Perseus Mining Proceeds with Development of Nyanzaga Gold Project

Perth, April 28, 2025 (GLOBE NEWSWIRE) — PERSEUS MINING PROCEEDS WITH DEVELOPMENT OF THE NYANZAGA GOLD PROJECT

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Perth, Western Australia/ April 28, 2025/ Perseus Mining Restricted (ASX/TSX: PRU) is happy to announce {that a} Remaining Funding Determination (FID) has been taken to develop the Nyanzaga Gold Project (NGP) in Tanzania, following an replace of the NGP Feasibility Research (FS).

Perseus has dedicated to speculate roughly US$523 million (together with contingency) to develop and put together for the operation of the mine that’s anticipated to supply first gold in Q1 2027. The NGP growth will likely be solely financed by way of curiosity free, intercompany loans supplied by Perseus from its present money and bullion stability of US$801 million as of 31 March 2025.

In anticipation of an affirmative FID, Perseus has spent roughly US$27.5 million so far to construct undertaking group capability and start early works that embody web site institution, set up of short-term development lodging, and bulk earthworks in addition to implementing the Relocation Motion Plan (RAP) to assemble new dwellings for individuals impacted by future development and working actions.

The up to date FS incorporates findings and suggestions from a variety of complete technical assessments made by Perseus’s technical group. Notably, Perseus has opted for a big scale, wholly open-pit mining operation, for the primary part of growth, rather than a smaller scale, mixed open pit – underground choice contemplated by the earlier house owners. Key metrics related with the NGP embody the next:

Manufacturing & Value Metrics (100% foundation):

• Complete gold manufacturing over an 11-year, Section 1 mine life is at the moment estimated to be 2.01 Moz based mostly on a JORC 2012 Possible Ore Reserve of 52.0 Mt @ 1.40 g/t gold for two.3 Moz.
• Gold manufacturing averages over 200,000 ounces of gold each year from FY28 to FY35, with peak manufacturing of 246,000 ounces in FY28.
• Over the life of the mine, the estimated common All-In Web site Value (AISC) is US$1,211/oz.
• Capital price for the plant and web site infrastructure is estimated at US$472 million inclusive of US$49 million of contingency, and pre-production capital of US$51 million, giving a complete capital price to first gold pour of US$523 million.

Funding Metrics (100% foundation)¹: 

Making use of Perseus’s assumed long-term gold value of US$2,100/oz, the NGP’s funding metrics embody:

• Undiscounted free cashflow pre-tax of US$1,133 million and post-tax of US$706 million, (or US$2,252 million pre-tax and US$1,471 million post-tax at a gold value of US$2,700/oz.)
• Web Current Worth (NPV_10%) of US$404 million pre-tax and US$202 million post-tax, (or US$1,010 million pre-tax and US$617 million post-tax at a gold value of US$2,700/oz).
• Inner Charge of Return (IRR) of 26% pre-tax and 19% post-tax (or 45% pre-tax and 34% post-tax at a gold value of US$2,700/oz).

The FID to proceed with growing the NGP builds upon Perseus’s demonstrated capability to efficiently develop and effectively function fashionable gold mines on the African continent. Perseus has beforehand efficiently developed, and is now working three gold mines together with Edikan, Sissingué, and most lately, the Yaouré gold mine that was delivered forward of schedule and underneath funds in 2020, utilizing many of the identical group that will likely be deployed on the NGP growth. The FID additionally comes following constructive engagement with the Authorities of Tanzania to make clear phrases of an present Framework Settlement that units out the idea on which the NGP will likely be developed and operated, in addition to the Shareholder’s Settlement between the Tanzanian Authorities and Perseus.¹

A second part of useful resource definition drilling is at the moment underway on the NGP with the intention of changing Inferred Mineral Assets into Indicated Mineral Assets, which might probably allow the Ore Reserve to be materially expanded and the life of the NGP operation prolonged in the course of the second part of the Project, past the at the moment projected 11-year mine life.

¹ Be aware: Perseus owns an 80% contributing curiosity within the NGP collectively with the Authorities of Tanzania who owns a 20% non-contributing curiosity.

