Mr. Jeff Quartermaine reports

PERSEUS MINING SIGNS YAOURE MINING CONVENTION

At a ceremony held in Abidjan, Ivory Coast, on Monday, Dec. 9, 2019, a mining convention was executed by representatives of the State of Ivory Coast and Perseus Mining Ltd.'s Ivoirien subsidiary, Perseus Mining Yaoure S.A. This convention provides a guarantee of fiscal stability and sets out a range of other rights and obligations that will apply to Perseus during the life of Perseus's Yaoure gold mine, located in central Ivory Coast.

Construction of the Yaoure gold mine is being completed at a total cost of $265-million (U.S.). Development work that started in June, 2019, is progressing on schedule and on budget. First gold is expected to be poured in December, 2020, one month ahead of the currently contracted completion date. When commissioned, Yaoure will become Perseus's third gold mining operation, joining the Sissingue gold mine, also in Ivory Coast, and the Edikan gold mine located in Ghana, in Perseus's multimine, geopolitically diverse portfolio of mines.

Perseus's managing director and chief executive officer, Jeff Quartermaine, said: "The signing of the Yaoure mining convention is a major milestone on the path to bringing the Yaoure gold mine into production. With the document now signed, we can move forward with confidence in the knowledge that the fiscal laws on which our decision to develop the mine was based will not change during the life of the mine.

"At this stage, an open-pit mine with an expected mine life of 8.5 years has been defined at Yaoure, however, it is considered likely that the life of the mine will be extended well beyond this limit as the very considerable mineral potential of the tenements on which the mine is located is progressively unlocked. In this regard, work has begun on delineating mineral resources that can be mined using underground mining techniques and at this stage the results of this work are encouraging.

"Yaoure will be Perseus's third gold mine and our second gold mine in Cote d'Ivoire. When Yaoure is fully operational, Perseus will be producing in excess of 500,000 ounces of gold per year. The average all-in site cost of producing gold at Yaoure over the first five years of the mine is forecast to be $734 (U.S.) per ounce, meaning that if gold prices are maintained at current levels, then very strong cash flows will be generated and available for funding benefits for our stakeholders."

We seek Safe Harbor.