JUNE 2024 QUARTER REPORT Perseus Mining delivers strong production & free cashflow resulting in cash and bullion of US$587 million after acquiring Nyanzaga
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30 JULY 2024
NEWS RELEASE
PERSEUSMINING.COM
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
JUNE 2024 QUARTER REPORT
Perseus Mining delivers strong production & free cashflow resulting in
cash and bullion of US$587 million after acquiring Nyanzaga
PERTH, Western Australia/ July 30, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports
on its activities for the three months’ period ended June 30, 2024 (the “Quarter”).
• Key operating indicators and highlights for the June 2024 quarter (Q4 FY24) include:
PERFORMANCE
INDICATOR UNIT MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024 FINANCIAL YEAR
Gold recovered Ounces 127,471 120,929 248,400 509,977
Gold poured Ounces 128,356 121,726 250,084 511,138
Production Cost US$/ounce 923 947 934 882
All-In Site Cost (AISC) US$/ounce 1,091 1,173 1,130 1,053
Gold sales Ounces 115,648 141,930 257,578 508,669
Average sales price US$/ounce 2,025 2,117 2,076 2,014
Notional Cashflow US$ million 119 117 236 490
• Group 12-month rolling average TRIFR at 1.06, slightly higher than in the March 2024 quarter (Q3 FY24) but still well
below industry average.
• In Q4 FY24, 120,929 ounces of gold were produced at a weighted average All-in-Site Cost (AISC) of US$1,173 per ounce.
• Gold production for the June 2024 Half Year (H2 FY24) and the 2024 Financial Year (FY24) of 248,400 ounces and
509,977 ounces, compared favourably to production guidance ranges of 226,000-254,000 ounces and 491,000 to
517,000 ounces respectively.
• AISC for H2 FY24 of $1,130 per ounce and FY24 of US$1,053 per ounce, were below the bottom of the H2 FY24 cost
guidance range of US$1,180 to US$1,340 per ounce and in the middle of the FY24 cost guidance range of US$1,000 to
US$1,100 per ounce.
• Average gold sales in Q4 FY24 increased 22.7% to 141,930oz. while average sales prices increased 4.5% quarter on
quarter to US$2,117 per ounce.
• Gold production and AISC guidance for the December 24 Half Year (H1 FY25) and Calendar Year 2024 (CY24) of 220,000
to 260,000 ounces at US$1,230 to US$1,330 per ounce and 468,400 ounces to 508,400 ounces at US$1,182 to US$1,223
per ounce respectively.
• An average cash margin of US$944 per ounce was recorded in Q4 FY24 resulting in notional operating cashflow of
US$117 million for the quarter and US$490 million for FY24.
• Perseus’s balance sheet at the end of FY24 included available cash and bullion of US$587 million, plus liquid, listed
securities of US$42 million and zero debt, with US$300 million of undrawn debt capacity available.
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• An all cash, off-market acquisition of ASX listed OreCorp Limited was completed during the quarter, providing Perseus
with further growth potential in the form of the large scale Nyanzaga Gold Project in Tanzania.
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana , combined to produce
a total of 120,929 ounces of gold in Q4 FY24. The weighted average production cost at the operations was US$ 947 per
ounce, while the weighted average AISC was US$1,173 per ounce of gold.
In Q4 FY24, combined gold sales from all three operations totalled 1 41,930 ounces or 26,282 ounces more than in the
March 2024 quarter (Q3 FY24), due to the timing of gold sales . The weighted average gold price realised was US$ 2,117
per ounce, US$92 per ounce more than the Q3 FY24 price of US$2,025 per ounce.
Perseus’s average cash margin for the quarter was US$9 44 per ounce resulting in notional operating cashflow from all
operations of US$117 million, in line with the result in Q3 FY24.
