PERSEUS MINING LIMITED — Capital/Financing Update 2025

Jul 21, 2025

22 JULY 2025

NEWS RELEASE

PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT

Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide an update on ongoing resource definition drilling currently being conducted at its Nyanzaga Gold Project (NGP) in Tanzania and to announce some of the more significant drill results achieved since our last exploration announcement, dated 5 December 2024 (see ASX release “Confidence Boosting Infill Drilling at Nyanzaga Project).

The current drilling program has been designed to further inform and advance Perseus’s proposed open pit mining scenario at NGP as detailed in the Feasibility Study update, released to the market on 25 April 2025 (see ASX release “Perseus Mining proceeds with development of the Nyanzaga Gold Project”).

Drill holes have been designed to infill existing drilling, collect additional information including metallurgical and geotechnical data and most importantly evaluate potential strike and depth extensions to the mineralisation.

As of the end of June 2025, a total of 35,623 m of combined reverse circulation (RC) and diamond (DD) meters have been drilled into the Tusker and Kilimani deposits since the last update in December 2024 (refer to Appendix 1 – Figure 3 ). Since acquiring the NGP in April 2025, Perseus has drilled a total of 58,609 m, with the majority of this being resource definition drilling into the Tusker and Kilimani deposits.

Infill drilling was designed to improve the average drill spacing across the deposit from 40 m × 40 m to a nominal drill pattern of 20 m × 40 m and was completed across the main Tusker mineralisation and the adjacent Kilimani deposit. Drilling remains ongoing across both Tusker and Kilimani and continues to support the current mineralisation interpretation across both deposits.

Drill hole data and related drill results are tabulated in Appendix 2 , however more significant results received from the recent drilling include:

TUSKER DEPOSIT

• NYZRCDD1374C: 51 m @ 4.43 g/t gold from 269 m including 4 m @ 42.04 g/t gold from 274 m;

• NYZDD1389: 36 m @ 6.28 g/t gold from 292 m including 4 m @ 47.82 g/t gold from 314 m;

• NYZDD1390: 10 m @ 15.38 g/t gold from 264 m;

• NYZDD1490: 33 m @ 3.14 g/t gold from 275 m including 2 m @ 32.28 g/t gold from 161 m;

• 61 m @ 4.35 g/t gold from 235 m;

• NYZRCDD1347: 62 m @ 2.38 g/t gold from 432 m;

• NYZRCDD1351: 63 m @ 6.49 g/t gold from 435 m including 1 m @ 307.8 g/t gold from 438 m;

• 16 m @ 6.15 g/t gold from 501 m including 6 m @ 14.73 g/t gold from 511 m;

• NYZRCDD1372: 69 m @ 3.94 g/t gold from 335 m including 21 m @ 7.99 g/t gold from 375 m;

• NYZRCDD1373: 57 m @ 6.50 g/t gold from 203 m including 11 m @ 26.93 g/t gold from 208 m;

PERSEUS MINING LIMITED

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

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• NYZRCDD1397: 59 m @ 4.39 g/t gold from 442 m and 64 m @ 2.91 g/t gold from 660 m including 23 m @ 4.36 g/t gold from 695 m

• NYZRCDD1399: 54 m @ 9.69 g/t gold from 577 m including 2 m @ 118.3 g/t gold from 591 m and 5 m @ 20.15 g/t gold from 601 m;

• NYZRCDD1401: 23 m @ 20.87 g/t gold from 496 m;

• NYZRCDD1404: 46 m @ 3.15 g/t gold from 550 m including 11 m @ 9.81 g/t gold from 567 m;

• NYZRCDD1405: 52 m @ 3.01 g/t gold from 506 m; 81 m @ 4.00 g/t gold from 597 m including 8 m @ 16.74 g/t gold from 625 m;

• NYZRCDD1419: 52 m @ 3.17 g/t gold from 348 m;

• NYZRCDD1422: 84 m @ 3.24 g/t gold from 339 m including 11 m @ 9.15 g/t gold from 392 m;

KILIMANI DEPOSIT

• NYZRC1424: 22 m @ 4.14 g/t gold from 47 m;

• NYZRC1471: 44 m @ 4.36 g/t gold from 0 m including 3 m @ 43.56 g/t gold from 25 m;

Further geotechnical, metallurgical and sterilisation drilling programs are on-going or planned, and are scheduled to be completed by December 2025. The results of this work, together with other key activities, will be incorporated into an updated Ore Reserve statement that is to be released to the market in the March 2026 quarter.

Perseus’s Managing Director and CEO, Jeff Quartermaine, said:

“In announcing our Final Investment Decision in April 2025 for the development of the Nyanzaga Gold Project, we advised the market that our decision was based on only the first phase of a Mineral Resource confirmation drilling program, and that a second phase of drilling was planned with the aim of updating Nyanzaga’s Mineral Resources and Ore Reserves prior to the commencement of gold production in January 2027.

The drill results that have been announced today have resulted from this second phase of drilling and reinforce our confidence in our ability to expand Nyanzaga’s Mineral Resources and Reserves and as a result, potentially extend the life of the mine beyond the currently predicted Phase 1 of 11 years.

Of particular interest to us are the excellent drill results that have been achieved as part of the current drill program at depths below the bottom of the currently envisaged large open pit. While more drilling is required to confirm extensions of mineralisation at depth, the early indications suggest further exploitation of the mineralisation, including the potential for application of UG mining methods, may be possible resulting in even a further extension of the mine life.”

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THE NYANZAGA GOLD PROJECT, TANZANIA

The NGP (or the Project) is located in north-western Tanzania, within the Sengerema District of the Mwanza Region, south of Lake Victoria approximately 60 kilometres southwest of Mwanza (Tanzania’s second largest city) ( Figure 2 ).

The Project is located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake Victoria Goldfield, approximately 60 km east of Anglogold Ashanti’s Geita Gold Mine and 35 km northeast of Barrick’s Bulyanhulu Gold Mine. The Project area covers Nyanzian greenstone volcanic rocks and sediments typical of the greenstone belts of the central craton.

The NGP Mineral Resource Estimate includes an Indicated Resource of 74.2 Mt grading 1.33 g/t Au for 3.2 Moz Au and an Inferred Resource of 15.0 Mt grading 1.2 g/t Au for 0.6 Moz Au ( Table 1 ). It has a Probable Ore Reserve Estimate of 52.0 Mt grading 1.40 g/t Au for 2.3 Moz Au ( Table 2 ).

Table 1: Nyanzaga Gold Project Mineral Resources[1,2,3,4,5,6]

							MEASUR	ED & INDIC	ATED
	MEASU	RED RESOU	RCES	INDICAT	ED RESOU	RCES				INFERR	ED RESOUR	CES
							R	ESOURCES
PROJECT
	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
	Mt	g/t gold	’'000 oz	Mt	g/t gold	’000 oz	Mt	g/t gold	’000 oz	Mt	g/t gold	’000 oz
Tusker7	-	-	-	71.1	1.34	3,061	71.1	1.34	3,061	14.6	1.2	571
Kilimani	-	-	-	3.1	1.00	101	3.1	1.00	101	0.4	1.2	13
Total	-	-	-	74.2	1.33	3,162	74.2	1.33	3,162	15.0	1.2	584

Notes for Table 1:

1 Based on October 2024 Mineral Resource estimate

2 0.3 g/t gold cut-off applied to in-situ open pit material

3 In-situ open pit resources are constrained to US$2,000/oz pit shells

4 Rounding of numbers to appropriate precision may result in summary inconsistencies

5 Mineral Resources are inclusive of Ore Reserves

6 Mineral Resources are reported on a 100% basis

7 The previously disclosed Nyanzaga deposit has been termed Tusker for clarity

Table 2: Nyanzaga Gold Project Ore Reserves[1,2,3,4,5,6]

		PROVED		P	ROBABLE		PROVED	AND PROBA	BLE
PROJECT	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
Tusker7	-	-	-	49.4	1.42	2,255	49.4	1.42	2,255
Kilimani	-	-	-	2.6	1.02	86	2.6	1.02	86
Total	-	-	-	52.0	1.40	2,342	52.0	1.40	2,342

Notes for Table 2:

1 Based on October 2024 Mineral Resource estimate

2 Based on April 2025 Ore Reserve estimate

3 Pit designs are based on US$1,700/oz gold metal price

4 Variable gold grade cut-offs for each material type, ranging from 0.33 g/t to 0.6 g/t

5 Inferred Mineral Resource is considered as waste for optimisation purposes

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

7 The previously disclosed Nyanzaga deposit has been termed Tusker for clarity

OVERVIEW OF WORK PROGRAMS & RESULTS

Perseus released a resource development update in December 2024 (see ASX announcement “Confidence Boosting Infill Drilling at Nyanzaga” dated 5 December 2024) and followed this up with a final investment decision (FID) in April 2025 (ASX release “Perseus Mining Proceeds with Development of the Nyanzaga Gold Project” dated 28 April 2025). This release is an update of resource definition drilling and studies completed since the last resource definition release.

Work completed to date has supported and advanced the understanding of all aspects of the Nyanzaga Gold Project (NGP), derisking the project and demonstrating the potential to increase the NGP Mineral Resources. Activities continue with a focus on resource definition, geotechnical, and metallurgical drilling, and associated studies proposed to optimise design parameters.

