Perseus Mining Limited: Perseus Reports Strong Operational Performance

Perth, April 23, 2026 (GLOBE NEWSWIRE) --

MARCH 2026 QUARTER REPORT

Perseus reports strong operational performance; cash & bullion rises to US$817 million

PERTH, Western Australia/April 23, 2026/Perseus Mining Limited ("Perseus" or the "Company") (TSX & ASX: PRU) reports on its activities for the three months' period ended March 31, 2026 (the "Quarter"). Below is a summary of the release. The full report is available at www.perseusmining.com, www.sedarplus.ca and www.asx.com.au.

Overview

• Q3 FY26 production totalled 107,144 ounces of gold at an All-In Site Costs of US$1,748 per ounce
• Average cash margin of US$2,395/oz of gold produced, delivering notional operating cashflow of US$252 million
• Cash and bullion of US$817 million, plus liquid listed securities of US$254 million
• First gold produced from CMA Underground at Yaouré
• Nyanzaga ore reserves increased 73% to 4.0Moz
• Nyanzaga project development on track for first production planned for January 2027
• Perseus acquired a 9.9% interest in Aurum Resources Limited (ASX:AUE)
• Sale of 70% group interest in the Meyas Sand Gold Project for US$260m cash

FY26 Outlook

• Production and AISC guidance for June 2026 Financial Year (FY26) ¹remain unchanged at 400,000 - 440,000 ounces at AISC US$1,600 - 1,760 per ounce.
  
  

Key operating indicators and highlights for the March 2026 quarter (Q3 FY26) include-

PERFORMANCE INDICATOR	UNIT	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE
Gold recovered	Ounces	99,953	88,888	107,1442	295,9852
Gold poured	Ounces	103,566	78,641	109,3822	291,5892
Production Cost	US$/ounce	1,152	1,362	1,2383	1,2463
All-In Site Cost (AISC)	US$/ounce	1,5161	1,8001	1,7483	1,6853
Gold sales	Ounces	101,589	86,607	96,2602	284,4562
Average sales price	US$/ounce	3,075	3,437	4,1433	3,5443
Notional Cashflow	US$ million	1561	1451	2523	5483

1. As explained in the previous December 2025 Quarter report, Q1 FY26 AISC and Notional Cash Flow were restated to include the 2% additional royalty paid in Côte d'Ivoire in Q2 FY26 but relating to the Q1 FY26 quarter. Q2 FY26 quarter only includes Q2 FY26 additional 2% royalty paid.
2. Includes the CMA Underground gold produced, poured and sold for this quarter ahead of commercial production.
3. Excludes CMA Underground production cost, excludes CMA Underground gold produced, AISC, Average sales price and Notional Cashflow as the related cash costs are capitalised until commercial production is achieved. Commercial production is scheduled to be reached in Q3 FY27.
   
   

Conference Call Perseus will host investor webinar and conference call to discuss its March 2026 Quarterly Results, at 9.00am AEDT today (23 April 2026). Register for the webinar at:

https://us02web.zoom.us/webinar/register/WN_f0XhNd81RT2LZFHakssoEw

A recording of the conference call will be made available via Perseus's website at www.perseusmining.com

OPERATIONS

Production, Costs and Notional Cashflow

Perseus's three operating gold mines, Yaouré and Sissingué in Côte d'Ivoire, and Edikan in Ghana, demonstrated strong performance in Q3 FY26 producing a combined total of 107,144 ounces of gold, 21% more than the 88,888 ounces achieved in Q2 FY26. Higher production was achieved across all three operating gold mines.

The weighted average production cost was US$1,238 per ounce, while the weighted average All-in-Site Cost (AISC) was US$1,748 per ounce. The weighted average AISC for the quarter was lower than the Q2 FY26 AISC of US$1,800 attributable to higher production.

Gold sales from all three operations totalled 96,260 ounces or 9,653 ounces more than in Q2 FY26 attributable to higher production. The weighted average realised gold price was US$4,143 per ounce, US$706 per ounce more than the Q2 FY26 price of US$3,437 per ounce.

Perseus's average cash margin for the quarter was US$2,395 per ounce, resulting in notional operating cashflow of US$252 million from all operations. This was US$107 million higher than in Q2 FY26.

FUEL SUPPLY CONDITIONS AND OPERATIONAL IMPACT

The Group continues to closely monitor fuel supply availability, consumption levels and inventory positions to mitigate the risk of operational disruption in the short to medium term.

