PERSEUS MINING LIMITED — Investor Presentation 2019

Jan 31, 2019

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Mining Indaba 2019 Cape Town

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~~www.perseusmining.com~~

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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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 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 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 2011continue to apply.

The information in this report in relation to Sissingué open pit Mineral Resource and Ore Reserve estimates was updated and reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 29 October 2018. 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.

In respect of the Fimbiasso East and West deposits, previously Bélé East and West respectively, the Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in market announcements dated 20 February 2017 and 31 March 2017 respectively continue to apply with the exception that the reported resources are now constrained to a US$1,800/oz pit shell as advised in a market announcement dated 29 August 2018.

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 2015continue to apply.

The information in this report in relation to Yaouré open pit 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.

The information in this report in relation to the Yaouré underground Mineral Resource estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 5 November 2018. The Company confirms that all material assumptions underpinning those estimates in that market release continue to apply and have not materially changed.

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 market announcements released on 15 August 2018 and 20 November 2018 and in the quarterly activity reports released on 13 July 2018, 18 October 2018 and 22 January 2019. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases.

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

A COMPELLING INVESTMENT OPPORTUNITY

West African gold producer, developer & explorer

Multi-mine, multi jurisdiction operations 288,463oz production CY2018

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

Balance sheet capacity and strong cash flows to fund growth Net Cash A$23m

• Experienced board & management team

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SIMPLE CORPROATE STRATEGY FOR VALUE CREATION

INVEST IN ASSETS

Acquire and replenish through organic or inorganic means, a geopolitically diverse portfolio of mineral resources

DEVELOP MINES Unlock value by efficiently and effectively converting mineral resources into producing gold mines

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INVEST IN PEOPLE

Lead, motivate and continuously up-skill our operating & management teams

Consistently produce ~500koz of gold per year at an AISC of not more than US$800 per ounce

LICENCE TO OPERATE Develop and maintain strong relationships with host governments and communities

PRODUCE GOLD CONTINUOUSLY IMPROVE Consistently perform to Strive to continuously plan & generate targeted improve our business at all returns on funds levels employed

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CALENDAR YEAR 2018 HIGHLIGHTS

✓ Gold Production up 39% to 288,463 ounces. AISC 10% lower at US$994 per ounce. Both production & costs in line with guidance

✓ Cash and bullion up 103% to A$92 million. Net Cash increased 221% from -A$19 million to +A$23 million

Turn around of Edikan Gold Mine continued, consistently hitting ✓ production and cost targets

Sissingué Gold Mine, developed ahead of schedule and on budget ✓ creating diversity in Perseus’s operating portfolio

Yaouré Gold Mine development advanced, with construction ✓ scheduled for Q1 2019

Exploration success at all three mines with definition of significant ✓ underground potential at Yaouré

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IMPROVED OPERATING PERFORMANCE

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IMPROVING FINANCIAL POSITION

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USD million
$80
$60
$40
$20
$0
Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
Cash and Bullion (US$) Debt (US$)
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GUIDANCE TO NEAR TERM PERFORMANCE

GUIDANCE FY 2019 PARAMETER UNITS Dec 18 Half Jun 19 Half Full Year Gold Production ounces 130-150,000 130-150,000 271-291,000

All-In Site Costs $US/ounce 950 – 1,150 850 – 1,000 925 – 1,000

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December 2018 Half actual production was 140,555 ounces at an AISC of US$999 per ounce, middle of the guidance range

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ATTRACTIVE LONG-TERM GROWTH[1]

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Production (koz/pa) AISC (US$/oz)
600 1,200
500
400 800
300
200 400
100
0 0
2018 2019 2020 2021 2022
Edikan Sissingué Yaouré AISC USD/oz (RHS)
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Note: 1. Refer to Slide 2 – Caution regarding forward looking statements

GROWTH DERIVED FROM EXISTING ASSET BASE

NEW RESERVES IMPROVE GROWTH PROFILE

SUCCESSFUL EXECUTION KEY TO DELIVERY

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PRODUCING GOLD MINES

OUR LOCATIONS

Côte d’Ivoire - Sissingué (86%)[1] West Africa M&I Mineral Resource: 0.5Moz Ore Reserve: 0.4Moz Ghana - Edikan (90%)[2] M&I Mineral Resource: 3.0Moz Ore Reserve: 1.6Moz

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Notes :

Africa

PRODUCING ASSETS

SISSINGUÉ GOLD MINE (5+ YEARS) EDIKAN GOLD MINE (6+ YEARS)

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1 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 31 August 2018 2 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2018

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EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE

