PERSEUS MINING LIMITED — Annual Report 2020

Aug 9, 2020

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WEST AFRICAN GOLD PRODUCER, DEVELOPER AND EXPLORER

CAUTIONARY STATEMENTS

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 Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, as a result of COVID-19 or otherwise, development of a mine at Yaouré, 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.

Competent Person Statement:

All production targets in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. All production targets for the Edikan and Sissingué Gold Mines and the Yaouré Gold Project referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to Mineral Resources and Ore Reserves for the Esuajah North deposit at the Edikan Gold Mine was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 28 August 2019. The information in this report that relates to the Mineral Resources for the Edikan deposits (other than the Fetish, AFG, Bokitsi South, Esuajah North and Esuajah South deposits) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 August 2018.

The information in this report that relates to Ore Reserves for the Edikan deposits (other than the Fetish, AFG, Bokitsi South, Esuajah North and Esuajah South deposits) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The above-mentioned deposits have been updated for mining depletion as at 31 December 2019 in a market announcement “Perseus Mining Updates Edikan Gold Mine’s Mineral Resource & Ore Reserves” released on 20 February 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and Esuajah South underground and to the Ore Reserve estimates for the Fetish and AFG deposits at the Edikan Gold Mine was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement “Perseus Mining Updates Edikan Gold Mine’s Mineral Resource & Ore Reserves” released on 20 February 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply.

The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 October 2018 and includes an update for depletion as at 30 June 2019 in a market announcement released on 28 August 2019. In respect of the Fimbiasso East and West deposits, previously Bélé East and West respectively, the Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in market announcements dated 20 February 2017 and 31 March 2017 respectively continue to apply with the exception that the reported resources are now constrained to a US$1,800/oz pit shell as advised in a market announcement dated 29 August 2018. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply. The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply. The information in this report that relates to exploration drilling results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in market announcements released on 15 August 2018 and 20 November 2018 and in the quarterly activity reports released on 22 January 2019, 16 April 2019, 18 July 2019, 21 October 2019, 16 January 2020 and 21 July 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases.

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EXECUTIVE SUMMARY

01

OVERVIEW

COVID-19 UPDATE 02

OPERATING & FINANCIAL PERFORMANCE

03

04

GROWTH STRATEGY

A COMPELLING INVESTMENT OPPORTUNITY

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West African multi-mine gold producer, developer
& explorer, active in multiple jurisdictions
Consistent gold producer increasing to production
~500,000oz pa by FY 2022
Balance sheet capacity and strong cash flows to
fund our growth & a future dividend stream
Strong social licence to operate based on sound
ESG practices
Experienced board & management team with
history of delivery on promises
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4

CAPITAL STRUCTURE

Shareholder base as at 30 June 2020

	AUD		USD
ASX Share price per share1	1.50		1.07
Shares outstanding		1,174 m
Performance Rights		27.8 m
Market capitalisation	1,761 m		1,250 m
**Less: Cash and Bullion2 **	238 m		164 m
Plus: Debt3	211 m		150 m
Enterprise value	1,734 m		1,236 m

Notes :

1. ASX:PRU share price as at 22 July 2020 and converted to AUD at a A$:US$ exchange rate of 0.71

2. Cash and bullion balance at 30 June 2020 includes available cash at bank of US$150.3m and bullion of 7,522oz valued at US$1,768 per ounce (US$13.3m) and converted to AUD at a A$:US$ exchange rate of 0.6891.

3. Balance at 30 June 2020 includes US$150m of debt drawn under Perseus’s corporate facility converted to AUD at a A$:US$ exchange rate of 0.71.

