Lower mined volume in Q2, resulting from low excavator utilisation and wet ground conditions
at Nkosuo further contributed to the lower production cost.
Plans to mine cutbacks of Fetish and Esuajah North pits are currently progressing with a pplications submitted to the
relevant regulators for approval to commence mining at both areas.
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Table 6: Edikan Quarterly Performance
PARAMETER UNIT JUNE 2025
HALF YEAR
SEPTEMBER 2025
QUARTER
DECEMBER 2025
QUARTER
DECEMBER 2025
HALF YEAR
2025 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 6,265,486 3,232,048 2,469,142 5,701,190 11,966,676
Total ore mined Tonnes 2,645,227 733,998 1,052,877 1,786,875 4,432,102
Average ore grade g/t gold 0.84 0.85 0.92 0.89 0.86
Strip ratio t:t 1.4 3.4 1.3 2.2 1.7
Ore milled Tonnes 3,159,032 1,732,158 1,761,775 3,493,933 6,652,965
Milled head grade g/t gold 0.90 0.67 0.77 0.72 0.81
Gold recovery % 88.1 87.7 88.2 88.0 88.1
Gold produced ounces 80,534 32,856 38,352 71,208 151,741
Gold sales1 ounces 82,595 31,274 37,219 68,493 151,088
Average sales price US$/ounce 2,745 3,337 3,700 3,534 3,103
Unit Production Costs
Mining cost US$/t mined 5.47 5.39 7.53 6.32 5.88
Processing cost US$/t milled 10.45 9.16 8.85 9.01 9.69
G & A cost US$M/month 2.29 2.39 2.62 2.50 2.40
All-In Site Cost
Production cost US$/ounce 1,007 1,232 1,097 1,159 1,078
Royalties US$/ounce 247 324 387 358 299
Sub-total US$/ounce 1,254 1,555 1,483 1,517 1,377
Sustaining capital US$/ounce 70 48 52 50 61
Total All-In Site Cost2 US$/ounce 1,324 1,603 1,535 1,566 1,438
Notional Cashflow from Operations
Cash Margin US$/ounce 1,421 1,734 2,165 1,968 1,665
Notional Cash Flow US$M 114 57 83 140 253
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$ 0.5 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted
practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life
MINERAL RESOURCE TO MILL RECONCILIATION
Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan MRE.
For Q2 FY26, the 3-month factors indicate an increase in tonnes (9%), slight lower in grade (-3%), resulting in more metal
content (5%). This represents a notable improvement over Q1 FY26, where the 3 -month correlation factors showed
an under call in tonnes ( -11%) and contained gold (- 16%). The 6 - and 12 -month trends now fall within 5 –6% range,
demonstrating strengthened alignment over time. Operational controls, including regula r floor maintenance and
sheeting of muddy areas at Nkosuo pit were put in place to further tighten reconciliation and support continued
convergence between the Reserves and mill outcomes.
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NEWS RELEASE | DECEMBER 2025 QUARTER REPORT
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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 1.09 1.00 1.01
Head Grade 0.97 0.96 0.93
Contained Gold 1.05 0.96 0.95
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q 2 FY26 and relevant prior
periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold
Mine, together with satellite mining operations comprising the Fimbiasso Gold Mine, located approximately 65
kilometres from the Sissingué processing facilities, and the newly dev eloped Bagoé Gold Project, located approximately
137 kilometres from the Sissingué processing facilities. Mining at Bagoé commenced during the quarter at the Antoinette
Deposit, following the completion of mining operations at Fimbiasso.
For CY2025, Sissingué produced 53,411 ounces of gold, representing 12% of Perseus’s total gold production for the
calendar year period, at an AISC of US$2,444 per ounce, generating notional cashflows of US$25 million over the 12 -
month period.
During Q2 FY26, the Complex produced 18,491 ounces of gold, representing a 58% increase compared with the prior
quarter. Production costs improved to US$1,545 per ounce and AISC to US$ 1,844 per ounce, compared with US$2,458
per ounce and US$2,826 per ounce, respectively, in the prior quarter. The improvement in the AISC is largely grade-driven
following the introduction of higher -grade ore from the Bagoé Gold Project, partially offset by higher royalties resulting
from higher realised gold prices during the quarter . In addition , an additional 2% was paid to the Government of Côte
d’Ivoire as described earlier.
