PERSEUS MINING LIMITED — Investor Presentation 2020

Jun 2, 2020

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PERSEUS TO ACQUIRE EXORE RESOURCES

~~www.perseusmining.com~~

INVESTOR PRESENTATION

JUNE 2020

ASX: ERX

~~www.exoreresources.com.au~~

ABN: 16 009 146 794

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CAUTIONARY STATEMENTS

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NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

This presentation has been prepared by Perseus Mining Limited ( Perseus ) and Exore Resources Limited ( Exore ). It does not constitute a prospectus or prospectus equivalent document nor does it constitute financial product or investment advice. It does not take into account the investment objectives, financial situation or particular needs of any investor. Before making any decision regarding or investment in Perseus, Exore or any potential combination of Perseus and Exore, an investor or prospective investor should read all publicly available information regarding those companies and their potential combination which may alter or update any information contained in this presentation and consider whether such a decision or investment is appropriate to their particular needs, objectives and financial circumstances, seek legal and taxation advice appropriate to their jurisdiction and consult a financial adviser if necessary. No reliance may be placed, for any purposes whatsoever, on the information contained in this presentation or on its completeness and this presentation should not be considered a recommendation by Perseus or Exore or any of their respective affiliates in relation to the potential combination of Perseus and Exore. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in such information or opinions.

No statement in this presentation is intended as a profit forecast, profit estimate or quantified financial benefits statement and no statement in this presentation should be interpreted to mean that earnings per Exore share or Perseus share for the current or future financial years would necessarily match or exceed the respective historical published earnings per Exore share or Perseus share or to mean that the potential combination of Perseus and Exore earnings in the first twelve months following the potential combination, or in any subsequent period, would necessarily match, or be greater than or be less than those of Perseus and/or Exore for the relevant preceding financial period or any other period.

This presentation contains certain forward-looking statements with respect to Perseus and Exore. The words “believe”, “expect”, “anticipate”, “project” and similar expressions, among others, generally identify forward-looking statements. These forward-looking statements are based on numerous assumptions and assessments made in light of Perseus' or, as the case may be, Exore's experience and perception of historical trends, current conditions, business strategies, operating environment, future developments and other factors it believes appropriate.

These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Such risks and uncertainties include, but are not limited to, the possibility that a possible combination will not be completed, failure to obtain necessary regulatory approvals or required financing or to satisfy any of the other conditions to the possible combination, adverse effects on the market price of Perseus shares or Exore shares and on Perseus's or Exore's operating results because of a failure to complete the possible combination, failure to realise the expected benefits of the possible combination, negative effects relating to the announcement of the possible combination or any further announcements relating to the possible combination or the consummation of the possible combination on the market price of Perseus shares or Exore shares, significant transaction costs and/or unknown liabilities, customer reaction to the announcement of the possible combination, possible litigation relating to the possible combination or the public disclosure thereof, general economic and business conditions that affect the companies, changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax laws, regulations, rates and policies, future business acquisitions or disposals and competitive developments.

These factors are not intended to be an all-encompassing list of risks and uncertainties. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. The factors described in the context of such forward-looking statements in this presentation could cause Perseus’ plans with respect to Exore, Perseus‘s or Exore's actual results, performance or achievements, industry results and developments to differ materially from those expressed in or implied by such forward-looking statements.

No assurance can be given that such expectations will prove to have been correct and persons reading this presentation are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this presentation. Perseus and Exore expressly disclaim any obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

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CAUTIONARY STATEMENTS

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None of Perseus, Exore (including members of their respective groups) or any affiliates or the directors, employees, agents, representatives or advisors of any such party (each a Relevant Person ) undertakes any obligation to update publicly, expressly disclaim or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required or required by the regulators or provides any representation, assurance or guarantee that the occurrence of events expressed or implied in any forward looking statement in this presentation will actually occur.

This presentation has been prepared by Perseus and Exore based on information available to them and has not been independently verified. Information relating to Perseus has been provided by Perseus and information relating to Exore has been provided by Exore. Neither of Perseus and Exore take responsibility for information provided by the other. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions or conclusions contained in this presentation. To the maximum extent permitted by law, none of Perseus, Exore or any other Relevant Person, nor any other person accepts any liability for any loss arising from the use of this presentation or its contents or otherwise in arising in connection with it, including without limitation, any liability from fault or negligence on the part of Perseus, Exore or any RelevantPerson.

The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law. Persons who are not resident in the United Kingdom, Australia or Canada or who are subject to the laws of any jurisdiction other than the United Kingdom, Australia or Canada should inform themselves of, and observe, any applicable requirements. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction. This presentation does not constitute an offer or an invitation to purchase or subscribe for any securities or a solicitation of an offer to buy or exchange any securities or the solicitation of any vote or approval pursuant to this presentation or otherwise in any jurisdiction in which such offer or solicitation is unlawful nor shall there be any sale, issuance, exchange or transfer of any securities referred to in this presentation in any jurisdiction in which such offer or solicitation is unlawful. To the fullest extent permitted by applicable law, Exore and Perseus disclaim any responsibility or liability for the violation of such restrictions by any person.

This presentation does not constitute an offer of securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the Securities Act ) or pursuant to an exemption from, or in a transaction not subject to, such registration requirements and in accordance with any applicable securities laws of any state or other jurisdiction in the United States. Any securities referenced herein or which may be referenced in the scheme circular have not been and will not be registered under the Securities Act or under any securities laws of any state or other jurisdiction of the United States and may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will be no public offering of securities in the United States.

Any vote by the Exore shareholders in respect of the potential combination should only be made on the basis of the information contained in the Scheme Booklet, which will contain the full terms and conditions of the potential combination (including details of how to vote). Exore shareholders are advised to read the formal documentation in relation to the potential combination carefully once it has been dispatched.

Please refer to the Appendices of this presentation for important information regarding Perseus and Exore’s Mineral Resources, Ore Reserves, production targets and financialforecasts.

