PRU September 2026 Quarter Report

Perth, Western Australia, Oct. 27, 2026 --

SEPTEMBER 2026 QUARTER REPORT

Perseus delivers another strong quarter, ending with cash & bullion of US$900 million

Perth, Western Australia/ October 27, 2026/ Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended on September 30, 2026 (the “Quarter”). Below is a summary of the release. The full report is available at www.perseusmining.com www.sedarplus.ca and www.asx.com.au

Overview

• Group TRIFR 1.01 with Nyanzaga Gold Project (NGP) achieving 10.9 million worked hours LTI free
• Q1 FY27 Group production exceeds plan with 92,551 ounces of gold at an All-In Site Costs (AISC) of US$2,035 per ounce
• Average cash margin of US$1,846/oz of gold produced, delivering notional operating cashflow of US$171 million
• Yaouré CMA Underground achieves commercial production
• NGP reached 88.4% overall project progress, and development remains on track for first production by January 2027
• Cash and bullion of US$900 million, plus liquid listed securities valued at US$338 million
  

FY27 Outlook

With production plans exceeded for Q1 FY27, Perseus remains on track for production and AISC guidance for June 2027 Financial Year (FY27) of 420,000 - 480,000 ounces at US$1,835 – 2,070 per ounce.

Key operating indicators and highlights for the September 2026 quarter (Q1 FY27) include:

Table 1: Group Quarterly Performance

1. Includes the CMA Underground gold produced and sold for the quarter before commercial production was achieved. Commercial production for CMA Underground was achieved on 1 July 2026.  
2. Excludes CMA Underground production cost, gold produced, AISC, Average sales price and Notional Cashflow as the related cash costs are capitalised until commercial production was achieved.
3. All metrics include CMA Underground following commercial production achieved on 1 July 2026.

Perseus’s Managing Director and CEO Craig Jones said:

"The September Quarter was a solid start to FY27, with all three operations performing and on track for our full year guidance. The CMA Underground has achieved commercial production and our Nyanzaga project is progressing to completion with an outstanding safety record, remaining on budget and on schedule. Our balance sheet remains strong and debt-free, to fund our growth objectives while continuing to deliver meaningful returns to shareholders through our buy-back and the upcoming Special Distribution. I want to thank our employees and contractors for their continued commitment across our sites.

Looking ahead, we expect production to build through the second half of the year as Yaouré’s CMA continues to increase production and Edikan accesses higher grades in the Nkosuo pit along with Nyanzaga commencing operation, positioning Perseus for a transformational year”.

Conference Call Perseus will host investor webinar and conference call to discuss its September 2026 Quarterly Results, at 9.00am AEDT today (27 October 2026). Register for the webinar at:
https://us02web.zoom.us/webinar/register/WN_5JPqtLq5QVOV1wqjG1Mn1g

A recording of the conference call will be made available via Perseus’s website at www.perseusmining.com.

GROUP GOLD PRODUCTION AND COST GUIDANCE

Perseus remains on track to deliver group gold production and AISC for the 2027 financial year as shown in Table 6 below.

Table 6: Production and AISC Guidance

Notes

1. Cost guidance is based on a gold price assumption of $4,000 per ounce and Government royalty rates of 8% in Côte d'Ivoire and 11% (applicable at $4,000 per ounce) in Ghana. Group AISC and has only been calculated based on the three operating mines.
2. Nyanzaga production guidance is based on FID as released in April 2025 - Refer ASX Release - Perseus mining proceeds with development of the Nyanzaga Gold Project. Further guidance for Nyanzaga will be provided in Q3 FY27. All operating costs for Nyanzaga are capitalised until Commercial Production planned for Q4 FY27.

DECEMBER 2026 QUARTER EVENTS & ANNOUNCEMENTS

• 27 October – September 2026 Quarterly Report & Webinar
• 5 November – Macquarie WA Forum
• 9 November – UBS Australasia conference
• 30 November – Annual General Meeting

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 26 August 2026. 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.

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 Craig Jones, Managing Director and CEO

• TSX PRU Release Sept Q1 FY27