PERSEUS MINING LIMITED

NEWS RELEASE

3 February 2020

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Corporate Presentation

Perseus Mining Limited (ASX/TSX: PRU) refers to the attached Corporate Presentation.

This announcement was approved for release by Jeff Quartermaine, Managing Director and CEO.

To discuss any aspect of this announcement, please contact:

Managing Director & CEO: Jeff Quartermaine at telephone +61 8 6144 1700 or email [email protected]; General Manager BD & IR: Andrew Grove at telephone +61 8 6144 1700 or email [email protected] Media Relations: Nathan Ryan at telephone +61 4 20 582 887 or email [email protected] (Melbourne)

ABN 27 106 808 986 Level 2, 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 Email: [email protected]

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

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

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CAUTIONARY STATEMENTS

Caution Regarding Forward Looking Information:

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

Competent Person Statement:

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

The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Esuajah North deposit at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 28 August 2019. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM 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 and was updated for depletion until 30 June 2019 in a market announcement released on 28 August 2019. 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 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 2015continue 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 2017continue 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 gold producer, developer & explorer

Multi-mine, multi-jurisdiction operations

Gold production growing to ~500,000oz pa by FY 2022 Balance sheet capacity and strong cash flows to fund growth

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Experienced board & management team and Strong social licence to operate

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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SIMPLE CORPORATE STRATEGY FOR VALUE CREATION

INVEST IN PEOPLE Lead, motivate and continuously upskill our operating INVEST IN & management ASSETS teams replenish through organic or inorganic means, a geopolitically Consistently Consistently diverse portfolio of produce ~500koz mineral resources produce ~500koz of of gold per year gold per year at a at a cash margin cash margin of not of not less than DEVELOP MINES less than US$400 US$400 per Unlock value by per ounceounce efficiently and effectively converting mineral resources into producing gold PRODUCE GOLD mines

Delivery → 2 years consecutive guidance achieved

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

500,000oz pa by FY 2022

CONTINUOUSLY IMPROVE Strive to continuously improve our business at all levels

shareholder returns

PRODUCE GOLD Consistently perform to plan & generate targeted ~~returns on funds~~ employed

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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DECEMBER 2019 QUARTER

✓ Reconciled Dec 2019 Quarter gold production of 69,155 ounces (+5% Q/Q), including:

48,251 ounces from Edikan @ AISC US$1038 per ounce
20,904 ounces from Sissingué @ AISC US$793 per ounce

✓ Weighted average all in site costs of US$964 per ounce +4.6% Q/Q) resulting from higher royalties and government charges

✓

Dec 2019 half production and cost guidance achieved

✓ Generated US$31.3 million of notional cashflow from operations

✓

Cash and bullion US$80.6 million and Net Cash US$30.6 million

Yaouré development on track and on budget, US$166 million of total US$265 million committed as at 31 December 2019, US$74 million spent during the quarter

✓

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

$- $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) IMPROVED OPERATING 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) IMPROVED OPERATING PERFORMANCE Implemented revised mining strategy at Edikan
	PERSEUS MINING LIMITED

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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2020 FINANCIAL YEAR MARKET GUIDANCE

GUIDANCE FY 2020

PARAMETER UNITS 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 production was 134,979 ounces at an AISC of US$943 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 Strong future cashflows US$150 million Corporate Facility (US$50m drawn)

US$99.3 million cash spent on Yaouré development

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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
Edikan Sissingué Yaouré AISC USD/oz (RHS)
Note: 1. Refer to Slide 2 – Caution regarding forward looking statements
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GROWTH DERIVED FROM EXISTING ASSET BASE

ORGANIC GROWTH INITIVES TO EXTEND PRODUCTION PROFILE

SUCCESSFUL EXECUTION KEY TO DELIVERY

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

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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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%)[1] M&I Mineral Resource: 2.7Moz Ore Reserve: 1.4Moz

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Notes :

Africa

PRODUCING ASSETS

SISSINGUÉ GOLD MINE (4+ YEARS) EDIKAN GOLD MINE (5++ YEARS)

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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

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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. 1.4 Moz of P&P Ore Reserves[1]

✓ Updated LOMP delivering lower AISC and improved cash flow

✓

Mine life of 5 years with strong potential to extend

Pit optimisation studies including Esuajah South OP/UG feasibility ✓ underway showing potential for mine life extension, Q1 2020