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TRANSACTION DETAILS

	•	Perseus Mining Limited to acquire 100% of the shares in Exore Resources Limited via a Scheme of Arrangement
Overview	•	100% consolidation of ownership of Exore’s Bagoe and Liberty projects, following exercising of a pre-emptive right by Exore to acquire the 20%
		interest, held by Apollo Consolidated Limited
	•	Exore shareholders to receive 1 Perseus share for every 12.79 Exore shares held
		• Based on Perseus’s 10 trading day VWAP1, this implies a fully diluted equity value of A$59.8 million or A$0.098 per share for Exore
Consideration	•	• Based on Perseus’s last closing price2, this implies a fully diluted equity value of A$64.0 million or A$0.105 per share for Exore Based on Perseus’s last closing price, the implied consideration represents a premium of:
		• 69% to the closing Exore share price of A$0.062 on 2 June 2020
		• 78% to the 20 trading day VWAP of Exore of A$0.059, up to and including 2 June 2020
Unanimous Board Support	•	Exore’s Board unanimously recommends that Exore shareholders vote in favour of the Scheme, and directors have committed to vote the Exore shares that they control in favour of the Scheme, in the absence of a superior proposal and subject to independent expert opining the Scheme is in the best interest of Exore shareholders and not changing this view
	•	Transaction remains subject to several conditions set out in the Scheme Implementation Deed, including:
Conditions		• Exore shareholder approval; • Regulatory and Court approvals; and
		• Other conditions customary for a transaction of this nature
	•	Customary deal protection mechanisms, including “no shop”, “no talk” and “no due diligence”, plus notification and matching rights in the event of
Exclusivity		competing proposal(s)
	•	Mutual break fee may be payable in certain circumstances
Indicative Timetable	• • •	Announcement of transaction – 3 June 2020 Exore shareholder meetings to approve transaction – Early September 2020 Final Court approval and transaction completion – Mid September 2020
Advisors	• •	Perseus is being advised by Sternship Advisers as financial advisor and Corrs Westgarth Chambers as legal advisor. Exore is being advised by Hartleys Limited as financial advisor and Gilbert + Tobin as legal advisor.

Notes :

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1 VWAP of A$1.253 based on Perseus’s 10 trading days up to and including 2 June 2020 2 Perseus’s last closing price of A$1.34 on 2 June 2020

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PRO FORMA METRICS

		Perseus	Exore	Pro Forma
Share price / Offer price	A$/share	1.340	0.105	1.250
Shares outstanding	m	1,168	589	1,2161
Equity Value - basic	A$m	1,565	62	1,629
Cash and bullion (31 March 2020)	A$m	265.5	5.82	271.2
Debt (31 March 2020)	A$m	245.8	-	245.8
Enterprise Value	A$m	1,545	56	1,604
Listings		ASX / TSX	ASX	ASX / TSX
Average daily liquidity (last 12 months)	A$m	9.5	0.09
Pro forma ownership	%	96.1%	3.9%
Mineral Resources4
- Measured & Indicated	Moz	4.743	0.09	4.83
- Inferred	Moz	1.853	0.44	2.29
Proved & Probable Ore Reserves4	Moz	3.133	-	3.13

Notes :

• 1 Includes an estimated ~1.7m Perseus shares to be issued in consideration for Exore’s performance options and other options

• 2 Exore’s cash balance as at 31 March 2020, less approximately A$7m cash consideration for the acquisition of Apollo’s 20% interest in the Bagoe and Liberty projects

• 3 Perseus attributable basis based on Perseus’ percentage interest

• 4 Please refer to Appendix 6 of this presentation for further details on Perseus’ and Exore’s Mineral Resources and Ore Reserves

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TRANSACTION RATIONALE

Exore’s highly prospective ~2,000km[2 ] land package in northern Cote d’Ivoire is located within trucking distance of Perseus’s Sissingué Gold Mine Exore’s tenements host the recently estimated Bagoe maiden Mineral Resource that has the potential to be developed either as a stand-alone operation or transported to Sissingué for processing Transaction secures 100% ownership of the Bagoe and Liberty Projects for Perseus with the exercise of Exore’s pre-emptive rights over Apollo’s 20% JV interest

Perseus has financial capacity, technical expertise and in-country experience to advance both the Bagoe and Liberty projects, and comprehensively explore the balance of Exore’s ~2,000km[2 ] land package Shareholders of both Perseus and Exore will potentially benefit from the strength of the combined entity through a share-based transaction

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Exore Project Area
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BENEFITS FOR EXORE SHAREHOLDERS

The transaction is unanimously recommended by the Board of Exore

• Through Perseus shares, retain exposure to Exore’s assets and future upside associated with exploration

• • Share in Perseus’s synergies including:

Sharing of synergies ✓ Facilitates ✓ consolidation of the JV Exposure to Perseus’ ✓ portfolio of assets ✓ Risk mitigation ✓ Cash / Liquidity Attractive Premium ✓

• the potential to utilise the existing Sissingué’s infrastructure to process the Bagoe Mineral Resources

• development and operating expertise as well as experience operating in West Africa

• strong balance sheet to avoid dilutive development equity raisings and fund accelerated exploration

• Transaction facilitates the consolidation of Bagoe and Liberty Projects into a single ownership with the exercise of Exore’s pre-emptive rights over Apollo’s 20% interest

• Complexity of the non-participating JV structure removed

• Exore shareholders will gain exposure to Perseus’ producing, development and exploration assets

• Perseus is a proven multi-mine, multi-jurisdictional gold producer with production growing to ~500,000oz pa by FY 2022

• • Significant growth to be delivered from Yaouré gold mine development that is currently on time and on budget for first gold in December 2020

• Mitigates development risks including permitting, capex and funding

• Access to increased trading liquidity and enhanced capital markets profile

• Access to cash flow generation from Perseus’s operating mines

• 69% to closing price of A$0.062 per share on 2 June 2020

• 78% to the 20 trading day VWAP of A$0.059 per share, up to and including 2 June 2020

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ABOUT EXORE RESOURCES

– Shallow High Grade Resources extending from surface JORC 2012 Indicated Mineral Resource of 0.75Mt @ 3.5g/t for 90koz and Inferred Mineral Resource of 5.85Mt @ 2.3g/t for 440koz (~85% of Antoinette ounces within 150m, ~90% of Veronique ounces within top 100m)[1]

✓

✓

• Strategic landholding in an excellent location ~2,000km[2] landholding within close proximity to multi-million ounce deposits

– ~ ✓ Low discovery cost US$8/oz including cost of regional exploration and in-country administration and overheads

– ✓ Consolidating 100% ownership currently exercising the pre-emptive right to consolidate remaining 20% interest in flagship Bagoe project held by Apollo Consolidated Ltd

