PERSEUS MINING LIMITED — Capital/Financing Update 2022

Aug 29, 2022

PERSEUS MINING ANNOUNCES MAIDEN UNDERGROUND ORE RESERVE AT YAOURÉ

Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce a maiden Ore Reserve of 2.2Mt at 3.58g/t for 259koz for the initial stages of mining of the CMA orebody by underground methods beneath the existing CMA open pit, at its Yaouré Gold Mine in Côte d'Ivoire.

A Pre-Feasibility Study (PFS) on the drilled-out portion of the CMA deposit at Yaouré (approximately two hundred metres down dip) has been completed which has proven the economic and technical viability of underground mining immediately beneath the existing open pit, adding additional value to the Yaouré Gold Mine.

More widely spaced drilling below the underground Ore Reserve has shown that mineralisation extends deeper allowing an extension to Inferred Mineral Resources at depth. The total Mineral Resource for CMA underground now exceeds 1Moz.

In addition, Perseus is pleased to report encouraging results from exploration drilling of the first hole in a deep drilling program to explore the potential for mineralisation well below any previously drilled holes.

Extension of Inferred Mineral Resources and continued drilling success down-dip, provides strong encouragement for further expansion of the CMA underground.

HIGHLIGHTS

• Indicated Mineral Resources at CMA underground amount to 3.7Mt at 4.48g/t for 537,000 ounces of contained gold, and Inferred Mineral Resources are estimated at 3.7Mt at 4.1 g/t gold containing 488,000 ounces of gold.
• Maiden underground Probable Ore Reserves estimated to date total 2.2Mt of ore grading 3.58g/t gold and containing 259,000 ounces of gold.
• Addition of the CMA underground to the Yaouré Gold Mine has the potential to extend the LOM and increase the annual ounce production profile by substituting low grade open pit feed with higher grade underground Ore Reserves.
• The first hole in a drilling program to test a target generated from the 2020 3D seismic survey has intersected CMA mineralisation significantly further down dip than any previously drilled hole, intersecting 6m at 2.11g/t, including 2m at 5.5g/t.

DEPOSIT	DEPOSIT TYPE	MEASURED RESOURCES				INDICATED RESOURCES		MEASURED & INDICATEDRESOURCES
		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
CMA 1, 2, 3, 4	Open Pit	-	-	-	23.6	1.43	1,090	23.6	1.43	1,090
CMA 5	U/ground	-	-	-	3.7	4.48	537	3.7	4.48	537
TOTAL		-	-	-	27.4	1.85	1,627	27.4	1.85	1,627

Table 2: CMA Inferred Mineral Resource6,7

		INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz
CMA 1, 2, 3, 4	Open Pit	3.8	0.9	105
CMA 5	U/ground	3.7	4.1	488
TOTAL		7.5	2.5	593

Notes:

1. Based on June 2022 Mineral Resource estimate.

2. Depleted for previous mining and to 30 June 2022 mining surface.

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

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

5. June 2022 Mineral Resource estimate, below Stage 3 pit and above 1.5g/t block grade cut-off.

6. Rounding of numbers to appropriate precisions may result in summary inconsistencies.

7. Mineral Resources are reported inclusive of Ore Reserves.

Table 3: CMA Probable Ore Reserves4,5

		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	-	-	-	15.6	1.95	980	15.6	1.95	980
CMA3	U/ground	-	-	-	2.2	3.58	259	2.2	3.58	259
TOTAL		-	-	-	17.9	2.16	1,239	17.9	2.16	1,239

Notes:

1. Based on depletion to 30 June 2022 mining surfaces.

2. Variable gold grade cut-offs for each material type, ranging from 0.40 g/t to 0.55 g/t.

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

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

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

Perseus's Managing Director and CEO Jeff Quartermaine said:

"Having attained the goal of producing gold at a rate of 500,000oz per year across our three gold mines, we are now working to maintain, and where possible, exceed that level of production over the next decade and beyond.

These latest drill results from Yaouré give us further confidence in the high-grade gold contained beneath the CMA open pit and the results of a Pre-Feasibility Study and maiden Ore Reserve for the first portion of CMA Underground Project are encouraging. This initial stage of the development will carry the bulk of the development costs of the underground operation, and as further Resources and Reserves are delineated by the drilling programs currently underway on the site, the average AISC should be reduced turning the CMA underground into a very profitable extension of the already profitable open pit operation.

We look forward to progressing Perseus's first underground mining development which is also likely to be the first large scale underground mine operating in Côte d'Ivoire."

INTRODUCTION

Perseus is currently mining the CMA orebody at the Yaouré Gold Mine in Côte d'Ivoire using conventional open pit mining methods. The CMA is a tabular zone of mineralisation 2-20 metres thick which generally grades at 3-7g/t gold and generally dips to the east at 20-35 degrees but can be shallower or steeper locally. Perseus reported its first open pit Mineral Resource and Ore Reserve in the News Release "Perseus Confirms Quality of Yaouré Gold Project" dated 3 November 2017 based on a Feasibility Study. The open pit Feasibility Study identified the potential for the CMA orebody to extend to depth. This was confirmed by a Concept Study entitled "Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré" dated 5 November 2018, which evaluated the potential to mine the orebody using underground mining methods and produced a maiden Mineral Resource estimate for the CMA underground.

In 2020 a 3D Seismic survey was completed over a large volume around the CMA pit, that provided encouragement that the CMA orebody continued further down dip from the area assessed in the 2018 Concept Study. Based on the findings, drilling programs were instigated in 2021 to convert the identified underground Inferred Mineral Resource to an Ore Reserve and to investigate the potential to extend the underground Inferred Mineral Resource further down dip. The two drilling programs were completed in the first half of 2022 which have resulted in production of this maiden Ore Reserve and extension of the Inferred Mineral Resource down-dip. The two drilling programs also had a small impact on the open pit Mineral Resource, mainly on the resource classification. A third drilling program commenced in May 2022 to test if the CMA continued further down dip and to test targets below the CMA identified from the 3D Seismic survey. Initial results from the deep drilling are included in this release.

After accounting for mine depletion, the CMA open pit Ore Reserves are materially unchanged from those previously stated. Please refer to release to ASX release "Perseus Updates Mineral Resource and Ore Reserve Estimates" dated 28 August 2019 for additional details.

CMA OPEN PIT MINERAL RESOURCE

The CMA open pit Mineral Resource estimate for the Yaouré Gold Mine has been updated to include all recent CMA resource drilling and is depleted to the 30 June 2022 surveyed mining surfaces. The updated CMA open pit Mineral Resource estimate is 23.6Mt at 1.43g/t gold for 1,090koz of Indicated Mineral Resources and 3.8Mt at 0.9g/t gold for 105koz of Inferred Mineral Resources.

The updated CMA open pit estimate includes an additional 135,186 metres of RC and diamond drilling primarily targeting the CMA lode to delineate and convert the previous underground CMA Inferred Mineral Resource to an Indicated Mineral Resource. The inclusion of the additional drilling results in a minor conversion of Inferred to Indicated Mineral Resources within the reporting US$1,800/oz pit shell. The CMA open pit estimate is reported after adjustment for the CMA underground being reported below the CMA Stage 3 pit design. The CMA underground Mineral Resource was previously reported below the US$1,800/oz pit shell. The increase in the CMA underground Mineral Resource between the stage 3 pit design and US$1,800/oz pit shell accounts for a decrease of 321koz in the CMA open pit estimate that is attributable to the increase in the CMA underground Mineral Resource.

After accounting for mine depletion of 344koz, an adjustment for the underground Mineral Resource within the US$1,800/oz pit shell and the inclusion of additional CMA resource drilling, the CMA open pit Mineral Resource estimate remains materially unchanged from the previous CMA open pit estimate reported at 30 June 2019 and readers are referred to ASX release "Perseus Updates Mineral Resource and Ore Reserve Estimates" dated 28 August 2019 for additional details.

The 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). The classification categories of Measured, Indicated and Inferred under the JORC Code are equivalent to the CIM categories of the same names (CIM, 2014).

The currently estimated open pit Mineral Resources at CMA are summarised in Table 4 and 5 below.

Table 4: CMA Open Pit Measured & Indicated Mineral Resources5,6

DEPOSIT	DEPOSIT TYPE	MEASURED RESOURCES				INDICATED RESOURCES		MEASURED & INDICATEDRESOURCES
		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
CMA 1, 2, 3, 4	Open Pit	-	-	-	23.6	1.43	1,090	23.6	1.43	1,090
TOTAL		-	-	-	23.6	1.43	1,090	23.6	1.43	1,090

Table 5: CMA Inferred Mineral Resource5,6

DEPOSIT		INFERRED RESOURCES
	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz
CMA 1, 2, 3, 4	Open Pit	3.8	0.9	105
Total		3.8	0.9	105

Notes:

1. Based on June 2022 Mineral Resource estimate.

2. Depleted for previous mining and to 30 June 2022 mining surface.

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

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

5. Rounding of numbers to appropriate precisions may result in summary inconsistencies.

6. Mineral Resources are reported inclusive of Ore Reserves

CMA UNDERGROUND MINERAL RESOURCE

The CMA underground Mineral Resource estimate for the Yaouré Gold Mine has been updated to include all recent CMA resource drilling. The updated CMA underground Mineral Resource estimate is 3.7Mt at 4.48g/t gold for 537koz of Indicated Mineral Resources and 3.7Mt at 4.1g/t gold for 488koz of Inferred Mineral Resources.

The updated CMA underground estimate includes an additional 95,652 metres in 315 drill holes targeting the CMA lode to delineate and increase the confidence of the CMA underground Mineral Resource to support the maiden CMA underground Ore Reserve. The CMA underground is reported below the CMA Stage 3 pit design at a 1.5g/t gold cut-off grade. This is a change from the previous stated CMA underground Mineral Resource which was reported below the US$1,800/oz pit shell at a 2.0g/t gold cut-off grade. The change in cut-off grade and reporting below the CMA Stage 3 pit design aligns the CMA underground Mineral Resource with the outcomes of the CMA underground PFS.

The 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). The classification categories of Measured, Indicated and Inferred under the JORC Code are equivalent to the CIM categories of the same names (CIM, 2014).

The currently estimated underground Mineral Resources at CMA are summarised in Table 6 and 7 below.

Table 6: CMA Underground Measured & Indicated Mineral Resources2,3

DEPOSIT	DEPOSIT TYPE	MEASURED RESOURCES				INDICATED RESOURCES		MEASURED & INDICATEDRESOURCES
		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
CMA 1	U/ground	-	-	-	3.7	4.48	537	3.7	4.48	537
TOTAL		-	-	-	3.7	4.48	537	3.7	4.48	537

Table 7: CMA Underground Inferred Mineral Resource2,3

		INFERRED RESOURCES
DEPOSIT	DEPOSIT TYPE	QUANTITY	GRADE	GOLD
		Mt	g/t gold	'000 oz
CMA 1	U/ground	3.7	4.1	488
Total		3.7	4.1	488

Notes:

1. June 2022 Mineral Resource estimate, below Stage 3 pit and above 1.5g/t block grade cut-off.

2. Rounding of numbers to appropriate precisions may result in summary inconsistencies.

3. Mineral Resources are reported inclusive of Ore Reserves

GEOLOGY

The CMA gold deposit occurs near the south-eastern flank of the Bouaflé greenstone belt in central Côte d'Ivoire. Mineralisation is hosted by Paleoproterozoic aged metabasalts of the Birimian Supergroup. The rocks are metamorphosed to lower greenschist facies and only locally feature penetrative deformation fabrics.

Gold mineralisation is associated with quartz-albite-carbonate veining in reverse fault structures, forming a series of interconnected lodes the best developed of which dip at 25 to 30 degrees to the east. The CMA Underground resource comprises five lodes with horizontal widths ranging from 2-3 metres up to 15-20 metres. Ninety per cent of the Indicated Resource tonnage and 93% of the Indicated Resource contained metal is hosted in two principal lodes. Gold is associated with disseminated pyrite within veins and altered wall-rocks. No significant concentrations of other economic metals or deleterious elements are known to occur within the mineralisation. Arsenopyrite and molybdenite occur in trace quantities.

CMA underground Mineral Resource extends from the designed base of the CMA open pit at approximately 200 metres vertical depth, to a maximum vertical depth of approximately 275 metres for Indicated Resources and 425 metres for Inferred Resources. The corresponding down-dip extents beneath the pit design base are approximately 200 metres and 350 metres. The Mineral Resource extends over 1,200 metres in strike length.

DRILLING TECHNIQUES

The CMA underground Mineral Resource estimate is informed by RC and diamond core intercepts in holes drilled between 2012 and 2015 by Amara Mining plc, and holes drilled from July 2017 onward by Perseus Mining (Table 8). Ninety-one per cent of the intercepts that inform the resource estimate are comprised from diamond core samples.

			Amara Mining	Perseus Mining
Lode	No. of Intercepts	RC	DD	RC	DD
CMAFW1	410	25	77	3	305
CMAHW1	180	14	31	2	133
CMAHW2	7	-	-	-	7
CMAHW3	26	1	4	-	21
CMANW1	57	1	23	15	18
Totals	680	41	135	20	484

Table 8: CMA Lode Intercepts by Drill Type and Period

Drill hole collar locations were surveyed by qualified surveyors using total station or differential GPS equipment. Both RC and diamond core holes were down-hole surveyed at approximately 30m intervals. Diamond core in fresh rock was routinely oriented.

DRILL COVERAGE

The CMA underground lodes are delineated by regular drilling at 25mN x 30 metres down-dip spaced holes to between 200 and 275 metres below natural surface. The drill spacing is considered sufficient to define Indicated Mineral Resources. Partial coverage at 100 x 100 metre spacing to approximately 400 metres below surface is considered sufficient to define Inferred Mineral Resources.

