Mr. Jeff Quartermaine of Perseus reports

PERSEUS MINING SELLS SHARES IN MONTAGE GOLD CORP

On Aug. 20, 2024, Perseus Mining Ltd. entered into an agreement with BMO Nesbitt Burns Inc., pursuant to which Perseus agreed to sell 33 million common shares in the capital of TSX Venture Exchange-listed gold explorer and aspiring developer Montage Gold Corp. to BMO at a price of $1.86 per common share. The Montage share sale was executed by way of a bought deal to realize net proceeds of $61.38-million ($45.0-million (U.S.)).

Perseus acquired the shares in Montage when it acquired Orca Gold Inc. in May, 2022. Orca's principal asset was a 70-per-cent interest in the Block 14 gold project (since renamed Meyas Sands gold project) in Sudan, and the shareholding in Montage was considered by Perseus to be non-core.

Immediately prior to entering into the Montage share sale, Perseus beneficially owned and had control and direction over 33 million common shares, representing approximately 9.6 per cent of the issued and outstanding common shares (based on 344,582,760 common shares outstanding as reported in the issuer's material change report dated Aug. 19, 2024). Upon closing of the Montage share sale, Perseus will no longer have beneficial ownership of, or control or direction over, any common shares.

The cash proceeds from the sale of the Montage shares will be used to further strengthen Perseus's balance sheet following the recent purchase by Perseus of a strategic stake in Australian Securities Exchange-listed Predictive Discovery Inc., the owner of the Bankan gold project located in Guinea, at a cost of approximately $86.0-million (Australian) ($57.9-million (U.S.)).

Perseus will file an early warning report with the Canadian securities regulators with respect to the Montage share sale pursuant to National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues), a copy of which will be available under the company's profile on SEDAR+. Alternatively, to obtain a copy of the early warning report, contact Stephen Forman at 61-484-036-681.

Perseus's chairman and chief executive officer, Jeff Quartermaine, said: "We are very pleased to have successfully completed the sale of the Montage shareholding at a price that will largely offset the cost of our recent acquisition of a strategic stake in Predictive's Bankan gold project in Guinea, which we believe is a potentially attractive gold development project."