Perseus Mining : High Grade Results Continue at Yaoure Gold Mine

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19 JANUARY 2022

NEWS RELEASE

HIGH GRADE RESULTS CONTINUE AT YAOURÉ GOLD MINE

Perseus Mining Limited (ASX/TSX: PRU) is pleased to report continued exploration success at its Yaouré Gold Mine in Côte d'Ivoire.

HIGHLIGHTS

• Recent results from Perseus's ongoing infill and down-dip extension drilling on the CMA structure at Yaouré confirm strong potential for further mineral resources beneath the CMA open pit ("CMA Underground prospect").
• Infill drilling of the Inferred resource continues to confirm gold mineralisation consistent with previous results from this area, with recent drill intercepts including:
• • YRC1881D: 10m @ 6.61 g/t Au from 236m
  • YRC1883D: 8.10m @ 7.27 g/t Au from 328.10m
  • YRC1903D: 10m @ 3.03 g/t Au from 337, including 3m @ 8.76 g/t Au from 337m
  • YRC1904D: 13m @ 3.77 g/t Au from 294m
  • YRC1905D: 9.8m @ 4.18 g/t Au from 245m
  • YRC1909D: 6m @ 7.57 g/t Au from 304m
  • YRC1911D: 8m @ 4.40 g/t Au from 227m
  • YRC1913D: 6.3m @ 4.52 g/t from 194.7 and 5.1m @ 6.12 g/t from 305.9m
  • YRC1915D: 10.60m @ 4.36 g/t from 271.4m
  • YRC1916D: 4m @ 4.93 g/t Au from 214.4m, 5.2m @ 2.69 g/t Au from 221.7m, 4m @ 4.21 g/t Au from 235m & 13.2m @ 1.31 g/t Au from 242m
  • YRC1947D: 16.2m @ 5.58 g/t Au from 270m
  • YRC2019D: 15m @ 3.49 g/t Au from 268m including 7m @ 4.91 g/t Au from 268m
• Results returned high-grade intersections in the CMA hanging-wall, reflecting either CMA splays or oblique S- structures:
• • YRC1883D: 1.67m @ 62.29 g/t Au from 314.80m
  • YRC1897D: 4m @ 17.09 g/t Au from 64m
  • YRC1989D: 8m @ 11.42 g/t Au from 60m
  • YRC2047D: 16m @ 3.39 g/t Au from 56m including 4m @ 10.75 g/t Au from 68m
• Perseus will use results to upgrade the CMA Underground Inferred Mineral Resource estimate to Indicated status, enabling a Pre-Feasibility Study (PFS) for an underground mining operation to be completed by late June 2022, including an initial Ore Reserve estimate.

PERSEUS MINING LIMITED

Level 2, 437 Roberts Road, Subiaco WA 6008

ABN: 27 106 808 986	1

NEWS RELEASE | HIGH GRADE RESULTS CONTINUE AT YAOURÉ GOLD MINE

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• Step-outdrilling on the down-dip extensions of the CMA structure also returned encouraging results, including:
• • YRC1850AD: 5m @ 3.93 g/t Au from 605m and 4m @ 3.98 g/t Au from 628m
  • YRC1855D: 11.10m @ 3.39 g/t Au from 450.40m, including 5m @ 7.16 g/t Au from 452m.

Perseus's Managing Director and CEO Jeff Quartermaine said:

"With our three gold mines, Yaouré, Edikan and Sissingué, now producing gold at an annualised rate of over 500,000 ounces per year, Perseus's focus has turned to maintaining this level of production out to the end of the current decade and beyond.

"Our latest infill and step out drilling results from below Yaouré's CMA open pit confirm previous drill results that indicated that material quantities of additional Indicated Mineral Resources, capable of being economically mined using underground mining methods, may be delineated.

"We are aiming to complete a Preliminary Feasibility Study of this mining operation by the end of the June Quarter 2022, however, timing of the completion of this work will depend on the ultimate footprint size of the orebody as determined by the current drilling programme."

