PERSEUS MINING LIMITED — Capital/Financing Update 2019

Aug 8, 2019

ASX:MKG www.makogold.com.au

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ASX Announcement

09 August 2019

Mako Receives Remaining Assays and Plans for Next Drill Program at Napié Project- Côte d’Ivoire

Highlights

• Assay results received from remaining 11 holes of 27-hole RC drill program

• Individual 1m assays up to 7.55g/t Au (NARC095)

• Positive results from drilling completed to date increases Mako’s confidence for outlining a gold resource[1] .

• Follow-up drilling planned after the end of wet season

Assay results received from final 11 holes of the 27-hole RC drill program at Napié Project

Mako Gold Limited (“ Mako” or “the Company” ) advises that it has received assay results from the final eleven holes of the Company’s recent twenty-seven hole (4,141m) reverse circulation (RC) drill program at the Napié Project in Côte d’Ivoire (Figure 1). Mako is earning up to a 75% interest in the Napié Project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited (ASX/TSX:PRU). Mako currently holds a 51% interest in the permit and is operator of the project[2] .

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Figure 1: Mako’s Napié Project – Côte d’Ivoire

• 1 Refer to ASX announcements dated 22 June 2018, 9July 2018, 7 August 2018, 13 March 2018 and 25 July 2019 2 Refer to ASX announcement dated 24 July 2019

ABN:84 606 241 829 • Level 17, 300 Adelaide Street, Brisbane Qld 4000, Australia

Eight of the eleven RC drill holes reported were drilled on the Tchaga Prospect.

Three RC drill holes were drilled to test a regional target between the Tchaga and Gogbala Prospects.

Tchaga Prospect

The assays received from the remaining eight holes of the Tchaga Prospect returned narrow gold intercepts with the best individual result of 1m assays up to 7.55g/t Au (NARC095). Assay results from select drill holes from current and previous drilling are shown in Figure 2. The latest assays results are reported in Appendix 1.

During the current drill campaign Mako has extended the gold mineralised zone to 1km strike length on the Tchaga Prospect, as was recently announced[3] . The wide and high-grade gold intercepts received from drilling to date have clearly identified an area which the company will focus on in its endeavour to outline a JORC compliant gold resource with further drilling.

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Figure 2: Tchaga Prospect – Drill results from July 2019 drilling with select previous drill results and priority drilling target

3 Refer to ASX announcement dated 25 July 2019

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Regional drilling

Assays were received for three RC drill holes along one drill fence between the Tchaga and Gogbala prospects. Two of the three drill holes intersected gold (Figure 3), with best intercepts of 1m at 1.48g/t Au (NARC099) and 1m at 1.27g/t Au (NARC098). While no significant width of gold mineralisation was intersected, these drill holes confirm that there is gold mineralisation along this section of the 17km-long shear. Information learned from these holes suggest that this area could be a target for future exploration and, more importantly, confirm that the shear zone hosts gold mineralisation 2 kilometres southwest of the Tchaga Prospect.

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Figure 3: Napié Project - Prospects and drill targets (dashed lines: pink = high priority; blue = second priority)

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Planned follow-up drilling after wet season

Mako is planning a follow-up drill program after the wet season, which usually ends in November in Côte d’Ivoire. Mako has identified several targets for drilling, shown in dashed pink circles for high-priority and dashed blue circles for second priority, in Figure 3. Mako’s near-term goal is to move towards a JORC compliant resource. The Company will therefore be focussing its effort on further drilling on the Tchaga Prospect and more specifically, on the 1km area outlined in red in Figure 2. The drill program will focus on infill drilling between sections as well as extending the strike-length and width of mineralisation in the directions marked as “Open”.

Mako’s Managing Director, Peter Ledwidge commented:

“We are thrilled to have outlined 1km of strike length of gold mineralisation in our latest drilling campaign. We are focussing on the big picture and feel confident that Mako can move quickly towards a resource on the Tchaga Prospect. To this end, we hope to be drilling again on the Tchaga Prospect shortly after the end of the wet season. Mako looks forward to providing updates on drilling plans on both the Napié Project in Côte d’Ivoire and the Niou Project in Burkina Faso.”

