20th Feb 2026 2026 Half Year Report 20th Feb 2026

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# | Size: 867 KB 20th Feb 2026 2026 Half Year Report 20th Feb 2026
INTERIM FINANCIAL REPORT
INTERIM FINANCIAL REPORT
FOR THE HALF YEAR ENDED 31 DECEMBER 2025
This interim report incorporating Appendix 4D is provided to the Australian Securities Exchange (ASX) under ASX
Listing Rule 4.2A.3.
Perseus Mining Limited ABN 27 106 808 986
1
INTERIM FINANCIAL REPORT
TABLE OF CONTENTS
APPENDIX 4D 3
CORPORATE DIRECTORY 4
DIRECTORS’ REPORT 5
REVIEW OF OPERATIONS 5
AUDITOR’S INDEPENDENCE REPORT 10
INTERIM CONSOLIDATED FINANCIAL STATEMENTS 11
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 16
DIRECTORS’ DECLARATION 26
AUDITOR’S REVIEW REPORT 27
2
INTERIM FINANCIAL REPORT
Appendix 4D
APPENDIX 4D
Issued under ASX Listing Rule 4.2A.3
RESULTS FOR ANNOUNCEMENT TO THE MARKET
6 MONTHS TO 6 MONTHS TO
31 DEC 2024 31 DEC 2025
US$’000 US$’000
Revenue from ordinary activities Up 5% 581,786 to 608,461
Profit after tax from ordinary activities Down 8% 201,081 to 185,488
Profit after tax attributable to members Down 8% 178,291 to 163,540
COMMENTARY ON RESULTS
See commentary on results in the Directors’ report on pages 5-9.
DIVIDENDS
On 19 February 2026, the Directors approved an interim dividend payment amounting to 5.00 AUD cents per fully paid
ordinary share.
Record date: 6 March 2026
Payment date: 2 April 2026
Perseus made an FY25 final dividend payment amounting to 5.00 AUD cents per fully paid ordinary share.
Record date: 10 September 2025
Payment date: 9 October 2025
NET TANGIBLE ASSETS PER SHARE
AT 31 DEC 2024 AT 31 DEC 2025
Net tangible assets per ordinary share Up 63% US$0.97 to US$1.58
GROUP STRUCTURE CHANGES
During the period, Perseus Mali Holdings Pty Ltd incorporated in Australia and a 100% directly owned subsidiary of
Perseus Mining Limited, changed its name to Perseus Guinea Holdings Pty Ltd. The following subsidiaries indirectly
owned by Perseus Mining Limited through Perseus Guinea Holdings Pty Ltd were created:
• Perseus Malaysia Sdn. Bhd. incorporated in Malaysia
• Perseus Guinea Exploration No1 Sarlu incorporated in Guinea
• Perseus Guinea Exploration No2 Sarlu incorporated in Guinea
Perseus Mining Bagoué S.A., a new entity, was incorporated in Côte d'Ivoire, held 90% by Perseus CdI No 1 Pty Ltd
with the remaining 10% free carried interest held by the Ivorian government.
Perseus Nyanzaga (UK) Limited incorporated in United Kingdom, was previously directly owned by OreCorp Nyanzaga
Pty Ltd and is now owned directly by Perseus Mining Limited.
The 80% interest in Sotta Mining Corporation Limited, a company incorporated in Tanzania, which was previously
directly owned by Nyanzaga Mining Company Limited, is now directly owned by Perseus Nyanzaga (UK) Limited.
Orca Gold Inc, a 100% direct and dormant subsidiary of Perseus Mining Limited was liquidated during the period.
3
INTERIM FINANCIAL REPORT
Corporate Directory
CORPORATE DIRECTORY
DIRECTORS Richard Peter Menell Non-Executive Chairman
Craig Antony Jones Managing Director and Chief Executive Officer
Amber Jemma Banfield Non-Executive Director
Elissa Sarah Cornelius Non-Executive Director
Daniel Richard Lougher Non-Executive Director
John Francis Gerald McGloin Non-Executive Director
James Edmund Rutherford Non-Executive Director
COMPANY SECRETARY Martijn Paul Bosboom
REGISTERED AND Level 2, 437 Roberts Road PO Box 1578
CORPORATE OFFICE SUBIACO, WESTERN AUSTRALIA 6008 SUBIACO, WESTERN AUSTRALIA 6904
Telephone: +61 8 6144 1700
Facsimile: +61 8 6144 1799
Email address: info@perseusmining.com
Website: www.perseusmining.com
SHARE REGISTRY Computershare Investor Services Pty Ltd Computershare Investor Services Inc.