5

COVID-19 UPDATE

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No COVID cases at either of
Perseus’s mine sites and no known
cases in surrounding communities.
Three cases of COVID have occurred
at Yaouré, but outbreak has been
successfully contained.
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No material impact to date
on operations. Yaouré
development remains on
track for first gold by the end
of 2020.
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“Island Mode” successfully
adopted at Edikan and
Sissingué operations to
ensure business continuity.
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Strict protocols
implemented at Yaouré,
including mandatory
quarantining of all
contractors and out of area
employees.
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PERSEUS’S OPERATING PERFORMANCE & FINANCIAL RESOURCES

FY2020 OPERATING PERFORMANCE

• Group gold production of 257,639 ounces at AISC US$972 per ounce, including:

• Edikan gold production of 171,638 ounces at AISC US$1,082 per ounce

• Sissingué gold production of 86,001 ounces at AISC US$753 per ounce

• Group gold sales totalled 272,778 ounces at a weighted average sale price of US$1,457 per ounce resulting in a cash margin of US$485 per ounce

• US$125 million of notional cashflow from operations, 55% increase year-on-year

• Strong financial position at 30 June 2020. Cash and bullion US$164 million, US$150 million corporate debt drawn and net cash of US$14 million, despite spending US$145m on the Yaouré development during the period

ASX:PRU Share Price Chart A$ 122% increase from June 2019 to June 2020

• Yaouré development 67% complete and remains on schedule and on budget, with first gold expected in December 2020

• Strong management focus on minimising the potential impacts of COVID-19 on our people, communities and operations

• Perseus’s inaugural sustainability report highlights Perseus’s long held vision, values and robust business practices

8

JUNE 2020 QUARTER

• Group gold production of 64,676 ounces at AISC US$935 per ounce, including:

• Edikan gold production of 41,281 ounces at AISC US$1,049 per ounce

• Sissingué gold production of 23,395 ounces at AISC US$734 per ounce

• Gold production increased 12% and AISC decreased 14% from the March Qtr as operational issues during the March Qtr at Edikan have been progressively addressed

• Group gold sales totalled 78,027 ounces at a weighted average sale price of US$1,544 per ounce

• US$40 million of notional cashflow from operations, 66% more than March Quarter

• Yaouré development remains on schedule and on budget

• First COVID-19 cases recorded at Yaouré. Three infected personnel have been treated and 2 have since fully recovered. Infection has been contained with no other cases detected at Yaouré

• December 2020 market guidance of 125,500 to 139,000 ounces of gold at AISC of between US$940 to US$1,025 per ounce, conditional on no interruption to business.

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TARGETING CONSISTENT PERFORMANCE

Implemented revised mining strategy at Edikan

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AISC
Production (oz)
120,000 $1,200
100,000 $1,000
80,000 $800
60,000 $600
40,000 $400
20,000 $200
- $-
Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020
Edikan Sissingué AISC USD/oz (RHS)
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STRONG FINANCIAL POSITION

As at 30 June 2020

USD million

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$350
$300
$250
$200
$150
$100
$50
$0
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20
Cash and Bullion Yaouré payments
Debt Net Cash
Net Cash excl Yaouré payments
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PERSEUS’S GROWTH STRATEGY

OUR CORPORATE OBJECTIVES “ To progressively position our business to sustain gold production of approximately 500,000 ounces per year at a cash margin of not less than US$400 per ounce, from 2022 ”

PRODUCTION GUIDANCE

		June 2020	December 2020	2020
		Half Year (Actual)	Half Year	Calendar Year
Edikan Gold Mine
Gold production	‘000 Ounces	79,300	82,500 - 77,500	162,000 - 157,000
All-In Site Cost (AISC)	US$/ounce	1,141	1,150 - 1,250	1,150 - 1,250
Sissingué Gold Mine
Gold production	‘000 Ounces	43,359	56,500 - 48,000	100,000 - 91,500
All-In Site Cost (AISC)	US$/ounce	756	600 - 700	670 - 725
Perseus Group
Gold production	‘000 Ounces	122,659	139,000 - 125,500	261,500 - 248,000
All-In Site Cost (AISC)	US$/ounce	1,005	940 - 1,025	975 - 1,025

!

