PERSEUS MINING LIMITED — Investor Presentation 2020

Feb 23, 2020

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~~www.perseusmining.com~~ February 2020PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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CAUTIONARY STATEMENTS Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Yaouré, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. Competent Person Statement:

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

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 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.

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.

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 and 16 January 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases.

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

A COMPELLING INVESTMENT OPPORTUNITY

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

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

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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Experienced board & management team with history of delivery on promises

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PERSEUS’S PHYSICAL ASSETS

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TWO PRODUCING GOLD MINES

OUR LOCATIONS

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

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Notes :

Africa

PRODUCING ASSETS

SISSINGUÉ GOLD MINE (4+ YEARS) EDIKAN GOLD MINE (7+ YEARS)

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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

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ONE MINE IN DEVELOPMENT

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

PROJECTS

YAOURÉ OPEN PIT DEVELOPMENT PROJECT (8.5+ YEARS)

YAOURÉ UNDERGROUND DEVELOPMENT PROJECT (? YEARS)

Notes :

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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

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

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EDIKAN GOLD MINE PERSEUS’S FIRST OPERATING MINE

✓ Large scale, multi open-pit mining operation

✓ Produced more than 1.57 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

✓

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

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SISSINGUÉ GOLD MINE	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 166 kozs gold in 2 years from first gold to end January 2020
✓	Generated US$100M of notional cashflow and repaid 94% of the US$106M capital cost since first gold pour
✓	0.5Moz M&I Minerals Resources incl. 0.3Moz of P&P Ore Reserves1
✓	Resource drilling at Zanikan showing potential for mine life extension, Q1 2020

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

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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 BUDGET

• ✓ Exploitation Permit and Mining Convention received from Ivorian government

✓

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

• ✓ US$265 million capital budget. As at 31 January 2020, US$171 million committed, US$120 million expensed and US$116 million paid

• ✓ Overall progress 40%, engineering 100%, procurement70%, 99 of 101 contracts awarded excluding mining contract (EPSA) that has also been awarded

✓

• Plant site cleared and 3,800m[3] of concrete poured of total 8,000m[3]

• ✓ Tailings Storage Facility cleared with topsoil removal and key trench complete, lining to commence late in Q1 2020

• ✓ 11km of 17km perimeter fence completed, with all 17km of fence line cleared

• ✓ Camp construction ongoing with first accommodation available at end Q1 2020

• ✓ Land and crop compensation to be finalised Q1 2020

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

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CIL Tank Foundations
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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

✓ US$109.4 million of notional cashflow from operations

Materially improved NPAT of A$30 million and gross profit of ✓ A$126 million for 6 months to 31 December 2019

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

✓ Commenced 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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$- $200 $400 $600 $800 $1,000 $1,200 - 20,000 40,000 60,000 80,000 100,000 120,000 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Production (oz) Edikan Sissingué AISC USD/oz(RHS) AISC (USD/oz) TARGETTING CONSISTENT PERFORMANCE Implemented revised mining strategy at Edikan	$- $200 $400 $600 $800 $1,000 $1,200 - 20,000 40,000 60,000 80,000 100,000 120,000 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Production (oz) Edikan Sissingué AISC USD/oz(RHS) AISC (USD/oz) TARGETTING CONSISTENT PERFORMANCE Implemented revised mining strategy at Edikan
	PERSEUS MINING LIMITED

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LOOKING FORWARD TO 2020

GUIDANCE FY 2020

UNITS

PARAMETER

Dec 19 Half Jun 20 Half Full Year

Gold Production ‘000 ounces 120 –140 140 – 160 260 – 300 All-In Site Costs $US/ounce 850 – 1,000 750 – 950 800 – 975

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December 2019 Half Year production was 134,980 ounces at an AISC of US$942 per ounce.

✓ 4[th] consecutive half year guidance achieved.

