PERSEUS MINING LIMITED — AGM Information 2012

Nov 22, 2012

www.perseusmining.comASX/TSX: PRU

Annual General Meeting November 2012

Mark Calderwood

CEO

Competent Person's Statement

Information in this presentation that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Chartered Professional Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-time employee of the Company. Mr Calderwood has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.

Forward-Looking Statements

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 Edikan Gold Mine without any major disruption, development of a mine at Tengrela, 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.

Perseus the Company

Track Record;

• Exploration 16 Years in West Africa discovered 9Moz
• Development Edikan built on time and on budget
• Production Over the last 18 months evolved into a miner and producer

Large, low risk (open pit and free milling) High margin projects 2nd mine Sissinguè Gold Project in pre-construction Well funded

Directors

Reg Gillard - Non Exec. Chairman, 2003 Mark Calderwood – MD/CEO, 2004 Colin Carson - Exec. Director, 2003 Rhett Brans - Exec. Director, 2004 (exc. 2008) Neil Fearis - Non Exec. Director, 2004 Sean Harvey - Non Exec. Director, 2009 Mike Bohm - Non Exec. Director, 2009

Senior Executives Jeff Quartermaine - CFO, 2010 Kevin Thomson - Exploration Manager, 2007 Jon Yelland - Chief Operating Officer, Oct. 2011 Wayne Nicoletto - General Manager Edikan, Nov. 2011 Mark Sinton - General Manager Sissinguè July 2012

Perseus the Company - Philosophy

Targeting low total cost* (<\$1,000) and high IRR (+30%) projects to maximise return

Continuous optimisation of existing projects

Reduce risk - experienced team, focus, steady growth, low gearing

Corporate responsibility, building a long term presence in West Africa

Total Cost* defined as exploration-acquisition, all capital, operating costs, G&A and royalties.

Key Achievements Last 12 Months

• Declared commercial production 1/1/12
• Maiden profit of A\$52M 30/6/12
• First +50Koz quarter June 2012
• Paid out project finance November 2012
• Government approvals Sissingué

Key Operating Statistics for 12 Months to Sep 30 2012

Quarter		Dec 11	Mar 12	June 12	Sept 12
Mining	(Mbcm)	3.68	4.76	3.66	4.12
Ore Mined	(Mt)	1.8	2.2	2.1	2.0
Ore Processed	(Mt)	1.09	1.03	1.15	1.28
Gold produced	(oz)	35,801	38,796	52,670	52,610
GCC	(US\$/oz)	N/A	\$975	\$716	\$817
ACC+R	(US\$/oz)	N/A	\$830	\$782	\$569
Revenue	(A\$M)	7.5	61.0	84.6	75.2
EBITDA	(A\$M)	4.1	26.1	33.6	37.3
NPAT	(A\$M)	12.9	19.7	19.1	17.4

Notes:

GCC = gross cash operating cost divided by ounces of gold produced, excluding royalties ACC+R = adjusted cash cost (i.e. GCC less capitalised mining costs) plus royalties

Financial Position as at Nov 20, 2012

Total available cash	US\$45M
Bullion on hand	14,000ozs
Total borrowings	Nil
Available credit line	US\$100M
Hedging commitments*	230koz

*Hedged gold deliverable in quarterly instalments till December 2015 at an average price of \$1,365/oz, representing 6% of Mineral Reserves.

Mineral Resources & Reserves (Gold)

7.0Moz (87% in Ghana) in M&I Resources (197Mt at 1.1g/t) Including

4.0Moz (84% in Ghana) in Reserves (104Mt at 1.2g/t) ...................................................

Additional

2.2Moz (88% in Ghana) in Inferred Resources (74Mt at 0.9g/t)

Updates Côte d'Ivoire - Q1, 2013 Ghana - Q2, 2013

Rounding applied, see pages 22,23 for details

Projects

Ashanti Belt

650 sq km total

In the rich Ashanti gold belt

Edikan, Grumesa

Meas. & Ind. 6.1Moz -182Mt

Inf. 2.0Moz - 67Mt

Significant exploration upside years of drilling ahead

The Edikan Gold Mine ("EGM")

Edikan Gold Mine - Quality Project

Large deposits - 80m wide ore bodies bulk mineable

Open pit operations (W:O 3.4:1 )

Large mill, ramping up to 8mtpa

Low cost, low consumer of power, cyanide, grinding, media

Favourable recovery at coarse grind, currently 85%-90%, increasing to 92% as oxides reduce

Resources, M&I 5.6Moz, Inf. 1.7Moz, strong exploration upside, currently drilling greenfield targets

Current P&P Reserves 3.4Moz mine life 12 years working on increases through additional pits and mining improvements

Edikan Gold Mine - Guidance

	Dec Qtr 12	Jan - Jun 13	FY 2012/13
Throughput (dry Mt)	1,700,000	3,600,000	6,600,000
Head grade	1.43g/t	1.24g/t	1.3g/t
Gold recovered (oz)	65,000-70,000	127,000 - 143,000	245,000 - 265,000
Adjusted C1 cash cost (US\$/oz)	\$575	\$625	\$600
Overheads Processing 30% Costs	12% Mining 58%	Unit cost targets Mining \$2.95/t Milling \$8.30/t G&A^ \$5M	waste & ore of ore milled per quarter

