Mr. Jeff Quartermaine reports

PERSEUS ACQUIRES 15% INTEREST IN ORECORP LIMITED

Perseus Mining Ltd. has acquired a relevant interest of 15.03 per cent in OreCorp Ltd. shares as a strategic equity investment.

OreCorp is an emerging mineral development company listed on the Australian Securities Exchange under the code ORR. OreCorp's key project is the Nyanzaga gold project, a predevelopment project located in northwest Tanzania with a reported probable ore reserve of 40.08 million tonnes of 2.02 grams per tonne gold for 2.60 million ounces of gold (1).

Perseus is not currently in active discussions with OreCorp and does not intend to submit a change of control transaction in competition to the current scheme that Silvercorp Metals Inc. has offered to OreCorp shareholders (initially announced to the Australian Securities Exchange on Aug. 7, 2023, and subsequently revised on Nov. 23, 2023). Perseus would, however, welcome the opportunity to engage with OreCorp to determine an optimal and expedited pathway forward for the development of the Nyanzaga gold project.

Perseus intends to vote against the Silvercorp scheme at the OreCorp scheme meeting, which is scheduled for Friday, Dec. 8, 2023.

Further details of the OreCorp share acquisition will be set out in the Form 603 (Notice of Initial Substantial Holder) to be lodged on the ASX platform.

Perseus's executive chairman, Jeff Quartermaine, said: "Perseus continues to assess and, where considered commercially appropriate, deploy its reserves of cash, bullion and undrawn debt facilities totalling approximately $900-million (U.S.) to pursue opportunities that complement its existing asset portfolio and our organic growth program. Acquiring the 15.03-per-cent interest in OreCorp via this share acquisition is a strategic investment for Perseus. It provides an investment in an attractive African gold project located in a jurisdiction that has a long and successful history of gold mining. Perseus has the ability, should the opportunity arise, to deploy its engineering, development and operating expertise and balance sheet to meaningfully contribute to the successful development and operation of this project."

(1) OreCorp ASX announcement dated Aug. 22, 2022, "Nyanzaga DFS Delivers Robust Results."