MARCH 2025 QUARTER REPORT Strong performance of Perseus Mining’s operations continues, cash & bullion balance grows to US$801 million
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30 APRIL 2025
NEWS RELEASE
PERSEUSMINING.COM
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
MARCH 2025 QUARTER REPORT
Strong performance of Perseus Mining’s operations continues,
cash & bullion balance grows to US$801 million
PERTH, Western Australia/April 30, 2025/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended March 31, 2025 (the “Quarter”).
• Key operating indicators and highlights for the March 2025 quarter (Q3 FY25) include:
PERFORMANCE INDICATOR UNIT SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Gold recovered Ounces 121,290 132,419 121,605 375,314
Gold poured Ounces 121,370 131,832 122,915 376,117
Production Cost US$/ounce 991 919 977 961
All-In Site Cost (AISC) US$/ounce 1,201 1,127 1,209 1,177
Gold sales Ounces 108,895 136,623 117,585 363,103
Average sales price US$/ounce 2,249 2,430 2,462 2,386
Notional Cashflow US$ million 127 173 152 452
• Perseus’s 12-month rolling average TRIFR of 0.74 was well below industry average at quarter-end.
• Quarterly gold production of 121,605 ounces at a weighted average all-in-site cost (AISC) of US$1,209 per ounce.
• Production and AISC market guidance unchanged for June 2025 Half Year (2H FY25) and 2025 Financial Year (FY25 at
215,000 to 250,000 ounces at US$1,360 to US$1,435 per ounce and 469,709 to 504,709 ounces at US$1,250 to US$1,280
per ounce respectively.
• Average gold sales of 117,585 ounces with a weighted average gold sales price of US$2,462 per ounce.
• Average cash margin of US$1,253 per ounce of gold produced, giving notional operating cashflow of US$152 million.
• Available cash and bullion of US$801 million, plus liquid listed securities of US$111 million.
• Zero debt and available undrawn debt capacity of US$300 million at quarter-end.
• An affirmative Final Investment Decision (FID) was taken in January 2025 to develop the CMA Underground mining
operation at the Yaouré Gold Mine in Côte d’Ivoire. Contractor mobilisation commenced post quarter-end.
• Following constructive negotiations with the Government of Tanzania to amend the Framework Agreement for the
Nyanzaga Gold Mine development in Tanzania, an affirmative Final Investment Decision was taken post quarter-end
to develop the mine.
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• Perseus’s A$100 million buy-back of shares continued between blackout periods during the quarter. The buyback is
currently approximately 33% complete and 11,458,975 shares have been purchased and subsequently cancelled.
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined
121,605 ounces of gold in Q 3 FY25. The weighted average production cost was US$ 977 per ounce, while the weighted
average AISC was US$1,209 per ounce.
In Q3 FY25, combined gold sales from all three operations totalled 117,585 ounces or 19,038 ounces less than in Q2 FY25
due to the decreased production and timing of shipments . The weighted average realised gold price was US$2, 462 per
ounce, US$32 per ounce more than the Q2 FY25 price of US$2,430 per ounce.
Perseus’s average cash margin for the quarter was US$1,253 per ounce resulting in notional operating cashflow from all
operations of US$152 million, US$21 million less than in Q2 FY25.
These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better
performing mid-tier gold producers.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Yaouré 56,458 66,700 68,822 191,980 55,315 66,315 69,697 191,327
Edikan 47,766 48,868 41,668 138,302 47,627 48,235 42,632 138,494
Sissingué 17,066 16,851 11,115 45,032 18,428 17,282 10,586 46,296
Group 121,290 132,419 121,605 375,314 121,370 131,832 122,915 376,117
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Yaouré 46,309 69,036 64,859 180,204 2,224 2,395 2,415 2,358
Edikan 45,263 50,687 40,562 136,512 2,297 2,509 2,551 2,451
Sissingué 17,323 16,900 12,164 46,387 2,190 2,340 2,418 2,304
Group 108,895 136,623 117,585 363,103 2,249 2,430 2,462 2,386
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
2024 QUARTER
DECEMBER
2024 QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
SEPTEMBER
2024 QUARTER
DECEMBER
2024 QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Yaouré 1,226 1,037 981 1,073 56 91 99 246
Edikan 1,021 1,023 1,177 1,069 61 73 57 191
Sissingué 1,621 1,782 2,736 1,956 10 9 (4) 15
Group 1,201 1,127 1,209 1,177 127 173 152 452
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 Yaouré Gold Mine’s operating and financial parameters during Q3 FY25.
