Positive Exploration Results at Perseus’s Yaouré Mine

PERTH, Oct. 14, 2021 - Perseus Mining Ltd. (ASX/TSX: PRU) is pleased to provide an update on recent successful exploration activities at its Yaour? Gold Mine in C?te d'Ivoire.

Highlights

• Recent results from infill drilling at Yaour? confirms strong potential for further mineral resources beneath the currently operating CMA open pit (the "CMA Underground prospect").
• Infill and down-dip extension drilling confirms gold mineralisation consistent with previous results from this area, with recent drill results including:
  
  
  • YRC1819D: 4.1m @ 1.44g/t Au from 129m & 3m @ 1.87 g/t Au from 220m
  • YRC1821D: 9m @ 5.42 g/t Au from 221m
  • YRC1822D: 6.2m @ 7.27 g/t Au from 228, including 1m @ 20.0 g/t Au from 229m
  • YRC1840D: 1.75m @ 4.76 g/t Au from 188m
  • YRC1841D: 6m @ 3.00 g/t Au from 229m
  • YRC1842D: 8m @ 3.87 g/t Au from 221m
  • YRC1847D: 3m @ 1.53 g/t Au from 188m & 3m @ 4.52 g/t Au from 195m
  • YRC1848D: 6m @ 3.54 g/t Au from 179m, including 1m @ 13.7 g/t Au from 179m
  • YRC1848D: 7m @ 1.73 g/t Au from 194m, including 2m @ 2.73 g/t Au from 199m

• The results from infill drilling at the CMA Underground prospect will be used to upgrade the current Inferred Mineral Resource estimate to Indicated status enabling a Pre-Feasibility Study (PFS) for an underground mining operation to be completed by late June 2022, including an initial Ore Reserve estimate.
  
• Initial drilling of unexplored shallow targets at CMA East, a structure identified through the recent 3D Seismic study, has also returned encouraging results, with better results including:
  • YRC1787: 4m @ 2.34 g/t Au from 26m
  • YRC1790: 4m @ 3.94 g/t Au from 34m
  • YRC1791: 4m @ 1.14 g/t Au from 10m & 2m @ 4.18 g/t Au from 36m
  • YRC1783: 2m @ 2.43 g/t Au from 16m & 22m @ 3.07 g/t Au from 24m
  • YRC1785: 4m @ 1.26 g/t Au from 38m & 6m @ 1.73 g/t Au from 46m
  • YRC1796: 6m @ 1.66 g/t from 10m
  • YRC1797: 6m @ 2.75 g/t from 46m

Perseus's Managing Director and CEO Jeff Quartermaine said:

"Having commenced gold production at our third gold mine, Yaour?, in December 2020, Perseus is now moving closer to reaching our Group target of producing 500,000 ounces of gold per year from FY2022. Our focus is now turning to maintaining this level of production out to the end of the current decade and beyond.

Our latest infill and step out drilling results from below Yaour?'s CMA open pit are encouraging, suggesting that with further successful drilling, material additional Indicated Mineral Resources, capable of being economically mined using underground mining methods, may be delineated.

In addition, results from initial drilling of previously unexplored shallow targets at CMA East are also very promising. Identified by a recent 3-D seismic survey of the area, this mineralisation is close to surface and certainly warrants further drilling along strike and down dip to provide us with a greater understanding of the mineral potential of this area."

BACKGROUND

Perseus has focused recent exploration activities on the Yaour? permits at the CMA Underground and CMA East seismic prospects, both within two kilometres of the Yaour? mill (Appendix 1 - Figure 1.1). The results received to date demonstrate the potential for the Company to materially grow its gold inventory at Yaour? organically, through further drilling success.

CMA UNDERGROUND RESOURCE DRILLING, YAOUR?

Drilling to date at the CMA Underground prospect has focused on infill drilling to firm up previously defined underground resources extending below the currently planned CMA pit. Perseus defined an Inferred Mineral Resource of 1.8 million tonnes grading 6.1 g/t Au, extending to a maximum 275m down dip beneath the open pit resource (refer Resources and Reserves ASX announcement 24 August 2021), with potential to extend mineralisation further down dip beyond this (Appendix 1 - Figure 1.2). Perseus has also completed a Scoping Study which identified the potential to mine the CMA structure using underground mining methods (refer to "Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaour?" dated 5th November 2018).