13

ATTRACTIVE LONG-TERM GROWTH[1]

Production (koz/pa)	Production (koz/pa)	Production (koz/pa)							AISC (US$/oz)	AISC (US$/oz)
600										$1,200
500										$1,000
400										$800
0 100 200 300										$0 $200 $400 $600
	2020*	2021		2022	2023		2024		2025
	Year Ending 30 June
	Edikan		Sissingué		Yaouré			AISC USD/oz (RHS)

Note: 1. Refer to Slide 2 – Caution regarding forward looking statements * Actual production

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GROWTH DERIVED
FROM EXISTING
ASSET BASE
ORGANIC GROWTH
INITIATIVES TO EXTEND
PRODUCTION PROFILE
SUCCESSFUL
EXECUTION KEY
TO DELIVERY
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PERSEUS’S PHYSICAL ASSETS

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PRODUCING ASSETS
SISSINGUÉ GOLD MINE
(3+ YEARS)
3+
EXORE TO ADD GROWTH
7+ EDIKAN GOLD MINE
(7+ YEARS)
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TWO PRODUCING GOLD MINES

Sissingué (86%)[1] - Côte d’Ivoire West Africa M&I Mineral Resource: 0.5Moz Ore Reserve: 0.3Moz Africa Edikan (90%)[2 _ ] Ghana M&I Mineral Resource: 2.7Moz Ore Reserve: 1.6Moz

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Notes :

• 1 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019

• 2 Edikan Ore Reserves and Mineral Resources on 100% basis, as at 31 December 2019

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THIRD MINE IN DEVELOPMENT - YAOURÉ

West Africa

Africa Yaouré (90%)[1, 2 ] - Côte d’Ivoire M&I Open Pit Mineral Resource: 2.1Moz Ore Reserve: 1.6Moz Inferred Underground Resource: 0.6Moz

Notes :

• 1 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019

• 2 Yaouré Underground Resource figures stated on 100% basis, as at 5 November 2018

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DEVELOPMENT ON
TRACK FOR FIRST GOLD
DECEMBER 2020
YAOURÉ OPEN PIT
8+
(8.5+ YEARS)
YAOURÉ UNDERGROUND
DEVELOPMENT PROJECT
(ADDITIONAL MINE LIFE?)
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EDIKAN GOLD MINE

PERSEUS’S FIRST OPERATING MINE

• Large scale, multi open-pit mining operation

• Produced more than 1.65 Moz gold to date

• 2.7 Moz M&I Mineral Resources incl. 1.6 Moz of P&P Ore Reserves[1]

• Updated LOMP delivering lower AISC and improved cash flow

• Mine life of 7+ years with strong potential to extend

• New Exploration opportunity at Breman, 8km from the Edikan mill

• Consolidating prospective near mine land position

Note : 1. Ore Reserve and Mineral Resource figures stated on 100% basis, as at 31 December 2019

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SISSINGUÉ GOLD MINE

PERSEUS’S NEWEST MINE

• Higher-grade, low-cost, multi open-pit mining operation

• Successful development and ramp up in production in Q1 2018

• Exceptional performance from plant in terms of runtime, throughput rates and recovery

• Produced 201 kozs gold

• 100% of the US$106M capital cost repaid in 26 months after first gold

• 0.5Moz M&I Minerals Resources incl. 0.3Moz of P&P Ore Reserves[1]

• Exploration drilling to identify additional mine life extensions

• Completion of Exore Resources acquisition to provide access to near mine JORC

Resource and 2,000 square km of prospective exploration ground

Note : 1. Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019

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YAOURÉ GOLD PROJECT

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Technically robust - 3.3Mtpa plant
with average annual gold production
of 215,000 ounces at an AISC of
US$734/oz for first 5 years
-
Excellent location Close to existing
infrastructure (water, hydro power,
roads, port) and skilled labour pool
Fully funded - Capital cost of US$265
million, funded with US$150 million
corporate facility, cash and cash flow
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PERSEUS’S NEXT GOLD MINE

Note : 1. Yaouré Underground Scoping Study released on 5 November 2018

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YAOURÉ DEVELOPMENT ON TIME AND BUDGET as at 30 June 2020

