PERSEUS MINING LIMITED

19 JULY 2022

NEWS RELEASE

PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

Perseus Mining Limited (ASX/TSX: PRU) has completed a Feasibility Study on the Nkosuo Project, located approximately seven kilometres north-northwest of its Edikan Gold Mine in Ghana, adding substantial Mineral Resources and Ore Reserves to Edikan’s previously published inventory.

HIGHLIGHTS

Indicated Mineral Resources[1] at Nkosuo amount to 14.5Mt at 0.91g/t for 422,000 ounces of contained gold, and Inferred Mineral Resources are estimated at 0.95 million tonnes grading 0.90 g/t gold containing 27,000 ounces of gold at 30 June 2022.
Probable Ore Reserves[1] total 10 million tonnes of ore grading 1.04g/t gold and containing 332,000 ounces of gold.
• Planned processing of the Nkosuo Ore Reserves in the Edikan mill is expected to increase the life of the Edikan operation by 18 to 24 months, extending the mine life to FY2027.

Nkosuo Measured and Indicated Mineral Resources as at 30 June 2022

PROJECT	MEASURED RESOURCES	MEASURED RESOURCES	MEASURED RESOURCES	INDICATED RESOURCES	INDICATED RESOURCES	INDICATED RESOURCES	MEASURED + INDICATED RESOURCES	MEASURED + INDICATED RESOURCES	MEASURED + INDICATED RESOURCES
	Quantity Mt	Grade g/t gold	Gold '000 oz	Quantity Mt	Grade g/t gold	Gold '000 oz	Quantity Mt	Grade g/t gold	Gold '000 oz
Nkosuo1	-	-	-	14.5	0.91	422	14.5	0.91	422
Total	-	-	-	14.5	0.91	422	14.5	0.91	422

1 Refer to Notes in the individual tables of Mineral Resources and Ore Reserves.

Nkosuo Proved and Probable Ore Reserves as at 30 June 2022

			PROVED	PROVED	PROBABLE	PROBABLE	PROBABLE	PROVED + PROBABLE	PROVED + PROBABLE	PROVED + PROBABLE
	DEPOSIT
DEPOSIT		Quantity	Grade	Gold	Quantity	Grade	Gold	Quantity	Grade	Gold
	TYPE
		Mt	g/t gold	‘000 oz	Mt	g/t gold	‘000 oz	Mt	g/t gold	‘000 oz

Nkosuo1		-	- - 10.0 1.04 332 10.0						1.04 332
Total		-	- - 10.0 1.04 332 10.0						1.04 332

1 Refer to Notes in the individual tables of Mineral Resources and Ore Reserves.

Perseus’s Managing Director and CEO Jeff Quartermaine said:

“The addition of Mineral Resources and Ore Reserves from the Nkosuo Project adds significantly to the mine life at Edikan Gold Mine, ensuring operations can continue while Perseus conducts further exploration on the recently acquired Agyakusu Exploration Permit and two other adjoining Exploration Permits that are under option to Perseus. We believe that the discovery of additional Ore Reserves in trucking distance of existing infrastructure is the most cost effective means available to Perseus of creating value for shareholders. With this objective, further exploration on the nearby tenements will be well funded by Perseus and we are optimistic of discovering further deposits of a similar scale to Nkosuo that will further add to the mine life of the Edikan operation.”

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

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [110 x 35] intentionally omitted <==

OVERVIEW OF NKOSUO

Nkosuo is located in Ghana, West Africa, approximately 40 kilometres southwest of the regional town of Obuasi, 200 kilometres west-northwest of the capital Accra and seven kilometres to the north-northwest of Perseus’s Edikan Gold Mine near the town of Ayanfuri.

A Feasibility Study has been completed on the development of mineralisation discovered by Perseus at Nkosuo resulting in the estimation of an Ore Reserve of 332,000 ounces (contained) producing 272,000 ounces (recovered) over three years of mining. All in site costs (AISCs) are expected to be in the range of US$870-US$890 per ounce for Nkosuo.

The area of the Nkosuo Project is underlain principally by Paleoproterozoic Birimian flysch-type metasediments consisting of dacitic volcaniclastics, greywackes plus argillaceous (phyllitic) sediments, intensely folded, faulted and metamorphosed to upper greenschist facies. Numerous small “Basin-type” or “Cape Coast-type” granite bodies have intruded the sediments along several regional structures.

The Nkosuo Project comprises mineralisation hosted by a single north-northeast striking granitoid body measuring at least 600 metres along strike, typically 250 metres horizontal width and dipping approximately 75 degrees toward west-northwest.

Nkosuo will be mined in a single open pit, with a waste dump located to the west of the pit as shown in Figure 1 . Ore from the pit will be trucked on a dedicated haul road to the Edikan processing plant for co-processing with ores from existing Edikan open pits and stockpiles.

Figure 1: Nkosuo Project Layout

==> picture [273 x 400] intentionally omitted <==

PERSEUSMINING.COM 2

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [110 x 35] intentionally omitted <==

MINERAL RESOURCE ESTIMATES

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).

For a comprehensive description of the Nkosuo Mineral Resource estimates, refer to the JORC tables included in Appendix 1 . The currently estimated Mineral Resources at Nkosuo are summarised in Table 1 and 2 below.

Table 1: Nkosuo Measured and Indicated Mineral Resources –30 June 2022[1,2]

PROJECT	DEPOSIT TYPE	MEASURED RESOURCES	MEASURED RESOURCES	MEASURED RESOURCES	INDICATED RESOURCES	INDICATED RESOURCES	INDICATED RESOURCES	MEASURED + INDICATED RESOURCES	MEASURED + INDICATED RESOURCES	MEASURED + INDICATED RESOURCES
		Quantity Mt	Grade g/t gold	Gold '000 oz	Quantity Mt	Grade g/t gold	Gold '000 oz	Quantity Mt	Grade g/t gold	Gold '000 oz
Nkosuo3,4	Open Pit	-	-	-	14.5	0.91	422	14.5	0.91	422
Total		-	-	-	14.5	0.91	422	14.5	0.91	422

Table 2: Nkosuo Inferred Mineral Resources – 30 June 2022[2]

PROJECT	DEPOSIT TYPE	INFERRED RESOURCES	INFERRED RESOURCES	INFERRED RESOURCES
		Quantity Mt	Grade g/t gold	Gold '000 oz
Nkosuo3,4	Open Pit	0.95	0.9	27
Total		0.95	0.9	27

Notes:

Indicated Mineral Resources are inclusive of Ore Reserves.
Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.
Based on June 2022 Mineral Resource model constrained to US$1,800/oz pit shell.

0.3g/t gold cut-off applied to in situ material.

GEOLOGY

The Nkosuo project is an addition to the Edikan group of gold deposits that occur near the western flank of the Ashanti Greenstone Belt in south-western Ghana. The regional geology of the Edikan property is underlain principally by Paleoproterozoic Birimian metasediments of the Kumasi-Afema basin, positioned between the Ashanti and Sefwi Greenstone Belts.

Nkosuo is a granite-hosted orogenic gold deposit with structurally controlled mineralisation occurring with disseminated pyrite-arsenopyrite mineralisation associated with quartz veining and sericite alteration within the granite. The surrounding metasedimentary rocks are almost entirely devoid of mineralisation.

The granitoid body at Nkosuo hosting the gold mineralisation strikes north-northeast with an identified length of 600 metres along strike and typically 250 metres in horizontal width that dips 75 degrees towards the west-northwest. Drilling has confirmed that the granitoid body is continuous to at least 350 metres vertical depth below surface. The entire granite is not mineralised throughout but drilling to date indicates substantial zones of gold mineralisation up to 100 metres horizontal width.

DRILLING TECHNIQUES

Nkosuo Mineral Resources are delineated by 222 drill holes for a total of 36,982 metres comprised of reverse circulation (“RC”) and diamond core drill holes drilled by Perseus since 2021. The global Nkosuo Mineral Resource estimates are informed entirely by Perseus drilling with a breakdown by sample type of 43% RC and 57% diamond. This ratio changes for the Mineral Resource constrained within the US$1,800 pit optimisation to 22% RC and 77% diamond. RC drilling used face-sampling hammers with 139-millimetre hole diameter and the diamond core was HQ in the weathered material which changed to NQ2 in the fresh material.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [110 x 35] intentionally omitted <==

Drill hole collar locations have been surveyed by qualified surveyors. Both RC and diamond core holes were downhole surveyed at nominal 30 metre intervals.

