PERSEUS MINING LIMITED: SEPTEMBER 2022 QUARTER REPORT Perseus delivers record gold production and reduces AISC by 12% to US$879 per ounce
OCTOBER 20, 2022
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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PERSEUS MINING LIMITED: SEPTEMBER 2022 QUARTER
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Perseus delivers record gold production
and reduces AISC by 12% to US$879 per ounce
PERTH, Western Australia/ October 20, 2022/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended September 30, 2022 (the “Quarter”).
PERFORMANCE INDICATOR UNIT MARCH 2022
QUARTER
JUNE 2022
QUARTER
JUNE 2022
HALF YEAR
SEPTEMBER 2022
QUARTER
CALENDAR 2022
YEAR TO DATE
Gold produced Ounces 130,523 122,327 252,850 137,460 390,310
Gold poured Ounces 132,644 120,409 253,053 139,553 392,606
Production Cost US$/ounce 789 881 834 762 808
All-In Site Cost (AISC) US$/ounce 908 1,004 955 879 928
Gold sales Ounces 131,044 111,897 242,941 58,767 301,708
Average sales price US$/ounce 1,701 1,705 1,703 1,6451 1,691
Notional Cashflow US$ million 104 85 189 1122 299
Notes:
1. With no sales of Sissingué gold during the quarter, the weighted average sales price for the Group equates to the weighted average sale price
for Edikan and Yaouré only.
2. The Group’s notional cash flow is the sum of the notional cashflow of each mine. With no Sissingué gold sold during the quarter, the calculation
of notional cash flow for Sissingué is based on the average sales price for the group less Sissingué’s AISC, applied to its gold production.
• Operating highlights include:
– Record quarterly gold production of 137,460 ounces, 12% more than in the June 2022 quarter. Perseus is on
track to achieve its market guidance range of 240,000 to 265,000 ounces for the December 2022 half year.
– Material improvement at the Edikan Gold Mine with gold production up 82% from previous quarter to
52,127 ounces at an AISC of US$1,060 per ounce, 43% lower than the June quarter.
– The Group’s weighted average AISC reduced 12% to US$879 per ounce during the quarter, well below
market guidance of $1,000 - $1,100 per ounce for the December 2022 half year.
– Weighted average quarterly sales price of US$1,645 per ounce, generated an average cash margin of US$766
per ounce of gold for the September 2022 quarter.
– Notional cashflow from operations of US$112 million, a 32% increase from the prior quarter.
– The Group’s Total Recordable Injury Frequency Rate (TRIFR) was reduced from 1.29 at the end of the June
quarter to 1.19 during the quarter.
• Planning of Front-End Engineering and Design (FEED) and confirmatory and sterilisation drilling at the Block 14
Gold Project in Sudan has advanced with key contracts having been awarded and work due to start in October.
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• Organic growth activities continued to deliver excellent results, with a preliminary feasibility study (PFS)
completed and a maiden Ore Reserve estimated for the first stage of Yaouré’s CMA Underground Project.
• Perseus’s financial position continues to strengthen with available cash and bullion of US$354 million, following
debt repayment of US$25 million in the September quarter. Perseus has a net cash position of US$329 million at
30 September 2022, approximately US$51 million more than the previous quarter.
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OPERATIONS
QUARTERLY PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana have combined to
produce a total of 137,460 ounces of gold in the September 2022 quarter.
The weighted average production cost of the Perseus Group during the quarter was US$762 per ounce, while the
weighted average AISC was US$879 per ounce of gold produced.
Table 1: Cost and Production Summary by Mine
MINE
TOTAL GOLD PRODUCED (OUNCES) ALL-IN SITE COST (US$/OUNCE)
MARCH 2022
QUARTER
JUNE 2022
QUARTER
SEPTEMBER 2022
QUARTER
MARCH 2022
QUARTER
JUNE 2022
QUARTER
SEPTEMBER
2022 QUARTER
Yaouré 76,921 81,150 71,469 662 641 658
Edikan 38,590 28,668 52,127 1,336 1,859 1,060
Sissingué 15,012 12,509 13,864 1,067 1,398 1,336
Perseus Group 130,523 122,327 137,460 908 1,004 879
Combined gold sales from all three operations totalled 58,767 ounces this quarter at a weighted average gold price
realised of US$1,645 per ounce. Perseus’s average cash margin for the September 2022 quarter was US$766 per
ounce.
At quarter end, Perseus had 93,634 ounces of bullion on hand of which 67,261 ounces of gold were held in Perseus’s
metal account with the balance either in transit or on a site. The 67,261 ounces in the metal account is designated for
sale under forward sale agreements at an average price of US$1780 per ounce eliminating any price risk on this metal.
