UPDATE: Perseus Completes Resource Drilling Programme at Nkosuo

PERTH, April 22, 2022 - Perseus Mining Ltd. (PRU) wishes to provide a correction to the news release 'Perseus Completes Resource Drilling Programme at Nkosuo' dated 20 April 2022. The updated release corrects a small number of typographical errors included in the data in Appendix 2.

This announcement was approved for release by Perseus Mining Ltd. Managing Director and Chief Executive Officer, Jeff Quartermaine.

Perseus Mining Ltd. (ASX/TSX: PRU) is pleased to report details of its recently completed resource drilling program at the Nkosuo prospect, located 7 km from its Edikan Gold Mine in Ghana. Preparation of a maiden Mineral Resource Estimate for the deposit has begun and is due for completion by the end of the June 2022 Quarter.

HIGHLIGHTS

• Perseus records further impressive drilling results from the Nkosuo prospect on the Agyakusu Prospecting Licence, located within comfortable trucking distance of the processing facility at the Edikan Gold Mine in Ghana.
• Resource definition drilling over the northern part of the deposit is now complete and work has begun on the estimation of a maiden Mineral Resource estimate for Nkosuo. This is due to be completed by the end of the June 2022 quarter.
• Results continue to demonstrate strong potential for shallow, granite-hosted open-pitable gold resources, with:
  
  
  • NKS0048RD: 2.5m @ 87.3 g/t Au from 250.5m
  • NKS0056DD: 30.2m @ 1.68 g/t Au from 102.34m and 12.2m @ 8.03 g/t Au from 136.5m
  • NKS0100RC: 9m @ 13.93 g/t Au from 15m
  • NKS0117RC: 22m @ 3.92 g/t Au from 8m
  • NKS0120RC: 16m @ 4.17g/t Au from 24m
  • NKS0142RC: 10m @ 3.65 g/t Au from 36m
  • NKS0153RC: 7m @ 6.05g/t Au from 33m and 14m @ 7.72g/t Au from 44m
  • NKS0164RC: 6m @ 6.71g/t Au from 16m and 22m @ 1.48g/t Au from 28m
  • NKS0170RC: 43m @ 2.55 g/t Au from 7m and 39m @ 2.97 g/t Au from 56m
  • NKS0175RD: 5m @ 24.74 g/t Au from 131m
  • NKS0178RD: 14m @ 9.14 g/t Au from 2m, 30m @ 1.14 g/t Au from 20m and 48m @ 1.06 g/t Au from 66m
  • NKS0214RC: 10m @ 7.49 g/t Au from 26m
• Results further confirm that the Nkosuo prospect hosts near-surface, granite-hosted gold mineralisation similar to that mined in Edikan's Fobinso and Abnabna ("AG") pits.
• Mineralisation and granite host remain open to the south.
• Nkosuo discovery has the potential to extend Edikan's mine life beyond forecast end in FY2026-2027.

Perseus's Managing Director and CEO Jeff Quartermaine said:

"As Perseus works towards consolidating our position as a reliable 500,000oz per year gold producer, our near-mine exploration drilling programmes are consistently delivering results that are aligned with this aim.

The drilling programme at Nkosuo has returned impressive results that demonstrate that the deposit has the potential to materially add to Edikan's mine life. We are particularly encouraged by similarities between the Nkosuo deposit and the Fobinso and Abnabna deposits that we've already successfully developed, mined and processed at Edikan.

"While we are working towards completing a maiden Mineral Resource estimate for Nkosuo in the current quarter, we note that Nkosuo is just the first of several interesting targets located on the Agyakusu Exploration Licence. Perseus intends to continue exploring on each of the Agyakusu, Agyakusu-DML and Domenase exploration licence areas, all of which are under option to Perseus and all of which are located within comfortable trucking distance of our Edikan mill."

NKOSUO EXPLORATION DRILLING

Results from Perseus's recent exploration activities at the Nkosuo project adjacent to its Edikan Gold Mine (Edikan) in Ghana continue to confirm the outstanding potential to grow its gold inventory at Edikan through further drilling success.

Perseus secured an option to acquire the 23.85km² Agyakusu prospecting licence (Appendix 1 - Figure 1.1), currently held by Ghanaian company Adio-Mabas Ghana Ltd, in November 2019 (see New Release 4 November 2019).

Exploration drilling commenced at the Nkosuo prospect on the Agyakusu PL on 1 July 2021, with the first highly encouraging results being reported last year (News Release dated 13 October 2021), and further updated in January 2022 (News Release 18 January 2022).

Perseus has drilled a total of 36,895 metres in 97 Reverse Circulation ("RC"), 19 diamond ("DD") holes and 103 RC pre-collared diamond holes ("RD"). Drilling was initially conducted on a nominal 80 x 80 metre grid to scope out the extent and overall geometry of the host granite and contained mineralisation, subsequently infilled to 40 x 20 metres over the main mineralised zones to provide the basis for a mineral resource estimate.

Mineralisation at Nkosuo is hosted by an elongated NNE-trending granitic plug extending at least 1.2 kilometres in strike, with widths ranging from ~120 metres in the northern part to up to 160 metres in the southern part. The northern part of the intrusive body is dislocated by a sinuous NW-SE fault that offsets the northern 400 metres of the body ~160 metres to the northwest (Appendix 1 - Figure 1.2).

