PERSEUS DECLARES INITIAL RESOURCE AND RESERVE ESTIMATES FOR YAOURÉ GOLD PROJECT

Perseus Mining Limited (ASX/TSX: PRU) has completed its initial Mineral Resource and Ore Reserve estimate for the Yaouré Gold Project in Côte d'Ivoire, West Africa.

HIGHLIGHTS

An Indicated Mineral Resource totalling 43.1 million tonnes, grading 1.39 g/t gold and containing 1.93 million ounces of gold has been independently estimated for Yaouré at a cut-off grade of 0.4g/t.
Estimated Inferred Resources total 46 million tonnes, grading 1.0 g/t gold and containing 1.5 million ounces of gold at a cut-off grade of 0.4g/t.
Indicated and Inferred Mineral Resources have been estimated using Multiple Indicator Kriging (MIK) and are contained within an optimal pit shell generated at a gold price of US$1,800/oz
The Yaouré Mineral Resources include Ore Reserves totalling 26.8 million tonnes of ore, grading 1.76 g/t gold and containing 1.52 million ounces of gold.

Managing Director Jeff Quartermaine Comments:

"The recently completed Mineral Resource and Ore Reserve estimates for Yaouré have been meticulously prepared by a combination of our in-house technical team and external consultants. We are confident that this work provides a solid and technically credible foundation for evaluating the economics of a development of the Yaouré Gold Mine. The work reflects our enhanced understanding of the structural controls on mineralization in the vicinity of the known deposits, derived from a recently completed drilling programme on the Yaouré and CMA mineralization and a thorough assessment of data previously collected by prior owners of the property.

The Mineral Resources and Ore Reserves announced today only represents mineralization located in close proximity to the historically mined mineralization. As part of our analysis, we have identified a number of further drill targets adjacent to the existing pits and in close proximity to the proposed processing plant. These targets will be followed up in the near future and are expected to increase our mineral inventory at Yaouré in the short to medium term.

In addition, we have come to appreciate just how under-explored the Yaouré land package is away from the areas that have been previously exploited. We will be mounting a systematic exploration programme to evaluate the remainder of our large land holding in coming years with the objective of materially increasing Mineral Resources and Ore Reserves that can be processed through a future Yaouré processing facility.

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1. Overview

The Yaouré Mineral Resource and Ore Reserve is based on a project which involves mining and processing of ore from two adjacent open pits and previously processed oxide heap leach material. The Ore Reserve estimate is based on pit limit optimisation, design and scheduling using a gold price of US$1,200/oz and input parameters based on a combination of Perseus's operating experience at Edikan and Sissingué, as well as Yaouré-specific test work, studies and quotations.

Figure 1: Yaouré Gold Project layout

2. Mineral Resources

Yaouré's Indicated Mineral Resource at 2 November 2017 is estimated at 43.1 million tonnes grading 1.39 g/t gold and containing 1.93 million ounces of gold at a cut-off grade of 0.4g/t.

Estimated Inferred Resources total 46 Mt of material grading at 1.0 g/t gold and containing 1.5 million ounces of gold at a cut-off grade of 0.4g/t. The resource classification categories of Indicated and Inferred under the JORC Code are equivalent to the CIM categories of the same name (CIM, 2010) (refer to Appendix 1 for JORC 2012 Table 1, Sections 1, 2 and 3).

		Indicated Resources			Inferred Resources
Deposit	DepositType	Quantity	Grade	Gold	Quantity	Grade	Gold
		Mt	g/t gold	Mozs	Mt	g/t gold	Mozs
CMA	Open Pit	24.8	1.81	1.44	16	1.2	0.6
Yaouré	Open Pit	16.5	0.81	0.43	30	0.9	0.9
Sub-Total	Open Pit	41.3	1.41	1.87	46	1.0	1.5
Heap Leach4	Stockpile	1.8	1.02	0.06
Total		43.1	1.39	1.93	46	1.0	1.5

Table 1: Yaouré Mineral Resources – November 2017

1.Depleted for previous mining.

2.0.4g/t gold cut-off applied to in situ open pit material

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

4.Heap leach resources are stated at 0.0g/t gold cut-off if the average grade of the heap component is above 0.4g/t

5.Mineral Resources are inclusive of Ore Reserves

6.Numbers are rounded

Geology

The Yaouré Mineral Resource comprises two adjacent deposits, Yaouré and CMA that occur near the south-eastern flank of the informally named Yaouré greenstone belt in central Côte d'Ivoire. Mineralisation is hosted by Paleoproterozoic aged metabasalts and felsic intrusive rocks of the Birimian Supergroup. The rocks are metamorphosed to lower greenschist facies and only locally feature penetrative deformation fabrics.

In both deposits, gold is associated with disseminated pyrite. At CMA, mineralisation is associated with quartz-albite-carbonate veining in reverse fault structures that dip at 25 to 30 degrees to the east. The Yaouré deposit comprises mineralisation controlled by east-dipping structures, similar to CMA, in addition to mineralisation associated with quartz-tourmaline-chlorite-carbonate veining controlled by NE and NW striking, sub-vertical faults and also stockwork quartz veins with associated alteration selvages hosted by a granodiorite intrusive body.

The combined deposits extend over an area around 1.4 km east west by 2.1 km north-south. No significant concentrations of other economic metals or deleterious metals occur with the mineralisation. Arsenopyrite and molybdenite occur in trace quantities. A portion of the Mineral Resource and Ore Reserve consists of heap leach material from previous operations.

Previous Mining

Previous open pit mining has partly depleted oxide resources at Yaouré. Between 1999 and 2001, Compagnie Minière d'Afrique (CMA) mined approximately 1.9 million tonnes of ore grading 3.9g/t gold and treated the ore by heap leaching. The majority of ore derived from the CMA pit.

Between 2008 and 2011 Cluff Gold plc (later renamed Amara Mining plc) mined approximately 2.1 million tonnes @ 1g/t gold, mainly from Yaouré pit, with the ore again being treated by heap leaching. Cluff recovered a total of 54,382 ounces of gold. Waste from the Yaouré pit was backfilled into the CMA pit.

Historic survey data are available from which to form a surface approximating the final CMA pit void. The surface representing the limits of historic mining in Yaouré pit was derived from historic survey data and a recent LiDAR topographic survey commissioned by Perseus.

Drilling Techniques

Yaouré's Mineral Resources are delineated by reverse circulation (RC) and diamond core (DD) drill holes undertaken by previous operators BRGM, Cluff Gold plc, Amara Mining plc and by Perseus along with minor amounts of aircore (AC) drilling by Perseus. Information from Amara auger drilling was used for estimation of remnant heap leach resources.

Phase	Type	No.				Metres of Drilling
		Holes	Auger	RAB	AC	RC	Diamond	Total
BRGM	RC	82	-	-	-	5,082	-	5,082
1998 –	Diamond	2	-	-	-	-	155	155
2001	Subtotal	84	-	-	-	5,082	155	5,237
Cluff	RC	676	-	-	-	45,645	-	45,645
2005 –	Diamond	62	-	-	-	-	6,483	6,483
2007	Subtotal	738	-	-	-	45,645	6,483	52,128
Amara	Auger	252	2,173	-	-	-	-	2,173
2012 –	RAB	82	-	1,076	-	-	-	1,076
2015	RC	130	-	-	-	21,472	-	21,472
	Diamond	463	-	-	-	-	127,906	127,906
	Subtotal	927	2,173	1,076	-	21,472	127,906	152,627
Perseus	Auger	19	203	-	-	-	-	203
2017	Aircore	50	-	-	2,030	-	-	2,030
	RC	267	-	-	-	20,557	-	20,557
	RC GC	417	-	-	-	12,709	-	12,709
	Diamond	121	-	-	-	6,643	11,756	18,399
	Subtotal	874	203	-	2,030	39,909	11,756	53,898
Total	Auger1	271	2,376	-	-	-	-	2,376
	RAB2	82	-	1,076	-	-	-	1,076
	Aircore	50	-	-	2,030	-	-	2,030
	RC	1,155	-	-	-	92,756	-	92,756
	RC GC	417	-	-	-	12,709	-	12,709
	Diamond	648	-	-	-	6,643	146,299	152,942
	Total	2,641	2,583	1,076	2,030	112,108	146,299	264,096

Table 2: Yaouré Resource Area Drilling Summary

1Used only to inform estimates of Mineral Resources in heap leach material

2 Not used to inform estimates of Mineral Resources

3 RC drill metres for Perseus diamond holes represents RC pre-collars.

Drill hole collar locations have been surveyed by qualified surveyors. BRGM's diamond holes and RC holes drilled by Cluff were not down-hole surveyed. Cluff diamond core holes were surveyed. Most Amara and Perseus RC and diamond drilling was down-hole surveyed at generally 30 metre intervals using digital instruments. Aircore holes were not down-hole surveyed.

Drill Coverage

Previous drilling by Cluff and Amara tested the northern portion of the Yaouré deposit at approximately 25m East x 25m North spacing to approximately 80m depth below original surface. Drilling over the remainder of the deposit was mainly limited to 50m East x 50m North spacing extending to approximately 150m depth below original surface.

Previous drilling of CMA deposit by Amara provided drill coverage at 50m x 50m spacing to a maximum depth of approximately 450m below surface.

Drilling undertaken by Perseus during 2017 was designed to infill Yaouré drill coverage to 25m East x 25m North spacing within the limits of an optimum pit shell generated using a preliminary resource model and a US$1,200 gold price.

