Perseus March 2023 Quarter Report

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Perseus Mining’s strong operating performance continues with 130,275oz gold produced at AISC of US$971/oz

Perth, April 19, 2023 (GLOBE NEWSWIRE) — MARCH 2023 QUARTER REPORT

Perseus Mining’s strong operating performance continues with 130,275oz gold produced at AISC of US$971/oz

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PERTH, Western Australia/ April 19, 2023/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended March 31, 2023 (the “Quarter”).

  • Key Operating highlights for the March 2023 quarter and the nine months ending 31 March 2023 include:
PERFORMANCE INDICATOR UNIT SEPTEMBER 2022 QUARTER DECEMBER 2022 QUARTER MARCH 2023 QUARTER FY 2023 TO DATE
Gold recovered Ounces 137,460 130,911 130,275 398,645
Gold poured Ounces 139,553 130,992 130,512 401,057
Production Cost US$/ounce 762 881 830 823
All-In Site Cost (AISC) US$/ounce 879 983 971 943
Gold sales Ounces 58,767 203,154 135,111 397,031
Average sales price US$/ounce 1,645 1,748 1,821 1,757
Cash margin US$/ounce 766 765 850 814
Notional Cashflow US$ million 112 101 111 324
  • Gold production of 130,275 ounces was within 0.5% of December 2022 quarter production.
  • US$971 per ounce weighted average AISC was 1.2% lower than the December 2022 quarter.
  • Average sale price of gold sold (135,111 ounces) was US$1,821 per ounce, up 4% or US$73 per ounce compared to December 2022 quarter.
  • Average cash margin of US$850 per ounce of gold sold was 11% greater than in the prior quarter, reflecting both an improved realised gold price and the AISC decrease.
  • Notional cashflow from operations of US$111 million during the quarter, 10% more than last quarter (US$101 million).
  • Perseus’s strong operating performance is forecast to continue in the June 2023 quarter with both gold production and cost guidance for the 2023 June Half Year and Financial Year, expected to be achieved.
  • Strong quarterly cashflows further strengthened Perseus’s financial position with available cash and bullion of US$471 million, zero debt, net cash and bullion balance increased by US$66 million at quarter end.
  • Perseus’s revolving corporate credit facility upsized to US$300 million during the quarter provides additional capacity to fund its growth strategy while continuing to pay dividends to shareholders.
  • Development activities continued at Meyas Sand Gold Project (MSGP) in Sudan, with confirmatory and sterilisation drilling, Front-End Engineering and Design and site preparation, ahead of a possible FID during December 2023 Half Year.
  • Organic growth activities including Mineral Resource drill outs and feasibility studies for MSGP and Yaouré’s CMA Underground Project progressed on schedule. Results due in the September 2023 quarter.
  • Perseus’s total economic contribution to its host countries of Ghana, Côte d’Ivoire and Sudan was ~US$156 million (approximately 63% of revenue) during the quarter.

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 JORC Code.

Edikan

The information in this report that relates to the Esuajah South Underground Mineral Resource and Ore Reserve was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 24 August 2021. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in a market announcement “Perseus Updates Resources & Reserves” released on 28 August 2018. The information in this report that relates to AF Gap Mineral Resources and Ore Reserve estimate was first reported by the Company in a market announcement “Perseus Updates Mineral Resources & Ore Reserves” released on 25 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Fetish deposit and the Heap Leach was first reported by the Company in a market announcement “Perseus Updates Edikan Mineral Resource & Ore Reserves” released on 19 February 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Nkosuo deposit was first reported by the Company in a market announcement “Perseus Increases Edikan’s Inventories of Mineral Resource & Ore Reserves” released on 19 July 2022. An update for mining depletion at Edikan as at 30 June 2022 was reported in a news release “Perseus Mining Updates Mineral Resources and Ore Reserves” dated 30 August 2022. The Company confirms that it is not aware of any new information or data that materially affect the information on those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso and Bagoé

The information in this report that relates to Mineral Resources and Ore Reserve estimates for Sissingué was reported by the Company in a market announcement “Perseus Mining Updates Life of Mine Plan for Sissingué Gold Mine & Satellite Deposits” released on 28 March 2022. An update for mining depletion at Sissingué as at 30 June 2022 was reported in a news release “Perseus Mining Updates Mineral Resources and Ore Reserves” dated 30 August 2022. The information in this report that relates to Mineral Resource and Ore Reserve estimates for the Fimbiasso deposits was reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 26 August 2020. The information in this report that relates to Mineral Resource and Ore Reserve estimates for the Bagoé deposits was reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 24 August 2021. 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 further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 28 March 2022 continue to apply.

Yaouré

The information in this report that relates to the Open Pit and Underground Mineral Resources and the Underground Ore Reserve at CMA was first reported by the Company in a market announcement “Perseus Mining announces maiden Underground Ore Reserve at Yaouré” released on 30 August 2022. The information in this report that relates to the other Mineral Resources & Ore Reserves (including the Heap Leach) for the Yaouré Deposit was reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources & Ore Reserves” released on 24 August 2021. An update for mining depletion at Yaouré as at 30 June 2022 was reported in a news release “Perseus Mining Updates Mineral Resources and Ore Reserves” dated 30 August 2022. 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 further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply.

The information in this report relating to exploration results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market update PERSEUS’S DRILLING DEMONSTRATES POTENTIAL FOR ADDITIONAL GOLD RESOURCES AT YAOURÉ GOLD MINE“ released on 18 January 2023. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases.

Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

ASX/TSX CODE: PRU

CAPITAL STRUCTURE:
Ordinary shares: 1,367,463,113
Performance rights: 12,001,072

REGISTERED OFFICE:

Level 2
437 Roberts Road
Subiaco WA 6008

Telephone: +61 8 6144 1700
Email: [email protected]

www.perseusmining.com

DIRECTORS:

Mr Sean Harvey
Non-Executive Chairman

Mr Jeff Quartermaine
Managing Director & CEO

Ms Amber Banfield
Non-Executive Director

Ms Elissa Cornelius
Non-Executive Director

Mr Dan Lougher
Non-Executive Director

Mr John McGloin
Non-Executive Director

Mr David Ransom
Non-Executive Director

CONTACTS:

Jeff Quartermaine
Managing Director & CEO
[email protected]

Nathan Ryan
Corporate Relations
+61 4 20 582 887
[email protected]

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