Exploration Success for Perseus in Côte d’Ivoire

PERTH, April 06, 2021 - Perseus Mining Ltd. ("Perseus" or the "Company") (TSX & ASX: PRU) releases recent results from its exploration programmes in C?te d'Ivoire. The programmes and better intercepts are described below. Full results including details and figures as well as the JORC tables are included in the Company's market release dated April 7, 2021 which is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.

HIGHLIGHTS

Recent results from Perseus's exploration programmes in C?te d'Ivoire, demonstrate potential for organic growth of gold inventories across its multi-mine asset portfolio, as follows:

• Encouraging results at Govisou, 3km from Perseus's Yaour? Gold Mine, with wide intercepts of shallow gold mineralisation including:
  
  
  • YRC1574: 93m @ 2.74 g/t Au from 0m and 24m @ 1.18 g/t Au from 98m
  • YRC1596: 65m @ 2.73 g/t Au from 24m and 35m @ 3.49 g/t Au from 105m
  • YRC1457: 25m @ 3.33 g/t Au from 55m
  • YRC1458: 52m @ 3.02 g/t Au from 28m
  • YRC1573: 92m @ 2.60 g/t Au from 0m
  • YRC1565: 77m @ 2.47 g/t Au from 0m
  • YRC1572: 76m @ 2.40 g/t Au from 8m
    

• Drilling at Bago? permit, 70km from Perseus's Sissingu? Gold Mine, confirms gold mineralisation at the Antoinette, V?ronique and Juliette prospects, with recent drill results including:
  
  
  • 12m @ 3.49 g/t Au from 0m and 17m @ 6.45 g/t Au from 32m (Antoinette)
  • 10m @ 4.19 g/t Au from 27m and 14m @ 3.21 g/t Au from 41m (Antoinette)
  • 6m @ 6.75 g/t Au from 27m, 11m @ 3.89 g/t Au from 44m and 10m @ 2.66 g/t Au from 68m (Antoinette)
  • 18m @ 8.42 g/t Au from 78m (Antoinette)
  • 20m @ 5.36 g/t Au from 1m (Antoinette)
  • 33m @ 2.94 g/t Au from 0m (V?ronique)
  • 14m @ 6.29 g/t Au from 22m (V?ronique)
  • 10m @ 6.16 g/t Au from 20m (V?ronique)
  • 15m @ 3.30 g/t Au from 36m (Juliette)
  • 7m @ 7.78 g/t Au from 52m (Juliette)

• Perseus is on track to deliver on its plan of producing more than 500,000oz gold pa from FY2022, with each of its Edikan, Sissingue and Yaoure gold mines in production and producing to plan.

PREAMBLE

Perseus is pleased to provide an update on its recent exploration activities at its Bago? and Yaour? properties, both located in C?te d'Ivoire. The results demonstrate the potential for the Company to organically grow its gold inventory through further drilling success.

Yaour? is Perseus's third gold mine, commencing production in December 2020. Recent exploration has focused on the drilling of satellite prospects within five kilometres of the Yaour? mill with the potential to deliver shallow oxide ore during the early stages of the project. Progress has also been made with the definition of drill targets from the 3D seismic survey completed in 2020, recently supplemented by the completion of an airborne gravity (FTGG) survey.

The Bago? exploration licence, 60km south of Perseus's Sissingu? Gold Mine, was acquired when Exore Resources Ltd. was acquired in September 2020 (ASX announcement September 26, 2020). Perseus's pre-acquisition evaluation of Exore's exploration work at Bago? indicated potential for the economic exploitation of the Antoinette, Juliette and V?ronique gold deposits by open pit mining and either processing in-situ or transporting ore to Sissingu? for processing. Recent exploration drilling has focused on converting the previously defined Inferred Resources to Measured and Indicated Resources to support a DFS to confirm the technical and financial viability of the two development concepts.

YAOUR? EXPLORATION DRILLING - GOVISOU AND ANGOVIA 2 PROSPECTS

Perseus has focused recent exploration activities at the Yaour? permits on the Angovia 2 and Govisou prospects, both within 5km of the Yaour? mill.

Particularly encouraging results have been returned from the Govisou prospect, 3km southwest of the Yaour? mill site, where 5,642 metres were drilled in 61 Reverse Circulation ("RC") holes (with an additional 1,127 metres drilled in 14 holes during the December 2020 quarter). Mineralisation at Govisou occurs in pervasively altered and pyritized basaltic-andesitic volcanics intruded by a dioritic stock, with no clearly identifiable structural controls. Better intercepts from this drilling programme are included in Table 1 below.