Similarly, Perseus' drilling of the CMA deposit during 2017 was designed to infill drill coverage to 25m East x 50m North within the limits of a US$1,200 optimum pit shell.

Resources in the Yaouré deposit are now delineated by drilling at, generally, 25m East x 25m North spacing to 80m-100m below original surface. Below that, drill coverage is generally at 50m East x 50m North spacing. The majority of drilling in the Yaouré deposit is RC drilling. Pit optimisations undertaken for the 2017 definitive feasibility study demonstrate that the Yaouré US$1,200 optimum pit shell remains locally drill limited.

The CMA deposit is now delineated by drilling at 25m East x 50m North spacing to between 100m and 250m below original surface. Beneath that, drill coverage at 50m East x 50m North spacing extends to a maximum depth of approximately 450m below surface. The majority of drilling in CMA deposit is diamond core.

Additional drilling data include:

417 RC grade control (RCGC) holes drilled to depths of around 30m below current surface in the central portion of the existing Yaouré open pit;
252 power auger holes at 25m x 25m spacing drilled by Amara in 2015 to permit estimation of grades of the heap leach material; and
11 diamond core holes drilled to twin heap leach auger holes.

Sampling

Sampling has been relatively consistent across drilling campaigns. RC drill samples were collected at drill sites over generally 1 metre intervals and split using multi-stage riffle splitters. Sample weights were nominally 3 kilograms. For some Amara and most Perseus RC drilling, sample recovery was measured by weighing bulk recovered samples. For Amara and Perseus RC drill campaigns, samples were logged visually for recovery, moisture and contamination. The majority of Amara and Perseus RC samples were logged as dry and sample contamination in RC holes is not considered a significant risk to the reliability of resource estimates.

Diamond core was generally sawn in half using a diamond blade saw, with one half sent for assaying and the other half stored in core trays for reference. Samples were normally taken over generally 1 metre intervals. For most Amara and Perseus core drilling, core recoveries were measured and averaged in excess of 90%.

Sample Analytical Methods

The majority of sample preparation has been carried out on site by Cluff, Amara and Perseus in a dedicated sample preparation facility. Sample preparation typically comprised drying, crushing to -2 millimetres and pulverising of a 1.5 kg subsample. Internal laboratory checks required at least 85% of the pulp passing -75 microns.

Assaying has been carried out by commercial laboratories. A small number of assay data derive from cyanide bottle roll analyses carried out on site by Cluff and Amara.

The majority of samples have been assayed by 50 g fire assay technique with AAS determination. Assaying has been undertaken variously by Abilabs, Abidjan (Côte d'Ivoire), Intertek Laboratories (Gh) Ltd, Tarkwa, SGS Tarkwa (Ghana), Bureau Veritas, Abidjan and Actlabs, Ouagadougou (Burkina Faso). The majority of assays informing the resource estimate derive from Actlabs.

With the exception of BRGM and early Cluff drilling, a consistent regime of quality assurance has been employed including submission of duplicate pulp samples coarse blanks and certified reference materials. Several campaigns of inter-laboratory check assaying have also been undertaken for samples from Amara and Perseus drilling.

Estimation Methodology

Geological logging of lithology and weathering and three dimensional interpretations of mineralised zones were considered in conjunction with gold grades of two metre composited sample intervals to delineate mineralised domains at each of the deposits within which the tenor and spatial trends of mineralisation are similar. Geometry of gold mineralisation in CMA deposit is relatively straightforward. Interpretation of the more complicated structural controls on mineralisation for the Yaouré pit was assisted by historic grade control rip-line sampling, mapping of open pit exposures and by the trial grade control drilling undertaken in 2017.

Surfaces comprising the base of laterite, base of complete weathering, base of partial weathering and base of fracture associated weathering (top of fresh rock) were interpreted by Perseus from geological logging of resource holes. These surfaces were combined with the mineralised domains for resource modelling, including density assignment.

Surfaces representing the base of complete and partial oxidation were interpreted for assignment of metallurgical parameters during mining evaluations.

For in situ resources, MIK with block support adjustment was used to estimate gold resources into blocks with dimensions of 12.5 metres (east) by 25 metres (north) by 5 metres (elevation). The block size reflects the spacing of data available to inform the estimates and the proposed mining bench height. MIK of gold grades used indicator variography based on the two metre resource composite sample grades. Gold grade continuity was characterised by indicator variograms at 14 indicator thresholds spanning the range of grades in each of the mineralised domains.

The effect of extreme grades on estimates was reduced by generally selecting of the median instead of the mean for the highest indicator class. For a small number of mineralisation/weathering domain groups, the upper class grade was derived from the class mean excluding two or three outlier composite grades.

Block support adjustments were derived from the variogram of gold grades in the mineralised domains. The selective mining unit was assumed to be in the general range 4m East by 6m North by 2.5mRL, reflecting the scale of mining proposed for Yaouré. Additional adjustments for the "Information Effect" have been applied, reflecting high quality grade control sampling at 5m East by 8m North by 1.25m.

Densities were assigned to in-situ estimates on the basis of 11,024 immersion density measurements performed by Amara and Perseus on oven dried, plastic sealed samples of diamond core. Comparison between Amara and Perseus measurements, and independent repeats suggest Amara

density measurements are biased high by an average of around 3%. Estimates were assigned by mineralisation and weathering domain from average density measurements inclusive of factoring of Amara density measurements to compensate for the apparent slight bias.

Selective mining of the heap leach material, other than on a heap-by-heap or lift-by-lift basis, is not considered feasible. Volumes of remnant heap leach material were estimated by forming a three dimensional solid of each of the heaps based on a recent LiDAR topographic survey and logging of the plastic liner at the base of each heap during auger drilling. An average gold grade was estimated for each heap component from the de-clustered average of grades of auger samples inclusive of upper cuts selected for each volume. The CMA3 heap was subdivided into upper and lower lifts for grade assignment reflecting notable variation in average gold grades in auger samples. All other heaps were not subdivided. A density of 1.4t/m3 was assigned to the heaps on the basis of 11 volumetric pit measurements performed by Perseus on samples collected from approximately 1 to 1.5 metres below the surface of each heap.

The Mineral Resource estimates can be reasonably expected to provide appropriately reliable estimates of potential mining outcomes at the assumed selectivity without application of additional mining dilution or mining recovery factors.

Compositing and wire-framing were performed using Micromine software. Exploratory data analysis, variogram calculation and modelling, and resource estimation were performed using FSSI Consultants (Australia) Pty Ltd (FSSI) GS3M software.

Resource Classification

Confidence categories were applied to the estimates of Mineral Resources on a block-by-block basis based on the number and location of data available to inform estimates in each block. This is based on the principle that larger numbers of samples, which are more evenly distributed within the search neighbourhood, will provide a more reliable estimate. Resource classification also considered the quality of the data collected (geology, survey and assay data), the density of data, the confidence in the geological models and mineralisation model, and the grade estimation quality.

Generally, Indicated resources are informed by drilling at approximately 25m x 50m spacing or closer and Inferred resources are in areas of 50m x 50m drilling and on the peripheries of drilling to a maximum extrapolation distance of approximately 75m.

Potential for Eventual Economic Extraction

The estimate of in situ Mineral Resources is constrained to an optimal pit shell generated using cost and revenue parameters deriving from the 2017 Definitive Feasibility Study and a gold price of US$1,800/oz. The cut-off grade of 0.4g/t Au for the in situ Mineral Resource estimates reflects the approximate average break-even cut-off that derives from the same economic parameters and gold price. The price of US$1,800 reflects the company's view of potential long-term gold price.

Estimates of Mineral Resources in the heap leach material are stated at the same cut-off grade on the basis of each heap component being above or below cut-off.

3. Ore Reserves

The Ore Reserve is summarised in Table 3 and is based on the Yaouré Mineral Resources as at 2 November 2017 and pit limit optimisation, design and scheduling of the resources. All Ore Reserves

are reported in accordance with the JORC Code. Refer to Appendix 1 for Section 4 of the JORC Table 1 assessment criteria. The Ore Reserve in Table 3 reports the Ore Reserves by category, deposit and type, above variable cut-off grades. The classification categories of Proved and Probable under the JORC Code are equivalent to the CIM categories of similar name (CIM, 2010).

Probable Ore Reserves are found within the economic limits of two adjoining open pits that have been designed based on Indicated Mineral Resources that incorporated all available Resource in-fill drilling results, a gold price of US$1,200/oz and mining, processing and general and administration costs derived from a combination of Perseus's operating experience at Edikan and Sissingué, and Yaouré specific test work, studies and quotations.

CMA and Yaouré Ore Reserves are based on Mineral Resources estimated using MIK techniques.

Ore Reserves contained in decommissioned heap leach pads created by prior owners of the Yaouré Mining Leases have been included in the Ore Reserve estimate.

			Proved			Probable			Proved + Probable
Deposit	Deposit	Quantity	Grade	Gold	Quantity	Grade	Gold	Quantity	Grade	Gold
	Type	Mt	g/tgold	koz	Mt	g/tgold	Moz	Mt	g/tgold	Moz
CMA	Open Pit				20.7	1.97	1.31	20.7	1.97	1.31
Yaouré	Open Pit				4.7	1.04	0.15	4.7	1.04	0.15
Sub-Total	Open Pit				25.3	1.80	1.47	25.3	1.80	1.47
Heap Leach6	Stockpile				1.4	1.14	0.05	1.4	1.14	0.05
Total					26.8	1.76	1.52	26.8	1.76	1.52

Table 3: Yaouré's Proved and Probable Ore Reserves as at 2 November 2017

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 2017 Mineral Resource estimation

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

Economic Assumptions

Gold metal price US$1,200/oz;
Un-escalated average costs used in optimising pit limits; and
A discount rate of 10% (real) has been assumed to estimate the net present values of forecast cash flows.

