SEPTEMBER 2024 QUARTER REPORT Perseus Mining consistently delivers strong production, cashflow and growth, resulting in a cash & bullion balance of US$643 million
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23 OCTOBER 2024
NEWS RELEASE
PERSEUSMINING.COM
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986
SEPTEMBER 2024 QUARTER REPORT
Perseus Mining consistently delivers strong production, cashflow and
growth, resulting in a cash & bullion balance of US$643 million
Perth, Western Australia/October 23, 2024/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU)
reports on its activities for the three months’ period ended September 30, 2024 (the “Quarter”).
• Key operating indicators and highlights for the September 2024 quarter (Q1 FY25) include:
PERFORMANCE
INDICATOR UNIT MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
CALENDAR 2024
YEAR TO DATE
Gold recovered Ounces 127,471 120,929 248,400 121,290 369,690
Gold poured Ounces 128,356 121,726 250,084 121,370 371,453
Production Cost US$/ounce 923 947 934 991 953
All-In Site Cost (AISC) US$/ounce 1,091 1,173 1,130 1,201 1,153
Gold sales Ounces 115,648 141,930 257,578 108,894 366,472
Average sales price US$/ounce 2,025 2,117 2,076 2,249 2,127
Notional Cashflow US$ million 119 117 236 127 363
• Group 12-month rolling average TRIFR at 0.97, a reduction compared to the June 2024 quarter (Q4 FY24) of 1.06 and
well below industry average.
• 121,290 ounces of gold produced at a weighted average All-in-Site Cost (AISC) of US$1,201 per ounce.
• Average gold sales decreased 23% to 108,894oz due to the timing of gold shipments. The average gold sales prices
increased 6% quarter-on-quarter to US$2,249 per ounce.
• Gold production and AISC remains on track to achieve market guidance for the December 2024 Half Year (1H FY25)
and Calendar Year 2024 (CY24).
• Market guidance remains unchanged at 220,000 to 260,000 ounces at US$1,230 to US$1,330 per ounce for H1 FY25
and 468,400 ounces to 508,400 ounces at US$1,182 to US$1,223 per ounce for CY24.
• An average cash margin of US$1,048 per ounce of gold produced resulted in notional operating cashflow of US$127
million for the quarter and US$363 million for CY24 to date.
• Available cash and bullion of US$643 million, plus liquid, listed securities of US$84 million and zero debt, with US$300
million of undrawn debt capacity available at the end of Q1 FY25.
• Work on Perseus’s two development projects, the CMA Underground project at Yaouré and the recently acquired
Nyanzaga Gold Project in Tanzania, progressed towards a Final Investment Decisions (FID) around year end.
• Acquired a 19.9% stake in ASX-listed Predictive Discovery Limited with the cash outlay largely offset by the proceeds
received from the sale of Perseus’s 9.6% interest in TSX-V listed Montage Gold Corp.
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OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produce d a combined
121,290 ounces of gold in Q1 FY25. The weighted average production cost was US$990 per ounce, while the weighted
average AISC was US$1,201 per ounce of gold.
In Q1 FY25, combined gold sales from all three operations totalled 108,895 ounces or 33,035 ounces fewer than in the
June 2024 quarter (Q4 FY24) due to the timing of gold sales. The weighted average gold price realised was US$2,249 per
ounce, US$132 per ounce more than the Q4 FY24 price of US$2,117 per ounce.
Perseus’s average cash margin for the quarter was US$1,048 per ounce resulting in notional operating cashflow from all
operations of US$127 million, US$10 million more than in Q4 FY24.
These strong operating results, summarised in Tables 1 to 3 below, confirm once again Perseus’s position as one of the
world’s better performing mid-tier gold producers.
