YAOURÉ GOLD PROJECT

VOL. 1, ISSUE 1

Yaouré Gold Project, Côte d’Ivoire, West Africa

2019

PERFORMANCE

• Exploitation Permit

granted in April 2019

• Construction underway

• Capital cost US$265m,

fully funded by US$150m

corporate debt and cash

• 1st Gold expected

December 2020

• Significant exploration

potential to extend mine

life, including under-

ground mining

FACT SHEET

Highlights: Perseus Mining is a multi-mine West African gold producer, developer and explorer, with two op-erating gold mines in Ghana and Côte d’Ivoire and the Yaouré Gold Project also located in Côte d’Ivoire.

Yaouré Gold Project (Yaouré) was acquired in April 2016 when Perseus took over Amara Mining

plc.

Perseus completed a DFS study in October 2017 demonstrating that the project has strong eco-

nomics with IRR 27% and 32 month payback at a gold price of US$1,250/oz.

Since the DFS Perseus has completed a FEED study, contracted Lycopodium (same engineering

company who built Sissingué, ahead of time and on budget) to construct the plant, secured fund-

ing, obtained the Exploitation Permit and commenced construction. 1st gold is expected in Decem-

ber 2020.

Yaouré is located in central Côte d’Ivoire, 40km northwest of Yamoussoukro, the political capital,

and 260 km northwest of Abidjan. Three exploration permits are held in the region, covering a 360

km². The Exploitation Permit PR397 covers a 53 km2 area.

Perseus owns a 90% interest in Perseus Yaouré SARL, owner of Yaouré, with the other share-

holder being the government of Côte d’Ivoire with a 10% free carried interest.

Proved and Probable Ore Reserves total 27 Mt, grading 1.8 g/t gold containing 1.56 Moz of gold

inclusive of 1.9 Moz of Measured and Indicated Resources, as at 30 June 2018.

Yaouré’s life of mine gold production totals 1.4Moz at an AISC of US$759/oz over 8.5 years.

Exploration potential is significant including an initial underground Inferred Resource of 595 koz

grading 6.2 g/t gold.

3.8Moz Resources

1.56Moz Reserves

0.6Moz UG Resource

8.5 year mine life

AISC of US$759/oz

Exploration upside

1st gold

December 2020

(Forecast)

Strong community

support and

engagement

YAOURÉ TIMELINE

SNAPSHOT

Probable Ore Reserves

(June 2019)₁

43.1Mt @

1.39g/t for

1.9Moz

26.8Mt @

1.76g/t for

1.56Moz

Kossou dam and hydro-electric power station located 6.5km from Yaouré Gold Project

Measure & Indicated Mineral

Resource (Nov 2017)₁

1 See our website for further

details of Perseus’s mineral

resources & ore reserves

1st Gold forecast for December 2020.

Construction underway and managed by Perseus development

team and Lycopodium, same team and engineering company

who built Sissingué, ahead of time and on budget.

GEOLOGY AND RESOURCES

Yaouré lies within the eastern half of the informally named Bouflé greenstone belt in central Côte d’Ivoire. The belt is a north-north-east-trending assemblage of Palaeoproterozoic volcanic, sedimentary and intrusive rocks of the Birimian Supergroup.

Gold mineralisation at the Yaouré has been subdivided into two main zones: the CMA Zone and the Yaouré Zone;

• The CMA zone is a relatively continuous 20-45m thick fault zone featuring quartz-carbonate (dominantly ankerite) veining and disseminated pyrite in albite-carbonate altered metabasalt wall rocks. It strikes approximately north-south, dips at 30 degrees to the east, extends along 1,200 metres strike and its down-dip continuity has been tested for in excess of 450m.

• The Yaouré Zone comprises a system of structures in a 300m wide zone, 200m stratigraphically below the CMA Zone and beneath the Yaouré Cen-tral Pit. Gold mineralisation is hosted by a series of brittle-ductile structures divided for convenience into ‘Y’ and ‘S’ types. The ‘Y’ fault zones, parallel to CMA, consist of Y1, Y2 and Y3 - shallow easterly dipping reverse faults with associated albite, carbonate and quartz veins in variably altered host rocks with disseminated pyrite. The ‘S’ type structures comprise sub-vertical faults filled with quartz-tourmaline veins. The ‘S’ type structures are oriented southwest-northeast and northeast-southwest. Mineralisation in the Yaouré Zone is hosted by metabasalts and by a north-south trending granodiorite intrusive body.