✓ Exploration success at all targets drilled, with significant growth opportunities remaining – mineralisation at all areas r emain open, along strike and at depth

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✓ No third party royalties other than Government

Note: 1. Please refer to Appendix 6 of this presentation for further details on Exore’s Mineral Resources

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BENEFITS FOR PERSEUS SHAREHOLDERS

Acquisition of shallow, relatively high grade resources and ~2,000km[2 ] of highly prospective land package in close proximity to Sissingué

Shallow relatively ✓ high-grade Mineral • Acquisition of shallow relatively high-grade Mineral Resource (90koz indicated, 440koz inferred) at Bagoe that remains open Resource

Potential to be • If expanded, the Mineral Resource may be able to be developed stand-alone or alternatively, may be economically trucked for developed in-situ or ✓ processed at processing through the processing plant at Perseus’s near-by Sissingué Gold Mine, and in the process, extending the life of the Sissingué operation without major capital investment Sissingué

• Highly prospective • Acquisition of highly prospective ~2,000km[2 ] land package in close proximity to Sissingué that is relatively under-explored but known to ~2,000km[2 ] land host geological structures on which several significant gold discoveries have previously been made

• ✓ • package Perseus has the financial capacity, technical expertise and in-country experience to accelerate exploration efforts

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ABOUT PERSEUS

West African multi-mine gold producer, developer & explorer, active in multiple jurisdictions

Consistent and reliable gold producer with production steadily growing to ~500,000oz pa by FY 2022

		Côte d’Ivoire - Sissingué (86%)1,4	Côte d’Ivoire - Sissingué (86%)1,4
		Status	Producing
		FY19 Production M&I Mineral Resource:	87koz 0.5Moz
		Ore Reserve:	0.3Moz
					Ghana - Edikan (90%)2,4
					Status			Producing
					FY19 Production			180koz
					M&I		Mineral Resource:	2.7Moz
					Ore	Reserve:		1.6Moz

Balance sheet capacity and strong cash flows to fund our growth & a future dividend stream

Strong social licence to operate based on sound ESG practices

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Notes :

Experienced board & management team with history of delivery on promises

		Côte d’Ivoire - Yaouré (90%)1, 3,4	Côte d’Ivoire - Yaouré (90%)1, 3,4
		Status	Development
		M&I Open Pit Mineral Resource:	2.1Moz
		Ore Reserve:	1.6Moz
		Underground Inferred Resource:	0.6Moz

• 1 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019

• 2 Edikan Ore Reserves and Mineral Resources on 100% basis, as at 31 December 2019

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

• 4 Please refer to Appendix 6 and the Additional Cautionary Statements for more detail

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PERSEUS - ATTRACTIVE LONG-TERM GROWTH[1]

Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June

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GROWTH DERIVED FROM EXISTING ASSET BASE

ORGANIC GROWTH INITIATIVES TO EXTEND PRODUCTION PROFILE

SUCCESSFUL EXECUTION KEY TO DELIVERY

Note: 1. Refer to Cautionary Statements regarding forward looking statements * Actual production

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As at 31 March 2020

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PERSEUS - STRONG FINANCIAL POSITION

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Cash on hand US$124.7 million

Cash & Bullion US$162.0million Bank Debt US$150.0 million

Net Cash & Bullion US$12.0 million

US$24 million in notional cashflow from operations

US$150 million Corporate Facility (fully drawn as a contingency against COVID-19 effects)

US$128.7 million cash spent on Yaouré development

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INDICATIVE TIMETABLE

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Event	Indicative Timing
First Court Hearing	Early August 2020
Scheme Meeting	Early September 2020
Second Court Hearing	Early September 2020
Effective Date	Early September 2020
Record Date	Early September 2020
Targeted Implementation Date	Mid September 2020

Note: The dates outlined above are indicative only and may change

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APPENDICES

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ASX/TSX: PRU www.perseusmining.com

Jeff Quartermaine Managing Director & CEO +61 8 6144 1700

Andrew Grove

GM Business Development & Investor Relations +61 8 6144 1700

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ASX: ERX www.exoreresources.com.au

Justin Tremain

Managing Director +61 8 6117 0446

Trevor O’Connor

CFO / Company Secretary +61 8 6117 0446

Panoramic view of the Yaouré site, Perseus’s third mine development.

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APPENDIX 1 EXORE ASSET OVERVIEW

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North Cote d’Ivoire

Substantial ~2,000km[2 ] position all within a 50km radius - along strike from operating gold mines and multi-million ounce gold deposits

100% consolidation of ownership of Exore’s Bagoe and Liberty projects expected, ✓ following exercising of a pre-emptive right by Exore to acquire the 20% interest, held by Apollo Consolidated Limited

Exploration success at all targets drilled to date:

Bagoe Project

✓

• Antoinette gold discovery | large gold system with just 1km of several kms of prospective strike drilled

• Veronique gold discovery | multiple shallow high-grade targets across a 7km soil anomaly, majority of which remains undrilled

• Indicated Mineral Resource of 0.75Mt @ 3.5g/t for 90koz and Inferred Mineral Resource of 5.85Mt @ 2.3g/t for 440koz[1]

Liberty Project

✓

• Continuous shallow gold mineralisation over 1.6km of strike and OPEN. Within 20km gold anomaly, largely untested.

• Not included in JORC Resource

Tengrela Project

✓

• Regional field exploration recently commenced (stream & soil geochemistry and auger)

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Note: 1. Please refer to Appendix 6 of this presentation for further details on Exore’s Mineral Resources

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Bagoe Project Majority of permit area remains unexplored

✓

40-50km east of Barrick’s Tongon gold mine (4.2Moz) and ~40km

south of Perseus’ Sissingue gold mine (1Moz)

Immediately along strike from Barrick’s recent gold discoveries

✓

(Boundiali Project | Fonondara-Sani-Kassere-Baya)

Antoinette | grades and alteration indicative of large mineralized

✓ system. Approximately 15% of strike potential tested

Veronique | extensive high-grade soil anomaly

✓

• First pass high-grade RC drill results (up to 44g/t gold[1] )

• Multiple targets - only one zone tested

✓

Regional targets | several undrilled targets within 5kms of Antoinette and Veronique subject to first pass testing now

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Note: 1. Refer Exore ASX Announcement dated 21 January 2020

