Perseus Mining Updates Mineral Resources and ORE Reserves Executive Summary
24 AUGUST 202 3
NEWS RELEASE
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
1
PERSEUS MINING UPDATES MINERAL RESOURCES
AND ORE RESERVES
EXECUTIVE SUMMARY
Perth, Western Australia/August 24, 2023/Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of
the Mineral Resources and Ore Reserves at each of its West African operations as summarised in Table 1 and
Table 2 below, and detailed in this report. Foreign Estimates are stated for the Meyas Sand Gold Project (MSGP,
formerly Block 14) Mineral Resource and Mineral Reserves in the ‘Foreign Estimate’ subsection.
HIGHLIGHTS
• Perseus Mining has delivered another year of positive growth from resource definition drilling and studies,
leading to an increase to the Measured and Indicated (M&I) Mineral Resource and increase to Proved and
Probable Ore Reserves, ensuring the long-term sustainability of the Group’s production profile.
• The Group’s total M&I Mineral Resources at 30 June 2023 are estimated to be 122.8 Mt grading 1.31 g/t gold,
containing 5.2 Moz of gold, compared with the estimate of 30 June 2022 of 132.9 Mt grading at 1.19 g/t Au for
5.1 Moz of gold.
• Group Proved and Probable Ore Reserves are now estimated at 73.8 Mt at 1.45 g/t gold for 3.4 Moz, compared to
the estimate of 30 June 2022 of 72.5 Mt grading at 1.39 g/t Au for 3.3 Moz ounces of gold, this is an increase after
depletion of +192 koz (+6% addition) via organic growth during the past twelve months.
• At Yaouré Gold Mine, the completion of an underground feasibility study, combined with underground and
open pit resource definition drilling and studies has converted Inferred Mineral Resources to Indicated, and
increased Yaouré Ore Reserves by 5.5 Mt grading 2.31 g/t for 410 koz of gold after depletion, for a total of 37.2
Mt at 1.73 g/t containing 2.1 Moz, which will significantly increase mine life.
• Underground Probable Ore Reserves estimated to date total 4.9 Mt of ore grading 3.51 g/t gold and containing
559 koz of gold, which is an increase for FY23 of 2.7 Mt at 3.46 g/t gold containing 300 koz of gold.
• Yaouré open pit Probable Ore Reserves have increased in FY23 by 6.9 Mt at 1.82 g/t for 403 koz of gold, for a total
of 11.8 Mt at 1.49 g/t gold containing 565 koz of gold.
Table 1: Perseus Mining Mineral Resources1,2,4,5
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
Edikan 15.6 1.07 534 46.6 1.02 1,523 62.2 1.03 2,057 6.2 1.6 311
Sissingué3 3.5 1.63 182 2.4 1.87 144 5.9 1.73 326 0.3 1.8 15
Yaouré 4.4 0.84 119 50.3 1.66 2,684 54.7 1.59 2,804 11.3 1.9 701
Total 23.5 1.11 835 99.3 1.36 4,351 122.8 1.31 5,187 17.8 1.8 1,027
2
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
Table 2: Perseus Mining Ore Reserve1,4,5
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
Edikan 7.4 1.07 255 25.0 1.09 874 32.5 1.08 1,129
Sissingué 3 2.7 1.72 149 1.5 2.04 98 4.2 1.83 247
Yaouré 4.4 0.84 119 32.8 1.85 1,953 37.2 1.73 2.072
Total 14.6 1.12 523 59.3 1.53 2,925 73.8 1.45 3,448
Notes for Tables 1 and 2:
1 Refer to Notes to individual tables of Mineral Resources and Ore Reserves in respect of each project presented below.
2 Mineral Resources are inclusive of Ore Reserves.
3 Sissingué Mineral Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine.
4 The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) and 90% of Yaouré Gold Mine (YGM).
5 Excludes Foreign/Historical Estimates
The change in Group Ore Reserve estimate from June 2022 to June 2023 is shown below in Figure 1. Perseus Group
Ore Reserves have been estimated at a gold price of $1,500/oz for June 2023, an increase from the $1,300/oz price
assumption used in June 2022. Please refer to individual tables below for details of which price applies to individual
Ore Reserves.