Holes have generally been drilled dipping at -55 to -75 degrees toward 270 degrees (UTM grid) azimuth, approximately orthogonal to the dip and strike of the principal lodes (CMAFW1 and CMAHW1) and drill intercept lengths closely approximate true widths of mineralisation. In the CMA NW lode, drill holes are oblique to the lode and the effective along-strike drill spacing is 40 to 50m and mineralisation true width is approximately 65% of intercept length.

Mineralisation remains open at depth.

SAMPLING

RC drill samples were collected at drill sites over 1 metre intervals and split using multi-stage riffle splitters. Subsample weights were nominally 3kg. For some Amara and most Perseus RC drilling, sample recovery was measured by weighing bulk recovered samples. For Amara and Perseus RC drill campaigns, samples were logged

visually for recovery, moisture and contamination. The majority of Amara and Perseus RC samples were logged as dry and sample contamination in RC holes is not considered a significant risk to the reliability of the resource estimate.

Diamond core was sawn in half using a diamond blade saw, with one half sent for assaying and the other half stored in core trays for reference. Samples were normally taken over 1 metre intervals. For most Amara and Perseus core drilling, core recoveries were measured and averaged in excess of 98% in fresh rock.

SAMPLE ANALYTICAL METHODS

Samples comprising 70% of the lode intercepts upon which the resource estimate is based were prepared on site by Cluff, Amara and Perseus in a dedicated sample preparation facility. Sample preparation typically comprised drying, crushing to -2 millimetres and pulverising of a 1.5-kilogram subsample. Internal laboratory checks required at least 85% of the pulp passing -75 microns. The remainder of samples were prepared by commercial laboratories using nearly identical schemes.

Assaying has been carried out by various commercial laboratories consistently using 50-gram Fire Assay ("FA") technique with Atomic Absorption Spectroscopy ("AAS") determination.

A consistent regime of quality assurance has been employed including submission of duplicate pulp samples, coarse blanks and certified reference materials.

ESTIMATION METHODOLOGY

Mineral Resources were estimated by Ordinary Kriging (OK) of 1 metre down-hole composited gold grades from RC and diamond drilling.

Polygons were digitised on 25 metre spaced east-west cross-sections (SW-NE cross-sections for CMANW1 lode) to represent mineralisation of greater than 2g/t gold. Mineralisation outlines were extended through areas where lower grade intercepts indicate continuity of the lode structures. In such areas a minimum intercept length of 2 metres was applied. Polygon vertices were snapped to drill hole traces in three dimensions. The polygons were extended to 600mRL, approximately 350 metres down-dip of the deepest drill intercepts.

The polygons were combined to form 3D wireframes and the wireframes checked for spatial integrity and closure.

Drill sample intervals with mid-points lying within the wireframes were flagged and then composited to 1 metre intervals with residuals down to 0.5 metres and up to 1.5 metres permitted. Composites lying within the CMA final (Stage 3) pit design volume, except for the lowermost drill intercept on each cross-section, were discarded to prevent them affecting estimates of the CMA Underground. Mineralisation widths and grades are generally enhanced in the mineralisation lying within the pit design.

A top cut of 20g/t Au, approximating the 98th percentile of gold grades, was applied to composites in all lodes.

A series of template block models was generated with parent block dimensions of 5.0mE x 12.5mN x 5.0mRL.

For each lode, gold grades were estimated into parent blocks with dimensions 5mE x 12.5mN x 5mRL by ordinary kriging, with estimates being informed only by samples lying within the relevant wireframe (i.e., the search employed hard boundaries). A "waste" block model was also created using all drill hole composites lying outside of the lode wireframes. A series of progressively more relaxed search criteria were applied (Table 9).

Table 9: Key parameters for CMA underground estimation search passes

Search Pass	Radii (m)(X Y Z)	MinimumData	MinimumOctants	MaximumData
1	50,50,10	16	4	32
2	75,75,15	16	4	32
3	75,75,15	8	2	32
4	150,150,30	8	2	32

Search ellipses were oriented to reflect the strike and dip directions of each of the lodes.

For each lode model and the "waste" model, parent blocks were then cut to the lode wireframe with a minimum permitted sub-block size of 1.0mE x 2.5mN x 1.0mRL to reasonably represent the lode volumes. The sub-blocked models were then combined to create the final block model.

The reported Mineral Resources comprise sub-blocks lying within the lode wireframes, below the CMA final (Stage 3) pit design and below the base of weathering, above a block cut-off grade of 1.5g/t Au.

A constant bulk density of 2.75 tonnes per cubic meter was applied to the block model, based on 292 bulk density measurements of mineralised core samples.

RESOURCE CLASSIFICATION

Indicated Mineral Resources are confined to areas of approximately 25 metres x 30 metres drill coverage, with Inferred classified estimates in more broadly sampled mineralisation. Inferred Mineral Resources generally extend to a maximum of around 100 metres from drilling.

POTENTIAL FOR EVENTUAL ECONOMIC EXTRACTION

Mineral Resources comprise model blocks with an estimated gold grade above 1.5g/t Au, the average break-even cut-off grade that derives from cost and revenue parameters estimated in the CMA underground Pre-feasibility Study and a gold price of US$1,800/oz.

There are no regulatory, environmental or social impact considerations presently known that are likely to impact eventual economic extraction of the Mineral Resource.

The Mineral Resource estimate stated herein does not consider other modifying factors that might arise out of mine planning and design such as ore loss, mining dilution or other mineralised material that might be mined in order to access stoping areas.

CMA UNDERGROUND MAIDEN ORE RESERVE

The CMA underground Maiden Ore Reserve is supported by a Pre-Feasibility level study which establishes the technical and economic viability of the CMA underground project. Studies include metallurgical, geotechnical and hydrogeological testwork, as well as individual analysis and investigations in relation to mining ventilation, paste backfill, mining methods, and capital and operating cost estimates. Studies have been undertaken by Perseus technical staff and expert consultants.

The CMA underground maiden Ore reserve is shown in Table 10 below.

Table 10: CMA Underground Probable Ore Reserves1,2,3

		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
CMA	U/ground	-	-	-	2.2	3.58	259	2.2	3.58	259
TOTAL		-	-	-	2.2	3.58	259	2.2	3.58	259

Notes:

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

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

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

CUT-OFF GRADES

Cut-off grades for the CMA underground Ore Reserve range from 0.5g/t for development ore to 2.5g/t for production (stoping) ore. Cut-off calculation revenues are estimated at a gold price of $1,500/oz, and are inclusive of royalties, mining, processing and governance and administration (G&A) costs where relevant.

MINING ASSUMPTIONS

The CMA underground will be mined by a combination of flat longhole open stoping and conventional longhole open stoping mining methods. These methods have been selected as the most cost effective and productive mining methods for the flat-dipping CMA orebody. The mining method is dependent upon the dip of the orebody which ranges from 5 degrees to 20 degrees for the majority of flat longhole stoping, and up to 52 degrees for conventional longhole stoping. The mine design encompasses significant variability in plunge and dip across the deposit, for which a flexible mining method is required. Flat longhole stoping accounts for the majority of ore tonnes (99%), while conventional stoping applies only to the CMA north-west area of the mine (1% of ore tonnes).

Mining equipment will be mechanised, and equipment is planned to include electric-hydraulic drills for development and production, and rubber tyred loaders and trucks for load and haul activities. Production loading will incorporate tele-remote loading for non-entry mining stopes.

The CMA underground Pre-Feasibility study considered both paste backfill and "no backfill" cases for mining the CMA deposit. Both alternatives (paste fill or no fill) are viable for the CMA underground project, however geotechnical assessment of the ground conditions at CMA resulted in the ability to recovery a high proportion of the orebody with pillars (up to 90% extraction ratio) due to good ground conditions and low stress regimes. This high ore recovery for the case without paste fill results in reduced comparative economics for the paste fill case for CMA, which requires additional capital investment. At this stage, backfill is not part of the mine plan, however paste fill studies have been undertaken to PFS level. If Ore Reserves increase and the mine gets deeper, there may be a case in the future for implementation of a reticulated backfill system such as paste fill.

Mining extraction ratios for CMA underground Ore Reserves are dependent upon the dimensions and spacing of pillars throughout the orebody. The CMA Ore Reserve assumes 40 metre open stopes (along strike) and pillars of 10 metres by 10 metres, which equates to 87% extraction ratio (mining recovery). Forty metre stope strike extents are considered a practical distance over which to successfully operate remote loaders to recover ore from flat longhole open stopes.

Planned dilution (within mining stopes) for the CMA underground flat longhole open stoping is 36% (on tonnes basis) based upon a production (stoping) cut-off of 2.5g/t. Thirty six percent is relatively high dilution for longhole stoping, however this is not unexpected due to the flat footwall of the stopes (slope of 1:6), which is designed to accommodate trafficability by remote loaders to ensure planned stoping (mining) recoveries are achievable. A minimum mining width of 4.0 metres is assumed for all stoping types to allow access to stopes by large, mechanised mining equipment.

Unplanned dilution (additional to mining shapes) is 5% for development and 10% for production.

Mining recoveries applied to flat and conventional longhole stoping across the whole of the mine (including the crown pillar) are in addition to mining recovery due to pillars of 87% stated above.

Mining recovery for flat longhole stopes is planned to be 90%, except for within the crown pillar where a lower recovery of 75% is assumed.

Mining recovery for conventional longhole open stopes in the CMA north-west is 85%, due to the steeper minimum footwall angle of 30 degrees which will neither rill nor be trafficable by loaders. It is envisaged that for this small proportion of the orebody (1% of tonnes), hydraulic or other assistance will be required to slough ore from the footwall.

MINE DESIGN

Development design for CMA underground consists of two sets of portals, initially at the southern end of the CMA pit, and later at the northern end of the pit. The northern portals are required to increase ventilation quantities once full production rates of 720ktpa are reached. At either end of the pit, there is an intake portal and an exhaust portal, with the exhaust portal also to be used for emergency egress. Due a relatively deep weathering profile at Yaouré and the availability of the CMA open pit void, lateral development in fresh rock material is more cost effective than vertical shafts. CMA underground Ore Reserve design shown in Appendix 1 – Figures 6 and 7.

Development ore drives are nominally 4.7 metres wide by 5.0 metres high, however both drive height and width can increase to accommodate the dimensions of the orebody.

Production design for flat longhole open stopes include a footwall design slope of 1:6 to allow trafficability for remote loaders. Flat longhole stopes are spaced 10 metres horizontally apart (wall to wall), which limits the length of production drillholes to a practical and achievable length of less than 16 metres, depending upon the forward angle of the holes and the dip of the orebody. The slightly steeper dipping conventional longhole stopes (in the CMA northwest) are nominally spaced 17 metres vertically apart and have a minimum footwall angle of 30 degrees.

Stope optimisations were run on only Indicated Mineral Resources. Inferred Mineral Resources were considered as waste for the purposes of optimisation. There are no Measured Mineral Resources for the CMA underground.

MINE SCHEDULE

A mine schedule for the CMA underground Ore Reserve has been developed. The maximum production rate for the CMA underground is 720ktpa (60kt per month of ore). Based on current assumptions of development and production rates, the limiting constraints are the number of available headings. The mining sequence is a combination of topdown and bottom-up mining, providing flexibility for production to be maintained depending upon the available number of development headings and stoping areas.

METALLURGICAL ASSUMPTIONS

The Yaouré processing plant uses crushing, grinding, gravity and cyanide leaching to extract gold. The plant has a nominal nameplate capacity of 3.3Mtpa on fresh ore. The technology used in the processing plant is well proven, and the plant has been operating successfully since December 2020.

Testwork and analysis for the CMA underground Pre-Feasibility Study has resulted in the generation of a metallurgical processing recovery formula which represents the spatial distribution of processing recovery across the orebody.

The processing recovery formula has been incorporated into the mine schedule to apply recoveries based on the spatial location of the relevant mining shape. The range of processing recoveries estimated by the recovery formula for the CMA underground Ore Reserve ranges from 88.2% to 91.5% on a monthly basis. The optimum recovery is achieved at a 53 micron grind size, slightly finer than the 75 micron grind for the open pit ore. The underground ore will therefore be batch treated utilising more of the available mill power.

The average metallurgical processing recovery for the CMA underground Ore Reserves is 90.3%.

INFRASTRUCTURE

Power, water, workshops, offices, storage of reagents and laboratory are established at the processing plant to support open pit and processing activities for the existing Yaouré Gold Mine.

A camp is established to accommodate non-local employees, and this will be expanded to accommodate the underground workforce.

Additional contractor and client offices, changerooms and workshop facilities will be established for the CMA underground. Costs have been accounted for in the CMA underground development capital estimate.

COSTS

Costs for CMA underground Ore Reserves include contractor pricing estimates obtained for the PFS, capital costs generated by Perseus based upon experience of project construction and operating in West Africa, and supplier cost "book" prices for consumables such as explosives. Where possible, known costs from the Yaouré Gold Mine were included in the CMA underground PFS, including for local labour, site-based costs and consumables common to the underground and the existing open pit operation (such as diesel).

Overall mining costs for the CMA underground include US$78/t ore, or US$105/t ore including sustaining capital. Project development capital is estimated at US$18M.

Processing and G&A costs are estimated to be SU$15/t ore and US$7/t ore respectively. All costs, metal prices and revenues are in United States Dollars (USD).

ECONOMIC ASSUMPTIONS

A gold price of US$1,500/oz is used for mine planning and generating cut-off grades for stope optimisation.

Economic modelling by Perseus is at US$1,500/oz.

Bullion and refining cost of US$3.42/oz is assumed, as is a government royalty of 4% of the metal price.

