Mr. Jeff Quartermaine reports

PERSEUS MINING COMPLETES SCOPING STUDY FOR POTENTIAL UNDERGROUND MINE AT YAOURE

Perseus Mining Ltd. has completed a scoping study for a potential underground mine at Yaoure. An executive summary of the associated release is provided below. Further details of the resource and study are included in the company's market release dated Nov. 5, 2018, which is available for download from the company's website and SEDAR.

Key points:

• In November, 2017, Perseus completed a strongly positive definitive feasibility study for an 8.5-year open-pit mining operation at Yaoure.
• A preliminary inferred mineral resource has been estimated for a potential underground mining operation at Yaoure (to supplement the open-pit operation) that totals 3.0 million tonnes, grading 6.2 grams per tonne gold and containing 595,000 ounces of gold.
• Mineral resources for a potential underground mining operation remain open along strike and at depth.
• A scoping study for a potential underground mining operation indicates that:
  • Inferred mineral resources are amenable to extraction using mechanized underground room and pillar mining methods.
  • Underground access from Yaoure's CMA open-pit combined with the selected mining method significantly reduces the capital development requirements.
  • There are no known impediments to future underground development.
  • Further mineral resource drilling and technical studies are required to enable ore reserve definition.

Managing director Jeff Quartermaine commented: "The results of the Yaoure underground mining scoping study announced today highlight one further avenue for Perseus to expand its already technically feasible and financially attractive Yaoure gold project. When this potential is combined with the existing mineral resources and ore reserves that are scheduled to be mined using open cut mining methods, the Yaoure gold project, which on current estimates is expected to start producing gold from open-pit operations in December, 2020, should form a major portion of Perseus's business in Cote d'Ivoire for many years to come."

Cautionary statement

The scoping study referred to in this report is based on low-level technical and economic assessments and is insufficient to support estimation of ore reserves or to provide assurance of an economic development case at this stage, or to provide certainty that the conclusions of the scoping study will be realized.

The information in this report that relates to mineral resources is based on information compiled by Gary Brabham, a competent person who is a member of the Australian Institute of Geoscientists and a fellow of the Australasian Institute of Mining and Metallurgy.

Mr. Brabham is the group geologist for Perseus Mining and has sufficient experience that is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 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 his information in the form and context in which it appears.

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