Figure 1: Change in Group Ore Reserves – June 2022 to June 2023
MINERAL RESOURCE ESTIMATES
The Group’s total M&I Mineral Resources as at 30 June 2023 are estimated to be 122.8 Mt grading 1.31 g/t gold,
containing 5.2 Moz of gold, compared with the estimate of 30 June 2022 of 132.9 Mt grading at 1.19 g/t Au for 5.1
Moz of gold. The Mineral Resource Statement as at 30 June 2023 accounts for mining depletion of in situ Mineral
Resources and is reported inclusive of Ore Reserves. Tonnes are reported as dry metric tonnes. All tabulated tonnes,
grade and metal have been rounded to reflect appropriate precision in the estimate and may cause some
discrepancies in totals. The Group M&I Mineral Resources as at 30 June 2023 are detailed in Table 3.
Foreign/Historical Estimates for the MSGP Mineral Resource in Northern Sudan, announced on 28 February 2022 (see
news release “Perseus enters into agreement to acquire Orca Gold Inc.”) are stated in the ‘Foreign/Historical Estimate’
subsection of this report and are reported separately from the Group’s Mineral Resources detailed below.
3
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
Table 3: Perseus Mining Group Measured and Indicated Mineral Resources 1,2,3
PROJECT
MEASURED RESOURCES INDICATED RESOURCES MEASURED & INDICATED RESOURCES
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
Edikan 15.6 1.07 534 46.6 1.02 1,523 62.2 1.03 2,057
Sissingué 3.5 1.63 182 2.4 1.87 144 5.9 1.73 326
Yaouré 4.4 0.84 119 50.3 1.66 2,684 54.7 1.59 2,804
Total 23.5 1.11 835 99.3 1.36 4,351 122.8 1.31 5,187
1 Refer to Notes to individual tables of Mineral Resources in respect of each project presented below.
2 Mineral Resources are inclusive of Ore Reserves
3 Excludes Foreign/Historical Estimates
Key change to the M&I Mineral Resources are:
• The increase of Indicated open pit Mineral Resources at the Yaouré deposit at the Yaouré Gold Mine by 300 koz
to 19.2 Mt at 1.27 g/t Au for 784 koz of gold.
• The CMA underground Indicated Mineral Resource increased by 439 koz for 3.55 Mt at 3.84 g/t Au after the
inclusion of recent resource definition drilling.
As at 30 June 2023, Inferred Resources are 17.8 Mt grading at 1.8 g/t Au for 1.0 Moz of gold. The Group Inferred
Mineral Resources are detailed in Table 4.
Table 4: Perseus Mining Group Inferred Mineral Resources 1,2,3
PROJECT
Inferred Resources
Quantity Grade Gold
Mt g/t gold ‘000 oz
Edikan 6.2 1.6 311
Sissingué 0.3 1.8 15
Yaouré 11.3 1.9 701
Total 17.8 1.8 1,027
1 Refer to Notes to individual tables of Mineral Resources in respect of each project presented below.
2 Mineral Resources are inclusive of Ore Reserves
3 Excludes Foreign/Historical Estimates
The Group Mineral Resource estimates are reported in accordance with the 2012 Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The classification categories of Measured,
Indicated and Inferred under the JORC Code are equivalent to the CIM categories of the same names (CIM, 2014).
For the purpose of satisfying “reasonable prospects for eventual extraction” (JORC Code 2012), open pit Mineral
Resources are reported above optimised open pit shells developed with actual and estimated operating costs and a
long-term gold price assumption of US$1,800 per ounce. Underground Mineral Resources at CMA are constrained to
below the CMA Stage 3 pit design and a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained
to a depth of 600mRL at Esuajah South and are all exclusive of open pit Mineral Resources.
Technical Reports associated with these Mineral Resources, have been prepared in accordance with NI 43-101 for the
following operations:
• Yaouré Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 18 December 2017
• Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015
• Edikan Operations, Ghana, NI 43-101 Technical Report, dated 7 April 2022
These reports can be found on Perseus’s website at www.perseusmining.com and on the System for Electronic
Document Analysis and Retrieval (SEDAR) website www.sedar.com.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Yaouré Gold Mine (“YGM” or “Yaouré”) is estimated at 54.7 Mt grading
1.59 g/t Au, containing 2.8 Moz of gold (Table 5). A further 11 Mt of material grading 1.9 g/t gold, containing 701 koz
of gold are classified as Inferred Mineral Resources (Table 6).