AISC for the CMA UG Ore Reserves are in the range US$1,250oz to US$1,300/oz.

ENVIRONMENT AND PERMITTING

There are currently no underground mines in Côte d'Ivoire, and as such there is no specific underground mining regulation. Recent experience of other mining companies in neighbouring West African jurisdictions is that this does not preclude the development of underground projects.

Perseus will continue to engage the Ivorian government in relation to permitting and future underground development at Yaouré, including the CMA underground.

CLASSIFICATION OF ESTIMATE

Ore Reserves have been classified based on the underlying Mineral Resources classifications. Ore Reserves, based on Indicated Resources, have been classified as Probable Ore Reserves.

The Ore Reserve classification is considered appropriate given the Pre-Feasibility level study which supports the Ore Reserve, based upon expert testwork and analysis at the appropriate (PFS) level of confidence.

Stope optimisations were run on only Indicated Mineral Resources. Inferred Mineral Resources were considered as waste for the purposes of optimisation.

In addition to the conversion of Indicated Mineral Resources, incidental mineralisation above cut-off and within development results in 2% of ounces not resulting from Indicated Mineral Resources. This combination of Unclassified and Inferred material and accounts for 57kt tonnes at 2.9 g/t resulting in 5,300 ounces which is included within the Ore Reserve. This incidental mineralisation is not considered material to the CMA underground Ore Reserve.

CMA EXPLORATION DRILLING

Perseus has continued to focus recent exploration activities on the Yaouré permits at the CMA Down-dip and CMA Deeps prospects, both located within two kilometres of the Yaouré mill (Appendix 1 - Figure 1). Results received continue to demonstrate the potential for the Company to materially grow its gold inventory at Yaouré through further drilling success.

The CMA Deeps drilling is in progress and comprises three completed deep diamond holes for 3,290 metres. These holes are testing multiple targets generated following interpretation of the 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage. A fourth hole (planned to 2,000 metres) is in progress. Continuous assessment and interpretation of the results from this drilling have allowed the program to be refined on an ongoing basis.

Early results from the CMA Deeps seismic drilling are promising and continue to demonstrate the potential for Perseus to materially grow its gold inventory at Yaouré by organic means. The significant results include:

‐ YDD0569: 6.0m @ 2.11 g/t Au from 543.0m, including 2.0m @ 5.50 g/t Au from 547.0m (Appendix 1 – Figure 5)

The intersection from YDD0569 is 200 metres down-dip from previous drilling and assays remain pending for the lower part of YDD570 which tested previously undrilled targets generated using the 3D seismic data in the footwall of the CMA.

CMA RESOURCE DEFINITION DRILLING

Perseus last announced results of drilling completed at CMA on 13 April 2022 with ASX Release "Perseus Discovers more High-grade Gold at Yaouré Mine". Perseus has now completed the infill and extensional drilling targeting the CMA lode, the results from which are included in the 2022 CMA open pit and underground Mineral Resource update detailed in this release.

Infill and extensional drilling completed since the ASX release in April of the defined CMA Mineral Resource confirms further high-grade gold mineralisation, with recent results including:

• ‐ YRC2132D: 9.0m @ 21.5 g/t Au from 190.0m, including 7.0m @ 27.6 g/t Au from 190.0m
• ‐ YRC2021D: 5.2m @ 6.03 g/t Au from 258.8m
• ‐ YRC2100D: 31.2m @ 2.30 g/t Au from 321.0m, including 4.6m @ 7.52 g/t Au from 347.0m
• ‐ YRC1921D: 10.3m @ 15.51 g/t Au from 299.0m, including 5.4m @ 29.05 g/t Au from 301.9m
• ‐ YRC2080D: 10.55m @ 5.89 g/t Au from 242.5m, including 6.95m @ 8.67 g/t Au from 242.5m
• ‐ YRC2090D: 11.9m @ 4.99 g/t Au from 248.3m, including 7.6m @ 7.23 g/t Au from 249.4m
• ‐ YRC2112D: 12.3m @ 4.80 g/t Au from 282.7m, including 4.2m @ 8.63 g/t Au from 248.3m
• ‐ YRC2107D: 5.5m @ 10.72 g/t Au from 325.0m
• ‐ YRC2114D: 13.0m @ 3.89 g/t Au from 261.0m, including 7.8m @ 5.99 g/t Au from 262.0m
• ‐ YRC2124D: 11.0m @ 6.30 g/t from 326.0m
• ‐ YRC2129D: 9.3m @ 5.77 g/t Au from 366.7m
• ‐ YRC2032D: 18.2m @ 2.91 g/t Au from 219.0m, including 3.1m @ 11.15 g/t Au from 219.0m and 1.5m @ 4.37 g/t Au from 235.7m
• ‐ YRC1919D: 8.4m @ 6.27 g/t Au from 291.4m, including 7.4m @ 7.07 g/t Au from 292.4m

‐ YDD0570: 18.0m @ 4.64 g/t Au from 326.0m, including 8.0m @ 6.57 g/t Au from 327.0m and 2.0m @ 5.97 g/t Au from 338.0m

Selected intercepts from the Yaouré CMA drilling are shown in Appendix 1 - Figures 2, 3 and 4. A complete summary of significant drilling results for CMA are included in Appendix 2 – Table 2.2.

CMA UNDERGROUND NEXT STEPS

Perseus is currently undertaking both resource definition drilling and down-dip exploration drilling for the CMA underground project, in order to convert Inferred Mineral Resources to Indicated Mineral Resources, and to extend the Inferred Mineral Resource further down-dip, and to the north-west of the current CMA Ore Reserve.

The drilling program is underway on the CMA north-west orebody (currently comprising 1% of the underground Ore Reserve) and an infill programme to convert the Inferred Resource to Indicated is planned later in the year, stepping out the reserve up to 200 metres further down dip. In addition, preliminary assays from the first hole of a six-hole deep drilling programme under the CMA structure have revealed the additional mineralisation extends a further 200 metres down dip.

This announcement has been approved for release by the Board.

Competent Person Statement:

The information in this report that relate to Mineral Resources for CMA open pit, CMA underground, and exploration drilling results at the Yaouré Project is based on, and fairly represents, information and supporting documentation prepared by Hans Andersen, a Competent Person, employee of Perseus and Member of the Australian Institute of Geoscientists. Mr Andersen, 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"). Hans Andersen 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 CMA underground 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. 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 NI43-101. 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 material assumptions underpinning the estimates of Ore Reserves described in "Technical Report — Yaouré Gold Project, Côte d'Ivoire" dated 18 December 2017 continue to apply.

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 due to the COVID-19 pandemic or otherwise, 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

www.perseusmining.com

CONTACTS:

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

Claire Hall Corporate Communications +61 474 558 202 claire.hall@perseusmining.com

APPENDIX 1 - FIGURES

Figure 1: Yaouré Gold Project – Tenements and Prospects

Figure 2: CMA Underground Resource Drilling and Results Summary

Figure 3: CMA Underground Resource – Long Section

Figure 4: CMA Underground Resource – Drill Section 777,010mN (+/-12.5m window)

Figure 6: Isometric (inclined) view of CMA Stage 3 Open Pit and CMA Underground Ore Reserve

Figure 7: Long section view of the CMA stage 3 pit, underground Ore Reserve design and Mineral Resource above 1.5g/t cutoff. The Mineral Resource is coloured by classification (dark blue = Indicated, light blue/ green = Inferred).

APPENDIX 2 – SIGNIFICANT INTERCEPTS TABLES

Table 2.1: CMA Drilling - drill holes and significant assays

(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
		CMA Underground Resource Drilling
YDD0566	221,754.8	776,760.0	347.2	RCD	270	-54	330.0	305.0	12.0	2.58
YDD0566	Including							310.0	2.0	11.4
YDD0568	221,685.6	777,532.1	265.9	DD	225	-69	295.5	139.0	4.1	1.69
YDD0568	Including							139.0	2.5	2.43
YDD0568	And							204.0	3.0	1.08
YDD0568	And							280.0	7.0	1.59
YRC1901D	221,659.5	777,185.1	281.0	RCD	270	-60	271.2	254.0	4.0	0.98
YRC1912D	221,650.1	777,435.0	266.2	RCD	270	-62	267.3	240.0	4.3	8.83
YRC1917D	221,682.0	776,635.0	336.8	RCD	270	-59	267.7	91.0	2.0	1.77
YRC1917D	And							201.0	1.0	3.11
YRC1917D	And							253.0	1.0	1.07
YRC1919D	221,709.7	777,534.6	267.3	RCD	270	-64	310.2	115.0	2.0	2.04
YRC1919D	And							210.0	3.0	4.39
YRC1919D	And							291.4	8.4	6.27
YRC1919D	Including							292.4	7.4	7.07
YRC1920D	221,609.8	777,584.5	260.8	RCD	270	-63	285	218.0	2.0	3.19
YRC1920D	And							257.8	6.9	5.53
YRC1921D	221,630.0	777,684.6	259.6	RCD	270	-61	318.3	56.0	8.0	1.59
YRC1921D	And							123.0	4.0	1.36
YRC1921D	And							157.0	11.0	1.02
YRC1921D	Including							160.3	2.5	2.58
YRC1921D	And							299.0	10.3	15.51
YRC1921D	Including							301.9	5.4	29.05
YRC1964D	221,736.2	777,334.5	278.2	RCD	270	-65	300.1	250.1	2.1	3.04
YRC1964D	Including							250.1	1.1	5.57
YRC1965D	221,690.1	777,385.1	270.9	RCD	270	-60	280.3	262.3	4.3	5.17
YRC1965D	Including							263.4	2.2	9.82
YRC1972D	221,759.8	777,384.9	274.5	RCD	270	-61	312.0	231.0	3.0	1.36
YRC1972D	And							292.1	3.0	1.97
YRC1972D	And							299.1	2.5	2.13
YRC1980D	221,783.5	776,860.3	353.3	RCD	270	-68	345.4	273.0	2.0	2.10
YRC1995D	221,781.4	777,109.8	297.2	RCD	270	-70	336.1	296.7	3.3	3.25
YRC1995D	And							306.0	3.0	1.65
YRC1995D	And							315.0	8.0	3.06

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC1995D	Including							317.0	6.0	3.96
YRC1996D	221,759.8	777,059.9	308.8	RCD	270	-67	321.20	205.0	3.0	3.81
YRC1996D	And							301.0	6.9	1.68
YRC1996D	Including							302.0	5.0	2.21
YRC2000D	221,678.5	777,109.9	292.5	RCD	270	-72	276.6	269.0	6.0	5.04
YRC2003D	221,702.6	777,210.0	278.5	RCD	270	-69	276.6	174.0	2.0	3.24
YRC2003D	And							261.0	7.0	2.06
YRC2003D	Including							265.9	1.0	11.85
YRC2005D	221,761.9	777,209.7	287.7	RCD	270	-70	315.1	52.0	8.0	1.65
YRC2005D	And							287.0	12.0	2.29
YRC2010D	221,619.7	777,259.9	270.5	RCD	270	-53	265.5	239.0	7.0	1.58
YRC2010D	Including							241.0	5.0	2.11
YRC2010D	And							252.0	7.0	1.83
YRC2011D	221,623.5	777,259.9	270.6	RCD	270	-71	258.1	190.0	1.0	27.2
YRC2011D	And							217.0	2.0	1.00
YRC2011D	And							228.0	18.0	1.94
YRC2011D	Including							232.0	13.0	2.51
YRC2012D	221,721.8	777,259.9	276.2	RCD	270	-69	285.2	269.0	5.0	6.46
YRC2012D	Including							270.1	3.9	8.12
YRC2016D	221,726.6	777,309.6	278.6	RCD	270	-71	300.3	280.0	1.0	2.61
YRC2021D	221,679.8	777,359.9	272.8	RCD	270	-62	272.3	258.8	5.2	6.03
YRC2022D	221,759.6	777,359.8	275.9	RCD	270	-60	312.2	296.8	2.2	5.91
YRC2022D	Including							296.8	1.5	8.57
YRC2024D	221,679.7	777,409.7	269.2	RCD	270	-55	275.2	257.0	6.0	5.51
YRC2026D	221,761.4	777,410.0	273.4	RCD	270	-66	315.3	300.0	10.8	2.22
YRC2026D	Including							301.8	6.9	3.30
YRC2030D	221,659.2	777,509.8	264.8	RCD	270	-61	282.1	143.0	2.0	1.91
YRC2030D	And							149.0	2.0	4.29
YRC2030D	And							253.0	8.0	5.74
YRC2031D	221,569.3	777,559.9	259.4	RCD	270	-58	267.0	213.0	3.0	4.84
YRC2023D	221,599.1	777,409.9	264.7	RCD	270	-56	252.1	227.0	5.0	1.77
YRC2023D	Including							229.0	1.1	6.33
YRC2023D	And							238.0	9.0	1.49
YRC2023D	Including							243.6	2.5	4.45
YRC2024D	221,679.7	777,409.7	269.2	RCD	270	-55	275.2	257.0	6.7	4.98
YRC2026D	221,761.5	777,410.0	273.4	RCD	270	-66	315.3	183.0	1.0	0.83
YRC2026D	And							202.0	2.0	1.92
YRC2026D	And							301.8	9.0	2.62
YRC2032D	221,600.2	777,460.3	263.4	RCD	270	-58	249.2	187.0	2.0	2.62

