Slide 1: Sissingué Gold Mine
SISSINGUÉ GOLD MINE MAY – JUNE 2019 INVESTOR SITE VISIT PRESENTATION
Slide 2: Disclaimer
Disclaimer Disclaimer No representation or warranty, express or implied, is made by Perseus that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Perseus, its directors, officers, employees, advisers
Slide 3: Sissingué Gold Mine
SISSINGUÉ GOLD MINE 78,000 ounces per annum AISC US$756 per ounce 4.6-year mine life Operation performing above design Experienced management team and motivated staff 3
Slide 4: Sissingué Gold Mine, Côte d'Ivoire
SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE 787 km north-west of Abidjan on the border with Mali Regional Location capital Korhogo 230km; local town Tengrela Property Exploitation permit PE39 covering an area of 446 square km Mining commenced November 2017 Commencement Plant commissioning started January 201
Slide 5: Sissingué Gold Mine - Milestones
SISSINGUÉ GOLD MINE - MILESTONES January January April 1, October 2018 26, 2018 2018 2018 Commissioning First gold Commercial Mine life of the plant pour production extended to 4.6 years Cowal gold project i s sold to 2014 • North Homestake • NSW Limited is Mining 2006 Evolution government acquired
Slide 6: Contractor Mining Fleet - SFTP
CONTRACTOR MINING FLEET - SFTP ▪ Haulage/Mine Trucks ▪ Excavators and Loaders ▪ 12 x Cat 745C Articulated Dump Trucks ▪ 2 x Liebherr 9150 Excavators ▪ 3 x Cat 775 Dump Trucks ▪ 2 x Liebherr 970 Excavators ▪ Drilling Equipment ▪ 2 x Volvo 260H Loaders ▪ 1 x Atlas Copco D65 ▪ 1 x Volvo 150 Loader ▪ 1
Slide 7: Process Flowsheet
PROCESS FLOWSHEET GRINDING SAG MILL OPEN PIT CRUSHING bee haiea tt LIME a PEBBLE ‘musen one CRUSHING SrockPn PRE-LEACH THICKENING GOLD ROOM INTENSIVE LEACH RIVER OXIDATION CYANIDE ABSTRACTION LEACH & ABSORPTION CARBON REGENERATION ELUTION ‘COLUMN a ae GOLD DORE FURNACE ~~ TAILINGS TAILINGS STORAGE F
Slide 8: Process Equipment
PROCESS EQUIPMENT ◼ Crushing ◼ ADR ◼ Primary crushing: Metso C120 Jaw Crusher ◼ CIL: 1 x Pre-leach, 6 x CIL Tanks ◼ Dead COS/Surge Bin ◼ Equipment: 7 x 1,041m3 Tanks, Residence Time 20hrs Oxide, 38hrs Fresh. ◼ Grinding ◼ 2t/Day PSA Oxygen Plant ◼ Metso 6.1 X 6.1m SAG Mill in Closed Circuit ◼ 4t Zadr
Slide 9: Employment Details
EMPLOYMENT DETAILS PMCI Staff Breakdown Site : Fixed-term : 89 - Permanent : 94 - Casuals : 22 Total : 205 Expats : Site : 21 - Exploration : 3 - Abidjan Office : 1 – Total :25 Site Ivorian Employment • PMCI : Ivorian 205 (89%) Expats 25 (11%) • Contractors : Ivorian 375 (93%) Expats 28 (7%) • Total
Slide 10: Health, Safety and Environment Performance
HEALTH, SAFETY and ENVIRONMENT PERFORMANCE Current Performance (30 March 2019) • 860 days since last LTI, 4.2m man hours worked - 20/11/16 • Total recordable injury frequency currently at 1.07 Key Focus Areas • HSE Training Modules (Safety x 9 and Environment x 11) • Re-induction process started of
Slide 11: Health, Safety and Environment (HSE)
HEALTH, SAFETY and ENVIRONMENT (HSE) Initiatives – Moving Forward – Q4 & Q1 Type of Incidents - FYTD 2018/2019 • Chemical and Hazardous Substance review, signage and segregation audit • April sampling program – 33 samples to be sent to SGS Netherlands for Procedural analysis Near Miss Breach 9% • De
Slide 12: Community Relations
COMMUNITY RELATIONS Current Status: Strong • Social front remains calm in general • CDLM fund payments totalling US$221k • Day to day recording and resolution of grievances - 5 grievances – all addressed • No community trouble over the past 3 months • Communities very engaged over the CDLM projects
Slide 13: FY 2019 Q3 Production Summary
