Perseus Mining Limited provided an update on its recently acquired Nyanzaga Gold Project in Tanzania. HIGHLIGHTS: The compulsory acquisition process of the remaining OreCorp shares completed on May 20, 2024 and Perseus now owns 100% of the shares in OreCorp Limited. Perseus is implementing three concurrent work streams, namely implementation of the Resettlement Action Plan (RAP), additional drilling of the Nyanzaga mineralisation, and Front-End Engineering and Design (FEED).

Perseus is commencing Feasibility level mining studies on the Nyanzaga Gold Project with the intention of releasing Perseus?s first Mineral Resources and Ore Reserves estimates during the December quarter of 2024. Drilling to increase Perseus?s understanding of the Nyanzaga Mineral Resources will commence as soon as possible, taking into account Tanzanian local procurement regulations. FEED studies across the project are underway in order to optimise engineering and capital cost estimates for the project.

A Final Investment Decision (FID) for the Nyanzaga Gold Project is expected by year end, enabling project development to commence in the new year with the aim of first gold production during the first quarter of 2027. Perseus has commenced its review of the geology, mining engineering and mineral processing studies of the Nyanzaga Gold Project. A comprehensive review of all aspects of the project is planned to produce Perseus?s Mineral Resource estimate and Ore Reserve estimate for Nyanzaga prior the end of December this year.

Geotechnical and Mineral Processing testwork and analysis is also under review to ensure optimal value is extracted during development of the project by Perseus. Drilling is planned to commence as soon as possible for the purposes of resource definition, exploration drilling and sterilisation for key infrastructure. The FEED work program is focussed on right sizing the process plant throughput to align with the resource technical interpretation from the Perseus feasibility work, incorporating the Perseus lessons learnt from existing operations and detailed project execution planning.

Perseus is also continuing work under the RAP in the impacted villages. The RAP provides a comprehensive and widely consulted framework and strategy for the resettlement of people and households affected by Project land acquisition. The resettlement planning has been finalised, including the development of a valuation report and compensation schedules, in compliance with Tanzanian legislation and approved by the Chief Valuer.

Compensation agreements have been signed with about 93% of project-affected persons so far. Critical next steps include finalising building permits, commencing construction of replacement housing, finalising the planning for the relocation of a cemetery, layout and design of a school and health dispensary as well as the continuation of livelihood restoration training activities. NYANZAGA GOLD PROJECT: The Nyanzaga Gold Project is located in north-western Tanzania, south of Lake Victoria within the Sengerema District of the Mwanza Region, approximately 60 kilometres southwest of Mwanza.

The Project is located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake Victoria Goldfield, approximately 60 km east of the Geita Gold Mine and 35 km northeast of the Bulyanhulu Gold Mine. The Project area covers Nyanzian greenstone volcanic rocks and sediments typical of the greenstone belts of the central craton. The Nyanzaga Gold Project?s Mineral Resource Estimates consist of a Measured and Indicated resource of 24.2Mt grading 3.64g/t Au for 2.8Moz Au and an Inferred Resource of 5.8Mt grading 2.4g/t Au for 0.5Moz Au.

It has a Probable Ore Reserve Estimate of 40.1Mt grading 2.01g/t Au for 2.6Moz Au.