PERSEUS MINING LIMITED — Investor Presentation 2020

Sep 1, 2020

NEWS RELEASE

2 September 2020

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PERSEUS MINING VIRTUAL SITE VISITS

Perseus Mining Limited (ASX/TSX: PRU) releases the attached presentations that will be made to participants in the Company’s Virtual Site Visit to each of its West African operations, to be held later today.

This document was authorised for release by Jeff Quartermaine, Managing Director.

For further information, please contact:

Managing Director:

General Manager BD & IR: Media Relations:

Jeff Quartermaine at telephone +61 8 6144 1700 or email jeff.quartermaine@perseusmining.com; Andrew Grove at telephone +61 8 6144 1700 or email andrew.grove@perseusmining.com Nathan Ryan at telephone +61 4 20 582 887 or email nathan.ryan@nwrcommunications.com.au (Melbourne)

Perseus Mining Limited ABN 27 106 808 986 Level 2, 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 Email: info@perseusmining.com

PO Box 1578 Subiaco WA 6008 Facsimile: +61 8 6144 1799 Website: www.perseusmining.com

PERSEUS MINING LIMITED VIRTUAL SITE VISIT PRESENTATION

1. INTRODUCTION

2. EDIKAN

3. SISSINGUÉ

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1. YAOURÉ

PERSEUS’S CORPORATE OBJECTIVES

“ To progressively position our business to sustain gold production of approximately 500,000 ounces per year at a cash margin of not less than US$400 per ounce, from 2022 ”

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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, as a result of COVID-19 or otherwise, 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:

The information in this report that relates to Mineral Resources and Ore Reserves for Sissingué was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020. The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously Bélé East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. 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 28 August 2019. 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 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 22 January 2019, 16 April 2019, 18 July 2019, 21 October 2019, 16 January 2020 and 21 July 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases.

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 Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those 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 — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply.

2

EDIKAN MANAGEMENT TEAM

EDIKAN GOLD MINE

VIRTUAL SITE VISIT PRESENTATION

Stephen Ndede - General Manager Operations 2nd September 2020

Stephen Ndede General Manager Andy Amoah Operations Manager Joshua Koffie Mining Manager Zachariah Torgbor Process Manager Steve Ofori Maintenance Manager Alexander Oduro Technical Services Manager Sarfo Kantanka Exploration Manager Daniel Farnsworth Commercial Manager Desmond Banahene Security Manager Edwin Acquaye Sustainability Manager Phanuel Sackey HSE Manager David Agyemang HR Manager Samuel Yawson Eshun Underground Project Manager

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3

EDIKAN – PERSEUS’S FIRST MINE Location South West Ghana, 107km south-west by road from Ghana’s second largest city, Kumasi
Property Two Mining Licenses - Ayanfuri and Nanankaw, covering 93km2
Ownership 90% Perseus Mining (Ghana) Limited, government of Ghana has a 10% free carried interest
History Previously a heap leach operation prior to acquisition by Perseus in 2006 Capital development cost US$175m First gold produced August 2011 with commercial production declared 1st January 2012 Perseus has produced over 1.65Moz of gold from Edikan to end June 2020
Mining Method Conventional open pit mining from 4 pits; AF Gap (AFG), Esuajah North (ESN), Fetish (FET) Bokitsi South (BKS) and from stockpiles and historical heap leach material Open Pit mining contracted to Rocksure International, a Ghanaian contract mining company Underground mining to commence at Esuajah South in 2021
Minerals Gold
Mineralisation Type Granite hosted intrusive related and “Ashanti-style” sediment hosted shear zone mineralisation
	Access Sealed national roads and commercial flight to Kumasi
Process Circuit Single stage crushing, SAG milling, gravity, sulphide floatation, sulphide regrind and CIL recovery
	Electricity Grid power plus site back up diesel power with a generating capacity of 14MW
Plant Capacity Average mill production rate of 7.0Mtpa
Recovery 86% average
	Workforce Workforce including contractors totals approximately 2,600 people Perseus directly employs approximately 440 people 99% of the total workforce are nationals including 32% from the local communities and 8% female
Ore Reserves 42.1Mt @ 1.09g/t gold for 1.48Moz gold
Mineral Resources 79.5Mt @ 1.01g/t gold for 2.57Moz gold
Mine Life 7 years with AISC of between US$870 and US$890 per ounce gold Exploration potential to further extend current mine life

4

EDIKAN CONTRIBUTION TO PERSEUS GROUP

FY2020 Production Notional Cashflow

FY2020 Gold Production

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67% 51%
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Mineral Resources