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC2032D	And							219.0	18.2	2.91
YRC2032D	Including							219.9	3.1	11.15
YRC2032D	Including							235.7	1.5	4.37
YRC2054D	221,777.0	776,960.0	350.3	RCD	270	-71	342.2	309.1	2.6	2.47
YRC2054D	Including							309.1	1.5	3.72
YRC2054D	And							330.5	6.1	1.85
YRC2054D	Including							330.5	1.9	5.55
YRC2057D	221,822.0	777,060.1	323.3	RCD	270	-71	360.4	293.0	2.0	3.98
YRC2057D	And							328.8	4.2	3.31
YRC2059D	221,660.1	777,460.0	266.7	RCD	270	-60	265.1	174.0	4.0	2.90
YRC2059D	And							245.5	5.5	2.22
YRC2060D	221,600.2	777,659.5	259.2	RCD	270	-61	300.4	24.0	8.0	1.30
YRC2060D	221,600.2	777,659.5	259.2	RCD	270	-61	300.4	236.0	7.0	2.95
YRC2060D	Including							236.0	2.0	9.34
YRC2060D	221,600.2	777,659.5	259.2	RCD	270	-61	300.4	281.0	5.0	4.73
YRC2062D	221,584.9	777,634.4	259.2	RCD	270	-72	288.6	36.0	4.0	1.94
YRC2062D	221,584.9	777,634.4	259.2	RCD	270	-72	288.6	226.0	2.0	4.07
YRC2062D	221,584.9	777,634.4	259.2	RCD	270	-72	288.6	270.0	5.0	2.47
YRC2063D	221,634.9	777,584.6	261.9	RCD	270	-65	297.2	79.0	2.0	14.45
YRC2063D	221,634.9	777,584.6	261.9	RCD	270	-65	297.2	274.1	10.4	2.82
YRC2063D	Including							274.1	7.4	3.91
YRC2064D	221,585.0	777,585.0	259.7	RCD	270	-61	270.3	64.0	4.0	1.77
YRC2064D	221,585.0	777,585.0	259.7	RCD	270	-61	270.3	247.0	17.0	2.40
YRC2064D	Including							249.0	11.0	3.48
YRC2065D	221,599.7	777,609.9	260.2	RCD	270	-59	290.2	93.0	2.0	2.73
YRC2065D	221,599.7	777,609.9	260.2	RCD	270	-59	290.2	263.0	4.8	2.57
YRC2065D	Including							265.6	2.2	5.44
YRC2066D	221,660.2	777,610.1	262.6	RCD	270	-60	315.1	207.0	5.0	3.64
YRC2066D	Including							297.3	3.7	3.39
YRC2067D	221,568.8	777,660.2	258.1	RCD	270	-61	282.1	153.0	2.0	2.00
YRC2067D	And							263.0	14.0	2.31
YRC2067D	Including							263.0	8.0	3.68
YRC2068D	221,680.1	777,535.0	265.3	RCD	270	-63	291.3	272.0	12.3	3.41
YRC2068D	Including							272.0	7.7	4.84
YRC2069D	221,716.9	776,609.9	338.9	RCD	270	-64	290.6	269.5	2.3	1.69
YRC2070D	221,723.8	776,659.7	341.5	RCD	270	-55	300.1	150.0	7.0	3.93
YRC2070D	Including							150.0	1.0	21.2
YRC2070D	And							172.0	8.0	1.40
YRC2070D	And							289.1	1.1	2.95

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC2073D	221,758.3	776,809.7	349.7	RCD	270	-57	321.6	306.0	4.5	2.01
YRC2076D	221,621.8	777,260.2	270.7	RCD	270	-65	258.2	230.5	19.5	1.39
YRC2076D	Including							231.0	3.0	4.70
YRC2076D	Including							239.1	3.3	2.35
YRC2077D	221,600.9	777,409.6	264.7	RCD	270	-63	249.3	204.0	2.2	2.75
YRC2077D	And							217.9	6.1	3.43
YRC2079D	221,602.1	777,309.6	266.5	RCD	270	-62	250.2	228.0	6.0	2.84
YRC2079D	Including							229.1	3.9	3.99
YRC2079D	And							240.0	3.7	2.11
YRC2080D	221,629.1	777,309.5	263.4	RCD	270	-59	261.4	242.5	10.6	5.89
YRC2080D	Including							242.5	7.0	8.67
YRC2081D	221,699.0	777,459.4	268.5	RCD	270	-59	288.1	267.8	4.2	6.11
YRC2082D	221,629.9	777,459.7	265.0	RCD	270	-59	261.5	187.9	3.1	4.50
YRC2082D	And							233.0	13.0	1.56
YRC2082D	Including							233.0	2.9	3.58
YRC2082D	Including							239.0	3.0	2.32
YRC2083D	221,779.3	777,108.5	297.2	RCD	270	-66	330.4	301.0	12.0	2.08
YRC2083D	And							318.2	5.2	4.12
YRC2083D	Including							319.3	3.7	5.58
YRC2084D	221,701.3	777,059.6	303.8	RCD	270	-72	297.6	220.0	3.0	2.72
YRC2084D	Including							220.0	1.0	7.72
YRC2085D	221,651.7	777,309.7	270.4	RCD	270	-66	270.2	243.0	10.3	1.20
YRC2085D	Including							244.8	3.2	2.78
YRC2086D	221,534.9	777,584.6	258.2	RCD	270	-60	258.5	237.0	16.4	1.92
YRC2086D	Including							237.0	4.0	5.91
YRC2087D	221,727.8	776,959.6	328.5	RCD	270	-68	297.4	277.0	7.0	2.10
YRC2088D	221,724.8	776,959.7	328.5	RCD	270	-58	300.2	281.0	8.0	6.23
YRC2088D	Including							281.5	6.5	7.60
YRC2089D	221,761.5	777,059.9	309.0	RCD	270	-71	324.1	293.0	14.0	2.17
YRC2089D	Including							295.0	5.0	5.66
YRC2090D	221,599.2	777,559.7	260.8	RCD	270	-58	273.0	189.0	2.1	1.70
YRC2090D	And							227.0	3.9	1.51
YRC2090D	And							248.3	11.9	4.99
YRC2090D	Including							249.4	7.6	7.23
YRC2091D	221,530.0	777,634.8	256.8	RCD	270	-59	260.0	240.2	9.8	3.33
YRC2091D	Including							241.3	3.2	4.46
YRC2092D	221,539.3	777,609.9	258.1	RCD	270	-57	267.0	44.0	8.0	1.44
YRC2092D	And							243.0	9.0	3.49
YRC2092D	Including							245.0	6.4	4.76

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC2093D	221,712.4	776,610.1	338.8	RCD	270	-63	291.6	40.0	8.0	1.46
YRC2094D	221,622.0	777,159.8	281.4	RCD	270	-64	250.1	202.0	1.0	0.98
YRC2094D	And							236.0	2.4	0.88
YRC2095D	221,641.8	777,059.9	298.6	RCD	270	-73	262.1	90.0	3.2	3.68
YRC2095D	And							233.0	16.0	2.95
YRC2095D	Including							244.4	4.6	8.75
YRC2096D	221,604.5	777,109.8	290.6	RCD	270	-61	252.1	233.0	4.0	3.03
YRC2096D	Including							233.0	1.0	10.2
YRC2097D	221,509.6	777,659.8	255.8	RCD	270	-58	267.7	191.1	2.0	1.39
YRC2097D	And							247.0	6.0	4.21
YRC2097D	Including							247.0	4.1	6.09
YRC2098D	221,512.2	777,659.6	255.9	RCD	270	-59	258.0	105.0	11.0	3.55
YRC2098D	Including							106.9	9.2	4.11
YRC2098D	And							182.0	2.0	2.62
YRC2098D	And							196.0	3.0	1.67
YRC2098D	And							241.4	6.6	5.20
YRC2098D	Including							242.2	2.8	11.88
YRC2099D	221,640.2	777,210.6	276.7	RCD	270	-63	261.2	141.6	4.4	1.10
YRC2099D	And							243.0	8.0	5.48
YRC2099D	Including							243.6	6.4	6.78
YRC2100D	221,859.9	776,959.8	360.9	RCD	270	-68	405.4	321.0	31.2	2.30
YRC2100D	Including							347.0	4.6	7.52
YRC2100D	And							383.0	3.0	2.70
YRC2101D	221,765.3	776,909.7	355.2	RCD	270	-66	342.4	132.0	5.0	1.01
YRC2101D	And							311.0	5.0	1.71
YRC2101D	And							321.0	3.0	3.47
YRC2102D	221,671.9	777,160.1	285.2	RCD	270	-67	279.5	239.0	1.0	2.18
YRC2102D	And							253.0	1.0	13.3
YRC2102D	And							258.5	7.1	2.66
YRC2102D	And							273.0	1.0	0.85
YRC2103D	221,674.7	777,109.8	292.6	RCD	270	-60	282.4	252.0	2.2	1.60
YRC2103D	And							257.4	14.6	2.94
YRC2103D	Including							266.0	6.0	4.74
YRC2104D	221,698.8	777,210.0	278.3	RCD	270	-64	280.5	83.0	2.0	0.79
YRC2104D	And							102.0	1.0	0.53
YRC2104D	And							188.0	1.0	0.99
YRC2104D	And							209.0	2.0	3.3
YRC2104D	And							266.0	3.0	7.21
YRC2105D	221,719.5	777,259.7	276.0	RCD	270	-63	285.3	94.0	1.0	1.33

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC2105D	And							236.0	1.0	3.06
YRC2105D	And							269.1	8.9	3.55
YRC2106D	221,756.8	777,365.7	275.4	RCD	225	-61	327.2	300.0	3.0	4.07
YRC2107D	221,745.5	777,172.1	288.5	RCD	315	-54	348.4	325.0	5.5	10.72
YRC2108D	221,681.6	777,359.6	273.0	RCD	270	-68	273.0	255.0	8.0	2.40
YRC2108D	Including							256.6	3.0	5.87
YRC2109D	221,758.8	777,009.6	326.0	RCD	270	-64	330.2	306.5	2.5	1.26
YRC2110D	221,761.3	777,009.8	326.1	RCD	270	-68	327.4	148.0	3.0	1.43
YRC2110D	And							303.0	2.9	3.55
YRC2111D	221,763.4	777,011.9	326.3	RCD	270	-73	357.3	320.0	4.0	2.87
YRC2111D	Including							320.0	2.0	5.21
YRC2111D	And							328.0	13.0	1.58
YRC2111D	Including							329.0	4.0	4.30
YRC2111D	And							344.0	7.0	5.67
YRC2111D	Including							345.0	4.0	9.37
YRC2112D	221,741.5	777,162.9	288.2	RCD	270	-67	306.4	190.0	2.0	3.40
YRC2112D	And							268.0	2.0	4.40
YRC2112D	And							282.7	12.3	4.48
YRC2112D	Including							289.0	4.2	8.63
YRC2113D	221,719.6	777,509.7	268.2	RCD	270	-64	310.4	121.0	1.0	1.86
YRC2113D	And							132.0	2.0	3.24
YRC2113D	And							223.0	1.0	4.13
YRC2113D	And							234.0	2.0	1.65
YRC2113D	And							287.9	3.9	5.57
YRC2113D	And							295.0	2.0	1.04
YRC2114D	221,630.2	777,560.4	262.8	RCD	270	-59	288.2	242.0	5.0	3.12
YRC2114D	And							261.0	13.0	3.89
YRC2114D	Including							262.0	7.8	5.99
YRC2115D	221,682.3	777,410.0	269.3	RCD	270	-62	270.2	203.0	1.0	2.8
YRC2115D	And							254.9	5.1	6.24
YRC2116D	221,689.6	777,560.4	265.8	RCD	270	-61	318.2	94.0	4.0	3.56
YRC2116D	And							282.4	5.0	3.02
YRC2116D	And							290.0	8.0	4.46
YRC2116D	Including							290.0	2.7	12.00
YRC2117D	221,640.3	777,680.3	260.0	RCD	270	-60	315.6	283.0	17.0	2.32
YRC2117D	Including							283.0	11.0	3.34
YRC2118D	221,607.0	777,774.0	256.6	RCD	225	-58	324.1	153.0	3.0	1.91
YRC2118D	And							210.0	2.0	2.98
YRC2118D	And							305.6	5.4	4.64

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC2119D	221,684.6	777,494.7	266.9	RCD	300	-48	360.1	137.0	2.0	2.69
YRC2119D	And							334.0	5.0	2.97
YRC2119D	Including							336.0	3.0	4.87
YRC2120D	221,746.7	777,469.6	271.2	RCD	270	-65	330.2	306.0	4.0	5.12
YRC2120D	Including							306.0	2.8	7.17
YRC2121D	221,772.6	777,074.4	307.7	RCD	315	-56	366.2	341.0	13.0	6.97
YRC2122D	221,754.1	777,270.6	280.7	RCD	315	-53	366.5	351.5	9.5	3.10
YRC2122D	Including							351.5	4.5	5.18
YRC2123D	221,572.4	777,610.1	258.9	RCD	270	-58	275	52.0	4.0	3.37
YRC2123D	221,572.4	777,610.1	258.9	RCD	270	-58	275	257.0	7.9	4.42
YRC2123D	Including							258.6	6.3	5.39
YRC2124D	221,698.8	777,374.8	272.7	RCD	270	-63	342.0	238.0	1.0	0.54
YRC2124D	And							326.0	11.0	6.30
YRC2125D	221,865.0	777,434.7	290.2	RCD	270	-63	405.1	146.0	2.0	2.16
YRC2125D	221,865.0	777,434.7	290.2	RCD	270	-63	405.1	376.0	5.0	2.92
YRC2125D	Including							377.4	3.6	3.96
YRC2126D	221,800.0	777,735.0	266.7	RCD	270	-60	425.2	407.0	7.4	2.25
YRC2126D	Including							409.0	3.0	4.93
YRC2127D	221,773.7	776,860.2	352.9	RCD	270	-56	336.3	322.0	4.0	3.62
YRC2127D	Including							322.0	2.0	6.88
YRC2128D	221,808.2	776,692.4	342.0	RCD	315	-50	387.1	358.0	4.0	1.27
YRC2129D	221,799.3	777,470.3	275.9	RCD	295	-67	405.1	252.0	1.0	0.53
YRC2129D	And							320.0	1.0	0.75
YRC2129D	And							348.0	1.0	2.97
YRC2129D	And							366.7	9.3	5.77
YRC2130D	221,739.9	777,162.8	288.3	RCD	270	-61	306.2	287.0	4.0	3.35
YRC2131D	221,815.4	777,634.9	271.1	RCD	270	-52	447.3	56.0	16.0	2.27
YRC2131D	Including							56.0	8.0	3.83
YRC2131D	And							358.0	4.0	1.56
YRC2131D	And							381.0	4.0	2.14
YRC2131D	And							393.0	7.0	2.00
YRC2132D	221,349.5	777,748.6	247.7	RCD	210	-60	238.1	36.0	4.0	1.61
YRC2132D	And							90.0	8.0	1.45
YRC2132D	And							179.0	7.1	1.36
YRC2132D	And							190.0	9.0	21.50
YRC2132D	Including							190.0	7.0	27.6
YRC2132D	And							202.0	1.1	5.59
YRC2133D	221,377.7	777,748.0	248.7	RCD	210	-61	231.3	198.2	14.8	2.16
YRC2133D	Including							204.0	7.6	3.92