Orientation of most drill holes at Nkosuo is approximately perpendicular to the strike of mineralisation. Drilling has occurred at 20 metres spacing on 40 metre spaced traverses with holes generally dipping at -55 degrees towards 119 degrees azimuth with partial infill to 20 metres by 20 metres in places. Drill coverage generally extends to about 150 metres vertical depth and to a maximum depth of about 380 metres.

SAMPLING

RC drill samples were collected at drill sites at 1 metre intervals and split using multi-stage riffle splitters. For the majority of Perseus’s drilling, each two consecutive samples were composited into one sample for assaying. Sample weights were nominally 2.5 kilograms and 5 kilograms for 1 metre and 2 metre samples respectively.

Diamond core was sawn in half using a diamond blade saw, with the right-hand half sent for assaying and the lefthand half stored in core trays for reference. Samples were normally taken at 1 metre intervals.

RC drill samples were logged visually for recovery, sample condition (i.e., dry, damp, wet) and contamination. Sample condition logs are available for 96% of RC samples within the mineralised granite. Recovered sample weights are available for 64% of RC samples and RC sample recoveries ranged from an estimated 46% for highly weathered to 80% for fresh material. Diamond core recoveries were measured linearly per drill run. Core recoveries averaged 67% in weathered materials and 98% in fresh rock. There is no indication of a relationship between gold grades and RC/Diamond sample recoveries.

SAMPLE ANALYTICAL METHODS

All sample preparation and assaying was carried out by commercial laboratories; no sample preparation was undertaken by Perseus. Preparation of core and RC samples followed a standard path of drying at 105 degrees Celsius for at least 12 hours, crushing the entire sample to 85% passing -2 millimetres and grinding a 1.5 kilogram split to 85% passing 75 microns. 300gram pulp subsamples are selected by multiple scoop passes.

All RC and diamond core samples have been assayed by 50-gram fire assay with AAS determination by Intertek Testing Services Ghana at their Tarkwa assay laboratory. The technique is considered a total extraction technique

Perseus’s quality assurance and quality control “QAQC” procedures included submission of coarse blanks inserted at 1 in 20, certified reference standards at 1 in 20, internal laboratory standards, duplicates and repeats.

ESTIMATION METHODOLOGY – OPEN PIT MINERAL RESOURCES

Mineral Resources were estimated by Multiple Indicator Kriging (“MIK”) of 2 metre down-hole composited gold grades from RC and diamond drilling. Compositing and wireframing were performed using Micromine software. Exploratory data analysis, variogram calculation and modelling, and resource estimation were performed using FSSI Consultants (Australia) Pty Ltd (FSSI) GS3M software.

A total of 10 holes were excluded from the estimate due to hole twinning to prevent clustering effects in the estimates which represented approximately 3% of the mineralised domain composites being excluded.

Mineralised domains used for resource estimation delineate zones within which the tenor and spatial trends of mineralisation are similar. Sample data were also separated into sub-domains representing weathering horizons using surfaces provided by Perseus. Grade continuity was characterised by indicator variograms modelled at 14 indicator thresholds. At Nkosuo, class grades were derived from class mean grades with the exception of upper bin grades which were derived from class medians.

The above approaches to treatment of high grades reduces the impact of small numbers of extreme grades on estimates of resources.

At Nkosuo, Mineral Resources were estimated into panels with dimensions 20 metres x 20 metres x 5 metres (X, Y, Z), approximating the drill hole spacing in the closer spaced parts of the drill pattern.

The estimates include variance adjustments to provide estimates of recoverable resources expected to be recoverable by open pit mining on the scale presently practiced at Edikan.

CRITERIA FOR RESOURCE CLASSIFICATION

Nkosuo estimates were classified as Indicated and Inferred based on the data collected (geology, survey and assaying data), the density of data, and the confidence in the geological model and mineralisation model. Indicated resources

PERSEUSMINING.COM 4

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [110 x 35] intentionally omitted <==

are informed by drilling spaced at up to 40 metres by 40 metres and Inferred resources are on the peripheries of drilling out to a maximum distance of approximately 40 metres from drilling.

CUT-OFF GRADE

The cut-off grade of 0.3g/t gold for the stated open pit Mineral Resource estimates reflects economic parameters deriving from current and anticipated mining practices at Nkosuo and a gold price of US$1,800/oz.

REASONABLE PROSPECTS FOR EVENTUAL ECONOMIC EXTRACTION

Mineral Resources are reported within an optimal pit shell generated using cost and revenue parameters in the Nkosuo Feasibility Study and a gold price of US$1,800/oz.

ORE RESERVE ESTIMATE

The Ore Reserve is summarised below in Table 3 and is based on the Nkosuo Mineral Resources as at 30 June 2022. Ore Reserves are reported in accordance with the JORC Code and are reported by category, deposit and type, above variable cut-off grades. The classification categories of Proved and Probable under the JORC Code are equivalent to the CIM Proven Mineral Reserve and Probable Mineral Reserve categories respectively (CIM, 2010). Appendix 1 provides the JORC Table 1 criteria for the Nkosuo Ore Reserves.

The Probable Ore Reserves for Nkosuo are estimated as 10.0 Mt grading 1.04 g/t gold, containing 332,000 ounces of gold, with no Proved Ore Reserves currently identified.

Table 3: Nkosuo Proved and Probable Ore Reserves as at 30 June 2022

			PROVED	PROVED	PROBABLE	PROBABLE	PROBABLE	PROVED + PROBABLE	PROVED + PROBABLE	PROVED + PROBABLE
	DEPOSIT
DEPOSIT		Quantity	Grade	Gold	Quantity	Grade	Gold	Quantity	Grade	Gold
	TYPE
		Mt	g/t gold	‘000 oz	Mt	g/t gold	‘000 oz	Mt	g/t gold	‘000 oz

Nkosuo1,2,3,4 Open Pit		-	- - 10.0 1.04 332 10.0						1.04 332
Total		-	- - 10.0 1.04 332 10.0						1.04 332
Notes:

Based on Mineral Resource Estimates which were current at 30 June 2022.
Variable gold grade cut-off for each material type, ranging from 0.35 g/t to 0.45 g/t.
Inferred Mineral Resource is considered as waste.
Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.

ECONOMIC ASSUMPTIONS

Gold metal price US$1,300/oz.
Un-escalated average costs used in optimising pit designs are as shown in Table 4 below.
A discount rate of 10% (real) has been assumed to calculate net present values of forecast cash flows.

Table 4: Assumed average operating costs

• MINING (OPEN PIT)	• PROCESSING	• G&A	• SELLING	• ROYALTIES
US$3.61t/mined US$8.67/milled		US$2.31t/milled US$2.24/oz sold		6.5%1
Notes:

Royalties are 6.5% plus an additional $2/Reserve oz discovery bonus payable to Adio Mabas Group.

OPEN PIT MINING PARAMETERS

The chosen method for the Open Pit Reserves is conventional open pit mining utilising hydraulic excavators and trucks, mining bench heights of 5 metres with 2.5 metre flitches to minimise ore loss and waste rock dilution.
The economic pit shell was defined using Whittle pit optimisation software (“Whittle”) with inputs such as geotechnical parameters, metallurgical recovery and mining costs.
The pit optimisation was run with revenue generated only by Measured and Indicated Mineral Resources. No value was allocated to Inferred Mineral Resources.
Whittle input parameters are based on Perseus Mining Limited site operating experience in similar deposits at Edikan and supporting technical studies undertaken as part of the Nkosuo Feasibility study.

PERSEUSMINING.COM 5

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [110 x 35] intentionally omitted <==

The pit slope designs are based on a geotechnical study by George, Orr and Associates (Australia) Pty Ltd. Overall pit slopes are 30 to 60 degrees inclusive of berms spaced at between 5 and 20 metres vertically and berm widths of 6 to 13 metres.
Pit ramps have been designed for a 100-tonne payload truck fleet and are set at 24 metres (dual lane) to 16 metres (single lane). Minimum mining width is 40 metres for the 100-tonne class truck fleet.
Vertical mining advance has been capped based on Perseus’s operating experience.
No environmental issues are known to exist which will prevent open pit mining and ore processing to continue to operate. Perseus has sufficient space available for waste dumps and tailings dams to store the expected quantities of mine waste rock and tailings associated with the Nkosuo open pit Ore Reserve.
Ore cut-off grades are based on the gold price, cost and mining parameters are as shown in Table 5 below.

