Perseus Mining Pursues Value Creating Organic Growth Opportunites at the Yaoure GOLD MINE
17 JULY 2026
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
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Perth, Western Australia/July 17, 2026/Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an
update on the suite of growth projects being pursued at its Yaouré Gold Project in Côte d’Ivoire, including
results from on-going resource definition drilling, deposit reconciliation performance, and planned work
programs.
• CMA underground performing well and transitioning to operation.
• An additional jumbo to be mobilised to increase future ore delivery and develop future underground
exploration drill drives
• Yaouré open pit has identified +24% more metal from the trailing 6 months to March’26 against
Reserve model with additional mineralisation domains being defined
• Drilling at depth and along strike of existing mining areas has strengthened confidence in the
potential to extend mine life
• Extension drilling at CMA underground delivers encouraging results indicating potential extension
of mineralisation beyond current defined Mineral Resource.
• Exploration drilling beyond the boundary fence has produced positive results at both the CMA
Southwest and ROZA deposits.
• $34M committed to drilling in FY27 to increase the Mineral Resource base.
• The FY27 work plan targets the conversion of Inferred Resources to extend the Yaouré open pit
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YAOURÉ OPEN PIT RECONCILIATION PERFORMANCE
Mining of the Yaouré open pit commenced in mid-2024, and with completion of the CMA open pit during
Q1 FY26 this became the main ore source for Yaouré. As reported in the quarterly activity reports, most
recently the March 2026 quarter (see ASX announcement “FY2025-26 March Quarterly Activities Report”
dated 23 April 2026), the reserve to mill reconciliation for the Yaouré open pit shows a positive trend for
total ounces for both the quarter and for the 12-month period (Table 1).
Table 1: Yaouré Ore Reserve to Mill Reconciliation for March 2026 Quarter
PARAMETER ORE RESERVE TO MILL RECONCILIATION 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
The key driver of the positive reconciliation trend is the identification of additional mineralisation during
grade control drilling compared to what is captured in the Ore Reserve model. In the March 2026 quarter,
the Ore Reserve to Mill reconciliation realised a 149% increase in tonnage from the Ore Reserve model with
only a minor variance (93%) from the Ore Reserve grade . This has resulted in an increase of 139% of
contained gold relative to the Ore Reserve model. Over the last 6-months and since the introduction of a
new grade control workflow, contained gold reconciliation has averaged 124%. A visual representation of
the difference across a single bench is presented in Figure 1.
Perseus’s Managing Director and CEO, Craig Jones, said:
"Yaouré continues to demonstrate why it is a cornerstone asset in our portfolio. The successful transition of
CMA Underground into stoping operations reflects the strength of our in-house team and their ability to execute
complex underground developments safely and to schedule.
Equally pleasing is the performance of the Yaouré open pit, which has now delivered more than 20% additional
ore relative to our Reserve model year to date, while our drilling continues to define new mineralisation
domains both at depth and along strike. Extension drilling at CMA Underground has produced encouraging
results pointing to mineralisation beyond the currently defined Mineral Resource, and our exploration success
beyond the boundary fence reinforces our confidence that Yaouré's mine life can be extended well beyond
current estimates.
Our optimistic outlook provides confidence to invest in $34M exploration and in-fill drilling studies at Yaouré in
FY27 and underscores our disciplined approach to organic growth — investing in the drill bit to convert Inferred
Resources and extend the life of an asset we know intimately. This is precisely the model that has consistently
created value for our shareholders, and we look forward to updating the market as these programs progress."
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Figure 1: Yaouré open pit bench slice at 1,170 mRL ± 2.5 m with March 2026 end of month surface
Reserve model (left) versus Grade Control model (right) blocks above 0.5 g/t Au cut-off.
This reflects the complex nature of mineralisation at Yaouré, where the 25 m × 25 m drilling used for Mineral
Resource estimation can under-represent narrow, high-grade mineralised features that are subsequently
better defined through closer-spaced 8 m × 5 m grade control drilling.
