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Perseus Updates Mineral Resources and Ore Reserve Estimates

News Provided by GlobeNewswire2026-08-25

Perth, Western Australia, Aug. 26, 2026 (GLOBE NEWSWIRE) -- PERSEUS MINING UPDATES MINERAL RESOURCES AND ORE RESERVE ESTIMATES

HIGHLIGHTS

Measured and Indicated (M&I) Mineral Resources now total 10.6 Moz gold reflecting a 2.9 Moz or 37% increase
Proved and Probable Ore Reserves for the Group now total 7.0 Moz gold representing a 2.0 Moz or 40% increase
Yaouré Ore Reserves increased by 217 koz or 15%
Edikan M&I Mineral Resources increased by 834 koz or 54%
Nyanzaga Ore Reserves increased by 1,767 koz or 75% since June 2025 Ore Reserve

EXECUTIVE SUMMARY

Perth, Western Australia/ August 26, 2026/ Perseus Mining Limited (ASX/TSX: PRU) is pleased to update estimates of its Mineral Resources and Ore Reserves as of 30 June 2026. A summary of the release is included below. For the full release please refer to www.perseusmining.com, www.asx.com.au or www.sedarplus.ca.

The Perseus Group’s Measured and Indicated (M&I) Mineral Resources now total 10.6 Moz gold reflecting a 2.9 Moz or 37%increaseagainst the 2025 M&I Mineral Resources (Table 1).

Proved and Probable Ore Reserves for the Group now total 7.0 Moz gold representing a 2.0 Moz or 40% increase against the 2025 Ore Reserve (Table 2).

The sources of change underlying the 2.0 Moz gold increase in Perseus’s estimate of Ore Reserves against those reported at 30 June 2025 are presented in Figure 1. As part of its annual planning cycle, the Company has reassessed the growth opportunities available within its portfolio with the approach of optimising the portfolio rather than focussing on fixed investment targets for each asset. In this way, the Company has sought to find the balance between investment in growth opportunities and the cash margin generated by the business.

Figure 1: Change in Perseus Group Ore Reserves by Project – June 2025 to June 2026

PERSEUS ESTIMATES

Table 1: Perseus Mining Mineral Resources1,2,4

PROJECT	MEASURED RESOURCES			INDICATED RESOURCES			MEASURED & INDICATED RESOURCES			INFERRED RESOURCES
	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
	Mt	g/tgold	’000 oz	Mt	g/tgold	‘000 oz	Mt	g/tgold	’000 oz	Mt	g/tgold	’000 oz
Edikan	21.2	0.89	604	68.2	0.88	1,923	89.4	0.88	2,528	16.7	1.0	544
Sissingué3	1.7	1.23	66	10.8	1.37	475	12.5	1.35	541	2.1	1.0	64
Yaouré	12.4	0.73	292	45.6	1.75	2,565	58.1	1.53	2,857	32.3	1.5	1,591
Nyanzaga	-	-	-	110.4	1.33	4,715	110.4	1.33	4,715	6.5	1.6	343
Total	35.3	0.85	963	234.9	1.28	9,677	270.3	1.22	10,640	57.5	1.4	2,542

Table 2: Perseus Mining Ore Reserve1,4

PROJECT	PROVED			PROBABLE			PROVED & PROBABLE
	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD	QUANTITY	GRADE	GOLD
	Mt	g/tgold	’000 oz	Mt	g/tgold	’000 oz	Mt	g/tgold	’000 oz
Edikan	12.7	0.87	355	20.2	0.99	643	32.9	0.94	998
Sissingué3	1.0	1.34	43	4.1	1.43	190	5.1	1.41	233
Yaouré	12.4	0.73	292	29.1	1.46	1,369	41.5	1.24	1,661
Nyanzaga	-	-	-	95.7	1.33	4,109	95.7	1.34	4,109
Total	26.1	0.82	690	149.1	1.32	6,312	175.2	1.24	7,001

Notes for Table 1 and Table 2:

Refer to Notes to individual tables of Mineral Resources and Ore Reserves in respect of each project presented below.
Measured and Indicated Mineral Resources are reported inclusive of Ore Reserves.
Sissingué Mineral Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine.
The Company holds 90% of Edikan Gold Mine (EGM) and Yaouré Gold Mine (YGM), 86% of Sissingué Gold Mine (SGM) except Bagoé at 90%, and 80% of Nyanzaga Gold Project (NGP).