During the quarter, Yaouré produced 68,822 ounces of gold, 3% more than the prior quarter, at a production cost of
US$760 per ounce and an AISC of US$981 per ounce. In total, 64,859 ounces of gold from Yaouré were sold at a weighted
average sale price of US$2,415 per ounce. This gave rise to an average cash margin of US$1,434 per ounce for the quarter.
Notional operating cashflow generated by Yaouré during the quarter was US$99 million, compared with US$91 million in
Q2 FY25.
Operating performance at Yaouré has improved in Q3 FY25 relative to performance in the prior quarter. Gold production
was up 3%, driven by a 4% increase in total ore tonnes milled, with head grade and gold recovery remaining within 1% of
the prior quarter.
Yaouré has again benefited from the accelerated waste stripping programme undertaken in Q1 FY25, achieving another
increase in ore tonnes mined (16%) compared to the prior quarter , coupled with a decrease in mining unit cost ( -24%)
driven by the transition to Yaouré pits. This has enabled Yaouré to further reduce its AISC, despite the increase in royalties
from rising gold prices and the additional expenditure on sustaining capital during the quarter.
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Table 4: Yaouré Quarterly Performance
PARAMETER UNIT SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Gold Production & Sales
Total material mined Tonnes 10,627,904 7,431,184 8,184,423 26,243,511
Total ore mined Tonnes 2,050,112 2,410,767 2,803,764 7,264,643
Average ore grade g/t gold 1.40 1.37 1.24 1.33
Strip ratio t:t 4.2 2.1 1.9 2.6
Ore milled Tonnes 1,023,425 1,022,425 1,060,202 3,106,052
Milled head grade g/t gold 1.86 2.16 2.16 2.06
Gold recovery % 92.2 93.9 93.6 93.3
Gold produced ounces 56,458 66,700 68,822 191,980
Gold sales1 ounces 46,309 69,036 64,859 180,204
Average sales price US$/ounce 2,224 2,395 2,415 2,358
Unit Production Costs
Mining cost US$/t mined 3.58 4.80 3.65 3.95
Processing cost US$/t milled 12.46 12.68 13.82 13.00
G & A cost US$M/month 2.33 2.51 2.59 2.48
All-In Site Cost
Production cost US$/ounce 1,025 843 760 866
Royalties US$/ounce 132 160 172 156
Sub-total US$/ounce 1,157 1,003 932 1,022
Sustaining capital US$/ounce 69 34 50 50
Total All-In Site Cost2 US$/ounce 1,226 1,037 981 1,073
Notional Cashflow from Operations
Cash Margin US$/ounce 998 1,358 1,434 1,286
Notional Cash Flow US$M 56 91 99 246
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$ 3 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
During the quarter, Perseus’s Board took the FID to develop the CMA Underground. The FID took into consideration the
Ministry of Mines, Petroleum and Energy’s in -principal approval for the project, as announced by Minister Sangafowa
Coulibaly on 28 November 2024. This approval marks a critical step towards the start of underground mining at Yaouré,
which will begin with development of the first portal in July 2025. Approval of the project’s Environmental and Social
Impact Assessment (ESIA) by the Ministry of Environment, Sustainable Development and Ecological Transition, occurred
after the end of the quarter , and the formal granting of a Ministerial Decree, foreshadowed in M inister Coulibaly’s
announcement, is expected to follow shortly.
Perseus has appointed Byrnecut, an Australian specialist underground mining contractor, as the primary mining
contractor for the project. Byrnecut has significant international experience, particularly in West Africa , including in
Ghana, Burkina Faso and Mali . Given the CMA Underground project will become Côte d’Ivoire’s first mechanised
underground mine, an important element of Byrnecut’s role will be training Ivorian miners in the skills and disciplines of
underground mining, particularly safe working practices.
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Byrnecut commenced mobilising to site shortly after the end of the quarter and p reparation for commencement of
underground operations continues at pace with surface infrastructure construction well progressed, recruitment and
onboarding of the CMA Underground team underway, and in-pit preparations on track to support portal development in
July 2025.
Based on the current estimate of Ore Reserves, together with Yaouré’s open pit ore sources , t he CMA Underground
project will extend the Yaouré Gold Mine’s operational life until at least 2035. There is potential for further life extensions
through additional discoveries of mineralisation down dip from the currently delineated mineralisation .
