# 27th Oct 2025 FY2025-26 September Quarterly Activities Report 27th Oct 2025

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Original source: https://perseusmining.com/wp-content/uploads/2025/10/SEPTEMBER-2025-QUARTER-REPORT.pdf
EGM generated: 2026-09-30
Company: Perseus Mining Limited (PRU)

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# | Size: 1 MB 27th Oct 2025 FY2025-26 September Quarterly Activities Report 27th Oct 2025

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# | Size: 1 MB 27th Oct 2025 FY2025-26 September Quarterly Activities Report 27th Oct 2025
27 OCTOBER 2025
NEWS RELEASE
SEPTEMBER 2025 QUARTER REPORT
Perseus Mining’s sustained operational performance grows
cash & bullion balance to US$837 million
Operating performance
• 12-month rolling average TRIFR of 0.60 well below industry average.
• Gold produced totalled 99,953 ounces at an AISC of US$1,463 per ounce.
• Average cash margin of US$1,612 per ounce of gold produced, giving notional operating cashflow of US$161 million.
• Cash and bullion of US$837 million, plus liquid listed securities of US$134 million.
• CMA Underground development commenced at Yaouré.
• Nyanzaga project development progressing to plan with first production planned for March Quarter 2027.
FY26 Outlook
• Production and AISC market guidance remains unchanged for the June 2026 Financial Year (FY26) at 400,000 -
440,000 ounces at AISC of US$1,460 – 1,620 per ounce.
• Share buyback programme renewed, with up to A$100 million to be invested over a 12-month period.
Corporate
• Jeff Quartermaine retired as Perseus’s Managing Director and Chief Executive Officer on 30 September 2025 with Craig
Jones assuming the role on 1 October 25.
Key operating indicators and highlights for the September 2025 quarter (Q1 FY26) include:
PERFORMANCE MARCH 2025 JUNE 2025 JUNE 2025 SEPTEMBER 2025 CALENDAR 2025
UNIT
INDICATOR QUARTER QUARTER HALF YEAR QUARTER YEAR TO DATE
Gold recovered Ounces 121,605 121,237 242,843 99,953 342,795
Gold poured Ounces 122,915 119,868 242,782 103,566 346,349
Production Cost US$/ounce 977 1,038 1,008 1,152 1,050
All-In Site Cost (AISC) US$/ounce 1,209 1,417 1,313 1,463 1,366
Gold sales Ounces 117,585 131,242 248,826 101,589 350,415
Average sales price US$/ounce 2,462 2,977 2,734 3,075 2,832
Notional Cashflow US$ million 152 189 345 161 503
Conference Call Perseus is hosting an investor webinar and conference call to discuss its September 2025 Quarterly
Results, at 9.00am AEDT today (27 October 2025). Register for the investor webinar at the link below:
https://us02web.zoom.us/webinar/register/WN_RwGFcgPATsqIWejm2jXQsA
A recording of the conference call will be made available via Perseus’s website at www.perseusmining.com.
PERSEUSMINING.COM
1
NEWS RELEASE | SEPTEMBER 2025 QUARTER REPORT
OPERATIONS
PRODUCTION, COSTS AND NOTIONAL CASHFLOW
Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana, produced a combined
total of 99,953 ounces of gold in Q1 FY26. The weighted average production cost was US$1,152 per ounce, while the
weighted average All-in-Site Cost (AISC) was US$1,463 per ounce.
In Q1 FY26, combined gold sales from all three operations totalled 101,589 ounces or 29,653 ounces less than in Q4 FY25
due to lower production in line with FY26 guidance and the timing of shipments. The weighted average realised gold price
was US$3,075 per ounce, US$98 per ounce more than the Q4 FY25 price of US$2,977 per ounce.
Perseus’s average cash margin for the quarter was US$1,612 per ounce resulting in notional operating cashflow from all
operations of US$161 million, US$28 million lower than in Q4 FY25.
Group and mine operating results summarised in Tables 1 to 3 below.
