MARCH 2026 QUARTER REPORT Perseus reports strong operational performance; cash & bullion rises to US$817 million
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23 APRIL 2026
NEWS RELEASE
PERSEUSMINING.COM
MARCH 2026 QUARTER REPORT
Perseus reports strong operational performance; cash & bullion rises to
US$817 million
PERTH, Western Australia/ April 23 , 202 6/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended March 31, 2026 (the “Quarter”).
Overview
• Q3 FY26 production totalled 107,144 ounces of gold at an All-In Site Costs of US$1,748 per ounce
• Average cash margin of US$2,395/oz of gold produced, delivering notional operating cashflow of US$252 million
• Cash and bullion of US$817 million, plus liquid listed securities of US$254 million
• First gold produced from CMA Underground at Yaouré
• Nyanzaga ore reserves increased 73% to 4.0Moz
• Nyanzaga project development on track for first production planned for January 2027
• Perseus acquired a 9.9% interest in Aurum Resources Limited (ASX:AUE)
• Sale of 70% group interest in the Meyas Sand Gold Project for US$260m cash
FY26 Outlook
• Production and AISC guidance for June 2026 Financial Year (FY26) 1remain unchanged at 400,000 - 440,000 ounces at
AISC US$1,600 – 1,760 per ounce.
Key operating indicators and highlights for the March 2026 quarter (Q3 FY26) include:
PERFORMANCE INDICATOR UNIT SEPTEMBER 2025
QUARTER
DECEMBER 2025
QUARTER
MARCH 2026
QUARTER
FY26
TO DATE
Gold recovered Ounces 99,953 88,888 107,1442 295,9852
Gold poured Ounces 103,566 78,641 109,3822 291,5892
Production Cost US$/ounce 1,152 1,362 1,2383 1,2463
All-In Site Cost (AISC) US$/ounce 1,5161 1,8001 1,7483 1,6853
Gold sales Ounces 101,589 86,607 96,2602 284,4562
Average sales price US$/ounce 3,075 3,437 4,1433 3,5443
Notional Cashflow US$ million 1561 1451 2523 5483
1. As explained in the previous December 2025 Quarter report, Q1 FY26 AISC and Notional Cash Flow were restated to include the 2% additional
royalty paid in Côte d'Ivoire in Q2 FY26 but relating to the Q1 FY26 quarter. Q2 FY26 quarter only includes Q2 FY26 additional 2% royalty paid.
1 The cost guidance released in the Q2 FY26 report was based on a gold price assumption of $3,900 per ounce (January to June 26) and royalty rates of
8% in Côte d'Ivoire and 5% in Ghana.
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2. Includes the CMA Underground gold produced, poured and sold for this quarter ahead of commercial production.
3. Excludes CMA Underground production cost, excludes CMA Underground gold produced, AISC, Average sales price and Notional Cashflow as the
related cash costs are capitalised until commercial production is achieved. Commercial production is scheduled to be reached in Q3 FY27.
Conference Call Perseus will host investor webinar and conference call to discuss its March 2026 Quarterly Results,
at 9.00am AEDT today (23 April 2026). Register for the webinar at:
https://us02web.zoom.us/webinar/register/WN_f0XhNd81RT2LZFHakssoEw
A recording of the conference call will be made available via Perseus’s website at www.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, demonstrated strong
performance in Q 3 FY26 producing a combined total of 107,144 ounces of gold , 21% more than the 88,888 ounces
achieved in Q2 FY26. Higher production was achieved across all three operating gold mines.
The weighted average production cost was US$1, 238 per ounce, while the weighted average All-in-Site Cost (AISC) was
US$1,748 per ounce. The weighted average AISC for the quarter was lower than the Q2 FY26 AISC of US$ 1,800
attributable to higher production.
Gold sales from all three operations totalled 96,260 ounces or 9,653 ounces more than in Q2 FY26 attributable to higher
production. The weighted average realised gold price was US$4,143 per ounce, US$706 per ounce more than the Q2 FY26
price of US$3,437 per ounce.
Perseus’s average cash margin for the quarter was US$ 2,395 per ounce , resulting in notional operating cashflow of
US$252 million from all operations. This was US$107 million higher than in Q2 FY26.
FUEL SUPPLY CONDITIONS AND OPERATIONAL IMPACT
The Group continues to closely monitor fuel supply availability, consumption levels and inventory positions to mitigate
the risk of operational disruption in the short to medium term.
