Mr. Jeff Quartermaine reports

PERSEUS MINING MARCH QUARTERLY REPORT

Perseus Mining Ltd. has released a report of its activities for the three-month period ended March 31, 2024.

Key operating indicators and highlights for the March, 2024, quarter include:

• Gold production of 127,471 ounces in the March, 2024, quarter, with financial year-to-date gold production of 389,048 ounces;
• March, 2024, quarter weighted-average all-in sustained cost of $1,091 (U.S.) per ounce, slightly above the prior quarter, as foreshadowed last quarter;
• Perseus's strong operating performance is expected to continue for the rest of the June, 2024, half-year with gold production and AISC guidance unchanged at 226,000 to 254,000 ounces at an AISC of $1,180 (U.S.) to $1,340 (U.S.);
• Average gold sales price increased 3 per cent quarter on quarter to $2,025 (U.S.) per ounce, while the quantity of gold sold reduced to 115,648 ounces due to the timing of gold shipments and sales;
• Average quarterly cash margin of $934 (U.S.) per ounce of gold resulted in notional operating cash flow of $119-million (U.S.) in the quarter or $373-million (U.S.) for the nine-month period to March 31, 2024;
• Available cash and bullion balance of $702-million (U.S.), plus $74-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 injury frequency rate at 1.02, slightly up from 0.89 in the December, 2023, quarter;
• A co-operation agreement was signed with Ajlan & Bros Mining & Metals Company, the mining division of a Kingdom of Saudi Arabia-based investment conglomerate company, Ajlan & Bros., to investigate exploration and development opportunities on the Nubian and Arabian Shield regions;
• Perseus's takeover offer for OreCorp Ltd. advanced materially during the quarter with the OreCorp board endorsing the offer; subsequent to quarter-end, Perseus's ownership of OreCorp advanced beyond 90 per cent, enabling compulsory acquisition of outstanding shares to begin.

Group gold production and cost market guidance

Forecast group gold production and AISC for the June, 2024, half-year and full 2024 financial year are shown herein. This guidance is unchanged from what was previously provided to the market.

Competent person statement

All production targets referred to in this release 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.

Edikan

The information in this release that relates to the open-pit and underground mineral resources and ore reserve at Edikan was updated by the company in a market announcement "Perseus Mining Updates Mineral Resources and Ore Reserves" released on Aug. 24, 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 -- Edikan Gold Mine, Ghana," dated April 7, 2022, continue to apply.

Sissingue, Fimbiasso and Bagoe

The information in this release that relates to the mineral resources and ore reserve at the Sissingue complex was updated by the company in a market announcement "Perseus Mining Updates Mineral Resources and Ore Reserves" released on Aug. 24, 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 -- Sissingue Gold Project, Cote d'Ivoire," dated May 29, 2015, continue to apply.

Yaoure

The information in this release that relates to the open-pit and underground mineral resources and ore reserve at Yaoure was updated by the company in a market announcement "Perseus Mining Announces Open Pit and Underground Ore Reserve Update at Yaoure" 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. 19, 2023, continue to apply.

Meyas Sand gold project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand gold project was first reported by the company in a market announcement "Perseus Enters Into Agreement to Acquire Orca Gold Inc." released on Feb. 28, 2022. The company confirms it is not in possession of any new information or data relating to those estimates that materially impact the reliability of the estimate of the company's ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and has not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code, and it is uncertain that, following evaluation and/or further exploration work, the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca's NI 43-101 have been reviewed and approved by Adrian Ralph, a qualified person for the purposes of NI 43-101.

We seek Safe Harbor.