Perseus Mining Announces 5-YEAR GOLD Production Outlook
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PERSEUSMINING.COM
PERSEUS MINING ANNOUNCES 5-YEAR GOLD PRODUCTION
OUTLOOK
Perth, Western Australia/ June 11, 2 025/ Perseus Mining Limited (ASX/TSX: PRU) (Company) is pleased to provide
its gold production and All-In Site Cost (AISC) outlook for the five -year period from FY26 to FY30 inclusive for its
portfolio of mines located in Ghana, Côte d’Ivoire and Tanzania.
The Five-year Operating Outlook incorporates the updated planning outlook for each of Perseus’s three existing
operations based on planning assumptions reflecting current operating conditions. It also takes into account Final
Investment Decisions (FID) for the CMA underground mining operation at the Yaouré Gold Mine in Côte d’Ivoire (see
ASX announcement “Perseus Mining takes Final Investment Decision on CMA underground project at Yaouré ” dated
28 January 2025), as well as the development of the Nyanzaga Gold Project (NGP) in Tanzania (see ASX announcement
“Perseus Mining proceeds with development of the Nyanzaga Gold Project ” dated 28 April 2025).
HIGHLIGHTS
• Perseus expects to recover at total of 2.6Moz – 2.7Moz of gold with average gold production from the four
operating mines of approximately 515koz – 535koz per annum in the five-year period to the end of FY30.
• The weighted average AISC over the five-year period is forecast to be US$1,400/oz – US$1,500/oz with not
more than ±10% change year-on-year over the period, emphasising the benefit of our portfolio approach to
asset management.
• Total development capital of ~US$878M that has been allocated to the operating assets during the period to
achieve this production outlook is excluded from the AISC estimate.
• At a long-term gold price of US$2,400/oz, Perseus’s cash operating margin is expected to consistently exceed
US$500/oz at all mines over the five-year period. In some cases, it is significantly higher.
• The five-year outlook is underpinned by a high level of geological and technical confidence with 93% of the
gold ounces in the mine plan comprising existing Ore Reserves with the remaining 7% from Measured or
Indicated Mineral Resources. Inferred Mineral Resources and other upside projections of mineralisation were
specifically omitted from Perseus’s five-year outlook.
• The five-year outlook reinforces Perseus’s commitment to the three core components of its capital allocation
policy, namely : maintenance of a resilient balance sh eet, delivery of strong, consistent operational
performance and careful deployment of discretionary capital for growth and capital returns to shareholders.
Perseus’s CEO and Managing Director, Jeff Quartermaine said:
“In FY22, Perseus’s gold production reached approximately 500,000 ounces for the first time and set in train our
ambition to maintain or exceed this level of production on a consistent basis going forward.
Perseus’s decision in 2023 to defer development of its Meyas Sand Gold Project in Sudan and pivot towards acquisition
and development of the Nyanzaga Gold Project , will lead to a short term shortfall in 2026 and 2027 relative to this
target. From the five-year outlook published today, it is clear that this is a temporary setback and that Perseus’s
strategy of consistently producing between 500,000 to 600,0000 ounces of gold per year at a cash margin o f not less
than US$500 per ounce, is eminently achievable.
With cash and undrawn debt capacity currently exceeding US$1.1 billion, Perseus is fully funded to not only deliver
the five-year outlook as presented today but also consider a prudent mix of future growth opportunities beyond the
current plan, as well as generous returns to shareholders”.
11 June 2025
NEWS RELEASE
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PERSEUSMINING.COM
Group Outlook
Perseus’s five-year outlook delivers on the Company’s strategy of building a sustainable, geopolitically diversified ,
African-focused gold business of three to four operating mines that produce between 500 koz to 600koz of gold per
annum at a cash margin of not less than US$500/oz.
As part of its annual planning cycle , the Company has reassess ed the growth opportunities available within its
portfolio with the approach of optimising the portfolio rather than focussing on fixed investment targets for each
asset. In this way, the Company has sought to find the balance between investment in growth opportunities and the
cash margin generated by the business.