Ore Reserves

EDIKAN CONTRIBUTION

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51% 46%
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SITE LAYOUT

OPERATING OVERVIEW

COVID-19

• No COVID cases on site

• COVID awareness programs and donations to assist the community with COVID prevention measures were undertaken during the quarter

• COVID impacts have increased operating costs by approximately US$15/oz

MINING

• Material movements were in line with target for the June quarter

• Mining costs within 1% of target

• Mining during the quarter sourced from Esuajah North, Bokitisi, Fetish and AF Gap

• Esuajah North pit was completed during the quarter and closure has commenced

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OPERATING OVERVIEW - continued

PROCESSING

• Throughput impacted by harder ore (Fetish) and designed wear on liners (since replaced)

• Recovery has improved from the previous quarter but still remains a challenge due to blend of Bokitisi ore and low-grade stockpiles

• Bokitisi restricted to maximum 15% of the mill feed

• Low grade stockpile material has been substituted with Esuajah North which has stabilised plant performance

• Benefited from stable electricity supply and government reduced power tariffs, power cost reduced from ~US$0.14kWh to ~US$0.08kWh during COVID crisis

COMMUNITY

• Site has been supporting our local communities with COVID mitigation measures

• Continue to negotiate access to Breman for exploration

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OPERATING RESULTS

Parameter Unit	Sept 2019 Quarter	Dec 2019 Quarter	Mar 2020 Quarter	June 2020 Quarter	FY2020
Gold Production & Sales
Total material mined: tonnes	6,197,766	6,438,685	6,359,926	6,161,900	25,158,278
Total ore mined tonnes	1,558,134	1,658,854	1,234,412	1,276,734	5,631,707
Average ore grade mined g/t gold	0.97	1.02	1.28	1.27	1.13
Strip ratio t:t	3	2.9	4.2	3.8	3.5
Ore milled tonnes	1,762,211	1,815,137	1,764,679	1,601,118	6,943,145
Milled head grade g/t gold	0.91	0.98	1.08	1.06	1
Gold recovery %	85.9	84.6	61.1	75.9	76.6
Gold produced ounces	44,088	48,250	38,019	41,281	171,638
Gold sales1, 2 ounces	49,533	40,732	38,225	51,168	179,658
Average sales price2 US$/ounce	1,369	1,413	1,512	1,528	1,454
Unit Costs
Mining cost US$/t mined	3.13	3.27	3.24	3.08	3.18
Processing cost US$/t milled	8.94	9.38	8.75	8.43	8.89
G & A cost US$M/month	1.84	1.92	1.79	1.63	1.79
All-In Site Cost
Production cost US$/ounce	923	908	1090	906	952
Royalties US$/ounce	86	98	102	104	97
Sub-total US$/ounce	1,009	1,006	1,192	1,010	1,049
Sustaining capital US$/ounce	18	29	50	39	33
Total All-In Site Cost US$/ounce	1,027	1,035	1,242	1,049	1,082
Site Exploration Cost US$M	0.38	0.41	0.55	0.65	1.99

PRODUCTION RESULTS – JUNE QTR 2020

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RESERVE TO MILL RECONCILIATION - F5

					3	6
	Apr-20	May-20	Jun-20	Jul-20	months	months	1year
F1 GC Model/Reserve
Tonnes	1.09	1.19	1.11	1.15	1.15	1.09	1.14
Grade	0.98	0.96	1.00	0.99	0.98	0.95	0.96
Contained Au	1.06	1.14	1.10	1.14	1.13	1.04	1.09
F2 GC Mined/GC Model
Tonnes	1.08	1.01	1.05	1.06	1.04	1.03	1.00
Grade	1.03	1.08	1.00	1.02	1.04	1.02	1.01
Contained Au	1.11	1.09	1.06	1.08	1.07	1.05	1.01
F3 Crusher feed + Δ ROM SP/Mined
Tonnes	0.91	1.09	1.00	1.03	1.04	1.00	0.97
Grade	0.94	0.95	0.95	0.95	0.95	0.97	0.99
Contained Au	0.85	1.04	0.95	0.99	0.99	0.96	0.97
F4 Mill/Mine Claim
Tonnes	0.97	0.96	0.99	0.99	0.98	0.99	1.06
Grade	1.08	1.03	0.97	0.97	0.99	1.01	1.00
Contained Au	1.05	0.99	0.97	0.96	0.97	1.01	1.06
F5 Mill/Reserve
Tonnes	1.03	1.25	1.16	1.25	1.22	1.12	1.17
Grade	1.02	1.02	0.92	0.93	0.96	0.95	0.95
Contained Au	1.05	1.28	1.07	1.17	1.17	1.06	1.12