Table 5: Open Pit Cut-Off Grades

	CUT-OFF GRADE BY ORE TYPE (G/T GOLD)
DEPOSIT
	Oxide Transition Fresh Granite

Nkosuo 0.35 0.45 0.45

PROCESSING PARAMETERS

The process metallurgical recovery for gold is fixed by material type in each deposit. Gold recovery rates range from 55% for oxide ore and 90% for primary ore. Recovery is shown in Table 6 .
No deleterious material has been identified.
Average annual processing throughput rate of ore is nominally 7.0Mtpa, with throughput rates variable by material type and deposit. The processing circuit involves single stage crushing, semi-autogenous grinding, gravity recovery, flotation, regrind and CIL.

Table 6: Metallurgical Recoveries by Material Type and Pit

	METALLURGICAL RECOVERIES BY ORE TYPE (%)
DEPOSIT
	Oxide Transition Fresh Granite

Nkosuo 55.1 87.6 90.3

STOCKPILE PARAMETERS

It is assumed that all Ore Reserve material is mined and fed to the processing plant during Edikan’s mine life based on the material blending schedule and all the material is rehandled on the ROM stockpile. Stockpiles of Nkosuo low grade material that remain unprocessed at the end of mine life are excluded from Ore Reserves.

CRITERIA FOR ORE RESERVE CLASSIFICATION

Ore Reserves have been classified based on the underlying Mineral Resource classifications and a Feasibility level study for the Nkosuo project. Mineral Resources were classified as Indicated and Inferred. The Ore Reserves, based only on the Indicated Resources, have been classified as Probable Ore Reserves, respectively.

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

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

NEXT STEPS

With the completion of the Nkosuo Feasibility Study, an application will be lodged with the Ghanaian Minerals Commission (Mincom) acting on behalf of the Ministry for Lands and Natural Resources.
In parallel with the Mincom submission, an application will be lodged with the Environmental Protection Agency (EPA) of Ghana which paves the way for community baseline studies and public hearings. These activities culminate in generation of an Environmental Impact Assessment.
Perseus will then submit an Environmental Impact Statement, which is the final document required for granting of an Environmental Permit for mining at the Nkosuo project.

PERSEUSMINING.COM 6

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [110 x 35] intentionally omitted <==

Conversion of the Agyakusu Prospecting Licence to a Mining Lease and granting of an Environmental Permit for Nkosuo is expected to take 18 to 24 months.

This announcement was approved for release by Managing Director and CEO, Jeff Quartermaine.

COMPETENT PERSON STATEMENT:

The information in this report that relates to Mineral Resources for Nkosuo is based on information compiled by Mr Gary Brabham, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Brabham was until 1 July 2022 a full-time employee and is currently a consultant of Perseus Mining. Mr Brabham has sufficient experience that 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 Brabham consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves for the Nkosuo deposit 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.

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 Sissingué Gold Mine, the Edikan Gold Mine and the Yaouré 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 forwardlooking 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:[email protected] WWW.PERSEUSMINING.COM	CONTACTS: Jeff Quartermaine Managing Director & CEO [email protected] Nathan Ryan Media Relations +61 4 20 582 887 [email protected] Claire Hall Corporate Communications +61 414 558 202 [email protected]

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

JORC TABLE 1 – NKOSUO PROJECT

JORC 2012 Table 1 – Section 1 sampling techniques and data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code Explanation
*Sampling*	Nature and quality of sampling (e.g. cut channels, random chips, or
*techniques*	specific specialised industry standard measurement tools appropriate
	to the minerals under investigation, such as down hole gamma sondes,
	or handheld XRF instruments, etc.). These examples should not be taken
	as limiting the broad meaning of sampling.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

Commentary Other than for soil sampling and an airborne EM-magnetics-radiometrics survey conducted in 2020 there has been no previous mineral exploration at Nkosuo. The presence of gold mineralisation was first revealed by artisanal miners in 2019. Perseus commenced drilling in July 2021. Drilling completed to 31 March 2022 is tabulated below. All drilling on the Property to date has been located at the Nkosuo project.

Drilling Type	No. Holes	RC metres	DD metres	Purpose
RC Pre-collared DD DD RC	90	7,043	0	Resource
	109	10,992	15,885	Resource
	11	0	1,900	Resource
	1	120	0	Water
DD	5	0	262	Met
Pre-collared DD DD	2	115	180	Geotech
	4	0	485	Geotech
Totals	222	18,270	18,712

RC drilling used face-sampling hammers with 139mm hole diameter. Samples were collected at one metre intervals and logged visually for recovery, sample condition (dry, damp, wet) and contamination. Sample recoveries were measured by weighing bulk recovered samples.

Diamond drilling utilised HQ triple-tube (61.1mm Ø) drilling in weathered materials and NQ2 (50.6mm Ø) diameter core in fresh rock. Diamond core recoveries were measured linearly per drill run. Core recoveries averaged 70% in weathered materials and 100% in fresh rock.

Drilling techniques Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).

RC drilling used face-sampling hammers with 139mm hole diameter. Samples were collected at one metre intervals.

Diamond drilling utilised HQ triple-tube (61.1mm Ø) drilling in weathered materials and NQ2 (50.6mm Ø) diameter core in fresh rock. Core in fresh rock was oriented using a “Reflex ACT II” device.

Drill sample Method of recording and assessing core and chip sample recoveries and recovery results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

RC drill samples were logged visually for recovery, sample condition (dry, damp, wet) and contamination. Sample condition logs are available for 96% of RC samples within the mineralised granite.

		RC	With	Dry	Moist	Damp	Wet
		metres	sample
		drilled	condition
			log

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria JORC Code Explanation	Commentary
Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material	Number	13.065	12.592	12,349	30	53	160
	Proportion		96%	95%	0.2%	0.4%	1%

Sample weights are available for 68% of RC samples recovered within the mineralised granite.

Weathering Zone	RC metres drilled	RC samples with weights	Proportion with weights %	Estimated sample recovery %
Highly weathered Moderately weathered Slightly weathered Fresh	2,278	1,572	69	46
	2,341	1,614	69	55

	1,427	948	66	71
	6,884	4,139	60	80
Total/average	12,930	8,273	64	68

There is no indication of a relationship between gold grades and RC sample recoveries.

Diamond core recoveries were measured linearly per drill run. Core recoveries averaged 67% in weathered materials and 98% in fresh rock.

98% in fresh rock.
Weathering Zone	Core metres drilled	Minimum recovery%	Wtd Ave recovery%	Maximum recovery%
Highly weathered Moderately weathered Slightly weathered Fresh	164	0	63	111
	200	0	52	100

	123	6	84	107
	16,284	0	98	112
Total/average	16,771		98

There is no indication of a relationship between gold grades and core recoveries.

Both RC and core sample recoveries in highly weathered and moderately weathered materials (saprolite and saprock) are poor by industry standards. The Competent Person considers that the poor sample recoveries potentially increase the risk associated with estimates of Mineral Resources and Ore Reserves at Nkosuo. The extent to which the resource risk may be increased is not readily quantifiable.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

Geological logs are available for the entire lengths of all drill holes. The logging is qualitative in nature.

Sieved samples of RC chips from each metre of drilling were logged for colour, rock type, alteration type and intensity, vein quartz content, sulphide mineralisation, weathering and oxidation. The chips are stored in plastic chip trays and the trays photographed.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria JORC Code Explanation Commentary Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

Diamond drill core was logged for geology, structure and geotechnical characteristics. Geological logging included colour, lithology, weathering, oxidation, vein type and vein volume percentage, sulphide species and their estimated percentages, alteration and alteration intensity. Structural logging included fault, fold, cleavage and joint orientation, lithological contacts and vein orientations. Drill core was photographed prior to cutting.

The total length and percentage of the relevant intersections logged.

Sub-sampling If core, whether cut or sawn and whether quarter, half or all core taken. techniques and sample preparation If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second-half sampling.

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

RC drill samples were collected over one metre intervals and manually split using multi-stage riffle splitters. Seventeen percent of RC metres drilled within mineralised granite were assayed as one metre intervals. The remainder were assayed as, generally, 2m or 4m composite samples. Composite samples were made by combining approximately equal mass riffle split sub-samples from each metre sample. Assay sub-samples despatched to the laboratory averaged around 3kg. All RC holes and pre-collars have been assayed in entirety.

