Perseus Announces Sale of Interest in Meyas Sand Project

Perth, Western Australia, March 16, 2026 (GLOBE NEWSWIRE) -- PERSEUS ANNOUNCES SALE OF GROUP INTEREST IN MEYAS SAND PROJECT IN SUDAN

HIGHLIGHTS

• Perseus has signed a Share Purchase Agreement (SPA) to sell its 70% group interest in the Meyas Sand Project (MSGP) located in Sudan to Hong Kong Matrix Golden Fortune Mining Limited (Buyer), a wholly owned subsidiary of Matrix Resources (Zhejiang) Co., Ltd. (together with its subsidiaries, the “Matrix Group”), for a cash consideration of US$260M.
• Purchase price comprises a US$10M deposit received on signing of the SPA and US$250M payable on completion of the transaction which is to occur on April 22, 2026.
• Proceeds will further strengthen Perseus superior balance sheet along with consideration of additional capital returns to shareholders.
  
  

Perth, Western Australia/ March 16, 2026/ Perseus Mining Limited (ASX/TSX: PRU) is pleased to announce that its wholly owned subsidiary, Perseus Sudan Holdings Pty Ltd, has entered into an SPA to sell Shark (BVI) Inc, which indirectly holds Perseus’s 70% group interest in the MSGP, to Hong Kong Matrix Golden Fortune Mining Limited for a cash consideration of US$260M. Perseus Mining Limited acts as the Seller’s Guarantor in the transaction.

The MSGP has been sold on an “as is, where is” basis subject to customary representations and warranties. There are no conditions to completion of the transaction. The US$260M Purchase Price comprises a US$10M deposit which was received on signing of the SPA and a payment of US$250M payable on completion of the transaction which is agreed to occur on Wednesday, 22 April 2026;

The obligations of the Buyer under the SPA are guaranteed by the ultimate parent entity of the Matrix Group, Zhejiang Lygend Investment Co Ltd (Lygend Investment). Lygend Investment is a diversified mid-tier mining operator with extensive investment and operational experience in Indonesia. Lygend Investment holds leading cost positions in both HPAL and RKEF nickel production and is rapidly expanding its presence in other metals across Central Asia, Africa and the Pacific Islands. Perseus acquired the MSGP through the 100% purchase of Orca Gold Inc. (Orca) (TSXV: ORG) in May 2022. The Purchase Price to be received from the Buyer ensures Perseus recovers the purchase price and its expenditure on the project with a book gain.