Perseus Mining

A multi-mine, multi-jurisdiction West African gold producer, developer and explorer. #ASX / #TSX: $PRU

[Perseus Mining @PerseusMining]

Perseus continues to support and prioritise education-focused initiatives within the communities surrounding our portfolio of African gold projects.

In April, Perseus Mining (Ghana) Limited Company commissioned a new, fully furnished 120 bed girls’ dormitory at the Ayanfuri Senior High School, located nearby our Edikan Gold Mine.

For many years students at the school faced limited boarding capacity, overcrowded facilities, and for those unable to secure accommodation, the daily challenge of long commutes.

The newly built facility includes 40 bunk beds, a toilet block, nine shower rooms, janitor and basement storerooms, and a 10,000 litre elevated concrete water tank supplied by a newly drilled and mechanised borehole.

Safe and secure accommodation plays an important role in supporting girls to remain in school, pursue their ambitions, and build confidence as future leaders. Funded entirely through Perseus’s $PRU Edikan Trust Fund, the new dormitory marks one of the most significant investments in educational infrastructure that the Ayanfuri community has seen in recent memory.

A commissioning ceremony held at the school brought together Perseus leadership, community leaders, and members of the school and local community to celebrate a project that has been years in the making (pictured 📸).

Around the same time in Fobinso, also located nearby Edikan, we handed over a fully constructed kindergarten and primary school block including three classrooms, a kitchen and pantry, staff facilities, toilets and showers, furniture, teaching boards and an 85,000 litre elevated water tank with a filter system.

[Perseus Mining @PerseusMining]

With heavy hearts, Perseus extends its deepest condolences to the family, friends, and colleagues of Mr. Leonard Mususa.

Mr. Mususa served as a Board Member of Sotta Mining Corporation Limited since its incorporation in 2021, offering wisdom, guidance, and leadership that contributed greatly to the development of the Nyanzaga Gold Project, Perseus’s first mine in Tanzania, and its governance structure.

He will be remembered for his humility, integrity, and lasting contribution to the organisations and people he served.

May he rest in peace.

[Perseus Mining @PerseusMining]

Our Nyanzaga Gold Project in Tanzania continues its push towards first gold in Q1 CY27.

✔️ The project recently eclipsed 6 million work hours LTI free
✔️ 4/7 CIL Tanks are now at full height
✔️ Mill installation OEM has mobilised and commenced mill install activities
✔️ The camp administration is now complete.

We look forward to providing further updates in the months ahead as we advance towards first production at the project. Watch our latest construction update below 📺

[Perseus Mining @PerseusMining]

Last week, Perseus brought together the people helping make the Nyanzaga Gold Project a reality – government officials, project partners, financiers, suppliers and the team on the ground – for a reception in Dar es Salaam to share progress and mark the milestone of being halfway through construction.

Nyanzaga is a joint venture between Perseus Mining $PRU (80%) and the Government of Tanzania (20%), and will be our fourth operating mine on the African continent.

Managing Director and CEO Craig Jones spoke to the strength of the project’s local foundations – 3,000 employees and contractors currently on site, 97% of whom are Tanzanian – and reaffirmed Perseus’s commitment to sustainability, local development, and long-term economic contribution to Tanzania.

Craig reflected on what makes projects like this work: genuine alignment between government, community, business, and workforce and the trust that has to be built and maintained to get there.

Watch the full video of the reception here: https://t.co/lbUE2WpUkR

[Perseus Mining @PerseusMining]

Last week, Perseus met with the President of the United Republic of Tanzania, Her Excellency Dr Samia Suluhu Hassan, at the State House in Chamwino, Dodoma Region – a significant moment as Nyanzaga moves steadily towards production.

The Perseus delegation included Independent Non-Executive Chairman Rick Menell, Managing Director and CEO Craig Jones and Chief Financial Officer Lee-Anne de Bruin, alongside Sotta Mining Board Member Professor Raphael Chibunda and Country Manager Isaac Lupokela. Discussions focused on the development of the Nyanzaga Gold Project and its contribution to Tanzania’s mining sector.

The US$523 million mine is Tanzania’s first major new gold mine in nearly 20 years – and a significant long-term investment in the country’s economy.