			Assay sample intervals	Assay sample intervals	Assay sample intervals
	RC metres drilled	1m	2m	3m	4m	other
Number	13.065	2,212	5,531	15	93	162
Proportion of RC metres drilled ingranite		17%	79%	0.3%	3%	1%

In weathered materials, diamond core was halved using spatulas or knives. In fresh rock, 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 at 1 metre intervals. All diamond drill core has been assayed.

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 are selected by multiple scoop passes.

Quality control measures adopted to confirm the representivity of samples from RC and diamond drilling include:

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 pressurised air between every sample in crushing and pulverising equipment and quartz wash/prep blank every 25th sample
Screening of approximately 1:20 crushed and pulp samples to check grind size

The Competent Person has reviewed the available QAQC data and considers that the sample preparation techniques are industry standard and appropriate to the style of mineralisation. The relatively poor precision of duplicate assays of field re-split samples is typical of sampling in orogenic gold deposits.

Quality of assay The nature, quality and appropriateness of the assaying and laboratory data and procedures used and whether the technique is considered partial or laboratory tests total.

All RC and diamond core samples have been assayed by 50g fire assay with AAS determination by Intertek Testing Services Ghana at their Tarkwa assay laboratory. The technique is considered a total extraction technique.

Quality control procedures included submission of coarse blanks (1:20) and certified reference standards (1:20).

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

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code Explanation	Commentary
	make and model, reading times, calibrations factors applied and their	The Competent Person has analysed the available information indicates that the assaying of RC and core samples is free
	derivation, etc.	from any significant biases and is of acceptable accuracy.
	Nature of quality control procedures adopted (e.g. standards, blanks,
	duplicates, external laboratory checks) and whether acceptable levels
	of accuracy (i.e. lack of bias) and precision have been established.
*Verification of*	The verification of significant intersections by either independent or	Numerous significant mineralised intersections have been checked against visual alteration and sulphide mineralisation in
*sampling and*	alternative company personnel.	drill chips and core.
*assaying*	The use of twinned holes.	One core hole drilled to deliberately twin two RC holes returned gold grades of similar tenor over similar widths to those
		in the RC holes:
	Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.	NKS0218DD: 58.8m @ 0.85g/t Au
	Discuss any adjustment to assay data.	NKS0026RC : 54m @ 0.77g/t Au
		NKS0139RC : 56m @ 1.02g/t Au

Geology, structure and geotechnical logs are paper based. Sample intervals are recorded in pre-numbered sample ticket books. All logging, sample interval and survey data are manually entered to digital form on site and stored in 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 data
ensure 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 that may represent erroneous data or data entry errors and corrected on a case-by-case basis including estimates of dips and azimuths where the original data appear to be in error.

Additional data checks include viewing drill hole traces, geological logging and assays in plan and section views.

The Competent Person’s independent checks of database validity included: Comparison of assay values between nearby holes, checking for internal consistency between, and within database tables, comparisons between assay results from different sampling phases. Additional checking included comparing database assay entries with laboratory source files. These checks showed no significant discrepancies in the database used for resource estimation.

Location of data Accuracy and quality of surveys used to locate drill holes (collar and points down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

Specification of the grid system used.

Drill hole collars have been surveyed by qualified mine surveyors using differential GPS equipment with coordinates recorded in UTM grid, WGS84 Zone 30N datum.

All RC and diamond core holes have been surveyed at 12m depth and at approximately 30m down-hole increments thereafter using digital compass instruments.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code Explanation	Commentary
	Quality and adequacy of topographic control.	A topographic surface has been established by a drone photogrammetric survey conducted in 2020. After adjustment to
		match surveyed drill collars as closely as possible, the topographic surface is expected to be reliable to +/- 0.5m.
		Topographic control is considered adequate for the current work being undertaken at Nkosuo.
*Data spacing and*	Data spacing for reporting of Exploration Results.	The Nkosuo deposit is delineated by regular drilling at 20m spacings on 40m spaced traverses with holes generally dipping
*distribution*	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	at -55 degrees toward 119 degrees (UTM grid) azimuth. The drill pattern has been partially infilled to 20m x 20m in places. Drill coverage generally extends to about 150m vertical depth and to a maximum of about 380m depth.
	Resource and Ore Reserve estimation procedure(s) and classifications	The data spacing has established geological continuity of the host granite and has, in the opinion of the Competent Person,
	applied.	defined the continuity of mineralisation sufficiently to permit estimation of Mineral Resources.
	Whether sample compositing has been applied.
*Orientation of*	Whether the orientation of sampling achieves unbiased sampling of	Drill holes are oriented approximately orthogonal to the strike of the granite body that hosts mineralisation. Mineralised
*data in relation to*	possible structures and the extent to which this is known, considering	structures within the granite appear to comprise two dominant trends: a series of 50-10m thick stacked zones dipping at
*geological*	the deposit type.	approximately 20 degrees toward NW and a 10-30m wide steeply-dipping zone close to the eastern granite contact. There
*structure*	If the relationship between the drilling orientation and the orientation	is no indication that exploration results to date are affected by a significant bias due to orientation.
	of key mineralised structures is considered to have introduced a
	sampling bias, this should be assessed and reported if material.
*Sample security*	The measures taken to ensure sample security.	RC and core samples were delivered to the secure core yard compound at Edikan gold mine by Perseus personnel. RC field
		sample splits and samples of half diamond core were placed in numbered bags and those bags, in turn, placed into
		polywoven sacks that were closed with plastic cable ties prior to transport to the assay laboratory by laboratory personnel.
		Security guards were employed at drilling sites and at the core yard compound on a 24 hour per day basis.
		Results of field duplicates along with the general consistency of assay results between adjacent drill holes and drilling
		methods provide confidence in the general reliability of the assay data.
*Audits or reviews*	The results of any audits or reviews of sampling techniques and data.	Nkosuo drill hole data have not been subject to any formal audit.
		The Competent Person has reviewed the available sampling and assaying quality control data and found no evidence of
		significant errors or bias likely to significantly affect the reliability of the exploration data. These reviews included checks
		of database integrity, comparisons between database records and laboratory source files, and review of QAQC
		information.
		The Competent Person considers that the sample preparation, security and analytical procedures adopted for the Nkosuo
		drilling provide an adequate basis for estimation of Mineral Resources.
		The Competent Person considers that the poor sample recoveries in both RC and core drilling of weathered mineralisation
		potentially increase the risk associated with estimates of Mineral Resources and Ore Reserves at Nkosuo.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

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
*Mineral tenement and*	Type,	reference name/number, location and ownership including	The Nkosuo prospect is located on the Agyakusu Prospecting Licence PL2/177 initially granted to Adio-Mabas Ghana
*land tenure status*	agreements or material issues with third parties such as joint		Limited and renewed on 15th January 2020. The permit is valid until 14th January 2023. In 2019 Perseus Mining (Ghana)
	ventures, partnerships, overriding royalties, native title interests,		Limited entered into an agreement with Adio-Mabas Ghana Limited under which it had an option to purchase the permit.
	historical sites, wilderness or national park and environmental		Perseus has exercised its option and the permit was transferred to Perseus Ghana Exploration Ltd. The permit is currently
	settings.		being transferred to Perseus Mining (Ghana) Limited, subject to ministerial approval. Should Perseus apply for a mining
	The security of the tenure held at the time of reporting along with		lease, the Government of Ghana shall retain a 10% free carried interest in the company holding the mining lease.
	any known impediments to obtaining a licence to operate in the		Additionally, the Government of Ghana is entitled to a 5% royalty on nett revenue from gold production (revenue minus
	area.		transport and refining costs). Adio-Mabas Ghana Limited is entitled to a 1.5% NSR royalty and an additional discovery
			bonus payment of $2 per ounce of Ore Reserve.
			A further 0.5% of nett revenue is required to be paid to a local community development fund.
			The Nkosuo prospect area is not affected by sites of historical or environmental significance. Ongoing drilling to
			delineate a resource requires negotiation of access agreements with farmers and payment of compensation for affected
			crops. Exploitation of the deposit will require an environmental and social impact assessment, community consultation
			and the grant of an Exploitation Permit. Nkosuo is located 7km from the Edikan mine processing plant.
*Exploration done by*	Acknowledgment and appraisal of exploration by other parties.		There has been no exploration by other parties.
*otherparties*
*Geology*	Deposit type, geological setting and style of mineralisation.		The Nkosuo prospect is a granite-hosted orogenic gold deposit similar to several deposits exploited at Perseus’s nearby
			Edikan Gold Mine. Edikan gold deposits occur near the western flank of the Ashanti Greenstone Belt along the Obuasi-
			Akropong gold corridor. The Central Ashanti property is underlain principally by Paleoproterozoic Birimian
			metasediments of the Kumasi-Afema basin, positioned between the Ashanti and Sefwi Greenstone Belts. The flysch
			type metasediments consist of dacitic volcaniclastics, greywackes plus argillaceous (phyllitic) sediments, intensely
			folded, faulted and metamorphosed to upper green schist facies. Minor cherty and manganiferous exhalative
			sediments are locally present, and graphitic schists coincide with the principal shear (thrust) zones. Numerous small
			Basin-type or Cape Coast-type granitoids have intruded the sediments along several regional structures. Structurally
			controlled gold mineralisation occurs in two principal modes: disseminated pyrite-arsenopyrite mineralisation
			associated with quartz veining and sericite alteration hosted by granitoids and shear-zone hosted mineralisation
			associated with pyrite-arsenopyrite mineralisation in and adjacent to quartz veins in deformed metasedimentary
			rocks.
			The Nkosuo deposit comprises mineralisation hosted by a single NNE striking granitoid body measuring at least 600m
			along strike, typically 250m horizontal width and dipping approximately 75° toward WNW. Drilling has confirmed that
			the body is continuous to at least 350m vertical depth below surface. The entire granite is not mineralised throughout
			but drilling to date indicates substantial zones of gold mineralisation up to 100m horizontal width.
*Drill hole Information*	A summary of all information material to the understanding of the		Nkosuo is an advanced exploration property. Exploration results are not being reported in the report to which this table
	exploration results including a tabulation of the following		relates.
	information for all Material drill holes:
	•	easting and northing of the drill hole collar