Mining Parameters

The chosen method for the Open Pit Reserves is conventional open pit mining utilising hydraulic excavators and trucks. In ore, mining bench heights are 5m with 2.5m flitches to minimise ore loss and waste rock dilution. Waste blocks adjacent to ore are mined on 5m benches, while waste more distant to ore is mined on 10m benches.
The economic pit shell was defined using Whittle 4X pit limit optimisation software ("Whittle 4X") with inputs such as geotechnical parameters, ore loss and dilution, metallurgical recovery and operating costs.
The pit limit optimisation software was run with revenue generated only by Indicated Mineral Resources. No value was allocated to Inferred Mineral Resources.
Whittle 4X input parameters were generally based on a combination of Perseus's operating experience at Edikan in Ghana, recent experience from the start-up of mining at Sissingué in Côte d'Ivoire and supporting technical studies to DFS level.
The pit slope design assumptions are based on a geotechnical study by Pitt and Sherry. Interramp pit slopes are 40 to 59 degrees inclusive of berms spaced at between 5m and 20m vertically and berm widths of 5m to 7.5m.
Pit ramps have been designed for a rear-dump truck fleet of 90t capacity and are set at a net 14m (single lane) to 24m (dual lane).
Vertical mining advance has been capped based on Perseus's operating experience using similar equipment at Edikan.
The resource models used in planning employed MIK estimation to assign block grades that also represented the ore mining loss and dilution.
A statistical block size correction was applied to the in situ MIK model to model expected loss and dilution. The resulting ROM model was used for mine planning.
Minimum mining width of 40 to 50m was generally applied to the pit designs.
There are no physical constraints to mining within the lease area. No property, infrastructure or environmental issues are known to exist which may limit the extent of mining within the mining lease.

Perseus will apply to convert its exploration lease area covering the Yaouré Project to a mining lease. No impediments to the issuing of the mining lease are expected.
Mining costs are based on a competitive Request for Quotation involving five mining contractors currently operating in West Africa. The final mining cost used in the optimisation is based on the average of rates supplied by 3 mining contractors, except for drill and blast costs which were determined through analysis and grade control and rehandle costs which were based on rates derived from Perseus' other operations.
Recoveries and processing costs have been generated based on a comprehensive metallurgical test work program. G&A and other costs have been based on very recent experience at both of Perseus's other mines in West Africa, namely Edikan in Ghana and Sissingué in Côte d'Ivoire and from quotes specifically received for the Yaouré Project.
Heap Leach material is mined and fed to the processing plant during the mine life and all the material is rehandled by truck directly to the crusher on the ROM.
Environmental work has been completed and the ESIA approved by the appropriate authorities for a very similar but larger Project. Revisions will be required to the approved ESIA to align with the current Project scale but no problems are anticipated as no additional environmental issues have been identified.
Ore cut-off grades are based on the gold price, cost and mining parameters.

Deposit		Summary of Cut-Off Grade by Ore Type (g/t gold)
	Oxide	Transition	Fresh Basalt	FreshGranodiorite
CMA	0.40	0.45	0.50	-
Yaouré	0.40	0.45	0.65	0.65
Heap Leach	0.451	-	-	-

Table 4: Summary of Cut-off Grades

Notes:

1 If the average grade of an individual heap leach pad is above the cut-off grade, then 100% of that pad is mined with no selectivity

Processing Parameters

The process metallurgical recovery for gold is fixed by material type in each deposit. Recovery variation is a function of differing metallurgical properties of ores from different deposits.

Ore Source and Rock Type	Units	HeapLeach	Oxide	Transition	Fresh
CMA Granodiorite	%	-	92%	90%	(100 x (Au - (0.095 x Au0.94) -0.011) / Au)%
CMA Basalt/Volcanoclastic	%	-	92%	90%	(100 x (Au - (0.095 x Au0.94) -0.011) / Au)%
Yaouré Granodiorite	%	-	92%	90%	90%
Yaouré Basalt/Volcanoclastic	%	-	92%	90%	90%
Heap leach - CMA 1	%	85%	-	-	-
Heap leach - CMA 2	%	83%	-	-	-
Heap leach - E Global	%	84%	-	-	-

Table 5: Metallurgical Recoveries

No deleterious material has been identified.
Average annual processing throughput rate of oxide, transition and CMA fresh ore is 3.3 million tonnes per annum. The throughput rates for Yaouré fresh ore is lower due to the high power demand to grind to the required particle size for optimum recovery and is nominally 2.5 million tonnes per annum. The processing circuit involves single stage crushing, semiautogenous grinding, ball milling, pebble crushing, gravity recovery and CIL.

Ore Reserve Classification

Ore Reserves have been classified based on the underlying Mineral Resources classifications and the level of detail in the mine planning. The Mineral Resources were classified as Indicated and Inferred (no Measured was identified). The Ore Reserves, based only on Indicated Resources, have been classified as Probable Ore Reserves.

The Ore Reserve is classified as Probable in accordance with the JORC Code, corresponding to the Mineral Resource classification of Indicated and taking into account other factors where relevant. The deposit's geological model is well constrained. The Ore Reserve classification is considered appropriate given the nature of the deposit, the moderate grade variability, drilling density, structural complexity and mining history. Therefore it was deemed appropriate to use Indicated Mineral Resources as a basis for Probable Reserves.

No Inferred Mineral Resources were included in the Ore Reserve estimate.

To discuss any aspect of this announcement, please contact:

Managing Director:	Jeff Quartermaine at telephone +61 8 6144 1700 or email
	[email protected];

Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email [email protected] (Melbourne)

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 without any major disruption, development of a mine at Sissingué and/or 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. Forwardlooking 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

The information in this report that relates to Mineral Resources is based on Information compiled by Mr Jonathon Abbott, a Competent Person who is a member of the Australian Institute of Geoscientists. Mr Abbott is a full time employee of MPR Geological Consultants Pty Ltd. Mr Abbott has sufficient experience, that 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 a Qualified Person as defined in NI43-101. Mr Abbott consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves is based on information compiled by Mr Joe McDiarmid, a Competent Person who is a Chartered Professional Member of The Australasian Institute of Mining and Metallurgy and is a full-time employee of RPM Advisory Services Pty Ltd. Mr McDiarmid has sufficient experience, that 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'. Mr McDiarmid consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC 2012 Table 1 – Section 1 sampling techniques and data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code Explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specific specialisedindustry standard measurement toolsappropriate to the minerals under investigation,such as down hole gamma sondes, orhandheld XRF instruments, etc.). Theseexamples should not be taken as limiting thebroad meaning of sampling.Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems used.Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been donethis would be relatively simple (e.g. 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed information.	Sampling data available to inform the Mineral Resource estimate include:1,155 resource RC holes for 92,756 m of drilling,648 diamond core holes for 146,299m of diamond core and 6,643 m of RC pre-collars,417 trial RC grade control holes for 12,709 m,50 aircore holes for 1,076 metres and289 power auger holes drilled to sample remnant heap leach materialRC drill samples were collected at drill sites over generally at 1metre intervals and split using multi-stage rifflesplitters. Sample split weights werenominally 3kg. For Amara and Perseus RC drill campaigns, samples werelogged visually for recovery, moisture and contamination. For some Amara and most Perseus RC and AC drilling,sample recovery was measured by weighing bulk recovered samples. Amara and Perseus drilling employed drillingrigs of adequate capacity and appropriate drilling techniques to provide generally reasonably high recovery, drysamples for the majority of RC drilling.Diamond core recovery for weathered material was maximised by use of triple tube methods for most Perseus andAmara drilling through this zone.Diamond core was generally sawn in half using a diamond blade saw, with one half sent for assaying and the otherhalf stored in core trays for reference. Samples were normally taken over 1metre intervals. Core recoveries weremeasured for Amara and Perseus drilling and averaged in excess of 90%.
Drillingtechniques	Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc.) and details (e.g. core diameter,triple or standard tube, depth of diamond tails,face-sampling bit or other type, whether core isoriented and if so, by what method, etc.).	All RC drilling was by face-sampling hammer with bit diametersof 10.9 to 16.3 cmDiamond core drillingwasgenerally HQ diameter in weathered rock, NQ or NQ2 diameter in fresh rock. Amara and Perseus diamond coredrilled post 2007 (approximately 95% of core metres) was oriented using digital tools.
Drill sample	Method of recording and assessing core and	Amara and Perseus drilling employed drilling rigs of adequate capacity and appropriate drilling techniques to provide

