JUNE 2023 QUARTER REPORT Perseus exceeds gold production and cost guidance for FY23 and H2 FY23; Cash and bullion increased to US$522M
26 JULY 2023
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
JUNE 2023 QUARTER REPORT
Perseus exceeds gold production and cost guidance for FY23 and H2
FY23; Cash and bullion increased to US$522M
PERTH, Western Australia/ July 26, 2023/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports
on its activities for the three months’ period ended June 30, 2023 (the “Quarter”).
• Key Operating highlights for the June 2023 quarter, the June 2023 Half Year and the full 2023 Financial Year include:
PERFORMANCE
INDICATOR UNIT MARCH 2023 QUARTER JUNE 2023 QUARTER JUNE 2023 HALF YEAR 2023 FINANCIAL YEAR
Gold recovered Ounces 130,275 136,634 266,909 535,281
Gold poured Ounces 130,512 137,586 268,098 538,642
Production Cost US$/ounce 831 811 820 820
All-In Site Cost (AISC) US$/ounce 971 1,007 989 959
Gold sales Ounces 135,111 140,533 275,644 537,564
Average sales price US$/ounce 1,821 1,933 1,878 1,803
Cash margin US$/ounce 850 926 889 844
Notional Cashflow US$ million 111 127 238 452
– Quarterly gold production of 136,634 ounces at AISC of US$1,007 per ounce and cash margin of US$926 per
ounce.
– Gold production and AISC significantly outperformed market production and cost guidance for June 2023 Half
Year and 2023 Financial Year.
– Quarterly gold sales of 140,533 ounces, up 4% (+5,422 ounces) from the March 2023 quarter.
– Average sale price of gold was US$1,933 per ounce, up 6% (+US$112 per ounce) from the March 2023 quarter.
– Average cash margin of US$926 per ounce of gold sold up 9% (+US$76 per ounce) from the March 2023 quarter.
– Notional cashflow of US$127 million during the quarter, up 14% (+US$16 million) from the March 2023 quarter.
– Group rolling 12-month TRIFR remained stable at 1.20.
• Strong quarterly cashflows further strengthened Perseus’s financial position with available cash and bullion of
US$522 million with zero debt.
• Net cash and bullion balance increased US$51 million from the March 2023 quarter.
• Organic growth activities including Mineral Resource drill outs and feasibility studies at Yaouré’s CMA Underground
Project progressed on schedule. Results due in the September 2023 quarter.
• Perseus’s total economic contribution to its host countries of Ghana, Côte d’Ivoire and Sudan was ~US$158 million
(approximately 58% of revenue) during the quarter.
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• Pre-development activities at Meyas Sand Gold Project (MSGP) in Sudan suspended due to security concerns, with FID
originally planned for the December 2023 Half Year now deferred.
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
136,634 ounces of gold in the June 2023 quarter. The weighted average production cost across all three operations was
US$811 per ounce, while the weighted average AISC incurred during the quarter was US$1,007 per ounce of gold.
In the June 2023 quarter, combined gold sales totalled 140,533 ounces. The w eighted average gold price realised was
US$1,933 per ounce, US$112 per ounce more than the March 2023 quarter price of US$1,821 per ounce.
Perseus’s average cash margin for the June 2023 quarter was US$926 per ounce, 9% better than the cash margin achieved
during the March 2023 quarter. Notional operating cashflow from operations was US$127 million, US$16 million more than
the March 2023 quarter, driven by the improved gold price achieved and increased production offset slightly by higher AISC.
These strong results summarised in Tables 1, 2 and 3 below, confirm Perseus’s position as one of the world’s higher
performing mid-tier gold producers in the financial year ending 30 June 2023.
