Mr. Jeff Quartermaine reports

PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVES

Perseus Mining Ltd. has updated the estimates of the mineral resources and ore reserves at each of its West African operations as summarized below.

Highlights:

• Perseus Mining has delivered another year of positive growth from resource definition drilling and studies, leading to an increase to the measured and indicated (M&I) mineral resource, and increase to proved and probable ore reserves, ensuring the long-term sustainability of the group's production profile.
• The group's total M&I mineral resources at June 30, 2023, are estimated to be 122.8 million tonnes grading 1.31 grams per tonne gold, containing 5.2 million ounces of gold, compared with the estimate of June 30, 2022, of 132.9 Mt grading at 1.19 g/t Au for 5.1 Moz of gold.
• Group proved and probable ore reserves are now estimated at 73.8 Mt at 1.45 g/t gold for 3.4 Moz, compared with the estimate of June 30, 2022, of 72.5 Mt grading at 1.39 g/t Au for 3.3 Moz ounces of gold; this is an increase after depletion of plus 192,000 oz (plus 6-per-cent addition) via organic growth during the past 12 months.
• At Yaoure gold mine, the completion of an underground feasibility study, combined with underground and open-pit resource definition drilling and studies, has converted inferred mineral resources to indicated and increased Yaoure ore reserves by 5.5 Mt grading 2.31 g/t for 410 koz of gold after depletion, for a total of 37.2 Mt at 1.73 g/t containing 2.1 Moz, which will significantly increase mine life.
• Underground probable ore reserves estimated to date total 4.9 Mt of ore grading 3.51 g/t gold and containing 559 koz of gold, which is an increase for fiscal year 2023 of 2.7 Mt at 3.46 g/t gold containing 300 koz of gold.
• Yaoure open-pit probable ore reserves have increased in fiscal 2023 by 6.9 Mt at 1.82 g/t for 403 koz of gold, for a total of 11.8 Mt at 1.49 g/t gold containing 565 koz of gold.