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Since the last update in December 2024 a total of 35,623 m of combined Reverse circulation (RC) and Diamond (DD) meters have been drilled into the Tusker and Kilimani Deposits. This includes resource definition, metallurgical and geotechnical drilling. Since acquiring the project in April 2025 Perseus has drilled a total of 58,609 m, with the majority (49,749 m) of this being resource definition drilling into the Tusker and Kilimani Deposits.

Infill drilling was designed to improve the average drill spacing across the deposit from 40 m × 40 m to a nominal drill pattern of 20 m × 40 m and was completed across the main Tusker mineralisation and the adjacent Kilimani deposit. Drilling remains ongoing across both Tusker and Kilimani and continues to support the current mineralisation interpretation across both deposit areas.

Of particular interest is new drilling below the FID reserve pit design demonstrates continuation of mineralisation at depth and indicates the potential for resource/reserve addition (see Figure 6 Figure 6 and Figure 7Figure 7).

In addition to the results presented in the highlights above, other notable results include:

Hole	Intercept
TUSKER DEPOSIT
NYZDD1355C	32 m@5.41g/tgold from 243 m
NYZDD1385	66 m @ 2.03 g/t gold from 293 mincluding5 m @ 6.87 g/t gold from 297 mand
	6 m@3.11g/tgold from 328 m
NYZRCDD1348	86 m@2.07g/tgold from 260 mincluding4 m@21.43g/tgold from 339 m
NYZRCDD1349A	64 m@2.04g/tgold from 371 m
NYZRCDD1352	92 m@3.77g/tgold from 549 mincluding16 m@8.75g/tgold from 603 m
NYZRCDD1353	54 m @ 3.86 g/t gold from 158 mincluding26 m @ 6.94 g/t gold from 164 m
	77 m@2.17g/tgold from 495 mincluding7 m@5.58g/tgold from 543 m
NYZRCDD1359	81 m@3.87g/tgold from 477 m
NYZRCDD1365	44 m@2.08g/tgold from 268 m
NYZRCDD1368	11 m@8.30g/tgold from 245 m
NYZRCDD1370	57 m@2.27g/tgold from 333 m
NYZRCDD1378B	39 m@2.54g/tgold from 300 m
NYZRCDD1398A	25 m@8.29g/tgold from 563 mincluding6 m@30.66g/tgold from 569 m
NYZRCDD1400	8 m@12.72g/tgold from 485 m
NYZRCDD1406	50 m@3.09g/tgold from 714 m
NYZRCDD1407	70 m@3.15g/tgold from 583 mincluding13 m@10.24g/tgold from 618 m
NYZRCDD1425	78 m@3.12g/tgold from 334 mincluding8 m@11.86g/tgold from 401 m
NYZRCDD1429	11 m @ 9.11 g/t gold from 446 m
	42 m@3.53g/tgold from 460 m
KILIMANI DEPOSIT
NYZRC1426	11 m@9.41g/tgold from 9 m
NYZRC1449	8 m@11.90g/tgold from 41 m

Figures illustrating the key aspects of the Nyanzaga Gold Project activities are presented in Appendix 1 .

Drill collar details and significant intercepts (>2 m above 0.5 g/t gold) are summarised in Table 3 and Table 4 in Appendix 2 for Tusker and Kilimani respectively .

Note assays are incomplete - not all assays have been received at the time of reporting including holes marked by * and noted in the figure captions.

This announcement has been approved for release by Perseus Mining Limited’s Managing Director and Chief Executive Officer, Jeff Quartermaine.

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COMPETENT PERSON STATEMENT:

The information in this report and the attachments that relate to exploration drilling results at the Nyanzaga Gold Project is based on, and fairly represents, information and supporting documentation prepared by Mr Glen Edwards, a Competent Person who is a Chartered Professional Geologist. Mr Edwards is the General Manager Exploration of the Company. Mr Edwards 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’ (“JORC Code 2012”) and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr Edwards 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 the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement “Perseus Mining proceeds with development of the Nyanzaga Gold Project” released on 28 April 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Nyanzaga Gold Project” dated 10 June 2025 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, development of a mine at Nyanzaga, 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 forwardlooking 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. 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

CAPITAL STRUCTURE: Ordinary shares: 1,353,975,467 Performance rights: 9,343,976

REGISTERED OFFICE:

Level 2 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700

www.perseusmining.com

DIRECTORS:

Rick Menell Non-Executive Chairman

Jeff Quartermaine Managing Director & CEO Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director

Dan Lougher Non-Executive Director

CONTACTS:

Jeff Quartermaine Managing Director & CEO jeff.quartermaine@perseusmining.com

Stephen Forman

Investor Relations +61 484 036 681 stephen.forman@perseusmining.com

Nathan Ryan Media +61 420 582 887 nathan.ryan@nwrcommunications.com.au

John McGloin Non-Executive Director James Rutherford Non-Executive Director

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APPENDIX 1 - FIGURES

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Figure 1: Location of Perseus Mining Limited’s mining operations and development projects

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Figure 2: Nyanzaga Project Location

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----- Start of picture text -----

Kilimani
Tusker
----- End of picture text -----

Figure 3: Nyanzaga Gold Project drill plan showing drill collars forming this release with Ore Reserve pit design

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Figure 4:Tusker Deposit - cross section at 9,672,300mN looking north showing selected new intercepts and historical drill traces on simplified geology

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Figure 5: Tusker Deposit - cross section at 9,672,340mN looking north showing selected new intercepts and historical drill traces on simplified geology

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Figure 6: Tusker Deposit - cross section at 9,672,500mN looking north showing selected new intercepts and historical drill traces on simplified geology

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Figure 7: Tusker Deposit - cross section at 9,672,540mN looking north showing selected new intercepts and historical drill traces on simplified geology

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Figure 8: Kilimani Deposit – Oblique cross section looking northeast showing selected new intercepts and historical drill traces

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Figure 9: Kilimani Deposit – Oblique cross section looking northeast showing selected new intercepts and historical drill traces

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APPENDIX 2 – DRILL HOLE DETAILS AND SIGNIFICANT INTERCEPTS

Table 3: Nyanzaga Gold Project – Tusker drill holes and significant assays based on lower cut-off of 0.5 g/t gold Au with maximum 2 m internal waste

Hole ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
NYZDD1346A DD 467592.79 9672499.00 1287.11 267.9 -60.4 606.4 incl. incl. incl.	36 41 5 0.84
	47 81.1 34.1 1.14
	61 63 2 5.00
	93.1 108.1 15 0.76
	117 119 2 0.83
	122 138 16 0.81
	141 149 8 0.74
	153 167 14 0.66
	170 175 5 0.86
	179 198 19 0.87
	206 215 9 0.61
	222 317 95 1.22
	320 324 4 0.78
	328 335 7 0.78
	340 420 80 1.58
	358 363 5 5.91
	423 452 29 1.17
	455 458 3 1.53
	472 484 12 1.48
	481 483 2 3.04
	488 495 7 0.81
NYZDD1355C DD 467673.91 9672662.73 1247.81 269.2 -60.7 410.5 incl. and incl.	120 124 4 0.46
	143 152 9 1.27
	223 226 3 1.70
	243 275 32 5.41
	245 247 2 8.01
	251 274 23 6.45
	278 290 12 1.11
	293 335 42 1.68
	307 310 3 3.49
	345 381 36 0.83
NYZDD1366B DD 467684.33 9672377.75 1277.88 268.6 -61.9 510.2	175 185 10 0.54
	191 199 8 3.72
	203 225 22 1.02
	228 230 2 5.98
	235 237 2 0.95
	242 259 17 0.61
	262 269 7 1.71
	273 276 3 14.92
	287 369 82 1.79
	373 376 3 1.05
	417 421 4 2.44
	496 500 4 0.68
NYZDD1374C DD 467651.72 9672335.79 1296.44 269.6 -60.0 410 incl. incl. incl.	152 166 14 0.83
	171 173 2 1.15
	176 187 11 1.27
	196 225 29 1.43
	243 247 4 0.41
	253 265 12 0.58
	269 320 51 4.43
	274 278 4 42.04
	323 335 12 5.43
	329 334 5 11.25
	339 345 6 3.64
	343 345 2 9.45
	349 351 2 1.46
NYZDD1377A DD 467711.08 9672220.68 1282.94 270.0 -60.0 480.8 incl.	297 300 3 0.65
	305 312 7 1.24
	316 369 53 1.59
	354 356 2 12.97
	389 393 4 1.27
	468 470 2 1.09
NYZDD1384 DD 467718.22 9672298.66 1271.76 270.0 -60.0 510.1 incl. incl. incl.	239 265 26 2.83
	246 251 5 8.17
	269 271 2 1.21
	295 298 3 0.61
	301 306 5 0.65
	309 322 13 1.51
	313 316 3 3.64
	325 357 32 2.41
	349 351 2 5.62

