Exploration Results Meyas Sand Gold Project - Sudan

Perth, May 27, 2024 - EXPLORATION UPDATE FOR MEYAS SAND GOLD PROJECT - SUDAN

Perth, Western Australia/ May 27, 2024/Perseus Mining Ltd. (ASX/TSX: PRU) is pleased to provide an update on exploration activities and studies completed to date at its Meyas Sands Gold Project (MSGP) in Sudan.

The full release with drill results tables and figures is available on www.perseusmining.com, www.asx.com.au and www.sedarplus.ca.

Since acquiring the MSGP in May 2022, Perseus has focussed on the development of the Galat Sufur South (GSS) deposit, and when possible, has conducted infill resource definition drilling, sterilisation trenching and drilling, a passive seismic survey, hydrogeological, metallurgical, and geotechnical work in preparation for the inclusion of data in a Front-End Engineering and Design (FEED) Study and a Final Investment Decision (FID) for the project.

With the outbreak of hostilities in Sudan in April 2023, exploration activities on the MSGP site were temporarily suspended but recently, Perseus's personnel have re-established facilities to support on-site exploration activities and in-house security teams at the MSGP camp.

With this restoration work well advanced, Perseus is pleased to announce that drilling at the MSGP recommenced on 20 May 2024. This initial drill program is aimed at testing high priority exploration targets in the vicinity of the GSS deposit to follow up the drilling results that have been received to date. These results have confirmed the grade and tenor of the GSS deposit, and while incomplete, are considered very encouraging. More significant results include:

Perseus's Chairman and CEO Jeff Quartermaine said:

"When Perseus acquired the Meyas Sand Gold Project in 2022 through the acquisition of Orca Gold Inc., we were very excited by the prospects of developing a large scale, low cost, long life gold mine in northern Sudan that would add a further high quality mine to Perseus's multi mine, multi-jurisdiction asset portfolio.

The outbreak of hostilities in the south and west of Sudan in 2023 represented a serious setback for Perseus's ambitions for MSGP, but the recent recommencement of drilling activities is considered a positive step forward that hopefully will lead to the development of MSGP when peace is finally restored throughout the country.

The confirmatory drilling results that have been achieved by our team to date at MSGP are very encouraging and we are now looking forward to returning further strong results that will lead to the conversion of the published Foreign Reserve Estimate for MSGP into an updated Ore Reserve reported in accordance with JORC 2012 on which a FEED study can be confidently based."

Plate 1: Reverse circulation drilling Kwandagawi Prospect located some 4km north west of GSS Main deposit.

NEXT STEPS AT GSS

It is intended that as soon as practical, Perseus will convert the published Foreign Reserve Estimate for the Meyas Sand Project, into an Ore Reserve prepared in accordance with the requirements of JORC 2012. Exploration drilling will be also conducted on the broader Block B exploration license.

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

Competent Person Statement:

The information in this report and the attachments that relate to exploration drilling results at the Meyas Sand Gold Project is based on, and fairly represents, information and supporting documentation prepared by Mr Glen Edwards, a Competent Person who is a Chartered Professional Geologist. Mr Edwards is the General Manager of Exploration of the Company. Mr Edwards 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"). Mr Edwards 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, the Edikan Gold Mine and the 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

• 20240527 TSX Release_Sudan Update_Final