Perseus Mining Delivers Encouraging Drilling Results from Its Current Drill Program at the Nyanzaga GOLD Project
22 JULY 2025
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT
Perth, Western Australia/July 22, 2025/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an
update on ongoing resource definition drilling currently being conducted at its Nyanzaga Gold Project (NGP)
in Tanzania and to announce some of the more significant drill results achieved since our last exploration
announcement, dated 5 December 2024 (see ASX release “Confidence Boosting Infill Drilling at Nyanzaga
Project).
The current drilling program has been designed to further inform and advance Perseus’s proposed open pit
mining scenario at NGP as detailed in the Feasibility Study update, released to the market on 25 April 2025
(see ASX release “Perseus Mining proceeds with development of the Nyanzaga Gold Project”).
Drill holes have been designed to infill existing drilling, collect additional information including metallurgical
and geotechnical data and most importantly evaluate potential strike and depth extensions to the
mineralisation.
As of the end of June 2025, a total of 35,623 m of combined reverse circulation (RC) and diamond (DD)
meters have been drilled into the Tusker and Kilimani deposits since the last update in December 2024 (refer
to Appendix 1 – Figure 3). Since acquiring the NGP in April 2025, Perseus has drilled a total of 58,609 m, with
the majority of this being resource definition drilling into the Tusker and Kilimani deposits.
Infill drilling was designed to improve the average drill spacing across the deposit from 40 m × 40 m to a
nominal drill pattern of 20 m × 40 m and was completed across the main Tusker mineralisation and the
adjacent Kilimani deposit. Drilling remains ongoing across both Tusker and Kilimani and continues to support
the current mineralisation interpretation across both deposits.
Drill hole data and related drill results are tabulated in Appendix 2, however more significant results received
from the recent drilling include:
TUSKER DEPOSIT
o NYZRCDD1374C: 51 m @ 4.43 g/t gold from 269 m including 4 m @ 42.04 g/t gold from 274 m;
o NYZDD1389: 36 m @ 6.28 g/t gold from 292 m including 4 m @ 47.82 g/t gold from 314 m;
o NYZDD1390: 10 m @ 15.38 g/t gold from 264 m;
o NYZDD1490: 33 m @ 3.14 g/t gold from 275 m including 2 m @ 32.28 g/t gold from 161 m;
61 m @ 4.35 g/t gold from 235 m;
o NYZRCDD1347: 62 m @ 2.38 g/t gold from 432 m;
o NYZRCDD1351: 63 m @ 6.49 g/t gold from 435 m including 1 m @ 307.8 g/t gold from 438 m;
16 m @ 6.15 g/t gold from 501 m including 6 m @ 14.73 g/t gold from 511 m;
o NYZRCDD1372: 69 m @ 3.94 g/t gold from 335 m including 21 m @ 7.99 g/t gold from 375 m;
o NYZRCDD1373: 57 m @ 6.50 g/t gold from 203 m including 11 m @ 26.93 g/t gold from 208 m;
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
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o NYZRCDD1397: 59 m @ 4.39 g/t gold from 442 m and 64 m @ 2.91 g/t gold from 660 m including
23 m @ 4.36 g/t gold from 695 m
o NYZRCDD1399: 54 m @ 9.69 g/t gold from 577 m including 2 m @ 118.3 g/t gold from 591 m and
5 m @ 20.15 g/t gold from 601 m;
o NYZRCDD1401: 23 m @ 20.87 g/t gold from 496 m;
o NYZRCDD1404: 46 m @ 3.15 g/t gold from 550 m including 11 m @ 9.81 g/t gold from 567 m;
o NYZRCDD1405: 52 m @ 3.01 g/t gold from 506 m; 81 m @ 4.00 g/t gold from 597 m including 8 m
@ 16.74 g/t gold from 625 m;
o NYZRCDD1419: 52 m @ 3.17 g/t gold from 348 m;
o NYZRCDD1422: 84 m @ 3.24 g/t gold from 339 m including 11 m @ 9.15 g/t gold from 392 m;
KILIMANI DEPOSIT
o NYZRC1424: 22 m @ 4.14 g/t gold from 47 m;
o NYZRC1471: 44 m @ 4.36 g/t gold from 0 m including 3 m @ 43.56 g/t gold from 25 m;
Further geotechnical, metallurgical and sterilisation drilling programs are on -going or planned, and are
scheduled to be completed by December 2025. The results of this work, together with other key activities,
will be incorporated into an updated Ore Reserve statement that is to be released to the market in the
March 2026 quarter.
Perseus’s Managing Director and CEO, Jeff Quartermaine, said:
“In announcing our Final Investment Decision in April 2025 for the development of the Nyanzaga Gold Project,
we advised the market that our decision was based on only the first phase of a Mineral Resource confirmation
drilling program, and that a second phase of drilling was planned with the aim of updating Nyanzaga’s Mineral
Resources and Ore Reserves prior to the commencement of gold production in January 2027.