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Liberty Project +20km Gold Trend

• ✓ 30-40km south of Bagoe & along strike to Barrick’s Tongon gold mine (4.3M oz) Limited work has defined a 20-kilometre gold-in-soil anomaly along the prolific

• ✓ Tongon gold corridor

• ✓ In-situ gold confirmed with air core at all prospects along the 20km Liberty trend Liberty 2 Prospect | Positioned in the centre of the 20-kilometre Liberty Gold

• ✓ Trend • 1.6 kilometres of strike defined by shallow RC / Aircore drilling • Broad intersections in oxide of +2g/t continuous along entire strike extent[1] • <50m vertical depth • Preliminary metallurgical test work returned ~90-93% gold extraction across oxide, transitional and primary mineralisation[2]

• • Remains OPEN | in all directions, artisanal workings 500m along strike

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Notes :

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1 Refer Exore ASX announcements dated 18 Dec 2018, 16 May 2019 and AOP announcements dated 24 Jul 2017 and 8 Jun 2018

2 Refer Exore ASX announcements dated 29 Oct 2019

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Tengrela Project

Adjacent to Bagoe Project (within 15km)

✓ Right to earn 90% interest

Logbog

• ✓ • Anomaly extends for approximately 4 kilometres proximal to the

  • contact with a granite

• Less than 1 kilometre tested with drilling[1] :

   - 2m @ 37.8g/t gold fr 0m
  
   - 4m @ 13.1g/t gold fr 10m
  
   - 6m @ 5.2g/t gold fr 34m
  

Podio & Zinguinasso

✓

• Both anomalies extend for over 2 kilometres in length and occur as

residual windows in an area of shallow alluvial cover

• Drill results include[1] : • 8m @ 30.0 g/t gold fr 52m

• 14m @ 5.9g/t gold fr 60m

• 4m @ 13.0g/t gold fr 50m

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Logbog
2m @ 37.8g/t
4m @ 13.1g/t
6m @ 5.2g/t
Zinguinasso
Podio
8m @ 30.0g/t
14m @ 5.9g/t
4m @ 13.0g/t
40m @ 1.0g/t
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• 40m @ 1.0g/t gold fr 4m

Notes :

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1 Refer Exore ASX announcements dated 23 Sep 2019

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APPENDIX 2 PERSEUS ASSET OVERVIEW

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TWO PRODUCING GOLD MINES

OUR LOCATIONS

Côte d’Ivoire - Sissingué (86%)[1,3] West Africa M&I Mineral Resource: 0.5Moz Ore Reserve: 0.3Moz Ghana - Edikan (90%)[2,3] M&I Mineral Resource: 2.7Moz Ore Reserve: 1.6Moz

Africa

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PRODUCING ASSETS

SISSINGUÉ GOLD MINE (3+ YEARS) EDIKAN GOLD MINE (7+ YEARS)

Notes :

• 2 Edikan Ore Reserves and Mineral Resources on 100% basis, as at 31 December 2019

• 3 Please refer to Appendix 6 and the Additional Cautionary Statements for more detail

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1 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019

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ONE MINE IN DEVELOPMENT

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West Africa
Africa
Côte d’Ivoire - Yaouré (90%) [1, 2,3]
M&I Open Pit Mineral Resource: 2.1Moz
Ore Reserve: 1.6Moz
Underground Inferred Resource: 0.6Moz
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	Côte d’Ivoire - Yaouré (90%)1, 2,3	Côte d’Ivoire - Yaouré (90%)1, 2,3
	M&I Open Pit Mineral Resource:	2.1Moz
	Ore Reserve:	1.6Moz
	Underground Inferred Resource:	0.6Moz

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PROJECTS

YAOURÉ OPEN PIT DEVELOPMENT PROJECT (8.5+ YEARS)

YAOURÉ UNDERGROUND DEVELOPMENT PROJECT (? YEARS)

Notes :

• 1 Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019

• 2 Yaouré Underground Inferred Resource figures stated on 100% basis, as at 5 November 2018 3 Please refer to Appendix 6 and the Additional Cautionary Statements for more detail

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EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE

✓ Large scale, multi open-pit mining operation

✓ Produced more than 1.6 Moz gold to date

✓

2.7 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 7+ years with strong potential to extend

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✓
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New Exploration opportunity at Agyakusu, 8km from the Edikan mill

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Note : 1. Ore Reserve and Mineral Resource figures stated on 100% basis, as at 31 December 2019. Please refer to Appendix 6 and the Additional Cautionary Statements for more detail

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SISSINGUÉ GOLD MINE PERSEUS’S NEWEST MINE

✓ Higher-grade, low-cost, multi open-pit mining operation ✓ Successful development and ramp up in production in Q1 2018 Exceptional performance from plant in terms of runtime, throughput rates ✓ and recovery ✓ Produced 178 kozs gold ✓ Repaid 100% of the US$106M capital cost 26 months after first gold ✓ 0.5Moz M&I Minerals Resources incl. 0.3Moz of P&P Ore Reserves[1] ✓ Exploration drilling to identify additional mine life extensions

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Note : 1. Ore Reserve and Mineral Resource figures stated on 100% basis, as at 30 June 2019. Please refer to Appendix 6 and the Additional Cautionary Statements for more detail

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YAOURÉ GOLD PROJECT PERSEUS’S 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 excellent existing infrastructure (water, hydro power, roads, port) and skilled labour pool

• Fully funded Capital cost of US$265 million, funded with US$150 ✓ million corporate facility, cash and cash flow

✓

Potential to materially extend 8.5 year mine life:

• Highly prospective 360 km[2] land package

• Underground Scoping Study[1] demonstrated potential viability of underground mining

• Exploration to test scale of UG and other targets underway

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

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YAOURÉ DEVELOPMENT ON TIME and ON BUDGET

✓ Full scale construction commenced in September 2019 quarter, post board approval

US$265 million capital budget. As at 30 April 2020, US$195 million committed, US$145 million expensed and US$140 million paid

✓

✓

2.0 million man hours LTI free

Overall progress 57%, engineering 100%, procurement 100%, off-site fabrication for 99% platework and for 92% structural steel, plant construction 63%, concrete 80%

✓

Tailings Storage Facility 53% complete, fully cleared and main embankment construction ✓ commenced. Target completion date Sept Qtr 2020

