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a) The information provided in relation to these Historical Estimates is extracted from the OreCorp Feasibility Study which was prepared in accordance with the JORC Code (2012 edition) and announced on 22 August 2022. 

b) The OreCorp Feasibility Study includes key assumptions for commodity prices, gold mining and processing costs, and there has been no material changes in assumptions. The OreCorp Feasibility Study in its current form is considered to be a comprehensive compilation of all available data applicable to the estimation of Mineral Resources and Mineral Reserves. A summary of key assumptions and methods used to prepare the Historical Estimate include: 

  • Resource Estimation calculated using Ordinary Kriging and Localised Uniform Conditioning methods.
  • Economic assumptions include (i) a US$1,500/oz gold price, (ii) US$896/oz gold average total cash cost, (iii) US$954/oz gold average all in sustaining cost, (iv) 88% metallurgical recoveries, and (v) a 7.3% government royalty including inspection fee and service levy.
  • The estimates are based on 269,116 metres of RC and core drilling in 2,027 drill holes across both the Nyanzaga and Kilimani projects. 

c) As at the date of this announcement, the Historical Estimates reported by OreCorp and referenced by Perseus herein have not been superseded by any later estimates and Perseus is not in possession of any new information. 

d) Perseus believes the resource classification categories reported in line with the JORC Code (2012 edition) are similar to categories for CIM compliant Mineral Resource and Mineral Reserve estimates to be reported under NI 43-101. Perseus considers the Historical Estimates to be material to Perseus, given its intention, through the acquisition of OreCorp, to contribute funding to continued exploration activity and advancement of the asset through additional drilling, future mineral resource estimation updates and economic studies. 

e) Perseus also believes that the Historical Estimates are relevant to Perseus shareholders as they provide an indication of the current mineralisation and the potential of the Nyanzaga Gold Project at this date. 

f) Based on the information received by Perseus to date in relation to the Nyanzaga Gold Project, physical inspection of the project sites, discussions with OreCorp’s technical and administrative personnel and assessment of the key criteria, the reliability of the Historical Estimates has been addressed in the due diligence completed by Perseus. Perseus therefore believes that the Historical Estimates are sufficiently reliable with estimation methodologies and data compilation work acceptable for methodologies used at the time of their estimation to provide the basis for a decision to assess the property to have merit for further exploration expenditure. 

g) It is Perseus’s intention to undertake an evaluation of the data and initiate further exploration work planned for the Nyanzaga Gold Project to underpin a Mineral Resource estimate and Mineral Reserve estimate in accordance with NI 43-101 that will include selective infill drilling to increase confidence in Mineral Resources. Future Mineral Reserve estimates will include an updated mine plan (optimisation, design and scheduling).

h) It is Perseus’s intention to undertake a review of the capital and operating costs to be consistent with latest market conditions, complete additional geotechnical, hydrological and comminution studies to further optimise infrastructure and mine design, review water supply and power options, including the use of renewable solar energy, complete further tailings storage facilities studies to optimise design and maximise water recovery, optimise grind size and CIL recovery methods, complete further sterilisation drilling in the areas of infrastructure as part of a FEED Study to reduce risk and/or improve technical and financial outcomes.

i) The Mineral Resource and Mineral Reserve work in items g) and h) will take approximately 6 months to complete. The Mineral Resource work can be completed simultaneously with the FEED study leading to a FID expected in the December Quarter of 2024.