Annual report
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ACN 106 808 986 Registered & Corporate Office Level 2, 437 Roberts Road, Subiaco, Western Australia 6008 2026 ANNUAL REPORT
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review RESULTS FOR ANNOUNCEMENT TO THE MARKET Key figures CHANGE % YEAR ENDED 30 JUNE 2025 US$’000 YEAR ENDED 30 JUNE 2026 US$’000 Revenue from ordinary activities 18.9 from 1,248,082 to 1,483,908 Profit after tax from ordinary activities 13.9 from 421,714 to 480,490 Profit after tax attributable to members 15.5 from 370,867 to 428,243 CHANGE % AT 30 JUNE 2025 US$ AT 30 JUNE 2026 US$ Net tangible assets per one ordinary share 28 from 1.40 to 1.79 Dividends paid 30 JUNE 2025 A$ CENTS PER SHARE 30 JUNE 2026 A$ CENTS PER SHARE Dividends Interim dividend 2.50 5.00 Final dividend (declared) 5.00 9.00 The record date of the final dividend is 8 September 2026. Perseus Mining 2026 Annual Report Perseus Mining 2026 Annual Report2 3 CORPORATE DIRECTORY CONTENTS DIRECTORS Richard Peter Menell Non-E xecutive Chairman Craig Antony Jones Managing Dir ector and Chief Executive Officer Amber Jemma Banfield Non-E xecutive Director Elissa Sarah Cornelius Non-E xecutive Director Daniel Richard Lougher Non-E xecutive Director John Francis Gerald McGloin Non-Executive Director Thomas David McKeith Non-E xecutive Director James Edmund Rutherford Non-Executive Director COMPANY SECRETARY Martijn Paul Bosboom REGISTERED AND CORPORATE OFFICE Level 2, 437 Roberts Road Subiaco, Western Australia 6008 PO Box 1578 Subiaco, Western Australia 6904 T: +61 8 6144 1700 F: + 61 8 6144 1799 E : info@perseusmining.com W: www.perseusmining.com SHARE REGISTRY Computershare Investor Services Pty Limited Level 17, 221 St Georges Terrace Perth, Western Australia 6000 Computershare Investor Services Inc. Level 3, 510 Burrard Street Vancouver, British Columbia V6C3B9 CANADA T: +61 3 9415 4000 (outside Australia) T: 1300 850 505 (within Australia) T : (1 604) 661 9400 F: +61 3 9473 2500 F: ( 1 604) 661 9549 www.computershare.com AUDITORS PricewaterhouseCoopers 125 St Georges Terrace Perth, Western Australia 6000 STOCK EXCHANGE LISTINGS Australian Securities Exchange ASX: PRU Toronto Stock Exchange TSX: PRU Frankfurt Stock Exchange WKN: A0B7MN OVERVIEW 4 FY26 HIGHLIGHTS 4 SUS TAINABILITY PERFORMANCE 5 MESSAGE FROM THE CHAIRMAN AND OUR MANAGING DIRECTOR 6 OPERATIONS REVIEW 10 GROUP ORE RE SERVES & MINERAL RESOURCES 22 RISK M ANAGEMENT 2 4 CLIMATE REPORT 32 ANNU AL FINANCIAL REPORT 66 This Annual Repor t incorporating Appendix 4E is provided to the Australian Securities Exchange (ASX) under ASX Listing Rule 4.3A. Perseus Mining Limited ABN 27 106 808 986 APPENDIX 4E Commentary on results See commentary on results in the Directors’ Report on pages 67 – 89. OTHER DISCLOSURE REQUIREMENTS Group Structure Changes Details of changes to the Group structure are disclosed in note 17 of the accompanying Consolidated Financial Statements. Additional Items Required Under Listing Rule 4.3a Additional Appendix 4E disclosure requirements and commentary on significant features of the operating performance, results of segments, trends in performance and other factors affecting the results for the period are contained in the accompanying Annual Report for the year ended 30 June 2026. The Appendix 4E should be read in conjunction with the Consolidated Financial Statements, as well as any public announcements made in the period by Perseus Mining Limited in accordance with the continuous disclosure requirements of the Corporations Act 2001 (Cth) and the ASX Listing Rules. This report is based on consolidated financial statements which have been audited by PricewaterhouseCoopers.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review FY26 HIGHLIGHTS SUSTAINABILITY PERFORMANCE Perseus Mining 2026 Annual Report4 5 404,998 ounces GOLD PRODUCTION US$480 million PROFIT AFTER TAX 10.6 million ounces of gold GROUP MEASURED & INDICATED RESOURCES US$769 million NOTIONAL CASHFLOW US$1,750 per ounce ALL-IN SITE COST A$126.7 million FY26 SHARE BUYBACK GROUP PROVED & PROBABLE ORE RESERVES US$3,693 per ounce AVERAGE GOLD SALE PRICE 9.0 cents per share (A$) FINAL DIVIDEND US$1.03 billion CASH AND BULLION 7.0 million ounces of gold EMPOWERING OUR PEOPLE COMMUNITY & ECONOMIC DEVELOPMENT ENVIRONMENT AND CLIMATE LEADING WITH INTEGRITY • Saf ety performance in focus - 0.91 TRIFR; and ZERO Lost Time Injuries, a 100% improvement YoY. • 8 million h ours and 532 Lost Time Injury (LTI)-free days completed at Nyanzaga Gold Project. • W omen hold 9.9% of management positions. • W omen represent 11.4% of our total workforce. • Dir ectly distributed US$1.19 billion in economic value to host countries’ economies. • C ommunity contributions totalled US$5.17 million. • Mor e than 95% local and national employment. • 86 % local procurement. • ZERO Significant en vironmental events. • A dvancements in tailings management aligning with global best practice standards and strengthening governance. • 208 .68 ha of disturbed land rehabilitated across five waste dump sit es. • C ompleted climate risk and opportunity assessment including climate scenario analysis. • 98 % of Perseus employees completed all mandatory training requirements. • Refr eshed our sustainability materiality assessment. • A dvanced alignment with the World Gold Council’s Responsible Gold Mining Principles and maintained compliance with Conflict-Free Gold St andard. Scan to Access our Sustainable Development Report Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Dear Fellow Shareholder, It is our pleasure to jointly present Perseus Mining Limited’s (ASX/TSX: PRU) Annual Report for the year ended 30 June 2026. We reflect on FY26 as a period of solid operational delivery across our three producing gold mines: Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana. Perseus Mining 2026 Annual Report6 7 Safety remains the foundation of everything we do at Perseus. Having invested significantly in the tools, processes and controls that underpin our Safely Home Every Day (SHED) programme, the next phase of our safety journey is centred on the behaviours that bring them to life: the courage to stop a job, speak up and challenge unsafe conditions, and the leadership to model and reward that behaviour at every level of our organisation. Alongside this, we continue to strengthen our focus on fatal risk management, ensuring the controls in place for our highest-consequence risks are robust, well understood and never compromised. Our results are ultimately measured in human outcomes, and ensuring our people return home safely every day will always remain our highest priority. This commitment to safety underpins every aspect of our operational performance. Gold production totalled 404,998 ounces, with the second half tracking stronger than the first and achieving FY26 production guidance of 400,000 to 440,000 ounces. All three operations contributed meaningfully, despite lower grades and higher royalty regimes in both Côte d’Ivoire and Ghana. Gold prices remained supportive throughout the year, although they softened in the second half of the year. We continued to benefit from strong realised pricing, This is a landmark achievement for Perseus and for Côte d’Ivoire, marking the country’s first modern underground gold mine. Development continues to advance, with commercial production expected in FY27. In Tanzania, construction continues to progress on Nyanzaga — set to become our fourth operating mine and one of the most significant gold development projects in East Africa. The project remains on track for first production in January 2027, a milestone that will mark a new chapter of growth for Perseus and a major economic contribution to Tanzania, including local employment, infrastructure and long-term community development. During the year, we increased Nyanzaga’s Ore Reserves by 73 per cent to 4.1 million ounces of gold and increasing its achieving an average sales price of US$3,693 per ounce, up US$1,150 on the FY25 price. This translated into robust cash margins and a record notional operating cashflow of US$769 million at year end. Cost performance was mixed, reflecting higher strip ratios, increased royalty rates, and mine - plan transitions at Yaouré and Edikan. Group all-in site cost (AISC) was US$1,750 per ounce, consistent with full - year guidance of US$1,600-1,760 per ounce. FY26 marked a year of strategic progress across our growth pipeline on a number of fronts. Firstly, commenced development of our CMA Underground at Yaouré achieving first gold and progressing the ramp up towards commercial production. life from 11 to 16 years — a significant increase in scale and mine life that underscores the quality of this asset and its importance to our long-term growth strategy. Exploration remained a priority across our portfolio, as we work to extend mine life and identify new growth opportunities. At Yaouré, drilling continued to strengthen resource confidence and test new targets with the potential to supplement mill feed. In Ghana, exploration progressed across several priority targets, with encouraging results supporting continuity of mineralisation in key zones and generating strong pipeline for FY27. Ahead of first production at Nyanzaga, resource definition and new target drilling continued, positioning the project well as it moves toward production. MESSAGE FROM THE CHAIRMAN AND OUR MANAGING DIRECTOR (CONTINUED) MESSAGE FROM THE CHAIRMAN AND OUR MANAGING DIRECTOR Rick Menell Non-Executive Chairman Craig Jones Managing Director & Chief Executive Officer Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Perseus Mining 2026 Annual Report8 9 MESSAGE FROM THE CHAIRMAN AND OUR MANAGING DIRECTOR (CONTINUED)MESSAGE FROM THE CHAIRMAN AND OUR MANAGING DIRECTOR (CONTINUED) We also submitted reconnaissance permits for seven applications in Guinea, of which five were approved. In parallel with our resource definition and growth activities, we optimised our portfolio through two strategic moves. We completed the sale of our 70 per cent interest in the Meyas Sand Gold Project in Sudan for US$260 million cash, strengthening our balance sheet and sharpening our strategic focus. We also acquired a 9.9 per cent stake in Aurum Resources (ASX: AUE), a Côte d’Ivoire-focused gold explorer holding almost 4.4 million ounces across its Boundiali and Napié projects. Boundiali sits along strike of our Sissingué operation, adjacent to our active mining area at Bagoé, offering potential future synergies. In our Sustainability reporting, safety performance remained strong, and we continued to invest in community development through the Yaouré and Sissingué Local Development Mining Committees and the Edikan Trust Fund. These partnerships delivered improvements in roads, schools, clinics, scholarships and public health programmes, and extended relationships that go well beyond the mine gate. We detail more of these achievements in our Sustainable Development Report, which is available today, and we encourage you to view that report in addition to this one. This year, we completed our first climate- related financial disclosure, assessing physical and transition climate risks through scenario analysis across multiple time horizons and business scenarios. This work also sets a baseline for managing climate risk within our Enterprise Risk Management framework in the years ahead. During the year, we continued to execute a disciplined capital management strategy designed to balance investment in growth with direct returns to shareholders. In addition to an interim dividend of 5.0 Australian cents per share, we progressed an on market share buy back programme, with the initial FY26 A$100 million initiative increased to A$150 million. This underscored the Board’s confidence in Perseus’s balance sheet and the current operations market- leading free cash flow, enabling the return of capital to shareholders, whilst continuing to fund our organic growth pipeline. Further solidifying our position, we increased our debt facility to US$400 million in a move that was strongly supported by a consortium of high-quality international lenders. When signed, the upsized facility provided a cash and undrawn debt capacity of more than US$1.4 billion, leaving Perseus well positioned to deliver on future growth opportunities and continue delivering long-term value. This Annual Report is the first since Craig assumed the role of Managing Director and Chief Executive Officer on 1 October 2025, following the retirement of Jeff Quartermaine. Jeff’s contribution over more than a decade shaped Perseus into the resilient, multi mine gold producer it is today, and we again acknowledge his leadership and legacy. Craig’s first year at the helm has been marked by safe execution, operational discipline, strategic progress and a clear focus on sustaining long- term value creation. We also welcomed Wade Bickley to our leadership team as Chief Operating Officer on 1 June 2026 and post year end, Thomas (Tommy) McKeith joined our Board as Non- Executive Director. Both Wade and Tommy bring valuable experience as we drive Perseus forward. With three operating mines, Nyanzaga advancing toward production, and a robust exploration pipeline underpinning our future, Perseus is entering its next chapter from a position of real strength. None of this would be possible without the dedication of our employees and contractors, the trust of our host communities and governments, and the continued confidence of our shareholders. To each of you, thank you. As we look ahead, Perseus remains steadfast in its commitment to safe and efficient operations, disciplined capital allocation, and the pursuit of sustainable, long-term value for everyone who shares in our success. None of this would be possible without the dedication of our employees and contractors, the trust of our host communities and governments, and the continued confidence of our shareholders. To each of you, thank you. Rick Menell Non-Executive Chairman Craig Jones Managing Director & Chief Executive Officer Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review South Africa Botswana Namibia Zambia Angola DRC Tanzania Kenya Ethiopia Central African Republic Sudan Chad Niger Nigeria Ghana Côte d'Ivoire Guinea Senegal Libya Egypt Nyanzaga Gold Project GhanaCôte d'Ivoire Edikan Yaouré Sissingué Perseus Mining 2026 Annual Report10 11 OPERATIONS REVIEW (CONTINUED) OPERATIONS REVIEW PRINCIPAL ACTIVITIES Perseus Mining Limited and its subsidiaries (the Group or Perseus) operate three gold mines in Africa: Edikan Gold Mine (EGM or Edikan) in the Republic of Ghana (Ghana); Sissingué Gold Complex (SGC or Sissingué); and Yaouré Gold Mine (YGM or Yaouré), both in the Republic of Côte d’Ivoire (Côte d’Ivoire). It is also developing the Nyanzaga Gold Project (NGP or Nyanzaga) in the United Republic of Tanzania (Tanzania). In addition to its gold mining activities, the Group also conducts mineral exploration and evaluation and project development activities in Africa. GROUP OVERVIEW Perseus Mining maintained its position as a multi-mine, multi-jurisdictional, African-focused gold producer during FY26. Production was comparable across Yaouré open pit and Edikan, with the Sissingué’s Bagoé’s satellite pit lifting output materially on the prior year. CMA Underground, at Yaouré, Côte d’Ivoire’s first mechanised underground mine, produced its first ounces ahead of commercial production scheduled for Q3 FY27. Nyanzaga reached 67% overall progress in FY26, with US$423.5 million incurred and committed against the approved US$523 million budget. Construction advanced across the process plant, tailings storage facility, grid power infrastructure, permanent accommodation and other site infrastructure, with first gold scheduled for January 2027. 67% OUR OPERATIONS NYANZAGA PROGRESS Perseus Mining 2026 Annual Report LEGEND Operations De velopment Projects
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review • Côte d’Ivoire’s first mechanised underground mining operation. • L ocated within the Yaouré mining licence. • First blast (P auline portal) in Q1 FY26; stoping operations commenced April 2026. • On track for commercial production ∂FY27. Perseus Mining 2026 Annual Report12 13 OPERATIONS REVIEW (CONTINUED)OPERATIONS REVIEW (CONTINUED) FY26 Highlights: Yaouré open pit produced 152,850 ounces of gold, 38% of Perseus’s total gold production, at an AISC of US$1,791 per ounce, generating notional cashflows of US$253 million. Production was lower than the prior year, reflecting a switch in ore sources from the CMA open pit to the Yaouré open pit, which affected grade profile, together with adverse wet-season weather. FY26 highlights: CMA Underground delivered first gold during the year, producing 10,078 ounces as development ramped up through the Pauline, Blika, Sika and Assanou declines and stoping operations commenced in April 2026. Since project commencement, CMA has mined 120,822 tonnes of ore and milled 114,897 tonnes. Perseus had incurred US$89.6 million on project development by 30 June 2026, and remains on track for commercial production in Q3 FY27. CMA UNDERGROUNDYAOURÉ, CÔTE D’IVOIRE • Open pit an d underground gold mine. • L ocated in central Côte d’Ivoire, 40 kilometres northwest of Yamoussoukro and 270 kilometres northwest of Abidjan. • Hom e to Côte d’Ivoire’s first mechanised un derground mining operation, CMA Underground. • Own ership: 90% Perseus, 10% free-carried interest (Ivorian government). PARAMETER YEAR TO 30 JUNE 20261 YEAR TO 30 JUNE 2025 CHANGE Total ore and waste mined (Kt) 28,781 34,043 (5,262) Total ore mined (Kt) 5,032 8,868 (3,836) Ore milled (Kt) 3,651 4,148 (497) Milled head grade (g/t gold) 1.39 2.10 (0.71) Gold recovery (%) 93.4 93.4 – Gold produced (oz) 152,850 262,239 (109,389) Gold sales (oz) 160,555 257,954 (97,399) Average sales price (US$/oz) 3,449 2,553 896 Mining cost (US$/t mined) 3.92 3.95 (0.03) Processing cost (US$/t milled) 16.49 13.67 2.82 G&A cost (US$M/month) 2.66 2.66 – Production cost (US$/oz) 1,340 851 489 Royalties (US$/oz) 339 176 163 Sustaining capital (US$/oz) 112 74 37 Total All-in Site Cost (US$/oz) 1,791 1,101 690 Table 1: Key production statistics – Yaouré 1 E xcludes CMA Underground production. Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Perseus Mining 2026 Annual Report14 15 OPERATIONS REVIEW (CONTINUED)OPERATIONS REVIEW (CONTINUED) FY26 Highlights: Edikan produced 158,270 ounces of gold, 39% of Perseus’s total gold production, achieving the Groups’ lowest AISC at US$1,662 per ounce and generating notional cashflow of US$366 million, an increase of more than 47% on last year and nearly half of the Group’s total notional cashflow. The results were underpinned by a higher average realised gold price offsetting lower ore grades and higher production costs as the primary ore source shifted to Nkosuo pit. Development continued on the Fetish and Esuajah North pit cutbacks, together forecast to add ~300,000 ounces to Edikan’s mine life. FY26 Highlights: Sissingué Complex produced 83,800 ounces of gold, 21% of Perseus’s total gold production, at an AISC of US$1,840 per ounce, generating notional cashflows of US$150 million. Production increased by nearly 47% on the prior year, driven by the commencement of mining at the high-grade Antoinette deposit within the newly developed Bagoé Gold Project as well as improved grade reconciliation blending and process control to maximise gold production. Head grade improved by 36% to 1.85 grams per tonne of gold. EDIKAN, GHANA • L arge-scale, low-grade multi open - pit operation. • L ocated in the Central Region of Ghana, ~45km southwest of Obuasi, and ~200 km northwest of Accra. • P erseus’s original gold mining operations. • Own ership: 90% Perseus, 10% free-carried interest (Ghanaian government). SISSINGUÉ, CÔTE D’IVOIRE • High- grade gold operation comprising the Sissingué, Fimbiasso and Bagoé exploitation permits. • L ocated in northern Côte d’Ivoire. • Own ership: Sissingué and Fimbiasso (86% Perseus, 10% free carried interest (Ivorian government) and 4% by local interests) and Bagoé (90% Perseus and 10% free carried interest (Ivorian government)). PARAMETER YEAR TO 30 JUNE 2026 YEAR TO 30 JUNE 2025 CHANGE Total ore and waste mined (Kt) 12,873 10,755 2,118 Total ore mined (Kt) 5,096 6,109 (1,013) Ore milled (Kt) 7,243 6,336 907 Milled head grade (g/t gold) 0.77 0.97 (0.20) Gold recovery (%) 88.3 89.8 (1.5) Gold produced (oz) 158,270 177,167 (18,897) Gold sales (oz) 156,341 178,544 (22,203) Average sales price (US$/oz) 3,973 2,564 1,409 Mining cost (US$/t mined) 6.39 6.12 0.27 Processing cost (US$/t milled) 8.77 10.60 (1.83) G&A cost (US$M/month) 2.45 2.24 0.21 Production cost (US$/oz) 1,107 903 204 Royalties (US$/oz) 502 210 292 Sustaining capital (US$/oz) 53 46 7 Total All-in Site Cost (US$/oz) 1,662 1,159 503 Table 2: Key production statistics – Edikan Table 3: Key production statistics – Sissingué PARAMETER YEAR TO 30 JUNE 20261 YEAR TO 30 JUNE 2025 CHANGE Total ore and waste mined (Kt) 11,704 9,202 2,502 Total ore mined (Kt) 1,873 1,055 818 Ore milled (Kt) 1,554 1,466 88 Milled head grade (g/t gold) 1.85 1.36 0.49 Gold recovery (%) 90.5 89.4 1.1 Gold produced (oz) 83,800 57,145 26,655 Gold sales (oz) 73,920 57,845 16,075 Average sales price (US$/oz) 3,631 2,435 1,196 Mining cost (US$/t mined) 5.89 6.07 (0.18) Processing cost (US$/t milled) 18.05 18.89 (0.84) G&A cost (US$M/month) 2.02 1.65 0.37 Production cost (US$/oz) 1,450 1,809 (359) Royalties (US$/oz) 342 179 163 Sustaining capital (US$/oz) 48 101 (53) Total All-in Site Cost (US$/oz) 1,840 2,089 (249) Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 17 OPERATIONS REVIEW (CONTINUED)OPERATIONS REVIEW (CONTINUED) The Project is located on the north-eastern flank of the Sukumaland Archaean Greenstone Belt of the Lake Victoria Goldfield, 60 kilometres east of the Geita Gold Mine and 35 kilometres n ortheast of the Bulyanhulu Gold Mine. Following a positive Financial Investment Decision (FID) to develop Nyanzaga Gold Project (NGP) in April 2025, Perseus committed to invest approximately US$523 million (including project contingency) to construct a large-scale, open-pit mining operation, for the first development phase. In February 2026, Perseus completed a revised Ore Reserve estimate and updated as part of the annual Mineral Resource and Ore Reserve (MROR) release, which now sits at 95.7Mt at 1.34g/t Au for 4.11 Moz 1. The combined Measured & Indicated Mineral Resource for NGP is estimated at 110.4 Mt grading 1.33 g/t Au, containing 4.7 Moz of gold. A further 6.5 Mt of material grading 1.6 g/t Au, containing 343 koz of gold are classified as Inferred Mineral Resources see table 4 on page 22. Latest resource definition drilling extended the Project’s mine life to 16 years, including 14 years of production at greater than 200,000 ounces of gold per annum. The increase to the Ore Reserve is supported by approximately 82,700 m of reverse circulation and diamond drilling completed across the Tusker and Kilimani deposit areas since Perseus acquired NGP. The NGP remains on budget and schedule with first gold anticipated in January 2027. Progress throughout FY26 included completion of the Resettlement Action Plan (RAP), including handover of the final community infrastructures, and completion of Ngoma Bypass Road, diverting heavy vehicles and other project traffic from Ngoma village. At the site, all major procurement for the process plant was completed and all site installation contracts awarded and mobilised. Permanent accommodation construction also completed. Construction of the 220kV grid connection progressed strongly, with civil works completed at both substations and tower erection advancing along the 60km transmission line. Non process infrastructure moved forward, with the main administration building, clinic and warehouse offices completed and handed over. Structural steel fabrication neared completion and platework fabrication reached approximately 70%, while SAG mill installation began and mechanical installation accelerated across the crusher, apron feeders, mills, thickeners and conveyors. All seven leaching (CIL) tanks were erected and hydrotesting of the first four tanks completed. Electrical and instrumentation teams mobilised and progressed installation ahead of schedule. Work commenced on the backup power station, with generators scheduled for delivery in July 2026. Tailings Storage Facility construction was ahead of schedule at the end of FY26. Pre-strip of the mining resource at Tusker Hill was underway at year end, as operational readiness activities continue to progress towards the commissioning stage. NYANZAGA, TANZANIA • L arge scale, open-pit gold development project. Perseus’s fourth mine, comprising two adjacent deposits, Tusker and Kilimani. • L ocated in northwestern Tanzania, 60km southwest of Mwanza, within the Sengerema District of the Mwanza Region. • A cquired April 2024 via off-market takeover of ASX-listed OreCorp Limited. • Own ership: 80% Perseus, 20% free-carried interest (Government of Tanzania). • First gold antic ipated January 2027, following positive FID in April 2025. 