Perseus Mining : Achieves Near-Mine Exploration Success in Ghana

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18 JANUARY 2022

ASX RELEASE

PERSEUS ACHIEVES NEAR-MINE EXPLORATION SUCCESS IN GHANA

Perseus Mining Limited (ASX/TSX: PRU) is pleased to provide details of exploration success at its Edikan Gold Mine in Ghana during the December 2021 quarter.

HIGHLIGHTS

• Perseus has recorded further impressive drilling results at Nkosuo prospect on the Agyakusu Prospecting Licence, just seven kilometres from its Edikan Gold Mine in Ghana.
• Results continue to demonstrate strong potential for shallow, granite-hostedopen-pitable gold resources, including:
• • NKS0034RC: 37m @ 1.49g/t Au from 3m
  • NKS0050RD: 60m @ 1.28g/t from 6m
  • NKS0037DD: 43m @ 1.79 g/t from 0m
  • NKS0050RD: 24m @ 2.04g/t Au from 6m
  • NKS0059RD: 37m @ 1.74 g/t Au from 8m
  • NKS0060RC: 51m @ 2.09 g/t Au from 20m
  • NKS0081RC: 46m @ 2.31g/t Au from 18m
  • NKS0086RD: 13m @ 4.18g/t Au from 1m & 54m @ 1.63g/t Au from 54m
  • NKS0091RD: 34m @ 1.3g/t Au from surface & 14m @ 2.17 g/t from 58m
  • NKS0092RD: 38m @ 1.83g/t Au from 38m & 24m @ 1.65g/t Au from 90m
  • NKS0102RD: 26m @ 1.55g/t Au from surface
  • NKS0117RC: 22m @ 3.92 g/t from 8m
  • NKS0120RC: 16m @ 4.17 g/t Au from 24m
• Results confirm Nkosuo hosts near-surface,granite-hosted gold mineralisation similar in style to that mined in
  Edikan's Fobinso and Abnabna ("AG") pits.
• Resource definition drilling is ongoing. Perseus expects to complete a maiden Mineral Resource estimate for Nkosuo early in the June 2022 quarter.
• Nkosuo discovery has the potential to extend Edikan's mine life beyond forecast end in FY2026-2027.

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008

ABN: 27 106 808 986	1

ASX RELEASE | PERSEUS ACHIEVES NEAR-MINE EXPLORATION SUCCESS IN GHANA

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Perseus's Managing Director and CEO Jeff Quartermaine said:

"As Perseus moves closer to achieving our goal of producing 500,000 ounces of gold per year, we have turned our sights to finding ways of sustaining this level of gold production to the end of the decade and beyond.

"Our exploration programme at Nkosuo has returned impressive results that demonstrate this prospect's potential to add to Edikan's mine life, with further successful drilling. We are particularly encouraged by similarities between the Nkosuo deposit and the Fobinso and Abnabna deposits which we've already successfully developed, mined and processed at Edikan.

"While we are working towards completing a maiden Mineral Resource estimate for Nkosuo in the first half of CY2022, we intend to continue exploring on the Agyakusu, Agyakusu-DML and Domenase exploration licence areas, all of which are under option to Perseus and all of which are located within trucking distance of our Edikan mill."

NKOSUO EXPLORATION DRILLING

Results from Perseus's recent exploration activities adjacent to its Edikan Gold Mine (Edikan) in Ghana continue to confirm the outstanding potential to grow its gold inventory at Edikan through further drilling success.

Perseus secured an option to acquire the 23.85km2 Agyakusu prospecting licence (Appendix 1 - Figure 1.1), currently held by Ghanaian company Adio-Mabas Ghana Ltd, in November 2019 (see ASX announcement 4 November 2019). Perseus subsequently conducted soil sampling and airborne geophysical surveys whilst negotiating access from farmers to drill the granite-hosted Nkosuo gold prospect. Perseus achieved access in June 2021, with drilling continuing uninterrupted since that date.

Perseus commenced exploration drilling at the Nkosuo prospect on the Agyakusu permit on 1 July 2021, with the first highly encouraging results being reported in our ASX release dated 13 October 2021. Since that date, Perseus had drilled a further 13,008 metres in 36 Reverse Circulation ("RC"), 5 diamond ("DD") holes and 46 RC pre-collared diamond holes ("RD"). Drilling has been conducted on a nominal 80 x 80 metre grid to scope out the extent and overall geometry of the host granite and contained mineralisation, partially infilled to 40 x 40 metres and locally to 40 x 20 metres. Results have continued to provide strong support for the presence of a shallow open-pitable gold resource within trucking distance of the Edikan mill.