Table 1: Gold Production by Mine
MINE
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
MARCH 2024
QUARTER
JUNE 2024
QUARTER
SEPTEMBER
2024 QUARTER
CALENDAR YEAR
2024 TO DATE
MARCH 2024
QUARTER
JUNE 2024
QUARTER
SEPTEMBER
2024 QUARTER
CALENDAR YEAR
2024 TO DATE
Yaouré 61,283 55,195 56,458 172,936 61,610 55,436 55,314 172,361
Edikan 49,096 47,337 47,766 144,199 49,389 47,833 47,627 144,849
Sissingué 17,092 18,397 17,066 52,555 17,357 18,458 18,428 54,244
Group 127,471 120,929 121,290 369,690 128,356 121,727 121,369 371,454
Table 2: Gold Sales by Mine
MINE
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
MARCH 2024
QUARTER
JUNE 2024
QUARTER
SEPTEMBER 2024
QUARTER
CALENDAR YEAR
2024 TO DATE
MARCH 2024
QUARTER
JUNE 2024
QUARTER
SEPTEMBER
2024 QUARTER
CALENDAR YEAR
2024 TO DATE
Yaouré 56,021 64,741 46,309 167,071 2,009 2,126 2,224 2,114
Edikan 46,764 50,696 45,263 142,723 2,036 2,132 2,297 2,153
Sissingué 12,863 26,493 17,323 56,679 2,052 2,067 2,190 2,101
Group 115,648 141,930 108,895 366,473 2,025 2,117 2,249 2,127
Table 3: All-In Site Costs (AISC) and Notional Cash Flow by Mine
MINE
ALL-IN SITE COST (US$/OUNCE) NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
MARCH 2024
QUARTER
JUNE 2024
QUARTER
SEPTEMBER 2024
QUARTER
CALENDAR YEAR
2024 TO DATE
MARCH 2024
QUARTER
JUNE 2024
QUARTER
SEPTEMBER
2024 QUARTER
CALENDAR YEAR
2024 TO DATE
Yaouré 1,025 1,189 1,226 1,143 60 53 56 169
Edikan 982 1,015 1,021 1,006 52 53 61 166
Sissingué 1,628 1,530 1,621 1,592 7 11 10 28
Group 1,091 1,173 1,201 1,153 119 117 127 363
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
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Figure 1: Growth in gold production at attractive cash margins
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of operating and financial parameters recorded at the Yaouré Gold Mine during Q1
FY25.
During the quarter, Yaouré produced 56,458 ounces of gold , 2.5% more than the prior quarter , at a production cost of
US$1,025 per ounce and an AISC of US$1,226 per ounce. In total, Perseus sold 46,309 ounces of gold from Yaouré at a
weighted average sale price of US$2,224 per ounce. This gave rise to an average cash margin of US$998 per ounce for
the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$56 million, compared with
US$53 million in Q4 FY24.
In CY2024 to date, Yaouré has produced 172,936 ounces of gold , nearly half of Perseus’s total gold production for the
period, at an AISC of US$1,143 per ounce, generating notional cashflows of US$169 million over the 9 -month period.
Operating performance at Yaouré improved slightly in Q1 FY25 relative to the performance in the prior quarter. Gold
production was up by 2.5% driven by a 4% increase in the head grade of processed ore (1.79 g/t gold to 1.86 g/t gold),
and a small improvement in tonnes per hour throughput rates (470 tph to 488 tph). Mill run-time and gold recovery were
slightly below the prior quarter at 95% and 92.2%.
Significantly, a total of 10.628, million tonnes of waste and ore were moved at Yaouré during the quarter. At 8.578 million
tonnes, w aste movement was 25% higher than in the prior quarter . This reflected an accelerated waste stripping
programme designed to recover from earlier periods, when for a variety of reasons, waste movements fell short of
targets. As predicted in the Q4 FY24 Report, increased waste stripping comes at a cost and Yaouré’s AISC of US$1,226 per
ounce this quarter reflects the elevated waste movements. Going forward planned waste movements significantly reduce
from recent levels and AISC per ounce is expected to decrease accordingly.