While this positive reconciliation trend is not guaranteed to continue, the geological characteristics driving
the trend remain present across the deposit. As a result, Perseus is evaluating the implications for mine life,
production profiles and project economics, with the observed reconciliation suggesting upside potential to
current expectations. Work continues to maintain the grade delivered to the mill.
CMA UNDERGROUND RAMP UP
The CMA underground project continues to progress well, with production ramping up towards steady-state
operations. During the Q3 FY26 quarter, a development (capital and operating) record of 1,598 m was
achieved and to the end of April, 2,862 m of underground development was completed. Total ore mined to
the end of April 2026 was 53,058 t, including the first ore produced from stoping operations. The
mobilisation of a third jumbo is in progress to increase future ore delivery and develop towards locations for
future underground exploration drilling drives.
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Figure 2: Underground development activities at CMA
Initial stoping operations commenced in late April 2026, with first production ore mined from the Blika
1120-S-STP-675 stope. During May 2026, mining of the 675 stope was initiated while stoping commenced
in the adjacent Blika 1120-S-STP-678 stope and the Blika 1105-S-STP-674 stope on the level below.
Although still in the early stages of production, initial stoping performance has been encouraging. The 675
stope performed broadly in line with expectations, with slightly higher dilution offset by higher mining
recovery than expected. Refinements to dril l and blast parameters, together with updated geotechnical
recommendations, have already been incorporated into future stope designs to further optimise stoping
performance.
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Figure 3: Tele-remote bogging operations at CMA underground
As underground operations continue to expand, installation of permanent underground infrastructure is
progressing, including mine escapeways, secondary egress , and refuge chamber development. In the
northern section of the mine, the Assanou and Sika declines have now broken through, providing a second
means of egress for this area. In the southern section, breakthrough between the Blika and Pauline declines
is scheduled for FY27 Q1, ahead of planned production from the upper-level stoping fronts.
As the project advances towards commercial production, the Company is also assessing potential extensions
to the underground mine. Exploration is targeting mineralisation down-dip of the current underground life-
of-mine footprint, with further details provided later in this release.
EXPLORATION UPDATE
Perseus has established an excellent track record of creating value through incremental brownfields
exploration and resource conversion across its operations, with Yaouré indicative of this success. Since the
initial Ore Reserve of 1.52 Moz, Yaouré has achieved a 76% Ore Reserve replacement rate, maintaining
1.444 Moz of Ore Reserves (as at FY25) despite 1.24 Moz of mining depletion. This sustained exploration
success has extended the operation's mine life from the original 9 years to 15 years and demonstrates the
Company's ability to consistently replace mined ounces through targeted brownfields exploration.
Building on this success, Perseus continues to invest in exploration at Yaouré. Since July 2025, a total of
28,811 m of reverse circulation (RC) and diamond drilling (DD) has been completed across the project. These
programs have targeted extensions to known mineralisation within established prospect areas while also
testing new targets generated through geological int erpretation and geophysical datasets across the
broader project area, with the objective of identifying additional Mineral Resources and Ore Reserves that
have the potential to further extend mine life.
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In addition, the geotechnical and metallurgical data collected through these programs have further
strengthened confidence in the potential to extend the Yaouré mine life beyond FY2035 (refer ASX
announcement “Perseus extends life of the Yaouré Gold Mine to 2035” dated 18 September 2023),
reinforcing Yaouré’s position as a cornerstone asset within the Perseus operating portfolio.
Perseus is evaluating both operational and expansion pathways to realise higher processing rates, providing
a potential avenue for increased production and improved project economics at Yaouré.
