MARCH 2023 QUARTER REPORT Perseus Mining’s strong operating performance continues with 130,275oz gold produced at AISC of US$971/oz
19 APRIL 202 3
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
MARCH 2023 QUARTER REPORT
Perseus Mining’s strong operating performance continues with
130,275oz gold produced at AISC of US$971/oz
PERTH, Western Australia/ April 19, 2023/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports
on its activities for the three months’ period ended March 31, 2023 (the “Quarter”).
• Key Operating highlights for the March 2023 quarter and the nine months ending 31 March 2023 include:
PERFORMANCE
INDICATOR UNIT SEPTEMBER 2022
QUARTER
DECEMBER 2022
QUARTER
MARCH 2023 QUARTER FY 2023 TO DATE
Gold recovered Ounces 137,460 130,911 130,275 398,645
Gold poured Ounces 139,553 130,992 130,512 401,057
Production Cost US$/ounce 762 881 830 823
All-In Site Cost (AISC) US$/ounce 879 983 971 943
Gold sales Ounces 58,767 203,154 135,111 397,031
Average sales price US$/ounce 1,645 1,748 1,821 1,757
Cash margin US$/ounce 766 765 850 814
Notional Cashflow US$ million 112 101 111 324
– Gold production of 130,275 ounces was within 0.5% of December 2022 quarter production.
– US$971 per ounce weighted average AISC was 1.2% lower than the December 2022 quarter.
– Average sale price of gold sold (135,111 ounces) was US$1,821 per ounce, up 4% or US$73 per ounce compared
to December 2022 quarter.
– Average cash margin of US$850 per ounce of gold sold was 11% greater than in the prior quarter, reflecting both
an improved realised gold price and the AISC decrease.
– Notional cashflow from operations of US$111 million during the quarter, 10% more than last quarter (US$101
million).
– Perseus’s strong operating performance is forecast to continue in the June 2023 quarter with both gold
production and cost guidance for the 2023 June Half Year and Financial Year, expected to be achieved.
• Strong quarterly cashflows further strengthened Perseus’s financial position with available cash and bullion of
US$471 million, zero debt, net cash and bullion balance increased by US$66 million at quarter end.
• Perseus’s revolving corporate credit facility upsized to US$300 million during the quarter provides additional capacity
to fund its growth strategy while continuing to pay dividends to shareholders.
• Development activities continued at Meyas Sand Gold Project (MSGP) in Sudan, with confirmatory and sterilisation
drilling, Front-End Engineering and Design and site preparation, ahead of a possible FID during December 2023 Half
Year.
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• Organic growth activities including Mineral Resource drill outs and feasibility studies for MSGP and 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$156 million
(approximately 63% of revenue) during the quarter.
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana combined to produce
130,275 ounces of gold in the March 2023 quarter. The weighted average production cost across all three operations was
US$830 per ounce, while the weighted average AISC incurred during the quarter was US$971 per ounce of gold.
In the March 2023 quarter, combined gold sales totalled 135,111 ounces. The weighted average gold price realised was
US$1,821 per ounce, US$73 per ounce more than the December 2022 quarter price of US$1,748 per ounce.
Perseus’s average cash margin for the March 2023 quarter was US$850 per ounce, 11% better than the cash margin
achieved during the December 2022 quarter. Notional operating cashflow from operations was US$111 million,
US$10 million more than the December quarter, driven by the improved gold price achieved and reduced AISC.
These strong results summarised below in Tables 1, 2 and 3 below, confirm Perseus’s position as one of the world’s better
performing mid-tier gold producers thus far in 2023.