Level 17, 221 St Georges Terrace Level 3, 510 Burrard Street
Perth, Western Australia 6000 Vancouver, British Columbia V6C3B9
AUSTRALIA CANADA
Telephone: +61 3 9415 4000 Telephone: (1 604) 661 9400
Facsimile: +61 3 9473 2500 Facsimile: (1 604) 661 9401
www.computershare.com www.computershare.com
AUDITORS PricewaterhouseCoopers
125 St Georges Terrace
Perth, Western Australia 6000
STOCK EXCHANGE LISTINGS Australian Securities Exchange ASX: PRU
Toronto Stock Exchange TSX: PRU
Frankfurt Stock Exchange WKN: A0B7MN
4
INTERIM FINANCIAL REPORT
Directors’ Report
DIRECTORS’ REPORT
Your Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of
Perseus Mining Limited (Perseus or the Company) and its controlled entities for the half-year ended 31 December
2025 (the period). Perseus is a company limited by shares that is incorporated and domiciled in Australia. Unless noted
otherwise, all amounts stated are expressed in United States dollars.
DIRECTORS
The following persons were Directors of Perseus during the period and up to the date of this report:
Mr Richard Peter Menell Non-Executive Chairman
Mr Craig Antony Jones Managing Director and Chief Executive Officer (from 1 October 2025)
Mr Jeffrey Allan Quartermaine Managing Director and Chief Executive Officer (until 30 September 2025)
Ms Amber Jemma Banfield Non-Executive Director
Ms Elissa Sarah Cornelius Non-Executive Director
Mr Daniel Richard Lougher Non-Executive Director
Mr John Francis Gerald McGloin Non-Executive Director
Mr James Edmund Rutherford Non-Executive Director
PRINCIPAL ACTIVITIES
Perseus Mining Limited and its subsidiaries (the Group or Perseus) operates three gold mines in West Africa: the
Edikan Gold Mine (EGM or Edikan) in the Republic of Ghana (Ghana); the Sissingué Gold Mine (SGM or Sissingué); and
the Yaouré Gold Mine (YGM or Yaouré), both in the Republic of Côte d’Ivoire (Côte d’Ivoire). In addition to its gold-
mining activities, the Group also conducts mineral exploration and evaluation and project development activities in
Africa. The Group currently has two major development projects, the Nyanzaga Gold Project in Tanzania and the CMA
Underground project at Yaouré in Côte d’Ivoire.
REVIEW OF OPERATIONS
During the six months to 31 December 2025, Perseus continued to deliver positive results and committed to
maintaining its production levels within its market guidance. Perseus has benefited from higher gold prices leading to
higher cash margins during the half year
Gold production for the Group during the half year totalled 188,841 ounces at an all-in site cost (including production
costs, royalties and sustaining capital) (AISC) of US$1,649/ounce. This result included: 87,450 ounces produced at
Yaouré at an AISC of US$1,519/ounce; 30,183 ounces produced at Sissingué at an AISC of US$2,226/ounce; and 71,208
ounces of gold produced at Edikan at an AISC of US$1,566/ounce.
Gold sales by the Group during the half-year totalled 188,196 ounces of gold at an average sales price of
US$3,241/ounce. This result included: 92,276 ounces sold by Yaouré at a weighted average sales price of
US$3,066/ounce; 27,427 ounces sold by Sissingué at a weighted average sales price of US$3,099/ounce; and 68,493
ounces sold by Edikan at an average sales price of US$3,534/ounce. During the six months, the Group sold 23% less
gold, at a price that was approximately 38% higher than in the 2024 comparative period.