These strong operating results, summarised in Tables 1 to 3 below, confirm once again Perseus’s position as one of the
world’s better performing mid-tier gold producers in 2024.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024
FINANCIAL
YEAR
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024 FINANCIAL
YEAR
Yaouré 61,283 55,195 116,478 250,857 61,610 55,436 117,046 252,764
Edikan 49,096 47,337 96,433 195,080 49,389 47,833 97,222 195,030
Sissingué 17,092 18,397 35,489 64,040 17,357 18,458 35,815 63,344
Group 127,471 120,929 248,400 509,977 128,356 121,727 250,083 511,138
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024
FINANCIAL
YEAR
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALFYEAR
2024 FINANCIAL
YEAR
Yaouré 56,021 64,741 120,762 253,450 2,009 2,126 2,072 2,009
Edikan 46,764 50,696 97,460 191,743 2,036 2,132 2,086 2,011
Sissingué 12,863 26,493 39,356 63,476 2,052 2,067 2,062 2,041
Group 115,648 141,930 257,578 508,669 2,025 2,117 2,076 2,014
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 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024
FINANCIAL
YEAR
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024 FINANCIAL
YEAR
Yaouré 1,025 1,189 1,103 943 60 53 113 267
Edikan 982 1,015 999 1,001 52 53 105 197
Sissingué 1,628 1,530 1,578 1,641 7 11 18 26
Group 1,091 1,173 1,130 1,053 119 117 236 490
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
period ending 30 June 2024 and in relevant prior periods.
During the quarter, Yaouré produced 55,195 ounces of gold at a production cost of US$ 953 per ounce and an AISC of
US$1,189 per ounce. A total of 64,741 ounces of gold from Yaouré was sold at a weighted average sales price of
US$2,126 per ounce, giving rise to a n average cash margin of US$9 37 per ounce for the quarter . Notional operating
cashflow generated by Yaouré during the quarter was US$53 million, compared with US$60 million in Q3 FY24.
This performance resulted in Yaouré producing 116,478 ounces of gold at an AISC of US$1,103 per ounce for H2 FY24
which was above the top end of the production guidance range of 100,000 to 113,000 ounces of gold and below the
bottom end of the cost guidance range of US$1,150 to US$1,300 per ounce.
In terms of the full FY2024, Yaouré produced 250,857 ounces of gold (or nearly half of Perseus’s total gold production for
the period) at an AISC of US$ 943 per ounce , and in the process exceeding production guidance of 235,000 to 247,000
ounces of gold and comfortably achieving cost guidance for the full financial year of US$900 to US$1,000 per ounce.
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Table 4: Yaouré Quarterly Performance
PARAMETER UNIT DECEMBER 2023
HALF YEAR
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024 FINANCIAL
YEAR
Gold Production & Sales
Total material mined Tonnes 16,126,694 9,578,098 7,902,627 17,480,725 33,607,419
Total ore mined Tonnes 2,872,184 1,363,256 1,046,844 2,410,100 5,282,284
Average ore grade g/t gold 1.73 1.67 1.50 1.60 1.67
Strip ratio t:t 4.6 6.0 6.5 6.3 5.4
Ore milled Tonnes 1,885,801 943,796 1,037,192 1,980,988 3,866,789
Milled head grade g/t gold 2.38 2.17 1.79 1.97 2.17
Gold recovery % 93.0 93.2 92.3 92.8 92.9
Gold produced ounces 134,379 61,283 55,195 116,478 250,857
Gold sales1 ounces 132,688 56,021 64,741 120,762 253,450
Average sales price US$/ounce 1,952 2,009 2,126 2,072 2,009
Unit Production Costs
Mining cost US$/t mined 3.13 3.37 4.10 3.70 3.43
Processing cost US$/t milled 13.56 15.09 12.26 13.61 13.59
G & A cost US$M/month 2.34 2.31 2.48 2.40 2.37
All-In Site Cost
Production cost US$/ounce 670 874 953 911 782
Royalties US$/ounce 109 115 162 138 122
Sub-total US$/ounce 779 989 1,115 1,049 904
Sustaining capital US$/ounce 26 36 74 55 39
Total All-In Site Cost2 US$/ounce 805 1,025 1,189 1,103 943
Notional Cashflow from Operations
Cash Margin US$/ounce 1,147 984 937 968 1,066
Notional Cash Flow US$M 154 60 53 113 267
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$ 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. Furthermore, for the whole
financial year, a net $72 million of costs reported under AISC above has been absorbed into gold & bullion inventory and will be excluded from cost
of sales when reporting our annual results.