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Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
		361 367 6 1.20
		443 445 2 1.06
NYZD	D1385 DD 467649.52 9672381.72 1290.02 269.5 -60.3 460 incl. incl. and	120 124 4 1.06
		136 184 48 0.69
		187 191 4 0.59
		195 197 2 0.64
		201 205 4 0.64
		210 215 5 0.66
		219 230 11 0.72
		236 251 15 2.86
		255 281 26 1.03
		284 290 6 2.87
		288 290 2 5.31
		293 359 66 2.03
		297 302 5 6.87
		328 334 6 3.11
		372 375 3 0.58
		421 427 6 5.14
NYZDD	1387A DD 468154.94 9671275.09 1182.77 230.4 -58.3 250.3	74 76 2 0.63
NYZD	D1388 DD 467618.80 9672296.06 1311.87 267.6 -62.4 360.8 incl. and	163 212 49 1.65
		163 165 2 6.90
		182 184 2 5.57
		219 250 31 0.92
		256 263 7 0.76
		289 293 4 0.65
		320 323 3 1.06
NYZD	D1389 DD 467686.64 9672295.17 1283.56 267.8 -61.5 440.2 incl.	234 242 8 0.44
		251 257 6 1.12
		263 269 6 1.15
		273 289 16 3.90
		292 328 36 6.28
		314 318 4 47.82
		331 346 15 0.64
NYZD	D1390 DD 467604.67 9672340.71 1314.09 268.1 -59.8 529 incl. incl. incl. incl. incl.	116 148 32 1.70
		140 143 3 4.29
		155 159 4 1.38
		166 177 11 0.78
		180 192 12 0.97
		198 203 5 0.79
		206 213 7 1.87
		227 229 2 0.59
		243 246 3 4.45
		251 261 10 5.17
		264 274 10 15.38
		264 269 5 30.12
		277 301 24 1.78
		289 294 5 4.20
		304 311 7 3.32
		304 308 4 5.41
		339 341 2 4.87
		382 385 3 1.19
		389 400 11 5.69
		389 391 2 18.17
		507 511 4 1.08
		517 519 2 1.00
NYZD	D1391 DD 468164.99 9671450.01 1185.02 218.0 -59.2 251	No significant intercepts
NYZD	D1392 DD 467589.66 9672378.91 1315.14 269.6 -59.9 430.1 incl. and and incl. and	83 168 85 1.82
		93 100 7 6.72
		103 105 2 6.70
		125 127 2 5.21
		173 175 2 0.68
		179 181 2 1.53
		184 187 3 0.79
		192 262 70 1.85
		232 236 4 3.63
		253 256 3 5.95
		275 324 49 5.71
		344 346 2 1.03
		390 393 3 2.60
NYZDD	1393B DD 467165.69 9672196.74 1292.71 134.7 -60.4 120	No significant intercepts
NYZD	D1394 DD 467049.99 9672325.98 1251.85 133.5 -59.7 250.6	202 208 6 0.55
NYZDD	1395A DD 466942.01 9672447.98 1226.09 134.0 -59.8 440.7	No significant intercepts
NYZD	D1396 DD 467087.65 9672540.23 1231.18 133.2 -60.9 410	294 306 12 0.70
NYZD	D1483 DD 467458.87 9672292.95 1362.75 220.1 -74.1 148.5 incl.	111 129 18 2.66
		113 121 8 4.41
		132 135 3 0.51
		138 141 3 0.96

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
NYZD	D1490 DD 467620.00 9672340.00 1309.00 269.9 -60.2 370 incl. incl. and	108 111 3 0.58
		119 127 8 0.79
		130 163 33 3.14
		161 163 2 32.28
		167 211 44 1.21
		235 296 61 4.35
		262 266 4 19.90
		279 289 10 3.51
		299 302 3 0.75
		323 326 3 3.12
		335 337 2 3.47
		354 360 6 2.08
NYZRCD	D1344 RC/DD 467641.97 9672659.59 1254.89 269.8 -59.2 555.2 incl. incl.	0 2 2 0.62
		79 82 3 0.76
		88 96 8 3.57
		88 92 4 6.64
		104 109 5 0.62
		127 129 2 0.61
		221 223 2 1.46
		242 248 6 0.94
		276 316 40 1.77
		299 306 7 4.14
		319 351 32 0.86
		355 357 2 0.77
		416 430 14 1.20
		436 468 32 1.06
		474 496 22 1.40
		500 515 15 2.44
NYZRCD	D1347 RC/DD 467696.69 9672496.65 1259.30 268.7 -60.0 580.4 incl.	0 4 4 0.95
		199 262 63 0.75
		265 282 17 0.82
		286 328 42 1.00
		331 337 6 0.92
		340 354 14 0.60
		360 370 10 0.78
		373 403 30 2.65
		407 414 7 1.28
		432 494 62 2.38
		458 463 5 4.44
		497 502 5 3.66
		515 517 2 0.84
NYZRCD	D1348 RC/DD 467295.92 9672462.03 1280.83 89.6 -58.6 360.2 incl.	231 237 6 1.23
		242 256 14 1.81
		260 346 86 2.07
		339 343 4 21.43
		350 360.2 10.2 1.21
NYZRCD	D1349A RC/DD 467715.14 9672456.78 1259.31 267.2 -57.2 650.4	198 219 21 2.43
		224 297 73 1.10
		303 310 7 0.78
		313 339 26 1.18
		346 368 22 0.86
		371 435 64 2.04
		526 529 3 0.97
		537 541 4 0.40
		589 593 4 0.46
NYZRCD	D1351 RC/DD 467698.91 9672540.21 1252.74 267.1 -57.2 590.8 incl. and and and incl.	0 2 2 0.68
		170 174 4 1.08
		183 187 4 0.51
		202 215 13 0.60
		219 221 2 0.73
		226 235 9 0.52
		243 246 3 0.61
		253 279 26 0.94
		282 288 6 0.98
		293 306 13 0.85
		316 322 6 0.60
		326 334 8 0.88
		337 378 41 1.00
		382 417 35 0.93
		428 430 2 0.70
		435 498 63 6.49
		438 439 1 307.80
		451 453 2 5.73
		475 478 3 3.54
		486 489 3 4.44
		501 517 16 6.15
		511 517 6 14.73

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
NYZRCD	D1352 RC/DD 467741.24 9672583.73 1244.64 268.0 -57.3 700 incl. and incl. incl. and and	0 6 6 0.89
		197 199 2 0.68
		207 247 40 2.55
		211 217 6 7.22
		220 225 5 3.28
		254 257 3 1.39
		260 262 2 1.40
		267 300 33 0.86
		304 308 4 0.91
		313 323 10 1.40
		326 335 9 0.72
		345 362 17 0.58
		365 370 5 2.98
		374 442 68 1.03
		446 474 28 1.42
		469 471 2 8.22
		479 487 8 0.83
		490 526 36 1.96
		549 641 92 3.77
		584 594 10 5.61
		603 619 16 8.75
		629 640 11 6.01
NYZRCD	D1353 RC/DD 467697.25 9672578.96 1248.65 268.8 -57.7 610.1 incl. incl. and incl. and	2 4 2 0.94
		158 212 54 3.86
		164 190 26 6.94
		222 266 44 1.09
		269 297 28 0.62
		301 310 9 0.61
		313 385 72 0.86
		388 468 80 1.60
		437 439 2 4.00
		448 450 2 3.87
		488 490 2 1.07
		495 572 77 2.17
		543 550 7 5.58
		554 558 4 10.49
		576 587 11 0.68
NYZRCD	D1354 RC/DD 467660.39 9672579.36 1256.31 267.9 -56.1 537.7	103 107 4 1.19
		125 128 3 1.23
		129 140 11 1.09
		145 161 16 0.69
		167 178 11 0.84
		182 188 6 0.50
		191 219 28 0.80
		222 232 10 1.17
		239 244 5 0.71
		248 296 48 0.98
		299 302 3 0.42
		307 310 3 1.00
		313 321 8 0.88
		324 326 2 0.83
		331 398 67 1.15
		514 523 9 0.88
		527 537 10 1.15
NYZRCD	D1357 RC/DD 467627.96 9672497.26 1278.86 268.1 -57.9 540 incl. incl. and incl.	50 79 29 1.33
		53 55 2 4.62
		82 97 15 1.48
		107 154 47 1.13
		158 183 25 1.24
		192 197 5 0.86
		200 214 14 0.97
		218 229 11 0.76
		236 284 48 1.65
		255 260 5 3.93
		263 267 4 3.56
		288 303 15 1.05
		307 323 16 0.81
		345 352 7 0.70
		355 411 56 1.51
		380 386 6 3.28
		415 426 11 1.11
		430 433 3 3.76
		451 453 2 1.17
		530 532 2 0.80
NYZRCD	D1359 RC/DD 467781.75 9672461.48 1245.53 267.0 -57.6 610.05 incl.	248 332 84 1.23
		254 259 5 4.76
		336 402 66 2.19