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 Q3 FY25, tonnes reconciled at Yaouré were 35% higher than predicted, while the head grade was 22% lower, resulting
in contained gold being 6% above the MRE prediction. Although grades remain below expectation, the higher tonnage
continues to offset this, maintaining a positive metal variance. Over the 6 and 12-month periods, this same pattern has
persisted, tonnes above, grades below.
Performance in the CMA open pit i s primarily influenced by geological complexity at the orebody periphery and less
selective mining with the acceleration of open pit mining to make way for underground mining. With mining expected to
finish in July 2025, no material improvement is anticipated. However, it is worth noting that the CMA pit has reconciled
well over the life of the pit, demonstrating a strong overall understanding of the CMA deposit and its mining performance.
At the Yaouré pit, the current reconciliation performance reflects early mining in new domains, where active optimisation
of the resource model, grade control model and mining processes is underway.
Perseus acknowledges that overall reconciliation remains outside the preferred range and is addressing this through
targeted initiatives to improve grade reliability.
Table 5: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.35 1.32 1.28
Head Grade 0.78 0.79 0.83
Contained Gold 1.06 1.04 1.06
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q3 FY25
and in relevant prior periods.
Edikan produced 41,668 ounces of gold at a production cost of US$957 per ounce and an AISC of US$1,177 per ounce
during the quarter. Edikan’s production was down and AISC was up when compared to the previous quarter (-15% and
15% respectively). Gold sales of 40,562 ounces were 20% lower than in the prior quarter at a weighted average realised
gold price of US$2,551 per ounce. This was US$42 more than in the prior quarter, generating an average cash margin of
US$1,374 per ounce. Notional cashflow of U S$57 million was genera ted by Edikan during the quarter, 21% less than in
Q2 FY25.
Edikan’s Q3 FY25 o perating performance reflected the planned ramp -down of mining at the AG and Fetish pits, the
transition to Nkosuo operations, and two scheduled mill liner replacements. During the quarter, the head grade was 0.95
g/t, down from 1.01 g/t; throughput averaged 800 tph, slightly higher than 786 tph; gold recovery was 88.3%, down from
90.5%; and mill run-time was 90%, compared to 96% previously.
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AISC for the quarter was US$1,177 per ounce, US$154 per ounce higher than the previous quarter. This increase reflects
the planned transition to Nkos uo, including a higher strip ratio during early -stage mining and lower expected recovery
from oxide material. Delays in ramping up Nkos uo also required processing of lower grade stockpiles, further impacting
head grade and gold production.
During the quarter, m ining at the Nkosuo deposit, located approximately 10 kilometres from the Edikan mill, was
constrained by limited access to parts of the designated mining area. Negotiations for land access and compensation for
affected landowners and farmers have progressed more slowly than planned, despite full Government approval and
support. Negotiations are expected to conclude shortly, allowing Perseus to fully access the deposit and mine higher
grade material than was available during the quarter.
After the end of the quarter, the current phase of Fetish Pit was completed, and equipment reassigned to Nkosuo. Plans
are now being developed for a further cutback of the Fetish pit in future periods.
Table 6: Edikan Quarterly Performance
PARAMETER UNIT SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Gold Production & Sales
Total material mined Tonnes 2,664,915 1,824,844 2,942,218 7,431,977
Total ore mined Tonnes 2,057,482 1,406,411 1,815,604 5,279,497
Average ore grade g/t gold 0.97 0.99 0.86 0.94
Strip ratio t:t 0.3 0.3 0.6 0.4
Ore milled Tonnes 1,511,083 1,665,612 1,551,978 4,728,673
Milled head grade g/t gold 1.07 1.01 0.95 1.01
Gold recovery % 92.0 90.5 88.3 90.3
Gold produced ounces 47,766 48,868 41,668 138,302
Gold sales1 ounces 45,263 50,687 40,562 136,512
Average sales price US$/ounce 2,297 2,509 2,551 2,451
Unit Production Costs
Mining cost US$/t mined 6.32 8.06 6.09 6.66
Processing cost US$/t milled 11.13 10.42 10.28 10.60
G & A cost US$M/month 1.72 2.67 2.00 2.13
All-In Site Cost
Production cost US$/ounce 813 820 957 859
Royalties US$/ounce 166 192 199 185
Sub-total US$/ounce 979 1,011 1,156 1,044
Sustaining capital US$/ounce 42 12 21 25
Total All-In Site Cost2 US$/ounce 1,021 1,023 1,177 1,069
Notional Cashflow from Operations
Cash Margin US$/ounce 1,276 1,486 1,374 1,382
Notional Cash Flow US$M 61 73 57 191
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$0.2 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted
practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life
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MINERAL RESOURCE TO MILL RECONCILIATION
Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan MRE.
