Mr. Jeff Quartermaine reports

PERSEUS MINING HALF YEAR RESULTS

Perseus Mining Ltd. has made material improvements across all key financial metrics including revenue, earnings before interest, taxes, depreciation and amortization, profit after tax, operating cash flow, and net cash position as disclosed in its interim financial report for the six months ended Dec. 31, 2023.

Highlights:

• Revenue increased to $489.0-million (U.S.), up 10 per cent on previous corresponding period (pcp);
• EBITDA, up 18 per cent to $280.5-million (U.S.) on pcp;
• Profit after tax increased to $164.7-million (U.S.), up 21 per cent on pcp;
• Operating cash flow increased to $211.2-million (U.S.), up 2 per cent on pcp;
• Total assets of $1.8-billion (U.S.);
• Net tangible assets of $1.3-billion (U.S.) or 94 U.S. cents per share;
• Net cash and bullion of $642-million (U.S.), zero debt with $300-million (U.S.) undrawn debt capacity and an additional $60-million (U.S.) in marketable shares;
• Interim dividend of 1.25 Australian cents per share declared, equating to 1.33-per-cent annual dividend yield;
• Perseus confirms market guidance for fiscal 2024 to 491,000 to 517,000 ounces at all-in sustaining cost of $1,000 (U.S.) to $1,100 (U.S.) per oz.

Perseus's executive chairman and chief executive officer, Jeff Quartermaine, said: "With gold production and all-in site costs achieving and outperforming market guidance, respectively, and strong performance across all key financial metrics, Perseus has continued to cement our position as a profitable mid-tier gold producer that consistently delivers or exceeds our targets.

"Our after-tax earnings of approximately $165-million (U.S.) for the six-month period is an excellent result as was our operating cash flow of $211-million (U.S.) for the period along with the increase in net tangible assets to $1.3-billion (U.S.), predominantly due to an increase in our cash balance.

"We finished the December, 2023, half-year with net cash and bullion on hand of $642-million (U.S.), which, in terms of funding capacity, does not include our $300-million (U.S.) undrawn debt capacity or the additional $60-million (U.S.) of marketable securities we hold. In addition, we have declared an interim dividend of 1.25 Australian cents per share as we return capital to our shareholders while maintaining a balanced capital structure and the ability to finance the enhancement of the quality of our asset portfolio through future growth."

Commentary

During the six months to Dec. 31, 2023, Perseus continued to deliver on its promises, maintaining its production levels and achieving its market guidance. Despite seeing an increase in overall costs due to expected inflationary pressures, Perseus has benefited from its strong hedging strategy and the improving gold price environment, which has seen the group's average sales price increase at a greater proportionate rate than its production costs.

Gold production for the group during the half-year totalled 261,577 ounces at an all-in site cost (including production costs, royalties and sustaining capital) of $979 (U.S.) per ounce. This result included: 134,379 ounces produced at Yaoure at an AISC of $805 (U.S.) per ounce; 28,551 ounces produced at Sissingue at an AISC of $1,719 (U.S.) per ounce; and 98,647 ounces of gold produced at Edikan at an AISC of $1,003 (U.S.) per ounce.

Gold sales by the group during the half-year totalled 251,091 ounces of gold at an average sales price of $1,951 (U.S.) per ounce. This result included: 132,688 ounces sold by Yaoure at a weighted-average sales price of $1,952 (U.S.) per ounce; 24,120 ounces sold by Sissingue at a weighted-average sales price of $2,007 (U.S.) per ounce; and 94,283 ounces sold by Edikan at an average sales price of $1,933 (U.S.) per ounce. During the six months, the group sold 4-per-cent-less gold at a price that was approximately 13 per cent higher than in the 2022 comparative period.

Fiscal 2024 outlook

Perseus expects to continue a positive trend of improved earnings and cash flow. Gold production and cost guidance for fiscal 2024 is set out herein.

We seek Safe Harbor.