PERSEUS MINING LIMITED — Audit Report / Information 2024

Aug 20, 2024

EXECUTIVE SUMMARY

Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of the Mineral Resources and Ore Reserves at each of its African operations as summarised in Table 1 and Table 2 below, and detailed in this report. Foreign/Historical Estimates are stated for each of the Meyas Sand Gold Project (MSGP, formerly Block 14) and the Nyanzaga Gold Project Mineral Resources and Mineral Reserves in the 'Foreign Estimate' subsection.

HIGHLIGHTS

• Perseus Mining has delivered another year of organic growth from resource definition drilling and studies, leading to new Measured and Indicated (M&I) Mineral Resources and Proved and Probable Ore Reserves, adding to the long-term sustainability of the Group's production profile.
• The Group's total M&I Mineral Resources at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold, containing 4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of gold.
• Group Proved and Probable Ore Reserves are now estimated at 64.9 Mt at 1.39 g/t gold for 2.9 Moz, compared to the estimate of 30 June 2023 of 73.8 Mt at 1.45 g/t gold for 3.4 Moz of gold.
• Inorganic growth during FY24 included the acquisition of OreCorp Limited including its primary asset, the Nyanzaga Gold Project. In compliance with Canadian Instrument NI 43-101 these Mineral Resources and Ore Reserves remain treated as Foreign Estimates, not current Perseus estimates, until further work can be completed.

	MEASURED RESOURCES			INDICATED RESOURCES			MEASURED & INDICATEDRESOURCES			INFERRED RESOURCES
PROJECT	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz	Mt	g/t gold	'000oz	Mt	g/t gold	'000 oz
Edikan	13.8	1.03	457	37.7	1.05	1,273	51.5	1.04	1,731	6.4	1.5	317
Sissingué3	3.1	1.48	147	5.7	1.62	294	8.7	1.57	441	0.2	1.4	11
Yaouré	5.9	0.78	146	49.8	1.60	2,565	55.6	1.52	2,711	17.4	1.7	926
Total	22.8	1.03	751	93.2	1.38	4,132	115.9	1.31	4,883	24.1	1.6	1,254

Table 1: Perseus Mining Mineral Resources1,2,4,5

Table 2: Perseus Mining Ore Reserve1,4,5

PROJECT		PROVED			PROBABLE		PROVED AND PROBABLE
	QUANTITY	GRADEGOLD		QUANTITY	GRADE		GOLDQUANTITY		GOLD
	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz
Edikan	5.8	1.03	193	19.6	1.13	716	25.4	1.11	909
Sissingué 3	2.2	1.67	116	2.2	1.98	139	4.3	1.82	254
Yaouré	5.9	0.78	146	29.3	1.68	1,584	35.2	1.53	1,730
Total	13.8	1.02	455	51.1	1.48	2,438	64.9	1.39	2,893

Notes for Table 1 and Table 2:

1 Refer to Notes to individual tables of Mineral Resources and Ore Reserves in respect of each project presented below.

2 Mineral Resources are inclusive of Ore Reserves.

3 Sissingué Mineral Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine.

4 The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) except Bagoé at 90%, and 90% of Yaouré Gold Mine (YGM).

5 Excludes Foreign/Historical Estimates

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008 ABN: 27 106 808 986 1

The change in Group Ore Reserve estimate from June 2023 to June 2024 is shown below in Figure 1. Perseus Group Ore Reserves have been estimated at a gold price of $1,500/oz for existing pits and $1,700/oz for some new or updated designs. Please refer to individual tables below for details of which price applies to individual Ore Reserves.

Figure 1: Change in Group Ore Reserves by Project – June 2023 to June 2024

MINERAL RESOURCE ESTIMATES

The Group's total M&I Mineral Resources reported as at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold, containing 4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of gold. The Mineral Resource Statement accounts for mining depletion of in-situ Mineral Resources and is reported inclusive of Ore Reserves. Inferred Resources are 24.1 Mt grading at 1.6 g/t Au for 1.3 Moz of gold, compared with the estimate of 30 June 2023 of 17.8 Mt grading at 1.8 g/t Au for 1.0 Moz of gold. Tonnes are reported as dry metric tonnes. All tabulated tonnes, grade and metal have been rounded to reflect appropriate precision in the estimate and may cause some discrepancies in totals.

Foreign/Historical Estimates for the MSGP Mineral Resource in Northern Sudan, announced on 28 February 2022 (see news release titled "Perseus enters into agreement to acquire Orca Gold Inc."), and for the Nyanzaga Gold Project (see news release on 31 May 2024 titled "Perseus progresses Nyanzaga Gold Project") are stated in the 'Foreign/Historical Estimate' subsection of this report and are reported separately from the Group's Mineral Resources detailed below.

The Group Mineral Resource estimates are reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). The classification categories of Measured, Indicated and Inferred under the JORC Code (2012) are equivalent to the CIM categories of the same names (CIM, 2014).

For the purpose of satisfying "reasonable prospects for eventual extraction" (JORC Code 2012), open pit Mineral Resources are reported above optimised open pit shells developed with actual and estimated operating costs and a long-term gold price assumption of US$2,000 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA Stage 3 pit design and reported at a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of 600 mRL at Esuajah South and are all exclusive of open pit Mineral Resources.

Technical Reports associated with these Mineral Resources, have been prepared in accordance with NI 43-101 for the following operations:

• Yaouré Operations, Côte d'Ivoire, NI 43-101 Technical Report, dated 18 December 2023
• Sissingué Operations, Côte d'Ivoire, NI 43-101 Technical Report, dated 29 May 2015
• Edikan Operations, Ghana, NI 43-101 Technical Report, dated 6 April 2022

These reports can be found on Perseus's website at www.perseusmining.com and on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website www.sedarplus.ca.

YAOURÉ GOLD MINE, CÔTE D'IVOIRE

The combined M&I Mineral Resource for the Yaouré Gold Mine ("YGM" or "Yaouré") is estimated at 55.6 Mt grading 1.52 g/t Au, containing 2.7 Moz of gold (Table 3). A further 17.4 Mt of material grading 1.7 g/t gold, containing 926 koz of gold are classified as Inferred Mineral Resources (Table 4).

Updated Mineral Resource estimates were prepared for the Yaouré open pit, the CMA underground, and the CMA Southwest satellite deposit. A maiden Mineral Resource estimate was also prepared for the Zain 1 deposit. An overview showing the relative locations of the various Mineral Resource areas is presented in Figure 2. All Yaouré Gold Mine Mineral Resources are depleted to 30 June 2024 surveyed mining surfaces.

The Govisou project, forming part of the Yaouré satellite deposits, was removed from reporting of Mineral Resources in this reporting period. Review of the operational constraints associated with mitigation of community and social impacts of mining of fresh material showed further extraction of the Govisou mineralisation was not Perseus' preferred option. This decision has been approved by the Côte d'Ivoire government.

		MEASURED RESOURCES			INDICATED RESOURCES			MEASURED & INDICATEDRESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz
CMA1,3,4	Open Pit	-	-	-	15.8	0.90	458	15.8	0.90	458
2,3,4Yaouré	Open Pit	-	-	-	19.2	1.35	838	19.2	1.35	838
Zain 12,4	Open Pit	-	-	-	2.4	1.57	123	2.4	1.57	123
Satellite deposits5,6	Open Pit	0.1	1.28	5	4.5	0.98	142	4.6	0.99	147
Sub Total		0.1	1.28	5	41.9	1.16	1,561	42.1	1.16	1,566
CMA8	Underground	-	-	-	7.4	4.16	996	7.4	4.16	996
Heap Leach3,7	Stockpile	-	-	-	0.4	0.61	8	0.4	0.61	8
Stockpiles	Stockpile	5.7	0.77	141	-	-	-	5.7	0.77	141
TOTAL		5.9	0.78	146	49.8	1.60	2,565	55.6	1.52	2,711

Table 3: Yaouré Measured and Indicated Mineral Resources9,10,11

Table 4: Yaouré Inferred Mineral Resource9,10,11

			INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz
CMA1,3,4	Open Pit	7.5	0.8	200
Yaouré2,3,4	Open Pit	0.6	1.5	27
Zain 12,4	Open Pit	3.7	1.4	159
Satellite deposits5,6	Open Pit	1.0	0.8	26
CMA8	Underground	4.7	3.4	514
Total		17.4	1.7	926

Notes for Table 3 and Table 4:

1. Based on June 2022 Mineral Resource estimate.

2. Based on June 2024 Mineral Resource estimate.

3. Depleted for previous mining and to 30 June 2024 mining surface.

4. 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$2,000/oz pit shells.

5. Based on Angovia 2 April 2021 and CMA SW May 2024 Mineral Resource models.

6. Angovia 2 has a 0.4 g/t gold cut-off applied to in situ open pit material constrained to US$1,800/oz pit shell. CMA SW has a 0.3 g/t gold cut-off applied to in situ open pit material constrained to US$2,000/oz pit shell.

7. Heap leach resources are stated at 0 g/t gold cut-off; only heap leach components with average grade above 0.4 g/t included.

8. May 2024 Mineral Resource estimate, below Stage 3 pit and above 1.5 g/t block grade cut-off.

9. Mineral Resources current as of 30 June 2024.

10. Rounding of numbers to appropriate precision may result in summary inconsistencies.

11. Mineral Resources are reported inclusive of Ore Reserves.

Figure 2: Yaouré Gold Mine Project Areas

SISSINGUÉ GOLD MINE, CÔTE D'IVOIRE

The combined M&I Mineral Resource for the Sissingué Gold Mine ("SGM" or "Sissingué") is estimated as 8.7 Mt grading 1.57 g/t gold, containing 441 koz of gold. A further 0.2 Mt of material grading 1.4 g/t gold, containing 11 koz of gold are classified as Inferred Mineral Resources. Details of these estimates are shown below in Table 5 and Table 6.

Sissingué Mineral Resources comprise the remaining in situ mineralisation at the Sissingué mine (including a maiden Mineral Resource estimate at Airport West), the Fimbiasso West deposit, and mineralisation at the Antoinette, Juliette, and Veronique deposits at the Bagoé Project. These Mineral Resources also include material on stockpiles at the Sissingué and Fimbiasso mines as at 30 June 2024. The Fimbiasso East remnant Ore Reserve is also included as Mineral Resources. This reflects the current expectation that further development of the Fimbiasso East open pit outside of the current pit design will not be possible due to conditions relating to the project area, and therefore no Mineral Resources can be reported in addition to the existing Ore Reserve.

In addition to Airport West, an updated geological model was developed for the Fimbiasso West deposit in June 2024. All remaining geological models are unchanged from the previous year's Mineral Resource Statement.

The Sissingué and Fimbiasso West Mineral Resource have been depleted to the 30 June 2024 using the surveyed mining surface. The Fimbiasso East Mineral Resource has been completely exhausted to June 2024. Mining has not commenced at the Bagoé Project.

		MEASURED RESOURCES				INDICATED RESOURCES		MEASURED & INDICATED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz
Sissingué 4, 5, 6	Open Pit	0.9	1.20	36	3.7	1.41	166	4.6	1.37	202
Fimbiasso 5, 6, 7, 9	Open Pit	0.5	2.02	35	0.7	2.21	48	1.2	2.13	82
Bagoé 6, 8	Open Pit	1.0	1.88	59	1.3	1.89	81	2.3	1.89	139
Stockpiles	Open Pit	0.7	0.85	18	-	-	-	0.7	0.85	18
Total		3.1	1.48	147	5.7	1.62	294	8.7	1.57	441

Table 5: Sissingué Measured and Indicated Mineral Resources 1, 2, 3

Table 6: Sissingué Inferred Mineral Resources 1, 3

			INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITYMt	GRADEg/t gold	GOLD'000 oz
Sissingué 4, 5, 6	Open Pit	0.1	1.1	3
Fimbiasso 5, 6, 7	Open Pit	0.0	1.1	1
Bagoé 6, 8	Open Pit	0.1	1.7	7
Total		0.2	1.4	11

Notes for Table 5 and Table 6:

1 Mineral Resources current at 30 June 2024.

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

3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

4 Based on February 2022 Mineral Resource model constrained to US$2,000/oz pit shell.

5 Depleted to 30 June 2024 mining surface.

6 0.4 g/t gold cut-off applied to in situ material.

7 Based on June 2024 Mineral Resource model constrained to US$2,000/oz pit shell.

8 Based on May 2021 Mineral Resource models constrained to US$2,000/oz pit shells.

9 Fimbiasso East based on March 2020 Mineral Resource model constrained to US$1,500/oz reserve pit design.

EDIKAN GOLD MINE, GHANA

The updated M&I Mineral Resource for the Edikan Gold Mine ("EGM" or "Edikan") in Ghana is now estimated as 51.5 Mt grading 1.04 g/t gold, containing 1.7 Moz of gold, as at 30 June 2024 (Table 7). A further 6.4 Mt of material grading 1.5 g/t Au and containing 317 koz of gold are classified as an Inferred Mineral Resource (Table 8). The previous Mineral Resource as at 30 June 2023 was estimated at M&I of 62.2 Mt grading at 1.03 g/t gold, containing 2.1 Moz of gold and an additional 6.2 Mt grading 1.6 g/t for 311 koz of gold of Inferred Mineral Resources.

Mineral Resources at AF Gap and Fetish have been depleted to the 30 June 2024 mining survey surfaces. The Mineral Resource estimate for the Esuajah North and South, and Nkosuo deposits remains unchanged.

The Heap Leach Mineral Resource has been excluded from reporting reflecting the depletion of this material due to artisanal mining activities.

Table 7: Edikan Measured and Indicated Mineral Resources 1, 2, 3

		MEASURED RESOURCES			INDICATED RESOURCES			MEASURED & INDICATEDRESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz
AF Gap 4, 5, 6	Open Pit	3.7	0.83	101	11.7	0.83	311	15.4	0.83	412
Esuajah North 5, 7, 10	Open Pit	2.1	0.74	51	2.3	0.70	52	4.4	0.72	103
Fetish 5, 6, 8	Open Pit	2.7	0.97	84	3.2	0.89	92	5.9	0.93	176
Nkosuo 9, 10	Open Pit	-	-	-	14.7	0.90	425	14.7	0.90	425
Sub-Total		8.6	0.85	235	31.8	0.86	880	40.4	0.86	1,115
Esuajah South 11	Underground	3.1	1.70	168	5.9	2.09	393	8.9	1.95	561
Stockpiles	Stockpile	2.2	0.77	54	-	-	-	2.2	0.77	54
Total		13.8	1.03	457	37.7	1.05	1,273	51.5	1.04	1,731

Table 8: Edikan Inferred Mineral Resources 1, 3

			INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITYMt	GRADEg/t gold	GOLD'000 oz
AF Gap 4, 5, 6	Open Pit	0.2	0.9	5
Esuajah North 5, 7, 10	Open Pit	0.0	1.1	1
Fetish 5, 6, 8	Open Pit	0.1	0.6	2
Nkosuo 9, 10	Open Pit	1.4	0.9	37
Esuajah South 11	Underground	4.8	1.8	272
Total		6.4	1.5	317

Notes for Table 7 and Table 8:

1 All Mineral Resources are current as at 30 June 2024.

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

3 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

4 Based on March 2020 Mineral Resource model constrained to US$2,000/oz pit shell.

5 Depleted to 30 June 2024 mining surfaces.

6 0.35 g/t gold cut-off applied for AF Gap with 0.4 g/t gold cut-off applied for Fetish.

7 Based on June 2019 Mineral Resource model constrained to US$2,000/oz pit shell.

8 Based on May 2021 Mineral Resource model constrained to US$2,000 pit shell, includes Bokitsi North lode.

9 Based on June 2022 Mineral Resource model constrained to US$2,000/oz pit shell.

100.3 g/t gold cut-off applied.

11Based on November 2020 Mineral Resource model, 1.0 g/t gold cut-off applied.

ORE RESERVE ESTIMATE

CRITERIA FOR ORE RESERVE CLASSIFICATION

The Ore Reserve is classified as Proved and Probable in accordance with the JORC Code (2012), corresponding to the Mineral Resource classifications of M&I and considering other factors where relevant. The deposits' geological models are well constrained. The Ore Reserve classification is considered appropriate given the nature of the deposits, the moderate grade variability, drilling density, structural complexity, confidence in input parameters based on operational experience and mining history. It was therefore considered appropriate to use Measured Mineral Resources as a basis for Proved Ore Reserves and Indicated Mineral Resources as a basis for Probable Ore Reserves.

No Inferred Mineral Resources were included in Ore Reserve estimate with the exception of 2.8 koz of incidental Inferred which is included in the CMA underground development and is not considered material to the Ore Reserve.

Group Ore Reserve changes by activity type are shown in Figure 3.

6

Figure 3: Change in Group Ore Reserves by Activity – June 2023 to June 2024

YAOURÉ GOLD MINE, CÔTE D'IVOIRE

The Ore Reserve estimate for Yaouré Gold Mine includes drilling and design changes at the Yaouré open pit (Figure 4) and CMA underground deposits during FY24. Also new to Yaouré Ore Reserves is the Zain 1 Open Pit, which is located between the CMA pit and the process plant (see Figure 5 and Figure 6), and which was discovered near to surface during drilling of the CMA underground plunge extensions during FY24.

The Proved and Probable Ore Reserves for Yaouré Gold Mine are estimated as 35.2 Mt, grading 1.53 g/t gold and containing 1.7 Moz of gold. Details of the estimate are shown in Table 9.

			PROVED			PROBABLE			PROVED + PROBABLE
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz
CMA1,2	Open Pit	-	-	-	6.8	1.81	394	6.8	1.81	394
Yaouré2,3,	Open Pit	-	-	-	13.1	1.25	524	13.1	1.25	524
Zain 12,3	Open Pit	-	-	-	1.5	1.12	52	1.5	1.12	52
Satellite deposits 2,3	Open Pit	0.1	1.14	5	3.5	0.95	107	3.6	0.96	112
Sub Total		0.1	1.14	5	24.8	1.35	1,077	25.0	1.35	1,082
CMA4	Underground	-	-	-	4.5	3.52	507	4.5	3.52	507
Stockpiles	Stockpile	5.7	0.77	141	-	-	-	5.7	0.77	141
TOTAL		5.9	0.78	146	29.3	1.68	1,584	35.2	1.53	1,730

Table 9: Yaouré Proved and Probable Ore Reserves5,6

Notes:

1. Based on depletion to 30 June 2024 mining surfaces.

2. Variable gold grade cut-offs for each material type, ranging from 0.30 g/t to 0.75 g/t.

3. Pit designs are based on US$1,500/oz gold metal price for existing designs and satellites and US$1,700/oz for Zain 1, Yaouré and CMA Southwest (listed in Satellite deposits) open pits.

4. Based upon cut-off for development and stoping of 0.5 g/t and 2.5 g/t respectively.

5. Inferred Mineral Resource is considered as waste for optimisation purposes.

6. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

7

Figure 4: Yaouré Ore Reserve Pit Design with Drilling

Figure 5: Zain 1 Ore Reserve Pit Design with Drilling

Figure 6: Zain 1 Cross Section at 777,975 mN looking North

The changes in the Yaouré Gold Mine Ore Reserve from that last quoted in June 2023 are associated with:

• Depletion of the CMA open pit via mining and processing during FY24;
• Addition of the Zain 1 deposit Ore Reserve due to new resource definition drilling during FY24;
• Completion of new design and schedule for a more productive, higher value CMA underground project which resulted in a reduction to Ore Reserves;
• Write-down of the un-mined portion of the satellite Govisou deposit for operational reasons, including community and social impacts of mining of fresh material (blasting) in proximity to the village of Angovia;
• Update in Yaouré deposit open pit Mineral Resource based on the recent resource definition and grade control drilling activities, resulting in an increase in estimate reliability, albeit with a net reduction in overall contained ounces;
• Increase to CMA Southwest (one of the Near-Mine Satellite pits) Ore Reserves due to grade control drilling, and increased gold price ($1,700/oz);
• Stockpile addition as result of mining activities.

The waterfall graph (Figure 7) below, summarises the changes in the Yaouré Gold Mine Ore Reserves.

Figure 7: Change in Yaouré Ore Reserves – June 2023 to June 2024

ECONOMIC ASSUMPTIONS

• Gold metal price of US$1,500/oz for CMA Open Pit, CMA Underground and Angovia Open Pit. Yaouré Open Pit, CMA Southwest Open Pit and Zain 1 Open Pit are updated to $1,700/oz. Ore cut-off grades, based on metallurgical recoveries, ore costs and gold price, are as shown in Table 10.

Table 10: Ore Reserve Cut-Off Grades

	CUT-OFF GRADE BY ORE TYPE (g/t GOLD)
DEPOSIT	Oxide	Transition	Fresh Basalt	Fresh Granodiorite
CMA	0.30	0.40	0.45	-
CMA Underground- Development	-	-	0.50	-
CMA Underground- Production	-	-	2.20	-
Yaouré	0.42	0.44	0.58	0.54
Zain 1	0.43	0.46	0.49	-
Near-Mine Satellites
Angovia 2	0.40	0.45	0.65	-
CMA Southwest	0.40	0.45	0.55	-

PROCESSING PARAMETERS

• The process metallurgical recovery for gold is fixed by material type in each deposit. Gold recovery rates range from 91.0% – 93.4% for oxide ore, 91.9% – 94.5% for transition ore and 89.5% – 93.8% for fresh ore. Recovery is a function of the differing metallurgical properties of different material type of ores in each deposit and is determined from metallurgical test work for each deposit and material type. Recoveries are as shown in Table 11.
• No deleterious material has been identified.

Table 11: Metallurgical Recoveries by Material Type for Ore Reserves

			RECOVERY BY ORE TYPE (%)
DEPOSIT	Oxide	Transition	Fresh Basalt	Fresh Granodiorite
CMA	92.5	92.0	91.5	-
CMA Underground	-	-	87.2	-
Yaouré	93.0	93.3	92.6	93.8
Zain 1	93.0	93.0	92.9	-
Near-Mine Satellites
Angovia 2	92.9	92.0	91.1	-
CMA Southwest	93.4	94.5	89.5	-

SISSINGUÉ GOLD MINE, CÔTE D'IVOIRE

The updated Ore Reserve estimate for the Sissingué Gold Mine is based on depletion of the previous Sissingué Ore Reserve, update of the Fimbiasso Ore Reserve, and the inclusion of a maiden Ore Reserve for Airport West.

The Proved and Probable Ore Reserves for the Sissingué Gold Mine are estimated as 4.3 Mt grading 1.82 g/t gold and containing 254 koz of gold. Details of the estimate are shown in Table 12.

		PROVED				PROBABLE			PROVED + PROBABLE
DEPOSIT	DEPOSIT TYPE	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz
Sissingué1,2,3,4	Open Pit	0.4	1.61	23	1.0	1.60	51	1.4	1.61	74
Fimbiasso1,2,3,4	Open Pit	0.4	2.06	28	0.4	2.26	27	0.8	2.15	55
Bagoé2,3,4	Open Pit	0.6	2.28	47	0.8	2.32	60	1.4	2.30	107
Sub-total	Open Pit	1.5	2.02	98	2.2	1.98	139	3.7	2.00	236
Stockpiles6	Stockpile	0.7	0.85	18	-	-	-	0.7	0.85	18
TOTAL		2.2	1.67	116	2.2	1.98	139	4.3	1.82	254

Table 12: Sissingué Gold Mine Proved and Probable Ore Reserves 5,7

Notes:

1 Based on depletion to 30 June 2024 mining surfaces.

2 Based on the Mineral Resource Estimate which was current at 30 June 2024.

3 Based on July 2024 Ore Reserve estimation.

4 Variable gold grade cut-offs for each material type, ranging from 0.45 g/t to 1.1 g/t at the Sissingué and Fimbiasso deposits, and from 0.80 g/t to 5.00 g/t at Bagoé deposits.

5 Inferred Mineral Resource is considered as waste.

6 Based on EOM June 2024 stockpile balance report.

7 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

The changes in the Ore Reserve from that last quoted in June 2023 are associated with:

• Ore depletion from open pit mining activities in Sissingué and Fimbiasso pits up to 30 June 2024;
• Addition to Fimbiasso West Ore Reserve based on FY24 resource definition drilling and gold price increase to $1,700/oz;
• Addition of the Airport West Ore Reserve at Sissingué based upon FY24 resource definition drilling;
• Revised Bagoé pit designs based on higher gold price assumption;
• Update to cut-offs due to higher gold price assumption;
• Stockpile depletion and addition.

The waterfall graph (Figure 8) below summarises the changes in the Sissingué Gold Mine Ore Reserves.

Figure 8: Change in Sissingué Ore Reserves – June 2023 to June 2024

ECONOMIC ASSUMPTIONS

• Gold metal price US$1,700/oz for the overall Sissingué Project. The higher gold price reflects the short mine life remaining for the deposit.
• Ore cut-off grades, based on the gold price, cost and mining parameters, are as shown in Table 13.

Table 13: Ore Reserve Cut-Off Grades

	CUT-OFF GRADE BY ORE TYPE (G/T GOLD)
DEPOSIT	Oxide	Transition	Fresh Granite	Fresh Sediment/Mafic
Sissingué	0.50	0.70	0.90	1.10
Fimbiasso	0.50	0.80	1.00	1.10
Bagoé
Antoinette	0.80	1.10	5.00	-
Juliette	0.90	1.20	3.50	-
Veronique	0.80	1.00	1.20	-

PROCESSING PARAMETERS

• The metallurgical recovery for gold is fixed by material type in each deposit except for each of the oxide, and fresh sediment material at Sissingué, where recovery is determined via a regression. Recovery variation is a function of differing metallurgical properties of different material type of ores from each deposit. The metallurgical recoveries are as shown in Table 14.
• No deleterious material has been identified.

Table 14: Metallurgical Recoveries by Material Type and Pit

	RECOVERY BY ORE TYPE (%)
DEPOSIT	Oxide	Transition	Fresh Granite	Fresh Sediment/Mafic
Sissingué	91.9^	95.0	92.0	88.8*
Fimbiasso	94.0	93.0	91.0	91.0
Bagoé
Antoinette	93.3	86.1	24.4	-
Juliette	85.4	79.4	35.4	-
Veronique	93.0	89.7	85.0	-

^ Average value based on formula (6.0649 * ln (Au_grade) + 92.185)%

* Average value based on formula (7.63* In (Au_grade) + 78.5)%

EDIKAN GOLD MINE, GHANA

The Ore Reserve is based on the Edikan Mineral Resources as at 30 June 2024. The Open Pit Ore Reserve is a depletion of the previous Ore Reserves and updated metal price to $1,700/oz for the Nkosuo deposit. All Ore Reserves are reported in accordance with the JORC Code (2012) and are reported by category, deposit and type, above variable cut-off grades. The classification categories of Proved and Probable under the JORC Code (2012) are equivalent to the CIM categories Proven and Probable respectively (CIM, 2010).