Average gold production for the group over the five-year period is 515koz – 535koz per annum for a total of 2.6Moz
– 2.7Moz with Yaour é contributing 34%, Edikan contributing 28% and Sissingué contributing 10%. Based on the
current schedule, the recently committed NGP in Tanzania is anticipated to provide 28% of the metal production for
the portfolio over the next 5 years.
The Company’s weighted average AISC over the five -year outlook is estimated at US$1,400/oz - US$1,500/oz. AISC
rises slightly in the first two years, driven by lower production base . In FY28, the integration of lower -margin ore
sources into the mine plan contributes to a slight increase in AISC. The portfolio's diverse production base allows AISC
to remain within ±10% of the five-year average on a year-to-year basis.
Figure 1 Perseus Group five-year gold production and AISC cost outlook
The Company has strong confidence in its ability to deliver on this five-year outlook, which is underpinned by a mine
plan with high geological and technical certainty, with 93% of the production ounces forming part of the existing Ore
Reserves with the remaining 7% from Measured or Indicated Mineral Resources (as detailed in ASX announcement
“Perseus Mining updates Mineral Resources and Ore Reserves ” dated 21 August 2024). Nyanzaga Ore Reserves are
detailed in ASX announcement “Perseus Proceeds with Development of Nyanzaga Gold Project” dated 28 April 2025.
The Company will provide an update to the Mineral Resource and Ore Reserve statement in August 2025, in line with
its annual disclosure.
Incremental production included in the mine plan at Yaouré, Edikan and Sissingué comes from well -understood
deposits with a proven operating history. This production does not require significant additional infrastructure or
capital beyond the investment necessary to access the mineralisation.
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Table 1 Five-year production outlook, AISC and development capital forecast
ASSET TOTAL PRODUCTION
5-YEAR OUTLOOK
AISC
5-YEAR RANGE1
TOTAL DEVELOPMENT CAPITAL
5-YEAR
Yaouré 870koz – 905koz $1,480/oz - $1,580/oz US$170M2
Nyanzaga 725koz – 750koz $1,230/oz - $1,330/oz US$523M3
Edikan 720koz – 750koz $1,450/oz - $1,550/oz US$180M4
Sissingué 265koz – 275koz $1,580/oz - $1,680/oz US$5M
TOTAL 2,580koz – 2,680koz $1,400/oz - $1,500/oz US$878M
1) AISC includes sustaining capital but excludes development capital
2) Yaouré Development capital relates to capitalised underground development and includes US$21M forecast to be incurred to 30 June 25
3) Includes development and pre-production capital cost incurred post-FID up to first gold pour. In addition it includes US$38M forecast to be incurred to 30 June 25
4) Development capital relates to capitalised waste stripping costs at Esuajah North and Fetish deposits and development capital for ESS Underground
Table 2 Portfolio key production indicators by year
Key Production
Indicators Units FY26 FY27 FY28 FY29 FY30 5-year totals
Open Pit
Ore Mined – Open pit Mt 11.7 12.2 14.8 17.1 10.5 66.2
Ore Grade Mined –
Open pit g/t 1.10 1.06 1.18 1.25 1.41 1.20
Total Mined – Open pit Mt 52.9 103.0 102.6 87.1 63.4 409.1
Strip Ratio t:t 3.54 7.43 5.93 4.10 5.05 5.18
Underground
Ore tonnes -
Underground Mt 0.2 0.6 1.0 2.1 2.0 5.8
Ore Grade Mined –
Underground g/t 3.51 3.36 3.13 1.27 1.48 1.94
Total Tonnes Mined -
Underground Mt 0.5 0.9 1.5 2.6 2.1 7.6
Milling
Ore Milled Mt 12.7 14.5 16.5 15.8 12.8 72.3
Ore Grade Milled g/t 1.18 1.10 1.26 1.37 1.42 1.27
Recovery % 85% - 90% 85% - 90% 85% - 90% 85% - 90% 85% - 90% 85% - 90%
Gold Produced koz 420-440 450-470 590-610 610-630 510-530 2,580-2,680
Capital Allocation
Perseus is in a strong financial position, with a resilient balance sheet and an operational portfolio that continue s to
safely and efficiently generate reliable operational cash flow. Th is allows the Company to look to deploy operating
cashflow to shareholders and other stakeholders in the business. Figure 2 summarises Perseus’s capital allocation
priorities.