Recovery	chip sample recoveries and results assessed.	generally high recovery, dry samples for the majority of RC drilling.
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples.Whether a relationship exists between sample	For Amara and Perseus RC drill campaigns, samples were logged visually for recovery, moisture and contamination.For some AmaraRC drilling, and most Perseus RC and AC, and sample recovery was measured by weighing bulkrecovered samples.Estimated sample recovery averages 78% and 83% for Amara and Perseus RC drillingrespectively and 68% for Amara AC drilling.
	recovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	Measures taken to maximise core recovery for diamond drilling included use of triple tube techniques for weatheredmaterial. Diamond core recovery was measured for Amara and Perseus diamond holes by recording of recoveredcore lengths for core runs, and averaged around 97% and 98% respectively.
		Available information shows no significant relationships between recovery and gradefor RC and diamond drilling,and no indication that sample bias may have occurred due to preferential loss/gain of fine/coarse material.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate Mineral	Geological logs are available for around 99% of the resource area RC and diamond drilling. The logging isqualitative in nature and of sufficient detail to support the current resource estimates, and mining and metallurgicalstudies.
	Resource estimation, mining studies andmetallurgical studies.	Sieved samples of RC chips from each metre of drilling were logged for colour, rock type, alteration type andintensity, vein quartzcontent, sulphide mineralisation,weathering and oxidation. The chips are stored in plastic chip
	Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc.)photography.	trays and the trays photographed.Diamond drill core was logged for geology, structure and geotechnical characteristics.Geological logging included
	The total length and percentage of the relevantintersections logged.	colour,lithology, weathering, oxidation,vein type and vein volume percentage, sulphide mineralisation and theirestimated percentage, alteration and alteration intensity. Structural logging includes fault, fold, cleavage and jointorientation, lithological contacts and vein orientation.
Sub-samplingtechniques	If core, whether cut or sawn and whetherquarter, half or all coretaken.	RC drill samples were collected at drill sites over generally one metre intervals and split using multi-stage rifflesplittersto produce assay sub-samples averaging around 3kg.
and samplepreparation	If non-core, whether riffled, tube sampled,rotary split, etc. and whether sampled wet or	Diamond core was generally sawn in half using a diamond blade saw, with one half sent for assaying and the otherhalf stored in core trays for reference. Samples were normally taken at 1 metre intervals.
	dry.For all sample types, the nature, quality andappropriateness of the sample preparation	Preparation of core and RC samples followed a standard path of dryingat 105 degrees C for at least 12 hours,crushing the entire sampleto 85% passing -2mm and grindinga 1.5kg split to 85% passing 75 microns. 200gsubsamples collected by multiple scoop passes were despatched to the assay laboratory.
	technique.Quality control procedures adopted for all sub	Quality control measures adopted to confirm the representivity of samples from Amara and Perseus RC anddiamond drilling include the following:
	sampling stages to maximise representivity ofsamples.	Field re-splits of RC samples at an average frequency of around one duplicate per 15 and 17 Amara andPerseus primary samples respectively.
	Measures taken to ensure that the sampling is	Quarter core duplicate samples for earlier phases of Amara's drilling
	representative of the in situ material collected,including for instance results for field	Submission of coarse blanks at an average of around 1 blank per 20 primary samples

	duplicate/second-half sampling.	Second pulps prepared from 1:20 crushed samples (coarse duplicates)
	Whether sample sizes are appropriate tothe	Second samples of pulps from 1:20 samples (pulp repeats)
	grain size of the material being sampled.	Use of quartz wash between every sample in crushing and pulverising equipment and assaying ofcomposited quartz wash samples
		Screening of approximately 1:100 pulp samples to check grind size
		Information available to demonstrate sample repeatability for Cluff RC drilling includes field duplicates.
		Sample preparation techniques are considered appropriate to the style of mineralisation and the availableinformation indicates that the sub-sampling and sample preparation proceduresare sufficiently reliable for thecurrent estimates. Available information indicates that sample sizes are appropriate to the grain size of the materialbeing sampled.
Quality ofassay dataand laboratory	The nature, quality and appropriateness of theassayingand laboratory procedures used andwhether the technique is considered partial or	The majority of resource samples have been assayed by 50g fire assay with AAS determination by commerciallaboratories. The technique is considered a total extraction technique. A small number of assay data derive fromcyanide bottle roll analyses (partial extraction) carried out on site by Cluff and Amara.
tests	total.For geophysical tools, spectrometers, handheld	Assaying has been undertaken variously by Intertek Laboratories (Gh) Ltd, Tarkwa, SGS Tarkwa, Bureau Veritas,Abidjan and Actlabs, Ouagadougou. The majority of assays informing the resource estimate derive from Actlabs.
	XRF instruments, etc., the parameters used indetermining the analysis including instrumentmake and model, reading times, calibrationsfactors applied and their derivation, etc.Nature of quality control procedures adopted(e.g. standards, blanks, duplicates, external	Quality control procedures for Amara and Perseus drilling include submission of coarse blanks (around 1 in 20),certified reference standards, pulp repeats, coarse duplicates, and inter-laboratory checks.
		Little informationis available directly to indicate sampling and assay reliability for BRGM and Cluff drilling. Nearestneighbour comparisons of composited gold grades from these sampling types with Amara and Perseus drillingshowed no significant biases, providing an indication of the general reliability of these samples.
	laboratory checks) and whether acceptablelevels of accuracy (i.e. lack of bias) andprecision have been established.	The available information indicates that the assaying is free from any significant biases and that acceptable levels ofaccuracy and precision have been established for the current estimates.
Verification ofsampling and	The verification of significant intersections byeither independent or alternative company	Numerous significant mineralised intersections have been checked against visual alteration and sulphidemineralisation in drill chips and core by Amara and Perseus geologists.
assaying	personnel.The use of twinned holes.	No deliberate twinning of RC holes by diamond core but a number of incidentally twinned holes. Nearest neighbourcomparisons of composited gold grades from these sampling types with Amara and Perseus drilling showed no
	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.	significant biases, providing an indication of the general reliability of these samples.Eleven triple-tube HQ diamond core holes were drilled to twin heap leach auger sample holes. Comparisonsshowed no significant differences in average gold grade between auger holes and diamond twins.
	Discuss any adjustment to assay data.	Geology, structure and geotechnical logs are paper based. Sample intervals are recorded in pre-numbered sampleticket books. All logging, sample interval and survey data are manually entered to digital form on site and stored inan SQL relational database. Data exports are normally in the form of MS Access files.

accurate to +/-10cm.Historic surveysare available from which to form a surface representingThe surface representing the limits of historic mining in Yaouré pit was derived from historic surveysand theLiDAR topographic survey.All coordinate data are in UTM grid, WGS84 Zone 30 North datum.Topographic control is adequate for the current estimates.	Location ofdata points	Accuracy and quality of surveys used to locatedrill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.Specification of the grid system used.Quality and adequacy of topographic control.	prevent repetition of sample numbersprevent overlap of from-to intervals in logging and sample interval dataensure that total hole depths in collar, assay and geology tables matchensure that drill collar coordinates are within the project's geographic limitsDown-hole survey data are examined for large deviations in dip or azimuth that may represent erroneous data ordata entry errors and corrected on a case-by-case basis including estimates of dips and azimuths where the originaldata appear to be in error.Additional data checks include viewing drill hole traces, geological logging and assays in plan and section views.The Competent Person's independent checks of database validity included: Comparison of assay values betweennearby holes, checking for internal consistency between, and within database tables, comparisons between assayresults from different sampling phases. Additional checking included comparing database assay entries withlaboratory source files and spot check comparison of sampling information with original field sampling sheets. Thesechecks showed no significant discrepancies in the database used for resource estimationDrill hole collars have been surveyed by qualified land and mine surveyors using, variously, total station ordifferential GPS equipment and control points established by government survey.All BRGM holes and RC holes drilled by Cluff were not down-hole surveyed; Cluff diamond core holes weresurveyed. Most Amara and Perseus RC and diamond drilling wasdown-hole surveyed at generally 30 metreintervals using digital instruments. Aircore holes were not down-hole surveyed.Topographic surface is defined by point data from a 2017 airborne LiDAR survey commissioned by Perseus. LiDARcontrols were established using control points established by government survey and the surface is consideredthe final CMA pit void.recent
Data spacingData spacing for reporting of ExplorationResources in Yaouré deposit are delineated by drilling at, generally, 25mE x 25mN spacing toandResults.original surface. Below that, drill coverage is generally at 50mE x 50mN spacing.distributionWhether the data spacing and distribution issufficient to establish the degree of geological			80-100 metres belowCMA deposit is delineated by drilling at 25mE x 50mN spacing to between 100 and 250 metres below originalsurface. Beneath that, drill coverage at 50mE x 50mN spacing extends to a maximum depth of approximately 450

	and grade continuity appropriate for the MineralResource and Ore Reserve estimationprocedure(s) and classifications applied.	metres below surface.Consistent drill coverage at 25m x 50m or closer spacing is considered sufficient to define in situ Indicatedresources. Drilling at 50m x 50m is considered sufficient to define in situ Inferred resources.
	Whether sample compositing has been applied.	Heap leach auger sample holes are spaced at 25m x 25m, considered sufficient to define Indicated resources.
		Aircore, RCanddiamond coresampleintervals have been composited to uniform 2mdown-hole intervals prior toresource estimation.
		The one metre heap leach auger sample intervals were not composited for determination of de-clustered goldgrades for each heap component.
		The data spacing has established geological and grade continuity sufficiently for the current Mineral Resource andOre Reserve Estimates.
Orientation ofdata inrelation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.Ifthe relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	RC and diamond core holes are predominantly angled to the west, oriented to optimally intersect CMA-type lodes(i.e. dipping at 25-35 degrees to the east) that represent more than 85% of the mineralised volume comprising the insitu resource. The hole orientation is oblique to the NW and NE striking, steeply dipping, lodes in Yaouré pit andintercepts of those structures thus represent apparent widths. Considering their relatively small contribution to theMineral Resource estimate and the search constraints applied to estimation, the impact of the oblique intercepts isnot considered material.Available informationindicates that the resource drilling achieves un-biased sampling of themineralisation.
Samplesecurity	The measures taken to ensure sample security.	RC and core samples from Amara and Perseus drilling were delivered to the core yard and sample preparationfacility by company personnel. RC field sample splits and samples of half diamond core wereplaced in numberedbags and those bags, in turn, placed in polywoven bags that weresealed with plasticcable ties prior to transport tothe site sample preparation laboratory. Security guards were employed at drilling sites and core yard on a 24 hourper day basis. After sample preparation, 200g sachets of sample pulps are packed in cardboard cartons and sealedwith robust adhesive tape prior to their transport to the assay laboratory.Sample security measures adopted for Cluff and BRGM sampling are uncertain.Results of field duplicates and paired holes along with the general consistency of assay results between samplingphases and drilling methods provide confidence in the general reliability of the resource data.
Audits orreviews	The results of any audits or reviews of samplingtechniques and data.	Data reviews have included comparisons between various sampling phases and methods which provide someconfidence in the general reliability of the data.The Competent Person independently reviewed the quality and reliability of the exploration data. These reviewsincluded observation of drilling and RC sampling, review of database consistency, spot check comparisons betweenoriginal sampling sheets and database entries and comparison of laboratory source files with database entries, andreview of QAQC information.The Competent Person considers that the sample preparation, security and analytical procedures adopted for theYaourédrilling provide an adequate basis for the Mineral Resource estimates.Previous independent reviews,including a 2016 Technical Report prepared by NT Mining Consulting for Amara report similar conclusions.