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Table 4: Yaouré Quarterly Performance
PARAMETER UNIT MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
CALENDAR 2024
YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 9,578,098 7,902,627 17,480,725 10,627,904 28,108,629
Total ore mined Tonnes 1,363,256 1,046,844 2,410,100 2,050,112 4,460,212
Average ore grade g/t gold 1.67 1.50 1.60 1.40 1.51
Strip ratio t:t 6.0 6.5 6.3 4.2 5.3
Ore milled Tonnes 943,796 1,037,192 1,980,988 1,023,425 3,004,413
Milled head grade g/t gold 2.17 1.79 1.97 1.86 1.93
Gold recovery % 93.2 92.3 92.8 92.2 92.6
Gold produced ounces 61,283 55,195 116,478 56,458 172,936
Gold sales1 ounces 56,021 64,741 120,762 46,309 167,071
Average sales price US$/ounce 2,009 2,126 2,072 2,224 2,114
Unit Production Costs
Mining cost US$/t mined 3.37 4.10 3.70 3.58 3.66
Processing cost US$/t milled 15.09 12.26 13.61 12.46 13.22
G & A cost US$M/month 2.31 2.48 2.40 2.33 2.38
All-In Site Cost
Production cost US$/ounce 874 953 911 1,025 948
Royalties US$/ounce 115 162 138 132 136
Sub-total US$/ounce 989 1,115 1,049 1,157 1,084
Sustaining capital US$/ounce 36 74 55 69 59
Total All-In Site Cost2 US$/ounce 1,025 1,189 1,103 1,226 1,143
Notional Cashflow from Operations
Cash Margin US$/ounce 984 937 968 998 971
Notional Cash Flow US$M 60 53 113 56 169
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$5 million of costs relating to excess waste stripping. When reporting cost of sale s, 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
Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral
Resource Estimate (MRE).
In Q1 FY25, 25% more ore than predicted by the MRE was processed at Yaouré, however the head grade was 17% lower
than predicted. Overall, this resulted in contained gold being 3% higher than predicted. For the six-month and 12-month
periods, tonnes of ore processed was consistently above prediction, while head grade was consistently below prediction.
The higher ore tonnage compensated for lower grades, resulting in overall positive contained gold variance for both the
six-month and twelve-month periods. Perseus views this overall performance as outside of the industry standard range
and is investigating all factors that could be giving rise to the discrepancy.
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Table 5: Yaouré Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.25 1.17 1.20
Head Grade 0.83 0.91 0.89
Contained Gold 1.03 1.06 1.07
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q1 FY25
and in relevant prior periods.
Edikan’s Q1 FY25 operating performance was in line with the prior quarter, with 47,766 ounces of gold recovered at a
production cost of US$813 per ounce and an AISC of US$1,021 per ounce (compared to 47,337 ounces at an AISC of
US$1,015 per ounce in Q4 FY24). Gold sales of 45,263 ounces w as 11% lower than in the prior quarter . However, the
weighted average realised gold price of US$2,297 per ounce, US$165 more than in the prior quarter, generated an
average cash margin of US$1,276 per ounce. Notional cashflow of US$61 million was generated by Edikan during the
quarter, 13% more than in Q4 FY24.
Operating performance at Edikan during the quarter was largely in line with targeted key performance indicators and
compared reasonably well to those achieved in the prior quarter . Mill run time was 91.3% compared to 95.0% due to a
scheduled maintenance shutdown to replace mill liners, gold recovery was 92.0% compared to 91.4%, the head grade of
processed ore was 1.07 g/t of gold compared to 1.03 g/t of gold, and the throughput rate was 750 tph compared to 753
tph.
Edikan’s AISC was US$1,021 per ounce for the quarter, US$6 per ounce higher than achieved last quarter. This increase
was driven mainly by a 5.9% increase in mining cost per tonne and a 7.4% increase in processing cost per tonne.
For CY2024 to date, Edikan’s production of 144,199 ounces of gold, 39% of Perseus’s total gold production for the period,
at an AISC of US$1,006 per ounce, generated US$166 million of notional cashflow over the nine-month period.
Preparation work for mining the recently discovered Nkosuo deposit, located approximately 10 kilometres from the
Edikan mill, continued during the quarter. All required government approvals for the development are now in place and
work on constructing the access road is nearing completion. Negotiation of compensation for farmers whose land will be
impacted by the Nkosuo operation has progressed, albeit at a slower rate than was originally planned.