Figure 2 Perseus capital allocation priorities
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The five-year outlook is the result of a systematic process to assess and prioritise internal growth opportunities to
ensure the portfolio continues to deliver strong operating margins over the long term. The deployment of capital
within the business complements existing capital management strategies, including a share buyback programme and
the payment of dividends.
While Perseus continues to consider inorganic growth opportunities, these are required to compete rigorously for
discretionary investment and be assessed in the context of overall business risk and delivery of value. By allocating
discretionary capital to internal organic growth, Perseus can invest in jurisdictions where it has an established
operating presence, on known geological terranes, and with a proven workforce capable of safely and efficiently
delivering value.
Yaouré Gold Mine
The five-year forecast for Yaouré includes mining of the recently started Yaouré open pit and CMA underground as
the primary ore sources. Supplementing the primary ore sources, material is also sourced from Zain, CMA Southwest
and long-term stockpiles to maximise mill capacity.
Figure 3 Yaouré Gold Mine – Percentage five-year metal production by source
Yaouré will continue to be a cornerstone asset in Perseus’s portfolio, total gold production of 870koz – 905koz and a
weighted average AISC of $1,480/oz - $1,580/oz over the five -year outlook . While FY26 sees a reduction in gold
produced compared to previous years , the change in production volume was anticipated and is a result of a
combination of factors including change in ore characteristics and material sources (as detailed in the ASX
announcement “Perseus extends life of the Yaouré Gold Mine to 2035” dated 18 September 2023).
Table 33 Yaouré key production indicators, five-year outlook
KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5-YEAR
OUTLOOK
Open Pit
Ore Mined – Open pit Mt 4.3 2.8 3.7 5.7 2.6 19.2
Ore Grade Mined – Open pit g/t 1.06 1.08 0.98 0.99 1.14 1.04
Total Mined – Open pit Mt 26.1 28.6 30.5 27.9 12.2 125.2
Strip Ratio t:t 5.02 9.15 7.17 3.90 3.70 5.53
Underground
Ore tonnes - Underground Mt 0.2 0.6 0.8 0.8 0.8 3.2
Ore Grade Mined –
Underground
g/t
3.51 3.36 3.43 3.33 3.80 3.49
Total Tonnes Mined -
Underground
Mt
0.5
0.9
1.1
0.9
0.8 4.1
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KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30 TOTAL 5-YEAR
OUTLOOK
Milling
Ore Milled Mt 3.7 3.8 3.6 3.4 3.4 17.9
Ore Grade Milled g/t 1.66 1.43 1.69 1.89 1.85 1.70
Following FID o n the CMA underground operation in January 2025, the project is due to cut the first of four
underground portals in Q1 FY26. The expansion to include underground operations allows further exploitation of the
CMA deposit, which has proven to be a reliable and well understood geological domain of the Yaouré operation to
date. At steady state production, it is planned that underground ore will represent approximately 20% of the tonnes
of ore mined on the site from both open cut and underground operations.
Since approving FID, Perseus has worked with its mining contractor to further develop the mine schedule ahead of
commencement of underground operations in Q1 FY26. This milestone is aligned to the project schedule detailed in
ASX announcement “Perseus Mining takes final investment decision on CMA Underground Project at Yaour é” dated
28 January 2025. As of this update , changes to the underground schedule have resulted in the development capital
allocated for the CMA underground increasing by 36% from the app roved US$124.6M to US$170M. Development
capital for CMA Underground has increased due to bringing forward underground development into the pre -
commercial production period and updated capitalisation methodology to include royalties and G&A previously
expensed.
Further optimisation of the Yaour é life of mine plan is scheduled as several on-lease targets are assessed as part of
the regular mine planning process.
