# 28th Jul 2025 FY2024-25 June Quarterly Activities Report 28th Jul 2025

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Company: Perseus Mining Limited (PRU)

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# | Size: 1 MB 28th Jul 2025 FY2024-25 June Quarterly Activities Report 28th Jul 2025

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# | Size: 1 MB 28th Jul 2025 FY2024-25 June Quarterly Activities Report 28th Jul 2025
28 JULY 2025
NEWS RELEASE
JUNE 2025 QUARTER REPORT
Continued strong performance of Perseus Mining’s operations grows
cash & bullion balance to US$827 million
• Key operating indicators and highlights for the June 2025 quarter (Q4 FY25) include:
MARCH 2025 JUNE 2025 JUNE 2025 2025
PERFORMANCE INDICATOR UNIT
QUARTER QUARTER HALF YEAR FINANCIAL YEAR
Gold recovered Ounces 121,605 121,237 242,843 496,551
Gold poured Ounces 122,915 119,868 242,782 495,984
Production Cost US$/ounce 977 1,038 1,008 980
All-In Site Cost (AISC) US$/ounce 1,209 1,417 1,313 1,235
Gold sales Ounces 117,585 131,242 248,826 494,343
Average sales price US$/ounce 2,462 2,977 2,734 2,543
Notional Cashflow US$ million 152 189 345 650
• Record 12-month rolling average Total Recordable Injury Frequency Rate (TRIFR) of 0.60 is well below industry average.
• Quarterly gold production of 121,237 ounces at a weighted average AISC of US$1,417 per ounce enabled Perseus to
achieve production guidance and better cost guidance for June 2025 half year (2H FY25) and 2025 financial year (FY25).
• Average gold sales of 131,242 ounces with a weighted average gold sales price of US$2,977 per ounce.
• Average cash margin of US$1,560 per ounce of gold produced, giving notional operating cashflow of US$189 million.
• Perseus’s gold production and AISC outlook for the next 5 years includes average gold production of 515,000 - 535,000
ounces per year, at an average AISC of US$1,400 – US$1,500 per ounce.
• For the 2026 financial year (FY26), gold production guidance is 400,000 - 440,000 ounces while AISC guidance is
US$1,460 – 1,620 per ounce, representing a temporary dip in the longer-term outlook for the Company.
• A Final Investment Decision (FID) was taken during the quarter to develop the Nyanzaga Gold Project (NGP). Site works
are accelerating and are on-budget and on schedule, consistent with the target of first gold production in January 2027.
• Outstanding infill drilling results at NGP have Perseus on target for a Mineral Resource and Ore Reserve upgrade in Q3
FY26 resulting in a possible mine life extension.
• Available cash and bullion of US$827 million, plus liquid listed securities of US$118 million, notwithstanding significant
payments associated with development of NGP, corporate tax, dividends and share buy-back payments.
• Zero debt and available undrawn debt capacity of US$300 million at quarter-end.
• Perseus’s A$100 million buy-back of its shares continued between blackout periods during the quarter and is currently
~73% complete with 22,995,853 shares purchased and subsequently cancelled.
PERSEUS MINING LIMITED
Level 2, 437 Roberts Road, Subiaco WA 6008
ABN: 27 106 808 986 PERSEUSMINING.COM
1
NEWS RELEASE | JUNE 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 121,237 ounces of gold in Q4 FY25. The weighted average production cost was US$1,038 per ounce, while the
weighted average AISC was US$1,417 per ounce.
In Q4 FY25, combined gold sales from all three operations totalled 131,242 ounces or 13,657 ounces more than in Q3
FY25 due to the timing of shipments. The weighted average realised gold price was US$2,977 per ounce, US$515 per
ounce more than the Q3 FY25 price of US$2,462 per ounce.
Perseus’s average cash margin for the quarter was US$1,560 per ounce resulting in notional operating cashflow from all
operations of US$189 million, US$37 million more than in Q3 FY25.
These strong operating results, summarised in Tables 1 to 3 below, confirm Perseus’s position as one of the world’s better
performing mid-tier gold producers.
