Perseus Mining Limited · ASX:PRU

Perseus Mining — Q3 FY2012 Earnings Presentation

15 slides from Perseus Mining's earnings presentation, March 2012

1. Slide 1: March 2012 Quarterly Update

   March 2012 Quarterly Update Mark Calderwood CEO Jeff Quartermaine CFO www.perseusmining.com ASX/TSX: PRU

2. Slide 2: Cautionary Statements

   Cautionary Statements Forward-Looking Statements Statements in this presentation regarding the Company’s plans with respect to its mineral properties are or may be forward-looking statements. There can be no assurance that the plans for development of its mineral properties will proceed as currently

3. Slide 3: Highlights

   Highlights  Gold production of 38,796 oz during the Quarter was within guidance of 35-40,000oz. Adjusted C1 cash costs of US$723/oz compare favourably to guidance of US$950/oz.  Guidance for the June 2012 Quarter remains unchanged at 50,000oz to 55,000oz of gold production at adjusted cash cost of

4. Slide 4: Edikan Gold Mine – Performance Overview

   Edikan Gold Mine – Performance Overview  Gold Production  Production 38,796oz up 8.4% from Dec quarter  C1 Cash Cost US$723/oz (post adjustment for stockpile and waste stripping)  Month of March Production 19,026oz representing 49% of March quarter production  C1 Cash Cost for March US$576/oz (

5. Slide 5: Edikan Gold Mine - Operating Highlights

   Edikan Gold Mine - Operating Highlights  Mining  4.8Mbcm of ore + waste mined (up 29%)  2.2Mt of ore at 1.2g/t Au (up 23%)  Strip Ratio 4.2:1 (bcm:bcm)  Ore stockpile increased to 2.7Mt at 0.9g/t containing 81Koz of gold  Mining cost average US$2.59/t of material  Processing  1.0Mt (down 5.5

6. Slide 6: Edikan Gold Mine - Processing Ramp-up

   Edikan Gold Mine - Processing Ramp-up  Processing improvements  Throughput prior to scheduled February shutdown 11,265dtpd  Throughput post shutdown 13,330dtpd  March throughput increased to 14,050dtpd  2 throughput and 6 production daily records set during the March  Throughput and production

7. Slide 7: Edikan Gold Mine - Production Outlook

   Edikan Gold Mine - Production Outlook  Mining  Ore from high grade AF-Gap and low grade Fobinso  Cut-back starting at Abnabna and AF-Gap  Processing  Continue to increase mill availability  Improve metallurgical recovery through reduction of transitional material  Capital Projects (June Quart

8. Slide 8: Edikan Gold Mine - Guidance Costs

   Edikan Gold Mine - Guidance Mar Qtr 12* Jun Qtr 12 Jul - Dec 12 Throughput (dry Mt) 1,027,540 1,500,000 3,200,000 Head grade 1.40g/t 1.27g/t 1.59g/t Gold recovered (oz) 38,796 50,000 - 55,000 135,000 - 145,000 Adjusted C1 cash $723 $690 $550 cost (US$/oz) Overheads 12% Approximate unit costs Process

9. Slide 9: Ghana - Exploration

   Ghana - Exploration  40,775m of drilling completed  Exploration Results  Besem Gap - 30m @ 2.3g/t Au  Besem Nth - 24m @ 1.8g/t Au  Wampem - 12m @ 4.8g/t Au  Chirawewa Sth - 26m @ 3.5g/t Au  Deeper Drilling  Fetish - 44m @ 3.0g/t, 24m @ 4.3g/t Au, 5m at 11.4g/t Au  Esuajah Sth - 78m @ 3.4g/t

10. Slide 10: Sissingué Gold Project

    Sissingué Gold Project  Permitting well advanced  EISA approved  DFS approved, Exploitation Permit awaiting negotiation of fiscal terms  Detailed design/tenders  Final design well advanced  All key equipment selected and priced, SAG mill supply contract awarded Dec. 2011  Early works tender p

11. Slide 11: Tengrela Exploration

    Tengrela Exploration  26,859m of drilling completed  Exploration Results  Sissingué East - 4m @ 33.5g/t Au  Podio - 14m @ 5.9g/t Au  Zing - 4m @ 10.0g/t Au  Sissingué Nth - 4m @ 10.0g/t Au  Kanakono - 19m @ 2.0g/t Au  Infill & Deeper Drilling  Sissingué 58m @ 3.1g/t, 42m at 1.7g/t, 22.5m at

12. Slide 12: Resources

    Resources Mineral Resources (Gold) Including Reserves Measured Indicated Inferred Deposit Tonnes g/t oz. Tonnes g/t oz. Tonnes g/t oz. (cut-off g/t Au) (million) Au Au (million) Au Au (million) Au Au (,000) (,000) (,000) Edikan Gold Mine 49.5 1.5 2,378 38.2 1.3 1,603 24.9 1.4 1,111 >0.8g/t Edikan Go

13. Slide 13: 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) Edikan >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

14. Slide 14: Corporate

    Corporate  Available cash at 31 March 2012 was A$117.1M and bullion holdings totalled 970oz of gold  Made first scheduled debt repayment of US$11M – outstanding Edikan project debt reduced to US$74M  Hedge commitment reduced to 210,000oz at average of US$1,253/oz  Full Management Discussion and

15. Slide 15: Contact details

    ASX/TSX: PRU www.perseusmining.com Mark Calderwood Nathan Ryan MD/CEO Investor Relations +61 8 9240 6344 +61 420 582 887 Jeff Quartermaine Rebecca Greco CFO Investor Relations +61 8 9240 6344 +1 416 822 6483

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