JORC 2012 Table 1 – Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, location and ownershipincluding agreements or material issues with third partiessuch as joint ventures, partnerships, overriding royalties,native title interests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time of reportingalong with any known impediments to obtaining a licenceto operate in the area.	Yaouré Mineral Resource is located on Exploration Permit 397 granted to Amara Mining Côted'Ivoire SARL (now Perseus Yaouré SARL) by decree no. 2013-840 of 11 December 2013. Anextension of the exploration permit to 30 November 2018 was granted by order no.0165/MIM/DGMG of 1 December 2016. Perseus holds 100% interest in the permit subject to theright of the Government of Côte d'Ivoire to take 10% carried interest at the time of granting anexploration permit. Additionally, the Government of Côte d'Ivoireis entitled to a royalty onproductionas follows:
		Spot price per ounce -LondonRoyalty RatePM Fix
		Less than or equal to US$1,0003%
		Higher than US$1,000 and less3.5%than or equal to US$1,300
		Higher than US$1,300 and less4%than or equal to US$1,600
		Higher than US$1,600 and less5%than or equal to US$2,000
		Higher than US$2,0006%
		A further 0.5% of revenue isrequired to be paid to a local community development fund.The Mineral Resource area is not affected sites of historical or environmental significance. A number of
		culturally significant sites in the surrounding area (cemeteries, sacred groves) and the proximity ofAngovia village must be considered in future mine development but are not expected to be significantimpediments.
		An Environmental and Social Impact Assessment, forming part of the Mining Permit application process(presently suspended), was submitted on 28 July 2015.

Criteria	JORC Code explanation	Commentary
Explorationdone by otherparties	Acknowledgment and appraisal of exploration by otherparties.	Exploration geochemical sampling, trenching and exploration and resource definition drilling havepreviously been carried out by BRGM, Cluff and Amara. Information from BRGM holes provide only asmall proportion of the dataset. Drill hole data deriving from work by Cluff and Amara are consideredreliable.
Geology	Deposit type, geological setting and style ofmineralisation.	Yaourémay bedescribed as orogenic lode-style gold mineralisation. The Yaouré mineral resourcecomprises two adjacent deposits, Yaouré and CMA thatoccur near the south-eastern flank of theinformally named Yaouré greenstone belt in central Côte d'Ivoire.Mineralisation is hosted byPalaeoproterozoic aged metabasalts and felsic intrusive rocks of the Birimian Supergroup. The rocksare metamorphosed to lower greenschist facies and only locally feature penetrative deformation fabrics.In both deposits, gold is associated with disseminated pyrite. At CMA deposit, mineralisation isassociated with quartz-albite-carbonate veining in reverse fault structures that dip at 25 to 30 degrees tothe east. Yaouré deposit comprises a number of mineralisation stylescontrolled by east-dippingstructures, similar to CMA, in addition to mineralisation associated with quartz-tourmaline-chloritecarbonate veining controlled by NE and NW striking, sub-vertical faults and also stockwork quartz veinswith associated alteration selvages hosted by a granodiorite intrusive body.The combined deposits extend over an area around 1.4 km east west by 2.1 km north-south.A portion of the Mineral Resource consists of heap leach material from previous production.
Drill holeInformation	Asummary of all information material to theunderstanding of the exploration results including atabulation of the following information for all Material drillholes:easting and northing of the drill hole collarelevation or RL (Reduced Level –elevationabove sea level in metres) of the drill holecollardip and azimuth of the holedown hole length and interception depthhole length.If the exclusion of this information is justified on the basisthat the information is not Material and this exclusion doesnot detract from the understanding of the report, theCompetent Person should clearly explain why this is thecase.	Individual exploration results are not reported in this announcement.
Dataaggregationmethods	In reporting Exploration Results, weightingaveragingtechniques, maximum and/or minimum grade truncations(e.g. cutting of high grades) and cut-off grades are usually	Individual exploration results are not reported in this announcement.

Criteria	JORC Code explanation	Commentary
	Material and should be stated.Where aggregate intercepts incorporate short lengths ofhigh grade results and longer lengths of lowgrade results,the procedure used for such aggregation should be statedand some typical examples of such aggregations shouldbe shown in detail.The assumptions used for any reporting of metalequivalent values should be clearly stated.
Relationshipbetweenmineralizationwidths andinterceptlengths	These relationships are particularly important in thereporting of Exploration Results.If the geometry of the mineralisation with respect to thedrill hole angle is known, its nature should be reported.If it is not known and only the down hole lengths arereported, there should be a clear statement to this effect(e.g. 'down hole length, true width not known').	Individualexploration results are not reported in this announcement.
Diagrams	Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported These should include,but not be limited to a plan view of drill hole collarlocations and appropriate sectional views.	Location plans and example cross-sections are included in the Mineral Resource technicaldocumentation
Balancedreporting	Where comprehensive reporting of all Exploration Resultsis not practicable, representative reporting of both low andhigh grades and/or widths should be practiced to avoidmisleading reporting of Exploration Results.	Individual exploration results are not being reported.
Othersubstantiveexplorationdata	Other exploration data, if meaningful and material, shouldbe reported including (but not limited to): geologicalobservations; geophysical survey results; geochemicalsurvey results; bulk samples –size and method oftreatment; metallurgical test results; bulk density,groundwater, geotechnical and rock characteristics;potential deleterious or contaminating substances.	Individual exploration results are not being reported.
Further work	The nature and scale of planned further work (e.g. testsfor lateral extensions or depth extensions or large-scalestep-out drilling).Diagrams clearly highlighting the areas of possibleextensions, including the main geological interpretationsand future drilling areas, provided this information is notcommercially sensitive.	The Mineral Resource estimate disclosed herein comprises an input into a Definitive Feasibility Studycurrently being undertaken for open pit mining at Yaouré.The Mineral Resource technical report includes recommendations for additional targetingto convertInferred resources proximal to optimum pit limits to Indicated category and for resource definition drillingat satellite deposits.

JORC 2012 Table 1 – Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	Commentary
Database	Measures taken to ensure that data has not been	Database and geological staff routinely validate database entries with reference to original data.
integrity	corrupted by, for example, transcription or keying errors,between its initial collection and its use for MineralResource estimation purposes.Data validation procedures used.	The Competent Person's independent checks of database validity included: Comparison of assayvalues between nearby holes, checking for internal consistency between, and within database tables,and comparisons between assay results from different sampling phases. Additional checking includedcomparing database assay entries with laboratory source filesand spot check comparison of originalfield sampling sheets with database entries. These checks showed no significant discrepancies in thedatabase used for resource estimation.
Site visits	Comment on any site visits undertaken by the CompetentPerson and the outcome of those visits.	visited Yaouré site from the 17th to 22nd of March 2017.Mr AbbottThe site visit included inspection ofdrilling and sampling activities, drill core and pit exposures, and discussions of details of the project'sgeology and drilling and sampling with field geologists and Mr. Abbott gained an improvedunderstanding of the geological setting and mineralisation controls, and the resource sampling activities.
Geologicalinterpretation	Confidence in (or conversely, the uncertainty of) thegeological interpretation of the mineral deposit.	In both deposits, gold is associated with disseminated pyrite. At CMA deposit, mineralisation isassociated with quartz-albite-carbonate veining in reverse fault structures that dip at 25 to 30 degrees to
	Nature of the data used and of any assumptions made.	the east. Yaouré deposit comprises mineralisation controlled by east-dipping structures, similar to CMA,in addition to mineralisation associated with quartz-tourmaline-chlorite-carbonate veining controlled by
	The effect, if any, of alternative interpretations on MineralResource estimation.	NE and NW striking,sub-vertical faults and also stockwork quartz veins with associated alterationselvages hosted by a granodiorite intrusive body.
	The use of geology in guiding and controlling MineralResource estimation.	Geological logging of lithology and weathering and three-dimensional interpretations of mineralisedzones were considered in conjunction with gold grades of two metre composited sample intervals to
	The factors affecting continuity both of grade and geology.	delineate mineralised domains at each of the deposits within which the tenor and spatial trends ofmineralisation are similar.
		The geometry of gold mineralisation in CMA deposit is relatively straightforward. Interpretation of themore complicated structural controls on mineralisation in Yaouré pit was assisted by historic gradecontrol rip-line sampling, mapping of open pit exposures and by the trial grade control drillingundertaken in 2017.
		Geological setting and mineralisation controls of have been established from with sufficient confidencefor the current estimates. Alternate interpretations were not considered necessary due to the high levelof confidence in current interpretations.
Dimensions	The extent and variability of the Mineral Resourceexpressed as length (along strike or otherwise), planwidth, and depth below surface to the upper and lower	Mineral resources are reported within an optimal pit generated at US$1,800/oz. Mineralisation within thispit includes numerous zones withinan area around 1.4 km east-west by 2.1 km north south andextendingto a maximum depth of around 340 metres below surface.