The drill results that have been announced today have resulted from this second phase of drilling and reinforce
our confidence in our ability to expand Nyanzaga’s Mineral Resources and Reserves and as a result, potentially
extend the life of the mine beyond the currently predicted Phase 1 of 11 years.
Of particular interest to us are the excellent drill results that have been achieved as part of the current drill
program at depths below the bottom of the currently envisaged large open pit. While more drilling is required to
confirm extensions of mineralisation at depth, the early indications suggest further exploitation of the
mineralisation, including the potential for application of UG mining methods, may be possible resulting in even a
further extension of the mine life.”
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT
PERSEUSMINING.COM
THE NYANZAGA GOLD PROJECT, TANZANIA
The NGP (or the Project) is located in north-western Tanzania, within the Sengerema District of the Mwanza
Region, south of Lake Victoria approximately 60 kilometres southwest of Mwanza (Tanzania’s second largest
city) (Figure 2).
The Project is located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake
Victoria Goldfield, approximately 60 km east of Anglogold Ashanti’s Geita Gold Mine and 35 km northeast
of Barrick’s Bulyanhulu Gold Mine. The Project area covers Nyanzian greenstone volcanic rocks and
sediments typical of the greenstone belts of the central craton.
The NGP Mineral Resource Estimate includes an Indicated Resource of 74.2 Mt grading 1.33 g/t Au for
3.2 Moz Au and an Inferred Resource of 15.0 Mt grading 1.2 g/t Au for 0.6 Moz Au (Table 1). It has a Probable
Ore Reserve Estimate of 52.0 Mt grading 1.40 g/t Au for 2.3 Moz Au (Table 2).
Table 1: Nyanzaga Gold Project Mineral Resources1,2,3,4,5,6
PROJECT
MEASURED RESOURCES INDICATED RESOURCES MEASURED & INDICATED
RESOURCES INFERRED RESOURCES
QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD
Mt g/t gold ’'000 oz Mt g/t gold ’000 oz Mt g/t gold ’000 oz Mt g/t gold ’000 oz
Tusker7 - - - 71.1 1.34 3,061 71.1 1.34 3,061 14.6 1.2 571
Kilimani - - - 3.1 1.00 101 3.1 1.00 101 0.4 1.2 13
Total - - - 74.2 1.33 3,162 74.2 1.33 3,162 15.0 1.2 584
Notes for Table 1:
1 Based on October 2024 Mineral Resource estimate
2 0.3 g/t gold cut-off applied to in-situ open pit material
3 In-situ open pit resources are constrained to US$2,000/oz pit shells
4 Rounding of numbers to appropriate precision may result in summary inconsistencies
5 Mineral Resources are inclusive of Ore Reserves
6 Mineral Resources are reported on a 100% basis
7 The previously disclosed Nyanzaga deposit has been termed Tusker for clarity
Table 2: Nyanzaga Gold Project Ore Reserves1,2,3,4,5,6
PROJECT
PROVED PROBABLE PROVED AND PROBABLE
QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD
Mt g/t gold ’000 oz Mt g/t gold ’000 oz Mt g/t gold ’000 oz
Tusker7 - - - 49.4 1.42 2,255 49.4 1.42 2,255
Kilimani - - - 2.6 1.02 86 2.6 1.02 86
Total - - - 52.0 1.40 2,342 52.0 1.40 2,342
Notes for Table 2:
1 Based on October 2024 Mineral Resource estimate
2 Based on April 2025 Ore Reserve estimate
3 Pit designs are based on US$1,700/oz gold metal price
4 Variable gold grade cut-offs for each material type, ranging from 0.33 g/t to 0.6 g/t
5 Inferred Mineral Resource is considered as waste for optimisation purposes
6 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies
7 The previously disclosed Nyanzaga deposit has been termed Tusker for clarity
OVERVIEW OF WORK PROGRAMS & RESULTS
Perseus released a resource development update in December 2024 (see ASX announcement “Confidence
Boosting Infill Drilling at Nyanzaga” dated 5 December 2024) and followed this up with a final investment
decision (FID) in April 2025 (ASX release “Perseus Mining Proceeds with Development of the Nyanzaga Gold
Project” dated 28 April 2025). This release is an update of resource definition drilling and studies completed
since the last resource definition release.
Work completed to date has supported and advanced the understanding of all aspects of the Nyanzaga Gold
Project (NGP), derisking the project and demonstrating the potential to increase the NGP Mineral Resources.
Activities continue with a focus on resource definition , geotechnical, and m etallurgical drilling, and
associated studies proposed to optimise design parameters.
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT
PERSEUSMINING.COM
Since the last update in December 2024 a total of 35,623 m of combined Reverse circulation (RC) and
Diamond (DD) meters hav e been drilled into the Tusker and Kilimani Deposits . This includes resource
definition, metallurgical and geotechnical drilling. Since acquiring the project in April 2025 Perseus has
drilled a total of 58,609 m, with the majority (49,749 m) of this being resource definition drilling into the
Tusker and Kilimani Deposits.
