Mr. Jeff Quartermaine reports

PERSEUS MINING ANNOUNCES OPEN PIT AND UNDERGROUND ORE RESERVE GROWTH AT YAOURE

Perseus Mining Ltd. has increased CMA underground ore reserves beneath the existing CMA open pit, at its Yaoure gold mine in Ivory Coast, which had been 2.7 million tonnes (Mt) at 3.46 g/t (grams per tonne) for 300,000 oz. The total CMA underground ore reserve is now estimated by Perseus to be 4.9 Mt at 3.51 g/t for 559,000 oz. The CMA orebody remains open down plunge and down dip below the current indicated mineral resource, and further extensions to the CMA underground Ore reserves are expected with future drilling during fiscal 24.

Feasibility level studies on the CMA deposit at Yaoure (approximately 400 metres down dip from the base of the open pit) have confirmed the economic and technical viability of underground mining. resource definition drilling during fiscal 23 has added mineral resources and ore reserves down dip of the CMA underground prefeasibility study (PFS) ore reserves and readers are referred to ASX (Australian Securities Exchange) release "Perseus updates mineral resource and ore reserve estimates" dated Aug. 28, 2022, for additional details on the CMA underground PFS.

More widely spaced drilling below the CMA underground ore reserve has shown that mineralization extends deeper allowing an extension to inferred mineral resources at depth. Extension of inferred mineral resources and continued drilling success down dip, provides strong encouragement for further expansion of the CMA underground.

As well as growth to ore reserves for the CMA underground, a drill campaign of 22,084 metres during fiscal 23 at the adjacent Yaoure open pit has resulted in 6.9 Mt at 1.82 g/t for 403,000 oz of additional Yaoure open pit Ore reserves (separate to the CMA open pit). Yaoure open pit ore reserves now total 11.8 Mt at 1.49 g/t for 565,000 oz. The increase to Yaoure open pit ore reserves is based upon conversion of inferred mineral resources immediately beneath the existing Yaoure open pit to indicated mineral resources.

CMA underground and Yaoure open pit ore reserve increases are in addition to the existing ore reserves, adding additional value and mine life to the Yaoure gold mine. The CMA underground feasibility study (FS) and the Yaoure open pit expansion will be released in Perseus's upcoming Yaoure gold mine life of mine (LOM) plan.

Highlights

• Indicated mineral resources at CMA underground have increased by 439,000 oz to 7.3 Mt at 4.17 g/t for 976,000 oz of contained gold, and inferred mineral resources are estimated at 4.4 Mt at 3.4 g/t gold containing 485,000 oz of gold.
• Underground probable ore reserves estimated to date total 4.9 Mt of ore grading 3.51 g/t gold and containing 559,000 oz of gold, which is an increase for fiscal 2023 of 2.7 Mt at 3.46 g/t gold containing 300,000 oz of gold.
• Yaoure open pit indicated mineral resources have increased by 300,000 oz to 19.2 Mt at 1.27 g/t for 784,000 oz of contained gold, and inferred mineral resources are estimated at 3.0 Mt at 1.3 g/t gold containing 124,000 oz of gold.
• Yaoure open pit probable ore reserves have increased in fiscal 2023 by 6.9 Mt at 1.82 g/t for 403,000 oz of gold, for a total of 11.8 Mt at 1.49 g/t gold containing 565,000 oz of gold.
• Yaoure gold mine ore reserve increases at the CMA underground and the Yaoure open pit will extend the Yaoure life of mine (LOM) and all ore reserve additions are inside the mine fence and adjacent to the Yaoure processing facility. Perseus will prepare an updated LOM plan for the Yaoure gold mine during the September, 2023, quarter.

Perseus's managing director and chief executive officer, Jeff Quartermaine, said:

"Since pouring first gold at Yaoure, this mine has repeatedly exceeded ourexpectations on almost every measure and made a very significant contribution to the success of our company. The discovery of extensions to the CMA orebody at depth and confirmation that these mineral resources can be economically developed is further evidence that not only is the Yaoure gold mine an outstandingly good operation, but that it will also continue to contribute benefits to all of our stakeholders, well beyond our initial estimates.

"The results that have been announced today are associated with the first 400 metres down dip from the base of the CMA open pit. Three dimensional seismic surveys have confirmed that the CMA and associated structures continue at depth for a much greater distance underground and it will require further drilling to confirm that these structures are mineralized with economically mineable grades at depth. However, based on what we have seen to date, we are optimistic that once established, the underground operation at Yaoure will continue for many years into the future.

"The Yaoure underground mine is Perseus's first foray into underground mining, with all previous operations having been open cut operations. While this represents a new style of mining and a new challenge for us as a company, it is certainly not new to many of the technical staff that are currently employed by Perseus who are very keen to demonstrate their skills in an underground mining setting. This depth of talent within our existing ranks gives us every confidence that the Yaoure underground operation, when it commences, will be every bit as successful as the open pit operation that has preceded it."