Perseus Mining Updates Mineral Resources and ORE Reserves Executive Summary
21 AUGUST 202 4
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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 21, 2024/Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of the
Mineral Resources and Ore Reserves at each of its African operations as summarised in Table 1 and Table 2 below, and
detailed in this report. Foreign/Historical Estimates are stated for each of the Meyas Sand Gold Project (MSGP, formerly
Block 14) and the Nyanzaga Gold Project Mineral Resources and Mineral Reserves in the ‘Foreign Estimate’ subsection.
HIGHLIGHTS
• Perseus Mining has delivered another year of organic growth from resource definition drilling and studies, leading to
new Measured and Indicated (M&I) Mineral Resources and Proved and Probable Ore Reserves, adding to the long-term
sustainability of the Group’s production profile.
• The Group’s total M&I Mineral Resources at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold, containing
4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of gold.
• Group Proved and Probable Ore Reserves are now estimated at 64.9 Mt at 1.39 g/t gold for 2.9 Moz, compared to the
estimate of 30 June 2023 of 73.8 Mt at 1.45 g/t gold for 3.4 Moz of gold.
• Inorganic growth during FY24 included the acquisition of OreCorp Limited including its primary asset, the Nyanzaga Gold
Project. In compliance with Canadian Instrument NI 43-101 these Mineral Resources and Ore Reserves remain treated
as Foreign Estimates, not current Perseus estimates, until further work can be completed.
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 13.8 1.03 457 37.7 1.05 1,273 51.5 1.04 1,731 6.4 1.5 317
Sissingué3 3.1 1.48 147 5.7 1.62 294 8.7 1.57 441 0.2 1.4 11
Yaouré 5.9 0.78 146 49.8 1.60 2,565 55.6 1.52 2,711 17.4 1.7 926
Total 22.8 1.03 751 93.2 1.38 4,132 115.9 1.31 4,883 24.1 1.6 1,254
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 5.8 1.03 193 19.6 1.13 716 25.4 1.11 909
Sissingué 3 2.2 1.67 116 2.2 1.98 139 4.3 1.82 254
Yaouré 5.9 0.78 146 29.3 1.68 1,584 35.2 1.53 1,730
Total 13.8 1.02 455 51.1 1.48 2,438 64.9 1.39 2,893
Notes for Table 1 and Table 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) except Bagoé at 90%, and 90% of Yaouré Gold Mine (YGM).
5 Excludes Foreign/Historical Estimates
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The change in Group Ore Reserve estimate f rom June 2023 to June 2024 is shown below in Figure 1. Perseus Group Ore
Reserves have been estimated at a gold price of $1,500/oz for existing pits and $1,700/oz for some new or updated designs.
Please refer to individual tables below for details of which price applies to individual Ore Reserves.
Figure 1: Change in Group Ore Reserves by Project – June 2023 to June 2024
MINERAL RESOURCE ESTIMATES
The Group’s total M&I Mineral Resources reported as at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold,
containing 4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of
gold. The Mineral Resource Statement accounts for mining depletion of in-situ Mineral Resources and is reported inclusive
of Ore Reserves. Inferred Resources are 24.1 Mt grading at 1.6 g/t Au for 1.3 Moz of gold, compared with the estimate of 30
June 2023 of 17.8 Mt grading at 1.8 g/t Au for 1.0 Moz of gold. Tonnes are reported as dry metric tonnes. All tabulated
tonnes, grade and metal ha ve been rounded to reflect appropriate precision i n the estimate and may cause some
discrepancies in totals.
Foreign/Historical Estimates for the MSGP Mineral Resource in Northern Sudan, announced on 28 February 2022 (see news
release titled “Perseus enters into agreement to acquire Orca Gold Inc. ”), and for the Nyanzaga Gold Project ( see news
release on 31 May 2024 titled “Perseus progresses Nyanzaga Gold Project”) are stated in the ‘Foreign/Historical Estimate’
subsection of this report and are reported separately from the Group’s Mineral Resources detailed below.
