PERSEUS MINING LIMITED — Investor Presentation 2019

Jun 2, 2019

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EDIKAN GOLD MINE INVESTOR SITE VISIT PRESENTATION JUNE 2019

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Disclaimer

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Disclaimer

No representation or warranty, express or implied, is made by Perseus that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Perseus, its directors, officers, employees, advisers and agents expressly disclaims any responsibility for the accuracy, fairness, sufficiency or completeness of the material contained in this presentation, or any opinions or beliefs contained in this presentation, and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission there from. To the maximum extent permitted by the law, Perseus disclaims any obligation to update or keep current the information contained in this presentation or to correct any inaccuracy or omission which may become apparent, or to furnish any person with any further information. Any opinions expressed in the presentation are subject to change without notice.

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 forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Competent Person Statement:

All production targets for Edikan 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 Edikan deposits was 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 exploration drilling results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcements released on; Quarterly Activities Report dated 13 July 2018, September Quarterly Report dated 18 October 2018, December Quarterly Report dated 19 January 2019 and March Quarterly Report dated 16 April 2019. The Company confirms that it is not aware of any new information or data that materially affect the information in that market release.

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OVERVIEW

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Edikan - Overview

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Location	South West Ghana,107 kmsouth-west byroadfromGhana’s secondlargest city,Kumasi
Property	TwoMiningLicensesAyanfuriandNanankaw, covering 93km2
History	Capital development US$175 m
	Mining commenced August 2011
	1st gold produced August 2011
	Commercial production declared 1st January 2012 Produced over1.4 Mozgold toDecember2018
Mining Method	Conventional open pit from 5 pits; AF Gap (AFG), Fobinso (FOB), Esuajah North (ESN), Fetish (FET) Bokitsi South (BKS) and historical Heap Leach material
	Contractor Mining–Rocksure International
Minerals	Gold
Mineralisation Type	Granite hosted intrusive related and “Ashanti-style” sediment hosted shear zone mineralisation
Process Circuit	Single stage crushing, SAG milling, gravity, sulphide floatation, sulphide regrind and CIL recovery
Plant Capacity	Average mill production rate of 6.5 Mtpa
Recovery	86% average
Ore Reserves	45 Mt @ 1.09 g/t Au for 1.6 Moz Au
Mineral Resources	92 Mt @ 1.18 g/t Au for 3.3 Moz Au
Mine Life	6 years producing on average 180 koz pa at AISC US$950/oz
Access	Sealed national roads and commercial flight to Kumasi
Power	Grid power plus site diesel power generating capacity of 14MW
Workforce	2,771

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Edikan Location Map

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Infrastructure Layout

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HEALTH, SAFETY and ENVIRONMENT HSE

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Occupational Health and Safety

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Improving Safety Culture on the mine site through the following initiatives:

• Enforcement of the Take 5 Process.

• More Emphasis on Planned Task Observation (PTO)

• Leadership participation

• Toolbox trainings site wide

• First Aid Training for Managers and selected employees

Achievements:

• Best Safety Mine during the MinCom HSE Audit 2018 -2[nd] time running

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• First position in Zone 2 Inter mine First Aid competition

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Environment

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• All Permits renewed for a compliant operations

Fetish Main Waste Dump

• Progressive rehabilitation of waste dumps

• Environmental management plan in place and being implemented

• Management of relationship with regulators to ensure our social license is intact

• Monthly site monitoring including water (surface and groundwater), dust, noise and daily blast vibration/overpressure and weather readings

Esuajah North Waste Dump

• PMGL has its own Nursery for seedlings cultivation for rehabilitation

• Onsite Laboratory for water analysis and quarterly QA/QC at external lab, SGS

• Regular internal audits and quarterly inspections by MinCom, WRC and EPA

• Regular monitoring and audits of the construction of the FTSF by independent third party Auditors

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Human Resource Management

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• Total workforce of 2,771 people including contractors