RECONCILIATION RESULTS

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MINE PLAN DEVELOPMENTS

LIFE OF MINE PLAN UPDATE

• Edikan Life of Mine was updated in March 2020 using a US$1,300/oz Gold price

• Mine Life extended to 7 years

• LOM gold production of 1.31Moz at AISC of US$879/oz

• Reserves increased 16% to 1.61Moz (45.7Mt @ 1.10g/t gold)

• LOM gold production increased 95% due to the inclusion of Esuajah South Underground and increases to some pits as a result of the higher gold price and reduced operating costs

ESUAJAH SOUTH (ESS) UNDERGROUND

• Sub-level stoping under fill mining method (SURF)

• Reserves of 3.8Mt @ 1.96g/t for 241koz, open at depth

• Total production cost of US$975/oz including US$31m capital

• Gold production scheduled for end of 2021

• EPA and Mincom approvals granted for the exploration decline development

• Approvals and tendering for underground production progressing as planned

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CONTINUOUS IMPROVEMENT FY2020

CONTINUOUS IMPROVEMENT (CI)

✓ 9 LSS lead facilitators, 1 advisor certificated BROAD ✓ 19/89 ideas log completed. IGS rolled out EMPLOYEE ✓ Big Idea of the Month scheme

ENGAGEMENT

✓ VMCs sustaining, 5S scorecard and audits ✓ S3 audit scorecard, 1.74 score on CI journey

TECHNICAL ✓ US$10.6m savings realised ✓ 5% tph better than budget TRANSFORMATION ✓ 4.13koz extra recovered from carbon column PROJECTS ✓ Genser PPA to hit milestone in Q1 FY21

TECHNICAL ✓ Edikan mine to mill project hit milestone LIMIT ANALYSIS ✓ Rocksure productivities analysed, addressing production delays

Continuous Improvement; Our DNA

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EDIKAN COMMUNITY

EDIKAN TRUST FUND

• Perseus contributes US$300,000/year to the Community Development Trust Fund (Edikan Trust Fund or ETF) for the Catchment Communities

LAND ACCESS AND RESETTLEMENT

• Ayanfuri Kurofofrom now a vibrant community

• US$30 million spent on resettlement Phase 1, which included land acquisition, site preparation and construction of 205 structures

• Phase 2 consisting of 49 additional houses and structures is on time and on budget, US$5 million

EMPLOYMENT

• Priority given to local and national employment, 99.6% of PMGL direct employees are nationals and includes 38% from the local communities and 12% females

LOCAL BUSINESS

• Perseus aims to maximise local and national content

• Edikan’s major contracts are held with Ghanaian companies including; Rocksure (mining), Zen (fuel), Primus (camp catering)

• • Total local purchases in 2019 totalled US$142m

HEALTH AND EDUCATION

• Provided educational scholarships through the Edikan Trust Fund

• Donations towards various sectors such as health, sanitation, humanitarian, etc. continues including measures to restrict the spread of COVID-19 in the communities

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HEALTH, SAFETY AND ENVIRONMENT

SAFETY PERFORMANCE

• 12 month rolling LTIFR and TRIFR rates of 0.0 and 0.74 (as at 30 June 2020)

• 424 days ( 6.2m man hours) since last LTI (to the end of June 2020)

HSE FOCUS

• Annual HSE refresher training. This is dubbed “Going back to the Basics”- re-affirming the Duty of Care of the Employer and the Employee

• Adoption of the theme “THAT ONE DECISION’’. This was to re-affirm the decisions employees make to ensure workplace safety

ENVIRONMENT

• Endeavour to comply with ISO 14001:2015 – Environmental Management Systems

• Progressive rehabilitation with over 182ha rehabilitated to date

• Edikan has its own nursery for seedlings cultivation for rehabilitation

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

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Fetish Main Waste Dump
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DISCOVERY – BREMAN ARTISANAL SITE

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Northern Zone
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EDIKAN EXPLORATION

EXPLORATION PROGRAM

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Central Zone
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Huntado-Mampong
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EXPLORATION – RESULTS

EXPLORATION RESULTS

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Huntado / Mampong South Drilling
Mampong Deposit
M+I+I 6Mt @ 1.0
MPRC233 g/t for 193kozs
9m@8.0g/t
Rubber Plantation
21m@1.1g/t
MPRDD027
2m@3.9g/t
5.6m @ 2.3g/t
4m@0.5g/t
1m@3.1g/t &
Resistivity coloured
1m 2.9g/t
4m@0.8g/t
MPRC231 9m@21.1g/t
Incl 3m@63.0g/t
2m@0. 6g/t
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• MPRC231

• MPRC233

• MPRDD027 2m @ 3.9g/t from 8m

• 39m @ 2.5g/t

• 3m @ 7.8g/t

Note : 1. Mampong Mineral Resource stated on 100% basis, as at 1 March 2016, released 19 April 2016. M+I+I 6Mt @ 1.0g/t for 193koz

• 6m @ 2.5g/t

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WWW.PERSEUSMINING.COM 17
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EXPLORATION – FORWARD PROGRAM

FORWARD EXPLORATION PROGRAM

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BREMAN ARTISANAL SITE
100m
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QUESTIONS?