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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
	incl. incl. and and and	382 386 4 16.88
		405 409 4 3.75
		412 418 6 0.80
		445 473 28 1.37
		477 558 81 3.87
		490 492 2 4.51
		518 521 3 24.08
		529 532 3 21.11
		537 547 10 8.09
		563 565 2 0.80
		604 606 2 1.54
NYZRCD	D1362 RC/DD 467315.31 9672378.90 1307.89 90.6 -59.8 240.5 incl. and	181 183 2 0.75
		204 207 3 0.64
		210 240.5 30.5 1.08
		216 218 2 5.03
		232 235 3 3.17
NYZRCD	D1363 RC/DD 467385.34 9672492.63 1289.83 90.5 -60.3 290.9	66 68 2 2.06
		130 197 67 0.79
		202 208 6 0.66
		212 215 3 1.77
		219 240 21 1.59
		247 254 7 1.19
		268 285 17 3.87
NYZRCD	D1364 RC/DD 467369.13 9672455.85 1298.74 90.3 -59.4 261.4 incl. incl.	158 218 60 1.55
		164 166 2 6.99
		221 261.4 40.4 1.39
		245 248 3 3.04
NYZRCD	D1365 RC/DD 467239.67 9672417.03 1275.66 91.7 -61.3 378.5 incl. incl.	174 178 4 0.61
		184 204 20 0.49
		211 220 9 0.87
		223 232 9 0.96
		260 262 2 0.98
		268 312 44 2.08
		277 279 2 3.45
		316 378.5 62.5 1.77
		335 339 4 4.70
NYZRCD	D1367 RC/DD 467690.78 9672420.49 1271.81 268.1 -58.2 550.8	192 226 34 0.81
		230 247 17 0.93
		250 312 62 1.00
		317 384 67 1.54
		393 395 2 0.71
		463 466 3 0.52
NYZRCD	D1368 RC/DD 467659.71 9672263.46 1299.35 270.8 -60.0 550.4 incl.	179 183 4 0.60
		197 213 16 1.49
		205 207 2 6.87
		245 256 11 8.30
		267 285 18 0.58
		289 301 12 0.98
		354 356 2 1.55
		390 393 3 1.95
		398 405 7 3.71
		465 467 2 0.64
		490 492 2 0.81
NYZRCD	D1369 RC/DD 467233.97 9672381.23 1281.08 89.5 -59.9 270.8	173 193 20 0.80
		196 203 7 1.12
NYZRCD	D1370 RC/DD 467725.65 9672378.74 1265.16 268.2 -58.7 519.4 incl. and and	187 191 4 0.58
		217 221 4 0.94
		225 230 5 0.96
		235 239 4 0.88
		243 251 8 0.55
		258 270 12 0.50
		273 318 45 1.30
		333 390 57 2.27
		339 345 6 3.41
		349 356 7 5.95
		380 383 3 4.70
		409 412 3 0.52
		428 430 2 0.88
NYZRCD	D1371 RC/DD 467259.99 9672297.08 1295.84 88.0 -59.9 240.7	166 168 2 0.64
		221 223 2 1.21
NYZRCD	D1372 RC/DD 467729.31 9672337.22 1268.35 268.0 -59.2 620	242 254 12 0.75
		257 268 11 0.79
		276 280 4 0.75
		283 292 9 1.37
		295 306 11 1.39
		315 321 6 1.88
		326 330 4 1.71

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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
	incl. and	335 404 69 3.94
		362 369 7 3.27
		375 396 21 7.99
		541 546 5 0.90
		573 581 8 0.98
		603 608 5 2.91
		618 620 2 1.26
NYZRCD	D1373 RC/DD 467379.01 9672292.93 1348.24 90.3 -59.9 360.6 incl. incl. and and incl.	94 96 2 0.82
		181 190 9 3.08
		188 190 2 5.44
		203 260 57 6.50
		203 205 2 8.01
		208 219 11 26.93
		223 225 2 6.78
		277 289 12 3.43
		286 289 3 11.16
NYZRCD	D1375 RC/DD 467441.72 9672374.85 1336.28 88.4 -60.4 260 incl.	122 137 15 0.98
		142 162 20 1.13
		171 203 32 1.96
		184 186 2 15.97
		210 229 19 0.65
		232 247 15 0.69
		250 259 9 0.74
NYZRCD	D1376 RC/DD 467613.61 9672175.50 1323.99 269.2 -60.6 300.8	74 76 2 1.15
		163 166 3 4.05
NYZRCD	D1378B RC/DD 467693.31 9672260.19 1286.03 269.9 -60.0 480 incl. and	207 209 2 0.98
		245 249 4 0.98
		274 285 11 1.22
		288 296 8 0.95
		300 339 39 2.54
		309 311 2 4.92
		317 323 6 7.93
		363 366 3 4.87
NYZRCD	D1379 RC/DD 467655.91 9672221.56 1304.53 269.2 -60.2 390.5	38 41 3 1.17
		142 144 2 0.89
		239 247 8 0.57
		250 252 2 0.61
		269 273 4 0.64
NYZRCD	D1380 RC/DD 467654.02 9672181.84 1306.61 270.6 -61.3 460.3	302 304 2 0.89
		358 362 4 0.47
		397 400 3 1.43
NYZRCD	D1381 RC/DD 467334.52 9672307.55 1328.77 89.7 -58.8 310.4 incl. incl. incl.	123 128 5 0.78
		156 189 33 1.93
		171 173 2 4.08
		192 204 12 5.50
		194 200 6 9.61
		207 209 2 0.76
		282 287 5 3.33
		283 285 2 6.80
		291 305 14 1.10
NYZRCD	D1382A RC/DD 467383.64 9672334.90 1340.15 88.5 -59.4 240	151 153 2 1.41
		158 190 32 1.06
		194 196 2 0.72
		205 214 9 0.85
		222 234 12 2.03
NYZRCD	D1383 RC/DD 467358.56 9672377.37 1322.43 87.9 -61.1 290	134 137 3 0.45
		152 154 2 0.56
		160 163 3 1.02
		191 205 14 0.91
		208 267 59 0.96
		271 287 16 0.78
NYZRCD	D1397 RC/DD 467820.36 9672539.75 1236.98 270.3 -60.2 750 incl. incl. incl. and incl. and and	1 8 7 0.59
		369 437 68 1.32
		442 501 59 4.39
		480 482 2 8.71
		504 512 8 0.62
		522 549 27 2.41
		524 527 3 8.47
		555 612 57 1.58
		604 606 2 4.74
		609 612 3 6.40
		622 630 8 0.73
		636 656 20 0.75
		660 724 64 2.91
		675 679 4 7.20
		688 691 3 3.76
		695 718 23 4.36

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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
NYZRCD	D1398A RC/DD 467020.02 9672615.92 1226.02 88.0 -59.7 625.1 incl.	563 588 25 8.29
		569 575 6 30.66
		593 601 8 1.25
		610 614 4 0.97
		620 625.1 5.1 0.61
NYZRCD	D1399 RC/DD 467778.86 9672539.24 1241.01 268.1 -59.0 695.4 incl. and incl. incl. and and	0 6 6 0.46
		250 253 3 2.87
		284 288 4 0.78
		298 312 14 1.38
		315 393 78 0.99
		396 429 33 1.25
		432 466 34 2.37
		441 443 2 6.24
		449 452 3 10.04
		469 494 25 1.28
		497 501 4 2.01
		508 547 39 1.40
		520 524 4 4.56
		557 574 17 1.31
		577 631 54 9.69
		591 593 2 118.33
		596 598 2 6.46
		601 606 5 20.15
		634 636 2 1.60
NYZRCD	D1400 RC/DD 467064.12 9672538.59 1229.88 87.2 -59.8 520.1	470 482 12 6.27
		485 493 8 12.72
		499 510 11 1.78
NYZRCD	D1401 RC/DD 467758.34 9672499.98 1243.50 269.4 -57.9 650 incl.	4 6 2 0.72
		253 259 6 1.66
		262 266 4 0.82
		271 295 24 0.68
		300 357 57 0.67
		361 390 29 1.28
		395 472 77 1.12
		496 519 23 20.87
		523 588 65 1.80
		559 570 11 4.83
		629 631 2 0.90
NYZRCD	D1404 RC/DD 467738.16 9672538.91 1244.31 268.0 -58.1 650.1 incl. incl. incl.	207 209 2 2.77
		219 233 14 0.71
		244 248 4 2.48
		253 262 9 0.80
		275 287 12 0.57
		290 312 22 0.61
		316 339 23 1.74
		343 346 3 0.66
		349 390 41 0.82
		393 482 89 1.68
		462 469 7 4.92
		507 509 2 2.63
		514 530 16 1.54
		525 528 3 4.71
		550 596 46 3.15
		567 578 11 9.81
NYZRCD	D1405 RC/DD 467799.98 9672497.51 1239.16 268.4 -62.1 720 incl. incl. and and incl. and and and	3 6 3 1.33
		341 381 40 0.99
		384 389 5 0.81
		392 395 3 0.65
		404 410 6 0.90
		431 433 2 0.57
		458 467 9 0.82
		470 474 4 6.27
		472 474 2 11.46
		478 481 3 1.54
		486 499 13 0.97
		506 558 52 3.01
		528 533 5 7.06
		537 541 4 8.32
		552 555 3 15.51
		565 579 14 3.15
		597 678 81 4.00
		600 604 4 11.47
		616 619 3 4.52
		625 633 8 16.74
		666 670 4 5.27
		681 700 19 1.16
NYZRCD	D1406 RC/DD 467878.31 9672457.98 1231.13 268.0 -58.0 800	541 545 4 0.67

