Mr. Jeff Quartermaine reports

PERSEUS MINING ANNOUNCES 5 YEAR GOLD PRODUCTION OUTLOOK

Perseus Mining Ltd. has provided its gold production and all-in site cost (AISC) outlook for the five-year period from fiscal year (FY) 2026 to FY 2030, inclusive for its portfolio of mines, located in Ghana, Ivory Coast and Tanzania.

The five-year operating outlook incorporates the updated planning outlook for each of Perseus's three existing operations based on planning assumptions reflecting current operating conditions. It also takes into account final investment decisions (FIDs) for the CMA underground mining operation at the Yaoure gold mine in Ivory Coast (see the news release titled "Perseus Mining takes Final Investment Decision on CMA underground project at Yaoure," dated Jan. 28, 2025), as well as the development of the Nyanzaga gold project (NGP) in Tanzania (see the news release titled "Perseus Mining proceeds with development of the Nyanzaga Gold Project," dated April 28, 2025).

Highlights:

• Perseus expects to recover at total of 2.6 million ounces (oz) to 2.7 million oz of gold with average gold production from the four operating mines of approximately 515,000 oz to 535,000 oz per annum in the five-year period to the end of FY 2030.
• The weighted average AISC over the five-year period is forecast to be $1,400 (U.S.) per oz to $1,500 (U.S.) per oz with not more than a plus-or-minus-10-per-cent change year on year over the period, emphasizing the benefit of the company's portfolio approach to asset management.
• Total development capital of approximately $878-million (U.S.), which has been allocated to the operating assets during the period to achieve this production outlook, is excluded from the AISC estimate.
• At a long-term gold price of $2,400 (U.S.) per oz, Perseus's cash operating margin is expected to consistently exceed $500 (U.S.) per oz at all mines over the five-year period. In some cases, it is significantly higher.
• The five-year outlook is underpinned by a high level of geological and technical confidence, with 93 per cent of the gold ounces in the mine plan comprising existing ore reserves, with the remaining 7 per cent from measured or indicated mineral resources. Inferred mineral resources and other upside projections of mineralization were specifically omitted from Perseus's five-year outlook.
• The five-year outlook reinforces Perseus's commitment to the three core components of its capital allocation policy, namely: maintenance of a resilient balance sheet; delivery of strong, consistent operational performance; and careful deployment of discretionary capital for growth and capital returns to shareholders.

Perseus's chief executive officer and managing director, Jeff Quartermaine, said:

"In FY 2022, Perseus's gold production reached approximately 500,000 ounces for the first time and set in train our ambition to maintain or exceed this level of production on a consistent basis going forward.

"Perseus's decision in 2023 to defer development of its Meyas Sand gold project in Sudan and pivot towards acquisition and development of the Nyanzaga gold project will lead to a short-term shortfall in 2026 and 2027 relative to this target. From the five-year outlook published today, it is clear that this is a temporary setback and that Perseus's strategy of consistently producing between 500,000 to 600,0000 ounces of gold per year at a cash margin of not less than $500 (U.S.) per ounce is eminently achievable.

"With cash and undrawn debt capacity currently exceeding $1.1-billion (U.S.), Perseus is fully funded to not only deliver the five-year outlook as presented today but also consider a prudent mix of future growth opportunities beyond the current plan, as well as generous returns to shareholders."

Group outlook

Perseus's five-year outlook delivers on the company's strategy of building a sustainable, geopolitically diversified, African-focused gold business of three to four operating mines that produce between 500,000 oz and 600,000 oz of gold per annum at a cash margin of not less than $500 (U.S.) per oz.

As part of its annual planning cycle, the company has reassessed the growth opportunities available within its portfolio with the approach of optimizing the portfolio rather than focusing on fixed investment targets for each asset. In this way, the company has sought to find the balance between investment in growth opportunities and the cash margin generated by the business.

Average gold production for the group over the five-year period is 515,000 oz to 535,000 oz per annum for a total of 2.6 million oz to 2.7 million oz, with Yaoure contributing 34 per cent, Edikan contributing 28 per cent and Sissingue contributing 10 per cent. Based on the current schedule, the recently committed NGP in Tanzania is anticipated to provide 28 per cent of the metal production for the portfolio over the next five years.