For further information please contact:

Mr Peter Ledwidge Paul Marshall Managing Director Company Secretary/CFO Ph: +61 417 197 842 Ph: +61 433 019 836 Email: pledwidge@makogold.com.au Email: pmarshall@makogold.com.au Further information on Mako Gold can be found on our website www.makogold.com.au

Competent Person’s Statement

The information in this report that relates to Exploration Results is based on information compiled by Mrs Ann Ledwidge B.Sc.(Hon.) Geol., MBA, who is a Member of The Australasian Institute of Mining and Metallurgy. Mrs Ledwidge is a full-time employee and a substantial shareholder of the Company. Mrs Ledwidge has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which she 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’. Mrs Ledwidge consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

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About Mako Gold

Mako Gold Limited (ASX:MKG) is an Australian based exploration company with gold projects in Côte d’Ivoire and Burkina Faso in the gold-bearing West African Birimian Greenstone Belts which hosts more than 60 +1Moz gold deposits.

The Company’s focus is to explore its portfolio of highly prospective projects with the aim of making a significant high-grade gold discovery. Senior management has a proven track record of high-grade gold discoveries in West Africa.

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About the Napié Gold Project

Mako Gold has entered into a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited (ASX/TSX:PRU) to earn up to 75% of the Napié Permit

conditional on certain milestones being achieved. For details of the agreement please refer to Section 9.1 of Mako Gold’s Prospectus and section 4.6 of Mako Gold’s Supplementary Prospectus, lodged on the ASX on 13 April 2018.

About the Niou Gold Project

Mako Gold’s wholly owned Burkina Faso subsidiary, Mako Gold SARL, signed on 31 July 2016 an option agreement with a Burkinabe private company for 100% ownership of the Niou Permit. For details of the agreement please refer to Section 9.2 of Mako Gold’s Prospectus and section 4.7 of Mako Gold’s Supplementary Prospectus, lodged on the ASX on 13 April 2018. Mako Gold announced a gold discovery on the Niou Project on 29 January 2019[4] .

4 Refer to ASX announcement dated 29 January 2019

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Appendix 1 – Summary Drilling Results (0.5g/t cut-off grade)

Hole No.	East (WGS84)	North (WGS84)	RL (m)	Length (m)	Dip	Az (true)	From (m)	To (m)	Width (m)	Au (g/t)
NARC089	227786	1010680	290	180	-55	90	26	29	3	0.99
							42	44	2	0.65
							54	56	2	0.7
							98	100	2	1.38
							109	111	2	0.6
NARC090	228075	1011600	315	150	-55	90		No significant values
NARC091	228010	1011600	317	150	-55	90		No significant values
NARC092	228125	1011800	320	114	-55	90		No significant values
NARC093	227979	1011600	313	180	-55	90	109	110	1	1.82
NARC094	228010	1011800	314	150	-55	90		No significant values
NARC095	227746	1010480	285	150	-55	90	46	48	2	0.7
							70	72	2	1.43
							93	94	1	7.55
NARC096	227681	1010480	284	166	-55	90	48	49	1	1.12
							54	56	2	1.09
							72	76	4	1.05
							131	137	6	0.91
NARC097	227387	1008880	317	162	-55	90		No significant values
NARC098	227322	1008880	318	165	-55	90	12	13	1	1.27
NARC099	227452	1008880	315	150	-55	90	64	65	1	1.48

Intercepts of 1m at less than 1g/t Au are not considered significant and are not reported.