✓

Power supply on track for completion by Sept Qtr 2020

Camp accommodation

CIL tanks and mill foundations

✓ Camp 1[st] occupancy and completion by June 2020 – capacity 227 during operations

✓

✓

Land and crop compensation to be finalised Q2 2020

Still on track for ‘stretch target’ of first gold in December 2020, contracted January 2021

TSF embankment 1[st] lift

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APPENDIX 3 PERSEUS’S OPERATING PERFORMANCE & FINANCIAL RESOURCES

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PERFORMANCE IN 2019

Group gold production of 266,249 ounces of gold at AISC of US$930 per ounce, including:

✓

• 179,573 ounces from Edikan @ AISC US$1,012 per ounce

• 86,676 ounces from Sissingué @ AISC US$761 per ounce

✓ US$109.4 million of notional cashflow from operations

Implied 2019 guidance of 250-290,000 ounces at AISC of US$850✓ 1,000 per ounce achieved as promised

Started fully funded development of third mine, Yaouré. On ✓ budget and on schedule for first gold in December 2020

✓ Cash and bullion US$80.6 million with US$50 million of corporate debt at year end

✓

Share price appreciation of 167% over 12-month period

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MARCH 2020 QUARTER

Implemented COVID-19 management measures and committed US$388k to ✓ local communities and host governments to combat the spread of the virus

✓ Reconciled March 2020 Quarter gold production of 57,983 ounces, including:

• 38,019 ounces from Edikan

• 19,964 ounces from Sissingué

Weighted average all in site costs of US$1083 per ounce), based on US$1,242 per ounce (Edikan) and US$781 per ounce (Sissingué)

✓

✓

Generated US$24 million of notional cashflow from operations

✓

Cash and bullion US$162 million and Net Cash US$12 million

Yaouré development on track, 52% complete, US$186 million committed, US$135 million expensed and US$129 million payed

✓

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TARGETTING CONSISTENT PERFORMANCE

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

||||||||||
|---|---|---|---|---|---|---|---|---|
|Implemented|
|revised mining|
|AISC|
|Production (oz)|strategy at Edikan|
|120,000|$1,200|
|100,000|$1,000|
|80,000|$800|
|60,000|$600|
|40,000|$400|
|20,000|$200|
|-|$-|
|Q1 2018|Q2 2018|Q3 2018|Q4 2018|Q1 2019|Q2 2019|Q3 2019|Q4 2019|Q1 2020|
|Edikan|Sissingué|AISC USD/oz (RHS)|

----- End of picture text -----

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3 0

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APPENDIX 4 PERSEUS’S GROWTH STRATEGY

Our Corporate Objective is “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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PERSEUS - ATTRACTIVE LONG-TERM GROWTH[1]

Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June	Year Ending 30 June

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GROWTH DERIVED FROM EXISTING ASSET BASE

ORGANIC GROWTH INITIATIVES TO EXTEND PRODUCTION PROFILE

SUCCESSFUL EXECUTION KEY TO DELIVERY

Note: 1. Refer to Cautionary Statements regarding forward looking statements * Actual production

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GROWTH STRATEGY

Currently on track to produce ~500,000 ounces of gold per year based on ✓ existing Ore Reserves

Seeking to expand the existing Ore Reserve inventory through active exploration within trucking distance of existing infrastructure at Edikan, Sissingué and Yaouré. Significant potential at each site

✓

Actively evaluating potential M&A opportunities in West Africa to provide ✓ production growth and or expansion of Ore Reserve inventory post-FY 2025 Early stage, greenfields exploration being undertaken with the aim of generating ✓ long term organic growth

Current focus for growth on West Africa but may consider opportunities ✓ elsewhere in the east or north of the continent, subject to the risk-reward equation

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EDIKAN EXPLORATION

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• focused on new

• Exploration generating targets within truckable distance of Edikan with potential to impact positively on the LOM;

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

• Exploration focused on systematic follow up of targets generated;

• Granite hosted mineralisation in newly optioned Agyakusu prospecting license , 8 km NNW from the Edikan mill, and

• Evaluating other 3[rd] party opportunities.

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SISSINGUÉ EXPLORATION

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• Targeting geochemical and intrusive related anomalies at Zanikan, Fimbiasso, Papara and Zangologo areas, and

• In each case, mineralisation is spatially related to intrusives interpreted from aeromagnetic data.

Exploration Program

• Three deep holes to be drilled beneath the Sissingué Pit to test down dip extension of mineralisation (guided by Leapfrog modelling);

• Fimbiasso - Infill resource drilling plus drill testing of high magnetic rim of the Bélé intrusion;

West East South

• AC drilling on Papara East, with follow up RC and DD if required;

• Complete extension drilling at Papara to determine resource potential, and

• Minignan 1,000 soil and lag samples, followed up with auger drilling as required.

Sissingué – near mine exploration targets

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YAOURÉ EXPLORATION – NEAR MINE TARGETS

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• “High-prospectivity corridors” interpreted from geophysics and soil geochemistry.

• Priority targets include;

• CMA NE • CMA Underground extensions;

• GOVISOU ➢ Deep drilling underway ➢ 3D HiSeis survey to commence Q1 2020

• • Extensions of CMA and basin boundary to the NE and NW

• AKAKRO • Angovia 2 – Resource definition drilling Q4 2019 SAYIKRO • Govisou; • Sayikro;

• • Akakro;

• KKG • Kongonza; and

• AKASOU • SE trend.

Yaouré – Targets and geochemical anomalies

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YAOURÉ – CMA UNDERGROUND

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

YDD0540: 391.04m to 399.53m
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CMA Deep Drilling

• Encouraging results from 3 diamond drill holes designed to intersect structure on step out from CMA pit

• CMA-style mineralisation intersected at target depth in both YDD0539 and YDD0540

• YDD0541 intersected mineralisation at target depth. Visually different to CMA-style mineralisation. Hole currently being extended.

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

YDD0539
YDD0541
YDD0540
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• Core from all three drill holes to be assayed over full length, and

• Holes will be utilised for 3-D survey & down-hole seismics.

Inferred UG Resource[1] : 3.0Mt @ 6.2g/t for 595koz

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Notes: .

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

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YAOURÉ EXPLORATION – REGIONAL TARGETS

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

Akasou
Allekran
Degbreze
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• Soil geochemistry used almost exclusively in targeting.

