EDIKAN GOLD MINE

FACT SHEET

VOL. 1, ISSUE 1

FY 2020
PERFORMANCE
Production Mine life Resource 2.6Moz Strong community
1.65 Moz gold 7 years + Reserves 1.5Moz support and • Gold Produced 171,638o z
engagement
• Gold Sold 179,658 oz
• Ore milled 6.94Mt @ 1.00 g/t
Edikan Gold Mine, Ghana, West Africa (“Edikan”) • All In-Site Costs (AISC)
US$1,082 per oz
Highlights:
• Updated LOMP increased
Perseus Mining is a multi-mine West African gold producer, developer and explorer,
with two operating gold mines in Ghana and Côte d’Ivoire, and a third project in devel- Reserves to 1.6 million oz
opment also in Côte d’Ivoire. gold and extended mine life
to 7 years with AISC of be-
The Edikan Gold Mine (EGM) in Ghana was Perseus’ first mine to be developed with
commercial production commencing 1 January 2012. Since then EGM has produced tween US$870 to US$890
over 1.65 million ounces of gold. per ounce
EGM comprises a group of large gold deposits located in the Ashanti gold belt 107km • Esuajah South underground
south-west by road from Ghana’s second largest city, Kumasi. development commenced
The EGM is located on the Ayanfuri and Nanankaw mining leases spanning the border • Identified exploration poten-
between the Central and Western Provinces of Ghana, covering a total area of approxi-
mately 94km2. tial within trucking distance
to the mill
Perseus owns a 90% interest in Perseus Mining (Ghana) Limited, owner of the EGM,
with the remaining 10% owned by the Ghanaian government.

Proved and Probable Ore Reserves total 42.1 million tonnes of ore, grading 1.09 g/t
gold containing 1.48 million ounces of gold inclusive of over 2.11 million ounces of
Measured and Indicated Resources, as at 30 June 2020.

Perseus updated Edikan’s Reserves and Life Of Mine Plan (LOMP) from 1 July 2020,
announced 30 March 2020, which increased both the Reserve base and LOMP pro-
duction. LOMP gold production now totals 1.31 million ounces over the remaining 7
year mine life at an average AISC of between US$870 and US$890 per ounce.

There is strong potential to extend the current mine life through exploration especially
in the recently acquired ground adjacent to the project area and through exploration on
the mining lease.
EDIKAN TIMELINE

SNAPSHOT

Mineral Resources M&I Ore Reserves P&P

(30 June 2020) (30 June 2020)

2.57Moz 1.48Moz
79.5Mt @ 42.1Mt @
1.01g/t 1.09 g/t

Edikan has produced 1.65 Moz of gold since 1st gold 1 Seeour website for further details of Perseus’s mineral
production in August 2011. resources & ore reserves
GEOLOGY AND RESOURCES

The area of the EGM is underlain principally by Paleoproterozoic Birimian flysch-type metasediments consisting of dacitic volcan-
iclastics, greywackes plus argillaceous (phyllitic) sediments, intensely folded, faulted and metamorphosed to upper greenschist
facies. Numerous small “Basin-type” or “Cape Coast-type” granite bodies have intruded the sediments along several regional
structures.

Gold mineralisation at the EGM occurs principally in the granite bodies, but also in classic “Ashanti-style” sediment hosted shear
zones. The granite hosted gold mineralisation is free milling and occurs in two to three generations of abundant, narrow quartz
veining associated with up to 3% pyrite, lesser arsenopyrite and traces of sphalerite, chalcopyrite, galena and rutile.

Gold occurs as very fine grains, often along sulphide grain boundaries and in fractures in sulphides, usually at or near vein mar-
gins. Coarse visible gold is occasionally observed within the quartz.

Resources as at 30 June 2020 included;

• Measured and Indicated Resources totalled 79.4 Mt @ 1.01 g/t for 2.57 Moz

• Inferred Resources totalled 7.2 Mt @ 1.5 g/t for 344 koz

Exploration is focused on granite hosted mineralisation both within the mining licenses and newly acquired tenements to the
northwest of the mill. Artisanal mining at Breman, 8km for the Edikan mill, has exposed a significant granite the will be a focus
for exploration.

Edikan geology and exploration targets

MINING
Reserves and an update LOMP was released in March 2020 and as at 1 July 2020 the LOMP the produces 1.31 million ounces
over a 7 year mine life at Edikan and an AISC of between US$870/oz and US$890/oz. This represented a 95% increase in pro-
duced ounces from the previous plan including depletion.

Ore is sourced from 4 open pits; AF Gap (AFG), Esuajah North (ESN), Fetish (FET) Bokitsi South (BKS), historical Heap Leach
material and Underground from Esuajah South (ESS) due to commence in FY 2021.

Average material movements over the remaining LOMP will be 16Mtpa with a strip ratio of 2.4 : 1 and ore processed at an aver-
age rate of 7.2Mtpa.

The EGM is a conventional open pit mining operation using a mining contractor to undertake grade control, drill and blast, load
and haul and dewatering. The mining contractor is Rocksure International who are a Ghanaian owned mining services business
and have been operating at the EGM site since 2016.

ESS will be Edikan’s first underground operation which will utilise experienced mining contactors and a Sub-level mining under fill
(SURF) mining methodology.
RESERVES

Reserves as at 01 July 2020 included;

• Proved and Probable Ore Reserves totalled 42.1 Mt @ 1.09 g/t for 1.48 Moz
PROCESSING
The processing facility at EGM was constructed by MDM and Perseus with first gold poured in August 2011.

The circuit consists of single stage crushing, SAG milling to P 80 212µm, gravity, sulphide floatation, sulphide regrind to P80 45µm
and CIL recovery. The plant processed between 6.5 and 7.2 Mtpa depending on the ore hardness.

As at 30 June 2020 1.65 million ounces of gold have been produced at Edikan.

Process Flowsheet

GENERAL

Infrastructure:
• Connection to grid power plus site diesel power generating capacity of 14MW, sufficient to maintain operations
• Water sourced from site capture and storage

Mine workforce:
• Total workforce of ~2,600 people including contractors
• ~440 direct Perseus employees including 2 expatriates
• 99% of the employees are Ghanaian
• 32% from local communities
• 8% female employment
• Ghana Mine Workers Union represent operational and senior staff
• Continuous training undertaken to develop workforce and improve
skill base

Health & Safety:

• As at 30 June 2020 the 12 month rolling average Lost Time Injury Frequency Rate was 0.0.
COMMUNITY
Perseus believes that strong local community support and engagement is an eventual part of our business model in West Africa.

5 main affected communities; Ayanfuri, Gyaman, Fobinso, Abenabena and

Nkonya

Activities established to facilitate community engagement include;

• Edikan Trust Fund established for community initiated projects;
• Regular communication with communities and other stakeholders,
both formal and informal;
• Formal consultation groups including Crop Negotiation Committee
(CNC), Resettlement Negotiation Committee (RNC) & Community
Consultation Committee (CCC); and
• Formal grievance procedure in place.

Perseus has an enviable record in community projects in Ghana including:

• Ayanfuri resettlement — 240 structure and new village built for the
community displaced by the Esuajah North pit;
• 49 structures being constructed to access Esuajah South;
• Road construction and improvements;
• Water bore drilling and pump installations;
• Alternative livelihood project studies; and
• Extensive local employment and services.

ENVIRONMENT
Perseus Mining regards environmental care as an integral part of its business and is committed to excellence in the manage-
ment of environmental matters.

We aim to minimise environmental impacts at every stage of work from planning, through to exploration, development, mining,
processing and decommissioning.

Perseus, through our personnel, will:

• Maintain a comprehensive environmental management system;
• Undertake consultation to ensure that community interests are consid-
ered;
• Comply with applicable laws, regulations and standards;
• Provide safeguards and contingency plans to mitigate potential im-
pacts;
• Monitor all activities and strive to continually improve performance;
and
• Promote environmental awareness amongst the workforce to increase
understanding of environmental responsibilities.