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YRC2134D	222,003.4	776,734.9	313.3	RCD	270	-60	452.1	92.0	8.0	2.29
	CMA Down-Dip Drilling
YRC1853D	222,151.1	777,035.5	363.2	RCD	270	-60	582.4	96.0	4.0	1.40
YRC1853D	And							539.0	2.0	4.66
YRC1856DA	221,832.8	777,636.2	272.0	RCD	270	-60	100	NSI
YRC1859D	221,919.4	777,734.9	269.1	RCD	270	-60	489.6	197.0	2.0	1.04
YRC1859D	And							305.0	5.0	1.52
YRC1865D	222,289.8	777,035.1	351.9	RCD	270	-60	642.0	139.8	3.2	2.61
YRC1866D	222,234.4	776,935.2	349.6	RCD	270	-60	588.2	366.0	7.0	1.72
YRC1866D	Including							369.0	3.0	3.22
YRC1867DA	222,246.3	776,835.0	340.3	RCD	270	-60	100	NSI
YRC1868D	221,893.7	776,734.4	343.4	RCD	270	-60	427.2	195.0	2.0	3.46
YRC1868D	And							401.0	3.0	2.76
YRC1869D	222,013.3	777,034.9	357.0	RCD	270	-60	514.2	205.0	1.0	1.64
YRC1869D	And							343.0	1.0	0.90
YRC1869D	And							436.0	1.0	0.85
YRC1869D	And							452.0	2.0	1.23
YRC1869D	And							478.0	1.0	0.95
YRC1870D	222,005.0	777,135.0	318.3	RCD	270	-60	516.7	392.0	3.3	1.41
YRC1870D	And							405.0	5.0	1.56
YRC1870D	And							418.0	4.0	2.50
YRC1870D	Including							419.0	3.0	3.27
YRC1870D	And							436.4	15.7	1.64
YRC1870D	Including							445.0	7.0	2.67
YRC1872D	222,106.4	776,835.0	340.4	RCD	270	-60	528.4	241.0	2.0	1.44
YRC1872D	And							250.0	2.0	2.81
YRC1873D	221,973.7	776,835.1	329.1	RCD	270	-60	453.9	292.0	2.0	2.74
YRC1873D	And							300.0	4.0	1.82
YRC1873D	Including							300.9	3.1	2.28
YRC2036D	222,203.3	777,735.2	272.8	RCD	270	-60	619.5	296.0	11.0	1.18
YRC2037D	222,210.2	777,535.0	312.5	RCD	270	-60	648.2	100.0	2.0	2.95
YRC2037D	And							476.0	12.0	1.00
	CMA Deeps Drilling
YDD0569	222,351.7	776,976.1	343.1	DD	270	-70	1,413.8	543.0	6.0	2.11
YDD0569	Including							547.0	2.0	5.50
YDD0569	And							772.0	2.0	1.38
YDD0570	221,660	777,625	263	DD	270	-83	1,365	57.0	3.0	0.81
YDD0570	And							313.0	4.0	1.38
YDD0570	And							326.0	18.0	4.64
YDD0570	Including							327.0	8.0	6.57

Hole ID	East(WGS Z30N)	North(WGS Z30N)	Elevation(WGSZ30N)	DrillType	Azimuth	Dip	Depth(m)	From(m)	Width(m)	Au(g/t)
YDD0570	Including							338.0	2.0	5.97
YDD0570	And							404.0	2.0	1.58
YDD0571	222,169	776,349	291	DD	270	-69	1,039	Assays Pending
YDD0572	220,985	775868	285	DD	270	-70	510.8	Assays Pending

APPENDIX 3 – JORC TABLE 1

JORC 2012 Table 1 – Section 1 sampling techniques and data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code Explanation	Commentary
Samplingtechniques	Nature and quality of sampling (e.g. cutchannels, random chips, or specificspecialised industry standard measurementtools appropriate to the minerals under	The CMA Underground resource estimate is informed by intercepts in 120 RCand diamond core holes drilled by Amara Mining plc between 2012 and 2015and in 339 RC and core holes drilled by Perseus Mining from 2017 onward.CMA Underground lode intercepts by drill type
	investigation, such as down hole gammasondes, or handheld XRF instruments, etc.).			Amara Mining		Perseus Mining
	These examples should not be taken as	Lode	No. of
	limiting the broad meaning of sampling.Include reference to measures taken to		Intercepts	RC	DD	RC	DD
	ensure sample representivity and the	CMAFW1	410	25	77	3	305
	appropriate calibration of any measurementtools or systems used.	CMAHW1	180	14	31	2	133
	Aspects of the determination of	CMAHW2	7	-	-	-	7
	mineralisation that are Material to the Public	CMAHW3	26	1	4	-	21
	Report. In cases where 'industry standard'work has been done this would be relatively	CMANW1	57	1	23	15	18
	simple (e.g. 'reverse circulation drilling wasused to obtain 1 m samples from which 3 kg	Totals6804113520484
	was pulverised to produce a 30 g charge forfire assay'). In other cases more explanationmay be required, such as where there iscoarse gold that has inherent samplingproblems. Unusual commodities ormineralisation types (e.g. submarine nodules)may warrant disclosure of detailed		Drilling includes 280 pre-collared core holes (19,164m RC and 58,576m core)drilled in a dedicated resource definition program between July 2021 andMarch 2022. Average hole depth was 277m, maximum depth 447m.Also included are 35 pre-collared core holes (2,783m RC and 15,129m core)
	information.	drilled in 2021-22 to test depth extensions of the CMA lode system atapproximately 100m x 100m spacing.Average hole depth was 512m,maximum depth 807m.
Drillingtechniques	Drill type (e.g. core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc.) and details (e.g. core diameter,triple or standard tube, depth of diamondtails, face-sampling bit or other type,whether core is oriented and if so, by whatmethod, etc.).	RC drilling used face-sampling hammers with 136mm hole diameter. Sampleswere collected at one metre intervals and logged visually for recovery, samplecondition (dry, damp, wet) and contamination.Sample recoveries weremeasured by weighing bulk recovered samples. RC samples from pre-collarswhere mineralisation was not expected were normally composited to 4mintervals for assaying.Diamond drilling utilised HQ triple-tube (61.1mm Ø) drilling in weatheredmaterials and NQ2 (50.6mm Ø) or NQ (47.6mm Ø) core in fresh rock. Core infresh rock was oriented using a MAGSHOT II (Wellforce) and an ORISHOT II(Reflex) device.
Drill	Method of recording and assessing core and		RC drill samples were logged visually for sample condition (dry, damp, wet) and
samplerecovery	chip sample recoveries and results assessed.		contamination. Sample recoveries were measured by weighing bulk recoveredsamples. Preliminary evaluation indicates that RC sample recoveries have
	Measures taken to maximise sample recoveryand ensure representative nature of thesamples.	collar holes.	been satisfactory. There were no wet samples logged in the CMA UG RC pre
	Whether a relationship exists betweensample recovery and grade and whether		Diamond core recoveries were measured linearly per drill run. Core recoveriesaverage approximately 85% in weathered materials and 100% in fresh rock.
	sample bias may have occurred due topreferential loss/gain of fine/coarse material.	There is no evident relationship between sample recovery and gold grade ineither RC or core samples.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a	is qualitative in nature.	Geological logs are available for the entire lengths of all drill holes. The logging
	level of detail to support appropriate MineralResource estimation, mining studies andmetallurgical studies.		Sieved samples of RC chips from each metre of drilling were logged for colour,rock type, alteration type and intensity, vein quartz content, sulphidemineralisation, weathering and oxidation. The chips are stored in plastic chip
	Whether logging is qualitative or quantitativein nature. Core (or costean, channel, etc.)	trays and the trays photographed.Diamond drill core was logged for geology, structure and geotechnical
	photography.The total length and percentage of therelevant intersections logged.	characteristics. Geological logging included colour, lithology, weathering,oxidation, vein type and vein volume percentage, sulphide species and theirestimated percentage, alteration and alteration intensity. Structural logging

Criteria	JORC Code Explanation	Commentary
		included fault, fold, cleavage and joint orientation, lithological contacts andvein orientations. Drill core was photographed prior to cutting.
Subsampling	If core, whether cut or sawn and whetherquarter, half or all core taken.	RC drill samples were collected over one metre intervals and manually splitusing multi-stage riffle splitters to produce assay sub-samples averaging
techniquesandsample	If non-core, whether riffled, tube sampled,rotary split, etc. and whether sampled wet ordry.	around 3kg. All RC holes have been assayed in entirety. RC samples from precollars where mineralisation was not expected were normally composited to4m intervals for assaying.
preparation	For all sample types, the nature, quality andappropriateness of the sample preparationtechnique.	In weathered materials, diamond core was halved using spatulas or knives. Infresh rock, core was sawn in half using a diamond blade saw, with one half sentfor assaying and the other half stored in core trays for reference. Samples werenormally taken at 1 metre intervals. For CMA underground resource definition
	Quality control procedures adopted for allsub-sampling stages to maximiserepresentivity of samples.	holes, only core intervals with visible alteration and mineralisation plusapproximately 10m up- and down-hole were sampled. For exploration drillholes, all diamond drill core has been assayed.
	Measures taken to ensure that the samplingis representative of the in-situ materialcollected, including for instance results forfield duplicate/second-half sampling.	Most sample preparation has been undertaken at Perseus's Yaouré samplepreparation facility operated and supervised by Perseus personnel.Commercial laboratories have also been utilised as necessary including ALS(Yamoussoukro), Bureau Veritas (Abidjan), Intertek (Tarkwa) and MSA(Yamoussoukro).

Whether sample sizes are appropriate to the grain size of the material being sampled.

CMA Underground resource drill intercepts by sample prep lab

	Sample Prep Lab
Lode	Yaouré	ALS	BureauVeritas	Intertek	MSA
CMAFW1	279	58	13	54	-
CMAHW1	130	23	3	22	-
CMAHW2	6	1	-	-	-
CMAHW3	15	7	-	4	-
CMANW1	45	-	-	2	3
Totals	475	89	16	82	3

Preparation of core and RC samples followed a standard path of drying at 105 degrees C for at least 12 hours, crushing the entire sample to 85% passing - 2mm and grinding a 1.5kg split to 85% passing 75 microns. 300g pulp subsamples were selected by multiple scoop passes.

Quality control measures adopted to confirm the representivity of samples prepared at the Yaouré facility from RC and diamond drilling included:

• Field re-splits of RC samples at an average frequency of around one duplicate per 20 primary samples respectively.
• Submission of coarse blanks at an average of around 1 blank per 20 primary samples
• Use of quartz wash between every sample in crushing and pulverising equipment
• Screening of approximately 1:20 pulp samples to check grind size

Commercial laboratories employed similar, industry standard measures.

Sample preparation techniques are considered appropriate to the style of mineralisation. Available information indicates that sample sizes are appropriate to the grain size of the material being sampled.

All RC and diamond core samples have been assayed by 50g fire assay with AAS finish by commercial laboratories including Actlab (Ouagadougou), ALS (Ouagadougou), Bureau Veritas (Abidjan), Intertek (Tarkwa), MSA (Yamoussoukro) and SGS (Tarkwa). The technique is considered a total extraction technique.

CMA Underground resource drill intercepts by assay laboratory

Lode Assay Lab

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.