• Geophysics acquired (mags, spec) and interpreted, with ‘highprospectivity corridors’ defined.

• High resolution VTEM[TM] survey being flown.

• Numerous geochem targets and artisanal sites not followed up with drilling so far.

• Soil anomalies now being followed up with augering:

• –

• Large anomaly in SW corner, Allekran overlies basalttonalite contact zone.

• –

• Drilling currently underway at Degbezere major regional structure.

Yaouré West – Significant regolith geochemical targets

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APPENDIX 5 PERSEUS’S ENVIRONMENT, SOCIAL & GOVERNANCE RESPONSIBILITIES

Our Corporate Mission is “to generate material benefits for all of our stakeholders, in fair and equitable proportions.”

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PERSEUS’S APPROACH TO SUSTAINABILITY

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To be a sustainable business we have a responsibility to share the benefits we generate with all stakeholders. We will achieve this through strong economic performance, developing our people, enhancing our local communities and minimising our environmental impact.

SUSTAINABILITY REPORTING PILLARS

Our People

Our Environment

• Our Business Our People Our Communities Our Environment • Respect and engage stakeholders • Live our corporate values • Maximise local employment • Energy and emissions • Organisational governance and • Ensure health, safety and • Social and community • Water management ethical business practices security investment • Waste and hazardous material management

• • Risk management • Fair and equitable treatment • Encourage local economic • Closure planning

• and promote diversity development

• • Responsible operation, development and exploration • Develop and reward our • Fair and equitable engagement people and dealings

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PERSEUS’ SUSTAINABILITY SNAPSHOT

1[st] Independent Sustainability Report due Q2 2020

FY2019 0.53/2.37 LTI/TRI

96% National workforce with strong local participation

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US$626m Capital invested
US$31m Tax and Royalties paid
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US$193m Local supplier spending

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US$5.6m Community donations & extensive community based development and support programs

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PERSEUS BOARD & MANAGEMENT TEAM

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Jeff Quartermaine

Sean Harvey

CEO and Managing Director

Non-Executive Chairman

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David Ransom

Sally-Anne Layman Non-Executive Director

Non-Executive Director

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John McGloin

Dan Lougher

Non-Executive Director

Non-Executive Director

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Management		Position
Jeffrey Quartermaine	Chief Executive Officer & Managing Director
Colin Carson	Executive Director (Commercial Services)
Martijn Bosboom	General Counsel and Company Secretary
Chris Woodall	Chief Operating Officer
Elissa Brown	Chief Financial Officer
Paul Thompson	Group General Manager (Technical Services)
Matt Scully	Group General Manager (Development)
Doug Jones	Group General Manager (Exploration)
Andrew Grove	Group General Manager (Bus Dev & IR)
Mark Somlyay	Group General Manager (Commercial)
Mike Beck	Group Manager (Human Resources)
Stephen Ndede	General Manager – Edikan Gold Mine
Merlin Thomas	General Manager – Yaouré Gold Mine
Michael Cardinaels	General Manager – Sissingué Gold Mine

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APPENDIX 6 MINERAL RESOURCES AND ORE RESERVES

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PERSEUS GROUP

MINERAL RESOURCES AND ORE RESERVES

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PERSEUS GROUP MINERAL RESOURCES2,3	PERSEUS GROUP MINERAL RESOURCES2,3	PERSEUS GROUP MINERAL RESOURCES2,3	PERSEUS GROUP MINERAL RESOURCES2,3
	Measured				Indicated		Measured + Indicated				Inferred
Project	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
Edikan5	28.4	0.93	852	54.8	1.05	1,848	83.3	1.01	2,699	7.3	1.48	348
Sissingué1,4	6.4	1.7	347	2.0	2.0	130	8.4	1.8	477	0.4	1.7	19
Yaouré1	-	-	-	47.9	1.37	2,110	47.9	1.37	2,110	46.0	1.1	1,694
Total	34.8	1.07	**1,199 **	104.7	1.21	**4,088 **	139.6	1.18	**5,286 **	53.7	1.19	2,061

PERSEUS GROUP ORE RESERVES2,3	PERSEUS GROUP ORE RESERVES2,3	PERSEUS GROUP ORE RESERVES2,3								N 1.
		Proved			Probable		Proved + Probable
										2.
Project	Quantity	Grade	Gold	Quantity	Grade	Gold	Quantity	Grade	Gold
	Mt	g/t gold	koz	Mt	g/t gold	koz	Mt	g/t gold	koz	3.
Edikan5	18.3	1.02	601	27.4	1.14	1,007	45.7	1.10	1,608	4.
Sissingué1,4 Yaouré1	3.4 -	2.1 -	237 -	1.2 27.3	2.3 1.78	144 1,560	4.6 27.3	2.2 1.78	321 1,560	5.
Total	21.7	1.20	**838 **	55.9	1.51	**2,711 **	77.6	1.40	3,489

Notes:

Market Release Dated 28/08/19; Perseus Mining updates Mineral Resources & Ore Reserves as at 30 June 2019 Measured and Indicated Mineral Resources are inclusive of Ore Reserves.

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. Includes combined Mineral Resources and Ore Reserves from both the Sissingué and Fimbiasso deposits Edikan Resource and Reserves as at 31 December 2019, Market Release Dated 20 February 2020

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EXORE RESOURCES BAGOE PROJECT MINERAL RESOURCE ESTIMATE

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		Indicated	Inferred	Total
Lower Cut-Off	Deposit	Tonnes (kt) Grade (g/t) Ounces	Tonnes (kt) Grade (g/t) Ounces	Tonnes (kt) Grade (g/t) Ounces
0.5g/t	Antoinette Veronique	950 3.0 90,000 - - -	7,450 1.6 390,000 1,350 2.8 120,000	8,400 1.8 485,000 1,350 2.8 120,000
	Total	950 3.0 90,000	8,800 1.8 510,000	9,750 1.9 600,000
1.0g/t	Antoinette Veronique	750 3.5 90,000 - - -	4,800 2.1 330,000 1,050 3.2 110,000	5,550 2.3 415,000 1,050 3.2 110,000
	Total	750 3.5 90,000	5,850 2.3 440,000	6,650 2.5 530,000

Notes:

1. Refer to ASX announcement released by Exore on 4 May 2020 titled “Maiden Gold Resource of 530,000 ounces at 2.5g/t” for more detail