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
	incl. incl. and	554 556 2 0.69
		569 571 2 0.59
		575 582 7 0.55
		585 595 10 1.12
		601 610 9 0.55
		619 631 12 4.18
		621 623 2 7.79
		634 637 3 0.69
		640 647 7 1.15
		669 711 42 0.66
		714 764 50 3.09
		741 744 3 8.65
		754 757 3 5.54
		767 769 2 0.67
NYZRCD	D1407 RC/DD 467835.96 9672461.25 1235.31 268.1 -57.9 728.2 incl. incl. and	359 367 8 0.81
		370 373 3 0.73
		382 389 7 1.09
		394 396 2 0.57
		415 417 2 1.11
		471 475 4 0.80
		485 529 44 1.60
		515 518 3 5.28
		532 546 14 1.34
		557 560 3 1.16
		563 567 4 0.89
		583 653 70 3.15
		618 631 13 10.24
		641 645 4 5.23
		657 668 11 1.39
		694 697 3 2.68
NYZRCD	D1408 RC/DD 467122.91 9672496.25 1234.89 88.7 -60.7 480.6	405 417 12 1.02
		421 436 15 1.28
		440 443 3 0.62
NYZRCD	D1409* RC/DD 467838.35 9672380.10 1236.69 268.3 -58.3 750	Assayspending
NYZRCD	D1410 RC/DD 467138.81 9672455.59 1241.82 89.5 -60.7 450.6 incl.	240 242 2 0.53
		247 250 3 0.83
		253 262 9 0.82
		277 279 2 0.66
		293 297 4 0.79
		301 303 2 0.58
		306 317 11 0.68
		321 343 22 0.53
		348 352 4 0.51
		355 372 17 0.68
		379 381 2 0.61
		384 403 19 1.63
		397 400 3 4.54
		407 411 4 0.60
NYZRCD	D1411 RC/DD 467203.06 9672414.82 1264.18 88.6 -60.0 430.7	183 185 2 0.66
		188 202 14 0.63
		206 208 2 0.93
		278 285 7 0.75
		298 300 2 1.09
		316 319 3 0.48
		324 327 3 17.65
		345 349 4 0.62
		359 382 23 2.85
		385 392 7 0.63
NYZRCD	D1412* RC/DD 467836.90 9672422.46 1236.08 268.1 -58.0 720	Assayspending
NYZRCD	D1413 RC/DD 467221.57 9672452.69 1262.94 90.1 -60.4 420.4 incl. and and and and	200 202 2 0.62
		259 261 2 1.04
		326 329 3 0.58
		332 386 54 2.77
		324 327 3 17.65
		340 347 7 4.14
		352 363 11 4.70
		368 374 6 3.24
		377 380 3 4.03
		414 416 2 0.72
NYZRCD	D1414* RC/DD 467794.97 9672378.06 1244.82 267.8 -58.1 700	Assayspending
NYZRCD	D1419 RC/DD 467760.82 9672342.18 1256.02 269.6 -59.8 590.7 incl. incl. and and	242 247 5 1.03
		251 330 79 1.11
		266 268 2 4.53
		348 400 52 3.17
		358 363 5 6.68
		369 375 6 7.04
		382 387 5 3.99

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

Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
		508 510 2 0.52
		587 590.7 3.7 1.97
NYZRCD	D1422 RC/DD 467764.39 9672299.46 1258.02 270.7 -59.7 570.5 incl. and and and and	215 218 3 0.53
		245 249 4 0.55
		253 256 3 0.75
		259 263 4 0.89
		266 276 10 0.80
		279 291 12 0.76
		302 320 18 1.23
		331 334 3 0.77
		339 423 84 3.24
		351 356 5 3.60
		374 380 6 5.30
		384 389 5 4.83
		392 403 11 9.15
		410 415 5 3.88
NYZRCD	D1425 RC/DD 467759.62 9672259.29 1261.83 270.9 -59.5 570.5 incl. and and and incl.	258 262 4 0.78
		266 301 35 1.10
		334 412 78 3.12
		352 356 4 3.78
		361 364 3 6.41
		372 374 2 13.03
		401 409 8 11.86
		417 442 25 3.27
		417 420.5 3.5 16.59
		466 468 2 5.41
		482 484 2 1.56
		489 491 2 0.60
NYZRCD	D1429 RC/DD 467793.74 9672221.06 1252.09 269.7 -60.5 650.94 incl. incl. incl. and and	283 301 18 0.76
		308 318 10 0.76
		321 340 19 3.39
		329 331 2 21.22
		343 358 15 1.82
		345 347 2 4.47
		446 457 11 9.11
		460 502 42 3.53
		465 467 2 4.88
		479 488 9 8.91
		492 495 3 7.98
		505 518 13 1.11
		598 602 4 0.60
		642 644 2 0.93
NYZRCD	D1430* RC/DD 467800.27 9672296.95 1248.44 270.2 -60.7 650	Assayspending
NYZRCD	D1431* RC/DD 467795.95 9672339.96 1246.40 269.3 -61.2 650	Assayspending
NYZRCD	D1435 RC/DD 467743.13 9672177.90 1269.72 268.2 -61.1 530.8 incl. and and	269 273 4 0.30
		324 331 7 0.52
		336 338 2 1.00
		341 385 44 1.87
		346 349 3 5.43
		357 360 3 3.12
		367 371 4 4.73
		389 393 4 8.22
NYZRCD	D1437* RC/DD 467694.64 9672180.53 1287.49 269.7 -60.8 450.3	185 187 2 1.02
		270 290 20 0.72
		301 305 4 0.69
		312 316 4 0.66
		322 325 3 0.54
		410 414 4 1.08
NYZRCD	D1439 RC/DD 467362.28 9672418.78 1308.03 89.4 -60.5 320.3	128 130 2 0.82
		161 164 3 0.67
		168 221 53 1.20
		224 233 9 1.27
		236 253 17 0.74
		268 294 26 1.07
		301 307 6 0.56
		315 320.3 5.3 1.11
NYZRCD	D1440 RC/DD 467401.26 9672380.95 1327.69 88.4 -59.3 260.3 incl.	118 126 8 1.30
		135 139 4 0.97
		144 151 7 0.55
		159 195 36 1.37
		199 221 22 1.42
		218 220 2 8.49
		228 251 23 0.86

• • Hole in progress. Partial assays only

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Table 4: Nyanzaga Gold Project – Kilimani drill holes and significant assays based on lower cut-off of 0.5 g/t gold Au with maximum 2 m internal waste

Hole ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
NYZRC1415 RC 467341.65 9672337.51 1325.65 91.8 -60.3 100	No significant intercepts
NYZRC1416 RC 467985.92 9672777.66 1258.80 33.0 -53.6 106 i	78 94 16 1.96
	91 93 2 8.57
NYZRC1418A RC 467956.45 9672805.92 1259.73 34.0 -55.8 100	78 81 3 1.03
NYZRC1421 RC 467888.22 9672846.77 1262.11 35.1 -55.1 150 incl. incl.	3 6 3 4.71
	4 6 2 6.57
	33 39 6 0.42
	44 50 6 0.97
	57 64 7 0.90
	57 62 5 5.42
	76 81 5 0.69
	86 95 9 0.52
	101 104 3 0.77
	139 142 3 0.92
NYZRC1423 RC 467865.74 9672811.74 1255.38 33.5 -54.0 150	45 53 8 0.78
	56 60 4 0.64
	63 69 6 1.53
	129 133 4 0.61
	139 142 3 0.68
	146 149 3 1.80
NYZRC1424 RC 467980.66 9672835.11 1266.74 35.1 -54.9 150	42 44 2 0.65
	47 69 22 4.14
	84 89 5 0.59
	116 129 13 0.90
NYZRC1426 RC 468067.30 9672820.73 1271.43 35.0 -55.1 150 incl.	9 20 11 9.41
	9 16 7 14.14
	124 126 2 1.20
NYZRC1432 RC 468043.62 9672787.38 1262.40 32.1 -56.4 116	55 57 2 1.65
	60 65 5 1.04
	77 81 4 0.70
	89 91 2 0.70
NYZRC1433 RC 468130.06 9672776.21 1269.56 32.4 -56.0 114	0 11 11 0.87
	16 19 3 0.76
	40 45 5 0.85
	52 57 5 0.72
	61 63 2 1.63
	91 95 4 0.66
	108 110 2 0.61
NYZRC1434 RC 468163.87 9672754.46 1270.04 32.0 -56.0 113	1 6 5 0.78
	17 39 22 0.66
	42 50 8 0.96
	53 59 6 0.77
	69 73 4 0.73
NYZRC1436 RC 468197.00 9672731.74 1269.57 34.1 -56.0 108	6 22 16 0.94
	26 31 5 0.81
	34 47 13 0.50
	57 60 3 1.61
	63 67 4 0.44
	70 77 7 0.62
NYZRC1438B RC 468100.39 9672800.83 1271.43 36.7 -56.5 150 incl.	7 10 3 0.64
	14 19 5 0.80
	41 49 8 2.53
	42 44 2 7.42
	58 67 9 0.55
	77 111 34 0.71
	117 119 2 0.60
	123 125 2 0.62
NYZRC1442 RC 467966.57 9672891.51 1277.14 34.3 -55.5 150	8 10 2 0.72
	94 97 3 0.57
	100 108 8 0.55
	111 114 3 0.54
NYZRC1443 RC 467637.05 9672975.13 1267.68 34.3 -54.8 126	No significant intercepts
NYZRC1444 RC 467656.08 9673008.81 1272.49 35.6 -55.0 96	18 29 11 1.34
	48 53 5 1.06
	64 67 3 0.56
NYZRC1445 RC 468219.71 9672759.15 1277.69 34.0 -56.0 104	4 44 40 0.87
	47 51 4 0.66
NYZRC1446 RC 468186.47 9672779.95 1278.52 34.0 -56.0 114	16 26 10 1.00
	30 53 23 1.07
	65 76 11 1.19
	90 93 3 1.13
	97 100 3 1.45
NYZRC1447 RC 467671.53 9672954.65 1265.82 33.7 -55.2 142	89 92 3 0.59
NYZRC1448 RC 468153.89 9672807.75 1282.12 33.8 -55.9 121	5 9 4 1.04