Table 1: Gold Production Summary by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
Yaouré 64,753 72,367 137,120 273,941 64,512 72,117 136,629 274,971
Edikan 53,720 50,232 103,952 209,929 54,096 51,939 106,035 212,992
Sissingué 11,803 14,035 25,838 51,411 11,904 13,530 25,434 50,679
Group 130,275 136,634 266,909 535,281 130,512 137,586 268,098 538,642
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
Yaouré 67,578 76,720 144,298 279,471 1,800 1,930 1,869 1,800
Edikan 54,705 51,925 106,630 208,998 1,834 1,924 1,878 1,787
Sissingué 12,828 11,888 24,716 49,095 1,877 1,985 1,929 1,888
Group 135,111 140,533 275,644 537,564 1,821 1,933 1,878 1,803
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)
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
Yaouré 803 771 786 755 65 84 149 286
Edikan 1,067 1,123 1,094 1,076 41 40 81 149
Sissingué 1,458 1,805 1,647 1569 5 2 7 16
Group 971 1,007 989 959 111 127 238 452
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 June
2023 quarter and relevant prior periods.
During the quarter, Yaouré produced 72,367 ounces of gold at a production cost of US$603 per ounce and an AISC of US$771
per ounce. The weighted average sales price of the 76,720 ounces of gold sold during the quarter was US$1,930 per ounce,
giving rise to a cash margin of US$1,159 per ounce. Notional operating cashflow generated during the quarter by Yaouré
was US$84 million, or US$19 million more than in the March 2023 quarter.
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This performance resulted in Yaouré producing 137,120 ounces of gold at an AISC of US$786 per ounce for the June 2023
Half Year and in the process, outperforming market guidance for the period of 117,500 to 130,000 ounces of gold production
at an AISC of US$900 to US$1,000 per ounce.
The strong operating performance at Yaouré reflected an improvement of 12% in head grade of processed ore (2.54 g/t gold
compared to 2.26 g/t gold), but all other operating KPIs were very similar to those recorded in the March 2023 quarter,
including throughput rates (485 tph compared to 491 tph), mill runtime (90% compared to 91%), and gold recovery rates
(identical at 92.4%).
Table 4: Yaouré Quarterly Performance
PARAMETER UNIT DECEMBER 2022
HALF YEAR
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
Gold Production & Sales
Total material mined Tonnes 16,360,821 8,716,713 8,337,953 17,054,666 33,415,487
Total ore mined Tonnes 2,607,389 1,280,134 1,403,455 2,683,589 5,290,978
Average ore grade g/t gold 1.86 1.92 1.72 1.82 1.84
Strip ratio t:t 5.3 5.8 4.9 5.4 5.3
Ore milled Tonnes 1,982,184 962,200 955,355 1,917,555 3,899,739
Milled head grade g/t gold 2.30 2.26 2.54 2.40 2.35
Gold recovery % 93.2 92.4 92.4 92.4 92.8
Gold produced ounces 136,821 64,753 72,367 137,120 273,941
Gold sales1 ounces 135,174 67,578 76,720 144,298 279,471
Average sales price US$/ounce 1,727 1,800 1,930 1,869 1,800
Unit Production Costs
Mining cost US$/t mined 2.92 2.88 2.93 2.91 2.91
Processing cost US$/t milled 12.09 12.67 12.59 12.63 12.35
G & A cost US$M/month 2.19 2.18 2.39 2.28 2.23
All-In Site Cost
Production cost US$/ounce 620 677 603 638 629
Royalties US$/ounce 86 104 102 103 94
Sub-total US$/ounce 706 781 705 741 724
Sustaining capital US$/ounce 18 22 66 45 32
Total All-In Site Cost2 US$/ounce 724 803 771 786 755
Notional Cashflow from Operations
Cash Margin US$/ounce 1,003 998 1,159 1,083 1,045
Notional Cash Flow US$M 137 65 84 149 286
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 June 2023 quarter is US$4 million of costs relating to excess waste stripping. When reporting cost of sales, in line with
accepted practice under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life.
MINERAL RESOURCE TO MILL RECONCILIATION
The reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource block model
are shown in Table 5. During the June 2023 quarter, Perseus processed 11% more ore tonnes at 7% lower grade for an
overall increase of 3% in ounces compared to the Mineral Resource model. In the previous 6 and 12 months, Yaouré has
produced 4% more metal than the Mineral Resource model predicted. The performance of the Yaouré Mineral Resource
model to date is considered satisfactory.
Table 5: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.11 1.10 1.13
Head Grade 0.93 0.95 0.92
Contained Gold 1.03 1.04 1.04
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EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at Edikan during the June 2023 quarter and
relevant prior periods.