While still comfortably achieving production and cost targets for the Half and Full Financial Year periods as noted above,
the overall operating performance at Yaouré during Q4 FY24 was below the high standards set in previous quarters and
in FY23 in certain critical areas. The head grade of processed ore was down by 17.5% quarter on quarter to 1.79g/t gold,
gold recovery rates of 92.3% compared to 93.2%, while throughput rates of 470 tph compared favourably to 461 tph and
mill run-time of 96% compared positively to 91.9% in the prior quarter,
As previously reported, reduced ore and waste movements relative to targets earlier in FY24, delayed access to higher
grade or e originally scheduled for mining and processing in the quarter. An accelerated mining programme was
implemented in H2 FY24, in conjunction with Perseus’s mining contractor, EPSA, with the intention of clawing back the
deficit. For a variety of reasons, the results of the accelerated mining programme early in the Half Year were disappointing
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but by quarter end, a distinct improvement had been achieved and weather permitting, mining is now expected to return
to plan by the end of the September 2024 quarter (Q1 FY25) or early in the December 2024 quarter (Q2 FY25).
The quarter-on-quarter decrease in gold production brought about by the reduced head grade of processed ore during
the quarter negatively impact ed AISC as predicted in the March 2024 Quarterly Report. It is expected that this trend of
elevated AISC will continue into Q1 FY25 as the mining shortfall that was experienced in prior periods is progressively
eliminated and “work to plan” and access to higher grade ore is restored.
MINERAL RESOURCE TO MILL RECONCILIATION
Table 5 shows the re conciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral
Resource block model. During the last quarter, 16% more ore tonnes were processed at 1 0% lower grade, resulting in a
5% positive variance in ounces compared to the Mineral Resource model. Over the past six months and year 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, efforts will continue to minimise ore dilution and maximising ore
deliveries.
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 1.16 1.23 1.20
Head Grade 0.90 0.93 0.84
Contained Gold 1.05 1.13 1.01
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during the
period ending 30 June 2024 and in relevant prior periods.
Edikan’s operating performance in the Q4 FY24 was in line with the prior quarter, with 4 7,337 ounces of gold recovered
at a production cost of US$789 per ounce and an AISC of US$1,015 per ounce (compared to 49,096 ounces at an AISC of
US$982 per ounce in Q3 FY24). Gold sales of 50,696 ounces were 8% greater than in the prior quarter and were made at
a weighted average realised gold price of US$2,132 per ounce, generating an average cash margin of US$1,116 per ounce.
Notional cashflow of US$54 million was generated during the quarter, 8% more than in Q3 FY24.
Operating performance at Edikan during the quarter was in largely line with targeted key performance indicators and
compared reasonably well to those achieved in t he prior quarter. Mill run time was 95.0% compared to 9 1.1%, gold
recovery rates were 91.4% compared to 92.2%, head grade of processed ore was 1.03 g/t gold compared to 1.07 g/t gold
and the throughput rate was 753 tph compared to 781 tph.
AISC for the quarter of US$1, 015 per ounce was US$ 33 per ounce higher than the AISC of US$ 982 per ounce achieved
last quarter. This increase was driven mainly by 3.5% lower gold production, a slightly higher strip ratio, and a marginally
lower head grade.
This performance resulted in Edikan producing 96,433 ounces of gold at an AISC of US$ 999 per ounce for H2 FY24, with
production in the upper half of market guidance of 90,000 to 100,000 ounces and AISC materially better than the market
guidance of US$1,100 to US$1,250 per ounce for the period.