2. Refer to Additional Cautionary Statements at the back of this announcement

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EDIKAN

MINERAL RESOURCE ESTIMATE

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Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Measured EDIKAN MINERAL RESOURCES9,10,11 as at 31 DECEMBER 2019	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Measured EDIKAN MINERAL RESOURCES9,10,11 as at 31 DECEMBER 2019	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Measured EDIKAN MINERAL RESOURCES9,10,11 as at 31 DECEMBER 2019	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Indicated Measured + Indicated	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Indicated Measured + Indicated
					Inferred
Deposit					Quantity	Grade	Gold
					Mt	g/t gold	koz
AF Gap 1, 2, 3 Esuajah North 2, 3, 4 Fetish 1, 2, 3, 5 Bokitsi South 2,3,6	Open Pit Open Pit Open Pit Open Pit	10.2 1.00 326 3.3 0.80 85 7.7 1.00 248 1.3 1.81 73	21.8 0.92 645 4.8 0.74 114 14.1 0.92 418 1.6 1.30 65	32.0 0.94 971 8.1 0.77 199 21.8 0.95 666 2.8 1.53 139	0.3 0.95 10 0.0 0.96 1 0.7 0.95 22 0.3 1.06 9
Sub-Total	Open Pit	22.5 1.01 732	42.2 0.91 1,242	64.7 0.95 1,975
Esuajah South6 Heap Leach2,7 Stockpiles	U/ground Stockpile Stockpile	0.0 0.0 0 - - - 5.9 0.63 119	9.0 1.8 530 3.6 0.6 75 - - -	9.0 1.8 530 3.6 0.6 75 5.9 0.63 119	6.0 1.6 307 - - - - - -
Total		28.4 0.93 852	54.8 1.05 1,848	83.3 1.01 2,699	7.3 1.48 348

Notes:

1. Based on January 2017 Mineral Resource models constrained to US$1,800/oz pit shells. 2. Depleted to 31 December 2019 mining surfaces.

2. 0.4g/t gold cut-off applied.

3. Based on June 2019 Mineral Resource model constrained to US$1,800/oz pit shell. 5. Includes Bokitisi North lode.

4. Based on November 2019 Mineral Resource model constrained to US$1,800/oz pit shell. 7. Based on July 2019 Mineral Resource model, 0.8g/t gold cut-off applied. 8. At zero cut-off grade.

5. All Mineral Resources are current as at 31 December 2019.

6. Mineral Resources are inclusive of Ore Reserves.

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

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EDIKAN

ORE RESERVE ESTIMATE

EDIKAN ORE RESERVES3,6,7as at 31 DECEMBER 2019	EDIKAN ORE RESERVES3,6,7as at 31 DECEMBER 2019	EDIKAN ORE RESERVES3,6,7as at 31 DECEMBER 2019			N 1. 2. 3. 4. 5. 6. 7.
	Quantity Grade Gold Mt g/t gold koz Proved Deposit Type		Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Probable Proved + Probable
Deposit
AF Gap1,4 EsuajahNorth1,4 Fetish1,4 Bokitsi South1,4	Open Pit Open Pit Open Pit Open Pit	6.8 1.14 248 0.4 0.91 11 4.4 1.18 165 0.9 2.11 58	11.9 1.05 402 0.6 0.86 17 7.1 1.09 248 0.4 1.70 24	18.6 1.09 650 1.0 0.88 28 11.4 1.13 414 1.3 1.97 82
Sub-total	Open Pit	12.3 1.22 482	20.0 1.08 690	32.3 1.13 1,173
Esuajah South Heap Leach⁵ ROM Stockpiles²	U/ground Stockpile Stockpile	5.9 0.63 119	3.8 1.96 241 3.6 0.6 75	3.8 1.96 241 3.6 0.6 75 5.9 0.63 119
Total		18.3 1.02 601	27.4 1.14 1,007	45.7 1.10 1,608

Notes:

Based on December 2019 Mineral Resource estimate which is depleted to 31st December 2019 and using a gold price of US$1,300/oz.

Based on stockpile balance as at 31st December 2019.

All Ore Reserves current as at 31st December 2019.

Variable gold grade cut-off based on recovery of each material type in each deposit: Oxide 0.35 – 0.40 g/t, Transition 0.50 – 0.70 g/t and Fresh 0.50 – 0.55 g/t.

Based on 0.40 g/t gold grade cut-off. Inferred Mineral Resource is considered as waste, t : t.

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

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SISSINGUÉ MINERAL RESOURCE ESTIMATE

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Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type SISSINGUÉ MINERAL RESOURCES6,7,8,9 as at 30 JUNE 2019 Measured	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type SISSINGUÉ MINERAL RESOURCES6,7,8,9 as at 30 JUNE 2019 Measured	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type SISSINGUÉ MINERAL RESOURCES6,7,8,9 as at 30 JUNE 2019 Measured	Quantity Grade Gold Mt g/t gold koz Indicated	Quantity Grade Gold Mt g/t gold koz Measured + Indicated
					Inferred
Deposit Deposit Type					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	6.1 1.7 338 - - - - - - 0.33 0.80 8.8	0.5 1.5 22 0.6 2.3 47 0.9 2.0 61 - - -	6.5 1.7 360 0.6 2.3 47 0.9 2.0 61 0.33 0.80 8.8	0.1 0.9 3 0.2 1.9 10 0.1 2.2 6 - - -
Total		6.4 1.7 347	2.0 2.0 130	8.4 1.8 477	0.4 1.7 19

Notes:

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

2. Depleted to 30 June 2019 mining surface.

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

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

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

6. All Mineral Resources current at 30 June 2019.

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

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SISSINGUÉ ORE RESERVES7,8 as at 30 JUNE 2019	SISSINGUÉ ORE RESERVES7,8 as at 30 JUNE 2019	SISSINGUÉ ORE RESERVES7,8 as at 30 JUNE 2019
Deposit	Quantity Grade Gold Mt g/t gold koz Deposit Type Proved		Quantity Grade Gold Mt g/t gold koz Probable	Quantity Grade Gold Mt g/t gold koz Proved + Probable
Sissingué1,2,6 Fimbiasso East3,4,9 Fimbiasso West3,5,9	Open pit Open pit Openpit	3.1 2.3 228 - - - - - -	0.1 2.1 10 0.5 2.5 39 0.5 2.1 35	3.3 2.3 238 0.5 2.5 39 0.5 2.1 35
Sub-Total	Openpit	3.1 2.3 228	1.2 2.3 84	4.3 2.3 313
Stockpiles	Stockpile	0.33 0.80 9	- - -	0.33 0.80 9
Total		3.4 2.1 237	1.2 2.3 84	4.6 2.2 321

Notes:

1. Based on June 2019 Mineral Resource estimate depleted to 30th June 2019 and using a gold price of US$1,200/oz..

2. Variable gold grade cut-off based on recovery of each material type: Oxide 0.45 g/t, Transition 0.85 g/t, Granite – Porphyry 0.85 g/t and Sediment 1.05 g/t. 3. Based on March 2017 Ore Reserve estimation.