Edikan produced 50,232 ounces of gold at a production cost of US$903 per ounce and an AISC of US$1,123 per ounce in the
June quarter, slightly down from last quarter’s performance when it produced 53,720 ounces at an AISC of $1,067 per ounce.
Gold sales of 51,925 ounces were 5% less than the prior quarter, at a weighted average realised gold price of US$1,924 per
ounce, generating an average cash margin of US$801 per ounce, which was 4% more than in the prior quarter. However,
due to the lower production, notional cashflow of US$40 million was US$1 million lower than in the prior period.
Edikan continued to perform consistently well in the June 2023 quarter, matching internal expectations. This has resulted in
Edikan exceeding June 2023 Half Year production guidance of 87,500 to 100,000 ounces (103,952 ounces) and achieving
AISC below the bottom end of the cost guidance range of US$1,100 to US$1,200 per ounce (US$1,094 per ounce) for the
period.
Quarter on quarter, production KPIs were relatively steady with processed ore head grade slightly decreased (1.08 g/t gold
compared to 1.09 g/t gold), gold recovery rates marginally increased (92.9% compared to 91.8%), and steady mill runtime
(93% compared to 94%). Throughput rates were down slightly on the prior quarter (768 tph compared to 824 tph) but
remained within acceptable tolerance ranges.
Table 6: Edikan Quarterly Performance
PARAMETER UNIT DECEMBER 2022
HALF YEAR
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
Gold Production & Sales
Total material mined Tonnes 14,018,167 6,693,065 5,247,068 11,940,133 25,958,300
Total ore mined Tonnes 3,347,709 1,888,576 1,696,970 3,585,546 6,933,255
Average ore grade g/t gold 1.05 1.07 1.03 1.05 1.05
Strip ratio t:t 3.19 2.54 2.09 2.33 2.74
Ore milled Tonnes 3,527,865 1,671,960 1,566,231 3,238,191 6,766,056
Milled head grade g/t gold 1.03 1.09 1.08 1.09 1.06
Gold recovery % 90.5 91.8 92.9% 92.3% 91.4%
Gold produced ounces 105,977 53,720 50,232 103,952 209,929
Gold sales1 ounces 102,368 54,705 51,925 106,630 208,998
Average sales price US$/ounce 1,692 1,834 1,924 1,878 1,787
Unit Production Costs
Mining cost US$/t mined 4.14 4.20 4.69 4.42 4.27
Processing cost US$/t milled 9.15 9.87 10.39 10.12 9.62
G & A cost US$M/month 1.55 1.51 1.49 1.50 1.53
All-In Site Cost2
Production cost US$/ounce 940 916 903 910 925
Royalties US$/ounce 107 127 149 137 122
Sub-total US$/ounce 1,047 1,043 1,052 1,047 1,047
Sustaining capital US$/ounce 12 24 71 47 29
Total All-In Site Cost2 US$/ounce 1,059 1,067 1,123 1,094 1,076
Notional Cashflow from Operations1
Cash Margin US$/ounce 633 767 801 784 711
Notional Cash Flow US$M 67 41 40 81 149
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 June 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.
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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 June 2023 quarter, grade control predicted additional tonnes (+7%), higher grade (+7%) and
more ounces (+14%) when compared to the Mineral Resource Estimate (MRE). Over the past six months, Edikan has also
recorded more contained metal than predicted by the MRE. In addition, over a 12-month period, contained gold was also
more than that predicted by the MRE (8%). Therefore, Perseus regards the overall outperformance of Edikan as being within
normal industry standards.