In terms of the full FY24, Edikan’s production of 195,080 ounces of gold (or 38% of Perseus’s total gold production for the
period) at an AISC of US$ 1,001 per ounce, compared very well to production guidance of 191,000 to 201,000 ounces of
gold and cost guidance for the full financial year of US$1,000 to US$1,100 per ounce.
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Edikan’s cost performance in FY24 with an AISC of US$1,001 per ounce places Edikan towards the bottom end of the
global cost curve and reflects well on our 100% Ghanaian management team , workforce and contractors who have all
worked hard on improving operating efficiencies at every opportunity.
Table 6: Edikan Quarterly Performance
PARAMETER UNIT DECEMBER 2023
HALF YEAR
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024 FINANCIAL
YEAR
Gold Production & Sales
Total material mined Tonnes 6,566,151 2,440,719 2,678,087 5,118,806 11,684,957
Total ore mined Tonnes 3,676,653 1,822,567 1,848,305 3,670,872 7,347,525
Average ore grade g/t gold 0.97 1.00 0.97 1.00 0.98
Strip ratio t:t 0.8 0.3 0.4 0.4 0.6
Ore milled Tonnes 3,128,531 1,554,803 1,559,955 3,114,758 6,243,289
Milled head grade g/t gold 1.07 1.07 1.03 1.05 1.06
Gold recovery % 91.7 92.2 91.4 91.8 91.7
Gold produced ounces 98,647 49,096 47,337 96,433 195,080
Gold sales1 ounces 94,283 46,764 50,696 97,460 191,743
Average sales price US$/ounce 1,933 2,036 2,132 2,086 2,011
Unit Production Costs
Mining cost US$/t mined 5.91 6.68 5.97 6.31 6.09
Processing cost US$/t milled 10.76 11.15 10.36 10.76 10.76
G & A cost US$M/month 1.66 1.72 1.74 1.73 1.70
All-In Site Cost
Production cost US$/ounce 836 788 789 790 813
Royalties US$/ounce 136 154 179 165 151
Sub-total US$/ounce 972 942 968 956 964
Sustaining capital US$/ounce 31 40 47 44 37
Total All-In Site Cost2 US$/ounce 1,003 982 1,015 999 1,001
Notional Cashflow from Operations
Cash Margin US$/ounce 931 1,054 1,116 1,087 1,010
Notional Cash Flow US$M 92 51 54 105 197
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.
2. There have been no costs capitalised in respect of excess waste stripping in the quarter . However, for the whole financial year, a net $ 15 million of
costs reported in AISC above have been absorbed into gold & bullion inventory and will be excluded from cost of sales when reporting our annual
results.
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 (mill reconciliation) has predicted slightly less tonnes ( -7%), with a higher grade (+ 5%)
and with similar ounces (-2%) when compared to the Mineral Resource Estimate (MRE). Over the last six and 12 -month
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periods, Edikan has also recorded more contained metal than predicted by the MRE model. Perseus regards the overall
outperformance as being acceptable relative to 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 0.93 0.96 0.96
Head Grade 1.05 1.09 1.12
Contained Gold 0.98 1.04 1.08
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial parameters at the Sissingué Gold Mine during the period
ending 30 June 2024 and relevant prior periods.
During Q4 FY24, Sissingué produced 1 8,397 ounces of gold at a production cost of US$1, 333 per ounce and an AISC of
US$1,530 per ounce.
The AISC for the quarter of US$1,530 per ounce was US$98 per ounce lower than the AISC of US$1,628 per ounce
achieved in Q3 FY24. This decrease was driven mainly by 8% higher gold production, a lower strip ratio, and better head
grade (1.76g/t gold compared to 1.43g/t). With a weighted average sales price of US$2,067 per ounce for the quarter (an
increase of US$15 per ounce relative to the prior quarter), a cash margin of US$537 per ounce was achieved resulting in
notional cashflow for the quarter of US$11 million.