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SISSINGUÉ MANAGEMENT TEAM

SISSINGUÉ GOLD MINE VIRTUAL SITE VISIT PRESENTATION

Michael Cardinaels - General Manager Operations 2nd September 2020

Michael Cardinaels General Manager David Lauder Mining Manager Alan Downham Process and Maintenance Manager Adrian Milton HSE Manager Coulibaly Kolotielema HR Manager Adama Kone Community Relations Superintendent

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SISSINGUÉ – PUNCHES ABOVE ITS WEIGHT

Location	787km north-west of Abidjan on the border with Mali, 230km from to the regional
	capital Korhogo and 34km from Tengrela
Property	Exploitation permit PE39 covering an area of 446km2
Ownership	86% Perseus Mining Côte d’Ivoire SA , 4% Société Minière de Côte d'Ivoire SARL and
	government of Côte d’Ivoire with a 10% free carried interest
History	Mining commenced November 2017
	First gold 26th January 2018
	Commercial production from 1st April 2018
Mining Method	Conventional open pit mining
	Contract mining - SFTP
Minerals	Gold
Mineralisation Type	Pyrite and lesser arsenopyrite in sericite-carbonate alteration zones close to granite
	intrusives
Process Circuit	Crushing, grinding, gravity, CIL
Plant Capacity	1.8Mtpa oxide ore, 1.0Mtpa fresh ore
Recovery	90% on fresh, 95% on oxide
Ore Reserves	3.6Mt @ 2.12g/t gold for 244koz gold
Mineral Resources	7.7Mt @ 1.61g/t gold for 399koz gold
Mine Life	3 years from July 2020
	Exore acquisition aimed at extending mine life

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Access	Airstrip on site, charter flights direct from Abidjan
Electricity	Site diesel power station capacity 10.8MW, demand
	6.4MW
Workforce	Workforce including contactors totals approximately
	670 people
	Perseus directly employs approximately 230 people
	93% of the workforce are nationals including 47%
	from the local communities (54% if security excluded)
	13% of the workforce are females

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SISSINGUÉ CONTRIBUTION TO PERSEUS GROUP

FY2020 Gold Production

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33%
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Mineral Resources

FY2020 Production Notional Cashflow

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49%
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Ore Reserves

SISSINGUÉ CONTRIBUTION

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9% 9%
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SISSINGUÉ SITE LAYOUT

Republic of Mali

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SITE LAYOUT

OPERATING OVERVIEW

COVID-19

• No COVID cases on site or known in the local community

• Island State resulting in longer rosters with higher focus on fatigue management, however international flights have recommenced allowing expats to return home for R&R

• Using external maintenance and mill reline contractors in the “Green Zone” adding time and complexity in completing these tasks

• • COVID impacts have increased operating costs by approximately US$15/oz

MINING

• Ore movement on target, waste slightly behind target for the quarter

• Material movements impacted by rain events and equipment availability

• Space at the base of the Sissingué pit is getting tight and necessitates good planning between grade control, drill and blast and load and haul activities

• Ensuring sufficient high-grade stockpiles of the ROM to help mitigate these risks

• Staging oxide pit extraction to reduce rehandle costs

• GC drilling of Sissingué West extension and saddle to potentially add some additional oxide feed

• Reserve to Mill reconciliations improved significantly in July

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OPERATING OVERVIEW - cont

PROCESSING

• Excellent mill runtime of 94%, especially considering COVID impacts

• Recoveries continue to remain high at between 95% and 96%

• Targeting 60% fresh 40% oxide blend to the mill

• Ore hardness impacts throughput and increases power demand

• Grinding media breakage also impacted grinding efficiency

• One mill reline was performed during the quarter, the next not scheduled until October

FIMBIASSO

• Construction commenced on the haul road during the quarter

• Negotiations with the government for final licensing continue

EXORE

• The Exore acquisition will provide an excellent opportunity to further extend the mine life at Sissingué