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STRONG FINANCIAL POSITION

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USD million
$180
$160
$140
$120
$100
$80
$60
$40
$20
$0
Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19
Cash and Bullion Yaoure payments
Debt Net Cash
Net Cash excl Yaoure payments
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As at 31 December 2019

Cash on hand US$47.3 million

Cash & Bullion US$80.6 million

Bank Debt US$50.0 million

Net Cash & Bullion US$30.6 million

US$109 million in notional cashflow from operations

US$150 million Corporate Facility (US$50m drawn)

US$99.3 million cash spent on Yaouré development

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CAPITAL STRUCTURE

	AUD		USD
ASX Share price per share1	1.27		0.84
Shares outstanding	1,167 m
Performance Rights	34.6 m
Market capitalisation	1,482 m		992 m
**Less: Cash and Bullion2 **	115 m		80 m
Plus: Debt3	71 m		50 m
Enterprise value	1,438 m		962 m

Notes :

1. ASX:PRU share price as at 21 February 2020 and converted to AUD at a A$:US$ exchange rate of 0.66

2. Cash and bullion balance at 31 December 2020 includes available cash at bank of US$47.3m and bullion of 21,952oz valued at US$1,515 per ounce (US$33.3m) and converted to AUD at a A$:US$ exchange rate of 0.7014.

3. Balance at 31 December 2020 includes US$50m of debt drawn under Perseus’s corporate facility converted to AUD at a A$:US$ exchange rate of 0.7014.

Shareholder base as at 19 December	Shareholder base as at 19 December	2019
1	Franklin Templeton Investments (USA)
2	Van Eck Associates Corp
3	Vinva Investment Management Ltd
4	Ruffer LLP
5	RDV Corporation
6	Dimensional Fund Advisors LP
7	Acadian Asset Management LLC
8	The Vanguard Group, Inc
9	Vanguard Investments Australia Ltd
10	Konwave AG
	Top 10 Shareholders	30%
	Top 20 Shareholders	54%
	Institutional Investors	70%
	Shareholder base - US	44%
	Shareholder base - Europe	27%
	Shareholder base - Australia	26%
	Board and Management	0.6%

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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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ATTRACTIVE LONG-TERM GROWTH[1]

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Production (koz/pa) AISC (US$/oz)
600 $1,200
Year Ending 30 June
500 $1,000
400 $800
300 $600
200 $400
100 $200
0 $0
2019 2020 2021 2022 2023 2024 2025
Edikan Sissingué Yaouré AISC USD/oz (RHS)
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GROWTH DERIVED FROM EXISTING ASSET BASE

ORGANIC GROWTH INITIVES TO EXTEND PRODUCTION PROFILE

SUCCESSFUL EXECUTION KEY TO DELIVERY

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Note: 1. Refer to Slide 2 – Caution regarding forward looking statements * Actual production

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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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West East
South
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Sissingué – near mine exploration targets

• 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);

• Zanikan (Cashew Farm) resource definition drilling;

• Zanikan drill testing of other targets;

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

• AC drilling on new targets (Papara East, Zangologo), 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.

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

Notes: .

PERSEUS MINING LIMITED| 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

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YAOURÉ EXPLORATION – REGIONAL TARGETS

• Soil geochemistry used almost exclusively in targeting.

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

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Akasou
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• High resolution VTEM[TM] survey being flown.

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

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Allekran
Degbreze
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• 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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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

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 Business Our People Our Communities Our Environment • • • Respect and engage Live our corporate values Maximise local employment • Energy and emissions

• stakeholders • • Ensure health, safety and Social and community •

• • Organisational governance and security investment Water management ethical business practices • Waste and hazardous • Fair and equitable treatment • Encourage local economic

• • Risk management material management and promote diversity development

• • • Responsible operation, • • Closure planning Develop and reward our Fair and equitable

• development and exploration people engagement and dealings

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PERSEUS’ SUSTAINABILITY SNAPSHOT