Total material mined was lower during the quarter due to the completion of the Fimbiasso satellite project and the
gradual ramp-up at Bagoé, while a favourable strip ratio resulted in a significant increase in ore mined.
Mill runtime increased to 97%, compared with 91% in the prior quarter, which was impacted by scheduled maintenance.
Throughput averaged 184 tonnes per hour, up from 150 tonnes per hour in Q1 FY26, driven by a higher proportion of
oxide ore in the mill feed. Gold recovery decreased marginally to 89.5%, compared with 90.9% in the previous quarter.
With a weighted average realised gold price of US$3,227 per ounce, a 9% increase from US$2,953 per ounce in Q1 FY26,
the Complex achieved an cash margin of US$1,383 per ounce, compared with US$127 per ounce in the prior quarter. This
resulted in an notional cash flow of approximately US$25 million for the quarter up from $1 million achieved last quarter.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT JUNE 2025
HALF YEAR3
SEPTEMBER 2025
QUARTER3
DECEMBER 2025
QUARTER4
DECEMBER 2025
HALF YEAR
2025 CALENDAR
YEAR
Gold Production & Sales
Total material mined Tonnes 4,871,980 3,108,872 2,707,820 5,816,692 10,688,672
Total ore mined Tonnes 478,336 258,422 472,004 730,426 1,208,762
Average ore grade g/t gold 1.56 1.50 1.86 1.73 1.66
Strip ratio t:t 9.2 11.0 4.7 7.0 7.8
Ore milled Tonnes 761,759 301,791 392,230 694,021 1,455,780
Milled head grade g/t gold 1.08 1.33 1.64 1.50 1.28
Gold recovery % 87.9 90.9 89.5 90.1 89.1
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NEWS RELEASE | DECEMBER 2025 QUARTER REPORT
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PARAMETER UNIT JUNE 2025
HALF YEAR3
SEPTEMBER 2025
QUARTER3
DECEMBER 2025
QUARTER4
DECEMBER 2025
HALF YEAR
2025 CALENDAR
YEAR
Gold produced ounces 23,228 11,692 18,491 30,183 53,411
Gold sales1 ounces 23,622 12,874 14,553 27,427 51,049
Average sales price US$/ounce 2,682 2,953 3,227 3,099 2,906
Unit Production Costs
Mining cost US$/t mined 6.14 4.89 6.09 5.45 5.77
Processing cost US$/t milled 18.70 26.59 16.26 20.75 19.68
G & A cost US$M/month 1.72 1.84 1.93 1.88 1.80
All-In Site Cost
Production cost US$/ounce 2,347 2,458 1,545 1,902 2,096
Royalties US$/ounce 273 324 279 295 286
Sub-total US$/ounce 2,620 2,782 1,824 2,197 2,382
Sustaining capital US$/ounce 103 44 20 29 62
Total All-In Site Cost2 US$/ounce 2,723 2,826 1,844 2,226 2,444
Notional Cashflow from Operations
Cash Margin US$/ounce (41) 127 1,383 873 465
Notional Cash Flow US$M (1) 1 25 26 25
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
3. Royalties, Total All-In Site Cost, Cash Margin and Notional Cash Flow has been restated to include the additional 2% royalty costs royalty paid in FY26 Q2 but
relating to the respective periods.
4. FY26 Q2 AISC only includes additional 2% royalties paid in Côte d’Ivoire that relate to the December 2025 quarter. The December 2025 half year only includes
the Q1 and Q2 FY26 additional 2% royalty paid. A total of US$3.8 million was paid in FY26 Q2 of which US$1.3 million related to the December 25 quarter,
US$0.9 million related to the September 25 quarter and US$1.6 million related to the Q3 and Q4 of FY25.
MINERAL RESOURCE TO MILL RECONCILIATION
Table 9 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Sissingué MRE.
In Q2 FY26, ore tonnes processed were above block model predictions 18%, while the grade was 17% lower, resulting
in slight reduction in contained gold (-2%) compared to expectations. The lower grade performance is a result of mining
of narrow, variably mineralized structures at Sissingu é Main, Fimbiasso West and A irport West pits, with higher than
anticipated dilution in several benches. The 6 - and 12-month trends demonstrate improving correlation, with contained
gold now tracking within expectations of the block model. Operational controls, including blast design refinement and
improved ore mining control initiatives remain in place to minimise dilution and maintain alignment between the model
and mill outcomes going forward.