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	• elevation or RL (Reduced Level – elevation above sea level in
	metres) of the drill hole collar
	• dip and azimuth of the hole
	• down hole length and interception depth hole length.
	If the exclusion of this information is justified on the basis that the
	information is not Material and this exclusion does not detract from
	the understanding of the report, the Competent Person should
	clearly explain why this is the case.
*Data aggregation*	In reporting Exploration Results, weighting averaging techniques,	Nkosuo is an advanced exploration property. Exploration results are not being reported in the report to which this
*methods*	maximum and/or minimum grade truncations (e.g. cutting of high	table relates.
	grades) and cut-off grades are usually Material and should be
	stated.
	Where aggregate intercepts incorporate short lengths of high-grade
	results and longer lengths of low-grade results, the procedure used
	for such aggregation should be stated and some typical examples of
	such aggregations should be shown in detail.
	The assumptions used for any reporting of metal equivalent values
	should be clearly stated.
*Relationship between*	These relationships are particularly important in the reporting of	Nkosuo is an advanced exploration property. Exploration results are not being reported in the report to which this table
*mineralization widths*	Exploration Results.	relates.
*and intercept lengths*	If the geometry of the mineralisation with respect to the drill hole
	angle is known, its nature should be reported.
	If it is not known and only the down hole lengths are reported, there
	should be a clear statement to this effect (e.g. ‘down hole length,
	_true width not known’). _
*Diagrams*	Appropriate maps and sections (with scales) and tabulations of	Nkosuo is an advanced exploration property. Exploration results are not being reported in the report to which this table
	intercepts should be included for any significant discovery being	relates.
	reported These should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
*Balanced reporting*	Where comprehensive reporting of all Exploration Results is not	Nkosuo is an advanced exploration property. Exploration results are not being reported in the report to which this table
	practicable, representative reporting of both low and high grades	relates.
	and/or widths should be practiced to avoid misleading reporting of
	Exploration Results.
*Other substantive*	Other exploration data, if meaningful and material, should be	Soil sampling has defined a strong gold-in-soil anomaly over the Nkosuo prospect. The airborne geophysical survey has
*exploration data*	reported including (but not limited to): geological observations;	helped elucidate the general geology of the area.
	geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	Metallurgical test work has been undertaken on core samples representing each of oxide, transition and sulphide mineralisation using a test work regime that mimics the flowsheet of the Edikan Gold Mine process plant, i.e., flotation followed by regrind and CIP.
		Results indicate expected gold recoveries of:
			Oxide – 55.1%

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		Transition – 87.6%
		Sulphide – 90.3%
		Comminution test work indicates that Nkosuo mineralisation is amenable to processing through the Edikan plant at
		throughput rates similar to those experienced for other granite-hosted orebodies at Edikan.
		Geotechnical drilling, laboratory testing and analysis have been undertaken to guide open pit slope designs.
		Composite samples of waste and mineralised materials have been laboratory tested for static acid rock drainage and
		their buffering capacities. The results of ABA and geochemical classification have indicated that the potential for the
		development of acid mine drainage (AMD) is low.
		There are no known deleterious substances associated with Nkosuo mineralisation.
*Further work*	The nature and scale of planned further work (e.g. tests for lateral	Although drilling to date has indicated that the tenor of gold mineralisation decreases to the south, the host granite
	extensions or depth extensions or large-scale step-out drilling).	body remains open in that direction and Perseus intends to explore for additional mineralisation by surface mapping
	Diagrams clearly highlighting the areas of possible extensions,	and sampling and drilling.
	including the main geological interpretations and future drilling
	areas, provided this information is not commercially sensitive.

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

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

Criteria	JORC Code explanation	Commentary
*Database*	Measures taken to ensure that data has not been corrupted by, for	Data used for resource estimation were extracted from the acQuire digital database to a series of MS Access tables using SQL
*integrity*	example, transcription or keying errors, between its initial collection	queries. There was no manual transcription of data in the export process.
	and its use for Mineral Resource estimation purposes. Data validation procedures used.	The Competent Person’s independent checks of database validity included viewing assay data on drill hole traces in cross- section and plan views to compare assay values between nearby holes and against logged granite contacts, checking for
		internal consistency between and within database tables. Additional checking included comparing database assay entries with
		laboratory source files. These checks showed no significant discrepancies in the database used for resource estimation.
*Site visits*	Comment on any site visits undertaken by the Competent Person and	Mr Brabham has visited the Edikan Gold Mine site nine times in the period from April 2016 with the latest visit being 12th-18th
	the outcome of those visits.	March 2020 during which time he observed the early stages of artisanal mining at Nkosuo.
*Geological*	Confidence in (or conversely, the uncertainty of) the geological	The geometry and extents of the host granite intrusion at Nkosuo have been established by drilling and mapping of exposures in
*interpretation*	interpretation of the mineral deposit.	artisanal mining pits and access tracks. The extents of gold mineralisation have been established with reasonable certainty by
	Nature of the data used and of any assumptions made.	drilling on a regular 20mE x 40mN grid with infill in places to 20mE x 20mN.
	The effect, if any, of alternative interpretations on Mineral Resource estimation.	Gold mineralisation at Nkosuo is almost entirely confined to the host granite intrusion. Based on surface mapping and drill hole logging, a 3D interpretation of the granite body was constructed and applied to limit the volume of mineralisation in the resource estimate.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
	The use of geology in guiding and controlling Mineral Resource	Surfaces representing interfaces between saprolite, saprock, transition material and fresh rock were constructed from drill hole
	estimation.	logs and used to apply bulk densities to the resource estimate.
	The factors affecting continuity both of grade and geology.	Geological setting and mineralisation controls of have been established with sufficient confidence for the current estimates.
*Dimensions*	The extent and variability of the Mineral Resource expressed as	The Nkosuo Mineral Resource model extends for 675m strike length and up to 240m width. Indicated Mineral Resources extend
	length (along strike or otherwise), plan width, and depth below	to 150-170m vertical depth; Inferred Mineral Resources extend to 300-325m vertical depth.
	surface to the upper and lower limits of the Mineral Resource.	Mineral resources are reported within an optimal pit shell generated applying Edikan Gold Mine operating costs, gold recoveries
		indicated by test work and a gold price of US$1,800/oz.
		The Nkosuo pit shell is approximately 680m long, 300m wide and extends to a maximum depth of 160m.
*Estimation and*	The nature and appropriateness of the estimation technique(s)	Resources were estimated by Multiple Indicator Kriging (MIK) of two metre down-hole composited gold grades from RC and
*modeling*	applied and key assumptions, including treatment of extreme grade	diamond holes.
*techniques*	values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used.	Sample composites were allocated to three estimations domains: a northern mineralised domain representing the Nkosuo granite north of a fault offset, a southern mineralised domain representing the granite south of the fault, and a surrounding waste domain. Mineralised domains used for resource estimation delineate zones within which the tenor and spatial trends of mineralisation are similar. Sample data were also separated into sub-domains representing weathering horizons. Grade
	The availability of check estimates, previous estimates and/or mine	continuity was characterised by indicator variograms modelled at 14 indicator thresholds.
	production records and whether the Mineral Resource estimate takes appropriate account of such data.	Indicator bin grades were derived from bin mean grades with the exception of upper bin grades which we derived from class medians.
	The assumptions made regarding recovery of by-products.	The above approaches to treatment of high grades reduces the impact of small numbers of extreme grades on estimates of
	Estimation of deleterious elements or other non-grade variables of	resources.