Mineralisation at Nkosuo is hosted by a NNE-trending granitic plug extending at least 1,200 metres in strike, with widths ranging from around 120 metres in the northern part to up to 160 metres in the southern part. The northern part of the intrusive body is dislocated by a roughly NW-SE fault that offsets the northern 400 metres of the body ~160 metres to the northwest (Appendix 1 - Figure 1.2).

The strongest mineralisation is focused in the offset northern part of the intrusion and the northern central section of the southern part of the intrusion, gradually waning to the southwest. The granite body dips at around 700 to the west in the northern part of the intrusion, steepening to near vertical towards the south. Mineralisation within the granite consists of variably intense quartz stockwork veining with associated quartz-carbonate-sericite alteration. The veining and alteration are accompanied by 1-2% disseminated and selvage pyrite and arsenopyrite, with better gold grades generally associated with higher concentrations of arsenopyrite. The granite remains open to the south, with indications from surface workings that mineralisation may strengthen within the southern apex of the intrusion, analogous to the situation in the northern apex. Drilling to test this hypothesis is planned for the coming quarter.

Overall, the Nkosuo mineralisation bears strong similarities in style and scale to the western granite-hosted deposits at Edikan such as Fobinso and Abnabna.

Better intercepts from the Nkosuo drilling received between 13 October 2021 and 8 January 2022 are shown below in Table 1 and on Appendix 1 - Figure 2, with a complete summary included in Appendix 2 - Table 1. Representative sections are presented in Appendix 1 - Figures 1.3 to 1.5.

Table 1: Intercepts from Agyakusu Prospecting Licence - Nkosuo Prospect

(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)

	Hole ID	From (m)	To (m)	Gold Intercept
	NKS0024RD	125	127	2m	@ 7.2 g/t
	NKS0024RD	135	147	12m	@ 0.91 g/t

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	Hole ID	From (m)	To (m)	Gold Intercept
	NKS0024RD	157	169	12m @ 1.53 g/t
	NKS0024RD	187	192	5m @ 1.29 g/t
	NKS0024RD	201	207	6m @ 1.11 g/t
	NKS0025RD	116	124	8m @ 1.15 g/t
	NKS0025RD	140	159.1	19.1m @ 0.72 g/t
	NKS0025RD	273	281.8	8.8m @ 1.07 g/t
	NKS0034RC	3	40	37 @ 1.49 g/t
	NKS0036RD	162	164	2m @ 6.27 g/t
	NKS0036RD	284	292.65	8.7m @ 1.21 g/t
	NKS0037DD	6.9	44	37.1m @ 2.05 g/t
	NKS0037DD	48.6	60.15	11.6m @ 1.83 g/t
	NKS0038DD	0	5.59	5.6m @ 1.26 g/t
	NKS0040DD	13.3	28.3	15m @ 0.97 g/t
	NKS0043RD	234.85	238.13	3.3m @ 3.15 g/t
	NKS0044RD	18	24	6m @ 1.95 g/t
	NKS0044RD	18	20	2m @ 4.06 g/t
	NKS0044RD	28	40	12m @ 0.82 g/t
	NKS0044RD	46	64	18m @ 0.65 g/t
	NKS0046DD	0	23.9	23.9m @ 0.66 g/t
	NKS0046DD	27.3	29.3	2m @ 3.29 g/t
	NKS0047RD	12	28	16m @ 1.16 g/t
	NKS0047RD	32	64	32m @ 0.89 g/t
	NKS0048RD	68	70	2m @ 8.35 g/t
	NKS0048RD	102	104	2m @ 3.58 g/t
	NKS0048RD	250.5	253	2.5m @ 87.30 g/t
	NKS0049RD	28	36	8m @ 1.31 g/t
	NKS0049RD	46	50	4m @ 1.35 g/t
	NKS0049RD	116	120	4m @ 2.05 g/t
	NKS0050RD	6	30	24m @ 2.04 g/t
	NKS0050RD	36	42	6m @ 1.51 g/t
	NKS0050RD	56	66	10m @ 1.15 g/t
	NKS0053RD	104	112	8m @ 1.07 g/t
	NKS0059RD	0	4	4m @ 2.47 g/t
	NKS0059RD	8	45	37m @ 1.74 g/t
	NKS0060RC	20	71	51m @ 2.09 g/t

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ASX RELEASE | PERSEUS ACHIEVES NEAR-MINE EXPLORATION SUCCESS IN GHANA