Sale contracts will be completed in the December quarter when sales will be brought to account.
Notional operating cashflow from operations for the quarter was US$112 million.
Table 2: Realised Gold Price and Notional Cash Flow by Mine
MINE
REALISED GOLD PRICE
(US$ PER OUNCE)
NOTIONAL CASH FLOW FROM OPERATIONS
(US$ MILLION)
MARCH 2022
QUARTER
JUNE 2022
QUARTER
SEPTEMBER 2022
QUARTER
MARCH 2022
QUARTER
JUNE 2022
QUARTER
SEPTEMEMBER 2022
QUARTER
Yaouré 1,720 1,673 1,748 81 84 78
Edikan 1,673 1,802 1,626 13 -2 30
Sissingué 1,683 1,673 - 9 3 41
Perseus Group 1,701 1,705 1,645 104 85 112
Notes:
1. With no sales of Sissingué gold during the quarter, the calculation of notional cash flow is based on the average sales price for the Group of
US$1,645 per ounce less Sissingué’s AISC, applied to the gold produced by the mine during the quarter.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Yaouré has delivered another strong performance this quarter, producing 71,469 ounces of gold at a production cost
of US$541 per ounce and an AISC of US$658 per ounce.
The weighted average sales price of the 9,000 ounces of gold sold during the quarter was US$1,748 per ounce, giving
rise to a cash margin of US$1,090 per ounce. Notional operating cashflow generated by Yaouré was US$77.9 million
during the quarter, US$5.8 million less than in the June 2022 quarter due to the slight decrease in production.
The lower gold production at Yaouré compared to the previous quarter was driven by a combination of slightly lower
run time, throughput rate and head grade of ore relative to the record performance achieved in the prior quarter.
Several factors were involved in this result including scheduled maintenance shuts, seasonal wet weather and truck
availability temporarily reducing access to high grade oxide ore deposits.
Yaouré’s AISC remained relatively consistent quarter-on-quarter, with an AISC of US$658 per ounce compared to
US$641 per ounce in the prior quarter. On a unit cost basis, mining costs and G&A increased slightly but processing
costs per tonne decreased during the quarter, notwithstanding the reduced tonnes of material milled, due to lower
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import duties and freight costs and lower diesel consumption as a result of lower usage of our diesel backup power
station. Refer to Table 3 below for details of key operating and financial parameters.
Table 3: Yaouré Quarterly Performance
PARAMETER UNIT MARCH 2022
QUARTER
JUNE 2022
QUARTER
JUNE 2022
HALF YEAR
SEPTEMBER 2022
QUARTER
2022 CALENDAR
YEAR TO-DATE
Gold Production & Sales
Total material mined Tonnes 9,295,689 8,881,028 18,176,717 6,991,354 25,168,071
Total ore mined Tonnes 1,463,248 1,899,069 3,362,317 1,326,508 4,688,825
Average ore grade g/t gold 1.93 1.88 1.90 1.92 1.90
Strip ratio t:t 5.4 3.7 4.4 4.3 4.4
Ore milled Tonnes 1,025,345 1,036,331 2,061,676 980,624 3,042,300
Milled head grade g/t gold 2.50 2.60 2.55 2.43 2.51
Gold recovery % 93.5 93.8 93.6 93.1 93.5
Gold produced ounces 76,921 81,150 158,071 71,469 229,540
Gold sales1 ounces 74,947 70,761 145,708 9,000 154,708
Average sales price US$/ounce 1,720 1,673 1,697 1,748 1,700
Unit Production Costs
Mining cost US$/t mined 2.66 2.74 2.70 2.87 2.74
Processing cost US$/t milled 12.38 13.96 13.17 12.18 12.85
G & A cost US$M/month 1.62 1.76 1.69 2.24 1.87
All-In Site Cost
Production cost US$/ounce 549 543 546 541 545
Royalties US$/ounce 86 67 76 93 82
Sub-total US$/ounce 635 610 622 635 626
Sustaining capital US$/ounce 26 31 29 23 27
Total All-In Site Cost2 US$/ounce 662 641 651 658 653
Notional Cashflow from Operations
Cash Margin US$/ounce 1,058 1,032 1,046 1,090 1,047
Notional Cash Flow US$M 81.4 83.7 165.3 77.9 240.2
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$3.85 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 gold relative to the Yaouré Mineral Resource block
model are shown in Table 4. During the last quarter, 16% more ore tonnes at 6% lower grade for 9% more ounces
have been produced compared to the Mineral Resource model. Over the last six and twelve months, Yaouré continues
to produce more metal than predicted by the Mineral Resource model. Mining of the Yaouré Mineral Resource model
continues to outperform however work will continue to optimise the grade, reduce dilution and integrate continued
geological knowledge.
