• Signed formal agreements with Tanzanian government to progress Nyanzaga Gold Project
• Final Investment Decision announced in April 2025 to develop the $524 million project
• Nyanzaga to be Perseus's lowest cost operation, producing over 200,000 oz/year from FY28

Perseus Mining Limited has signed formal agreements with the Government of the United Republic of Tanzania to progress development of its 80% owned Nyanzaga Gold Project (NGP) in Tanzania. The agreements were the result of extensive negotiations between Perseus and Tanzania's Government Negotiating Team, and govern the development and operation of the NGP that Perseus is currently developing. Perseus announced a Final Investment Decision (FID) to proceed with the NGP development in April 2025. When operating, NGP is forecast to be the lowest cost operation in Perseus's 4 mine portfolio, with gold production averaging over 200,000 ounces per annum from FY28 to FY35, peaking at ~250,000 ounces in FY28. The project has a life of mine average All-In Site Cost (AISC) of US$1,211/oz. The capital cost for the plant and site infrastructure is estimated at US$472 million, with total capital cost to first gold pour of US$523 million. 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$706 million post-tax, a Net Present Value (NPV10%) of US$202 million post-tax, and an Internal Rate of Return (IRR) of 19% post-tax. Perseus is on track for first gold production at NGP in Q1 CY27.

Total gold production over an 11-year, Phase 1 mine life is currently estimated to be 2.01 Moz. Gold production averages over 200,000 ounces per annum from FY28 to FY35, with peak production of 246,000 ounces in FY28. Over the life of the mine, the estimated average All-In Site Cost (AISC) is US$1,211/oz.

A second phase of resource definition drilling is currently underway at NGP, aiming to convert Inferred Mineral Resources into Indicated Mineral Resources, which would potentially enable the Ore Reserve to be materially expanded and the life of the NGP operation extended beyond the currently projected 11-year mine-life.