✓ 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 30 June 2019

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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 ✓ Produced 158 kozs gold to date Generated US$98M of notional cashflow and repaid 92% of the US$106M ✓ capital cost after only 1.75 years ✓ 0.5Moz M&I Minerals Resources incl. 0.3Moz of P&P Ore Reserves[1] ✓ Low AISC and strong positive cashflow ✓ 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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DEVELOPMENT ASSET

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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 :

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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YAOURÉ GOLD PROJECT

NEXT GOLD MINE

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

Technically robust - 3.3Mtpa plant with average annual gold production ✓ of 215,000 ounces at an AISC of US$734/oz for first 5 years

✓ Excellent location Close to 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

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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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. US$166 million committed, US$109 million expensed and US$99 million paid as at 31 December 2019

✓ Overall progress 33%, engineering 99%, procurement 63%, 98 of 101 contracts awarded including mining contract (EPSA)

✓ Plant site cleared and 2,500m[3] of concrete poured of total 8,000m[3]

✓ Tailings Storage Facility cleared with top soil removal and key trench ongoing, lining to commence late in Q1

✓ 7km of 17km perimeter fence completed, 12km cleared

✓ Camp construction ongoing with first accommodation mid Q1

✓ Land and crop compensation to be finalised Q1

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

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Camp Construction

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Mill Foundations
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CIL Tank Foundations
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YAOURÉ – UNDERGROUND SECTIONS

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

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Notes: .

PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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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NEAR MINE AND GREENFIELDS EXPLORATION

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EXPLORATION FOCUS
West Africa
1. EDIKAN – NEAR MINE
Africa
2. SISSINGUÉ & YAOURÉ –
NEAR MINE
3. CÔTE D’IVOIRE -
REGIONAL
Abidjan
Granted Permits
Applications
Mines
100km
Gold Deposits
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EDIKAN EXPLORATION - TARGETS

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Edikan – near mine exploration targets
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Corporate Geoscience Group (CGSG) study in early 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.
Drilling of high grade Bokitisi mineralisation extensions below pit.
Granite hosted mineralisation identified in newly optioned Agyakusu prospecting license, 8km NW for Edikan mill. Field activities to commence Q1 2020.
Evaluating other 3[rd] party opportunities.

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Bokitisi Pit extension target

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SISSINGUÉ EXPLORATION – TARGETS and RESULTS

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West East
South
Sissingué – near mine exploration targets
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Targeting geochemical and intrusive related anomalies at Papara-Tiongoli, Sissingué South, Zanikan and Fimbiasso areas.
In each case, mineralisation is spatially related to intrusives interpreted from aeromagnetic data.
Zanikan mineralisation in series of steeply dipping structures in sediments adjacent to Kanakono Granite; striking 500m and open to north and at depth (see sections below).
Technical studies underway at Zanikan to include into the LOMP, Q1.

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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 EXPLORATION – REGIONAL TARGETS

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Akasou
Allekran
Yaouré West – Significant regolith geochemical targets
Degbreze
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Soil geochemistry used almost exclusively in targeting.
Geophysics acquired (mags, spec) and interpreted, with ‘high-prospectivity 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 basalt-tonalite contact zone.
–
Drilling currently underway at Degbezere major regional structure.

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ATTRACTIVE LONG-TERM GROWTH[1]

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GROWTH DERIVED FROM EXISTING ASSET BASE

NEW RESERVES IMPROVE GROWTH PROFILE

SUCCESSFUL EXECUTION KEY TO DELIVERY

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

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Jeff Quartermaine

Andrew Grove

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PERSEUS MINING LIMITED| WWW.PERSEUSMINING.COM

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CAPITAL STRUCTURE

	AUD	USD
ASX Share price per share1	1.04	0.72
Shares outstanding	1,167 m
Performance Rights	34.6 m
Market capitalisation	1,214 m	837 m
Less: Cash and Bullion2	114.9 m	80.6 m
Plus: Debt3	71.3 m	50.0 m
Enterprise value	1,170 m	806 m

Notes :