The Proved and Probable Ore Reserves for the Edikan Gold Mine are estimated as 25.4 Mt grading 1.11 g/t gold, containing 909 koz of gold. Details of the estimate are shown in Table 15.

Table 15: Edikan Gold Mine Proved and Probable Ore Reserves4,6

			PROVED			PROBABLE		PROVED + PROBABLE
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz
AF Gap1,2,3	Open Pit	0.4	1.08	13	2.1	0.97	65	2.5	0.99	78
Fetish1,2,3	Open Pit	1.3	0.96	40	1.1	0.88	32	2.4	0.93	72
Nkosuo3	Open Pit	-	-	-	13.6	0.92	402	13.6	0.92	402
Subtotal		1.7	0.99	53	16.8	0.92	499	18.5	0.93	552
Esuajah South2,4	Underground	1.9	1.37	85	2.8	2.40	217	4.8	1.98	302
ROM Stockpiles5	Stockpile	2.2	0.77	54	-	-	-	2.2	0.77	54
Total		5.8	1.03	193	19.6	1.13	716	25.4	1.11	909

Notes:

1 Based on depletion to 30 June 2024 mining surfaces.

2 Based on Mineral Resource Estimates which were current at 30 June 2024.

3 Variable gold grade cut-offs for each material type, ranging from 0.30 g/t to 0.40 g/t.

4 Inferred Mineral Resource is considered as waste.

5 Based on EOM June 2024 stockpile balance report.

6 Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

Proved and Probable Ore Reserves are defined within the economic limits of three discrete open pits, stockpiles, and an underground project at Esuajah South (ESS) that has been designed based on M&I Mineral Resources that incorporated all available Resource in-fill drilling results. A gold metal price of $1,300/oz is retained for ESS underground, while $1,500/oz is used for AF Gap and Fetish and $1,700/oz for Nkosuo, with mining, processing and general and administration parameters derived from recent operating experience.

The changes in the Edikan Gold Mine Ore Reserve from that last quoted in June 2023 are associated with:

• Mining depletion in the AF Gap and Fetish pits up to 30 June 2024;
• Revised, expanded Nkosuo pit design at $1,700/oz gold price;
• Stockpile depletion and addition;
• Write-off of the Heap Leach Ore Reserve due to artisanal depletion.

The changes mentioned above are summarised in Figure 9 below.

Figure 9: Change in Edikan Ore Reserves – June 2023 to June 2024

ECONOMIC ASSUMPTIONS

• Gold metal price of $1,300/oz for the ESS underground, US$1,500/oz for Fetish and AF Gap, and Nkosuo which uses US$1,700
• Ore cut-off grades are based on the gold price, cost and mining parameters are as shown in Table 16.

Table 16: Ore Reserve Cut-Off Grades

	CUT-OFF GRADE BY ORE TYPE (g/t gold)
DEPOSIT	Oxide	Transition	Fresh
AF Gap	0.32	0.42	0.35
Fetish	0.34	0.45	0.39
Nkosuo	0.34	0.35	0.36
Esuajah South Underground	-	-	1.26

PROCESSING PARAMETERS

• The process metallurgical recovery for gold is fixed by material type in each deposit. Gold recovery rates range from 55% for oxide ore to 88-90% for primary ore. Recovery variation is a function of differing metallurgical properties of ores from different deposits as shown in Table 17.
• No deleterious material has been identified.

Table 17: Metallurgical Recoveries by Material Type and Pit

	RECOVERY BY ORE TYPE (%)
DEPOSIT	Oxide	Transition	Fresh
AF Gap	61.0	73.0	88.0
Fetish	61.0	73.0	90.0
Nkosuo	55.1	87.6	90.3
Esuajah South	-	-	90.0

FOREIGN/HISTORICAL ESTIMATES

During the 2024 financial year Perseus acquired OreCorp Limited (OreCorp). The primary asset acquired from OreCorp is an 80% interest in the Nyanzaga Gold Project (Nyanzaga) in northern Tanzania near the city of Mwanza. The Nyanzaga Gold Project comprises both the significant Nyanzaga mineralisation and the minor Kilimani mineralisation. OreCorp announced completion of a Definitive Feasibility Study in accordance with the requirements of the JORC Code (2012) on the Nyanzaga Gold Project on 22 August 2022.

The Mineral Resource Estimate reported by OreCorp for the Nyanzaga Gold Project comprises 24.2 Mt grading 3.61 g/t gold for 2.8 Moz Au in the Measured and Indicated categories (Table 18), with an additional 5.8 Mt grading 2.4 g/t gold for 0.5 Moz in the Inferred category (Table 19). The Nyanzaga Gold Project has a Probable Ore Reserve Estimate of 40.0 Mt grading 2.02 g/t gold for 2.6 Moz Au (Table 20).

The above-mentioned estimates were released by OreCorp in ASX releases dated 12 September 2017 titled "MRE Update for the Nyanzaga Project Increasing Category and Grade", 5 May 2022 titled "DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania", and 22 August 2022 titled "Nyanzaga DFS Delivers Robust Results", available on www.perseusmining.com. As these estimates are Foreign Estimates for the purpose of Canadian NI 43-101 disclosure, the following disclosure is added:

• These estimates have been prepared in accordance with the JORC Code (2012) and have not been reported in accordance with NI 43-101. A Qualified Person has not done sufficient work to classify the resource estimate as current in accordance with NI 43-101. Please refer to further disclosure required by NI 43-101 together with a more detailed resource table in Perseus's market release dated 31 May 2024 "Perseus progresses Nyanzaga Gold Project".

Table 18: Nyanzaga Gold Project Measured and Indicated Mineral Resources 5, 6

			MEASURED RESOURCES			INDICATED RESOURCES		MEASURED & INDICATED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz	QUANTITYMt	GRADEg/t gold	GOLD'000 oz
Nyanzaga 1, 2	Open Pit /Underground	4.6	4.96	738	16.2	3.80	1,977	20.8	4.06	2,715
Kilimani 3, 4	Open Pit	-	-	-	3.4	1.09	119	3.4	1.09	119
TOTAL		4.6	4.96	738	19.6	3.29	2,096	24.2	3.61	2,834

Table 19: Nyanzaga Gold Project Inferred Mineral Resource 5

		INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz
Nyanzaga 1, 2	Open Pit / Underground	2.9	3.8	358
Kilimani 3, 4	Open Pit	2.9	1.0	94
Total		5.8	2.4	452

Notes for Table 18 and Table 19:

1. Based on September 2017 Mineral Resource estimate

2. 1.5 g/t gold cut-off grade applied

3. Based on May 2022 Mineral Resource estimate and constrained to US$1,500/oz pit shell

4. 0.4 g/t gold cut-off grade applied

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

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

Table 20: Nyanzaga Gold Project Ore Reserves 3, 4

	PROVED					PROBABLE		PROVED + PROBABLE
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz	Mt	g/t gold	'000 oz
Nyanzaga 1	Open Pit	-	-	-	25.6	1.35	1,110	25.6	1.35	1,110
Kilimani 1	Open Pit	-	-	-	2.0	1.05	70	2.0	1.05	70
Nyanzaga 2	Underground	-	-	-	12.4	3.57	1,420	12.4	3.57	1,420
TOTAL		-	-	-	40.0	2.02	2,600	40.0	2.02	2,600

Notes for Table 20:

1. Cut-off grade ranges from 0.44 g/t to 0.55 g/t gold depending on rock type.

2. 0.5 g/t gold and 2.0 g/t gold cut-off grades applied for development and stoping ore respectively.

3. Inferred Mineral Resource is considered as waste for optimisation purposes.

4. Rounding of numbers to appropriate precision may have resulted in apparent inconsistencies.

In May 2022 Perseus acquired Orca Gold Inc. (Orca). The primary asset acquired from Orca is a 70% interest in the Meyas Sand Gold Project (MSGP, formerly Block 14) in northern Sudan near the border with Egypt. Orca announced completion of a Feasibility study in accordance with Canadian National Instrument 43-101 on the Meyas Sand Gold Project on September 14, 2020.

The MSGP is a large and scalable resource with a Mineral Resource Estimate1 consisting of an Indicated Mineral Resource of 79.9 Mt grading 1.3 g/t Au for 3.3 Moz Au and an Inferred Mineral Resource of 18.5 Mt grading 1.2 g/t Au for 0.7 Moz Au (Table 21). The MSGP has a Probable Mineral Reserve Estimate1 of 79.9 Mt grading 1.1 g/t Au for 2.9 Moz Au (Table 22).

The Information in this announcement relating to Mineral Resource Estimates for MSGP is contained in a technical report ("Feasibility Study") entitled "Feasibility Study, NI 43-101 Technical Report, Block 14 Gold Project, Republic of Sudan" prepared by Lycopodium Minerals Pty Limited and is effective as of 31 August 2020. As such, it is reported in accordance with the requirements applying to foreign estimates in the ASX Listing Rules (the "Foreign Estimate"). It is not reported in accordance with the 2012 edition of the Joint Ore Reserves Committee's Australasian Code for Reporting of Mineral Resources and Ore Reserves ("JORC Code"). This newsrelease and all technical information regarding Orca's NI 43-101 have been reviewed and approved by Adrian Ralph and Daniel Saunders, each a Qualified Person for the purposes of NI 43-101.

Table 21: Summary of Meyas Sand Gold Project Mineral Resource 1, 2, 3, 4, 6

			INDICATED 5	INFERRED
TYPE	Mt	Au g/t	Ag g/t	Au koz	Ag koz	Mt	Au g/t	Ag g/t	Au koz	Ag koz
Oxide	10.2	1.35	1.49	443	487	1.1	1.0	1.2	34	41
Trans.	13.4	1.22	1.33	527	575	1.5	1.0	1.2	50	57
Fresh	56.3	1.31	1.82	2,371	3,296	15.9	1.2	1.6	626	838
TOTAL	79.9	1.30	1.70	3,342	4,358	18.5	1.2	1.6	711	936

Notes for Table 21:

1. Based on September 2018 estimates of Galat Sufar South and Wadi Doum Mineral Resources by MPR Geological Consultants Pty Ltd.

2. 0.6 g/t cut-off grade applied to all material types.

3. Estimates are not depleted for artisanal mining, the impact of which is not considered material.

4. Galat Sufar South Mineral Resource estimates are truncated at 350 m depth, with around 90% of Indicated and Inferred resources occurring at depths of less than 240 and 300 m respectively. Wadi Doum estimates extend to around 255 m depth, with around 90% of Indicated and Inferred resources occurring at depths of less than 115 m and 190 m respectively. The depth limits imposed on the estimates are considered to largely confine the estimates to material with reasonable prospects of eventual economic extraction.

5. Indicated Mineral Resources are inclusive of Mineral Reserves.

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

Table 22: Summary of Meyas Sand Gold Project Mineral Reserves

			OXIDE		TRANSITIONAL		FRESH
PROJECT AREA	CLASSIFICATION	'000 tonnes	Au g/t	'000 tonnes	Au g/t	'000 tonnes	Au g/t	'000 tonnes	Au g/t
Main	Probable	4,347	1.27	5,088	1.19	13,488	1.31	22,923	1.28
East	Probable	8,302	0.89	11,236	0.89	30,729	1.05	50,267	0.99
North East	Probable	1,606	0.84	2,192	0.85	367	0.90	4,166	0.85
Total GSS	Probable	14,255	1.00	18,516	0.97	44,584	1.13	77,356	1.07
Wadi Doum	Probable	527	1.90	119	2.37	1,941	2.49	2,588	2.36
Block 14 Total	Probable	14,783	1.03	18,635	0.98	46,525	1.19	79,943	1.11

Notes for Table 22:

1. Based on Mineral Reserve Statement 7 November 2018.

2. CIM Definition Standards were followed for the classification of Mineral Reserves.

3. Mineral Reserves were optimised using a gold price of $1,100/oz.

4. Mining Cut-off grades vary between 0.32 g/t and 0.90 g/t.

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

This announcement was approved for release by the Chairman and Chief Executive Officer, Jeff Quartermaine.

1 These estimates including the tables set out below have been prepared by Orca in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. Please refer to further disclosure required by the ASX Listing Rules together with a more detailed resource table at the conclusion of this announcement. Orca Ore Reserve and Mineral Resource figures are stated on 100% basis.

TECHNICAL DISCLOSURE:

All Mineral Reserves and Mineral Resources were calculated as of 30 June 2024 and have been calculated and prepared in accordance with the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves dated December 2012 (the "JORC Code") and in accordance with National Instrument 43-101 of the Canadian Securities Administrators ("NI 43-101"). The JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited ("ASX").

The definitions of Ore Reserves and Mineral Resources as set forth in the JORC Code (2012) have been reconciled to the definitions set forth in the CIM Definition Standards. If the Mineral Reserves and Mineral Resources were estimated in accordance with the definitions in the JORC Code, there would be no substantive difference in such Mineral Reserves and Mineral Resources.

COMPETENT PERSON STATEMENT:

The information in this report that relate to Mineral Resources for the Edikan Gold Mine and the Sissingué Gold Mine (including Bagoé but excluding Fimbiasso and the Airport West Deposits) is based on, and fairly represents, information and supporting documentation prepared by Matt Bampton, a Competent Person, Director of Cube Consulting Pty Ltd and Member of the Australian Institute of Geoscientists. Mr Bampton, has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'" and to qualify as a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Matt Bampton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relatesto Mineral Resources for the Yaouré Gold Mine, and the Fimbiasso and Sissingué Airport West Deposits(as part of the Sissingué Gold Mine) is based on, and fairly represents, information and supporting documentation prepared by Daniel Saunders, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Perseus Mining Limited. Mr Saunders has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'" and to qualify as a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr Saunders consents to the inclusion in the 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 for Edikan Gold Mine and the Bagoé Project (as part of the Sissingué Gold Mine) is based on information compiled by Mr Quinton de Klerk, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr de Klerk is a full-time employee of Cube Consulting. Mr de Klerk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking 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 NI 43-101. Mr de Klerk 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 for Yaouré Gold Mine and Sissingué Gold Mine (including Fimbiasso and Airport West) is based on information compiled by Mr Adrian Ralph, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Ralph is a full-time employee of Perseus Mining Limited. Mr Ralph has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking 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 NI 43-101. Mr Ralph consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in "Technical Report — Edikan Gold Mine, Ghana" dated 6 April 2022, "Technical Report — Yaouré Gold Project, Côte d'Ivoire" dated 18 December 2023, and "Technical Report — Sissingué Gold Project, Côte d'Ivoire" dated 29 May 2015 continue to apply.

Nyanzaga Gold Project

ASX Listing Rules disclosure

All information on the Nyanzaga Mineral Resource and Ore Reserve estimates has been extracted from the OreCorp ASX announcements dated 12 September 2017 titled "MRE Update for the Nyanzaga Project Increasing Category and Grade", 5 May 2022 titled "DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania", and 22 August 2022 titled "Nyanzaga DFS Delivers Robust Results" available on www.perseusmining.com. Perseus confirms that it is not aware of any new information or data that materially affect the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. Perseus confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcements.

Canadian National Instrument 43-101 disclosure

The information in this release relating to the Nyanzaga Gold Project is extracted from the OreCorp ASX announcements dated 12 September 2017 titled "MRE Update for the Nyanzaga Project Increasing Category and Grade", 5 May 2022 titled "DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence – Tanzania", and 22 August 2022 titled "Nyanzaga DFS Delivers Robust Results" available on www.perseusmining.com. A Qualified Person has not done sufficient work to classify the Historical Estimates as current. As such, any Mineral Resource and Mineral Reserve estimates included in this section are Historical Estimates as defined in Canadian National Instrument 43-101 and are not reported as current Perseus estimates. The OreCorp Feasibility Study includes key assumptions for commodity prices, gold mining and processing costs, and there have been no material changes in assumptions. The OreCorp Feasibility Study in its current form is considered to be a comprehensive compilation of all available data applicable to the estimation of Mineral Resources and Mineral Reserves. Reference is made to Perseus's news release dated 31 May 2024 titled "Perseus progresses Nyanzaga Gold Project" for further clarifying statements. Perseus confirms the applicability of these statements have not materially changed.

Meyas Sand Gold (formerly Block 14) Project – Foreign/historical estimates

The information in this report that relates to the Mineral Resources and Probable Reserves of the Block 14 Project was first reported by the Company in a market announcement "Perseus Enters into Agreement to Acquire Orca Gold Inc." released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company's ability to verify the estimate as a Mineral Resource or Ore Reserve in accordance with Appendix 5A (JORC Code) and the information in that in that original market release

continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a Mineral Resource or Ore Reserve in accordance with the JORC Code. Mr Saunders and Mr Ralph have reviewed this press release and all technical information regarding Orca's NI 43-101 Foreign/historical estimate and this information is approved by Adrian Ralph and Daniel Saunders, each a Qualified Person for the purposes of NI 43-101.

CAUTION REGARDING FORWARD LOOKING INFORMATION:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

ASX/TSX CODE: PRU

REGISTERED OFFICE:

Level 2 437 Roberts Road Subiaco WA 6008

Telephone: +61 8 6144 1700 Email: IR@perseusmining.com

ABN: 27 106 808 986

www.perseusmining.com

CONTACTS:

Nathan Ryan Media Relations +61 4 20 582 887 nathan.ryan@nwrcommunications.com.au

Jeff Quartermaine Chairman & CEO jeff.quartermaine@perseusmining.com

Ghana – Table 1

The following table provides the reporting criteria for the reporting of Mineral Resource and Ore Reserves, in accordance with the Table 1 checklist in The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). Criteria in each section apply to all preceding and succeeding sections.

Criteria	Commentary
Sampling techniques	General Commentary•Drilling from 1996 to 2000 was completed by Ashanti Goldfields Corporation (AGC); drilling from2006 onward was completed by Perseus Mining Limited (PRU).•Samples for geological logging, assay, geotechnical, metallurgical and density test work arecollected via drilling.•Diamond core drilling uses double and triple tube techniques and samples were taken at nominal1 m intervals.•In areas outside of expected mineralisation samples were collected as 4 m or more recently 2 mcomposite samples. Samples expected to be mineralised were collected as 1 m samples from a rigmounted splitter.•Grade control (GC) data was excluded from use in the Mineral Resource Estimate.
	Deposit Specific CommentaryAbnabna–AF Gap–Fobinso•Drilling is via reverse circulation (RC) and diamond core (DD) drilling on 20-40 m spaced N-S (localgrid) oriented traverses with 20-40 m collar spacing. The higher-grade portions of the deposit havedrill coverage at predominantly 20 m × 20 m spacing. Holes are generally inclined at 60 degreestoward grid south.
	Fetish–Bokitsi North•Drilling is via RC and DD drilling on 20-40 m spaced E-W (local grid) oriented traverses with 40 mcollar spacing along drill lines. Holes are generally inclined at 60 degrees toward grid west.Esuajah North
	•Drilling is via RC and DD drilling at 20-40 m spacings on 40 m spaced E-W (local grid) traverses.Holes are generally inclined at 60 degrees toward either grid east or grid west.Esuajah South•Drilling is via RC and DD drilling 20 mE × 20 mN (local grid) traverses. Holes are generally inclinedat 50 degrees toward grid west.•RC samples from AGC drilling prior to 2006 were excluded from the Mineral Resource Estimate.
	Nkosuo•Drilling is via RC and DD drilling at 20 m spacings on 40 m spaced traverses with holes generallydipping at -55 degrees toward 119 degrees (UTM grid) azimuth. The drill pattern has been partiallyinfilled to 20 m x 20 m in places.
Drilling techniques	General Commentary•RC drilling used 5¼" diameter face-sampling bit.•AC drilling used a 75 mm blade.•DD was carried out with HQ and NQ2 sized equipment.•Diamond core was generally oriented using a spear.
Drill samplerecovery	General Commentary•Recovery for drilling completed by AGC is unknown.•Core recoveries from Perseus diamond core are recorded in the database and averaged in excessof 90% with no significant issues noted.

Section 1 Sampling Techniques and Data

were not quantitatively measured. • There is no material relationship between core recoveries and gold grades.

• RC samples were logged visually for recovery, moisture and contamination. Sample recoveries

Deposit Specific Commentary

Esuajah South

Criteria	Commentary
	•Core recoveries from Perseus core drilling are recorded in the database and averaged more than97%.
	Nkosuo•RC sample recoveries range from 46% in highly weathered material to 80% in fresh material, basedon sample weights against nominal expected sample mass.•Core recoveries are recorded in the database and average 67% in the weathered material and 98%in fresh rock.
Logging	General Commentary•RC drill chips were logged geologically, including rock type, weathering, alteration type andintensity (where recognisable), vein quartz content in estimated percentage, sulphidemineralisation and estimated content.•Diamond drill core was geologically and structurally logged. Geological logging methods areidentical to RC logging. Structural logging includes joints, fractures, roughness and infill type ofstructures and veins as well as recovery and RQD.•All holes are logged in their entirety.•Only lithological logs are available for historic holes drilled by AGC.•Logging is considered qualitative in nature.•Diamond core was photographed prior to being processed.
Sub-samplingtechniques andsample preparation	General Commentary•Diamond core was cut in half using a diamond saw. All samples were collected from the same sideof the core with the remaining half stored in core trays.•Sample preparation of Perseus diamond core and RC chips used industry standard techniques.After drying, the sample is subject to a primary crush to 2 mm, then 200 g of sub-sample was splitoff and pulverised. Internal laboratory checks required at least 90% of the pulp passing -75 microns.•Sampling techniques applicable to the AGC drilling are unknown.•Field QC procedures included the use of certified reference materials (1 in 20) and RC fieldduplicates (1 in 20). Duplicate splits of diamond core samples were not submitted.•Sample sizes are considered appropriate and representative for the style of mineralisation, thethickness and consistency of the mineralised intersections and the grade ranges encountered atEdikan.
	Deposit Specific Commentary
	Abnabna–AF Gap–Fobinso & Fetish–Bokitsi North–Esuajah North–Nkosuo•RC samples were collected at drill sites at 1 m intervals and split using a multi-stage riffle splitter toproduce subsamples of approximately 3 kg mass. When composited, each two consecutive samplesplits were composited into one subsample for sample preparation and assay.•At each deposit, 3-5% of RC samples are recorded as having been wet.
	Esuajah South•RC samples from pre-collars were collected at the rig using riffle splitters. Samples werepredominantly wet however RC samples comprise only 2% of total composites within the MineralResource wireframe.
Quality of assay dataand laboratory tests	General Commentary•The majority of samples representing mineralisation are assayed by fire assay with AAS finish usinga 50-gram charge. This method is considered a total digest.•A small number of samples are reported by cyanide bottle roll (1 kg) with AAS finish. This methodis considered a partial digest.•Field QC procedures included the use of certified reference materials (1 in 20), certified blanks (1in 20), and RC field duplicates (1 in 20). Duplicate splits of diamond core samples were notsubmitted.•Assessment of the results of QC assays shows acceptable levels of accuracy and precision with nosignificant bias.
Verification ofsampling andassaying	Deposit Specific CommentaryAbnabna–AF Gap–Fobinso & Fetish–Bokitsi North & Esuajah North•The validity of drill hole intercepts has been demonstrated by mining exposures and by close
	spaced grade control sampling.•No RC holes have been specifically twinned by diamond core holes.

Criteria	Commentary
	•Drill hole logs for both RC and diamond core holes are captured at site on paper. Data are digitisedby manual entry using LogChief software at Edikan site office. Hard copies are archived at Edikanmine office.•Down-hole survey data and collar survey data are provided by drilling contractors and surveyorsrespectively in digital format.•Assay results are provided by laboratories in digital form accompanied by digital certificates. Assaysare imported directly to an acQuire database and digitally matched to sample intervals withappropriate validation checks.•Perseus maintains a centralised acQuire database for its operations in Ghana.•Intervals for which samples were not available for assay (e.g. destroyed in processing, listed as notreceived) and intervals that were deliberately not sampled are allotted a gold grade of -9 in themaster database assay table.
	Esuajah South•Visual comparisons of gold grades in RC drill holes drilled by AGC indicates they contain significantlyhigher grades and greater widths of mineralisation than nearby diamond core holes. Therefore,they have been excluded from data that inform the Mineral Resource estimate.•No twin holes were drilled although the east and west dipping holes on 20 m spacing result in'crossing' of drill traces at depth in places. The widths and tenor of mineralisation in holes of eachorientation are compatible.•Primary data was entered on hardcopies in the field and then entered digitally using LogChiefsoftware. This was then directly imported into the Perseus central database (DataShed software).•Drill hole data now resides in an acQuire database supervised by Perseus's database administrator.•Assay values that were below detection limit were adjusted to equal half of the detection limitvalue.
	Nkosuo•For adjacent RC and DD data (within a 5 m radius), a significant bias between RC and DD assayswas noted, above around 0.7 g/t Au.•Drill hole logs for both RC and diamond core holes are captured at site on paper before beingentered to digital form on site and uploaded to the acQuire database.
Location of datapoints	General Commentary•Prior to 2012, a local grid, including baseline, was established at Edikan by Cluff Mining plc usinglicensed surveyors.•For recent Perseus drill programs, collars have been located in UTM, WGS84, Zone 30N coordinates and transformed to local grids – one for the Abnabna–AF Gap–Fobinso area (West Grid),one for the Fetish–Bokitsi North & Esuajah North/South area (East Grid), and another for theNkosuo area (Nkosuo Grid).•Local elevations were adjusted by adding 1,000 m to avoid negative values.•Holes drilled by AGC were surveyed on local grid by qualified mine surveyors. No details areavailable concerning the methods and equipment used.•The majority of Perseus drill holes are surveyed down hole at 10 m to 30 m intervals using eitherReflex or Flexit multi-shot equipment. Historical RC holes have not been down hole surveyed andare used as if they are straight. Historical diamond holes were down hole surveyed using eitheracid tubes or a single shot camera at 60 m intervals and at the end of the hole.•Topographic surfaces are based on ground survey points of the natural surface (in areas not yetdisturbed by mining), surveys of historic pits previously mined by AGC and surveys of the activeopen pit operations by Perseus qualified mine surveyors.
Data spacing anddistribution	General Commentary•The mineralisation domains have demonstrated sufficient continuity in both geology and grade tosupport the definition of Mineral Resources, and the classifications applied under the 2012 JORCCode guidelines.•All PRU samples from RC drilling were collected at 1 m intervals. The majority of PRU RC assayswere composited to 2 m intervals for analysis, with two consecutive samples composited into onebag.Deposit Specific CommentaryAbnabna–AF Gap–Fobinso•Drilling is on 20-40 m spaced N-S (local grid) oriented traverses with 20-40 m collar spacing. Thehigher-grade portions of the deposit have drill coverage at predominantly 20 m × 20 m spacing.
	Fetish–Bokitsi North

Criteria	Commentary
	•Drilling is on 20-40 m spaced E-W (local grid) oriented traverses with 40 m collar spacing along drilllines.
	Esuajah North•Drilling is on 20-40 m spacings on 40 m spaced E-W (local grid) traverses.
	Esuajah South•Drilling is on 20 mE × 20 mN (local grid) traverses.
	Nkosuo•Drilling is on 20 m spacings on 40 m spaced traverses toward 119 degrees (UTM grid) azimuth. Thedrill pattern has been partially infilled to 20 m x 20 m in places.
Orientation of datain relation togeological structure	General Commentary•Drilling at each of the deposits was oriented to intersect mineralisation at as near optimalorientation as was practicable.•The orientation of mineralisation relevant to drilling was not considered likely to have introducedany material bias.
Sample security	General Commentary•Chain of custody was managed by PRU. Samples were stored on site and collected by Intertek andALS employees. Perseus personnel had no further involvement in the preparation or analysis of thesamples.•Considering that the tenor of mineralisation at many of the deposits has been confirmed bydetailed grade control sampling and by mining, the Competent Person is satisfied that samplesecurity is not a significant risk to the reliability of the resource estimates.
Audits or reviews	General Commentary•Reviews of sampling techniques and QAQC data for each of the deposits have been undertaken byPRU personnel and also by previous workers Runge Pincock Minarco at various times between2010 and 2019 with acceptable conclusions.•Given that the sampling data upon which the resource estimates rely are now supported by miningat many of the deposits, the Competent Person is satisfied that drill hole and assay data validityare not significant risks to the reliability of the resource estimates.

Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineral tenementand land tenurestatus	General Commentary•The Government of the Republic of Ghana retains a 10% non-contributing beneficial ownership ineach of the mining leases.•All leases are in good standing and the Competent Person is not aware of any impediments tofuture activities on the licences.•A 1.5% gross royalty is payable to Franco-Nevada Corporation.•A 0.25% gold royalty obligation exists in respect of the purchase of PMGL payable in gold toWaratah Investments Limited.Deposit Specific CommentaryAbnabna–AF Gap–Fobinso–Nkosuo•Deposits are located on the Nanankaw Mining Lease granted on 31 December 2009 for a periodof 15 years and renewable thereafter.•The renewal process has been initiated and is expected to be approved in due course.•Mining leases remain valid during the renewal process as described in section 44 (4) of the Mineraland Mining Act. 2006 (ACT 703).•Adio-Mabas Ghana Limited is entitled to a 1.5% NSR royalty and an additional discovery bonuspayment of US$2.00/oz gold of Ore Reserve related to the Nkosuo deposit.
	Fetish–Bokitsi North–Esuajah North–Esuajah South•Deposits are located on the Ayanfuri Mining Lease granted on 31 December 2009 for a period of15 years and renewable thereafter.•The renewal process has been initiated and is expected to be approved in due course.•Mining leases remain valid during the renewal process as described in section 44 (4) of the Mineral

Criteria	Commentary
	and Mining Act. 2006 (ACT 703).
Exploration done byother parties	General Commentary•Portions of the Edikan deposits have previously been delineated and mined by Cluff Mining plcand by Ashanti Goldfields Corporation. Both of those companies mined the near-surface, oxidisedportions of the deposits and extracted gold by heap leaching.
Geology	General Commentary•The Edikan deposits occur near the western flank of the Ashanti Greenstone Belt along the ObuasiAkropong gold corridor. The Central Ashanti property is underlain principally by PaleoproterozoicBirimian metasediments of the Kumasi-Afema basin, positioned between the Ashanti and SefwiGreenstone Belts. The flysch type metasediments consist of dacitic volcaniclastics, greywackesplus argillaceous (phyllitic) sediments, intensely folded, faulted and metamorphosed to uppergreen schist facies. Minor cherty and manganiferous exhalative sediments are locally present, andgraphitic schists coincide with the principal shear (thrust) zones. Numerous small Basin-type orCape Coast-type granitoids have intruded the sediments along several regional structures.Structurally controlled gold mineralisation occurs in two principal modesodisseminated pyrite-arsenopyrite mineralisation associated with quartz veiningosericite alteration hosted by granitoids and shear-zone hosted mineralisation associatedwith pyrite-arsenopyrite mineralisation in and adjacent to quartz veins in deformedmetasedimentary rocks.
Drill holeInformation	General Commentary•Exploration results are not being reported. Significant drill hole intersections have been previouslyreported to the ASX and TSX.
Data aggregationmethods	General Commentary•Exploration results are not being reported.
Relationshipbetweenmineralisationwidths and interceptlengths	General Commentary•Exploration results are not being reported.
Diagrams	General Commentary•Exploration results are not being reported.
Balanced reporting	General Commentary•Exploration results are not being reported.
Other substantiveexploration data	Deposit Specific CommentaryAbnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North•The tenor, spatial continuity, and amenability to metallurgical processing of mineralisation at eachof the deposits has been confirmed by substantial amounts of quality RC grade control samplingand by mine production.Esuajah South•Metallurgical test work has confirmed that gold mineralisation at Esuajah South is essentiallyidentical to that at the other Edikan granitoid-hosted gold deposits and is thus suitable forprocessing through the existing processing plant. Gold recoveries are expected to be about 90%.•There are no known deleterious or contaminating substances associated with the Esuajah Southmineralisation.
Further work	Deposit Specific Commentary
	Abnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North•No further exploration or resource definition work is presently proposed in proximity to thesedeposits.
	Esuajah South•Studies are planned for FY25 to revisit and update the Esuajah South underground project.•The Feasibility study considers mining down to 890 mRL, approximately 250 m below surface.

Criteria	Commentary
	Indicated resources are defined to about 850 mRL and Inferred resources to about 700 mRL.Drilling indicates that mineralisation continues below that. Infill drilling below 850 mRL may defineadditional economic mineralisation.
	Nkosuo•Although drilling to date has indicated that the tenor of gold mineralisation decreases to the south,the host granite body remains open in that direction and Perseus intends to explore for additionalmineralisation by surface mapping and sampling and drilling.

Section 3 Estimation and Reporting of Mineral Resources

Criteria	Commentary
Database integrity	General Commentary
	•All drilling data is securely stored within the Perseus acQuire database and is managed by
	dedicated personnel within Perseus.
	•The import/exporting process requires limited keyboard transcription and has multiple built-in
	safeguards to ensure information is not overwritten or deleted. These include:
	oData is imported and exported through automated interfaces, with limited manual
	input;oAutomated validation checks ensure errors are identified prior to import;
	oAccess to edit data stored in acQuire is restricted to key personnel;
	oAudit trail recording changes.
	•The drillhole database used for Mineral Resource estimation has been internally validated.
	Methods include checking:
	oRelational integrity, duplicates, and missing or blank assay values;
	oSurvey data down-hole consistency;
	oNull and negative grade values.
Site visits	General Commentary
	•The Competent Person for the Mineral Resources, Mr Matt Bampton of Cube Consulting (Cube)
	visited the Edikan Gold Mine in June 2023 to review the operation as part of the 2023 Mineral
	Resource statement update.
	•In addition to the above site visit, all exploration and resource development drilling programs are
	subject to review by experienced senior PRU technical staff. These reviews have been completedfrom the commencement of drilling and continue to the present.
Geological	General Commentary
interpretation	•Deposits comprise mineralisation associated with two styles:
	oDiffuse disseminated mineralisation over broad widths hosted by steeply dipping granite
	bodies:oSteeply dipping shear zone hosted mineralisation hosted by metasediments.
	•Grade control drilling and mine geological mapping have supported and refined the geological
	model and the current interpretation is considered robust.
	•Overall, the Competent Person has sufficient confidence in the geological interpretation, based on
	the quantity and quality of data available, the continuity and nature of the mineralisation, and
	from observation of mine exposures, to support reporting of Mineral Resources in the categories
	presented.
	Deposit Specific Commentary
	Nkosuo
	•The geometry and extents of the host granite intrusion at Nkosuo have been established by drilling
	and mapping of exposures in artisanal mining pits and access tracks.
Dimensions	Deposit Specific Commentary
	Abnabna–AF Gap–Fobinso
	•The Mineral Resource area extends over a strike length of 2,000 m, has an outcropping average
	width of 100 m (within the existing pit), and extends to 600 m below surface.
	Fetish–Bokitsi North
	•The Mineral Resource area extends over a strike length of 760 m, with a typical width of 140 m,

Criteria	Commentary
	and extends to 595 m below surface.
	Esuajah North
	•The Mineral Resource area extends over a strike length of 500 m, with a plan width for the overall
	mineralised lodes of 275 m and extends to 470 m below surface.
	Esuajah South
	•The Esuajah South deposit comprises mineralisation hosted by a single north-east strikinggranitoid body measuring 250 m along strike, typically 60-80 m horizontal width and dipping
	approximately 75° toward NW.
	•Drilling has confirmed that the body is continuous to at least 500m vertical depth below surface.
Estimation and	General Commentary
modelling	•PRU provides grade control drilling data and reconciliation data when Mineral Resource models
techniques	are updated. Grade control drilling is not utilised in the estimation but is used for validation
	purposes. The performances of each of the Mineral Resource models are routinely monitored by
	monthly reconciliations of tonnes, grade and contained metal predicted by the models against
	mining and processing outcomes.
	•Resource estimates are completed for gold only. No by-products are present or modelled.
	•No deleterious elements were estimated or assumed.
	•No correlated variables have been investigated or estimated.
	Deposit Specific Commentary
	Abnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North
	•Multiple Indicator Kriging (MIK) with block support adjustment was used to estimate gold
	resources into blocks with dimensions of 20 mE × 20 mN × 5 mRL. 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
	global range of grades. A block support adjustment was used to estimate the recoverable gold
	resources at Edikan deposits. The shape of the local block gold grade distribution has been
	assumed lognormal and an additional adjustment for the "Information Effect" has been applied to
	arrive at the final Mineral Resource estimates. The selective mining unit is assumed to be in the
	general range 6 mE × 10 mN × 2.5 mRL
	•MIK was used as the preferred method for estimation of open pit gold resources at Edikan as the
	approach has been demonstrated to work well in a large number of deposits of diverse geological
	styles. The gold mineralisation seen at the Edikan deposits is typical of that seen in structurallycontrolled gold deposits where the MIK method has been found to be of most benefit.
	•Resource estimation was undertaken by MPR Geological Consultants Pty. Ltd, where data viewing,
	compositing and wireframing were performed using Micromine software. Exploratory data
	analysis, variogram calculation and modelling, and estimation were performed using FSSI
	Consultants (Australia) Pty Ltd (FSSI) GS3M software. GS3M is designed specifically for estimation
	of recoverable resources using MIK. The grade control modelling undertaken for validation was
	performed using the MP3 grade control software which is also produced by FSSI.
	•The sample data sets containing all available assaying were composited to two-metre intervals
	each located by their mid-point coordinates and assigned a length weighted average gold
	grade. The composite length of two metres was chosen because it is a multiple of the most
	common sampling interval (1.0 metre) and is also an appropriate choice for the kriging of gold
	into the model blocks where open pit mining is undertaken on 2.5 metre benches.
	•A three-pass search strategy was employed:
	oPass 1: 20 m across strike × 20 m along strike × 10 m vertical, minimum 16 data in at
	least 4 octants, maximum of 4 data per octant and maximum 48 data in total;oPass 2: 40 m across strike × 40 m along strike × 20 m vertical, minimum 16 data in at
	least 4 octants, maximum of 4 data per octant and maximum 48 data in total;
	oPass 3: 40 m across strike × 40 m along strike × 20 m vertical, minimum 8 data in at
	least 2 octants, maximum of 4 data per octant and maximum 48 data in total.
	•Rotations of search ellipsoids are customised to the general orientation of mineralisation at
	each deposit.
	Esuajah South
	•The boundaries of the mineralised granite body were digitised on 20m spaced drill cross-sections
	and a 3D wireframe of the granite developed using Micromine software. Based on drill hole data
	and experience at other granitoid-hosted gold deposits at Edikan, the entire granite body is
	considered to comprise the mineralised domain.
	•Drill hole sample intervals were composited to uniform two-metre down-hole lengths and all

Criteria	Commentary
	composites lying within the granite wireframe were selected to inform estimates of gold grade,
	i.e. a hard boundary approach was applied.
	•Experimental variogram models were calculated and fitted with models using MP3 software.
	•A parent block dimension of 10 mN × 10 mE × 10 mRL was selected on the basis of being
	approximately 50% of average drill hole spacing in the better drilled portion of the deposit. Parentblocks were sub-blocked to minimum 2.5 mN × 2.5 mE × 2.5 mRL against the granite wireframe
	and weathering surfaces to accurately represent the volume of mineralisation and material types.
	•Gold grades were interpolated into parent blocks by Ordinary Kriging using MP3 software.
	•A three-pass search strategy was applied. First pass search radii were 30 m × 30 m × 10 m, being
	approximately 1.5 times the typical hole spacing, and requiring a minimum of 16 data in 4 octants.
	Search pass 2 applied an ellipsoid expanded by 50% in each direction, i.e. 45 m × 45 m × 15 m and
	the same data constraints. Search pass 3 applied an ellipsoid expanded by 100% in each direction,
	60 m × 60 m × 20 m, and halved the data constraint requirements to a minimum of 8 data in 2octants.
	•Estimates were conducted using no grade capping, a 20 g/t Au grade cap, and 30 g/t Au grade cap.
	After comparison to independent check models, the estimates using a 20 g/t cap were adopted.
	The 20 g/t top cut represents approximately the 99.5th percentile of gold grades and affects 22
	data points.
	•No assumptions were made on selective mining units.
	•The model was validated by visual inspection of block grade estimates over informing data in cross
	section and plan views and using swath plots.
	Nkosuo
	•Resources were estimated by Multiple Indicator Kriging (MIK) of two-metre down-hole
	composited gold grades from RC and diamond holes.
	•Sample composites were allocated to three estimation domains: a northern mineralised domain
	representing the Nkosuo granite north of a fault offset, a southern mineralised domain
	representing the granite south of the fault, and a surrounding waste domain. Mineralised domainsused for resource estimation delineate zones within which the tenor and spatial trends of
	mineralisation are similar. Sample data were also separated into sub-domains representing
	weathering horizons. Grade continuity was characterised by indicator variograms modelled at 14
	indicator thresholds.
	•Indicator bin grades were derived from bin mean grades, with the exception of upper bin grades
	which were derived from class medians. This approach to the treatment of high grades reduces
	the impact of small numbers of extreme grades on estimates of Mineral Resources.•
	A total of 10 holes were excluded from the estimate due to hole twinning to prevent clusteringeffects in the estimates, which represented approximately 3% of the mineralised domain
	composites being excluded.
	•Resources were estimated into panels in a local grid (rotated 29 degree clockwise from UTM grid)
	with dimensions 20 mX × 20 mY × 5mZ. A three-pass search strategy was applied. First pass search
	radii were 50 m × 50 m × 8 m, and requiring a minimum of 16 data. Search pass 2 applied an
	ellipsoid expanded by 50% in each direction, i.e. 75 m × 75 m × 12 m and the same data
	constraints. Search pass 3 applied an the same search however halved the data constraintrequirements to a minimum of 8 data.
	•The Nkosuo estimates include variance adjustments to provide estimates of recoverable resources
	for mining selectivity of 4 mX × 6 mY × by 2.5 mZ with grade control sampling on a 6 mX × 8 mY ×
	0.87 mZ pattern.
	•The resource model has not been depleted for small-scale artisanal mining that has been
	historically undertaken in the upper 5-10 metres of the deposit. The mined volumes are
	considered inconsequential.
	•Micromine software was used for data compilation, domain wireframing, and coding of compositevalues, and GS3M was used for resource estimation.
	•Model reviews included visual comparison of estimates with informing data and swath plots
	comparing estimated gold grades with grades in informing sample data. Mining reconciliation
	information is not available.
	•The estimation technique is considered appropriate for the mineralisation style.
Moisture	General Commentary
	•Tonnages are reported on a dry basis.
Cut-off parameters	Deposit Specific Commentary
	Abnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North–Nkosuo
	•Cut-off grades used for the reporting of Mineral Resources reflect the marginal cut-off grade of
	mineralisation considering geotechnical, mining and processing parameters and costs established

Criteria	Commentary
	during open pit mining operations to date at Edikan.
	Esuajah South
	•The cut-off grade for the stated Esuajah South Mineral Resource estimate reflects the shut-offgrade for underground mass mining based on anticipated mining costs, processing costs and gold
	recoveries derived from the Feasibility Study.
Mining factors or	Deposit Specific Commentary
assumptions
	Abnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North–Nkosuo
	•The Resource models assume that a moderate level of mining selectivity is achieved in open pitmining. It has been assumed that high quality RC grade control drilling will be applied to ore/waste
	delineation processes at a spacing and pattern sufficient to ensure adequate coverage of the
	mineralisation zones, consistent with current mining practises.
	•Open pit optimisations were run using current and forecast cost, mining methods and processing
	parameters and a gold price of US$2,000 to define the base of potentially economic open-pit
	material for the Mineral Resource.
	Esuajah South
	•Perseus proposes to exploit the Esuajah South deposit using decline access and a mass mining
	method such as sub-level caving under rock fill. The method is appropriate for the type of
	mineralisation and its geometry.
	•The Mineral Resource estimate does not incorporate any ore recovery, selectivity or ore loss
	factors. Such modifying factors must be applied in estimation of Ore Reserves.
Metallurgical factors	Deposit Specific Commentary
or assumptions
	Abnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North
	•Ore metallurgical characteristics for each of the deposits have been demonstrated by processing
	since the commencement of mining at Edikan.
	Esuajah South–Nkosuo
	•Metallurgical test work has confirmed that gold mineralisation at the deposits is essentially
	identical to that at the other Edikan granitoid-hosted gold deposits and is thus suitable for
	processing through the existing processing plant. Gold recoveries are expected to be about 90%
	using the float, regrind, CIL process.
Environmental	General Commentary
factors or	•The Project is not subject to any environmental liabilities except for a progressive
assumptions	decommissioning and reclamation plan for the closed heap leach mine.
	Deposit Specific Commentary
	Esuajah South
	•The deposit lies within the area of current Edikan mine operations. Additional permits will be
	required prior to establishment of an underground mine to exploit the deposit. There are no
	known impedances to acquiring such permits.
	Nkosuo•
	Composite samples of waste and mineralised materials have been laboratory tested for static acidrock drainage and their buffering capacities. The results of acid base accounting and geochemical
	classification have indicated that the potential for the development of acid mine drainage (AMD)
	is low.
Bulk density	General Commentary•Bulk densities at Edikan have been derived through extensive measurements determined by wax
	coating samples and immersing in water of primarily drill core samples both on site and
	submissions to commercial laboratories for analysis. The representativeness of the bulk density
	determinations is deemed reasonable and has been confirmed through mining.
	•There is no significant difference between bulk densities in mineralisation and surrounding waste
	rock.
	Deposit Specific Commentary

Criteria	Commentary
	Esuajah South•The reported Mineral Resource consists entirely of fresh mineralisation.•Bulk densities 2.7 t/m3 were applied.•The confidence in the bulk densities applied relates to extensive sampling and mining of otherdeposits at Edikan in fresh rock.NkosuoBulk densities of 1.6, 1.8, 2.6 and 2.7 t/m3were applied to weathered, partially weathered, fracture•weathered, and fresh material respectively.•The confidence in the bulk densities applied relates to extensive sampling and mining of otherdeposits at Edikan.
Classification	General Commentary•The Competent Person is satisfied that the stated Mineral Resource classification sufficientlyreflects the relevant factors of the deposit.
	Deposit Specific CommentaryAbnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North•The Mineral Resource models use a classification scheme producing a resource code based on thenumber and location of sample composites used to estimate proportions and gold grade of eachmodel panel. This is based on the principle that larger numbers of composites, which are moreevenly distributed within the search neighbourhood, will provide a more reliable estimate.•The strategy adopted in the current study uses category 1 and 2 from the 3-pass octant searchstrategy as Measured and Indicated, respectively, and category 3 as Inferred. This results in ageologically sensible classification whereby category 1 and 2 are surrounded by data in closeproximity. Category 3 blocks may occur on the peripheries of drilling but are still related to drillingdata within reasonable distances.•The Mineral Resource classification has also been based on the quality of the data collected(geology, survey and assaying data), the density of data, the confidence in the geological andmineralisation models, and the grade estimation quality.Esuajah South•Estimated Mineral Resources were classified into Indicated and Inferred categories based on dataquality, drill hole spacing, and continuity of mineralisation. The portion of the granite where thedrill spacing is 20 m by 20 m or less and the majority of parent blocks received estimates in searchpasses 1 and 2 was classified as Indicated Mineral Resource. This was confined to approximately1,080 mRL to 830 mRL. The portion of the deposit below 830 mRL, where the drill spacing isgenerally greater than 20 m by 20 m, and blocks received estimates using search passes 2 and 3was classified as Inferred Mineral Resource.
	Nkosuo•Nkosuo estimates were classified as Indicated and Inferred primarily based on estimation searchpass and sectional polygons defining the limits of 20 m x 40 m and closer drilling for each blockmodel row.•Panels informed by search pass 1 within the classification polygons were classified as Indicated,with all other estimates classified as Inferred.•A relatively small number of panels initially classified as Inferred within the volume of Indicatedpanels were re-classified as Indicated. These panels are generally near-surface and not informedby search pass 1 due to the octant requirements of that search pass.•The classification approach gives a consistent distribution of categories and classifies estimates formineralisation tested by reasonably consistent 20 m x 40 m spaced drilling as Indicated, withestimates for broader and irregularly sampled mineralisation classified as Inferred.
Audits or reviews	Deposit Specific CommentaryAbnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North•The Mineral Resource estimates have been audited and reviewed internally. The reliability ofestimates is monitored by monthly reconciliations of predicted and actual mining and processingoutcomes. Cube Consulting undertook a brief, independent review of the Mineral Resourceestimates and processes as part of the 2023 mineral resource sign-off. No major issues wereidentified.Esuajah South
	•Independent check estimates were undertaken by MPR Geological Consultants Pty Ltd using

Criteria	Commentary
	multiple indicator kriging (MIK) and localised MIK (LMIK) methods. Check models estimatedapproximately 5% lower tonnage and 10% lower metal than the 20 g/t grade capped OrdinaryKriged model. The differences are considered acceptable considering the methodologies applied.Nkosuo
	•The resource model has not been subjected to any formal audit or independent review. Theestimation methodology is identical to that applied at other granite-hosted deposits at the EdikanGold Mine at which mining has demonstrated reasonable reconciliation between estimates andmining outcomes.
	•Cube Consulting undertook a brief, independent review of the Mineral Resource estimate andprocesses as part of the 2023 mineral resource sign-off. Several issues were identified (focussingon assay quality, domaining, database coding, and lack of comprehensive reporting), which havebeen highlighted to be addressed in any future Mineral Resource estimate. The magnitude ofthese issues does not invalidate the classification at the Indicated and Inferred categories.
Discussion of relativeaccuracy/confidence	General Commentary•The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the MineralResource into the respective categories as per the guidelines of the 2012 JORC Code.•The Mineral Resource statement relates to global estimates of tonnes and grade. Additional closespaced (grade control) drilling is required to improve the understanding of variations at local scale.
	Deposit Specific Commentary
	Abnabna–AF Gap–Fobinso– Fetish–Bokitsi North–Esuajah North•The Mineral Resource estimates have been classified based on the quality of the data collected,the density of data, the confidence of the geological models and mineralisation models, and thegrade estimation quality. This has been applied to a relative confidence based on data density andzone confidence for resource classification. No relative statistical or geostatistical confidence orrisk measure has been generated or applied.•The reported open pit Mineral Resource estimates for Edikan are constrained to material lyingwithin optimal pit shells generated using the same cost parameters as were applied to delineateOre Reserves and a gold price of US$2,000/oz.•Reconciliation comparisons against production are routinely performed at Edikan Gold Mine.Production from several deposits contribute to a blend for processing feed, but many years ofperformance indicate that the resource models perform in line with expected tolerances.
	Esuajah South•The oxide portion of the deposit has been mined by previous owners of the property butproduction records are not sufficiently reliable to permit a meaningful reconciliation against theMineral Resource estimate.

Section 4 Estimation and Reporting of Ore Reserves

Criteria	Commentary
Mineral Resourceestimate forconversion to OreReserves	General Commentary•Mineral Resources quoted in this report are inclusive of Ore Reserves.•The open pit Mineral Resources for Edikan were compiled by Mr Matt Bampton MAusIMM MAIG.Mr Bampton is a director of Cube Consulting and is the Competent Person for the MineralResource estimates.
Site visits	General Commentary•The Competent Person for the Ore Reserve, Mr Adrian Ralph FAusIMM has visited the Edikan GoldMine (Edikan), including the Nkosuo project on a regular basis from the 22nd March 2022 untilpresent.
Study status	Deposit Specific CommentaryAF Gap– Fetish•The Mineral Resources have been converted to Ore Reserves by means of a Life of Mine planincluding economic assessment.•Key aspects of the study were technically achievable pit designs based on open pit optimisation.These designs were also assessed to ensure economic viability.•Both the AF Gap and Fetish Ore Reserves are currently in production.