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 2012). The classification categories of Measured,
Indicated and Inferred under the JORC Code (2012) 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$2,000 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA Stage
3 pit design and reported at a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of
600 mRL 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 N I 43-101 for the
following operations:
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• Yaouré Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 18 December 2023
• Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015
• Edikan Operations, Ghana, NI 43-101 Technical Report, dated 6 April 2022
These reports can be found on Pers eus’s website at www.perseusmining.com and on the Canadian System for Electronic
Document Analysis and Retrieval (SEDAR) website www.sedarplus.ca.
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Yaouré Gold Mine (“YGM” or “Yaouré”) is estimated at 55.6 Mt grading 1.52 g/t
Au, containing 2.7 Moz of gold (Table 3). A further 17.4 Mt of material grading 1.7 g/t gold, containing 926 koz of gold are
classified as Inferred Mineral Resources (Table 4).
Updated Mineral Resource estimates were prepared for the Yaouré open pit, the CMA underground, and the CMA Southwest
satellite deposit. A maiden Mineral Resource estimate was also prepared for the Zain 1 deposit. An overview showing the
relative locations of the various Mineral Resource areas is presented in Figure 2. All Yaouré Gold Mine Mineral Resources
are depleted to 30 June 2024 surveyed mining surfaces.
The Govisou project, forming part of the Yaouré satellite deposits, was removed from reporting of Mineral Resources in this
reporting period. Review of the operational constraints associated with mitigation of community and social impacts of mining
of fresh material showed further extraction of the Govisou mineralisation was not Perseus’ preferred option. This decision
has been approved by the Côte d’Ivoire government.
Table 3: 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
CMA 1,3,4 Open Pit - - - 15.8 0.90 458 15.8 0.90 458
Yaouré2,3,4 Open Pit - - - 19.2 1.35 838 19.2 1.35 838
Zain 12,4 Open Pit - - - 2.4 1.57 123 2.4 1.57 123
Satellite deposits5,6 Open Pit 0.1 1.28 5 4.5 0.98 142 4.6 0.99 147
Sub Total 0.1 1.28 5 41.9 1.16 1,561 42.1 1.16 1,566
CMA8 Underground - - - 7.4 4.16 996 7.4 4.16 996
Heap Leach3,7 Stockpile - - - 0.4 0.61 8 0.4 0.61 8
Stockpiles Stockpile 5.7 0.77 141 - - - 5.7 0.77 141
TOTAL 5.9 0.78 146 49.8 1.60 2,565 55.6 1.52 2,711
Table 4: Yaouré Inferred Mineral Resource9,10,11
DEPOSIT DEPOSIT TYPE
INFERRED RESOURCES
QUANTITY GRADE GOLD
Mt g/t gold ‘000 oz
CMA 1,3,4 Open Pit 7.5 0.8 200
Yaouré2,3,4 Open Pit 0.6 1.5 27
Zain 12,4 Open Pit 3.7 1.4 159
Satellite deposits5,6 Open Pit 1.0 0.8 26
CMA8 Underground 4.7 3.4 514
Total 17.4 1.7 926
Notes for Table 3 and Table 4:
1. Based on June 2022 Mineral Resource estimate.
2. Based on June 2024 Mineral Resource estimate.
3. Depleted for previous mining and to 30 June 2024 mining surface.
4. 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$2,000/oz pit shells.
5. Based on Angovia 2 April 2021 and CMA SW May 2024 Mineral Resource models.
6. Angovia 2 has a 0.4 g/t gold cut-off applied to in situ open pit material constrained to US$1,800/oz pit shell. CMA SW has a 0.3 g/t gold cut-off applied to in situ
open pit material constrained to US$2,000/oz pit shell.
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. May 2024 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 2024.
10. Rounding of numbers to appropriate precision may result in summary inconsistencies.
11. Mineral Resources are reported inclusive of Ore Reserves.
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Figure 2: Yaouré Gold Mine Project Areas
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SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE
The combined M&I Mineral Resource for the Sissingué Gold Mine (“SGM” or “Sissingué”) is estimated as 8.7 Mt grading
1.57 g/t gold, containing 441 koz of gold. A further 0. 2 Mt of material grading 1. 4 g/t gold, containing 11 koz of gold are
classified as Inferred Mineral Resources. Details of these estimates are shown below in Table 5 and Table 6.