Estimation of deleterious elements or other non-grade variables of economic significance (e.g. sulphur for acid mine drainage characterisation).

In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.

Resources were estimated into panels in a local grid (rotated 29 degree clockwise from UTM grid) with dimensions 20m x 20m x 5m (X, Y, Z). Estimation used a three-pass search strategy with criteria listed below.

Any assumptions behind modelling of selective mining units.

Search Pass	Radii (m) (X Y Z)	Minimum Data
1	50,50,8	16
2	75,75,12	16
3	75,75,12	8

Any assumptions about correlation between variables.

Description of how the geological interpretation was used to control the resource estimates.

Discussion of basis for using or not using grade cutting or capping.

The Nkosuo estimates include variance adjustments to provide estimates of recoverable resources for mining selectivity of 4m x 6m x by 2.5m (X, Y, Z) with grade control sampling on a 6m x 8m x 0.87m (X, Y, Z) pattern.

The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.

The resource model has not been depleted for small-scale artisanal mining that has been historically undertaken in the upper 5- 10 metres of the deposit. The mined volumes are considered inconsequential.

Micromine software was used for data compilation, domain wireframing, and coding of composite values, and GS3M was used for resource estimation.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary
		Estimated resources make no assumptions about recovery of by-products. The resource models include estimates for gold only.
		No deleterious elements were estimated.
		Model reviews included visual comparison of estimates with informing data and swathe plots comparing estimated gold grades
		with grades in informing sample data. Mining reconciliation information is not available.
		The estimation technique is considered appropriate for the mineralisation style.
*Moisture*	Whether the tonnages are estimated on a dry basis or with natural	Tonnages are estimated on a dry basis, with densities estimated from oven dried samples of diamond core.
	moisture, and the method of determination of the moisture content.
*Cut-off*	The basis of the adopted cut-off grade(s) or quality parameters	The cut-off grade of 0.3g/t Au for the stated open pit Mineral Resource estimates reflects the approximate average break-even
*parameters*	applied.	cut-off grade that derives from cost and revenue parameters in the Edikan Life-of-Mine plan and a gold price of US$1,800/oz.
*Mining factors*	Assumptions made regarding possible mining methods, minimum	Mineral Resource estimates are based on proposed exploitation by conventional truck and shovel open pit mining and ore
*or assumptions*	mining dimensions and internal (or, if applicable, external) mining	processing by flotation, regrind and CIP at the existing Edikan plant.
	dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding	The estimates include variance adjustments to give estimates of resources that can reasonably be expected to be recoverable in open pit mining.
	mining methods and parameters when estimating Mineral	Mineral Resources are reported within an optimal pit shell generated by applying Edikan Gold Mine operating costs, gold
	Resources may not always be rigorous. Where this is the case, this	recoveries indicated by test work and a gold price of US$1,800/oz.
	should be reported with an explanation of the basis of the mining
	assumptions made.
*Metallurgical*	The basis for assumptions or predictions regarding metallurgical	Metallurgical test work has been undertaken on core samples representing each of oxide, transition and sulphide mineralisation
*factors or*	amenability. It is always necessary as part of the process of	using a test work regime that mimics the flowsheet of the Edikan Gold Mine process plant, i.e., flotation followed by regrind and
*assumptions*	determining reasonable prospects for eventual economic extraction	CIP.
	to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made	Results indicate expected gold recoveries of:
	when reporting Mineral Resources may not always be rigorous.	Oxide – 55.1%
	Where this is the case, this should be reported with an explanation
	of the basis of the metallurgical assumptions made.	Transition – 87.6%
		Sulphide – 90.3%

Comminution test work indicates that Nkosuo mineralisation is amenable to processing through the Edikan plant at throughput rates similar to those experienced for other granite-hosted orebodies at Edikan.

PERSEUSMINING.COM 17

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria JORC Code explanation	Commentary	Commentary	Commentary
*Environmental* *factors or* *assumptions* Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a green fields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	Composite samples of waste and mineralised materials have been laboratory tested for static acid rock drainage and their buffering capacities. The results of ABA and geochemical classification have indicated that the potential for the development of acid mine drainage (AMD) is low. There are no known deleterious substances associated with Nkosuo mineralisation. Tailings material from processing of Nkosuo ore is expected to be suited to disposal in the existing Edikan tailings storage facilities. Mining of Nkosuo project will require granting of an exploitation permit (mining lease) which, in turn, requires completion of an Environmental and Social Impact Assessment, negotiation of land and crop compensation and permitting by EPA and the Minerals Commission. Preliminary baseline studies undertaken by Perseus indicate no significant impediments to successful completion of the permitting process.
*Bulk density* Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc.), moisture and differences between rock and alteration zones within the deposit. Discuss assumptions for bulk density estimates used in the	Bulk density measurements were undertaken on drill core sample using the Archimedes method. In addition to those measurements, bulk densities known from mining at other Edikan gold deposits with essentially identical geology we considered in electing the densities to be applied to the Nkosuo model. Weathering subdomain No. density measurements Applied density (t/m3) Completelyweathered 59 1.60 Partiallyweathered 24 1.80 Fracture weathered 19 2.60 Fresh rock 43 2.70
	Weathering subdomain	No. density measurements	Applied density (t/m3)
	Completelyweathered	59	1.60
	Partiallyweathered	24	1.80
	Fracture weathered	19	2.60
	Fresh rock	43	2.70

Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.

There is no significant difference between bulk densities in mineralisation and surrounding waste rock.

Classification The basis for the classification of the Mineral Resources into varying confidence categories.

Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data).

Whether the result appropriately reflects the Competent Person’s view of the deposit.

The Competent Person considers that the information available for the Nkosuo project does not define mineralisation with sufficient confidence for estimation of Measured Resources. Nkosuo estimates were classified as Indicated and Inferred primarily on the basis of estimation search pass and sectional polygons defining the limits of 20m x 40m and closer drilling for each block model row.

Panels informed by search pass 1 within the classification polygons were classified as Indicated, with all other estimates classified as Inferred.
A relatively small number of panels initially classified as Inferred within the volume of Indicated panels were re-classified as Indicated. These panels are generally near-surface and not informed by search pass 1 due to the octant requirements that search pass.

The classification approach gives a consistent distribution of categories and classifies estimates for mineralisation tested by reasonably consistent 20m x 40m spaced drilling as Indicated, with estimates for broader and irregularly sampled mineralisation classified as Inferred.