Large scale, multi open-pit mining operation ✓ ✓ Produced more than 1.35Moz gold to date 3.0 Moz M&I Mineral Resources incl. ✓ 1.6 Moz of P&P Ore Reserves[1] ✓ Updated LOMP delivering lower AISC and improved cash flow ✓ Mine life of 6 years with potential to extend[1]

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

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SISSINGUÉ GOLD MINE

PERSEUS’S NEWEST MINE

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

0.5Moz M&I Minerals Resources incl. 0.4Moz of P&P ✓ Ore Reserves[1]

Successful development and ramp up in production ✓ in Q1 2018

✓ Low AISC and strong positive cashflow

✓ Significant potential to extend mine life

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Note : 1. Ore Reserve and Mineral Resource figures stated on 100% basis, as at 31 August 2018

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DEVELOPMENT ASSETS

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OUR LOCATIONS
West Africa
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PROJECTS

YAOURÉ GOLD OPEN PIT DEVELOPMENT PROJECT (8.5+ YEARS) Africa YAOURÉ GOLD UNDERGROUND DEVELOPMENT PROJECT (? YEARS)

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	Côte d’Ivoire - Yaouré (90%)1, 2	Côte d’Ivoire - Yaouré (90%)1, 2
	M&I Open Pit Mineral Resource:	1.9Moz
	Ore Reserve:	1.5Moz
	Inferred Underground Resource:	0.6Moz

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Notes :

• 2 Yaouré Underground Resource figures stated on 100% basis, as at 5 November 2018

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

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YAOURÉ GOLD PROJECT NEXT GOLD MINE

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

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

- Excellent location Close to infrastructure (water, hydro power, roads, port) and skilled labour pool

• Readily financeable Capital cost of US$264 million and robust cash flows to service debt

Potential to materially extend 8.5 year mine life

• Highly prospective surrounding 513 km[2] land package

• Underground Scoping Study demonstrated potential viability of underground mining

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Note : 1. Yaouré Underground Scoping Study released on 5 November 2018

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YAOURÉ GOLD PROJECT

NEXT GOLD MINE

✓ High quality development project located close to excellent existing infrastructure.

✓ Positive DFS completed in October 2017

✓ FEED Study completed October 2018

✓ Permitting & Funding Plan including US$200 m corporate debt facility due in Q1 2019

✓ On track to start development in Q1 2019

✓

First gold expected in Q4 2020

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Note : 1. Yaouré Underground Scoping Study released on 5 November 2018

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NEAR MINE AND GREENFIELDS EXPLORATION

EXPLORATION PROJECTS

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EDIKAN – NEAR MINE
West Africa
SISSINGUE & YAOURE –
Africa
NEAR MINE
CÔTE D’IVOIRE -
REGIONAL
Granted Permits
Applications
Mines
100km
Gold Deposits
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EDIKAN EXPLORATION DETAILS

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Resistivity
Esuajah NE
Esuajah Nth
Fobinso
Esuajah Sth
Esuajah Gap
AG
Fetish
Fetish &
Bokitsi Ext.
Bokitisi
Mampon Chirawewa
Saa NE
Huntado
Abreshia
& Dadieso NE
Dadieso
Edikan – near mine exploration targets
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Edikan – near mine exploration targets

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Esuajah Gap – Cross section EGDD001 – EGDD007

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SISSINGUÉ EXPLORATION DETAILS

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West East South

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Sissingué – Fimbiasso South AC drilling

Sissingué – near mine exploration targets

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YAOURÉ EXPLORATION DETAILS

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Yaouré – pit extension targets

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S9
Angovia 2
CMA South
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Yaouré – near pit drill targets

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YAOURÉ EXPLORATION DETAILS

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CMA NE
GOVISOU Akasou
AKAKRO
SAYIKRO
KKG
AKASOU Allekran
Yaouré – high prospectively corridors Yaouré –regional targets
Degbreze
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Jeff Quartermaine

Andrew Grove

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CAPITAL STRUCTURE

As at 25 January 2019 ASX Share price per share1 A$0.40 US$0.28 Shares outstanding 1,037 m Warrants outstanding2 130 m Unvested Performance Rights 12 m Market capitalisation A$415 m US$295 m Less: Cash3 A$68.9 m US$48.5 m Plus: Debt4 A$68.7 m US$48.5 m Enterprise value A$415 m US$295 m	Shareholder base as at 21 December 2018
	1 Franklin Templeton Investments (USA) 7.7%
	2 Ruffer LLP 5.9%
	3 Australian Super Pty Ltd. 5.8%
	4 Van Eck Associates Corp. 5.7%
	5 RDV Corporation 4.9%
	6 Konwave AG 2.5%
	7 Dimensional Fund Advisors LP 2.5%
	8 DFA Australia Ltd. 2.5%
	9 The Vanguard Group, Inc. 2.5%
	10 Wellington Management Co.LLP 2.2%
	Top 10 Shareholders 42%
	Top 20 Shareholders 57%
	Institutional Investors 66%
	Shareholder base - US 39%
	Shareholder base - Europe 27%
	Shareholder base-Australia 23%

