Perseus Mining Updates Mineral Resources and Ore Reserves

Perth, Aug. 24, 2023 - PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES

EXECUTIVE SUMMARY

Perth, Western Australia/August 24, 2023/Perseus Mining Ltd. (ASX/TSX: PRU) wishes to update the estimates of the Mineral Resources and Ore Reserves at each of its West African operations as summarised below.

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.

Attachment

• 230824 TSX Annual Resources and Reserves Statement