Audits or The results of any audits or reviews of Mineral Resource estimates. reviews

The resource model has not been subjected to any formal audit or independent review. The estimation methodology is identical to that applied at other granite-hosted deposits at the Edikan Gold Mine at which mining has demonstrated reasonable reconciliation between estimates and mining outcomes.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation Commentary	JORC Code explanation Commentary	JORC Code explanation Commentary
*Discussion of*	Where appropriate a statement of the relative accuracy and Confidence		in the relative accuracy of the model estimates is reflected by the classification of estimates as Indicated and Inferred.
*relative*	confidence level in the Mineral Resource estimate using an approach
*accuracy/*	or procedure deemed appropriate by the Competent Person. For
*confidence*	example, the application of statistical or geostatistical procedures to
	quantify the relative accuracy of the resource within stated
	confidence limits, or, if such an approach is not deemed appropriate,
	a qualitative discussion of the factors that could affect the relative
	accuracy and confidence of the estimate.
	The statement should specify whether it relates to global or local
	estimates, and, if local, state the relevant tonnages, which should be
	relevant to technical and economic evaluation. Documentation
	should include assumptions made and the procedures used.
	These statements of relative accuracy and confidence of the
	estimate should be compared with production data, where available.
JORC 2012 Table 1 – Section 4 Estimation and Reporting of Ore Reserves
Criteria	JORC Code explanation	Commentary
*Mineral Resource* *estimate for conversion* *to Ore Reserves* Description of the Mineral Resource estimate used as a basis for the conversion to an Ore Reserve. Clear statement as to whether the Mineral Resources are reported		•	The Nkosuo Ore Reserve is based on the Nkosuo Mineral Resource. The Nkosuo Mineral Resources are compiled and estimated by Mr Gary Brabham FAusIMM, MAIG, who is the Competent Person for those Mineral Resource estimates.
	additional to, or inclusive of, the Ore Reserves.	•	Mineral Resources quoted in this report are inclusive of Ore Reserves.
*Site visits*	Comment on any site visits undertaken by the Competent Person and the outcome of those visits.	•	The Competent Person for the Nkosuo Ore Reserve, Mr Adrian Ralph FAusIMM has visited the Edikan Gold Mine (Edikan), including the Nkosuo project from the 22thto 24thMarch 2022.
	If no site visits have been undertaken indicate why this is the case.
*Study status*	The type and level of study undertaken to enable Mineral Resources to be converted to Ore Reserves.	•	The Nkosuo Ore Reserves are supported by a Feasibility level study undertaken by Perseus Mining Limited (Perseus). On this basis, the Nkosuo Mineral Resources have been converted to Ore Reserves.
	The Code requires that a study to at least Pre-Feasibility Study level	•	Ore Reserves are determined from technically achievable pit designs based on Open Pit optimisation and the
	has been undertaken to convert Mineral Resources to Ore Reserves.		application of appropriate modifying factors. The designs were assessed to ensure economic viability.
	Such studies will have been carried out and will have determined a mine plan that is technically achievable and economically viable, and that material Modifying Factors have been considered.	•	Nkosuo Ore Reserves were incorporated into a mine schedule based upon the current Life of Mine Plan for the Edikan Mine to demonstrate economic viability.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
*Cut-off parameters*	The basis of the cut-off grade(s) or quality parameters applied.	•	The cut-off grade is based on the economic parameters developed from the operation. The cut-off grade varies by
			material type as follows;
			Pit Oxide Transition Fresh Au g/t Au g/t Au g/t
			Nkosuo 0.35 0.45 0.45
*Mining factors or* *assumptions*	The method and assumptions used as reported in the Pre-Feasibility or Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. either by application of appropriate factors by optimisation or by preliminary or detailed design).	• •	The chosen method of mining is conventional open pit mining utilising hydraulic excavators and trucks, mining bench heights of 5 m with 2.5m flitches to minimise ore loss and waste rock dilution. This configuration is the same as currently used for mining of similar orebodies at the nearby Edikan Gold Mine. The economic pit shell was defined using Whittle pit optimisation software (“Whittle”) with inputs such as
	The choice, nature and appropriateness of the selected mining		geotechnical parameters, metallurgical recovery and mining costs.
	method(s) and other mining parameters including associated design issues such as pre-strip, access, etc.	•	The pit optimisation was run with revenue generated only by Measured and Indicated Mineral Resources. No value was allocated to Inferred Mineral Resources.
	The assumptions made regarding geotechnical parameters (e.g. pit	•	Whittle input parameters are based on Perseus Mining Limited site operating experience in similar deposits at
	slopes, stope sizes, etc.), grade control and pre-production drilling.		Edikan and supporting technical studies undertaken as part of the Nkosuo Feasibility study.
	The major assumptions made and Mineral Resource model used for	•	The pit slope design assumptions are based on a geotechnical study by Chris Orr of George, Orr and associates
	pit and stope optimisation (if appropriate).		(Australia) Pty Ltd. Inter-ramp pit slopes are 30 to 60 degrees and vary by material weathering. Inter-ramp slopes
	The mining dilution factors used.		are excluding ramp but include a 6m berm every 5m vertically in weathered material and 10m berms every 20 m in fresh rock. Additional berms are located at the top of fresh rock (10m wide), and every third bench (60 m vertically)
	The mining recovery factors used.		in fresh rock (13m wide).
	Any minimum mining widths used.	•	As with other open pit mines at Edikan, a conventional reverse circulation drilling (RC) grade control program will be undertaken ahead of open pit mining. This has been accounted for in mining cost estimates.
	The manner in which Inferred Mineral Resources are utilised in	•	Aside from RC grade control, the only other pre-production drilling for the Nkosuo project is sterilisation auger
	mining studies and the sensitivity of the outcome to their inclusion.		drilling for the Nkosuo waste dump.
	The infrastructure requirements of the selected mining methods.	•	The Nkosuo Mineral Resource is a Multiple Indicator Kriging (MIK) Model. MIK models are considered to represent
			a recoverable Mineral Resources, and therefore no further mining dilution or ore loss (mining recovery) modifying
			factors were applied in the conversion of the Mineral Resource to an Ore Reserve.
		•	Pit ramps have been designed for a 100-tonne payload truck fleet and are set at	24 metres (dual lane) to 16 metres
			(single lane). Minimum mining with is 40m for the 100-tonne class truck fleet.
		•	Inferred Resources have not been included in the Ore Reserve.
		•	The Edikan Gold Mine has been in operation since 2011. The administration, processing and related infrastructure
			at Edikan will be suitable to support the Nkosuo Ore Reserves. New infrastructure for the Nkosuo Ore Reserve
			includes a haul road, waste dump and short term stockpiles at Nkosuo.

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
*Metallurgical factors or* *assumptions*	The metallurgical process proposed and the appropriateness of that process to the style of mineralisation.	•	The Edikan processing plant uses crushing, grinding, gravity, flotation, concentrate regrind and cyanide leaching to extract gold. The plant has a nominal capacity of 7Mtpa.
	Whether the metallurgical process is well-tested technology or	•	The technology used in the processing plant is well proven, and the plant has been operating successfully since
	novel in nature.		2011.
	The nature, amount and representativeness of metallurgical test	•	The processing test work is representative of the different material types throughout the mining area.
	work undertaken, the nature of the metallurgical domaining applied	•	No deleterious material has been identified.
	and the corresponding metallurgical recovery factors applied.	•	The process metallurgical recovery for gold is fixed by material type for the Nkosuo deposit:
	Any assumptions or allowances made for deleterious elements.
	The existence of any bulk sample or pilot scale test work and the		Deposit Oxide % Transition % Fresh %
	degree to which such samples are considered representative of the		Nkosuo 55.1 87.6 90.3
	orebody as a whole.
	For minerals that are defined by a specification, has the ore reserve	•	Metallurgical testwork has been completed for the Nkosuo deposit as described in Table 1,	Section 3 for the Nkosuo
	estimation been based on the appropriate mineralogy to meet the		Mineral Resource.
	specifications?	•	There are no mineralogy specification requirements.
*Environment*	The status of studies of potential environmental impacts of the mining and processing operation. Details of waste rock characterisation and the consideration of potential sites, status of design options considered and, where applicable, the status of approvals for process residue storage and waste dumps should be	•	No environmental issues are known to exist which will prevent open pit mining and ore processing to continue to operate. Perseus has sufficient space available for waste dumps and tailings dams to store the expected quantities of mine waste rock associated with the Nkosuo open pit Ore Reserve. Capital costs for additional lifts to the Edikan tailings facilities have been included in the Nkosuo Feasibility study.
	reported.	•	Testwork on waste and ore material from the Nkosuo deposit indicates that the potential for the development of acid mine drainage (AMD) within the material types tested is low, with all samples either classified as either non-
			acid forming or low potential.
*Infrastructure*	The existence of appropriate infrastructure: availability of land for plant development, power, water, transportation (particularly for	•	All material infrastructure for Nkosuo is available at the existing Edikan Gold Mine.
	bulk commodities), labour, accommodation; or the ease with which the infrastructure can be provided or accessed.	•	A dedicated haul road is planned to be constructed from Nkosuo to the Edikan Gold Mine processing facility, and the cost for this has been included in the Nkosuo Feasibility capital estimate.
		•	Power supply is from the national grid system supplied Ghanaian electricity company, GRIDCO. Future power will
			be generated on site at Edikan from piped gas under a power purchase agreement with Genser Energy.
		•	Water supply is largely from groundwater extracted from dedicated boreholes and supplemented by decant water
			for the processing plant.
		•	Access to site is via public roads
		•	A camp is established to accommodate non-local employees
		•	Workshops, offices, storage of reagents and laboratory are established at the processing plant
*Costs*	The derivation of, or assumptions made, regarding projected capital costs in the study.	•	The mining costs are based on schedule of rates provided by Perseus mining contractors and Perseus actual performance
	The methodology used to estimate operating costs.	•	Processing and G&A costs are based on Perseus actual performance and the results of testwork on the Nkosuo
			deposit for the Nkosuo Feasibility Study.

