MARCH 2024 QUARTER REPORT Perseus Mining Delivers Another Impressive Quarter
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24 APRIL 2024
NEWS RELEASE
PERSEUSMINING.COM
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
MARCH 2024 QUARTER REPORT
Perseus Mining Delivers Another Impressive Quarter
PERTH, Western Australia/ April 24, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports
on its activities for the three months’ period ended March 31, 2024 (the “Quarter”).
• Key operating indicators and highlights for the March 2024 quarter include:
PERFORMANCE
INDICATOR UNIT SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
MARCH 2024
QUARTER
FINANCIAL YEAR (FY) 2024
TO DATE
Gold recovered Ounces 132,804 128,773 127,471 389,048
Gold poured Ounces 132,717 128,339 128,356 389,412
Production Cost US$/ounce 805 862 923 862
All-In Site Cost (AISC) US$/ounce 937 1,023 1,091 1,016
Gold sales Ounces 115,954 135,137 115,648 366,739
Average sales price US$/ounce 1,936 1,963 2,025 1,974
Notional Cashflow US$ million 132 122 119 373
• Gold production of 12 7,471 ounces in the March 2024 quarter, with financial year to date gold pro duction of
389,048 ounces.
• March 2024 quarter weighted average AISC of US$1,091 per ounce, slightly above the prior quarter, as foreshadowed
last quarter.
• Perseus’s strong operating performance is expected to continue for the remainder of the June 2024 Half Year with gold
production and AISC guidance unchanged at 226,000-254,000 ounces at an AISC of US$1,180 to US$1,340.
• Average gold sales price increased 3% quarter on quarter to US$2,025 per ounce, while the quantity of gold sold reduced
to 115,648 ounces due to the timing of gold shipments and sales.
• Average quarterly cash margin of US$934 per ounce of gold resulted in notional operating cashflow of US$119 million in
the quarter or US$373 million for the nine-month period to 31 March 2024.
• Available cash and bullion balance of US$702 million, plus US$74 million of listed securities at quarter-end. Zero debt
and US$300 million of undrawn debt capacity available.
• Group 12-month rolling average TRIFR at 1.02, slightly up from 0.89 in the December 2023 quarter.
• A Cooperation Agreement was signed with Ajlan & Bros Mining & Metals Company, the mining division of a Kingdom of
Saudi Arabia based investment conglomerate company, Ajlan & Bros , to investigate exploration and development
opportunities on the Nubian and Arabian Shield regions.
• Perseus’s takeover offer for OreCorp Limited advanced materially during the quarter with the OreCorp Board endorsing
the offer. Subsequent to quarter end, Perseus’s ownership of OreCorp advanced beyond 90% enabling compulsory
acquisition of outstanding shares to begin.
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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 , combined to produce
a total of 127,471 ounces of gold in the March 2024 quarter. The weighted average production cost at the operations
was US$923 per ounce, while the weighted average AISC was US$1,091 per ounce of gold for the quarter.
In the March 2024 quarter, combined gold sales from all three operations totalled 115,648 ounces or 19,489 ounces less
than in the December 2023 quarter , due to the timing of gold sales . The weighted average gold price realised was
US$2,025 per ounce, US$62 per ounce more than the December 2023 quarter price of US$1,963 per ounce.
Perseus’s average cash margin for the March 2024 quarter was US$934 per ounce resulting in notional operating cashflow
from operations of US$119 million, US$3 million less than the December quarter. This slight decrease was driven by
higher AISC, particularly at Yaouré, where increased material movements from the open pit increased unit costs per
ounce.