Notes :

1. Share price at close assuming A$/US$ exchange rate of 0.71

2. 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 129,978,617 warrants are exercised (13,072,153 warrants have been exercised to date) Perseus will receive ~A$57.2m / US$41.2m assuming A$/US$ exchange rate of 0.72

3. Cash balance at 31 December 2018 includes available cash at bank but excludes bullion on hand (A$23.2 million) valued at US$1,279 per ounce and converted to AUD at a A$:US$ exchange rate of 0.7055.

4. Balance at 31 December 2018 includes US$25m of debt drawn under Edikan’s revolving working capital facility, and US$23.5 million outstanding under the Sissingué Project Loan converted to AUD at a A$:US$ exchange rate of 0.7055.

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EXPERIENCED BOARD OF DIRECTORS & MANAGEMENT TEAM

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Jeff Quartermaine Managing Director and CEO

Colin Carson Executive Director

Sean Harvey Non-Executive Chairman

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John McGloin Non-Executive Director

Sally-Anne Layman Non-Executive Director

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CALENDAR YEAR 2018 PRODUCTION STATISTICS

Calendar Year 2018 Production Statistics	Calendar Year 2018 Production Statistics
Parameter	Unit	Edikan	Sissingué	Group
Gold Production2 & Sales Total material mined tonnes Total ore mined tonnes Average ore grade mined g/t gold Strip ratio t:t Ore milled tonnes Milled head grade g/t gold Gold recovery % Gold produced ounces Gold sales1,4 ounces Average sales price4 US$/ounce Unit Costs3 Mining cost US$/t mined Processing cost US$/t milled G & A cost US$M/month All-In Site Cost Production cost US$/ounce Royalties US$/ounce Sub-total US$/ounce Sustaining capital US$/ounce Total All-In Site Cost US$/ounce Site Exploration Cost US$M		34,868,075 10,130,554 1.09 2.4 7,223,613 1.17 80.1 217,219 226,717 1,266 3.75 9.1 1.56 987 81 1,068 28 1,096 2.06	5,634,555 1,588,704 1.28 2.5 1,377,172 1.68 95.7 71,244 62,498 1,255 3.94 10.68 0.85 572 52 624 10 634 1.87	40,502,630 11,719,258 1.12 2.4 8,600,785 1.25 82.6 288,463 289,215 1,264 3.78 9.35 2.41 895 75 970 24 994 3.93

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

2. Sissingué Production data includes production both pre and post declaration of commercial production on 31 March 2018.

3. Sissingué Financial data (i.e. sales and costs) includes only data relevant to the period post-declaration of commercial production.

4. Gold sales and average sales price adjusted from prior period quarterly reports as a result of change in accounting policy (early adoption of AASB 15)

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PERSEUS GROUP

MINERAL RESOURCES AND ORE RESERVES

PERSEUS GROUP MINERAL RESOURCES	PERSEUS GROUP MINERAL RESOURCES	PERSEUS GROUP MINERAL RESOURCES	PERSEUS GROUP MINERAL RESOURCES	PERSEUS GROUP MINERAL RESOURCES	PERSEUS GROUP MINERAL RESOURCES	PERSEUS GROUP MINERAL RESOURCES
Project		Measured Indicated Measured + Indicated					Inferred
		Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold					Quantity	Grade	Gold
		Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz					Mt	g/t gold	koz
Edikan1 Sissingué2 Yaouré1 Yaouré Underground3		37.3 1.19 1,445 7.5 1.70 408		47.6 1.03 1,588 2.0 2.00 130 43.1 1.39 1,930		84.9 1.11 3,033 9.5 1.76 538 43.1 1.39 1,930	6.8 1.25 267 0.4 1.70 20 46.0 1.00 1,500 3.0 6.20 595
Total		44.8 1.29 1,853		92.7 1.22 3,648		137.5 1.24 5,501	55 1.20 2,108
					Proved + Probable Quantity Grade Gold Mt g/t gold koz 44.7 1.09 1,566 5.8 2.04 380 26.8 1.76 1,518 77.3 1.39 3,464
PERSEUS GROUP ORE RESERVES
Project	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
Edikan1 Sissingué2 Yaouré1	18.3 1.00 587 4.6 2.00 296		26.4 1.15 979 1.2 2.20 84 26.8 1.76 1,518		44.7 1.09 1,566 5.8 2.04 380 26.8 1.76 1,518
Total	22.9 1.20 883		54.4 1.48 2,581		77.3 1.39 3,464