Table 4: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.16 1.23 1.34
Head Grade 0.94 0.92 0.90
Contained Gold 1.09 1.12 1.20
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
During the quarter, 13,864 ounces of gold were produced at Sissingué at a production cost of US$1,209 per ounce and
an AISC of US$1,336 per ounce, a decrease relative to the prior quarter. Notional cashflow generated by the Sissingué
operation totalled US$4.3 million, US$0.9 million more than in the prior quarter. Refer to Table 5 below for details of
operating and financial parameters.
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The increase in quarterly gold production was primarily driven by an 11% increase in the quantity of ore processed as
well as improved recoveries at the processing plant. Despite unseasonably wet weather experienced during the
quarter, total material movements improved compared to past quarters.
The 4% or US$62 per ounce decrease in quarter-on-quarter AISC, was primarily a function of the increased production
for the quarter and overall lower unit costs. Royalties per ounce were reasonably constant while sustaining capital
costs reduced following completion of TSF expansion activities and upgrades to security infrastructure at the mine.
Table 5: Sissingué Quarterly Performance
PARAMETER UNIT MARCH 2022
QUARTER
JUNE 2022
QUARTER
JUNE 2022
HALF YEAR
SEPTEMBER 2022
QUARTER
2022 CALENDAR
YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 1,242,344 1,205,035 2,447,379 1,639,628 4,087,007
Total ore mined Tonnes 228,130 325,609 553,739 205,949 759,688
Average ore grade g/t gold 0.72 1.03 0.9 0.71 0.85
Strip ratio t:t 4.5 2.7 3.4 7.0 4.4
Ore milled Tonnes 395,131 350,919 746,050 389,357 1,135,407
Milled head grade g/t gold 1.32 1.24 1.28 1.21 1.26
Gold recovery % 89.8 89.6 89.7 91.2 90.2
Gold produced ounces 15,012 12,509 27,521 13,864 41,385
Gold sales1 ounces 16,264 13,445 29,709 0 29,709
Average sales price US$/ounce 1,683 1,673 1,680 0 1,680
Unit Production Costs
Mining cost US$/t mined 4.52 4.65 4.58 3.72 4.23
Processing cost US$/t milled 14.09 18.10 15.97 16.71 16.23
G & A cost US$M/month 1.07 1.13 1.10 1.39 1.20
All-In Site Cost
Production cost US$/ounce 958 1,227 1,080 1,209 1,123
Royalties US$/ounce 97 124 110 122 114
Sub-total US$/ounce 1,055 1,351 1,190 1,331 1,237
Sustaining capital US$/ounce 13 47 28 5 20
Total All-In Site Cost2 US$/ounce 1,067 1,398 1,218 1,336 1,257
Notional Cashflow from Operations1
Cash Margin US$/ounce 616 275 460 3093 423
Notional Cash Flow US$M 9.3 3.4 12.6 4.33 17.5
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$1.70 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.
3. With no sales of Sissingué gold during the quarter, the calculation of notional cash flow is based on the average sales price for the remainder of
the Group less Sissingué’s AISC, applied to the gold produced by the mine during the quarter.
This quarter, work commenced on the development of the Fimbiasso satellite ore body, with administrative expenses
having been recognised within the Sissingué complex during the quarter. Until this project meets the purpose
intended by management, costs incurred in relation to its development shall be capitalised and Sissingué’s G&A cost
has been adjusted this quarter to exclude costs related to Fimbiasso development which amounted to US$0.24
million.
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 6 below. During the last three months, grade control has predicted materially increased tonnes
(28%), decreased grade (-17%) and additional ounces (6%) when compared to the Mineral Resource Estimate. Over
the last six- and 12-month periods of operation, Sissingué has also produced more metal than predicted by the
Mineral Resource model. Perseus regards the overall outperformance as an acceptable variance, and work continues
to align the Resource Model more closely with the over-delivery of tonnes experienced in the grade control.
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Table 6: Sissingué Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.28 1.26 1.29
Head Grade 0.83 0.98 1.04
Contained Gold 1.06 1.24 1.34
UPDATE ON THE LIFE OF MINE PLAN EXTENSION FOR THE SISSINGUÉ OPERATION
Work to obtain an Exploitation Permit (EP) covering the Bagoé exploration permit area has continued this quarter.
