Perseus Mining’s Reserve Growth Raises Questions on Future Project Priorities

Overview of Perseus Mining’s Resource and Reserve Growth

Perseus Mining Limited has unveiled its updated Mineral Resources and Ore Reserves as at 30 June 2025, marking a notable expansion in its gold asset base. The company now reports Measured and Indicated Mineral Resources of 7.8 million ounces of gold and Proved and Probable Ore Reserves of 5.0 million ounces. This represents a 2.1 million ounce increase in Ore Reserves compared to the previous year, underscoring Perseus’s successful portfolio optimisation approach.

Strategic Portfolio Optimisation

Rather than adhering to fixed investment targets for each asset, Perseus has adopted a flexible portfolio optimisation strategy. This approach seeks to balance investment in growth opportunities with maintaining strong cash margins. The company’s reassessment of its asset portfolio has led to the addition of new reserves and the write-down of certain deposits, such as the Angovia pit, due to technical and operational risks.

Project-Level Highlights

The update provides detailed estimates across Perseus’s key projects in Africa. The Yaouré Gold Mine in Côte d’Ivoire now holds 2.6 million ounces in Measured and Indicated Resources and 1.4 million ounces in Ore Reserves, including the maiden Zain 2 deposit. The Sissingué Gold Mine reports 373,000 ounces in M&I Resources and 237,000 ounces in Ore Reserves, with ongoing development at satellite deposits like Bagoé and Fimbiasso.

In Ghana, the Edikan Gold Mine’s M&I Resources stand at 1.6 million ounces, with Ore Reserves of 980,000 ounces, reflecting new cutbacks and mining depletion. Tanzania’s Nyanzaga Gold Project, supported by a recent feasibility study, reports maiden M&I Resources of 3.2 million ounces and Ore Reserves of 2.3 million ounces, positioning it as a significant growth asset.

Additionally, Perseus holds foreign/historical estimates for the Meyas Sand Gold Project in northern Sudan, with indicated resources of 3.3 million ounces and probable reserves of 2.9 million ounces. These estimates, prepared under Canadian standards, await further evaluation for JORC compliance.

Economic and Operational Assumptions

Perseus’s Ore Reserve valuations are based on a gold price assumption of US$2,100 per ounce, with forecasted all-in sustaining costs (AISC) ranging from US$1,400 to US$1,700 per ounce across its operations. Metallurgical recoveries vary by deposit and ore type but generally range between 87% and 94%. The company’s detailed technical disclosures affirm the economic viability of its projects, supported by robust mine designs and processing parameters.

Environmental and permitting considerations have been addressed, with no known impediments to mining activities. Perseus continues to engage with local governments and communities, maintaining social license and operational continuity.

Looking Ahead

With this substantial resource and reserve growth, Perseus Mining is well positioned to advance its development pipeline and sustain production growth. The company’s focus on portfolio optimisation and disciplined capital allocation will be critical as it navigates evolving market conditions and operational challenges.