Mr. Jeff Quartermaine reports

PERSEUS EXTENDS LIFE OF YAOURE GOLD MINE TO 2035

Perseus Mining Ltd. has provided an updated life-of-mine plan (LOMP) for its Yaoure gold mine in Ivory Coast, West Africa.

Highlights:

• Perseus has extended Yaoure's operational life to 12-plus years (to at least 2035), with potential for further extension through additional discoveries adjacent to existing infrastructure and further resource definition drilling of known deposits, including the Yaoure open pit and CMA underground structure.
• Yaoure's updated LOMP incorporates for the first time a UG mining operation below the CMA open pit, as well as the existing CMA open pit and an expanded Yaoure open pit.
• Yaoure gold mine ore reserves total 37.2 million tonnes of ore grading 1.73 grams per tonne gold, containing 2.07 million ounces of gold from open pits and underground.
• Updated measured and indicated mineral resources are estimated at 54.7 million tonnes grading 1.59 g/t gold, containing 2.80 million ounces of gold. Inferred resources are estimated at 11.3 million tonnes, grading 1.9 g/t gold, containing 700,000 ounces of gold.
• CMA UG ore reserves are based on drilling to 185 metres below the base of the CMA open pit, with inferred mineral resources extending to 350 metres below the base of the pit and remaining open down plunge and at depth.
• Key limits arose from the revised LOMP for Yaoure gold mine.

Perseus's managing director and chief executive officer, Jeff Quartermaine, said: "Our increase to the life of Yaoure gold mine to 12-plus years announced today ensures Yaoure will continue to be an important part of Perseus's geopolitically diverse asset portfolio for many years to come, and will enable us to continue delivering on our corporate mission of generating material benefits for all of our stakeholders, including our host governments and communities.

"When Perseus acquired Yaoure as a development project in 2016, the possibility of extending the life of the mine through development of an underground operation was not part of the plan. However, our discovery, and subsequent engineering and planning, that has led to today's announcement, bears testament to Perseus's in-house ability to create significant value through organic growth.

"An underground mine planned for Yaoure will be Perseus's first foray into underground mining, with all previous operations having been open-cut operations. While the underground mine represents a new style of mining and a new challenge for us as a company, it is certainly not new to many of our technical team members, who are very keen to demonstrate their skills in an underground mining setting.

"With the prospect of further extending the mine life through further exploration success, we expect that the Yaoure mine will live up to its reputation as one of the leading mines in Cote d'Ivoire, if not in all of West Africa."

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 Joint Ore Reserves Committee Code.

The current mineral resources and ore reserves for the Yaoure gold mine have most recently been reported by the company in a market announcement released on Aug. 23, 2023. The company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release, continue to apply and have not materially changed. The company further confirms that material assumptions underpinning the estimates of ore reserves described in "Technical Report -- Yaoure Gold Project, Cote d'Ivoire," dated Dec. 13, 2017, continue to apply.

We seek Safe Harbor.