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Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
		18 20 2 1.24
		32 70 38 0.99
		82 90 8 0.63
		97 117 20 1.15
NYZRC	1449 RC 467911.22 9672875.30 1269.25 33.8 -56.0 150 incl.	8 10 2 1.05
		17 20 3 0.68
		25 32 7 0.61
		41 49 8 11.90
		42 44 2 43.39
		60 63 3 0.56
		70 81 11 0.86
		93 95 2 0.77
NYZRC	1450 RC 467714.72 9673022.74 1275.16 33.0 -55.1 100	13 16 3 0.96
NYZRC	1451 RC 468094.51 9672856.23 1281.02 34.0 -56.0 126	23 34 11 0.92
		43 50 7 0.71
		54 56 2 1.00
NYZRC	1452 RC 468124.28 9672831.95 1280.92 34.0 -56.0 150 incl.	16 18 2 0.75
		24 39 15 0.87
		43 68 25 1.15
		74 86 12 0.88
		99 106 7 4.17
		99 101 2 10.70
NYZRC	1453 RC 467804.82 9673006.99 1282.06 35.9 -56.0 150	9 19 10 0.98
		23 34 11 0.87
		58 68 10 1.21
NYZRC	1455 RC 467836.67 9672982.18 1284.07 33.9 -55.5 150	1 14 13 1.24
		25 33 8 0.44
		55 59 4 1.06
		71 76 5 0.82
NYZRC	1456 RC 467768.94 9673028.76 1279.78 32.2 -55.4 97	22 25 3 0.71
NYZRC	1457 RC 467932.57 9672912.82 1280.19 34.0 -55.2 150	0 24 24 0.95
		36 39 3 0.70
		102 109 7 0.52
		125 129 4 0.57
		137 141 4 0.74
NYZRC	1458 RC 467810.80 9672953.52 1276.60 34.3 -54.1 150 incl.	6 11 5 0.56
		16 27 11 1.17
		35 47 12 0.65
		51 58 7 0.91
		70 76 6 3.41
		79 90 11 6.16
		82 86 4 15.40
		92 100 8 0.96
NYZRC	1459 RC 467901.12 9672789.12 1250.18 34.0 -55.9 150	45 47 2 0.73
NYZRC	1460 RC 467780.65 9672972.51 1275.73 35.5 -54.2 150	35 44 9 0.81
		48 53 5 0.70
NYZRC	1461 RC 467856.83 9672869.86 1265.89 34.0 -56.0 150	13 18 5 0.47
		22 27 5 1.33
		38 42 4 1.97
		54 61 7 0.57
NYZRC	1462 RC 467757.14 9672939.55 1267.67 33.0 -53.6 150	11 14 3 0.73
		18 31 13 0.92
		41 43 2 0.54
		60 62 2 0.77
		90 97 7 1.03
		110 116 6 0.83
NYZRC	1463 RC 468242.54 9672793.86 1289.65 34.0 -56.1 86	1 10 9 0.69
		14 20 6 1.17
		28 30 2 1.96
		37 46 9 1.18
		50 63 13 0.82
		68 74 6 0.64
NYZRC	1465 RC 467725.49 9672958.60 1266.66 35.5 -54.9 114	7 10 3 0.77
		37 47 10 0.72
		82 84 2 0.62
NYZRC	1466A RC 468209.89 9672818.77 1290.59 34.0 -56.0 106 incl.	21 46 25 2.05
		23 25 2 12.99
		51 54 3 0.60
		57 60 3 1.24
		67 69 2 0.70
		93 95 2 0.58
NYZRC	1467 RC 468177.45 9672836.63 1290.30 33.9 -56.0 149	0 4 4 0.71
		12 15 3 4.59
		24 31 7 0.79
		55 58 3 3.98
		70 84 14 0.76
		88 92 4 0.90

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Hol	e ID Drill Type East (Arc 1960 Z36S) North (Arc 1960 Z36S) Elevation (Arc 1960 Z36S) Azimuth (°) Dip (°) Depth (m)	From (m) To (m) Interval (m) Au (g/t)
		95 100 5 0.86
NYZRC	1468 RC 467680.47 9672897.62 1260.62 36.7 -55.5 148	71 93 22 1.29
		137 139 2 0.55
NYZRC	1470 RC 468032.04 9672844.17 1271.38 33.8 -55.8 150 incl.	0 3 3 0.82
		18 30 12 2.69
		19 23 4 6.78
NYZRC	1471 RC 467898.96 9672939.69 1286.57 33.9 -56.2 150 incl.	0 44 44 4.36
		25 28 3 43.56
		82 84 2 1.27
		90 92 2 0.77
		111 113 2 0.96
NYZRC	1472 RC 467872.59 9672962.75 1288.00 34.1 -55.0 150 incl. and and	0 46 46 1.84
		24 26 2 3.55
		33 37 4 3.74
		43 46 3 9.40
		55 57 2 0.62
NYZRC	1473 RC 467709.44 9672876.10 1259.04 35.6 -54.5 118	74 82 8 0.97
		97 112 15 0.85
NYZRC	1474 RC 467882.89 9672900.67 1276.04 34.0 -56.0 150	21 28 7 0.91
		45 49 4 0.60
		58 61 3 0.63
		64 76 12 1.16
		79 84 5 1.06
		88 93 5 1.41
NYZRC	1475 RC 467763.71 9672882.70 1261.32 33.6 -54.3 150	40 42 2 0.56
		51 54 3 0.62
		57 61 4 0.70
		65 76 11 1.02
		85 87 2 0.72
NYZRC	1476A RC 467796.16 9672856.70 1259.10 35.0 -55.1 150 incl.	4 9 5 1.03
		18 29 11 0.63
		65 70 5 1.12
		72 74 2 0.80
		86 90 4 0.41
		132 148 16 1.98
		136 139 3 6.93
NYZRC	1477 RC 468264.37 9672825.72 1301.77 34.0 -56.1 150	4 7 3 0.60
		13 15 2 1.78
		18 21 3 1.25
		30 35 5 0.84
NYZRC	1478 RC 467787.95 9672919.07 1269.04 36.4 -56.6 130	71 76 5 0.67
		106 109 3 0.66
NYZRC	1479 RC 467823.91 9672891.13 1269.04 35.4 -55.2 110	23 26 3 0.46
		66 71 5 0.58
NYZRC	1480 RC 467688.48 9672983.97 1270.23 35.3 -55.0 126	30 38 8 0.65
NYZRC	1481 RC 467749.10 9672998.13 1274.12 34.4 -55.4 103	0 19 19 1.18
		26 33 7 0.63
		49 51 2 0.70
NYZRC	1482 RC 467844.99 9672935.30 1284.00 35.6 -64.2 150	3 9 6 0.85
		26 30 4 0.59
		34 66 32 1.31
		69 77 8 1.08
		80 82 2 0.59
		86 89 3 0.60
		93 100 7 0.86