1 See P RU ASX Announcement dated 26 August 2026, Perseus Mining Updates Mineral Resources and Ore Reserves Perseus Mining 2026 Annual Report16 Perseus Mining 2026 Annual Report Latest resource definition drilling extended the Project’s mine life to 16 years. The NGP remains on budget and schedule with first gold anticipated in January 2027.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review MEYAS SAND, SUDAN The Meyas Sand Gold Project (MSGP) is located in the far north of Sudan, approximately 75 kilometres south of the border with Egypt. In March 2026, Perseus announced it had signed a Share Purchase Agreement (SPA) to sell its 70% group interest in MSGP 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$260 million. This transaction, completed in April 2026, followed a lengthy review of the MSGP by Perseus, which included consideration of both development and divestment options. Perseus formed the view that divestment of the MSGP is the best option for Perseus at this time. Divestment of the MSGP allows for the re - allocation of resources to Perseus’s existing development oportunities and further strengthened its balance sheet. GUINEA In the second half of FY26, Perseus applied for seven applications for reconnaissance permits in Guinea as part of greenfields exploration plans. These ar e short-term exploration permits (six months, with an option for a six-month extension), intended for first-pass exploration activities. In the June quarter, five Reconnaissance Licences were granted, comprising 497.8km 2 in the southern Siguiri Basin. During FY26, Perseus established a field office and company representatives conducted various local community and administration alignment meetings. Technical reconnaissance field visits were also completed to facilitate planning of next quarter’s surface sampling programmes. OTHER INVESTMENTS Perseus announced it had acquired a 9.9% relevant interest in Côte d’Ivoire focused explorer Aurum Resources (ASX: AUE) via participation in an Aurum equity raising 2. Aurum holds combined group ore resources of 4.4 million ounces across its Boundiali and Napié projects 3. Aurum is an emerging mineral development company listed on the ASX. Aurum’s key asset is the Boundiali Gold Project, located in the North of Côte d’Ivoire, West Africa. The Boundiali Gold Project has a reported Mineral Resource of 107.5Mt at 1.0g/t Au for 3.22 million ounces of gold 4. Boundiali is located immediately south of, and along strike from Perseus’s Sissingué gold mine, with its northern most tenements adjacent to the Company’s active mining area at Bagoé. In addition, Aurum also holds the 1.16Moz Napié Gold Project 5 in Côte d’Ivoire. In addition, Perseus holds a 9.4% stake in Predictive Discovery, which operates the Kiniéro Gold Mine in Guinea and the Nampala Gold Mine in Mali, and is developing the Bankan Gold Project, also in Guinea. 2 See P erseus announcement “Perseus makes 9.9% investment in Aurum Resources” dated 23 March 2026. 3 See Aurum announcement “Aurum extends gold at Boundiali’s BST1 deposit and BST2 prospect” dated 17 August 2026. 4 See Aurum announcement “Aurum increases Boundiali to 3.22 Moz gold with Indicated Resources up 24% to 1.70 Moz gold” dated 14 May 2026. 5 See Aurum announcement ”Napié Mineral Resource grows to 1.2Moz gold, increasing Aurum’s group resources to 4.2Moz gold” dated 10 April 2026. OPERATIONS REVIEW (CONTINUED) 19Perseus Mining 2026 Annual ReportPerseus Mining 2026 Annual Report18
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 20 21 OPERATIONS REVIEW (CONTINUED) EXPLORATION During FY26, Perseus continued its successful brown fields exploration activities focused on str engthening the development pipeline within the portfolio and increasing Resources and Reserves in and around existing assets. YAOURÉ, CÔTE D’IVOIRE Exploration at Yaouré centred on near mine resource definition, testing extensions of known mineralisation and advancing brownfields targets. Drilling confirmed continuity of the Zain 1 system and supported its role as a source of supplementary oxide feed. Further work at the Yaouré Pit, CMA Underground and CMA SW improved confidence in existing resources and indicated mineralisation extending further along strike. Regional drilling at Yaouré West returned encouraging intercepts, supporting continued assessment of resource growth potential. SISSINGUÉ, CÔTE D’IVOIRE A series of targeted RC drilling programmes improved geological understanding and resource confidence across several near mine prospects, confirming continuity of the Bagoé mineralisation to the north and delivering strong assay results at Papara. Additional drilling at Zanikan also returned several high grade intercepts and confirmed mineralisation continuity along strike and down dip. EDIKAN, GHANA Exploration across the Edikan tenements combined resource definition drilling, follow up testing of conceptual targets, sterilisation drilling, and extensive mapping to refine structural understanding and generate new targets for FY27, with approximately 30km² mapped during the year. At Nkotomso, drilling and mapping supported resource model refinement at Nsoroma and identified new structural targets. At Ayanfuri, completed geotechnical drilling programmes supported the optimisation of the Fetish and Esuajah North pit designs. Further programmes at Nanankaw, Nsuaem, Agyakusu and Domenase tested additional structural targets and intrusive systems, with results informing ongoing target generation across the region. NYANZAGA, TANZANIA Exploration at Nyanzaga during FY26 comprised resource definition drilling on the Tusker and Kilimani deposits, sterilisation and near mine exploration drilling within the mining licence, and broader reconnaissance work across surrounding tenements. Resource definition drilling at Tusker and Kilimani progressed through the first half of the year, including an additional diamond programme at Tusker to close remaining gaps in the geological model and support conversion of Inferred to Indicated material. This work fed into the MROR released in Q3 FY26 6. Sterilisation drilling across the mining licence tested several prospective areas to de-risk mine infrastructure placement. Narrow, low grade intervals were encountered, but did not indicate economic mineralisation, allowing infrastructure plans to proceed as designed. Regional exploration advanced through soil sampling, rock chip sampling and geological mapping at the Ifugandi and Busolwa targets, where banded iron formations and strong artisanal activity highlight a 70km long mineralised trend extending toward Geita. A 7,400m RC/AC drilling programme was designed to test these targets; drilling at Ifugandi commenced late in the year and returned several moderate grade intercepts, confirming gold mineralisation associated with the WNW trending shear zone. Soil and rock chip assays received during the period defined multiple new drill targets outside the main resource areas, with further drilling planned for the following quarter. Perseus Mining 2026 Annual Report Overall, FY26 exploration strengthened geological confidence in the core deposits, completed sterilisation requirements for mine development, and advanced promising regional targets for future testing. OPERATIONS REVIEW (CONTINUED) Perseus Mining 2026 Annual Report 6 See P RU ASX Announcement dated 20 February 2026, Perseus Mining increases Nyanzaga Gold Project Ore Reserves to 4.0Moz
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Perseus Mining 2026 Annual Report22 23 GROUP ORE RESERVES AND MINERAL RESOURCES (CONTINUED) GROUP ORE RESERVES AND MINERAL RESOURCES Perseus FY26 Mineral Resources and Ore Reserves are set out in the ASX release, “Perseus Mining Updates Mineral Resources and Ore Reserves” dated 26 August 2026 and readers are referred to this announcement for further details. Perseus estimates of the Mineral Resources and Ore Reserves at each of its operations are summarised in Table 4 and Table 5 below. PROJECT MEASURED RESOURCES INDICATED RESOURCES MEASURED & INDICATED RESOURCES INFERRED RESOURCES QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD MT G/T GOLD ‘000 OZ MT G/T GOLD ‘000 OZ MT G/T GOLD ‘000 OZ MT G/T GOLD ‘000 OZ Edikan 21.2 0.89 604 68.2 0.88 1,923 89.4 0.88 2,528 16.7 1.0 544 Sissingué 3 1.7 1.23 66 10.8 1.37 475 12.5 1.35 541 2.1 1.0 64 Yaouré 12.4 0.73 292 45.6 1.75 2,565 58.1 1.53 2,857 32.3 1.5 1,591 Nyanzaga - - - 110.4 1.33 4,715 110.4 1.33 4,715 6.5 1.6 343 Total 35.3 0.85 963 234.9 1.28 9,677 270.3 1.22 10,640 57.5 1.4 2,542 Table 4: Perseus Mining Mineral Resources 1, 2, 4 Table 5: Perseus Mining Ore Reserves 1, 4 PROJECT PROVED PROBABLE PROVED AND PROBABLE QUANTITY GRADE GOLD QUANTITY GRADE GOLD QUANTITY GRADE GOLD MT G/T GOLD ‘000 OZ MT G/T GOLD ‘000 OZ MT G/T GOLD ‘000 OZ Edikan 12.7 0.87 355 20.2 0.99 643 32.9 0.94 998 Sissingué 3 1.0 1.34 43 4.1 1.43 190 5.1 1.41 233 Yaouré 12.4 0.73 292 29.1 1.46 1,369 41.5 1.24 1,661 Nyanzaga - - - 95.7 1.33 4,109 95.7 1.34 4,109 Total 26.1 0.82 690 149.1 1.32 6,312 175.2 1.24 7,001 Notes for Table 4 and 5: 1 Ref er to Notes to individual tables in the press release dated 26 August 2026. 2 Miner al Resources are inclusive of Ore Reserves. 3 Sissingué Miner al Resources and Ore Reserves include the Fimbiasso and Bagoé Projects in addition to the Sissingué Gold Mine. 4 The C ompany holds 90% of Edikan Gold Mine (EGM) and Yaouré Gold Mine (YGM), 86% of Sissingué Gold Mine (SGM), and 80% of Nyanzaga Gold Project (NGP). GOVERNANCE AND INTERNAL CONTROLS FOR RESERVE AND RESOURCE ESTIMATES Perseus’s Mineral Resource and Ore Reserve estimates are prepared by suitably qualified external consultants and Perseus personnel using industry st andard techniques in accordance with the JORC Code and the National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”). The estimates are subject to internal controls and sign-off processes both at a site and corporate level and reviewed by the Technical Committee of the Board. Perseus’s internal systems and controls are reviewed on a regular basis and improvements are implemented as deemed appropriate. Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Perseus Mining 2026 Annual Report24 25 RISK MANAGEMENT (CONTINUED) RISK MANAGEMENT ENTERPRISE RISK MANAGEMENT A comprehensive understanding of our risks and opportunities ensures better decision making, clarity on accountabilities, and provides a source of competitive advantage. We manage the risks and uncertainties inherent in operating our business in line with an Enterprise Risk Management (ERM) Framework, which is based on ISO 31000:2018. The ERM Framework is an integral part of the overall Perseus Management System. Enterprise Risks are monitored by our Board. The Audit and Risk Committee assists the Board to oversee Enterprise Risk Management in line with the approved ERM Framework. A key role of the Board, the Audit and Risk Committee and Executive management is to set a strong culture that promotes risk management as an essential part of business operations. * On 23 July 2025, the Board approved the establishment of a Nomination and Governance Committee and the renaming of the Remuneration and Nomination Committee to the Remuneration Committee. Figure 1: Perseus Governance and Management Structure. Figure 2: ERM Framework. Perseus Board of Directors Board Committees External Audit Compliance Internal Audit Technical Leadership Team Managing Director and CEO Sustainability Nomination and Governance *Remuneration * Audit and Risk Risk Identification Risk Analysis Risk Evaluation Risk Treatment Establish the Context Communication and Consultation Monitor and Review Risk Assessment Risk Assessment Key components of our ERM framework include risk identification, analysis, monitoring and reporting (refer figure 2 below). Perseus Mining 2026 Annual Report
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We manage the risks and uncertainties inherent in operating our business in line with an Enterprise Risk Management (ERM) Framework, which is based on ISO 31000:2018. Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Perseus Mining 2026 Annual Report26 27 RISK MANAGEMENT (CONTINUED)RISK MANAGEMENT (CONTINUED) THE ERM FRAMEWORK PROVIDES FOR RISK MANAGEMENT ACROSS THREE SEPARATE LEVELS 1 Enterprise Level Risks 2 Functional Level Risks 3 Site or Country Level Risks Enterprise Level Risks are primarily caused by events that affect the viability of the whole organisation and are assessed and monitored by the Board and Executive Leadership Team Functional risks refer to risks that specifically af fect the performance of functions/disciplines across the Group. They are more granular than Enterprise- Level Risks; but apply across the Group in every jurisdiction and asset. Site or Country Level Risks are informed by the Functional Risks however rated with the specific asset’ s or country’s risk context (e.g. implemented controls, site specific c onditions, prior site loss history etc). Figure 3: Risk Matrix Framework Likelihood Consequence Highly Unlikely Unlikely Possible Likely Almost Certain Category 5 HIGH HIGH SIGNIFICANT SIGNIFICANT SIGNIFICANT Category 4 MEDIUM HIGH HIGH SIGNIFICANT SIGNIFICANT Category 3 MEDIUM MEDIUM MEDIUM HIGH HIGH Category 2 LOW LOW MEDIUM MEDIUM MEDIUM Category 1 LOW LOW LOW LOW LOW Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Perseus Mining 2026 Annual Report28 RISK MANAGEMENT (CONTINUED)RISK MANAGEMENT (CONTINUED) Figure 4: A summary of our current Enterprise level risks (continued) RISK CONTROL MEASURES AND MANAGEMENT SYSTEMS RESIDUAL RISK LEVEL Environmental Stewardship: Including water stewardship, hazardous materials, biodiversity, air, land use, closure and climate change • Go vernance framework guided by ISO 14001:2026 underpinned by Environmental Impact Assessments conducted to international standards. • Climat e-related assessment and Scenario Analysis conducted and disclosed, in accordance with AASB S2 Standard. • En vironmental monitoring undertaken across all operations, covering key areas including surface and groundwater, tailings, biodiversity and progressive rehabilitation, with performance tracked against internal standards and applicable regulatory and permit requirements. HIGH Resource Growth and Replenishment • Bo ard and Technical Committee oversight and guidance. • Resour ce and Reserve replenishment and extension programme and funding. • C ontinuous review of Merger and Acquisition opportunities. • Miner al Resource and Ore Reserves reported and updated annually in line with applicable codes (such as JORC, NI43-101 and stock exchange listing rules). • Str ategic and life of mine plans updated annually. HIGH *FY25 Medium Category Financial Sustainability • T reasury Management processes including established commodity hedging mandate. • E stablished Business Planning processes to ensure development covering long term life of mine plans, budgeting and forecasting. • Syndicat ed loan facility for US$400 million. • Ongoing Div ersification of portfolio. • E stablished Risk Management processes covering critical operational risks. • Go vernment Engagement Strategy to ensure ongoing engagement with Governmental authorities. • Insur ance programme for business interruption events. HIGH Cybersecurity • Inf ormation Security Management System. • Engagement of spec ialist partners and solutions to reduce potential cyber security events. • Alignment t o frameworks: ISO27001 and ASD Essential 8 recommendations. • Independent r eview and monitoring for early identification of potential cyber related events. • Industr y leading security appliance hardware, end point protection and management software. • End-user a wareness and training sessions. HIGH Stakeholders and Community • Soc ial Impact Assessments conducted to international standards, embedded in environment and community governance. • Go vernance including community and social performance framework, policies, and standards. • A ctive engagement with communities, traditional authorities, Governments and other stakeholders. • Gr ievance mechanisms across all jurisdictions. • Maximise benefits in host c ommunities and countries through employment, training, procurement and social investment. • A ctively engage investors and analysts and other stakeholders on a wide range of financial and ESG issues. MEDIUM *FY25 High Category Figure 4: A summary of our current Enterprise level risks RISK CONTROL MEASURES AND MANAGEMENT SYSTEMS RESIDUAL RISK LEVEL Security of our People and our Business • Moni toring security threats and emerging issues through global and national advisory services, government security intelligence and local engagement. • Secur ity teams and management plans at operations; with regional oversight. • In- country travel risk management programmes, with 3rd Party emergency assistance, evacuation, and personnel tracking support. • St aff security awareness training; internal security audit programmes. • Secur ity approach aligned with the Voluntary Principles of Security and Human Rights. HIGH *FY25 Significant Category Political and Government Risk • Go vernment Engagement Strategies in place for each jurisdiction, spanning national, regional and local levels. • C ontinuous monitoring of regulatory developments, country risk trends and emerging issues, escalated to Management and Board. • Geogr aphic diversification of resource portfolio. • C ollaboration with industry associations, including Chamber of Mines representation in all jurisdictions. • E xperienced in-country Management, including legal and government relations expertise, in place across all jurisdictions. • A greements with the Ivorian and Tanzanian governments setting out development and operating frameworks including any applicable exemptions. HIGH *FY25 Significant Category Health, Safety and Wellbeing of our employees, contractors and communities • He alth and safety governance framework aligned with ISO 45001:2018, with ultimate aim of zero harm and empowering workers to speak up. • Saf ely Home Every Day (SHED) company-wide programme to drive behaviours define systems and tools. • F atal Risk Management, Critical Controls and verification tools with regular audits to verify effectiveness. • Quanti fied KPIs tracked through scorecard and monthly reporting. • Soc ial Impacts Assessments conducted to international standards, embedded in our environment and community governance. HIGH Operational and Asset Performance • E stablished Business Planning processes to ensure development covering long term life of mine plans, budgeting and forecasting. • Oper ational management and reporting. • F ocused contractor management supported by Contract Management Framework. • Maint enance Standard, systems schedules and processes. • Fix ed Plant Maintenance strategies. • Ef fective grade control and mine reconciliation. HIGH Tailings Management • T ailings Management Policy and Standard including downstream construction method utilised for all tailings dams and annual audits of Tailings Storage Facilities by external independent parties. • T ailings Storage Facilities managed under the guidance GISTM & 3rd party audited to certify suitability for continual impoundment of tailings. HIGH Ethical Culture, Compliance and Conduct • C ode of Business Conduct, Anti-Bribery and Corruption Management System, Whistleblower Policy, Compliance Management System and transparently reporting our economic contributions. • Financ ial systems controls. • Cle arly articulated organisational values (Teamwork, Integrity, Commitment and Achievement). • Mandat ory compliance Training with Board oversight. HIGH 29Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review RISK MANAGEMENT (CONTINUED)RISK MANAGEMENT (CONTINUED) 31 SUSTAINABILITY DISCLOSURES MATERIALITY Perseus determines which sustainability topics are most material to our business and stakeholders through a double materiality assessment process. It informs our sustainability strategy and allows us to develop a comprehensive understanding of sustainability impacts, risks and opportunities, impacting our Company and stakeholders. During FY26, we conducted a review of our existing materiality assessment to confirm that the material topics identified continue to reflect the sustainability issues most relevant to our business and stakeholders. This review did not constitute a full reassessment; rather, it served as a check-in to validate current priorities and identify any emerging issues warranting closer attention. Access Appendix 2 of our Sustainable Development Report to read about this process and our sustainability risks and opportunities in detail. SUSTAINABILITY PERFORMANCE Every year, Perseus publishes its Sustainable Development Report, outlining its performance across material sustainability topics for the previous financial year. We encourage st akeholders to read the report to understand our sustainability strategy and to explore our progress in more detail. FY26 Material Topics PRIORITY MATERIAL TOPICS MATERIAL TOPICS Environmental • T ailings management • Mine c losure and rehabilitation • W ater stewardship and management Social • He alth and safety • L ocal community engagement, employment and development • Labour r elations and management • Emplo yee development, training and education • W orkforce diversity and equal opportunity • Secur ity of employees • Emplo yee working conditions, wages and benefits • Reset tlement, land and resource rights • Ar tisanal and small-scale mining Governance • Geopoli tical risk management • E conomic contribution Perseus Mining 2026 Annual Report30 Perseus Mining 2026 Annual Report Scan to Access our Sustainable Development Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CONTENTS CLIMATE REPORT 32 Significant judgements 34 K ey sources of measurement uncertainty 3 5 DIRECTORS’ DECLARATION 36 GO VERNANCE 38 Board and committee oversight 38 Bo ard skills and experience 40 Ov ersight of target-setting and remuneration 4 1 Management oversight 4 1 RISK MANAGEMENT 44 Identification process 44 A ssessment process 44 Int egration, prioritisation and monitoring 4 5 STRATEGY AND RESILIENCE 46 Climate scenario analysis 46 Climat e-related risks and opportunities 4 8 Climate resilience assessment 56 METRICS AND TARGETS 57 Greenhouse gas emissions 5 7 Cross industry metrics 58 APPENDIX 1: BASIS OF PREPARATION 5 9 Material information 59 Int egrated assessment models 59 Financ ial impact methodology 59 Gr eenhouse gas emissions measurement approach, inputs and assumptions 59 FY26 AASB S2 Climate-related Financial Disclosure For the reporting period 1 July 2025 to 30 June 2026 CLIMATE REPORT (CONTINUED) CLIMATE REPORT Perseus Mining 2026 Annual Report32 The Group’s Climate Report (Climate-related Financial Disclosures) (‘this report’) has been prepared in accordance with the Australian Accounting Standards Board (‘AASB’) Sustainability Reporting Standard S2 Climate-related Disclosures and the requirements of s296D(1) of the Corporations Act 2001 (Corporations Act). ABOUT THIS REPORT This report sets out how climate change could affect the Group’s prospects and how Perseus governs, assesses and manages its response. The Group considers the physical risks (the physical effects of climate change, both acute and chronic), transition risks (those arising from the move to a lower-carbon economy) and opportunities that could reasonably be expected to affect its prospects as part of how it sets and delivers its strategy. Perseus assessed its exposure against climate scenarios spanning ~1.5°C to 3.0°C+ warming, over three quantified horizons: short term (to 2030), medium term (to 2035), and long term (to 2045), with the long term considered qualitatively only at the Group level. This report includes forward-looking statements and climate-related information prepared in accordance with AASB S2, including scenario analysis, climate-related risk and opportunity assessments, and greenhouse gas emissions projections. By their nature, these involve inherent uncertainty, as they relate to events and circumstances that have not yet occurred. They are based on information available, and assumptions Perseus considered reasonable, as at the reporting date, and actual outcomes may differ from those anticipated. REPORTING ENTITY AND BOUNDARIES This report is prepared on a consolidated basis in respect of Perseus Mining Limited (‘Perseus’ or the ‘Company’) and its controlled entities (together, the ‘Group’) for the same consolidated reporting entity and reporting period as the Group’s Consolidated Financial Statements, covering the period 1 July 2025 to 30 June 2026. There are no associates, joint ventures, or non-controlled interests that differ from the boundaries applied in the Group’s consolidated financial statements. The operational and jurisdictional scope of the Group’s activities during the reporting period comprised: • E dikan Mine (Ghana - Central Region) • Y aouré (Côte d’Ivoire - Sassandra-Marahoué Region) • Sissingué Mine (C ôte d’Ivoire - Savanes Region) • Ny anzaga Gold Project (Tanzania - Mwanza Region) • Me yas Sand Gold Project (Sudan) for the period prior to divestment on 23 April 2026 • C orporate offices in Perth, Dubai, Abidjan, Accra and Dar es Salaam The scope of the Climate-related Physical and Transition risk assessments covers the Group’s three mining and one development assets. Corporate offices have been excluded on the basis that they were not assessed as exposed to material climate-related risks and do not represent material assets or operations of the Group. The Sudan project was excluded from the risk assessment scope in light of the divestment during the period. These exclusions apply to the risk assessment scope only; all sites under the Group’s operational control remain within the greenhouse gas emissions boundaries as set out in Appendix 1: Basis of Preparation. The presentation currency of the climate-related financial disclosures is the United States dollar (USD), which aligns to the presentation currency used in the consolidated financial statements. 33Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) TRANSITION RELIEFS APPLIED Perseus is applying first-year transition reliefs in this disclosure as permitted under AASB S2, specifically, relief from the requirements to: a. Disclose comparative information b. Disclose Scope 3 greenhouse gas (GHG) emissions information ASSURANCE PwC provided limited assurance over specific Climate Report disclosures in accordance with ASSA 5010 timelines. Refer to PwC’s Independent Auditor’s Report on page 61 for further details. Perseus Mining 2026 Annual Report34 35 SIGNIFICANT JUDGEMENTS Perseus Mining 2026 Annual Report KEY SOURCES OF MEASUREMENT UNCERTAINTY JUDGEMENT SUMMARY Identification of material risks and opportunities Judgement was applied in identifying the climate-related risks and opportunities that could reasonably be expected to affect Perseus’s prospects. Perseus makes two distinct materiality judgements for each climate-related risk and opportunity: • Disc losure materiality: see Material Information in Appendix 1: Basis of Preparation for the full definition. This determines what is disclosed and the level of detail. • Financ ial-statement materiality: whether the item gives rise to a material adjustment to the carrying amounts of assets and liabilities, or a significant risk of such within the next annual reporting period. This whole process is detailed in the Risk Management section. Selection of climate scenarios The Climate Scenario Analysis was undertaken in accordance with the requirements of the Corporations Act 2001 and the Climate Change Act 2022. Judgement was applied in selecting the three NGFS scenarios used for modelling and analysis. The selection of three scenarios reflects a judgement that the Delayed Transition scenario provides additional analytical value by capturing the financial consequences of late-acting policy, which presents a distinct risk profile from both an orderly and a no-action pathway. See the Strategy and Resilience section. Selection of Integrated Assessment Models (IAMs) Judgement was applied in the decision to use outputs from two of the three available IAMs. See Integrated Assessment in Appendix 1: Basis of Preparation. Climate-related opportunities Climate-related opportunities were considered as part of Perseus’s overall climate risk and opportunity assessment. While potential opportunities relating to energy and water efficiency were acknowledged, management concluded that these opportunities are not currently expected to affect the Group’s prospects. This reflects the early-stage nature of the opportunities, the absence of defined projects or committed investments, and the uncertainty associated with estimating potential benefits at this stage. SOURCE DESCRIPTION Reliance on externally developed scenario data The financial impact assessment relies on carbon pricing trajectories, energy price projections, physical hazard indicators, and macroeconomic assumptions sourced from the Network for Greening the Financial System (NGFS) Scenario Explorer and the GCAM 6.0 and REMIND-MAgPIE 3.3–4.8 IAMs. These inputs are inherently uncertain and may evolve significantly over time as climate science, policy settings, and technology adoption rates develop. The variation between IAM outputs is reflected in the ranges presented throughout this disclosure. See Integrated Assessment Models in Appendix 1: Basis of Preparation. Uncertainty in future carbon pricing trajectories Carbon pricing assumptions are derived from NGFS shadow carbon prices, which represent the estimated cost of emissions under each scenario’s assumed policy pathway. These prices are not observable market prices and are subject to significant uncertainty, particularly in jurisdictions — including Ghana, Côte d’Ivoire, and Tanzania — where carbon pricing legislation has not yet been enacted. The actual carbon prices that may apply to Perseus’s operations in the future may differ significantly from those assumed. See Integrated Assessment Models in Appendix 1: Basis of Preparation and the Strategy and Resilience section (Introduction of carbon pricing and policy change). Sensitivity of Net Present Value outcomes to the discount rate The net present value of Free Cash Flow to Firm (FCFF) is particularly sensitive to changes in the discount rate. A change in Weighted Average Cost of Capital (WACC) from the 10% base case to 8% increases the Net Present Value (NPV) impact by approximately 15–18%, while a change to 12% reduces it by approximately 14–16%. This sensitivity means that climate-related changes to Perseus’s cost of capital — assessed qualitatively in the primary financial impact assessment — could materially affect overall financial impact estimates if incorporated into the discount rate. See Financial Impact Methodology in Appendix 1: Basis of Preparation. Uncertainty in Physical risk quantification Physical risk impacts have been quantified using scenario- specific uplift factors applied to current operational cost bases. These uplift factors are derived from externally developed climate models and involve significant uncertainty, particularly over longer time horizons and in regions such as Sub-Saharan Africa where historical climate data may be limited. Where there is high uncertainty and/or insufficient data, a qualitative assessment was applied. See Financial Impact Methodology as above. Limitation of the analysis to operating expenditure impacts The financial impact assessment quantifies climate-related impacts to operating expenditure only. Climate-related impacts to revenue, capital expenditure, asset valuations, provisions, liabilities, working capital, financing arrangements, and equity accounts have not been quantified, as no specific impacts in these categories were identified that could be reliably attributed to the assessed climate scenarios. The exclusion of these categories means that the financial impacts presented in this disclosure may not represent the full extent of Perseus’s climate-related financial exposure. See Financial Impact Methodology as above.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report36 37 DIRECTORS’ DECLARATION In the Directors’ opinion, the Directors have taken reasonable steps to ensure that the substantive provisions of the consolidated entity’s Climate Report (Climate-related Disclosures) for the financial year ended 30 June 2026, set out on p ages 32 to 60, are in accordance with the Corporations Act 2001, including: (a) sec tion 296C of the Act, including compliance with applicable sustainability standards, being the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures; and (b) sec tion 296D of the Act, in relation to the climate statement disclosures. This declaration is made in accordance with section 1707C of the Act, which provides that, for the first three years of mandatory sustainability reporting, the Directors are required to declare only that reasonable steps have been taken to ensure the report is in accordance with the Act. This declaration is made in accordance with a resolution of the Directors. Craig Jones Managing Director and Chief Executive Officer Perth, 26 August 2026 Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) GOVERNANCE This section describes the governance processes, controls and procedures used to monitor, manage and oversee climate-related risks and opportunities in accordance with AASB S2. Climate-related risks and opportunities are overseen by the Board, supported by the Sustainability Committee and the Audit and Risk Committee (ARC). These standing Committees assist the Board to consider different aspects of climate-related matters. Further detail on each body’s responsibilities, including Charter references, is set out in the Board and Committee Oversight table below. The Board receives updates on climate-related risks and opportunities where material, and disclosure and regulatory developments are provided through Committee and management reports tabled at scheduled Board and committee meetings. Perseus Mining 2026 Annual Report 38 39 BOARD AND COMMITTEE OVERSIGHT Perseus Mining 2026 Annual Report BOARD AND COMMITTEE OVERSIGHT (CONTINUED) CLIMATE-RELATED OVERSIGHT ROLE CLIMATE-RELATED OVERSIGHT ROLE FY26 ACTIVITIES AND OVERSIGHT FY26 ACTIVITIES AND OVERSIGHT GOVERNANCE BODY GOVERNANCE BODY Sustainability Committee Primary Board Committee-level vehicle for climate oversight; reviews sustainability strategy, disclosures, scenario analysis and sustainability management performance. Responsibilities include: - Re viewing and endorsing the Company’s sustainability strategy and priorities, including setting sustainability targets where commercially and operationally justified, benchmarks to indicate sustainability considerations into business decisions and alignment with external standards and principles. - Re viewing and monitoring the Company’s policies, management systems and performance to ensure compliance with ESG requirements, including climate-related disclosure requirements and AASB S2. - Ov erseeing the use of scenario analysis to inform the Board’s assessment of strategic resilience and appropriate performance metrics. - Ov erseeing and assessing sustainability reports and disclosures, including performance against sustainability goals and targets. - Moni toring trends and analysing current and emerging sustainability issues, including climate change, and evaluating their impact on the Company. - C onsidering ESG-related training requirements including climate related competencies to support oversight of climate risks, opportunities, and strategic decision making. - Making r ecommendations to the Board (via the ARC for enterprise level risk matters) on initiatives to manage material sustainability impacts. The Sustainability Committee Charter is available on the Corporate Governance section of the Company’s website. The Charter was updated during FY26 to reflect oversight of climate considerations. The Chair reported to the full Board following each meeting where relevant oversight items were included on the agenda. Summary of activities: - Climat e-related risks and opportunities considered at 4 meetings. - Ov ersaw the implementation of the Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures. - Re view of preliminary climate-related risks for further assessment. - C onsidered shortlist of climate-related risks for further assessment and selected scenarios for the analysis. - C onsidered and endorsed the climate risk and opportunity assessment findings, and disclosure positions adopted in the FY26 Climate Report for recommendation to the Board. - Endor sed the Company’s Climate Change and Energy Policy and made recommendation to the Board for approval. Board of Directors Ultimate oversight of climate-related risks, opportunities and strategic positioning. Responsibilities include: - Ov erseeing the Company’s sustainability strategy and framework, which sets out how the Company will address climate-related matters. - Appr oving overall strategy and monitoring performance, including climate-related strategic positioning. - Re viewing, monitoring and approving the Enterprise Risk Management (ERM) Framework, including climate-related risks. - Satisf ying itself that the Company operates within the Board-approved risk appetite. - Appr oving the annual Climate Report upon recommendation of the Sustainability Committee. - Appr oving the overall Remuneration Policy, ensuring alignment with the Company’s strategic objectives and risk appetite. Responsibilities are formally set out in the Board Charter, available on the Corporate Governance section of the Company’s website. The Charter was updated during FY26 to reflect oversight of climate considerations. Summary of activities: - Climat e-related risks and opportunities considered at three Board meetings. - Endor sed the Committee’s oversight of the adoption of Australian Sustainability Reporting Standard AASB S2 Climate- related Disclosures and received reports of implementation progress. - C onsidered reports on climate disclosure reporting and assurance and the assurance plan for the Climate Report. - C onsidered the shortlist of climate-related risks for further assessment and selected scenarios and assumptions for the analysis. - Appr oval of the Company’s Climate Change and Energy Policy. - Re viewed and endorsed the climate risk and opportunity assessment findings, validated the disclosure positions adopted in the FY26 Climate Report and oversaw that reasonable steps had been taken in preparing the Climate Report. - Re viewed and approved revised financial materiality thresholds in the ERM Framework. - Appr oval of FY26 Climate Report.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report40 41 BOARD AND COMMITTEE OVERSIGHT (CONTINUED) BOARD SKILLS AND EXPERIENCE The skills of individual Directors and the combined capabilities of the Board are evaluated regularly through a Board self-assessment process, with outcomes reviewed by the Nomination and Governance Committee and reported to the Board. The Board’s skills matrix sets out the skills, experience and expertise that the Board currently has or is looking to achieve in its membership. The Board remains satisfied that, as a collective, it has the skills, knowledge and experience needed to discharge its role and responsibilities, including those relating to climate-related risks and opportunities. The Board has identified climate change as a skill it is seeking to further develop, which will be addressed through a FY27 Director education programme. This programme is in development as at the time of reporting. During FY26, Directors of the Board attended a climate-related and AASB S2 disclosure briefing and educational session. Prior to the reporting period, Directors had also received training on the evolving climate-related reporting landscape and the implications for companies, and the responsibilities and duties of Directors in overseeing climate- related risks and opportunities. This training formed part of the Board’s ongoing development of climate-related capability, consistent with the development programme referenced above. The Sustainability Committee Charter does not prescribe specific individual climate expertise requirements for Committee members. However, the Committee’s mandate, spanning climate- related disclosures, scenario analysis, sustainability compliance and strategy, requires members to maintain relevant knowledge. Where internal knowledge requires supplementation, the Sustainability Committee Chair may arrange for management, external advisors and subject matter experts to attend and present at Committee meetings. OVERSIGHT OF TARGET-SETTING AND REMUNERATION The Sustainability Committee is responsible for reviewing and endorsing the Company’s sustainability strategy and priorities, including the setting of sustainability targets where commercially and operationally justified. Any formal climate-related targets, once established, would be approved by the Board upon recommendation of the Sustainability Committee. Perseus has not established formal emissions reduction targets at this time. This reflects the Company’s structured, Board-governed approach to target setting. As outlined in the Company’s Climate Change and Energy Policy available on the Company’s website (www.perseusmining.com). Perseus has established defined Transition Trigger Thresholds which, when met, would prompt Management and the Board to consider setting formal targets. Perseus is not currently subject to any emissions reduction targets imposed by law or regulation in any of the jurisdictions in which it operates. While Ghana, Côte d’Ivoire and Tanzania each maintain national emissions reduction commitments under the Paris Agreement, these do not impose entity-level targets on the Group’s operations. Perseus monitors regulatory developments in its operating jurisdictions, including the potential introduction of carbon pricing or mandatory reduction obligations, as part of its transition risk assessment and the Transition Trigger Thresholds described above. Climate-related considerations are not currently incorporated as a discrete performance metric in executive remuneration. Accordingly, 0% of Executive Leadership Team (ELT) remuneration recognised in the current period was linked to climate-related considerations. This position is consistent with the Company’s current approach as described above. MANAGEMENT OVERSIGHT The Managing Director & Chief Executive Officer (CEO), supported by the ELT, is responsible for the day-to-day management of the Perseus Group in accordance with Board-approved strategy, business plans and policies. Specific climate-related responsibilities are delegated to the Chief Corporate Affairs & Sustainability Officer, the Chief Financial Officer and the General Manager Health, Safety, Environment & Community, as outlined in the Company’s Climate Change and Energy Policy. Management uses a range of controls and procedures to support the oversight of climate- related risks and opportunities, integrated within the Company’s broader ERM Framework. These controls include the management of the Climate Change and Energy Policy, GHG emissions measurement and reporting systems, environmental management systems, risk management systems and regular reporting to the Sustainability Committee and ARC. Management reports on any material climate-related risk at scheduled Board Committee meetings, enabling timely escalation to the Board. The process by which risks are identified, evaluated and actioned within the ERM Framework is described in the Risk Management section of this report. The ARC also receives reports from internal audit on the adequacy of risk management processes, and from Management on new and emerging sources of risk and the controls and mitigation measures in place. In FY26, Management reported to the Sustainability Committee and ARC at each scheduled meeting, detailed in the Financial Report – Directors’ Meetings section. Perseus Mining 2026 Annual Report CLIMATE-RELATED OVERSIGHT ROLE FY26 ACTIVITIES AND OVERSIGHT GOVERNANCE BODY Audit and Risk Committee (ARC) Accountable for material enterprise level risks and the ERM Framework; consolidates and escalates risk reporting to the Board. Responsibilities include: - Re viewing and consolidating reporting from the Sustainability Committee on material sustainability risks, including climate-related risks. - Ov ersight of the climate-related financial and non-financial disclosures. - Repor ting to the Board on the management of all material business risks, including climate risks. - Moni toring management’s performance against the ERM Framework, including whether management is operating within the Board-approved risk appetite. - Re viewing reports from management on new and emerging sources of risk, and the controls and mitigation measures in place. - Re viewing internal audit reports on the adequacy of risk management processes. The ARC Charter requires that both the Technical Committee and the Sustainability Committee be represented in the ARC membership, ensuring cross-committee integration of climate and risk oversight. The Audit and Risk Committee Charter is available on the Corporate Governance section of the Company’s website. The Charter was updated in FY26 to include climate-related risks to the extent they constitute material enterprise risks and assurance activities for sustainability- related financial reporting. Summary of activities: - Climat e-related risks and opportunities considered at 2 meetings. - Re view of the external audit and adequacy for the Climate Report in line with AASB S2. - Endor sed revised financial materiality thresholds in the ERM Framework and made recommendation to the Board for approval.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report42 CLIMATE-RELATED CONSIDERATIONS IN DECISION-MAKING Sustainability considerations are embedded in the Company’s investment and acquisition review process, where relevant issues and considerations are assessed as part of due diligence and escalated to the ELT and Board, where considered material to the decision. Operational factors, including exposure to weather-related risks that may affect asset performance or business continuity, as well as energy mix and consumption, are considered as part of standard due diligence. No climate-related risks were identified as a material factor in investment decisions made during the reporting period and the Board did not consider any trade-offs. Perseus expects the role of climate-related information in decision-making to mature as the outputs of its climate scenario analysis and financial impact assessment are integrated into strategic planning, capital allocation and investment evaluation. 43 Perseus Mining 2026 Annual Report MANAGEMENT ROLE CLIMATE-RELATED RESPONSIBILITIES Managing Director and CEO / Executive Leadership Team The MD & CEO, supported by the ELT, is responsible for: - int egrating climate considerations into operational planning, investment evaluation and internal reporting processes; - appr oving the Company’s Climate Change and Energy Policy; - de veloping and maintaining the Group’s risk management systems and internal compliance and control mechanisms; - c onsidering climate-related physical impacts in mine design, planning, operations and closure activities; - moni toring energy Transition developments, including renewable energy and low-emissions technologies; and - c onsidering defined Transition Trigger Thresholds to determine when a change in strategy or formal transition response is warranted. Chief Corporate Affairs and Sustainability Officer The Chief Corporate Affairs and Sustainability Officer is responsible for: - pr eparing and maintaining key climate and sustainability governance documents, including the Climate Change and Energy Policy and the Sustainability Committee Charter; - o verseeing the alignment of the Company’s climate-related disclosures with applicable regulatory requirements, including AASB S2; - suppor ting the Sustainability Committee in overseeing sustainability reports, disclosures and performance against sustainability goals and public targets; - o verseeing the preparation and external disclosure of GHG emissions; - moni toring trends and emerging sustainability issues, including climate, and evaluating their impact on the Company. Chief Financial Officer The Chief Financial Officer’s relevant responsibilities include: - ensur ing climate-related risks are integrated consistently across the ERM process; - o verseeing the assessment of whether climate-related risks and opportunities give rise to material financial-statement effects; and - o verseeing the preparation of climate-related financial disclosures, including the current and anticipated financial effects and the related measurement uncertainty. Risk ownership is assigned to the relevant Executive in accordance with the ERM Framework. General Manager, Health, Safety, Environment, Community (GM HSEC) The GM HSEC’s relevant responsibilities include: - o verseeing the measurement and monitoring of Scope 1 and Scope 2 GHG emissions, emissions intensity per ounce of production, energy consumption and intensity, and relevant Scope 3 emissions where material; - assessing c limate-related physical impacts in mine design, planning, operations and closure activities; and - implementing and maint aining environmental management systems and controls relevant to climate-related physical risks.