Table 6: Edikan Quarterly Performance
PARAMETER UNIT MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
CALENDAR 2024
YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 2,440,719 2,678,087 5,118,806 2,664,915 7,783,721
Total ore mined Tonnes 1,822,567 1,848,305 3,670,872 2,057,482 5,728,354
Average ore grade g/t gold 1.00 0.97 1.00 0.97 0.99
Strip ratio t:t 0.3 0.4 0.4 0.3 0.4
Ore milled Tonnes 1,554,803 1,559,955 3,114,758 1,511,083 4,625,841
Milled head grade g/t gold 1.07 1.03 1.05 1.07 1.06
Gold recovery % 92.2 91.4 91.8 92.0 91.8
Gold produced ounces 49,096 47,337 96,433 47,766 144,199
Gold sales1 ounces 46,764 50,696 97,460 45,263 142,723
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Average sales price US$/ounce 2,036 2,132 2,086 2,297 2,153
Unit Production Costs
Mining cost US$/t mined 6.68 5.97 6.31 6.32 6.32
Processing cost US$/t milled 11.15 10.36 10.76 11.13 10.88
G & A cost US$M/month 1.72 1.74 1.73 1.72 1.73
All-In Site Cost
Production cost US$/ounce 788 789 790 813 798
Royalties US$/ounce 154 179 165 166 166
Sub-total US$/ounce 942 968 956 979 963
Sustaining capital US$/ounce 40 47 44 42 43
Total All-In Site Cost2 US$/ounce 982 1,015 999 1,021 1,006
Notional Cashflow from Operations
Cash Margin US$/ounce 1,054 1,116 1,087 1,276 1,146
Notional Cash Flow US$M 51 54 105 61 166
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$ 0.3 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
Table 7 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Edikan Mineral
Resource Estimate (MRE).
In Q1 FY25, 8% less ore than predicted by the MRE was processed at Edikan while the head grade was 6% higher than
predicted, resulting in contained gold being slightly lower than predicted (-2%). Perseus views this overall performance
as acceptable and in line with the industry standard range.
Table 7: Edikan Block Model to Mill Reconciliation
PARAMETER BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 0.92 0.92 0.95
Head Grade 1.06 1.06 1.08
Contained Gold 0.98 0.98 1.03
SISSINGUÉ GOLD COMPLEX, CÔTE D’IVOIRE
Refer to Table 8 below for details of operating and financial performance achieved during Q1 FY25 and relevant prior
periods, at the Sissingué Gold Complex. The Complex includes mining and processing operations at the Sissingué Gold
Mine, and mining operations at the Fimbiasso East and West pits located on the Fimbiasso Exploitation Permit, some 40
kilometres from the Sissingué processing facilities.
During Q1 FY25, Perseus produced 17,066 ounces of gold at a weighted average production cost of US$1,374 per ounce
and a weighted average AISC of US$1,621 per ounce, which was US$91 per ounce higher than the AISC of US$1,530 per
ounce achieved in Q4 FY24. This increase was driven mainly by 7% lower gold production, a higher strip ratio, and 10%
fewer ore tonnes processed.
Mill runtime at 91%, was lower than the 93% recorded in the prior quarter, mainly due to the planned August shutdown
extending 39 hours longer than planned.
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The milled ore throughput rate of 159 tph was below the 175 tph recorded last quarter, driven by a higher percentage of
fresh ore in the mill feed blend. Gold recovery rates were slightly better quarter-on-quarter (92.2% compared to 91.4%),
as was the head grade of ore fed to the mill (1.80 g/t gold compared to 1.76 g/t gold) reflecting the higher grade of
material mined at Fimbiasso.
For CY2024 to date, the 52,555 ounces of gold produced at Sissingué, 14% of Perseus’s total gold produc ed during the
period, was produced at an AISC of US$1,592 per ounce and generated US$28 million of notional cashflow over the nine-
month period.
With a weighted average sales price of US$2,190 per ounce for the quarter , an increase of US$123 per ounce relative to
the prior quarter, a cash margin of US$569 per ounce was achieved resulting in notional cashflow for the quarter of US$10
million.