Table 7: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.07 1.06 1.05
Head Grade 1.07 1.04 1.03
Contained Gold 1.14 1.11 1.08
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
Table 8 below summarises the key operating and financial parameters recorded at the Sissingué gold mine during the June
2023 quarter and relevant prior periods.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT DECEMBER 2022
HALF YEAR
MARCH 2023
QUARTER
JUNE 2023
QUARTER
JUNE 2023
HALF YEAR
2023 FINANCIAL
YEAR
Gold Production & Sales
Total material mined Tonnes 3,678,661 2,317,850 1,988,872 4,306,722 7,985,383
Total ore mined Tonnes 516,841 354,784 436,279 791,063 1,307,904
Average ore grade g/t gold 0.73 0.88 1.15 1.03 0.91
Strip ratio t:t 6.1 5.53 3.56 4.44 5.11
Ore milled Tonnes 799,722 468,679 394,727 863,406 1,663,128
Milled head grade g/t gold 1.09 0.85 1.19 1.01 1.05
Gold recovery % 91.5 91.6 93.0% 92.4% 91.9%
Gold produced ounces 25,573 11,803 14,035 25,838 51,411
Gold sales1 ounces 24,379 12,828 11,888 24,716 49,095
Average sales price US$/ounce 1,847 1,877 1,985 1,929 1,888
Unit Production Costs
Mining cost US$/t mined 3.85 3.71 4.80 4.20 4.05
Processing cost US$/t milled 16.58 12.69 17.86 15.04 15.78
G & A cost US$M/month 1.35 1.46 1.76 1.61 1.48
All-In Site Cost 2,3
Production cost US$/ounce 1,389 1,276 1,558 1,431 1,411
Royalties US$/ounce 95 121 86 101 98
Sub-total US$/ounce 1,484 1,397 1,644 1,532 1,509
Sustaining capital US$/ounce 6 61 161 116 60
Total All-In Site Cost US$/ounce 1,490 1,458 1,805 1,647 1,569
Notional Cashflow from Operations 3
Cash Margin US$/ounce 357 419 180 281 319
Notional Cash Flow US$M 9 5 2 7 16
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 June quarter is US$0.4 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. Commercial production at Fimbiasso was declared 1 April 2023. A total of US$4.2 million of pre-commercial production operating costs have been
excluded from All-In-Site-Costs. Furthermore, the 269oz that were produced from Fimbiasso prior to the declaration of commercial production h ave
been deducted from the oz produced figures in the calculation of All-In-Site-Costs, cash margin, and notional cash flows.
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Sissingué Complex produced total of 14,035 ounces of gold during the quarter, at a production cost of US$1,558 per ounce
and an AISC of US$1,805 per ounce. Gold production was 19% higher than the previous quarter, however AISCs were higher
due to the cessation of capitalisation of development and establishment costs with the commencement of commercial
production at Fimbiasso during the period.
The Sissingué operation now involves mining and processing of ore from low-grade stockpiles as well as from the remnants
of West Arm, Binkadi and Bagoé pits on the Sissingué Mining Lease along with mining, trucking and processing ore from the
satellite Fimbiasso East and West pits on the Fimbiasso Mining Lease.
During the quarter, the performance of Perseus’s ore haulage contractor improved after a slow start to operations, enabling
a progressively higher proportion of higher-grade ore from the satellite pits at Fimbiasso East and West, to be processed. By
the end of the quarter, daily haulage targets were being consistently exceeded.
Overall operating performance at the Sissingué Complex was mixed during the quarter. Head grade (1.19g/t gold) improved
by 40% relative to the last quarter, while runtime (-10%), and throughput rate (-7%) both lagged the prior quarter and the
recovery rate (93.0%) was better than the prior quarter.
The AISC of US$1,805 per ounce was higher than in the previous quarter due largely to Fimbiasso pre-production costs that
were being capitalised in prior quarters being expensed in June 2023 quarter, including costs associated with establishing a
haulage operation to transport Fimbiasso ore back to the central processing facility. The weighted average sales price of the
11,888 ounces of gold sold during the quarter was US$1,985 per ounce, giving rise to an average cash margin of US$180 per
ounce. Notional cashflow generated by the mine during the quarter totalled US$2 million.
BAGOÉ MINING LEASE
Perseus has lodged all documentation required for assessment of its application for an Exploitation Permit for the Bagoé
Project with the Ivorian Department of Mines, Petroleum and Energy and is currently being assessed . Community
consultations with the three regions likely to be impacted by the Bagoé mining operation are underway and progressing
well, with the consultation process successfully closed for the Boundiali region. The Exploitation Permit should be granted
on completion of these consultations and thereafter a Mining Convention covering the operation will be negotiated.
Construction of infrastructure required to support a mining operation at Bagoé will commence as soon as possible following
receipt of the Bagoé Mining Lease.