CMA UNDERGROUND RESOURCE DRILLING, YAOURÉ

Perseus focused recent exploration activities on the Yaouré permits at CMA Underground and CMA down-dip extensions within 2 kilometres of the Yaouré mill (Appendix 1 - Figure 1.1). Results continue to demonstrate the potential for the Company to materially grow its gold inventory at Yaouré organically, through further drilling success.

As noted in Perseus's ASX release "Positive Exploration Results at Perseus's Yaouré Mine" dated 14 October 2021, recent drilling at the CMA Underground prospect focused on infill drilling to firm up previously defined underground resources extending below the currently planned CMA pit. Perseus defined an Inferred Mineral Resource of 1.8 million tonnes grading 6.1 g/t Au, extending to a maximum 275 metre down dip beneath the open pit resource (refer Resources and Reserves ASX announcement 24 August 2021), with potential to extend mineralisation further down dip beyond this (Appendix 1 - Figure 1.2). Perseus has also completed a Scoping Study which identified the potential to mine the CMA structure using underground mining methods (refer to "Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré" dated 5th November 2018).

Following completion of drilling within the cutback zone of the CMA South open pit, Perseus extended infill drilling north along the CMA structure where grades are generally higher than at the southern end. Drilling during the last quarter comprised 12,437 metres in 56 reverse circulation ("RC") pre-collared diamond ("DD") holes, infilling the existing 50 x 50 metres coverage to a nominal 25 x 25 metres pattern to allow conversion of the Inferred resource to Indicated. Results continued to provide encouragement, with intercepts generally consistent with those previously encountered in both thickness and grade (Appendix 1 - Figures 1.3-1.4). Of note has been the presence of 2-3 stacked lodes in places, either as a result of anastomosing of the main lode or structural repetition. This feature has also been noted in the open pit workings, locally significantly increasing the ounces of gold per vertical metre.

The style of mineralisation remains consistent with that encountered previously, comprising pervasive, moderate to strong, pink-pale brown albite and carbonate alteration developed within a well-defined structure marked by quartz carbonate veins, fault veins, multi dilatant fault breccia, cataclasis and shearing.

Better intercepts from the CMA infill drilling are shown in Table 1 below, with a complete summary of significant results included in Appendix 2 - Table 2.1.

CMA DOWN-DIP DRILLING, YAOURÉ

Perseus stepped up drilling to investigate the next 300 metre down-dip from the current CMA Underground resource, with 9,511 metres drilled in 18 RC pre-collared DD holes. This work focused within the "Magazine Zone" ahead of

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NEWS RELEASE | HIGH GRADE RESULTS CONTINUE AT YAOURÉ GOLD MINE

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stocking of the magazine with explosives. The step-out program is also guided by Perseus's early 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage.

Perseus is undertaking drilling on an initial 100 x 200 metres pattern to better define the position of the CMA structure and the intensity of mineralisation. If results are encouraging, this will be infilled to 100 x 100 metres to allow an initial Inferred Mineral Resource Estimate.

Better intercepts from the Yaouré step out drilling are shown in Table 1 below and in Appendix 1 - Figures 1.5 & 1.6, with a complete summary of significant results included in Appendix 2 - Table 2.2.

