Successful Exploration at Perseus Mining's Ivorian Gold Mines

At the Yaouré Gold Mine, exploration drilling continues to demonstrate the down dip potential of the CMA underground Mineral Resource; and adds further confidence in opportunities to expand the Yaouré open pit Mineral Resource. While targeting the continuation of the CMA structure at depth, drilling has located previously unidentified shallow mineralisation located immediately east of the CMA pit. This mineralisation has been termed the Zain 1 Prospect.

At the Sissingué Gold Mine and Fimbiasso Satellite Pits, ongoing exploration continues to identify extensions to existing mineral deposits and other prospects that have significant potential to extend the life of the Sissingué operation.

Highlights are included below and readers are referred to the full release with detailed results available on www.perseusmining.com, www.asx.com.au and www.sedarplus.ca.

HIGHLIGHTS

YAOURÉ - CMA UNDERGROUND NORTH EXTENSION - The objective of this program is to infill the existing drilling to a nominal drill pattern of 25 m × 25 m to target an upgrade of the Mineral Resource to higher confidence categories. A secondary objective is to complete step out drilling to the north to test for extensions to the CMA mineralisation. While the program is ongoing, results to date include:

• YDD0594: 12m @ 4.58 g/t gold from 325m and 3m @ 6.27 g/t gold from 349m
• YDD0608: 14.25m @ 3.95 g/t gold from 566.75m
• YRC2359D: 10.4m @ 4.35 g/t gold from 362.6m
• YRC2360D: 13.6m @ 4.67 g/t gold from 431.4m
• YRC2361D: 17m @ 3.21 g/t gold from 446m
• YRC2362D: 12.1m @ 24.50 g/t gold from 480.9m, including 1m @ 255.1 g/t gold from 487m

YAOURÉ OPEN PIT - The program is designed to improve confidence in the Mineral Resource and to test for extensions along strike and down dip. The program is ongoing with assays to date including:

• YDD0604: 16m @ 2.08 g/t gold from 171m
• YRC2367D: 18m @ 2.57 g/t gold from 109m, including 2m @ 9.54 g/t gold from 124m
• YRC2379D: 4.95m @ 6.17 g/t gold from 111.8m, and 12m @ 1.08 g/t gold from 119m, and 18.2m @ 3.32 g/t gold from 134m
• YRC2380D: 12m @ 1.98 g/t gold from 159m, and 29m @ 2.47 g/t gold from 174m
• YRC2382D: 4m @ 753.46 g/t gold from 130m including 1m @ 3,008.89 g/t gold from 133m, and 15m @ 1.28 g/t gold from 137m
• YRC2383D: 16m @ 1.58 g/t gold from 229m

YAOURÉ - ZAIN 1 - The program is ongoing and is designed to assess near-surface mineralisation identified during the CMA underground north extension drilling. Assay results have returned significant gold intercepts including:

• YRC2390: 13m @ 1.52 g/t gold from 10m
• YRC2396: 14m @ 2.27 g/t gold from 65m and 5m @ 1.17 g/t gold from 90m
• YRC2397: 21m @ 1.13 g/t gold from 49m
• YRC2403: 5m @ 3.56 g/t gold from 24m and 3m @ 2.65 g/t gold from 57m
• YRC2409: 18m @ 1.91 g/t gold from surface
• YRC2411: 7m @ 3.56 g/t gold from 3m

SISSINGUE - FIMBIASSO WEST - A review of the mineralisation at Fimbiasso has identified potential to increase the Mineral Resource. A three-phase drilling program was designed to infill and extend the mineralisation and is currently underway. Results to date are encouraging with the primary mineralised zone intersected down dip and along strike. Significant results include:

• FMRC0040: 6m @ 3.78 g/t gold from 118m
• FMRC0047: 9m @ 2.10 g/t gold from 109m
• FMRC0061: 5m @ 9.69 g/t gold from 0m
• FMRC0063: 9m @ 3.95 g/t gold from 40m
• FMRC0064: 11m @ 5.47 g/t gold from 2m
• FMRC0071: 6m @ 5.62 g/t gold from 46m
• FMRC0072: 11m @ 3.97 g/t gold from 28m
• FMRC0088B: 5m @ 3.85 g/t gold from 156m
• FMRC0089: 12m @ 2.62 g/t gold from 143m
• FMRC0090: 13m @ 2.66 g/t gold from 142m
• FMRC0094: 15m @ 2.38 g/t gold from 130m
• FMRC0096: 4m @ 4.48 g/t gold from 115m
• FMRC0098: 18m @ 4.05 g/t gold from 132m
  
  

SISSINGUÉ - AIRPORT WEST - RC drilling was conducted at Airport West and Binkadi to follow up on previous drill results. Some 3,890m were drilled in 46 RC holes. More significant assays results include:

• SRC1405: 3m @ 6.51 g/t gold from 38m and 28m @ 1.62 g/t gold from 66m
• SRC1407: 12m @ 1.77 g/t gold from 63m
• SRC1411: 11m @ 1.83 g/t gold from 35m
• SRC1412: 8m @ 13.71 g/t gold from 20m
• SRC1413: 2m @ 23.38 g/t gold from 49m and 13m @ 3.83 g/t gold from 52m
• SRC1434: 7m @ 3.19 g/t gold from 41m
• SRC1442: 5m @ 3.87 g/t gold from 7m and 5m @ 5.85 g/t gold from 39m
• SRC1445: 5m @ 3.26 g/t gold from 12m

Perseus's Chairman and CEO, Jeff Quartermaine, said:

"Perseus considers that organic growth through successful exploration, is the most cost-effective way to grow our business and to create value for stakeholders. To deliver this outcome, Perseus has been funding active exploration programs at all three of its operating sites including the Yaouré and Sissingué gold mines in Côte d'Ivoire and the Edikan gold mine in Ghana.

The encouraging drilling results reported today from our latest exploration campaigns conducted in and around the Yaouré and Sissingué gold mines, provide clear evidence that we are well on track to not only improve the quality of our existing asset base by extending the lives of each of these mines, but also maintaining Perseus's targeted levels of combined gold production of more than 500,000 ounces of gold per year to the end of the current decade and beyond."

Competent Person Statement:

The information in this report and the attachments that relate to exploration drilling results is based on, and fairly represents, information and supporting documentation prepared by Mr Daniel Saunders, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Saunders is the Group Resource Geologist of the Company. Mr Saunders 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' ("JORC Code 2012") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Saunders 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 Yaouré Gold Mine, Edikan Gold Mine and Sissingué 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.

Attachment

• 20240222 TSX_Exploration Update Central and Northern CDI