• 429 direct Perseus employees including 6 expatriates

• 94% of the senior employees are Ghanaian

• 41% from local communities

• 5.7% female employment

• Healthy Industrial atmosphere

• Successfully implemented labour rationalisation in December

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• Leadership training programme for selected management staff in 2018 resulting in improved teamwork and management performance

• Collective Agreement/Annual salary review in progress

• The Ghana Mine Workers Union represents both operational and senior staff with permanent contracts

• Job Evaluation exercise in progress

• Sensitization of workforce on core values and guiding

• behaviours

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MINING OPERATIONS

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Mining Equipment / Contractors

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One mining contractors on site - Rocksure International and responsible for D&B, L&H, GC drilling and dewatering.

Production Fleet (Rocksure):

• Komatsu HD 785 Trucks x 22

• Volvo Trucks x 10

• Komatsu PC 1250 Excavators x 3

• Komatsu PC 2000 Excavator x 1

• Hitachi EX1200 x 1

• Pantera Blast Hole Rigs x 11

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Mining Strategy going forward – Option C

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• Previous LOM was optimised on ounce production

• Current LOM optimised on Cash flow

• Reduced mining volumes to reduce mining cost

• Supplement mill feed with ore from stockpile

• To mine and feed ore from hanging wall to footwall to reduce preferential treatment of HG

• Preferential treatment of HG results in misclassification and MCF issues.

• Reducing mining volumes gradually to fit into updated LOM

• New LOM (Option C) to commenced 1[st] January 2019

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PROCESSING

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Edikan Process Flowsheet

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• Simple and robust flow sheet

• Single stage primary crushing to crushed ore stockpile

• Dual drive 14MW SAG Mill with pebble crusher circuit

• Gravity circuit – centrifugal concentrators and intensive leach of concentrate (up to ~25% of recovered gold)

• Sulphide flotation with concentrate regrind sent to CIL circuit (~2% Mass pull)

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• Plant Maintenance achieved by national and expatriate employees

• Well managed Tailings storage facilities for CIL and Flotation circuits

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Edikan Process Flowsheet

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

Flotation
Primary
crusher
Flotation tailings
storage facility
Concentrate
Coarse ore thickener
stockpile
Pebble crusher Regrind
Gravity
concentrator CIL
CIL tailings
storage facility
SAG mill Elution
Electrowinning
Leach Reactor Gold room
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PROCESS EQUIPMENT

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Crushing

• Primary crushing: FLS 1400mm x 2100 x 600kW Gyratory Crusher (single stage – open circuit)

• Dead COS/Surge Bin

Grinding

• FLS 10.4 x 6.7m , 14MW duel drive SAG Mill (Closed Circuit with Pebble Crusher and Cyclones)

• Forged steel 125mm balls.

SCATS Crusher

• 1 x Sandvik 315KW, 4 pole Cone Crusher (Fresh rock only)

Gravity Circuit

• 2 x Knelson Concentrator (55kW, 4 pole)

• 1 x ConSep Acacia Dissolution Reactor (CS 3000)

Flotation

• 7 x FLS 76m[3 ] cells (Wemco)

Leaching/Adsorption/Goldroom

• CIL: 7 x CIL Tanks (Leaching and adsorption)

• Equipment: 7 x 160m[3] Tanks, Residence Time 34hrs

• 4t Elution Circuit (Hybrid of Zadra/AARL)

• 4 x EW Cells

• Calcining Oven/Diesel Fired Furnace (Leonard Light)

Utilities

• Power: 1.5MW x 16 x CAT 3516B Gensets

• Oxygen: 6t/Day PSA Oxygen Plant

• Water: Raw water – Boreholes, Process water –Tailings return.

Reagents

• Grinding Media – GoldPro/West african Forging

• SIBX Collector – ChemQuest/AfriChem

• Copper Sulphate – ChemQuest/AfriChem

• Frother – AfriChem

Re-Grinding

• FLS 3 x 5m, 600kW SAG Mill

• Forged steel 40mm balls.