Table 1: Intercepts from CMA Underground and CMA Down-dip Drilling

Hole ID		From (m)		To (m)		Gold Intercept	Comment
CMA Underground Resource Drilling
YRC1874D	237.15	245		7.85m @ 3.51 g/t	CMA FW lode
YRC1876D	218	227		9m @ 2.63 g/t	CMA FW lode
YRC1877D	170.1	172		1.9m @ 3.23 g/t	CMA FW lode
YRC1877D	176	177.4		1.4m @ 4.13 g/t	CMA FW lode
YRC1878D	285.8	288		2.2m @ 2.84 g/t	CMA FW lode
YRC1878D	322	324		2m @ 2.9 g/t	CMA FW lode
YRC1878D	338	345		7m @ 2.27 g/t	CMA FW lode
YRC1879D	97	99		2m @ 2.27 g/t	CMA HW lode
YRC1879D	282.7	286		3.3m @ 1.4 g/t	CMA FW lode
YRC1880D	232	242		10m @ 3.71 g/t	CMA FW lode
YRC1881D	236	246		10m @ 6.61 g/t	CMA FW lode
YRC1882D	298	301		3m @ 3.86 g/t	CMA FW lode
YRC1883D	314.8	316.47		1.67m @ 62.29 g/t	S-structure
YRC1883D	328.1	336.2		8.1m @ 7.27 g/t	CMA FW lode
YRC1885D	282.3	285.3		3m @ 2.04 g/t	CMA FW lode
YRC1886D	279	293		14m @ 2.05 g/t	CMA FW lode
Including	279	283		4m @ 6.34 g/t	CMA FW lode
YRC1887D	297.7	298.8		1.1m @ 7.28 g/t	CMA FW lode
YRC1888D	237	241		4m @ 2.17 g/t	CMA FW lode
YRC1888D	282	287		5m @ 2.29 g/t	CMA FW lode
Including	284	286		2m @ 5.18 g/t	CMA FW lode
YRC1889D	283	286		3m @ 2.55 g/t	CMA FW lode
YRC1891D	277	291		14m @ 2.83 g/t	CMA FW lode
Including	277	286		9m @ 4.06 g/t	CMA FW lode
YRC1897D	64	68		4m @ 17.09 g/t	CMA HW Splay
YRC1899D	285	287		2m @ 8.58 g/t	CMA FW lode
YRC1899D	295	297		2m @ 4.15 g/t	CMA FW lode
YRC1900D	235	237		2m @ 2.48 g/t	CMA FW lode
YRC1902D	280	288		8m @ 4.24 g/t	CMA FW lode
YRC1903D	337	347		10m @ 3.03 g/t	CMA FW lode
Including	337	340		3m @ 8.76 g/t	CMA FW lode

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NEWS RELEASE | HIGH GRADE RESULTS CONTINUE AT YAOURÉ GOLD MINE

Hole ID		From (m)		To (m)		Gold Intercept	Comment

only	YRC1904D	52	56	4m @ 8.14 g/t	CMA HW Splay
		YRC1904D	294	307	13m	@ 3.77 g/t	CMA FW lode
		YRC1905D	245	254.8	9.8m @ 4.18 g/t	CMA FW lode
		YRC1906D	256	268	12m	@ 3.16 g/t	CMA FW lode
		YRC1907D	255	262	7m @ 2.06 g/t	CMA FW lode
		Including	255	259	4m @ 3.48 g/t	CMA FW lode
use	YRC1908D	289	291	2m	@ 2.3 g/t	CMA FW lode
YRC1909D	304	310	6m @ 7.57 g/t	CMA FW lode
YRC1911D	227	235	8m	@ 4.4 g/t	CMA FW lode
		YRC1912AD	240	244.3	4.3m @ 8.83 g/t	CMA FW lode
		YRC1913D	194	204	10m	@ 2.95 g/t	CMA FW lode
		Including	194.7	201	6.3m @ 4.52 g/t	CMA FW lode
		YRC1913D	302	314	12m	@ 2.82 g/t	CMA FW lode
personal
Including	305.9	311	5.1m @ 6.12 g/t	CMA FW lode
YRC1914D	257	264	7m @ 4.82 g/t	CMA FW lode
		YRC1915D	165	167	2m @ 2.27 g/t	CMA HW Splay
		YRC1915D	271.4	282	10.6m @ 4.36 g/t	CMA FW lode
		YRC1916D	214.4	218.4	4m @ 4.93 g/t	CMA FW lode
		YRC1916D	221.7	226.9	5.2m @ 2.69 g/t	CMA FW lode
		YRC1916D	235	239	4m @ 4.21 g/t	CMA FW lode
		YRC1918D	261	263.1	2.1m @ 3.53 g/t	CMA FW lode
		YRC1921D	56	60	4m @ 2.67 g/t	CMA HW Splay
		YRC1922D	229	239.5	10.5m @ 4.36 g/t	CMA FW lode
		YRC1923D	258	267	9m @ 3.22 g/t	CMA FW lode
		YRC1929D	342.6	348	5.4m @ 2.16 g/t	CMA FW lode
		YRC1938D	281	286	5m	@ 3.5 g/t	CMA FW lode
		YRC1939D	257	261	4m	@ 2.1 g/t	CMA FW lode
For	YRC1943D	314	320	6m @ 2.29 g/t	CMA FW lode
YRC1943D	336.65	340	3.35m @ 5.87 g/t	CMA FW lode
YRC1945D	305.8	312	6.2m @ 4.62 g/t	CMA FW lode
YRC1945D	327	331.6	4.6m @ 3.64 g/t	CMA FW lode
YRC1946D	267.6	270	2.4m @ 4.69 g/t	CMA FW lode
YRC1946D	276	282	6m @ 5.26 g/t	CMA FW lode
YRC1946D	285	288	3m @ 3.69 g/t	CMA FW lode
		YRC1947D	270	286.2	16.2m @ 5.58 g/t	CMA FW lode
		YRC1963D	290	296	6m @ 4.18 g/t	CMA FW lode
		YRC1989D	60	68	8m @ 11.42 g/t	CMA HW Splay
		YRC1990D	72	76	4m @ 3.75 g/t	CMA HW Splay
		YRC2005D	56	60	4m @ 3.08 g/t	CMA HW Splay
		YRC2019D	268	283	15m	@ 3.49 g/t	CMA FW lode
		YRC2044D	278.4	284.6	6.2m @ 2.99 g/t	CMA FW lode