These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better
performing mid-tier gold producers in 2024.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2023 QUARTER
DECEMBER
2023 QUARTER
MARCH
2024 QUARTER
FY 2024
TO DATE
SEPTEMBER
2023 QUARTER
DECEMBER
2023 QUARTER
MARCH
2024 QUARTER
FY 2024
TO DATE
Yaouré 73,737 60,642 61,283 195,662 73,801 61,917 61,610 197,328
Edikan 48,497 50,150 49,096 147,743 47,882 49,926 49,389 147,197
Sissingué 10,570 17,981 17,092 45,643 11,033 16,496 17,357 44,886
Group 132,804 128,773 127,471 389,048 132,717 128,339 128,356 389,412
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2023 QUARTER
DECEMBER
2023 QUARTER
MARCH
2024 QUARTER
FY 2024
TO DATE
SEPTEMBER
2023 QUARTER
DECEMBER
2023 QUARTER
MARCH
2024 QUARTER
FY 2024
TO DATE
Yaouré 65,197 67,491 56,021 188,709 1,949 1,955 2,009 1,969
Edikan 44,209 50,074 46,764 141,047 1,910 1,954 2,036 1,967
Sissingué 6,548 17,572 12,863 36,983 1,974 2,019 2,052 2,023
Group 115,954 135,137 115,648 366,739 1,936 1,963 2,025 1,974
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
2023 QUARTER
DECEMBER
2023 QUARTER
MARCH
2024 QUARTER
FY 2024
TO DATE
SEPTEMBER
2023 QUARTER
DECEMBER
2023 QUARTER
MARCH
2024 QUARTER
FY 2024
TO DATE
Yaouré 677 960 1,025 874 93 61 60 214
Edikan 1,078 930 982 996 40 51 52 143
Sissingué 2,095 1,498 1,628 1,685 (1) 9 7 15
Group 937 1,023 1,091 1,016 132 122 119 373
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
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YAOURÉ GOLD MINE, CÔTE D’IVOIRE
During the quarter, Yaouré produced 6 1,283 ounces of gold at a production cost of US$ 874 per ounce and an AISC of
US$1,025 per ounce. The weighted average sales price of the 56,021 ounces of gold sold during the quarter was
US$2,009 per ounce, giving rise to a cash margin of US$984 per ounce. Notional operating cashflow generated during the
quarter by Yaouré was US$60 million, in line with US$61 million produced in the December quarter.
Refer to Table 4 below for details of operating and financial parameters recorded at the Yaouré gold mine during the
period ending 31 March 2024 and relevant prior periods.
Table 4: Yaouré Quarterly Performance
PARAMETER UNIT SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
DECEMBER 2023
HALF YEAR
MARCH 2024
QUARTER
FY 2024
TO DATE
Gold Production & Sales
Total material mined Tonnes 7,454,464 8,672,230 16,126,694 9,578,098 25,704,792
Total ore mined Tonnes 1,510,898 1,361,286 2,872,184 1,363,256 4,235,440
Average ore grade g/t gold 1.81 1.64 1.73 1.67 1.71
Strip ratio t:t 3.9 5.4 4.6 6.0 5.1
Ore milled Tonnes 993,073 892,728 1,885,801 943,796 2,829,597
Milled head grade g/t gold 2.48 2.27 2.38 2.17 2.31
Gold recovery % 93.1 93.0 93.0 93.2 93.1
Gold produced ounces 73,737 60,642 134,379 61,283 195,662
Gold sales1 ounces 65,197 67,491 132,688 56,021 188,709
Average sales price US$/ounce 1,949 1,955 1,952 2,009 1,969
Unit Production Costs
Mining cost US$/t mined 3.00 3.24 3.13 3.37 3.22
Processing cost US$/t milled 12.66 14.56 13.56 15.09 14.07
G & A cost US$M/month 2.30 2.38 2.34 2.31 2.33
All-In Site Cost
Production cost US$/ounce 568 794 670 874 734
Royalties US$/ounce 85 138 109 115 111
Sub-total US$/ounce 652 933 779 989 845
Sustaining capital US$/ounce 25 27 26 36 29
Total All-In Site Cost2 US$/ounce 677 960 805 1,025 874
Notional Cashflow from Operations
Cash Margin US$/ounce 1,272 995 1,147 984 1,095
Notional Cash Flow US$M 93 61 154 60 214
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$ 8 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.
The operating performance at Yaouré during the March 2024 quarter, was generally consistent with that of the prior
quarter with only minor variations in key KPIs. The head grade of processed ore was down quarter on quarter by 4.4%
quarter on quarter to 2.17g/t gold, mill run time of 91.9% compared positively to 87.7% in the prior quarter, gold recovery
rates of 93.2% compared to 93.0%, and throughput rates of 470 tph compared to 461 tph.
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As previously reported, wet weather in the September 2023 quarter materially reduced ore and waste movements
relative to targets in this period, delaying access to higher grade ore scheduled for mining in the December quarter and
again in the March 2024 quarter . An accelerated mining programme was implemented in the December quarter, once
weather improved, and this has continued in the March 2024 quarter with the cooperation of Perseus’s mining
contractor. The accelerated mining programme is expected to continue until mid-year at which time material movements
are expected to return to plan.