Overall operating performance for the mine during the quarter was reasonably in line with the previous quarter. Mill
runtime at 93% was better than the 87% recorded in the prior quarter when a large scheduled maintenance shutdown
occurred. The throughput rate ( 175 tph compared to 2 14 tph) caused by a change in the ore blend offset the higher
throughput rate and fewer tonnes of ore were processed this quarter relative to Q3 FY24. Gold recovery rates (91.4%
compared to 90.2%) were slightly better quarter-on-quarter, as was the feed grade of ore to the mill (1.76g/t compared
to 1.43g/t) reflecting the higher grade of material mined in the Fimbiasso East and West pits.
This performance resulted in Sissingué producing 35,489 ounces of gold at an AISC of US$ 1,578 per ounce in H2 FY24,
narrowly missing the low end of market production guidance for the period of 36,000 to 41,000 ounces of gold but in line
with AISC guidance for the period of US$1,450 to US$1,650 per ounce.
In terms of the full FY24, Sissingué’s production of 64,040 ounces of gold (or 12.5% of Perseus’s total gold production for
the period) at an AISC of US$1, 641 per ounce, was less than 1.5% below the bottom end of the production guidance of
65,000 to 69,000 ounces of gold and outside of cost guidance for the full financial year of US$1,400 to US$1, 500 per
ounce. Unfortunately, the Sissingué Gold Mine endured a ver y poor start to the financial year when in Q1 FY24 , only
10,570 ounces of gold were produced at an AISC of U S$2,095 per ounce , largely due to extreme weather conditions .
Despite a significant turnaround in the remaining three quarters of the year , Sissingué did not fully recover from this
start, delivering a performance which by historical standards was disappointing .
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Table 8: Sissingué Quarterly Performance
PARAMETER UNIT DECEMBER 2023
HALF YEAR
MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
2024 FINANCIAL
YEAR
Gold Production & Sales
Total material mined Tonnes 5,068,335 2,822,049 2,266,732 5,088,781 10,157,116
Total ore mined Tonnes 607,797 455,845 437,018 892,863 1,500,660
Average ore grade g/t gold 1.15 1.52 1.65 1.59 1.41
Strip ratio t:t 7.3 5.2 4.2 4.7 5.8
Ore milled Tonnes 777,661 405,995 355,510 761,505 1,539,166
Milled head grade g/t gold 1.26 1.43 1.76 1.60 1.42
Gold recovery % 90.9 90.2 91.4 90.8 90.9
Gold produced ounces 28,551 17,092 18,397 35,489 64,040
Gold sales1 ounces 24,120 12,863 26,493 39,356 63,476
Average sales price US$/ounce 2,007 2,052 2,067 2,062 2,041
Unit Production Costs
Mining cost US$/t mined 4.72 5.06 5.92 5.44 5.08
Processing cost US$/t milled 15.67 16.14 16.33 16.24 15.95
G & A cost US$M/month 1.55 1.46 1.77 1.62 1.58
All-In Site Cost
Production cost US$/ounce 1,590 1,475 1,333 1,402 1,486
Royalties US$/ounce 103 130 172 151 130
Sub-total US$/ounce 1,693 1,605 1,505 1,553 1,615
Sustaining capital US$/ounce 26 23 25 25 25
Total All-In Site Cost2 US$/ounce 1,719 1,628 1,530 1,578 1,641
Notional Cashflow from Operations
Cash Margin US$/ounce 288 424 537 484 401
Notional Cash Flow US$M 8 7 11 18 26
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 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. Furthermore, for the whole financial year, a net
$7 million of costs reported in AISC above have been absorbed into product inventory and will be excluded from cost of sales when reporting our annual
results.
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.
Over the past three months, grade control (mill reconciliation) predicted an 11% increase in tonnes at a 14% lower grade,
resulting in a 4% decrease in overall ounces compared to the Mineral Resource Estimate (MRE). However, over the last
six and twelve months, Sissingué has consistently produced more metal than the MRE model predicted. Perseus considers
this overall performance to be reasonable by industry standards.