Mr. Jeff Quartermaine reports

PERSEUS SUCCESSFULLY COMPLETES PLACEMENT AND INSTITUTIONAL ENTITLEMENT OFFER TO FUND GROWTH

Perseus Mining Ltd. has successfully completed its placement and the institutional component of its one-for-10 pro rata accelerated non-renounceable entitlement offer (institutional entitlement offer) launched on Monday, June 20, 2016.

The placement and institutional entitlement offer closed on Wednesday, June 22, 2016, and received strong demand from both existing and new institutional shareholders, raising a total of approximately $94.3-million (Australian) at 50 Australian cents per new share.

The placement of approximately 122.3 million shares raised a total of approximately $61.2-million (Australian) and has allowed Perseus to introduce several new highly respected global institutions, which has broadened the depth and quality of the company's register.

The institutional entitlement offer raised approximately $33.1-million (Australian) and was strongly supported by existing institutional shareholders, who took up approximately 85 per cent of their entitlements.

New shares issued under the institutional entitlement offer and placement will rank equally with existing shares on issue and are expected to be allotted on Friday, July 1, 2016. Trading will commence on a normal settlement basis on the Australian Securities Exchange (ASX) on the same day.

Perseus's managing director and chief executive officer Jeff Quartermaine commented: "The recently completed placement and institutional entitlement offer, together with the announced Sissingue project finance facility (once finalized and credit approved) (1) provides Perseus with the financial capacity to transform from a company with a single producing gold mine in Ghana into a diversified West African-focused miner with two producing operations, a very high-quality development project in Yaoure gold project and further exploration potential.

"I am extremely delighted with the success of the equity raising, which was very strongly supported by investors from around the globe. We are particularly grateful for the support of our existing shareholders and also for the faith displayed by a number of new investors who have elected to come on board for what promises to be a very exciting journey as we deliver our promised growth strategy over the next few years."

(1) Refer to announcement on June 20, 2016, for further details on this project finance facility that Perseus is currently negotiating.

Retail entitlement offer

The retail component of the equity raising seeks to raise up to approximately $7.7-million (Australian) through a one-for-10 pro rata non-renounceable entitlement offer (retail entitlement offer) at 50 Australian cents per new share.

The retail entitlement offer will open on Monday, June 27, 2016, and close at 5 p.m. (Australian EST) on Friday, July 15, 2016.

Eligible retail shareholders with registered addresses in Australia or New Zealand on the record date of 9 p.m. (Australian EST) on Thursday, June 23, 2016, have the opportunity to invest in new shares at the offer price of 50 Australian cents. The terms and conditions under which eligible retail shareholders may apply are outlined in the retail offer booklet expected to be lodged and dispatched to eligible retail shareholders on Monday, June 27, 2016. In deciding whether or not to participate in the retail entitlement offer, eligible retail shareholders should read the retail offer booklet carefully.

The retail offer booklet, and the accompanying personalized entitlement and acceptance form will contain instructions on how to apply by the closing date of Friday, July 15, 2016.

Key dates for the retail entitlement offer are set out in the attached table.

Key event                                                                                           Date
                                                                                         (Australian EST)

Announcement of the results of the placement and institutional entitlement offer           June 23, 2016
Record date for determining eligible shareholders under the entitlement offer      9 p.m., June 23, 2016
Retail entitlement offer opens                                                             June 27, 2016
Retail offer booklet dispatched                                                            June 27, 2016
Settlement of new shares issued under the placement
and institutional entitlement offer                                                        June 30, 2016
Allotment and normal trading of new shares issued under the
placement and institutional entitlement offer                                               July 1, 2016
Retail entitlement offer closes                                                    5 p.m., July 15, 2016
Allotment of new shares issued under the retail entitlement offer                          July 25, 2016
Dispatch of holding statements and normal trading of new shares issued
under the retail entitlement offer                                                         July 26, 2016

Subject to the Australian Securities Exchange listing rules and the Australian Corporations Act 2001, the company, in consultation with the lead manager, reserves the right to vary the time table without prior notice, including by extending the closing date, closing the retail entitlement offer early, accepting late applications or by withdrawing the retail entitlement offer. There will be no trading of entitlements on ASX.

In the event that not all entitlements are taken up under the retail entitlement offer, Perseus reserves the right to place any such shortfall at its discretion within three months following completion of the equity raising.

Additional information

Additional information regarding the equity raising is contained in the investor presentation released on Monday, June 20, 2016.

Macquarie Capital (Australia) Ltd. is acting as lead manager and bookrunner to the equity raising. Arlington Group Asset Management Ltd. is acting as co-lead manager to the equity raising.