The strongest mineralisation is contained in the offset northern part of the intrusion and the northern central section of the southern part of the intrusion, gradually waning to the southwest. The granite body dips at around 70⁰ to the west in the northern part of the intrusion, steepening to near vertical towards the south. Mineralisation within the granite consists of variably intense quartz stockwork veining with associated quartz-carbonate-sericite alteration. The veining and alteration are accompanied by 1-2% disseminated and selvage pyrite and arsenopyrite, with better gold grades generally associated with higher concentrations of arsenopyrite.

The granite remains open to the south, with indications from surface workings that mineralisation may strengthen within the southern apex of the intrusion, analogous to the situation in the northern apex.

Better intercepts from the Nkosuo drilling between 8 January and the completion of drilling on 28 March 2022 are shown below in Appendix 2 - Table 1 and on Appendix 1 - Figure 1.2, with a complete summary included in Appendix 2 - Table 2. Representative sections are presented in Appendix 1 - Figures 1.3 to 1.5.

Results available to date from the Nkosuo drilling confirm Perseus's previously declared potential for an Exploration Target of 10Mt to 15 Mt grading 0.9 to 1.1 g/t gold for 275 to 500koz contained gold (News Release dated 13 October 2021). Current indications are that the bulk of this resource will be at depths shallower than 150 metres.

The Exploration Target is conceptual in nature and takes no account of geological complexity, possible mining method or metallurgical recovery factors. The Exploration Target was estimated to enable an early assessment of the discovery's potential to add to Edikan's mine life.

The potential quantity and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code and NI 43-101.

The Exploration Target is defined by:

• A wireframe of the host granite body used to limit the extent of interpreted mineralisation volume.
• Drill sample intervals composited to uniform 2 metre down-hole lengths with composite gold grades capped at 10g/t.
• Gold grades estimated by inverse distance squared weightings (IDW) into parent blocks with dimensions 20 metres east x 20 metres north x 10 metres elevation using a 50 metres east x 100 metres north x 100 metre elevation search ellipsoid with a minimum of four samples required to make an estimate.
• Estimates informed only by samples within the granite.
• Parent blocks sub-blocked against the granite wireframe and interpreted weathering surfaces using a minimum 5 metres east x 5 metres north x 2.5 metres elevation sub-block to reliably estimate the mineralisation volume.
• Densities for weathered, transition and fresh rock assumed to be 1.8, 2.1 and 2.7 tonnes per cubic metre.
• Sub-blocks grading greater than 0.4g/t gold and to a maximum vertical depth of approximately 170 metres.

NEXT STEPS

• Results from the recent drilling will form the basis for a Mineral Resource Estimate to be completed during the June 2022 quarter.
• Metallurgical testwork is underway and geotechnical drilling has been undertaken to support studies into the Ore Reserve potential, expected to be completed early in the September Quarter of 2022.
• In anticipation that this work will lead to a positive outcome, Perseus has exercised its option over the Agyakusu permit, with the permit transfer currently awaiting Ministerial approval.
• Baseline studies to meet the requirements of the ESIA process have also commenced.
• Future drilling will focus on defining the southern extent of the granite and its contained mineralisation.
• Exploration more broadly at Edikan will investigate high-order prospects on the adjacent Agyakusu DML and Domenase permits where soil geochemical sampling has identified strong gold-in-soil anomalies associated with mineralised granites.

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 and the Nkosuo Exploration Target on the Agyakusu permit 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, Edikan Gold Mine and 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: Edikan Gold Project - Regional Geology, Tenements, Deposits and Prospects https://www.globenewswire.com/NewsRoom/AttachmentNg/d97a8b78-e6c1-4704-b580-ca5cd556ab3c

Figure 1.2: Nkosuo Prospect - Drilling and Selected Results. Locations of Sections 1-3 shown. https://www.globenewswire.com/NewsRoom/AttachmentNg/4ddd353f-8627-4790-a0c4-d31e264368c8

Figure 1.3: Nkosuo Prospect - Drill Section 1 - 20,160N Local Grid showing selected recent intercepts. https://www.globenewswire.com/NewsRoom/AttachmentNg/df2dbdd6-5f96-4b22-a004-031624b3bbf0

Figure 1.4: Nkosuo Prospect - Drill Section 2 - 20,080N Local Grid showing selected recent intercepts https://www.globenewswire.com/NewsRoom/AttachmentNg/2cc56935-145b-4f34-b907-5cf93acbd38f

Figure 1.5: Nkosuo Prospect - Drill Section 3 - 19,920N Local Grid showing selected recent intercepts https://www.globenewswire.com/NewsRoom/AttachmentNg/150cb3e2-eded-464a-8ee5-7a3afaffc860

APPENDIX 2 - SIGNIFICANT INTERCEPTS

Table 1: Significant Intercept Highlights from Agyakusu Prospecting Licence - Nkosuo Prospect
(Based on lower cut-off of 0.5 g/t Au with maximum 2m internal waste <0.5 g/t)

Table 2: Nkosuo drill holes and significant assays