Perseus Mining Limited

Activity Report for June 2020 Quarter

PERTH, Australia, July 20, 2020 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three month period ended June 30, 2020 (the “Quarter”). An executive summary is provided below. However, full details of activities in the Quarter, including reconciled production and all-in site cash costs, are included in the Company’s June 2020 Quarterly Activity Report released to the market on July 21, 2020. The full report is available for download from www.perseusmining.com, www.asx.com.au and www.sedar.com.

EXECUTIVE SUMMARY

Edikan and Sissingué operations perform strongly

• Group operating performance was strong in the June 2020 quarter, with production up 12% to 64,676 ounces, production costs down 15% to US$805 per ounce and AISCs down 14% to US$935 per ounce.
   
• Gold sales for the Quarter increased 30% to 78,027 ounces, weighted average gold sales price increased 4% to US$1,544 per ounce and notional cashflow increased 66% to US$40 million.
   
• Key operating parameters for the Quarter by each operation included:

Parameter	Unit	Edikan	Sissingué	Perseus Group
Gold production	Ounces	41,281	23,395	64,676
Production Cost	US$/ounce	906	626	805
All-In Site Cost (“AISC”)	US$/ounce	1,049	734	935
Gold sales	Ounces	51,168	26,859	78,027
Average sales price	US$/ounce	1,528	1,575	1,544
Notional Cashflow	US$ million	20	20	40

• June 2020 Half Year gold production of 122,659 ounces at an AISC of US$1,005 per ounce was down slightly compared to the prior half year. Full 2020 financial year (FY2020) gold production of 257,639 ounces was 5% less than in the prior year with AISC stable at US$972 per ounce or 1% higher.