Table 1: Gold Production by Mine
TOTAL GOLD RECOVERED (OUNCES) TOTAL GOLD POURED (OUNCES)
MINE 2025
MARCH 2025 JUNE 2025 JUNE 2025 MARCH 2025 JUNE 2025 JUNE 2025 HALF 2025 FINANCIAL
FINANCIAL
QUARTER QUARTER HALF YEAR QUARTER QUARTER YEAR YEAR
YEAR
Yaouré 68,822 70,259 139,081 262,239 69,697 69,059 138,756 260,386
Edikan 41,668 38,865 80,534 177,167 42,632 38,655 81,288 177,149
Sissingué 11,115 12,113 23,228 57,145 10,586 12,153 22,739 58,449
Group 121,605 121,237 242,843 496,551 122,915 119,868 242,782 495,984
Table 2: Gold Sales by Mine
TOTAL GOLD SOLD (OUNCES) REALISED GOLD PRICE (US$ PER OUNCE)
MINE 2025
MARCH 2025 JUNE 2025 JUNE 2025 MARCH 2025 JUNE 2025 JUNE 2025 HALF 2025 FINANCIAL
FINANCIAL
QUARTER QUARTER HALF YEAR QUARTER QUARTER YEAR YEAR
YEAR
Yaouré 64,859 77,750 142,609 257,954 2,415 3,004 2,736 2,553
Edikan 40,562 42,033 82,595 178,544 2,551 2,932 2,745 2,564
Sissingué 12,164 11,459 23,622 57,845 2,418 2,964 2,682 2,435
Group 117,585 131,242 248,826 494,343 2,462 2,977 2,734 2,543
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 JUNE 2025 HALF 2025 FINANCIAL MARCH 2025 JUNE 2025 JUNE 2025 2025 FINANCIAL
QUARTER QUARTER YEAR YEAR QUARTER QUARTER HALF YEAR YEAR
Yaouré 981 1,180 1,082 1,101 99 128 230 381
Edikan 1,177 1,482 1,324 1,159 57 56 114 249
Sissingué 2,736 2,584 2,657 2,089 -4 5 1 20
Group 1,209 1,417 1,313 1,235 152 189 345 650
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places
PERSEUSMINING.COM
2
NEWS RELEASE | JUNE 2025 QUARTER REPORT
Figure 1: Growth in gold production at attractive cash margins
YAOURÉ GOLD MINE, CÔTE D’IVOIRE
Refer to Table 4 below for details of Yaouré Gold Mine’s operating and financial parameters during Q4 FY25.
During the quarter, Yaouré produced 70,259 ounces of gold, 2% more than the prior quarter, at a production cost of
US$809 per ounce and an AISC of US$1,180 per ounce. In total, 77,750 ounces of gold from Yaouré were sold at a
weighted average sale price of US$3,004 per ounce. This resulted in an average cash margin of US$1,824 per ounce for
the quarter. Notional operating cashflow generated by Yaouré during the quarter was US$128 million, compared with
US$99 million in Q3 FY25
Mill throughput averaged 509 tph, slightly below the prior quarter’s 514 tph, due to increased high-grade fresh ore blend
added in May and June 2025. Mill run-time was 93.8%, compared to 95.3% previously.
Operating performance at Yaouré improved in Q4 FY25 relative to the prior quarter. Gold production was up 2%, driven
by a 4% increase in head grade, with gold recovery remaining comparable to the prior quarter.
Yaouré saw a modest increase in each of its unit costs during the quarter, most notably in relation to royalties and
sustaining capital. The increase in royalties is a result of the heightened gold price sustained over the duration of the
quarter, whilst the increase in sustaining capital primarily relates to ongoing works on the tailings storage facility
expansion. Although the gold price has increased royalties, it has also had a positive impact on the average realised sales
price, which increased 24% from the prior quarter. This has led to an increase in cash margin and notional cash flow of
27% and 30% respectively.