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review INTEGRATION, PRIORITISATION AND MONITORING CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) RISK MANAGEMENT Perseus’s climate-related risks and opportunities are identified, assessed, prioritised, and monitored within the C ompany’s ERM Framework, the same framework used to manage all risks across the Group. The ERM Framework is based on ISO 31000:2018 Risk Management — Guidelines and operates across three levels: Enterprise, Functional and Site or Country, with further detail provided on pages 24 to 26 of the Annual Report. Perseus manages climate-related risks pursuant to its Risk Management Policy and Risk Management Standard, consistent with this Framework. The Board and ARC set the Group’s Risk Appetite and provide oversight of enterprise-level risks, with the ELT, through the Managing Director & CEO, delegated responsibility for risk management execution. Perseus Mining 2026 Annual Report 44 45Perseus Mining 2026 Annual Report IDENTIFICATION PROCESS ASSESSMENT PROCESS Potential climate-related risks and opportunities were identified through desktop analysis and peer benchmarking based on publicly disclosed information from comparable entities, and a review of climate projections and weather pattern data from authoritative sources for each of Perseus’s operating jurisdictions and development project locations. This process identified a long-list of Physical and Transition risks and opportunities with potential to affect the Company’s prospects. Following an internal validation process to identify the material climate-related risks and opportunities, a shortlist of six risks were qualified and carried forward for Scenario Analysis and financial assessment. Climate- related Scenario Analysis was used to test the materiality of each identified risk across a range of three plausible climate pathways. Further details about the Climate Scenario Analysis is included in the Strategy and Resilience section of this report and Appendix 1: Basis of Preparation. • E ach risk is assessed for Consequence (financial and non-financial) and Likelihood, beginning qualitatively, with the ERM financial impact thresholds applied where outputs are available. • Quali tatively, Perseus considered the nature of each risk recognising that a risk may warrant disclosure even where its modelled financial impact is limited. • Quanti tatively, Perseus assesses each risk’s potential financial effect on two bases: the effect on net cash flow in any single year, and the cumulative effect on net cash flow over the LOM, both measured through the ERM Consequence Categories. The Group applies both because its planning horizon, asset values, capital allocation and closure obligations are framed around the operating life of each mine, and because primary users assess the Group on both an annualised and a LOM basis. • Lik elihood reflects the probability of each climate scenario materialising within the Company’s operating context over the relevant time horizon. • Risk s that could not be reliably quantified were assessed qualitatively where measurement uncertainty is too high to produce reliable outputs. Climate change has been established as a Functional risk within the ERM Framework. The identified climate-related risks sit beneath this, each set up as a stand-alone risk or linked to the most relevant risks and managed through that risk’s existing controls. For example, Carbon Pricing Risk has been linked to the “Long-term liquidity” and “Regulatory/policy changes” risks; Supply Chain Disruptions Risk linked to weather events are incorporated within the existing “Supply Chain Volatility risk”; and weather events are linked to the “Operational Performance risk”. Climate-related risks are prioritised using the same consequence and likelihood criteria applied as all other Company risks. This determined the level at which each climate risk is managed within the three levels of the ERM structure. Similar to all other risks within the ERM Framework, climate-related risks are assigned controls, actions, review dates and risk owners. Reviews are conducted across all ERM levels, periodically reviewed at the ELT level, and Enterprise risks are reviewed by their respective Board committee as a standing agenda item, including the ARC and Sustainability Committee, with any material enterprise-level risks escalated to Committee and Board level as appropriate. The internal audit function reviews key material risks on a rotating basis through its annual plan, approved by the ARC. FY26 represents the first period in which climate-related risks have been formally embedded in the ERM Framework as discrete, documented risks. This represents the primary change in Perseus’s climate risk management processes compared with the prior reporting period.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) STRATEGY AND RESILIENCE Perseus’s strategy centres on building and managing a diversified portfolio of gold mining operations an d projects across Ghana, Côte d’Ivoire, and Tanzania, with growth supported through targeted exploration programmes and acquisitions. The physical impacts of climate change and the transition towards a net-zero emissions economy are likely to impact areas of the business and parts of the Company value chain to varying degrees and over different timeframes. Perseus manages these effects as part of its broader business and risk management activities, including operational responses and management of risk exposures through the ERM Framework, and monitoring the regulatory, market and investment landscape in which it operates. This section sets out how climate-related risks and opportunities could affect Perseus’s strategy, business model and financial position, and how resilient that strategy is to a range of plausible climate futures. As that understanding is built on Climate Scenario Analysis, we first describe the scenarios and time horizons used, then the risks identified through our risk management process, how we are responding to them and their potential financial effects, before concluding on the resilience of the Group. Perseus expects this assessment of how climate change affects its operations, supply chains and markets to deepen as data quality and analytical methods improve over successive reporting periods. CLIMATE SCENARIO ANALYSIS A Climate Scenario Analysis7 of the shortlist of climate-related risks was conducted during the reporting period across three climate scenarios and three time horizons, covering all four operational and development sites. Quantitative analysis was undertaken across the short (2030) and medium (2035) term horizons; the long-term horizon (2045) was considered qualitatively at a portfolio level only. Scenarios and time horizons selected for the Climate Scenario Analysis Perseus’s Climate Scenario Analysis was based on three scenarios from the NGFS: Net Zero 2050, Delayed Transition, and Current Policies. The scenarios were selected to provide coverage of a diversity of potential climate warming outcomes and policy trajectories, including an orderly transition aligned with the Paris Agreement, through to a disorderly transition, and a high-warming trajectory. Collectively, the scenarios enable assessment of both Transition-dominant and Physical risk-dominant conditions. Scenarios are illustrative tools for assessing potential climate-related financial exposures. They are not forecasts or predictions of future outcomes. The following assumptions were held constant across all three scenarios and both quantitative time horizons: • Ener gy mix does not change by scenario. • C apital allocation for decarbonisation and climate adaptation is zero. • Gold pr ice held constant across scenarios and time horizons. • P roduction volumes do not change across scenarios. • W ACC held constant at 10%. • Suppl y chain locations held constant across scenarios are: Asia (China, India, Korea, Taiwan, Sri Lanka), Europe (Spain, France, Belgium, Germany), Middle East (Turkey), and Africa (Tunisia, Ghana, Côte d’Ivoire, South Africa). By 2030, Nyanzaga is assumed to have a broadly similar supply chain profile. Further detail regarding modelling assumptions and methodology can be found in Appendix 1: Basis of Preparation. The Group considers its strategy over the following three time horizons. These timeframes are aligned to the Group’s strategic priorities, portfolio activity and life of mine (LOM). Perseus Mining 2026 Annual Report46 47 7 Climat e-related Scenario Analysis models a range of plausible future climate conditions, incorporating both Physical impacts and Transition pathways. It assesses how these scenarios may affect an entity’s operation, cash flows, and strategic position through both qualitative and quantitative analysis. Perseus Mining 2026 Annual Report NGFS Net Zero 2050 (aligns to ~1.5°C) Low Physical risks and high Transition risks Tests exposure to steep and immediate carbon price escalation, with high costs applied to Scope 1 and Scope 2 emissions and emissions-intensive energy inputs across all mine sites. It represents the upper bound of near-term Transition risk and is aligned with the Paris Agreement 1.5°C goal. NGFS Delayed Transition (~1.7-1.8°C) Medium Physical risks and medium-high Transition risks Tests resilience to a disorderly Transition, where moderate near- term costs are followed by sharper and more disruptive carbon pricing and market adjustments from 2030 onwards. It also tests exposure to increasing requirements from international financiers, refiners and downstream customers ahead of domestic policy action. NGFS Current Policies (aligns to well above 2°C (~3°C)) High Physical risks and low Transition risks Tests resilience to severe and escalating physical hazards resulting from approximately 3°C of warming, including drought, heat stress and supply chain disruption across African operations. It represents the upper bound of physical risk across the asset portfolio. Short Term (2030) By this date, Perseus expects all four currently owned mines to be in operation, representing peak portfolio activity and Scope 1 and 2 greenhouse gas emissions to be near their peak. Climate-related risks at this point are therefore most relevant to assessing Transition risk exposure, particularly carbon pricing under Net Zero 2050. Medium Term (2035) Aligns with the final stages of production at Perseus’s two remaining mines, Nyanzaga and Yaouré. Key Transition risks in this period include sustained carbon pricing, energy-system transformation costs, and potential repricing of climate-related risk in capital markets. These impacts are not expected to restrict Perseus’s access to capital, particularly given its ASX listing and access to a more liquid equity market, though they may influence the cost of equity in relation to investors and lenders if greater weight is placed on emissions intensity, Transition preparedness, or Physical risk exposure. Long Term (2045) Long term horizon extends beyond Perseus’s current line-of-sight to specific assets, which does not presently extend beyond approximately 2037. Quantitative analysis was excluded due to a high degree of uncertainty concerning Perseus’s asset portfolio and operating profile beyond current mine plans. CLIMATE SCENARIOS TIME HORIZONS AND STRATEGIC RELEVANCE
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) CLIMATE-RELATED RISKS AND OPPORTUNITIES Of the six identified climate-related risks, four were assessed as having a lower significance of impact on the Group’s prospects across all scenarios and time horizons. Management determined that these risks are not expected to result in current or anticipated financial impacts that are material to the Group’s prospects over the assessment period. Nevertheless, Perseus acknowledges that users of this report may reasonably expect these risks and opportunities to be relevant to a gold mining company operating in West and East Africa. Accordingly, they have been identified, described and responded to below. These matters continue to be monitored through the ERM Framework and will be reassessed as conditions evolve. Perseus’s responses are integrated into existing operational budgets and business processes. Where a response requires a significant capital expenditure, it is assessed through the Company’s capital allocation process prior to implementation. Perseus has not identified specific capital allocation for decarbonisation or climate adaptation investments in the reporting period, and no quantitative adjustments to capital expenditure have been identified. PHYSICAL CLIMATE RISKS Perseus Mining 2026 Annual Report48 CHRONIC PHYSICAL RISK: INCREASE IN HEAT AND HOT DAYS Exposure to more frequent hot and extreme-heat days that can reduce workforce productivity and raise operating costs. A projected increase in hot days and extreme heat may reduce worker productivity. Affected mines may need to increase operating expenditure (OPEX) to maintain the same level of production. Our response Occupational health and safety standards and procedures cover heat-stress management, fatigue management, fitness for work, health-monitoring protocols and clinic-consultation trend analysis. Access to drinking water, shaded rest areas and shift management are in place, alongside fire prevention, protection and preparedness including collaboration with local authorities. Ongoing review and maintenance of water-management plans and water balances. Projected hot and extreme-heat days are already experienced and managed under current operational controls, so no changes to the business model or resource allocation are required to address this risk. Financial effect Assessed as low across all three scenarios in both the short (2030) and medium (2035) term. Physical risks carry relatively low near-term financial impact, with more pronounced effects expected over longer time horizons under higher-warming scenarios. No material adjustment to the carrying amounts of assets or liabilities is anticipated within the next annual reporting period. Time horizons SHORT TERM MEDIUM TERM LONG TERM Low across all scenarios in the short and medium term; impacts more pronounced over life of mine under higher warming. Potential consequence Heat reduces worker productivity, increasing the labour cost required to maintain production, raising OPEX. Value chain Own operations - operating and development assets 49Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report50 51 REPUTATION TRANSITION RISK: CHANGES TO COST OF CAPITALCHRONIC PHYSICAL RISK: INCREASE IN DROUGHT Exposure to shifts in investor and lender sentiment that could raise the cost of capital and constrain market access. Shifts in investor and lender sentiment driven by climate considerations could affect Perseus’s cost of equity and access to capital markets. Exposure to increased drought conditions that threaten water availability and operational continuity at mine sites. Increased drought conditions pose a risk to operational continuity, particularly in relation to water availability at mine sites. Our response Perseus’s current predominantly self-funded position limits near-term exposure to changes in the cost of capital. The business recognises that effective carbon-management practices can be a key lever to reduce the cost of debt over time, and has undertaken a WACC sensitivity analysis as a resilience assessment across short and medium term. Our response Perseus actively manages water resources across its sites through established stewardship practices — water-resource reviews, pumping management and water recycling. The Company engages local communities on water-resource management, assisting sanitation infrastructure, agricultural dams and water-bore installations. Although Yaouré sits in an area of increased drought risk, it is located on the shores of Côte d’Ivoire’s largest lake, a monitored water resource. Perseus plans to continue strengthening its water stewardship, including improvements to water-data management and FY27 updates to site water-balance models and water- management plans. Financial effect Not quantified. Perseus is currently predominantly self-funded, and the impact of climate-related capital-market repricing is not considered material in the short term. The absence of reliable data — together with uncertainty over the timing of future capital requirements — precludes quantification of the effect on the cost of equity and debt. A supplementary WACC sensitivity analysis has been conducted as a resilience assessment rather than a primary financial-impact estimate. Financial effect Not quantified. The primary impact pathway is reputational, manifesting through strained community relations in water-stressed regions as declining surface water increases reliance on groundwater extraction. Potential water-pumping cost increases are captured within supply-chain cost estimates. The basis for not quantifying is set out under Key sources of measurement uncertainty in Appendix 1: Basis of Preparation. Time horizonsTime horizons SHORT TERMSHORT TERM MEDIUM TERMMEDIUM TERM LONG TERMLONG TERM Emphasis medium term; exposure present across both short (2030) and medium (2035) term under all scenarios. Short and medium term under Current Policies and Delayed Transition; peak exposure medium term (2035) under Current Policies. Potential consequence Investor and lender repricing of climate risk increases the cost of equity and debt, raising the Weighted Average Cost of Capital (WACC) and reducing the present value of future free cash flows - adversely affecting the NPV of FCFF. Potential consequence Declining surface-water availability increases reliance on groundwater extraction, heightening community tension and reputational risk, with potential for operational restrictions and higher water-management costs in OPEX. Value chain Corporate and financing - ASX-listed entity; capital-market and lender relationships; future project-development pipeline. Value chain Own operations - Edikan, Yaouré and Sissingué (short term); Yaouré only (medium term). Surface and groundwater resources at mine sites. Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report52 53 Of the six identified climate-related risks, two were assessed as having the greatest potential to affect the Group’s prospects across the assessed scenarios and time horizons. Accordingly, these risks were prioritised for quantitative assessment which includes assessment of the current and anticipated financial effects, consistent with the materiality approach described in Appendix 1: Basis of Preparation under Material Information. (see following pages) ACUTE PHYSICAL RISK: WEATHER DISRUPTIONS IMPACTING OPERATIONS AND SUPPLY CHAINS MARKET TRANSITION RISK: CHANGES TO COST OF INSURANCE SELECTED FOR DETAILED FINANCIAL DISCLOSURE Exposure to more frequent and severe extreme weather that can disrupt operations and consumables supply chains. As global temperatures rise, extreme weather events are expected to become more frequent and severe, increasing the risk of supply-chain disruptions. Additional working capital may be needed to manage inventory and maintain continuity of supply, and consumables inventory may need to increase due to localised impacts such as flooding delaying site deliveries. Exposure to rising insurance premiums driven by more frequent and severe climate-related events. Increasing frequency and severity of climate-related events is expected to drive up insurance premiums, and operational costs for Perseus. Our response Sites are resourced with firefighting and general emergency-response equipment. Tailings storage facilities and water-storage dams are designed and managed with appropriate freeboards, a heavy- vehicle fleet maintains roadways affected by weather events, and surface-water management infrastructure is engineered to handle significant stormwater. Supply-chain preparedness, including minimum stock-level management, is in place. Weather forecasts are monitored to prepare sites ahead of events, and weather-related risks are monitored across operating jurisdictions with supply-chain continuity managed through inventory practices. The Company’s ERM processes are dynamic and will adapt as the frequency and severity of extreme weather in its host jurisdictions increases. Our response Perseus acknowledges that significant rainfall events will occur and present increasing climate risk to its operations and assets. Surface-water and flooding controls are in place across physical assets and infrastructure to manage this exposure. The risk will continue to be monitored through the Company’s ERM Framework and reassessed as conditions evolve. Current financial impact (FY26) No material weather-related disruptions to operations or supply chains have been identified in the current reporting period. Operations remain exposed to acute physical hazards — including flooding and extreme weather — that could delay operations or consumables deliveries. No material impacts have been identified on capital expenditure, asset valuations or the balance sheet, and no material adjustment to carrying amounts is anticipated within the next annual reporting period. Anticipated financial impact (2030–35) Weather disruptions may increase operating costs through higher consumables-inventory requirements and water-pumping costs to 2035. Impacts are present under Delayed Transition and Current Policies, most significant in the short term, with the maximum projected OPEX impact in 2030 under Current Policies. Exposure becomes increasingly concentrated at Nyanzaga and Yaouré as shorter-life assets cease operations. Absolute magnitude remains within ordinary operating- cost variability and is not considered a material anticipated financial impact. Financial effect Assessed as low across all three scenarios in both the short (2030) and medium (2035) term, peaking under Current Policies in the medium term (2035). Given the surface-water and flooding controls in place and the time horizons driven by life of mine, the financial impact of potential insurance-premium rises over that period is considered immaterial. Time horizons Time horizons SHORT TERM SHORT TERM MEDIUM TERM MEDIUM TERM LONG TERM LONG TERM Peak exposure short term (2030) under Current Policies; risk becomes more elevated over the full life of mine. Low across all scenarios in the short and medium term; peak exposure under Current Policies in the medium term (2035). Potential consequence Extreme weather such as flooding and storms delays consumables deliveries to site, increasing inventory holdings and water- pumping costs and raising OPEX. Potential consequence Increased frequency and severity of physical climate events drive higher insurance premiums and more restrictive coverage terms, raising OPEX. Value chain Own operations and the upstream consumables supply chain - logistics corridors serving sites in West and East Africa. Value chain Own operations - physical assets and infrastructure. Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report54 POLICY & LEGAL TRANSITION RISK: INTRODUCTION OF CARBON PRICING AND POLICY CHANGE SELECTED FOR DETAILED FINANCIAL DISCLOSURE Exposure to carbon pricing and policy change that imposes additional cost on energy- intensive operations. The introduction or tightening of carbon-pricing mechanisms and related policy changes could significantly increase OPEX for Perseus’s operations, which are energy-intensive and reliant on diesel and grid electricity. Our response Perseus monitors all regulatory developments, including the potential for carbon pricing, across its host jurisdictions through established mechanisms. The Company will reassess its position if and when carbon-pricing legislation is introduced. Current financial impact (FY26) No carbon-pricing mechanism has been formally implemented in Perseus’s operating jurisdictions, and no direct carbon cost has been incurred in the current reporting period. Operations are exposed to emissions-intensive energy inputs — gas at Edikan, diesel across all sites, and grid electricity at Yaouré and Nyanzaga — the costs of which are reflected in current operating expenditure. No material impacts have been identified on capital expenditure, asset valuations or the balance sheet, and no material adjustment to carrying amounts is anticipated within the next annual reporting period. Anticipated financial impact (2030–35) Carbon pricing and energy-cost escalation may increase operating costs and reduce EBITDA and Free Cash Flow to Firm to 2035. Under Net Zero 2050, impacts are pronounced in both the short and medium term, driven by high carbon prices applied to all sites and translating to an equivalent reduction in net cash flow. Impacts are lower but present under Delayed Transition and Current Policies. Exposure becomes concentrated at Nyanzaga and Yaouré as shorter-life assets cease operations. The anticipated financial impact is assessed as not material. Time horizons SHORT TERM MEDIUM TERM LONG TERM Short and medium term across all scenarios; peak absolute exposure under Net Zero 2050 in the short term (2030). Potential consequence Carbon pricing applied to Scope 1 and 2 emissions, combined with energy-price escalation, increases the cost of energy-intensive mining and processing and raises OPEX. Value chain Own operations - diesel-reliant across all sites, gas at Edikan, and grid electricity at Yaouré and Nyanzaga. TRANSITIONAL CLIMATE RISKS The quantitative assessment undertaken during the reporting period found: • Ph ysical risks carry relatively low financial impact across all scenarios in the short and medium term, with more pronounced impacts expected over longer time horizons, particularly under higher warming scenarios. • T ransition risks represent the more significant near-term exposure, with carbon pricing the dominant financial risk driver, most prominently under a Net Zero 2050 pathway, where operating cost impacts are expected to increase in both the short and medium term. • Climat e-related risks are concentrated in the Group’s four operating and development assets — Transition-risk exposure in emissions-intensive energy inputs across all sites, and physical-risk exposure at Yaouré. As shorter-life assets cease operation, residual exposure concentrates at Yaouré and Nyanzaga. No significant risk of a material adjustment to the carrying amounts of assets or liabilities within the FY26 and next annual reporting period has been identified for any of the identified risks and opportunities. Portfolio-level qualitative observations on long-term climate risk are set out in the Climate Resilience section of this report. Financial materiality conclusion The Company does not expect a material change to its financial position over the assessment period as a result of climate-related risks: no material effects on capital expenditure, asset valuations or the statement of financial position have been identified, and no capital has been specifically allocated to decarbonisation or adaptation. Quantified impacts were determined to be not material across all assessed time horizons and pathways, notwithstanding the absolute scale of operating cost exposure under the Net Zero 2050 scenario. Management has determined that the quantified climate-related financial impacts do not meet the threshold for recognition or adjustment in the financial statements, and qualitative disclosure is considered sufficient to meet the information needs of users. This reflects the largest modelled impact arising under the least likely scenario given current global policy trajectories, the absence of carbon pricing mechanisms in Perseus’s host jurisdictions, and significant uncertainty in modelled outputs – together with the Company’s current operating profile and projected mine life. Perseus will continue to monitor developments in climate policy, physical risk science, and disclosure expectations, and will reassess materiality as circumstances change. Perseus Mining 2026 Annual Report 55
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report 56 8 This c onclusion should be interpreted in the context of the analysis being limited to Perseus’s current mine plans and LOM timelines, with impacts assessed over relatively short timeframes rather than across a long-term strategic horizon where the Company will manage different assets in potentially different jurisdictions. CLIMATE RESILIENCE ASSESSMENT Resilience refers to Perseus’s ability to continue to operate under the assessed climate scenarios without the quantified impacts materially affecting its financial position over the modelled period8. The Group considers its existing operations to be resilient across all three scenarios in the short and medium term. Under Delayed Transition and Current Policies scenarios, impacts are lower and concentrated in operating costs; under Net Zero 2050, larger impacts arise from carbon pricing and energy price increases, though the Scenario Analysis indicates this scenario is unlikely to materialise in the short term given Perseus does not currently fall within the scope of carbon pricing mechanisms in host jurisdictions. Notwithstanding the exclusion from quantitative analysis, Perseus acknowledges that by 2045 (particularly under the Current Policies scenario), physical hazards may grow substantially, with the potential to influence strategic decisions regarding the location, design, and financing of future mine development. Changes to the cost of capital, regulatory environments, and carbon pricing levels are also likely to affect long-term strategic planning across all three scenarios. While qualitative assessment was performed for long-term climate risks in this report, Perseus will reassess the long-term horizon for quantitative analysis, and its broader resilience position, as its project pipeline becomes more defined, its operating and regulatory environment evolves, and asset-specific data becomes available to support reliable modelling. Capacity to adapt Perseus’s capacity to adjust its strategy and business model in response to the effects identified in the Climate Scenario Analysis is supported by the following: Notwithstanding these features, the Company acknowledges that under the Net Zero 2050 scenario, current adaptive measures may not be sufficient to fully offset operating cost exposure from carbon pricing and energy price escalation, and that maintaining financial resilience under a stronger Transition pathway may require more substantive action. The Company will continue to monitor this position and reassess as conditions evolve. Financial resources and flexibility Perseus’s self-funded position and project-initiated capital allocation approach preserve flexibility to respond to climate-related investment needs without requiring pre-committed capital. The Company’s defined Transition Trigger Thresholds, established under its Climate Change and Energy Policy, provide the governance mechanism by which the Board would consider escalating to a formal Transition plan and allocating capital accordingly if warranted. Ability to redeploy, repurpose, upgrade or decommission assets Given the mine life of the current portfolio, decommissioning and closure is the primary asset Transition pathway for existing operations. No stranded asset risk has been identified. A range of asset upgrade options, including fuel switching, process upgrades, and fleet electrification, have been considered but assessed as not practical for existing projects within current planning cycles. These technologies may be embedded in future projects as they are developed. Current and planned investments in mitigation, adaptation and opportunities Energy and water efficiency improvements represent the identified climate-related opportunities available to the Company and are currently under investigation as low-capital-cost business improvement initiatives, with funding to be allocated through the project-initiated process as specific projects are defined and scoped. METRICS AND TARGETS GREENHOUSE GAS EMISSIONS Perseus measures its greenhouse gas (GHG) emissions in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004), applying an operational control boundary. The measurement approach, inputs, assumptions and emission-factor sources used to measure Scope 1 and Scope 2 emissions are set out in the emissions tab in Perseus’s Sustainability Databook — GHG Emissions Methodology Statement available here (www.perseusmining.com/2026-sustainability-report-data-book) and Appendix 1: Basis of Preparation. In FY26, Perseus reviewed its GHG inventory and extended its emissions boundary to capture all sources under its operational control. This added corporate offices, exploration activities and the Sudan operations prior to divestment, which were excluded in voluntary reporting, so that the FY26 inventory fully reflects the operational control approach under the GHG Protocol. In addition to the boundary extension, Perseus updated its emission factors and energy-content factors for FY26 to reflect the country-specific data for its operating jurisdictions, drawing on credible international sources to ensure the factors used are current and fit for purpose. The changes are outlined in Appendix 1: Basis of Preparation. Scope 1 and 2 emissions Scope 1 and Scope 2 emissions are reported for the Group, covering the three operational mine sites (Yaouré, Edikan, and Sissingué), the Nyanzaga Gold Project, the Meyas Sand Project in Sudan (prior to divestment in April 2026), corporate offices, and exploration activities. There are no associates, joint ventures, or unconsolidated subsidiaries with material Scope 1 or Scope 2 emissions to report separately. Scope 2 emissions are reported on a location-based basis. Perseus has not entered into any contractual instruments that would give rise to a market- based figure. Further detail regarding modelling assumptions and methodology can be found in Appendix 1: Basis of Preparation. All figures are absolute gross emissions expressed in tonnes of CO₂ equivalent (tCO₂-e) and represent the consolidated accounting group. FY26 figures are presented on the extended operational-control boundary described above. Table 1: Summary of greenhouse gas emissions GREENHOUSE GAS EMISSIONS CATEGORY FY26 (TCO₂-E) Scope 1 220,779 Scope 2 (location-based) 46,751 Total Scope 1 and 2 267,530 CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report 57
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report58 59 CROSS-INDUSTRY METRICS The table below sets out Perseus’s climate-related cross-industry metrics CROSS-INDUSTRY METRIC CATEGORY FY26 DISCLOSURE Assets or business activities vulnerable to climate-related transition risk 21.4% of business activities. Assets or business activities vulnerable to climate-related physical risk 2.3% of business activities. Assets or business activities aligned with climate-related opportunities Nil. Capital deployed towards climate-related risks and opportunities Nil. Internal carbon price Perseus did not apply an internal carbon price in decision-making during FY26. The Group monitors carbon-pricing regulatory developments in each operating jurisdiction to identify when carbon pricing may become a business requirement. NGFS shadow carbon prices were applied in Perseus’s Climate Scenario Analysis to quantify financial exposure to carbon-pricing risk; however, these are not applied as an internal price for investment decisions or transfer-pricing purposes. Executive management remuneration linked to climate-related considerations 0% (see Governance, Oversight of target-setting and remuneration). Perseus Mining 2026 Annual Report APPENDIX 1: BASIS OF PREPARATION MATERIAL INFORMATION In accordance with AASB S2, this report discloses material information about climate-related risks and opportunities that could reasonably be expected to affect the Group’s prospects. Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions of the primary users of Perseus’s general purpose financial reports. This determination applies the materiality concept used across the Group’s financial reporting. Impact materiality, as applied under frameworks such as the GRI and CSRD, has not been applied. In determining which climate-related risks and opportunities to disclose, Perseus considered both quantitative and qualitative factors, what a primary user of its general purpose financial reports would reasonably expect to understand about the Group’s exposure to climate-related risks and opportunities, as well as review of peers disclosures. This included considering whether the identified risks and opportunities could affect Perseus’s business model, operational continuity, cost structure, or access to capital over the short, medium, and life-of-mine horizons in a manner that would be relevant to those users’ decisions. A climate-related risk or opportunity is disclosed where it could reasonably be expected to affect the Group’s prospects, whether that expectation arises from its assessed financial effect or from qualitative factors. All identified risks and opportunities affecting the Group’s prospects are disclosed; the extent of disclosure, and whether financial effects are quantified, reflects the assessed magnitude of each on the two bases described earlier. Financial-statement materiality is assessed separately, over the current reporting period, in accordance with the Group’s financial reporting materiality framework. INTEGRATED ASSESSMENT MODELS The Climate Scenario Analysis uses the NGFS scenario outputs that are generated by three Integrated Assessment Models (IAMs). This analysis draws on two — GCAM 6.0 NGFS and REMIND-MAgPIE 3.3–4.8 — as energy price outputs were unavailable from the third (MESSAGEix-GLOBIOM 2.0-M-R12-NGFS). Carbon pricing and energy price inputs were derived from the same IAMs to ensure internal consistency between carbon pricing assumptions and broader energy system Transition pathways within each scenario. FINANCIAL IMPACT METHODOLOGY The financial impact assessment translates identified climate-related risks into quantified financial outcomes by applying scenario-specific adjustments to Perseus’s Corporate Financial Model baseline. All quantified impacts flow through OPEX to EBITDA and FCFF, adjusted for applicable tax effects. Discounted cash flow analysis is applied at a WACC of 10%, provided by Perseus and independently validated, to derive present values at each time horizon and a net present value of FCFF over the full modelled period. GREENHOUSE GAS EMISSIONS MEASUREMENT APPROACH, INPUTS AND ASSUMPTIONS Perseus applies the operational control approach under the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004), accounting for 100% of Scope 1 and Scope 2 emissions from all sites and activities under its operational control. Perseus applies the operational control approach because it operates all of its mining and development assets; this approach best reflects the emissions over which the Group has authority to introduce and implement operating policies and which it can directly manage, and it aligns the emissions boundary with the Group’s consolidated financial reporting boundary.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report60 61 The three operating mines — Yaouré, Edikan and Sissingué — together with construction activities at the Nyanzaga Gold Project, account for substantially all of the Group’s Scope 1 and Scope 2 emissions. Emissions from corporate offices, exploration activities and the Sudan operations prior to divestment are individually and collectively immaterial. Measurement approach The measurement of GHG emissions involves using emission factors. Where direct emissions factors aren’t available, assured benchmarks are used. The measurement approaches, inputs and assumptions are set out in the emissions tab in the Perseus Sustainability Databook, available here (www. perseusmining.com/2026-sustainability-report- data-book). In FY26, Perseus made the following updates to its emission factors: Scope 1 combustion emission factors: • P rior periods applied emission factors derived from the Australian National Greenhouse and Energy Reporting (NGER) Measurement Determination. • F or FY26, Perseus adopted emission factors from the Greenhouse Gas Protocol’s: Intergovernmental Panel on Climate Change (IPCC) Global Warming Potential Values (AR6 values), which are supported for use by the Ghana Environmental Protection Agency’s Sixth National Greenhouse Gas Inventory Report (December 2024). Scope 1 energy-content factors: • Ener gy-content conversion factors have been updated from NGER values to factors published in the Ghana Energy Commission’s 2025 National Energy Statistical Bulletin, representing West African values. Scope 2 grid electricity emission factors: • P rior periods applied grid emission factors sourced from the Institute for Global Environmental Strategies (IGES) List of Grid Emission Factors (version 11.1, published March 2023). • F or FY26, Perseus has adopted 2024 lifecycle grid carbon-intensity values published by Ember (2026) and processed by Our World in Data, which represents the most current available data for each host country. Perseus Mining 2026 Annual Report These factor updates reflect a transition to jurisdiction-specific data sources, relevant to Perseus’s African operations. Because prior- period figures are not restated under the first-year transitional relief, the FY26 figures are not directly comparable to previously published data on a like- for-like basis. Biogenic emissions, including emissions associated with land clearing activities, have been excluded from the reported emissions inventory for the reporting period as management is developing its measurement methodology in light of evolving guidance in this area and intends to incorporate this in future reporting periods. INDEPENDENT AUDITOR’S REVIEW REPORT ON SPECIFIED SUSTAINABILITY DISCLOSURES. PricewaterhouseCoopers, ABN 52 780 433 757 Brookfield Place, Level 15, 125 St Georges Terrace, PERTH WA 6000, GPO Box D198, PERTH WA 6840 T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. pwc.com.au Independent Auditor’s Review Report on specified Sustainability Disclosures To the Members of Perseus Mining Limited Review Conclusion We have conducted a review of the following specified Sustainability Disclosures in the Climate Report of Perseus Mining Limited (the Company) and its controlled entities (together, the Group) for the year ended 30 June 2026 as required by Australian Standard on Sustainability Assurance ASSA 5010 Timeline for Audits and Reviews of Information in Sustainability Reports under the Corporations Act 2001 issued by the Auditing and Assurance Standards Board (AUASB): Specified Sustainability Disclosures Reporting requirement of Australian Sustainability Reporting Standard AASB S2 Climate-related Disclosures (AASB S2) (including related general disclosures required by Appendix D) Location in Climate Report Governance Paragraph 6 Governance Section on pages 38 to 43 Strategy (risks and opportunities) Subparagraphs 9(a), 10(a) and 10(b) Strategy and Resilience Section – Climate-related risks and opportunities on pages 49 to 54 Applicable risk assessment processes contained within Risk Management Section on pages 44 to 45 Scope 1 and 2 emissions Subparagraphs 29(a)(i)(1) to (2) and 29(a)(ii) to (v) Metrics and Targets Section – Greenhouse gas emissions on page 57 Applicable method and measurement approaches contained within Appendix 1: Basis of Preparation Section - Greenhouse gas emissions measurement approach, inputs and assumptions pages 59 to 60 The requirements of AASB S2 identified in the table above form the criteria relevant to the specified Sustainability Disclosures and apply under Division 1 of Part 2M.3 of the Corporations Act 2001 (the Act).
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report62 63Perseus Mining 2026 Annual Report We have not become aware of any matter in the course of our review that makes us believe that the Sustainability Disclosures specified in the table above do not comply with Division 1 of Part 2M.3 of the Corporations Act 2001. Basis for Conclusion Our review has been conducted in accordance with Australian Standard on Sustainability Assurance ASSA 5000 General Requirements for Sustainability Assurance Engagements (ASSA 5000) issued by the AUASB. Our review includes obtaining limited assurance about whether the specified Sustainability Disclosures are free from material misstatement. In applying the relevant criteria, we note that subsection 296C(1) of the Act includes a requirement to comply with AASB S2. Our conclusion is based on the procedures we have performed and the evidence we have obtained in accordance with ASSA 5000. The procedures in a review vary in nature and timing from, and are less in extent than for, an audit. Consequently, the level of assurance obtained in a review is substantially lower than the assurance that would have been obtained had an audit been performed. See the ‘Summary of the Work Performed’ section of our report below. Our responsibilities under ASSA 5000 are further described in the Auditor’s Responsibilities section of this report. We are independent of the Company in accordance with the applicable ethical requirements of APES 110 Code of Ethics for Professional Accountants (including Independence Standards) issued by the Accounting Professional & Ethical Standards Board Limited (November 2018 incorporating all amendments to June 2024) (the Code), together with the ethical requirements in the Act, that are relevant to our review of the specified Sustainability Disclosures and public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Our firm applies Australian Standard on Quality Management ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements, which requires the firm to design, implement and operate a system of quality management, including policies and procedures regarding compliance with ethical requirements, professional standards, and applicable legal and regulatory requirements. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Other Information The directors of the Company are responsible for the other information. The other information comprises the information included in the Annual Report for the year ended 30 June 2026, but does not include the specified Sustainability Disclosures and our auditor's report thereon. Our conclusion on the specified Sustainability Disclosures does not cover the other information and we do not express any form of assurance conclusion thereon. We have issued a separate opinion on the Financial Report, including the Remuneration Report, included in the Annual Report. In connection with our review of the specified Sustainability Disclosures, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the specified Sustainability Disclosures, or our knowledge obtained when conducting the review, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities for the specified Sustainability Disclosures The directors of the Company are responsible for: • The preparation of the specified Sustainability Disclosures in accordance with the Act; and • Designing, implementing and maintaining such internal control necessary to enable the preparation of the specified Sustainability Disclosures, in accordance with the Act that are free from material misstatement, whether due to fraud or error. Inherent Limitations in preparing the specified Sustainability Disclosures Sustainability information may be subject to more inherent limitations than financial information, given both its nature and the methods used for determining, calculating, and estimating such information. Different acceptable methods have varying precision and can affect the comparability of sustainability information across entities and over time. In addition, greenhouse gas emissions quantification is subject to inherent uncertainty, which arises because of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of different gases.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review CLIMATE REPORT (CONTINUED)CLIMATE REPORT (CONTINUED) Perseus Mining 2026 Annual Report64 65Perseus Mining 2026 Annual Report The specified Sustainability Disclosures in relation to Strategy (risks and opportunities) have been prepared using assumptions about future events, and management’s actions, that may not occur. Auditor’s Responsibilities Our objectives are to plan and perform the review to obtain limited assurance about whether the specified Sustainability Disclosures are free from material misstatement, whether due to fraud or error, and to issue a review report that includes our conclusion. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence decisions of users taken on the basis of the specified Sustainability Disclosures. As part of a review in accordance with ASSA 5000, we exercise professional judgement and maintain professional scepticism throughout the engagement. We also: • Perform risk assessment procedures, including obtaining an understanding of internal control relevant to the engagement, to identify and assess the risks of material misstatements, whether due to fraud or error, at the disclosure level but not for the purpose of providing a conclusion on the effectiveness of the entity’s internal control. • Design and perform procedures responsive to assessed risks of material misstatement at the disclosure level. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Summary of the Work Performed A review is a limited assurance engagement and involves performing procedures to obtain evidence about the specified Sustainability Disclosures. The nature, timing and extent of procedures selected depend on professional judgement, including the assessed risks of material misstatement at the disclosure level, whether due to fraud or error. In conducting our review, we: • Inspected the specified Sustainability Disclosures and assessed the completeness and accuracy of these disclosures against the relevant disclosure requirements of AASB S2 and with reference to the knowledge and evidence obtained during the assurance engagement; • Performed enquiries of management regarding the methodologies, processes and controls for capturing, collating, calculating and reporting the specified Sustainability Disclosures and assessed their alignment with AASB S2 and applicable method and measurement approaches; • Inspected and assessed, on a sample basis, charters, policies and minutes of meetings regarding the monitoring, management and oversight of climate-related matters, and other underlying evidence supporting the climate-related financial disclosures on governance; • Performed enquiries of management regarding the approach taken by Group to: o Identify climate-related risks and opportunities; o Identify material information for disclosure with regards to the Strategy (risks and opportunities) disclosures; • Performed enquiries of management and examined underlying evidence to assess the completeness and accuracy of the establishment of the organisational boundary, and sources of emissions, in the context of the specified Sustainability Disclosures. • Performed enquiries of management regarding the assumptions, conversion factors and greenhouse gas emission factors applied within the calculations of the Scope 1 and 2 emissions; • Applied analytical procedures to evaluate the Scope 1 and 2 emissions and the underlying activity data, and; • Performed testing over the calculations of the Scope 1 and 2 emissions, including testing the activity data utilised within the calculations to third-party records, information captured by onsite measurement devices at the facilities within the organisational boundary and other relevant underlying information, on a sample basis. PricewaterhouseCoopers Rachel Meadows Perth Partner 26 August 2026