The CMA open pit and the Yaouré open pit Mineral Resource estimates for the Yaouré Gold Mine were updated to
include all recent Yaouré deposit and CMA Underground resource drilling and are depleted to 30 June 2023 surveyed
mining surfaces. The inclusion of additional resource drilling resulted in a substantial increase to the Indicated Mineral
4
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
Resources for the Yaouré open pit and CMA Underground. Readers are referred to ASX release “Perseus Mining
announces open pit and underground Ore Reserve growth at Yaouré” dated 23 August 2023 for additional details.
The Yaouré satellite deposits are reported for mine depletion as at 30 June 2023. Readers are referred to ASX release
“Perseus Mining Updates Mineral Resource and Reserve Estimates” dated 30 August 2022.
Table 5: Yaouré Measured and Indicated Mineral Resources9,10,11
DEPOSIT DEPOSIT TYPE
MEASURED RESOURCES INDICATED RESOURCES
MEASURED & INDICATED
RESOURCES
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
CMA1,3,4, 6 Open Pit - - - 16.7 1.32 710 16.7 1.32 710
Yaouré2,3,4, 6 Open Pit - - - 19.2 1.27 784 19.2 1.27 784
Satellite deposits5,6 Open Pit - - - 6.6 0.97 206 6.6 0.97 206
Sub Total - - - 42.6 1.24 1,700 42.6 1.24 1,700
CMA8 Underground - - - 7.3 4.17 976 7.3 4.17 976
Heap Leach3,7 Stockpile - - - 0.4 0.61 8 0.4 0.61 8
Stockpiles Stockpile 4.4 0.84 119 - - - 4.4 0.84 119
TOTAL 4.4 0.84 119 50.3 1.66 2,684 54.7 1.59 2,804
Table 6: Yaouré Inferred Mineral Resource9,10,11
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ‘000 oz
CMA 1,3,4, 6 Open Pit 2.6 0.7 58
Yaouré2,3,4,6 Open Pit 3.0 1.3 124
Satellite deposits5,6 Open Pit 1.3 0.8 34
CMA8 Underground 4.4 3.4 485
Total 11.3 1.9 701
Notes for Tables 5 and 6:
1. Based on June 2022 Mineral Resource estimate.
2. Based on June 2023 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2023 mining surface.
4. 0.4 g/t gold cut-off applied to in situ open pit material.
5. Based on Angovia 2 April 2021, Govisou June 2022 and CMA SW August 2022 Mineral Resource models.
6. In situ open pit resources constrained to US$1,800/oz pit shells.
7. Heap leach resources are stated at 0 g/t gold cut-off; only heap leach components with average grade above 0.4 g/t included.
8. June 2023 Mineral Resource estimate, below Stage 3 pit and above 1.5 g/t block grade cut-off.
9. Mineral Resources current as of 30 June 2023.
10. Rounding of numbers to appropriate precision may result in summary inconsistencies.
11. Mineral Resources are reported inclusive of Ore Reserves.
STOCKPILES
Mineral Resources contained in stockpiles are based on volume estimates from ground survey data, loose bulk
densities are derived over time by reconciliation of volumes mined (at in situ densities) compared to stockpile
movements and calculated volumes, with estimates of stockpile grades based on predicted grades of mined material
transferred onto stockpiles compared to material depleted by processing.
Closing Yaouré stockpiles at 30 June 2023 were estimated as shown in Table 7.
Table 7: Yaouré Closing Stockpiles 1
MATERIAL QUANTITY
kt
GRADE
g/t gold
GOLD
‘000 oz
Low grade 4,256 0.76 105
Medium grade 19 1.17 1
High grade 83 2.87 8
Crushed ore stockpile 82 2.39 6
Total 4,441 0.84 119
Notes:
1 Stockpile tonnage and grade estimates are considered sufficiently accurate to support their classification as Measured Mineral Resources.
5
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Sissingué Gold Mine (SGM or Sissingué) is estimated as 5.9 Mt grading
1.73 g/t gold, containing 326 koz of gold. A further 0.3 Mt of material grading 1.8 g/t gold, containing 15 koz of gold
are classified as Inferred Mineral Resources. Details of these estimates are shown below in Table 8 and Table 9.