The company's weighted average AISC over the five-year outlook is estimated at $1,400 (U.S.) per oz to $1,500 (U.S.) per oz. AISC rises slightly in the first two years, driven by lower production base. In FY 2028, the integration of lower-margin ore sources into the mine plan contributes to a slight increase in AISC. The portfolio's diverse production base allows AISC to remain within plus or minus 10 per cent of the five-year average on a year-to-year basis.

The company has strong confidence in its ability to deliver on this five-year outlook, which is underpinned by a mine plan with high geological and technical certainty, with 93 per cent of the production ounces forming part of the existing ore reserves, with the remaining 7 per cent from measured or indicated mineral resources (as detailed in the news release titled "Perseus Mining updates Mineral Resources and Ore Reserves," dated Aug. 21, 2024). Nyanzaga ore reserves are detailed in the news release titled "Perseus Proceeds with Development of Nyanzaga Gold Project," dated April 28, 2025. The company will provide an update to the mineral resource and ore reserve statement in August, 2025, in line with its annual disclosure.

Incremental production included in the mine plan at Yaoure, Edikan and Sissingue comes from well understood deposits with a proven operating history. This production does not require significant additional infrastructure or capital beyond the investment necessary to access the mineralization.

Capital allocation

Perseus is in a strong financial position, with a resilient balance sheet, and an operational portfolio that continues to safely and efficiently generate reliable operational cash flow. This allows the company to look to deploy operating cash flow to shareholders and other stakeholders in the business.

The five-year outlook is the result of a systematic process to assess and prioritize internal growth opportunities to ensure the portfolio continues to deliver strong operating margins over the long term. The deployment of capital within the business complements existing capital management strategies, including a share buyback program and the payment of dividends.

While Perseus continues to consider inorganic growth opportunities, these are required to compete rigorously for discretionary investment and be assessed in the context of overall business risk and delivery of value. By allocating discretionary capital to internal organic growth, Perseus can invest in jurisdictions where it has an established operating presence, on known geological terranes, and with a proven work force capable of safely and efficiently delivering value.

Yaoure gold mine

The five-year forecast for Yaoure includes mining of the recently started Yaoure open pit and CMA underground as the primary ore sources. Supplementing the primary ore sources, material is also sourced from Zain, CMA Southwest and long-term stockpiles to maximize mill capacity.

Yaoure will continue to be a cornerstone asset in Perseus's portfolio, total gold production of 870,000 oz to 905,000 oz and a weighted average AISC of $1,480 (U.S.) per oz to $1,580 (U.S.) per oz over the five-year outlook. While FY 2026 sees a reduction in gold produced compared with previous years, the change in production volume was anticipated and is a result of a combination of factors, including change in ore characteristics and material sources (as detailed in the news release titled "Perseus extends life of the Yaoure Gold Mine to 2035," dated Sept. 18, 2023).

Following FID on the CMA underground operation in January, 2025, the project is due to cut the first of four underground portals in Q1 (first quarter) FY 2026. The expansion to include underground operations allows further exploitation of the CMA deposit, which has proven to be a reliable and well understood geological domain of the Yaoure operation to date. At steady-state production, it is planned that underground ore will represent approximately 20 per cent of the tonnes of ore mined on the site from both open-cut and underground operations.

Since approving FID, Perseus has worked with its mining contractor to further develop the mine schedule ahead of commencement of underground operations in Q1 FY 2026. This milestone is aligned to the project schedule detailed in the news release titled "Perseus Mining takes final investment decision on CMA Underground Project at Yaoure," dated Jan. 28, 2025. As of this update, changes to the underground schedule have resulted in the development capital allocated for the CMA underground increasing by 36 per cent from the approved $124.6-million (U.S.) to $170-million (U.S.). Development capital for CMA underground has increased due to bringing forward underground development into the precommercial production period, and updated capitalization methodology to include royalties and G&A (general and administrative) previously expensed.

