Slide 1: Perseus Mining BMO Conference Presentation
ASX/TSX: PRU | WWW.PERSEUSMINING.COM
Slide 2: Cautionary Statements
CAUTIONARY STATEMENTS COMPETENT PERSON STATEMENT: All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. The information in this report that relates to the Mineral
Slide 3: PERSEUS MINING LIMITED PERSEUSMINING.COM
PERSEUS MINING LIMITED PERSEUSMINING.COM 3
Slide 4: Capital Structure
FIVE-YEAR SHARE PRICE PERFORMANCE CAPITAL STRUCTURE AUD$ ASX Share price per share(1) 5.87 Shares outstanding 1,351.2M Performance Rights 8.65M GEOGRAPHIC OWNERSHIP BREAKDOWN Undiluted market capitalisation 7,931M 87% Asia Other 4% 4% Less: Cash and Bullion (2) 1,072M % held by institutions Plus: De
Slide 5: Diversified 6.7 Moz Reserve African Focused Gold Miner
DIVERSIFIED 6.7 MOZ RESERVE AFRICAN FOCUSED GOLD MINER Sissingué1 Meyas Sand3 Côte d’Ivoire Sudan MINERAL ORE MINE MINERAL ORE MINE RESOURCE RESERVE LIFE RESOURCE RESERVE LIFE 0.37 0.23 ~5.0 3.34 2.85 14+ MOZ MOZ YEARS MOZ MOZ YEARS Yaouré1 Côte d’Ivoire Nyanzaga2 MINERAL ORE MINE Tanzania RESOURCE
Slide 6: PERSEUS MINING LIMITED PERSEUSMINING.COM
PERSEUS MINING LIMITED PERSEUSMINING.COM 6
Slide 7: December 2025 Half-Year Operating Performance
DECEMBER 2025 HALF-YEAR OPERATING PERFORMANCE PERSEUS WELL POSITIONED AS MID TIER LOW-COST PRODUCER GOLD ALL-IN PRODUCED SITE COST 188,841 oz US$1,649/oz CASH MARGIN (1) NOTIONAL CASHFLOW(1) US$1,592/oz US$301M AVG GOLD NET CASH SALE PRICE & BULLION (2) US$3,241/oz US$755M (1) Cash Margin equals Ave
Slide 8: Strong Financial Performance
STRONG FINANCIAL PERFORMANCE FUNDING RECORD INTERIM DIVIDEND AND CAPITAL GROWTH PROJECTS EARNINGS (US$M) 353 REVENUE PROFIT AFTER TAX 316 US$608.5M US$185.5M 281 265 270 238 EBITDA (1) OPERATING CASH FLOW 210 201 185 186 US$315.5M US$193.4M 167 165 136 112 93 BASIC EARNINGS PER SHARE (2) INTERIM DIV
Slide 9: Balance Sheet Strength
BALANCE SHEET STRENGTH Perseus well positioned to deliver on future growth opportunities NET CASH UNDRAWN TOTAL LISTED POSITION1 DEBT FACILITY2 LIQUIDITY SECURITIES US$755M US$400M US$1.2B US$229M including 17.8% of Predictive Discovery Ltd Debt Facility upsized2 to Three-year term plus Consortium c
Slide 10: Relative Performance Metrics
RELATIVE PERFORMANCE METRICS 3-YEAR AVERAGE 3-YEAR AVERAGE 3-YEAR AVERAGE EBITDA MARGIN (%) 1,2 EBITDA / OUNCE (US$/OZ) 1,2 RETURN ON CAPITAL EMPLOYED (%) 1,2 59.3% 1,237 20.3% 42.7% 42.9% 904 911 8.3% 5.0% Perseus ASX peers International Perseus ASX peers International Perseus ASX peers Internation
Slide 11: Capital Returns to Shareholders
CAPITAL RETURNS TO SHAREHOLDERS H1 FY26 INTERIM DIVIDEND RECORD DATE Perseus’s Dividend Policy aims to reward shareholders while maintaining balanced capital 5cps +100%1 6 March 2026 structure and capacity to fund corporate growth. Target 1% yield + additional where feasible H1 FY25 INTERIM DIVIDEND
Slide 12: Capital Management Framework
CAPITAL MANAGEMENT FRAMEWORK Targets & Priorities H1 FY26 Notional Cash Government Total Other Economic RELIABLE AND STRONG OPERATING CASH FLOW Flow distributions and contributions(2) taxes(1) • Optimise operating cash flow • Ensure commitments to all stakeholders are fully funded US$301M US$144M US
Slide 13: Reaffirmed FY 2026 Production and Cost Guidance
REAFFIRMED FY 2026 PRODUCTION AND COST GUIDANCE PARAMETER UNITS 2026 FINANCIAL YEAR (FORECAST) YAOURÉ GOLD MINE1 Production Ounces 168,000-184,000 All-in Site Cost USD per ounce $1,620-$1,790 EDIKAN GOLD MINE Production Ounces 154,000-169,000 All-in Site Cost USD per ounce $1,470-$1,620 SISSINGUÉ GO
Slide 14: Organic Growth
ORGANIC GROWTH PERSEUS MINING LIMITED PERSEUSMINING.COM 14
Slide 15: History of Successful Project Development
HISTORY OF SUCCESSFUL PROJECT DEVELOPMENT Perseus has African development capabilities and a proven track record of delivering projects ahead of schedule and below budget, demonstrating its ability to successfully transition assets from acquisition through to sustained operation Edikan Sissingué Yao
Slide 16: Track History of Delivering Reserve Additions Through the Drill Bit