Nyanzaga Gold Mine
Nyanzaga is forecast to be the lowest cost operation in the Perseus ’s portfolio. Gold production totals 725koz –
750koz, with peak metal output in FY28 over the five-year outlook . The weighted average AISC ranges between
US$1,230/oz - US$1,330/oz. Nyanzaga’s increasing contribution to Perseus’s portfolio underscores the decision to
acquire and proceed with project development.
During the five-year period, all of the Nyanzaga’s Kilimani pit is mined providing initial ore supply to the mill with the
remainder of the material sourced from the main Nyanzaga deposit. All material mined is part of the stated Ore
Reserve (see ASX announcement “Perseus Mining proceeds with development of the Nyanzaga Gold Project ” dated
28 April 2025).
Total gold production over Nyanzaga’s current 11-year life of mine, Phase 1 mine production is currently estimated
to be 2.01 Moz based on a JORC 2012 Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 Moz. The development
capital cost for the plant and site infrastructure is estimated at US$472M inclusive of US$49M of contingency, and
pre-production capital of US$51M, giving a total capital cost to first gold pour of US$523M.
Table 44 Nyanzaga key production indicators – five-year outlook
KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30
TOTAL 5
YEAR
OUTLOOK
Open Pit
Ore Mined – Open pit Mt - 1.8 6.3 6.2 6.2 20.5
Ore Grade Mined – Open pit g/t - 1.02 1.37 1.39 1.25 1.31
Total Mined – Open pit Mt 1.0 31.1 47.2 47.2 48.9 175.4
Strip Ratio t:t - 16.74 6.51 6.56 6.84 7.55
Milling
Ore Milled Mt - 1.8 6.1 5.7 5.6 19.1
Ore Grade Milled g/t - 1.02 1.40 1.47 1.32 1.37
As previously advised, Perseus has committed to completing a second round of infill drilling at Nyanzaga, involving a
number of drilling programmes aimed at confirming the tenor of the current mineralisation and testing extensions
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of the known mineralisation. Results received to date have been compelling and Perseus is expected to update the
Mineral Resource and Ore Reserves (MROR) in Q1 FY27, in line with our annual MROR update.
Edikan
Edikan’s updated five-year outlook combines mining from the existing Nkosuo deposit and the commencement of a
cutback of the Esuajah North pit, along with the second phase of mining at the Fetish pit, following completion of
mining of the first phase in April 2025. Total gold production over this period is expected to be 720koz – 750koz, with
a weighted average AISC of around US$1,450/oz – US$1,550/oz per ounce.
Figure 4 Edikan Gold Mine – Percentage five-year metal production by source
Both Fetish and Esuajah North cutbacks have been incorporated into the updated five-year plan, reflecting the
opportunity to extend Edikan’s mine life at an incremental AISC. Together, the Fetish and Esuajah North cutbacks
attract capitalised waste stripping costs of $168M but contribute ~200koz of production to Edikan’s mine life and
diversify the ore availability in the plan.
Table 55 Edikan key production indicators - five-year outlook
KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30
TOTAL 5
YEAR
OUTLOOK
Open Pit
Ore Mined – Open pit Mt 5.7 6.4 4.3 4.5 1.4 22.4
Ore Grade Mined – Open pit g/t 0.90 0.90 0.92 1.24 2.44 1.07
Total Mined – Open pit Mt 15.6 34.2 16.9 8.0 1.8 76.6
Strip Ratio t:t 1.73 4.36 2.95 0.78 0.23 2.43
Underground
Ore tonnes - Underground Mt - - 0.2 1.3 1.2 2.7
Ore Grade Mined –
Underground
g/t
- - 1.68
1.82 2.08 1.93
Total Tonnes Mined -
Underground
Mt
-
-
0.5
1.7
1.3 3.5
Milling
Ore Milled Mt 7.4 7.5 5.4 5.8 3.5 29.7
Ore Grade Milled g/t 0.81 0.84 0.79 0.93 1.14 0.88
In addition to these open -pit sources, Perseus is progressing an updated Feasibility Study for the Esuajah South
underground deposit, with a view to bringing this project into production later in the decade. If approved through to
development, Esuajah South would become the company’s second underground mine and its first such operation in
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Ghana. The combination of Fetish, Esuajah North, and Esuajah South underground has extended the life of mine
plane out to FY32.