• Full-scale construction commenced in September quarter 2019

• US$265 million capital budget. As at 30 June 2020, US$204 million committed, US$166 million expensed and US$156 million paid

• Construction with 3.0 million LTI free hours worked by early July

• Overall progress 67% with engineering, procurement, off-site fabrication all 100% complete, plant construction 72%, concrete 85%, SAG and ball mill installation scheduled for July

• Tailings Storage Facility 75% complete, bulk earthworks 98% complete with lining activities commenced. Target completion date late Sept Qtr 2020

• Power supply on track for completion in early Dec Qtr 2020

• Perimeter fence complete, water line complete with water intake 88% complete

• Permanent Camp accommodation complete. Capacity for 637 in construction phase and 227 during operations

• EPSA mining fleet being mobilised to site and operational readiness well advanced

• On track for ‘stretch target’ of first gold in December 2020, contracted date January 2021

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TSF embankment
CIL tanks and mill foundations
Accommodation Camp
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EDIKAN EXPLORATION

EXPLORATION PROGRAM

			Northern Zone
Central Zone
Huntado - Mampong

22

EDIKAN EXPLORATION – RESULTS

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Huntado / Mampong South Drilling
Mampong Deposit
M&I&I 6Mt @ 1.0 g/t
MPRC233 for 193kozs
9m@8.0g/t
Rubber Plantation
1m@3.3g/t
2m@3.9g/t
Assays pending
4m@0.5g/t
1m@3.1g/t &
Resistivity coloured
1m 2.9g/t
4m@0.8g/t
MPRC231
9m@21.1g/t
2m@0. 6g/t Incl 3m@63.0g/t
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Note : 1. Mampong Mineral Resource stated on 100% basis, as at 1 March 2016, released 19 April 2016. M+I+I 6Mt @ 1.0g/t for 193koz

EXPLORATION RESULTS

• MPRC231

• MPRC233

• MPRDD027 2m @ 3.9g/t from 8m

• 39m @ 2.5g/t

• 3m @ 7.8g/t

• 6m @ 2.5g/t

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SISSINGUÉ EXPLORATION

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Kakolo
Tiana
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Targeting geochemical and shear related anomalies

Mineralisation is spatially related to shears interpreted from aeromagnetic data.

EXPLORATION PROGRAM

24

SISSINGUÉ EXPLORATION – TIANA RESULTS

Tiana Drilling

EXPLORATION RESULTS

• TNRC0016 6m @ 1.76g/t from 126m • TNRC0018 4m @ 1.92g/t from 140m • TNRC0020 4m @ 3.89g/t from 64m • TNRC0027 12m @ 1.14g/t from 128m • TNRC0028 6m @ 1.05g/t from 56m • TNRC0028 32m @ 208.15g/t from 106m Including 2m @ 3,298 g/t from 112m • TNRC0031 14m @ 1.04g/t from 88m

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YAOURÉ EXPLORATION – NEAR MINE TARGETS

Yaouré – Targets and geochemical anomalies

EXPLORATION PROGRAM

• – –

• • • • • • • •

26

YAOURÉ EXPLORATION – RESULTS

EXPLORATION RESULTS

Sayikro Drilling

• YRC1367 6m @ 1.26g/t from 47m • YRC1368 35m @ 0.79g/t from 55m • YRC1368 19m @ 2.04g/t from 111m • YRC1380 6m @ 1.75g/t from 18m

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Assays
Pending
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• YDD0550 16m @ 1.22g/t from 14m • YDD0550 2m @ 2.54g/t from 35m • YDD0552 14m @ 1.02g/t from 25m • YDD0553 10m @ 1.03g/t from 37m • YDD0553 30m @ 1.60g/t from 63m • YDD0554 5m @ 1.83g/t from 33m • YDD0554 22m @ 1.00g/t from 89m • YDD0555 5m @ 4.86g/t from 45m • YDD0555 8m @ 6.18g/t from 116m • YDD0555 19m @ 2.95g/t from 141m

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YAOURÉ – UNDERGROUND POTENTIAL AT CMA

CMA DEEP DRILLING

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1 km
778,500N
YDD0539
YDD0539 CMA
Yaouré
Pit YDD0541
777,000N Pit
YDD0540
775,500N
YDD0540
220,500E 222,000E
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Notes: .