The increase in material movements during the quarter negatively impact ed AISC as predicted in the December 2023
Quarterly Report. It is expected that this trend of elevated AISC will continue for the balance of this financial year as the
mining shortfall incurred in prior periods is eliminated and work to plan 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, 29% more ore tonnes were processed at 11% lower grade for 15% positive
variance in ounces compared to the Mineral Resource model. In the previous six months and project 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, however work 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 1.29 1.17 1.20
Head Grade 0.89 0.88 0.92
Contained Gold 1.15 1.03 1.11
EDIKAN GOLD MINE, GHANA
Edikan’s operating performance in the March 2024 quarter was in line with the prior quarter, with 49,096 ounces of gold
recovered at a production cost of US$788 per ounce and an AISC of US$982 per ounce (compared to 50,150 ounces at an
AISC of US$930 per ounce in the December quarter). Gold sales of 46,764 ounces were 7% less than in the prior quarter,
at a weighted average realised gold price of US$2,036 per ounce, generating an average cash margin of US$1,054 per
ounce. Notional cashflow of US$51 million for the quarter was exactly in line with the December quarte r.
Operating performance at Edikan was generated by sound operating fundamentals generally in line with the prior
quarter. Mill run time was 91.1% compared to 95.2%, reflecting the timing of a major mill reline. G old recovery rates
were 92.2% compared to 91.7%, head grade of processed ore was 1.07 g/t gold compared to 1.08 g/t gold and throughput
rates 781 tph compared to 749 tph. All in all, another very sound operating result was achieved at the Edikan Gold Mine
during the quarter.
Table 6 below summarises the key operating and financial parameters recorded at Edikan during the period ending 31
March 2024 and relevant prior periods.
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 has predicted similar tonnes, with a higher grade (+12%) and more ounces (+12%) when
compared to the Mineral Resource Estimate (MRE). Over the last six and 12-month 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.
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Table 6: Edikan Quarterly Performance
PARAMETER UNIT SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
DECEMBER 2023
HALF YEAR
MARCH 2024
QUARTER
FY 2024
TO DATE
Gold Production & Sales
Total material mined Tonnes 4,125,271 2,440,880 6,566,151 2,440,719 9,006,870
Total ore mined Tonnes 2,062,257 1,614,396 3,676,653 1,822,567 5,499,220
Average ore grade g/t gold 0.93 1.02 0.97 1.00 0.98
Strip ratio t:t 1.0 0.5 0.8 0.3 0.6
Ore milled Tonnes 1,554,128 1,574,403 3,128,531 1,554,803 4,683,334
Milled head grade g/t gold 1.06 1.08 1.07 1.07 1.07
Gold recovery % 91.8 91.7 91.7 92.2 91.9
Gold produced ounces 48,497 50,150 98,647 49,096 147,743
Gold sales1 ounces 44,209 50,074 94,283 46,764 141,047
Average sales price US$/ounce 1,910 1,954 1,933 2,036 1,967
Unit Production Costs
Mining cost US$/t mined 5.21 7.09 5.91 6.68 6.12
Processing cost US$/t milled 11.27 10.26 10.76 11.15 10.89
G & A cost US$M/month 1.61 1.71 1.66 1.72 1.68
All-In Site Cost
Production cost US$/ounce 905 769 836 788 820
Royalties US$/ounce 134 138 136 154 142
Sub-total US$/ounce 1,038 908 972 942 962
Sustaining capital US$/ounce 40 22 31 40 34
Total All-In Site Cost2 US$/ounce 1,078 930 1,003 982 996
Notional Cashflow from Operations
Cash Margin US$/ounce 832 1,024 931 1,054 971
Notional Cash Flow US$M 40 51 92 51 143
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.
Table 7: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.00 0.98 0.99
Head Grade 1.12 1.10 1.13
Contained Gold 1.12 1.08 1.12
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SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
During the March 2024 quarter, Sissingué produced 17,092 ounces of gold at a production cost of US$1,475 per ounce
and an AISC of US$1,628 per ounce.
Ore processed in the Sissingué mill was mined from pits at Sissingué as well as the satellite pits at Fimbiasso East and
West. Overall production performance for the mine during the quarter was reasonably in line with the previous quarter.
Mill runtime at 87.0% was down compared to 93.8% in the prior quarter but this was largely offset by throughput rate
(214 tph compared to 207 tph). Gold recovery rates (90.2% compared to 91.2%) and average head grade (1.43g/t gold
compared to 1.44g/t) were reasonably steady.
The AISC for the quarter of US$1,628 per ounce was US$130 per ounce higher than the AISC of US$1,4 98 per ounce
achieved last quarter. This increase was driven mainly by 5% lower gold production as well as higher grade control and
drill and blast costs incurred in an effort to increase mine movements. With a weighted average sales price of US$2,0 52
per ounce for the quarter (an increase of US$33 per ounce relative to the prior quarter), the cash margin of US$424 per
ounce was achieved resulting in notional cashflow for the quarter of US$7 million.