FY 2019 Q3 PRODUCTION SUMMARY Key Points March Quarter: • 25% increase in gold production compared to previous quarter; • 19% increase in material movement reflecting advancing Stage 3 pushback in preparation of the forthcoming wet season; • 14% increased mill throughput, plant availability of 95% a
Slide 14: FY 2019 Q3 Mining Production Summary
FY 2019 Q3 MINING PRODUCTION SUMMARY January Key Points March Quarter: SFTP Performance • 42% more BCM’s mined than budget • SFTP performance improving significantly • Mining costs in line with previous quarters February March 14
Slide 15: FY 2019 Q3 Plant Production Summary
FY 2019 Q3 PLANT PRODUCTION SUMMARY Month Unit Jan-19 Feb-19 Mar-19 Qtr-3 Tonnes Milled t 139,428 127,320 146,189 412,937 Run Time hrs 691 645 713 2,049 % 92.9 96.0 95.9 94.9 Throughput Rate tph 202 197 205 202 Head Grade g/t 2.28 1.62 1.43 1.77 Tails Grade g/t 0.10 0.08 0.06 0.08 Recovery % 95.6 94
Slide 16: Continuous Improvement Programs
CONTINIOUS IMPROVEMENT PROGRAMS SISSINGUE CONTINUOUS IMPROVEMENT SUMMARY Ongoing project Annual value Average of Department FY 19 Saving Delivered FY 19 Saving by Department impact completion rate 4,426,061 Commercial 5 111,077 42,940 64% 11,616 1,000,000 HR 1 37,305 22,800 100% 15,788 800,000 HSE 1
Slide 17: Continuous Improvement Programs
CONTINIOUS IMPROVEMENT PROGRAMS TAC1000 Cyanide Optimisation: Spinning reserve: Using Edikan Mill Balls: • Automated CN monitoring and dosing • Two gensets still being used, resulting • Savings for FY19 YTD is $229k. • CN usage reduced with no impact on in greater loads and better efficiency • Edika
Slide 18: Sissingué Gold Mine Life of Mine Plan
Sissingué Gold Mine Life of Mine Plan Investor Presentation May – June 2019 Source: “Perseus Mining Updates Resources, Reserves and Life of Mine Plan at Sissingué” dated 29 October 2018
Slide 19: Overview
Overview Solid Sissingué Life of Mine which is: ✓ Economically very attractive – US$756/oz all-in site cost and US$165M after tax cashflow ✓ Technically robust – Simple processing circuit, selective mining with small equipment, robust resource and reserve ✓ Modest capital – Major capital works compl
Slide 20: Snapshot of Outcomes
Snapshot of Outcomes Parameter Units Value • 4.6 Year Mine Life Waste + Ore Mined Mt 22.7 • LOM Ounce Production 78 koz pa with 86 koz pa in Ore processed Mt 6.0 first 3 years Head Grade g/t 2.0 • All in site cost US$756/oz LOM Weighted Average Recovery % 90.6 Sustaining Capital US$M 21 • Sustaining
Slide 21: Summary of Changes Since Previous LOM
Summary of Changes Since Previous LOM • New MIK model • Mining cost increase – Labour, fuel, rehandle, grade control • Oxide throughput rate slightly lower, recovery higher • Processing costs higher – Labour, power (fuel) • Runtime slightly lower (wet weather impact) • G&A higher – Labour • Walls fl
Slide 22: Updated Resource Modelling
Updated Resource Modelling • Additional drilling for Sissingué satellite pits (pitlets) • Increased proportion of Measured Resource – Assessment of drill spacing • Constrained by new US$1,800 optimisation shell – Smaller shell, increased costs • New model calibrated to Mill over Project to Date. 22
Slide 23: Sissingué Resource Estimate (Aug 2018)
Sissingué Resource Estimate (Aug 2018) 7, 8, 9 Deposit Measured Resources Indicated Resources Measured + Indicated Deposit Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Type Mt g/t koz Mt g/t koz Mt g/t koz Sissingué 1, 2, 3 Open Pit 7.2 1.7 402 0.5 1.4 22 7.7 1.7 423 Fimbiasso East 4,
Slide 24: Sissingué Reserve Estimate (Aug 2018)
Sissingué Reserve Estimate (Aug 2018) 1, 2, 6 Deposit Deposit Proved Probable Proved + Probable Type Quantity Grade Gold Quantity Grade Gold Quantity Grade Gold Mt g/t koz Mt g/t koz Mt g/t koz Sissingué3,5 Open pit 4.3 2.1 289 0.1 2.1 10 4.4 2.1 299 Fimbiasso East4,5,7 Open pit - - - 0.5 2.5 39 0.5
Slide 25: Sissingué LOM Ore Sources
Sissingué LOM Ore Sources Google Earth
Slide 26: Sissingué Pit Design
Sissingué Pit Design • Main pit redesigned with ramp in east and west walls to reduce risk • Pitlets practically mineable, albeit at high cost, assists with blending 26
Slide 27: Ore Reserve
Ore Reserve 1808 MIK Model 201806 LOM Schedule Tonnes Au g/t Au oz Tonnes Au g/t Au oz • New resource model Sissingué SIS EOM1805 4,763,985 2.1 317,053 4,066,869 2.2 290,788 June Planned Reserve EOM June 161,596 4,602,389 1.7 8,696 2.1 308,357 161,596 3,905,272 1.7 8,696 2.2 282,092 • Pitlets added
Slide 28: Selected LOM Options
Selected LOM Options • Fimbiasso mined at the end of the mine life • Pitlets mined sequentially in consecutive dry seasons • Frontline digging units supplemented with smaller loading fleet • Ramp included in West Wall of Stage 3 Pit • Maximise of financial returns / Minimise operating risk 28
Slide 29: LOM Schedule – Expit Movement
Thousands tonnes 100 200 300 400 500 600 700 800 900 0 Sep-18 Nov-18 Jan-19 SIS_STG1 Mar-19 May-19 Jul-19 SIS_STG2 Sep-19 Nov-19 Jan-20 SIS_FINAL Mar-20 May-20 Jul-20 SIS_SS1 LOM Schedule – Expit Movement Sep-20 Nov-20 SIS_SS2 Jan-21 Expit Movement Mar-21 May-21 SIS_SS3 Jul-21 Sep-21 Nov-21 BLE_FINA
Slide 30: LOM Schedule – Mill Feed
Thousands tonnes - 20 40 60 80 100 120 140 160 180 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 LOM Schedule – Mill Feed Nov-19 Jan-20 Mar-20 May-20 Jul-20 FEED Sep-20 Nov-20 Mill Feed Jan-21 Grade Mar-21 May-21 Jul-21 Sep-21 Nov-21 Jan-22 Mar-22 May-22 Jul-22 Sep-22 Nov-22 Jan-23 2.5 0.0 0.5 1.
Slide 31: LOM Schedule – Gold Production
LOM Schedule – Gold Production 31
Slide 32: Exploration Update
Exploration Update Investor Presentation May – June 2019
Slide 33: Côte d'Ivoire Exploration Projects
Côte d’Ivoire Exploration Projects Sissingué Granted Permits Applications 33
Slide 34: The Syama-Boundiali Belt
The Syama-Boundiali Belt OPverssea, MINING seUS
Slide 35: Sissingué: Q1 Aircore Drilling Results
Sissingué: Q1 Aircore Drilling Results • Augering returned significant (>100ppb) bottom hole Au values from Papara-Tiongoli. • AC follow-up returned significant and encouraging grades and intercepts. o Papara North: – 4m @ 9.00g/t and 3m @ 2.34g/t o Tiongoli: – 4m @ 5.89g/t and 28m @ 28.44g/t (inclu
Slide 36: Papara North Aircore Drilling
Papara North Aircore Drilling 36
Slide 37: Tiongoli Aircore Drilling
Tiongoli Aircore Drilling Intrusive? 28m@28.4g/t Intrusive? 37
Slide 38: Zanikan Aircore Drilling
Zanikan Aircore Drilling • Aircore drilling in Q1 returned promising results including ZNAC010 that returned 9m @ 2.21 g/t 1138220mN • Follow-up AC drilling tested the 1138120mN 1138020mN interpreted NW extensions of this zone without much success. • RC drilling under and along strike from ZNAC010 r
Slide 39: Zanikan Aircore Drilling
Zanikan Aircore Drilling ° BSFiG : i Section 1138220mN pucee & ° 3 8 | Section 1138120mN | 3 ans Cees ice ™ dl 360 \X X a :: | amen. NE p i i "I i 1 } 1 I I 1 1 | a 3 a 2 2 g a g F g z g
Slide 40: Mahalé: Fimbiasso South Aircore Drilling
Mahalé: Fimbiasso South Aircore Drilling • Mineralisation similar to that found at the Fimbiasso East and West deposits. • Associated with magnetite alteration on contact between Bélé Granite and basalts. • Extends over at least 300m; open along strike in both directions. • Possible subparallel zone
Slide 41: pence ane
pence ane ee iniNG COTE D'IVOIRE SA J) = mm