WWW.PERSEUSMINING.COM 28

Based on 5 November 2018 Underground Mineral Resources estimate, reported at a COG of 2.0g/t gold, 46% overlaps the Open Pit Resources

YAOURÉ EXPLORATION – REGIONAL TARGETS

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EXPLORATION PROGRAM

29

3

4

1

2

5

EXORE ACQUISITION RATIONALE

Exore’s highly prospective ~2,000km[2] land package in northern Côte d’Ivoire is within trucking distance of Perseus’s Sissingué Gold Mine

Exore’s tenements host the recently estimated Bagoé maiden Mineral – Resource potential for development as a standalone operation or transported to Sissingué for processing

Transaction secures 100% ownership of the Bagoé and Liberty Projects for Perseus with the exercise of Exore’s pre-emptive rights over Apollo’s 20% JV interest

Perseus has the financial capacity, technical expertise and in-country experience to advance both the Bagoé and Liberty projects, and comprehensively explore the balance of Exore’s ~2,000km[2] land package

Shareholders of both Perseus and Exore to potentially benefit from the strength of combined entity through a share-based transaction

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OUR CORPORATE MISSION

“to generate material benefits for all of our stakeholders, in fair and equitable proportions.”

PERSEUS’S

• ENVIRONMENT, SOCIAL & GOVERNANCE PRINCIPLES

31

PERSEUS’S APPROACH TO SUSTAINABILITY

SUSTAINABILITY PILLARS

Our Environment

Our Communities

• Energy and emissions

• Maximise local employment

• Water management

• Social and community investment

• Waste and hazardous material management

• Encourage local economic development

• Closure planning

• Fair and equitable engagement and dealings

Our People

Our Business

• •

• Respect and engage stakeholders Live our corporate values

• •

• Organisational governance and ethical Ensure health, safety and security business practices

• Fair and equitable treatment and promote diversity

• Risk management

To be a sustainable business we have a responsibility to share the benefits we generate with all stakeholders. We will achieve this through strong economic performance, developing our people, enhancing our local communities and minimising our environmental impact.

• •

• Responsible operation, development Develop and reward our people and exploration

32

PERSEUS’S SUSTAINABILITY CY2019 SNAPSHOT

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94% National Workforce including 58% Local Participation Excellent Safety Performance
Economic Contribution of US$298m US$210m Local Purchases US$1.1m Community Donations plus
Incl. US$53m Taxes and Royalties paid Extensive Community Based Development and Support Programs
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EXPERIENCED BOARD & MANAGEMENT

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Sean Harvey

Non-Executive Chairman

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Dan Lougher

Non-Executive Director

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Jeff Quartermaine CEO and Managing Director

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John McGloin

Non-Executive Director

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Sally-Anne Layman

Non-Executive Director

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David Ransom

Non-Executive Director

Management Position

34

A COMPELLING INVESTMENT OPPORTUNITY

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West African multi-mine gold producer, developer &
explorer, active in multiple jurisdictions
Consistent gold producer increasing production to
~ 500,000oz pa by FY 2022
Balance sheet capacity and strong cash flows to
fund our growth & a future dividend stream
Strong social licence to operate based on
sound ESG practices
Experienced board & management team with
history of delivery on promises
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Jeff Quartermaine

