Mr. Jeffrey Quartermaine reports

PERSEUS MINING UPDATES MINERAL RESOURCES & ORE RESERVES

Perseus Mining Ltd. has updated estimates of the mineral resources and mineral reserves at each of its West African operations. An executive summary is provided herein. Full details of the resource and reserve updates are included in the company's market release dated Aug. 29, 2018, which is available for download from the Perseus Mining website, the Australian Securities Exchange website and SEDAR.

                           MINERAL RESOURCES (1)
  
Project                Measured resources                Indicated resources
                Quantity       Grade      Gold    Quantity       Grade      Gold
                      mt    g/t gold    000 oz          mt    g/t gold    000 oz

Edikan              37.3        1.19     1,445        47.6        1.03     1,588
Sissingue (2)        4.2         2.0       265         8.5         1.6       437
Yaoure                 -           -         -        43.1        1.39     1,930
Total               41.5        1.28     1,710        99.2        1.24     3,955

Project                   M&I resources                  Inferred resources
                Quantity       Grade      Gold    Quantity       Grade      Gold
                      mt    g/t gold    000 oz          mt    g/t gold    000 oz

Edikan              84.9        1.10     3,025         6.8        1.25       267
Sissingue (2)       12.7         1.7       701         0.9         2.0        61
Yaoure              43.1        1.39     1,930        46.0         1.0     1,500
Total              140.7        1.25     5,656        53.7         1.1     1,830

Notes:
(1) Measured and indicated mineral resources are inclusive of mineral reserves.
(2) Includes combined mineral resources from both the Sissingue and Fimbiasso 
deposits.

                                 MINERAL RESERVES 
 
Project                                Proven                           Probable
                          Quantity       Grade     Gold    Quantity       Grade      Gold  
                                mt    g/t gold   000 oz          mt    g/t gold    000 oz  

Edikan (1)                    18.3        1.00      587        26.4        1.15       979  
Sissingue gold mine (1)        2.9         2.3      219         2.3         2.0       144  
Yaoure gold project (1)          -           -        -        26.8        1.76     1,518  
Total                         21.2        1.18      807        55.4        1.48     2,641  

Project                         Proven and probable
                          Quantity       Grade     Gold
                                mt    g/t gold   000 oz

Edikan (1)                    44.7        1.09    1,566
Sissingue gold mine (1)        5.2         2.2      363
Yaoure gold project (1)       26.8        1.76    1,518
Total                         76.6        1.40    3,447

Note:
(1) The company holds 90 per cent of Edikan gold mine 
(EGM), 86 per cent of Sissingue gold mine (SGM) and 
90 per cent of Yaoure gold project (YGP) after 
allowing for government equity at the mining stage.

Perseus's managing director and chief executive officer, Jeff Quartermaine, commented: "In the last 12 months, our mineral resource modelling at both Edikan and Sissingue has been proven to be robust with close reconciliation between contained metal forecast by our block models and metal indicated by grade control data at both mines. The demonstrated predictive reliability of our mineral resource models is providing a sound basis on which to plan our future.

"In this latest mineral resource estimate, we have constrained our resource models more tightly than before, using a more conservative gold price without changing the underlying integrity of the models. This resulted in a reduction in reported mineral resources across the group; however, the change has not materially altered our view of what metal is in the ground, nor our view of what amount of metal can be economically extracted as ore reserves. This change in reporting is consistent with industry standards and is aimed at continuously improving the transparency and reliability of our reporting as part of our transformation from a single mine company to a multimine, multijurisdictional operation.

"The changes to our ore reserves that have been reported today largely reflect depletion by mining at Edikan and Sissingue over the last 12 months. The Yaoure ore reserve has not changed from that estimated in preparing the definitive feasibility study for the Yaoure gold project, which is currently on track to become Perseus's third producing mine in late 2020/2021."

Competent person statement

Gary Brabham, FAusIMM, MAIG, has compiled and reviewed the consolidated information in this report concerning the mineral resources of the Edikan gold mine. Mr. Brabham is the group geologist for Perseus Mining and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity undertaken to qualify as a competent person as defined in the JORC (Joint Ore Reserves Committee) code 2012 and a qualified person as defined in National Instrument 43-101. Mr. Brabham consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report.

Paul Thompson, who is a fellow of the Australasian Institute of Mining and Metallurgy and is an employee of Perseus Mining, has compiled and reviewed the consolidated information on the ore reserves of the Edikan gold mine in this report. Mr. Thompson has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he has undertaken to qualify as a competent person as defined in the JORC code 2012 and a qualified person as defined in NI 43-101 and consents to the inclusion in this report of the matters based on this information in the form and context in which it appears and has approved the inclusion of technical and scientific information in this report. The company confirms that material assumptions underpinning the estimates of mineral resources and ore reserves described in "Technical Report -- Central Ashanti Gold Project, Ghana," dated May 30, 2011, continue to apply.

The information in this report that relates to mineral resources for Sissingue was first reported by the company in compliance with the JORC code 2012 and NI 43-101 in a market announcement released on Dec. 15, 2016. This report includes an update for depletion as at June 30, 2018, as well as an adjustment of the model constrained to a $1,800-(U.S.)-per-ounce pit shell. The information in this report that relates to mineral resources for Fimbiasso was first reported by the company in compliance with the JORC code 2012 and NI 43-101 in a market announcement released on Feb. 20, 2017. This report includes an adjustment of the model constrained to a $1,800-(U.S.)-per-ounce pit shell.

The information in this report that relates to ore reserves for Sissingue and Fimbiasso was first reported by the company in compliance with the JORC code 2012 and NI 43-101 in a market announcement released on March 30, 2017. This report includes an update for depletion as at June 30, 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 -- Sissingue Gold Project, Cote d'Ivoire," dated May 29, 2015, continue to apply.

The information in this report in relation to Yaoure mineral resource and ore reserve estimates was first reported by the company in compliance with the JORC code 2012 and NI 43-101 in a market announcement on Nov. 2, 2017. 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 -- Yaoure Gold Project, Cote d'Ivoire," dated Dec. 18, 2017, continue to apply.

We seek Safe Harbor.