Perseus is working with its long-standing fuel suppliers in the region to assess any material impacts of the current Iran
conflict. There were no operational disruptions to the Group’s activities during Q3 FY26, and fuel supply is expected to
be sufficient to support operations. Refer to the “Group Gold Production and Cost Guidance” section for the sensitivities
of diesel price to AISC.
Group and mine operating results are summarised in Tables 1 to 3 below.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
MARCH
2026 QUARTER
FY26
TO DATE
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
MARCH
2026 QUARTER
FY26
TO DATE
Yaouré 55,405 32,045 36,5661 124,0161 57,672 28,325 37,2651 123,2621
Edikan 32,856 38,352 45,123 116,331 33,583 37,275 45,464 116,322
Sissingué 11,692 18,491 25,455 55,638 12,311 13,041 26,653 52,005
Group 99,953 88,888 107,144 295,985 103,566 78,641 109,382 291,589
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Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
MARCH
2026 QUARTER
FY26
TO DATE
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
MARCH
2026 QUARTER
FY26
TO DATE
Yaouré 57,441 34,835 37,2401 129,5161 2,959 3,243 4,0062 3,3312
Edikan 31,274 37,219 43,980 112,473 3,337 3,700 4,284 3,827
Sissingué 12,874 14,553 15,040 42,467 2,953 3,227 4,059 3,439
Group 101,589 86,607 96,260 284,456 3,075 3,437 4,143 3,544
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
2025 QUARTER
DECEMBER
2025 QUARTER
MARCH
2026 QUARTER
FY26
TO DATE
SEPTEMBER
2025 QUARTER
DECEMBER
2025 QUARTER
MARCH
2026 QUARTER
FY26
TO DATE
Yaouré 1,188 2,092 2,0492 1,6712 98 37 682 2032
Edikan 1,603 1,535 1,539 1,556 57 83 124 264
Sissingué 2,826 1,844 1,708 1,895 1 25 60 81
Group 1,516 1,800 1,748 1,685 156 145 252 548
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
1. Includes the CMA Underground gold produced, poured and sold for this quarter ahead of commercial production.
2. Excludes CMA Underground production cost, AISC, Average sales price and Notional Cashflow as the related cash costs are capitalised until
commercial production is achieved. Commercial production is scheduled to be reached in Q3 FY27.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q3 FY26 for the
open pit operations and Table 5 for the CMA Underground development statistics.
YAOURÉ OPEN PIT
During the quarter, Yaouré total material mined increased to 8.5 million tonnes, up 18% quarter on quarter primarily due
to increased available mining areas. The ore tonnes mined increased by 21% to 1.35 million tonnes in line with the total
material mined increase, coupled with a slightly lower strip ratio. Gold grade also improved, driven by the Yaouré Stage
1 ore access per the mine plan.
Yaouré produced 34,960 ounces of gold , up 9% quarter on quarter at a production cost of US$1,564 per ounce and an
AISC of US$ 2,049 per ounce. The increase in production was largely attributable to higher head grade of 1.29g/t
compared to 1.18g/t in Q2 FY26.
Ore tonnes milled totalled 905,895, in line with previous quarter performance. The mill run-time was higher at 92.0%,
compared to 90.1% for the December quarter due to less unplanned maintenance in the current quarter. Mill throughput
averaged 456 tph, consistent with prior quarter’s 45 5 tph. Gold recovery was marginally higher at 93.4% compared to
93.2% in Q2 FY26.
The production cost and AISC was marginally lower than Q2 FY26 primarily due to lower mining costs per tonne as a result
of the higher total material mined impact on fixed costs. Processing costs were higher attributable to planned mill reline
maintenance and lower grid power availability . Sustaining capital was lower due to timing of deliveries and the bulk of
the tailings relocation project earthworks being completed in previous quarter.
Gold sales of 36,285 ounces were 4% or 1,450 ounces more than the prior quarter at a weighted average realised gold
price of US$4,006 per ounce generating an average cash margin of US$1, 957 per ounce . This resulted in notional cash
flow of US$68 million compared to US$37 million achieved in Q2 FY26.
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In FY26 to date, Yaouré produced 122,410 ounces of gold from open pit and underground
operations, representing 41% of Perseus’s total gold production, at an AISC of US$1,6 71 per ounce, generating notional
cashflows of US$203 million during the period.