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Hole ID		From (m)		To (m)		Gold Intercept	Comment
YRC2045D	271	273		2m @ 4.36 g/t	CMA FW lode
YRC2045D	278	283		5m @ 3.44 g/t	CMA FW lode
YRC2047D	56	72		16m @ 3.39 g/t	CMA HW Splay
Including	68	72		4m @ 10.75 g/t	CMA HW Splay
YRC2047D	138.3	142		3.7m @ 3.11 g/t	CMA FW lode
CMA Down-dip Drilling
YRC1850AD	604	612		8m @ 2.64 g/t	CMA FW lode
Including	605	610		5m @ 3.93 g/t	CMA FW lode
YRC1850AD	625	632		7m @ 2.52 g/t	CMA FW lode
Including	628	632		4m @ 3.98 g/t	CMA FW lode
YRC1854D	193	196		3m @ 1.87 g/t	CMA HW Splay
Including	194	196		2m @ 2.59 g/t	CMA HW Splay
YRC1855AD	450.4	461.5		11.1m @ 3.39 g/t	CMA FW lode
Including	452	457		5m @ 7.16 g/t	CMA FW lode
YRC1857D	464	470		6m @ 2.32 g/t	CMA FW lode
YRC1858D	479	487		8m @ 2.22 g/t	CMA FW lode
Including	482	485		3m @ 5.07 g/t	CMA FW lode
YRC1859D	473	477		4m @ 2.2 g/t	CMA FW lode
YRC1861D	549	555		6m @ 2.48 g/t	CMA FW lode
Including	550	552		2m @ 6.9 g/t	CMA FW lode
YRC1871D	532	534		2m @ 6.32 g/t	CMA FW lode
YRC1871D	549	551		2m @ 2.66 g/t	CMA FW lode
YRC2033D	586	588		2m @ 2.13 g/t	CMA FW lode
YRC2043D	60	64		4m @ 3.8 g/t	CMA HW Splay

NEXT STEPS AT CMA

Perseus's ongoing exploration and study programmes at Yaouré will focus on:

• Continuation of drilling to convert the Inferred Resource at CMA to an Ore Reserve to be potentially exploited by underground mining methods and drilling down dip of the Inferred Resource to identify the potential for further resource extensions.
  Perseus is completing drilling to convert the Inferred CMA resource to an Ore Reserve as the first part of a Pre- Feasibility Study (PFS). Geotechnical, hydrological, mining and metallurgical studies have commenced as drilling and assaying results become available. Target completion for the PFS remains the end of the June Quarter 2022, with timing dependent on the ultimate footprint size of the orebody.
• Continuation of drill testing of targets generated from the 3D seismic survey, with an initial focus on near-surface targets.
• Aircore drilling and augering at early-stage regional prospects such as Degbezere NE.

This announcement has been approved for release by Perseus's Managing Director and Chief Executive Officer, Jeff Quartermaine.

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