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Perseus MINING LIMITED Date of release : 20 April 2021 ASX / TSX code : PRU Capital structure as at 20 April 2021 Ordinary shares : 1,226,456,870 Performance rights : 24,016,373 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 : Jeff Quartermaine Managing Director & CEO jeff.quartermaine@perseusmining.com Claire Hall Corporate Communications +61 414 558 202 claire.hall@perseusmining.com Nathan Ryan Media Relations +61 4 20 582 887 nathan.ryan@nwrcommunications.com.au EXECUTIVE SUMMARY Perseus achieved a 29 % increase in gold production with its third mine , Yaouré ramping up , 31 % increase in gold sales and a 3.5 % decrease in AISC for the quarter , highlighting its consistently improving operating performance . Table 1 : Operating and Financial Summary Performance Indicator Unit Gold recovered¹ Gold poured¹ Production Cost² All - In Site Cost ( AISC ) ² Gold sales¹ Average sales price² Notional Cashflow² ● Ounces Ounces US $ / ounce US $ / ounce Ounces US $ / ounce US $ million QUARTERLY REPORT MARCH QUARTER 2021 December December March 2020 2020 Half Year 2021 Quarter Quarter 68,614 65,657 915 1,036 66,644 1,687 44.6 137,386 133,717 88,458 86,042 868 1,000 127,085 87,215 1,643 1,628 88.3 41.7 852 999 2021 Financial Year to Date 225,845 219,759 863 1,000 214,300 1,637 130.0 Yaouré Gold Mine commissioning successfully completed during the Quarter with " Commercial Production " formally declared on 31 March 2021 . The Group's quarterly gold production of 88,458 ounces increased 29 % from the December Quarter¹ . The Group's AISC for the quarter was US $ 999 per ounce , a 3.5 % decrease from last quarter² . Quarterly gold sales increased 31 % to 87,215 ounces . The average realised gold price decreased 3.5 % to US $ 1,628 per ounce resulting in quarterly notional cashflows from these operations of US $ 41.7 million , US $ 2.9 million or 7 % less than in the December 2020 quarter . Perseus's gold production and AISC market guidance of 175,000 to 190,000 ounces at US $ 950 to US $ 1,150 per ounce for the June 2021 Half Year remains unchanged . Encouraging exploration results achieved at Bagoé near Sissingué and at Govisou on the Yaouré mining lease ( Refer to ASX Exploration Results announcement 7 April 2021 ) . Available cash and bullion on hand of US $ 136 million and debt of US $ 130 million giving a net cash position of US $ 6 million at quarter end , US $ 18 million more than at the end of last quarter . Perseus is on track to achieve its goal of producing more than 500,000 ounces of gold per year at a cash operating margin of not less than US $ 400 per ounce . Notes : 1. Includes gold produced at Yaouré . 2. Excludes Yaouré's AISC , and sales pending declaration of Commercial Production on 31 March 2021 .