Criteria	JORC Code explanation	Commentary
	limits of the Mineral Resource.
Estimationand modelingtechniques	The nature and appropriateness of the estimationtechnique(s) applied and key assumptions, includingtreatment of extreme grade values, domaining,	Resources were estimated by Multiple Indicator Kriging (MIK) of two metre down-hole composited goldgrades from AC, RC and diamond drilling. Selected trial GC holes were included in the estimationdataset in areas of limited resource sampling.
	interpolation parameters and maximum distance ofextrapolation from data points. If a computer assistedestimation method was chosen include a description ofcomputer software and parameters used.	Mineralised domains used for resource estimationdelineate zones within which the tenor and spatialtrends of mineralisation are similar.Grade continuity was characterised by indicator variogramsmodelled at 14 indicator thresholds. Class grades were derived from class mean grades withtheexception of upper bin grades which were generally derived from the classmedian. For a small number
	The availability of check estimates, previous estimatesand/or mine production records and whether the Mineral	of mineralisation/weathering domain groups, the upper classgrade was derived from the classmeanexcluding two, or three outlier composite grades.
	Resource estimate takes appropriate account of suchdata.The assumptions made regarding recovery of by	Drill hole spacing varies from around 25 by 25 m in shallow portions of the Yaourédeposit to around 50by 50 metres in deeper areas. Resources were estimated into 12.5 by 25by 5 m (east, north, elevation)panels.
	products.	The estimates include a variance adjustment to give estimates of recoverable resources for mining
	Estimation of deleterious elements or other non-grade	selectivity of 4 by 6 by 2.5 m with grade control sampling on a 5by 8 by 1.25 m pattern.
	variables of economic significance (e.g. sulphur for acidmine drainage characterisation).	The modelling used a four-pass octant based search strategy. Radii and data requirements for thesesearches, are as follows: Search 1: 30 by 60 by 10m, 16 data/4 octants, Search 2: 45 by 90 by 15 m,
	In the case of block model interpolation, the block size inrelation to the average sample spacing and the search	16/4, Search 3: 45 by 90 by 15 m, 8/2s, Search 4: 45 by 90 by 15 m, 8/2. These searches giveestimates extrapolated to a maximum of approximately 75m from compositelocations.
	employed.Any assumptions behind modelling of selective mining	Micromine software was used for data compilation, domain wire-framing, and coding of compositevalues, and GS3M was used for resource estimation.
	units.Any assumptions about correlation between variables.	Estimated resources make no assumptions about recovery of by-products. The resource models includeestimates for gold only. No deleterious elements were estimated.
	Description of how the geological interpretation was usedto control the resource estimates.	Model reviews included visual comparison of estimates with informing data, reported production andindependent GC models developed from trial GC drilling. Model estimates reasonably match reported
	Discussion of basis for using or not using grade cutting orcapping.	production estimates for Yaouré, and modelling of trial GC data. No drilling is available for the minedCMA pitvolumeand model to production comparison is impossible for this deposit.
	The process of validation, the checking process used, thecomparison of model data to drill hole data, and use ofreconciliation data if available	Yaouré Mineral Resources were previously reported by Amara in November 2015. Those estimatesincluded Measured, Indicated and Inferred resources within an optimal pit shell generated atUS$1,500/oz. The Amara pit shellis notably larger than the US$1,800 pit constrainingcurrent estimates
		Perseus's investigations, including review of available drilling information, in-pit sampling and geologicalmapping demonstrate that the mineralisation is less continuous and less well defined by resourcedrilling than was interpreted by Amara. Accordingly, the current estimates do not include Measured

Criteria	JORC Code explanation	Commentary
		resources, and have proportionally less Indicated and more Inferred resources than classified by Amara.In contrast to the current estimates, the previous estimates did not include block support adjustment toreflect mining selectivityand required application of ore loss and dilution factors to reflect miningselectivity. Considering these differences, reporting the Amara model within the current resource pitshell gives estimates reasonably consistent with the current model on a contained ounce basis.
		The estimation technique is appropriate for the mineralisation style
Moisture	Whether the tonnages are estimated on a dry basis orwith natural moisture, and the method of determination ofthe moisture content.	core.	Tonnages are estimated on a dry basis, with densities estimated from oven dried samples of diamond
Cut-offparameters	The basis of the adopted cut-off grade(s) or qualityparameters applied.	The cut-off grade of 0.4g/t Au for the stated open pit Mineral Resource estimates reflects the averagebreak-even cut-off grade that derives from cost and revenue parameters from the 2017 DefinitiveFeasibility Study and gold price of US$1,800/oz.Estimates of Mineral Resources in the heap leach material are stated at the same cut-off grade on thebasis of each heap component being above or below cut-off and regardless of optimum pit limits.
Mining factorsorassumptions	Assumptions made regarding possible mining methods,minimum mining dimensions and internal (or, if applicable,external) mining dilution. It is always necessary as part ofthe process of determining reasonable prospects foreventual economic extraction to consider potential miningmethods, but the assumptions made regarding mining	Mineral Resource estimates are based on proposed exploitation by conventional truck and shovel openpit mining and ore processing by CIL. The estimates include a variance adjustment to give estimates ofrecoverable resources for mining selectivity of 4 by 6 by 2.5 m with grade control sampling on a 5by 1.25 m pattern and are reported within an optimal pit shell generated at $1,800/oz reflecting theCompany'sview of potential future gold prices, and the cost and revenue parameters that derive fromthe 2017 Definitive Feasibility Study, a summary of which is:
	methods and parameters when estimating MineralResources may not always be rigorous. Where this is the		Unit	Heap Leach	Oxide	Transition	Fresh
	case, this should be reported with an explanation of the	Waste mining	$/t	-	1.47	2.05	1.94
	basis of the mining assumptions made.	Ore mining	$/t	1.19	1.19	2.16	2.20
		Day works	$/t	0.73	0.73	0.73	0.73
		Grade control	$/t	-	0.85	0.85	0.85
		ProcessingSite admin	$/t$/t	9.513.30	9.513.30	11.033.30	12.583.30
		Au recovery	%	63-84	91.6	89.9	88-90
		Royalty	%	3.5	3.5	3.5	3.5
		Community	%	0.5	0.5	0.5	0.5
		Inter-ramp slopes	degrees	30.5	40-44	40-52	40-59
Metallurgicalfactors or	The basis for assumptions or predictions regardingmetallurgical amenability. It is always necessary as part ofthe process of determining reasonable prospects for	Several campaigns of metallurgical test work have been undertaken on Yaouré mineralisation, allindicating that gold is cyanide soluble. Gold recoveries are relatively grind sensitive. At a P80 of 75um,CIL gold recoveries are predicted to average 91.6% in oxidised ores, 89.9% in transition ores and 88-

Criteria	JORC Code explanation	Commentary
assumptions	eventual economic extraction to consider potentialmetallurgical methods, but the assumptions regardingmetallurgical treatment processes and parameters madewhen reporting Mineral Resources may not always berigorous. Where this is the case, this should be reportedwith an explanation of the basis of the metallurgicalassumptions made.	90% in fresh ores.Cyanide leach testing of remnant heap leach material has yielded gold recoveries between 63% and84%.
Environmentalfactors orassumptions	Assumptions made regarding possible waste and processresidue disposal options. It is always necessary as part ofthe process of determining reasonable prospects foreventual economic extraction to consider the potentialenvironmental impacts of the mining and processingoperation. While at this stage the determination ofpotential environmental impacts, particularly for a greenfields project, may not always be well advanced, thestatus of early consideration of these potentialenvironmental impacts should be reported. Where theseaspects have not been considered this should be reportedwith an explanation of the environmental assumptionsmade.	Adequate test work has been completed to indicate that waste rock from open pit mining is unlikely tobe acid generating and is likely to have significant acid buffering capacity.There are no significant concentrations of deleterious elements associated with mineralisation atYaouré. Testing of tailings material from processing test work indicates that tailings are benign andsuited to disposal in an industry standard tailings storage facility.An environmental and social impact assessment has been undertaken and environmental baselinemonitoring of the site continues.
Bulk density	Whether assumed or determined. If assumed, the basisfor the assumptions. If determined, the method used,whether wet or dry, the frequency of the measurements,the nature, size and representativeness of the samples.The bulk density for bulk material must have beenmeasured by methods that adequately account for voidspaces (vugs, porosity, etc.), moisture and differencesbetween rock and alteration zones within the deposit.Discuss assumptions for bulk density estimates used inthe evaluation process of the different materials.	Densities were assigned to in-situ estimates on the basis of 11,024 immersion density measurementsperformed by Amara and Perseus on oven dried, plastic sealed samples of diamond core. Comparisonbetween Amara and Perseus measurements and independent repeats suggest the Amara densitymeasurements are biased high by around 3%. Densitieswere assigned by mineralisation andweathering domain from the average density measurement per domain inclusive of factoring of Amaradensity measurements to compensate for the apparent slight bias.For density assignment the completely weathered zone was subdivided into upper and lower zones atthe mid-point of this zone, giving six weathering domains for density assignment comprising laterite,completely weathered upper, completely weathered lower, partially weathered, fractured weathered,and fresh. Densities (t/bcm) assigned to the main mineralised domains for these zones were as follows:CMA :1.85,1.75,1.80,2.05,2.35 and 2.75.Mafic Yaourémineralisation:1.85,1.55,1.80,2.10,2.45 and 2.80,Granodiorite Yaourémineralisation:1.85,1,65,1.75,2.10,2.55 and 2.70.A density of 1.4 t/m3 was assigned to the heapleach estimateson the basis of 11 volumetric pitmeasurements performed by Perseus on samples collected from approximately 1 to 1.5 metres belowsurface. These data supplement results from 10 measurements performed on the heap surface