Andrew Grove

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APPENDICES

PERSEUS GROUP MINERAL RESOURCES AND ORE RESERVES

PERSEUS GROUP MINERAL RESOURSES 2,3

		Measured			Indicated		Measured + Indicated	Measured + Indicated	Measured + Indicated		Inferred
Project	Quantity	Grade	Gold	Quantity	Grade	Gold	Quantity	Grade	Gold	Quantity	Grade	Gold
	Mt	g/t gold	koz	Mt	g/t gold	koz	Mt	g/t gold	koz	Mt	g/t gold	koz
Edikan5	28.4	0.93	852	54.8	1.05	1,848	83.3	1.01	2,699	7.3	1.48	348
Sissingué1.4	6.4	1.7	347	2.0	2.0	130	8.4	1.8	477	0.4	1.7	19
Yaouré1	-	-	-	47.9	1.37	2,110	47.9	1.37	2,110	46.0	1.1	1,694
Total	34.8	1.07	1,199	104.7	1.21	4,088	139.6	1.18	5,286	53.7	1.19	2,061

PERSEUS GROUP ORE RESERVES 2,3

		Proved			Probable		Proved	+ Probable
Project	Quantity Mt	Grade g/t gold	Gold koz	Quantity Mt	Grade g/t gold	Gold koz	Quantity Mt	Grade g/t gold	Gold koz
Edikan5	18.3	1.02	601	27.4	1.14	1,007	45.7	1.10	1,608
Sissingué1.4	3.4	2.1	237	1.2	2.3	144	4.6	2.2	321
Yaouré1	-	-	-	27.3	1.78	1,560	27.3	1.78	1,560
Total	21.7	1.20	808	55.9	1.51	2,771	77.6	1.40	3,489

Notes:

1. Market Release Dated 28/08/19; Perseus Mining updates Mineral Resources & Ore Reserves as at 30 June 2019

2. Measured and Indicated Mineral Resources are inclusive of Ore Reserves.

3. The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) and 90% of Yaouré Gold Project (YGP) after allowing for Government equity at mining stage.

4. Includes combined Mineral Resources and Ore Reserves from both the Sissingué and Fimbiasso deposits

5. Edikan Resource and Reserves as at 31 December 2019, Market Release Dated 20 February 2020

38

EDIKAN MINERAL RESOURCE ESTIMATE

EDIKAN MINERAL RESOURCES AS AT 31 DECEMBER 2019 9,10,11

	9,10,11
	Measured Indicated Measured + Indicated Inferred
Deposit Deposit Type	Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
	Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
AF Gap1,2,3 Open Pit Esuajah North2,3,4 Open Pit Fetish1,2,3,4,5 Open Pit Bokitsi South2,3,6 Open Pit	10.2 1.00 326 21.8 0.92 645 32.0 0.94 971 0.3 0.95 10 3.3 0.80 85 4.8 0.74 114 8.1 0.77 199 0.0 0.96 1 7.7 1.0 248 14.1 0.92 418 21.8 0.95 666 0.7 0.95 22 1.3 1.81 73 1.6 1.30 65 2.8 1.53 139 0.3 1.06 9
Sub-Total Open Pit	22.5 1.01 732 42.2 0.91 1,242 64.7 0.95 1,975
Esuajah South6 U/ground Heap Leach2,7 Stockpile Stockpiles Stockpile	0.0 0.0 0 9.0 1.8 530 9.0 1.8 530 6.0 1.6 307 - - - 3.6 0.6 75 3.6 0.6 75 - - - 5.9 0.63 119 - - - 5.9 0.63 119 - - -
Total	28.4 0.93 852 54.8 1.05 1,848 83.3 1.01 2,699 7.3 1.48 348

Notes:

1. Based on January 2017 Mineral Resource models constrained to US$1,800/oz pit shells. 2. Depleted to 31 December 2019 mining surfaces.

2. 0.4g/t gold cut-off applied.

3. Based on June 2019 Mineral Resource model constrained to US$1,800/oz pit shell. 5. Includes Bokitisi North lode.

4. Based on November 2019 Mineral Resource model constrained to US$1,800/oz pit shell.

5. Based on July 2019 Mineral Resource model, 0.8g/t gold cut-off applied.

6. At zero cut-off grade.

7. All Mineral Resources are current as at 31 December 2019.

8. Mineral Resources are inclusive of Ore Reserves.

9. Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.

