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Perseas MINING LIMITED ASX / TSX code : PRU DECEMBER 2020 QUARTER ACTIVITIES REPORT Capital structure as at 20 Jan 2021 . Ordinary shares : 1,226,456,870 Performance rights : 24,362,273 Directors : Mr Sean Harvey Non - Executive Chairman Mr Jeff Quartermaine Managing Director & CEO Ms Elissa Brown Non - Executive Director Mr Dan Lougher Non - Executive Director Mr John McGloin Non - Executive Director Mr David Ransom Non - Executive Director Registered Office : Level 2 437 Roberts Road Subiaco WA 6008 Telephone : +61 8 6144 1700 Email : IR@perseusmining.com Website : www.perseusmining.com Contacts : For clarification of details , contact : Jeff Quartermaine - Managing Director & CEO by email at jeff.quartermaine@perseusmining.com Nathan Ryan - Media Relations on +61 4 20 582 887 or by email at nathan.ryan@nwrcommunications.com.au 21 January 2021 EXECUTIVE SUMMARY Perseus's gold mining operations continue to perform well . Edikan , Sissingué and Yaouré gold mines all contributed to Perseus maintaining its record of consistently strong operating performances this quarter : Unit December December Performance Indicator Gold recovered¹ Gold poured¹ Production Cost² All - In Site Cost ( " AISC " ) ² Gold sales Average sales price Notional Cashflow 1 . 2 . Ounces Ounces US $ / ounce US $ / ounce Ounces US $ / ounce US $ million 2020 Quarter 68,614 65,657 915 1,036 66,644 1,687 44.6 2020 Half Year 137,386 133,717 868 1,000 127,085 1,643 88.3 Includes gold from Yaouré . Excludes Yaouré's AISC until declaration of Commercial Production . 2020 Calendar Year 260,045 257,592 871 1,002 265,127 1,579 150.0 Half Year gold production of 137,386 ounces was up 12 % on the June 2020 Half Year , and close to the top end of the production guidance range of 125,500 - 139,000 ounces . At US $ 1,000 per ounce , AISCs were slightly lower than the June Half Year and within the guided AISC range of US $ 940 - US $ 1,025 per ounce . At 68,614 ounces , quarterly gold production was in line with last quarter's production while AISCs increased by 7 % to US $ 1,036 per ounce . Quarterly gold sales increased 10 % and the average realised gold price increased 6 % to US $ 1,687 per ounce , generating quarterly and half year notional cashflows from operations of US $ 44.6 million and US $ 88.3 million , respectively . Perseus has set gold production and AISC market guidance for the June 2021 Half Year at 175,000 to 190,000 ounces at an AISC of US $ 950 to US $ 1,150 per ounce . ( refer to Table 8 for detail ) Yaouré mine development completed ahead of time and budget . First gold was successfully poured at Yaouré on 17 December 2020 , ahead of the stretch target for the event . Commissioning is in progress and Commercial Production is expected to be declared when all completion tests are satisfied . Perseus has paid US $ 237 million to suppliers of goods and services to date . Final development costs are expected to fall below the budget of US $ 265 million . With the successful development and ramp up of Yaouré , Perseus will be on track to achieve its goal of producing more than 500,000 ounces of gold per year at a margin of not less than US $ 400 per ounce . Balance Sheet strength maintained by strong operating cash flows . Available cash and bullion on hand of US $ 118.1 million at quarter end . Debt has been reduced by US $ 20 million to US $ 130 million giving a net debt position during the quarter of US $ 11.9 million , US $ 9.3 million more than at the end of last quarter . Encouraging organic growth opportunities emerging . Organic growth opportunities are being investigated on existing licence areas , particularly at Bagoé near Sissingué and on the Yaouré mining lease and are expected to deliver incremental growth in Mineral Resources and Ore Reserves . Page 1