December 2025 Quarter Report

Perth, WA, Jan. 29, 2026 (GLOBE NEWSWIRE) —                                                     

DECEMBER 2025 QUARTER REPORT

Perseus Mining sustained operational performance

        resulting in cash & bullion balance of US$755 million

PERTH, Western Australia/January 29, 2026/Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended December 31, 2025 (the “Quarter”). A summary is included below with the full release available from www.perseusmining.com, www.asx.com.au and www.sedarplus.ca.

OPERATING PERFORMANCE

• In January 26, tragically 2 contract employees lost their life in an offsite vehicle accident
• Q2 FY26 production totalled 88,888 ounces of gold at an All-In Site Costs of US$1,800¹ per ounce
• Average cash margin of US$1,637¹ per ounce of gold produced, delivering notional operating cashflow of US$145 million ¹
• Cash and bullion of US$755 million, plus liquid listed securities of US$229 million
• CMA Underground development progressed with first ore delivered in January 2026
• Nyanzaga project development progressing to plan with first production planned for January 2027
• Work progressed on life extension for the sites through resource conversion and drilling activities

Key operating indicators and highlights for the December 2025 quarter (Q2 FY26) include:

1. FY26 Q2 AISC only includes additional 2% royalties paid in Côte d’Ivoire that relate to the December 2025 quarter. December 2025 half year only includes the Q1 and Q2 FY26 additional 2% royalty paid.
2. June 2025 half year and FY26 Q1 AISC and Notional Cash Flow have been restated to include the 2% additional royalty paid in FY26 Q2 but relating to the respective periods.

GROUP GOLD PRODUCTION AND COST GUIDANCE

In relation to market guidance for the 2026 financial year (FY26):

• Group gold production guidance remains unchanged
• Group AISC guidance has been updated to reflect:
  • Increased gold price assumptions
  • 2% royalty increase in Côte d’Ivoire for Yaouré and Sissingué under negotiation with the government.
  • Bringing forward mining volumes from Bagoé  at Sissingué from FY27 to FY26 in preparation for the upcoming wet season

Gold production is weighted to H2 of FY26 with the inclusion of the new higher grade ore sources at Edikan and Sissingué that are included as part of the mine plan. Due to performance of Yaouré in Q2 FY26, it is expected that Yaouré will produce in the lower half of its guidance.

                                             Table 1: Production and AISC Guidance

Competent Person Statement

All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

The information in this report that relates to the Mineral Resources and Ore Reserve was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 21 August 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed.

The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 6 April 2022, “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2023, “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015, and “Technical Report — Nyanzaga Gold Project, Tanzania” dated 10 June 2025 continue to apply.

Meyas Sand Gold Project

The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement “Perseus Enters Into Agreement to Acquire Orca Gold Inc.” released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company’s ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca’s NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101.

Caution Regarding Forward Looking Information:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This market announcement was authorised for release by the Board of Perseus Mining Limited

Attachment

• ASX Release Dec Q2 FY26