^ includes: Admin., OH&S, Environ., Community, Finance & Security

Edikan Gold Mine Simplified Flow Sheet

Edikan Gold Mine - Mill Performance

Month	Days of	mill throughput	exceeding:	Gold Produced
	days lost2 19kt/d 20kt/d		kt/d avg.3	average oz/day4	days +700oz5
April	1	0	1	14.0	626	13
May	1	0	1	14.4	601	11
June	0	0	3	11.5	505	4
July	2	1	6	15.8	650	9
August	7	2	0	15.7	628	13
September	7	1	5	16.0	688	17
October	23	14	0	18.2	726	22
November6	4	3	5	14.6	6007	7 7

Notes:

1) kt/d denotes thousand dry tonnes per day

2) days below 10% mill utilisation

3) average daily throughput excluding days below 10% mill utilisation

4) average ounces produced for days in excess of 10% mill utilisation

5) days in which more than 700 ounces of gold recovered

6) To 21 November 2012

7) To 20 November 2012

October a record at 22,502 ounces, at about budget and 4% above guidance Only 25% of planned throughput from 8 to 17 November due to crusher issues This has resulted in a current shortfall to guidance, all efforts will be made to recover the shortfall

Corporate Responsibility

Environment OH&S Host Communities Employee training & benefits

Perseus Licences - Côte d'Ivoire

~3000 sq km Under explored

Sissingué

Resource: 0.93Moz M&I, 0.26Moz Inf.

Reserve: 0.66Moz

Tengrela

Significant intercepts on multiple prospects - mostly small satellites

Mbengue,

Drilling assays pending

Napiè

Drilling assays pending

Sissingué Gold Project Status

Permitting Completed

• Environmental and Social Impact Assessment approved by Ivorian National Environmental Agency (ANDE)
• Exploitation Permit granted August 2012

Detailed design/tenders

• Detailed design approximately 98% complete
• All key equipment selected and priced
• Fabrication tender process well advanced, tenders received
• Early works contractors identified ready to start
• SAG mill contract nearly complete, shells, heads and motors in country

Sissingué Gold Project

Capital budget US\$115M (Nov 2010 estimate)

• Tendered equipment prices in line with expectations
• Optional additional US\$33M for HV power line to connect the mine to national power grid
• Project Expenditure to Date totals US\$11.9 million
• Early works halted awaiting directive from Board
• Capital budget and operating cost review in progress
• Project awaiting Board decision to proceed, expected in after satisfactory clarifications to "Extra Profits" Tax
• Mining Contractor selection process commenced
• 12-month build from hand-over of site to EPCM contractor

Perseus The Future

Ramp up Edikan Gold Mine - Increase throughput beyond name plate and continue to grow reserves

Develop and grow Sissingué - Bring mine into production in Q1 2014 could add 170koz to production profile and reduce overall cash cost, will step up exploration and resource/reserve drilling on Sissingué and satellite prospects, waiting on Clarification of tax then Board sign off.

Exploration experience for reserve growth - Strong exploration team and rigs on the ground to test 3,500 sq km tenement package

Focus on large, low-risk, high-margin projects - Preference for medium to large, open pit, free milling projects in West Africa

Continue to develop new mines from cash flow - Will be ready for third project to commence construction in 2015, can be funded from cash flow and at the same time not preclude the Company from paying dividends

Mineral Resources

Mineral Resources (Gold)

Including Reserves

	Measured		Indicated			Inferred
Deposit (cut-off g/t Au)	Tonnes (million)	g/t Au	oz. Au	Tonnes (million)	g/t Au	oz. Au	Tonnes (million)	g/t Au	oz. Au
			(,000)			(,000)			(,000)
Edikan Gold Mine >0.8g/t	49.5	1.5	2,367	38.2	1.3	1,814	24.9	1.4	1,111
Edikan Gold Mine 0.4g/t - 0.8g/t	34.2	0.7	718	35.7	0.6	706	25.7	0.7	602
Grumesa >0.4				25.1	0.6	471	16.4	0.5	247
Tengrela >1.0g/t	0.9	3.2	90	9.1	2.5	706	3.3	1.7	171
Tengrela 0.5-1.0g/t	0.04	0.8	1	5.5	0.8	134	3.6	0.7	86
Totals >0.8g/t (1.0g/t Tengrela)	50.4	1.5	2,457	47.3	1.5	2,520	28.2	1.4	1,282
Totals >0.4g/t (0.5g/t Tengrela)	84.6	1.2	3,176	112.4	1.0	3,831	73.9	0.9	2,217

Notes:

•The company holds 90% of Edikan, 90% of Grumesa and 85% of Tengrela after allowing for Government equity at mining stage. •Resources do not allow for mining deletion

Mineral Reserves

Mineral Reserves (Gold)

Deposit	Proven			Probable			Total
	Tonnes (million)	g/t Au	Ounces Au (,000)	Tonnes (million)	g/t Au	Ounces Au (,000)	Tonnes (million)	g/t Au	Ounces Au (,000)
Edikan >0.4g/t	64.6	1.2	2,417	29.2	1.0	961	93.8	1.1	3,378
Tengrela >0.55g/t				9.7	2.1	657	9.7	2.1	657
Total	64.6	1.2	2,417	38.9	1.3	1,618	103.5	1.2	4,035

Notes

•As at July 2012;

•Edikan >0.4g/t Au cut-off for Abnabna-Fobinso, >0.5g/t Au cut-off for all other deposits.

•Mineral Reserves shown before mining depletion