The geometry of the Govisou mineralisation remains uncertain at this stage, but current indications suggest a 'pencil'-shaped plunging structure that remains open at depth. Further drilling, including oriented diamond core holes, is planned to elucidate the structural and lithological controls on mineralisation at Govisou.

At Angovia 2, located 3 kilometres southeast of the Yaour? mill, results were received for Resource definition drilling completed in the December 2020 quarter aimed at defining shallow ore beneath the planned oxide pit. The results from this campaign suggest potential exists for a deepening of this pit beyond the currently planned depth. Better intercepts from this program are included in Table 1 below.

Ongoing exploration programmes at Yaour? will focus on:

• Follow up drilling at Govisou to elucidate the lithostructural controls on the mineralisation and to follow potential down plunge extensions to the high-grade pod defined in the latest drilling.
  
• The commencement of drill testing of targets generated from the 3D seismic survey conducted in early 2020, with an initial focus on near-surface targets.

BAGO? EXPLORATION PERMIT

Resource definition drilling was undertaken at the Antoinette, V?ronique and Juliette prospects on the Bago? permit. A total of 18,665 metres was drilled in 52 Air Core ("AC"), 252 RC and 6 diamond drilling ("DD") holes, plus nine geotechnical and exploratory water bores. Almost all results have now been received for this drilling, generally confirming the tenor and width of previous drilling and suggesting possible extensions.

At V?ronique, drilling defined strong mineralisation over a core zone of approximately 440 metres over widths of 3 to 9 metres. Better intercepts are shown in Table 2.

At Juliette, drilling confirmed strong mineralisation over a strike length of 250 metres with widths ranging from 4 to 22 metres. The mineralisation remains open to the southwest and at depth. Better intercepts from the Juliette drilling are included in the second column of Table 2.

Drilling at Antoinette Central was also successful in confirming strong mineralisation over a strike length of 875 metres with average widths of 5 to 44 metres. The mineralisation appears to remain open to both the northeast and southwest and at depth. Better intercepts from the Antoinette drilling are included in the last column of Table 2.

Exploration will now focus on investigation of other prospective opportunities identified on the Bago? tenement, including:

• Strike and dip extensions to known deposits identified from the recent resource drilling.
  
• The Antoinette-Juliette 'gap' to follow up previous encouraging intercepts in AC and RC drilling beneath transported cover.
  
• Drilling to follow up encouraging drill intercepts between Antoinette and Antoinette South.
  
• Drilling to follow up encouraging intercepts on potential repetitions of the V?ronique deposit and at regional prospects such as Odette and Brigette.
  
• Augering at early-stage regional prospects such as Ludivine.

Notes:
* Previously reported - ASX announcement of January 20, 2021.
** Significant intercepts calculated using a minimum grade of 0.3 g/t, a minimum length of 2m and maximum internal dilution of 2m.

To discuss any aspect of this announcement, please contact:

Competent Person Statement:
All production targets for Edikan, Sissingu? and Yaour? referred to in this report 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 Esuajah North Mineral Resources estimate was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement entitled "Perseus Mining Updates Mineral Resources & Ore Reserves" released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Bokitsi South and AFG Gap deposits at the EGM was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the other EGM deposits (Fetish and Esuajah South Underground) was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 20 February 2020 and was updated for depletion until 30 June 2020 in a market announcement released on 26 August 2020. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Central Ashanti Gold Project, Ghana" dated 30 May 2011 continue to apply.

The information in this report that relates to Mineral Resources and Ore Reserves for Sissingu? was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 29 October 2018 and includes an update for depletion as at 30 June 2020.The information in this report that relates to Mineral Resources and Ore Reserves for the Fimbiasso East and West deposits, previously B?l? East and West respectively, was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement released on 26 August 2020. The Company confirms that material assumptions underpinning the estimates of Mineral Resources and Ore Reserves described in those market announcements. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Sissingu? Gold Project, C?te d'Ivoire" dated 29 May 2015 continue to apply. The information in this report in relation to Yaour? Mineral Resource and Ore Reserve estimates was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market announcement on 28 August 2019. 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 further confirms that material assumptions underpinning the estimates of Ore Reserves described in "Technical Report - Yaour? Gold Project, C?te d'Ivoire" dated 18 December 2017 continue to apply.

The information in this report and the attachments that relate to exploration drilling results at the Yaour? and Bago? Projects is based on, and fairly represents, information and supporting documentation prepared by Dr Douglas Jones, a Competent Person who is a Chartered Professional Geologist. Dr Jones is the Group General Manager Exploration of the Company. Dr Jones has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'") and to qualify as a "Qualified Person" under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Dr Jones consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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 Edikan Gold Mine and the Sissingu? Gold Mine and achieving commercial production at the Yaour? Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, 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. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, 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 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.