Sissingué Mineral Resources comprise the remaining in situ mineralisation at the Sissingué mine, Fimbiasso East and
West deposits, and mineralisation at the Antoinette, Juliette, and Veronique deposits at the Bagoé Project. These
Mineral Resources also include material on stockpiles at Sissingué mine as at 30 June 2023.
All geological models remain unchanged from the previous year’s Mineral Resource Statement (see news release
‘Perseus Mining Updates Life of Mine Plan for Sissingué Gold Mine and Satellite Deposit” dated 28 March 2022).
The Sissingué and Fimbiasso Mineral Resource have been depleted to the 30 June 2023 using the surveyed mining
surface. Mining has not commenced at the Bagoé Project.
Table 8: Sissingué Measured and Indicated Mineral Resources 1, 2, 3
DEPOSIT DEPOSIT TYPE
MEASURED RESOURCES INDICATED RESOURCES MEASURED & INDICATED RESOURCES
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
Sissingué 4, 5, 6 Open Pit 0.7 1.44 31 1.0 1.49 49 1.7 1.47 80
Fimbiasso 5, 7, 8 Open Pit 1.5 1.71 82 0.4 1.79 22 1.9 1.72 104
Bagoé 9, 10 Open Pit 0.7 2.24 53 1.0 2.28 73 1.7 2.26 126
Stockpiles Open Pit 0.6 0.85 16 - - - 0.6 0.85 16
Total 3.5 1.63 182 2.4 1.87 144 5.9 1.73 326
Table 9: Sissingué Inferred Mineral Resources 1, 3
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ‘000 oz
Sissingué 4, 5, 6 Open Pit 0.1 1.3 3
Fimbiasso 5, 7, 8 Open Pit 0.1 1.9 6
Bagoé 9, 10 Open Pit 0.1 2.2 6
Total 0.3 1.8 15
Notes for Table 8 and 9:
1 Mineral Resources current at 30 June 2023.
2 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4 Based on February 2022 Mineral Resource model constrained to US$1,800/oz pit shell.
5 Depleted to 30 June 2023 mining surface.
6 0.4 g/t gold cut-off applied to in situ material.
7 Based on March 2022 Mineral Resource models constrained to US$1,800/oz pit shells.
8 0.8 g/t gold cut-off applied.
9 Based on May 2021 Mineral Resource models constrained to US$1,800/oz pit shells.
10 0.8 g/t gold cut-off applied to oxide, 1.0 g/t applied to transition, 1.0 g/t applied to fresh (Antoinette, Juliette), 1.2 g/t applied to fresh (Veronique).
STOCKPILES
Mineral Resources contained in stockpiles are based on volume estimates from ground survey data, loose bulk
densities are derived over time by reconciliation of volumes mined (at in situ densities) compared to stockpile
movements and calculated volumes, with estimates of stockpile grades based on predicted grades of mined material
transferred onto stockpiles compared to material depleted by processing.
Closing Sissingué stockpiles at 30 June 2023 are shown in Table 10.
Table 10: Sissingué Closing Stockpiles 1
MATERIAL QUANTITY
kt
GRADE
g/t gold
GOLD
‘000 oz
Low grade 403 0.66 9
High grade 165 1.31 7
Crushed ore stockpile 4 1.14 0
TOTAL 572 0.85 16
Notes:
1 Stockpile tonnage and grade estimates are considered sufficiently accurate to support their classification as Measured Mineral Resources.
6
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
EDIKAN GOLD MINE, GHANA
The updated M&I Mineral Resource for the Edikan Gold Mine (EGM or Edikan) in Ghana is now estimated as 62.2 Mt
grading 1.03 g/t gold, containing 2.1 Moz of gold, as at 30 June 2023 (Table 11). A further 6.2 Mt of material grading
1.6 g/t Au and containing 311 koz of gold are classified as an Inferred Mineral Resource (Table 12). The previous
Mineral Resource as at 30 June 2022 was estimated at M&I of 70.5 Mt grading at 1.02 g/t gold, containing 2.3 Moz of
gold and an additional 6.2 Mt grading 1.6 g/t for 310 koz of gold of Inferred Mineral Resources.
Mineral Resources at AF Gap and Fetish have been depleted to the 30 June 2023 mining survey surfaces. The Mineral
Resource estimate for the Esuajah North and South, and Nkosuo deposits remains unchanged.
