Mr. Jeff Quartermaine reports

PERSEUS MINING PROCEEDS WITH DEVELOPMENT OF NYANZAGA GOLD PROJECT

A final investment decision has been taken by Perseus Mining Ltd. to develop the Nyanzaga gold project in Tanzania, following an update of the NGP feasibility study.

Perseus has committed to invest approximately $523-million (U.S.) (including contingency) to develop and prepare for the operation of the mine that is expected to produce first gold in first quarter 2027. The NGP development will be solely financed through interest-free intercompany loans provided by Perseus from its existing cash and bullion balance of $801-million (U.S.) as of March 31, 2025.

In anticipation of an affirmative FID, Perseus has spent approximately $27.5-million (U.S.) to date to build project team capacity and commence early works that include site establishment, installation of temporary construction accommodation, and bulk earthworks, as well as implementing the relocation action plan to construct new dwellings for people impacted by future construction and operating activities.

The updated FS incorporates findings and recommendations from a range of comprehensive technical assessments made by Perseus's technical team. Notably, Perseus has opted for a large-scale, wholly open-pit mining operation, for the first phase of development, in preference to a smaller scale, combined open-pit/underground option contemplated by the previous owners. Key metrics associated with the NGP include the following.

Production and cost metrics (100-per-cent basis):

• Total gold production over an 11-year phase 1 mine life is currently estimated to be 2.01 million ounces based on a Joint Ore Reserves Committee 2012 probable ore reserve of 52.0 million tonnes of 1.40 grams per tonne gold for 2.3 million ounces.
• Gold production averages over 200,000 ounces of gold per annum from fiscal 2028 to fiscal 2035, with peak production of 246,000 ounces in fiscal 2028.
• Over the life of the mine, the estimated average all-in site cost is $1,211 (U.S.) per oz.
• Capital cost for the plant and site infrastructure is estimated at $472-million (U.S.) inclusive of $49-million (U.S.) of contingency, and preproduction capital of $51-million (U.S.), giving a total capital cost to first gold pour of $523-million (U.S.).

Investment metrics (100-per-cent basis)

Applying Perseus's assumed long-term gold price of $2,100 (U.S.) per oz, the NGP's investment metrics include:

• Undiscounted free cash flow pretax of $1,133-million (U.S.) and posttax of $706-million (U.S.) (or $2,252-million (U.S.) pretax and $1,471-million (U.S.) posttax at a gold price of $2,700 (U.S.) per oz);
• Net present value (10 per cent) of $404-million (U.S.) pretax and $202-million (U.S.) posttax (or $1.01-billion (U.S.) pretax and $617-million (U.S.) posttax at a gold price of $2,700 (U.S.) per oz);
• Internal rate of return of 26 per cent pretax and 19 per cent posttax (or 45 per cent pretax and 34 per cent posttax at a gold price of $2,700 (U.S.) per oz).

The FID to proceed with developing the NGP builds upon Perseus's demonstrated capacity to develop and efficiently operate modern gold mines on the African continent. Perseus has previously developed, and is operating three gold mines, including Edikan, Sissingue, and, most recently, Yaoure that was delivered ahead of schedule and under budget in 2020, using much of the same team that will be deployed on the NGP development. The FID also comes following constructive engagement with the government of Tanzania to clarify terms of an existing framework agreement that sets out the basis on which the NGP will be developed and operated, as well as the shareholder's agreement between the Tanzanian government and Perseus.

A second phase of resource definition drilling is currently under way at the NGP with the aim of converting inferred mineral resources into indicated mineral resources, which would potentially enable the ore reserve to be materially expanded and the life of the NGP operation extended during the second phase of the project, beyond the currently projected 11-year mine life.

Technical disclosure

All ore reserves and mineral resources were calculated as of April 28, 2025, and have been prepared in accordance with the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves dated December, 2012 (the Joint Ore Reserves Committee Code), and in accordance with National Instrument 43-101 of the Canadian Securities Administrators. The JORC Code is the accepted reporting standard for the Australian Securities Exchange.

The definitions of ore reserves and mineral resources as set forth in the JORC Code (2012) have been reconciled to the definitions set forth in the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards. If the mineral reserves and mineral resources were estimated in accordance with the definitions in the JORC Code, there would be no substantive difference in such mineral reserves and mineral resources.

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 JORC Code.

The information in this report that relates to mineral resources for the Nyanzaga gold project is based on, and fairly represents, information and supporting documentation prepared by Daniel Saunders, a competent person, a full-time employee of Perseus Mining and a fellow of the Australasian Institute of Mining and Metallurgy. Mr. Saunders has sufficient experience, which is relevant to the style of mineralization and type of deposit under consideration and to the activity being undertaken, to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and to qualify as a qualified person under National Instrument 43-101 (Standards of Disclosure for Mineral Projects). Mr. Saunders consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to ore reserves for the Nyanzaga gold project is based on information compiled by Adrian Ralph, a competent person who is a fellow of the Australasian Institute of Mining and Metallurgy. Mr. Ralph is a full-time employee of Perseus Mining. Mr. Ralph has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activities which he is undertaking to qualify as a competent person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a qualified person as defined in NI 43-101. Mr. Ralph consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

We seek Safe Harbor.