Mr. Jeff Quartermaine reports

MEYAS SAND GOLD PROJECT UPDATE

Perseus Mining Ltd. owns 70 per cent of the Meyas Sand gold project (MSGP), located in northern Sudan, approximately 75 kilometres south of the border with Egypt and nearly 900 kilometres north of Sudan's capital city, Khartoum.

In late April, 2023, following an escalation of armed conflict largely in and around Khartoum between the Sudanese Armed Forces (SAF) and an influential militia group, the Rapid Support Force (RSF), Perseus withdrew most of its employees from the MSGP site pending a resolution of the conflict.

Perseus has been actively monitoring the situation in Sudan, along with a team of international security specialists. The safety of all of Perseus's staff is the No. 1 priority in this situation, and Perseus has a range of measures in place to appropriately respond to any change in circumstances.

Although hostilities between the combatants continue in certain parts of Sudan, the area in which MSGP is located has not been the scene of conflict, and in fact, there have been no reported incidents in an area of approximately 250,000 square kilometres around the site.

As a consequence, Perseus has allowed its employees and contractors to return to the MSGP site and preliminary site works and confirmatory drilling activities are due to recommence by month-end. The MSGP site will be secured by a security force led by Perseus's in-house security personnel, and include representatives of the Sudanese mining police, a body that operates under the control of the Ministry for Minerals, as well as representatives of host communities. Perseus's office in Khartoum that was established to service the MSGP remains closed with alternative arrangements in place to service the MSGP site.

Perseus's board of directors was scheduled to make a final investment decision on the Meyas Sand gold project in the second half of 2023; however, this decision has been deferred for the foreseeable future.

Perseus's managing director and chief executive officer, Jeff Quartermaine, said: "Our decision to temporarily withdraw our people from the Meyas Sand gold project site in April was taken with their safety and security in mind. With further assessment of the situation, it appears that the perceived immediate threat has abated, and we are comfortable with the prospects of returning to work at the Meyas Sand site without undue risk. We are, however, closely monitoring the situation, and remain prepared and equipped to act if necessary.

"Its Sudanese exploration and predevelopment assets currently comprise a relatively small part of its asset portfolio, and the recent events in Sudan have had no impact on gold production activities that take place in West Africa, specifically Ghana and Ivory Coast and currently deliver more than 500,000 ounces of gold per year at an all-in sustaining cost of less than $1,000 (U.S.) per ounce.

"In the first two months of the June, 2023, quarter, Perseus's operations have continued to perform strongly, strengthening its balance sheet and placing the company in a position to continue prudently our business and deliver material benefits to all of our stakeholders."

We seek Safe Harbor.