MINERAL RESOURCE TO MILL RECONCILIATION
The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Complex Mineral Resource
block models is in Table 9 below. During the June Quarter, grade control has predicted additional tonnes (+5%) at higher
grade (+12%) resulting in an increase in overall ounces (+ 17%) when compared to the Mineral Resource Estimate (MRE).
Over the past six - and 12-month periods, Sissingué has processed overall more metal than the Mineral Resource model
estimation. The reconciliation between mineral resources and the mill at the Sissingué complex is considered satisfactory,
and improvement work continues to align the resource model more closely with the over-delivery of tonnes observed in the
grade control.
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 1.05 1.08 1.15
Head Grade 1.12 1.01 0.98
Contained Gold 1.17 1.10 1.12
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GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Group gold production and AISCs for the December 2023 Half Year and the 2023 Calendar Year are as shown below in
Table 10.
Table 10: Production and Cost Guidance
PARAMETER UNITS JUNE 2023 HALF YEAR
(ACTUAL)
DECEMBER 2023 HALF YEAR
(FORECAST)
2023 CALENDAR YEAR
(FORECAST)
Yaouré Gold Mine
Production Ounces 137,120 125,000 to 140,000 262,100 to 277,120
All-in Site Cost USD per ounce 786 850 to 950 818 to 864
Sissingué Gold Mine
Production Ounces 25,838 27,500 to 32,500 53,338 to 58,338
All-in Site Cost USD per ounce 1,647 1,700 to 1,900 1,677 to 1,777
Edikan Gold Mine
Production Ounces 103,952 90,000 to 100,000 193,952 to 203,952
All-in Site Cost USD per ounce 1,094 1,200 to 1,300 1,146 to 1,190
PERSEUS GROUP
Production Ounces 266,909 242,500 to 272,500 509,409 to 539,500
All-in Site Cost USD per ounce 989 1,080 to 1,190 1,035 to 1,085
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SUSTAINABILITY
SUSTAINABILITY GOVERNANCE
During the quarter, Perseus continued to strengthen its sustainability governance through:
• Continued work on strengthening Group safety performance with the roll-out of Phase 2 of the “Safely Home Every
Day” (SHED) program across our sites. This included one-on-one coaching and Train-the-Trainers sessions, as well as
Supervisors skills development sessions and training of Safety Champions.
• Yaouré Community Trust Fund management committee established by the Ministry of Mines, Petroleum and Energy.
The local development plan is being finalised in consultation with the 15 local communities with completion expected
in July.
• First public hearing as part of the Bagoé Environment Permit (EP) application process successfully completed at
Boundiali, with the process underway in Mbengué and Korhogo regions.
SUSTAINABILITY PERFORMANCE
This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown below in
Table 11 and summarised as:
• Safety:
– Safety performance across the portfolio remained stable, with the Group Total Recordable Injury Frequency Rates
(TRIFR) decreasing slightly from 1.29 at the end of March 2023 to 1.20 at the end of June 2023 , which remains
higher than the FY23 threshold of 1.10 and target of 0.8. There were two recordable injuries for the June quarter
across the Group.
– Lost Time Injury Frequency (LTIFR) across the Group remains stable at 0.26 for the June quarter from 0.25 in March.
• Social:
- Total economic contribution to Perseus’s host operating countries Ghana and Côte d’Ivoire for the quarter was
~US$158 million (up US$2m from last quarter and approximately 58% of revenue), which included 77% of the
Company’s procurement on Purchase Order Value basis paid to local suppliers, and ~US$1.3 million in social
investment (includes accrual for Yaouré).
- Local and national employment decreased slightly to 94% for the reporting quarter. Across the Group, the
proportion of female employees declined slightly to 11.4% for the June 2023 quarter (from 12.4% in the March
quarter).
- There were no significant community events (Category 3 or above) reported during the June quarter.
• Environment:
– Total Scope 1 and 2 Greenhouse Gas emissions intensity per ounce of gold produced decreased to 0.48 tCO2-e/oz
for the quarter ended June 2023from 0.53 tCO2-e/oz for the quarter ended March 2023.
– 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:
• Safety remains a key priority for the Company, with emphasis placed on hand safety following two injuries sustained
during the quarter and further roll-out of the SHED program.
• Illegal mining activities on some of Perseus’s mining and exploration licence areas continue to present challenges for
the Company. Perseus 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.