Table 4: Yaouré Quarterly Performance
PARAMETER UNIT SEPTEMBER 2025
QUARTER
DECEMBER 2025
QUARTER
MARCH 2026
QUARTER
FY26
TO DATE
Gold Production & Sales
Total material mined Tonnes 5,197,676 7,192,989 8,498,724 20,889,388
Total ore mined Tonnes 1,276,492 1,113,918 1,348,940 3,739,350
Average ore grade g/t gold 1.77 1.01 1.15 1.32
Strip ratio t:t 3.1 5.5 5.3 4.6
Ore milled Tonnes 935,745 904,720 905,895 2,746,360
Milled head grade g/t gold 1.96 1.18 1.29 1.48
Gold recovery % 94.0 93.2 93.4 93.6
Gold produced ounces 55,405 32,045 34,960 122,410
Gold sales1 ounces 57,441 34,835 36,285 128,561
Average sales price US$/ounce 2,959 3,243 4,006 3,331
Unit Production Costs
Mining cost US$/t mined 4.35 3.87 3.55 3.87
Processing cost US$/t milled 16.06 15.78 18.51 16.77
G & A cost US$M/month 2.76 2.68 2.58 2.67
All-In Site Cost
Production cost US$/ounce 829 1,574 1,564 1,234
Royalties US$/ounce 3063 3724 369 341
Sub-total US$/ounce 1,1353 1,9464 1,932 1,575
Sustaining capital US$/ounce 53 146 117 96
Total All-In Site Cost2 US$/ounce 1,1883 2,0924 2,049 1,671
Notional Cashflow from Operations
Cash Margin US$/ounce 1,7713 1,151 1,957 1,660
Notional Cash Flow US$M 983 37 68 203
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 f or the quarter is US$3.0 million of c osts 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. Royalties, Total All-In Site Cost, Cash Margin and Notional Cash Flow for FY26 Q1 has been restated to include the additional 2% royalty costs of US$0.9
million paid in FY26 Q2 but relating to FY26 Q1.
4. FY26 Q2 AISC only includes additional 2% royalties of US$1.3 million paid in Côte d’Ivoire that relate to the December 2025 quarter after adjusting to
exclude US$0.9 million related to the September 25 quarter and US$1.6 million related to the Q3 and Q4 of FY25 paid for FY26 Q2. The royalties from
FY26 Q3 are being paid at the rate including the additional 2%.
CMA UNDERGROUND
CMA underground development commenced in Q1 FY26 with the first blast of the Pauline portal followed by the Blika,
Sika and Assanou declines in Q2 FY26. A total advance to date of 2,399 metres has been achieved across the four portals.
In January 2026 a key milestone was achieved with first ore mined from the Blika Portal . Stoping operations are
anticipated to commence in early Q4 FY26.
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During the quarter, development activities at CMA Underground resulted in the mining of 31,126 tonnes of ore, of which
20,760 tonnes were milled, producing 1,606 ounces of gold. Gold sales totalled 955 ounces at an average realised price
of US$4,006 per ounce. Capitalised mining and processing costs of $1.3 million ($1,362 per ounce) were recognised as
cost of sales during the quarter relating to the 955 CMA Underground ounces sold.
Table 5: Yaouré CMA Underground Pre-Commercial Production Statistics
PARAMETER UNIT SEPTEMBER 2025
QUARTER
DECEMBER 2025
QUARTER
MARCH 2026
QUARTER
FY26
TO DATE
Development Production
Total material mined Tonnes - 80,480 154,046 234,526
Total waste mined Tonnes - 80,480 122,920 203,400
Total ore mined Tonnes - - 31,126 31,126
Average ore grade g/t gold - - 2.85 2.85
Gold contained ounces - - 2,850 2,850
Ore milled Tonnes - - 20,760 20,760
Milled head grade g/t gold - - 2.58 2.58
Gold recovery % - - 93.3 93.3
Gold produced ounces - - 1,606 1,606
Gold sales1 ounces - - 955 955
Average sales price US$/ounce - - 4,006 4,006
Cost of sales US$/ounce - - 1,362 1,362
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
ORE RESERVE TO MILL RECONCILIATION
Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Ore Rserve.
In Q3 FY26, mill tonnes were 49% above reserve, while grade was 7% lower, resulting in a positive variance in contained
gold of 39%. Grade performance improved compared to the previous quarte r through focussed mining improvements.