Criteria	JORC Code explanation	Commentary
		averaging around 1.76 t/m3, with the difference in averagedensity interpreted to reflect removal ofsurface fines by rain water induced erosion.
Classification	The basis for the classification of the Mineral Resourcesinto varying confidence categories.Whether appropriate account has been taken of allrelevantfactors (i.e. relative confidence in tonnage/gradeestimations, reliability of input data, confidence incontinuity of geology and metal values, quality, quantityand distribution of the data).Whether the result appropriately reflects the CompetentPerson's view of the deposit.	Mineral resources were classified as Indicated and Inferred on the basis of search pass and two sets ofsectional polygons defining areas of consistently spaced drilling for each model row. Estimates informedby search pass 1 within polygons defining the outer limits of any consistently 25 by 50 m spaced drillingincluding some wider spaced areas were classified as Indicated, and all other panels classified asInferred. A second classification stage classified rare estimates informed by search pass 2 and rarely 3or 4 with the area of general 25 by 25 m drilling defined by a second set of polygons as Indicated. Thisapproach assigns mineralisation tested by drilling reasonably approximating 25 by 50 m and closerspacing as Indicated and more broadly sampled mineralisation to the Inferred category.The resource classifications account for all relevant factors and reflect the competent person's views ofthe deposit.
Audits orreviews	The results of any audits or reviews of Mineral Resourceestimates.	The resource estimates have been reviewed by Perseusgeologists, and are considered to appropriatelyreflect the mineralisation and drilling data.
Discussion ofrelativeaccuracy/confidence	Where appropriate a statement of the relative accuracyand confidence level in the Mineral Resource estimateusing an approach or procedure deemed appropriate bythe Competent Person. For example, the application ofstatistical or geostatistical procedures to quantify therelative accuracy of the resource within stated confidencelimits, or, if such an approach is not deemed appropriate,a qualitative discussion of the factors that could affect therelative accuracy and confidence of the estimate.	Confidence in the relative accuracy of the model estimates is reflected by the classification of estimatesad Indicated and Inferred.
	The statement should specify whether it relates to globalor local estimates, and, if local, state the relevanttonnages, which should be relevant to technical andeconomic evaluation. Documentation should includeassumptions made and the procedures used.
	These statements of relative accuracy and confidence ofthe estimate should be compared with production data,where available.

JORC 2012 Table 1 – Section 4 Estimation and Reporting of Ore Reserves

This section has been prepared by RPM to support the Statement of Ore Reserves for the Yaouré Project as of 2 nd November 2017

Criteria	JORC Code explanation		Commentary
MineralResourceestimate forconversionto OreReserves	Description of the Mineral Resource estimate used as a basis forthe conversion to an Ore Reserve.Clear statement as to whether the Mineral Resources arereported additional to, or inclusive of, the Ore Reserves.		undertaken,	The Competent Person in relation to Mineral Resources is Mr Jonathon Abbott MAIG, anemployee of MPR Geological Consultants Pty Ltd. Mr Abbott has sufficient experience, whichis relevant to the style of mineralisation under consideration and to the activity he hasMineral		Resources quoted in this report are inclusive of Ore Reserves
Site visits	Comment on any site visits undertaken by the CompetentPerson and the outcome of those visits.If no site visits have been undertaken indicate why this is thecase.			A site visit was undertaken by MrThe site confirmed current operating practices and reviewed planning assumptions		Joe McDiarmid to the Yaouré			Site on 6-8 September 2016.
Study status	The type and level of study undertaken to enable MineralResources to be converted to Ore Reserves.TheCode requires that a study to at least Pre-Feasibility Studylevel has been undertaken to convert Mineral Resources to OreReserves. Such studies will have been carried out and will havedetermined a mine plan that is technically achievable andeconomically viable, and that material Modifying Factors havebeen considered.			The Mineral Resources have been converted to Ore Reserves by means of a Life of Mine planincluding economic assessmentKey aspects of the study were technically achievable pit designs based on Pit LimitOptimisation. These designs were also assessed to ensure economic viability
Cut-offparameters	The basis of the cut-off grade(s) or quality parameters applied.			The cut-off grades are based on the economic parameters developed for the Operation. Cutoff grade varies due to different material types as follows
							Completely Oxidised
				Ore Source	Units	Weathered	Transition	Fresh
				CMA -Basalt &Volcanoclastic	g/t	0.40	0.45	0.50
				CMA -GranodioriteYaouré-Basalt &	g/t	0.40	0.45	0.50
				VolcanoclasticYaouré-	g/t	0.40	0.45	0.65
				Granodiorite	g/t	0.40	0.45	0.65

Criteria	JORC Code explanation				Commentary

						Partially Oxidised
			Ore Source	Units	Weathered	Transition	Fresh
			CMA -Basalt &
			Volcanoclastic	g/t	0.40	0.45	0.50
			CMA -GranodioriteYaouré-Basalt &	g/t	0.40	0.45	0.50
			VolcanoclasticYaouré-	g/t	0.40	0.45	0.65
			Granodiorite	g/t	0.40	0.45	0.65

						Not Oxidised
			Ore Source	Units	Weathered	Transition	Fresh
			CMA -Basalt &
			Volcanoclastic	g/t	0.40	0.45	0.50
			CMA -GranodioriteYaouré-Basalt &	g/t	0.40	0.45	0.50
			VolcanoclasticYaouré-	g/t	0.40	0.45	0.65
			Granodiorite	g/t	0.40	0.45	0.65
						All Oxidation & WeatheringStates
			Ore Source	Units	CMA1	CMA2	EGlobal
			Leach Pad	g/t	0.45	0.45	0.45

Miningfactors orassumptions	The method and assumptions used as reported in the PreFeasibility or Feasibility Study to convert the Mineral Resourceto an Ore Reserve (i.e. either by application of appropriatefactors by optimisation or by preliminary or detailed design).The choice, nature and appropriateness of the selected mining		The chosen method of mining is conventional open pit mining utilising hydraulic excavatorsand trucks, mining waste bench heights of 10 m and ore benches mined at 5 m height tominimise ore loss and waste rock dilutionThe economic pit shell was defined using Whittle 4X pit optimisation software ("Whittle 4X")with inputs such as geotechnical parameters, a ROM model containing ore loss and dilution,
	method(s) and other mining parameters including associated		metallurgical recovery and mining costs.

Criteria	JORC Code explanation					Commentary
	design issues such as pre-strip, access, etc.The assumptions made regarding geotechnical parameters (e.g.pit slopes, stope sizes, etc.), grade control and pre-productiondrilling.The major assumptions made and Mineral Resource model usedfor pit and stope optimisation (if appropriate).The mining dilution factors used.The mining recovery factors used.Any minimum mining widths used.The manner in which Inferred Mineral Resources are utilised inmining studies and the sensitivity of the outcome to theirinclusion.The infrastructure requirements of the selected mining methods.		value was allocated to Inferred Mineral ResourcesWhittle 4X input parameters were based on other Perseus mining operations, miningcontractor quotations and supporting studies by various Consultants to the projectorientationThis model was provided to RPM as a ROM modelMinimum mining width of 40 to 50 m was generally applied to the pit designsInferred Resources have not been included in this mining studyexists on the site however various upgrades are in placeRPMGloballimit the extent of mining within the mining lease. RPM notes that Angovia village liesappropriate blast	monitoring				The pit optimisation was run with revenue generated only by Indicated Mineral Resources. NoThe pit slope design assumptions are based on a geotechnical study completed by Pitt &Sherry (Operations) Pty Ltd. Initial Inter-Ramp Slope Angles were used in a first-pass pitoptimisation to determine pit sizes and depths. A preliminary pit design was completed andthe slopes adjusted to be ramp-inclusive in the final pit optimisation. Design parameters,including batter angles, berm widths and bench heights vary by rock type, weathering and wallOre loss and dilution has been included in the MIK geological model by applying a block sizecorrection that represented the SMU size of 4 m east-west x 6 m north-south x 2.5 m high.As the mine had previously been in operation, much of the required infrastructure alreadyhas not identified or been informed of any physical constraints to mining within thelease area. No property, infrastructure or environmental issues are known to exist which mayapproximately 500m north-west of the mine and will require heightened site security and
Metallurgicalfactors orassumptions	The metallurgical process proposed and the appropriateness ofthat process to the style of mineralisation.Whether the metallurgical process is well-tested technology ornovel in nature.The nature, amount and representativeness of metallurgical testwork undertaken, the nature of the metallurgical domainingapplied and the corresponding metallurgical recovery factorsapplied.Any assumptions or allowances made for deleterious elements.The existence of any bulk sample or pilot scale test work and thedegree to which such samples are considered representative ofthe orebody as a whole.For minerals that are defined by a specification, has the orereserve estimation been based on the appropriate mineralogy tomeet the specifications?		The Yaouréleaching to extract gold3.3Mtpa. The technology used in the processing plant is well provenThe processing test workMining areaNo deleterious material has been identifiedThe process metallurgical recovery for gold is fixed by material type in each depositOre Source & RockTypeCMA -GranodioriteCMA –Basalt/VolcanoclasticYaouré-Granodiorite	Units%%%	HeapLeach	FullyOxidised91.6%91.6%91.6%	PartiallyOxidised89.8%89.9%89.9%	processing plant uses, crushing, grinding, pebble crushing, gravity and cyanideand cyanide detoxification. The plant has a nominal capacity ofis representative of the different material types throughout theNot Oxidised(100 x (Au -(0.095 xAu0.94) -0.011) / Au)%(100 x (Au -(0.095 xAu0.94) -0.011) / Au)%90.1%