Perseus remains committed to brownfields exploration on its existing mining leases and exploration licences at
Edikan to support ongoing production growth and to extend the Edikan production pipeline over the longer term.
Sissingué
Sissingué’s updated five-year outlook involves the continuation of mining at Sissingué Stage 4 open pit and
commencement of new mining areas at Bagoé and Airport West (included in Sissingué in Figure 5) in FY26, as well as
a Sissingué Stage 5 open pit cutback in FY27. This plan extends Sissingué’s mine life to FY30, producing a total 265koz
– 275koz of gold at a weighted average AISC of US$1,580/oz – US$1,680/oz over this period.
Figure 5 Sissingué Gold Mine – Percentage five-year metal production by source
Following an assessment of growth opportunities on site, additional mining inventory was included in the life of mine
plan from the Sissingué Stage 5 pit. The addition of the expanded pit in the five-year outlook extends the mine life
by approximately 12 months out to FY30, providing a meaningful contribution to Sissingué’s production profile from
existing mining areas. As part of this assessment other growth options were considered but were not included in the
plan, as they require further technical assessment to confirm their economic feasibility.
Table 66 Sissingué key production indicators – five-year outlook
KEY PRODUCTION INDICATORS UNITS FY26 FY27 FY28 FY29 FY30
TOTAL 5
YEAR
OUTLOOK
Open Pit
Ore Mined – Open pit Mt 1.6 1.3 0.5 0.6 0.2 4.2
Ore Grade Mined – Open pit g/t 1.94 1.86 2.39 2.18 2.34 2.03
Total Mined – Open pit Mt 10.2 9.1 8.0 4.0 0.6 31.9
Strip Ratio t:t 5.40 6.22 14.86 5.43 1.77 6.60
Milling
Ore Milled Mt 1.6 1.5 1.4 1.0 0.3 5.7
Ore Grade Milled g/t 1.83 1.67 1.35 1.68 1.86 1.65
Infill drilling is included in Sissingué’s FY26 budget to confirm the mineralisation and design parameters for the
Sissingué Stage 5 pit along with further geotechnical and grade control programmes at Bagoé and Airport West that
are intended to further reduce operational risk.
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This market announcement was authorised for release by Perseus’s
Managing Director and CEO, Jeff Quartermaine.
COMPETENT PERSON STATEMENT
All production targets referred to in this release are underpinned by estimated Ore Reserves and Measured or Indicated Mineral Resources which have
been prepared by competent persons in accordance with the requirements of the JORC Code.
Edikan
The information in this report that relates to the Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market
announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The Company confirms that all material
assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market
release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates
of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.
Sissingué, Fimbiasso and Bagoé
The information in this report that relates to the Mineral Resources and Ore Reserve at the Sissingué Gold Mine including Fimbiasso and Bagoé was
updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2024. The
Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived
therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions
underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to
apply.
Yaouré
The information in this report that relates to the Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement
“Perseus Mining announces Open Pit and Underground Ore Reserve update at Yaouré” released on 21 August 2024. The Company confirms that all
material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market
release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of
Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 19 December 2023 continue to apply.
Nyanzaga
The information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company i n a market
announcement “Perseus Mining proceeds with development of the Nyanzaga Gold Project” released on 28 April 2025. The Company confirms that
all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that
market release continue to apply and have not materially changed. The Company fur ther confirms that material assumptions underpinning the
estimates of Ore Reserves described in “Technical Report — Nyanzaga Gold Project” dated 10 June 2025 continue to apply.
CAUTION REGARDING FORWARD LOOKING INFORMATION:
This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of
its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company
believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect.
Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold
Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required
governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective
manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing
list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions
made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking
information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or
achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual
results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those
factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not
undertake to update any forward-looking information, except in accordance with applicable securities laws.