Perseus Achieves Near-Mine Exploration Success in Ghana

PERTH, Jan. 18, 2022 - Perseus Mining Ltd. (ASX/TSX: PRU) is pleased to provide details of exploration success at its Edikan Gold Mine in Ghana during the December 2021 quarter.

HIGHLIGHTS

• Perseus has recorded further impressive drilling results at Nkosuo prospect on the Agyakusu Prospecting Licence, just seven kilometres from its Edikan Gold Mine in Ghana.
• Results continue to demonstrate strong potential for shallow, granite-hosted open-pitable gold resources, including:
  
  
  • NKS0034RC: 37m @ 1.49g/t Au from 3m
  • NKS0050RD: 60m @ 1.28g/t from 6m
  • NKS0037DD: 43m @ 1.79 g/t from 0m
  • NKS0050RD: 24m @ 2.04g/t Au from 6m
  • NKS0059RD: 37m @ 1.74 g/t Au from 8m
  • NKS0060RC: 51m @ 2.09 g/t Au from 20m
  • NKS0081RC: 46m @ 2.31g/t Au from 18m
  • NKS0086RD: 13m @ 4.18g/t Au from 1m & 54m @ 1.63g/t Au from 54m
  • NKS0091RD: 34m @ 1.3g/t Au from surface & 14m @ 2.17 g/t from 58m
  • NKS0092RD: 38m @ 1.83g/t Au from 38m & 24m @ 1.65g/t Au from 90m
  • NKS0102RD: 26m @ 1.55g/t Au from surface
  • NKS0117RC: 22m @ 3.92 g/t from 8m
  • NKS0120RC: 16m @ 4.17 g/t Au from 24m
• Results confirm Nkosuo hosts near-surface, granite-hosted gold mineralisation similar in style to that mined in Edikan's Fobinso and Abnabna ("AG") pits.
• Resource definition drilling is ongoing. Perseus expects to complete a maiden Mineral Resource estimate for Nkosuo early in the June 2022 quarter.
• Nkosuo discovery has the potential to extend Edikan's mine life beyond forecast end in FY2026-2027.

Perseus's Managing Director and CEO Jeff Quartermaine said:

"As Perseus moves closer to achieving our goal of producing 500,000 ounces of gold per year, we have turned our sights to finding ways of sustaining this level of gold production to the end of the decade and beyond.

"Our exploration programme at Nkosuo has returned impressive results that demonstrate this prospect's potential to add to Edikan's mine life, with further successful drilling. We are particularly encouraged by similarities between the Nkosuo deposit and the Fobinso and Abnabna deposits which we've already successfully developed, mined and processed at Edikan.

"While we are working towards completing a maiden Mineral Resource estimate for Nkosuo in the first half of CY2022, we intend to continue exploring on the Agyakusu, Agyakusu-DML and Domenase exploration licence areas, all of which are under option to Perseus and all of which are located within trucking distance of our Edikan mill."

NKOSUO EXPLORATION DRILLING

Results from Perseus's recent exploration activities adjacent to its Edikan Gold Mine (Edikan) in Ghana continue to confirm the outstanding potential to grow its gold inventory at Edikan through further drilling success.

Perseus secured an option to acquire the 23.85km² Agyakusu prospecting licence (Appendix 1 - Figure 1.1), currently held by Ghanaian company Adio-Mabas Ghana Ltd, in November 2019 (see ASX announcement 4 November 2019). Perseus subsequently conducted soil sampling and airborne geophysical surveys whilst negotiating access from farmers to drill the granite-hosted Nkosuo gold prospect. Perseus achieved access in June 2021, with drilling continuing uninterrupted since that date.

Perseus commenced exploration drilling at the Nkosuo prospect on the Agyakusu permit on 1 July 2021, with the first highly encouraging results being reported in our ASX release dated 13 October 2021. Since that date, Perseus had drilled a further 13,008 metres in 36 Reverse Circulation ("RC"), 5 diamond ("DD") holes and 46 RC pre-collared diamond holes ("RD"). Drilling has been conducted on a nominal 80 x 80 metre grid to scope out the extent and overall geometry of the host granite and contained mineralisation, partially infilled to 40 x 40 metres and locally to 40 x 20 metres. Results have continued to provide strong support for the presence of a shallow open-pitable gold resource within trucking distance of the Edikan mill.

Mineralisation at Nkosuo is hosted by a NNE-trending granitic plug extending at least 1,200 metres in strike, with widths ranging from around 120 metres in the northern part to up to 160 metres in the southern part. The northern part of the intrusive body is dislocated by a roughly NW-SE fault that offsets the northern 400 metres of the body ~160 metres to the northwest (Appendix 1 - Figure 1.2).

