Mr. Jeff Quartermaine reports

PERSEUS MINING DECEMBER 2023 QUARTER REPORT

Perseus Mining Ltd. has provided a report on its activities for the three-month period ended Dec. 31, 2023.

Key operating indicators and highlights for the December, 2023, quarter are found herein.

• Gold production of 128,773 ounces in the December, 2023, quarter, giving December half-year and 2023 calendar year production of 261,577 ounces and 528,486 ounces, respectively;
• December, 2023, quarter weighted-average all-in sustaining cost of $1,023 (U.S.) per ounce resulting in December half-year and 2023 calendar year AISC of $979 (U.S.) per ounce and $984 (U.S.) per ounce, respectively;
• Gold production in the December half-year and 2023 calendar year both in the upper half of guided production ranges while AISC was below the bottom end of guided cost ranges in the same periods;
• Quarterly gold sales increased to 135,137 ounces; average quarterly gold sale price increased to $1,963 (U.S.) per ounce;
• Average quarterly cash margin of $940 (U.S.) per ounce of gold resulted in notional operating cash flow of $122-million (U.S.) in the quarter and $492-million (U.S.) for the 2023 calendar year, $90-million (U.S.) or 22 per cent more than 2022 calendar year;
• Strong operating performance expected to continue in the June, 2024, half-year. Gold production guided at 226,000 to 254,000 ounces at AISC of $1,180 (U.S.) to $1,340 (U.S.) per ounce for the period, which would result in 491,000 to 517,000 ounces at an AISC of $1,000 (U.S.) to $1,100 (U.S.) per ounce for the financial year ending June 30, 2024;
• Organic growth activities included completion of a definitive feasibility study for the CMA underground development at Yaoure, as well as various brownfield exploration programs to expand mineral resource inventories at its operating mines:
  • Available cash and bullion balance of $642-million (U.S.), as well as $60-million (U.S.) of listed securities, at quarter-end; zero debt and $300-million (U.S.) of undrawn debt capacity available;
  • Group 12-month rolling average total recordable incident frequency rate at 0.89, down from 1.07 in the September, 2023, quarter.

We seek Safe Harbor.