1[st] Independent Sustainability Report due Q1 2020

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FY2019 0.53/2.37 LTI/TRI
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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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EXPERIENCED BOARD OF DIRECTORS & MANAGEMENT TEAM

Management	Position
Jeff Quartermaine	Chief Executive Officer & Managing Director
Martijn Bosboom	General Counsel and Company Secretary
Chris Woodall	Chief Operating Officer
Elissa Brown	Chief Financial Officer
Colin Carson	Commercial Director
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 – Sissingué Gold Mine

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Jeff Quartermaine CEO and Managing Director

Sean Harvey Jeff Quartermaine Non-Executive Chairman CEO and Managing Director David Ransom Sally-Anne Layman Non-Executive Director Non-Executive Director Dan Lougher John McGloin Non-Executive Director Non-Executive Director

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A COMPELLING INVESTMENT OPPORTUNITY

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

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

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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Experienced board & management team with history of delivery on promises

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Jeff Quartermaine

Andrew Grove

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PERSEUS GROUP

MINERAL RESOURCES AND ORE RESERVES

Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Edikan5 28.4 0.93 852 54.8 1.05 1,848 Sissingué1,4 6.4 1.7 347 2.0 2.0 130 Yaouré1 - - - 47.9 1.37 2,110 Total 34.8 1.07 1,199 104.7 1.21 4,088 PERSEUS GROUP MINERAL RESOURCES2,3 Project Measured Indicated	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Edikan5 28.4 0.93 852 54.8 1.05 1,848 Sissingué1,4 6.4 1.7 347 2.0 2.0 130 Yaouré1 - - - 47.9 1.37 2,110 Total 34.8 1.07 1,199 104.7 1.21 4,088 PERSEUS GROUP MINERAL RESOURCES2,3 Project Measured Indicated	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Edikan5 28.4 0.93 852 54.8 1.05 1,848 Sissingué1,4 6.4 1.7 347 2.0 2.0 130 Yaouré1 - - - 47.9 1.37 2,110 Total 34.8 1.07 1,199 104.7 1.21 4,088 PERSEUS GROUP MINERAL RESOURCES2,3 Project Measured Indicated	Notes: 1. Market Release Dated 28/08/19; Perse Mineral Resources & Ore Reserves as a 2. Measured and Indicated Mineral Resou Ore Reserves. 3. The Company holds 90% of Edikan Gol Sissingué Gold Mine (SGM) and 90% of (YGP) after allowing for Government e 4. Includes combined Mineral Resources from both the Sissingué and Fimbiasso 5. Edikan Resource and Reserves as at 31 Market Release Dated 20 February 202 Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz 83.3 1.01 2,699 7.3 1.48 348 8.4 1.8 477 0.4 1.7 19 47.9 1.37 2,110 46.0 1.1 1,694 139.6 1.18 5,286 53.7 1.19 2,061 Measured + Indicated Inferred Quantity Grade Gold Mt g/t gold koz 45.7 1.10 1,608 4.6 2.2 321 27.3 1.78 1,560 77.6 1.40 3,489 Proved + Probable
PERSEUS GROUP ORE RESERVES2,3
Project	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Proved Probable		Quantity Grade Gold Mt g/t gold koz Proved + Probable
Edikan5 Sissingué1,4 Yaouré1	18.3 1.02 601 3.4 2.1 237 - - -	27.4 1.14 1,007 1.2 2.3 144 27.3 1.78 1,560	45.7 1.10 1,608 4.6 2.2 321 27.3 1.78 1,560
Total	21.7 1.20 **838 **	55.9 1.51 **2,711 **	77.6 1.40 3,489

1. 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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EDIKAN

