Perseus Mining Limited: Perseus Mining December Quarter Report

Perth, Jan. 29, 2025 (GLOBE NEWSWIRE) -- DECEMBER 2024 QUARTER REPORT

Perseus Mining delivers strong production, cashflow & growth in

Q2 FY25, resulting in a cash & bullion balance of US$704 million

PERTH, Western Australia/January 29, 2025/Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) reports on its activities for the three months' period ended December 31, 2024 (the "Quarter"). A summary is included below with the full release available from www.perseusmining.com, www.asx.com.au and www.sedarplus.ca.

• Key operating indicators and highlights for the December 2024 quarter (Q2 FY25), December 2024 Half Year (H1 FY25) and Calendar Year 2024 (CY24) include:

PERFORMANCE INDICATOR	UNIT	JUNE 2024 HALF YEAR	SEPTEMBER 2024 QUARTER	DECEMBER 2024 QUARTER	DECEMBER 2024 HALF YEAR	2024 CALENDAR YEAR
Gold recovered	Ounces	248,400	121,290	132,419	253,709	502,109
Gold poured	Ounces	250,084	121,370	131,832	253,202	503,286
Production Cost	US$/ounce	934	991	919	953	944
All-In Site Cost (AISC)	US$/ounce	1,130	1,201	1,127	1,162	1,147
Gold sales	Ounces	257,578	108,895	136,623	245,518	503,096
Average sales price	US$/ounce	2,076	2,249	2,430	2,350	2,209
Notional Cashflow	US$ million	236	127	173	300	536

• Perseus's 12-month rolling average TRIFR is 0.66, lower than 0.97 at the end of the September 2024 quarter (Q1 FY25) and well below industry average.
• In Q2 FY25, gold production increased by 9% to 132,419 ounces and the weighted average All-in-Site Cost (AISC) of US$1,127 per ounce, was 6% less than the prior quarter.
• Gold production for H1 FY25 and CY24 was towards the upper end of production guidance ranges in each case, while AISCs for the same periods were below the bottom end of the cost guidance ranges.
• Average gold sales increased by 20% to 136,623oz due to sale of gold whose shipment was delayed in the prior quarter. The average gold sales prices increased 7% quarter on quarter to US$2,430 per ounce.
• An average cash margin of US$1,303 for each ounce of gold produced in the quarter resulted in notional operating cashflow of US$173 million in Q2 FY25 and US$536 million in CY24.
• Balance sheet at quarter-end included available cash and bullion of US$704 million, plus liquid, listed securities of US$67 million and zero debt, with US$300 million of undrawn debt capacity available at the end of Q2 FY25.
• Market guidance for June 2025 Half Year (2H FY25) and 2025 Financial Year (FY25) respectively are 215,000 to 220,000 ounces at US$1,360 to US$1,435 per ounce and 469,709 to 504,709 ounces at US$1,250 to US$1,280 per ounce.
• A Final Investment Decision (FID) was taken to develop the CMA underground project at the Yaouré Gold Mine in Côte d'Ivoire during the quarter.
• The FID for the development of the Nyanzaga Gold Mine in Tanzania is pending finalisation of negotiation of several amendments to the Framework Agreement with the Government of Tanzania that comprehensively describes the terms on which the mine will be developed and operated.
  
  

Group Gold Production and Cost Market Guidance

Forecast group gold production and AISC for the June 2025 half year (2H FY25) and full 2025 financial year (FY25) are shown in the Table below.

Table 1: Production and Cost Guidance

PARAMETER	UNITS	DECEMBER 2024 HALF YEAR (ACTUAL)	JUNE 2025 HALF YEAR FORECAST	2025 FINANCIAL YEAR FORECAST
Yaouré Gold Mine
Production	Ounces	123,158	120,000 - 135,000 ounces	243,158 - 258,158 ounces
All-in Site Cost	USD per ounce	1,124	US$1,215 - 1,315 per ounce	US$1,160 - 1,210 per ounce
Edikan Gold Mine
Production	Ounces	96,634	75,000 - 85,000 ounces	172,634 - 182,634 ounces
All-in Site Cost	USD per ounce	1,022	US$1,325 - 1,425 per ounce	US$1,150 - 1,190 per ounce
Sissingué Gold Mine
Production	Ounces	33,917	20,000 - 30,000 ounces	53,917 - 63,917 ounces
All-in Site Cost	USD per ounce	1,701	US$2,100 - 2,200 per ounce	US$1,880 - 1,900 per ounce
PERSEUS GROUP
Production	Ounces	253,709	215,000 - 250,000 ounces	469,709 - 504,709 ounces
All-in Site Cost	USD per ounce	1,162	US$1,360 - 1,435 per ounce	US$1,250 - 1,280 per ounce

Note that AISCs for Sissingué in H2 FY25 are artificially elevated above prior levels due to the processing of low-grade ore stockpiles while access to higher grade ore is achieved through waste stripping programmes at Sissingué Stage 4 pit and Fimbiasso West Stage 2 pit.

Competent Person Statement

All production targets referred to in this release 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 release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement "Perseus Mining updates Mineral Resources and Ore Reserves" released on 21August 2024. 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 - Edikan Gold Mine, Ghana" dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso and Bagoé

The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement "Perseus Mining updates Mineral Resources and Ore Reserves" released on 21 August 2024. 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 29 May 2015 continue to apply.

Yaouré

The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement "Perseus Mining updates Mineral Resources and Ore Reserves" released on 21 August 2024. 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 19 December 2023 continue to apply.

Nyanzaga Gold Project

ASX Listing Rules disclosure
All information on the Nyanzaga Mineral Resource and Ore Reserve estimates has been extracted from the OreCorp ASX announcements dated 12 September 2017 titled "MRE Update for the Nyanzaga Project Increasing Category and Grade", 5 May 2022 titled "DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence - Tanzania", and 22 August 2022 titled "Nyanzaga DFS Delivers Robust Results" available on www.perseusmining.com. Perseus confirms that it is not aware of any new information or data that materially affect the information included in the original ASX announcements and that all material assumptions and technical parameters underpinning the estimates in the ASX announcements continue to apply and have not materially changed. Perseus confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original ASX announcements.

Canadian National Instrument NI43-101 disclosure
The information in this release relating to the Nyanzaga Gold Project is extracted from the OreCorp ASX announcements dated 12 September 2017 titled "MRE Update for the Nyanzaga Project Increasing Category and Grade", 5 May 2022 titled "DFS Completion and Kilimani Mineral Resource Estimate update within the Nyanzaga Special Mining Licence - Tanzania", and 22 August 2022 titled "Nyanzaga DFS Delivers Robust Results" available on www.perseusmining.com. A Qualified Person has not done sufficient work to classify the Historical Estimates as current. As such, any Mineral Resource and Mineral Reserve estimates included in this section are Historical Estimates as defined in Canadian National Instrument 43-101 and are not reported as current Perseus estimates. The OreCorp Feasibility Study includes key assumptions for commodity prices, gold mining and processing costs, and there have been no material changes in assumptions. The OreCorp Feasibility Study in its current form is a comprehensive compilation of all available data applicable to the estimation of Mineral Resources and Mineral Reserves. Reference is made to Perseus's news release dated 31 May 2024 titled "Perseus progresses Nyanzaga Gold Project" for further clarifying statements. Perseus confirms the applicability of these statements have not materially changed.

The information in this report relating to Nyanzaga exploration results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market update "Confidence Boosting Infill Drilling at Nyanzaga Project" released on 5 December 2024. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases.

Meyas Sand Gold Project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement "Perseus Enters Into Agreement to Acquire Orca Gold Inc." released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company's ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca's NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.

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, 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 forward-looking information, except in accordance with applicable securities laws.

This market announcement was authorised for release by the Board of Perseus Mining Limited.

ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,372,184,529 Performance rights: 10,383,593 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: [phone] www.perseusmining.com

DIRECTORS: Rick Menell Non-Executive Chairman Jeff Quartermaine Managing Director & CEO Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director Dan Lougher Non-Executive Director John McGloin Non-Executive Director

CONTACTS: Jeff Quartermaine Managing Director & CEO [e-mail] Stephen Forman Investor Relations [phone] [e-mail] Nathan Ryan Media [phone] [e-mail]