COMMUNITY

• Community relations are good and the mine continues to enjoy support from the local communities

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OPERATING RESULTS

PRODUCTION RESULTS – JUNE QTR 2020

Parameter Unit	Sept 2019 Quarter	Dec 2019 Quarter	Mar 2020 Quarter	June 2020 Quarter	FY2020
Gold Production & 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 sales ounces Average sales price US$/ounce Unit Costs Mining cost US$/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	1,765,119 483,423 1.36 2.7 452,736 1.6 93.5 21,737 24,028 1,385 3.67 10.27 0.86 630 72 702 7 709 1.37	1,573,204 670,038 1.25 1.4 442,226 1.55 94.9 20,905 20,444 1,419 3.95 11.45 1.08 694 59 753 40 793 1.3	1,831,615 466,994 1.75 2.9 370,060 1.76 95.2 19,964 21,790 1,454 3.59 12.03 0.89 685 66 751 30 781 0.61	1,334,070 367,102 2.25 2.6 314,468 2.42 95.8 23,395 26,859 1,575 4.68 17.05 1.02 626 75 701 33 734 1.41	6,504,008 1,987,558 1.58 2.3 1,579,491 1.79 94.9 86,001 93,120 1,463 3.92 12.36 0.96 658 68 726 27 753 4.69

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RESERVE TO MILL RECONCILIATION - F5

RECONCILIATION RESULTS

					3	6
	Apr-20	May-20	Jun-20	Jul-20	months	months	1year	LOM
F1 GC Model/Reserve
Tonnes	0.83	0.75	0.88	0.95	0.87	0.88	0.95	0.97
Grade	0.88	0.93	0.89	0.85	0.89	0.89	0.85	0.85
Contained Au	0.72	0.69	0.79	0.81	0.77	0.78	0.81	0.83
F2 GC Mined/GC Model
Tonnes	0.98	1.11	1.08	1.24	1.13	1.09	1.15	1.13
Grade	0.89	0.88	1.01	1.00	0.97	0.97	0.97	0.98
Contained Au	0.87	0.97	1.09	1.24	1.10	1.06	1.12	1.11
F3 Crusher feed + Δ ROM SP/Mined
Tonnes	1.02	1.01	0.92	1.00	0.97	0.98	0.99	1.01
Grade	1.03	1.03	0.95	1.07	0.99	0.99	1.02	1.00
Contained Au	1.05	1.05	0.87	1.07	0.96	0.97	1.01	1.02
F4 Mill/Mine Claim
Tonnes	1.08	1.00	0.90	0.98	0.96	0.98	0.97	0.95
Grade	1.16	1.09	1.15	1.37	1.20	1.12	1.10	1.16
Contained Au	1.25	1.08	1.03	1.34	1.15	1.09	1.06	1.10
F5 Mill/Reserve
Tonnes	0.89	0.84	0.79	1.16	0.91	0.92	1.06	1.05
Grade	0.94	0.91	0.98	1.24	1.02	0.96	0.92	0.97
Contained Au	0.83	0.77	0.77	1.44	0.93	0.88	0.97	1.03

28

MINE PLAN DEVELOPMENTS

LIFE OF MINE PLAN (LOMP)

• 3 years based on remaining Reserves

• Mining complete at Sissingué pit within 12 months

• Haul road construction to Fimbiasso commenced, ~35% complete

• Fimbiasso haulage 47km to commence Q2 2021, haulage contract being negotiated

• Awaiting final government approvals for the Fimbiasso mining license

LOMP EXTENSIONS

• Mineral resources on Exore ground highly likely to extend mine life

• Infill drilling and DFS studies to commence immediately after the scheme of arrangement has been completed

• Environmental baseline work already commenced

• Mining license application, post DFS, likely to take 12 months

• Use trucking fleet from Fimbiasso, haulage approximately 70km

• Exploration on Exore and Perseus ground has potential to further add to mining inventory in the future

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29

CONTINUOUS IMPROVEMENT FY2020

CONTINUOUS IMPROVEMENT (CI)

• ✓ 21 developed

✓ 15 completed

PROJECTS ✓ US$3.0m savings realised (125%)

• ✓ 87% realisation rate

✓ 12 on Lean six sigma Yellow Belt TRAINING ✓ 11 on Lean six sigma Green Belt

• ✓ 5S implemented and monitored

• CI TOOLS ✓ VMC implementation – started & in progress

✓ MoC procedure set up

MoC ✓ 6 minor changes implemented

Continuous Improvement; Our DNA

30

SISSINGUÉ COMMUNITY

SISSINGUÉ COMMUNITY DEVELOPMENT FUND

• Establishment of Community Development Fund (CDF) for the catchment communities which includes 12 villages