President Dr Samia Suluhu Hassan commended the scale of the investment and recognised its role in strengthening Tanzania’s mining sector and supporting national economic growth.

Construction is progressing well, with first production expected in the first quarter of 2027.

$PRU

[Perseus Mining @PerseusMining]

We are delighted to welcome Wade Bickley to Perseus $PRU in the role of Chief Operating Officer, commencing 1 June 2026, further enhancing our leadership team.

Wade has over 25 years of industry experience, with extensive expertise in gold and base metals operations across Australia, West Africa and Southern Africa. In recent years, he has held senior management and executive roles in the mining industry where he has led complex mining operations, processing production systems, major capital projects and operational turnarounds.

He will lead our Operations across Africa at this pivotal time as we ramp up our underground operations at Yaouré and bring Nyanzaga into production — one of Africa's most significant new gold development projects. We look forward to him applying his extensive operational expertise to drive performance and outcomes across our portfolio. Welcome Wade!

[Perseus Mining @PerseusMining]

The first underground production blast has been fired at Blika 1120 Ore Drive South at the CMA Underground Project, at our Yaouré Gold Mine in Côte d’Ivoire 💥

This is a key milestone and signals the continuation of the project’s ramp up toward steady-state production, scheduled for Q3 FY27.

The CMA Underground mine is both the first mechanised underground mine in Côte d’Ivoire, and the first for Perseus. With investment in the CMA Underground project, Perseus continues to be a key partner in assisting to build skills in the Ivorian mining sector, and the start of underground ore production represents a significant milestone of the development of broader mining capability in the country.

The first production blast is a defining moment for Perseus $PRU and Côte d’Ivoire, following many months of intensive underground development, drilling and infrastructure installation. We look forward to scaling up operations over the coming months, and we thank our site team and contractors for their hard work and dedication in helping us reach this exciting milestone.

[Perseus Mining @PerseusMining]

Today we released our March Quarterly Report, which highlighted strong operational performance, and cash and bullion growth to US$817 million.

If you missed the investor call hosted by our Managing Director and CEO Craig Jones and Chief Financial Officer Lee-Anne de Bruin, the replay is available here: https://t.co/e0Pk1vPgW8

Read the accompanying investor presentation here: https://t.co/wybjeKpGxC

[Perseus Mining @PerseusMining]

📄 $PRU March 2026 Quarter Report: https://t.co/i7XEpuWltN

✅ Q3 FY26 production totalled 107,144 oz of gold at an AISC of US$1,748/oz
✅ Average cash margin of US$2,395/oz of gold produced, delivering notional operating cashflow of US$252m
✅ Cash and bullion of US$817m, plus liquid listed securities of US$254m
✅ First gold produced from CMA Underground at Yaouré
✅ Nyanzaga ore reserves increased 73% to 4.0Moz
✅ Nyanzaga project development on track for first production planned for January 2027
✅ Perseus acquired a 9.9% interest in Aurum Resources (ASX: AUE)
✅ Sale of 70% group interest in the Meyas Sand Gold Project for US$260m cash
✅ Production and AISC guidance for FY26 remain unchanged at 400,000 - 440,000 ounces at AISC US$1,600 – 1,760/oz.

We will host an investor webinar at 9am AEST today to discuss the quarterly — join here: https://t.co/EZKw2roxd1

[Perseus Mining @PerseusMining]

Perseus will host an investor webinar and conference call to discuss the March 2026 Quarterly Results, which are anticipated for release around 8:30am AEST on Thursday, 23 April 2026.

View full call details and register via link in today's announcement: https://t.co/EZKw2roxd1

$PRU

[Perseus Mining @PerseusMining]

In March, Perseus $PRU celebrated International Women’s Day across our operations, aligned to the UN Women theme ‘Balance the Scales’, and with a focus on practical actions that strengthen inclusion, opportunity, and community impact.

Read more: https://t.co/WX3XL3QrI6

#IWD2026 ♀️

[Perseus Mining @PerseusMining]

Yesterday, our Chairman Rick Menell and Chief Corporate Affairs and Sustainability Officer, Melanie Pollard, attended the launch ceremony of the SIREXE - International Extractive and Energy Resources Exhibition 2026, held in Abidjan, under the patronage of H.E. Téné Birahima Ouattara, Minister of Defence and Vice Prime Minister, alongside the Minister of Mines, Petroleum and Energy, H.E. Mamadou Sangafowa Coulibaly.

