• Ore Reserves increased by 73% to 4.0Moz
• Mine life extended to 16 years, including 14 years of production >200koz/a
• Undiscounted free cashflow post-tax of US$2,651 million, NPV10% of US$864 million, and IRR of 28.8% post-tax

Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce an updated Ore Reserve of 4.0 Moz for the Nyanzaga Gold Project (NGP) in Tanzania, a 73% increase from the previous 2.3 Moz Ore Reserve reported in April 2025. The increase is underpinned by approximately 82,700 m of reverse circulation and diamond drilling across the Tusker and Kilimani deposit areas completed since Perseus acquired the Project in May 2024. This drilling was aimed at infill and extension of the mineralisation, and the conversion of Mineral Resources from the Inferred to Indicated category. The combined Measured and Indicated Mineral Resource for the NGP is estimated at 110.4 Mt grading 1.33 g/t Au, containing 4.7 Moz of gold. The mine life for the Nyanzaga Gold Project is extended to 16 years, including 14 years of production at greater than 200 koz/a. Applying Perseus's assumed long-term gold price of US$3,000/oz, the NGP's investment metrics are updated to an estimated average All-In Site Cost (AISC) of US$1,621/oz, undiscounted free cashflow post-tax of US$2,651 million, Net Present Value (NPV10%) of US$864 million post-tax, and an Internal Rate of Return (IRR) of 28.8% post-tax.

Total gold production over a 16-year period is currently estimated to be 3.5 Moz based on a JORC 2012 Probable Ore Reserve of 90.9 Mt @ 1.38 g/t gold for 4.0 Moz. Gold production exceeds 200,000 ounces of gold per annum from FY28 to FY41.