PERSEUSMINING.COM 21

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
	Allowances made for the content of deleterious elements.	•	Capital costs are based on either actual costs from Perseus experience in West Africa, or on quotes from local
	The derivation of assumptions made of metal or commodity		suppliers as part of the Nkosuo Feasibility Study.
	price(s), for the principal minerals and co- products.	•	No deleterious materials have been identified
	The source of exchange rates used in the study.	•	Gold is the only metal considered in the Ore Reserves.
		•	All costs are in US$
	Derivation of transportation charges.	•	A gold price of US$1,300/oz was used for mine planning and pit optimisation
	The basis for forecasting or source of treatment and refining charges, penalties for failure to meet specification, etc.	• •	Bullion and Refining cost of US$2.24/oz was applied Total royalties of 6.5% of net revenue and a discovery bonus of US$2.0/oz are accounted for in mine operating
	The allowances made for royalties payable, both Government and		costs.
	private.
*Revenue factors*	The derivation of, or assumptions made regarding revenue factors including head grade, metal or commodity price(s) exchange rates, transportation and treatment charges, penalties, net smelter	• •	A gold price of US$1,300/oz was used for mine planning and pit optimisation. Economic modelling by Perseus is at US$1,500/oz
	returns, etc.	•	Bullion and Refining cost of US$2.24/oz was applied
	The derivation of assumptions made of metal or commodity	•	Total royalties of 6.5% of net revenue to the Government of Ghana and the Adio Mabas Group have been applied to
	price(s), for the principal metals, minerals and co-products.		costs for the Nkosuo project
		•	A discovery bonus of US$2.0 per ounce of Ore Reserve (payable to the Adio Mabas group) are accounted for in the
			Nkosuo project costs
*Market assessment*	The demand, supply and stock situation for the particular commodity, consumption trends and factors likely to affect supply and demand into the future.	• •	The demand for gold is considered at the gold price used. It was considered that gold will be marketable beyond the processing life.
	A customer and competitor analysis along with the identification of	•	The processing forecast and mine life are based on life of mine plans.
	likely market windows for the product.
	Price and volume forecasts and the basis for these forecasts.
	For industrial minerals the customer specification, testing and
	acceptance requirements prior to a supply contract.
*Economic*	The inputs to the economic analysis to produce the net present value (NPV) in the study, the source and confidence of these economic inputs including estimated inflation, discount rate, etc.	•	A schedule and economic model have been completed by Perseus on a pre-tax basis using the Ore Reserves published in this Statement. The inputs used are as per those stated in the relevant sections of this Statement. The assessment used a discount rate of 10% which is considered appropriate.
	NPV ranges and sensitivity to variations in the significant	•	The base case results from the financial model confirm that the Project is economically viable.
	assumptions and inputs.	•	Note that as the gold price changes so too will the economic limits of the pits and their Reserves. Consequently, the
			size of the Project will therefore adjust to suit the revised economics.
*Social*	The status of agreements with key stakeholders and matters leading to social licence to operate.	•	Perseus has established relevant agreements with local stakeholders in order to operate the Edikan Gold Mine
		•	Further community engagement will continue to occur with local stakeholders as part of the Ghanaian
			Environmental Assessment process

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

Criteria	JORC Code explanation	Commentary	Commentary
*Other*	To the extent relevant, the impact of the following on the project and/or on the estimation and classification of the Ore Reserves:	•	The estimate of an Ore Reserve for the Nkosuo Open Pit is not materially affected by any other known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other relevant factors other
	Any identified material naturally occurring risks.		than that described in the preceding text. It is believed that the classification of Ore Reserves as set out in the
			following sections is reasonable.
	The status of material legal agreements and marketing arrangements.	•	The Nkosuo project will require regulatory mining and environmental approval thought the usual processes for such activities in Ghana, which are well documented. Perseus is not aware of any reason why such approvals should not
	The status of governmental agreements and approvals critical to		take place in due course.
	the viability of the project, such as mineral tenement status, and
	government and statutory approvals. There must be reasonable
	grounds to expect that all necessary Government approvals will be
	received within the timeframes anticipated in the Pre-Feasibility or
	Feasibility study. Highlight and discuss the materiality of any
	unresolved matter that is dependent on a third party on which
	extraction of the reserve is contingent.
*Classification*	The basis for the classification of the Ore Reserves into varying confidence categories.	•	Ore Reserves have been classified based on the underlying Mineral Resources classifications and the level of detail in the mine planning. The Mineral Resources were classified as Measured, Indicated and Inferred. The Ore Reserves,
			based only on the Measured and Indicated Resources, have been classified as Proved and Probable Ore Reserves,
			respectively.
	Whether the result appropriately reflects the Competent Person’s view of the deposit.	•	The Ore Reserve is classified as Proved and Probable in accordance with the JORC Code, corresponding to the Mineral Resource classifications of Measured and Indicated and taking into account other factors where relevant. The deposit’s
	The proportion of Probable Ore Reserves that have been derived		geological model is well constrained. The Ore Reserve classification is considered appropriate given the nature of the
	from Measured Mineral Resources (if any).		deposit, the moderate grade variability, drilling density and structural complexity. It was deemed appropriate to use
			Measured Mineral Resources as a basis for Proved Reserves and Indicated Mineral Resources as a basis for Probable
			Reserves.
		•	No Inferred Mineral Resources were included in the Ore Reserve estimate.
*Audits or reviews*	The results of any audits or reviews of Ore Reserve estimates.	•	Perseus has completed an internal review of the Ore Reserve estimate.
		•	The JORC Code provides guidelines which set out minimum standards, recommendations, and guidelines for the
			Public Reporting of exploration results, 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 a review of the underlying Study used to report in accordance with the JORC Code.
*Discussion of relative* *accuracy/ confidence*	Where appropriate a statement of the relative accuracy and confidence level in the Ore Reserve estimate using an approach or	•	The accuracy and confidence of the inputs is supported by a Feasibility Study for the Nkosuo project
	procedure deemed appropriate by the Competent Person. For	•	The key factors that are likely to affect the accuracy and confidence in the Ore Reserves are:
	example, the application of statistical or geostatistical procedures		- Accuracy of the underlying Resource Block Models;
	to quantify the relative accuracy of the reserve within stated confidence limits, or, if such an approach is not deemed		- Changes in gold prices and sales agreements; - Changes in metallurgical recovery; and
			- Mining ore loss and dilution

PERSEUSMINING.COM

NEWS RELEASE | PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

==> picture [111 x 34] intentionally omitted <==

JORC Code explanation	Commentary	Commentary
appropriate, a qualitative discussion of the factors which could	•	The accuracy of the underlying Mineral Resources is defined by the Resource Category that the Mineral Resources
affect the relative accuracy and confidence of the estimate.		are assigned to. Only the highest categories of Resource classification, Measured and Indicated, have been used as a
The statement should specify whether it relates to global or local		basis for estimating Ore Reserves.
estimates, and, if local, state the relevant tonnages, which should
be relevant to technical and economic evaluation. Documentation
should include assumptions made and the procedures used.
Accuracy and confidence discussions should extend to specific
discussions of any applied Modifying Factors that may have a
material impact on Ore Reserve viability, or for which there are
remaining areas of uncertainty at the current study stage.
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 available.

PERSEUSMINING.COM

AI assistant

PERSEUS MINING LIMITED — Capital/Financing Update 2022

46513_rns_2022-07-18_d8701510-bf92-4fc8-ad9a-95ad493fe4fd.pdf

NEWS RELEASE

PERSEUS INCREASES EDIKAN’S INVENTORIES OF MINERAL RESOURCES AND ORE RESERVES

HIGHLIGHTS

Nkosuo Proved and Probable Ore Reserves as at 30 June 2022

Perseus’s Managing Director and CEO Jeff Quartermaine said: