PERSEUS MINING LIMITED — Interim / Quarterly Report 2018

Sep 23, 2018

SEPTEMBER 2018

==> picture [38 x 65] intentionally omitted <==

==> picture [484 x 172] intentionally omitted <==

~~Managing Director & CEO~~

~~www.perseusmining.com~~ PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

CAUTIONARY STATEMENTS

COMPETENT PERSON STATEMENT

All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the EGM deposits was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 August 2018. The Company confirms that it is not aware of any new information or data that materially affect the information in that market release and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, 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 — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply.

The information in this report that relates to Mineral Resources for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 15 December 2016 and includes an update for depletion as at 30 June 2018 as well as an adjustment of the model constrained to a US$1,800/oz pit shell which were reported in a market announcement on 29 August 2018. The information in this report that relates to Mineral Resources for Fimbiasso was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2017 and includes an adjustment of the model constrained to a US$1,800/oz pit shell which was reported in a market announcement on 29 August 2018. The information in this report that relates to Ore Reserves for Sissingué and Fimbiasso was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 31 March 2017 and includes an update for depletion as at 30 June 2018 which was reported in a market announcement on 29 August 2018. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, 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 — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

The information in this report in relation to Yaouré Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 3 November 2017. 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 — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply.

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 2

==> picture [38 x 65] intentionally omitted <==

CAUTIONARY STATEMENTS

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 Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate.

Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forwardlooking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

==> picture [140 x 43] intentionally omitted <==

3

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

PERSEUS MINING SNAPSHOT

==> picture [52 x 51] intentionally omitted <==

West African gold producer, developer & explorer

==> picture [52 x 51] intentionally omitted <==

Multi-mine, multi jurisdiction operations

==> picture [53 x 185] intentionally omitted <==

Gold production growing to ~500,000oz pa by 2022

Balance sheet capacity and strong cash flows to fund growth

Experienced board & management team

A compelling investment opportunity

==> picture [140 x 43] intentionally omitted <==

==> picture [356 x 491] intentionally omitted <==

4

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

SIMPLE STRATEGY FOR VALUE CREATION

==> picture [745 x 333] intentionally omitted <==

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

Continual Leverage team’s
business extensive skills and
improvement experience
Successfully develop
and operate gold
mines in multiple
West African
geo-political settings
Effectively deploy Maintain strong
capital ‘Social Licence’
----- End of picture text -----

==> picture [140 x 43] intentionally omitted <==

5

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

IMPROVED OPERATING PERFORMANCE

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 Ounces	$- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 Dec 16 Qtr Mar 17 Qtr Jun 17 Qtr Sep 17 Qtr Dec 17 Qtr Mar 18 Qtr June 18 Qtr USD per ounce EDIKAN SISSINGUE AISC

==> picture [352 x 491] intentionally omitted <==

6

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

GUIDANCE TO NEAR TERM PERFORMANCE

PARAMETER UNITS GUIDANCE FY2019 Dec 18 Half[1] Jun 19 Half Full Year ‘000 Gold Production 130-150 130-150 260-300 ounces $US per All-In Site Costs 950 – 1,150 925 – 1,025 925 – 1,050 ounce

Note:

1. As at 15 September 2018, Perseus is on track to achieve production and cost guidance for the December 2018 Half Year

==> picture [140 x 43] intentionally omitted <==

==> picture [344 x 490] intentionally omitted <==

7

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

ATTRACTIVE LONG-TERM GROWTH[1]

0 400 800 1,200 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 Year Ending 30 June Edikan Sissingue Yaoure AISC USD/OZ (RHS) Production (koz /yr) AISC (US$/oz) 1Refer to Slide 3 – Caution regarding forward looking statements	0 400 800 1,200 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 Year Ending 30 June Edikan Sissingue Yaoure AISC USD/OZ (RHS) Production (koz /yr) AISC (US$/oz) 1Refer to Slide 3 – Caution regarding forward looking statements	0 400 800 1,200 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 Year Ending 30 June Edikan Sissingue Yaoure AISC USD/OZ (RHS) Production (koz /yr) AISC (US$/oz) 1Refer to Slide 3 – Caution regarding forward looking statements	0 400 800 1,200 0 100 200 300 400 500 600 2018 2019 2020 2021 2022 Year Ending 30 June Edikan Sissingue Yaoure AISC USD/OZ (RHS) Production (koz /yr) AISC (US$/oz) 1Refer to Slide 3 – Caution regarding forward looking statements

GROWTH DERIVED FROM EXISTING ASSET BASE

NEW RESERVES IMPROVE GROWTH PROFILE SUCCESSFUL EXECUTION KEY TO DELIVERY

8

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

IMPROVING FINANCIAL POSITION

==> picture [488 x 329] intentionally omitted <==

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

$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$-
Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18
Cash & Bullion (US$) Debt (US$)
US$ Million
----- End of picture text -----

==> picture [140 x 43] intentionally omitted <==

==> picture [352 x 492] intentionally omitted <==

9

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

PRODUCING GOLD MINES

OUR LOCATIONS

PRODUCING ASSETS

Côte d’Ivoire - Sissingué (86%)[1,2]

M&I Mineral Resource: 0.7Moz

Ore Reserve: 0.4Moz

	Ghana - Edikan (90%)1
	M&I Mineral Resource: 3.0Moz
	Ore Reserve: 1.6Moz

SISSINGUÉ GOLD MINE (5+ YEARS)

EDIKAN GOLD MINE (6+ YEARS)

Notes :

1 Ore Reserve and Mineral Resource figures stated on 100% basis. , as at 30 June 2018 2 Includes Fimbiasso (formerly called Bélé ) Mineral Resources

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 1 0

==> picture [38 x 65] intentionally omitted <==

EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE

==> picture [40 x 39] intentionally omitted <==

Large scale, multi open-pit mining operation

==> picture [40 x 40] intentionally omitted <==

Produced more than 1.35Moz gold to date

==> picture [40 x 40] intentionally omitted <==

3.0 Moz M&I Mineral Resources incl. 1.6 Moz of P&P Ore Reserves[1]

==> picture [40 x 39] intentionally omitted <==

Updated LOMP delivering lower AISC and improved cash flow

==> picture [39 x 40] intentionally omitted <==

Mine life of 6 years with potential to extend[1]

1As at 30 June 2018

==> picture [128 x 46] intentionally omitted <==

==> picture [504 x 492] intentionally omitted <==

11

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

SISSINGUÉ GOLD MINE PERSEUS’S NEWEST MINE

==> picture [39 x 40] intentionally omitted <==

High-grade, low-cost, multi open-pit mining operation

==> picture [40 x 40] intentionally omitted <==

• 0.7Moz M&I Minerals Resources incl. 0.4Moz of P&P Ore Reserves[1]

==> picture [39 x 40] intentionally omitted <==

Successful development and ramp up in production in Q1 2018

==> picture [40 x 39] intentionally omitted <==

Low AISC and strong positive cashflow

==> picture [40 x 40] intentionally omitted <==

Significant potential to extend mine life

1As at 30 June 2018

==> picture [128 x 46] intentionally omitted <==

==> picture [504 x 491] intentionally omitted <==

12

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

DEVELOPMENT ASSETS

PROJECTS

OUR LOCATIONS

	Côte d’Ivoire - Yaouré (90%)1	Côte d’Ivoire - Yaouré (90%)1
	M&I Mineral Resource:	1.9Moz
	Ore Reserve:	1.5Moz

YAOURÉ GOLD OPEN PIT DEVELOPMENT PROJECT (8.5+ YEARS)

YAOURÉ GOLD UNDERGROUND DEVELOPMENT PROJECT (? YEARS)

Notes :

1 Ore Reserve and Mineral Resource figures stated on 100% basis. , as at 30 June 2018

==> picture [140 x 43] intentionally omitted <==

13

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

YAOURÉ GOLD PROJECT NEXT GOLD MINE

==> picture [40 x 98] intentionally omitted <==

High quality development project located close to excellent existing infrastructure.

Positive DFS completed in October 2017 confirmed Yaouré to be:

Economically attractive - IRR of 27% gold & 32 month payback period at US$1,250

Technically robust - 3.3MTPA plant with average annual gold production of 215,000 ounces at an AISC of US$734/oz for first 5 years

Readily financeable - realistic capital cost of US$263 million and robust cash flows to service debt

Potential to extend 8.5 year mine life

• highly prospective surrounding 513 km[2] land package

• PEA of underground potential in progress.

==> picture [140 x 43] intentionally omitted <==

==> picture [509 x 491] intentionally omitted <==

14

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

YAOURÉ GOLD PROJECT DEVELOPMENT ON TRACK

Exploitation Permit pending Presidential decree Front End Engineering and Design (FEED) advanced

Land and crop compensation underway Arrangement of debt financing of construction underway Decision to proceed to full-scale development late 2018

• ~ 22 month construction period

==> picture [128 x 46] intentionally omitted <==

==> picture [344 x 491] intentionally omitted <==

15

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

NEAR MINE AND GREENFIELDS EXPLORATION

EXPLORATION PROJECTS

OUR LOCATIONS

==> picture [215 x 209] intentionally omitted <==

EDIKAN – NEAR MINE

SISSINGUE & YAOURE – NEAR MINE

CÔTE D’IVOIRE - REGIONAL

==> picture [140 x 43] intentionally omitted <==

16

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

EXPLORATION DETAILS

==> picture [456 x 432] intentionally omitted <==

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

Resistivity
Esuajah
NE
Esuajah
Nth
Fobinso Esuajah
Esuajah Sth
Gap
AG
Bokitis Fetish
Fetish & i
Mampo
n Bokitsi Ext. Chirawewa
Saa
NE
Huntad
o
Abreshia
& Dadieso
NE
Dadies
o
Edikan – near mine exploration targets
----- End of picture text -----

==> picture [352 x 390] intentionally omitted <==

Sissingué – near mine exploration targets

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 17

==> picture [38 x 65] intentionally omitted <==

EXPLORATION DETAILS

==> picture [385 x 370] intentionally omitted <==

==> picture [140 x 43] intentionally omitted <==

Yaouré – pit extension targets

==> picture [404 x 370] intentionally omitted <==

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

S9
Angovia 2
CMA South
----- End of picture text -----

Yaouré – near pit drill targets

18

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

==> picture [215 x 244] intentionally omitted <==

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

CAPITAL STRUCTURE

As at 21 September 2018	AUD	USD
ASX Share price per share	0.36	0.26
Shares outstanding	1,034 m	1,034 m
Warrants outstanding1	130 m	130 m
Market capitalisation	372 m	268 m
Less: Cash2	36 m	26 m
Plus: Debt 3	83 m	60 m
Enterprise value	419 m	302 m

Notes :

1. 143,050,770 warrants were issued as part of the consideration for the acquisition on Amara plc in April 2016. Each warrant is exercisable at $0.44 on or before 19 April 2019. If all of the outstanding 130,035,498 warrants are exercised (13,015,272 warrants have been exercised to date) Perseus will receive ~A$57.22m / US$41.3m assuming A$/US$ exchange rate of 0.72

2. Cash balance at 31 August 2018 includes available cash at bank but excludes escrowed cash (A$13.6 million) and bullion on hand (A$52.1 million).

3. Balance at 31 August 2018 includes US$25m of debt drawn under Edikan’s revolving working capital facility, and US$35 million drawn under the Sissingué Project Loan converted to AUD at a A$:US$ exchange rate of 0.72.

==> picture [140 x 43] intentionally omitted <==

20

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

UNDERVALUED RELATIVE TO WEST AFRICAN PEERS

==> picture [839 x 351] intentionally omitted <==

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

$2,500 450
400
$2,000 350
300
$1,500
250
$1,000 Market 200
$500 Capitalisation as at 150 EV / Reserve
100 Ounce
– 05 September 2018 50
0
5000 300
4500
250
4000
3500
200
3000
2500 150
2000 EV / Ounce of Est. 100 EV / Resource
1500 Ounce
1000 2018 Production
50
500
0 0
AUD $m
AUD $m / Reserve Ounce
AUD / Ounce
AUD $m / Resource
----- End of picture text -----

Source: Macquarie Bank Limited, 6 September 2018

==> picture [123 x 44] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

21

==> picture [38 x 65] intentionally omitted <==

RELATIVE MARKET PERFORMANCE OF WEST AFRICAN PEERS[1]

	Basic Shares Share
Country of	Ticker Outstanding Cap. Price Three Six	2018
Incorporation	(M) (US$M) ($) High Low Day Week Month Months Months Year	YTD
Teranga Gold Corp. Canada	TGZ-TSX 107.6 $334 C$ 4.01 5.63 2.30 -4% 4% 8% -23% -4% 36%	34%
Asanko Gold Inc. Canada	AKG-TSX 225.8 $189 C$ 1.08 1.79 0.54 -4% 0% -4% -23% 1% -14%	21%
Resolute Mining Australia	RSG-ASX 757.5 $618 A$ 1.12 1.44 0.95 2% 3% -16% -11% -9% 5%	-2%
Perseus Mining Limited Australia	PRU-ASX 1034.9 $272 A$ 0.36 0.51 0.31 1% 3% -3% -16% -17% 7%	-4%
Cardinal Resources Ltd. Australia	CDV-ASX 378.3 $130 A$ 0.47 0.75 0.39 -2% 6% 12% 15% -11% -29%	-10%
Golden Star Canada	GSC-TSX 380.8 $289 C$ 0.98 1.17 0.70 -2% 4% 10% 9% 18% 10%	-12%
SemafoInc. Canada	SMF-TSX 325.6 $779 C$ 3.09 4.15 2.73 -2% -2% 0% -17% -11% -10%	-13%
Orezone Gold Corp. Canada	ORE-TSX 213.0 $104 C$ 0.63 1.02 0.57 -3% 2% 2% -21% -26% -6%	-15%
Endeavour Mining Corp. Canada	EDV-TSX 107.7 $1,678 C$ 20.12 26.86 18.08 -1% 6% 1% -14% -17% -15%	-21%
HummingbirdResourcesPlc U.K.	HUM-LN 351.8 $123 GBP 26.75 39.50 26.10 0% -3% -3% -12% -20% -21%	-22%
Savary Gold Corporation Canada	SCA-TSX.V 215.0 $7 C$ 0.04 0.08 0.04 14% 0% 0% -11% -33% -38%	-27%
West African Resources Ltd. Australia	WAF-ASX 690.8 $149 A$ 0.30 0.48 0.28 0% 0% -5% -16% -28% -17%	-28%
OkloResourcesLtd. Australia	OKU-ASX 352.7 $71 A$ 0.28 0.50 0.25 0% -5% -4% -14% -42% 10%	-32%
African Gold Group Canada	AGG-TSX.V 359.6 $8 C$ 0.03 0.08 0.03 20% 20% 0% -25% -40% -40%	-33%
Randgold Resources Jersey	GOLD-NASDAQ 94.4 $6,034 US$ 63.91 104.05 59.90 -1% 5% -2% -14% -24% -35%	-35%
SaramaResources Canada	SWA-TSX.V 181.7 $9 C$ 0.07 0.15 0.07 0% -7% -13% -28% -48% -52%	-38%
Acacia Mining Plc U.K.	ACA-LN 410.1 $646 GBP 120.55 257.00 93.56 3% 25% 8% 5% -18% -33%	-39%
RoxgoldInc. Canada	ROG-TSX.V 373.1 $243 C$ 0.84 1.44 0.82 -1% -7% -12% -29% -25% -33%	-40%
"West Africa" Average	$649 1% 3% -1% -14% -20% -15%	-18%

Note 1 : Market data provided by Paradigm Capital as at Friday 21 September 2018

==> picture [123 x 44] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

ATTRACTIVE LONG TERM GROWTH[1]

- QUEUED UP AND BEING DELIVERED

==> picture [595 x 406] intentionally omitted <==

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

Production (koz /yr)
AISC (US$/oz)
600 1,200
500
400 800
300
200 400
100
0 0
2018 2019 2020 2021 2022
Year Ending 30 June
Edikan Sissingue Yaoure AISC USD/OZ (RHS)
1 Refer to Slide 3 – Caution regarding forward looking statements
----- End of picture text -----

CREATING WEALTH THROUGH STEADY GROWTH

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

23

==> picture [379 x 456] intentionally omitted <==

Jeff Quartermaine

Andrew Grove

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

==> picture [960 x 210] intentionally omitted <==

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

EXPERIENCED BOARD OF DIRECTORS & MANAGEMENT TEAM

==> picture [95 x 140] intentionally omitted <==

==> picture [97 x 140] intentionally omitted <==

==> picture [99 x 140] intentionally omitted <==

Jeff Quartermaine Managing Director and CEO

Colin Carson Executive Director

Sean Harvey Non-Executive Chairman

==> picture [97 x 141] intentionally omitted <==

==> picture [96 x 140] intentionally omitted <==

John McGloin Non-Executive Director

Sally-Anne Layman Non-Executive Director

==> picture [140 x 43] intentionally omitted <==

26

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

PERSEUS’S SENIOR MANAGEMENT TEAM

Chief Executive Officer & Managing Director | Jeffrey Quartermain e

Executive Director – Commercial Services | Colin Carson Chief Operating Officer | Chris Woodall

Chief Financial Officer | Elissa Brown

Group General Manager (Technical Services) | Paul Thompson Group General Manager (Development) | Matt Scully Group General Manager (Exploration) | Doug Jones Group General Manager (Bus Dev & IR) | Andrew Grove

EXPERIENCED SENIOR MANAGEMENT TEAM SUPPORTED BY STRONG IN-COUNTRY OPERATING TEAMS

Group (Human Resources) Manager | Mike Beck

General Manager – Edikan Gold Mine | Stephen Ndede General Manager – Sissingué Gold Mine | Merlin Thomas General Counsel and Company Secretary | Martijn Bosboom

==> picture [123 x 44] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 27

==> picture [38 x 65] intentionally omitted <==

EDIKAN

MEASURED + INDICATED MINERAL RESOURCE ESTIMATE[1]

Deposit Deposit Type Measured Resources	Deposit Deposit Type Measured Resources	Deposit Deposit Type Measured Resources	Indicated Resources	Measured + Indicated Resources
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
AF Gap1, 2, 3	Open Pit	7.8 1.00 253	11.1 0.95 338	19.0 0.97 591
Fobinso1, 2, 3	Open Pit	1.0 1.15 37	4.1 0.98 130	5.1 1.01 167
Esuajah North1, 2, 3	Open Pit	6.7 0.95 206	9.4 0.90 272	16.2 0.92 478
Fetish1, 2, 3, 4	Open Pit	6.8 1.04 228	11.7 0.96 363	18.5 0.99 591
Bokitsi South1, 2, 3	Open Pit	0.8 2.64 67	0.6 2.23 43	1.4 2.47 110
Sub-Total	Open Pit	23.2 1.06 791	37.0 0.96 1,146	60.2 1.00 1,936
Esuajah South5	U/ground	8.5 1.9 533	6.3 1.7 353	14.8 1.8 879
Heap Leach6	Stockpile		4.3 0.6 89	4.3 0.6 89
Stockpiles	Stockpile	5.7 0.67 121	- - -	5.7 0.67 121
Total		37.3 1.19 1,445	47.6 1.03 1,588	84.9 1.10 3,025

Notes:

1. Based on January 2017 Mineral Resource models constrained to US$1,800/oz pit shells.

2. Depleted to 30 June 2018 mining surfaces.

3. 0.4g/t gold cut-off grade applied.