Perseus is working with its long-standing fuel suppliers in the region to assess any material impacts of the current Iran conflict. There were no operational disruptions to the Group's activities during Q3 FY26, and fuel supply is expected to be sufficient to support operations. Refer to the "Group Gold Production and Cost Guidance" section for the sensitivities of diesel price to AISC.

Group and mine operating results summarised in Tables 1 to 3 below.

Table 1: Gold Production by Mine

MINE	TOTAL GOLD RECOVERED (OUNCES)				TOTAL GOLD POURED (OUNCES)
	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE
Yaouré	55,405	32,045	36,5661	124,0161	57,672	28,325	37,2651	123,2621
Edikan	32,856	38,352	45,123	116,331	33,583	37,275	45,464	116,322
Sissingué	11,692	18,491	25,455	55,638	12,311	13,041	26,653	52,005
Group	99,953	88,888	107,144	295,985	103,566	78,641	109,382	291,589

Table 2: Gold Sales by Mine

MINE	TOTAL GOLD SOLD (OUNCES)				REALISED GOLD PRICE (US$ PER OUNCE)
	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE
Yaouré	57,441	34,835	37,2401	129,5161	2,959	3,243	4,0062	3,3312
Edikan	31,274	37,219	43,980	112,473	3,337	3,700	4,284	3,827
Sissingué	12,874	14,553	15,040	42,467	2,953	3,227	4,059	3,439
Group	101,589	86,607	96,260	284,456	3,075	3,437	4,143	3,544

Table 3: All-In Site Costs and Notional Cash Flow by Mine

MINE	ALL-IN SITE COST (US$/OUNCE)				NOTIONAL CASHFLOW FROM OPERATIONS (US$ MILLION)
	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE	SEPTEMBER 2025 QUARTER	DECEMBER 2025 QUARTER	MARCH 2026 QUARTER	FY26 TO DATE
Yaouré	1,188	2,092	2,0492	1,6712	98	37	682	2032
Edikan	1,603	1,535	1,539	1,556	57	83	124	264
Sissingué	2,826	1,844	1,708	1,895	1	25	60	81
Group	1,516	1,800	1,748	1,685	156	145	252	548
Note: Numbers reported in Tables 1 to 3 are rounded to zero decimal places

1. Includes the CMA Underground gold produced, poured and sold for this quarter ahead of commercial production.
2. Excludes CMA Underground production cost, AISC, Average sales price and Notional Cashflow as the related cash costs are capitalised until commercial production is achieved. Commercial production is scheduled to be reached in Q3 FY27.

JUNE 2026 QUARTER EVENTS & ANNOUNCEMENTS

• 23 April - March 2026 Quarterly Report & Webinar
• 12-13 May - Participation in Bank of America Global Metals, Mining and Steel Conference, Miami USA
• 19-21 May - Participation in Canaccord Genuity Global Metals and Mining Conference, Las Vegas USA
  
  

Competent Person Statement

All production targets referred to in this release 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 Resources and Ore Reserve for the Edikan and Sissingué Gold Mines was updated by the Company in a market announcement "Perseus Mining updates Mineral Resources and Ore Reserves" released on 21 August 2025. The information in this report that relates to the Mineral Resources and Ore Reserve for the Nyanzaga Gold Project was updated in a market announcement "Perseus Mining Increases Nyanzaga Gold Project Ore Reserves to 4.0 Moz" released on 20 February 2026.The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed.

The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Edikan Gold Mine, Ghana" dated 6 April 2022, "Technical Report - Yaouré Gold Project, Côte d'Ivoire" dated 18 December 2023, "Technical Report - Sissingué Gold Project, Côte d'Ivoire" dated 29 May 2015, and "Technical Report - Nyanzaga Gold Project, Tanzania" dated 10 June 2025 continue to apply.

Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This market announcement was authorised for release by the Board of Perseus Mining Limited

ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,346,377,056 Performance rights: 8,625,981 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: [phone] www.perseusmining.com

DIRECTORS: Rick Menell Non-Executive Chairman Craig Jones Managing Director & CEO Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director Dan Lougher Non-Executive Director John McGloin Non-Executive Director James Rutherford Non-Executive Director

CONTACTS: Craig Jones Managing Director & CEO [e-mail] Stephen Forman Investor Relations [phone] [e-mail] Nathan Ryan Media [phone] [e-mail]

¹ The cost guidance released in the Q2 FY26 report was based on a gold price assumption of $3,900 per ounce (January to June 26) and royalty rates of 8% in Côte d'Ivoire and 5% in Ghana.