Mr. Jeff Quartermaine reports

PERSEUS MINING SECURES APPROVALS FOR UNDERGROUND DEVELOPMENT AND MINING OPERATIONS AT YAOURE

A presidential decree authorizing the development and operation of the CMA underground project at Perseus Mining Ltd.'s Yaoure gold mine in central Ivory Coast was granted on Sept. 18, 2025, by Alassane Ouattara, President of the Republic of Ivory Coast.

The presidential decree was issued following the approval of an environmental and social impact assessment and issuance of a ministerial arrete by the Minister of Environment, Sustainable Development and Ecological Transition in May this year. These approvals, supported by the Minister of Mines, Petroleum and Energy, were critical prerequisites for the commencement of the development phase of the CMA underground project.

Infrastructure projects associated with the CMA underground mine development have been completed, and development of the declines will commence following the commissioning of the underground mining equipment by Perseus's specialist underground mining contractor, Byrnecut. The establishment of the underground operation below the CMA open pit will extend the mine life of Yaoure until at least 2035 based on currently delineated mineral resource and ore reserves.

With the commencement of the driving of declines, the next major milestone for the CMA underground operation will be first ore production, which is planned for January, 2026, with commercial production scheduled to be reached in March, 2027.

Perseus's chief executive officer and managing director Jeff Quartermaine said: "Receiving the presidential decree authorizing the development of Cote d'Ivoire's first underground mine is a major milestone for Perseus, allowing us to immediately proceed with the cutting of portals and ultimately gaining access to further important ore sources for processing through the Yaoure processing facility. While receipt of the formal authorization comes later than originally planned, the delay has allowed us time to complete all infrastructure works required to support the operation as well as ensure that Byrnecut's underground equipment is available and commissioned ready for immediate commencement of mining operations.

"The $170-million (U.S.) to be invested by Perseus in the CMA underground mine marks a new phase in our partnership with the government of Cote d'Ivoire in expanding its thriving mining industry."

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 Joint Ore Reserves Committee Code.

The information in this report that relates to the mineral resources and ore reserve was updated by the company in a market announcement "Perseus Mining Updates Mineral Resources and Ore Reserves" released on Aug. 21, 2025. 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 confirms that the material assumptions underpinning the estimates of ore reserves described in "Technical Report -- Yaoure Gold Project, Cote d'Ivoire," dated Dec. 18, 2023, continue to apply.

We seek Safe Harbor.