Perseus Mining (PRU) Investor Update summary

Five-year gold production and cost outlook

• Forecasts average annual gold production of 515,000–535,000 ounces, totaling 2.6M–2.7M ounces from FY26–FY30, with 93% of output from JORC-compliant Ore Reserves and the remainder from Indicated or Measured Resources.

• Weighted average All-in Sustaining Cost (AISC) projected at $1,400–$1,500/oz, with year-on-year variation not exceeding ±10%.

• Cash operating margin expected to consistently exceed $500/oz at a long-term gold price of $2,400/oz.

• $878 million in development capital will be invested over five years, supporting major projects at Yaouré, Nyanzaga, Edikan, and Sissingué.

• 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 oz at $1,480–$1,580/oz AISC, including CMA underground development.

• Nyanzaga: 725,000–750,000 oz at $1,230–$1,330/oz AISC, with first gold expected in Q3 FY27 and peak output in FY28.

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

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

• Production profile is diversified across Yaouré (34%), Edikan (28%), Sissingué (10%), and Nyanzaga (28% from 2027).

Capital allocation and financial strategy

• Liquidity of $1.1 billion as of March 2025, including $801 million cash and bullion and $300 million undrawn facility, supports growth and shareholder returns.

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

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

• Commitment to maintaining a resilient balance sheet, optimizing cash flow, and returning surplus capital via dividends and buybacks.

• Capital allocation prioritizes operating cash flow, balance sheet resilience, and discretionary investment for growth and returns.