The higher tonnes reflect additional ore defined through grade control in the Yaouré open pit and underground
development extending beyond the reserve model. The lower grade reflects mining dilution in the Yaouré open pit and
differences between designed and actual mined shapes in the underground.
The 6-and-12-month trends continue to show strong alignment, with contained gold tracking above reserve. Ongoing
improvements in ore control and the progression of underground mining are expected to support more consistent grade
performance going forward.
Table 5: Yaouré Ore Reserve to Mill Reconciliation
PARAMETER ORE RESERVE TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.49 1.41 1.26
Head Grade 0.93 0.88 0.86
Contained Gold 1.39 1.24 1.09
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EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q3 FY26
and in relevant prior periods.
Total material mined at Edikan was 3.7 million tonnes, up 50% compared to 2.5 million tonnes for Q2 FY26. Ore mined
was also higher by 57% due to additional equipment deployment and higher equipment availability and utilisation. Better
ground conditions within the Nkosuo pit further contributed to increased material mined.
Edikan produced 45,123 ounces of gold at a production cost of US$ 980 per ounce and an AISC of US$1,539 per ounce
during the quarter. Production was 18% higher than the prior quarter mainly attributable to more tonnes milled, higher
head grade and a slightly higher recovery rate. Throughput averaged 952 tph, 6% higher than prior quarter’s 896 tph with
the treatment of more Nkosuo oxides in the feed blend for the quarter . The head grade of processed ore was 0. 84 g/t,
up from 0. 77 g/t due to less low-grade stockpile blending compared to Q2 FY26 . Gold recovery was stable at 88.6%
compared to 88.2% achieved in the prior quarter , and mill run -time was 91.6%, compared to 89.1% for the previous
quarter due to lost time from the SAG Mill bearing failure in Q2.
Quarter on quarter, Edikan’s production cost of US$980 per ounce was lower by 11% and the weighted average AISC of
US$1,539 per ounce was in line with the previous quarter. The lower production cost was driven by lower mining and
processing costs due to the fixed cost impact of producing 18% more ounces , partly reduced by higher cost of mining
deeper benches. The AISC was higher mainly due to higher royalties.
The Government of Ghana implemented a new royalty regime that replaced the flat 5% revenue -based royalty with a
sliding-scale structure effective 10 March 2026. Under this framework, royalty rates increase progressively in line with
rising gold prices from 5% for gold prices up to US$1,900 per ounce, 6% for gold prices from $1,901 to $2,000 per ounce,
increasing 1% for every $500 per ounce increase in gold price above $2,000 per ounce. Royalites are capped at a maximum
of 12% when the gold price exceeds US$4,500 per ounce. The gold price for the new regime is based on the average gold
market price in the week the sale of gold occurs compared to the previous framework which was based on realised price
for each shipment. This change has impacted the royalty costs and AISC for Q3 FY26 compared to the prior quarter. The
impact of this recent royalty amendment will be partly offset going forward by:
• An amendment to the Growth and Sustainability Levy (GSL) rate which was reduced from 3% to 1% of gross revenue
which received government approval on 31 March 2026. This amendment results in an effective ~3% gross reduction
as the GSL is not tax deductible.
• Removal of the non-refundable levies totalling 6% levied on the supply of all goods and services.
Gold sales of 43,980 ounces were 18% more than 37,219 ounces in the previous quarter. The weighted average realised
gold price of US$ 4,284 per ounce was achieved compared to US$3,700 per ounce . This was an increase of US$584 per
ounce, generating an average cash margin of US$ 2,746 per ounce and n otional cashflow of US$124 million, up
49% quarter on quarter.
For FY26 to date, Edikan produced 116,331 ounces of gold, representing 39% of Perseus’s total gold production for the
respective period, at an AISC of US$1,556 per ounce, generating notional cashflows of US$264 million over the period.
Fetish and Esuajah North pit cutback projects are progressing with approvals received from the Mineral Commission and
Environmental Protection Agency (EPA). Mining at Fetish commenced in early Q4.