Criteria	JORC Code explanation					Commentary
Environment	The status of studies of potential environmental impacts of the		Yaouré–Basalt/VolcanoclasticHeap leach -CMA 1Heap leach -CMA 2Heap leach -EGlobal	%%%%	84.5%82.5%83.7%	91.6%	89.9%	90.1%No environmental issues are known to exist which will prevent open pit mining and ore
	mining and processing operation. Details of waste rockcharacterisation and the consideration of potential sites, statusof design options considered and, where applicable, the statusof approvals for process residue storage and waste dumpsshould be reported.		waste dumps to store the expected quantities ofacid generating material is encapsulated within acid neutralising material					processing to continue to operate. Perseus appears to have sufficient space available formine waste rock associated with the open pitOre Reserve. Based on testing to date there is no risk of acid rock drainage as any potentially
Infrastructure	The existence of appropriate infrastructure: availability of land forplant development, power, water, transportation (particularly forbulk commodities), labour, accommodation; or the ease withwhich the infrastructure can be provided, or accessed.		Power supply is from grid system supplied by electricity company, CIEWater supply is extracted from the Bandama RiverAccess to site is via public road from Kossou townA camp is established to accommodate non-local employees					Workshops, offices, storage of reagents and laboratory is established at the processing plant
Costs	The derivation of, or assumptions made, regarding projectedcapital costs in the study.The methodology used to estimate operating costs.Allowances made for the content of deleterious elements.The derivation of assumptions made of metal or commodityprice(s), for the principal minerals and co-products.The source of exchange rates used in the study.Derivation of transportation charges.The basis for forecasting or source of treatment and refiningcharges, penalties for failure to meet specification, etc.The allowances made for royalties payable, both Governmentand private.		All other operating costs have been provided by Perseus and its ConsultantsNon deleterious materials have been identified and costedA Transportation and Refining cost has been derived from current Perseus operations.A combined royalty of 4.0% of the the gross revenue was appliedgovernment on gold and 0.5% for community development funding).					The mining cost is based on a schedule of rates provided by a range of mining contractorsubmissions. Contractors based their costs on a detailed design and schedule prepared byRPM. At the final stage of the DFS an updated design and schedule were again provided tothe contractors and the revised mining costs have been used in the final economic analysis.(includes 3.5% royalty to the
Revenuefactors	The derivation of, or assumptions made regarding revenuefactors including head grade, metal or commodity price(s)exchange rates, transportation and treatment charges, penalties,net smelter returns, etc.The derivation of assumptions made of metal or commodityprice(s), for the principal metals, minerals and co-products.		A Gold price of USD1,200/ozA Bullion and Refining cost has been derived from current Perseus operations.A royalty of 3.5% plus community development fund of 0.5% of the gross revenueapplied.					was provided by Perseus and validated by RPM using publishedmetal price forecasts. Post mining study the economic modelling used a USD1,250/ozwere
Marketassessment	The demand, supply and stock situation for the particularcommodity, consumption trends and factors likely to affect		The demand for gold is considered in the gold price usedThe processing forecast and mine life are based on life of mine plans

Criteria	JORC Code explanation	Commentary
	supply and demand into the future.A customer and competitor analysis along with the identificationof likely market windows for the product.Price and volume forecasts and the basis for these forecasts.For industrial minerals the customer specification, testing andacceptance requirements prior to a supply contract.	The commodity is not an industrial metal
Economic	The inputs to the economic analysis to produce the net presentvalue (NPV) in the study, the source and confidence of theseeconomic inputs including estimated inflation, discount rate, etc.NPV ranges and sensitivity to variations in the significantassumptions and inputs.	A schedule and economic model have been completed using the Ore Reserves published inthis Statement. The inputs used are as per those stated in the relevant sections of thisStatementThe base case results in a positive economic outcome as assessed by a NPV calculation(@10% DCF). The NPV is highly sensitive to the gold price. At a gold price of USD1,080/oz(10% decrease) the NPV is decreased by 73%. The current Project breakeven gold price fora discount rate of 10% is USD1,036/ozNote that as the gold price changes so too will the economic limits of the pits and theirReserves
Social	The status of agreements with key stakeholders and mattersleading to social licence to operate.	Perseus has established relevant agreements with local stakeholdersPerseus has and will continue to use skilled expatriate workers and locally sourced skilledworkers
Other	To the extent relevant, the impact of the following on the projectand/or on the estimation and classification of the Ore Reserves:Any identified material naturally occurring risks.The status of material legal agreements and marketingarrangements.The status of governmental agreements and approvals critical tothe viability of the project, such as mineral tenement status, andgovernment and statutory approvals. There must be reasonablegrounds to expect that all necessary Government approvals willbe received within the timeframes anticipated in the PreFeasibility or Feasibility study. Highlight and discuss themateriality of any unresolved matter that is dependent on a thirdparty on which extraction of the reserve is contingent.	The estimate of Ore Reserves for the YaouréOpen Pits are not, to RPM's knowledge,materially affected by any other known environmental, permitting, legal, title, taxation, socioeconomic, marketing, political or other relevant factors other than that described in thepreceding text. It is believed that the classification of Ore Reserves as set out in the followingsections is reasonable
Classification	The basis for the classification of the Ore Reserves into varyingconfidence categories.Whether the result appropriately reflectsthe CompetentPerson's view of the deposit.The proportion of Probable Ore Reserves that have beenderived from Measured Mineral Resources (if any).	Ore Reserves have been classified based on the underlying Mineral Resources classificationsand the levelof detail in the mine planning. The Mineral Resources were classified asIndicated and Inferred. The Ore Reserves, based only on the Indicated Resources, havebeen classified as Probable Ore ReservesThe Ore Reserve is classified as Probable in accordance with the JORC Code, correspondingto the Mineral Resource classifications of Indicated and taking into account other factorswhere relevant. The deposit's geological model is well constrained. The Ore Reserveclassification is considered appropriate given the nature of the deposit, the moderate grade

Criteria	JORC Code explanation	Commentary
		variability, drilling density, structural complexity and mining history. Therefore it was deemedappropriate to use Indicated Mineral Resources as a basis for Probable ReservesNo Inferred Mineral Resources were included in the Ore Reserve estimate
Audits orreviews	The results of any audits or reviews of Ore Reserve estimates.	RPM has completed an internal review of the Ore Reserve estimateThe JORC Code provides guidelines which set out minimum standards, recommendationsand guidelines for the Public Reporting of exploration results, Mineral Resources and OreReserves. Within the JORC Code is a "Checklist of Assessment and Reporting Criteria"(Table 1 –JORC Code). This checklist has been used as a systematic method to undertake areview of the underlying Study used to report in accordance with the JORC CodeA high level LOM Plan was prepared based on the ROM mineable ore contained with the pitdesigns. RPM reviewed the LOM Plan for reasonableness and accuracy and confirmed that itwas suitable for estimation of Ore Reserves. An economic model was prepared in conjunctionwith Perseus that confirmed the Operation to be economically viable
Discussionof relativeaccuracy/confidence	Where appropriate a statement of the relative accuracy andconfidence level in the Ore Reserve estimate using an approachor procedure deemed appropriate by the Competent Person. Forexample, the application of statistical or geostatisticalprocedures to quantify the relativeaccuracy of the reserve withinstated confidence limits, or, if such an approach is not deemedappropriate, a qualitative discussion of the factors which couldaffect the relative accuracy and confidence of the estimate.The statement should specify whether it relates to global or localestimates, and, if local, state the relevant tonnages, whichshould be relevant to technical and economic evaluation.Documentation should include assumptions made and theprocedures used.Accuracy and confidence discussions should extend to specificdiscussions of any applied Modifying Factors that may have amaterial impact on Ore Reserve viability, or for which there areremaining areas of uncertainty at the current study stage.It is recognised that this may not be possible or appropriate in allcircumstances. These statements of relative accuracy andconfidence of the estimate should be compared with productiondata, where available.	The accuracy and confidence of the inputs are of a feasibility level (for the global open pit OreReserves)The key factors that are likely to affect the accuracy and confidence in the Ore Reserves are:oAccuracy of the underlying Resource Block Models;oChanges in gold prices and sales agreements;oChanges in metallurgical recovery; andoMining loss and dilutionThe Ore Reserve has utilised all parameters provided by site as made availableThe accuracy of the underlying Mineral Resources is defined by the Resource Category thatthe Mineral Resources are assigned to. Only the highest categoryof Resource classification,Indicated, hasbeen used as a basis for estimating Ore Reserves

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PERSEUS MINING LIMITED Audit Report / Information 2017

46513_rns_2017-11-02_2f1732c5-c7f7-4fb6-971a-a2c72b3fa966.pdf

PERSEUS DECLARES INITIAL RESOURCE AND RESERVE ESTIMATES FOR YAOURÉ GOLD PROJECT

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