The Heap Leach Mineral Resource has been depleted to the 30 June 2023 mining activities, and further truncated to
the southern portion of the ‘Africa pod’ component, which is currently accessible for haulage and treatment.
Table 11: Edikan Measured and Indicated Mineral Resources 1, 2, 3
DEPOSIT DEPOSIT TYPE
MEASURED RESOURCES INDICATED RESOURCES
MEASURED & INDICATED
RESOURCES
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
AF Gap 4, 5, 6 Open Pit 2.9 1.05 99 11.7 0.92 348 14.7 0.95 447
Esuajah North 5, 6, 7 Open Pit 2.8 0.79 72 4.0 0.74 95 6.9 0.76 168
Fetish 5, 6, 8 Open Pit 5.6 0.92 165 8.5 0.82 225 14.1 0.86 390
Nkosuo 9, 10 Open Pit - - - 14.5 0.91 423 14.5 0.91 423
Sub-Total 11.4 0.92 337 38.8 0.88 1,091 50.2 0.89 1,428
Esuajah South 11 Underground 3.1 1.70 168 5.9 2.09 393 8.9 1.95 561
Heap Leach 12 Stockpile - - - 2.0 0.60 39 2.0 0.60 39
Stockpiles Stockpile 1.1 0.82 29 - - - 1.1 0.82 29
Total 15.6 1.07 534 46.6 1.02 1,523 62.2 1.03 2,057
Table 12: Edikan Inferred Mineral Resources 1, 3
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ‘000 oz
AF Gap 4, 5, 6 Open Pit 0.2 0.9 6
Esuajah North 5, 6, 7 Open Pit 0.0 1.0 1
Fetish 5, 6, 8 Open Pit 0.2 0.6 4
Nkosuo 9, 10 Open Pit 0.9 0.9 27
Esuajah South 11 Underground 4.8 1.8 272
Total 6.2 1.6 311
Notes for Tables 11 and 12:
1 All Mineral Resources are current as at 30 June 2023.
2 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.
3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
4 Based on March 2020 Mineral Resource model constrained to US$1,800/oz pit shell.
5 Depleted to 30 June 2023 mining surfaces.
6 0.4 g/t gold cut-off applied.
7 Based on June 2019 Mineral Resource model constrained to US$1,800/oz pit shell.
8 Based on May 2021 Mineral Resource model constrained to US$1,800 pit shell, includes Bokitsi North lode.
9 Based on June 2022 Mineral Resource model constrained to US$1,800/oz pit shell.
10 0.3 g/t gold cut-off applied.
11 Based on November 2020 Mineral Resource model, 1.0 g/t gold cut-off applied.
12 Based on November 2015 Mineral Resource model and reported at zero cut-off grade.
STOCKPILES
Mineral Resources contained in stockpiles are based on volume estimates from ground survey data, loose bulk
densities are derived over time by reconciliation of volumes mined (at in situ densities) compared to stockpile
movements and calculated volumes, with estimates of stockpile grades based on predicted grades of mined material
transferred onto stockpiles compared to material depleted by processing.
Closing stockpiles at 30 June 2023 were estimated as shown in Table 13.
7
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
Table 13: Edikan Closing Stockpiles 1
MATERIAL QUANTITY
kt
GRADE
g/t gold
GOLD
‘000 oz
Low grade 237 0.55 4
High grade 802 0.90 23
Crushed ore stockpile 48 0.83 1
TOTAL 1,088 0.82 29
Notes:
1 Stockpile tonnage and grade estimates are considered sufficiently accurate to support their classification as Measured Mineral Resources.
ORE RESERVE ESTIMATE
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The Ore Reserve estimate for Yaouré Gold Mine includes increases at the Yaouré open pit and CMA underground
deposits during FY23, and readers are referred to ASX release “Perseus Mining announces open pit and underground
Ore Reserve growth at Yaouré” dated 23 August 2023 for additional details. Yaouré Ore Reserves also includes
depletion of CMA pit and minor changes to Near-Mine Satellite deposit Ore Reserves. Readers are referred to the
previous news release “Perseus Updates Mineral Resource and Ore Reserve Estimates” dated 28 August 2019 and the
notes contained therein. Changes of Ore Reserves from CMA, Yaouré, Near-Mine Satellite and CMA underground
deposits are covered in the following section.