PERSEUS’S MINERAL RESOURCE ESTIMATES

The Perseus Group’s total M&I Mineral Resources reported as at 30 June 2026 are estimated to be 270.3 Mt grading 1.22 g/t gold, containing 10.6 Moz of gold, compared with the estimate of 30 June 2025 of 185.9 Mt grading at 1.30 g/t Au for 7.8 Moz of gold. The Mineral Resource Statement accounts for mining depletion of in-situ Mineral Resources and is reported inclusive of Ore Reserves. Inferred Resources are 57.5 Mt grading at 1.4 g/t Au for 2.5 Moz of gold, compared with the estimate of 30 June 2025 of 39.9 Mt grading at 1.5 g/t Au for 1.9 Moz of gold. Tonnes are reported as dry metric tonnes. All tabulated tonnes, grade and metal have been rounded to reflect appropriate precision in the estimate and may cause some discrepancies in totals.
In March 2026 Perseus announced the sale of the Meyas Sand Gold Project (MSGP) in Sudan (see news release titled “Perseus announces sale of Group interest in Meyas Sand Project in Sudan” dated 16 March 2026). This was previously quoted as a Foreign/Historical Estimate, and with Perseus’s sale of all interest, has been removed from reporting in this release.

The Group Mineral Resource estimates are reported in accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code 2012). The classification categories of Measured, Indicated and Inferred under the JORC Code (2012) are equivalent to the CIM categories of the same names (CIM, 2014).

For the purpose of satisfying “reasonable prospects for eventual extraction” (JORC Code 2012), open pit Mineral Resources are reported above optimised open pit shells developed with actual and estimated operating costs, geotechnical and metallurgical parameters, and a long-term gold price assumption of US$3,300 per ounce, with the exception of Nyanzaga reported at US$2,700 per ounce. Underground Mineral Resources at CMA are constrained to below the CMA open pit and reported at a 1.5 g/t Au cut-off. Underground Mineral Resources at Edikan are constrained to a depth of 700 mRL at Esuajah South and are all exclusive of open pit Mineral Resources.

Technical Reports associated with these Mineral Resources, have been prepared in accordance with NI 43-101 for the following operations:

Nyanzaga Gold Project, Tanzania, NI 43-101 Technical Report, dated 10 June 2025
Yaouré Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 18 December 2023
Edikan Operations, Ghana, NI 43-101 Technical Report, dated 6 April 2022
Sissingué Operations, Côte d’Ivoire, NI 43-101 Technical Report, dated 29 May 2015

These reports can be found on Perseus’s website at www.perseusmining.com and on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) website www.sedarplus.ca .

PERSEUS’S ORE RESERVE ESTIMATE

CRITERIA FOR ORE RESERVE CLASSIFICATION

All Ore Reserves are reported in accordance with the JORC Code (2012) and are reported by category, deposit and type, above variable cut-off grades. The classification categories of Proved and Probable under the JORC Code (2012) are equivalent to the CIM categories Proven and Probable respectively (CIM, 2010).

The Ore Reserve is classified as Proved and Probable corresponding to the Mineral Resource classifications of M&I and considering other factors where relevant. The deposits’ geological models are well constrained. The Ore Reserve classification is considered appropriate given the nature of the deposits, the moderate grade variability, drilling density, structural complexity, confidence in input parameters based on operational experience, and mining history. It was therefore considered appropriate to use Measured Mineral Resources as a basis for Proved Ore Reserves and Indicated Mineral Resources as a basis for Probable Ore Reserves.

No Inferred Mineral Resources were included in the Ore Reserve estimate, with the exception of 2.8 koz of incidental Inferred which is included in the CMA Underground development and is not considered material to the Ore Reserve.

TECHNICAL DISCLOSURE:

All Ore Reserves and Mineral Resources were calculated as of 30 June 2026 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 relates to Mineral Resources 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 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, “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015, and “Technical Report — Nyanzaga Gold Project, Tanzania” dated 10 June 2025 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, development of a mine at Nyanzaga, 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. 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.