Perseus Mining Projects 515,000–535,000 oz Annual Gold Production Through FY2030

Perseus Mining Limited, a prominent mid-tier gold producer operating in West Africa, has forecast annual gold production between 515,000 and 535,000 ounces for each of the next five fiscal years, ending in FY2030. This forward-looking projection reflects the company’s confidence in its existing operations, expansion projects, and upcoming developments.

1. Current Performance and Recent Achievements

In the first half of FY2025 (ending December 2024), Perseus delivered a strong performance, producing 253,709 ounces of gold at an all-in-sustaining cost (AISC) of US $1,162 per ounce, exceeding its own cost and production guidance. For the full fiscal year 2024, Perseus achieved approximately 510,000 ounces of gold production with an impressive AISC of US $1,053 per ounce.

This strong financial and operational footing sets the stage for consistent output over the coming years.

2. Five-Year Outlook: FY2026 to FY2030

Perseus has projected steady gold production in the range of 515,000–535,000 ounces per year for the five fiscal years through 2030. This is a notable increase compared to FY2025’s output estimate of 469,000 to 505,000 ounces. Key drivers behind this forecast include:

• Ramp-up of the Yaouré Underground Mine following a successful Final Investment Decision (FID) in early FY2025.

• Sustained production from Edikan (Ghana) and Sissingué (Côte d’Ivoire), which have both delivered consistent results.

• Future development of the Nyanzaga gold project in Tanzania, subject to final agreements and construction schedules.

• Additional resource potential from satellite deposits such as Bagoé.

3. Financial Strength and Cost Management

Perseus maintains a strong balance sheet, being debt-free with more than US $600 million in cash and bullion. The company has emphasized a long-term commitment to cost discipline, projecting an AISC range of US $1,250 to $1,280 per ounce over the forecast period. This level of cost control supports healthy margins even under fluctuating gold prices.

The company’s strong cash generation also underpins its capital investment strategy and potential for increased shareholder returns through dividends and share buybacks.

4. Strategic Projects and Growth Drivers

Yaouré CMA Underground Project
This project is expected to be a major production contributor starting FY2026. Its underground development will extend the life of mine and increase annual output.

Nyanzaga Project
Located in Tanzania, Nyanzaga remains a high-potential asset. Once regulatory and partnership frameworks are finalized, the mine is expected to significantly enhance group output in the later years of the forecast window.

Satellite Opportunities
Deposits like Bagoé and ongoing drilling across Edikan and Yaouré provide further upside through resource additions and reserve conversions.

5. Risks and Considerations

Perseus Mining acknowledges several challenges that may impact its long-term targets:

• Project Development Delays: Delays in underground development or Nyanzaga approval could defer forecasted production.

• Commodity Price Volatility: Although partially hedged, the company remains exposed to global gold price fluctuations.

• Geopolitical Risk: Operations in West African countries may face political or regulatory instability.

Despite these risks, Perseus remains well-positioned with a diversified portfolio and robust capital discipline.