Refer to Table 8 below for details of operating and financial parameters at the Sissingué gold mine during the period
ending 31 March 2024 and relevant prior periods.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT SEPTEMBER 2023
QUARTER
DECEMBER 2023
QUARTER
DECEMBER 2023
HALF YEAR
MARCH 2024
QUARTER
FY 2024
TO DATE
Gold Production & Sales
Total material mined Tonnes 2,206,499 2,861,836 5,068,335 2,822,049 7,890,384
Total ore mined Tonnes 148,674 459,123 607,797 455,845 1,063,642
Average ore grade g/t gold 1.05 1.18 1.15 1.52 1.31
Strip ratio t:t 13.8 5.2 7.3 5.2 6.4
Ore milled Tonnes 348,373 429,288 777,661 405,995 1,183,656
Milled head grade g/t gold 1.04 1.44 1.26 1.43 1.32
Gold recovery % 90.5 91.2 90.9 90.2 90.6
Gold produced ounces 10,570 17,981 28,551 17,092 45,643
Gold sales1 ounces 6,548 17,572 24,120 12,863 36,983
Average sales price US$/ounce 1,974 2,019 2,007 2,052 2,023
Unit Production Costs
Mining cost US$/t mined 4.85 4.62 4.72 5.06 4.84
Processing cost US$/t milled 17.08 14.53 15.67 16.14 15.83
G & A cost US$M/month 1.49 1.61 1.55 1.46 1.52
All-In Site Cost
Production cost US$/ounce 1,999 1,350 1,590 1,475 1,547
Royalties US$/ounce 64 126 103 130 113
Sub-total US$/ounce 2,063 1,475 1,693 1,605 1,660
Sustaining capital US$/ounce 31 23 26 23 25
Total All-In Site Cost2 US$/ounce 2,095 1,498 1,719 1,628 1,685
Notional Cashflow from Operations
Cash Margin US$/ounce (121) 521 288 424 338
Notional Cash Flow US$M (1) 9 8 7 15
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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 quarter is US$2 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice
under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life.
MINERAL RESOURCE TO MILL RECONCILIATION
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 (+29%) at a slightly
reduced grade (-1%) resulting in an increase in overall ounces (+27%) when compared to the Mineral Resource Estimate
(MRE). Over the last six- and 12-month periods, Sissingué has also produced more metal than the Mineral Resource model
predicted. Perseus regards the overall outperformance as being reasonable compared to normal industry standards.
Table 9: Sissingué Complex Block Model to Mill Reconciliation
PARAMETER
BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.29 1.15 1.15
Head Grade 0.99 1.02 1.04
Contained Gold 1.27 1.18 1.19
BAGOÉ MINING LEASE
Perseus’s Environmental and Social Impact Assessment (ESIA) together with the Definitive Feasibility Study for its
proposed Bagoé mining operation, ha ve been approved by Côte d’Ivoire’s environmental regulator (ANDE) and the
Department of Mines, Petroleum and Energy. Granting of an Exploitation Permit has also been approved by the Inter -
Ministerial Committee and now awaits signature by the President of the Republic.
Exploration activities, including a RC drill programme, will commence in Q4 with the aim of evaluating targets close to
existing resources and reserves.
GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Forecast group gold production and AISC for the June 2024 half year and full 2024 financial year are shown in Table 10
below. This guidance is unchanged from what was previously provided to the market.
Table 10: Production and Cost Guidance
PARAMETER UNITS DECEMBER 2023 HALF YEAR
(ACTUAL)
JUNE 2024 HALF YEAR
FORECAST
2024 FINANCIAL YEAR
FORECAST
Yaouré Gold Mine
Production Ounces 134,379 100,000 to 113,000 235,000 to 247,000
All-in Site Cost USD per ounce 805 $1,150 to $1,300 $900 to $1,000
Sissingué Gold Mine
Production Ounces 28,551 36,000 to 41,000 65,000 to 69,000
All-in Site Cost USD per ounce 1,719 $1,450 to $1,650 $1,400 to $1,500
Edikan Gold Mine
Production Ounces 98,647 90,000 to 100,000 191,000 to 201,000
All-in Site Cost USD per ounce 1,003 $1,100 to $1,250 $1,000 to $1,100
PERSEUS GROUP
Production Ounces 261,577 226,000 to 254,000 491,000 to 517,000
All-in Site Cost USD per ounce 979 $1,180 to $1,340 $1,000 to $1,100