• 0.5% of revenue derived from gold sales from the Sissingué mine is directed into the CDF

• The CDF is managed by the Comité de Développement Local Minier (CDLM) which consists of government, community and Perseus representatives

CDF PROJECTS

• All 12 communities have benefited from capital projects including the Sissingué clinic and youth center

• CDLM focus shifting to sustainable enterprises including; rice farming, cashew and mangoes drying plant, fish and poultry farming

EMPLOYMENT

• Priority given to local and national employment, 93% national employees including 47% from local communities (54% if security staff are excluded)

• 13% of employees are female including several senior management positions

LOCAL BUSINESS

• Perseus aims to maximise local and national content

• Local and national purchases totalled US$89m in 2019

• 59% of the supplies for the camp catering are sourced locally

HEALTH AND EDUCATION

• Donations towards various sectors such as health, sanitation, humanitarian, etc. continues including measures to restrict the spread of COVID-19 in the communities

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31

HEALTH, SAFETY AND ENVIRONMENT

SAFETY PERFORMANCE

• 12 month rolling LTIRF and TRIFR rates of 0.0 and 2.01 (as at 30 June 2020)

• 406 days since last LTI (to the end on June 2020)

ENVIRONMENT

• Minimising the environmental impacts is a key focus of our business

• Endeavour to comply with ISO 14001:2015 – Environmental Management Systems

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

• Rehabilitation – nursery established, and rehabilitation trials commenced including planting of teak & cashew trees in Bagoe pit area

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32

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DISCOVERY – WHAT IS DOWN THE ROAD?

33

SISSINGUÉ EXPLORATION

EXPLORATION PROGRAM

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Kakolo
Tiana
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Targeting geochemical and shear related anomalies

Mineralisation is spatially related to shears interpreted from aeromagnetic data.

34

EXPLORATION – EXORE

EXORE OVERVIEW

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Antoinette
(5.6Mt @ 2.3g/t for 420koz)
Veronique
(1.1Mt @ 3.2g/t for 110koz)
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35

EXPLORATION – TIANA RESULTS

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Tiana Drilling
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EXPLORATION RESULTS

• TNRC0016

• • TNRC0018

• TNRC0020

• TNRC0027 12m @ 1.14g/t from 128m

• • TNRC0028 6m @ 1.05g/t from 56m • TNRC0028 32m @ 208.15g/t from 106m including 2m @ 3,298 g/t from 112m

• • TNRC0031 14m @ 1.04g/t from 88m

36

EXPLORATION – KAKOLO RESULTS

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EXPLORATION RESULTS

• KAC0599 15m @ 1.37g/t from 44m

• • KAC0604 43m @ 1.96g/t from 28m

37

EXPLORATION – FORWARD PROGRAM

FORWARD EXPLORATION PROGRAM

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38

QUESTIONS?

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YAOURÉ GOLD MINE

YAOURÉ MANAGEMENT TEAM

CONSTRUCTION:

VIRTUAL SITE VISIT PRESENTATION

Matthew Scully- Group General Manager Development Merlin Thomas – General Manager Yaouré

2nd September 2020

Matthew Scully Ricardo Rodrigues Clem Cox

OPERATIONS: Merlin Thomas Jason Vos Obi Oblokulov

-

Coulibaly Kolotielema

Group General Manger - Development Construction Manager Construction Manager 2IC

General Manager Mine Manager Process and Maintenance Manager Financial Controller Security Manager OHS&E Manager Country HR Manager Community Relations Manager

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40

YAOURÉ – PERSEUS’S NEXT MINE Location Central Côte d’Ivoire, 40km northwest of Yamoussoukro, the political capital, and 260km northwest of Abidjan.
Property Exploitation permit PE50 covering an area of 50km2, exploration tenure totals an additional 313km2
Ownership 90% Perseus Mining Yaouré SA, the government of Côte d’Ivoire has a 10% free carried interest
History Historically mined by CMA and Cluff Mining/Amara as heap leach operations Perseus acquired Amara Mining PLC in 2016 Construction commenced in Sept 2019 First gold expected December 2020
Mining Method Conventional open pit mining Contract mining - EPSA
Minerals Gold
Mineralisation Type Gold mineralisation structurally controlled in shear zones and brittle fractures Alteration assemblage of quartz albite, ankerite, pyrite, chlorite tourmaline, and epidote	Access Sealed highway between Abidjan and Yamoussoukro and dirt roads from Yamoussoukro to site
Process Circuit Crushing, SAG and ball mill grinding, gravity, CIL	Electricity Grid power, 6.5km from hydroelectric power station
Plant Capacity 3.3Mtpa fresh, 3.8Mtpa oxide
	Workforce During operations the workforce including contactors will be approximately 880 people Perseus will preferentially seek to employ locals and nationals for positions in the mine During construction up to 1,800 people have been employed at any one time, approximately 89% nationals including 59% from the local community
Recovery 90%
Ore Reserves 27.3Mt @ 1.78g/t gold for 1.56Moz gold
Mineral Resources 47.9Mt @ 1.37g/t gold for 2.11Moz gold
Mine Life 8.5 years UG potential and exploration to extend mine life