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review ANNUAL FINANCIAL REPORT CONTENTS DIRECTORS’ REPORT 6 7 REMUNERATION REPORT 7 6 OTHER DISCLOSURES 8 9 COMPETENT PERSON STATEMENT 90 A UDITOR’S INDEPENDENCE DECLARATION 91 C ONSOLIDATED FINANCIAL STATEMENTS 9 2 Consolidated Statement of Comprehensive Income 9 2 C onsolidated Statement of Financial Position 9 3 C onsolidated Statement of Changes in Equity 94 C onsolidated Statement of Cash Flows 95 Not es to the Consolidated Financial Statements 96 C onsolidated entity disclosure statement 144 Dir ectors’ Declaration 146 In dependent Auditor’s Report 14 7 ADDITIONAL SHAREHOLDER INFORMATION 153 A description of the nature of the consolidated entity’s operations and its principal activities is included in the Operations Review on pages 10 to 21, which is not part of these Consolidated Financial Statements. Through the internet, we have ensured that our corporate reporting is timely, complete, and available globally at minimum cost to the Company. All press releases, Financial Statements and other information are available at our News and Reports section on our website at www.perseusmining.com. The Directors present their report on the consolidated entity (referred to hereafter as the Group) consisting of Perseus Mining Limited (Perseus or the Company) and its controlled entities for the year ended 30 June 2026 (the year or FY26). Perseus is a company limited by shares that is incorporated and domiciled in Australia. Unless noted otherwise, all amounts stated within the Directors’ Report are expressed in United States dollars. DIRECTORS The following persons were Directors of Perseus during the year and up to the date of this report: Mr Richard Peter Menell Non-Executive Chairman Mr Craig Antony Jones Managing Director and Chief Executive Officer (from 1 October 2025) Mr Jeffrey Allan Quartermaine Managing Director and Chief Executive Officer (until 30 September 2025) Ms Amber Jemma Banfield Non-Executive Director Ms Elissa Sarah Cornelius Non-Executive Director Mr Daniel Richard Lougher Non-Executive Director Mr John Francis Gerald McGloin Non-Executive Director Mr James Edmund Rutherford Non-Executive Director Mr Thomas David McKeith Non-Executive Director (appointed 22 July 2026) FINANCIAL RESULTS The Group recorded a net profit after tax of $480.5 million for the year, compared to a net profit after tax of $421.7 million in the previous financial year representing a $58.8 million improvement in performance. This result is predominantly driven by the following key items: • An incr ease in revenue resulting from higher gold prices offset by a decrease in gold production arising at Yaouré and Edikan due to planned transition of ore sources from CMA open pit to the Yaouré open pit, completion of the Edikan AG and Fetish pits at the end of FY25 and processing of lower grade stockpiles at Yaouré and Edikan. • An incr ease in cost of sales due to the increase in the cash operating costs partially offset by a slight decrease in production during the year. Cash operating costs were higher primarily driven by: - Higher r oyalties due to higher gold prices, the higher rates scaled royalty regime implemented by the Government of Ghana effective 10 March 2026 and 2% increase in royalty rates in Côte d’Ivoire. - The pr imary ore sources for Yaouré and Edikan have changed to the Yaouré open pit and the Nkosuo open pit respectively, both of which have higher concentrations of waste and lower overall grades, which have increased the total cost to produce each ounce. • An inc ome tax expense of $235.4 million compared to $142.7 million in the prior year, due to profits at Edikan and Yaouré, coupled with withholding taxes on intercompany dividends paid out of Côte d’Ivoire. The tax holiday for Yaouré ended on 31 December 2025. 67Perseus Mining 2026 Annual Report66 ANNUAL FINANCIAL REPORT (CONTINUED) DIRECTORS’ REPORT Perseus Mining 2026 Annual Report
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review ANNUAL FINANCIAL REPORT (CONTINUED) • Depr eciation and amortisation expense of $116.9 million decreased by 24% compared with the previous financial year, driven by lower deferred stripping amortisation following reduced ore tonnes mined during the year, together with the completion of the Edikan AG and Fetish pits, Yaouré Stage 1 and CMA Stage 3 by June 2025, and Fimbiasso during the first half of the year. • O ther expenses decreased due to once-off restructuring costs in the previous period of $18.1 million, relating to the transition of Edikan employees from permanent to fixed term contracts. • F oreign exchange losses incurred of $34.0 million mainly resulting from translation of bank balances, intercompany loan balances, and intercompany dividends. This is attributable to increases in cash balances and the weakening of the USD during FY26 compared to the previous period. This represents an accounting loss arising from foreign currency translation movements. • Gain on disposal of subsidiar y following the divestment of the Meyas Sand Gold Project. • Int erest income earned of $16.1 million on available cash balances, which is a $4.6 million increase on FY25. Despite the decrease in production and higher costs than previous year, the Group delivered a 13.9% increase in profit after tax representing the continued strong contribution from all three operating gold mines. A total of $666.4 million or 49.38 cents per share of operating cashflow was generated during the year compared to $536.7 million or 39.11 cents per share in the prior period. This resulted in a cash and bullion at year end of $1,034.0 million (30 June 2025: $826.5 million), with no outstanding debt. The increase in cash and bullion during the period was achieved by strong operating margins aided by higher gold price and the disposal of the Meyas Sand Gold project for $260 million cash consideration. At 30 June 2026, the Company’s net tangible assets amounted to $2,377.5 million, or $1.79 per share, approximately 28% more than at the end of the prior financial year. CASH, BULLION AND INVESTMENTS Based on the 30 June 2026 spot gold price of $4,026 per ounce (30 June 2025: $3,288 per ounce), the total value of cash and bullion on hand at the end of the year was $1,034.0 million (30 June 2025: $826.5 million), including cash of $924.1 million (30 June 2025: $751.8 million) and 27,299 ounces of bullion on hand (30 June 2025: 22,722 ounces), valued at $109.9 million (30 June 2025: $74.7 million). DEBT FINANCE During the year, the Group upsized and extended its existing revolving corporate cash advance facility. The amended facility increased to $400 million from the previous $300 million and extended for a three-year term plus an option to extend for two years (on a 1+1 basis) subject to lender consent. The $400 million revolving corporate cash advance facility is a secured facility provided by a consortium of eight international banks comprising Macquarie Bank Limited, Citibank N.A., (Sydney Branch), JPMorgan Chase Bank, N.A., (Sydney Branch) and Standard Chartered Bank, (Australia Branch) from Australia, Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division), Absa Bank (Mauritius) Limited, FirstRand Bank Limited (acting through its Rand Merchant Bank Division) and The Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking Division) from South Africa. The facility is undrawn as at 30 June 2026. 69Perseus Mining 2026 Annual Report68 Perseus Mining 2026 Annual Report FINANCIAL POSITION At 30 June 2026, the Group had net assets of $2,462.3 million (30 June 2025: $2,209.6 million) and an excess of current assets over current liabilities of $886.8 million (30 June 2025: $769.8 million). The Group’s net assets increased compared with the prior year predominantly due to an increase in its cash as a result of its strong operating margin and the fair value of equity investments. 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Profit after tax 480,490 421,714 Increase in cash held 172,228 214,915 Net increase in bullion held1 35,208 24,419 Total assets 2,926,704 2,480,511 Shareholders’ equity 2,462,253 2,209,567 1 Based on the spot gold pr ice of $4,026 per ounce (30 June 2025: $3,288 per ounce) with 27,299 ounces of bullion on hand (30 June 2025: 22,722 ounces), valued at $109.9 million (30 June 2025: $74.7 million). DIVIDENDS PAID Perseus made an FY25 final dividend payment amounting to 5.00 A$ cents per fully paid ordinary share. Record date: 10 September 2025 Payment date: 9 October 2025 Perseus also made an FY26 interim dividend payment amounting to 5.00 A$ cents per fully paid ordinary share. Record date: 6 March 2026 Payment date: 2 April 2026 DIVIDENDS DECLARED Since the end of the financial year, the Directors have declared the payment of an FY26 final dividend amounting to 9.0 A$ cents per fully paid ordinary share. Record date: 8 September 2026 Payment date: 7 October 2026 EQUITY CAPITAL RAISING During the year, there were no equity capital raising activities. OUTLOOK FOR JUNE 2027 FINANCIAL YEAR Group gold production and AISC market guidance for FY27 is as follows: PARAMETER UNITS FINANCIAL YEAR 2027 Group Gold Production Ounces 420,000 - 480,000 Average All-In Site Costs US$ per ounce 1,835 - 2,070 ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 71Perseus Mining 2026 Annual Report70 Perseus Mining 2026 Annual Report EXPOSURE TO ECONOMIC, ENVIRONMENTAL AND SOCIAL SUSTAINABILITY RISKS Perseus is committed to minimising the social and environmental risks and impacts of its operations, with an appropriate focus placed on continuous monitoring and engagement, including compliance with environmental regulations. The details of Perseus’s social and environmental performance, and broader sustainability performance, are presented in Perseus FY26 Sustainable Development Report. SIGNIFICANT CHANGES IN STATE OF AFFAIRS There were no significant changes in the state of affairs of the Group during the year not otherwise disclosed in this report or the consolidated financial statements. MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR Subsequent to the end of the year, the following events occurred: • Mr Thomas ( Tommy) McKeith was appointed as a non-executive director of Perseus Mining Limited on 22 July 2026. • In Jul y 2026, 3,012,770 performance rights that had previously been issued to employees lapsed under the terms of the Perseus Performance Rights Plan. • On 2 6 August 2026, the Board of Directors declared a final dividend of 9.0 A$ cents per fully paid ordinary share. LIKELY DEVELOPMENTS There are no likely developments in the Group’s operations to disclose for the future financial years. ENVIRONMENTAL REGULATIONS Located in Ghana, Côte d’Ivoire, Tanzania and Sudan, the Group’s mining and processing operations and its exploration and development projects are not subject to any significant Australian environmental laws. They are, however, subject to environmental laws, regulations and permit conditions that apply in the relevant jurisdictions. There have been no known material breaches of environmental laws or permit conditions by the Group while conducting operations in these jurisdictions during the year. ROUNDING OF AMOUNTS The amounts contained in the financial report have been rounded to the nearest $1,000 (where rounding is applicable) where noted ($’000) under the option available to the Group under ASIC Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183. This legislative instrument applies to the Group. INFORMATION ON DIRECTORS The names, qualifications, experience and special responsibilities of the Directors in office during or sin ce the end of the financial year are as follows. Directors were in office for the entire financial year unless oth erwise stated. RICHARD PETER MENELL - BA, MA, MSc – Non-Executive Chairman (Appointed 2 May 2024) Mr Rick Menell is an eminent South African citizen whose business career has spanned over 40 years and has involved senior leadership roles in a range of major African based resources companies, including Anglovaal Mining as CEO and then Executive Chairman. He was a senior advisor in Credit Suisse’s Investment Bank Group working on transactions in all sectors, and throughout sub-Saharan Africa, leaving the Group on its merger with UBS in 2023. He has retained an active involvement in leadership in the mining and mining supplies industries, retiring recently as Deputy Chairman of Gold Fields Ltd and as Senior Independent Director of the Weir Group (UK). He remains an Independent Non-Executive Director at Sibanye-Stillwater Limited, a precious and energy- transition metals mining company listed in Johannesburg and New York, having served for several years as Lead Independent Director. Mr Menell is a member of the Remuneration, Technical and Sustainability Committees and the chair of the Nomination and Governance Committee. OTHER CURRENT DIRECTORSHIPS: Sibanye Stillwater Limited Appointed 1 January 2013 Globeleq Africa Limited Appointed 11 August 2025 CRAIG ANTONY JONES - BE (Mechanical) – Managing Director and Chief Executive Officer (Appointed 1 October 2025) Mr Jones has more than 25 years of global mining experience, having worked across Australia, Papua New Guinea (PNG), Indonesia and Canada. He was a member of Newcrest’s executive team from 2012, having originally joined in 2008, and ultimately served as Newcrest’s global COO, with broad responsibility for five operating assets spread across multiple jurisdictions. In that capacity, he played a critical role in the development of organisational strategies, due diligence and investor relations. Mr Jones also led high-level engagement with governments, communities and First Nations groups across PNG, Canada and Australia. Beyond his executive roles, Mr Jones was a Newcrest nominee director on the Boards of SolGold and Lundin Gold and was Newcrest’s representative on Joint Venture Committees including the Morobe Mining Joint Venture in PNG and the Red Chris Joint Venture in British Columbia, reflecting extensive global resource- sector connectivity and governance experience. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 73Perseus Mining 2026 Annual Report72 Perseus Mining 2026 Annual Report JEFFREY ALLAN QUARTERMAINE - BE (Civil), MBA, FCPA – Former Managing Director and Chief Executive Officer (Appointed 1 February 2013, Resigned 30 September 2025) Chairman and Chief Executive Officer, Mr Jeffrey Quartermaine, was appointed on 1 February 2013 after previously serving as the Group’s Chief Financial Officer from 2010 to 2013. Jeff retired as the Group’s Managing Director and Chief Executive Officer on 30 September 2025 after serving in the role for 12 years. Jeff has more than 30 years of experience in senior financial and strategic management roles with ASX and TSX-listed resources companies. He is a Fellow of the Society of Certified Practising Accountant (FCPA) and holds both business management (MBA) and engineering qualifications (BE). Jeff has extensive experience as chief financial officer and chief operating officer of a number of Australian public companies. During the three years prior to his resignation as the Group’s Managing Director and Chief Executive Officer, he did not serve as a Director of any other listed companies. AMBER JEMMA BANFIELD - BE (Environmental and Civil), MBA – Non-Executive Director (Appointed 12 May 2021) Amber has been involved in the resource and energy sectors for over 25 years. She held operations, management and advisory positions with several ASX-listed entities, including Worley Limited (ASX: WOR) supporting the company’s growth to become the world’s largest energy and resources engineering service provider. Her roles related to strategy, commercial, sustainability, mergers and acquisitions, servicing the sectors of mining, renewable power, gas and infrastructure. More recently, Amber has supported companies relating to ESG, decarbonisation and sustainable investments. Amber is the Chair of the Sustainability Committee and a member of the Audit and Risk and Nomination and Governance Committees. Amber holds a Bachelor of Engineering (Environmental) degree and a Master of Business Administration, both awarded by the University of Western Australia. OTHER CURRENT DIRECTORSHIPS: SRG Global Ltd Appointed 25 October 2021 Cyprium Metals Limited Appointed 20 November 2025 FORMER DIRECTORSHIPS IN THE LAST 3 YEARS: Leo Lithium Ltd Appointed 21 April 2022 and resigned 16 February 2026 ELISSA SARAH CORNELIUS - BCom, CA – Non-Executive Director (Appointed 26 November 2020) Ms Elissa Cornelius (née Brown) is a Chartered Accountant with a Bachelor of Commerce from Curtin University and over 20 years of experience in a range of financial roles with Australian and International companies. With over 18 years of experience in the resources sector, Elissa has held roles with various companies involved with gold, base metals and oil & gas in Australia and internationally. She was the Company’s Financial Controller from 2010 until 2013 and the Company’s Chief Financial Officer from 2013 until 31 October 2020. Elissa is a Non- Executive Director of the Australia-Africa Minerals and Energy Group (AAMEG), the peak body representing Australian companies engaged in the development of Africa’s resource industry. During the past three years she has not served as a Director of any other listed companies. Elissa is the chair of the Audit and Risk Committee and a member of the Remuneration and Nomination and Governance Committees. JOHN FRANCIS GERALD MCGLOIN - BSc, MSc – Non-Executive Director (Appointed 19 April 2016) Mr John McGloin is a geologist and graduate of Camborne School of Mines. He has worked for many years in Africa within the mining industry before moving into consultancy and subsequently into investment banking. John joined Collins Stewart following four years at Arbuthnot Banking Group where he led the mining team. Prior to that John was the mining analyst at Evolution Securities. Over the years, John has acted for many mining companies including African Platinum, Randgold Resources, Avocet Mining, European Goldfields and Titanium Resources Group. John served as Executive Chairman of Amara Mining plc from 28 May 2012 to 18 April 2016 and as Chief Executive Officer of Amara from 7 August 2014 to 18 April 2016. John is the chair of the Company’s Remuneration Committee and a member of the Nomination and Governance and Technical Committees. During the past three years he has also served as a Director of the following listed companies. OTHER CURRENT DIRECTORSHIPS: Cornish Metals Inc Appointed 27 October 2020 FORMER DIRECTORSHIPS IN THE LAST 3 YEARS: DFR Gold Inc Appointed 1 January 2022 and resigned 15 February 2024 DANIEL RICHARD LOUGHER - BSc, MSc (Eng) – Non-Executive Director (Appointed 6 May 2019) Mr Dan Lougher’s career spans more than 42 years involving a range of exploration, feasibility, development, operations, and corporate roles with Australian and international mining companies including a period of eighteen years spent in Africa with BHP Billiton, Impala Plats, Anglo American and Genmin. He was the Managing Director and Chief Executive Officer of the successful Australian nickel miner, Western Areas Ltd until its takeover by Independence Group. Dan also holds a First Class Mine Manager’s Certificate of Competency (WA) and is a Fellow of the Australasian Institute of Mining and Metallurgy. Dan is the Chair of the Company’s Technical Committee and is a member of the Remuneration and the Audit and Risk Committees. Dan served as a member of the Nomination and Governance Committee until August 2025. OTHER CURRENT DIRECTORSHIPS: American West Metals Ltd Appointed 9 November 2022 Alligator Energy Limited Appointed 15 December 2025 Meeka Metals Ltd Appointed 1 May 2026 FORMER DIRECTORSHIPS IN THE LAST 3 YEARS: Blackstone Minerals Ltd Appointed 26 October 2022 and resigned 27 June 2025 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 75Perseus Mining 2026 Annual Report74 Perseus Mining 2026 Annual Report JAMES EDMUND RUTHERFORD - BSc (Econ), MA (Econ) – Non-Executive Director (Appointed 18 June 2025) Mr Jim Rutherford is a highly experienced investment professional with over 25 years spent working in the global mining and metals sector, including senior roles at Capital Group, HSBC James Capel, and Credit Lyonnais Securities. He holds degrees in Economics and Development Economics from Queen’s University Belfast and the University of Sussex, and is an alumnus of the London Business School. Jim also contributes to the non-profit sector, serving on the Advisory Board of Queen’s University Belfast Business School and the Board of Governors of the Royal Belfast Academical Institution. Mr Rutherford is a member of the Audit and Risk and Sustainability Committees. OTHER CURRENT DIRECTORSHIPS: Ecora Resources Plc Appointed 1 November 2019 FORMER DIRECTORSHIPS IN THE LAST 3 YEARS: Centamin Plc Appointed 1 January 2020 and resigned 15 November 2024 THOMAS DAVID MCKEITH - BSc (Hons) (Geology/Earth Science), GDE (Mining and Mineral Engineering), MBA – Non-Executive Director (Appointed 22 July 2026) Mr Tommy is an experienced mining executive, chairman, non-executive director and chair/member of board committees, with over 30 years of mining company leadership, corporate development, project development and exploration experience. Having worked in bulk, base and precious metals across numerous jurisdictions, he brings deep and strategic insights to the board. He is a geologist with 30 years’ experience in various mine