Sissingué Mineral Resources comprise the remaining in situ mineralisation at the Sissingué mine (including a maiden Mineral
Resource estimate at Airport West) , the Fimbiasso West deposit , and mineralisation at the Antoinette, Juliette, and
Veronique deposits at the Bagoé Project. These Mineral Resources also include material on stockpiles at the Sissingué and
Fimbiasso mines as at 30 June 2024. The Fimbiasso East remnant Ore Reserve is also included as Mineral Resources. This
reflects the current expectation that further development of the Fimbiasso East open pit outside of the current pit design
will not be possible due to conditions relating to the project area, and therefore no Mineral Resources can be reported in
addition to the existing Ore Reserve.
In addition to Airport West, an updated geological model was developed for the Fimbiasso West deposit in June 2024. All
remaining geological models are unchanged from the previous year’s Mineral Resource Statement.
The Sissingué and Fimbiasso West Mineral Resource have been depleted to the 30 June 2024 using the surveyed mining
surface. The Fimbiasso East Mineral Resource has been completely exhausted to June 2024. Mining has not commenced at
the Bagoé Project.
Table 5: 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 0.9 1.20 36 3.7 1.41 166 4.6 1.37 202
Fimbiasso 5, 6, 7, 9 Open Pit 0.5 2.02 35 0.7 2.21 48 1.2 2.13 82
Bagoé 6, 8 Open Pit 1.0 1.88 59 1.3 1.89 81 2.3 1.89 139
Stockpiles Open Pit 0.7 0.85 18 - - - 0.7 0.85 18
Total 3.1 1.48 147 5.7 1.62 294 8.7 1.57 441
Table 6: 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 1.1 3
Fimbiasso 5, 6, 7 Open Pit 0.0 1.1 1
Bagoé 6, 8 Open Pit 0.1 1.7 7
Total 0.2 1.4 11
Notes for Table 5 and Table 6:
1 Mineral Resources current at 30 June 2024.
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$2,000/oz pit shell.
5 Depleted to 30 June 2024 mining surface.
6 0.4 g/t gold cut-off applied to in situ material.
7 Based on June 2024 Mineral Resource model constrained to US$2,000/oz pit shell.
8 Based on May 2021 Mineral Resource models constrained to US$2,000/oz pit shells.
9 Fimbiasso East based on March 2020 Mineral Resource model constrained to US$1,500/oz reserve pit design.
EDIKAN GOLD MINE, GHANA
The updated M&I Mineral Resource for the Edikan Gold Mine (“EGM” or “Edikan”) in Ghana is now estimated as 51.5 Mt
grading 1.04 g/t gold, containing 1.7 Moz of gold, as at 30 June 2024 (Table 7). A further 6.4 Mt of material grading 1.5 g/t
Au and containing 317 koz of gold are classified as an Inferred Mineral Resource (Table 8). The previous Mineral Resource as
at 30 June 2023 was estimated at M&I of 62.2 Mt grading at 1. 03 g/t gold, containing 2.1 Moz of gold and an additional
6.2 Mt grading 1.6 g/t for 311 koz of gold of Inferred Mineral Resources.
Mineral Resources at AF Gap and Fetish have been depleted to the 30 June 202 4 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 excluded from reporting reflecting the depletion of this material due to artisanal
mining activities.
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Table 7: 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 3.7 0.83 101 11.7 0.83 311 15.4 0.83 412
Esuajah North 5, 7, 10 Open Pit 2.1 0.74 51 2.3 0.70 52 4.4 0.72 103
Fetish 5, 6, 8 Open Pit 2.7 0.97 84 3.2 0.89 92 5.9 0.93 176
Nkosuo 9, 10 Open Pit - - - 14.7 0.90 425 14.7 0.90 425
Sub-Total 8.6 0.85 235 31.8 0.86 880 40.4 0.86 1,115
Esuajah South 11 Underground 3.1 1.70 168 5.9 2.09 393 8.9 1.95 561
Stockpiles Stockpile 2.2 0.77 54 - - - 2.2 0.77 54
Total 13.8 1.03 457 37.7 1.05 1,273 51.5 1.04 1,731
Table 8: 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 5
Esuajah North 5, 7, 10 Open Pit 0.0 1.1 1
Fetish 5, 6, 8 Open Pit 0.1 0.6 2
Nkosuo 9, 10 Open Pit 1.4 0.9 37
Esuajah South 11 Underground 4.8 1.8 272
Total 6.4 1.5 317
Notes for Table 7 and Table 8:
