PERSEUS MINING LIMITED — Capital/Financing Update 2019

Jul 23, 2019

ASX:MKG www.makogold.com.au

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ASX Announcement

24 July 2019

Mako on Path to Earn up to 75% of Napié Permit - Côte d’Ivoire

Highlights:

• Mako earns-in 51% of Napié permit in Côte d’lvoire ahead of schedule

• JV partner Occidental Gold SARL elects not to contribute up to DFS due to other commitments

• Mako can earn up to 75% of permit by completing DFS

• Assay Results from recent drilling on Napié Project expected shortly

Mako Earns in 51% of Napié Project

Mako Gold Limited (“ Mako” or “the Company” ) is pleased to advise that it has earned-in a 51% interest on its Farm-in Joint Venture Agreement (FJVA) with Occidental Gold SARL (OG), a subsidiary of Perseus Mining Limited (ASX:PER) for the 224 km[2] Napié Permit in Côte d’Ivoire (Figure 1), signed on 6 September 2017[1] . Under the terms of the agreement Mako had up to three years to spend US$1.5 million on exploration on the permit in order to reach its first milestone and earn-in 51% of the project. Mako has fast-tracked exploration and reached that milestone in under two years, and just over one year after listing on the ASX.

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

1 Refer to Section 9.1 of Mako’s Prospectus and Section 4 of Mako’s Supplementary Prospectus, lodged on the ASX on 13 April 2018, for details of the Mako Gold/Occidental earn-in JV.

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

Occidental Gold Elects Not to Contribute Expenditures up to DFS Stage

Under the terms of the agreement, once Mako has achieved the required spend to acquire 51% of the project, OG can elect to contribute or not contribute expenditures until a Definitive Feasibility Study (DFS) has been completed, at which point both parties can elect to contribute or not contribute to a production decision. Whilst OG recognises that the project has merit it has elected not to contribute expenditures to the feasibility stage due to a strategic focus on its core assets.

Doug Jones, Group Exploration Manager for Perseus commented:

“Perseus recognises the potential demonstrated by results from Mako’s exploration at Napié to date, but has decided its primary focus must remain on its core assets whilst retaining exposure to the exploration up-side at Napié. We believe the project is in good hands and look forward to continuing positive news flow as Mako advances its programs over the coming months.”

Mako Can Earn up to 75% of the Permit by Completing a DFS

Since Occidental Gold has elected not to contribute to expenditures up to DFS stage, this gives Mako the opportunity to earn up to 75% of the Napié Project. According to the terms of the FJVA, if Mako continues to sole-fund expenditures on the Napié Permit, Mako can increase its interest up to 75% by completing a DFS on the permit. If Mako completes a DFS, OG can then elect to contribute post DFS. At that time, a joint venture company would be formed between Mako, OG and Australian African Investment Fund (AAIF), which has a pre-existing JVA with OG[1] .

Drilling Assays from Napié Project Expected Shortly

As previously announced[2] , Mako is awaiting assay results from its recent drilling program on the Napié Project in Cote d’Ivoire. The turn-around of the assay laboratory has been longer than expected as most explorers are submitting their samples to the lab prior to the onset of the wet season.

Mako expects to be able to announce results from drilling shortly.

Mako’s Managing Director, Peter Ledwidge commented:

“We are pleased to have reached our first milestone on the Napié project in just over one year from listing on the ASX. Now that Mako has earned-in 51% of the project this gives the Company a clear path to earning up to 75% upon the completion of a DFS. We would like to thank Occidental Gold for their continued support and look forward to continuing our mutually beneficial partnership.”

For further information please contact: Mr Peter Ledwidge Managing Director Ph: +61 417 197 842 Email: pledwidge@makogold.com.au

Paul Marshall Company Secretary/CFO Ph: +61 433 019 836 Email: pmarshall@makogold.com.au

Further information on Mako Gold can be found on our website www.makogold.com.au

2 Refer to ASX release dated 11July 2019

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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 highgrade 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[3] .

3 Refer to ASX announcement dated 29 January 2019

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