Due to the imminent cutback of the CMA South open pit, and likely loss of suitable sites for drill pads, the first stage of down-dip drilling has focussed on the southern end of the CMA structure where grades are generally lower than at the northern end. Drilling to date has comprised 6,476.7m in 34 RC pre-collared DD holes, infilling the existing 50 x 50m coverage to a nominal 25 x 25m pattern to allow conversion of the Inferred resource to Indicated. Results to date from the infill drilling program have been encouraging, with intercepts generally consistent with those previously encountered in both thickness and grade (Appendix 1 - Figures 1.3-1.5). The style of mineralisation is also consistent with previous intersections, comprising pervasive, moderate to strong, pink-pale brown albite and carbonate alteration developed within a well-defined structure marked by quartz carbonate veins, fault veins, multi dilatant fault breccia, cataclasis and shearing.

Step-out drilling to investigate the next 300m down-dip from the current CMA Underground resource has also commenced, with 2,512m of RC pre-collars drilled in 27 holes. Drilling of diamond tails to complete these holes to their targeted depth has commenced, with 827.3m drilled in two holes. The step-out program is guided by Perseus's early 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage. Drilling is being undertaken on an initial 100 x 200m pattern to better define the position of the CMA structure and the intensity of mineralisation. If results are encouraging, this will be infilled to 100 x 100m to allow an initial Inferred Mineral Resource Estimate.

Better intercepts from the CMA infill drilling and from the Yaour? step out drilling are shown in Table 1 below, with a complete summary of significant results included in Appendix 2 - Table 2.1 and Table 2.2 respectively.

CMA EAST SEISMIC TARGET DRILLING, YAOUR?

Perseus has also made progress in testing drill targets identified from a 3D seismic survey completed at Yaour? in 2020. Interpretation of data from the Yaour? 3D seismic survey revealed several shallowly east-dipping CMA-like structures in the hanging wall of the main CMA structure at depth. Extrapolation of these structures to the near surface suggested they would daylight in two sets around 500m and 2000m east of the CMA pit, converging to the south in the Kongonza area. To test these targets, Perseus drilled 73 shallow RC holes for 5,740m in 13 east-west traverses across the trend of the structures (Appendix 1 - Figure 1.6).

Results have been encouraging, with potentially economic widths and grades encountered in CMA-style mineralisation intersected in the structure east of the CMA. Drilling of the structure further east is ongoing, encouraged by recent deep artisanal mining coincident with its interpreted surface trace. Further drilling is planned to follow up these structures to the north and at depth.

Better intercepts from the seismic target drilling are shown in Table 1 below, with a complete summary of significant results included in Appendix 2 - Table 2.3.

Table 1: Intercepts from CMA Underground, CMA Down-dip and CMA East seismic drilling

NEXT STEPS AT CMA

Ongoing exploration and study programmes at Yaour? will focus on:

• Continuation of drilling to convert the Inferred Resource at CMA to an Ore Reserve to be potentially exploited by underground mining methods and drilling down dip of the Inferred Resource to identify the potential for further resource extensions.
  
  The drilling to convert the Inferred CMA resource to an Ore Reserve is being carried out as the first part of a Prefeasibility Study. Geotechnical, hydrological, mining and metallurgical studies will progressively commence as more drilling and assaying results are received. Target completion for the Prefeasibility Study is the end of the June Quarter 2022, with timing dependent on the ultimate footprint size of the orebody.

• Continuation of drill testing of targets generated from the 3D seismic survey, with an initial focus on near-surface targets.
• Aircore drilling and augering at early-stage regional prospects such as Degbezere NE.

This announcement has been approved for release by Perseus's Managing Director and Chief Executive Officer, Jeff Quartermaine.

Competent Person Statement:
The information in this report and the attachments that relate to exploration drilling results at the Yaour? Project 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 Yaour? Gold Mine, the Edikan Gold Mine and the Sissingu? 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.

APPENDIX 1 - FIGURES

Figure 1.1: Yaour? Gold Project - Tenements and Prospects

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Figure 1.2: CMA Underground Resource Drilling and Results Summary

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Figure 1.3: CMA Underground Resource - Long Section

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Figure 1.4: CMA Underground Resource - Drill Section 776560mN

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Figure 1.5: CMA Underground Resource - Drill Section 776785mN

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Figure 1.6: CMA East & Kongonza Seismic Drilling & Results Summary

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APPENDIX 2 - SIGNIFICANT INTERCEPTS TABLES

Table 2.1: CMA Underground Resource Drilling - drill holes and significant assays

(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)

Table 2.2: CMA Down-Dip Extension - drill holes and significant assays

Table 2.3: CMA East Seismic Drilling - drill holes and significant assays

APPENDIX 3 - JORC TABLE 1 - YAOUR? EXPLORATION

JORC 2012 Table 1 - Section 1 sampling techniques and data

(Criteria in this section apply to all succeeding sections)

JORC 2012 Table 1 - Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)