PERSEUS MINING LIMITED — Annual Report 2012

Aug 28, 2012

Targeting +400,000oz Gold Production From 2014

Mark Calderwood CEO August 2012

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

Statements in this presentation regarding the Company's plans with respect to its mineral properties are or may be forward-looking statements. There can be no assurance that the plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that the Company will be able to convert Inferred resources to Indicated resources or Indicated resources to Measured resources, that any mineralisation will prove to be economic, or that a mine will successfully be developed on any of the Company's mineral properties.

Perseus the Company

Track Record;

• Exploration 16 Years in West Africa discovered 9Moz
• Development Edikan Gold Mine built on time & on budget $\bullet$
• Production Evolved into a miner and producer in past 18 months

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* (\$900) 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.

Capital Structure / Financials

Capital Structure

Shares on Issue	458M
Unlisted Options (avg. A\$2.96)	3.9M

June 30 2012 Financials

FY2012 Profit (after tax)	US\$54.2M
Cash (30 June '12) +Bullion (30 June '12)	US\$107M 7,004oz
Total Borrowings	US\$63M

As at June 30 2012, hedging 190koz over 3 years at avg. \$1,256/oz, represents 5% of reserves

90-day share turnover (avg.) ASX: 2.08M TSX: 0.57M

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

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

Updates Côte d'Ivoire $-$ Q2, 2012 Ghana - Q2, 2013

Rounding applied, see pages 23,24 for details

Projects

Ashanti Belt

650 sq km total holding in rich
Ashanti gold belt

Edikan Gold Mine, 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 out 12 years working on increases through additional pits and mining improvements

EGM - June Quarter Operating Highlights

• Mining
• 3.7Mbcm of ore and waste mined
• 2.1Mt of ore at $1.2g/t$ Au (down 6%) ù.
• Ore stockpile increased to 3.6Mt at 0.8g/t containing 90Koz of gold $\blacksquare$
• Mining cost average US\$2.70/t of material m.
• Processing $\mathbf{u}$
• 1.15Mt treated (up 12 %) ×
• 52,670oz produced (up 36%) ×,
• Recovery 87.4% (up 4.4%) a.
• Processing cost US\$9.30/t $\blacksquare$
• Financial
• Cash cost US\$723 for the Quarter (down 31%) ċ
• Overheads US\$1.4M per month m.
• Royalties US\$5.6M Ĥ.
• Capital Expenditure US\$11.4M incl. US\$5.8M on tailings dam a.

Edikan Gold Mine - Guidance

	Sep Qtr 12	Dec Qtr 12	Jan - Jun 13
Throughput (dry Mt)	1,450,000	1,700,000	3,600,000
Head grade	1.43g/t 1.39g/t		1.24g/t
Gold recovered (oz)	55,000-60,000	65,000 - 70,000	125,000 - 135,000
Adjusted C1 cash cost (US 5 /oz)	\$575	\$575	\$625
Overheads 12% Processing 30% Costs	Mining 58%	Approximate unit costs Mining \$2.95/t waste & ore Milling \$8.30/t of ore milled G&A^ \$5M per quarter

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

Edikan Gold Mine Simplified Flow Sheet

Corporate Responsibility

Environment OH&S Host Communities Employee training & benefits

Perseus the Explorer

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

Mbengue, Napiè

Preparing to drill

Underexplored Excellent upside potential

Sissingué Gold Project Status

Permitting Completed

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

Detailed design/tenders

• Detailed design approximately 90% complete $\bullet$
• All key equipment selected and priced $\bullet$
• Fabrication tender process underway $\bullet$
• Early works tendering complete $\bullet$
• SAG mill awarded in Dec. 2011, 60% complete, delivery Dec. 2012

Sissingué Processing Plant

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\$9.2 million $\bullet$
• Preparation underway for early works $\bullet$
• Budget and operating update in progress (marginal changes expected) $\bullet$
• Expenditure expected to accelerate subject to formal Board decision to proceed in September 2012.

Sissingué Feasibility

Reserve 657koz at US\$950 gold price	Target 340koz in first 2 years 3.5Mt at 3.5g/t Au	Cash Cost* (C1) US\$421/oz in first two years
First 6 months 700kt at 2.0g/t commissioning	Next 12 months 1,760kt at 4.5g/t Au	Next 30 months 2.0g/t
	Additional reserves over the next 2 years
Based on Q3 2010 operating cost estimate

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 2013, currently stepping up exploration and resource/reserve drilling on Sissingué and satellite prospects

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 -

Will be ready for third project to commence construction in 2014

Mineral Resources

Mineral Resources (Gold)

Including Reserves

		Measured	Indicated				Inferred
Deposit (cut-off g/t Au)	Tonnes (million)	g/t Au	OZ. Au (0.000)	Tonnes (million)	g/t Au	OZ. Au (0.000)	Tonnes (million)	g/t Au	OZ. Au (0.000)
Edikan Gold Mine >0.8g/t	49.5	1.5	2,378	38.2	1.3	1,813	24.9	1.4	1,111
Edikan Gold Mine $0.4g/t - 0.8g/t$	34.2	0.7	718	34.5	0.6	706	25.7	0.7	602
Grumesa >0.4				25.1	0.6	471	16.4	0.5	247
Tengrela $>1.0$ g/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	$\mathbf{1}$	5.5	0.8	134	3.6	0.7	86
Totals $>0.8g/t$ (1.0g/t Tengrela)	50.4	1.5	2,468	47.3	1.5	2,309	28.2	1.4	1,282
Totals $>0.4g/t$ (0.5g/t Tengrela)	84.6	1.2	3,187	112.4	1.0	3,830	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	Tonnes (million)	Proven g/t Au	Ounces Au (,000)	Tonnes (million)	Probable g/t Au	Ounces Au (0.000)	Tonnes (million)	Total 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 December 2010;

•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

EGM Section - High-grade & Low-grade zones

Sissingué Section

Cluster Target Analysis - Eastern Group, Edikan