Table 1: Gold Production Summary by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
MARCH 2023
QUARTER
FISCAL YEAR
2023 TO DATE
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
MARCH 2023
QUARTER
FISCAL YEAR
2023 TO DATE
Yaouré 71,469 65,352 64,753 201,573 72,887 65,456 64,512 202,855
Edikan 52,127 53,850 53,720 159,696 53,342 53,615 54,096 161,053
Sissingué 13,864 11,709 11,803 37,376 13,325 11,919 11,904 37,148
Group 137,460 130,911 130,275 398,645 139,554 130,990 130,512 401,056
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
MARCH 2023
QUARTER
FISCAL YEAR
2023 TO DATE
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
MARCH 2023
QUARTER
FISCAL YEAR
2023 TO DATE
Yaouré 9,000 126,174 67,578 202,751 1,748 1,726 1,800 1,751
Edikan 49,767 52,601 54,705 157,073 1,626 1,754 1,834 1,741
Sissingué - 24,379 12,828 37,207 - 1,847 1,877 1,857
Group 58,767 203,154 135,111 397,031 1,645 1,748 1,821 1,757
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
2022 QUARTER
DECEMBER
2022 QUARTER
MARCH 2023
QUARTER
FISCAL YEAR
2023 TO DATE
SEPTEMBER
2022 QUARTER
DECEMBER
2022 QUARTER
MARCH 2023
QUARTER
FISCAL YEAR
2023 TO DATE
Yaouré 658 798 803 750 78 61 65 202
Edikan 1,060 1,058 1,067 1,062 30 38 41 108
Sissingué 1,336 1,672 1,458 1,480 7 2 5 14
Group 879 983 971 943 112 101 111 324
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
March 2023 quarter and relevant prior periods.
During the quarter, Yaouré produced 64,753 ounces of gold at a production cost of US$677 per ounce and an AISC of
US$803 per ounce. The weighted average sales price of the 67,578 ounces of gold sold during the quarter was US$1,800
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per ounce, giving rise to a cash margin of US$998 per ounce. Notional operating cashflow generated during the quarter by
Yaouré was US$64.6 million, or US$3.9 million more than in the December 2022 quarter.
This performance places Yaouré in a strong position to achieve market guidance for the June 2023 Half Year of 117,500 to
130,000 ounces of gold production at an AISC of US$900 to US$1,000 per ounce.
The strong operating performance at Yaouré resulted from sound operating fundamentals that compared favourably with
the prior quarter, including head grade of processed ore (2.26 g/t compared to 2.17 g/t) and throughput rates (491 tph
compared to 481 tph). The mill runtime (91% compared to 94%), and gold recovery rates (92.4% compared to 93.6%) both
marginally lagged the prior period’s metrics but such variances are well within normal fluctuating operating ranges taking
into account scheduled maintenance shut downs and ore type variations.
Table 4: Yaouré Quarterly Performance
PARAMETER UNIT SEPTEMBER 2022
QUARTER
DECEMBER 2022
QUARTER
DECEMBER 2022
HALF YEAR
MARCH 2023
QUARTER
FY 2023 TO DATE
Gold Production & Sales
Total material mined Tonnes 6,991,354 9,369,467 16,360,821 8,716,713 25,077,534
Total ore mined Tonnes 1,326,508 1,280,881 2,607,389 1,280,134 3,887,523
Average ore grade g/t gold 1.92 1.80 1.86 1.92 1.88
Strip ratio t:t 4.3 6.3 5.3 5.8 5.5
Ore milled Tonnes 980,624 1,001,560 1,982,184 962,200 2,944,383
Milled head grade g/t gold 2.43 2.17 2.30 2.26 2.29
Gold recovery % 93.1 93.6 93.2 92.4 92.9
Gold produced ounces 71,469 65,352 136,821 64,753 201,573
Gold sales1 ounces 9,000 126,174 135,174 67,578 202,751
Average sales price US$/ounce 1,748 1,726 1,727 1,800 1,751
Unit Production Costs
Mining cost US$/t mined 2.87 2.97 2.92 2.88 2.91
Processing cost US$/t milled 12.18 12.00 12.09 12.67 12.28
G & A cost US$M/month 2.24 2.14 2.19 2.18 2.18
All-In Site Cost
Production cost US$/ounce 541 707 620 677 638
Royalties US$/ounce 93 78 86 104 92
Sub-total US$/ounce 635 785 706 781 730
Sustaining capital US$/ounce 23 13 18 22 19
Total All-In Site Cost2 US$/ounce 658 798 724 803 750
Notional Cashflow from Operations
Cash Margin US$/ounce 1,090 928 1,003 998 1,002
Notional Cash Flow US$M 77.9 60.7 137.2 64.6 201.9
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.