Criteria	Commentary
	Esuajah South••••Nkosuo•••	The deposit has been subject of a Feasibility Study completed in 2016.A recent options study has been completed that considered a combination of open pit andunderground mining versus a stand-alone underground operation. Based on the options studywork, the selected approach to mining the deposit is by underground methods only. Severalstudies were then carried out considering underground mining.The current Feasibility Study assessed all applicable modifying factors and has establishedtechnical and economic viability at the nominal long term gold price of US$1,300/oz.Studies are planned for FY25 to revisit and update the Esuajah South underground project.The Ore Reserves are supported by a Feasibility level study undertaken by Perseus. On this basis,the Nkosuo Mineral Resources have been converted to Ore Reserves.Ore Reserves are determined from technically achievable pit designs based on open pitoptimisation and the application of appropriate modifying factors. The designs were assessed toensure economic viability.Ore Reserves were incorporated into a mine schedule based upon the current Life of Mine Planfor the Edikan Mine to demonstrate economic viability.
Cut-off parameters	General Commentary•Deposit Specific Commentary•	The cut-off grade is based on the economic parameters developed for the operation.AF Gap– Fetish–Esuajah South–NkosuoCut-off grades applicable to each project are presented in the following table.
	•	CUT-OFF GRADE BY ORE TYPE (g/t gold)DEPOSITOxideTransitionFreshAF Gap0.320.420.35Fetish0.340.450.39Esuajah South--1.26Nkosuo0.340.350.36For the Esuajah South underground, the cut-off grade is the limit of the designed mineable
	envelope.•	A shut-off grade of 1.57 g/t is used to limit the draw form within the cave.
Mining factors orassumptions	Deposit Specific CommentaryAF Gap– Fetish – Nkosuo•dilution.•••supporting technical studies.••berm widths of 5 to 12 m.••metres (dual lane).•	geotechnical parameters, metallurgical recovery and mining costs.Resources. No value was allocated to Inferred Mineral Resources.reconciliation supports this approach.Minimum mining width of 40 m was generally applied to the pit designs.				The chosen method of mining is conventional open pit mining utilising hydraulic excavators andtrucks, mining bench heights of 5 m with 2.5 m flitches to minimise ore loss and waste rockThe economic pit shell was defined using Whittle pit optimisation software with inputs such asThe pit optimisation was run with revenue generated only by Measured and Indicated MineralWhittle input parameters were generally based on Perseus's site operating experience andMIK Resource Models for Edikan are expected to provide a recoverable estimate of in-situresources and to adequately account for modifying factors, including ore loss and dilution. As such,no additional modifying factors have been applied to Ore Reserves. Ongoing operationalThe pit slope design assumptions are based on a geotechnical study by George, Orr and Associates.Overall pit slopes 30 to 50 degrees inclusive of berms spaced at between 5 and 20 m vertically andNkosuo inter-ramp slopes are excluding ramp but include a 6 m berm every 5 m vertically inweathered material and 10 m berms every 20 m in fresh rock. Additional berms are located at thetop of fresh rock (10 m wide), and every third bench (60 m vertically) in fresh rock (13 m wide).Pit ramps have been designed for a CAT 777 truck fleet and are set at 16 metres (single lane) to 24

Criteria	Commentary
	•Inferred Resources have not been included in this mining study.•As the mine has been in operation and the mining method is not changed, only infrastructure costsneeded to access new mining areas is required due to the selected mining method.•No constraints to mining within the lease area. No property, infrastructure or environmentalissues are known to exist which may limit the extent of mining within the mining lease.
	Esuajah South•Various studies have been completed to select the most suitable mining method for the deposit.From these studies, sublevel mining underneath introduced rock fill (SURF) was identified as thepreferred method and forms the basis of this study for the following reasons:oOrebody geometry – Dimensions of up to 250 m by 100 m and dipping at around 70° arewell suited to a transverse SURF layout.oMechanisation – Mechanised mining is well understood and has been used in manylocations worldwide.oProduction rate – SURF can deliver the target production rate of approximately 1.3million tonnes per annum (Mt/a) at much lower costs than other stoping methods.oSurface influence – Any surface subsidence or large open void could cause concerns inthe vicinity of the Ayanfuri town. SURF will ensure the void on surface is backfilled asmining progresses and will further reduce the potential for major surface subsidence.•SURF is a bulk, semi-selective, underground mining method. The SURF method resembles asublevel cave (SLC) in layout, but with waste being introduced from surface instead of the hangingwall caving.•The orebody is accessed through regularly spaced draw points on multiple levels. Draw points areoffset between levels to provide a regular, honeycomb layout to ensure maximum recovery ofblasted ore.•In the SURF method, the ore is broken through drilling and blasting of regularly spaced, fan shapedup hole rings along each ore drive. As ore is extracted from the underground mine, waste fill willbe introduced from surface to fill the resulting void.•Parallel rings are designed along the length of each ore drive. The rings are typically blasted andloaded one at a time, in "choke blast" conditions (i.e. blasting is against the previously mined ringinstead of into a free void).•The modifying factors used for the SURF mining method are based on PCSLC modelling that wasundertaken as part of the options study work. Dilution and recovery factors have been included inthe PCSLC modelling, which is based on SURF extraction to a shut off grade of 1.57 g/t gold in orderto limit the draw of lower grade material from the cave zone. Due to the low-grade nature of partsof the deposit, the overall extraction is less than the total volume broken plus the introduced fill.•In total, 85% of the designed ring tonnes are extracted, the remaining 15% is left behind and isassumed to be mixed with the introduced fill to sub-economic grade. As the mining advances thematerial drawn from the stopes is replaced by the external introduced fill/dilution. About 60% ofthe total volume mined from the stope zone is replaced with waste introduced into the pit as partof the SURF method, none of this material is planned to be drawn.•The orientation of geological structures measured from borehole cores, intact rock strengths andthe likely in-situ rock stress field have been evaluated. No significant geotechnical factors orinfluences exist which would exclude the currently proposed underground development andstoping.•The underground mining will encounter "low" to "moderate" in-situ rock stress conditions. Giventhat planned SLC operations will be carried out at relatively shallow depths (≤ 260 m below naturalsurface), rock stress magnitudes are not expected to be a limiting factor to proposed undergroundmining.•The underground development and stoping within fresh rocks will be carried out in generally "fair"to "good" quality rock mass conditions. Current geotechnical conditions indicate better thanaverage ground conditions, which is the major contributing factor in selecting the SURF miningmethod. If underground conditions are worse than expected, current assumptions will need to bereassessed.•Detailed mine designs, development schedules and costs were created for the entire mine. Theseincluded the access decline, crosscuts, access drives, footwall drives, ore drives, ventilation drivesand rises.
Metallurgical factorsor assumptions	General Commentary•The Edikan processing plant uses crushing, grinding, gravity, flotation, concentrate regrind and
	cyanide leaching to extract gold. The plant has a nominal capacity of 7 Mtpa. The technology usedin the processing plant is well proven, and the plant has been operating successfully since 2011.•The processing test work is representative of the different material types throughout the miningarea.
	•No deleterious material has been identified.

Criteria	Commentary
	•The process metallurgical recovery for gold is fixed by material type in each deposit.
	Deposit Specific Commentary
	AF Gap– Fetish–Esuajah South–Nkosuo•Metallurgical recoveries applicable to each project are presented in the following table.
		DEPOSIT		RECOVERY BY ORE TYPE (%)
		AF Gap	Oxide61.0	Transition73.0	Fresh88.0
		Fetish	61.0	73.0	90.0
		Nkosuo	55.1	87.6	90.3
		Esuajah South	-	-	90.0
Environmental
	General Commentary•A number of environmental studies have been undertaken across the Edikan Gold Project site,with the initial environmental baseline studies being the most comprehensive. Following theseinitial baseline studies, other environmental studies have been completed during the course ofoperations as required.•None of the studies completed to date have identified any environmental issues that could impactthe mining or processing activities at Edikan.•Perseus has sufficient space available for waste dumps to store the expected quantities of minewaste rock associated with the Edikan Ore Reserve.•Existing tailings facility approvals give the operation sufficient capacity for the life of mineschedule.•Based on testing to date there is no risk of acid rock drainage as any potentially acid generatingmaterial is encapsulated within acid neutralising material.Deposit Specific CommentaryEsuajah South•For mining operations to commence at ESS, a two-part process is required.oTo complete an application covering the environmental impact directly associated withthe ESS planned operation.oAn application must be made for permission to carry out mining activities.•This latter application requires submission of the Feasibility Study covering the mining plan,methodology, schedules, all safety aspects and community related matters related to theunderground mining activity and surface infrastructure.•The only waste produced by mining will be from waste development. Waste will be trucked tosurface and dumped into the existing Esuajah South pit to act as backfill for the void created bymining.
Infrastructure	General Commentary•Power supply is from a GENSER gas power station supplier by pipeline.••decant water for processing plant.•Access to site is via public road from Ayanfuri town.•A camp is established to accommodate non-local employees.•					Backup power supply is from grid system supplied by Ghanaian electricity company, GRIDCO.Water supply is largely from groundwater extracted from dedicated boreholes and supplementedWorkshops, offices, storage of reagents and laboratory is established at the processing plant.
	Deposit Specific Commentary
	Esuajah South•established and costs derived:oooooo	Power line from existing 11 kV network at the processing facility.Radio repeater and radio system at ESS mine site.per nightshift. Derived from local boreholes and water treatment plant.Sewerage treatment plant to cater for offices and ablutions.				The study considered the following items and areas for the study, from which quantities wereIntegrated backup power generator to connect to ESS mine 11 kV substation.Communications – phone and IT network connection to processing facility.Potable water for offices and change house for 70 people per dayshift and 50 people

Criteria	Commentary
	oDesilting of underground water.oOffices for 20 people.oChange house for 42 people.oChop kitchen/dining room to serve 40 people per shift prepared off site and served inthe kitchen.oFuel farm 10,000 litres per day plus the standby power requirements. Capacity to allowfor three days' backup.oWorkshop with two bays for underground vehicle minor servicing.oWarehouse and workshop store.•The above includes all civil works, water reticulation, high voltage power reticulation and lowvoltage power reticulation.•The life of mine was indicated to be approximately five years. Any structures selected wouldtherefore be non-permanent in nature and be relocatable.General Commentary
Costs	•The mining costs are based on schedule of rates provided by Perseus mining contractors andPerseus actual performance. All other operating costs have been provided by Perseus and itsConsultants.•Non-deleterious materials have been identified and costed.•Gold is the only metal considered in the Ore Reserves.•All costs are in US$.•Assumed average operating costs are presented in the table below.MININGMININGPROCESSINGG&ASELLINGROYALTIES(OPEN PIT)(UNDERGROUND)US$5-6/tUS$40-45/t minedUS$10-12/tUS$2-3/tUS$3.15/oz8.25% and 6.5%minedmilledmilledsoldfor NkosuoDeposit Specific CommentaryEsuajah South•As Perseus do not have any other underground operations with which to share equipment andmaintenance or operation experience, the cost model was premised on most capital equipmentbeing supplied by the contractor (and therefore being costed as an operating cost).oEquipment to be imported attracted an additional 5% import duty.•Mining capital costs are estimated from first principles based on equipment, labour, anddevelopment requirements indicated by the mine schedule. In addition, mining capital costs arealso based on ventilation, dewatering, electrical and other engineering study work.•Mining operating costs are estimated from first principles based on equipment, labour,development and stoping requirements indicated by the mine schedule.•Mining capital and operating costs include an 11% allowance for contractor mark-up and margin.
Revenue factors	costs.General Commentary•A gold price of US$1,500/oz (AF Gap, Fetish) to $1,700/oz (Nkosuo) was used for mine planningand pit optimisation, depending upon the deposit.•The ESS underground was planned at a gold price of $1,300/oz.•Economic modelling by Perseus is at US$1,700/oz.
Market assessment	General Commentary•The demand for gold is considered in the gold price used.•It was considered that gold will be marketable for beyond the processing life.•The processing forecast and mine life are based on life of mine plans.•The commodity is not an industrial metal.•Ghana allows for direct export of the gold doré to refiners with the proviso that all gold may bepurchased by the Bank of Ghana at the standing sale price.
Economic	General Commentary•A schedule and economic model has been completed by Perseus on a pre-tax basis using the OreReserves published in this Statement. The inputs used are as per those stated in the relevantsections of this Statement. The assessment used a discount rate of 10% which is consideredappropriate.•The base case results from the financial model confirm that the Ore Reserves are economically

Criteria	Commentary
	viable.•A sensitivity analysis was conducted on a number of value drivers; mining operating costs,processing operating costs, administration costs, capital costs and metallurgical recovery. Theproject cash flow is most sensitive to factors affecting the revenue, such as metal price and gradeor metal recovery.•Note that as the gold price changes so too will the economic limits of the pits and their Reserves.Consequently, the size of the Project will therefore adjust to suit the revised economics.
Social	General Commentary•The Edikan Gold Project has been operated by PRU since 2011 and over this period, all relevantstructures have been put in place to consider the community, their requirements and theirexpectations. Perseus has established relevant agreements with local stakeholders.
Other	General Commentary•The estimate of Ore Reserves for the Edikan Open Pits are not materially affected by any otherknown environmental, permitting, legal, title, taxation, socio-economic, marketing, political orother relevant factors other than that described in the preceding text.•It is believed that the classification of Ore Reserves as set out in the following sections isreasonable.
Classification	General Commentary•The Ore Reserve is classified as Proved and Probable in accordance with the requirements of theJORC Code (2012), corresponding to the Mineral Resource classifications of Measured andIndicated and taking into account other factors where relevant. The deposit's geological model iswell constrained. The Ore Reserve classification is considered appropriate given the nature of thedeposit, the moderate grade variability, drilling density, structural complexity and mining history.Therefore, it was deemed appropriate to use Measured Mineral Resources as a basis for ProvenReserves and Indicated Mineral Resources as a basis for Probable Reserves.•No Inferred Mineral Resources were included in the Ore Reserve estimate.•The Competent Person is satisfied that the stated Ore Reserve classification reflects the relevantfactors of the deposit.
Audits or reviews	General Commentary•Perseus has completed an internal review of the Ore Reserve estimate.•A LOM Plan was prepared based on the ROM mineable ore contained with the pit designs. TheLOM Plan prepared by Perseus is reasonable and practical. This confirmed that it was suitable forestimation of Ore Reserves. An economic model was prepared that confirmed the operation to beeconomically viable.Deposit Specific CommentaryEsuajah South•The ESS underground feasibility study is planned to be revisited and updated by the PerseusStudies team during FY25, and following this update, a recommendation will be made as to thepath forward for the ESS underground project. This may involve further studies, test work oranalysis, and is likely to include an update with respect to costs and metal prices.
Discussion of relativeaccuracy/confidence	General Commentary•The accuracy and confidence of the inputs are, as a minimum, of a Feasibility level.•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 that theMineral Resources are assigned to. Only the highest categories of Resource classification,Measured and Indicated, have been used as a basis for estimating Ore Reserves.

Northern Côte d'Ivoire – Table 1

The following table provides the reporting criteria for the reporting of Mineral Resource and Ore Reserves, in accordance with the Table 1 checklist in The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). Criteria in each section apply to all preceding and succeeding sections.

CriteriaSampling techniques	Commentary
	General Commentary
	•Samples for geological logging, assay, geotechnical, metallurgical and density test work are
	collected via drilling.
	•Diamond core drilling uses double and triple tube techniques and samples were taken at nominal1 m or 1.5 m intervals.
	•Reverse circulation (RC) drill holes were sampled in 1 m Intervals with the majority composited to
	2 m samples (by weighing) prior to submission for assay. Selected infill drill holes were submitted
	as 1 m samples. One and 2 m sub-sample weights nominally of 2.5 kg and 5 kg respectively.
	Deposit Specific Commentary
	Sissingué
	•Drilling is via RC and DD drilling on 80 m × 80 m spacing followed by 40 m × 40 m and 20 m × 20 m
	infill. Holes were aligned to either 90° east or 270° west with inclinations between -50° and - 60°.
	•GC data was included in the estimate, though restricted by application of a spatial constraint.
	Airport West
	•Drilling is via RC and DD drilling on nominal 25 m × 25 m spacing. Holes were aligned to either 90°east or 270° west and inclined at -60°.
	•Drilling is via RC and DD drilling. Early drilling was typically oriented 090°, with subsequent drilling
	Bagoé
	split to produce a subsample of approximately 3 kg.
	were drilled at -55 degrees toward 315 degrees.
	•Veronique has been drilled at nominal 20 mX × 20 mY spacing with holes drilled at -60 degrees
Drilling techniques	General Commentary
	•RC drilling used 5¼" diameter face-sampling bit.
	were oriented with electronic tools.
	with no significant issues noted.
	•RC samples were logged visually for recovery, moisture and contamination. Sample recoveries
	Deposit Specific Commentary
	•RC samples were weighed at 1 m intervals and recoveries back-calculated using nominal hole
Drill samplerecovery	Fimbiasso East and Westcompleted towards 170° to better align with the mineralisation orientation. Drill spacing was 40 m× 40 m, subsequently infilled to 20 m × 20 m. Holes were typically inclined between -50° and -70°.•GC data was included in the estimate, though restricted by application of a spatial constraint.•Samples from both air core (AC) and RC holes were collected at 1 m intervals.•Samples from AC holes drilled for exploration were sampled in 4 m composited intervals using aspear. AC holes drilled for resource definition were sampled in 1 m intervals with each sample riffle•Antoinette deposit has been drilled on 25 m spaced traverses with holes generally spaced at 20 m.Most holes were drilled at -60 degrees toward 315 degrees.•Juliette deposit has been drilled on 25 m spaced traverses with holes mostly spaced at 20 m. Holestoward 045 degrees.•AC drilling used a 105 mm blade.•DD was carried out with HQ in weathered material and NQ or NQ2 sized equipment in fresh rock.•Diamond core drilled prior to 2015 was generally oriented using a spear. Diamond core after thatGeneral Commentary•Core recoveries from diamond core are recorded in the database and averaged in excess of 90%were not quantitatively measured.•There is no material relationship between sample recoveries and gold grades.Fimbiasso East and West

Section 1 Sampling Techniques and Data

Criteria	Commentary
	diameter and expected density values based on logged weathering.•Recovered sample weights are available for ~23% of one-metre intervals in RC holes and pre-collarsat Fimbiasso East. Overall average sample recovery of 75% is considered adequate.•Recovered sample weights are available for the majority one-metre intervals in RC holes and precollars at Fimbiasso West. Overall average sample recovery of 80% is considered adequate.•Recovered lengths of diamond core per drill run were measured in the core trays. Core recoveriesrange from average 82% in saprolite to 99% in fresh rock. Overall average is recovery is 95% and isconsidered adequate.
	Bagoé•For RC samples and samples from AC holes drilled for resource definition, the weight of each entirerecovered 1 m sample was recorded.
Logging	General Commentary•RC drill chips were logged geologically, including rock type, weathering, alteration type andintensity (where recognisable), vein quartz content in estimated percentage, sulphidemineralisation and estimated content.•Diamond drill core was geologically and structurally logged. Geological logging methods areidentical to RC logging. Structural logging includes joints, fractures, roughness and infill type ofstructures and veins as well as recovery and RQD.•All holes are logged in their entirety.•Logging is considered qualitative in nature.•Diamond core was photographed prior to being processed.
Sub-samplingtechniques andsample preparation	General Commentary•Diamond core was cut in half using a diamond saw. All samples were collected from the same sideof the core with the remaining half stored in core trays.•Sample preparation of Perseus diamond core and RC chips used industry standard techniques.After drying, the sample is subject to a primary crush to 2 mm, then 200 g of sub-sample was splitoff and pulverised. Internal laboratory checks required at least 90% of the pulp passing- 75 microns.•Field QC procedures included the use of certified reference materials (1 in 20) and RC fieldduplicates (1 in 20). Duplicate splits of diamond core samples were not submitted.•Sample sizes are considered appropriate and representative for the style of mineralisation, thethickness and consistency of the mineralised intersections and the grade ranges encountered.
	Deposit Specific Commentary
	Sissingué•RC samples were collected at drill sites at 1 m intervals and split using a multi-stage riffle splitter toproduce subsamples of approximately 3 kg mass. When composited, each two consecutive samplesplits were composited into one subsample for sample preparation and assay.•Some RC samples at depth were identified as having downhole contamination and resultantsmearing of grades, as a result of wet drilling in clayey material. As a result of this, all RC holes inthe main Sissingué deposit area were reviewed and any suspected of containing smeared assayswere removed from the dataset prior to estimation. Approximately 5% of RC samples wereremoved due to suspected downhole contamination. Additional diamond core drilling wasundertaken in 2016 to confirm mineralisation volumes and grades in the core of the deposit.
	Airport West•RC samples were collected at drill sites at 1 m intervals and split using a multi-stage riffle splitter toproduce subsamples of approximately 3 kg mass. When composited, each two consecutive samplesplits were composited into one subsample for sample preparation and assay.•From 2023 onwards each individual 1 m sample was submitted for analysis (i.e. no compositing).
	Fimbiasso East and West•All RC samples were collected at the drill site at 1 m intervals and split using a multi-stage rifflesplitter. Each two consecutive subsamples were composited in one bag by equal weight.•From 2023 onwards each individual 1 m sample was submitted for analysis (i.e. no compositing).
	Bagoé•Samples from AC holes drilled for exploration were sampled in 4 m composited intervals using aspear. AC holes drilled for resource definition were sampled in 1 m intervals with each sample rifflesplit to produce a subsample of approximately 3 kg.

Criteria	Commentary
	•Each 1 m sample from RC drilling was manually riffle split to produce a subsample ofapproximately 3 kg.
Quality of assay dataand laboratory tests	General Commentary•Duplicate splits of diamond core samples were not submitted.•Assessment of the results of QC assays shows acceptable levels of accuracy and precision with nosignificant bias.
	Deposit Specific Commentary
	Sissingué•Pre-2021 resource definition RC and core samples were analysed by standard 40 g or 50 g fire assaywith AAS finish. This method is considered a total digest.•Samples from 2021-2023 resource definition RC holes and from grade control holes were assayedby 50 g aqua regia digest and AAS finish. This method is considered a total digest.•Field duplicates (RC only) inserted at 1:25. Blanks inserted at 1:25.•Certified standards inserted at a rate of 1:50 up to 2008; thereafter at 1:20.•Internal laboratory standards, duplicates and repeats and various other tests have been carriedout throughout the drilling programs.
	Airport West•Pre-2021 resource definition RC and core samples were analysed by standard 40 g or 50 g fire assaywith AAS finish. This method is considered a total digest.•Samples from 2021-2023 resource definition RC holes were assayed by 50 g aqua regia digest andAAS finish. This method is considered a total digest.•Samples from 2023-2024 resource definition holes were analysed by 500 g photon assay. Thismethod is considered a measure of the total gold content.•Field duplicates (RC only) inserted at 1:20. Blanks inserted at 1:20.•Certified standards inserted at a rate of 1:20.
	•Internal laboratory standards, duplicates and repeats and various other tests have been carriedout throughout the drilling programs.
	Fimbiasso East and West•From 2013 to 2016 and in 2020 samples were analysed using 50 g fire assay with AAS finish atBureau Veritas Mineral Laboratories (BVML) in Abidjan. This method is considered a total digest.•From 2016 to 2017 samples were analysed using 50 g fire assay with AAS finish at Actlabs inOuagadougou. This method is considered a total digest.•Grade control holes were assayed by 50 g aqua regia digest and AAS finish. This method isconsidered a total digest.•Samples from 2023 resource definition holes were analysed by 500 g photon assay. This method isconsidered a measure of the total gold content.•Certified blanks were inserted at a rate of 1:40, with certified standards inserted at a rate of 1:20.•Review of the standards results indicates that Actlabs tends to under-call the gold standards forlow grade samples by around 5% to 10%. As a result, umpire analysis was carried out on twobatches using BVML. The umpire results show that BVML reports the low-grade standardsaccurately. BVML reports around a 5% to 10% higher gold grade for the low-grade samplesbetween 0.3 g/t Au and 0.8 g/t Au. Results are comparable at all other grade ranges.•The Actlabs results are considered acceptable for resource estimation, with the acknowledgementthat the low-grade samples are slightly conservative.
	Bagoé•Samples were assayed using 50 g fire assay with AAS finish for gold only. This method is considereda total digest.•Assay accuracy and reliability were monitored by insertion of blanks at 1:20 samples and referencestandards (CRMs) at 1:20 samples.
Verification ofsampling andassaying	General Commentary•Downhole survey data and collar survey data were provided by drilling contractors and surveyorsrespectively in digital format.•Data for resource definition and grade control drill holes are stored in a centralised acQuiredatabase under the supervision of a dedicated Database Manager.
	•Unsampled intervals were coded with -9999 while results reported below detection were assignedhalf the relevant detection limit.
	Deposit Specific Commentary

Criteria	Commentary
	Sissingué•During 2016, Perseus drilled several diamond core holes to confirm the grade tenor and check RCdrill holes suspected of downhole contamination and smearing. As a result of this program,approximately 5% of RC samples were removed from the dataset where the RC grades were notsupported by the diamond core drilling.•Drill hole information for pre-2021 RC and diamond core holes was captured at the drill site onpaper. All hard copies were delivered to the database administrator and the information enteredinto a digital relational database. All hard copies were retained on site.•Logging and sampling hardcopy records for 2021 resource definition drilling and grade controldrilling are stored at the Sissingué mine.•No adjustments were made to the raw assay data except for the removal of any RC samples withsuspected smearing of grades as previously discussed. Top cutting is only applied after databasecompositing and statistical analysis and prior to resource estimation.
	Airport West•Intervals of significant gold grades were compared to logging of quartz veining, alteration andmineralisation and chip tray photographs.•Assays were plotted on cross-sections to check that significant intercepts conform to the expectedlocations of mineralisation and make geometric sense.
	Fimbiasso East and West
	•RC samples identified as wet were removed from the database.•Drill hole information for both RC and diamond core holes is captured at the drill site on paper.•All hard copies were delivered to the database administrator and the information entered into adigital relational database. All hard copies were retained on site.
	Bagoé
	•Intervals of significant gold grades were compared to logging of quartz veining, alteration andmineralisation and chip tray photographs.•Assays were plotted on cross-sections to check that significant intercepts conform to the expectedlocations of mineralisation and make geometric sense.•Five diamond core holes have been drilled at Veronique and six at Antoinette to twin RC holespreviously drilled by Exore Resources. Intercept widths and grades compare to those in RC holesto within acceptable tolerances.
Location of data	General Commentary
points	•The grid system used is WGS84 UTM Zone 29N.
	Deposit Specific Commentary
	Sissingué – Airport West•Prior to 2010 all RC and diamond holes were surveyed using differential GPS (DGPS) by a certifiedcontract surveyor. All subsequent drill holes were surveyed by the Perseus surveyors.•The pre-mining topography covering the extent of the project model was created as a digital terrainmodel (DTM) using the drill hole collar data, additional spot height survey points across theprospect and, elsewhere, Shuttle Radar Topography Mission (SRTM) 90 m spaced spot heightsadjusted to local height datum.•Regular surveys of the operational areas are now completed by aerial drone and DGPS.•All resource definition and diamond core holes have been down-hole surveyed at approximately30 m depth increments using a Reflex digital compass instrument.
	Fimbiasso East and West•Most RC and diamond drill hole collars were surveyed by the company's surveyor in 2015 and 2016using DGPS equipment. Twenty-two holes, including two holes with diamond tails, could not befound at the time and were not surveyed. In these cases, the original coordinates taken byhandheld GPS were used. On average, the difference between handheld and DGPS is less than 2 min the X and Y directions.•Diamond core holes were down-hole surveyed by the drill contractors using a FlexIT tool at 30 mintervals. RC holes drilled prior to 2016 only have the collar azimuth and inclination measured.RC holes drilled 2016 onward have down-hole surveys at 12 m and then every 30 m. Gradecontrol holes do not have down-hole surveys and are assumed to be straight.•The pre-mining topography covering the extent of the project was created as a triangulatedsurface using the surveyed drill hole collars and additional points established on 40 m spacedtraverses by DGPS.

