Perseus Mining Managing Director Announces Retirement; New MD & CEO Appointed
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PERSEUSMINING.COM
PERSEUS MINING MANAGING DIRECTOR ANNOUNCES
RETIREMENT; NEW MD & CEO APPOINTED
SUMMARY
• Jeff Quartermaine will retire as Perseus’s Managing Director and Chief Executive Officer on September 30,
2025
• Mr. Quartermaine has served in the role for 12 years, having joined Perseus in 2010 as Chief Financial Officer
• He has transformed the company from a struggling single mine operation to a multi-mine, multi -
jurisdictional gold producer, developer and explorer with three operating assets and a fourth under
construction
• Under Mr. Quartermaine’s leadership, Perseus has become a leading gold company operating in Africa
which joined the ASX100 index in June 2025
• Former Newcrest global Chief Operating Officer Craig Jones will replace Mr Quartermaine, commencing with
Perseus on August 18, 2025 before assuming the MD and CEO role on October 1, 2025.
Perseus Mining Limited (ASX/TSX:PRU) announces its long-serving Managing Director and Chief Executive Officer (MD
and CEO) Jeff Quartermaine has advised he will retire from the role of Perseus’s MD and CEO after serving for 12
years. His retirement will take effect from September 30, 2025, after which he has agreed to continue to support
the Company through a Consultancy Agreement on market terms.
Mr. Quartermaine joined Perseus in 2010 as Chief Financial Officer, before being appointed CEO in 2013. Since
assuming this role, he has transformed Perseus from a struggling single -mine, single-country company to a multi -
mine, multi-jurisdictional gold producer, developer and explorer that has consistently delivered on its promises and
is now one of the leading gold companies operating on the African continent.
Perseus now has three operating gold mines, Edikan in Ghana and Yaouré and Sissingué in Côte d’Ivoire, and is
building a fourth mine, Nyanzaga, in Tanzania, which is on track to commence gold production in Q1 CY2027.
Perseus’s Chairman Rick Menell praised Mr Quartermaine’s outstanding contribution in leading and shaping Perseus
into the company it is today, saying:
“On behalf of the Board, I would like to express my most sincere gratitude to Jeff for his leadership and guidance over
the years. Jeff has transformed Perseus and has been pivotal in turning it into one of the most profitable gold
producers in the world. H e has built extremely solid foundations for the Company to keep growing and we cannot
thank him enough for such a positive legacy.”
Outgoing MD and CEO, Mr. Quartermaine said: “It has been an honour and a privilege to have had the opportunity
to serve at the helm of Perseus Mining over the past 12 years. Not only has the Company been transformed into a
credible ASX 100 organisation, but during this time we have generated significant benefits for all of our stakeholders,
including many in our host communities in Africa whose lives have been significantly improved through Perseus’s
endeavours.
I am deeply indebted to all our staff, both past and present, who along with their families have given their friendship,
hard work , and commitment in helping transform Perseus . Along the way we have faced a myriad of challenges
including events such as the global COVID pandemic, but we have emerged stronger than ever, and the company is
now well positioned to continue our success into the future.
In reflecting on the last 15 years at Perseus, I must acknowledge the enormous contribution made to my career and
indirectly to the success of Perseus, by my own family whose unwavering support has made the journey so much
easier.”
NEWS RELEASE
01 AUGUST 2025
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PERSEUSMINING.COM
Mr. Quartermaine will be replaced as MD and CEO by Craig Jones, who will commence work with Perseus on August
18, 2025 and will assume the positions of MD and CEO with effect from October 1, 2025.
Mr Jones joins Perseus with more than 25 years of global experience, having worked across Australia, Papua New
Guinea (PNG), Indonesia and Canada. He was a member of Newcrest’s executive team from 2012, having originally
joined in 2008, and ultimately serving as Newcrest’s global COO, with broad responsibility for five operating assets
spread across multiple jurisdictions. In that capacity, he played a critical role in the development of organisational
strategies, due diligence and investor relations. Mr Jones also led high -level engagement with governments ,
communities and First Nations groups across PNG, Canada and Australia.
Beyond his executive roles, Mr . Jones was a Newcrest nominee director on the Boards of SolGold and Lundin Gold
and was Newcrest’s representative on Joint Venture Committees including the Morobe Mining Joint Venture in PNG
and the Red Chris Joint Venture in British Columbia, reflecting extensive global resource -sector connectivity and
governance experience.
A values-driven leader recognised for enhancing safety and fostering a strong organisational culture , Mr Jones is
known for his consistent, empathetic and principled leadership style , which has earned the respect of peers,
governments and communities alike.
Mr Menell said: “We are delighted to welcome Craig to the Perseus team as Managing Director and CEO. Perseus is
going through a significant phase of growth, in a n environment that is getting increasingly complex, so we need a
leader of Craig’s calibre to build on Jeff’s incredible legacy and confirm – and further grow – our position as one of the
world’s better performing mid -tier gold producers. Craig brings a wealth of strategic, operational and technical
expertise, a deep understanding of complex operating jurisdictions and stakeholder management and a clear
commitment to sustainable practices. We look forward to working with Craig and the rest of the Perseus team to
bring the Company even further.”
Mr. Jones will be based in Perseus’s head office in Perth, Western Australia.
A summary of the material terms of the employment agreement between Perseus and Mr. Jones is provided in Appendix
A of this announcement.
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PERSEUSMINING.COM
Appendix A: CEO Summary of Key Terms of employment
Commencement Date August 18, 2025
Total Fixed Remuneration A Total Fixed Remuneration (TFR) (inclusive of
Superannuation) of AU$1,060,000 per annum.
Incentives Short-Term incentive: target opportunity 75% of TFR
Long-Term incentive : participation, subject to
shareholder approval, in Perseus’s performance rights
plan at 150% of TFR
Other Benefits - Annual Leave and Long Service Leave in line with
statutory requirements
- Relocation from Brisbane to Perth
Probation Period 6 months
Notice Period 6 months (either party may give notice)
This market announcement was authorised for release by the Chairman of the Board of Perseus
Mining Limited, Rick Menell.
ASX/TSX CODE: PRU
CAPITAL STRUCTURE:
Ordinary shares: 1,353,991,309
Performance rights: 9,328,134
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