Thickening

• FLS Thickener

• Napthalene Sulphonate – Albright and Wilson (Austrialia)

• Cyanide (Pellets) – ORICA

• Carbon - Jacobi

• Lime – Carmeuse

• Fuel - Zen

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COMMUNITY and GOVERNMENT RELATIONS

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Social Development

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• Five main catchment communities surrounding Edikan – Ayanfuri, Gyaman, Fobinso, Abenabena and Nkonya

• Regular communication with communities and other stakeholders, both formal and informal

• Formal consultation groups including Crop Negotiation Committee (CNC) Resettlement Negotiation Committee (RNC) & Community Consultation Committee (CCC)

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• Land access requirements (Western & Eastern) include crop compensation, Deprivation of Land Use, structure compensation & resettlement (new houses)

• Formal grievance procedure in place

• Edikan Trust Fund established ($300k/year) for community initiated projects and interventions.

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Community and Government Relations

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• Relationship between community and Company has improved.

• Intrusion by illegal miners continues to be a concern

• Engaged district authorities, chiefs and community leaders on illegal mining activities and intrusion of into our operations.

• Edikan Trust Fund projects ongoing

• Organised career counselling session for Ayanfuri Senior High School to help the students plan for future their careers

• Organized a workshop for media personnel on mining processes

• The Edikan football matches were organized to promote healthy living and strengthen relationship between PMGL and communities

• Collaboration with the Chamber of Mines to engage Government on issues concerning the operation

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LAND RELOCATION ACTION PLAN

LARP

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Status Report – Resettlement Phase 2

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— Phase 1 Ayanfuri resettlement 240 structure and new village built for the community displaced by the Esuajah North pit complete.

Phase 2:

• Construction of 49 structures in progress. This includes, houses, shops, church and chief’s palace.

• Construction of the structures using 4 local contractors with workmen mainly from the Catchment Communities.

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• The Project is being done on a labour only contract. All materials are procured by PMGL and issued to contractors under strict supervision and physical controls.

• Supervision for project execution is by the LARP team

• Priority 1 batch of 9 houses are to be completed by the end of April 2019. Construction of Priority 2 batch of 10 houses is currently in progress.

• No incident or accident has been recorded at the project site since work commenced.

• Cost control measures in place to ensure costs do not overrun.

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MARCH QUARTER PRODUCTION UPDATE

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FY 2019 Q3 PRODUCTION SUMMARY

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Key Points March Quarter:

• AICS of US$900/oz was 22% lower than the previous quarter resulting from the implementation of the new LOMP

• • Mined volumes reduced 33%

• • Mining costs reduces 27% to US$3.06/t

• • Gold production was 11% lower

• • Throughput was 13% lower as the mill processed hard ore from the Esuajah North pit

• • Recoveries increased 11% to 86% as the percentage of fine grained carbonaceous mill feed reduced

• • Processing costs increased 6% resulting from the lower throughput but offset by some cost reductions

Notes: 1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.

Source: “March 2019 Quarterly Report” dated 16 April 2019

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Mining - Option C Update

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• Successfully implemented reduced mining rate plan using one mining contractor resulting in mining cost per tonne mined

• Successfully opened up 2 new pits as per LOM/budget

• The issue of Mine Call Factor (MCF) is under control after implementation of Option C. Now mining from footwall to hanging wall with minimum grade band segregation. Mill grade corresponding well with geology estimates

• Effective use of slope monitoring radar to reduce risk and also to optimize waste stripping

• Improved direct tip with consequent cost savings

• Better pits control and supervision with the reduction in the number of active pits and digging units. Manpower also reduced

• Transition/Mobilization issues in January managed and catch up in place since February. One PC 2000 excavator expected on site by June end

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Processing – Optimisation Review

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• Blending is critical to maintaining throughput with harder Esuajah North ore