MINERAL RESOURCE ESTIMATE

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

6. Based on July 2019 Mineral Resource model, 0.8g/t gold cut-off applied. At zero cut-off grade.

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

10. Mineral Resources are inclusive of Ore Reserves.

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

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EDIKAN

ORE RESERVE ESTIMATE

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3,6,7
EDIKAN ORE RESERVES as at 31 DECEMBER 2019
Proved Probable Proved + Probable
1.
Deposit Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
Deposit
Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz 2.
AF Gap1,4 Open Pit 6.8 1.14 248 11.9 1.05 402 18.6 1.09 650 3.
EsuajahNorth1,4 Open Pit 0.4 0.91 11 0.6 0.86 17 1.0 0.88 28 4.
Fetish1,4 Open Pit 4.4 1.18 165 7.1 1.09 248 11.4 1.13 414
Bokitsi South1,4 Open Pit 0.9 2.11 58 0.4 1.70 24 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 5.
6.
Esuajah South U/ground 3.8 1.96 241 3.8 1.96 241
7.
Heap Leach⁵ Stockpile 3.6 0.6 75 3.6 0.6 75
ROM Stockpiles² Stockpile 5.9 0.63 119 5.9 0.63 119
Total 18.3 1.02 601 27.4 1.14 1,007 45.7 1.10 1,608
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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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SISSINGUÉ MINERAL RESOURCES6,7,8,9 as at 30 JUNE 2019
Measured Indicated Measured + Indicated Inferred
Deposit Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
Deposit
Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
Sissingué1,2,3 Open Pit 6.1 1.7 338 0.5 1.5 22 6.5 1.7 360 0.1 0.9 3
4,5 - - -
Fimbiasso East Open Pit 0.6 2.3 47 0.6 2.3 47 0.2 1.9 10
4,5 - - -
Fimbiasso West Open Pit 0.9 2.0 61 0.9 2.0 61 0.1 2.2 6
- - - - - -
Stockpiles Stockpile 0.33 0.80 8.8 0.33 0.80 8.8
Total 6.4 1.7 347 2.0 2.0 130 8.4 1.8 477 0.4 1.7 19
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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
Proved Probable Proved + Probable
Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
Deposit Deposit
Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
Sissingué1,2,6 Open pit 3.1 2.3 228 0.1 2.1 10 3.3 2.3 238
3,4,9 - - -
Fimbiasso East Open pit 0.5 2.5 39 0.5 2.5 39
3,5,9 - - -
Fimbiasso West Open pit 0.5 2.1 35 0.5 2.1 35
Sub-Total Open pit 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
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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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YAOURÉ MINERAL RESOURCES7,8,9 as at 30 JUNE 2019
Indicated Inferred
Deposit Quantity Grade Gold Quantity Grade Gold
Deposit
Type Mt g/t gold koz Mt g/t gold koz
CMA1,2,3,4 Open Pit 27.3 1.78 1,570 11 1.1 400
1,2,3,4
Yaouré Open Pit 18.8 0.80 480 33 0.9 900
Sub-total Open Pit 46.1 1.38 2,050 44.0 0.9 1,300
5
- - -
Heap Leach Stockpile 1.8 1.02 60
Sub-total 47.9 1.37 2,110 44 0.9 1,300
6
- - -
CMA UG UG 1.8 6.1 346
Total 47.9 1.37 2,110 46.0 1.1 1,694
10 - - -
CMA Total UG UG 3.0 6.2 595
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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.

Mineral Resources current at 30 June 2019.

2. Indicated Mineral Resources are inclusive of Ore Reserves.

3. 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
Proved Probable Proved + Probable
Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold
Deposit Deposit
Type Mt g/t gold koz Mt g/t gold koz Mt g/t gold koz
3,4 - - -
CMA Open Pit 20.6 2.02 1,334 20.6 2.02 1,334
3,4 - - -
Yaouré Open Pit 5.3 1.03 174 5.3 1.03 174
Sub-total Open Pit - - - 25.8 1.8 1,508 25.8 1.81 1,508
6 - - -
Heap Leach Stockpile 1.4 1.14 52 1.4 1.14 52
Total - - - 27.3 1.78 1,560 27.3 1.78 1,560
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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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