41

YAOURÉ CONTRIBUTION TO PERSEUS GROUP

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0%
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FY2020 Gold Production
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Mineral Resources

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0%
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FY2020 Production Notional Cashflow

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Ore Reserves

YAOURÉ CONTRIBUTION

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40% 45%
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42

SITE LAYOUT

PROJECT CONSTRUCTION

• Full-scale construction commenced in September quarter 2019

• Construction is on time and on budget, despite COVID

• On track for ‘stretch target’ of first gold in December 2020, contracted date January 2021

• US$265 million capital budget. As at 31 July 2020, US$212 million committed, US$181 million expensed and US$165 million paid

• Construction with 3.6 million man hours worked to the end of August, only one LTI

• Over 1,800 people employed on site, 88% Ivoirian including 59% from the local communities and 12% expatriates

• 3 COVID cases identified on site, all employees were treated in Abidjan and have since recovered and returned to site. No other infections have been identified

• Community relations being managed through the Community Consultation Committee (CCC), regular community meetings and information sessions, formal grievance procedures, donations to community programs and COVID preventions measures

• Generally community relations have been good, but require constant management especially as the project transitions from construction to operations

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44

PROJECT CONSTRUCTION

Overall Project progress 72%

PROCESS PLANT

• Engineering, Procurement and off-site fabrication all 100% complete

• Process Plant construction 77% complete:

• CIL tanks erected and hydrostatically tested, painting 70% complete

• SAG and Ball Mill, ring gears and head end installed. Electrical and piping ongoing

• Primary crusher installation completed

Table of Physical Quantities (as at mid August):

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Project Procurement Manufacture Onshore Installation
Description Unit
Quantity Complete Complete Complete
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Description	Project Quantity	Unit	Procurement Complete	Manufacture Complete	Manufacture Complete	Onshore Installation Complete	Onshore Installation Complete
Concrete	8,000	m3	N/A	N/A		7,889.4	98.6%
Structural Steel	1,433	Tonnes	100%	1,433	100%	1,003	70%
Plate Work	305	Tonnes	100%	305	100%	115	37.7%
Tankage	674	Tonnes	100%	674	100%	674	100%
Electrical Cable
Power Cable	51,246	Metres	100%	N/A		11,590	22.6%
Control Cable	57,338	Metres	100%	N/A		5,514	9.6%
HV Cable	12,800	Metres	100%	N/A		2,920	22.8%
Piping
In Plant Piping	13,385	Metres	100%	N/A		3,725	27.8%
Buried Services	7,700	Metres	100%	N/A			0.00%
Overland HDPE	19,500	Metres	100%	N/A		13,311	68.3%
Overland Rubber Lined	3,400	Metres	100%	N/A			0.00%

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45

PROJECT CONSTRUCTION

OTHER INFRASTRUCTURE

• Tailings Storage Facility 86% overall complete, HDPE 62% and TSF decant tower nearing completion. No further risk to the schedule from weather, target completion date late Sept Qtr.

• Power supply on track for completion in October 2020 – critical path activity

• Overhead towers and wires 99% complete, last tower, Tower 0, being erected

• Yaouré substation 86% complete

• Kossou substation 71% complete

• 33kV substation 33% complete

• Awaiting some componentry to be transported into country – all in transit

• River abstraction earthworks complete with water line to site constructed, 33kV power to water pumps ongoing

• Permanent Camp accommodation complete with only minor finishing remaining.