ASX:PRU share price as at 14 January 2020 and converted to AUD at a A$:US$ exchange rate of 0.69
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.
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)	7.50%
2	Van Eck Associates Corp	5.30%
3	Vinva Investment Management Ltd	4.90%
4	Ruffer LLP	4.40%
5	RDV Corporation	4.30%
6	Dimensional Fund Advisors LP	3.40%
7	Acadian Asset Management LLC	2.80%
8	The Vanguard Group, Inc	2.70%
9	Vanguard Investments Australia Ltd	2.00%
10	Konwave AG	2.00%
	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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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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PERSEUS GROUP

MINERAL RESOURCES AND ORE RESERVES as at 30 JUNE 2019

Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz PERSEUS GROUP MINERAL RESOURCES1,2,3 Project Measured Indicated	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz PERSEUS GROUP MINERAL RESOURCES1,2,3 Project Measured Indicated	Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz PERSEUS GROUP MINERAL RESOURCES1,2,3 Project Measured Indicated	Quantity Grade Gold Mt g/t gold koz Measured + Indicated
Project				Inferred
				Quantity	Grade	Gold
				Mt	g/t gold	koz
Edikan Sissingué4 Yaouré	35.1 1.17 1,326 6.4 1.7 347 - - -	42.4 1.03 1,405 2.0 2.0 130 47.9 1.37 2,110	77.5 1.10 2,730 8.4 1.8 477 47.9 1.37 2,110	6.1 1.22 237 0.4 1.7 19 46.0 1.1 1,694
Total	41.5 1.25 1,673	92.4 1.23 3,644	133.9 1.24 5,317	52.5 1.2 1,950
PERSEUS GROUP ORE RESERVES1,2,3				Notes: 1. Market Release Dated 28/08/19; updates Mineral Resources & Or 2. Measured and Indicated Mineral inclusive of Ore Reserves. 3. The Company holds 90% of Edika 86% of Sissingué Gold Mine (SGM Yaouré Gold Project (YGP) after a Government equity at mining sta 4. Includes combined Mineral Reso Reserves from both the Sissingué deposits
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
Edikan Sissingué4 Yaouré	16.0 1.02 525 3.4 2.1 237 - - -	21.4 1.26 865 1.2 2.3 144 27.3 1.78 1,560	37.4 1.16 1,390 4.6 2.2 321 27.3 1.78 1,560
Total	19.4 1.22 762	49.8 1.57 2,509	69.3 1.47 3,271

Market Release Dated 28/08/19; Perseus Mining updates Mineral Resources & Ore Reserves 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

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EDIKAN

MINERAL RESOURCE ESTIMATE

Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Measured EDIKAN MINERAL RESOURCES8,9,10 as at 30 JUNE 2019	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Measured EDIKAN MINERAL RESOURCES8,9,10 as at 30 JUNE 2019	Deposit Quantity Grade Gold Mt g/t gold koz Deposit Type Measured EDIKAN MINERAL RESOURCES8,9,10 as at 30 JUNE 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 Gap1,2,3 Fobinso1,2,3 Esuajah North2,3,4 Fetish1,2,3,5 Bokitsi South1,2,3	Open Pit Open Pit Open Pit Open Pit Open Pit	7.8 1.00 253 0.8 1.12 28 4.7 0.81 123 6.2 1.02 205 0.7 2.70 65	11.1 0.95 338 3.5 0.97 109 6.5 0.76 159 10.7 0.95 328 0.6 2.26 42	19.0 0.97 591 4.3 0.99 137 11.2 0.78 282 16.9 0.98 533 1.3 2.51 107	0.1 1.04 4 0.4 0.95 11 <0.1 0.96 1 0.4 0.87 10 0.5 1.16 19
Sub-Total	Open Pit	20.3 1.03 674	32.4 0.94 977	52.7 0.97 1,651
Esuajah South6 Heap Leach2,7 Stockpiles	U/ground Stockpile Stockpile	8.5 1.9 528 - - - 6.3 0.62 124	6.3 1.7 351 3.7 0.6 77 - - -	14.8 1.8 879 3.7 0.6 77 6.3 0.62 124	4.7 1.3 192 - - - - - -
Total		35.1 1.17 1,326	42.4 1.03 1,405	77.5 1.10 2,730	6.1 1.22 237

Notes:

Based on January 2017 Mineral Resource models constrained to US$1,800/oz pit shells. 2. Depleted to 30 June 2019 mining surfaces.
0.4g/t gold cut-off grade applied.
Based on June 2019 Mineral Resource model constrained to US$1,800/oz pit shell.