39

EDIKAN ORE RESERVE ESTIMATE

EDIKAN ONE RESERVESAS AT 31 DECEMBER 2019 3,6,7

	3,6,7
	Proved Probable Proved + Probable
Deposit Deposit Type	Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
	Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
AF Gap1,4 Open Pit Esuajah North1,4 Open Pit Fetish1,4 Open Pit Bokitsi South1,4 Open Pit	6.8 1.14 248 11.9 1.05 402 18.6 1.09 650 0.4 0.91 11 0.6 0.86 17 1.0 0.88 28 4.4 1.18 165 7.1 1.09 248 11.4 1.13 414 0.9 2.11 58 0.4 1.70 24 1.3 1.97 82
Sub-Total Open Pit	12.3 1.22 482 20.0 1.08 690 32.3 1.13 1,173
Esuajah South U/ground Heap Leach5 Stockpile ROM Stockpiles2 Stockpile	- - - 3.8 1.96 241 3.8 1.96 241 - - - 3.6 0.6 75 3.6 0.6 75 5.9 0.63 119 - - - 5.9 0.63 119
Total	18.3 1.02 601 27.4 1.14 1,007 45.7 1.10 1,608

Notes:

1. Based on December 2019 Mineral Resource estimate which is depleted to 31st December 2019 and using a gold price of US$1,300/oz.

2. Based on stockpile balance as at 31st December 2019.

3. All Ore Reserves current as at 31st December 2019.

4. Variable gold grade cut-off based on recovery of each material type in each deposit: Oxide 0.35 – 0.40 g/t, Transition 0.50 – 0.70 g/t and Fresh 0.50 – 0.55 g/t.

5. Based on 0.40 g/t gold grade cut-off.

7. Inferred Mineral Resource is considered as waste, t : t.

9. Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies

40

SISSINGUÉ MINERAL RESOURCE ESTIMATE

SISSINGUÉ MINERAL RESOURCESAS AT 30 JUNE 2019 6,7,8,9

	6,7,8,9
	Measured Indicated Measured + Indicated Inferred
Deposit Deposit Type	Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
	Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
Sissingué 1,2,3 Open Pit Fimbiasso East4,5 Open Pit Fimbiasso West4,5 Open Pit Stockpiles Stockpiles	6.14 1.7 338 0.5 1.5 22 6.5 1.7 360 0.1 0.9 3 - - - 0.6 2.3 47 0.6 2.3 47 0.2 1.9 10 - - - 0.9 2.0 61 0.9 2.0 61 0.1 2.2 6 0.33 0.80 8.8 - - - 0.33 0.80 8.8 - - -
Total Open Pit	6.4 1.7 347 2.0 2.0 130 8.4 1.8 477 0.4 1.7 19

Notes:

1. Based on September 2018 Mineral Resource model constrained to US$1,800/oz pit shell.

2. Depleted to 30 June 2019 mining surface.

3. 0.6g/t gold cut-off grade applied to in situ material.

4. Based on February 2017 Mineral Resource models constrained to US$1,800/oz pit shells.

5. 0.8g/t gold cut-off grade applied.

6. All Mineral Resources current at 30 June 2019.

7. Mineral Resources are inclusive of Ore Reserves.

8. Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.

9. Fimbiasso East and West were previously called Bélé East and West respectively.

41

SISSINGUÉ ORE RESERVE ESTIMATE

SISSINGUÉ ORE RESERVES AS AT 30 JUNE 2019 7.8

	7.8
	Proved Probable Proved + Probable
Deposit Deposit Type	Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
	Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
Sissingué 1,2,6 Open Pit Fimbiasso East3,4,9 Open Pit Fimbiasso West3,5,9 Open Pit	3.1 2.3 228 0.1 2.1 10 3.3 2.3 238 - - - 0.5 2.5 39 0.5 2.5 39 - - - 0.5 2.1 35 0.5 2.1 35
Sub-Total Open Pit	3.1 2.3 228 1.2 2.3 84 4.3 2.3 313
Stockpiles Stockpiles	0.33 0.80 9 - - - 0.33 0.8 9
Total	3.4 2.1 237 1.2 2.3 84 4.6 2.2 321

Notes:

1. Based on June 2019 Mineral Resource estimate depleted to 30th June 2019 and using a gold price of US$1,200/oz..

2. Variable gold grade cut-off based on recovery of each material type: Oxide 0.45 g/t, Transition 0.85 g/t, Granite – Porphyry 0.85 g/t and Sediment 1.05 g/t.