Further optimization of the Yaoure life-of-mine plan is scheduled as several on-lease targets are assessed as part of the regular mine planning process.

Nyanzaga gold mine

Nyanzaga is forecast to be the lowest-cost operation in the Perseus's portfolio. Gold production totals 725,000 oz to 750,000 oz, with peak metal output in FY 2028 over the five-year outlook. The weighted average AISC ranges between $1,230 (U.S.) per oz and $1,330 (U.S.) per oz. Nyanzaga's increasing contribution to Perseus's portfolio underscores the decision to acquire and proceed with project development.

During the five-year period, all of the Nyanzaga's Kilimani pit is mined providing initial ore supply to the mill, with the remainder of the material sourced from the main Nyanzaga deposit. All material mined is part of the stated ore reserve (see the news release titled "Perseus Mining proceeds with development of the Nyanzaga Gold Project," dated April 28, 2025).

Total gold production over Nyanzaga's current 11-year life-of-mine, phase 1 mine production is currently estimated to be 2.01 million oz based on a JORC 2012 probable ore reserve of 52.0 million tonnes (t) at 1.40 grams per tonne (g/t) gold for 2.3 million oz. The development 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.).

As previously advised, Perseus has committed to completing a second round of infill drilling at Nyanzaga, involving a number of drilling programs aimed at confirming the tenor of the current mineralization and testing extensions of the known mineralization. Results received to date have been compelling, and Perseus is expected to update the mineral resource and ore reserves (MROR) in Q1 FY 2027, in line with its annual MROR update.

Edikan

Edikan's updated five-year outlook combines mining from the existing Nkosuo deposit and the commencement of a cutback of the Esuajah North pit, along with the second phase of mining at the Fetish pit, following completion of mining of the first phase in April, 2025. Total gold production over this period is expected to be 720,000 oz to 750,000 oz, with a weighted average AISC of around $1,450 (U.S.) per oz to $1,550 (U.S.) per oz.

Both Fetish and Esuajah North cutbacks have been incorporated into the updated five-year plan, reflecting the opportunity to extend Edikan's mine life at an incremental AISC. Together, the Fetish and Esuajah North cutbacks attract capitalized waste stripping costs of $168-million but contribute approximately 200,000 oz of production to Edikan's mine life and diversify the ore availability in the plan.

In addition to these open-pit sources, Perseus is progressing an updated feasibility study for the Esuajah South underground deposit, with a view to bringing this project into production later in the decade. If approved through to development, Esuajah South would become the company's second underground mine and its first such operation in Ghana. The combination of Fetish, Esuajah North and Esuajah South underground has extended the life-of-mine plan out to FY 2032.

Perseus remains committed to brownfields exploration on its existing mining leases and exploration licences at Edikan to support continuing production growth and to extend the Edikan production pipeline over the longer term.

Sissingue

Sissingue's updated five-year outlook involves the continuation of mining at Sissingue stage 4 open pit and commencement of new mining areas at Bagoe and Airport West in FY 2026, as well as a Sissingue stage 5 open-pit cutback in FY 2027. This plan extends Sissingue's mine life to FY 2030, producing a total 265,000 oz to 275,000 oz of gold at a weighted average AISC of $1,580 (U.S.) per oz to $1,680 (U.S.) per oz over this period.

Following an assessment of growth opportunities on site, additional mining inventory was included in the life-of-mine plan from the Sissingue stage 5 pit. The addition of the expanded pit in the five-year outlook extends the mine life by approximately 12 months out to FY 2030, providing a meaningful contribution to Sissingue's production profile from existing mining areas. As part of this assessment, other growth options were considered but were not included in the plan, as they require further technical assessment to confirm their economic feasibility.

Infill drilling is included in Sissingue's FY 2026 budget to confirm the mineralization and design parameters for the Sissingue stage 5 pit, along with further geotechnical and grade control programs at Bagoe and Airport West, which are intended to further reduce operational risk.

Competent person statement

All production targets referred to in this news release are underpinned by estimated ore reserves and measured or indicated mineral resources, which have been prepared by competent persons in accordance with the requirements of the JORC code.

We seek Safe Harbor.