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Includes Bokitsi North lode.
0.7g/t gold cut-off grade applied.
At zero cut-off grade.
All Mineral Resources are current as at 30 June 2019. 9. Mineral Resources are inclusive of Ore Reserves.
Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.

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EDIKAN

ORE RESERVE ESTIMATE

EDIKAN ORE RESERVES3,6,7 as at 30 JUNE 2019	EDIKAN ORE RESERVES3,6,7 as at 30 JUNE 2019	EDIKAN ORE RESERVES3,6,7 as at 30 JUNE 2019
	Quantity Grade Gold Mt g/t gold koz Deposit Type Proved		Quantity Grade Gold Quantity Grade Gold Mt g/t gold koz Mt g/t gold koz Probable Proved + Probable
Deposit
AF Gap1,4 Fobinso1,4,8 EsuajahNorth1,4 Fetish1,4 Bokitsi South1,4	Open Pit Open Pit Open Pit Open Pit Open Pit	4.0 1.21 154 - - - 1.2 1.00 40 3.9 1.18 147 0.6 2.86 60	4.4 1.24 174 - - - 1.8 0.93 54 6.3 1.08 217 0.4 2.44 30	8.3 1.23 329 - - - 3.0 0.96 94 10.1 1.12 364 1.0 2.71 90
Sub-total	Open Pit	9.7 1.28 401	12.8 1.15 476	22.5 1.21 876
Esuajah South Heap Leach⁵ ROM Stockpiles²	UG Stockpile Stockpile	6.3 0.62 124	4.9 1.99 312 3.7 0.6 77	4.9 1.99 312 3.7 0.6 77 6.3 0.62 124
Total		16.0 1.02 525	21.4 1.26 865	37.4 1.16 1,390

Notes:

Based on June 2019 Mineral Resource estimate which is depleted to 30th June 2019.

Based on stockpile balance as at 30th June 2019.

All Ore Reserves current as at 30th June 2019.

Variable gold grade cut-off based on recovery of each material type in each deposit: Oxide 0.40 – 0.55 g/t, Transition 0.55 – 0.75 g/t and Fresh 0.50 – 0.60 g/t. 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.

Fobinso mining completed in August 2018.

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SISSINGUÉ MINERAL RESOURCE ESTIMATE

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:

Based on September 2018 Mineral Resource model constrained to US$1,800/oz pit shell.
Depleted to 30 June 2019 mining surface.
0.6g/t gold cut-off grade applied to in situ material.
Based on February 2017 Mineral Resource models constrained to US$1,800/oz pit shells.
0.8g/t gold cut-off grade applied.
All Mineral Resources current at 30 June 2019.
Mineral Resources are inclusive of Ore Reserves.
Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.
Fimbiasso East and West were previously called Bélé East and West respectively.

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SISSINGUÉ ORE RESERVE ESTIMATE

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:

Based on June 2019 Mineral Resource estimate depleted to 30th June 2019.
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.
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.
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.
Allows for mining depletion to 30th June 2019.
Ore Reserve current as at 30th June 2019.
Rounding of numbers to appropriate precisions may have resulted in apparent inconsistencies.
Fimbiasso East and West were previously called Bélé East and West respectively.

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YAOURÉ MINERAL RESOURCE ESTIMATE

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:

Based on June 2019 Mineral Resource estimate.
Depleted for previous mining.
0.4g/t gold cut-off grade applied to in situ open pit material.
In situ resources constrained to US$1,800/oz pit shell.
Heap leach resources stated at 0.0g/t gold cut-off; only heap components with average grade above 0.4g/t included.
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.

Indicated Mineral Resources are inclusive of Ore Reserves.
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

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:

Numbers are rounded and may not add up correctly in the table
All the estimates are on a dry tonne basis
Based on November 2018 Mineral Resource estimation
Variable gold cut-off grade based on material type
Inferred Mineral Resource is treated as mineralised waste
Heap Leach refers to decommissioned heap leach pads established by prior owners of Yaouré

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PERSEUS MINING LIMITED — Investor Presentation 2020

46513_rns_2020-02-02_b62946bf-5d45-4a21-a5d6-907a3e8a8dfc.pdf

Corporate Presentation