Community consultation processes required as part of the environmental permitting process were completed, and the
ESIA (Environment and Social Impact Assessment), a prerequisite to the granting of the EP was completed, lodged
with authorities and validated by the government’s inter-departmental review. Evaluation of the EP application is
currently in process.
Payment of compensation entitlements to farmers who will be impacted by the development of the Fimbiasso pit, has
continued during the quarter and will be finalised in October 2022.
EDIKAN GOLD MINE, GHANA
Edikan delivered a strong operating performance during the September 2022 quarter as throughput, grade and
recoveries all improved significantly compared to the previous quarter, positioning the mine favourably to achieve
FY2023 forecasts.
During the quarter, a total of 52,127 ounces of gold were produced at Edikan at a production cost of US$945 per
ounce and an AISC of US$1,060 per ounce, 43% lower than in the prior quarter. Gold sales of 49,767 ounces were 80%
higher than in the prior quarter, at a weighted average realised gold price of US$1,626 per ounce, US$176 per ounce
lower than in the prior quarter. This generated a cash margin of US$566 per ounce, a significant improvement
compared to the prior quarter. Positive notional cashflow of US$29.5 million was US$31.1 million better than in the
prior period. Table 7 summarises the key operating and financial parameters.
Table 7: Edikan Quarterly Performance
PARAMETER UNIT MARCH 2022
QUARTER
JUNE 2022
QUARTER
JUNE 2022
HALF YEAR
SEPTEMBER 2022
QUARTER
2022 CALENDAR
YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 6,829,223 6,577,009 13,406,232 6,585,431 19,991,663
Total ore mined Tonnes 1,242,630 1,289,580 2,532,210 1,523,694 4,055,904
Average ore grade g/t gold 1.03 1.08 1.06 1.07 1.06
Strip ratio t:t 4.50 4.10 4.29 3.32 3.93
Ore milled Tonnes 1,633,717 1,250,300 2,884,017 1,736,623 4,620,640
Milled head grade g/t gold 0.86 0.86 0.86 1.04 0.93
Gold recovery % 85.8 83.1 84.6 89.7 86.8
Gold produced ounces 38,590 28,668 67,258 52,127 119,385
Gold sales1 ounces 39,833 27,691 67,524 49,767 117,291
Average sales price US$/ounce 1,673 1,802 1,726 1,626 1,684
Unit Production Costs
Mining cost US$/t mined 3.82 4.17 3.99 4.38 4.12
Processing cost US$/t milled 9.97 12.95 11.26 9.19 10.48
G & A cost US$M/month 1.33 1.56 1.45 1.49 1.46
All-In Site Cost
Production cost US$/ounce 1,202 1,685 1,408 945 1,206
Royalties US$/ounce 116 117 116 97 108
Sub-total US$/ounce 1,318 1,802 1,524 1,042 1,314
Sustaining capital US$/ounce 18 57 34 18 27
Total All-In Site Cost2 US$/ounce 1,336 1,859 1,559 1,060 1,341
Notional Cashflow from Operations
Cash Margin US$/ounce 337 -56 168 566 343
Notional Cash Flow US$M 13.0 -1.6 11.3 29.5 40.9
Notes:
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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$4.94 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 Edikan Mineral Resource block
model are shown in Table 8 below.
Block model to mill reconciliation continues to improve with the previous quarter recording a positive reconciliation.
The past six months has seen a return to positive tonnes mined, a considerable improvement on contained gold and
an increasing trend of reconciled head grade. Significant operational work to reduce mining dilution and integrate
geological structural mapping has allowed better ore prediction modelling and has resulted in the improving
performance at Edikan.
Based on the continuing positive improvement in reconciliation, this performance is expected to continue at the
Edikan Gold Mine.
Table 8: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.10 1.08 0.99
Head Grade 1.02 0.89 0.87
Contained Gold 1.12 0.97 0.87
GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Production and cost guidance for the Perseus Group and each of its individual mines for the six months and calendar
year ending 31 December 2022 remains unchanged, as set out below in Table 9 below.