• Throughput optimisation studies underway

• Hatch undertaking a full mine to mill review

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Plant Availabilities Q3 2019

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

100 90 100 92 91 [95] [93]
86
CRUSHER 90 84 84 SAG Mill 90
80 80
70 70
60 60
50 50
8 40 40
86% 30 93% 30
20 20 Actual
Actual
10 10 Budget
Budget
0 0
100 94 93 93 93 REGRIND Mill 100 95 94 95 95
OXIDE Feeder 90 90
80 80
70 70
60 60
50 50
40
40
93% 30 95% 30
Actual
20 20 Actual
10 Budget 10 Budget
0
0
27
July Aug Sept FYTD
July Aug Sept FYTD
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Risks and Opportunities

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RISKS

OPPORTUNITIES

• ❖ Throughput rates - May be lower than predicted.

• ❖ Process Plant Availability – Focus on regular maintenance inspections.

• ❖ Theoretical Recovery of BKS Ore – 5% reduction in recovery of all BKS ore applied in feed to reduce the risk. Core drilling and other metallurgical tests are in progress to ascertain recovery variability.

• ✓ Rocksure performance - Steady state after their mobilization to site. An opportunity to deliver above the planned volumes.

• ✓ The mine to mill reconciliation on grade – No grade bin segregation. Improvement in overall reconciliation (MCF) expected.

• ✓ Adequate LGF as well as LGO (heap leach material) on the ROM to serve as a support feed for the plant.

• ❖ FTSF Raise - Timeous completion of FTSF raise is critical to the plan.

• ❖ Reconciliation between MIK resource and GC models – Historical reconciliation between the MIK and Grade Control models may change as mining progresses to new areas (e.g. Bokitsi).

• ✓ CI initiatives - Several continuous Improvement Initiatives currently in progress that may provide production as well as cost improvements.

• ✓ Mill Slicer - The benefits from the mill slicer project is expected to yield improvements in mill throughput than currently allowed for in the plan.

• ❖ Geotechnical stability of pit walls – Continuous and constant pit wall inspections and the availability of two MS Radar.

• ✓ Mine to Mill Project - Project to focus on increase in mill throughput.

• ❖ Community issues and complaints – Continuous and constant community engagements and swift responses to community complains required.

• ✓ Extra Ore tonnes - Potential to add higher grade oxide through BKS rip lines.

• ❖ Any possible labour unrest – Constant engagements with workforce (durbars and other fora)

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CONTINUOUS IMPROVEMENT INITIATIVES

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Three Pronged Strategy

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|||||||
|---|---|---|---|---|---|
|Last Quarter|This Quarter|
|•|LOM C adopted|•|Millstar control|
|Technical|
|• Adoption of LOM C Mine Plan|•|Mill Slicer Installed|system|
|Transformation|• Application of New Technology|•|Mach Reactor|•|Carbon Column|
|Projects|Installed|install|
|•|Genser power|
|•|Hatch engaged for|•|Hatch mine to mill|
|technical review|engagement|
|• Sweat the assets. Close gaps to|
|•|•|
|Technical Limit|technical limits for all key drivers.|Green belt training|Greenbelt projects|
|Projects|• Focused cross functional team|initiated,|and training|
|problem solving.|improvement|
|projects identified|
|and reviewed|
|• 5S Programs, S3 Perseus Way Audit|•|5S training rolled|•|Continue 5S in|
|Tool.|
|out|Process Plant|
|Broad Employee|• Work Group Level KPI’s|•|
|5S P1 projects|
|Engagement|• Front line involvement in problem|
|completed|
|solving projects focused on meeting|
|and exceeding Work Group KPI’s|•|VMC’s in place for|
|all departments|

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Objective – Sustainably Lowering AISC

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Targeting a 3% reduction in cost base and maintaining it – Escalation containment and AISC Improvement. $30/oz

• Single Mining Contractor – $30M improvement on LOM C - $30/oz • Blasting – Lower PF - $5/oz