The strongest mineralisation is focused in the offset northern part of the intrusion and the northern central section of the southern part of the intrusion, gradually waning to the southwest. The granite body dips at around 70⁰ to the west in the northern part of the intrusion, steepening to near vertical towards the south. Mineralisation within the granite consists of variably intense quartz stockwork veining with associated quartz-carbonate-sericite alteration. The veining and alteration are accompanied by 1-2% disseminated and selvage pyrite and arsenopyrite, with better gold grades generally associated with higher concentrations of arsenopyrite. The granite remains open to the south, with indications from surface workings that mineralisation may strengthen within the southern apex of the intrusion, analogous to the situation in the northern apex. Drilling to test this hypothesis is planned for the coming quarter.

Overall, the Nkosuo mineralisation bears strong similarities in style and scale to the western granite-hosted deposits at Edikan such as Fobinso and Abnabna.

Better intercepts from the Nkosuo drilling received between 13 October 2021 and 8 January 2022 are shown below in Table 1 and on Appendix 1 - Figure 2, with a complete summary included in Appendix 2 - Table 1. Representative sections are presented in Appendix 1 - Figures 1.3 to 1.5.

Table 1: Intercepts from Agyakusu Prospecting Licence - Nkosuo Prospect
(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)

Results available to date from the Nkosuo drilling confirm the previously declared potential for an Exploration Target of 10 to 15 Mt grading 0.9 to 1.1 g/t gold for 275 to 500koz contained gold (ASX release dated 13 October 2021). Current indications are that the bulk of this resource will be at depths shallower than 150 metres.

The Exploration Target is conceptual in nature and takes no account of geological complexity, possible mining method or metallurgical recovery factors. The Exploration Target was estimated to enable an early assessment of the discovery's potential to add to Edikan's mine life

The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code and NI 43-101.

The Exploration Target is defined by:

• A wireframe of the host granite body used to limit the extent of interpreted mineralisation volume.
• Drill sample intervals composited to uniform 2 metre down-hole lengths with composite gold grades capped at 10g/t.
• Gold grades estimated by inverse distance squared weightings (IDW) into parent blocks with dimensions 20 metres east x 20 metres north x 10 metres elevation using a 50 metres east x 100 metres north x 100 metre elevation search ellipsoid with a minimum of four samples required to make an estimate.
• Estimates informed only by samples within the granite.
• Parent blocks sub-blocked against the granite wireframe and interpreted weathering surfaces using a minimum 5 metres east x 5 metres north x 2.5 metres elevation sub-block to reliably estimate the mineralisation volume.
• Densities for weathered, transition and fresh rock assumed to be 1.8, 2.1 and 2.7 tonnes per cubic metre.
• Sub-blocks grading greater than 0.4g/t gold and to a maximum vertical depth of approximately 170 metres.

NEXT STEPS

• Drilling now underway at Nkosuo will focus on extending 80 x 80 metres coverage to the southern limits of the granite, completing the 40 x 40 metres infill coverage and commencing systematic infill to 40 x 20 metres to support a Mineral Resource estimate to be undertaken in the June 2022 quarter.
• Metallurgical testwork has commenced and Perseus will complete geotechnical drilling to evaluate Ore Reserve potential early in the September Quarter of 2022.
• In anticipation that this work will lead to a positive outcome, the Company is in the process of exercising its option over the Agyakusu permit and has completed some baseline studies to meet the requirements of the ESIA process.
• Exploration more broadly at Edikan will investigate high-order prospects on the adjacent Agyakusu DML and Domenase permits where soil geochemical sampling has identified strong gold-in-soil anomalies associated with mineralised granites.

This announcement has been approved for release by Perseus's Managing Director and Chief Executive Officer, Jeff Quartermaine.

COMPETENT PERSON STATEMENT:

The information in this report and the attachments that relate to exploration drilling results and the Nkosuo Exploration Target on the Agyakusu permit is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

CAUTION REGARDING FORWARD LOOKING INFORMATION:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaour? Gold Mine, Edikan Gold Mine and Sissingu? Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

APPENDIX 1 - FIGURES

Figure 1.1: Edikan Gold Project - Regional Geology, Tenements and Prospects is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b4ae3bf-5b48-4a13-ae43-39047a11f09f

Figure 1.2: Nkosuo Prospect - Drilling and Selected Results. Locations of Sections 1-3 shown is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/29afe602-c3e7-4e70-ba66-e246fc22d986

Figure 1.3: Nkosuo Prospect - Drill Section 1 - 20,160N Local Grid is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5fec9b50-112e-45ce-a598-a433aeb30b77

Figure 1.4: Nkosuo Prospect - Drill Section 2 - 20,080N Local Grid is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/008f9489-b48b-4684-b2c1-bd9822cae4e2

Figure 1.5: Nkosuo Prospect - Drill Section 3 - 19,920N Local Grid is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f954de10-4e10-4319-9afb-cc04ed4f0463

APPENDIX 2 - SIGNIFICANT INTERCEPTS

Table 2.1: Nkosuo drill holes and significant assays

^# Partial assays received RC portion only.

* RC chips ended in mineralisation; partial assays received for RC portion only.

APPENDIX 3: JORC TABLE 1 - NKOSUO PROPERTY

JORC 2012 Table 1 - Section 1 sampling techniques and data

(Criteria in this section apply to all succeeding sections)