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 March 2023 quarter, 9% more ore tonnes were processed at 4% lower grade for an overall
increase of 5% in ounces compared to the Mineral Resource model. In the previous six and twelve months, Yaouré has
produced 8% more metal than the Mineral Resource model predicted. The performance of the Yaouré Mineral Resource
model to date is considered satisfactory.
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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 1.09 1.13 1.18
Head Grade 0.96 0.91 0.91
Contained Gold 1.05 1.03 1.08
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at Edikan during the March 2023 quarter
and relevant prior periods.
Edikan produced 53,720 ounces of gold at a production cost of US$916 per ounce and an AISC of US$1,067 per ounce in
the March quarter, in line with last quarter’s performance when 53,850 ounces were produced at an AISC of $1,058 per
ounce. Gold sales of 54,705 ounces were 4% more than the prior quarter, at a weighted average realised gold price of
US$1,834 per ounce, generating an average cash margin of US$767 per ounce. In addition, notional cashflow of US$41.2
million was US$3.7 million better than in the prior period.
Following a challenging FY2022, Edikan has significantly improved the level and consistency of its performance and this is
expected to continue in the future. This is likely to result in the June 2023 Half Year guidance of 87,500 to 100,000 ounces
at an AISC of US$1,100 to US$1,200 per ounce being comfortably achieved.
Operating performance at Edikan was based on sound operating fundamentals generally in line with the prior quarter.
Quarter on quarter, head grade of processed ore increased by 9% (1.09 g/t compared to 1.02 g/t), gold recovery rates
were steady at 91.8% (compared to 91.4%), while mill run time (94% compared to 96%), throughput rates (824 tph
compared to 846 tph) were down slightly on the prior quarter but remaining within acceptable tolerance ranges.
Table 6: Edikan Quarterly Performance
PARAMETER UNIT SEPTEMBER 2022
QUARTER
DECEMBER 2022
QUARTER
DECEMBER 2022
HALF YEAR
MARCH 2023
QUARTER
FY 2023 TO DATE
Gold Production & Sales
Total material mined Tonnes 6,585,431 7,432,736 14,018,167 6,693,065 20,711,232
Total ore mined Tonnes 1,523,694 1,824,015 3,347,709 1,888,576 5,236,285
Average ore grade g/t gold 1.07 1.03 1.05 1.07 1.05
Strip ratio t:t 3.32 3.07 3.19 2.54 2.96
Ore milled Tonnes 1,736,623 1,791,242 3,527,865 1,671,960 5,199,824
Milled head grade g/t gold 1.04 1.02 1.03 1.09 1.05
Gold recovery % 89.7 91.4 90.5 91.8 91.0
Gold produced ounces 52,127 53,850 105,977 53,720 159,696
Gold sales1 ounces 49,767 52,601 102,368 54,705 157,073
Average sales price US$/ounce 1,626 1,754 1,692 1,834 1,741
Unit Production Costs
Mining cost US$/t mined 4.38 3.94 4.14 4.20 4.16
Processing cost US$/t milled 9.19 9.11 9.15 9.87 9.38
G & A cost US$M/month 1.49 1.61 1.55 1.51 1.54
All-In Site Cost2
Production cost US$/ounce 945 935 940 916 932
Royalties US$/ounce 97 117 107 127 114
Sub-total US$/ounce 1,042 1,052 1,047 1,043 1,046
Sustaining capital US$/ounce 18 6 12 24 16
Total All-In Site Cost2 US$/ounce 1,060 1,058 1,059 1,067 1,062
Notional Cashflow from Operations1
Cash Margin US$/ounce 566 696 633 767 680
Notional Cash Flow US$M 29.5 37.5 67.1 41.2 108.6
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Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.