The Proved and Probable Ore Reserves for Yaouré Gold Mine are estimated as 37.2 Mt, grading 1.73 g/t gold and
containing 2.1 Moz of gold. Details of the estimate are shown in Table 14.
Table 14: Yaouré Proved and Probable Ore Reserves5,6
DEPOSIT DEPOSIT TYPE
PROVED PROBABLE PROVED + 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
CMA1,2 Open Pit - - - 11.9 1.81 692 11.9 1.81 692
Yaouré2,3 Open Pit - - - 11.8 1.49 565 11.8 1.49 565
Satellite deposits2,3 Open Pit - - - 4.1 1.03 137 4.1 1.03 137
Sub-Total - - - 27.8 1.56 1,394 27.8 1.56 1,394
CMA4 Underground - - - 4.9 3.51 559 4.9 3.51 559
Stockpiles Stockpile 4.4 0.84 119 - - - 4.4 0.84 119
TOTAL 4.4 0.84 119 32.8 1.85 1,953 37.2 1.73 2,072
Notes:
1. Based on depletion to 30 June 2023 mining surfaces.
2. Variable gold grade cut-offs for each material type, ranging from 0.35 g/t to 0.75 g/t.
3. Pit designs are based on US$1,300/oz gold metal price for satellites and US$1,500/oz for CMA and Yaouré open pit.
4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 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.
The changes in the Yaouré Gold Mine Ore Reserve from that last quoted in June 2022 are associated with:
• Completion of the CMA underground feasibility study and increase in underground Ore Reserves
• Update in Yaouré deposit open pit Mineral Resource based on the recent resource drilling activities;
• Update in Yaouré pit optimisation based on the new Mineral Resource model and gold price assumption
($1,500/oz) resulting in new pit design;
• Update on Angovia (one of the Near-Mine Satellite pits);
• Update in cut-offs due to higher gold price assumption;
• Ore depletion from open pit mining activities in CMA and Govisou (one of the Near-Mine Satellites) up to 30
June 2023; and
• Stockpile addition as result of mining activities.
The waterfall graph (Figure 2) below, summarises the changes in the Yaouré Gold Mine Ore Reserves.
8
NEWS RELEASE
PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES
PERSEUSMINING.COM
Figure 2: Change in Yaouré Ore Reserves – June 2022 to June 2023
ECONOMIC ASSUMPTIONS
• Gold metal price of US$1,500/oz used for both open pit and underground.
• Un-escalated average costs used in optimising pit designs are as shown in Table 15 below.
• A discount rate of 10% (real) has been assumed for economic valuation.
Table 15: Assumed average operating costs (Open Pit)
MINING PROCESSING G&A SELLING ROYALTIES
CMA open pit US$3.41 /t mined US$14.82 /t milled US$7.30 /t milled US$3.05 /oz sold 4.5%
Yaouré open pit US$3.21 /t mined US$17.28 /t milled US$9.30 /t milled US$3.05 /oz sold 4.5%
OPEN PIT MINING PARAMETERS
• The chosen method for the Open Pit Ore Reserves is conventional open pit mining utilising hydraulic excavators
and trucks. A mining bench height of 10 metres is used, with loading on 2.5 metres flitches to minimise ore loss
and dilution.
• The economic pit shell was defined using Whittle pit optimisation software (“Whittle”) with inputs such as
geotechnical parameters, ore loss and dilution, metallurgical recoveries, operating costs, and gold price.
• The pit optimisation was run with revenue generated only by M&I Mineral Resources. No value was allocated to
Inferred Mineral Resources.
• Open pit optimisation input parameters were generally based on Perseus’s operating site experience and
supporting technical studies.
• The pit slope design assumptions are based on a geotechnical study by Pitt & Sherry Consultants. Inter-ramp pit
slopes are 40 to 60 degrees varied by material weathering level and wall sector. Inter-ramp slopes are excluding
ramp but including berms spaced at between 10 and 20 metres vertically and berm widths of 4.5 to 7 metres.
• Pit ramps have been designed for a 100-tonne payload truck fleet and are set at 24 metres (dual lane) to 16
metres (single lane).
• Vertical mining advance has been capped based on Perseus’s operating experience.
• Minimum mining width of 40 metres was generally applied to the pit cutback designs.
• There are no physical constraints to mining within the lease area. No property, infrastructure or environmental
issues are known to exist which may limit the extent of mining within the mining lease.