Table 1: Group Operating Results
6 MONTHS TO 6 MONTHS TO
PARAMETER UNIT MOVEMENT
31 DEC 2025 31 DEC 2024
Total gold sales Ounces Down 23% 188,196 245,518
Average sales price US$/ounce of gold sold Up 38% 3,241 2,350
Gold produced Ounces Down 26% 188,841 253,709
All-in site costs (AISC) US$/ounce produced Up 42% 1,649 1,162
The weighted average AISC of US$1,649/ounce for the half year was higher than the comparative period AISC of
US$1,162 attributable to higher royalties driven by the increased gold price achieved during the period and an
additional 2% royalties paid on revenue in Côte d’Ivoire. The half year FY26 AISC only includes the additional 2%
royalty paid that relates to the current half year period. This additional 2% was paid to the Government of Côte
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INTERIM FINANCIAL REPORT
Directors’ Report
d’Ivoire, despite stability afforded under the applicable legislation and the Yaouré and Sissingué mining conventions
entered into with the Government of Côte d’Ivoire. Payment of the additional 2% was done in good faith as part of
ongoing negotiations between the mining industry and the Government of Côte d’Ivoire in relation to formalising a
revised fiscal arrangement. A total of US$20 million was paid in half year FY26 in relation to the additional 2% royalty
of which US$9 million related half year FY26 and US$11 million related to the second half of FY25.
YAOURÉ GOLD MINE—CÔTE D’IVOIRE
Yaouré is located in central Côte d’Ivoire, 40 kilometres northwest of Yamoussoukro, the political capital, and 270
kilometres northwest of Abidjan, the economic capital of Côte d’Ivoire. Yaouré lies within a rural area, 22 kilometres
east-northeast of the city of Bouaflé, and 5 kilometres west of the Kossou dam and hydroelectric power station. The
nearest villages to the site are Angovia and Allahou-Bazi, which are located approximately one kilometre east of the
mine site. Perseus owns a 90% beneficial interest in Yaouré, and the remaining 10% interest is a free-carried interest
owned by the Ivorian government.
OPERATIONS
Operating results at the YGM for the six months to 31 December 2025 and the corresponding period in 2024 are
detailed in Table 2 below.
Table 2: Yaouré Operating Results
6 MONTHS TO 6 MONTHS TO
PARAMETER UNIT
31 DEC 2025 31 DEC 2024
Total ore and waste mined kt 12,391 18,059
Ore mined kt 2,390 4,461
Ore milled kt 1,840 2,046
Milled head grade g/t gold 1.58 2.01
Gold recovery % 93.7 93.1
Gold produced ounces 87,450 123,158
All-in site costs US$/ounce 1,519 1,124
Gold Sales ounces 92,276 115,345
Average Sales Price US$/ounce 3,066 2,326
A total of 12.4 million tonnes of ore and waste were mined during the period. Ore stockpiles (excluding mineralised
waste) plus crushed ore reduced to 10.8 million tonnes, with a weighted average grade of 0.76 g/t, and containing
approximately 263,906 ounces of gold during the six months to 31 December 2025.
Total mill throughput for the period was 1.8 million tonnes of ore grading 1.58 g/t gold, which combined with a gold
recovery rate of 93.7% resulted in the recovery of 87,450 ounces of gold. A total of 92,276 ounces of gold were sold at
a weighted average price of US$3,066/ounce.
The 87,450 ounces of gold were produced at an AISC of US$1,519/ounce. This production is expected to end the
financial year 2026 in the lower half of FY26 reported market guidance production range of 168,000 to 184,000
ounces. The AISC is below the updated guided AISC range of US$1,620 to US$1,790/ounce. The AISC was higher than
the previous period mainly due to expected decrease in high grade material available, higher royalties and timing
related increases in sustaining capital largely as a result of the timing of the tailings pipeline relocation. Expected gold
production was lower than the previous half year period which resulted in higher costs per ounce. Royalties were
higher attributable to the higher gold price achieved during the period and the additional 2% royalties paid on
revenue as described earlier in this report.
SISSINGUÉ GOLD MINE—CÔTE D’IVOIRE
Sissingué Gold Mine is located in northern Côte d’Ivoire and includes the Sissingué, Fimbiasso and Bagoé exploitation
permits. The Sissingué exploitation permit covers an area of 446 square kilometres, bounded on one side by the
international border between Côte d’Ivoire and Mali. It is located along a structural/stratigraphic corridor within the
Syama-Boundiali greenstone belt approximately 42 kilometres south-southwest of the Syama gold mine in Mali and 65
kilometres west northwest of the Tongon gold mine in Côte d’Ivoire. The Fimbiasso exploitation permit is located
approximately 60km southwes

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