Under the theme “Extractive and energy industries: what infrastructure is needed to support economic development in Africa?”, the initiative reflects Côte d’Ivoire’s ambition to position itself as a regional hub, supported by its Integrated Mineral and Energy Resources Policy and a strong focus on infrastructure-led growth.

We were also inspired by H.E. Bogolo Kenewendo, Minister of Minerals and Energy of Botswana, who highlighted the importance of sustainability, strong governance and partnerships in shaping a resilient and responsible extractive sector.

SIREXE continues to reinforce Côte d’Ivoire’s strategic role in advancing Africa’s extractive industries and regional collaboration. Perseus looks forward to supporting this fantastic event once again later this year.

📸: Perseus $PRU Chairman Rick Menell with Côte d'Ivoire’s Minister of Mines, Petroleum and Energy Mr. Mamadou Sangafowa-Coulibaly.

[Perseus Mining @PerseusMining]

Perseus $PRU has acquired a relevant interest in 9.9% of the issued shares of Aurum Resources (ASX: $AUE) via participation in the Aurum equity raising announced today.

Aurum is an emerging mineral development company listed on the ASX. Aurum’s key asset is the Boundiali Gold Project, a pre-development and pre-study gold project located in the North of Côte d’Ivoire, West Africa. The Boundiali Gold Project has a reported Ore Resource of 100Mt @ 1.0g/t Au for 3.0Moz of gold.

The Boundiali Gold Project is located to the south and along strike of Perseus’s Sissingué gold mine, which has been in operation since January 2018 and the processing hub for ore from Fimbiasso and more recently the Bagoé satellite deposits. The Boundiali’s northern most tenements are adjacent to the Company’s active mining area at Bagoé.

Our Managing Director and CEO Craig Jones said: “The Aurum team have done an excellent job assembling a highly prospective tenement package and building a significant resource base at a relatively low cost. The location of their discoveries presents potential future synergies and Perseus is pleased to be able to support Aurum in developing the project. For a total cost of A$23.69M, the Aurum Share Acquisition provides a compelling opportunity to fast-track value creation in the region.”

[Perseus Mining @PerseusMining]

As part of Perseus’s commitment to social responsibility, we actively support the local communities surrounding our projects in various meaningful ways.

During Ramadan, we donated 700 x 10kg bags of sugar to the Ababda Melikab tribe, located in the vicinity of the Meyas Sand Gold Project in Sudan. The initiative aimed to alleviate economic hardship during the holy month, a time of fasting and reflection.

Community members expressed their gratitude for the timely support provided during a period when sugar consumption is important for families who break their fast at sunset, allowing them to prepare traditional meals and desserts that are an integral part of their cultural and religious practices.

Today, we wish a joyful Eid Mubarak to all those celebrating the end of Ramadan. May this time of reflection, gratitude and togetherness bring renewed energy for the months ahead. 🌙

📸 Pictured: Bags of sugar being distributed to local families.

$PRU

[Perseus Mining @PerseusMining]

Great to attend the @EurozHartleys Institutional Conference on Rottnest Island this week.

Our Managing Director and CEO Craig Jones is pictured providing an update on Perseus's $PRU portfolio of African gold projects at the event.

To read a copy of the latest company investor presentation delivered by Craig at the conference, visit: https://t.co/rp8n58Wbtb

[Perseus Mining @PerseusMining]

Perseus has signed a Share Purchase Agreement to sell its 70% group interest in the Meyas Sand Project located in Sudan to Hong Kong Matrix Golden Fortune Mining Limited, a wholly owned subsidiary of Matrix Resources, for a cash consideration of US$260M.

The purchase price comprises a US$10M deposit received on signing of the SPA and US$250M payable on completion of the transaction which is to occur on 22 April 2026. Proceeds will further strengthen Perseus's superior balance sheet along with consideration of additional capital returns to shareholders.

Our CEO Craig Jones said: “Perseus maintains the view that the Meyas Sand Gold Project is a high quality gold project. A strategic review of Meyas Sand was undertaken as a result of the protracted armed conflict in Sudan and its impact on Perseus’s ability to progress the development at suitable scale. The sale represents an important step for Perseus in its portfolio optimisation and allows allocation of resources to core assets and its growth strategy. Matrix Group is a proven development partner with a vision for the Meyas Sand Gold Project that aligns with the development goals of Sudan.”