Resources as at 30 June 2018 included;

• Measured and Indicated Resources totalled 943 Mt @ 1.4 g/t for 1.9 Moz

• Inferred Resources totalled 46 Mt @ 1.0 g/t for 1.5 Moz

• Inferred Underground Resources totalled 3.0 Mt @ 6.6 g/t for 595 koz (as at 5 November 2018, 46% over lap existing Re-

sources)

Significant exploration potential exists on the Yaouré tenements. The underground Resources defined in November 2018 are

open down dip and along strike and have only been drilled ~200m down dip of the design pit limits. Strong soil geochemical

anomalies have been defined adjacent to the pit areas and more regionally. Deep drilling as at this stage been confined to the pit

areas and sterilisation drilling.

MINING

A DFS was completed on Yaouré in November 2017 that outlined a US$265m development and operation producing 215koz pa gold over the first 5 years at a AISC of US$734/oz from a 3.3Mtpa open pit operation. Life of mine production would be 1.4Moz at a AISC of US$759/oz over 8.5 years.

Ore will be sourced from 2 open pits (CMA and Yaouré pits) and historical heap leach stockpiles.

Average annual material movement will be 19Mt utilising conventional open pit mining methods and using a mining contractor to undertake grade control, drill and blast and load and haul.

Yaouré LOM 2017 Annual Average

Years 1-5

Total Life

of Mine

Ore mined Mt 4.6 26.8

Strip ratio t:t 5.4:1 5.1:1

Ore processed Mt 3.3 26.8

Head grade g/t gold 2.27 1.76

Gold recovery rate % 90.1 90.1

Gold production ‘000 ounces 215 1,367

Unit Operating Costs

Production costs US$/oz 670 690

Royalty US$/oz 44 44

Sustaining capital US$/oz 20 25

Average All-in site costs

US$/oz 734 759

Reserves as at 30 June 2019;

Proved and Probable Ore Reserves totalled 26.8 Mt @ 1.76 g/t for 1.56 Moz

RESERVES

PROCESSING

The processing facility at Yaouré will be constructed by Lycopodium and Perseus (same engineering company who built Sis-

singué, ahead of time and on budget). The capital cost based on the FEED study completed in November 2018 was US$265m.

1st gold is forecast for December 2020.

The circuit consists of single stage crushing, SAG milling followed by Ball milling, gravity and CIL recovery. The processing plant

has been designed to process approximately 3.3 Mtpa.

Yaouré Gold Project process plant flow sheet

Perseus board - meeting local village chiefs in May 2019

COMMUNITY

The Project has strong community support and Perseus anticipates that this will strengthen as development activities commence

and greater benefits flow to the local population. The successful model for community engagement employed at Sissingué will be

implemented at Yaouré.

There are 4 directly affected communities including Akakro, Angovia, Allahou Bazi and Kouakougnanou. The village of Kossou

while not affected directly by future operations lies on the access road and is an important part of the local community.

No relocation is required for the development of the Project as it lies within a previously disturbed mining site. However, crop

compensation and other community compensation arrangements are being made prior to development activities commencing on

site.

0.5% of future revenue from Yaouré will be paid to the Community Development Fund (CDF) which is managed by the Comité

de Développement Local Minier (CDLM) which consists of government and community representatives.

www.perseusmining.com

ENVIRONMENT

Perseus Mining regards environmental care as an integral part of its business and is committed to excellence in the manage-

ment of environmental matters.

We aim to minimise environmental impacts at every stage of work from planning, through to exploration, development, mining,

processing and decommissioning.

Perseus, through our personnel, will:

• Maintain a comprehensive environmental management system;

• Undertake consultation to ensure that community interests are considered;

• Comply with applicable laws, regulations and standards;

• Provide safeguards and contingency plans to mitigate potential impacts;

• Monitor all activities and strive to continually improve performance; and

• Promote environmental awareness amongst the workforce to increase understand-

ing of environmental responsibilities.

GENERAL

Infrastructure:

• Yaouré power will be sourced from the grid via a 6.5km power line connected

to the Kossou hydroelectric power station

• Permeant water supply for the operation will be sourced from the Bandama

River down stream from the hydroelectric power station. A water allocation has

been granted by the Côte d’Ivoire government.

Mine workforce:

• Total workforce during operations will be approximately 880 people including

contractors

• Employment priority will be given to local inhabitants followed by nationals for both the construction and operations phases

Skills base surveys have been undertaken for the local communities and skills training programs being designed to facilitate