Notes:

1. Market Release Dated 29/08/18; Perseus Mining updates Mineral Resources & Ore Reserves

2. Market Release Dated 29/10/18; Perseus Mining updates Resources, Reserves and Life of Mine Plan at Sissingué

3. Market Release Dated 5/11/18; Perseus Mining completes scoping study for potential underground mine at Yaouré, only included 54% of Resource in Total as 46% overlaps existing Yaouré Resource

5. The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) and 90% of Yaouré Gold Project (YGP) after allowing for Government equity at mining stage.

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EDIKAN

MINERAL RESOURCE ESTIMATE[1]

EDIKAN MINERAL RESOURCES as at 30 June 2018	EDIKAN MINERAL RESOURCES as at 30 June 2018	EDIKAN MINERAL RESOURCES as at 30 June 2018
	Measured		Indicated Measured + Indicated		Inferred
Deposit	Deposit Type Quantity Grade Gold Mt g/t gold koz		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, 2, 3 Fobinso1, 2, 3 Esuajah North1, 2, 3 Fetish1, 2, 3, 4 Bokitsi South1, 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	0.1 1.04 4 0.9 1.21 35 <0.1 1.12 1 0.5 0.98 14 0.6 1.13 20
Sub-Total	Open Pit	23.2 1.06 791	37.0 0.96 1,146	60.2 1.00 1,936	2.1 1.05 74
Esuajah South5 Heap Leach6 Stockpiles	UG Stockpile Stockpile	8.5 1.90 533 5.7 0.67 121	6.3 1.70 353 4.3 0.60 89 - - -	14.8 1.80 879 4.3 0.60 89 5.7 0.67 121	4.7 1.30 192
Total		37.3 1.19 1,445	47.6 1.03 1,588	84.9 1.10 3,025	6.8 1.25 267

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

ORE RESERVE ESTIMATE[1]

EDIKAN MINERAL RESOURCES as at 30 June 2018	EDIKAN MINERAL RESOURCES as at 30 June 2018	EDIKAN MINERAL RESOURCES as at 30 June 2018
	Measured		Indicated Measured + Indicated		Inferred
Deposit	Deposit Type Quantity Grade Gold Mt g/t gold koz		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, 2, 3 Fobinso1, 2, 3 Esuajah North1, 2, 3 Fetish1, 2, 3, 4 Bokitsi South1, 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	0.1 1.04 4 0.9 1.21 35 <0.1 1.12 1 0.5 0.98 14 0.6 1.13 20
Sub-Total	Open Pit	23.2 1.06 791	37.0 0.96 1,146	60.2 1.00 1,936	2.1 1.05 74
Esuajah South5 Heap Leach6 Stockpiles	UG Stockpile Stockpile	8.5 1.90 533 5.7 0.67 121	6.3 1.70 353 4.3 0.60 89 - - -	14.8 1.80 879 4.3 0.60 89 5.7 0.67 121	4.7 1.30 192
Total		37.3 1.19 1,445	47.6 1.03 1,588	84.9 1.10 3,025	6.8 1.25 267

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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SISSINGUÉ MINERAL RESOURCE ESTIMATE[1]

SISSINGUÉ MINERAL RESOURCES as at 31 August 2018	SISSINGUÉ MINERAL RESOURCES as at 31 August 2018	SISSINGUÉ MINERAL RESOURCES as at 31 August 2018	SISSINGUÉ MINERAL RESOURCES as at 31 August 2018	SISSINGUÉ MINERAL RESOURCES as at 31 August 2018
Measured Indicated Measured + Indicated					Inferred
Deposit Deposit Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz					Quantity	Grade	Gold
					Mt	g/t gold	koz
Sissingué1, 2, 3 Fimbiasso East4, 5 Fimbiasso West4, 5 Stockpiles	Open Pit Open Pit Open Pit Stockpile	7.2 1.7 402 0.3 0.7 7	0.5 1.40 22 0.6 2.30 47 0.9 2.00 61	7.7 1.7 423 0.6 2.3 47 0.9 2.0 61 0.3 0.7 7	0.1 0.9 3 0.2 1.9 10 0.1 2.2 6
Total		7.5 1.7 408	2.0 2.00 130	9.6 1.8 538	0.4 1.7 20