1 All Mineral Resources are current as at 30 June 2024.
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$2,000/oz pit shell.
5 Depleted to 30 June 2024 mining surfaces.
6 0.35 g/t gold cut-off applied for AF Gap with 0.4 g/t gold cut-off applied for Fetish.
7 Based on June 2019 Mineral Resource model constrained to US$2,000/oz pit shell.
8 Based on May 2021 Mineral Resource model constrained to US$2,000 pit shell, includes Bokitsi North lode.
9 Based on June 2022 Mineral Resource model constrained to US$2,000/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.
ORE RESERVE ESTIMATE
CRITERIA FOR ORE RESERVE CLASSIFICATION
The Ore Reserve is classified as Proved and Probable in accordance with the JORC Code (2012), corresponding to the Mineral
Resource classifications of M&I and considering other factors where relevant. The deposits’ geological models are well
constrained. The Ore Reserve classification is considered appropriate given the nature of the deposits, the moderate grade
variability, drilling density, structural complexity, confidence in input parameters based on operational experience and
mining history. It was therefore considered appropriate to use Measured Mineral Resources as a basis for Proved Ore
Reserves and Indicated Mineral Resources as a basis for Probable Ore Reserves.
No Inferred Mineral Resources were included in Ore Reserve estimate with the exception of 2.8 koz of incidental Inferred
which is included in the CMA underground development and is not considered material to the Ore Reserve.
Group Ore Reserve changes by activity type are shown in Figure 3.
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Figure 3: Change in Group Ore Reserves by Activity – June 2023 to June 2024
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
The Ore Reserve estimate for Yaouré Gold Mine includes drilling and design changes at the Yaouré open pit (Figure 4) and
CMA underground deposits during FY24. Also new to Yaouré Ore Reserves is the Zain 1 Open Pit, which is located between
the CMA pit and the process plant (see Figure 5 and Figure 6), and which was discovered near to surface during drilling of
the CMA underground plunge extensions during FY24.
The Proved and Probable Ore Reserves for Yaouré Gold Mine are estimated as 35.2 Mt, grading 1.53 g/t gold and containing
1.7 Moz of gold. Details of the estimate are shown in Table 9.
Table 9: 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 - - - 6.8 1.81 394 6.8 1.81 394
Yaouré2,3, Open Pit - - - 13.1 1.25 524 13.1 1.25 524
Zain 12,3 Open Pit - - - 1.5 1.12 52 1.5 1.12 52
Satellite deposits 2,3 Open Pit 0.1 1.14 5 3.5 0.95 107 3.6 0.96 112
Sub Total 0.1 1.14 5 24.8 1.35 1,077 25.0 1.35 1,082
CMA4 Underground - - - 4.5 3.52 507 4.5 3.52 507
Stockpiles Stockpile 5.7 0.77 141 - - - 5.7 0.77 141
TOTAL 5.9 0.78 146 29.3 1.68 1,584 35.2 1.53 1,730
Notes:
1. Based on depletion to 30 June 2024 mining surfaces.
2. Variable gold grade cut-offs for each material type, ranging from 0.30 g/t to 0.75 g/t.
3. Pit designs are based on US$1,500/oz gold metal price for existing designs and satellites and US$1,700/oz for Zain 1, Yaouré and CMA Southwest (listed in
Satellite deposits) open pits.
4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 g/t respectively.
5. Inferred Mineral Resource is considered as waste for optimisation purposes.
6. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.
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Figure 4: Yaouré Ore Reserve Pit Design with Drilling