Mr. Jeff Quartermaine reports

PERSEUS DELIVERS RECORD FINANCIAL PERFORMANCE

Perseus Mining Ltd. has released its annual report for the financial year ended June 30, 2023, which combines Perseus's annual financial report and sustainable development report for the first time. The report is available on the Perseus website, the Australian Securities Exchange website and SEDAR+.

Highlights

Financial performance:

• Revenue of $1,426-million (up 27 per cent), EBITDA (earnings before interest, taxes, depreciation and amortization) of $821.3-million (up 46 per cent) and profit before tax of $568.8-million (up 103 per cent);
• Basic earnings per share of 31.27 cents per share (up 67 per cent);
• Net cash inflows from operating activities of $648.3-million (up 24 per cent) or 47.44 cents per share;
• Net tangible assets of $1,675-million or $1.22 per share per share including $728.9-million of cash;
• Final dividend of 2.48 cents per share including a bonus dividend of 1.77 cents per share, for fiscal 2023 total dividend of 3.54 cents per share or 2.0-per-cent yield;
• Future cash flows underwritten by price hedging for 24 per cent of forecast gold production for next three years averaging $2,008 (U.S.) per ounce.

Sustainabilty performance:

• Total economic contribution of approximately $537-million (U.S.) to its host countries of Ghana, Ivory Coast and Sudan;
• Stable group rolling 12-month total recordable injury frequency rate (TRIFR) of 1.3;
• 95-per-cent local employment and 79-per-cent local procurement;
• Zero significant environmental or community events recorded;
• Reduced emission intensity for second consecutive year.

Perseus's managing director and chief executive officer, Jeff Quartermaine, said: "Record financial results for fiscal 2023 reflect our continued strong operating performance at all levels of our business. Combined, our three West African gold mines are producing above our targeted rate of production with 535,281 ounces of gold produced in fiscal 2023, at a weighted-average all-in site cost of $959 (U.S.) per ounce, a cost that is very competitive when compared to most of our global peers.

"Our strong financial results have enabled us to add a bonus dividend to our final dividend for fiscal 2023, bringing our full-year dividend yield to 2 per cent, without materially detracting from our balance sheet or, importantly, our ability to fund future growth. Since our maiden dividend distribution in August, 2021, Perseus has returned nearly $100-million to its shareholders via dividends, and we have done this while investing record amounts of money in the economies of our host countries and host communities and paying bonuses to our local and expatriate employees, who have delivered these outstanding results. In other words, we are delivering on our corporate mission of generating material benefits for all of our key stakeholders in fair and equitable proportions, and we look forward to continuing this in the years to come."

Final dividend

The directors have declared a final unfranked dividend of 2.48 cents per share (approximately $33.9-million) including a bonus dividend of 1.77 cents per share. Together with the interim dividend of 1.06 cents per share declared in February, 2023, this brings the total dividend declared by Perseus in fiscal 2023 to 3.54 cents per share, which equates to an annual dividend yield of 2 per cent.

Shares will go ex dividend on Sept. 12, 2023, and the record date will be Sept. 13, 2023. Dividends will be paid to shareholders on Oct. 12, 2023, and are unfranked and declared as conduit foreign income (CFI).

Outlook for balance of 2023

Gold production and cost guidance for the December, 2023, half-year remains unchanged from that previously reported to the market.

At the midpoint of the September, 2023, quarter, Perseus is on track to comfortably perform within guided gold production and all-in site cost ranges.

Fiscal 2023 sustainabilIty report performance

Through another year of excellent performance, Perseus increased investment in its host communities and focused on delivering a lasting and positive impact for the broader stakeholder community. It remains dedicated to the health and safety of its employees and contractors, with a particular focus on creating a safety culture centred around critical control management, visible leadership, care and accountability, and meaningful safety interactions. The rollout of phase 2 of a safely home every day program will also be a priority for fiscal 2024.

In fiscal 2024, Perseus will also focus on refreshing its sustainability strategy and will conduct a comprehensive review of its materiality analysis to update material sustainability topics and ratings. Perseus will continue to strengthen its governance framework by implementing a revised human rights policy with a key focus on supplier due diligence programs and by finalizing and implementing a new social performance policy and standard. From an environmental point of view, Perseus intends to consolidate its water-related risk management system and will review its high-level decarbonization plans and timelines, as well as submit its first response to the CDP climate change questionnaire. Perseus's strategy will continue to be underpinned by progressively extended third party limited assurance on sustainability data to ensure its transparency and reliability.

We seek Safe Harbor.