Perseus Mining (PRU) Investor Update summary

Five-year production and cost outlook

• Forecasts average annual gold production of 515,000–535,000 ounces, totaling 2.6M–2.7M ounces through FY2030, with 93% of output from JORC-compliant reserves and the remainder from indicated resources.

• All-in sustaining costs are projected at $1,400–$1,500 per ounce, with year-on-year variation not exceeding 10%.

• $878 million in development capital will be invested, including major projects at Nyanzaga, CMA underground, and Edikan cutbacks.

• Nyanzaga is expected to commence production in early 2027, restoring and maintaining the 500,000–600,000 ounce production target.

• The plan excludes the Meyas Sand Gold Project due to lack of actionable development timeline.

Asset-level production and cost breakdown

• Yaouré: 870,000–905,000 ounces at $1,480–$1,580/oz AISC, with CMA underground development and $170M in capital.

• Nyanzaga: 725,000–750,000 ounces at $1,230–$1,330/oz AISC, $523M capital, with first gold expected January 2027.

• Edikan: 720,000–750,000 ounces at $1,450–$1,550/oz AISC, life extended to FY32 with new pit cutbacks and potential underground expansion.

• Sissingué: 265,000–275,000 ounces at $1,580–$1,680/oz AISC, mine life extended to 2030 with new pits and cutbacks.

• Brownfields exploration continues at all sites to support further resource conversion and life extension.

Capital allocation and financial strategy

• Liquidity stands at $1.1 billion, including $801M cash and bullion and $300M undrawn facility, supporting investments and shareholder returns.

• Internal growth capital: $355M for Edikan, Sissingué, Yaouré; $523M for Nyanzaga.

• Cash margin is expected to consistently exceed $500 per ounce at a $2,400 gold price assumption.

• Ongoing share buyback and dividend policy, targeting a minimum 1% annual yield.

• Capital allocation prioritizes strong cash flows, balance sheet strength, and disciplined investment.