Perseus Mining Limited

Activity Report for 2019 Quarter

PERTH, Western Australia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three month period ended December 31, 2019 (the “Quarter”). An executive summary is provided below. However, full details of activities in the December Quarter, including reconciled production and all-in site cash costs, are included in the Company’s December 2019 Quarterly Activity Report released to the market on January 16, 2020. The full report is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.

Strong operating performance achieves market guidance

• Strong operating performance at Perseus’s Edikan and Sissingué gold mines continued during the quarter, resulting in:

Parameter	Unit	Edikan	Sissingué	Perseus Group
Gold production	Ounces	48,250	20,905	69,155
Production Cost	US$/ounce	908	694	843
All-In Site Cost (AISC)	US$/ounce	1,035	793	962
Gold sales	Ounces	40,732	20,444	61,176
Average sales price	US$/ounce	1,413	1,419	1,415
Notional Cashflow	US$ million	18.2	13.1	31.3

• Gold production of 134,980 ounces for the December Half Year compared favourably to the guided production range of 120-140,000 ounces. AISC of US$942 per ounce were also within the guided cost range of US$850-1,000 per ounce for the Half Year, coming in slightly above the midpoint;
   
• In comparison to the prior half year period, gold production improved by 2.8%, production costs were flat and AISC, including increased royalties due largely to higher gold prices, were up by 2.6% over the same period;
   
• Guidance for the June 2020 Half Year remains unchanged at:

Parameter	Unit	December Half Year Actual	June Half Year Guidance	2020 Fiscal Year Guidance
Gold production	‘000 Ounces	135	140-160	275-295
All-In Site Cost (AISC)	US$/ounce	942	750-950	850-950

Yaouré development project on schedule and budget