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Appendix 2 - Assessment and Reporting Criteria

Section 1 - Sampling Techniques and Data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.	This report relates to results for reverse circulation (RC) drilling on the Napié Permit. Drilling on the Napié Permit is at an early stage. The focus of this program was on exploration drilling to test the lateral and strike continuity in areas of previously reported gold intercepts at the Tchaga Prospect and to test the potential between the Tchaga and Gogbala prospects on one drill fence along the regional trend.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sampling was undertaken along the entire length of RC drill holes. Each 1m RC drill hole interval was collected in a plastic sample bag. Two sub-samples were collected using a riffle splitter to obtain a 3-6kg sample each, the first for laboratory analysis and the second preserved for future reference/analysis as required.
	Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	Samples were submitted for lab analysis as 1m intervals. The samples submitted to the lab consisted of a 3-6kg riffle split of the 1m interval. Samples were submitted to Bureau Veritas Minerals in Abidjan for sample preparation during which the field sample was dried, the entire sample crushed to 70% passing 2mm, with a 1.5kg split by riffle splitter pulverized to 85% passing 75 microns in a ring and puck pulveriser. From this, a 200g subsample was collected and assayed for gold by 50g fire assay with AAS finish.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, _etc). _	RC drilling is carried out using a 53/8-inch face sampling hammer using a UDR650 drill rig.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	RC recoveries were determined by weighing each drill metre bag.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	The drill metre intervals collected were weighed to ensure consistency of sample size and monitor sample recoveries.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship has been observed between sample recovery and grade.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Geological logging was carried out on all RC chips by Mako Gold geologists. This included lithology, alteration, intensity of oxidation, intensity of foliation, sulphide percentages and vein percentages.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	A standard lithological and alteration legend is used to produce consistent qualitative logs. This legend includes descriptions, and a visual legend with representative photos for comparison purposes. Sulphide and vein content (expressed as %) are quantitative in nature. Intensities are qualitative in nature. A sample of RC chips are washed and retained in chip trays marked with hole number and down hole interval. All RC chip trays are photographed.
	The total length and percentage of the relevant intersections logged.	All drill holes are logged in full.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	Not applicable to RC drilling.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC samples are riffle split in the field to a notional 3-6kg sample per metre drilled, with the splitting method (single tier or 3-tier) based on the original sample weight. Splitting method is recorded for each sample. The use of a booster and auxiliary compressor provide dry samples for depths below the water table.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	A riffle splitter is used for RC samples to provide representative sub-samples. Industry standard sample preparation is conducted under controlled conditions within the laboratory and is considered appropriate for the sample types.

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Criteria	JORC Code explanation	Commentary
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	QAQC samples, consisting of a minimum of 2 blanks, 1 duplicate and 1 standard, were submitted with each drill hole. Regular reviews of the sampling were carried out by the supervising geologist to ensure all procedures were followed and best industry practice carried out. Sample sizes and preparation techniques are considered appropriate.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Duplicate sampling results are reviewed regularly. RC chips are inspected in areas with reported gold assay results to visually ascertain that results are consistent with the style of mineralisation expected.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered to be appropriate for the nature of mineralisation within the project area.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	RC samples were assayed at Bureau Veritas Minerals in Abidjan using 50g fire assay for gold which is considered appropriate for this style of mineralisation. Fire assay is considered total assay for gold.
	For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools have been used to determine assay results for any elements.
	Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Monitoring of results of duplicates, blanks and standards is conducted regularly. Internal laboratory QAQC checks are reported by Bureau Veritas Minerals and reviewed regularly.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Significant intersections are routinely monitored through review of drill chip photographs and by site visits by the General Manager Exploration.
	The use of twinned holes.	No twinning of holes was undertaken in this program which is at an early stage of exploration.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary data is collected on field sheets and then compiled on standard Excel templates for validation and data management. The database is maintained in Access.
	Discuss any adjustment to assay data.	All samples returning assay values below detection limit are assigned a value of 0.005g/t Au (half of the lower detection limit). No other adjustments have been applied to assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill hole collar locations are initially set out (and reported) using a hand-held GPS with a location error of +/- 5m. Collar positions are subsequently located using a hand-held GPS set to average for a minimum of 5 minutes. Elevations are extracted from digital terrain model data as handheld GPS elevations are inconsistent. Down hole surveys are routinely commenced from 6m down hole depth and additional readings taken at approximately 30m intervals thereafter.
	Specification of the grid system used.	The grid system used is WGS84. A northern hemisphere zone is applied that is applicable to the location of individual project areas.
	Quality and adequacy of topographic control.	A detailed topographic survey of the project area has not been conducted.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	RC drill holes are irregularly located, as they are based on wide- spaced exploration targets. A limited number of drill holes are drilled along sections spaced 50m apart at the Tchaga Prospect.
	Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	RC drilling reported is at an early stage of exploration and has not been used to estimate any mineral resource or reserve.
	Whether sample compositing has been applied.	No sample compositing was done.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	Exploration is at an early stage and, as such, knowledge on exact location of mineralisation and its relation to lithological and structural boundaries is not accurately known. However, the current hole orientation is considered appropriate for the program to reasonably assess the prospectivity of known structures interpreted from surface and other data sources.