Read more: https://t.co/sI2Bd6klgo

$PRU

[Perseus Mining @PerseusMining]

Today, as Ghana marks its 69th Independence Day under this year's theme 'Building Prosperity, Restoring Hope', we reflect on Perseus's 14 years of continuous operations at our Edikan Gold Mine, shaped by our strong partnerships, solid growth and a commitment to long term value creation.

We celebrate this special day and look forward to contributing to Ghana’s next chapter.

$PRU

[Perseus Mining @PerseusMining]

This week Perseus $PRU Chief Financial Officer Lee-Anne de Bruin gave a presentation at the #ASX CEO Connect virtual event, providing an update on our multi-asset African gold portfolio.

Watch the replay here: https://t.co/a1tRCx4pNz

[Perseus Mining @PerseusMining]

As part of its commitment to educational development, Perseus Mining Ghana Limited (PMGLC) organized an Interschool Quiz Competition across eight catchment communities surrounding Edikan Mine, with schools divided into four zones and the winning school from each zone earning a place in the final.

The final was held on 17 October 2025 at Nkonya Community Centre, featuring the four zone winners:

🏅 Prestigious Good Foundation School
🏅 Abenabena M/A Junior High School
🏅 Nkotumso Roman Catholic School
🏅 Amazing Grace Preparatory School.

After a closely contested and spirited challenge, Prestigious Good Foundation School was crowned the overall champion, with Abenabena M/A Junior High School as the runner-up, followed by Nkotumso Roman Catholic School and Amazing Grace Preparatory School.
Participating schools received prizes including cash, desktop computers and equipment, sports equipment including football kits, first aid kits and trophies. Participating student also received individual prizes.

$PRU

[Stefi Maher @StefiMaher]

A summary of the latest research on multi-asset gold producer @PerseusMining $PRU below following release of the company’s 1HFY26 results and Nyanzaga reserve upgrade:

✅ Argonaut (20/2) – target $8.40/sh – “PRU 1HFY26 result was mostly in line with our estimates and consensus, with a strong operating cash flow result of US$193.4m, although free cash flow for the group was limited at US$26.5m after incurring significant growth capital spend at Nyanzaga and CMA Underground. A significant Ore Reserve upgrade for Nyanzaga from 2.3Moz to 4.0Moz reaffirms the asset quality and validates PRU's initial growth capital spend on the project over FY26/FY27, setting up a +200kozpa operation out to FY42. Nyanzaga mine life extensions help offset lower gold price movements, with our $8.40 price target unchanged. Buy rating maintained.”

✅ Canaccord (20/2) – target raised to $8.10/sh – “We lift our target price to $8.10 (fwd curve NPV5%,10%) from $7.70 on the back increased mine life at Nyanzaga. While FCF over FY26/27e is impacted by capex for key growth projects, as production ramps up from Nyanzaga over CY27, we expect FCF to improve significantly (FY27e FCF yield 7%, FY28e 18%). BUY.”

✅ UBS (20/2) – target raised to $7.15/sh – “Despite a soft 4Q and this being a transition year, PRU reported a strong interim dividend of US5cps, a beat to UBSe (~2.5cps) & cons (~2cps).”

✅ Euroz Hartleys (20/2) – target $6.60/share – “Growth underpinned by a strong balance sheet, with increased shareholder returns, noting only 10% (~A$10.8m) of the planned A$100m share buy-back has so far been completed, with on-market buying set to be ramped up.”

✅ Macquarie (20/2) – target $6.50/sh: “Underlying EBITDA of US$316m, which was 4% higher than Consensus (VA) of A$303m, and lower D&A contributed to a strong earnings beat of US$185m which was 16% above VA. Outperform.”

✅ Barrenjoey (20/2) – price target raised to $6.50/sh: “We have increased our modelled Reserve life at Nyanzaga by 6 years which lifts its NPV to A$2.88ps (from A$2.55ps) and our overall PRU NPV to A$6.52ps. We have also lifted our forecast dividend going forward and now forecast a 10.0cps final dividend, on top of the $91m of remaining share buyback.”