Table 1: Gold Production by Mine
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
MINE MARCH 2025 JUNE 2025 SEPTEMBER CALENDAR MARCH 2025 JUNE 2025 SEPTEMBER CALENDAR
QUARTER QUARTER 2025 QUARTER 2025 TO DATE QUARTER QUARTER 2025 QUARTER 2025 TO DATE
Yaouré 68,822 70,259 55,405 194,486 69,697 69,059 57,672 196,428
Edikan 41,668 38,865 32,856 113,389 42,632 38,655 33,583 114,871
Sissingué 11,115 12,113 11,692 34,920 10,586 12,153 12,311 35,050
Group 121,605 121,237 99,953 342,795 122,915 119,868 103,566 346,349
Table 2: Gold Sales by Mine
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
MINE MARCH 2025 JUNE 2025 SEPTEMBER CALENDAR MARCH 2025 JUNE 2025 SEPTEMBER CALENDAR 2025
QUARTER QUARTER 2025 QUARTER 2025 TO DATE QUARTER QUARTER 2025 QUARTER TO DATE
Yaouré 64,859 77,750 57,441 200,050 2,415 3,004 2,959 2,800
Edikan 40,562 42,033 31,274 113,869 2,551 2,932 3,337 2,907
Sissingué 12,164 11,459 12,874 36,497 2,418 2,964 2,953 2,778
Group 117,585 131,242 101,589 350,416 2,462 2,977 3,075 2,832
Table 3: All-In Site Costs and Notional Cash Flow by Mine
ALL-IN SITE COST (US$/OUNCE) NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
MINE MARCH 2025 JUNE 2025 SEPTEMBER CALENDAR MARCH 2025 JUNE 2025 SEPTEMBER CALENDAR
QUARTER QUARTER 2025 QUARTER 2025 TO DATE QUARTER QUARTER 2025 QUARTER 2025 TO DATE
Yaouré 981 1,180 1,110 1,106 99 128 102 329
Edikan 1,177 1,482 1,603 1,405 57 56 57 170
Sissingué 2,736 2,584 2,745 2,686 -4 5 2 3
Group 1,209 1,417 1,463 1,366 152 189 161 503
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
PERSEUSMINING.COM
2
NEWS RELEASE | SEPTEMBER 2025 QUARTER REPORT
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q1 FY26.
During the quarter, ore tonnes mined at Yaouré were lower by 20% and 55,405 ounces of were produced, 21% lower
than the prior quarter, in line with expected production. This reflects constrained mining at the base of CMA pit and a
change in ore source from the CMA open pit to the Yaouré open pit as per the mine plan. A final “good-bye” cut was
taken in the CMA open pit during the quarter. Gold grade for the remainder of the year is expected to be lower than Q1
due to the completion of the CMA pit and the Yaouré pit being the primary ore source.
CMA underground development commenced during the quarter with the firing of the Pauline portal. The Blika, Sika and
Assanou portals will commence early in Q2. CMA Underground will be the first mechanised underground mine in Côte
d’Ivoire.
The production cost in the quarter was US$829 per ounce with an AISC of US$1,110 per ounce. In total, 57,441 ounces of
gold from Yaouré were sold at a weighted average sale price of US$2,959 per ounce. This resulted in an average cash
margin of US$1,849 per ounce for the quarter. Notional operating cashflow generated by Yaouré during the quarter was
US$102 million, compared with US$128 million in Q4 FY25.
Ore milled tonnes were lower mainly due to maintenance shutdown for the Apron feeder reline and management of
crushed ore stockpile levels. Mill throughput averaged 450 tph, which was below the prior quarter’s 506 tph. Throughput
was reduced to manage the crushed stockpile levels ahead of crusher maintenance shutdown in the quarter. Mill run-
time was 94.2%, compared to 93.8% for the June quarter. Gold recovery remained comparable to the previous quarter.
AISC for Yaouré decreased by 6% compared to the previous quarter, most notably due to sustaining capital and royalties.
The decrease in sustaining capital primarily relates to timing of ongoing works on the tailings storage facility expansion
which was higher in Q4 FY25 and a decrease in royalties due to a slightly lower average gold price achieved during the
quarter. Mining unit cost was also higher due to reduction in mined tonnes and mining of fresh ore at bottom of CMA
open pit and longer haul distances. Higher processing unit costs were driven by the impact of lower milled tonnes on the
unit fixed costs offset by slight improvement in recovery. Although the unit costs improved, the gold sales were lower by
26% and the average realised sales price slightly reduced by 1% to US$2,959 per ounce compared to the previous quarter.
First ore from underground is expected later in the year.