2. Included in the AISC for the December 2023 quarter is US$ 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
Reconciliation of processed ore tonnes, grade and contained ounces relative to the Edikan Mineral Resource block model
is in Table 7 below. During the March quarter, grade control has predicted additional tonnes (+9%), exact grade and more
ounces (+8%) 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, however, over a 12-month period, contained gold was slightly
under that predicted by the MRE (5%). Therefore, Perseus regards the overall outperformance 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 1.09 1.09 1.04
Head Grade 1.00 1.01 0.91
Contained Gold 1.08 1.10 0.95
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
Table 8 below summarises the key operating and financial parameters recorded at the Sissingué gold mine during the
March 2023 quarter and relevant prior periods.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT SEPTEMBER 2022
QUARTER
DECEMBER 2022
QUARTER
DECEMBER 2022
HALF YEAR
MARCH 2023
QUARTER
FY 2023 TO DATE
Gold Production & Sales
Total material mined Tonnes 1,639,628 2,039,033 3,678,661 2,317,850 5,996,511
Total ore mined Tonnes 205,949 310,892 516,841 354,784 871,625
Average ore grade g/t gold 0.71 0.74 0.73 0.88 0.79
Strip ratio t:t 7.0 5.6 6.1 5.53 5.88
Ore milled Tonnes 389,357 410,365 799,722 468,679 1,268,401
Milled head grade g/t gold 1.21 0.97 1.09 0.85 1.00
Gold recovery % 91.2 91.9 91.5 91.6 91.6
Gold produced ounces 13,864 11,709 25,573 11,803 37,376
Gold sales1 ounces 0 24,379 24,379 12,828 37,207
Average sales price US$/ounce 0 1,847 1,847 1,877 1,857
Unit Production Costs
Mining cost US$/t mined 3.72 3.96 3.85 3.71 3.79
Processing cost US$/t milled 16.71 16.46 16.58 12.69 15.14
G & A cost US$M/month 1.39 1.31 1.35 1.46 1.43
All-In Site Cost 2,3
Production cost US$/ounce 1,209 1,602 1,389 1,276 1,354
Royalties US$/ounce 122 63 95 121 103
Sub-total US$/ounce 1,331 1,665 1,484 1,397 1,457
Sustaining capital US$/ounce 5 7 6 61 23
Total All-In Site Cost US$/ounce 1,336 1,672 1,490 1,458 1,480
Notional Cashflow from Operations 3
Cash Margin US$/ounce 309 174 357 419 377
Notional Cash Flow US$M 7.1 2.0 9.1 4.9 14.0
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.
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2. Included in the AISC for the December 2023 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.
3. For the March 2023 Quarter, US$4.2m (FY2023 to date, US$4.6m), relating to pre-commercial-production operating costs at Fimbiasso, have been
capitalised out of All-In-Site-Costs. Furthermore, for these periods, the number of oz produced used for the AISC, cash margin and notional cash flow
calculations has been reduced by 269oz, also relating to Fimbiasso production.
During the quarter, Sissingué produced 11,534 ounces of gold at a production cost of US$1,276 per ounce and an AISC of
US$1,458 per ounce. A further 269 ounces of gold were produced from ore mined from the Fimbiasso deposit, as these
satellite pits ramp up into commercial production, for a total of 11,803 ounces for the Sissingué Gold Complex.
Most of the ore processed at Sissingué was drawn from low-grade stockpiles as well as from the remnants of West Arm,
Binkadi and Bagoé pits adjacent to the Sissingué plant.
Mining of higher-grade ore commenced during the quarter in the satellite pits at Fimbiasso East and West, however,
mobilisation delays experienced by our haulage contractor limited the amount of material that was transported back from
Fimbiasso to the Sissingué plant for processing.
Notwithstanding this, overall production performance by Sissingué during the quarter was very solid in most areas with
only head grade (0.85g/t) down relative to the prior quarter and below targets as a result of the mobilisation issues
referred to above. This situation has been resolved subsequent to the end of the quarter and material improvements in
the grade of processed ore is expected in coming periods with the inclusion of higher grade Fimbiasso ore in the mill feed.
Other key operating parameters during the quarter including runtime (97%), and throughput rate (224 tph) were both
better than the prior quarter while the recovery rate (91.6%) was fractionally lower than the prior quarter largely due to
the fall in head grade of ore processed.
The AISC of US$1,458 per ounce was slightly improved on the previous quarter despite the delay in declaring commercial
production at Fimbiasso. Not included in this AISC is pre-commercial-production operating costs incurred on Fimbiasso of
$4.2m, which has been capitalised as (non-sustaining) development expenditure.
The weighted average sales price of the 12,828 ounces of gold sold during the quarter was US$1,877 per ounce, giving rise
to an average cash margin of US$419 per ounce. Notional cashflow generated by the mine during the quarter totalled
US$4.9 million.
