Encouraging Drilling Results at Nyanzaga Gold Project

• Significant high-grade gold intercepts from infill and extensional drilling at Tusker and Kilimani deposits
• Potential to expand Mineral Resources and Ore Reserves beyond current estimates
• Further geotechnical, metallurgical and sterilization drilling underway to support project optimization

Perseus Mining Limited has provided an update on its ongoing resource definition drilling at the Nyanzaga Gold Project (NGP) in Tanzania. The current drilling program aims to further inform and advance the proposed open pit mining scenario, with a focus on infill drilling to improve the average drill spacing, as well as evaluating potential strike and depth extensions to the mineralization. Since the last update in December 2024, a total of 35,623 meters of combined reverse circulation (RC) and diamond (DD) drilling have been completed at the Tusker and Kilimani deposits. Significant new intercepts include 51 meters at 4.43 g/t gold, 36 meters at 6.28 g/t gold, and 62 meters at 2.38 g/t gold at Tusker, as well as 22 meters at 4.14 g/t gold and 44 meters at 4.36 g/t gold at Kilimani. The drilling results have reinforced Perseus's confidence in its ability to expand the NGP's Mineral Resources and Ore Reserves, potentially extending the mine life beyond the currently predicted 11 years. Further geotechnical, metallurgical and sterilization drilling programs are ongoing, and the results of this work will be incorporated into an updated Ore Reserve statement to be released in the March 2026 quarter.

Perseus has not provided any high-importance, price-sensitive forward-looking financial metrics in this announcement.

The drilling results have reinforced Perseus's confidence in its ability to expand the Nyanzaga Gold Project's Mineral Resources and Ore Reserves, potentially extending the mine life beyond the currently predicted 11 years. Further drilling and studies are ongoing to optimize the project design parameters.