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Criteria	JORC Code explanation	Commentary
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No orientation-based sampling bias has been identified in the data to date.
Sample security	The measures taken to ensure sample security.	Samples are stored securely on the project site under supervision of security guards and/or Company personnel. Company personnel maintain chain of custody of the samples prior to collection from site by laboratory personnel. Documentation is prepared to record handover of samples to laboratory personnel.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	A cursory review of the sampling techniques and data, appropriate to this early stage of exploration, was conducted. As a result of the review, sample size was increased from a nominal 2kg to 5kg.

Section 2 - Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The Napié Permit was granted to Occidental Gold SARL, a 100% owned, Ivorian registered, subsidiary of Perseus Mining Ltd, by decree No. 2012-1164 on 19th December 2012 and was valid for three years. The first, three-year renewal of the permit was granted to Occidental Gold by decree No: 181 /MIM/DGMG on 19 December 2016. The second, three-year renewal was granted to Occidental Gold by decree No: 00018 /MIM/DGMG on 21 March 2019. On 7th September 2017 Mako Gold Limited signed a Farm-In and Joint Venture Agreement with Occidental Gold SARL. The agreement gives Mako the right to earn 51% of the Napié Permit by pending US$ 1.5M on the property within three years and the right to earn 75% by sole funding the property to completion of a Feasibility Study. Mako has achieved the 51% earn-in ahead of schedule.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	The tenement is in good standing and no known impediments exist.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	Previous exploration was conducted by Occidental Gold (the permit owner) and consisted of surface geochemical sampling, auger sampling, an airborne geophysical survey and interpretation, RAB drilling and limited RC drilling (2 holes). Refer to Section 4.6 and Annexure A of Mako Gold’s Prospectus lodged on the ASX on 13 April 2018 for details on previous exploration.
Geology	Deposit type, geological setting and style of mineralisation.	The Napie Permit is located within the Lower Proterozoic Birimian Daloa greenstone belt. The style of mineralisation sought is structurally controlled orogenic gold, within an interpreted shear zone related to a regional-scale fault and secondary splays.
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length.	Drill collars are shown in the figures within the report. Significant intervals have been reported in the body of the report. A summary of drill information is contained in Appendix 1 of this report.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	A nominal 0.5g/t Au lower cut-off has been applied incorporating up to 2m of internal dilution below the reporting cut-off grade. Intercepts of 1m less than 1g/t Au are not considered significant and have not been reported. All reported assays have been length weighted. No density weighting or high-grade cuts have been applied.

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Criteria	JORC Code explanation	Commentary
	Where aggregate intercepts incorporate short lengths of high- grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	High grade gold intervals internal to broader zones of mineralisation are reported as included intervals. High grade intervals contained within broader zones of mineralisation are routinely specified in the summary results tables.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	No metal equivalent values have been used for reporting exploration results.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole _length, true width not known’). _	Intersection lengths are reported as down hole lengths (the distance from the surface to the end of the hole, as measured along the drill trace). True widths are unknown at this time as the orientation of mineralisation is not understood at this early stage of exploration.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Refer to Figures contained within this report.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	All results are reported with the exception of intercepts of 1m less than 1g/t Au which are not considered significant and have not been reported.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	No other exploration data that is considered meaningful and material has been omitted from this report
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	RC and diamond drilling is planned along strike and at depth to follow up the results reported in this announcement.

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