geology, exploration and business development roles. He was formerly Executive Vice President (Growth and International Projects) for Gold Fields Limited, where he was responsible for global greenfields exploration and project development. He was also CEO of Troy Resources, and has held Non-Executive Director roles at Sino Gold and Avoca Resources and Chair of Genesis Minerals. Currently he is Non-Executive Director of Thungela Resources, Arrow Minerals, Evolution Mining and Chairman of Ordell Minerals. OTHER CURRENT DIRECTORSHIPS: Ordell Minerals Limited (Appointed 6 October 2022) Arrow Minerals Limited (Appointed 26 August 2019) Thungela Resources Limited (Appointed 1 October 2024) Evolution Mining Ltd (Appointed 1 February 2014) MARTIJN PAUL BOSBOOM - LLB, LLM, FGIA, FCIS, MAICD – Company Secretary (Appointed 18 November 2013) Mr Martijn Bosboom is also the Company’s general counsel and has more than 30 years of international in-house and private practice experience in both common law and civil law jurisdictions. Mr Bosboom holds a Bachelor of Laws from the University of Western Australia and a Master of Laws from the University of Leiden, the Netherlands. Martijn is a fellow of the Governance Institute of Australia (GIA) and has completed the GIA’s Graduate Diploma of Applied Corporate Governance. DIRECTORS’ MEETINGS The number of meetings of the Directors and the number of meetings attended by each Director during the year ended 30 June 2026 were: FULL MEETINGS OF DIRECTORS AUDIT AND RISK COMMITTEE MEETINGS NOMINATION AND GOVERNANCE COMMITTEE MEETINGS TECHNICAL COMMITTEE MEETINGS REMUN- ERATION COMMITTEE MEETINGS SUSTAINABILITY COMMITTEE MEETINGS A B A B A B A B A B A B R.P. Menell 18 18 - - 4 4 8 8 6 6 4 4 C.A. Jones 14 14 J. A. Quartermaine 4 4 - - - - - - - - A.J. Banfield 18 18 4 4 2 2 - - 4 4 E.S. Cornelius 18 18 4 4 4 4 - - 7 7 - - J. F. G. McGloin 18 18 - - 4 4 8 8 7 7 - - D.R. Lougher 18 18 4 4 2 2 8 8 7 7 - - J. E. Rutherford 16 17 4 4 - - - - 4 4 A Number of meetings at tended. B Number of meetings held dur ing the time the Director held office or was a member of the relevant committee during the year. DIRECTORS’ INTERESTS The following relevant interests in shares and performance rights of the Company were held directly and beneficially by the Directors as at the date of this report: NAME FULLY PAID ORDINARY SHARES PERFORMANCE RIGHTS Non-Executive Directors R.P. Menell 35,000 - A.J. Banfield 35,000 - E.S. Cornelius 70,000 - J. F. G. McGloin 41,400 - D.R. Lougher 30,000 - J.E. Rutherford - - T.D. McKeith - - Executive Director C.A. Jones - 436,334 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 77Perseus Mining 2026 Annual Report76 Perseus Mining 2026 Annual Report REPORT STRUCTURE The Remuneration Report has been set out under the following main headings: 1. P rinciples used to determine the nature and amount of remuneration 2. E xecutive Remuneration Structure 3. FY 26 Remuneration Outcomes 4. Ser vice agreements 5. Shar e-based compensation 6. A dditional information 1. PRINCIPLE S USED TO DETERMINE THE NATURE AND AMOUNT OF REMUNERATION REMUNERATION COMMITTEE The Remuneration Committee (the Committee) assists the Board to fulfill its responsibilities to shareholders and other stakeholders by ensuring the group has remuneration policies and practices that fairly and competitively reward executives, with the primary objective of ensuring maximum stakeholder benefit from the retention of a high-quality board and executive management team. The Committee’s decisions on reward structures are based on the state of the market for experienced resources industry executives, remuneration packages for executives and employees performing comparative roles in other companies in the resources industry and the size and complexity of the group. The Committee comprises four independent non-executive directors. The Committee is primarily responsible for making recommendations to the Board on: • Non-E xecutive Directors’ fees; • e xecutive remuneration (Managing Director and KMP); and • the o ver-arching executive remuneration framework and incentive plan policies. For further information on the Remuneration Committee’s role, responsibilities, and membership the reader is referred to the Committee’s charter which is available on www.perseusmining.com/corporate-governance. USE OF REMUNERATION ADVISORS Independent remuneration consultants are engaged by the Committee from time to time to ensure the Group’s remuneration system and reward practices are consistent with current market practices. During the year, the Group engaged Mercer Consulting (Australia) Pty Ltd to benchmark executive remuneration in line with market practice, shareholder views and the needs of the business. Instructions and scope of terms for the engagements were issued by management. Total fees payable to Mercer for remuneration-related engagements during the year were A$77,800. POLICY ON DIRECTORS’ AND SENIOR EXECUTIVES’ REMUNERATION Fixed salaries of the executives were benchmarked against Perseus’s peers and adjustments were made commencing 1 July 2026. Perseus’s non-executive director remuneration policy aims to reward the directors fairly and responsibly relative to their job demands and responsibilities. It seeks to set aggregate remuneration of non-executive directors at a level which provides Perseus with the ability to attract and retain directors of the highest calibre, whilst incurring a cost which is acceptable to shareholders. With the assistance of external remuneration consultants, from time to time the Committee reviews the annual fees paid to non-executive directors and makes recommendations to the Board. The Board resolved to make no changes to non-executive director fees from 1 July 2026. REMUNERATION REPORT (AUDITED) This report outlines the remuneration arrangements in place for Perseus’s Non-Executive Directors, the Managing Director and other Key Management Personnel (KMP) for the financial year ended 30 June 2026 in accordance with the Corporations Act 2001 (Cth) (the Act) and its regulations. This information has been audited as required by section 308(3C) of the Act. ASSESSMENT OF KMP KMP of the Group are defined, in accordance with AASB 124 Related Party Disclosures, as those people having authority and responsibility for planning, directing, and controlling the major activities of the Group, directly or indirectly, including all Directors of the parent company. During FY26, the KMP of the Group are as follows. Unless noted otherwise, individuals served in their capacity for the whole financial year: Richard Menell Non-Executive Chairman Jeffrey Quartermaine Managing Director & Chief Executive Officer (until 30 September 2025) Craig Jones Managing Director & Chief Executive Officer (from 1 October 2025) Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director Daniel Lougher Non-Executive Director John McGloin Non-Executive Director James Rutherford Non-Executive Director Amanda Weir Chief Operating Officer (until 2 July 2025) Wade Bickley Chief Operating Officer (from 1 June 2026) Jacob Ricciardone Chief Development Officer (Until 31 May 2026) Lee-Anne de Bruin Chief Financial Officer Martijn Bosboom General Counsel & Company Secretary ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 79Perseus Mining 2026 Annual Report78 Perseus Mining 2026 Annual Report 2. EXECUTIVE REMUNERATION STRUCTURE Perseus aims to reward its Managing Director and other senior executives with a level of remuneration commensurate with their position and responsibilities within the Group. In doing so, it aims to: • pr ovide competitive rewards that attract, retain and motivate high calibre executives; • align e xecutive rewards with the achievement of strategic objectives, the performance of the Group and the creation of value for shareholders; • ensur e total remuneration is competitive and reasonable; and • c omply with applicable legal requirements and appropriate standards of governance. In consultation with external remuneration consultants, the Group has developed an executive remuneration framework that is market competitive and is consistent with the reward strategy of the organisation. • The e xecutive remuneration framework has two components, namely: - fix ed salary package including base salary and benefits such as superannuation; and - v ariable remuneration (short-term and long-term incentives). FIXED SALARY PACKAGE The fixed component of an executive’s remuneration comprises base salary and superannuation contributions. The size of the executive’s salary package is based on the scope of each executive’s role, the level of knowledge, skill and experience required to satisfactorily perform the role and the individual executive’s performance in the role. The proportion of an executive’s total fixed salary package that is paid as superannuation is at the executive’s discretion, subject to compliance with relevant superannuation guarantee legislation. The Committee annually reviews each executive’s performance and benchmarks the executive’s salary package against appropriate market comparisons using information and advice provided by external consultants. There are no guarantees of salary increases included in any executive’s employment contract. VARIABLE REMUNERATION The objective of providing a variable ‘at risk’ component within the Managing Director’s and other executives’ total remuneration packages is to directly align a proportion of their remuneration to achievement of the Group’s financial and strategic objectives with the objective of creating shareholder wealth. The Group has a remuneration framework which sets out the basis of short-term incentives (STI) and long-term incentives (LTI), these are discussed further below. Receipt of variable remuneration in any form is not guaranteed under any executive’s employment contract. The remuneration of the Managing Director and executives including both fixed and variable remuneration components for the year ended 30 June 2026 is detailed in Table 2. SHORT-TERM INCENTIVES (STI) The STI is the annual component of the ‘at risk’ reward opportunity, which takes the form of a 100% cash bonus. The STI is reliant on the achievement of job related KPIs, both financial and non-financial, over a mix of Group and individual targets. The objective of a STI is to align the performance of the individual the short term operational and financial objectives of the Group. After the Board evaluates and approves the Group’s operating budget for the forthcoming financial year, a series of physical, financial, project and business sustainability targets are set. These are used to determine the KPIs of the Managing Director and other executives, their direct reports and so on down the organisation structure. These performance measures are chosen to represent the key drivers of short-term success for the Group with reference to the Group’s long-term strategy. STI payments for the year to 30 June 2026 were accrued at 30 June 2026 as determined by the Board on recommendation of the Remuneration Committee with due regard to the performance of the Group and the respective individuals throughout the financial year. For the year ended 30 June 2026, the Managing Director had a target STI opportunity of 75% of fixed remuneration, whilst other KMP had a target STI opportunity of 40% or 50% of fixed remuneration dependent on job grade. Any equity components of non-executive directors’ remuneration, including the issue of performance rights, are required to be approved by shareholders prior to award. At present, there is no equity component to the remuneration of the non-executives. DIRE CTORS’ FEE LIMITS The aggregate amount of fees payable to non-executive directors is subject to periodic review and approval by shareholders. The maximum amount of directors’ fees that is currently approved for payment to non- executive directors is A$2 million, a limit that was approved by shareholders at the 2025 Annual General Meeting. DIRECTORS’ FEE FRAMEWORK Non-executive directors’ remuneration consists of a fee including statutory superannuation where the director is covered by Australian superannuation guarantee legislation. Board fees are not paid to the Managing Director as the time spent on board work and the responsibilities of board membership are considered in determining the remuneration package provided to the Managing Director as part of his normal employment conditions. The remuneration of the non-executive directors for the year ended 30 June 2026 and from 1 July 2026 are detailed below. Table 1: Annual board and committee fees payable to Non-Executive Directors POSITION ANNUAL FEES FROM 1 JULY 2025 A$ ANNUAL FEES FROM 1 JULY 2026 A$ Base Fees Chair 330,000 330,000 Other non-executive directors 198,000 198,000 Additional Fees Audit and Risk Committee – chair 36,000 36,000 Audit and Risk Committee – member 18,000 18,000 Technical Committee – chair 29,000 29,000 Technical Committee – member 14,500 14,500 Remuneration Committee – chair 25,000 25,000 Remuneration Committee - member 12,500 12,500 Sustainability Committee – chair 25,000 25,000 Sustainability Committee – member 12,500 12,500 Nomination and Governance Committee – chair 12,000 12,000 Nomination and Governance Committee – member 6,000 6,000 DIRECTORS’ RETIREMENT BENEFITS No retirement benefits are paid to non-executive directors other than the statutory superannuation contributions (if applicable) of 12% for the year ending 30 June 2026, required under Australian superannuation guarantee legislation. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 81Perseus Mining 2026 Annual Report80 Perseus Mining 2026 Annual Report PERFORMANCE OUTCOME The Board then, on recommendation of the Remuneration Committee and, after consideration of performance against KPIs and recommendation from the CEO, determined the amount (if any) of the STI to be paid to each executive. STI payments were awarded after the conclusion of the assessment period and confirmation of financial results/individual performance for all eligible participants to the extent they reached the specific targets that were set at the beginning of the financial year. The cash bonuses are inclusive of superannuation. The STI for the financial year ended 30 June 2026 was accrued in June 2026 and will be paid in September 2026. These STI payments as a percentage of total remuneration in the financial year ended 30 June 2026 were as follows: Craig Jones: 32% | Lee-Anne de Bruin: 24% | Jacob Ricciardone: 23% | Martijn Bosboom: 20% LONG TERM INCENTIVES (LTI) The LTI is the “at risk” component that takes the form of an equity-based incentive designed to attract, motivate, and retain high-quality employees at the same time as aligning their interests with those of the Group’s shareholders. LTI awards are made under the Performance Rights Plan (PRP) which was approved by shareholders in November 2023 and gives eligible employees rights to receive shares in Perseus subject to vesting conditions. The Company uses both total shareholder return (TSR) and individual achievement of a personal KPI rating of 90% or more over the vesting period as the performance measure for the LTI. TSR was selected as the LTI performance measure as it links rewards of the executives to the creation of long-term shareholder wealth. The greater the performance compared to the peer group, the greater the reward to the executive. The vesting and measurement period for the rights is three years from the commencement of the period. The vesting schedule is as follows: RELATIVE TSR OVER THE VESTING PERIOD PROPORTION OF PERFORMANCE RIGHTS VESTED Below the 50th percentile 0% At the 50th percentile 50% Between the 50th and the 75th percentile Pro-rata between 50% and 100% Above the 75th percentile 100% TSR performance and individual KPI performance are monitored on an annual basis. If the hurdles are not achieved during the performance period, the rights lapse, and no re-testing of rights is permitted, however this can be overturned at the discretion of the Board in certain circumstances. Table 7 provides details of rights awarded and vested during the year and Table 5 provides details of the value of rights awarded, exercised, and lapsed during the year. Where a participant ceases employment for any reason, any unvested rights will lapse and be forfeited, subject to the discretion of the board in the case of death, disability, retirement, or redundancy. In the event of a change of control of the Group, all unvested rights automatically vest and are automatically exercised. The peer group is chosen for comparison, having considered the following factors: ASX listing; TSX listing; commodity focus; geographic focus; and business development stage. Alamos Gold Inc B2Gold Corp Buenaventura Mining Centerra Gold Inc China Gold International Resources Corp. Ltd. Coeur Mining Inc. Dundee Precious Metals Inc Eldorado Gold Corp Endeavour Mining Corp Equinox Gold Corp Evolution Mining Ltd Harmony Gold Mining Co IAMGOLD Corp K92 Mining Inc Lundin Gold Inc NovaGold Resources Inc OceanaGold Corp Regis Resources Ltd SSR Mining Ltd Wesdome Gold Mines Ltd West African Resources Ltd KPIs were determined in two discrete groups: Group KPIs and Personal KPIs. These KPIs and the weighting placed on each indicator for each individual differed depending on the role performed in the Group, weightings for the CEO and other KMP are shown below. TARGET STI AS A PERCENTAGE OF FIXED REMUNERATION ALLOCATION FACTOR GROUP KPIS PERSONAL KPIS Managing Director and Chief Executive Officer 75% 80% 20% Other KMP 40% — 50% 80% 20% GROUP KPIS Group KPIs included achievement of defined targets relative to board-approved budget relating to gold production, weighted average production costs, sustainability and project delivery. MEASURE WEIGHTING THRESHOLD STIP TARGET STRETCH RESULT ACHIEVEMENT WEIGHTED RESULT Production – Total oz poured 20% 400k oz 417k oz 440k oz 404,998 51% 10.21% Cost – Weighted Avg Production Cost (US$) 20% $1,391/oz $1,265/oz $1,138/oz $1,274/oz 95% 18.96% Sustainability – Community, Government and TRIFR Scorecard1 20% 95% 100% 120% 122% 150% 30.00% Project Delivery – Nyanzaga Construction Scorecard 12% 85% 100% 115% 107% 122% 14.66% Project Delivery – CMA U/G Development Meters 8% 3,534 4,158 4,782 3,604 38% 3.03% Total Business Performance 80% 76.85% Individual Performance2 20% Individual Assessment 1 This me asure is a synthesis of nine different metrics. % of GOLD Interactions completed = 149% (Threshold = 80%, Target =100%, Stretch = 170%), Critical Control Verifications =152% (Threshold = 75%, Target = 100%, Stretch = 150%), TRIFR = 0.91 (Threshold = 1.20, Target = 1.00, Stretch = 0.80), Fatalities = 0 (Threshold = 0, Target = 0, Stretch = 0). The Environment, Social and Government metrics were all at Target or Stretch. 2 All emplo yees have a personal component of the STIP scorecard. PERSONAL KPIS Personal KPIs were tailored to the individual with regard to their role in the Group and included physical, financial and social licence parameters where relevant to the performance of their specific function as well as qualitative assessment of effort applied, leadership, behaviour, communication, risk management etc. on a personal level. Performance was measured on the basis of achievement of targets, 30% at Threshold up to 150% for exceeding Stretch. Personal performance was ranked on a scale from 0 to 150%, with 50% or below being unsatisfactory and above 125% being very good performance. Each individual had a performance review conducted to measure performance against set Personal KPIs. A score of below 90% excluded the individual from any STI award. STI award is paid in 100% cash for all eligible employees. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 83Perseus Mining 2026 Annual Report82 Perseus Mining 2026 Annual Report 3. FY26 REMUNERATION OUTCOMES Details of the remuneration of the directors and the KMP of Perseus and the Group are set out in Table 2 below. COMPANY PERFORMANCE The Board issues performance rights to the executives of the Group, as well as other employees with a certain level of influence over the Group’s performance. The performance measures that drive the vesting of these LTIs include Perseus’s TSR relative to its peer group and the individual’s performance over the relevant vesting period. Perseus’s performance during the current and four previous years is set out below: YEAR ENDED 30 JUNE 2026 2025 2024 2023 2022 Profit after tax ($’000) 480,490 421,714 364,755 321,036 202,514 Basic earnings per share (cents) 31.73 27.02 23.62 21.05 13.58 Dividends per share (cents) 6.74 4.09 3.33 2.38 1.77 Market capitalisation (A$M) 6,370 4,611 3,228 2,257 2,155 Closing share price (A$) (spot) 4.80 3.40 2.35 1.65 1.59 Change in Share Price over 1 year (A$) $1.40 $1.05 $0.70 $0.06 $0.13 1-year TSR (%) Perseus 43.5 57.1 37.0 -1.2 32.4 New Peer Group median 69.2 61.1 28.6 -1.2 -12.5 Old Peer Group median N/A N/A N/A 23 -18.9 3-year TSR (%) Perseus 208.78 111.3 78.6 56 238.7 Current Peer Group median 250.0 146.4 19.1 -15.6 41.4 Old Peer Group median N/A N/A N/A -4.5 42.4 Table 2 - Directors’ and executives’ statutory remuneration for the year ended 30 June 2026 SHORT-TERM LONG -TERM LEAVE ENTITLE- MENTS $ SUPER- ANNUATION $ TERMIN- ATION PAYMENTS $ SHARE- BASED PAYMENTS — PERFORMANCE RIGHTS $ TOTAL $ OF WHICH: PERFOR- MANCE RELATED % SALARY & FEES $ CASH BONUS $ Non-Executive Directors Rick Menell 2026 256,670 - - 1,745 - - 258,415 - 2025 204,885 - - 1,403 - - 206,288 - Amber Banfield 2026 149,383 - - 17,926 - - 167,309 - 2025 126,816 - - 14,584 - - 141,400 - Elissa Cornelius 2026 152,709 - - 18,325 - - 171,034 - 2025 126,499 - - 14,547 - - 141,046 - Daniel Lougher 2026 155,733 - - 18,688 - - 174,421 - 2025 148,349 - - - - - 148,349 - John McGloin 2026 164,212 - - 726 - - 164,938 - 2025 137,360 - - 624 - - 137,984 - James Rutherford 2026 157,967 - - 682 - - 158,649 - 2025 - - - - - - - - Sub-total — non-executive directors 2026 1,036,674 - - 58,092 - - 1,094,766 - 2025 743,909 - - 31,158 - - 775,067 - Table 2 - Directors’ and executives’ statutory remuneration for the year ended 30 June 2026 (continued) SHORT-TERM LONG- TERM LEAVE ENTITLE- MENTS1 $ SUPER- ANNUATION $ TERMIN- ATION PAYMENTS $ SHARE- BASED PAYMENTS — PERFORMANCE RIGHTS2 $ TOTAL $ OF WHICH: PERFOR- MANCE RELATED % SALARY & FEES $ CASH BONUS5 $ Executive Directors Jeffrey Quartermaine3 2026 1,077,003 677,364 (727,504) 15,241 - 121,975 1,164,079 69 2025 751,507 701,332 93,906 19,390 - 764,377 2,330,512 63 Craig Jones 2026 630,192 452,969 7,778 20,321 - 306,548 1,417,808 54 2025 N/A – not a KMP Sub-total — executive directors 2026 1,707,195 1,130,333 (719,726) 35,562 - 428,523 2,581,887 60 2025 751,507 701,332 93,906 19,390 - 764,377 2,330,512 63 Other Key Management Personnel Lee-Anne de Bruin 2026 436,900 436,056 14,886 20,321 - 266,353 1,174,516 60 2025 369,297 254,482 16,040 19,390 - 267,540 926,749 56 Amanda Weir4 2026 16,838 - (10,202) - - - 6,636 - 2025 347,458 - 9,756 24,249 360,106 86,581 828,150 10 Wade Bickley 2026 36,751 - 3,597 - - - 40,348 - 2025 N/A – not a KMP Jacob Ricciardone 2026 400,491 202,964 19,650 18,628 - 234,622 876,355 50 2025 196,267 135,739 14,899 9,695 -- 181,312 537,912 59 Martijn Bosboom 2026 263,833 227,737 7,778 20,321 - 145,110 664,779 56 2025 242,592 135,334 4,287 19,390 - 150,720 552,323 52 David Schummer 2026 N/A – not a KMP 2025 145,244 - (46,464) - - - 98,780 - Sub-total — KMP 2026 1,154,813 866,757 35,709 59,270 - 646,085 2,762,634 55 2025 1,300,858 525,555 (1,482) 72,724 360,106 686,153 2,943,914 41 Total 2026 3,898,682 1,997,090 (684,017) 152,924 - 1,074,608 6,439,287 48 2025 2,796,274 1,226,887 92,424 123,272 360,106 1,450,530 6,049,493 44 1 The amounts disc losed in this column represent the movement in the annual leave and (where applicable) the long service leave provision balances. The value may be negative when an individual resigns or takes more leave than the entitlement accrued during the year. 2 V esting expense for the financial year of performance rights issues to Directors and employees under the terms of the Company’s Performance Rights Plan approved by shareholders in November 2023. The fair value of the performance rights is calculated at the date of grant using the Monte Carlo Simulation pricing model for the LTI Rights. 3 The Bo ard of Directors approved a A$1 million performance bonus to be paid to Mr Quartermaine upon his retirement on 30 September 2025. 4 Ms W eir’s termination payment is set to reflect the agreed terms of her resignation and is inclusive of a short-term incentive award. Ms Weir ceased employment on 2 July 2025. 