• Commits US$523 million to develop and operate the Nyanzaga Gold Project in Tanzania
• Expects to produce first gold in Q1 2027, with average annual production of over 200,000 oz from FY28 to FY35
• Feasibility study indicates robust economics, with a pre-tax NPV of US$404 million and IRR of 26%

Perseus Mining Limited is pleased to announce that it has taken a Final Investment Decision to develop the Nyanzaga Gold Project (NGP) in Tanzania, following an update of the NGP Feasibility Study. Perseus will invest approximately US$523 million (including contingency) to develop and prepare for the operation of the mine, which is expected to produce first gold in Q1 2027. The NGP development will be solely financed via interest-free, intercompany loans provided by Perseus from its existing cash and bullion balance. The updated Feasibility Study indicates that the NGP will have a total gold production of 2.01 Moz over an 11-year mine life, with average annual production of over 200,000 ounces from FY28 to FY35 and a peak of 246,000 ounces in FY28. The estimated average All-In Site Cost (AISC) over the life of the mine is US$1,211/oz. Applying Perseus's assumed long-term gold price of US$2,100/oz, the NGP's investment metrics include an undiscounted free cashflow of US$1,133 million pre-tax and US$706 million post-tax, a Net Present Value (NPV10%) of US$404 million pre-tax and US$202 million post-tax, and an Internal Rate of Return (IRR) of 26% pre-tax and 19% post-tax. The development of the NGP represents a significant upgrade for Perseus and is consistent with the Company's strategy for building a sustainable, geopolitically diversified but African-focused gold business.

Total gold production over an 11-year, Phase 1 mine life is currently estimated to be 2.01 Moz, with average annual production of over 200,000 ounces from FY28 to FY35 and a peak of 246,000 ounces in FY28.