Infill drilling was designed to improve the average drill spacing across the deposit from 40 m × 40 m to a
nominal drill pattern of 20 m × 40 m and was completed across the main Tusker mineralisation and the
adjacent Kilimani deposit. Drilling remains ongoing across both Tusker and Kilimani and continues to support
the current mineralisation interpretation across both deposit areas.
Of particular interest is new drilling below the FID reserve pit design demonstrates continuation of
mineralisation at depth and indicates the potential for resource/reserve addition (see Figure 6Figure 6 and
Figure 7Figure 7).
In addition to the results presented in the highlights above, other notable results include:
Hole Intercept
TUSKER DEPOSIT
NYZDD1355C 32 m @ 5.41 g/t gold from 243 m
NYZDD1385 66 m @ 2.03 g/t gold from 293 m including 5 m @ 6.87 g/t gold from 297 m and
6 m @ 3.11 g/t gold from 328 m
NYZRCDD1348 86 m @ 2.07 g/t gold from 260 m including 4 m @ 21.43 g/t gold from 339 m
NYZRCDD1349A 64 m @ 2.04 g/t gold from 371 m
NYZRCDD1352 92 m @ 3.77 g/t gold from 549 m including 16 m @ 8.75 g/t gold from 603 m
NYZRCDD1353 54 m @ 3.86 g/t gold from 158 m including 26 m @ 6.94 g/t gold from 164 m
77 m @ 2.17 g/t gold from 495 m including 7 m @ 5.58 g/t gold from 543 m
NYZRCDD1359 81 m @ 3.87 g/t gold from 477 m
NYZRCDD1365 44 m @ 2.08 g/t gold from 268 m
NYZRCDD1368 11 m @ 8.30 g/t gold from 245 m
NYZRCDD1370 57 m @ 2.27 g/t gold from 333 m
NYZRCDD1378B 39 m @ 2.54 g/t gold from 300 m
NYZRCDD1398A 25 m @ 8.29 g/t gold from 563 m including 6 m @ 30.66 g/t gold from 569 m
NYZRCDD1400 8 m @ 12.72 g/t gold from 485 m
NYZRCDD1406 50 m @ 3.09 g/t gold from 714 m
NYZRCDD1407 70 m @ 3.15 g/t gold from 583 m including 13 m @ 10.24 g/t gold from 618 m
NYZRCDD1425 78 m @ 3.12 g/t gold from 334 m including 8 m @ 11.86 g/t gold from 401 m
NYZRCDD1429 11 m @ 9.11 g/t gold from 446 m
42 m @ 3.53 g/t gold from 460 m
KILIMANI DEPOSIT
NYZRC1426 11 m @ 9.41 g/t gold from 9 m
NYZRC1449 8 m @ 11.90 g/t gold from 41 m
Figures illustrating the key aspects of the Nyanzaga Gold Project activities are presented in Appendix 1.
Drill collar details and significant intercepts (>2 m above 0.5 g/t gold) are summarised in Table 3 and Table
4 in Appendix 2 for Tusker and Kilimani respectively.
Note assays are incomplete - not all assays have been received at the time of reporting including holes
marked by * and noted in the figure captions.
This announcement has been approved for release by Perseus Mining Limited’s Managing Director
and Chief Executive Officer, Jeff Quartermaine.
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
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COMPETENT PERSON STATEMENT:
The information in this report and the attachments that relate to exploration drilling results at the Nyanzaga Gold Project is based
on, and fairly represents, information and supporting documentation prepared by Mr Glen Edwards, a Competent Person who is a
Chartered Professional Geologist. Mr Edwards is the General Manager Exploration of the Company. Mr Edwards has sufficient
experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity bein g
undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’ (“JORC Code 2012”) and to qualify as a “Qualified Person” under National Instrument
43-101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”). Mr Edwards consents to the inclusion in this report of the
matters based on his information in the form and context in which it appears.
The information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in
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
further 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 re sults 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.
ASX/TSX CODE: PRU
CAPITAL STRUCTURE:
Ordinary shares: 1,353,975,467
Performance rights: 9,343,976
REGISTERED OFFICE:
Level 2
437 Roberts Road
Subiaco WA 6008
Telephone: +61 8 6144 1700
www.perseusmining.com
DIRECTORS:
Rick Menell
Non-Executive Chairman
Jeff Quartermaine
Managing Director & CEO
Amber Banfield
Non-Executive Director
Elissa Cornelius
Non-Executive Director
Dan Lougher
Non-Executive Director
John McGloin
Non-Executive Director
James Rutherford
Non-Executive Director
CONTACTS:
Jeff Quartermaine
Managing Director & CEO
Stephen Forman
Investor Relations
+61 484 036 681
Nathan Ryan
Media
+61 420 582 887
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
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APPENDIX 1 - FIGURES
Figure 1: Location of Perseus Mining Limited’s mining operations and development projects
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
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Figure 2: Nyanzaga Project Location
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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS
FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT
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Figure 3: Nyanzaga Gold Project drill plan showing drill collars forming this release with Ore Reserve pit design
Tusker
Kilimani