This announcement was accredited for launch by the Managing Director & CEO, Jeff Quartermaine.

Technical Disclosure:

All Ore Reserves and Mineral Assets have been calculated as of 28 April 2025 and have been ready in accordance with the requirements set out within the Australasian Code for Reporting of Exploration Outcomes, Mineral Assets and Ore Reserves dated December 2012 (the JORC Code) and in accordance with Nationwide Instrument 43-101 of the Canadian Securities Directors (NI 43-101). The JORC Code is the accepted reporting customary for the Australian Inventory Alternate Restricted (ASX).

The definitions of Ore Reserves and Mineral Assets as set forth within the JORC Code (2012) have been reconciled to the definitions set forth within the CIM Definition Requirements. If the Mineral Reserves and Mineral Assets have been estimated in accordance with the definitions within the JORC Code, there can be no substantive distinction in such Mineral Reserves and Mineral Assets.

Competent Individual Assertion:

All manufacturing targets referred to on this report are underpinned by estimated Ore Reserves which have been ready by Competent Individuals in accordance with the necessities of the JORC Code.

The data on this report that relate to Mineral Assets for the Nyanzaga Gold Project is predicated on, and pretty represents, data and supporting documentation ready by Mr Daniel Saunders, a Competent Individual, a full-time worker of Perseus Mining and Fellow of The Australasian Institute of Mining and Metallurgy. Mr Saunders, has adequate expertise, which is related to the model of mineralisation and kind of deposit into consideration and to the exercise being undertaken, to qualify as a Competent Individual as outlined within the 2012 Version of the “Australasian Code for Reporting of Exploration Outcomes, Mineral Assets and Ore Reserves” and to qualify as a Certified Individual underneath Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives (NI 43-101). Mr Saunders consents to the inclusion within the report of the issues based mostly on his data within the kind and context wherein it seems.

The data on this report that pertains to Ore Reserves for the Nyanzaga Gold Project is predicated on data compiled by Mr Adrian Ralph, a Competent One that is a Fellow of The Australasian Institute of Mining and Metallurgy. Mr Ralph is a full-time worker of Perseus Mining. Mr Ralph has adequate expertise which is related to the model of mineralisation and kind of deposit into consideration and to the actions which he’s enterprise to qualify as a Competent Individual as outlined within the 2012 Version of the “Australasian Code for Reporting of Exploration Outcomes, Mineral Assets and Ore Reserves” and a Certified Individual as outlined in NI 43-101. Mr Ralph consents to the inclusion on this report of the issues based mostly on his data within the kind and context wherein it seems.

Warning Concerning Ahead Trying Info:

This report accommodates forward-looking data which is predicated on the assumptions, estimates, evaluation and opinions of administration made in gentle of its expertise and its notion of developments, present situations and anticipated developments, in addition to different components that administration of the Firm believes to be related and cheap within the circumstances on the date that such statements are made, however which can show to be incorrect. Assumptions have been made by the Firm concerning, amongst different issues: the worth of gold, persevering with industrial manufacturing on the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine with none main disruption, growth of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and working price estimates, the power of the Firm to function in a secure, environment friendly and efficient method and the power of the Firm to acquire financing as and when required and on cheap phrases. Readers are cautioned that the foregoing record will not be exhaustive of all components and assumptions which can have been utilized by the Firm. Though administration believes that the assumptions made by the Firm and the expectations represented by such data are cheap, there might be no assurance that the forward-looking data will show to be correct. Ahead-looking data includes recognized and unknown dangers, uncertainties, and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any anticipated future outcomes, efficiency or achievements expressed or implied by such forward-looking data. Such components embody, amongst others, the precise market value of gold, the precise outcomes of present exploration, the precise outcomes of future exploration, adjustments in undertaking parameters as plans proceed to be evaluated, in addition to these components disclosed within the Firm’s publicly filed paperwork. Readers mustn’t place undue reliance on forward-looking data. Perseus doesn’t undertake to replace any forward-looking data, besides in accordance with relevant securities legal guidelines.

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