• Cost Improvement • Mach Reactor – Reduced peroxide addition - $5/oz

• Initiatives • Genser Power Deal - $15/oz • Fuel Control $5/oz • Increased direct tip • Bokitsi small truck option

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Stretch target of 7.5% increase in milling rate. $25/oz

Throughput Improvement • Mill slicer Install – 400k in capital – 4 month implementation. • Variable speed drive. Projects + 7.5% overall • Crusher liner profiles – reduce CSS to 105mm. target • Blending consistency – stable mill feed. • Dilution control projects

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• Carbon Column Recovery Improvement • Finer regrind – 25mm chrome balls Projects • Isa Mill Install – CTSF retreatment and Float Con fine grind.

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Continuous Improvement - Results

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

Implemented – Delivering Results
Implemented – Tracking Results
Awaiting Implementation
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US$73M worth of initiatives being implemented and tracked for value delivery

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EDIKAN GOLD MINE LIFE OF MINE PLAN OPTION - C

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Source: “Perseus Mining Updates Edikan’s Life of Mine Plan” dated 29 August 2018

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Overview

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Solid Edikan Life of Mine which is:

• ✓ Economically very attractive – US$950/oz all-in site cost and US$264M after tax cashflow

• ✓ Technically robust – Operating and processing experience in all pits (except Bokitsi), resource/mill reconciliation performance well understood

• ✓ Minimal incremental capital – all major capital works complete, incremental TSF lifts remaining

• ✓ Potential to extend beyond current 6 year mine life through nearmine exploration

• ✓ Delivering significant value to Perseus’s shareholders from strong ongoing cash flow

Note: All numbers in this presentation were current as at 29[th] August 2018

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Summary of Changes Since Previous LOM

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• Increase in mining contract cost – rise & fall

• Additional ore mining costs – grade control & rehandle

• Labour cost increase in all areas

• Lower throughput rates – fixed costs higher per tonne

• Mill run time increased – fixed costs lower per tonne

• Dilution and ore loss applied based on latest reconciliation

• Cost and throughput changes increase cut-off grades

• Combined changes impact high cost AFG cutback design

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Main LOM Assumptions

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• Scheduled from 1 July 2018

• Gold price US$1,200/ounce

• Diesel price US$1.01/L

• Power 99% grid ($0.147/kWh), 1% self generated ($0.273/kWh)

• AMS mining cost for Eastern and Northern Pits

• Rocksure mining costs for Fobinso and AG Final pits

• Mill Run Time 92.6%, Total Throughput Rate Capped at 940tph

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Snapshot of Outcomes

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Parameter	Units	Value
Waste + Ore Mined	Mt	116.2
Ore processed	Mt	39.2
Head Grade	g/t	0.98
Weighted Average Recovery	%	87.5%
Sustaining Capital	US$M	31.9
Mining Costs	US$/t mined	3.81
Processing Costs	US$/t ore	9.42
Dore transport and bullion refining	US$/t ore	0.06
Administration Costs	US$/t ore	2.39
All in site cost	US$ / oz	950
Free cash after tax	US$M	264
NPV 10%	US$M	233

• 6 Year Mine Life

• LOM Ounce Production 180 koz/yr with 200 koz/yr in first 3ars

• All in site cost US$950/oz LOM

• Sustaining capital cost US$32M

• NPV US$233M, @ US$1,200/oz, 10% discount rate

Notes:

1. Calculated at a gold price of $1200/oz

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Edikan Resource Estimates

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• All Open Pit Resource Estimates Regularly Updated

• Generally MIK Estimation Method

• Heap Leach and ROM Stockpiles Included

• Good reconciliation between reserve model and grade control over the last 2 years

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Edikan Resource Estimate (Jun 2018)[7, 8, 9]