For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model,

Criteria	JORC Code Explanation	Commentary
	reading times, calibrations factors appliedand their derivation, etc.		Actlab	ALS	BureauVeritas	Intertek	MSA	SGS
	Nature of quality control procedures adopted	CMAFW1	88	183	20	1	1	3
	(e.g. standards, blanks, duplicates, externallaboratory checks) and whether acceptable	CMAHW1	44	85	4	45	1	1
	levels of accuracy (i.e. lack of bias) andprecision have been established.	CMAHW2		4		3
		CMAHW3	3	14		9
		CMANW1	31		12	7	3	4
		Totals	166	286	36	179	5	8
		Quality control procedures include submission of coarse blanks (1:20) andcertified reference standards (1:20).The available information indicates that the assaying of RC and core samples is
		free from any significant biases and is of acceptable accuracy.
Verification ofsampling	The verification of significant intersections byeither independent or alternative companypersonnel.	Numerous significant mineralised intersections have been checked againstvisual alteration and sulphide mineralisation in drill chips and core.
and	The use of twinned holes.	None of the holes in the report to which this table relates have beendeliberately twinned.
assaying	Documentation of primary data, data entryprocedures, data verification, data storage(physical and electronic) protocols.Discuss any adjustment to assay data.	Geology, structure and geotechnical logs are paper based. Sample intervalsare recorded in pre-numbered sample ticket books.All logging, sampleinterval and survey data are manually entered to digital form on site and storedin an acQuire relational database. Data exports are normally in the form of MS
		Access files.Data verification procedures include automated checks to:
		•
		•	prevent repetition of sample numbers
		•				prevent overlap of from-to intervals in logging and sample interval dataensure that total hole depths in collar, assay and geology tables match
		•						ensure that drill collar coordinates are within the project's geographic
		limits
			Down-hole survey data are examined for large deviations in dip or azimuth thatmay represent erroneous data or data entry errors and corrected on a caseby-case basis including estimates of dips and azimuths where the original dataappear to be in error.
			assays in plan and section views.					Additional data checks include viewing drill hole traces, geological logging and
Location ofdatapoints	Accuracy and quality of surveys used tolocate drill holes (collar and down-holesurveys), trenches, mine workings and other	Zone 30N datum.						Drill hole collars have been surveyed by qualified mine surveyors usingdifferential GPS equipment with coordinates recorded in UTM grid, WGS84
	locations used in Mineral Resourceestimation.					approximately 30m down-hole increments using digital compass instruments.		All RC and diamond core holes have been surveyed at 12m depth and at
	Specification of the grid system used.Quality and adequacy of topographic control.		2017. The topographic surface is reliable to +/- 0.2m.					A topographic surface has been established by a LiDAR survey conducted in
		Yaouré.						Topographic control is adequate for the current work being undertaken at
Data	Data spacing for reporting of Exploration					The CMA Underground lodes are delineated by regular drilling at 25mN x 30m
spacinganddistributio	Results.Whether the data spacing and distribution issufficient to establish the degree of							down-dip spaced holes to between 200 and 275 metres below natural surface.The drill spacing is considered sufficient to define Indicated Mineral Resources.Partial coverage at 100m x 100m spacing to approximately 400m below
n	geological and grade continuity appropriatefor the Mineral Resource and Ore Reserveestimation procedure(s) and classifications	surface is considered sufficient to define Inferred Mineral Resources.Holes have generally been drilled dipping at -55 to -75 degrees toward 270degrees (UTM grid) azimuth.
	applied.Whether sample compositing has beenapplied.	Sample intervals were composited to 1m intervals prior to resourceestimation, with residual intervals down to 0.5m and up to 1.5m permitted.

Criteria	JORC Code Explanation	Commentary
Orientation of datain relationtogeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.If the relationship between the drillingorientation and the orientation of keymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	Almost all drill holes are oriented approximately orthogonal to the dip andstrike of the principal lodes (CMAFW1 and CMAHW1) and drill interceptlengths closely approximate true widths of mineralisation. In the CMA NWlode, drill holes are oblique to the lode and the effective along-strike drillspacing is 40 to 50m and mineralisation true width is approximately 65% ofintercept length.
Samplesecurity	The measures taken to ensure samplesecurity.	RC and core samples were delivered to the secure core yard compound atYaouré mine by Perseus personnel. RC field sample splits and samples of halfdiamond core were placed in numbered bags and those bags, in turn, placedinto polywoven sacks that were closed with plastic cable ties prior to transportto the Yaouré sample preparation facility by Perseus personnel. Securityguards were employed at drilling sites, the core yard compound and thesample preparation facility on a 24 hour per day basis.Results of field duplicates along with the general consistency of assay resultsbetween neighbouring drill holes and drilling methods provide confidence inthe general reliability of the assay data.
Audits orreviews	The results of any audits or reviews ofsampling techniques and data.	The Yaouré sample preparation facility has previously been subject to formalaudit, the last being in 2017. Standard operating procedures have not changedmaterially since that audit.
		Data reviews have included comparisons between various sampling phasesand methods which provide confidence in the general reliability of the data.
		Yaouré drill hole data have been subject to several independent reviewsincluding:
		•Data verification pursuant to the estimation and reporting ofMineral Resources in the NI43-101 Technical Report titled"Technical Report and Mineral Resource Estimates for AmaraMining PLC" with effective date 22 January 2014
		•Data verification pursuant to the estimation and reporting ofMineral Resources in the NI43-101 Technical Report titled"Technical Report and Mineral Resource Estimates for AmaraMining Côte d'Ivoire SARL" with effective date 20 December 2015
		•Data verification pursuant to the estimation and reporting of MineralResources and Mineral Reserves in the NI43-101 Technical Reporttitled "Perseus Mining Limited – Technical Report, Yaouré GoldProject, Côte d'Ivoire" with effective date 3 November 2017
		The Competent Person has reviewed the available sampling and assayingquality control data and found no errors or bias likely to significantly affect thereliability of the exploration data. These reviews included review of databaseconsistency, comparisons between database records and laboratory sourcefiles, and review of QAQC information.
		The Competent Person considers that the sample preparation, security andanalytical procedures adopted for the CMA resource drilling provide anadequate basis for estimation of Mineral Resources.

JORC 2012 Table 1 – Section 2 Reporting of Exploration Results

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

Criteria	JORC Code explanation	Commentary
Mineraltenement andland tenurestatus	Type, reference name/number, locationand ownership including agreements ormaterial issues with third parties such asjoint ventures, partnerships, overridingroyalties, native title interests, historicalsites, wilderness or national park andenvironmental settings.	The CMA Underground resource is located within the Yaouré exploitationpermit (PE50). The permit has an expiry date of 23 April 2030. The permit isheld by Perseus's subsidiary Perseus Mining Yaouré SA in which thegovernment of Côte d'Ivoire holds 10% free carried interest. Additionally, theGovernment of Côte d'Ivoire is entitled to a royalty on nett revenue (revenueminus transport and refining costs) as follows:
		Royalty RateSpot price per ounce - London PM Fix

Criteria	JORC Code explanation	Commentary
	The security of the tenure held at the timeof reporting along with any knownimpediments to obtaining a licence to	Less than or equal to US$1,000	3%
		Higher than US$1,000 and less than or equal to US$1,300	3.5%
	operate in the area.	Higher than US$1,300 and less than or equal to US$1,600	4%
		Higher than US$1,600 and less than or equal to US$2,000	5%
		Higher than US$2,000	6%
		A further 0.5% of nett revenue is required to be paid to a local communitydevelopment fund.
		The reported exploration areas have no known exploration-specificenvironmental liabilities.
Explorationdone by otherparties	Acknowledgment and appraisal ofexploration by other parties.	Exploration geochemical sampling, trenching and exploration and resourcedefinition drilling have previously been carried out by BRGM, Cluff Gold plcand Amara Mining plc. Drill hole data deriving from work by Cluff and Amaraare considered reliable.
Geology	Deposit type, geological setting and styleof mineralisation.	Yaouré may be described as orogenic lode-style gold mineralisation. TheYaouré project comprises several neighbouring gold deposits, includingYaouré and CMA, that occur near the south-eastern flank of the Bouaflégreenstone belt in central Côte d'Ivoire. Mineralisation is hosted byPaleoproterozoic aged metabasalts and felsic intrusive rocks of the BirimianSupergroup. The rocks are metamorphosed to lower greenschist facies andonly locally feature penetrative deformation fabrics.In the Yaouré deposits, gold is associated with disseminated pyrite. At CMAdeposit, mineralisation is associated with quartz-albite-carbonate veining inreverse fault structures that dip at 25 to 35 degrees to the east and northeast.Yaouré deposit comprises several mineralisation styles controlled by eastdipping structures, similar to CMA, in addition to mineralisation associatedwith quartz-tourmaline-chlorite-carbonate veining controlled by NE and NWstriking, sub-vertical faults and also stockwork quartz veins with associatedalteration selvages hosted by a granodiorite intrusive body.The combined deposits extend over an area around 1.4 km east-west by 2.1km north-south.
Drill holeInformation	A summary of all information material tothe understanding of the explorationresults including a tabulation of thefollowing information for all Material drillholes:• easting and northing of the drill holecollar• elevation or RL (Reduced Level –elevation above sea level in metres) ofthe drill hole collar• dip and azimuth of the hole• down hole length and interception depth• hole length.If the exclusion of this information isjustified on the basis that the informationis not Material and this exclusion does notdetract from the understanding of thereport, the Competent Person shouldclearly explain why this is the case.	Yaouré is an active mine and advanced exploration project. A table of drillhole and intercept details is included in the report to which this table relates.

Criteria	JORC Code explanation	Commentary
Dataaggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (e.g. cutting ofhigh grades) and cut-off grades are usuallyMaterial and should be stated.Where aggregate intercepts incorporateshort lengths of high-grade results andlonger lengths of low-grade results, theprocedure used for such aggregationshould be stated and some typicalexamples of such aggregations should beshown in detail.The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	The cut-off grade, minimum down-hole length and maximum includedinternal waste are clearly stated in the report to which this table relates.Higher-grade "included" intercepts are clearly reported.Drill hole intercepts have not been reported as metal equivalents.
Relationshipbetweenmineralizationwidths andinterceptlengths	These relationships are particularlyimportant in the reporting of ExplorationResults.If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (e.g. 'downhole length, true width not known').	The geometry of the CMA Lode has been clearly demonstrated by previousdrilling. The lengths of drill intercepts of that structure in the report to whichthis table relates closely approximate true widths except in the CMA NW lodewhere drill holes are oblique to the lode.
Diagrams	Appropriate maps and sections (withscales) and tabulations of intercepts shouldbe included for any significant discoverybeing reported These should include, butnot be limited to a plan view of drill holecollar locations and appropriate sectionalviews.	Appropriate plans and sections are included in the report to which this tablerelates.
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low andhigh grades and/or widths should bepracticed to avoid misleading reporting ofExploration Results.	Holes that did not intercept significant mineralisation are shown on plans andcross-sections and "NSI" holes are included in tables of intercepts.
Othersubstantiveexplorationdata	Other exploration data, if meaningful andmaterial, should be reported including (butnot limited to): geological observations;geophysical survey results; geochemicalsurvey results; bulk samples – size andmethod of treatment; metallurgical testresults; bulk density, groundwater,geotechnical and rock characteristics;potential deleterious or contaminatingsubstances.	The Yaouré property has been subject to extensive exploration, including:•Soil sampling, surface mapping•Approximately 380,000 metres of drilling•Previous mining by Compagnie Miniere d'Afrique (CMA) and CluffMining plc•Airborne EM, gravity, radiometrics and magnetic surveys•2D & 3D seismic surveys.The CMA Lode is presently being exploited by open pit mining.
Further work	The nature and scale of planned furtherwork (e.g. tests for lateral extensions ordepth extensions or large-scale step-outdrilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and futuredrilling areas, provided this information isnot commercially sensitive.	Perseus intends to continue drilling at Yaouré to delineate additional MineralResources and Ore Reserves and to undertake such further studies as arerequired to support a decision to develop an underground mine to exploitthe extensions of the CMA lodes beneath the limits of open pit mining.

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

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

Criteria	JORC Code explanation	Commentary
Databaseintegrity	Measures taken to ensure that data has notbeen corrupted by, for example,	Database and geological staff routinely validate database entries withreference to original data.
	transcription or keying errors, between itsinitial collection and its use for MineralResource estimation purposes.Data validation procedures used.	The Competent Person's independent checks of database validity included:Comparison of assay values between nearby holes, checking for internalconsistency between, and within database tables, and comparisons betweenassay results from different sampling phases. Additional checking includedcomparing database assay entries with laboratory source files and spot checkcomparison of original field sampling sheets with database entries. Thesechecks showed no significant discrepancies in the database used for resourceestimation.
Site visits	Comment on any site visits undertaken bythe Competent Person and the outcome ofthose visits.	Mr Andersen is scheduled to undertake his first visit to the Yaouré site duringSeptember 2022 after commencing with Perseus in July 2022.
Geologicalinterpretation	Confidence in (or conversely, theuncertainty of) the geological interpretationof the mineral deposit.	The geometry and extents of gold mineralisation in the CMA lodes have beenestablished with certainty by drilling at spacings ranging from 25m x 30m to100m x 100m (along strike x down-dip).
	Nature of the data used and of anyassumptions made.	Geological logging of lithology and alteration support the three-dimensionalinterpretations of mineralised structures that form the basis of the estimateof Mineral Resources.
	The effect, if any, of alternativeinterpretations on Mineral Resourceestimation.	The confidence in the interpretation of mineralised structures at CMA is suchthat it is not considered reasonable to consider alternative interpretations.
	The use of geology in guiding andcontrolling Mineral Resource estimation.	Geological setting and mineralisation controls of have been established withsufficient confidence for the current estimates.
	The factors affecting continuity both ofgrade and geology.
Dimensions	The extent and variability of the MineralResource expressed as length (along strikeor otherwise), plan width, and depth belowsurface to the upper and lower limits of theMineral Resource.	CMA underground Mineral Resource extends from the designed base of theCMA open pit at approximately 200m vertical depth, to a maximum verticaldepth of approximately 275m for Indicated resources and 425m for Inferredresources. The corresponding down-dip extents beneath the pit design baseare approximately 200m and 350m. The Mineral Resource extends over1,200m strike length.
Estimationand modelingtechniques	The nature and appropriateness of theestimation technique(s) applied and keyassumptions, including treatment ofextreme grade values, domaining,interpolation parameters and maximumdistance of extrapolation from data points.If a computer assisted estimation methodwas chosen include a description ofcomputer software and parameters used.The availability of check estimates, previousestimates and/or mine production recordsand whether the Mineral Resource estimatetakes appropriate account of such data.The assumptions made regarding recoveryof by-products.Estimation of deleterious elements or othernon-grade variables of economicsignificance (e.g. sulphur for acid minedrainage characterisation).In the case of block model interpolation, theblock size in relation to the average sample	Resources were estimated by Ordinary Kriging (OK) of one metre down-holecomposited gold grades from RC and diamond drilling.Polygons were digitised on 25m spaced east-west cross-sections (SW-NEcross-sections for CMANW1 lode) to represent mineralisation of greater than2g/t gold. Mineralisation outlines were extended through areas where lowergrade intercepts indicate continuity of the lode structures. In such areas aminimum intercept length of 2m was applied.Polygon vertices weresnapped to drill hole traces in three dimensions.The polygons wereextended to 600mRL, approximately 350m down-dip of the deepest drillintercepts.The polygons were combined to form 3D wireframes and the wireframeschecked for spatial integrity and closure.Drill sample intervals with mid-points lying within the wireframes wereflagged and then composited to 1m intervals with residuals down to 0.5mand up to 1.5m permitted. Composites lying within the CMA final (Stage 3)pit design volume, except for the lowermost drill intercept on each crosssection, were discarded to prevent them affecting estimates of the CMAUnderground. Mineralisation widths and grades are generally enhanced inthe mineralisation lying within the pit design.A top cut of 20g/t Au, approximating the 98th percentile of gold grades, wasapplied to composites in all lodes.
	spacing and the search employed.	Experimental semi-variograms were calculated for composites representingCMAFW1 lode in the central part of the study area and a variogram modelfitted. The relatively small numbers of composites in the hangingwall lodes