PERSEUSMINING.COM
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NEWS RELEASE | SEPTEMBER 2025 QUARTER REPORT
Table 4: Yaouré Quarterly Performance
MARCH 2025 JUNE 2025 JUNE 2025 SEPTEMBER 2025 CALENDAR 2025
PARAMETER UNIT
QUARTER QUARTER HALF YEAR QUARTER YEAR TO DATE
Gold Production & Sales
Total material mined Tonnes 8,184,423 7,799,852 15,984,275 5,197,676 21,181,951
Total ore mined Tonnes 2,803,764 1,603,623 4,407,386 1,276,492 5,683,878
Average ore grade g/t gold 1.24 1.47 1.32 1.77 1.42
Strip ratio t:t 1.9 3.9 2.6 3.1 2.7
Ore milled Tonnes 1,060,202 1,042,307 2,102,509 935,745 3,038,254
Milled head grade g/t gold 2.16 2.24 2.20 1.96 2.12
Gold recovery % 93.6 93.8 93.7 94.0 93.8
Gold produced ounces 68,822 70,259 139,081 55,405 194,486
Gold sales 1
ounces 64,859 77,750 142,609 57,441 200,050
Average sales price US$/ounce 2,415 3,004 2,736 2,959 2,800
Unit Production Costs
Mining cost US$/t mined 3.65 3.96 3.80 4.35 3.94
Processing cost US$/t milled 13.82 15.67 14.74 16.06 15.15
G & A cost US$M/month 2.59 3.21 2.90 2.76 2.85
All-In Site Cost
Production cost US$/ounce 760 809 785 829 798
Royalties US$/ounce 172 232 202 228 209
Sub-total US$/ounce 932 1,041 987 1,057 1,007
Sustaining capital US$/ounce 50 138 95 53 99
Total All-In Site Cost2
US$/ounce 981 1,180 1,082 1,110 1,106
Notional Cashflow from Operations
Cash Margin US$/ounce 1,434 1,824 1,655 1,849 1,694
Notional Cash Flow US$M 99 128 230 102 329
Notes:
1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account
2. Included in the AISC for the quarter is US$3.2 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted
practice under IFRS, this cost will be capitalised, and the costs amortised over the remainder of the relevant pit life
MINERAL RESOURCE TO MILL RECONCILIATION
Table 5 shows the reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral
Resource Estimate (MRE).
In Q1 FY26, ore tonnes processed were 17% higher than predicted, while the head grade was 10% lower, resulting in a
5% positive variance in contained gold compared with the block model estimate.
Increased proportion of Yaouré Ore continued where geological complexity is greater. Despite the lower grades, the six
and 12-month correlations show contained gold tracking within 5–6% of the model, indicating that long-term
reconciliation remains stable
The ongoing implementation of the refined grade control and reconciliation workflows, introduced in late FY25,
continued to result in improved mill reconciliation in the quarter with September result being within normal ranges.
PERSEUSMINING.COM
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NEWS RELEASE | SEPTEMBER 2025 QUARTER REPORT
Table 5: Yaouré Block Model to Mill Reconciliation
BLOCK MODEL TO MILL CORRELATION FACTOR
PARAMETER
3 MONTHS 6 MONTHS 1 YEAR
Tonnes of Ore 1.17 1.22 1.29
Head Grade 0.90 0.87 0.82
Contained Gold 1.05 1.06 1.05
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q1 FY26
and in relevant prior periods.
Edikan produced 32,856 ounces of gold at a production cost of US$1,232 per ounce and an AISC of US$1,603 per ounce
during the quarter. Edikan’s production was down by 15% and weighted average AISC was up 8% when compared to the
previous quarter. Gold sales of 31,274 ounces were 26% lower than in the prior quarter at a weighted average realised
gold price of US$3,337 per ounce. This was US$405 more than in the prior quarter, generating an average cash margin of
US$1,734 per ounce. Notional cashflow generated was up 2% to US$57 million for the quarter compared to Q4 FY25.
Operating performance at Edikan during the quarter was in line with production expectations, with access issues to the
Nkosuo pit mostly resolved, enabling access for mining operations. Ore tonnes mined were lower due to fewer mining
areas following the completion of mining at the AG and Fetish pits over the last two quarters. Throughput averaged 831
tph, higher than prior quarter’s 794 tph; the head grade of processed ore was 0.67

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