Criteria	Commentary
	Bagoé
	•Collars of AC holes drilled for exploration purposes were located by hand-held GPS. They areexpected to be reliable to ± 2 m in X-Y.•Collars of AC, RC and core holes drilled for resource definition were located by DGPS. They areexpected to be reliable to ± 0.2 m in X-Y.•Comparing elevations of DGPS collar surveys between holes completed in different drill programs
	indicated that the elevation datum was inconsistent between survey campaigns.•Drone photogrammetric surveys have recently been undertaken over the Antoinette, Juliette andVeronique areas, providing topographic surfaces that are expected to be reliable to ± 0.2 m. Collarelevations have been generated using those DTMs to overcome the elevation datuminconsistencies referred to above.•Auger holes and exploration AC holes outside of the drone survey areas have had elevations
	generated using a topographic surface created using ± 1 m SRTM spot height data at approximately30 m x 30 m spacing.•All holes have been down-hole surveyed at approximately 30 m depth increments using a Reflexdigital compass instrument.
Data spacing anddistribution	General Commentary•The mineralisation domains have demonstrated sufficient continuity in both geology and grade tosupport the definition of Mineral Resources, and the classifications applied under the 2012 JORCCode guidelines.•All samples from RC drilling were collected at 1 m intervals. The majority of RC assays werecomposited to 2 m intervals for analysis, with two consecutive samples composited into one bag.•Grade control samples are sampled at 1.5 m intervals until 2024. From this point sampling andanalysis has been at 1 m intervals.
	Deposit Specific Commentary
	Sissingué•Drilling is on 80 m × 80 m spacing followed by 40 m × 40 m and 20 m × 20 m infill.
	Airport West•Drilling is on nominal 25 m × 25 m spacing.
	Fimbiasso East and West•Drill spacing is at 40 m × 40 m subsequently infilled to 20 m × 20 m.•GC data was included in the estimate and is collected at a 12 m × 8 m pattern.
	Bagoé•Antoinette deposit has been drilled on 25 m spaced traverses with holes generally spaced at 20 mintervals.
	•Juliette deposit has been drilled on 25 m spaced traverses with holes mostly spaced at 20 mintervals.•Veronique has been drilled at nominal 20 mX × 20 mY spacing.
Orientation of datain relation togeological structure	General Commentary•Drilling at each of the deposits was oriented to intersect mineralisation at as near optimalorientation as was practicable.•The orientation of mineralisation relevant to drilling was not considered likely to have introducedany material bias.
	Deposit Specific Commentary
	Sissingué•Mineralised veins and their alteration selvages occur at various orientations within the overallmineralised zones. The estimation method applied is considered to account for this.
	Airport West•Most drill holes are approximately orthogonal to the strike of the geology and at a high angle tothe mineralisation.
	Fimbiasso East and West•At Fimbiasso East, most drill holes are approximately orthogonal to the strike of the geology andat a high angle to the mineralisation.

Criteria	Commentary
	•At Fimbiasso West, most drill holes are approximately orthogonal to both the strike and dip of
	mineralisation.
	•A small number of early drill holes were drilled at suboptimal angles.
	Bagoé
	•At Antoinette and Juliette, mineralisation strikes NE and dips sub-vertically. In holes drilled at 55-60 degrees dip toward 315 degrees, true widths are approximately 50% of down-hole intercept
	lengths.
	•Veronique mineralisation strikes NW and dips at approximately 45 degrees toward the SW. In holes
	drilled at -60 degrees dip toward 045 degrees, true widths are approximately equal to down-hole
	intercept lengths.
Sample security	General Commentary
	•Chain of custody was managed by Perseus. Samples were stored on site and collected byrepresentatives of the analysis laboratory or delivered by Perseus personnel to the required facility.
	Perseus personnel had no further involvement in the preparation or analysis of the samples.
	•Considering that the tenor of mineralisation at many of the deposits has been confirmed by
	detailed grade control sampling and by mining, the Competent Person is satisfied that sample
	security is not a significant risk to the reliability of the resource estimates.
	Deposit Specific Commentary
	Sissingué
	•Samples from 2021 resource definition drilling and from grade control holes have been prepared
	and assayed at Sissingué mine site in a laboratory operated under contract by SGS Mineral
	Laboratories.
Audits or reviews	General Commentary•Reviews of sampling techniques and QAQC data for each of the deposits have been undertaken by
	PRU personnel and also by previous workers Runge Pincock Minarco and Widenbar & Associates
	at various times between 2010 and 2019 with acceptable conclusions.
	•Given that the sampling data upon which the resource estimates rely are now supported by mining
	at many of the deposits, the Competent Person is satisfied that drill hole and assay data validity
	are not significant risks to the reliability of the resource estimates.
	Deposit Specific Commentary
	Sissingué
	•An audit of the grade control process in place for Sissingué was completed by Cube Consulting in
	August 2023. This identified several areas for improvement which were subsequently
	implemented.•These findings did not preclude the use of the GC data in the Mineral Resource process.
	Bagoé – Airport West
	•No independent review of sampling techniques and data has been undertaken.

Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineraltenementandlandtenure	General Commentary•The Government of Côte d'Ivoire is entitled to a royalty on production as follows:
status
		SPOT PRICE PER OUNCE - LONDON PM FIX	ROYALTY RATE
		Less than or equal to US$1000	3%
		Higher than US$1000 and less than or equal to US$1300	3.5%
		Higher than US$1300 and less than or equal to US$1600	4%
		Higher than US$1600 and less than or equal to US$2000	5%
		Higher than US$2000	6%
	•Deposit Specific Commentary	In addition, 0.5% of profit is required to be paid into a community development fund.

Criteria	Commentary
	Sissingué – Airport West•The Mineral Resources lie within mining permit PE39 (Permit d'Exploitation Sissingué).•Perseus holds an 86% interest in PE39 through the Company's wholly owned subsidiary PerseusMining Côte d'Ivoire SA. The government of Côte d'Ivoire holds a 10% free carried interest in theproperty and the remaining 4% interest is held by local joint venture partner Société Minière deCôte d'Ivoire (SOMICI).•An additional royalty of 0.5% of the revenue is payable to Franco Nevada and $0.80/oz on goldproduction is payable to Ivorian partner.•The mining permit is valid until 8 August 2026 and is renewable.•The Sissingué Project area has no known environmental liabilities.
	Fimbiasso East and West•The Mineral Resources lie within mining permit PE55 (Permit d'Exploitation Fimbiasso).•Perseus holds an 86% interest in PE55 through the Company's wholly owned subsidiary PerseusMining Fimbiasso SA, with the Ivorian government holding a statutory 10% free carried interest.The remaining 4% interest is held by local joint venture partner Société Minière de Côte d'Ivoire(SOMICI).•The permit was granted on 7 July 2021 for a period of three years. Application for renewal iscurrently being pursued via the prescribed process, with the licence remaining valid as determinedunder section 40 (3) of the Mining Code 2014.•While approved for an Exploitation Permit, Fimbiasso East has subsequently been identified aspartially existing within a Forest Reserve. Perseus has committed to ceasing mining at FimbiassoEast once the current pit design has been completely extracted, currently expected to occur duringthe 2024 calendar year.
	Bagoé•Antoinette, Juliette and Veronique gold deposits form part of the Bagoé Gold Project and arecontained within mining permit PE60 The permit was granted 26 June 2024 and is valid for a periodof four years. Further renewals are permitted.•PE60 is held 100% by Aspire Nord Côte d'Ivoire s.a.r.l., a wholly owned subsidiary of Perseus MiningLimited, with the Ivorian government holding a statutory 10% free carried interest.
Exploration done byother parties	Deposit Specific CommentarySissingué – Airport West•Historical exploration over the Sissingué permit is limited to regional lag sampling by RandgoldResources during the 1990's.•That work identified several target areas for gold but did not locate the main Sissingué golddeposit.
	Fimbiasso East and West•Perseus is not aware of any previous exploration activities.Bagoé•Previous exploration was carried out by Apollo Consolidated Ltd from October 2014 to June 2018.Exploration activities included soil sampling and auger, air core, RC and diamond drilling.•Previous exploration was carried out by Exore Resources Limited between July 2018 and July 2020.Exploration activities included air core, RC and diamond drilling.•Data arising from work by Apollo and Exore are available to Perseus and are consideredgenerally reliable.
Geology	Deposit Specific CommentarySissingué – Airport West•The deposits occur in a strongly deformed Birimian greenstone belt intruded by quartz-feldsparfelsic dykes and granitoid bodies.•Gold mineralisation is associated with the felsic dykes and small granitoid (tonalite) bodies thatcross-cut sedimentary rocks.•Subsequent hydrothermal activities and metasomatism of the granitoids has led to a sericitecarbonate alteration within the intrusive and the more permeable horizons (sandstones andconglomerates) of the sedimentary rocks, and a low to moderate grade disseminated goldmineralisation.

Criteria	Commentary
	•Late-stage high grade Au-As-quartz-carbonate veins exploited the altered and brittle portionsof the intrusive and sediments with common occurrences of visible gold.
	Fimbiasso East and West•The Fimbiasso gold deposits are located within a north-westerly striking splay of the SyamaBoundiali Greenstone Belt. At Fimbiasso, Birimian aged rocks comprise a sequence ofmetasedimentary rocks and subordinate mafic volcanics that have been intruded by a nearlycircular granitoid body approximately 4 km in diameter. The sequence has also been intruded bynumerous felsic dykes of various compositions.•Gold mineralisation is associated with deformation zones developed at and adjacent to themargins of the granitoid intrusion. Gold is associated with disseminated pyrite and lesserpyrrhotite hosted by both mafic and felsic lithologies where they feature chlorite-sericite-calcitealteration. Vein-hosted mineralisation is rare.
	Bagoé•The Bagoé Gold Project is located in the West African Craton and covers Palaeoproterozoic(Birimian) rocks of the southern extension of the Syama Greenstone Belt and the western marginof the Senoufo Greenstone Belt. Gold deposits at Bagoé are of the orogenic, greenstone-hostedtype and probably lie within the Senoufo belt.•Antoinette gold deposit is hosted by a fine-grained, siliceous and, in places, carbonaceousmetasediment unit within a sequence of felsic volcaniclastic rocks and porphyritic dioritic dykes.•Juliette gold deposit is located 3.5 km SW of Antoinette and is hosted by the extension of theAntoinette sequence/structure.•Veronique gold deposit is located 16 km SSE of Antoinette and generally comprises a single NWstriking quartz vein hosted by an extensive granodiorite stock. Alteration selvages extend 2 mto 3 m either side of the vein.
DrillholeInformation	General Commentary•Exploration results are not being reported.
Dataaggregationmethods	General Commentary•Exploration results are not being reported.
Relationshipbetweenmineralisationwidths and interceptlengths	General Commentary•Exploration results are not being reported.
Diagrams	General Commentary•Exploration results are not being reported.
Balanced reporting	General Commentary•Exploration results are not being reported.
Othersubstantiveexploration data	General Commentary•Exploration results are not being reported.Deposit Specific Commentary
	Bagoé•Feasibility study level metallurgical test work has indicated that:oAt Antoinette, cyanide leach gold recoveries average 92% for oxide, 40-70% fortransition material and 20% for fresh (sulphide) material. At Juliette, cyanide leach goldrecoveries average 85% for oxide material, 80% for transition material and 35% for fresh(sulphide) material. At Veronique, cyanide leach gold recoveries average 93% in oxidematerial, 90% in transition material and 85% in fresh (sulphide) material.oGold recoveries at Antoinette and Juliette are impacted by refractory gold hosted in solidsolution in arsenopyrite and possibly loellingite and by the presence of carbonaceousmaterial.•There are no known deleterious or contaminating substances associated with any of the depositsthat might prevent their exploitation.•Groundwater availability and pit dewatering requirements have been investigated to Feasibilitystudy level. Neither are anticipated to prevent mining of the deposits.

Criteria	Commentary
	•Waste rock characterisation tests have been completed to Feasibility study level. Resultsindicate no significant issues with potentially acid forming materials.
Further work	Deposit Specific Commentary
	Sissingué – Airport West•Sissingué mine has been operating since early 2018. Estimates of Mineral Resources and OreReserves are progressively updated as new information comes to hand. Exploration over satellitedeposits is on-going.
	Fimbiasso East and West•The Fimbiasso mine has been operating since 2021. Estimates of Mineral Resources and OreReserves are progressively updated as new information comes to hand. Exploration over satellitedeposits is on-going.
	Bagoé•Exploration by previous operators has located other occurrences of gold mineralisation within theBagoé Gold Project that Perseus intends to pursue.

Section 3 Estimation and Reporting of Mineral Resources

Criteria	Commentary
Database integrity	General Commentary•All drilling data is securely stored within the Perseus acQuire database and is managed bydedicated personnel within Perseus.•The import/exporting process requires limited keyboard transcription and has multiple built-insafeguards to ensure information is not overwritten or deleted. These include:oData is imported and exported through automated interfaces, with limited manualinput;oAutomated validation checks ensure errors are identified prior to import;oAccess to edit data stored in acQuire is restricted to key personnel;oAudit trail recording changes.•The drillhole database used for Mineral Resource estimation has been internally validated.Methods include checking:oRelational integrity, duplicates, and missing or blank assay values;oSurvey data down-hole consistency;oNull and negative grade values.
Site visits	Deposit Specific Commentary
	Sissingué•The Competent Person for the Sissingué Mineral Resources, Mr Matt Bampton of Cube Consulting(Cube) has not visited the project due to travel restrictions in place at the time. However, a fulltime employee of Cube visited the site on behalf of the Competent Person in August 2023 as partof a wider review of grade control processes. No material findings relevant to mineral resourceestimation were identified from this visit.
	Airport West, Fimbiasso East and West•The Competent Person for the Airport West and Fimbiasso Mineral Resources, Mr Daniel Saundersof Perseus visited the Fimbiasso project in August 2023. He reviewed drilling, logging and samplingprocedures for diamond and RC drilling and viewed diamond drill core and RC chip trays. Nomaterial issues were noted.
	Bagoé•The Competent Person for the Bagoé Mineral Resources, Mr Matt Bampton of Cube has not visitedthe project due to travel restrictions in place at the time.
Geological	Deposit Specific Commentary
interpretation	Sissingué•The geological confidence is moderate to high, due to the mapping of exposures within the MainPit.

Criteria	Commentary
	•The controls on gold mineralisation at the main Sissingué deposit and nearby smaller deposits are
	understood with reasonable confidence.•Drill hole logs were used to guide 3D interpretation of quartz-feldspar felsic dykes and granite
	intrusions that are key controls on mineralisation.
	•Drill hole logs were also used to guide interpretations of surfaces delineating interfaces between
	laterite, completely weathered, transitional and fresh rock weathering horizons.
	•The factors affecting continuity both of grade and geology are most likely to be associated withstructural controls and local complexity, the knowledge of which is limited with the current
	spacing of information. The broad approach to the mineralisation modelling in the granite and
	sediment units is an attempt to model an unbiased interpretation.
	Airport West•The mineralised domains used for the current study were interpreted by on the basis of the gold
	grades and effectively capture the zones of continuous mineralisation within a 0.3 g/t gold
	threshold within a series of sub-parallel lodes.
	•The geological confidence is moderate. Definition of the limits of mineralisation and minormineralised structures remains ongoing.
	Fimbiasso East and West
	•Mineralisation at Fimbiasso occurs as a series of lodes subparallel to the mafic lithologies. Drill core
	exposures demonstrate that the mafic and granitoid are intimately intermixed in many places,possibly due to shearing, with mineralisation predominantly hosted by the mafic units.
	•Proportions of laterite were superimposed using the triangulated surface representing the base of
	that material.
	•The mineralised domains used for the current study were interpreted by on the basis of the goldgrades and effectively capture the zones of continuous mineralisation within a 0.3 g/t gold
	threshold within a series of sub-parallel lodes.
	•The geological confidence is moderate to high, due to the mapping of exposures within the current
	pit, and the inclusion of close spaced GC data.
	Bagoé
	•Mineralisation at Antoinette is hosted by anastomosing shears but drilling density is sufficient to
	permit confident interpretation of the geometry and continuity of mineralisation.
	•Mineralisation at each of Juliette and Veronique deposits is hosted by a single structure.•Alternate interpretations of any of the three deposits are considered unlikely.
	•Logged geology and the presence of vein quartz, alteration and sulphides have assisted delineating
	the domains for resource modelling.
Dimensions	Deposit Specific Commentary
	Sissingué
	•The mineralisation trends extend over 2,500 metres strike and dip steeply to the west or eastwith horizontal widths varying between 5 to 30 metres for the dyke associated domains and up
	to 180 metres in width for the granite domains. Domains are interpreted to a maximum vertical
	depth of 300 metres.
	•Satellite deposits follow similar trends however with more restricted strike and depth extents.
	Airport West
	•The mineralisation trend extends over 350 metres strike and dips sub-vertically with horizontal
	widths varying between 3 to 10 metres. Domains are interpreted to a maximum vertical depthof 150 metres.
	Fimbiasso East and West
	•Fimbiasso East mineralisation trends mine grid north, extend over 520 metres and dip steeply tothe east with horizontal width varying between 15 to 90 metres. Domains are interpreted to a
	maximum vertical depth of 180 metres.
	•Fimbiasso West mineralisation is interpreted to extend around 1,500 m in strike, up to 50 m
	thickness (comprising several lodes each up to 20 m in thickness) and to a depth of 250 m. The
	currently defined mineralisation is open at depth.
	Bagoé
	•Antoinette mineralisation is subvertical, extends over about 800 m strike, with individual lenses
	generally about 10 m wide; in places lenses combine resulting in widths of up to 25 m. Weatheringextends to 50 to 60 m below surface.
	•Juliette mineralisation is subvertical, extends over about 470 m strike and generally comprises a

Criteria	Commentary
	single lens 4-10 m wide. Weathering extends to 30 to 40m below surface.•Veronique mineralisation extends over 800 m strike and generally comprises a single NW-strikingquartz vein 1-2 m thick that dips at 45 degrees to the SW. Mineralised alteration selvages,extending 2 m to 3 m either side of the vein in places, results in up to 10 m true thickness ofmineralisation. Weathering extends to 50 to 60 m below surface.
Estimationandmodellingtechniques	General Commentary•PRU provides grade control drilling data and reconciliation data when Mineral Resource modelsare updated. The performances of each of the Mineral Resource models are routinely monitoredby monthly reconciliations of tonnes, grade and contained metal predicted by the models againstmining and processing outcomes.•Resource estimates are completed for gold only. No by-products are present or modelled.•No deleterious elements were estimated or assumed.•No correlated variables have been investigated or estimated.Deposit Specific CommentarySissingué•Main domains were estimated using Localised Uniform Conditioning (LUC). A non-linear methodwas deemed appropriate after reviewing domain statistics.oTwo metre downhole composite gold grade data were interpolated into 16 mE × 16 mN× 5 mRL sized panels using Ordinary Kriging (OK).oGrade caps were used to remove outlier high grades by reviewing composite dataglobally and for each individual domain by using histograms, log-histograms, logprobability plots and high-grade metal sensitivity analysis, combined with spatialinspection of the grade distribution and outlier locations. Appropriate high-grade capswere applied as required on an individual domain basis. Grade caps used rangedbetween 15 and 30 g/t Au.oThe minimum number of composites was set at 8 and the maximum number ofcomposites was set at 16 for the first pass. A first pass search ellipse radius was set at60 m for these domains. A second pass had minimum number of composites set at 5and the maximum number of composites was set at 24. The second pass search ellipseradius was set at 250 m to ensure all remaining blocks had been estimated. Theorientation of the search ellipse was set by the variogram model.oChange of Support (CoS) calculations were conducted, conditioned to the panel gradeestimates, for selectivity on 2 mE × 4 mN × 2.5 mRL SMU-sized blocks in order toproduce a recoverable resource estimate. The Gaussian-based Uniform Conditioningapproach was applied to the OK check grade estimates. An information effect correctionwas applied during the CoS calculations, to account for a future theoretical grade controldrill configuration. The CoS process yields a set of array variables, stored in the panelblock model, detailing the estimates for tonnage, grade and metal above a range ofgrade cut-offs.oA process of localisation was completed, by which the output of the CoS is mapped intosingle grade estimate per 2 mE × 4 mN × 2.5 mRL block in an SMU block model, whichcomprises the final product of the grade estimation.•Remaining resource domains were estimated using two metre downhole composite gold gradedata into 16 mE × 16 mN × 5 mRL sized panels using OK. A non-linear method was not considerednecessary to reflect the grade distribution satisfactorily at the 2 mE × 4 mN × 2.5 mRL SMU block
	scale due to the very dense ~10 m GC drill spacing available within this volume.oGrade caps were used to remove outlier high grades by reviewing composite dataglobally and for each individual domain by using histograms, log-histograms, logprobability plots and high-grade metal sensitivity analysis, combined with spatialinspection of the grade distribution and outlier locations. Appropriate grade caps wereapplied as required on an individual domain basis. Grade caps used ranged between 3and 15 g/t Au.
	oThe orientation of the variogram model and search ellipse was dynamically set accordingto the orientation of the lodes, as well the trend of high-grade mineralisation within theunit.oThree search passes were used with a 40 m radius on the first pass, with the searchellipse doubling in size on successive passes.oMinimum number of samples varied from 2 to 8, with a maximum of 16.oA spatial restriction representing the extent of the GC drilling was used in the estimate.Within the GC volume an OK estimate of gold grade was produced using the GC drilldata.•Surpac Mining Software 2021 and Isatis were used for estimation.