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APPENDIX 3 – JORC TABLE 1

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

SECTION 1 SAMPLING TECHNIQUES AND DATA

Criteria		Commentary
Sampling techniques		General Commentary • Samples for geological logging, assay, geotechnical, metallurgical and density test work are collected via drilling. • Diamond core drilling uses double and triple tube techniques and samples were taken at nominal 1 m intervals. • Reverse circulation (RC) drill holes were sampled in 1 m intervals and reduced to a sample weight of 3 kg to 4 kg via a cyclone and splitter system. • For RC samples prior to 2005, samples were normally combined into 3 m composite samples for assaying. Where composite samples returned gold assays greater than a nominal threshold, second splits were generated for the constituent one metre samples and those were submitted for assay. The one metre assays are prioritised over the original composite assays in the acQuire database. Deposit Specific Commentary Tusker • Drilling is predominantly DD with RC pre-collars on 20 mN × 40 mE spacing across the main mineralised areas. Additionally, a limited area has infill to 20 mN × 20 mE. Holes were aligned towards either 90° or 270° and dip at -60°. Kilimani • Drilling is predominantly RC with minor DD at a nominal 20 m (along strike) × 40 m (across strike) pattern. Holes were aligned to either 035° or 215° with inclinations nominally -60°.
Drilling techniques		General Commentary • RC drilling prior to 2010 used 6” diameter face-sampling bit. After 2010 RC drilling used a 5¼” diameter face-sampling bit • Diamond drilling utilised PQ (85 mm diameter) or HQ triple-tube (61.1 mm dia.) drilling in weathered materials and NQ2 (50.6 mm dia.) or NQ (47.6 mm dia.) core in fresh rock. Pre- collared holes were normally drilled to NQ or NQ2 diameter from the commencement of coring. • A variety of core orientation devices have been used. These include Reflex ACT, Easy Mark, Spear or Ball Mark. The diamond drill core orientations were marked and measured at the drill site by the driller and subsequently checked by the geologists who then drew orientation lines on the core.
Drill sample recovery		General Commentary • Diamond core recoveries were measured linearly per drill run. Core recoveries average approximately 85% in weathered materials and above 98% in fresh rock. • RC sample recoveries were measured by weighing bulk recovered samples. Preliminary evaluation indicates that RC sample recoveries have been satisfactory. • There is no material relationship between sample recoveries and gold grades.
Logging		General Commentary • RC drill chips were logged geologically, including rock type, weathering, oxidation, lithology, alteration, structure, mineralisation (including estimated percent sulphide concentrations) and veining. • Diamond drill core was geologically and structurally logged. Geological loggingmethods are identical to RC logging. Structural logging includes joints, fractures, roughness and infill type of structures and veins as well as recovery and RQD. • All holes are logged in their entirety. • Prior to 2025 all logging, including comments, was manually entered into spreadsheets, from where it is imported into an acQuire relational database maintained by Perseus. Since 2025 drilling has been digital into an acQuire offline logging object and subsequently uploaded directly to acQuire. • Digital loggingof structures in drill core usinga Reflex IQ-logger was implemented from 2021.

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Criteria		Commentary
		• Logging is considered qualitative in nature. • Diamond core was photographed prior to being processed, however photographs for some holes are not able to be located.
Sub-sampling techniques and sample preparation		General Commentary • Diamond core was cut in half using a diamond saw. All samples were collected from the same side of the core with the remaining half stored in core trays. • Sample preparation of diamond core and RC chips for subsequent fire assay analysis used industry standard techniques. After drying, the sample is subject to a primary crush to 2 mm, then approximately 1.5 kg of sub-sample was split off and pulverised with a 300 gram of pulp selected for analysis. Internal laboratory checks required at least 85% of the pulp passing - 75 microns. • Sample preparation for photon assay involved crushing to 2 mm, then a nominal 500 g of sub- sample was split off for analysis. • From 2010 to 2012 the combined frequency of certified reference materials, blanks, and field duplicates was at a rate of 1:10. Diamond core duplicates were submitted from the second half of the core. • From 2017 onwards QC procedures included the use of certified reference materials (1:20), blanks (1:20), and RC field duplicates (1:20). Duplicate splits of diamond core were collected as a second sample from the coarse reject at the laboratory. • In the period 2005 to 2012 most sample preparation has been undertaken at SGS Mwanza laboratory. Sample preparation in the period 2016-2017 was completed at both SGS Mwanza and Intertek Genalysis Johannesburg. For the 2021-2022 drilling sample preparation was completed at Nesch Mintech in Mwanza. From 2024 onwards samples were submitted to MSALABS in Geita for sample preparation. • Sample sizes are considered appropriate and representative for the style of mineralisation, the thickness and consistency of the mineralised intersections and the grade ranges encountered.
Quality of assay data and laboratory tests		General Commentary • The majority of RC and diamond core samples up to 2021 have been assayed by 50 g fire assay with AAS finish by commercial laboratories including SGS (Mwanza) and Intertek (Perth). The fire assay technique is considered a total extraction technique. • Samples during 2021 and 2022 were assayed by 50 g fire assay with AAS finish by Nesch Mintech (Mwanza). • From 2024 gold analyses have been attained via the photon assay determination method at MSALABS in Geita. This method is considered a measure of the total gold content. • Assessment of the results of QC assays shows acceptable levels of accuracy and precision with no significant bias.
Verification of sampling and assaying		General Commentary • Downhole survey data and collar survey data were provided by drilling contractors and surveyors respectively in digital format. • Numerous significant mineralised intersections have been checked against visual alteration and sulphide mineralisation in drill chips and core. • 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 csv files or via ODBC connections to tailored SQL views. • The acQuire database is managed by a dedicated Database Manager. • Unsampled intervals were coded with -9999 while results reported below detection were assigned half the relevant detection limit. • 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. Deposit Specific Commentary

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Criteria		Commentary
		Tusker • While no dedicated diamond holes have been completed to twin RC drilling, the results of infill drilling on 20 m sections typically confirms the position and tenor of mineralisation reported from historical drilling, allowing for variability associated with nuggety gold mineralisation.
Location of data points		General Commentary • All drill hole collars at Nyanzaga were surveyed by Nile Precision Surveys by DGPS techniques in 2017. Collars drilled in 2021 and 2022 were surveyed by Gleam survey contractors. • The 2017 collar survey identified an error in the local base station coordinates with respect to the Arc 1960 projection. In 2024 all collars were adjusted to align with the corrected Arc 1960 coordinates. • All collars from 2024 onwards have been surveyed using contract or company surveyors using DGPS techniques. • All RC and diamond core holes are typically surveyed at 50 m intervals using Reflex or Flexi It Single Shot tools, with additional Gyro downhole surveys, when deemed necessary. • A topographic surface has been established by a LiDAR survey conducted in 2019. The topographic surface is reliable to ± 0.2 m. • Topographic control is adequate for the current work being undertaken at Nyanzaga.
Data spacing and distribution		General Commentary • The mineralisation domains have demonstrated sufficient continuity in both geology and grade to support the definition of Mineral Resources, and the classifications applied under the 2012 JORC Code guidelines. • With the exception of 3 m and 4 m composites collected from RC pre-collars, all samples from RC drilling were collected at 1 m intervals. If gold assay results from the composite samples were above the specified threshold the constituent individual 1 m samples were submitted and assigned priority in the database. Deposit Specific Commentary Tusker • Drilling is via RC and DD typically on 20 mN × 40 mE spacing extending to 40 mN × 40 mE at the margins with a limited area defined by 20 mN × 20 mE. Kilimani • Drilling is predominantly RC with minor DD at a nominal 20 m (along strike) × 40 m (across strike) pattern.
Orientation of data in relation to geological structure		General Commentary • Drilling at each of the deposits was oriented to intersect the dominant mineralisation at as near optimal orientation as was practicable. • The orientation of mineralisation relevant to drilling was not considered likely to have introduced any material bias.
Sample security		General Commentary • RC and core samples were removed from the field and stored in a secure compound at the end of each day’s work program by company personnel. RC field sample splits and samples of half diamond core were placed in numbered bags and those bags, in turn, placed into poly-woven sacks that were closed with plastic cable ties prior to transport to the relevant commercial laboratory. • Security guards were employed at drilling sites, the core yard compound and the sample preparation facility on a 24 hour per day basis. • Samples were stored on site and collected by representatives of the analysis laboratory or delivered by company personnel to the required facility. Company personnel had no further involvement in the analysis of the samples. • Results of field duplicates along with the general consistency of assay results between neighbouring drill holes and drilling methods provide confidence in the general reliability of the assay data.
Audits or reviews		General Commentary • Audit review of the various drill sampling techniques and assaying have been undertaken. The samplingmethodologyapplied to data follow standard industry practices. Aprocedure ofQAQC

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Criteria Commentary involving appropriate standards, duplicates, blanks and internal laboratory checks is and has been routinely employed in all drilling phases.