• Camp capacity of 637 during construction reducing to 227 for operations

• Perimeter fence complete and internal security fencing ongoing

• Upgraded 42km access road from Yamoussoukro to site

• Mining contractor area handed over to EPSA to establish their workshops and offices

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46

OPERATIONAL READINESS

• Operational readiness being run from dedicated facilities in Yamoussoukro until space available in mine camp

• All expatriate line managers have been recruited and are starting to arrive

• In-country recruitment is underway

• COVID has not presented too many challenges for recruitment, other than moving people

• Executed contracts for mining, explosives, lab, fuel, cyanide and reagents, catering

• Other consumable contracts awarded and awaiting finalisation

• First fill and critical spares list defined and ordering underway

• Mining contractor, EPSA mobilised, 90% of fleet in country, full expat team on site with incountry recruitment and construction of their facilities commenced

• Removal of CMA back-fill commenced during construction, EPSA will start training on this material in September (2 months early)

• Grade control drilling started at Y2N, ROMSE and Angovia 2, potential oxide pits

• Operating permits applications ongoing including; explosives magazine and radiation gauges

• Q3 2020: on-going recruitment and training and finalising operating procedures

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47

MINE PLAN DEVELOPMENTS

LIFE OF MINE (LOM) PLAN

• Economically attractive - IRR of 30%, 30 months payback at US$1,300/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

• LOM gold production 1.4Moz @ AISC of US$759/oz

• Mine life 8.5 years, open pit only

• First 6 months ore feed (low grade) from heap leach while CMA pit cleared of historic back filled waste

• LOM will be updated when Yaourés start date firmed and costs have been contracted and finalised, costs expected to be in-line with feasibility study

LOMP EXTENSIONS

• Significant potential exists to develop an underground operation off the base of the CMA pit

• Drilling has defined an Inferred UG Resource of 595koz @ 6.2g/t that would be amenable to underground mining methods and is open at depth

• Additional drilling and technical studies are being evaluated to further define and bringing this material into the mine plan

• Grade control drilling has commenced on shallow deposits (Y2N, ROMSE and Angovia 2) with the aim of bringing these into the mine plan early and substituting lower grade heap leach material

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48

YAOURÉ COMMUNITY

YAOURÉ COMMUNITY DEVELOPMENT FUND

• A Community Development Fund (CDF) for the catchment communities which includes 5 villages will be established similar to Sissingué

• 0.5% of revenue from gold sales at the Yaouré mine will be directed into the CDF for development in the catchment communities

EMPLOYMENT

• Priority will be given to local and national employment

TRAINING AND SUPPORT

• Perseus is committed to support and provide opportunities to improve employees' skills, knowledge and qualifications

LOCAL BUSINESS

• Perseus aims to maximise local and national content

• Approximately US$80m of the development capital will be spent on goods and services derived within Côte d’Ivoire

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49

HEALTH, SAFETY AND ENVIRONMENT

SAFETY PERFORMANCE

• 12 month rolling LTIRF and TRIFR rates of 0.0 and 2.10 (as at 30 June 2020)

HSE FOCUS

• COVID-19 measures in place including monitoring health of all employees, quarantining, temperature testing prior to site access, increase hygiene protocols

• Assisting the local community to fight the spread of COVID-19 with donations of sanitization equipment, PPE and education sessions

• Malaria management

ENVIRONMENT

• Environmental management plan in place and being implemented

• Tailing management includes a detoxification module to pretreat tails and reduce the cyanide content prior to depositing them in the fully HDPE lined Tailings Storage Facility

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50

DISCOVERY – ONLY JUST BEGINNING!

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51

EXPLORATION – NEAR MINE TARGETS

EXPLORATION PROGRAM

Yaouré – Targets and geochemical anomalies

52

YAOURÉ EXPLORATION – RESULTS

EXPLORATION PROGRAM

Sayikro Drilling

• • • • •

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4m @ 2.70g/t Au
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53

YAOURÉ – UNDERGROUND POTENTIAL AT CMA

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CMA DEEP DRILLING
1 km
778,500N
3 deep diamond holes drilled to
confirm CMA structure at depth and
for use in down-hole seismics
YDD0539
CMA structure confirmed at target
depth in all three holes
YDD0539 CMA
Yaouré
Pit YDD0541
CMA-style mineralisation 777,000N Pit
YDD0540
intersected in both YDD0539 and
YDD0540 but low grade
YDD0541 intersected mineralisation
at target depth. Visually different to
CMA-style mineralisation
775,500N
YDD0540
220,500E 222,000E
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Notes: . WWW.PERSEUSMINING.COM 1. Based on 5 November 2018 Underground Mineral Resources estimate, reported at a COG of 2.0g/t gold, 46% overlaps the Open Pit Resources

WWW.PERSEUSMINING.COM 54

EXPLORATION – REGIONAL TARGETS

EXPLORATION PROGRAM

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• •

55

EXPLORATION – FORWARD PROGRAM

FORWARD EXPLORATION PROGRAM

Preliminary 3D Seismic Section CMA Structure S and Y structures

56

QUESTIONS?

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