•Block model validation was undertaken using the following processes:oGlobally by comparing the mean LUC and OK block grade estimates to the mean ofthe informing composite grades on a domain-by-domain basis;ovisual inspection of the estimated block grades viewed in conjunction with the sampledata;ousing swath plots comparing the LUC and OK gold estimates to the sample data, and;ocomparing the LUC and GC models where the LUC local grade model, based only onthe relatively wide spaced resource drill data, was compared to the high confidenceGC OK estimates within the GC volume. The GC OK estimates are considered torepresent a benchmark by which to measure the success or otherwise of the LUCestimates.•Reconciliation performance to date at the Sissingué project indicates the estimation method issuitable to predict the global tonnage and grade of mineralisation.Airport West•Resource domains were estimated into 5 mE × 10 mN × 10 mRL sized parent cells using OK, withsub-celling to better reflect modelled volumes.•Resource drill data was composited to 2 m.•Grade caps were used to remove outlier high grades by reviewing composite data globally andfor each individual domain by using histograms, log-histograms, log-probability plots and highgrade metal sensitivity analysis, combined with spatial inspection of the grade distribution andoutlier locations. Appropriate grade caps were applied as required on an individual domainbasis. Grade caps used ranged between 6 and 12 g/t Au.•The orientation of the variogram model and search ellipse was set according to the orientationof the lodes.•Two search passes were used with 65 m × 65 m × 20 m radii on the first pass, with the secondpass search distance doubled from the first.•Minimum number of samples required for the first pass was set to 6 with a maximum of 16,with a maximum of 4 samples permitted per octant. The second pass reduced the minimumsamples to 4 and removed the octant restriction.•Leapfrog and Vulcan software were used for interpretation and estimation.•Block model validation was undertaken using the following processes:oGlobally by comparing the mean OK block grade estimates to the mean of theinforming composite grades on a domain-by-domain basis;ovisual inspection of the estimated block grades viewed in conjunction with the sampledata; andousing swath plots comparing the OK gold estimates to the sample data.•There has been no mining to date and therefore no reconciliation data is available.Fimbiasso East and West•Fimbiasso EastoRecoverable resources were estimated using Multiple Indicator Kriging (MIK) withblock support adjustment.oMIK estimates were performed using a panel size of 10 mE × 20 mN × 5 mRL. Thepanel sizes approximate half drill hole spacing at each of the deposits.oA three-pass search strategy was employed:▪Pass 1: 15 m across strike × 25 m along strike × 15 m vertical, minimum 16data in at least 4 octants, maximum 48 data;▪Pass 2: 22.5 m across strike × 37.5 m along strike × 22.5 m vertical, minimum16 data in at least 4 octants, maximum 48 data;▪Pass 3: 22.5 m across strike × 37.5 m along strike × 22.5 m vertical, minimum8 data in at least 2 octants, maximum 48 data.oAll class grades used for estimation of the mineralised domain were derived from theclass mean grades with the exception of the upper bin grades which were selected forthe most part from the bin medians. This approach reduces the impact of smallnumbers of high-grade outlier composites, similar to top cutting high grades.oThe estimate includes a variance adjustment to give estimates of recoverableresources at gold cut offs assuming a mining selectivity of 4 m × 8 m × 2.5 m (acrossstrike, strike, vertical) and grade control using high quality grade control sampling ona 5 m × by 8 m × 1.0 m pattern (across strike, strike, downhole). The shape of the localblock gold grade distribution has been assumed lognormal and an additionaladjustment for the "Information Effect". The recoverable resource estimates can bereasonably expected to provide appropriately reliable estimates of potential miningoutcomes at the assumed selectivity without application of additional mining dilution,or mining recovery factors.	Criteria	Commentary

Criteria				Commentary
	•	Fimbiasso West
		o			Resource domains were estimated into 10 mE × 5 mN × 5 mRL sized panels using OK.
		o			Grade control data was composited to 1.5 m while resource drill data was composited
		to 2 m.
		o			Grade caps were used to remove outlier high grades by reviewing composite data
					globally and for each individual domain by using histograms, log-histograms, log
					probability plots and high-grade metal sensitivity analysis, combined with spatial
					inspection of the grade distribution and outlier locations. Appropriate grade caps were
					applied as required on an individual domain basis. Grade caps used ranged between 4
			and 20 g/t Au.
		o			Two search passes were used with 80 m × 25 m × 20 m radii on the first pass, with a 50%
					increase of the search ellipse applied for the second pass.
		o			The search orientation was set directly from the orientation of the mineralisation or
					assigned dynamically to account for local variations in strike.
		o			Minimum number of samples required was set to 6 with a maximum of 16.
		o			A spatial restriction representing the extent of the GC drilling was used in the estimate.
					Within the GC volume an OK estimate of gold grade was produced using the GC drill data
		only.
		o			Leapfrog and Vulcan software were used for interpretation and estimation.
		o			Block model validation was undertaken using the following processes:
			▪		Globally by comparing the mean OK block grade estimates to the mean of
					the informing composite grades on a domain-by-domain basis;
			▪		visual inspection of the estimated block grades viewed in conjunction with
			the sample data; and
			▪		using swath plots comparing the OK gold estimates to the sample data.
		o			Reconciliation performance to date at the Fimbiasso project indicates the estimation
					method is suitable to predict the global tonnage and grade of mineralisation.
	Bagoé
	•				Recoverable resources for the Bagoé deposits were estimated using Multiple Indicator Kriging
			(MIK) with block support adjustment.
	•				At Antoinette, MIK estimates were performed using a panel size of 15 mE × 25 mN × 5 mRL. At
					Juliette, MIK estimates were performed using a panel size of 20 mE × 25 mN × 5 mRL. At
					Veronique, MIK estimates were performed using a panel size of 20 mE × 10 mN × 5 mRL.
	•				The model panels sizes approximate the plan-view drill hole spacings at each of the deposits.
	•				A three-pass search strategy was employed for estimation at each of the deposits. Antoinette and
		Juliette search criteria were:
		SEARCH PASS	RADII (X Y Z) (m)	MINIMUM DATA	MINIMUM OCTANTS	MAXIMUM DATA
		1	10 x 25 20	16	4	48
		2	13 x 32.5 x 26	16	4	48
		3	13 x 32.5 x 26	8	2	48
	•		Veronique search criteria were:
		SEARCH PASS	RADII (X Y Z) (m)	MINIMUM DATA	MINIMUM OCTANTS	MAXIMUM DATA
		12	20 x 20 x 526 x 26 x 6.5	1616	44	4848
		3	26 x 26 x 6.5	8	2	48
	•				All class grades used for estimation of the mineralised domains were derived from the class mean
		grades.
	•				The resource estimates include a variance adjustment to give estimates of recoverable resources
					at gold cut offs assuming a mining selectivity of 3 m × 8 m × 2.5 m (across strike, strike, vertical)
					and grade control using high quality grade control sampling on a 5 m × 8 m × 1 m pattern (across
		strike, strike, downhole).
	•				The shape of the local block gold grade distribution has been assumed lognormal and an additional
					adjustment included for the "Information Effect". The recoverable 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.
	•				Data viewing, compositing and wire-framing were undertaken using Micromine software.
					Exploratory data analysis, variogram calculation and modelling, and resource estimation have
					been performed using FSSI Consultants (Australia) Pty Ltd (FSSI) GS3M software. GS3M is designed
				specifically for estimation of recoverable resources using MIK.

Criteria	Commentary
	•Final grade estimates were validated by visual validation of block grade estimates against goldgrades in the informing data in cross- section and plan views.•There has been no mining to date and therefore no reconciliation data is available.
Moisture	General Commentary•Tonnages are reported on a dry basis.
Cut-off parameters	Deposit Specific Commentary
	Sissingué – Airport West – Fimbiasso East and West•Cut-off grades used for the reporting of Mineral Resources reflect the marginal cut-off grade ofmineralisation considering geotechnical, mining and processing parameters and costs establishedduring open pit mining operations to date at Sissingué.Bagoé•The Mineral Resources have been reported by resource classification above cut-off grades basedon estimated mining, ore transport and processing costs that were input to the Feasibility Study.
Miningfactorsor	General Commentary
assumptions	•The Resource models assume that a moderate level of mining selectivity is achieved in open pitmining. It has been assumed that high quality grade control will be applied to ore/wastedelineation processes using RC drilling at a spacing and pattern sufficient to ensure adequatecoverage of the mineralisation zones. This is consistent with current mining practices at Sissingué.
Metallurgical factors	Deposit Specific Commentary
or assumptions	Sissingué – Airport West•Metallurgical gold recoveries have been well established by experience through mining andprocessing Sissingué ores since January 2018 and these have been applied to this MineralResource.
	Fimbiasso East and West•Metallurgical testwork has indicated Fimbiasso ore samples are predominantly 'free-milling' andare amenable to gold extraction by conventional cyanidation.•Gold recovery is sensitive to grind size, with the optimum particle P80 size = 75 µm.•Oxide ores have high recovery (96%) and fast leach kinetics.•Transition ores have high recovery (87.7% to 98.4%) at a grind size P80 of 75 µm. Leaching istypically fast, with little gold extraction after 24 hr.•Both granite hosted and mafic hosted ores in fresh rock have high recoveries (84.5% to 94.8%) ata grind size P80 of 75 µm. Leaching is typically fast, complete after 24 h, however two samplescontinued to leach to 36 h.
	Bagoé•Feasibility study level metallurgical testwork has indicated that:oAt Antoinette, cyanide leach gold recoveries average 92% for oxide, 40-70% fortransition material and 20% for fresh (sulphide) material.oAt Juliette, cyanide leach gold recoveries average 85% for oxide material, 80% fortransition material and 35% for fresh (sulphide) material.oAt Veronique, cyanide leach gold recoveries average 93% in oxide material, 90% intransition material and 85% in fresh (sulphide) material.•Gold recoveries at Antoinette and Juliette are impacted by refractory gold hosted in solidsolution in arsenopyrite and possibly loellingite, and by the presence of carbonaceous material.
Environmentalfactorsorassumptions	General Commentary•There are no known environmental impediments to mining.•Preliminary waste dump designs have been completed and sufficient space is available to disposeof mine waste in the vicinity of each of the deposits.•Perseus proposes to transport ores from satellite projects to Sissingué Gold Mine for processing.The Sissingué tailings storage facility is sufficient to store tailings from all project areas.
	Deposit Specific Commentary
	Fimbiasso East•The current Ore Reserve reported for Fimbiasso East has also been reported as the current Mineral

Criteria	Commentary
	Resource. This reflects the operating restriction in place that further mining beyond the existingpit design will not be possible.
Bulk density	Deposit Specific Commentary
	Sissingué•Bulk density measurements are available from HQ and NQ drill core using the water displacementmethod distributed across oxide, transitional and fresh material.•After discarding possibly erroneous high and low values, mean densities were calculated.•Bulk density values of 1.85, 1.77, 2.11, and 2.73 t/m3 were applied to laterite, weathered, partiallyweathered and fresh material respectively.
	Airport West•Bulk density measurements are based on results from the adjacent Sissingué project.•A modified weathering surface was defined to capture the results of the recent drilling, bulkdensity assigned directly.•Bulk density values of 1.85, 1.77, 2.4, and 2.73 t/m3 were applied to laterite, weathered,transitional, and fresh material respectively.
	Fimbiasso East and West•Bulk density measurements are available from HQ and NQ drill core using the water displacementmethod distributed across oxide, transitional and fresh material, and considering values measuredat Sissingué through a very similar weathering profile.•Bulk density values of applied to Fimbiasso East of 1.85, 1.65, 1.90 2.30, and 2.70 t/m3were appliedto laterite, completely weathered, upper transition, lower transition, and fresh materialrespectively.•Bulk density values of applied to Fimbiasso West of 1.85, 1.75, 2.30, and 2.70 t/m3 were appliedto laterite, weathered, partially weathered and fresh material respectively.
	Bagoé•Bulk densities were determined by measurements on available drill core and by reference to bulkdensities experienced during mining through a similar weathering profile at Sissingué.•At Antoinette and Juliette bulk density values of 1.60, 1.55, 1.70, 2.00, and 2.70 t/m3 were appliedto laterite, upper saprolite, lower saprolite, saprock and fresh material respectively.•At Veronique bulk density values of 1.60, 1.60, 1.70, 2.10, and 2.70 t/m3 were applied to laterite,upper saprolite, lower saprolite, saprock and fresh material respectively.•No allowance has been made for depletion of the Antoinette resource by artisanal mining thataffects the upper 6-8 m of parts of the deposit. Juliette and Veronique deposits are essentiallyunaffected by artisanal mining.
Classification	General Commentary•The Competent Person is satisfied that the stated Mineral Resource classification sufficientlyreflects the relevant factors of the deposit.•Open pit optimisations were run using current and forecast cost, mining methods and processingparameters and a gold price of US$2,000 to define the base of potentially economic open-pitmaterial for the Mineral Resource.Deposit Specific Commentary
	Sissingué•The portions of the Mineral Resource classified as Measured have been flagged using aninterpreted volume defined by high quality of estimation parameters, which includes an averagedistance to nearest sample of 7 m and an average distance to all informing samples of 12 m. TheMeasured portion of the resource has been drilled on a nominal 6 m x 8 m GC spacing.•The portions of the Mineral Resource classified as Indicated have been flagged using a sectionalinterpreted volume defined by medium to high quality of estimation parameters, an averagedistance to nearest sample of less than 20 m and an average distance to all informing samples ofless than 40 m. For the sandstone and granite domains within the main Sissingué pit dueconsideration was also given to the geological and mineralisation continuity.•The portions of the Mineral Resource classified as Inferred represent the material extending downdip within and peripheral to the mineralised Domains. In these portions geological continuity ispresent but not consistently confirmed by 20 m x 20 m drilling and incorporates volume extensionspast the deepest drilling by up to 40 m when the domain is not closed off by drilling. The Inferredportions of the Mineral Resource are defined by low quality of estimation parameters, an averageslope of regression (true to estimated block) of <0.4 and an average distance to composites used

Criteria	Commentary
	of >35 m.
	Airport West
	•Classification of the Fimbiasso West Mineral Resource was completed with consideration of thefollowing criteria:
	oResource drilling – the confidence in the interpretation boundaries and relatedmineralisation volumes related to the number, spacing, and orientation of the availabledrilling.
	oContinuity modelling – the spatial continuity of respective domains based on variogramanalysis.
	oEstimation quality – the assessment of key estimation output statistics including slopeof regression and average distance to samples.oValidation results – the consideration of how well the underlying domain data is
	reflected in the estimated blocks as assessed by statistics globally and trend plots locally.•Indicated resources were assigned where blocks were nominally all estimated in the firstestimation pass. With average distance to samples typically less than 30 metres, and a maximum
	extrapolation of 30 metres past drilling.•Inferred resources were assigned to all remaining estimated cells.
	Fimbiasso East and West•Fimbiasso East
	oThe Fimbiasso East Mineral Resource model uses a classification scheme producing aresource code based on the number and location of sample composites used to estimateproportions and gold grade of each model panel. This is based on the principle thatlarger numbers of composites, which are more evenly distributed within the searchneighbourhood, will provide a more reliable estimate.
	oThe strategy adopted in the current estimate uses category 1 and 2 from the 3-passoctant search strategy as Measured and Indicated, respectively, and category 3 asInferred. This results in a geologically sensible classification whereby category 1 and 2are surrounded by data in close proximity. Category 3 blocks may occur on theperipheries of drilling but are still related to drilling data within reasonable distances.oThe Mineral Resource classification has also been based on the quality of the datacollected (geology, survey and assaying data), the density of data, the confidence in thegeological and mineralisation models, and the grade estimation quality.
	•Fimbiasso WestoClassification of the Fimbiasso West Mineral Resource was completed with
	consideration of the following criteria:▪Resource drilling – the confidence in the interpretation boundaries andrelated mineralisation volumes related to the number, spacing, andorientation of the available drilling.▪Continuity modelling – the spatial continuity of respective domains based on
	variogram analysis.▪Estimation quality – the assessment of key estimation output statistics
	including slope of regression and average distance to samples.▪Validation results – the consideration of how well the underlying domain datais reflected in the estimated blocks as assessed by statistics globally and trendplots locally.
	oMeasured resources were assigned for all blocks estimated inside the GC areaconstraint.
	oIndicated resources were assigned where blocks were nominally all estimated in the firstestimation pass. With average distance to samples typically less than 30 metres, and amaximum extrapolation of 30 metres past drilling.
	oInferred resources were assigned to all remaining estimated cells.
	Bagoé•The Mineral Resource models use a classification scheme producing a resource code based on thenumber and location of sample composites used to estimate proportions and gold grade of eachmodel panel. This is based on the principle that larger numbers of composites, which are more
	evenly distributed within the search neighbourhood, will provide a more reliable estimate.•The strategy adopted in the current study uses category 1 and 2 from the 3-pass octant searchstrategy as Measured and Indicated, respectively, and category 3 as Inferred. This results in a
	geologically sensible classification whereby category 1 and 2 are surrounded by data in closeproximity. Category 3 blocks may occur on the peripheries of drilling but are still related to drillingdata within reasonable distances.
	•The Mineral Resource classification has also been based on the quality of the data collected

Criteria	Commentary
	(geology, survey and assaying data), the density of data, the confidence in the geological andmineralisation models, and the grade estimation quality.•The Veronique estimate does not include any Measured resource because although themineralised structure is demonstrably continuous, gold grades within the lode are highly variable.
Audits or reviews	Deposit Specific Commentary
	Sissingué – Fimbiasso East and West•The Mineral Resource estimates have been audited and reviewed internally. The reliability ofestimates is monitored by monthly reconciliations of predicted and actual mining and processingoutcomes.•Cube Consulting undertook a brief, independent review of the Mineral Resource estimates andprocesses as part of the 2023 mineral resource sign-off. No major issues were identified.Airport West•The Mineral Resource estimate has been audited and reviewed internally.
	Bagoé•The Mineral Resource estimates have not been formally audited by any third party.•Cube Consulting undertook a brief, independent review of the Mineral Resource estimates andprocesses as part of the 2023 mineral resource sign-off. No major issues were identified.
Discussion of relative	General Commentary
accuracy/ confidence	•The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the MineralResource into the respective categories as per the guidelines of the 2012 JORC Code.•The Mineral Resource statement relates to global estimates of tonnes and grade. Additional closespaced (grade control) drilling is required to improve the understanding of variations at local scale.•The Mineral Resource estimates have been classified based on the quality of the data collected,the density of data, the confidence of the geological models and mineralisation models, and thegrade estimation quality. This has been applied to a relative confidence based on data density anddomain confidence for resource classification. No relative statistical or geostatistical confidence orrisk measure has been generated or applied.•The reported open pit Mineral Resource estimates for are constrained to material lying withinoptimal pit shells generated using the same cost parameters as were applied to delineate OreReserves and a gold price of US$2,000/oz. Fimbiasso East is truncated to the current Ore Reservereflecting the operating conditions on the deposit with respect to the forest reserve.•Reconciliation comparisons against production are routinely performed at Sissingué Gold Mine.Production from several deposits contribute to a blend for processing feed, but several years ofperformance indicate that the resource models perform in line with expected tolerances.

Section 4 Estimation and Reporting of Ore Reserves

Criteria	Commentary
MineralResource	General Commentary
estimatefor	•Mineral Resources quoted in this report are inclusive of Ore Reserves.
conversion to Ore
Reserves	Deposit Specific Commentary
	Sissingué – Bagoé•The open pit Mineral Resources for Sissingué (including Bagoé) are based on information compiledby Mr Matt Bampton (Member AIG) of Cube Consulting who is the Competent Person for theMineral Resource estimates.
	Airport West – Fimbiasso East and West•The open pit Mineral Resources for Airport West and Fimbiasso are based on information compiledby Mr Daniel Saunders (Fellow AusIMM) of Perseus Mining Limited who is the Competent Personfor the Mineral Resource estimates.
Site visits	General Commentary•The Competent Person for the Ore Reserve, Mr Adrian Ralph (Fellow AusIMM) has visited theSissingué Gold Mine, including the Fimbiasso and Bagoé projects on a regular basis from the 22ndof May 2023 until present.

Criteria	Commentary
Study status	Deposit Specific Commentary
	Sissingué – Fimbiasso East and West•including economic assessment.••Airport West••Bagoé••economic viability.•		These designs were also assessed to ensure economic viability.		Both the Sissingué and Fimbiasso Ore Reserves are currently in production.the Bagoé Mineral Resources have been converted to Ore Reserves.	The Mineral Resources have been converted to Ore Reserves by means of a Life of Mine planKey aspects of the study were technically achievable pit designs based on open pit optimisation.Airport West represents a near mine satellite deposit of the main Sissingué mineralisation. TheMineral Resources have been converted to Ore Reserves based on current geotechnical, mining andprocessing parameters and costs established during open pit mining operations to date at Sissingué.Additional studies are ongoing with respect to metallurgical testing to confirm current assumptions.The Ore Reserves are supported by a Feasibility level study undertaken by Perseus. On this basis,Ore Reserves are determined from technically achievable pit designs based on open pit optimisationand the application of appropriate modifying factors. The designs were assessed to ensureOre Reserves were incorporated into a mine schedule based upon the current Life of Mine Plan for
			the Sissingué Mine to demonstrate economic viability.
Cut-off parameters	General Commentary•					The cut-off grade is based on the economic parameters developed for the operation. Poorprocessing recoveries for fresh material at Bagoé result in significantly elevated cut-offs.
					CUT-OFF GRADE BY ORE TYPE (g/t gold)
	DEPOSIT	Oxide	Transition	Fresh	FreshGranite	FreshSediment	FreshMafic
	Sissingué	0.50	0.70	-	0.90	1.10	-
	Airport West	0.45	0.60	-	0.80	1.00	-
	Fimbiasso	0.50	0.80	-	1.00	-	1.10
	Bagoé – AntoinetteBagoé – Juliette	0.800.90	1.101.20	5.003.50	--	--	--
	Bagoé – Veronique	0.80	1.00	1.20	-	-	-
Mining factors orassumptions	General Commentary••••supporting technical studies.•••••area.Deposit Specific CommentarySissingué•••		to convert the Mineral Resource to an Ore Reserve.Inferred Resources have not been included in this mining study.a regular SMU size of 4.0 mX by 8.0 mY by 5.0 mZ.by 2.5 mZ to account for dilution and ore loss.		Resources. No value was allocated to Inferred Mineral Resources.Minimum mining width of 40 m was generally applied to the pit cutback designs.	The chosen method of mining is conventional open pit mining utilising hydraulic excavators andtrucks, mining bench heights of 5 m with 2.5 m flitches to minimise ore loss and waste rock dilution.The economic pit shell was defined using Whittle pit optimisation software with inputs such asgeotechnical parameters, ore loss and dilution, metallurgical recovery and mining costs.The pit optimisation was run with revenue generated only by Measured and Indicated MineralWhittle input parameters were generally based on Perseus's site operating experience andAppropriate mining modifying factors such as ore loss, dilution and design parameters were usedVertical mining advance has been capped based on Perseus's operating experience.There are no physical constraints to mining within the lease area. No property, infrastructure orenvironmental issues are known to exist which may limit the extent of mining within the miningAt Sissingué main pit, dilution and ore loss are accounted for by reblocking the Resource model toAt Airport West, the Mineral Resource model has been reblocked to an SMU of 5.0 mX by 5.0 mYThe pit slope design assumptions for Sissingué are based on Perseus' internal geotechnical study

Criteria	Commentary
	•	using current operating performance. Inter ramp slope angle are between 33 to 49 degrees withbench height between 5 to 20 meters and berm width from 5 to 10 meters for various material typeand wall sectors.Pit ramps have been designed for a 40 tonne ADT truck fleet and are set at 14 metres (dual lane) to8 metres (single lane).
	••••Bagoé•••	Fimbiasso East and WestAt Fimbiasso East the ore loss and dilution are accounted by including a variance adjustment togive estimate of recoverable resources at mining selectivity of 4.0 mX × 8.0 mY × 2.5 mZ.For Fimbiasso West, the Resource model was reblocked to an SMU of 5.0 mX × 5.0 mY × 2.5 mZto account for dilution and ore loss.The pit slope design assumptions are based on Perseus' internal geotechnical study using currentoperating performance. Inter ramp slope angle are between 34 to 53 degrees with bench heightbetween 5 to 20 meters and berm width from 5 to 8 meters for various material type and wallsector. Pit ramps have been designed for a 40 tonne ADT truck fleet and are set at 14 metres(dual lane) to 8 metres (single lane).Ore from Fimbiasso pits will be trucked to Sissingué with maximum limit of 90 kt/month.Dilution and ore loss are accounted for at Bagoé by including a variance adjustment to give estimateof recoverable resources at mining selectivity of 3.0 mX × 8.0 mY × 2.5 mZ.The pit slope design assumptions are based on a geotechnical study completed by Pitt & SherryConsultant. Overall pit slopes are 30 to 50 degrees inclusive of berms spaced at between 5 and 10metres vertically and berm widths of 4 to 7 metres.Pit ramps have been designed for a 40 tonne ADT truck fleet and are set at 17 metres (dual lane) to11 metres (single lane).
	•	Ore from Bagoé pits will be trucked to Sissingué with maximum limit of 50 kt/month.
Metallurgicalfactorsorassumptions	General Commentary••••	The Sissingué processing plant uses crushing, grinding, gravity and cyanide leaching to extract gold.The plant has a nominal capacity of 1.2 Mtpa.The processing test work is representative of the different material types throughout the miningarea.No deleterious material has been identified.The process metallurgical recovery for gold is determined by material type in each deposit.Deposit Specific CommentarySissingué – Airport West
		PITSissingué Main^ Average value based on formula (6.0649 * ln (Au_grade) + 92.185)%* Average value based on formula (7.63* In (Au_grade) + 78.5)%Fimbiasso East and West	OXIDE %91.9^		TRANSITION %95.0			FRESH GRANITE %90.0		FRESH SEDIMENT %88.8*
	•	The Fimbiasso ore is blended with Sissingué ore.
		PITFimbiasso East	OXIDE %94.0		TRANSITION %93.0			FRESH GRANITE %91.0		FRESH MAFIC %91.0
		Fimbiasso West	94.0		93.0			91.0		91.0
	Bagoé••	The Bagoé ore is blended with Sissingué and Fimbiasso ore.The process metallurgical recovery for gold is fixed by recovery domain in each deposit:
		RECOVERY DOMAIN
	PIT	56		7	8	9	10	11	12	13	14	15
	Antoinette	42.4%	45.1%	53.8%	61.7%	69.6%	77.5%	88.5%	90.0%	91.4%	92.9%	93.3%
				PIT		OXIDE %	TRANSITION %	FRESH %
				JulietteVeronique		85.4%93.0%	79.4%89.7%	35.4%85.0%

Criteria				Commentary
Environmental	General Commentary•		encapsulated within acid neutralising material.		No environmental issues are known to exist which will prevent open pit mining and ore processingto continue to operate. Perseus has sufficient space available for waste dumps to store the expectedquantities of mine waste rock associated with the Sissingué Gold Mine Ore Reserve. Based ontesting to date there is no risk of acid rock drainage as any potentially acid generating material is
Infrastructure	Deposit Specific Commentary
	Sissingué – Airport West•••••		boreholes and decant water from the TSF.Mining workshops and offices are established on site.	Access to site is via public road via Tengrela to Sissingué.	Power supply for Sissingué processing plant is from on-site power generation already established.Water supply for processing plant is from river abstraction, groundwater extracted from dedicatedA camp is established at Sissingué site to accommodate non-local employees.
	Fimbiasso East and West••••		Power supply for mining is supplied by gensets.	Water supply to support mining activities is from pit dewatering.Access to site is via public road from Bolona town or Fimbiasso village.Mining workshops and offices are established on site at Fimbiasso.
	Bagoé••••••	will be upgraded to be fit for purpose.	Power supply for mining is supplied by gensets.	established at Sissingué site to accommodate non-local employees.Mining workshops and offices to be established on site at Bagoé.	Water supply to support mining activities is from pit dewatering and a dedicated borehole.Access to site is via public road from Bagoé via Katoro and Kanakono to Sissingué.Ore hauling road from Bagoé main pit, Antoinette, to Sissingué for total of 70 km already exists andAn on-site camp for the mining contractor will be established at Bagoé and the main camp is already
Costs	General Commentary•The mining costs are based on schedule of rates provided by Perseus mining contractors andPerseus actual performance. All other operating costs have been provided by Perseus and itsConsultants.•Non-deleterious materials have been identified and costed.•Gold is the only metal considered in the Ore Reserves.•All costs are in US$.•Assumed average operating costs are presented in the table below.
	MINING	PROCESSING	G&A	SELLING	ROYALTIES
	(OPEN PIT)US$6-7/tmined	US$10-12/tmilled	US$12-13/tmilled	US$3.75/ozsold	5.0% based on $1,700/oz gold pricepayable to CDI government.
	Deposit Specific CommentarySissingué•		production is payable to Ivorian partner.		An additional royalty of 0.5% of the revenue is payable to Franco Nevada and $0.80/oz on gold
Revenue factors	General Commentary••		Economic modelling by Perseus is at US$1,700/oz.		A gold price of US$1,700/oz was used for mine planning and pit optimisation.
Market assessment	General Commentary••••		The commodity is not an industrial metal.	The demand for gold is considered in the gold price used.The processing forecast and mine life are based on life of mine plans.	It was considered that gold will be marketable for beyond the processing life.
Economic	General Commentary•				A schedule and economic model has been completed by Perseus on a pre-tax basis using the Ore

Criteria	Commentary
	Reserves published in this Statement and this assessment demonstrates the economic viability ofthe Ore Reserves. The inputs used are as per those stated in the relevant sections of this Statement.The assessment used a discount rate of 10% which is considered appropriate.•Note that as the gold price changes so too will the economic limits of the pits and their Reserves.Consequently, the size of the Project will therefore adjust to suit the revised economics.
Social	General Commentary•The Sissingué Gold Project has been operated by Perseus for several years and over this period, allrelevant structures have been put in place to consider the community, their requirements and theirexpectations. Perseus has established relevant agreements with local stakeholders.
Other	General Commentary•The estimate of Ore Reserves for the deposits are not materially affected by any other knownenvironmental, permitting, legal, title, taxation, socio-economic, marketing, political or otherrelevant factors other than that described in the preceding text.•It is believed that the classification of Ore Reserves as set out in the following sections is reasonable.
Classification	General Commentary•The Ore Reserve is classified as Proved and Probable in accordance with the requirements of theJORC Code (2012), corresponding to the Mineral Resource classifications of Measured and Indicatedand taking into account other factors where relevant. The deposit's geological model is wellconstrained. The Ore Reserve classification is considered appropriate given the nature of thedeposit, the moderate grade variability, drilling density, structural complexity and mining history.Therefore, it was deemed appropriate to use Measured Mineral Resources as a basis for ProvenReserves and Indicated Mineral Resources as a basis for Probable Reserves.•No Inferred Mineral Resources were included in the Ore Reserve estimate.•The Competent Person is satisfied that the stated Ore Reserve classification reflects the relevantfactors of the deposit.
Audits or reviews	General Commentary•Perseus has completed an internal review of the Ore Reserve estimate.
Discussionofrelativeaccuracy/confidence	General Commentary•The accuracy and confidence of the inputs are, as a minimum, of a pre- feasibility level (for theglobal open pit Ore Reserves).•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;oMining 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 that theMineral Resources are assigned to. Only the highest categories of Resource classification, Measuredand Indicated, have been used as a basis for estimating Ore Reserves.