SECTION 2 REPORTING OF EXPLORATION RESULTS

Criteria		Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
Mineral tenement and land tenure status		General Commentary • The Nyanzaga Gold Project is located north-western Tanzania, approximately 60 km south- southwest of Mwanza in the Sengerema District. • The Project lies within the granted SML 653/2021 covering an area of 23.36 km2. SML 653/2021 was granted on 13 December 2021 for a period of 15 years. The company also has a number of Prospecting Licences surrounding the SML. • Statutory royalties of 6% are payable to the Tanzanian Government, based on the gross value method. This is in addition to the 0.3% community levy and 1% clearing fee on the value of all minerals exported from Tanzania from 1 July 2017. • The Tanzanian Government holds a 20% free carried interest in Sotta Mining Corporation Limited (SMCL) being the joint venture company which holds the SML. There is a Framework Agreement and Shareholders Agreement in place governing the operations of the joint venture company. Tenement ID Current Holder Current Status Application Date Grant Date Expiry Date Area (km2) SML653/2021 Sotta Mining Corporation Limited(100%) Active 10/10/2017 13/12/2021 12/12/2036 23.36 PL1873/2022 Sotta Mining Corporation Limited(100%) Active 1/02/2022 29/03/2022 28/03/2026 17.03 PL1874/2022 Sotta Mining Corporation Limited(100%) Active 1/02/2022 29/03/2022 28/03/2026 21.22 PL12427/2023 Sotta Mining Corporation Limited(100%) Active 6/07/2023 24/07/2023 23/07/2027 37.26 PL12428/2023 Sotta Mining Corporation Limited(100%) Active 6/07/2023 24/07/2023 23/07/2027 42.78 PL12429/2023 Sotta Mining Corporation Limited(100%) Active 6/07/2023 24/07/2023 23/07/2027 4.20 PL12430/2023 Sotta Mining Corporation Limited(100%) Active 6/07/2023 24/07/2023 23/07/2027 1.37 PL10877/2016 Perseus Tanzania Limited (100%) Active 11/03/2016 7/10/2016 6/10/2025 7.42 PL10911/2016 Perseus Tanzania Limited (100%) Active 21/04/2016 23/09/2016 22/09/2025 10.91 PL11186/2018 Perseus Tanzania Limited (100%) Active 14/12/2016 26/10/2018 25/10/2025 18.21 PL11961/2017 Perseus Tanzania Limited (100%) Application 31/05/2017 3.53
		Tenement ID	Current Holder	Current Status	Application Date	Grant Date	Expiry Date	Area (km2)
		SML653/2021	Sotta Mining Corporation Limited(100%)	Active	10/10/2017	13/12/2021	12/12/2036	23.36
		PL1873/2022	Sotta Mining Corporation Limited(100%)	Active	1/02/2022	29/03/2022	28/03/2026	17.03
		PL1874/2022	Sotta Mining Corporation Limited(100%)	Active	1/02/2022	29/03/2022	28/03/2026	21.22
		PL12427/2023	Sotta Mining Corporation Limited(100%)	Active	6/07/2023	24/07/2023	23/07/2027	37.26
		PL12428/2023	Sotta Mining Corporation Limited(100%)	Active	6/07/2023	24/07/2023	23/07/2027	42.78
		PL12429/2023	Sotta Mining Corporation Limited(100%)	Active	6/07/2023	24/07/2023	23/07/2027	4.20
		PL12430/2023	Sotta Mining Corporation Limited(100%)	Active	6/07/2023	24/07/2023	23/07/2027	1.37
		PL10877/2016	Perseus Tanzania Limited (100%)	Active	11/03/2016	7/10/2016	6/10/2025	7.42
		PL10911/2016	Perseus Tanzania Limited (100%)	Active	21/04/2016	23/09/2016	22/09/2025	10.91
		PL11186/2018	Perseus Tanzania Limited (100%)	Active	14/12/2016	26/10/2018	25/10/2025	18.21
		PL11961/2017	Perseus Tanzania Limited (100%)	Application	31/05/2017			3.53
Exploration done by other parties		General Commentary • In 1996 the Maiden Gold JV with Sub Sahara Resources acquired aerial photography, Landsat imagery and airborne magnetic and radiometric survey data. In addition they completed soil and rock chip sampling, geological mapping, a helicopter-borne magnetic and radiometric geophysical survey and a small RC drill program. • In the period 1997-1998 AVGold (in JV with Sub Sahara) completed residual soil sampling, rock chip and trench sampling and a ground magnetic survey. • During 1999 to 2001 Anglovaal Mining Ltd (in JV with Sub Sahara) conducted further soil sampling, rock chip sampling, trenching, ground magnetic survey, IP and resistivity survey and limited RC and diamond drilling. • In 2002 the Placer Dome JV with Sub Sahara Resources completed trenching, structural mapping, petrographic studies, RAB/AC, RC and diamond drilling. • During 2003 Sub Sahara Resources compiled previous work including literature surveys, geological mapping, air photo and Landsat TM analysis, geophysical surveys, geological mapping, geochemical soil and rock chip surveys and various RAB, RC and DDH drilling programs. • From 2004 to 2009 the Barrick Exploration Africa Ltd (BEAL) JV with Sub Sahara Resources embarked on a detailed surface mapping, relogging, analysis and interpretation program to consolidate a geological model and acceptable interpretative map. They also carried out additional soil and rock chipsampling, petrographic analysis, geological field mappingas well as RAB,CBI,RC and diamond

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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT

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Criteria		Commentary
		drilling. A high resolution airborne geophysical survey (including magnetic, IP and resistivity) was flown over the Nyanzaga project area totalling 400 km2. To improve the resolution of the target delineation process, BEAL contracted Geotech Airborne Limited and completed a helicopter Versatile Time Domain Electromagnetic (VTEM) survey in August 2006. Metallurgical test work and an independent Mineral Resource estimate was also completed (independent consultant). • In the period 2009 to 2010 Western Metals/Indago Resources completed work focused on targeting and mitigating the identified risks in the Mineral Resource estimate. The main objectives were to develop confidence in continuity of mineralisation in the Nyanzaga deposit to a level required for a Feasibility Study. The independent consultant was retained by Indago to undertake an update Mineral Resource Estimate which was completed in May 2009. Drilling was completed on extensions and higher-grade zones internal to the optimised pit shell. • From 2010 to 2014 Acacia undertook an extensive step out and infill drilling program and updated the geological and Mineral Resource models. • During 2015 to 2022 – OreCorp Limited completed extensive work, primarily at Nyanzaga (including Kilimani) and also on regional targets. This work has included detailed mapping including structural and alteration mapping, drilling and soil sampling.
Geology		General Commentary • The Tusker and Kilimani projects are located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt. It is hosted within Nyanzian greenstone volcanic rocks and sediments typical of greenstone belts of the East African craton. • The Tusker and Kilimani deposits are orogenic gold deposit types. Deposit Specific Commentary Tusker • The Tusker deposit occurs within a sequence of folded Nyanzian sedimentary and volcanic rocks. The current interpretation of the Nyanzaga deposit has recognised a sequence of mudstone, sandstone and chert that are interpreted to form a northerly plunging antiform. • The mineralisation is hosted by a cyclical sequence of chemical and clastic sediments (chert/sandstone/siltstone) bound by footwall and hanging wall volcanoclastic units. • At Tusker, three key alteration assemblages have been identified: Stage 1 - crustiform carbonate stockwork; Stage 2 – silica-sericite dolomite breccia replacement overprint; and Stage 3 – silica sulphide-gold veins. Kilimani • At Kilimani, most of the recognised mineralisation occurs in the oxidised profile. Where intersected in fresh material, the mineralisation is associated with strongly carbonate stock work and disseminated replacement. Mineralisation at Kilimani is reported as stratigraphically controlled in thin chert, mudstone and sandstones. • At Kilimani, the distribution of the gold mineralisation is related to dilation associated with: 1) competency contrast near the sedimentary cycle boundaries resulting in stratabound mineralisation; and 2) sub-vertical faulting, fracturing and brecciation related to the folding and subsequent shearing along the NE limb of the fold.
Drill hole Information		General Commentary • Drill hole details including easting, northing, and elevation (in Arc 1960, Zone 36S), dip and azimuth (UTM grid), and total hole length, and which form the basis of this release are presented in Appendix 2. • All information is presented.
Data aggregation methods		General Commentary • Details of intercepts from holes forming the basis of this release are presented in Appendix 2. • Significant intercepts are reported based on a minimum width of 2 m, a maximum consecutive internal dilution of no more than 2 m, no upper or lower cut, and at a cut-off grade of 0.5 g/t Au. • Where no significant intercepts are reported these are listed. • All information is presented. • No metal equivalents are used for reporting.
Relationship between mineralisation widths and		General Commentary • Drilling results are quoted as downhole intersections. True mineralisation width is interpreted as approximately 50% to 70% of intersection length for holes drilled dipping at 60° at a bearing of 270° grid.

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NEWS RELEASE | PERSEUS MINING DELIVERS ENCOURAGING DRILLING RESULTS FROM ITS CURRENT DRILL PROGRAM AT THE NYANZAGA GOLD PROJECT

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Criteria		Commentary
intercept lengths		• The geological interpretation, field mapping and drilling results support the interpretation of a folded plunging anticline within the Tusker mineralisation. Due to the variable orientations, drilling sometimes intersects mineralised structures at a high angle. The influence of these high angle intercepts is largely mitigated by the generation of a three-dimensional geology and mineralisation model controlling the modelled volumes and zones of influence.
Diagrams		General Commentary • Suitable plans demonstrating the location and orientation of drilling relative to mineralisation and significant intercepts are presented in the body of this release.
Balanced reporting		General Commentary • All significant intercepts are presented. Where holes have no significant intercepts defined these are also listed.
Other substantive exploration data		General Commentary • Other substantive exploration data completed at the Project includes: –Airborne and ground magnetics, radiometric, VTEM, gravity and IP geophysical survey work was carried out that defines the stratigraphy, structures possibly influencing mineralisation and chargeability signatures reflecting the extent of disseminated sulphide replacement at depth. Additionally, satellite imagery (GeoImagery) and meta data images were procured. –Bulk density measurements were carried out on core samples at 1 m down hole intervals in selected DD drill holes across the Tusker and Kilimani areas. –Geotechnical data has been collected by recording alpha, beta, dip direction and structure type. –Investigations for the potential of acid rock drainage within the project areas have been initiated. –Metallurgical drilling and associated test work has been completed across the Tusker and Kilimani mineralisation areas.
Further work		General Commentary • Perseus is currently completing ongoing drilling and studies activities to further refine the results of the Feasibility Study (FS) published in April 2025. • This work will result in an updated Mineral Resource Estimate together with revised assumptions regarding key modifying factors, together with cost and revenue modelling, supporting reporting of an updated Ore Reserve.

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