Mr. Jeff Quartermaine reports

PERSEUS JUNE QUARTER REPORT

Perseus Mining Ltd. has provided an update on its activities for the three-months period ended June 30, 2023.

Key operating highlights for the June, 2023, quarter, the June, 2023, half year and the full 2023 financial year are shown in the attached table.

• Quarterly gold production of 136,634 ounces at AISC of US$1,007 per ounce and cash margin of US$926 per ounce.
• Gold production and AISC significantly outperformed market production and cost guidance for June 2023 Half Year and 2023 Financial Year.
• Quarterly gold sales of 140,533 ounces , up 4% (+5,422 ounces) from the March 2023 quarter.
• Average sale price of gold was US$1,933 per ounce, up 6% (+US$112 per ounce) from the March 2023 quarter.
• Average cash margin of US$926 per ounce of gold sold up 9% (+US$76 per ounce) from the March 2023 quarter.
• Notional cashflow of US$127 million during the quarter, up 14% (+US$16 million) from the March 2023 quarter.
• Group rolling 12-month TRIFR remained stable at 1.20.
• Strong quarterly cashflows further strengthened Perseus's financial position with available cash and bullion of US$ 522 million with zero debt.
• Net cash and bullion balance increased US$ 51 million from the March 2023 quarter.
• Organic growth activities including Mineral Resource drill outs and feasibility studies at Yaoure's CMA Underground Project progressed on schedule. Results due in the September 2023 quarter.
• Perseus's total economic contribution to its host countriesof Ghana, Cote d'Ivoire and Sudan was ~US$158 million (approximately 58% of revenue) during the quarter.
• Pre-development activities at Meyas Sand Gold Project (MSGP) in Sudan suspended due to security concerns, with FID originally planned for the December 2023 Half Year now deferred.

Group Gold Production and Cost Market Guidance

Group gold production and AISCs for the December 2023 Half Year and the 2023 Calendar Year are as shown below in Table 10.

Competent Person Statement

All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

We seek Safe Harbor.