Central Côte d'Ivoire – Table 1

The following table provides the reporting criteria for the reporting of Mineral Resource and Ore Reserves, in accordance with the Table 1 checklist in The Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code, 2012 Edition). Criteria in each section apply to all preceding and succeeding sections.

Criteria	Commentary
Sampling techniques	General Commentary•Samples for geological logging, assay, geotechnical, metallurgical and density test work arecollected via drilling.
	•Diamond core drilling uses double and triple tube techniques and samples were taken at nominal1 m intervals.
	•Reverse circulation (RC) drill holes were sampled in 1 m intervals and reduced to a sample weightof 3 to 4 kg via a cyclone and splitter system.
	•In pre-collars since 2021, samples were normally combined into 4 m composite samples forassaying. Where composite samples returned gold assays greater than 0.25 g/t, second splits weregenerated for the constituent one metre samples and those were submitted for assay. The onemetre assays are prioritised over the original composite assays in the acQuire database.
	Deposit Specific Commentary
	CMA Open Pit
	•Drilling is via RC and DD on 50 mN × 25 mE spacing. Holes were aligned almost exclusively drilledtowards 270° and dipping at -60°.
	CMA Underground•Drilling is predominantly DD with RC pre-collars to achieve a nominal 25 m × 25 m pattern in theprincipal mineralised areas of the deposit. Holes were aligned to 270° with inclinations between -50° and vertical, often drilled as a series of fans from single collar locations.
	Yaouré Open Pit•Drilling is via RC and DD on 25 m ×25 m spacing across the majority of the deposit, extending to50 m × 50 m or 100 m × 100 m towards the margins of mineralisation. Some areas associated withmore complex structures have been drilled to 10 m ×10 m spacing as well as some localised trialgrade control drilling patterns at 8 mN × 5 mE. Holes were primarily drilled towards 270° andinclined at -60°, however various orientations have been completed to test local features.
	Zain 1•Drilling is via RC and DD on 25 m ×25 m spacing across most of the deposit, extending to 50 m ×50 m towards the margins of mineralisation. Holes were aligned to 270° with inclinations between-50° and -70°.
	CMA Southwest
	•Drilling is via RC and DD on a nominal 25 m ×25 m spacing, with some localised areas of gradecontrol drilling completed on a 5 m ×8 m pattern (along strike and across strike respectively). Holeswere aligned towards 320° and dipping at -60°. Where topographic features restricted access someholes were drilled vertically.
	Angovia 2
	•Drilling is via RC and DD on 25 m ×25 m to 50 m × 50 m spacing. Holes are typically drilled towards000° and dipping at -60°, however various orientations have been completed to define the natureof the mineralisation.
Drilling techniques	General Commentary
	•RC drilling used 5¼" diameter face-sampling bit.•DD was carried out with HQ in weathered material and NQ or NQ2 sized equipment in fresh rock.Pre-collared holes were normally drilled to NQ or NQ2 diameter from the commencement ofcoring.•Diamond drilling utilised HQ triple-tube (61.1 mm diameter) drilling in weathered materials and
	NQ2 (50.6 mm dia.) or NQ (47.6 mm dia.) core in fresh rock. Core in fresh rock was oriented usinga MAGSHOT II (Wellforce) and an ORISHOT II (Reflex) device.

Section 1 Sampling Techniques and Data

Criteria	Commentary
Drill samplerecovery	General Commentary•Diamond core recoveries were measured linearly per drill run. Core recoveries averageapproximately 85% in weathered materials and 100% in fresh rock.•RC sample recoveries were measured by weighing bulk recovered samples. Preliminary evaluationindicates that RC sample recoveries have been satisfactory.•There is no material relationship between sample recoveries and gold grades.
Logging	General Commentary•RC drill chips were logged geologically, including rock type, weathering, oxidation, lithology,alteration, structure, mineralisation (including estimated percent sulfide concentrations) andveining.•Diamond drill core was geologically and structurally logged. Geological logging methods areidentical to RC logging. Structural logging includes joints, fractures, roughness and infill type ofstructures and veins as well as recovery and RQD.•All holes are logged in their entirety.•All logging, including comments, was manually entered into spreadsheets, from where it isimported into an acQuire relational database maintained by Perseus.•Digital logging of structures in drill core using a Reflex IQ-logger was implemented from 2021.•Logging is considered qualitative in nature.•Diamond core was photographed prior to being processed.
Sub-samplingtechniques andsample preparation	General Commentary•Diamond core was cut in half using a diamond saw. All samples were collected from the same sideof the core with the remaining half stored in core trays.•Sample preparation of Perseus diamond core and RC chips for subsequent fire assay analysis usedindustry standard techniques. After drying, the sample is subject to a primary crush to 2 mm, thenapproximately 1.5 kg of sub-sample was split off and pulverised with a 300 gram of pulp selectedfor analysis. Internal laboratory checks required at least 85% of the pulp passing -75 microns.•Sample preparation for photon assay involved crushing to 2 mm, then 500 g of sub-sample wassplit off for analysis.•Field QC procedures included the use of certified reference materials (1:20), blanks (1:20), and RCfield duplicates (1:20). Duplicate splits of diamond core samples were not submitted.•Most sample preparation has been undertaken at Perseus's Yaouré sample preparation facilityoperated and supervised by Perseus personnel. Commercial laboratories have also been utilisedas necessary.•Sample sizes are considered appropriate and representative for the style of mineralisation, thethickness and consistency of the mineralised intersections and the grade ranges encountered.Deposit Specific CommentaryCMA Underground•Only core intervals with visible alteration and mineralisation plus approximately 10 m up- anddown-hole were sampled.
Quality of assay dataand laboratory tests	General Commentary•All RC and diamond core samples up to 2023 have been assayed by 50 g fire assay with AAS finishby commercial laboratories including Actlab (Ouagadougou), ALS (Ouagadougou), Bureau Veritas(Abidjan), Intertek (Tarkwa), MSALAB (Yamoussoukro) and SGS (Tarkwa). The fire assay techniqueis considered a total extraction technique.•Starting in February 2023 gold analyses have preferentially been attained via the photon assaydetermination method at MSALAB in Yamoussoukro. This method is considered a measure of thetotal gold content.•During 2024 overflow analysis from the photon assay process was re-directed to fire assay at SGS(Tarkwa).•Duplicate splits of diamond core samples were not submitted.•Assessment of the results of QC assays shows acceptable levels of accuracy and precision with nosignificant bias.
Verification ofsampling andassaying	General Commentary•Downhole survey data and collar survey data were provided by drilling contractors and surveyorsrespectively in digital format.•Numerous significant mineralised intersections have been checked against visual alteration andsulphide mineralisation in drill chips and core.•Geology, structure and geotechnical logs are paper based. Sample intervals are recorded in pre-

Criteria	Commentary
	numbered sample ticket books. All logging, sample interval and survey data are manually enteredto digital form on site and stored in an acQuire™ relational database. Data exports are normally inthe form of csv files or via ODBC connections to tailored SQL views.•The acQuire database is managed by a dedicated Database Manager.•Unsampled intervals were coded with -9999 while results reported below detection were assignedhalf the relevant detection limit.•Data verification procedures include automated checks to:oprevent repetition of sample numbersoprevent overlap of from-to intervals in logging and sample interval dataoensure that total hole depths in collar, assay and geology tables matchoensure that drill collar coordinates are within the project's geographic limits•Down-hole survey data are examined for large deviations in dip or azimuth that may representerroneous data or data entry errors and corrected on a case-by-case basis including estimates ofdips and azimuths where the original data appear to be in error.•Additional data checks include viewing drill hole traces, geological logging and assays in plan andsection views.Deposit Specific Commentary
	Zain 1•A selection of RC holes completed within the Zain 1 project area were subsequently twinned byspecific diamond holes with the objective of confirming the style and tenor of mineralisation.The diamond core returned comparable results to the RC drilling.
Location of datapoints	General Commentary•Drill hole collars have been surveyed by qualified mine surveyors using differential GPS equipmentwith coordinates recorded in UTM grid, WGS84 Zone 30N datum.•All RC and diamond core holes have been surveyed at 12 m depth and at approximately 30 mdown-hole increments using digital compass instruments.•A topographic surface has been established by a LiDAR survey conducted in 2017. The topographicsurface is reliable to ± 0.2 m.•Yaouré mine elevation is calculated by adding 1,000 metres to the natural topographic datum.•Topographic control is adequate for the current work being undertaken at Yaouré.•Regular surveys of the operational areas are now completed by aerial drone and DGPS.Deposit Specific CommentaryCMA Open Pit – Yaouré Open Pit•Review of downhole survey results between the end of RC pre-collar survey and the start of thecoring downhole survey (typically 6 m after commencing coring) showed several holes (45 in totaldrilled between July 2021 and June 2022) reported differences of approximately 3-4 degrees. Aninvestigation identified that there was a calibration issue with one of the downhole survey toolsbetween the respective RC and diamond contractors.•Perseus has made no attempt to adjust the azimuth data, and the locations of lode interceptsmay thus be in error by 5-10 m. This error will likely be mitigated by the recent infill andextensional drilling at CMA and Yaouré, reducing the influence of the holes with problematic
Data spacing anddistribution	downhole azimuths.General Commentary•The mineralisation domains have demonstrated sufficient continuity in both geology and grade tosupport the definition of Mineral Resources, and the classifications applied under the 2012 JORCCode guidelines.•With the exception of 4 m composites collected from RC pre-collars, all samples from RC drillingwere collected at 1 m intervals. If gold assay results from the 4 m composite samples were abovethe speicifed threshold the constituent individual 1 m samples were submitted and assignedpriority in the database.•Grade control samples are sampled at 1.5 m intervals until 2024. From this point sampling andanalysis has been at 1 m intervals.
	Deposit Specific CommentaryCMA Open Pit•Drilling is via RC and DD on 50 mN × 25 mE spacing.CMA Underground

Criteria	Commentary
	•Drilling is predominantly DD with RC pre-collars to achieve a nominal 25 m × 25 m pattern in theprincipal mineralised areas of the deposit.
	Yaouré Open Pit•Drilling is via RC and DD on 25 m ×25 m spacing across the majority of the deposit, extending to50 m × 50 m or 100 m × 100 m towards the margins of mineralisation. Some areas associated withmore complex structures have been drilled to 10 m ×10 m spacing as well as some localised trialgrade control drilling patterns at 8 mN × 5 mE.
	Zain 1•Drilling is via RC and DD on 25 m ×25 m spacing across most of the deposit, extending to 50 m ×50 m towards the margins of mineralisation.
	CMA Southwest•Drilling is via RC and DD on a nominal 25 m ×25 m spacing, with some localised areas of gradecontrol drilling completed on a 5 m ×8 m pattern (along strike and across strike respectively).
	Angovia 2•Drilling is via RC and DD on 25 m ×25 m to 50 m × 50 m spacing.
Orientation of datain relation togeological structure	General Commentary•Drilling at each of the deposits was oriented to intersect the dominant mineralisation at as nearoptimal orientation as was practicable.•Intersections in the minor lodes with alternate orientations are commonly at oblique or high anglesto the mineralised lodes. These represent a relatively minor proportion of total mineralisation, andrecent drilling has been re-orientated to better define these lodes.•The use of search and sample selection criteria are considered sufficient to account for the highangle intercepts in the resource estimate.•The orientation of mineralisation relevant to drilling was not considered likely to have introducedany material bias.
Sample security	General Commentary•RC and core samples were delivered to the secure core yard compound at the Yaouré Gold Mineby Perseus personnel. RC field sample splits and samples of half diamond core were placed innumbered bags and those bags, in turn, placed into poly-woven sacks that were closed with plasticcable ties prior to transport to the Yaouré sample preparation facility by Perseus personnel.•Security guards were employed at drilling sites, the core yard compound and the samplepreparation facility on a 24 hour per day basis.•Samples were stored on site and collected by representatives of the analysis laboratory ordelivered by Perseus personnel to the required facility. Perseus personnel had no furtherinvolvement in the analysis of the samples.•Results of field duplicates along with the general consistency of assay results betweenneighbouring drill holes and drilling methods provide confidence in the general reliability of theassay data.
Audits or reviews	General Commentary•The Yaouré sample preparation facility has previously been subject to formal audit, the last beingin 2017. Standard operating procedures have not changed materially since that audit. Samplingand assaying techniques are industry standard.•Data reviews have included comparisons between various sampling phases and methods whichprovide confidence in the general reliability of the data.•Yaouré drill hole data have been subject to several independent reviews including:oData verification pursuant to the estimation and reporting of Mineral Resources in theNI43-101 Technical Report titled "Technical Report and Mineral Resource Estimates forAmara Mining PLC" with effective date 22 January 2014oData verification pursuant to the estimation and reporting of Mineral Resources in theNI43-101 Technical Report titled "Technical Report and Mineral Resource Estimates forAmara Mining Côte d'Ivoire SARL" with effective date 20 December 2015oData verification pursuant to the estimation and reporting of Mineral Resources andMineral Reserves in the NI43-101 Technical Report titled "Perseus Mining Limited –Technical Report, Yaouré Gold Project, Côte d'Ivoire" with effective date 18 September2023.•The Competent Person considers that the sample preparation, security and analyticalprocedures adopted provide an adequate basis for estimation of Mineral Resources.

Criteria	Commentary
	Deposit Specific CommentaryCMA Open Pit•An audit of the grade control process in place for Sissingué was completed by Cube Consulting inAugust 2023. This identified several areas for improvement which were subsequentlyimplemented.•These findings did not preclude the use of the GC data in the Mineral Resource process.

Section 2 Reporting of Exploration Results

Criteria	Commentary
Mineraltenement	General Commentary
andlandtenure	•The Yaouré Gold Mine deposits forming this report are located within the Yaouré exploitation
status	permit (PE50). The permit has an expiry date of 23 April 2030. The permit is held by Perseus's
	subsidiary Perseus Mining Yaouré SA in which the government of Côte d'Ivoire holds 10% free
	carried interest.
	•The Government of Côte d'Ivoire is entitled to a royalty on production as follows:
	SPOT PRICE PER OUNCE - LONDON PM FIXROYALTY RATE
	Less than or equal to US$10003%
	Higher than US$1000 and less than or equal to US$13003.5%
	Higher than US$1300 and less than or equal to US$16004%
	Higher than US$1600 and less than or equal to US$20005%
	Higher than US$20006%
	•In addition, 0.5% of profit is required to be paid into a community development fund.
Exploration done by	General Commentary
other parties	•Exploration geochemical sampling, trenching and exploration and resource definition drilling have
	previously been carried out by BRGM, Cluff Gold plc and Amara Mining plc.
	•Drill hole data deriving from work by Cluff and Amara are considered reliable.
Geology	General Commentary
	•Mineralisation forming the Yaouré Gold Project may be described as orogenic lode-style gold
	mineralisation, occuring near the south-eastern flank of the Bouaflé 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.
	Deposit Specific Commentary
	CMA Open Pit – CMA Underground – CMA Southwest – Zain 1
	•Mineralisation is associated with quartz-albite-carbonate veining in reverse fault structures that
	typically dip at 25 to 55 degrees to the east and northeast.
	Yaouré Open Pit
	•Mineralisation is hosted in similar structures as defined for the CMA lodes, 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.
Drillhole	General Commentary
Information	•Exploration results are not being reported.
Dataaggregation	General Commentary
methods	•Exploration results are not being reported.
Relationship	General Commentary•
betweenmineralisation	Exploration results are not being reported.

widths and interceptlengthsDiagrams	General Commentary•Exploration results are not being reported.
Balanced reporting	General Commentary•Exploration results are not being reported.
Othersubstantiveexploration data	General Commentary•The Yaouré property has been subject to extensive exploration, including:oSoil sampling, surface mappingoApproximately 490,000 metres of drillingoPrevious mining by Compagnie Miniere d'Afrique (CMA) and Cluff Mining plcoAirborne EM, gravity, radiometrics and magnetic surveyso2D & 3D seismic surveys.•The CMA Open Pit and Yaouré Open Pit are presently being exploited by open pit mining.
Further work	General Commentary•Perseus intends to continue drilling at the Yaouré Gold Mine to delineate additional MineralResources and to undertake such further studies as are required to support reporting of OreReserves.

Section 3 Estimation and Reporting of Mineral Resources

Commentary
General Commentary•All drilling data is securely stored within the Perseus acQuire™ database and is managed bydedicated personnel within Perseus.•The import/exporting process requires limited keyboard transcription and has multiple built-insafeguards to ensure information is not overwritten or deleted. These include:oData is imported and exported through automated interfaces, with limited manualinput;oAutomated validation checks ensure errors are identified prior to import;oAccess to edit data stored in acQuire is restricted to key personnel;oAudit trail recording changes.•The drillhole database used for Mineral Resource estimation has been internally validated.Methods include checking:oRelational integrity, duplicates, and missing or blank assay values;oSurvey data down-hole consistency;oNull and negative grade values.
General Commentary•The CP visited the Yaouré site during August 2023 and inspected available drilling intersections,operating drill rigs, resource drilling areas including pit wall exposures, and sample preparationfacilities.
Deposit Specific CommentaryCMA Open Pit – CMA Underground – CMA Southwest – Zain 1•The geological confidence is moderate to high, due to the mapping of exposures within the currentCMA Open Pit.•The controls on gold mineralisation associated with CMA-style lode mineralisation at the depositsis understood with reasonable confidence.•Drill hole logs were used to guide interpretations of surfaces delineating interfaces betweenlaterite, completely weathered, transitional and fresh rock weathering horizons.•The factors affecting continuity both of grade and geology are most likely to be associated withstructural controls and local complexity, the knowledge of which is limited with the current spacingof information.Angovia 2•The geological confidence is low to moderate based on the irregular nature of mineralisation andthe range of drill orientations completed.•The broad approach to the mineralisation modelling in the is an attempt to model an unbiased

Criteria	Commentary
	interpretation.
Dimensions	Deposit Specific Commentary
	CMA Open Pit – CMA Underground
	•The Mineral Resource extends along a broadly north-south strike for approximately 1,400 m.
	Mineralisation has been identified extending down-dip over 700 m (500 m below surface)
	transiting continuously from the CMA Open Pit through to the CMA Underground. The major lodevaries between 10-20 m with a series of minor lodes with thicknesses of several metres.
	Yaouré Open Pit
	•The mineralisation domains representing the Yaouré Open Pit Mineral Resource extend across
	approximately 1,500 m north to south and approximately 700 m east to west, extending to over
	300 m below surface.
	•Domains vary in thickness from a few metres to greater than 15 m.
	•Mineralisation remains open at depth and to the south.
	Zain 1
	•Mineralisation is represented by a series of sub-parallel lodes dipping between 40-60° towards the
	east and striking over 900 m.
	•Lodes vary in width from a few metres to 15 m.
	•Mineralisation remains open along strike and down dip.
	Angovia 2
	•Mineralisation is interpreted in a broad zone covering 450 m east to west, and 250 m north to
	south, with depths up to 80 m below surface.
Estimation and	General Commentary
modelling	•PRU provides grade control drilling data and reconciliation data when Mineral Resource models
techniques	are updated. The performances of each of the Mineral Resource models are routinely monitored
	by monthly reconciliations of tonnes, grade and contained metal predicted by the models against
	mining and processing outcomes.
	•Resource estimates are completed for gold only. No by-products are present or modelled.
	•No deleterious elements were estimated or assumed.
	•No correlated variables have been investigated or estimated.
	Deposit Specific Commentary
	CMA Open Pit
	•Resources were estimated by Multiple Indicator Kriging (MIK) of two metre down-hole composited
	gold grades from AC, RC and diamond drilling. Selected trial GC holes were included in the
	estimation dataset in areas of limited resource sampling.
	•Mineralised domains used for resource estimation delineate zones within which the tenor and
	spatial trends of mineralisation are similar.
	•Grade continuity was characterised by indicator variograms modelled at 14 indicator thresholds.
	Class grades were derived from class mean grades except for upper bin grades which were
	generally derived from the class median. 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.
	•Resources were estimated into 12.5 mE × 25 mN × 5 mRL panels.
	•The estimates include a variance adjustment to give estimates of recoverable resources for mining
	selectivity of 4 mE × 6 mN × 2.5 mZ with grade control sampling on a 5 mE × 8 mN × 1.25 mRLpattern.
	•The modelling used a four-pass octant based search strategy. Radii and data requirements for
	these searches, are as follows:
	oSearch 1: 30 by 60 by 10 m, minimum 16 data/4 octants, maximum 48.
	oSearch 2: 45 by 90 by 15 m, 16/4, max 48
	oSearch 3: 45 by 90 by 15 m, 8/2 sectors, max 48
	oSearch 4: 90 by 90 by 22.5 m, 8/2.
	•These searches give estimates extrapolated to a maximum of approximately 75 m from composite
	locations.
	•Micromine software was used for data compilation, domain wire-framing, and coding of
	composite values, and GS3M was used for resource estimation.
	•Model reviews included visual comparison of estimates with informing data, reported production
	and independent GC models developed from trial GC drilling. Model estimates reasonably match

Criteria	Commentary
	reported production estimates for Yaouré, and modelling of trial GC data. No drilling is availablefor the mined CMA pit volume and model to production comparison is impossible for that deposit.
	•The estimation technique is considered appropriate for the style of mineralisation.
	CMA Underground
	•Resources were estimated for gold using either Ordinary Kriging (OK) or Inverse Distance (ID)methods of 1 metre down-hole composited gold grades from RC and diamond drilling. Thegeological modelling and resource estimation was conducted using Leapfrog Geo™ software and
	the Edge™ module.•Discrete individual lodes (domains) were modelled using the interval selection tool and veinmodelling function in Leapfrog Geo™. Domain intervals were selected based on geological
	characteristics of the CMA mineralisation and a nominal cut-off grade of 0.5 g/t gold.•The estimation approach and estimate search strategy was chosen on an individual domainbasis based on inputs criteria including the number of samples, drill hole spacing, lode (domain)orientation and variogram model analysis. Estimates were undertaken as hard boundaries intoparent blocks with dimensions of 10.0 mE × 12.5 mE × 5.0 mRL. The block size was selectedbased on drill hole spacing, the geometry of the mineralisation. Parent blocks were sub-blockedto 0.625 mE × 3.125 mN × 0.3125 mRL to improve the volume definition of the domains.
	•Search ellipses were oriented to reflect the strike and dip directions of each of the lodes andwhere applicable dynamic anisotropy was applied. Generally, two estimation search passeswere applied to the estimation of each domain. The first estimation pass had ranges generallyset to the range of the modelled semi-variogram sill or the distance of the closest spaced drillingwith a requirement to find a minimum of 4 to 8 composites and maximum of 24 composites fora block to be estimated. First pass estimates were based on a quadrant search with a minimumnumber of two quadrants required with a typical drillhole restriction of 4 composites per holefor the principal CMA lodes. Other lodes/domains are estimated with no sector searchrestrictions apart from maximum composites per hole of between 2 to 4 composites. Thesecond estimation pass utilised a reduced level of restrictions and increased search distance
	typically double the length of the first pass to estimate unassigned blocks.•Grade caps were applied based on an individual lode (domain) basis and ranged between 10 g/tto 35 g/t gold.
	•Gold grade estimates were validated statistically by comparing mean composited grades tomean estimated grades, by gold grade trends in easting, northing and elevation Swath plots andby visual checks in Leapfrog.
	•The estimation technique is considered appropriate for the mineralisation style and as a basisfor the estimation of Ore Reserves that might be recoverable by underground mining methods.
	Yaouré Open Pit
	•Resources were estimated for gold using either Ordinary Kriging (OK) or Inverse Distance (ID)methods of 1 metre down-hole composited gold grades from RC and diamond drilling. Thegeological modelling was conducted using Leapfrog Geo™ software and resource estimation usingMaptek Vulcan™.
	•Discrete individual lodes (domains) were modelled using the interval selection tool and veinmodelling function in Leapfrog Geo™. Domain intervals were selected based on geologicalcharacteristics of the mineralisation and a nominal cut-off grade of 0.2 g/t gold.
	•The estimation approach and estimate search strategy was chosen on an individual domain basisbased on inputs criteria including the number of samples, drill hole spacing, lode (domain)orientation and variogram model analysis. Estimates were undertaken as hard boundaries intoparent blocks with dimensions of 10.0 mE × 10 mE × 5.0 mRL. The block size was selected basedon drill hole spacing, the geometry of the mineralisation and the selective mining unit (5.0 m ×5.0 m × 2.5 m). Parent blocks were sub-blocked to 1.25 mE × 1.25 mN × 1.25 mRL to improve thevolume definition of the domains.
	•Search ellipses were oriented to reflect the strike and dip directions of each of the lodes and whereapplicable dynamic anisotropy was applied. Generally, two estimation search passes were appliedto the estimation of each domain. The first estimation pass had ranges generally set to the rangeof the modelled semi-variogram sill or the distance of the closest spaced drilling with arequirement to find a minimum of 6 composites and maximum of 16 composites for a block to beestimated. First pass estimates were based on an octant search with a drillhole restriction inoctants of 4 composites per hole. The second estimation pass utilised a reduced level ofrestrictions and increased search distances by 50% of the first pass.
	•Grade caps were applied based on an individual lode (domain) basis and ranged between 3 g/t to25 g/t gold. In addition, distance restrictions were used for selected domains to control theinfluence of isolated high grades with values ranging between 3 g/t and 16 g/t gold, with distancesset to twice the parent block size.
	•Gold grade estimates were validated statistically by comparing mean composited grades to mean