The recent tranche of drill hole data and related drill results are tabulated in Appendix 1. Significant results
received from the recent drilling highlights ongoing geological potential across Yaouré, including:
YAOURÉ OPEN PIT
o YRC3336: 7 m @ 2.36 g/t gold from 91 m incl. 4 m @ 3.58 g/t gold from 92 m;
o YRC3364: 8 m @ 7.35 g/t gold from 126 m incl. 3 m @ 18.7 g/t gold from 129 m;
o YRC3367: 2 m @ 15.19 g/t gold from 40 m;
o YRC3369D: 4 m @ 4.51 g/t gold from 11 m;
16 m @ 2.04 g/t gold from 185 m;
o YRC3370: 6 m @ 3.05 g/t gold from 171 m;
o YRC3371: 26 m @ 1.19 g/t gold from 144 m;
o YRC3391: 5 m @ 3.32 g/t gold from 171 m;
10 m @ 1.65 g/t gold from 210 m;
CMA SOUTHWEST
o YRC3423: 9 m @ 1.46 g/t gold from 79 m;
40 m @ 2.26 g/t gold from 92 m incl. 16 m @ 4.59 g/t gold from 97 m;
o YRC3443: 11 m @ 1.09 g/t gold from 42 m;
o YRC3444: 10 m @ 1.35 g/t gold from 137 m
CMA UNDERGROUND EXTENSION
o YDD0713: 13.9 m @ 2.65 g/t gold from 742.5 m incl. 4.5 m @ 4.49 g/t gold from 742.5 m;
o YDD0714: 17.25 m @ 2.23 g/t gold from 620.75 m incl. 5.65 m @ 3.99 g/t gold from 620.75 m;
15.7 m @ 3.36 g/t gold from 644 m incl. 4.4 m @ 3.50 g/t gold from 654.6 m;
ZAIN 2
o YRC3497: 6 m @ 1.80 g/t gold from 120 m;
o YRC3498: 4 m @ 2.57 g/t gold from 29 m;
6 m @ 1.89 g/t gold from 108 m
ROZA
o YRC3503: 14 m @ 1.30 g/t gold from 114 m;
Based on the recent drilling and in support of a broader growth strategy for Yaouré, Perseus have committed
US$34M for the 2027 financial year to complete approximately 123 km of resource definition, geotechnical
and metallurgical drilling across the Yaouré project. This drilling, together with complimentary studies on
processing plant optimisation, will underpin Perseus’s aggressive strategy to expand its Mineral Resource
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base and support long-term value, near mine growth and strategic extension of the operating life at Yaouré
and focusses on conversion of Inferred Mineral Resources and new extension targets.
The results of the drilling completed in the Yaouré open pit are currently being incorporated into the Mineral
Resource estimate and this, together with other key activities, will be published in an updated Ore Reserve
statement to be released to the market in August 2026 as part of the Perseus annual reporting process.
OVERVIEW OF FY2026 DRILLING RESULTS
Following release of the updated Mineral Resources and Ore Reserves for Yaouré in August 2025, Perseus
advanced a series of targeted drill programs across the site. This drilling had a range of objectives including;
testing of strike and dip extensions to existing mineralisation; to infill local areas to support potential
Resource classification upgrades; and to test mineralisation concepts across the broader mine lease area. A
plan view showing locations of the recently completed drilling is presented in Figure 4.
Figure 4: Yaouré Gold Mine Overview Map with Inset Map Limits
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YAOURÉ OPEN PIT EXTENSION DRILLING
The majority of drilling occurred within the Yaouré open pit area, specifically targeting infill of previously
modelled S-type structures to improve both geological and grade confidence. The drilling completed
confirmed the presence of mineralisation as expected and improved confidence in the geological model
supporting the Yaouré open pit Mineral Resource. A focussed plan view showing the recent Yaouré open pit
drilling with section locations is presented in Figure 5. Representative sections showing the recent drilling
with respect to the modelled mineralisation and existing resource classification are presented in Figure 6 to
Figure 8.
The Yaouré open pit forms 35% of the metal content included in the 5-year outlook (see ASX announcement
“Perseus announces 5-year gold production outlook” dated 11 June 2025). This additional definition drilling
is likely to increase the contribution from the Yaouré open pit in subsequent life of mine updates.
Figure 5: Focussed plan view showing recent drilling – Yaouré open pit