BAGOÉ MINING LEASE
Perseus’s environmental and social impact assessment (“ESIA”) for its proposed Bagoé mining operation was approved by
the environmental regulator (ANDE) and has been lodged with the Department of Mines, Petroleum and Energy together
with the Definitive Feasibility Study of an operation located on the Bagoé exploration permit. Required community
consultation processes are being conducted and approval is expected during the next few months. The Exploitation Permit
should be granted thereafter and a Mining Convention covering the operation negotiated in due course. Construction of
infrastructure required to support a mining operation on the Bagoé lease will commence as soon as possible following
receipt of the Mining Lease.
MINERAL RESOURCE TO MILL RECONCILIATION
The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource block
model is in Table 9 below. During the last three months, grade control has predicted additional tonnes (+18%) at a
reduced grade (-10%) resulting in an increase in overall ounces (+6%) when compared to the Mineral Resource Estimate
(MRE). This trend has continued over the past six- and 12-month periods, with Sissingué producing overall more metal
than the Mineral Resource model predicted. Perseus regards the overall outperformance as being within normal industry
standards.
Table 9: Sissingué Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.18 1.15 1.20
Head Grade 0.90 0.97 0.98
Contained Gold 1.06 1.11 1.19
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GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Group gold production and AISC’s for the June 2023 Half Year and the full 2023 Financial Year are as shown below in Table
10. This guidance data remains unchanged from that previously provided to the market.
Table 10: Production and Cost Guidance
PARAMETER UNITS FISCAL YEAR 2023 TO DATE
(ACTUAL)
JUNE 2023 HALF YEAR
(FORECAST)
2023 FINANCIAL YEAR
(FORECAST)
Yaouré Gold Mine
Production Ounces 201,573 117,500 to 130,000 254,300 to 266,800
All-in Site Cost USD per ounce 750 900 to 1,000 850 to 900
Sissingué Gold Mine
Production Ounces 37,376 25,000 to 30,000 50,600 to 55,600
All-in Site Cost USD per ounce 1,480 1,750 to 1,850 1,625 to 1,675
Edikan Gold Mine
Production Ounces 159,696 87,500 to 100,000 193,500 to 206,000
All-in Site Cost USD per ounce 1,062 1,100 to 1,200 1,075 to 1,125
PERSEUS GROUP
Production Ounces 398,645 230,000 to 260,000 498,370 to 528,370
All-in Site Cost USD per ounce 943 1,000 to 1,200 1,000 to 1,100
SUSTAINABILITY
SUSTAINABILITY GOVERNANCE
During the quarter, Perseus continued to strengthen its sustainability governance through the following:
• Continued to work to improve our Group safety performance by holding several training seminars and workshops. This
included “Safely Home Ev ery Day” (SHED) Leadership Workshops at each of our operations, , skills training for
supervisors, and ongoing field coaching for our employees and contractors.
• Conducted regular environmental workplace inspections across all sites, including daily inspections for Sudan with the
intention of educating the workforce.
• Finalised the Environmental Impact Statement (EIS) for the Bagoé project near Sissingué, with the EIS report validated
and recommendations addressed.
• Received approval for an occasional explosive use arrangement and a temporary fuel farm permit for the Fimbiasso
project near Sissingué. Application for permanent permits has been lodged and approval is currently awaited.
• Conducted road safety sessions with the communities which will be impacted by ore haulage from Fimbiasso.
SUSTAINABILITY PERFORMANCE
This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown below in
Table 11 and summarised as follows:
• Safety:
– Safety performance across the portfolio has improved this quarter, with the Group Total Recordable Injury
Frequency Rates (TRIFR) decreasing from 1.43 at the end of the December quarter to 1.23 at the end of March
2023. However, this remains higher than the FY23 threshold of 1.10 and target of 0.8. There were only two
recordable injuries for the quarter across all sites, with one Restricted Work Injury recorded for Sudan in March
2023, and one Lost Time Injury recorded for Yaouré in February 2023, where an EPSA worker fell and broke a
wrist.
– Lost Time Injury Frequency (LTIFR) across the Group remained stagnant at 0.25. Most sites are maintaining their
safety milestones of no Lost Time Incidents, except for Yaouré.