Slide 1: Denver Gold Forum Presentation – Jeff Quartermaine, CEO
Jeff Quartermaine, Managing Director and CEO – Sept 16, 2024 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: PERSEUS MINING LIMITED PERSEUSMINING.COM
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Slide 4: Perseus Mining Limited (ASX/TSX: PRU)
PERSEUS MINING LIMITED (ASX/TSX: PRU) ✓ African focused, multi-mine gold producer, developer & explorer, active in multiple jurisdictions on the continent ✓ Consistent & profitable gold producer producing at rate of >500,000oz pa A SUCCESSFUL, at ~US$1,000 per ounce AFRICAN FOCUSED, GOLD EXPLORATION
Slide 5: Capital Structure
PRU- 5 YEAR SHARE PRICE PERFORMANCE CAPITAL STRUCTURE AUD USD ASX Share price per share(1) 2.59 1.74 Shares outstanding 1,376.1M 1,376.1M Performance Rights 7.0M 7.0M Undiluted market capitalisation 3,564M 2,394M Less: Cash and Bullion (2) 873M 587M GEOGRAPHIC OWNERSHIP BREAKDOWN Other %age held by
Slide 6: PERSEUS MINING LIMITED PERSEUSMINING.COM
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Slide 7: Three Producing Gold Mines in Ghana & Côte d'Ivoire
THREE PRODUCING GOLD MINES IN GHANA & COTE D’IVOIRE Sissingué (86%) - Côte d’Ivoire As a multi-mine, Mineral Total M+I: 0.44 Moz multi-jurisdictional Resource: (M 0.15Moz, I 0.29 Moz) operator, Perseus can Ore Reserve: Total P+P: 0.25 Moz manage risk through (Prov, 0.12Moz, Prob 0.14Moz) portfolio d
Slide 8: Production & Cost Market Guidance – December 2024 Half Year
PRODUCTION & COST MARKET GUIDANCE – DECEMBER 2024 HALF YEAR JUNE 2024 DECEMBER 2024 2024 CALENDAR PARAMETER UNITS HALF YEAR HALF YEAR YEAR (ACTUAL) (FORECAST) (FORECAST) Yaouré Gold Mine Production Ounces 116,478 108,000 to 124,000 224,478 to 240,478 All-in Site Cost USD per ounce 1,103 1,175 to 1,2
Slide 9: PERSEUS MINING LIMITED PERSEUSMINING.COM
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Slide 10: Yaouré Underground Mine Development Project – Côte d'Ivoire
YAOURE UNDERGROUND MINE DEVELOPMENT PROJECT – CÔTE D’IVOIRE First industrial scale underground CMA Underground Project (Yaouré) - 90% (90%) - gold mine in Côte d’Ivoire M&I Mineral Resource: 2.71Moz Cote d’Ivoire. Indicated Mineral Resource: 1.00Moz Ore Reserve: 1.73Moz Probable Ore Reserve: 0.51Moz
Slide 11: High-Level Schedule & Budget
HIGH-LEVEL SCHEDULE & BUDGET • Estimated capital cost ~ US$130 million including infrastructure and mine development • Funded entirely from existing open pit mine cash- flow PERSEUS MINING PERSEUSMINING.COM 11
Slide 12: Nyanzaga Gold Project – Tanzania
NYANZAGA GOLD PROJECT – TANZANIA Growth potential in a geologically blessed jurisdiction with a long history of successful mining Nyanzaga (80%)1 - Tanzania Mineral Total M+I: 2.83 Moz Resource: (M 0.74 Moz, I. 2.10 Moz) Ore Reserve: Probable 2.60 Moz Life of Mine 12+ years 1. OreCorp Limited ASX an
Slide 13: Nyanzaga Gold Project – A Significant Acquisition
NYANZAGA GOLD PROJECT – A SIGNIFICANT ACQUISITION Potential near term development opportunity in Tanzania • Nyanzaga owned 80% by Perseus and 20% by Tanzanian Government • Strong support for Project from the Tanzanian Government • All key licences have been granted for development and operation of t
Slide 14: High Level Schedule
HIGH LEVEL SCHEDULE • Estimated capital cost ~ US$450-500 million including all infrastructure and pre-strip • Funded entirely from Perseus’s existing cash balance PERSEUS MINING PERSEUSMINING.COM 14
Slide 15: Meyas Sand Gold Project – Sudan
MEYAS SAND GOLD PROJECT – SUDAN Meyas Sand (70%)1 - Sudan Indicated Mineral Resource: 3.34 Moz Probable Mineral Reserve: 2.85 Moz Life of Mine 14+ years First mover advantage in a highly prospective region providing further portfolio diversity Notes: 1 These estimates are prepared in accordance with
Slide 16: 19.9% Interest in Predictive Discovery Limited
19.9% INTEREST IN PREDICTIVE DISCOVERY LIMITED “One of the most BANKAN GOLD PROJECT1 exciting Indicated Mineral development 4.24 Moz projects globally”1 Resource: Probable Ore Reserve: 3.05 Moz & “West Africa’s Life of Mine sity 12 Years next Tier-1 gold mine”2 Notes: 1 Predictive Discovery Limited’
Slide 17: PERSEUS MINING LIMITED PERSEUSMINING.COM
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Slide 18: Excellent Operating Results for the Financial Year to 30 June 2024
EXCELLENT OPERATING RESULTS FOR THE FINANCIAL YEAR TO 30 JUNE 2024 GOLD PRODUCED ALL-IN SITE COST AVG GOLD SALE PRICE CASH MARGIN (3) NOTIONAL CASHFLOW(2) NET CASH & BULLION 509,977 oz(1) US$1,053/oz(1) US$2,014/oz US$961/oz US$490M US$587M (4) Down 4.7% (2) Up US$94/oz(2) Up US$211/oz(2) Up $117/oz
Slide 19: Strong Performance Across Key Financial Metrics
STRONG PERFORMANCE ACROSS KEY FINANCIAL METRICS REVENUE PROFIT BEFORE TAX PROFIT AFTER TAX OPERATING CASH FLOW (2) NET TANGIBLE ASSETS DIVIDEND US$1,025.8M US$467.1M US$364.8M US$429.2M US$1,216.7M Final (A$) dividend 3.75 cps & 5.00 cps Up 7%(1) Up 22%(1) Up 14%(1) Up 1%(1) Up 9%(1) for FY24 Perseu
Slide 20: Steady Improvement Across All Key Financial Metrics
STEADY IMPROVEMENT ACROSS ALL KEY FINANCIAL METRICS CASHFLOW FROM OPERATIONS (2) (US$M) 500 400 EARNINGS (US$M) 300 625 553 200 484 PRODUCTION, COSTS & GOLD PRICE 409 406 365 100 321 254 226 203 0 149 104 FY21 FY22 FY23 FY24 FY21 FY22 FY23 FY24 Profit after tax Gross profit from operations EBITDA fr
Slide 21: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Targets & Priorities FY 24 Delivery ➢ RELIABLE AND STRONG OPERATING CASH FLOW FY24 generated US$429M in Operating Cash Flow • Optimise Operating Cash flow Dividends paid to Government Shareholders US$11.6M • Ensure commitments to all stakeholders are fully funded. Income
Slide 22: Dividends Per Share Paid by PRU
Interim (cps) Total Final cps DIVIDENDS PER SHARE PAID BY PRU DISTRIBUTIONS TO SHAREHOLDERS (CPS) 5.0 cps CENTS PER SHARE • Perseus’s Dividend Policy aims to reward shareholders while maintaining 3.75 balanced capital structure and capacity to fund corporate growth. 2.48 • Considering Perseus’s FY24
Slide 23: PERSEUS MINING LIMITED PERSEUSMINING.COM
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Slide 24: Our Approach to Sustainability
OUR APPROACH TO SUSTAINABILITY We believe that responsible gold mining can have a positive impact in fostering APPROACH, DISCLOSURE AND REPORTING GUIDED BY KEY sustainable growth in emerging countries while delivering sustainable returns to GLOBAL FRAMEWORKS AND STANDARDS… shareholders. …AND SUPPORT
Slide 25: Sustainability: Generating Benefits for All Our Stakeholders in FY24
SUSTAINABILITY: GENERATING BENEFITS FOR ALL OUR STAKEHOLDERS IN FY24 US$735M 96% 89% 1 1.06 THIRD-PARTY LIMITED TOTAL ECONOMIC LOCAL LOCAL SIGNIFICANT STABLE TRIFR, ASSURANCE OF KEY CONTRIBUTION TO EMPLOYMENT PROCUREMENT COMMUNITY BELOW INDUSTRY SUSTAINABILITY HOST COUNTRIES INCIDENT METRICS PERSEUS
Slide 26: Economic Benefits for Host Countries Generated by Perseus
ECONOMIC BENEFITS FOR HOST COUNTRIES GENERATED BY PERSEUS ECONOMIC BENEFITS GENERATED BY PERSEUS FY21-24 DISTRIBUTION OF FY24 ECONOMIC BENEFITS (USD 000S) PERSEUS MINING PERSEUSMINING.COM 26
Slide 27: Relative Investment Metrics – Perseus vs Global Peers
RELATIVE INVESTMENT METRICS – PERSEUS VS GLOBAL PEERS Global Mid-Cap Gold Parameter Perseus Mining Peer Group Median(3) Price(1) / LTM Earnings(2) (x) 5.9x 18.5x Enterprise Value (1) / LTM Operating Cashflow2 (x) 3.8x 6.9x LTM Profit / Ounces Produced(2) (US$/oz) $715 $255 LTM Operating Cashflow / O
Slide 28: Conclusion – Investment Proposition
CONCLUSION – 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. • Perseus has built: ✓ An asset portfolio that provides short term production and long-term growth including two of t
Slide 29: Authorised for release by Jeff Quartermaine
This presentation was authorised for release by Jeff Quartermaine, Managing Director and CEO ASX/TSX: PRU | WWW.PERSEUSMINING.COM