3. Based on March 2017 Ore Reserve estimation.

4. Variable gold grade cut-off based on recovery of each material type: Oxide 0.65 g/t, Transition 0.95 g/t, Granite 1.05 g/t and Mafic 1.20 g/t.

5. Variable gold grade cut-off based on recovery of each material type: Oxide 0.65 g/t, Transition 1.00 g/t, Granite 1.05 g/t and Mafic 1.20 g/t.

6. Allows for mining depletion to 30th June 2019.

7. Ore Reserve current as at 30th June 2019.

8. Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.

9. Fimbiasso East and West were previously called Bélé East and West respectively.

42

YAOURÉ MINERAL RESOURCE ESTIMATE

YAOURÉ MINERAL RESOURCES AS AT 30 JUNE 2019 7.8,9

	Indicated Inferred
Deposit Deposit Type	Quantity Grade Gold Quantity Grade Gold
	Mt g/t gold koz Mt g/t gold koz
CMA1,2,3,4 Open Pit Yaouré1,2,3,4 Open Pit Sub-Total Open Pit	27.3 1.78 1,570 11 11 400 18.8 0.80 480 33 0.9 900 46.1 1.38 2,050 44.0 0.9 1,300
Heap Leach5 Stockpiles	1.8 1.02 60 - - -
Sub-Total	47.9 1.37 2,110 44 0.9 1,300
CMA UG6 UG	- - - 1.8 6.1 346
Total	47.9 1.37 2,110 46.0 1.1 1,694
CMA Total UG10 UG	- - - 3.0 6.2 595

Notes:

1. Based on June 2019 Mineral Resource estimate.

2. Depleted for previous mining.

3. 0.4g/t gold cut-off grade applied to in situ open pit material.

4. In situ resources constrained to US$1,800/oz pit shell.

5. Heap leach resources stated at 0.0g/t gold cut-off; only heap components with average grade above 0.4g/t included.

6. November 2018 Mineral Resource estimate, CMA Footwall Lode 1 only, below US$1,800/oz pit shell and base of weathering, above 2g/t block grade cut-off.

7. Mineral Resources current at 30 June 2019.

8. Indicated Mineral Resources are inclusive of Ore Reserves.

9. Rounding of numbers to appropriate precisions has resulted in apparent inconsistencies.

10. November 2018 Mineral Resource estimate, CMA Footwall Lode 1 only, below design pit shell and base of weathering, above 2g/t block grade cut-off. 46% overlaps the Open Pit Resources.

43

YAOURÉ ORE RESERVE ESTIMATE

YAOURÉ ORE RESERVES AS AT 30 JUNE 2019 1,2,5

	1,2,5
	Proved Probable Proved + Probable
Deposit Deposit Type	Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
	Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
CMA3,4 Open Pit Yaouré3,4 Open Pit Sub-Total Open Pit	- - - 20.6 2.02 1,334 20.6 2.02 1,334 - - - 5.3 1.03 174 5.3 1.03 174 - - - 25.8 1.8 1,508 25.8 1.81 1,508
Heap Leach6 Stockpile	- - - 1.4 1.14 52 1.4 1.14 52
Total	27.3 1.78 1,560 27.3 1.78 1,560

Notes:

1. Numbers are rounded and may not add up correctly in the table

2. All the estimates are on a dry tonne basis

3. Based on November 2018 Mineral Resource estimation and using a gold price of US$1,200/oz

4. Variable gold cut-off grade based on material type

5. Inferred Mineral Resource is treated as mineralised waste

6. Heap Leach refers to decommissioned heap leach pads established by prior owners of Yaouré

44