Criteria	Commentary
	estimated grades, by gold grade trends in easting, northing and elevation Swath plots and by visual
	checks in Leapfrog.
	•The estimation technique is considered appropriate for the mineralisation style and as a basis
	for the estimation of Ore Reserves that might be recoverable by open pit mining methods.
	CMA Southwest•Resources were estimated for gold using Ordinary Kriging (OK) of 1 metre down-hole composited
	gold grades from RC and diamond drilling. The geological modelling was conducted using Leapfrog
	Geo™ software and resource estimation using Maptek Vulcan™.
	•Discrete individual lodes (domains) were modelled using the interval selection tool and vein
	modelling function in Leapfrog Geo™. Domain intervals were selected based on geological
	characteristics of the mineralisation and a nominal cut-off grade of 0.2 g/t gold.
	•The estimation approach and estimate search strategy was chosen on an individual domain basis
	based on inputs criteria including the number of samples, drill hole spacing, lode (domain)
	orientation and variogram model analysis. Estimates were undertaken as hard boundaries into
	parent blocks with dimensions of 8.0 mE × 16.0 mE × 5.0 mRL. Parent blocks were sub-blocked to
	0.5 mE × 1.0 mN × 0.625 mRL to improve the volume definition of the domains.•Areas with GC drilling flagged into the block model and estimated separately as a soft boundary
	with resource drilling reflecting the different sample support applicable to each area.
	•Search ellipses were oriented to reflect the strike and dip directions of each of the lodes and where
	applicable dynamic anisotropy was applied. Generally, two estimation search passes were applied
	to the estimation of each domain. The first estimation pass had ranges generally set to the range
	of the modelled semi-variogram sill or the distance of the closest spaced drilling with a
	requirement to find a minimum of 6 composites and maximum of 16 composites for a block to be
	estimated. First pass estimates were based on an octant search with a drillhole restriction in
	octants of 4 composites per hole. The second estimation pass utilised a reduced level of
	restrictions and doubled the search distances of the first pass.
	•Grade caps were applied based on an individual lode (domain) basis and ranged between 4 g/t to10 g/t gold.
	•Gold grade estimates were validated statistically by comparing mean composited grades to mean
	estimated grades, by gold grade trends in easting, northing and elevation Swath plots and by visual
	checks in Leapfrog.
	•The estimation technique is considered appropriate for the mineralisation style and as a basis
	for the estimation of Ore Reserves that might be recoverable by open pit mining methods.
Zain 1	•Resources were estimated for gold using Ordinary Kriging (OK) of 1 metre down-hole composited
	gold grades from RC and diamond drilling. The geological modelling was conducted using Leapfrog
	Geo™ software and resource estimation using Maptek Vulcan™.
	•Discrete individual lodes (domains) were modelled using the interval selection tool and vein
	modelling function in Leapfrog Geo™. Domain intervals were selected based on geological
	characteristics of the mineralisation and a nominal cut-off grade of 0.2 g/t gold.
	•The estimation approach and estimate search strategy was chosen on an individual domain basis
	based on inputs criteria including the number of samples, drill hole spacing, lode (domain)
	orientation and variogram model analysis. Estimates were undertaken as hard boundaries intoparent blocks with dimensions of 5.0 mE × 10.0 mE × 10.0 mRL. Parent blocks were sub-blocked to
	1.25 mE × 1.25 mN × 1.25 mRL to improve the volume definition of the domains.
	•Search ellipses were oriented to reflect the strike and dip directions of each of the lodes and where
	applicable dynamic anisotropy was applied. Generally, two estimation search passes were applied
	to the estimation of each domain. The first estimation pass had ranges generally set to the range
	of the modelled semi-variogram sill or the distance of the closest spaced drilling with a
	requirement to find a minimum of 6 composites and maximum of 14 composites for a block to be
	estimated. First pass estimates were based on an octant search with a drillhole restriction in
	octants of 4 composites per hole. The second estimation pass utilised a reduced level of
	restrictions while maintaining the first pass search distances.•Grade caps were applied based on an individual lode (domain) basis and ranged between 5 g/t to
	15 g/t gold. In addition, distance restrictions were used for a selected domain to control the
	influence of isolated high grades with a value of 8 g/t gold applied, with distances set to twice the
	parent block size.
	•Gold grade estimates were validated statistically by comparing mean composited grades to mean
	estimated grades, by gold grade trends in easting, northing and elevation Swath plots and by visual
	checks in Leapfrog.
	•The estimation technique is considered appropriate for the mineralisation style and as a basis
	for the estimation of Ore Reserves that might be recoverable by open pit mining methods.

Criteria	Commentary
	Angovia 2
	•Resources were estimated by Multiple Indicator Kriging (MIK) of two metre down-hole composited
	gold grades from AC, RC and diamond drilling. Selected trial GC holes were included in the
	estimation dataset in areas of limited resource sampling.
	•Mineralised domains used for resource estimation delineate zones within which the tenor and
	spatial trends of mineralisation are similar.
	•Grade continuity was characterised by indicator variograms modelled at 14 indicator thresholds.
	Class grades were derived from class mean grades except for upper bin grades which were
	generally derived from the class median. 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.
	•Resources were estimated into 12.5 mE × 25 mN × 5 mRL panels.
	•The estimates include a variance adjustment to give estimates of recoverable resources for mining
	selectivity of 4 mE × 6 mN × 2.5 mZ with grade control sampling on a 5 mE × 8 mN × 1.25 mRL
	pattern.
	•The modelling used a three-pass octant-based search strategy. Radii and data requirements for
	these searches, are as follows:o
	Search 1: 30 by 30 by 12 m, minimum 16 data/4 octants, maximum 48o
	Search 2: 45 by 45 by 18 m, 16/4., max 48oSearch 3: 45 by 45 by 18 m, 8/2 sectors, max 48
	•Micromine software was used for data compilation, domain wire-framing, and coding of
	composite values, and GS3M was used for resource estimation.
	•Model reviews included visual comparison of estimates with informing data, and independent GC
	models developed from trial GC drilling. Model estimates reasonably match modelling of trial GC
	data.
	•The estimation technique is considered appropriate for the style of mineralisation.
Moisture	General Commentary
	•Tonnages are reported on a dry basis.
Cut-off parameters	Deposit Specific Commentary
	CMA Open Pit – Yaouré Open Pit – CMA Southwest – Zain 1
	•Cut-off grades used for the reporting of Mineral Resources reflect the marginal cut-off grade of
	mineralisation considering geotechnical, mining and processing parameters and costs
	established during open pit mining operations to date at Yaouré and a gold price ofUS$2,000/oz.
	Angovia 2
	•Cut-off grades used for the reporting of Mineral Resources reflect the marginal cut-off grade of
	mineralisation considering geotechnical, mining and processing parameters and costs
	established during open pit mining operations to date at Yaouré and a gold price of
	US$1,800/oz.
	CMA Underground
	•The block cut-off grade of 1.5 g/t Au for the stated CMA underground Mineral Resource
	estimate reflects the incremental stoping cut-off grade that derives from cost and revenue
	parameters estimated in the CMA Underground Feasibility Study and a gold price of
	US$2,000/oz.
Mining factors or	General Commentary
assumptions	•Mineral Resource estimates are based on proposed exploitation by conventional open pit load and
	haul or mechanised underground mining methods and ore processing by CIL at the existing Yaouré
	plant.
	•
	The estimates do not include adjustments to allow for ore loss or dilution that might occur ineither open pit or underground mining and appropriate modifying factors should be applied for
	estimation of Ore Reserves.
Metallurgical factors	Deposit Specific Commentary
or assumptions
	CMA Open Pit – Yaouré Open Pit – CMA Southwest – Zain 1
	•Metallurgical gold recoveries have been well established by experience through mining and
	processing Yaouré ores and these have been applied to this Mineral Resource.
	•As Mineral Resources are extended metallurgical test work programs are routinely performed to

Criteria	Commentary
	adequately characterise the ores and flag potential changes.
	CMA Underground
	•Metallurgical test work as part of the Feasibility supports batch processing of CMA underground
	ore with finer grinding to improve metallurgical recovery. This assumption has been incorporatedinto life of mine plans for the Yaouré Gold Mine.
Environmental	General Commentary
factors or	•There are no known environmental impediments to mining.
assumptions	•Preliminary waste dump designs have been completed and sufficient space is available to dispose
	of mine waste in the vicinity of each of the deposits.
	•The Yaouré tailings storage facility is sufficient to store tailings from all project areas.
	•Adequate test work has been completed to indicate that waste rock from open pit andunderground mining is unlikely to be acid generating and is likely to have significant acid
	buffering capacity.
	•There are no known significant concentrations of deleterious elements associated with
	mineralisation at the Yaouré Gold Mine.
Bulk density	General Commentary
	•Density measurements was assigned based on drill core measurements collected using the water
	immersion technique and calculated using Archimedes' Principle.
	•Bulk densities were applied to the block model by oxidisation type and lithology, with values of1.80 t/m3for completely weathered material, 2.10 t/m3for transitional weathered material,
	2.70 t/m3for sediments in fresh material, 2.85 t/m3for basalt in fresh material, 2.80 t/m3for
	intrusive porphyritic dykes and 2.75 t/m3for granodiorite.
	•Tonnages are estimated on a dry basis.
Classification	General Commentary
	•The Competent Person is satisfied that the stated Mineral Resource classification sufficientlyreflects the relevant factors of the deposit.
	•Open pit optimisations were run using current and forecast cost, mining methods and processing
	parameters and a gold price of US$2,000/oz to define the base of potentially economic open-pit
	material for the Mineral Resource.
	Deposit Specific Commentary
	CMA Open Pit – Angovia 2•Mineral resources were classified as Indicated and Inferred on the basis of search pass and two
	sets of sectional polygons defining areas of consistently spaced drilling for each model row.
	•Estimates informed by search pass 1 within polygons defining the outer limits of any consistently
	25 m × 50 m spaced drilling including some wider spaced areas were classified as Indicated, and
	all other panels classified as Inferred.
	•A second classification stage classified rare estimates informed by search pass 2 and rarely 3 or 4
	with the area of general 25 m × 25 m drilling defined by a second set of polygons as Indicated.
	•This approach assigns mineralisation tested by drilling reasonably approximating 25 m × 50 m andcloser spacing as Indicated and more broadly sampled mineralisation to the Inferred category.
	CMA Underground – Yaouré Open Pit – CMA Southwest – Zain 1
	•Classification of the Fimbiasso West Mineral Resource was completed with consideration of the
	following criteria:
	oResource drilling – the confidence in the interpretation boundaries and related
	mineralisation volumes related to the number, spacing, and orientation of the availabledrilling.
	oContinuity modelling – the spatial continuity of respective domains based on variogram
	analysis.
	oEstimation quality – the assessment of key estimation output statistics including slope
	of regression and average distance to samples.
	oValidation results – the consideration of how well the underlying domain data is
	reflected in the estimated blocks as assessed by statistics globally and trend plots locally.
	•Measured resources were assigned in areas with GC drilling completed (for CMA Southwest only).
	•Indicated resources were assigned where blocks were nominally all estimated in the firstestimation pass. With average distance to samples typically less than 30 metres, and a maximum
	extrapolation of 30 metres past drilling.
	•Inferred resources were assigned to all remaining estimated cells except for isolated block
	estimates based on single drill holes. These were assigned as unclassified.

Criteria	Commentary
Audits or reviews	Deposit Specific CommentaryCMA Open Pit•The Mineral Resource estimate has been audited and reviewed internally. The reliability ofestimates is monitored by monthly reconciliations of predicted and actual mining and processingoutcomes.
	CMA Underground – Yaouré Open Pit – CMA Southwest – Zain 1 – Angovia 2•The Mineral Resource estimates have been audited and reviewed internally but have not beenformally audited by any third party.
Discussion of relativeaccuracy/confidence	General Commentary•The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the MineralResource into the respective categories as per the guidelines of the 2012 JORC Code.•The Mineral Resource statement relates to global estimates of tonnes and grade. Additional closespaced (grade control) drilling is required to improve the understanding of variations at local scale.•The Mineral Resource estimates have been classified based on the quality of the data collected,the density of data, the confidence of the geological models and mineralisation models, and thegrade estimation quality. This has been applied to a relative confidence based on data density anddomain confidence for resource classification. No relative statistical or geostatistical confidence orrisk measure has been generated or applied.•The reported open pit Mineral Resource estimates for are constrained to material lying withinoptimal pit shells generated using the same cost parameters as were applied to delineate OreReserves and a gold price of US$2,000/oz., with the exception of Angovia 2 reported atUS$1,800/oz.

Section 4 Estimation and Reporting of Ore Reserves

Criteria				Commentary
Mineral Resourceestimate forconversion to OreReserves	General Commentary••	Mineral Resources quoted in this report are inclusive of Ore Reserves.The open pit Mineral Resources for Yaouré Gold Mine are based on information compiled by MrDaniel Saunders (Fellow AusIMM) of Perseus Mining Limited who is the Competent Person for theMineral Resource estimates.
Site visits	General Commentary•	The Competent Person for the Ore Reserve, Mr Adrian Ralph (Fellow AusIMM) has visited theYaouré Gold Mine on a regular basis from the 22nd of March 2022 until present.
Study status	General Commentary•••	The Mineral Resources have been converted to Ore Reserves by means of a feasibility level studies,and where appropriate, a Life of Mine plan including economic assessment.Key aspects of the study were technically achievable mine designs and schedules, with resultsincluded into a financial model to ensure economic viability.Modifying Factors were considered and applied where necessary.
Cut-off parameters	General Commentary•The cut-off grade is based on the economic parameters developed for the operation.
					CUT-OFF GRADE BY ORE TYPE (g/t gold)
		DEPOSIT	Oxide	Transition	Fresh Basalt	Fresh Granodiorite
		CMA Open Pit	0.30	0.40	0.45	-
		Yaouré Open Pit	0.42	0.44	0.58	0.54
		CMA Underground -Development	-	-	0.50	-
		CMA Underground -Stoping	-	-	2.20	-
		CMA Southwest	0.40	0.45	0.55	-
		Zain 1	0.43	0.46	0.49	-
		Angovia 2	0.40	0.45	0.65	-

Criteria	Commentary
Mining factors or	Deposit Specific Commentary
assumptions
	CMA Open Pit – Yaouré Open Pit – CMA Southwest – Zain 1 – Angovia 2•The mining method is conventional open pit mining utilising hydraulic excavators and trucks,mining bench heights of 10 m with 2.5 m flitches to minimise ore loss and waste rock dilution. Thisconfiguration is currently used for mining of open pits at the Yaouré Gold Mine.•The CMA and Angovia 2 deposits are based upon and MIK recoverable resource models andtherefore no additional dilution and ore loss factors are applied.
	•The Yaouré and Zain 1 open pits are based on re-blocked versions of the respective MineralResource models to a nominal SMU block size of 5.0 mX × 5.0 mY × 5.0 mZ to reflect mining dilutionand ore loss. CMA Southwest has likewise been reblocked to an SMU of 4.0 mX × 4.0 mY × 2.5 mZ.No additional dilution or mining recovery factors have been applied.•For Yaouré and Zain 1 an economic pit shell was defined using Whittle pit optimisation softwarewith inputs such as geotechnical parameters, metallurgical recovery and mining costs at a$1,700/oz gold price.
	•For CMA, CMA Southwest, and Angovia 2, existing designs were retained, and these wereevaluated at a $1,500/oz gold price cut-off.
	•The pit optimisation was run with revenue generated only by Measured and Indicated MineralResources. No value was allocated to Inferred Mineral Resources.•Whittle input parameters are based on Perseus Mining Limited site operating experience andexisting test work and supporting technical studies.
	•The pit slope design parameters for Yaouré are based on the review of the current designparameters that was conducted by Mine Geotech. The pit slope design assumptions for Zain 1were based on the CMA Stage 3 Design parameters that were derived by site using operationalperformance knowledge. Additional geotechnical samples and test work will be undertaken duringFY24 drilling to extend the orebody knowledge and further refine the slope design parameters.•Inter-ramp slope angles are 30 to 45 degrees inclusive of berms spaced at 10 metres vertically andberm widths of 4.5 to 7 metres.
	•Zain inter-ramp slope angels are 32 degrees for oxide, 35 degrees for transitional and 44 degreesfor fresh. Berms in the oxide are 3.5 metres and spaced at 5 metres vertically. In the transition theberms are 6 metres and spaced at 10 metres vertically. In the fresh berms alternate between 1.5and 7 metres and are spaced at 10 metres vertically.•A conventional reverse circulation drilling (RC) grade control program is scheduled as part of the
	mining sequence. This has been accounted for in mining cost estimates.•Pit ramps have been designed for a 100-tonne payload truck fleet and are set at 24 metres (duallane) to 16 metres (single lane). Minimum mining with is 40 m for the 100-tonne class truck fleet.
	•Inferred Mineral Resources have not been included in the Ore Reserve.
	•There are no constraints to mining within the lease area.•No property, infrastructure or environmental issues are known to exist which may limit theextent of mining within the mining lease.
	CMA Underground
	•CMA underground is designed to be mined by conventional longhole open stoping miningmethods, with minimum footwall angle of 40 degrees.
	•Backfill is not part of the CMA Ore Reserve.•The mechanised mining methods selected for CMA underground are utilised in other operations,both in Australia and internationally.
	•Vertical spacing of longhole stopes is dependent on ore body dip. Where the stopes are flatterlevel are closer to ensure ability to drilling with mechanised drill rigs. The vertical spacing rangesfrom 8 m to 17 m.
	•Development ore drives are nominally 5.0 m wide by 5.0 m high, however both drive height andwidth can increase to accommodate the dimensions of the orebody.
	•Orebody minimum mining width for stopes is 2.0 m with a majority of stopes greater than 5 m dueto orebody thickness.•Pillar dimensions are 10 m along strike and vary in height, dependent on level spacing.
	•Pillar spacing along strike allows for 40 m open stopes, which equates to 81% extraction ratio(mining recovery) due to pillars, inclusive of crown pillars.
	•40 m stope strike extents are considered a practical distance over which to successfully operateremote loaders to recover ore from open stopes.
	•Geotechnical assessment to confirm appropriate pillar dimensions and stope spans have beenundertaken by MineGeoTech Pty Ltd as part of the CMA underground Feasibility study.•The CMA lode within the Mineral Resource is anticipated to be visually identified and followedwhen mining underground. Grade control drilling has been allowed for in project costing to further
	delineate ore prior to stoping in selected areas of the orebody.•The CMA underground Mineral Resource was converted to an Ore Reserve by the application of

Criteria	Commentary
Metallurgical factorsor assumptions	•Production stope design is created using both Deswik Mineable Stope Optimiser software andmanual creation due to minimum footwall constraints. Further manual adjustments are made toensure mining shapes are realistic and achievable.•Modifying Factors are applied in the Deswik Scheduler software to generate an Ore Reserve mineschedule which includes planned dilution, unplanned dilution and mining recovery.•Planned mining dilution (material less than 2.2g/t within the stope shape) for CMA undergroundis estimated to be 27% of tonnes mined, some of which is mineralised.•Mining dilution for CMA underground is estimated within the stopes and includes planned dilutionof 1 m in both footwall and hanging wall, whilst unplanned dilution of 5% is included fordevelopment (tonnes basis).•An additional general ore loss of 15% is included in the Ore Reserve Modifying Factors for allstopes.•The recovery factor due to pillars (extraction ratio) across the orebody is a further 81% (19% oreloss).•Approximately 22 kt of Inferred material for 2.8 koz is reported from development ore. Thisincidental mineralisation is not considered material to the CMA underground Ore Reserve.•Some development Ore Reserves above the COG of 0.5 g/t, but below the Mineral Resource cutoff of 1.5 g/t are not therefore a subset of the Mineral Resource. This material accounts for 101 kttonnes or 3,376 ounces which is included within the Ore Reserve. This incidental mineralisation isnot considered material to the CMA underground Ore Reserve.•Mineralised dilution within stoping shapes is a combination of Indicated, Inferred and Unclassifiedmaterial.•Stope optimisation for Ore Reserves was run on only Indicated Mineral Resources. There are noInferred Mineral Resources within the CMA production shapes that drive the value of the OreReserves.•Open pit mining and processing infrastructure is in place at Yaouré. Only incrementalinfrastructure costs for the underground mine are included in the CMA underground Ore Reserve.•Additional infrastructure needed for the CMA underground operation includes additional camprooms, contractor workshops and offices, client underground offices, surface power lineextensions and primary ventilation fans.General Commentary•The Yaouré processing plant uses crushing, grinding, gravity and cyanide leaching to extract gold.The plant has a nominal capacity of 3.8 Mtpa on oxide and 3.3 Mtpa on fresh ore.•The processing test work is representative of the different material types throughout the miningarea.•No deleterious material has been identified.
	•The process metallurgical recovery for gold is fixed by material type in each deposit.
	DEPOSITRECOVERY BY ORE TYPE (%)
			Oxide	Transition	Fresh Basalt	Fresh Granodiorite
		CMA	92.5	92.0	91.5	-
		CMA UndergroundYaouré	-93.0	-93.3	87.292.6	-93.8
		Zain 1	93.0	93.0	92.9	-
		Near-Mine Satellites
		Angovia 2	92.9	92.0	91.1	-
		CMA Southwest	93.4	94.5	89.5	-
Environmental		General Commentary
	•	No environmental issues are known to exist which will prevent open pit mining and ore processing
		to continue to operate. Perseus has sufficient space available for waste dumps to store the
		expected quantities of mine waste rock associated with the Yaouré Gold Mine Ore Reserve. Based
		on testing to date there is no risk of acid rock drainage as any potentially acid generating material
		is encapsulated within acid neutralising material.
Infrastructure		General Commentary
	•	Power supply is from the national grid system supplied by the Ivorian electricity company.
	•	Water supply is largely from groundwater extracted from dedicated boreholes and supplemented
		by decant water for the processing plant.
	•Access to site is via public road from Yamoussoukro city.A camp is established to accommodate non-local employees, and this will be expanded to
	•	accommodate the underground workforce.
	•	Workshops, offices, storage of reagents and laboratory are established at the processing plant to

Criteria	Commentary
	support existing open pit and processing activities.•Additional contractors and client office, changeroom and workshop facilities will be establishedfor the CMA underground.
Costs	General Commentary•The mining costs are based on schedule of rates provided by Perseus mining contractors andPerseus actual performance. All other operating costs have been provided by Perseus and itsConsultants.•Non-deleterious materials have been identified and costed.•Gold is the only metal considered in the Ore Reserves.•Allowances have been made for royalties payable to the Ivorian government.•All costs are in US$.
Revenue factors	General Commentary•A gold price of US$1,700/oz was used for mine planning and pit optimisation.•Economic modelling by Perseus is at US$1,700/oz.•Existing pit designs for CMA and Angovia 2 were evaluated at $1,500/oz cut-off grades witheconomic modelling at $1,700/oz.
Market assessment	General Commentary•The demand for gold is considered in the gold price used.•It was considered that gold will be marketable for beyond the processing life.•The processing forecast and mine life are based on life of mine plans.•The commodity is not an industrial metal.
Economic	General Commentary•A schedule and economic model has been completed by Perseus as part of ongoing operationalmine planning, which includes Ore Reserves.•Results from the financial model confirm that the Project is economically viable.•Note that as the gold price changes so too will the economic limits of the pits and their Reserves.Consequently, the size of the Project will therefore adjust to suit the revised economics.
Social	General Commentary•The Yaouré Gold Project has been operated by Perseus for several years and over this period, allrelevant structures have been put in place to consider the community, their requirements andtheir expectations. Perseus has established relevant agreements with local stakeholders.•Perseus has and will continue to use skilled expatriate workers and locally sourced skilled workers.
Other	General Commentary•The estimate of Ore Reserves for the deposits are not materially affected by any other knownenvironmental, permitting, legal, title, taxation, socio-economic, marketing, political or otherrelevant factors other than that described in the preceding text.•It is believed that the classification of Ore Reserves as set out in the following sections isreasonable.
	Deposit Specific Commentary
	CMA Underground•There are currently no large-scale, mechanised underground mines in Côte d'Ivoire, and as suchthere is no specific underground mining legislation. Updated mining regulations are currentlybeing developed.•Recent experience of other mining companies in neighbouring West African jurisdictions indicatesthat the lack of existing underground regulations does not preclude the development of newunderground projects.•Perseus will continue to engage the Ivorian government in relation to permitting and futureunderground development at Yaouré, including the CMA underground.•It is not anticipated that permitting or legal issues will prevent the CMA underground beingdeveloped.
Classification	General Commentary•The Ore Reserve is classified as Proved and Probable in accordance with the requirements of theJORC Code (2012), corresponding to the Mineral Resource classifications of Measured andIndicated and taking into account other factors where relevant. The deposit's geological model iswell constrained. The Ore Reserve classification is considered appropriate given the nature of the

Criteria	Commentary
	deposit, the moderate grade variability, drilling density, structural complexity and mining history.Therefore, it was deemed appropriate to use Measured Mineral Resources as a basis for ProvenReserves and Indicated Mineral Resources as a basis for Probable Reserves.•The Competent Person is satisfied that the stated Ore Reserve classification reflects the relevantfactors of the deposit.
Audits or reviews	General Commentary
	•Perseus has completed an internal review of the Ore Reserve estimate.
Discussion of relative	General Commentary
accuracy/	•The accuracy and confidence of the inputs are, as a minimum, of a Feasibility level.
confidence	•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;
	oMining loss and dilution;
	oChanges to the cost base due to supply challenges or inflationary pressures over time.•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 that the
	Mineral Resources are assigned to. Only the highest categories of Resource classification,
	Measured and Indicated, have been used as a basis for estimating Ore Reserves.