PERSEUSMINING.COM
3
NEWS RELEASE | JUNE 2025 QUARTER REPORT
Table 4: Yaouré Quarterly Performance
MARCH 2025 JUNE 2025 JUNE 2025 2025
PARAMETER UNIT
QUARTER QUARTER HALF YEAR FINANCIAL YEAR
Gold Production & Sales
Total material mined Tonnes 8,184,423 7,799,852 15,984,275 34,043,363
Total ore mined Tonnes 2,803,764 1,603,623 4,407,386 8,868,265
Average ore grade g/t gold 1.24 1.47 1.32 1.35
Strip ratio t:t 1.9 3.9 2.6 2.8
Ore milled Tonnes 1,060,202 1,042,307 2,102,509 4,148,359
Milled head grade g/t gold 2.16 2.24 2.20 2.10
Gold recovery % 93.6 93.8 93.7 93.4
Gold produced ounces 68,822 70,259 139,081 262,239
Gold sales 1
ounces 64,859 77,750 142,609 257,954
Average sales price US$/ounce 2,415 3,004 2,736 2,553
Unit Production Costs
Mining cost US$/t mined 3.65 3.96 3.80 3.95
Processing cost US$/t milled 13.82 15.67 14.74 13.67
G & A cost US$M/month 2.59 3.21 2.90 2.66
All-In Site Cost
Production cost US$/ounce 760 809 785 851
Royalties US$/ounce 172 232 202 176
Sub-total US$/ounce 932 1,041 987 1,028
Sustaining capital US$/ounce 50 138 95 74
Total All-In Site Cost2
US$/ounce 981 1,180 1,082 1,101
Notional Cashflow from Operations
Cash Margin US$/ounce 1,434 1,824 1,655 1,452
Notional Cash Flow US$M 99 128 230 381
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$3.8 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 Q4 FY25, tonnes processed at Yaouré were 25% higher than predicted, while the head grade was 15% lower, resulting
in contained gold being 6% above the MRE prediction. This represents an improvement against the Q3 2024 reported
results. Although mined grades remained below expectation, higher tonnage continues to offset this divergence, allowing
the site to maintain a positive metal variance. Over the six and 12-month periods, the same pattern has
persisted. Reconciliation performance in the CMA pit is largely attributed to edge effects associated with blasting and
mining of the final benches of the open pit where mining expected to finish in Q1 FY26. At the Yaouré pit, the current
reconciliation performance remains outside of acceptable ranges, however work progressed during the quarter on a
range of measures to improve grade reliability, including the implementation of an updated grade control methodology
suitable for the differences in structural setting seen within the Yaouré deposit. As these measures continue to be
implemented across site, improvements in reconciliation performance are expected.
PERSEUSMINING.COM
4
NEWS RELEASE | JUNE 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 1.25 1.01 1.12
Head Grade 0.85 0.91 0.88
Contained Gold 1.06 0.92 0.99
EDIKAN GOLD MINE, GHANA
Table 6 below summarises the key operating and financial parameters recorded at the Edikan Gold Mine during Q4 FY25
and in relevant prior periods.
Edikan produced 38,865 ounces of gold at a production cost of US$1,060 per ounce and an AISC of US$1,482 per ounce
during the quarter. Edikan’s production was down and AISC was up compared to the previous quarter (-7% and 26%
respectively). Gold sales of 42,033 ounces were 4% higher than in the prior quarter at a weighted average realised gold
price of US$2,932 per ounce. This was US$381 more than in the prior quarter, generating an average cash margin of
US$1,451 per ounce. Notional cashflow of US$56 million was generated by Edikan during the quarter, 2% less than in Q3
FY25.
During the quarter, the head grade of processed ore was 0.86 g/t, down from 0.95 g/t; throughput averaged 794 tph,
slightly lower than 800 tph; gold recovery was 87.9%, down from 88.3%; and mill run-time was 93%, compared to 90%
previously.
AISC for the quarter was US$1,482 per ounce, US$305 per ounce higher than the previous quarter. This increase reflects
the transition from the AG and Fetish pits to the Nkosuo pit, resulting in a higher strip ratio during early-stage mining and
lower recovery from processing oxide material rather than fresh ore that was mined in AG and Fetish. Delays in ramping
up Nkos

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