Criteria	JORC Code explanation	Commentary
	Any assumptions behind modelling ofselective mining units.	and the CMANW1 lode prevented calculation of useful semi-variograms sothe same model parameters were applied to each of those lodes with modelrotations tailored to reflect the strike and dip directions of each lode.
	Any assumptions about correlation betweenvariables.		A series of template block models was generated with parent blockdimensions of 5mE x 12.5mN x 5mRL.
Description of how the geologicalinterpretation was used to control theresource estimates.Discussion of basis for using or not usinggrade cutting or capping.	were applied.	For each lode, gold grades were estimated into parent blocks by ordinarykriging with estimates being informed only by samples lying within therelevant wireframe, i.e. the search employed hard boundaries. A "waste"block model was also created using all drill hole composites lying outside ofthe lode wireframes. A series of progressively more relaxed search criteria
	The process of validation, the checkingprocess used, the comparison of model data	Search Pass	Radii (m)	Minimum	Minimum	Maximum
	to drill hole data, and use of reconciliationdata if available.	12	(X Y Z)50,50,1075,75,15	Data1616	Octants44	Data3232
		3	75,75,15	8	2	32
		4	150,150,30	8	2	32
		of the lodes.	Search ellipses were oriented to reflect the strike and dip directions of eachFor each lode model and the "waste" model, parent blocks were then cut tothe lode wireframe with a minimum permitted sub-block size of 1mE x 2.5mNx 1mRL to reasonably represent the lode volumes. The sub-blocked modelswere then combined to create the final block model.
		The reported resources	wireframes, below the CMA final (Stage 3) pit design and below the base ofweathering, above a block cut-off grade of 1.5g/t Au.			comprise sub-blocks lying within the lode
		ordinary kriging.	Micromine software was used for data compilation, wire-framing,compositing and sub-blocking. MP3 software was used for variography and
			The block model was checked visually in 3D for spatial integrity and thelocations of estimates relative to informing sample data. A comparison ofthe weighted average grades of blocks to the grades of informing samplesindicated no significant global bias.
			The estimation technique is considered appropriate for the mineralisationstyle and as a basis for the estimation of Ore Reserves that might berecoverable by underground mining methods.
Moisture	Whether the tonnages are estimated on adry basis or with natural moisture, and themethod of determination of the moisturecontent.		Tonnages are estimated on a dry basis, with densities estimated from ovendried samples of diamond core.
Cut-offparameters	The basis of the adopted cut-off grade(s) orquality parameters applied.		The block cut-off grade of 1.5g/t Au for the stated underground MineralResource estimate reflects the incremental stoping cut-off grade that derivesfrom cost and revenue parameters estimated in the CMA Underground Prefeasibility Study and a gold price of US$1,800/oz.
Mining factorsorassumptions	Assumptions made regarding possiblemining methods, minimum miningdimensions and internal (or, if applicable,external) mining dilution. It is alwaysnecessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential mining methods, but theassumptions made regarding miningmethods and parameters when estimatingMineral Resources may not always berigorous. Where this is the case, this shouldbe reported with an explanation of the basisof the mining assumptions made.		Mineral Resource estimates are based on proposed exploitation byconventional mechanised underground mining methods and ore processingby CIL at the existing Yaouré plant.
			The estimates do not include adjustments to allow for ore loss or dilutionthat might occur in underground mining and modifying factors should beapplied for estimation of Ore Reserves.
			Mineral Resources comprise model blocks with an estimated gold gradeabove 1.5g/t Au, the average break-even cut-off grade that derives from costand revenue parameters estimated in the CMA Underground Pre-feasibilityStudy and a gold price of US$1,800/oz.

Criteria	JORC Code explanation	Commentary
Metallurgicalfactors orassumptions	The basis for assumptions or predictionsregarding metallurgical amenability. It isalways necessary as part of the process ofdetermining reasonable prospects foreventual economic extraction to considerpotential metallurgical methods, but theassumptions regarding metallurgicaltreatment processes and parameters madewhen reporting Mineral Resources may notalways be rigorous. Where this is the case,this should be reported with an explanationof the basis of the metallurgicalassumptions made.	The CMA Underground Pre-feasibility Study contemplates processing CMAunderground ore using the existing Yaouré CIL plant.Testwork and analysis for the study has resulted in the generation of ametallurgical processing recovery formula which represents the spatialdistribution of processing recovery across the orebody.Gold recoveries estimated by the recovery formula range from 88.2% to91.5%.The average estimated metallurgical processing recovery for the CMAUnderground mineralisation is 90.3%.
Environmentalfactors orassumptions	Assumptions made regarding possiblewaste and process residue disposal options.It is always necessary as part of the processof determining reasonable prospects foreventual economic extraction to considerthe potential environmental impacts of themining and processing operation. While atthis stage the determination of potentialenvironmental impacts, particularly for agreen fields project, may not always be welladvanced, the status of early considerationof these potential environmental impactsshould be reported. Where these aspectshave not been considered this should bereported with an explanation of theenvironmental assumptions made.	Adequate test work has been completed to indicate that waste rock fromunderground mining is unlikely to be acid generating and is likely to havesignificant acid buffering capacity.There are no known significant concentrations of deleterious elementsassociated with mineralisation at CMA. Tailings material from processing ofthe underground ore is expected to be suited to disposal in the existingYaouré tailings storage facility.Yaouré mine operates under permits based upon an Environmental andSocial Impact Assessment (ESIA) that was approved on 20 April 2018. Beingan extension to existing open pit mine operations, exploitation of CMAunderground is expected to be covered by existing permits.
Bulk density	Whether assumed or determined. Ifassumed, the basis for the assumptions. Ifdetermined, the method used, whether wetor dry, the frequency of the measurements,the nature, size and representativeness ofthe samples.The bulk density for bulk material musthave been measured by methods thatadequately account for void spaces (vugs,porosity, etc.), moisture and differencesbetween rock and alteration zones withinthe deposit.Discuss assumptions for bulk densityestimates used in the evaluation process ofthe different materials.	More than 290 density measurements, lying within the lode wireframes, areavailable for fresh CMA mineralisation, indicating density of 2.75 t/cu m isappropriate.Tonnages are estimated on a dry basis.
Classification	The basis for the classification of theMineral Resources into varying confidencecategories.Whether appropriate account has beentaken of all relevant factors (i.e. relativeconfidence in tonnage/grade estimations,reliability of input data, confidence incontinuity of geology and metal values,quality, quantity and distribution of thedata).Whether the result appropriately reflectsthe Competent Person's view of the deposit.	The Competent Person considers that the information available for CMAUnderground does not define mineralisation with sufficient confidence forestimation of Measured Resources. CMA Underground estimates wereclassified as Indicated and Inferred according to:An "Indicated wireframe" was created that circumscribes most blocks thatreceived estimates using search passes 1 and 2 and an "Inferred wireframe"was created that reflects the limits of most blocks that received estimatesusing search pass 3.Given the relatively high confidence in the spatial continuity of the CMAFW1and CMAHW1 lodes, it was considered reasonable to apply somewhatrelaxed criteria to assign Inferred category to blocks within those lodes. Todo so, separate wireframes were created that circumscribe portions ofCMAFW1 and CMAHW1 lodes that lie within approximately 100 metres ofdrill intercepts.Estimation confidence categories were then applied using the followingscheme:•Blocks lying within the Indicated wireframe were assigned Indicatedcategory;

Criteria	JORC Code explanation	Commentary
		•Blocks lying within the Inferred wireframe and outside of theIndicated wireframe were assigned Inferred category;
		•Blocks lying within the CMAFW1 and CMAHW1 wireframesinformed by search pass 4 and for which estimates were generatedusing samples within the lodes (i.e., not flagged "lode" because theyhad received estimates using waste domain samples), wereassigned Inferred category;
		•All other blocks that received estimates using search pass 4 wereassigned as "unclassified";
		•Waste domain blocks that received estimates using search pass 3with no classification after the above actions were assigned Inferredcategory.
		Indicated Resources are thus confined to areas of 25m x 30m drill coverage,with Inferred estimates in more broadly sampled mineralisation. Inferredresources generally extend to a maximum of around 100m from drilling.
		The resource classifications account for all relevant factors and reflect theCompetent Person's views of the reliability of the estimates.
Audits orreviews	The results of any audits or reviews ofMineral Resource estimates.	The Mineral Resource estimates have not been subject to any independentreviews.
Discussion ofrelativeaccuracy/confidence	Where appropriate a statement of therelative accuracy and confidence level in theMineral Resource estimate using anapproach or procedure deemed appropriateby the Competent Person. For example, theapplication of statistical or geostatisticalprocedures to quantify the relative accuracyof the resource within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of thefactors that could affect the relativeaccuracy and confidence of the estimate.	Confidence in the relative accuracy of the model estimates is reflected by theclassification of estimates being assigned as Indicated and Inferred MineralResources.
	The statement should specify whether itrelates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical andeconomic evaluation. Documentationshould include assumptions made and theprocedures used.
	These statements of relative accuracy andconfidence of the estimate should becompared with production data, whereavailable.

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

This section has been prepared by Perseus Mining Limited to support the Statement of Ore Reserves for the CMA Underground as of 30 June 2022

Criteria	JORC Code explanation	Commentary
MineralResourceestimate for	Description of the Mineral Resource estimateused as a basis for the conversion to an OreReserve.	The underground Mineral Resources for CMA Underground wereestimated by Mr Hans Andersen, a full time employee of Perseus MiningLimited and Competent Person for the Mineral Resource.
conversion toOre Reserves	Clear statement as to whether the MineralResources are reported additional to, orinclusive of, the Ore Reserves.	Mineral Resources quoted in this report are inclusive of Ore Reserves.
Site visits	Comment on any site visits undertaken bythe Competent Person and the outcome ofthose visits.	Mr Adrian Ralph as the Competent Person for the purpose of a JORC OreReserve visited the Yaouré mine site (including the CMA open pit) fromthe 19th to the 21st March 2022.
	If no site visits have been undertakenindicate why this is the case.
Study status	The type and level of study undertaken toenable Mineral Resources to be converted to	The Mineral Resources have been converted to Ore Reserves by means ofa Pre-Feasibility level study.
	Ore Reserves.The Code requires that a study to at least	Ore Reserves are determined from technically achievable undergroundmine designs for development and production.
	Pre-Feasibility Study level has beenundertaken to convert Mineral Resources to	The mine design was scheduled and results included in a financial modelto ensure economic viability.
	Ore Reserves. Such studies will have beencarried out and will have determined a mineplan that is technically achievable andeconomically viable, and that materialModifying Factors have been considered.	Material Modifying Factors were considered and applied where necessary.
Cut-offparameters	The basis of the cut-off grade(s) or qualityparameters applied.	A range of cut-off grades were applied to estimate the CMA undergroundOre Reserves.The cut-off grade applied in each situation depends upon a decision to minea given block of material, and whether to send material to waste or includeit in Ore Reserves. Material is included in Ore Reserves if it is above therelevant cut-off grade, taking into account costs incurred to mine andprocess that material.Cut-off grades applied for the CMA underground Ore Reserves are:
		•Incremental Development Cut-off grade: 0.5g/t
		•Incremental Stoping Cut-off grade: 2.5g/t
Mining factorsor assumptions	The method and assumptions used asreported in the Pre-Feasibility or FeasibilityStudy to convert the Mineral Resource to anOre Reserve (i.e. either by application ofappropriate factors by optimisation or bypreliminary or detailed design).The choice, nature and appropriateness ofthe selected mining method(s) and othermining parameters including associated	The CMA underground will be mined by a combination of (mechanised)flat longhole open stoping and conventional longhole open stoping miningmethods.The mining method is dependent upon the dip of the orebody whichranges from 5 degrees to 20 degrees for flat longhole stoping, and up to
		52 degrees for conventional longhole stoping.The split between the mining methods is 99% percent flat longhole openstoping and 1% percent conventional longhole open stoping respectivelyon a tonnes basis.
	design issues such as pre-strip, access, etc.	Backfill is not part of the CMA Ore Reserve.
	The assumptions made regarding	The mechanised mining methods selected for CMA underground are
	geotechnical parameters (e.g. pit slopes,stope sizes, etc.), grade control and pre	utilised in other operations, both in Australia and Internationally.Stope dimensions for flat longhole stoping are a footwall design slope of
	production drilling.The major assumptions made and Mineral	1:6 to allow trafficability for remote loaders. For conventional longholestoping ,the footwall is a minimum angle of 30 degrees.
	Resource model used for pit and stopeoptimisation (if appropriate).	Flat longhole stopes are spaced 10 m horizontally apart (wall to wall),which limits the length of production drillholes to a practical and
	The mining dilution factors used.	achievable length of less than 16 m, depending upon the forward angle ofthe holes and the dip of the orebody.
	The mining recovery factors used.	Conventional longhole stopes are nominally spaced 17m vertically apart.
	Any minimum mining widths used.	Development ore drives are nominally 4.7m wide by 5.0m heigh, howeverboth drive height and width can increase to accommodate the dimensions

Criteria	JORC Code explanationThe manner in which Inferred Mineral	Commentaryof the orebody.
	Resources are utilised in mining studies and	Orebody minimum mining width for open stopes is 4.0m
	the sensitivity of the outcome to theirinclusion.	Pillar dimensions are 10m by 10m in along strike and up dip of theorebody
	The infrastructure requirements of theselected mining methods.	Pillar spacing along strike allows for 40m open stopes, which equates to87% extraction ratio (mining recovery)
		40m stope strike extents are considered a practical distance over which tosuccessfully operate remote loaders to recover ore from flat open stopes.
		Geotechnical assessment to confirm appropriate pillar dimensions andstope spans have been undertaken by MineGeoTech Pty Ltd as part of theCMA underground Pre-Feasibility study
		The CMA lode within the Mineral Resource is anticipated to be visuallyidentified and followed when mining underground. Grade control drillinghas been allowed for in project costing to further delineate ore prior tostoping if required.
		The CMA underground Mineral Resource was converted to an OreReserve by the application of appropriate Modifying Factors and costsestimated during testwork and studies at Pre-Feasibility level.
		Production stope design is created using Deswik Mineable StopeOptimiser software
		Modifying Factors are applied in the Deswik Scheduler software togenerate an Ore Reserve mine schedule which includes planned dilution,unplanned dilution and mining recovery.
		Planned mining dilution for CMA underground is estimated to be 36% oftonnes mined.
		Unplanned mining dilution for CMA underground is estimated to be 10%for production and 5% for development (tonnes basis).
		An additional general ore loss of 10% (flat stoping) and 15% (conventionalstoping) is included in the Ore Reserve Modifying Factors. For the crownpillar area, this is increased to 25% ore loss (75% mining recovery).
		The recovery factor due to pillars (extraction ratio) across the orebody is afurther 87% (13% ore loss).
		In addition to the conversion of Indicated Mineral Resources, incidentalmineralisation above cut-of and within development results in 2% ofounces not resulting from Indicated Mineral Resources. This material is acombination of Unclassified and Inferred material and accounts for 57kttonnes at 2.9 g/t resulting in 5,300 ounces which is included within theOre Reserve. This incidental mineralisation is not considered material tothe CMA underground Ore Reserve.
		Mineralised dilution is a combination of Inferred and unclassified material.
		Stope optimisation for Ore Reserves was run on only Indicated MineralResources. There are no Inferred Mineral Resources within the CMAproduction shapes that drive the value of the Ore Reserves.
		Open pit mining and processing infrastructure is in place at Yaouré. Onlyincremental infrastructure costs for the underground mine are included inthe CMA underground Ore Reserve.
		Additional infrastructure needed for the CMA underground operationincludes additional camp rooms, contractor workshops and offices, clientunderground offices, surface power line extensions and primaryventilation fans.
		There are no constraints to mining within the lease area. No property,infrastructure or environmental issues are known to exist which may limitthe extent of mining within the mining lease.
Metallurgicalfactors orassumptions	The metallurgical process proposed and theappropriateness of that process to the styleof mineralisation.	The Yaouré processing plant uses crushing, grinding, gravity and cyanideleaching to extract gold. The plant has a nominal nameplate capacity of3.3Mtpa on fresh ore. The technology used in the processing plant is well
	Whether the metallurgical process is welltested technology or novel in nature.	proven, and the plant has been operating successfully since November2020.
	The nature, amount and representativeness	The processing test work is representative of the Ore Reserve mining area.
	of metallurgical test work undertaken, the	No deleterious material has been identified.
	nature of the metallurgical domaining	Testwork and analysis for the CMA underground Pre-Feasibility Study hasresulted in the generation of a metallurgical processing recovery formulawhich represents the spatial distribution of processing recovery across the

Criteria	JORC Code explanation	Commentary
	applied and the corresponding metallurgicalrecovery factors applied.	orebody.The processing recovery formula has been incorporated into the mine
	Any assumptions or allowances made fordeleterious elements.	schedule to apply recoveries based on the spatial location of the relevantmining shape. The range of processing recoveries estimated by therecovery formula for the CMA underground Ore Reserve ranges from
	The existence of any bulk sample or pilot	88.2% to 91.5% on a monthly basis.
	scale test work and the degree to which suchsamples are considered representative of the	The average metallurgical processing recovery for the CMA undergroundOre Reserves is 90.3%.
	orebody as a whole.	Testwork and analysis for the CMA underground Pre-Feasibility study has
	For minerals that are defined by aspecification, has the ore reserve estimationbeen based on the appropriate mineralogyto meet the specifications?	shown that reducing the grind size from P80 75μm to P80 53μm yields aneconomic benefit. Recovery assumptions for the CMA underground OreReserves are based upon the additional power consumption costsassociated with batch treating CMA underground ore in order to achievethe finer grind size of P80 53μm.
Environment	The status of studies of potentialenvironmental impacts of the mining andprocessing operation. Details of waste rockcharacterisation and the consideration ofpotential sites, status of design optionsconsidered and, where applicable, the statusof approvals for process residue storage andwaste dumps should be reported.	No environmental issues are known to exist which will preventunderground mining and ore processing to continue to operate. Perseushas sufficient space available at the Yaouré Gold Mine for waste dumps tostore the expected quantities of mine waste rock associated with the CMAunderground Ore Reserve. Based on testing to date there is no risk of acidrock drainage as any potentially acid generating material is encapsulatedwithin acid neutralising material.
Infrastructure	The existence of appropriate infrastructure:availability of land for plant development,	Power supply is from the national grid system supplied by the Ivorianelectricity company.
	power, water, transportation (particularlyfor bulk commodities), labour,accommodation; or the ease with which the	Water supply is largely from groundwater extracted from dedicatedboreholes and supplemented by decant water for the processing plant.
	infrastructure can be provided or accessed.	Access to site is via public road from Yamoussoukro city.
		A camp is established to accommodate non-local employees, and this willbe expanded to accommodate the underground workforce.
		Workshops, offices, storage of reagents and laboratory are established atthe processing plant to support existing open pit and processing activities.
		Additional contractors and client office, changeroom and workshopfacilities will be established for the CMA underground.
Costs	The derivation of, or assumptions made,regarding projected capital costs in thestudy.	The mining costs are based on schedules of rates provided by WestAfrican mining contractors.
	The methodology used to estimate operating	All other operating costs have been provided by Perseus and itsconsultants.
	costs.Allowances made for the content ofdeleterious elements.	Capital costs have been provided by Perseus and its consultants asappropriate.
		Gold is the only metal considered in the Ore Reserves.
	The derivation of assumptions made of	All costs are in USD.
	metal or commodity price(s), for the	A gold price of US$1,500/oz was used for mine planning.
	principal minerals and co- products.	Bullion and Refining cost of US$3.42/oz was applied based on contract.
	The source of exchange rates used in thestudy.	Allowances have been made for royalties payable to the Ivoriangovernment. There are no private royalties applicable to the CMAunderground.
	Derivation of transportation charges.
	The basis for forecasting or source oftreatment and refining charges, penalties forfailure to meet specification, etc.
	The allowances made for royalties payable,both Government and private.
Revenue factors	The derivation of, or assumptions maderegarding revenue factors including headgrade, metal or commodity price(s)exchange rates, transportation andtreatment charges, penalties, net smelterreturns, etc.	A gold price of US$1,500/oz was used for mine planning and generatingcut-off grades for stope optimisation.Economic modelling by Perseus is at US$1,500/oz.Bullion and Refining cost of US$3.42/oz was applied.A government royalty of 4% of the metal price was applied.
	The derivation of assumptions made ofmetal or commodity price(s), for theprincipal metals, minerals and co-products.

Criteria	JORC Code explanation	Commentary
Marketassessment	The demand, supply and stock situation forthe particular commodity, consumptiontrends and factors likely to affect supply anddemand into the future.A customer and competitor analysis alongwith the identification of likely marketwindows for the product.Price and volume forecasts and the basis forthese forecasts.For industrial minerals the customerspecification, testing and acceptancerequirements prior to a supply contract.	The demand for gold is considered at the gold price used.It was considered that gold will be marketable 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	The inputs to the economic analysis toproduce the net present value (NPV) in thestudy, the source and confidence of theseeconomic inputs including estimatedinflation, discount rate, etc.NPV ranges and sensitivity to variations inthe significant assumptions and inputs.	A schedule and economic model have been completed by Perseus on apre-tax basis using the Ore Reserves published in this Statement. Theinputs used are as per those stated in the relevant sections of thisStatement. The assessment used a discount rate of 10% which isconsidered appropriate.The base case results from the financial model confirm that the Project iseconomically viable.Note that as the gold price changes so too will the economic limits of theunderground mine therefore the Ore Reserves. Consequently, the size ofthe Project will therefore adjust to suit the revised economics.
Social	The status of agreements with keystakeholders and matters leading to sociallicence to operate.	Perseus has established relevant agreements with local stakeholders forcurrent operations at Yaouré, and this is anticipated to continue for theCMA underground.Perseus has and will continue to use skilled expatriate workers and locallysourced skilled workers.
Other	To the extent relevant, the impact of thefollowing on the project and/or on theestimation and classification of the OreReserves:Any identified material naturally occurringrisks.The status of material legal agreements andmarketing arrangements.The status of governmental agreements andapprovals critical to the viability of theproject, such as mineral tenement status,and government and statutory approvals.There must be reasonable grounds to expectthat all necessary Government approvals willbe received within the timeframesanticipated in the Pre-Feasibility orFeasibility study. Highlight and discuss themateriality of any unresolved matter that isdependent on a third party on whichextraction of the reserve is contingent.	There are currently no underground mines in Côte d'Ivoire, and as suchthere is no specific underground mining legislation.Recent experience of other mining companies in neighbouring WestAfrican jurisdictions is that this does not preclude the development ofunderground projects.Perseus will continue to engage the Ivorian government in relation topermitting and future underground development at Yaouré, including theCMA underground.It is not anticipated that permitting or legal issues will prevent the CMAunderground being developed in the timeframe proposed in the Prefeasibility Study.The estimate of Ore Reserves for the CMA underground are not materiallyaffected by any other known environmental, title, taxation, socioeconomic, marketing, political or other relevant factors other than thatdescribed in the preceding text. It is believed that the classification of OreReserves as set out in the following sections is reasonable.
Classification	The basis for the classification of the OreReserves into varying confidence categories.Whether the result appropriately reflects theCompetent Person's view of the deposit.The proportion of Probable Ore Reservesthat have been derived from MeasuredMineral Resources (if any).	Ore Reserves have been classified based on the underlying MineralResources classifications. Indicated Mineral Resources are the basis forthe CMA underground Ore Reserves.The Ore Reserves have been classified as Probable Ore Reserves.The Ore Reserve classification is considered appropriate given the PreFeasibility level study which supports the Ore Reserve, based upon experttestwork and analysis at the appropriate (PFS) level of confidence.No Measured Mineral Resources were included in the Ore Reserveestimate.
Audits orreviews	The results of any audits or reviews of OreReserve estimates.	Perseus has completed an internal technical review of the Ore Reserveestimate, which has resulted in approval of the estimate for publicrelease. No material flaws were identified in the Ore Reserves.

Modifying Factors that may have a material impact on Ore Reserve viability, or for which there are remaining areas of uncertainty at

It is recognised that this may not be possible or appropriate in all circumstances. These statements of relative accuracy and confidence of the estimate should be compared with production data, where

the current study stage.

available.

Criteria	JORC Code explanation	Commentary
		The JORC Code provides guidelines which set out minimum standards,recommendations and guidelines for the Public Reporting of explorationresults, Mineral Resources and Ore Reserves. Within the JORC Code is a"Checklist of Assessment and Reporting Criteria" (Table 1 – JORC Code).This checklist has been used as a systematic method to undertake areview of the underlying Study used to report in accordance with the JORCCode.
Discussion ofrelativeaccuracy/confidence	Where appropriate a statement of therelative accuracy and confidence level in theOre Reserve estimate using an approach orprocedure deemed appropriate by theCompetent Person. For example, theapplication of statistical or geostatisticalprocedures to quantify the relative accuracyof the reserve within stated confidencelimits, or, if such an approach is not deemedappropriate, a qualitative discussion of thefactors which could affect the relativeaccuracy and confidence of the estimate.The statement should specify whether itrelates to global or local estimates, and, iflocal, state the relevant tonnages, whichshould be relevant to technical and economicevaluation. Documentation should includeassumptions made and the procedures used.Accuracy and confidence discussions should	The accuracy and confidence of the inputs are, as a minimum, of a PreFeasibility level.The key factors that are likely to affect the accuracy and confidence in theOre Reserves are:•Accuracy of the underlying Resource Block Model;•Changes in gold prices and sales agreements;•Changes in metallurgical recovery;•Mining ore loss and dilution; and•Changes to the CMA underground cost base due to supplychallenges or inflationary pressures over time.
	extend to specific discussions of any applied

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