TRACK HISTORY OF DELIVERING RESERVE ADDITIONS THROUGH THE DRILL BIT Yaouré Sissingué Edikan Nyanzaga 83% 73% 4,046 3,914 76% 2,679 25% 2,342 820 2,141 1,520 657 Initial Ore Reserve Current Ore Reserve Initial Ore Reserve Current Ore Reserve Initial Ore Reserve Current Ore Reserve Initial Ore Reserve
Slide 17: Nyanzaga Gold Project – Tanzania
NYANZAGA GOLD PROJECT – TANZANIA Growth potential in a geologically blessed jurisdiction with a long history of successful mining Nyanzaga (80%) Tanzania MINERAL ORE MINE RESOURCE RESERVE LIFE 4.71MOZ 4.04 16+ MOZ YEARS 17 See ASX release dates 20 February 2026: Perseus Mining Increases Nyanzaga
Slide 18: Nyanzaga Ore Reserves Increase
NYANZAGA ORE RESERVES INCREASE LONG LIFE/LOW-COST CORNERSTONE ASSET 73% Mine life 14 Years @ Average AISC increase to extension >200k pa US$1,6212/oz 4.0 Moz1 to 16 years (FY28 to FY41) Apr 2025 Reserve Pit Design Updated Reserve Pit Design Cross-section 9,672,430mN (±15 m) looking north showing Tus
Slide 19: Nyanzaga Project Update
NYANZAGA PROJECT UPDATE Stockpile Feed Stacker CIL Top of Tank Install Primary Permanent Conveyor Structural Structural Mill Ore to the Gyratory Crusher Camp Steel & Mechanical Steel Installation Installation Crushed Ore First Main Components Complete Installation complete complete Complete Stockpil
Slide 20: CMA Underground Project – Yaouré Gold Mine
CMA UNDERGROUND PROJECT – YAOURÉ GOLD MINE • First blast taken at the Pauline Portal in September, a total of 800m of development achieved across the four declines at end of December 25. • Surface infrastructure complete, including administration buildings, camp facilities, electrical tie-ins and ma
Slide 21: Meyas Sand Gold Project - Sudan
MEYAS SAND GOLD PROJECT - SUDAN First mover advantage in a highly prospective region providing further portfolio diversity Meyas Sand (70%)1 Sudan M I N E R AL ORE MINE RESOURCE RESERVE LIFE 3.34 MOZ 2.85 MOZ 14+YEARS Notes: 1.These estimates are prepared in accordance with Canadian National Instrum
Slide 22: 17.8% Interest in Predictive Discovery Limited
17.8% INTEREST IN PREDICTIVE DISCOVERY LIMITED “One of the most exciting development projects globally”1 “West Africa’s next Tier-1 Bankan Gold Project1 gold mine”2 GUINEA MINERAL ORE MINE RESOURCE RESERVE LIFE 4.14 MOZ 2.95MOZ 12 YEARS PURCHASE PRICE: A$99.58M $0.21 cps CURRENT VALUE: A$417.8M3 $0.
Slide 23: Sustainability Performance
SUSTAINABILITY PERFORMANCE PERSEUS MINING LIMITED PERSEUSMINING.COM 23
Slide 24: A Resilient and Reliable Partner
A RESILIENT AND RELIABLE PARTNER Generating material benefits for all our stakeholders, in fair and equitable proportions $484M 95% 0.83 SAFETY in economic of national TRIFR FATAL ACCIDENT contribution employment (as of 31 Dec 2025) January 2026 $28.5M in Employee wages and benefits $144M PUBLISHED
Slide 25: Our Investment Proposition
OUR INVESTMENT PROPOSITION MARGIN LEADER RESERVE GROWTH Peer leading return on capital Track record of building Ore employed, profitability, cost Reserve inventory through structure & margins organic growth and M&A PORTFOLIO DIVERSIFICATION VALUE CREATION Diversified African-focused Proven developme
Slide 26: Supplementary Information
SUPPLEMENTARY INFORMATION PERSEUS MINING LIMITED PERSEUSMINING.COM 26
Slide 27: Perseus Mineral Resources & Ore Reserves
PERSEUS MINERAL RESOURCES & ORE RESERVES JORC Ore Reserve1,2,3,4,6 PROVED PROBABLE PROVED & PROBABLE QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD PROJECT Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Mt g/t gold ‘000 oz Edikan 8.6 0.91 250 21.1 1.08 730 29.7 1.03 980 Sissingué5 0.8 1.42 38
Slide 28: Hedge Position Update as at 31-Dec-2025
HEDGE POSITION UPDATE AS AT 31-DEC-2025 Hedge position as at 31 December 25 Perseus hedging programme focuses on HEDGES UNIT YEAR 1 1 YEAR 2 1 YEAR 31 TOTAL maintaining downside protection whilst Fixed Forwards oz 55,000 15,000 0 70,000 retaining as much upside opportunity as Gold Price US$/oz $2,63
Slide 29: Authorised for release by Craig Jones, MD and CEO
This presentation was authorised for release by Craig Jones, Managing Director and CEO ASX/TSX: PRU | WWW.PERSEUSMINING.COM