Table 9: Production and Cost Guidance
PARAMETER UNITS JUNE 2022 HALF YEAR
(ACTUAL)
DECEMBER 2022 HALF YEAR
(FORECAST)
2022 CALENDAR YEAR
(FORECAST)
Yaouré Gold Mine
Production Ounces 158,071 130,000 to 140,000 288,071 to 298,071
All-in Site Cost USD per ounce 651 810 to 875 725 to 750
Sissingué Gold Mine
Production Ounces 27,521 20,000 to 25,000 47,521 to 52,521
All-in Site Cost USD per ounce 1,218 1,600 to 1,950 1,400 to 1,525
Edikan Gold Mine
Production Ounces 67,258 90,000 to 100,000 157,258 to 167,258
All-in Site Cost USD per ounce 1,559 1,190 to 1,320 1,340 to 1,420
PERSEUS GROUP
Production Ounces 252,850 240,000 to 265,000 492,850 to 517,850
All-in Site Cost USD per ounce 954 1,000 to 1,100 980 to 1,025
SUSTAINABILITY
SUSTAINABILITY GOVERNANCE
During the quarter, Perseus continued to strengthen its sustainability governance as follows:
• Commenced Phase 2 of our global health and safety cultural program ‘Safely Home Every Day’, focussed on
aligning and connecting our business around a common health and safety vision, and supporting everyone at each
level of the organisation to understand their unique contribution in creating a safe workplace.
• Commenced Phase 1 of a deep review and update of our safety risk management, policies and standards across
our three operating sites, based on the international Council of Mining and Metals Critical Control Management
Approach.
• Completed the incident investigation into the contractor fatality at Yaouré in late June 2022, with findings and
recommendations progressed in line with the schedule.
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• Commenced our FY22 Sustainable Development Report, including limited assurance by PwC over selected health,
safety and community contributions data, our year two Group level self-assessment on the status of
implementation of the World Gold Council Responsible Gold Mining Principles and our World Gold Council
Conflict Free Gold Statement. A third party also assessed our readiness for limited assurance of our energy and
greenhouse gas emissions data in FY23.
• Continued community engagement to support exploration activities, the Fimbiasso project near Sissingué and
Nkosuo project near Edikan, including crop compensation assessment and payments.
• Participated in industry and government initiatives to reduce the risk of artisanal and illegal mining in and around
our operations.
Government administrative delays continue to prevent establishment of the Yaouré Community Development Fund
and commencement of related community projects. Perseus continues to work with Government and community
stakeholders to establish the fund as soon as possible. Community funding has been accrued each month since
commencing production, with approximately US$3.6 million accrued to-date.
SUSTAINABILITY PERFORMANCE
This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown
below in Table 10 and summarised as follows:
• Safety: Safety performance across the rest of the portfolio was relatively strong, with a Group Total Recordable
Injury Frequency Rate (TRIFR) reducing from 1.29 at the end of the June quarter to 1.19 at the end of September
2022, however it was higher than our FY23 Target of 0.8. Additional focus on safety performance at Yaouré has
led to significant improvement over the quarter, from TRIFR of 2.59 at the end of FY22 to 1.93 at the end of the
September quarter. Lost Time Injury Frequency (LTIFR) across the Group remained flat at 0.26.
• Social:
Total economic contribution to Perseus’s host countries of Ghana and Côte d’Ivoire for the quarter of around
US$116 million, including approximately US$87 million paid to local suppliers representing 78% of
procurement, US$8 million paid as salaries and wages to local employees, US$21 million in payments to
government as taxes, royalties and other payments, and around US$0.9 million in social investment (includes
accrual for Yaouré).
Local and national employment has been maintained at above 95% for the quarter, and across the Perseus
Group, our gender diversity was stable with the proportion of female employees ~14%, reflecting the
industry in which we are involved but more particularly, the cultural orientation of our host countries.
Zero significant community events occurred.
• Environment:
Zero significant environmental or tailings dam integrity issues occurred during the period.
Total Scope 1 and 2 greenhouse gas emissions intensity per ounce of gold produced was reduced by 5% from
0.55 at the end of FY22 to 0.47 tCO2-e at the end of the September quarter and well below peer average. This
decrease was associated with a reduced reliance on diesel as an energy source across the sites and higher
use of natural gas for on-site electricity generation at Edikan.
In achieving the above, the following sustainability challenges were encountered by Perseus during the quarter:
• A non-work-related fatality occurred at the camp at our Sissingué mine when an employee of a contractor, died
suddenly of a pre-existing health condition. The incident was investigated, and support was provided to the family
and colleagues of the deceased.
• Illegal mining activities on Perseus’s mining and exploration licence areas continued to present challenges for the
Company in both Ghana and Côte d’Ivoire. The Company continues to work closely with relevant government
authorities to manage these activities that have proven to negatively impact both the environmental and social
fabric of local communities.
• We continued to experience tensions regarding community employment, business opportunities and crop and
land compensation. We worked closely with our communities and government authorities to manage these
complex issues as they arose.