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

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

5. Allows for mining depletion to 30th June 2019.

6. Ore Reserve current as at 30th June 2019.

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

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

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YAOURÉ MINERAL RESOURCE ESTIMATE

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Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Indicated YAOURÉ MINERAL RESOURCES7,8,9 as at 30 JUNE 2019	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Indicated YAOURÉ MINERAL RESOURCES7,8,9 as at 30 JUNE 2019	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Indicated YAOURÉ MINERAL RESOURCES7,8,9 as at 30 JUNE 2019
			Inferred
Deposit Deposit Type			Quantity	Grade	Gold
			Mt	g/t gold	koz
CMA1,2,3,4 Yaouré1,2,3,4	Open Pit Open Pit	27.3 1.78 1,570 18.8 0.80 480	11 1.1 400 33 0.9 900
Sub-total	Open Pit	46.1 1.38 2,050	44.0 0.9 1,300
HeapLeach5	Stockpile	1.8 1.02 60	- - -
Sub-total		47.9 1.37 2,110	44 0.9 1,300
CMA UG6	UG	- - -	1.8 6.1 346
Total		47.9 1.37 2,110	46.0 1.1 1,694
CMA Total UG10	UG	- - -	3.0 6.2 595

Notes:

1. Based on June 2019 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 shell.

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

6. November 2018 Mineral Resource estimate, CMA Footwall Lode 1 only, below US$1,800/oz pit shell and base of weathering, above 2g/t block grade cut-off.

7. Mineral Resources current at 30 June 2019.

8. Indicated Mineral Resources are inclusive of Ore Reserves.

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

10. November 2018 Mineral Resource estimate, CMA Footwall Lode 1 only, below design pit shell and base of weathering, above 2g/t block grade cut-off. 46% overlaps the Open Pit Resources.

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YAOURÉ ORE RESERVE ESTIMATE

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YAOURÉ ORE RESERVES1,2,5 as at 30 JUNE 2019	YAOURÉ ORE RESERVES1,2,5 as at 30 JUNE 2019	YAOURÉ ORE RESERVES1,2,5 as at 30 JUNE 2019
Deposit		Quantity Grade Gold Mt g/t gold koz Proved	Quantity Grade Gold Mt g/t gold koz Probable	Quantity Grade Gold Mt g/t gold koz Proved + Probable
	Deposit Type
CMA3,4 Yaouré3,4	Open Pit Open Pit	- - - - - -	20.6 2.02 1,334 5.3 1.03 174	20.6 2.02 1,334 5.3 1.03 174
Sub-total	Open Pit	- - -	25.8 1.8 1,508	25.8 1.81 1,508
HeapLeach6	Stockpile	- - -	1.4 1.14 52	1.4 1.14 52
Total		- - -	27.3 1.78 1,560	27.3 1.78 1,560

Notes:

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

2. All the estimates are on a dry tonne basis

3. Based on November 2018 Mineral Resource estimation and using a gold price of US$1,200/oz

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

5. Inferred Mineral Resource is treated as mineralised waste

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

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ADDITIONAL CAUTIONARY STATEMENTS

Competent Person Statement

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Perseus

This announcement includes information that relates to Perseus’ mineral resources, ore reserves, exploration results and production targets. This information was prepared by and is the responsibility of Perseus only.

All production targets for the Edikan and Sissingué Gold Mines 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 Mineral Resources and Ore Reserves for the Esuajah North deposit at the Edikan Gold Mine 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 2019. The information in this report that relates to the Mineral Resources for the Edikan deposits (other than the Fetish, AFG, Bokitsi South, Esuajah North and Esuajah South deposits) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 August 2018. The information in this report that relates to Ore Reserves for the Edikan deposits (other than the Fetish, AFG, Bokitsi South, Esuajah North and Esuajah South deposits) 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 above-mentioned deposits have been updated for mining depletion as at 31 December 2019 in a market announcement “Perseus Mining Updates Edikan Gold Mine’s Mineral Resource & Ore Reserves” released on 20 February 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and Esuajah South underground and to the Ore Reserve estimates for the Fetish and AFG deposits at the Edikan Gold Mine was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement “Perseus Mining Updates Edikan Gold Mine’s Mineral Resource & Ore Reserves” released on 20 February 2020. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Central Ashanti Gold Project, Ghana” dated 30 May 2011 continue to apply.

The information in this report that relates to Mineral Resources 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 20 October 2018 and includes an update for depletion as at 30 June 2019 in a market announcement released on 28 August 2019. 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 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.

Exore

This announcement includes information that relates to Exore’s mineral resources, ore reserves and exploration results. This information was prepared by and is the responsibility of Exore only.

The information in this announcement that relates to exploration results was first reported by Exore in compliance with the JORC Code 2012 in market announcements released on 21 January 2020, 18 Dec 2018, 16 May 2019, 29 Oct 2019, 23 Sep 2019 and AOP announcements dated 24 Jul 2017 and 8 Jun 2018.

Information that relates to Exore’s mineral resources or ore reserves is extracted from Exore’s previous announcement “Maiden Gold Resource of 530,000 ounces at 2.5g/t” dated 4 May 2020 which is available to view on www.exoreresources.com.au, and sets out the key assumptions, mining and processing parameters and methods used to prepare the estimates.

Exore confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and, in the case of estimates of mineral resources or ore reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Exore confirms that the form and context in which the competent person’s findings are presented have not been materially modified from the original market announcement.

Perseus has not undertaken sufficient work to independently verify Exore’s mineral resources, and further evaluation work and appropriate studies will be done by Perseus following completion of the Transaction.

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