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Deposit	Deposit Type	Measured Resources	Indicated Resources	Measured + Indicated
		Quantity Grade Gold	Quantity Grade Gold	Quantity Grade Gold
		Mt g/t Au koz	Mt g/t Au koz	Mt g/t Au koz
AF Gap1, 2, 3 Fobinso1, 2, 3 Esuajah North1, 2, 3 Fetish1, 2, 3, 4 BokitsiSouth1, 2, 3	Open Pit Open Pit Open Pit Open Pit Open Pit	7.8 1.00 253 1.0 1.15 37 6.7 0.95 206 6.8 1.04 228 0.8 2.64 67	11.1 0.95 338 4.1 0.98 130 9.4 0.90 272 11.7 0.96 363 0.6 2.23 43	19.0 0.97 591 5.1 1.01 167 16.2 0.92 478 18.5 0.99 591 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 Heap Leach6 Stockpiles	U/ground Stockpile Stockpile	8.5 1.9 533 5.7 0.67 121	6.3 1.7 353 4.3 0.6 89 - - -	14.8 1.8 879 4.3 0.6 89 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 June 2018.

8. Mineral Resources are inclusive of Ore Reserves.

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

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Edikan Reserve Estimate (Jun 2018)[3, 6, 7]

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Deposit	Deposit Type Proved Probable Quantity Grade Gold Quantity Grade Gold Mt g/t Au koz Mt g/t Au koz	Deposit Type Proved Probable Quantity Grade Gold Quantity Grade Gold Mt g/t Au koz Mt g/t Au koz	Probable	Proved + Probable
				Quantity Grade Gold
				Mt g/t Au 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 1.11 169 0.5 0.98 17 4.6 0.99 148 7.7 1.00 248 0.1 2.60 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 1.99 312 3.8 0.6 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.

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Edikan LOM Ore Sources

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Total Material Movement by Ore Source

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1,400
1,200
1,000
800
600
400
200
-
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63 65 67
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 FY23-24
FOB_FINAL AFG_FINAL ESN_FINAL FET_STG2 FET_FINAL BKS_STG1
Thousands BCM
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Tonnes and Grade Processed

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8,000 1.20
1.08
1.06
1.00 1.00
7,000
0.92 1.00
6,000 0.79
0.80
5,000
0.60
4,000 6,974,166 6,857,530 6,657,704 6,950,230
6,302,455
0.40
5,490,606
3,000
0.20
2,000
1,000 -
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 FY23-24
Tonnes Grade
Thousands tonnes
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Ounce Production by Ore Source

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220
200
180
160
140
120
100
80
60
40
20
-
FY18-19 FY19-20 FY20-21 FY21-22 FY22-23 FY23-24
FOB_FINAL AFG_FINAL ESN_FINAL FET_STG2 FET_FINAL BKS_STG1 Existing Stockpile Heap Leach
Thousands oz
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EDIKAN EXPLORATION UPDATE

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Perseus Property Locations – SW Ghana

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• Geological setting - south eastern part of the West African Craton.

• Total Gold Endowment:

• Ashanti Belt (≥ 125Moz Au)

• Sefwi – Bibiani Belt (≥ 30Moz Au)

• Kumasi Basin – (13Moz Au)

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District Geology & Gold Mineralisation

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Esuajah N & S
AB & Fobinso
Fetish
Chirawewa
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District Geology

• Underlain principally by steeply dipping, NE-trending metasedimentary rocks and lesser metavolcanic rocks of the Paleoproterozoic Birimian Supergroup

• D2 NE-SW thrust fault – Obuasi Akropong shear zone (= Dadieso-Bokitsi Shear Zone)

• Basement intruded by small granitoids plugs, dykes & sills – equigranular granite, monzogranite, granodiorite and tonalite

• Gold Mineralisation

• Two principal types of Au mineralization: o Intrusion-related (Au hosted in granitoids)

• Shear-zone related (Au mostly hosted in sedimentary rock) along DBSZ

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Exploration Strategy

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• Previous conventional use of soil geochemistry in defining drill targets has outlived its usefulness in this mature exploration environment, and is not effective in delineating blind deposits.

