Slide 1: West African Gold Producer, Developer and Explorer
For personal use only WEST AFRICAN GOLD PRODUCER, DEVELOPER AND EXPLORER ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS COMPETENT PERSON STATEMENT: Canadian National Instrument NI43-101 disclosure All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by The information in this release relating to the Nyanzaga Gold Project is extracte
Slide 3: For personal use only
For personal use only PERSEUS MINING LIMITED PERSEUSMINING.COM 17
Slide 4: Perseus Mining Limited
PERSEUS MINING LIMITED (ASX/TSX: PRU) African focused, multi-mine gold For personal use only producer, developer & explorer, active in multiple jurisdictions on the continent A SUCCESSFUL, Balance Sheet capacity and strong cash flows to fund growth, our social AFRICAN FOCUSED, licence to operate
Slide 5: Share Price Performance and Capital Structure
PRU- 5 YEAR SHARE PRICE PERFORMANCE CAPITAL STRUCTURE AUD USD For personal use only ASX Share price per share(1) 4.28 2.83 Shares outstanding 1,351.2M 1,351.2M Performance Rights 8.5M 8.5M Undiluted market capitalisation 5,783M 3,823M Less: Cash and Bullion (2) 1,252M 827M GEOGRAPHIC OWNERSHIP BREAK
Slide 6: Relative Investment Metrics – Perseus vs Peers
RELATIVE INVESTMENT METRICS – PERSEUS VS PEERS Last 3 Year Average EBITDA Margin (%) (1,2) Last 3 Year Average EBITDA / Ounce (US$/oz) (1,2,3) 1,237 For personal use only 59.3% 42.7% 42.9% 904 911 Perseus ASX peers median International peers median Perseus ASX peers median International peers median
Slide 7: For personal use only
For personal use only PERSEUS MINING LIMITED PERSEUSMINING.COM 7
Slide 8: Three Producing Gold Mines in Ghana & Cote d'Ivoire
THREE PRODUCING GOLD MINES IN GHANA & COTE D’IVOIRE As a multi-mine, Sissingué (86%) - Côte d’Ivoire multi-jurisdictional For personal use only Mineral Total M+I: 0.37 Moz operator, Perseus can Resource: (M 0.056Moz, I 0.31 Moz) manage risk through Ore Reserve: Total P+P: 0.23 Moz portfolio diversit
Slide 9: Overview of Operating & Financial Results
For personal use only OVERVIEW OF OPERATING & FINANCIAL RESULTS PERSEUS MINING LIMITED PERSEUSMINING.COM 9
Slide 10: Excellent Results for the 2025 Financial Year
EXCELLENT RESULTS FOR THE 2025 FINANCIAL YEAR For personal use only GOLD PRODUCED ALL-IN SITE COST AVG GOLD SALE PRICE CASH MARGIN (3) NOTIONAL CASHFLOW(2) NET CASH & BULLION 496,551 oz(1) US$1,235/oz(1) US$2,543/oz US$1,308/oz US$650M US$827M (4) Down 2.6% (2) Up US$182/oz(2) Up US$529/oz(2) Up $34
Slide 11: Strong Performance Across Key Financial Metrics
STRONG PERFORMANCE ACROSS KEY FINANCIAL METRICS For personal use only REVENUE PROFIT BEFORE TAX PROFIT AFTER TAX OPERATING CASH FLOW (2) NET TANGIBLE ASSETS FINAL DIVIDEND (3) US$1,248.1M US$564.4M US$421.7M US$536.7M US$1,900.5M 5.0 cents/ps (A$) Up 22%(1) Up 21%(1) Up 16%(1) Up 25%(1) Up 56%(1) (1
Slide 12: Growth in Earnings
GROWTH IN EARNINGS (1) EARNINGS (US$M) For personal use only 740 Revenue EBITDA (2) Gross Profit from US$1,248.1M US$740.3M Operations 625 Up 22% Up 18% US$587.5M 553 588 Up 22% 484 422 409 406 365 321 FY25 Profit Basic Earnings Earnings Per 254 After Tax Per Share (3) Ounce (4) 203 US$421.7M 27.02c
Slide 13: Growth in Cashflow
GROWTH IN CASHFLOW (1) CASHFLOW FROM OPERATIONS (2) (US$M) For personal use only 600 Operating Cash Flow from Operations 500 US$536.7M (2) Up 25% 400 Operating Cash Flow Per Share 300 39.11cps (3) Up 25% 200 Operating Cash Flow Per Ounce 100 US$1,086 (4) Up 29% 0 FY22 FY23 FY24 FY25 (1) FY25 compare
Slide 14: Significant Gold Production at Attractive Margins Over Last 4 Years
SIGNIFICANT GOLD PRODUCTION AT ATTRACTIVE MARGINS DURING THE LAST 4 YEARS • Perseus group has averaged 509,000 ounces of gold production at AISC of US$1,048/ounce for the last 4 financial years. For personal use only PERSEUS MINING PERSEUSMINING.COM 14
Slide 15: Delivered on Both Group Production and Cost Guidance
DELIVERED ON BOTH GROUP PRODUCTION AND COST GUIDANCE June 2025 Half Year 2025 Financial Year For personal use only Parameter Units Guidance Actual Guidance Actual Yaouré Gold Mine Production Ounces 120,000 – 135,000 139,081 243,158 – 258,158 262,239 All-in Site Cost USD per ounce $1,215 – $1,315 $1,
Slide 16: Highlights - Five-Year Gold Production Outlook
HIGHLIGHTS - FIVE-YEAR GOLD PRODUCTION OUTLOOK For personal use only Perseus expects to This includes Average five-year With no more than Total development At a long-term gold Underpinned by recover 2.6M – 2.7M production from AISC of US$1,400 - ±10% change capital of price of US$2,400 a high level
Slide 17: Group Five-Year Gold Production Outlook
GROUP FIVE-YEAR GOLD PRODUCTION OUTLOOK DELIVERS ON THE COMPANY’S STRATEGY For personal use only • Sustainable, geopolitically diversified, African-focused Production and AISC cost five-year outlook gold business • Transitioning to four operating mines, producing 500k to 600k ounces of gold per annu
Slide 18: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK TARGETS & PRIORITIES FY25 For personal use only • FY25 generated US$650M in Notional Cash flow RELIABLE AND STRONG OPERATING CASH FLOW • Optimise operating cash flow • Dividends paid to government shareholders US$35.7M • Ensure commitments to all stakeholders are fully f
Slide 19: Capital Returns to Shareholders
CAPITAL RETURNS TO SHAREHOLDERS • FY’25 dividend of 7.5 Australian cents per share For personal use only • Buyback of A$83.6M includes all transactions up to the date of release of the FY25 Annual Report • On 28 August 2025, Perseus committed to undertaking a further programme of buying back its ord
Slide 20: Organic Growth
For personal use only ORGANIC GROWTH PERSEUS MINING LIMITED PERSEUSMINING.COM 20
Slide 21: June 2025
For personal use only JUNE 2025 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 22: Nyanzaga Location and Site Layout
NYANZAGA LOCATION AND SITE LAYOUT For personal use only PERSEUS MINING PERSEUSMINING.COM 22
Slide 23: Nyanzaga Project Schedule - Milestones
NYANZAGA PROJECT SCHEDULE - MILESTONES PROCESS PLANT CONSTRUCTION For personal use only COMMENCES RAP HOUSING COMPLETE CAMP STAGE 1 MINING COMMENCES JULY 2025 OCTOBER 2025 FIRST GOLD POUR DECEMBER 2025 APRIL 2026 TARGET <JAN Q1 - 2027 PERSEUS MINING PERSEUSMINING.COM 23
Slide 24: Nyanzaga - Key Physical & Financial Metrics
NYANZAGA - KEY PHYSICAL & FINANCIAL METRICS Production & Cost Metrics: For personal use only • Total gold production over an 11-year mine life (Phase 1) is estimated to be 2.01 Moz based on a JORC 2012 compliant Probable Ore Reserve of 52.0 Mt @ 1.40 g/t gold for 2.3 Moz. • Gold production averages
Slide 25: Progress at Nyanzaga
PROGRESS AT NYANZAGA For personal use only Terrace 4 & Terrace 5 – Senior Accommodation Buildings. Process Plant earthworks CIL and Milling Areas progressing well. Ngoma Bypass Road – Roadworks on the Nyabila Bypass road Section Resettlement Program PERSEUS MINING PERSEUSMINING.COM 25
Slide 26: Nyanzaga – Five-Year Outlook
NYANZAGA – FIVE-YEAR OUTLOOK For personal use only GOLD PRODUCTION AND AISC FORECAST: • Gold production totalling 725k – 750k ounces Stage 1 Design • Average AISC of US$1,230 - US$1,330 per ounce Stage 2 Design • All material mined is part of the stated Ore Reserve(1) Perseus FID Ore • Nyanzaga is f
Slide 27: Nyanzaga Phase Drilling Programme
NYANZAGA PHASE 2 DRILLING PROGRAMME TUSKER DEPOSIT • NYZRCDD1374C: 51 m @ 4.43 g/t gold from 269 m including 4 m @ 42.04 g/t gold from 274 m; For personal use only • NYZDD1389: 36 m @ 6.28 g/t gold from 292 m including 4 m @ 47.82 g/t gold from 314 m; • NYZDD1390: 10 m @ 15.38 g/t gold from 264 m; K
Slide 28: June 2025
For personal use only | JUNE 2025 ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 29: CMA Underground Mine Development Project
CMA UNDERGROUND MINE DEVELOPMENT PROJECT • A Final Investment Decision to develop the CMA Underground mine was taken in Jan 251. Underground mining activities are scheduled for Q1 FY26. For personal use only • Underground operational readiness preparations have continued during the quarter to ensure
Slide 30: Sustainability Performance
For personal use only SUSTAINABILITY PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 30
Slide 31: Setting Our Path on Sustainability
SETTING OUR PATH ON SUSTAINABILITY People Environment Community Governance PILLARS and climate and economic and risk development For personal use only Empowering our People Protecting our Environment Creating shared value Leading with integrity FOCUS Fostering a safe, respectful, Responsibly manage
Slide 32: Delivering Measurable Results
DELIVERING MEASURABLE RESULTS ENVIRONMENT COMMUNITY AND GOVERNANCE For personal use only PEOPLE AND CLIMATE ECONOMIC AND RISK DEVELOPMENT Record Safety performance Significant advancements in US$813M distributed to host Refreshed our materiality 43% improvement in TRIFR (0.6) tailings management ali
Slide 33: For personal use only
For personal use only ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 34: Investment Proposition
INVESTMENT PROPOSITION • Perseus has quietly transformed into one of the more successful gold companies on a global scale, in terms of production, earnings and cashflow. For personal use only • Perseus has built: An asset portfolio that provides short term production and long-term growth including
Slide 35: For personal use only
For personal use only This presentation was authorised for release by Jeff Quartermaine, Managing Director and CEO ASX/TSX: PRU | WWW.PERSEUSMINING.COM