Table 8: Sissingué Quarterly Performance
PARAMETER UNIT MARCH 2024
QUARTER
JUNE 2024
QUARTER
JUNE 2024
HALF YEAR
SEPTEMBER 2024
QUARTER
CALENDAR 2024
YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 2,822,049 2,266,732 5,088,781 1,859,478 6,948,259
Total ore mined Tonnes 455,845 437,018 892,863 341,606 1,234,469
Average ore grade g/t gold 1.52 1.65 1.59 1.76 1.64
Strip ratio t:t 5.2 4.2 4.7 4.4 4.6
Ore milled Tonnes 405,995 355,510 761,505 320,027 1,081,532
Milled head grade g/t gold 1.43 1.76 1.60 1.80 1.66
Gold recovery % 90.2 91.4 90.8 92.2 91.3
Gold produced ounces 17,092 18,397 35,489 17,066 52,555
Gold sales1 ounces 12,863 26,493 39,356 17,323 56,679
Average sales price US$/ounce 2,052 2,067 2,062 2,190 2,101
Unit Production Costs
Mining cost US$/t mined 5.06 5.92 5.44 6.47 5.72
Processing cost US$/t milled 16.14 16.33 16.24 21.95 17.93
G & A cost US$M/month 1.46 1.77 1.62 1.46 1.57
All-In Site Cost
Production cost US$/ounce 1,475 1,333 1,402 1,374 1,393
Royalties US$/ounce 130 172 151 164 155
Sub-total US$/ounce 1,605 1,505 1,553 1,538 1,548
Sustaining capital US$/ounce 23 25 25 83 44
Total All-In Site Cost2 US$/ounce 1,628 1,530 1,578 1,621 1,592
Notional Cashflow from Operations
Cash Margin US$/ounce 424 537 484 569 509
Notional Cash Flow US$M 7 11 18 10 28
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$0.4 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.
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MINERAL RESOURCE TO MILL RECONCILIATION
The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource block
model (MRE) is shown in Table 9 below.
In the past three months, tonnes of ore processed exceeded MRE predictions by 2%, although the head grade was 7%
lower than predicted. This led to a 5% reduction in contained gold compared to the prediction. Over the longer six and
twelve-month periods, tonnes processed consistently exceeded the prediction while head grade was consistently below
prediction. Overall, the contained gold has varied between just over and just under prediction over the 12 -month
period. Perseus views this overall performance as acceptable and in line with industry standards.
Table 9: Sissingué Complex Block Model to Mill Reconciliation
PARAMETER
BLOCK MODEL TO MILL CORRELATION FACTOR
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.02 1.07 1.12
Head Grade 0.93 0.89 0.94
Contained Gold 0.95 0.95 1.06
BAGOÉ EXPLOITATION PERMIT
The Bagoé Exploitation Permit was formally signed by the President of the Republic of Côte d’Ivoire during the quarter
and planning is well advanced for the construction of facilities on the Bagoé site satellite deposit, later in FY25 .
GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE
Forecast group gold production and AISC for the December 2024 half year (1H FY25) and full 2024 calendar year remains
unchanged and is shown in Table 10 below.
Table 10: Production and Cost Guidance
PARAMETER UNITS JUNE 2024 HALF YEAR
(ACTUAL)
DECEMBER 2024 HALF YEAR
FORECAST
2024 CALENDAR YEAR
FORECAST
Yaouré Gold Mine
Production Ounces 116,478 108,000 - 124,000 ounces 224,478 – 240,478 ounces
All-in Site Cost USD per ounce 1,103 US$1,175 - 1,275/ per ounce US$1,140 - 1,186 per ounce
Edikan Gold Mine
Production Ounces 96,433 82,000 to 98,000 ounces 178,433 to 194,433 ounces
All-in Site Cost USD per ounce 999 US$1,200 -1,300 per ounce US$1,100 -1,137 per ounce
Sissingué Gold Mine
Production Ounces 35,489 30,000 – 38,000 ounces 65,489 – 73,489 ounces
All-in Site Cost USD per ounce 1,578 US$1,500 – 1,600 per ounce US$1,538 – 1,588 per ounce
PERSEUS GROUP
Production Ounces 248,400 220,000 – 260,000 ounces 468,400 – 508,400 ounces
All-in Site Cost USD per ounce 1,130 US$1,230 – 1,330 per ounce US$1,182 – 1,223 per ounce