4. Includes Bokitsi North lode.

5. 0.7g/t gold cut-off grade applied.

6. At zero cut-off grade.

7. All Mineral Resources are current as at 30 Junee 2018.

8. Mineral Resources are inclusive of Ore Reservs.

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

==> picture [123 x 44] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 28

==> picture [38 x 65] intentionally omitted <==

EDIKAN

ORE RESERVE ESTIMATE[1]

Deposit	Deposit Type	Proved	Probable		Proved + Probable
		Quantity Grade Gold	Quantity Grade	Gold	Quantity Grade Gold
		Mt g/t gold koz	Mt g/t gold	koz	Mt g/t gold koz
AF Gap¹,⁴ Fobinso¹,⁴ EsuajahNorth¹,⁴ Fetish¹,⁴ Bokitsi South¹,⁴	Open Pit Open Pit Open Pit Open Pit Open Pit	4.3 1.09 150 0.2 1.22 7 3.0 1.07 103 4.7 1.09 164 0.5 2.72 42	4.7 1.11 0.5 0.98 4.6 0.99 7.7 1.00 0.1 2.60	169 17 148 248 10	9.0 1.10 319 0.7 1.05 24 7.6 1.02 250 12.4 1.03 412 0.6 2.70 52
Sub-total	Open Pit	12.6 1.15 466	17.7 1.04	591	30.3 1.08 1,057
Esuajah South Heap Leach⁵ ROM Stockpiles²	U/ground Stockpile Stockpile	5.7 0.67 121	4.9 1.99 3.8 0.6	312 76	4.9 1.99 312 3.8 0.6 76 5.7 0.67 121
Total		18.3 1.00 587	26.4 1.15	979	44.7 1.09 1,566

Notes:

1. Based on June 2018 Mineral Resource estimate which is depleted to 30th June 2018.

2. Based on stockpile balance as at 30th June 2018.

3. All Ore Reserves current as at 30th June 2018.

4. Variable gold grade cut-off based on recovery of each material type in each deposit: Oxide 0.40 – 0.55 g/t, Transition 0.55 – 0.75 g/t and Fresh 0.50 – 0.60 g/t.

5. Based on 0.40 g/t gold grade cut-off.

6. Inferred Mineral Resource is considered as waste, t : t.

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

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 29

==> picture [38 x 65] intentionally omitted <==

SISSINGUÉ

MEASURED + INDICATED MINERAL RESOURCE ESTIMATE[1]

Deposit	Deposit Type	Measured Resources	Indicated Resources	Measured + Indicated Resources
		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
Sissingué1, 2, 3 Fimbiasso East4, 5 Fimbiasso West4, 5 Stockpiles	Open Pit Open Pit Open Pit Stockpile	3.9 2.1 258 - - - - - - 0.30 0.70 6.6	6.9 1.5 328 0.6 2.3 47 0.9 2.0 61 - - -	10.8 1.7 586 0.6 2.3 47 0.9 2.0 61 0.30 0.70 6.6
Total		4.2 2.0 265	8.5 1.6 437	12.7 1.7 701

Notes:

1. Based on December 2016 Mineral Resource model constrained to US$1,800/oz pit shell.

2. Depleted to 30 June 2018 mining surface.

3. 0.6g/t gold cut-off grade applied to in situ material.

4. Based on February 2017 Mineral Resource models constrained to US$1,800/oz pit shells.

5. 0.8g/t gold cut-off grade applied.