In Q3 FY25, ore tonnes reconciled at Edikan were in line with the MRE (+1%), while the head grade was 8% lower than
predicted, resulting in contained gold being 6% below expectations. However, the 6 and 12-month grade trends remain
positive, indicating overall consistency and reliability in grade delivery over the longer term. Perseus considers this
performance to be within an acceptable range.
Table 7: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.01 0.96 0.94
Head Grade 0.92 0.98 1.03
Contained Gold 0.94 0.95 0.97
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q 3 FY25 and relevant prior
periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold
Mine, and mining operations at the Fimbiasso East and West pits located on the Fimbiasso Exploitation Permit, some 40
kilometres from the Sissingué processing facilities.
The Complex produced 11,115 ounces of gold during the quarter at a weighted average AISC of US$ 2,736 per ounce.
Compared to the previous quarter, gold production decreased 34% while AISC increased 54%. The weaker performance
was primarily due to a reduction in head grade, which averaged 1.03 g/t compared to 1.54 g/t in Q2. Lower grades
resulted from the need to process stockpiled lower grade material while waste stripping progressed at Fimbiasso West
and Sissingue Stage 4 to access higher grade ore. Performance is expected to improve in the fourth quarter as access to
these higher-grade areas is achieved.
Mill runtime at 94% was consistent with the previous quarter. Throughput averaged 188 tph, slightly above the 185 tph
achieved in the previous quarter, supported by a higher proportion of softer ore and good mill availability. Gold recovery
declined marginally to 87.4%, from 88.6% in Q2.
Despite achieving a weighted average gold sales price of US$2,418 per ounce - US$78 per ounce more than in Q2 - a
negative cash margin of US$319 per ounce was recorded, resulting in a notional cash outflow of approximately US$4
million for the quarter.
MINERAL RESOURCE TO MILL RECONCILIATION
Table 9 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Sissingué MRE.
In Q3 FY25, tonnes reconciled at Sissingué exceeded MRE predictions by 52%, while the head grade was 8% lower than
predicted. This resulted in a 39% increase in contained gold compared to the prediction. The positive variance is primarily
driven by the continued discovery of additional material through Grade Control drilling at the Sissingué Main pit. Over
the longer 6 and 12-month periods, tonnes consistently exceeded the prediction, while head grade remained slightly
below expectations. Perseus considers this outcome to be in line with operational expectations.
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Table 8: Sissingué Quarterly Performance
PARAMETER UNIT SEPTEMBER 2024
QUARTER
DECEMBER 2024
QUARTER
MARCH 2025
QUARTER
FY25
TO DATE
Gold Production & Sales
Total material mined Tonnes 1,859,478 2,469,220 2,360,945 6,689,643
Total ore mined Tonnes 341,606 233,688 222,419 797,713
Average ore grade g/t gold 1.76 1.69 1.43 1.65
Strip ratio t:t 4.4 9.57 9.6 7.4
Ore milled Tonnes 320,027 384,030 382,521 1,086,578
Milled head grade g/t gold 1.80 1.54 1.03 1.44
Gold recovery % 92.2 88.6 87.4 89.7
Gold produced ounces 17,066 16,851 11,115 45,032
Gold sales1 ounces 17,323 16,900 12,164 46,387
Average sales price US$/ounce 2,190 2,340 2,418 2,304
Unit Production Costs
Mining cost US$/t mined 6.47 5.63 6.12 6.03
Processing cost US$/t milled 21.95 16.73 18.97 19.06
G & A cost US$M/month 1.46 1.70 1.66 1.61
All-In Site Cost
Production cost US$/ounce 1,374 1,509 2,401 1,678
Royalties US$/ounce 164 157 207 172
Sub-total US$/ounce 1,538 1,666 2,608 1,850
Sustaining capital US$/ounce 83 116 128 106
Total All-In Site Cost2 US$/ounce 1,621 1,782 2,736 1,956
Notional Cashflow from Operations
Cash Margin US$/ounce 569 559 (319) 348
Notional Cash Flow US$M 10 9 (4) 15
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$1.6 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
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 1.52 1.44 1.18
Head Grade 0.92 0.95 0.94
Contained Gold 1.39 1.37 1.06