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	Hole ID	From (m)	To (m)	Gold Intercept
	NKS0061RD	11	50	39m	@ 0.98 g/t
	NKS0061RD	64	69	5m @ 4.36 g/t
	NKS0062RD	74	90	16m	@ 1.08 g/t
	NKS0063RC	40	52	12m	@ 1.74 g/t
	NKS0064RD	62	68	6m @ 2.40 g/t
	NKS0064RD	82	87	5m @ 2.44 g/t
	NKS0065RD	72	78	6m @ 1.62 g/t
	NKS0065RD	116	120	4m @ 1.92 g/t
	NKS0066RD	62	66	4m @ 2.62 g/t
	NKS0066RD	82	92	10m	@ 0.81 g/t
	NKS0066RD	96	98	2m @ 4.64 g/t
	NKS0067RD	46	54	8m @ 3.51 g/t
	NKS0067RD	66	78	12m	@ 1.31 g/t
	NKS0067RD	94	110	16m	@ 2.45 g/t
	NKS0068RD	36	74	38m @ 0.8 g/t
	NKS0068RD	84	106	22m	@ 1.76 g/t
	NKS0072RD	68	76	8m @ 1.68 g/t
	NKS0076RD	2	6	4m @ 1.50 g/t
	NKS0079DD	58	95.1	37m	@ 0.89 g/t
	NKS0079DD	115.3	128.33	13m	@ 1.23 g/t
	NKS0079DD	142.13	151.5	9.4m @ 2.93 g/t
	NKS0081RC	4	8	4m @ 2.01 g/t
	NKS0081RC	18	64	46m	@ 2.31 g/t
	NKS0081RC	86	98	12m	@ 0.79 g/t
	NKS0082RC	0	4	4m @ 25.8 g/t
	NKS0082RC	30	50	20m	@ 0.88 g/t
	NKS0082RC	70	72	2m @ 3.77 g/t
	NKS0083RC	20	66	46m @ 1.2 g/t
	NKS0085RD	82	84	2m @ 5.28 g/t
	NKS0085RD	96	108	12m	@ 2.39 g/t
	NKS0085RD	106	108	2m	@ 5.4 g/t
	NKS0086RD	1	14	13m	@ 4.18 g/t
	NKS0086RD	54	108	54m	@ 1.63 g/t
	NKS0087RD	2	16	14m	@ 1.15 g/t
	NKS0087RD	24	30	6m @ 1.87 g/t

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	Hole ID	From (m)	To (m)	Gold Intercept
	NKS0087RD	46	60	14m	@ 1.21 g/t
	NKS0087RD	66	86	20m	@ 0.63 g/t
	NKS0087RD	90	124	34m	@ 0.96 g/t
	NKS0088RD	10	28	18m	@ 0.75 g/t
	NKS0088RD	38	60	22m	@ 0.89 g/t
	NKS0091RD	0	34	34m @ 1.3 g/t
	NKS0091RD	58	72	14m	@ 2.17 g/t
	NKS0091RD	106	128	22m	@ 1.01 g/t
	NKS0092RD	38	76	38m	@ 1.83 g/t
	NKS0092RD	80	86	6m @ 1.11 g/t
	NKS0092RD	90	114	24m	@ 1.65 g/t
	NKS0093RC	10	22	12m	@ 1.69 g/t
	NKS0093RC	36	54	18m	@ 1.64 g/t
	NKS0093RC	62	72	10m	@ 3.78 g/t
	NKS0097RC	1	12	11m	@ 1.23 g/t
	NKS0097RC	20	42	22m	@ 1.21 g/t
	NKS0102RD	0	26	26m	@ 1.55 g/t
	NKS0102RD	60	62	2m @ 8.82 g/t
	NKS0102RD	120	126	6m @ 2.49 g/t
	NKS0103RC	0	28	28m	@ 0.95 g/t
	NKS0104RD	44	48	4m @ 5.51 g/t
	NKS0104RD	52	84	32m	@ 1.28 g/t
	NKS0104RD	118	124	6m @ 1.69 g/t
	NKS0104RD	142	148	6m @ 1.76 g/t
	NKS0114RC	42	58	16m	@ 0.77 g/t
	NKS0114RC	64	76	12m	@ 2.22 g/t
	NKS0117RC	8	30	22m	@ 3.92 g/t
	NKS0120RC	24	40	16m	@ 4.17 g/t
	NKS0121RD	12	14	2m @ 6.99 g/t
	NKS0121RD	28	42	14m	@ 1.69 g/t
	NKS0123RD	9	12	3m @ 6.97 g/t
	NKS0123RD	24	42	18m	@ 1.96 g/t
	NKS0123RD	48	60	12m	@ 2.42 g/t
	NKS0124RD	18	24	6m	@ 2.0 g/t

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