6. All Mineral Resources current at 30 June 2018.

7. Mineral Resources are inclusive of Ore Reserves.

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

9. Fimbiasso East and West were previously called Bélé East and West respectively.

==> picture [140 x 43] intentionally omitted <==

30

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

==> picture [38 x 65] intentionally omitted <==

SISSINGUÉ ORE RESERVE ESTIMATE[1]

Deposit	Deposit Type	Proved	Probable	Proved + Probable
		Quantity Grade Gold	Quantity Grade Gold	Quantity Grade Gold
		Mt g/t gold koz	Mt g/t gold koz	Mt g/t gold koz
Sissingue1,2,6 Fimbiasso East3,4,9 Fimbiasso West3,5,9	Open Pit Open Pit Open Pit	2.6 2.5 213 - - - - - -	1.3 1.7 69 0.5 2.5 39 0.5 2.1 35	3.9 2.2 282 0.5 2.5 39 0.5 2.1 35
Sub-total	Open Pit	2.6 2.5 213	2.3 2.0 144	4.9 2.3 357
ROM Stockpiles	Stockpile	0.30 0.70 7	- - -	0.30 0.70 7
Total		2.9 2.3 219	2.3 2.0 144	5.2 2.2 363

Notes:

1. Based on January 2017 Ore Reserve estimation.

2. Variable gold grade cut-off based on recovery of each material type: Oxide 0.45 g/t, Transition 0.85 g/t, Granite – Porphyry 0.85 g/t and Sediment 1.05 g/t.

3. Based on March 2017 Ore Reserve estimation.

4. Variable gold grade cut-off based on recovery of each material type: Oxide 0.65 g/t, Transition 0.95 g/t, Granite 1.05 g/t and Mafic 1.20 g/t.

5. Variable gold grade cut-off based on recovery of each material type: Oxide 0.65 g/t, Transition 1.00 g/t, Granite 1.05 g/t and Mafic 1.20 g/t.

6. Allows for mining depletion to 30th June 2018.

7. Ore Reserve current as at 30th June 2018.

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

9. Fimbiasso East and West were previously called Bélé East and West respectively.

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 31

==> picture [38 x 65] intentionally omitted <==

YAOURÉ MEASURED + INDICATED MINERAL RESOURCE ESTIMATE

Deposit	Deposit Type	Indicated Resources	Inferred Resources
		Quantity Grade Gold	Quantity Grade Gold
		Mt g/t gold Mozs	Mt g/t gold Mozs
CMA Yaouré	Open Pit Open Pit	24.8 1.81 1.44 16.5 0.81 0.43	16 1.2 0.6 30 0.9 0.9
Sub-Total	Open Pit	41.3 1.41 1.87	46 1.0 1.5
HeapLeach4	Stockpile	1.8 1.02 0.06
Total		43.1 1.39 1.93	46 1.0 1.5

Notes:

1. Based on November 2017 Mineral Resource estimate.

2. Depleted for previous mining.

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

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

5. Heap leach resources stated at 0.0g/t gold cut-off; only heap components with average grade above 0.4g/t included.

6. Mineral Resources current at 30 June 2018.

7. Indicated Mineral Resources are inclusive of Ore Reserves.

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

==> picture [140 x 43] intentionally omitted <==

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM 32

==> picture [38 x 65] intentionally omitted <==

YAOURÉ ORE RESERVE ESTIMATE

Deposit	Deposit Type		Proved	Probable		Proved + Probable
		Quantity	Grade Gold	Quantity Grade	Gold	Quantity Grade Gold
		Mt	g/t gold koz	Mt g/t gold	Moz	Mt g/t gold Moz
CMA Yaouré Sub-Total Heap Leach 6	Open Pit Open Pit Open Pit Stockpile			20.7 1.97 4.7 1.04 25.3 1.80 1.4 1.14	1.31 0.15 1.47 0.05	20.7 1.97 1.31 4.7 1.04 0.15 25.3 1.80 1.47 1.4 1.14 0.05
Total				26.8 1.76	1.52	26.8 1.76 1.52

Notes:

1. Numbers are rounded and may not add up correctly in the table

2. All the estimates are on a dry tonne basis

3. Based on November 2017 Mineral Resource estimation

4. Variable gold cut-off grade based on material type

5. Inferred Mineral Resource is treated as mineralised waste

6. Heap Leach refers to decommissioned heap leach pads established by prior owners of Yaouré

==> picture [140 x 43] intentionally omitted <==

33

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM