Slide 1: West African Producer, Developer & Explorer
ASX/TSX: PRU www.perseusmining.com West African Producer, Developer & Explorer 29 August 2011 Mark Calderwood Managing Director
Slide 2: Competent Person's Statement; Forward-Looking Statements
Competent Person’s Statement Information in this presentation that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Mark Calderwood, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Calderwood is a Director and full-ti
Slide 3: Perseus The Company
Perseus The Company West African focused, ASX/TSX listed Historic growth through exploration - Proven track record of finding ounces Large, low risk, high margin projects - Open pit, free milling, C1 costs in the $500-$700 range First production 21 August 2011 Target +400,000oz pa, FY2013-14 - Targe
Slide 4: Capital Structure & Financial Position
Capital Structure & Financial Position Shares on Issue 426M Unlisted Options 8.4M (avg. $2.29) Cash - 30 June 2011 US$100M Bank Debt US$85M
Slide 5: "Elephant Country"
“Elephant Country” fai FASO 4 TENGRELA asin 10°} : GHANA IVORY COAST “170Moz ASHANTI BELT ke Grumesa) |_\ |_il
Slide 6: Cash Flow Forecast
Cash Flow Forecast FY 2012 CASH FLOW FORECAST1 A$M Opening Cash Balance 97 Cash from operations 116 Approved capital expenditure (CAGP & TGP) (52) Royalties (13) Exploration (35) Other, including interest (15) Sub-total 98 Bank principal & sweep2 (31) TGP construction contract3 (30) 1. Assumes A$1 =
Slide 7: Gold Resources & Reserves
Gold Resources & Reserves 5.7Moz (84% in Ghana) in M&I Resources (159.8Mt at 1.1g/t) Including 3.9Moz (83% in Ghana) in Reserves (96.6Mt at 1.3g/t) ....................................................................... Additional 2.2Moz (88% in Ghana) in Inferred Resources (73Mt at 0.9g/t) Drilling
Slide 8: Perseus Ghana: Ashanti Belt Projects
Perseus Ghana: Ashanti Belt Projects CAGP Measured & 4.3Moz Indicated Resources including; CAGP Grumesa Proven & Probable 3.3Moz Reserves Inferred Resource 1.7Moz Grumesa Measured & Indicated 0.5Moz Resources 8
Slide 9: Central Ashanti Gold Project (CAGP)
Central Ashanti Gold Project (CAGP) Targets Reserves 2009 2Moz 2010 3Moz 2011 4Moz Mill Site Production Yr 1 +200,000ozpa Yr 2 +280,000ozpa Exploration 1 discovery p.a. 9
Slide 10: Straight Forward Operation
Straight Forward Operation Mining Low Strip Ratio - 2.8:1 Wide ore bodies - ~80m, low selectivity Contract mining Processing (6.3Mtpa – 8.1Mtpa) Free milling ore - clean granite, gold in stockwork veins. All new equipment Crushing & grinding installed capacity 8Mtpa Plant starting name-plate plate c
Slide 11: Mining
Mining Contract mining - AMS, since February Mined 4.2M m3 of material mined to date Currently 21 Cat 777 trucks & 5 x 984 excavators , increasing to 24 Cat 777 trucks, 4 x 984 and 2 x 9250 excavators Averaging 1.1M m3/month of material movement over next 12 months 2.6Mt of ore drilled by
Slide 12: Stage 1 pits – Grade Control
Stage 1 pits – Grade Control Grade Control Model Not yet drilled Good grade control reconciliation to date ....................................................................... 100m green 0.2-0.4g/t blue 0.4-0.8g/t yellow 0.8-1.6g/t red >1.6g/t Exploration Model
Slide 13: Commissioning Progress
Commissioning Progress
Slide 14: Cost Breakdown
Cost Breakdown Portion of Unit Rate Inflation Total Costs 12 months Mining* 53.5% +3.5% Electricity 13.6% +20% Diesel 9.5% +29% Grinding Media 5.1% +7% Cyanide 2.4% +21% Wages 4.8% +10% * excludes diesel Overheads 8% Processing Mining Costs 29% 63% Inflation drivers in last 12 months 24% appreciatio
Slide 15: Re-optimised plan – 3-year window
Re-optimised plan – 3-year window US$ Year 11 Year 2 Year 3 Ore Treated 6.3Mt 8.1Mt 8.1Mt Head Grade 1.33g/t 1.24g/t 1.24g/t Gold Produced 227koz 283koz 290koz C1 costs (USD) $132M $144M $155M C1 cash cost $581/oz $511/oz $535/oz Capital Expenditure $34M $38M $19M EBITDA $1,300/oz2 $140M $193M $195M
Slide 16: Social Development Assistance
Social Development Assistance Over 400 local employees (50%) Schools (refurb. & new) Water & sanitation Education & training Water pump Development fund ($500kpa) Aptitude testing Gyaman School
Slide 17: Perseus the Explorer
Perseus the Explorer 8 Ghana Tengrela Inferred 7 M&I Growth Meas. & Ind. Reserves ~1.6Mozpa in 3 years 6 P&P Growth 5 ~2.0Mozpa in 2 years 4 3 2 1 Moz 2005 2006 2007 2008 2009 2010
Slide 18: Perseus Côte d'Ivoire
T 800,000 mE | — 1,200,000 mN I— 1,300,000 mN fe) ¢ Piola 7.0Moz| K \ N { 50km c PNampala 0.Mor < _7 \ Burkina \ Faso )) TENGRELA PROJECT NA MAHALE PERMIT /— 1,100,000 mN Ivory Coast [5 greenstone belts 0 ell C MBENGUE PERMIT
Slide 19: Perseus Licenses
Tarkwaian-type meta-sediments Granitic intrusives [J Uitaiferentiated Birimian (mostly meta-sediments) HB) Birimian voicanics/voicanciastics Birimian matic volcanics MBENGUE i TENGRELA PERMIT PROJECT MAHALE J PERMIT #
Slide 20: Growth - Ivory Coast
Growth - Ivory Coast Targets Reserves Sissingue 2012 0.9-1.2Moz 2013 1-2Moz Production Phase 1: H1 2013 178,000oz year 1 162,000oz year 2 Exploration Drilling 2011: 125,000m 20
Slide 21: Perseus The Explorer - Targets
Perseus The Explorer - Targets 24 Month Target 8-12Moz of resources at CAGP – 6Moz* already discovered, significant drilling completed since last estimate. 2-4Moz within 50km of Sissingue – 1.2Moz already discovered, an under explored area High conversion to Reserve – Resource categories a function
Slide 22: Sissingue Gold Project - TGP
Sissingue Gold Project - TGP Formal draft EIS completed Tenders for design & SAG mill closed 1.7Mtpa mill (similar to Bonikro & Duketon) Capital estimate $115M $37M in FY2011-12 $78M in FY2012-13 Robust, free milling, initially high grade - 170koz/ann. first 2 yrs, low cost
Slide 23: Perseus the Future - Robust Production
Perseus the Future - Robust Production Mine Plans Start Date Yr 1 Yr 2 Yr 3 oz Au oz Au oz Au CAGP Aug 2011 227,000 283,000 290,000 TGP ?June 2013 178,000 162,000 100,000 Reserve Calendar Year Targets growth over 500 next 12 months. The catalyst to TGP 400 increase production K oz 300 rates CAGP 200
Slide 24: Name Change: Tengrela now called Edikan Gold Mine
Name Change Central Ashanti Gold Project Tengrela now called Edikan Gold Mine ‘Edikan’ means ‘first’ in Akan language
Slide 25: Reserves
Reserves Mineral Reserves (Gold) Deposit Proven Probable Total Tonnes g/t Ounces Tonnes g/t Ounces Tonnes g/t Ounces (million) Au Au (million) Au Au (million) Au Au (,000) (,000) (,000) CAGP >0.4g/t 47.7 1.3 1,974 39.2 1.0 1,300 86.9 1.2 3,273 Tengrela >0.55g/t 9.7 2.1 657 9.7 2.1 657 Total 47.7 1.3
Slide 26: Additional Resources
Additional Resources Mineral Resources (Gold) Measured & Indicated Inferred Deposit Tonnes g/t Ounces Tonnes g/t Ounces (cut-off g/t Au) (million) Au Au (million) Au Au (,000) (,000) CAGP 12.2 1.5 587 24.4 1.5 1,144 >0.8g/t CAGP 19.9 0.7 466 25.3 0.7 538 0.4g/t - 0.8g/t Grumesa 25.1 0.6 471 16.4 0.5
Slide 27: Mark Calderwood, Nathan Ryan, Rebecca Greco
ASX/TSX: PRU www.perseusmining.com Mark Calderwood Nathan Ryan Managing Director Investor Relations +61 8 9240 6344 +61 420 582 887 Rebecca Greco Investor Relations +1 416 822 6483