Notes:

1. Based on September 2018 Mineral Resource model constrained to US$1,800/oz pit shell.

2. Depleted to 31 August 2018 mining surface.

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

4. Based on February 2017 Mineral Resource model constrained to US$1,800 pit shell, not updated.

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

6. Mineral Resources current at 31 August 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.

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SISSINGUÉ ORE RESERVE ESTIMATE[1]

SISSINGUÉ ORE RESERVES as at 31 August 2018	SISSINGUÉ ORE RESERVES as at 31 August 2018	SISSINGUÉ ORE RESERVES as at 31 August 2018	SISSINGUÉ ORE RESERVES as at 31 August 2018	SISSINGUÉ ORE RESERVES as at 31 August 2018
Deposit		Proved		Probable		Proved + Probable
		Deposit Type Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz				Quantity Grade Gold
						Mt g/t gold koz
Sissingué3,5 Fimbiasso East4,5,7 Fimbiasso West3,4,8 Stockpiles		Open pit Open pit Open pit Stockpile	4.3 2.10 289 0.3 0.70 7	0.1 2.1 10 0.5 2.5 39 0.5 2.1 35		4.4 2.1 299 0.5 2.5 39 0.5 2.1 35 0.3 0.7 7
Total			4.6 2.00 296	1.2 2.2 84		5.8 2.1 380

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 August 2018 Mineral Resource estimate

4. Based on February 2017 Mineral Resource estimate

5. Variable gold cut-off grade based on material type and mining method

6. Inferred Mineral Resource is treated as waste

7. Fimbiasso East was previously called Bélé East

8. Fimbiasso West was previously called Bélé West

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YAOURÉ MEASURED + INDICATED MINERAL RESOURCE ESTIMATE

YAOURÉ MINERAL RESOURCES	YAOURÉ MINERAL RESOURCES	YAOURÉ MINERAL RESOURCES
Measured			Indicated Measured + Indicated		Inferred
Deposit Deposit Type Quantity Grade Gold Mt g/t gold koz			Quantity Grade Gold Quantity Grade Gold		Quantity	Grade	Gold
			Mt g/t gold koz Mt g/t gold koz		Mt	g/t gold	koz
CMA	Open Pit Open Pit Open Pit Stockpile		24.8 1.81 1,440	24.8 1.81 1,440	16.0 1.2 600
Yaouré			16.5 0.81 430	16.5 0.81 430	30.0 0.9 900
Sub-total			41.3 1.41 1,870	41.3 1.41 1,870	46.0 1 1,500
HeapLeach5			1.8 1.02 60	1.8 1.02 60
Total			43.1 1.39 1,930	43.1 1.39 1,930	46.0 1 1,500
CMA UG9	UG				1.1 6.2 595

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.

6. Indicated Mineral Resources are inclusive of Ore Reserves.

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

8. Based on 5 November 2018 Underground Mineral Resources estimate, reported at a GOG of 2.0g/t gold, 46% overlaps the Open Pit Resources above

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YAOURÉ ORE RESERVE ESTIMATE

YAOURÉ ORE RESERVES as at 30 June 2018

YAOURÉ ORE RESERVES as at 30 June 2018	YAOURÉ ORE RESERVES as at 30 June 2018	YAOURÉ ORE RESERVES as at 30 June 2018	YAOURÉ ORE RESERVES as at 30 June 2018	YAOURÉ ORE RESERVES as at 30 June 2018
Deposit		Proved	Probable	Proved + Probable
	Deposit Type	Quantity Grade Gold	Quantity Grade Gold	Quantity Grade Gold
		Mt g/t gold koz	Mt g/t gold koz	Mt g/t gold koz
CMA1,2 Yaouré1,2 Sub-total HeapLeach1,3	Open Pit Open Pit Open Pit Stockpile		20.7 1.97 1,310 4.7 1.04 155 25.3 1.80 1,466 1.4 1.14 52	20.7 1.97 1,310 4.7 1.04 155 25.3 1.80 1,466 1.4 1.14 52
Total			26.8 1.76 1,518	26.8 1.76 1,518

Notes:

1. Based on November 2017 Mineral Resource estimate.

2. Variable gold grade cut-off based on recovery of each material type: Weathered 0.40 g/t, Transition 0.45 g/t, CMA Fresh 0.50 g/t and Yaouré Fresh 0.65 g/t.

3. Based on 0.45 g/t gold grade cut-off.

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

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

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