Perseus Mining Updates Mineral Resources and Ore Reserves

Perth, Aug. 21, 2024 (GLOBE NEWSWIRE) --

Perth, Western Australia/ August 21, 2024/Perseus Mining Limited (ASX/TSX: PRU) wishes to update the estimates of the Mineral Resources and Ore Reserves at each of its African operations as summarised in Table 1 and Table 2 below, and detailed in this report. Highlights

• Perseus Mining has delivered another year of organic growth from resource definition drilling and studies, leading to new Measured and Indicated (M&I) Mineral Resources and Proved and Probable Ore Reserves, adding to the long-term sustainability of the Group’s production profile.
• The Group’s total M&I Mineral Resources at 30 June 2024 are estimated to be 115.9 Mt grading 1.31 g/t gold, containing 4.9 Moz of gold, compared with the estimate of 30 June 2023 of 122.8 Mt grading at 1.31 g/t Au for 5.2 Moz of gold.
• Group Proved and Probable Ore Reserves are now estimated at 64.9 Mt at 1.39 g/t gold for 2.9 Moz, compared to the estimate of 30 June 2023 of 73.8 Mt at 1.45 g/t gold for 3.4 Moz of gold.
• Inorganic growth during FY24 included the acquisition of OreCorp Limited including its primary asset, the Nyanzaga Gold Project. In compliance with Canadian Instrument NI 43-101 these Mineral Resources and Ore Reserves remain treated as Foreign Estimates, not current Perseus estimates, until further work can be completed.

Table 1: Perseus Mining Mineral Resources^1,2,4,5

Table 2: Perseus Mining Ore Reserve^1,4,5

Notes for Table 1 and Table 2:

1        Refer to Notes to individual tables of Mineral Resources and Ore Reserves in respect of each project presented below.

2        Mineral Resources are inclusive of Ore Reserves.

3        Sissingué Mineral Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine.

4        The Company holds 90% of Edikan Gold Mine (EGM), 86% of Sissingué Gold Mine (SGM) except Bagoé at 90%, and 90% of Yaouré Gold Mine (YGM).

5        Excludes Foreign/Historical Estimates

The change in Group Ore Reserve estimate from June 2023 to June 2024 is shown below in Figure 1. Perseus Group Ore Reserves have been estimated at a gold price of $1,500/oz for existing pits and $1,700/oz for some new or updated designs. Please refer to individual tables below for details of which price applies to individual Ore Reserves.

Figure 1: Change in Group Ore Reserves by Project – June 2023 to June 2024

Technical Disclosure:

All Mineral Reserves and Mineral Resources were calculated as of 30 June 2024 and have been calculated and prepared in accordance with the standards set out in the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves dated December 2012 (the “JORC Code”) and in accordance with National Instrument 43-101 of the Canadian Securities Administrators (“NI 43-101”). The JORC Code is the accepted reporting standard for the Australian Stock Exchange Limited (“ASX”).

The definitions of Ore Reserves and Mineral Resources as set forth in the JORC Code (2012) have been reconciled to the definitions set forth in the CIM Definition Standards. If the Mineral Reserves and Mineral Resources were estimated in accordance with the definitions in the JORC Code, there would be no substantive difference in such Mineral Reserves and Mineral Resources.

Competent Person Statement:

The information in this report that relate to Mineral Resources for the Edikan Gold Mine and the Sissingué Gold Mine (including Bagoé but excluding Fimbiasso and the Airport West Deposits) is based on, and fairly represents, information and supporting documentation prepared by Matt Bampton, a Competent Person, Director of Cube Consulting Pty Ltd and Member of the Australian Institute of Geoscientists. Mr Bampton, has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Matt Bampton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Mineral Resources for the Yaouré Gold Mine, and the Fimbiasso and Sissingué Airport West Deposits (as part of the Sissingué Gold Mine) is based on, and fairly represents, information and supporting documentation prepared by Daniel Saunders, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Saunders is a full-time employee of Perseus Mining Limited. Mr Saunders has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’” and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr Saunders consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves for Edikan Gold Mine and the Bagoé Project (as part of the Sissingué Gold Mine) is based on information compiled by Mr Quinton de Klerk, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr de Klerk is a full-time employee of Cube Consulting. Mr de Klerk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and a Qualified Person as defined in NI 43-101. Mr de Klerk consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Ore Reserves for Yaouré Gold Mine and Sissingué Gold Mine (including Fimbiasso and Airport West) is based on information compiled by Mr Adrian Ralph, a Competent Person who is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Ralph is a full-time employee of Perseus Mining Limited. Mr Ralph has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activities which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and a Qualified Person as defined in NI 43-101. Mr Ralph consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 6 April 2022, “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2023, and “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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