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Table 6: Edikan Quarterly Performance
PARAMETER UNIT SEPTEMBER 2025
QUARTER
DECEMBER 2025
QUARTER
MARCH 2026
QUARTER
FY26
TO DATE
Gold Production & Sales
Total material mined Tonnes 3,232,048 2,469,142 3,709,515 9,410,705
Total ore mined Tonnes 733,998 1,052,877 1,655,164 3,442,039
Average ore grade g/t gold 0.85 0.92 0.85 0.87
Strip ratio t:t 3.4 1.3 1.2 1.7
Ore milled Tonnes 1,732,158 1,761,775 1,884,472 5,378,404
Milled head grade g/t gold 0.67 0.77 0.84 0.76
Gold recovery % 87.7 88.2 88.6 88.2
Gold produced ounces 32,856 38,352 45,123 116,331
Gold sales1 ounces 31,274 37,219 43,980 112,473
Average sales price US$/ounce 3,337 3,700 4,284 3,827
Unit Production Costs
Mining cost US$/t mined 5.39 7.53 5.88 6.15
Processing cost US$/t milled 9.16 8.85 8.27 8.75
G & A cost US$M/month 2.39 2.62 2.28 2.43
All-In Site Cost
Production cost US$/ounce 1,232 1,097 980 1,090
Royalties US$/ounce 324 387 517 419
Sub-total US$/ounce 1,555 1,483 1,497 1,509
Sustaining capital US$/ounce 48 52 42 47
Total All-In Site Cost2 US$/ounce 1,603 1,535 1,539 1,556
Notional Cashflow from Operations
Cash Margin US$/ounce 1,734 2,165 2,746 2,272
Notional Cash Flow US$M 57 83 124 264
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$0.1 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
ORE RESERVE TO MILL RECONCILIATION
Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan Ore Reserve.
In Q3 FY26, mill tonnes were in line with reserve (+1%), while grade was 8% lower, resulting in a negative variance in
contained gold of 6%. This is lower than Q2, where contained gold was above reserve.
The lower performance is driven by reduced realised grades, with contributing factors including material reclassification
and differences between modelled and mined material. Performance is expected to improve as mining progresses into
more consistent fresh zones.
The 6 and 12-month trends remain within acceptable ranges, with contained gold tracking within 2% and 5% of reserve,
respectively. Continued focus on ore control and reconciliation is expected to support improved alignment going forward.
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Table 7: Edikan Ore Reserve to Mill Reconciliation
PARAMETER ORE RESERVE TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.01 1.04 1.02
Head Grade 0.92 0.94 0.93
Contained Gold 0.94 0.98 0.95
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q 3 FY26 and relevant prior
periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold
Mine, together with satellite mining operations comprising the Bagoé Gold Mine, located approximately 137 kilometres
from the Sissingué processing facilities. Mining at Bagoé commenced during the Q2 FY26 at the Antoinette Deposit,
following the completion of mining operations at Fimbiasso.
The Complex produced 25,455 ounces of gold during the quarter at a weighted average AISC of US$ 1,708 per ounce
representing a 38% increase in production and a 7% reduction in A ISC compared to the previous quarter. This
performance was driven by increased tonnes milled and higher ore grade from Bagoé (Antoinette pit). Production costs
decreased to US$1,246 per ounce compared to US$1,545 per ounce in the previous quarter. Cost performance improved
due to a higher proportion of lower-cost oxide ore, resulting in reduced mining and processing costs compared to fresh
ore mining at Fimbiasso in Q2 FY26. The increase in royalty costs reflects the timing of sales, mainly for Bagoé. In addition,
the higher gold production impact on fixed costs resulted in lower production costs and AISC.
Total material mined increased by 20% during the quarter primarily due to the ramp-up of operations at Bagoé. The strip
ratio remained consistent with the previous quarter at 4.7 resulting in more ore tonnes mined for the quarter.
Mill runtime for the quarter remained stable at 97% in line with the previous quarter performance. Average throughput
increased to 215 tph from 184 tph in FY26 Q2 and gold recovery improved to 91.7%, compared with 89.5% in the previous
quarter due a higher proportion of oxide ore in the mill feed.
Gold sales were 15,040 ounces at a weighted average realised gold price of US$4,059 per ounce , 26% up compared to
US$3,227 per ounce in Q2 FY26. This resulted in a cash margin of US$2, 351 per ounce, compared with US$1,383 per
ounce in the prior quarter. Notional cash flow generated by the Complex during the quarter was US$60 million compared
to US$25 million achieved last quarter.
For FY26 to date, the Complex produced 55,638 ounces of gold, representing 19% of Perseus’s total gold production for
the respective period, at an AISC of US$1,988 per ounce, generating notional cashflows of US$81 million over the period.