• Recognition of need to use multi-geoscience data in an integrated approach to delineating future targets for exploration.

• VTEM, magnetics and radiometric data acquired over Edikan tenement package in late 2016.

• Corporate Geoscience Group (CGSG) study in early 2017 provided a detailed geological framework, prospectivity and targeting analysis based on all available geological, geophysical, geochemical and drill data.

• Exploration since then has focused on systematic follow up of targets generated.

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2018-20 Target Testing

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Esuajah NE Target
Esuajah Gap
South Esuajah South
PokuSouth
NkonyaWest
Saa NE Target
Huntado Target
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Esuajah Gap – CGSG Target 1

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• • •

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•
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Conceptual buried en échelon granite plug(s) between Esuajah Nth and Sth granites – undrilled due to Ayanfuri town site.

Planned 12-hole RC program to test zone abandoned due to community objections.

Replaced by 3 x deep RCDD holes raking through target zone.

2[nd] hole of program (EGRDD002) intersected Esuajah-type granite at 430m downhole (~350m vertical), continuing for 165m to EOH.

Confirmed in subsequent drilling at higher levels defining a granite pinnacle ~250m long.

Au grades av. 0.19 to 1 g/t - comparable with gold values at similar depths in Esuajah Nth & Sth granites.

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Esuajah Gap Cross Section – Looking NE

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26m @
1.11g/t
13.7m @
2.32g/t
13m @ 29m @
2.65g/t 1.21g/t
29.5m @
1.44g/t
89m @
1.18g/t
96m @
0.19g/t
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• Granite appears not to daylight – blind deposit with mineralisation preserved in granite apex and heavily altered and quartz veined ‘bleed out’ zone within sediments above.

• Strongly altered – pervasive 1-4% disseminated pyrite + quartz-carbonate veining ± <1% arsenopyrite.

• Apparent steep SW plunge along NEtrending structure (Esuajah Nth structure?).

• Economic gold grades in Esuajah Nth & Sth granites are generally restricted to the upper levels of the bodies (shallower than 350m), improving towards surface.

• The Esuajah Gap Granite appears to share the same characteristics.

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Esuajah Gap Drilling

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• Gold grades best in upper, near surface part of the system – largely oxidised.

• Resource estimate and mining study currently underway.

• Mining potential restricted due to the proximity of Ayanfuri village – free-dig oxide zone (no blasting).

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Edikan Exploration – Summary

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• Edikan is a mature exploration environment.

• Until 2016 exploration largely driven by soil geochemistry with considerable success but diminishing returns over time.

• Current program driven by CGSG targeting exercise, with focus on a new generation of targets, mostly less obvious and probably not daylighting.

• Initial testing of VTEM resistivity targets not encouraging – conclusion that these are likely weathering artefacts.

• Drilling of Esuajah Gap (CGSG Target 1) discovered a new and previously unknown mineralised granite, similar in style to Esuajah North and South deposits.

• Proximity to Ayanfuri village limits economic potential of the EG discovery; however, it demonstrates potential for similar ‘blind’ granite deposits along the Esuajah trend.

• Drilling now underway to explore this potential.

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ESUAJAH SOUTH UPDATE

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Esuajah South Small Pit Stand Alone Option

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• ESS re-visited after review of ES Gap drilling

Key Issues to be addressed:

• ✓ Community engagement and acceptable project for community in return for blasting and mining within 200m radius.

• ✓ Noise and Vibration Impact.

• ✓ Environmental Impact Study to cover:

• Technical evaluation of blast impact

• Socio-economic impact

• Environmental Impact

• ✓ Preparation for Public Forum

• ✓ Engagement of Ghana Highway Authority

• ✓ Mincom and EPA Permits

• Esuajah South – not in LOM but is a potential source of HG and low production cost ore.

• Approval process not guaranteed.

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