5 T o ensure a smooth leadership transition, the Board of Directors approved retention bonuses to be paid to the KMPs, on the condition that they remained employed until 30 June 2026. The gross values included in the cash bonuses were; A$300,000 for Ms De Bruin and A$170,000 for Mr Bosboom. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 85Perseus Mining 2026 Annual Report84 Perseus Mining 2026 Annual Report CONTRACTS FOR KMP A summary of the key contractual provisions as at the date of this report for each of the current KMPs is set out in Table 3 below. Table 3: Contracts for KMP NAME CRAIG JONES LEE-ANNE DE BRUIN WADE BICKLEY MARTIJN BOSBOOM Job title Managing Director & Chief Executive Officer Chief Financial Officer Chief Operating Officer General Counsel & Company Secretary Contract duration Permanent employment Notice period 6 months 3 months 3 months 3 months 1 Fixed remuneration2 A$1,150,000 A$732,500 AED1,678,830 A$482,500 Variable remuneration Short & long-term incentive plans Termination provision Applicable on termination by the Company, other than for gross misconduct. Payments vary from two to twelve months of the originally contracted salary. 1 Mr Bosboom is r equired to provide 2 months’ notice on resignation; the Company is required to provide 3 months’ notice. 2 Repr esents current fixed remuneration of key management personnel from 1 July 2026. 5. SHARE-BASED COMPENSATION KMP are eligible to participate in Perseus’s Performance Rights Plan (PRP). The terms and conditions of the performance rights affecting remuneration of directors and KMP in the current or a future reporting period are set out below. Performance rights granted carry no dividend or voting rights. When exercisable, the performance rights are convertible into one ordinary share per right. Further information is set out in note 22 to the financial statements. Table 4 - Key terms of share-based compensation held by KMP as at 30 June 2026 TYPE GRANT DATE EXERCISE PRICE FAIR VALUE AT GRANT DATE END OF MEASUREMENT PERIOD VESTED EXPIRY DATE Performance right(1) 01 August 2023 nil $1.18 30 June 2026 0% 01 August 2030 Performance right(1) 21 November 2023 nil $1.20 30 June 2026 0% 21 November 2030 Performance right(2) 18 October 2024 nil $1.73 30 June 2027 - 18 October 2031 Performance right(1) 18 October 2024 nil $1.62 30 June 2026 0% 18 October 2031 Performance right(2) 22 November 2024 nil $1.66 30 June 2027 - 22 November 2031 Performance right(1) 24 January 2025 nil $1.51 30 June 2026 0% 24 January 2032 Performance right(2) 24 January 2025 nil $1.66 30 June 2027 - 24 January 2032 Performance right(3) 22 August 2025 nil $2.03 30 June 2028 - 22 August 2032 Performance right(3) 20 November 2025 nil $3.11 30 June 2028 - 20 November 2032 1 The assessed f air value at grant date of performance rights granted to the individuals is allocated equally over the performance period (36-month period from 1 July 2023 to 30 June 2026 over which the individuals and the company’s performance is assessed), and the amount is included in the remuneration tables above. Fair values at grant date are determined using a Monte Carlo Simulation pricing model. 2 The assessed f air value at grant date of performance rights granted to the individuals is allocated equally over the performance period (36-month period from 1 July 2024 to 30 June 2027 over which the individuals and the company’s performance is assessed), and the amount is included in the remuneration tables above. Fair values at grant date are determined using a Monte Carlo Simulation pricing model. 3 The assessed f air value at grant date of performance rights granted to the individuals is allocated equally over the performance period (36-month period from 1 July 2025 to 30 June 2028 over which the individuals and the company’s performance is assessed), and the amount is included in the remuneration tables above. Fair values at grant date are determined using a Monte Carlo Simulation pricing model. 4. SERVICE AGREEMENTS Remuneration and other terms of employment for the Chief Executive Officer, Chief Financial Officer and other KMP are also formalised in employment agreements. Major provisions of the agreements relating to remuneration of the CEO are set out below. REMUNERATION OF THE CHIEF EXECUTIVE OFFICER Mr Jeffrey Quartermaine was appointed on 1 February 2013 as Managing Director and CEO and an employment contract with Perseus was entered outlining the terms of his employment. Mr Quartermaine retired from his position as Managing Director and CEO effective 30 September 2025. Under his employment contract with Perseus, Mr Quartermaine was entitled to receive fixed remuneration including a base salary and superannuation, plus variable remuneration including performance rights and cash bonuses determined under the STI/LTI plans and at the discretion of the Board. A summary of these and other key terms of Mr Quartermaine’s employment contract are described below. Mr Craig Jones was appointed on 1 October 2025 as Managing Director and CEO and an employment contract with Perseus was entered outlining the terms of his employment. Under his employment contract with Perseus, Mr Jones is currently entitled to receive fixed remuneration including a base salary and superannuation, plus variable remuneration including performance rights and cash bonuses determined under the STI/LTI plans and at the discretion of the Board. A summary of these and other key terms of Mr Jones’ employment contract are described below and set out in Table 3 below. FIXED REMUNERATION Mr Quartermaine’s annual salary for FY26 was set at A$1,250,000 per annum, inclusive of statutory superannuation entitlements. Mr Jones’ annual salary for FY26 was set at A$1,060,000 per annum, inclusive of statutory superannuation entitlements. VARIABLE REMUNERATION Mr Quartermaine was eligible to participate in the group’s STI and LTI scheme as described above. Mr Jones is eligible to participate in the group’s STI and LTI scheme as described above. STATUTORY ENTITLEMENTS Mr Quartermaine was entitled to 10 days sick leave per annum, 20 days of annual leave and long service leave of 13 weeks after 10 years of service. Mr Jones is entitled to 10 days sick leave per annum, 20 days of annual leave and long service leave of 8.667 weeks after 10 years of service. TERMINATION OF CONTRACT Perseus can terminate Mr Jones’ contract without notice under certain circumstances including but not limited to material breaches of contract, grave misconduct, dishonesty, fraud or bringing the Group into disrepute. Mr Jones may terminate the contract by giving Perseus six months’ notice, whilst Perseus may terminate the contract by giving Mr Jones the greater of six months or a period that is not less than that specified by the Fair Work Act 2009 (Cth) and the National Employment Standards. In the case of Perseus, it may at its sole discretion, terminate the contract sooner than the conclusion of the notice period by choosing to pay Mr Jones in lieu of the notice period. If the terms of Mr Jones’ employment contract are materially changed to the detriment of the Chief Executive Officer, then he is entitled to receive an amount of money from Perseus that is equivalent to two months of his gross base salary for each year of employment by Perseus, with a minimum payment equivalent to six months of his gross base salary and a maximum of twelve months of his gross base salary. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 87Perseus Mining 2026 Annual Report86 Perseus Mining 2026 Annual Report The following table details the percentage of the available grant that vested in the financial year and the percentage forfeited because the person did not meet either/or service and performance criteria specified. The maximum value of the performance rights yet to vest has been determined as the amount of the grant date fair value of the performance rights. Table 7 – Performance rights granted as at 30 June 2026 ISSUE DATE NUMBER OF RIGHTS VESTED IN CURRENT YEAR FORFEITED IN CURRENT YEAR END OF MEASURE- MENT PERIOD MINIMUM TOTAL VALUE LEFT TO VEST MAXIMUM TOTAL VALUE UNVESTED OF WHICH: EXPENSED TO 30 JUNE 2026 UNAMORTISED VALUE REMAINING NUMBER % % $ $ $ $ Executive Directors Jeff Quartermaine 22 November 2022 411,197 - - 30 June 2025 - 459,575 459,575 - 22 November 2023 851,599 - - 30 June 2026 - 692,211 692,211 - 22 November 2024 688,131 - - 30 June 2027 - 774,245 516,163 258,082 22 November 2024 (STI) 177,672 100% - 30 June 2025 - 315,750 315,750 - Craig Jones 20 November 2025 436,334 - - 30 June 2028 - 919,644 306,548 613,096 Other KMP Lee-Anne de Bruin 27 July 2022 166,575 - - 30 June 2025 - 130,885 130,885 - 01 August 2023 310,773 - - 30 June 2026 - 248,398 248,398 - 18 October 2024 252,525 - - 30 June 2027 - 295,368 196,912 98,456 22 August 2025 185,236 - - 30 June 2028 - 255,054 85,018 170,036 04 October 2024 (STI) 63,910 100% - 30 June 2025 - 109,747 109,747 - Amanda Weir 18 October 2024 48,000 - - 30 June 2025 - 90,530 90,530 - 18 October 2024 96,000 - 100% 30 June 2026 - - - - 18 October 2024 273,569 - 100% 30 June 2027 - - - - Jacob Ricciardone 24 January 2025 48,000 - - 30 June 2025 - 21,632 21,632 - 24 January 2025 96,000 - - 30 June 2026 - 98,442 98,442 - 24 January 2025 273,569 - - 30 June 2027 - 306,967 204,645 102,322 22 August 2025 185,236 - - 30 June 2028 - 255,054 85,018 170,036 Martijn Bosboom 27 July 2022 132,149 - - 30 June 2025 - 103,835 103,835 - 01 August 2023 164,206 - - 30 June 2026 - 131,248 131,248 - 18 October 2024 144,675 - - 30 June 2027 - 169,221 112,814 56,407 22 August 2025 97,853 - - 30 June 2028 - 134,734 44,911 89,823 04 October 2024 (STI) 26,623 100% - 30 June 2025 - 45,717 45,717 - 1 P erformance Rights vest after the end of the measurement period, subject to the achievement of the vesting conditions and approval by the Board of Directors. Upon vesting, they can be exercised for $nil exercise price. All rights expire 7 years after having been issued Further information relating to the portion of KMP remuneration related to equity compensation for the year are set out in the table below. Table 5 - Value of share-based compensation AS A % OF TOTAL REMUNERATION % VALUE GRANTED, EXERCISED, OR FORFEITED IN THE YEAR GRANTED $ EXERCISED $ FORFEITED $ Jeffrey Quartermaine 10% - 315,750 - Craig Jones 22% 919,644 - - Lee-Anne de Bruin 23% 255,054 109,747 - Amanda Weir 0% - - 425,622 Wade Bickley 0% - - - Jacob Ricciardone 27% 255,054 - - Martijn Bosboom 22% 134,734 45,717 - The movement in performance right holdings for KMP during the year are set out in the table below. Table 6 – Movement of performance rights granted to KMP and directors during the year BALANCE AT THE START OF THE YEAR GRANTED DURING THE YEAR AS REMUNER- ATION EXERCISED DURING THE YEAR FORFEITED /LAPSED OTHER MOVEMENTS1 BALANCE AT THE END OF THE YEAR VESTED DURING THE YEAR VESTED AND EXERCISABLE AT THE END OF THE YEAR NUMBER NUMBER NUMBER NUMBER NUMBER NUMBER NUMBER NUMBER Non-Executive Directors Rick Menell - - - - - - - - Amber Banfield - - - - - - - - Elissa Cornelius - - - - - - - - Daniel Lougher - - - - - - - - John McGloin - - - - - - - - James Rutherford - - - - - - - - Sub-total — non- executive directors - - - - - - - - Executive Directors Jeffrey Quartermaine2 2,128,599 - (177,672) (411,197) (1,539,730) - 177,672 - Craig Jones3 - 436,334 - - - 436,334 - - Sub-total — executive directors 2,128,599 436,334 (177,672) (411,197) (1,539,730) 436,334 177,672 - Senior Executives Lee-Anne de Bruin 793,783 185,236 (63,910) (166,575) - 748,534 63,910 - Amanda Weir 417,569 - - (417,569) - - - - Wade Bickley - - - - - - - - Jacob Ricciardone 417,569 185,236 - (48,000) (554,805) - - - Martijn Bosboom 467,653 97,853 (26,623) (132,149) - 406,734 26,623 - Sub-total — senior executives 2,096,575 468,325 (90,533) (764,293) (554,805) 1,155,268 90,533 - 1 The other mo vements column represents the balance of shares upon ceasing to be a KMP. Any movements after that point are not reportable. 2 Retir ed from position of Managing Director and Chief Executive Officer on 30 September 2025. 3 Appoint ed Managing Director and Chief Executive Officer on 1 October 2025. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 89Perseus Mining 2026 Annual Report88 Perseus Mining 2026 Annual Report OTHER DISCLOSURES INDEMNIFICATION AND INSURANCE OF DIRECTORS, OFFICERS AND AUDITORS Perseus’s Constitution requires it to indemnify Directors and Officers of any entity within the Group against liabilities incurred to third parties and against costs and expenses incurred in defending civil or criminal proceedings, except in certain circumstances. The Company has entered into Deeds of Indemnity, Access and Insurance (Deeds) with all persons who are an officer of the Company. Independent legal advice was received that the content of the Deeds conform with the Corporations Act 2001 and current market practice. The Directors and Officers of the Group have been insured against all liabilities and expenses arising as a result of work performed in their respective capacities, to the extent permitted by law. The contract of insurance prohibits the disclosure of the amount of the insurance premiums paid during the year ended 30 June 2026. The insurance premiums relate to: • C osts and expenses incurred by the relevant officers in defending proceedings, whether civil or criminal and whatever the outcome. • O ther liabilities that may arise from their position, with the exception of conduct involving a wilful breach of duty or improper use of information or position to gain a personal advantage. To the extent permitted by law, the Company has agreed to indemnify its auditors, PricewaterhouseCoopers (PwC), as part of the terms of its audit engagement agreement against claims by third parties arising from the audit (for an unspecified amount). No payment has been made to indemnify PwC during or since the financial year end. PROCEEDINGS ON BEHALF OF THE COMPANY No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of Perseus or to intervene in any proceedings to which Perseus is a party, for the purposes of taking responsibility on behalf of Perseus for all or part of the proceedings. No proceeding has been brought or intervened in on behalf of Perseus with leave of the Court under section 237 of the Act. AUDITOR’S INDEPENDENCE DECLARATION Section 307C of the Corporations Act 2001 requires our auditors, PwC, to provide the Directors of Perseus with an Independence Declaration in relation to the review of the financial report. This Independence Declaration is set out on page 91 and forms part of this Directors’ report for the year ended 30 June 2026. NON-AUDIT SERVICES During the year PwC, the Group’s auditor, performed other non-audit services in addition to statutory duties. The non-audit services provided do not undermine the general principles relating to auditor independence as set out in APES 110 Code of Ethics for Professional Accountants, as they did not involve reviewing or auditing the auditor’s own work, acting in a management or decision-making capacity for the Group, acting as an advocate for the Group or jointly sharing risks and rewards. Further information is set out at note 20 of the Consolidated Financial Statements. CORPORATE GOVERNANCE STATEMENT The Australian Securities Exchange (ASX) Corporate Governance Council (CGC) has developed corporate governance principles and recommendations for listed entities with the aim of promoting investor confidence and meeting stakeholder expectations. ASX listing rule 4.10.3 requires that listed entities disclose the extent to which they have followed the CGC’s recommendations and, where a recommendation has not been followed, the reasons why. Perseus’s Corporate Governance Statement can be found on the Company’s website at the following link: https://perseusmining.com/documents/corporate-governance-statement.pdf This report was signed in accordance with a resolution of the Directors. 6. ADDITIONAL INFORMATION LOANS AND OTHER TRANSACTIONS WITH DIRECTORS AND EXECUTIVES There were no loans outstanding at the reporting date to directors or executives. There have been no other transactions with directors and executives. SHARE OPTIONS As at the date of this report, there are no options over ordinary shares. SHARE HOLDINGS The numbers of shares in the Company held during the financial year by directors and other key management personnel, including shares held by entities they control, are set out below: PERSON AT 30 JUNE 2025 RECEIVED UPON EXERCISE OF VESTED PERFORMANCE RIGHTS1 SHARES PURCHASED/ (SOLD) OTHER MOVEMENTS2 AT 30 JUNE 2026 R Menell 35,000 - - - 35,000 J Quartermaine 3,398,724 177,672 (1,677,672) (1,898,724) - C Jones - - - - - A Banfield 35,000 - - - 35,000 E Cornelius 300,000 - (230,000) - 70,000 J McGloin 641,400 - (600,000) - 41,400 D Lougher 30,000 - - - 30,000 J Rutherford - - - - - L de Bruin 110,158 63,910 (140,993) - 33,075 A Weir - - - - - W Bickley - - - - - J Ricciardone - - - - - M Bosboom - 26,623 (26,623) - - 1 All e xercises of vested performance rights have a $nil exercise price. 2 The other mo vements column represents the balance of shares upon ceasing to be a Director/KMP. Any movements after that point are not reportable. Craig Antony Jones Managing Director and Chief Executive Officer Perth, 26 August 2026 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review COMPETENT PERSON STATEMENT The information in the Annual Group Ore Reserves and Mineral Resources Statement is based on, and fairly represents information and supporting documentation prepared by Competent Persons in accordance with the requirements of the JORC Code. The annual Group Mineral Resources as a whole has been approved by Mr Daniel Saunders, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Saunders is an employee of Perseus Mining. Mr Saunders has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and to qualify as a “Qualified Person” under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101). Mr Saunders consents to the inclusion in this report of the information in the form and context in which it appears. The annual Group Ore Reserve as a whole has been approved by Mr Adrian Ralph, a Competent Person who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Ralph is an employee of Perseus Mining. Mr Ralph has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ and to qualify as a ‘Qualified Person’ under NI 43-101. Mr Ralph consents to the inclusion in this report of the information in the form and context in which it appears. All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by Competent Persons in accordance with the requirements of the JORC Code. The information in this report that relates to the Mineral Resources and Ore Reserve was updated by the Company in a market announcement “Perseus Mining updates Mineral Resources and Ore Reserves” released on 26 August 2026. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company confirms that the material assumptions underpinning the estimates of Ore Reserves described in ‘Technical Report — Edikan Gold Mine, Ghana’ dated 6 April 2022, ‘Technical Report — Yaouré Gold Project, Côte d’Ivoire’ dated 18 December 2023, ‘Technical Report — Sissingué Gold Project, Côte d’Ivoire’ dated 29 May 2015, and ‘Technical Report — Nyanzaga Gold Project, Tanzania’ dated 10 June 2025 continue to apply. AUDITOR’S INDEPENDENCE DECLARATION 91Perseus Mining 2026 Annual Report90 Perseus Mining 2026 Annual Report ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED) PricewaterhouseCoopers, ABN 52 780 433 757 Brookfield Place, Level 15, 125 St Georges Terrace, PERTH WA 6000, GPO Box D198, PERTH WA 6840 T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Auditor’s Independence Declaration As lead auditor of Perseus Mining Limited's financial report and lead auditor of the specified sustainability disclosures within the statutory sustainability report (referred to as the ‘Climate Report’) for the year ended 30 June 2026, respectively, we each declare that, having regard to our responsibilities in relation to the respective audit of the financial report and review of the specified sustainability disclosures within the Climate Report, to the best of our knowledge and belief, there have been: a) no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the respective audit of the financial report or the review of the specified sustainability disclosures; and b) no contraventions of any applicable code of professional conduct in relation to the respective audit of the financial report or the review of the specified sustainability disclosures. Helen Bathurst Rachel Meadows Perth Lead auditor (financial report) Lead auditor (statutory sustainability report) 26 August 2026 Partner Partner PricewaterhouseCoopers PricewaterhouseCoopers
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 93Perseus Mining 2026 Annual Report92 Perseus Mining 2026 Annual Report CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME NOTES FOR THE YEAR ENDING: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Profit and Loss from Continuing Operations Revenue 1,483,908 1, 248,082 Cost of sales (623,368) (50 7,770) Gross profit before depreciation and amortisation 860 ,540 740,312 Depreciation and amortisation relating to gold production 2 (116,194) ( 152,773) Gross profit from operations 744,346 587 ,539 Other income 2 28,212 21,994 O ther expenses 2 (4,870) ( 18,390) Administration and other corporate expenses (24,137) ( 17,384) Share-based payment expense 22 (2,805) (3, 394) Foreign exchange (loss)/gain 2 (34,014) 3, 802 Other depreciation and amortisation expense 2 (689) ( 1,032) Gain on disposal of subsidiary 15 21,895 - Write-downs and impairments 2 (146) - Finance costs 2 (11,900) (8 ,691) Profit before tax 7 15,892 564 ,444 Income tax expense 3 (235,402) ( 142,730) Profit after tax 480,490 421,714 Other Comprehensive Income Items that will not be reclassified to profit and loss Fair value movement on equity investments 16 89,624 68 ,174 Income tax relating to items that will not be reclassified to profit and loss 12 (44,454) - Items that will or may be reclassified to profit and loss Exchange differences on translation of foreign operations 11,298 83, 309 Total comprehensive income 536,958 5 73,197 Profit Is Attributable To: Owners of Perseus Mining Limited 428,243 3 70,867 Non-controlling interests 52,247 50 ,847 480,490 421,714 Total Comprehensive Income Is Attributable To: Owners of Perseus Mining Limited 486,934 515,415 Non-controlling interests 50,024 5 7,782 536,958 5 73,197 Basic earnings per share 4 31.73 2 7.02 Diluted earnings per share 4 31.53 2 6.84 CONSOLIDATED STATEMENT OF FINANCIAL POSITION NOTES AS AT: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Current Assets Cash and cash equivalents 5 924,057 7 51,829 Receivables 6 95,550 5 7,974 Inventories 7 176,911 14 9,669 Prepayments 6 30,395 14 ,196 Income tax receivable 6 11,364 10 ,582 1,238,277 984 ,250 Non-Current Assets Receivables 6 16,944 11, 485 Inventories 7 218,105 2 09,973 Equity investment at fair value through OCI 16 233,221 117 ,933 Property, plant, and equipment 8 974,884 662 ,726 Right of use assets 2,014 2 ,563 Mine properties 9 158,526 182 ,511 Mineral interest acquisition and exploration expenditure 10 84,733 3 09,070 1,688,427 1,496,261 Total assets 2,926,704 2 ,480,511 Current Liabilities Payables and provisions 11 263,082 188 ,751 Income tax payable 80,992 17 ,625 Provision for resettlement 11 6,700 7 ,128 Lease liabilities 738 9 27 3 51,512 214,431 Non-Current Liabilities Provisions 11 61,085 48, 744 Lease liabilities 1,372 1, 827 Deferred tax liabilities 12 50,482 5,94 2 112,939 56 ,513 Total liabilities 464,451 270,944 Net assets 2,462,253 2 ,209,567 Equity Issued share capital 13 701,457 801, 422 Reserves 105,235 4 3,698 Retained earnings 1,491,875 1, 154,669 Equity attributable to the owners of Perseus Mining Limited 2,298,567 1,999,789 Non-controlling interests 163,686 2 09,778 Total equity 2,462,253 2 ,209,567 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 95Perseus Mining 2026 Annual Report94 Perseus Mining 2026 Annual Report CONSOLIDATED STATEMENT OF CHANGES IN EQUITY NOTES ISSUED CAPITAL $ ’000 RETAINED EARNINGS $ ’000 SHARE- BASED PAYMENTS RESERVE $ ’000 FOREIGN CURRENCY TRANSLATION RESERVE $ ’000 ASSET REVALUATION RESERVE $ ’000 NON- CONTROLLING INTERESTS $ ’000 TOTAL EQUITY $ ’000 Balances at 1 July 2025 801,422 1,154,669 41,588 (83,454) 85,564 209 ,778 2,209,567 Profit for the period - 428,243 - - - 5 2,247 480,490 Other comprehensive income - - - 13,521 45,170 (2 ,223) 56,468 Total comprehensive Income - 428,243 - 13,521 45,170 5 0,024 536,958 Transactions with Owners in Their Capacity as Owners Share-based payments - - 2,846 - - 30 2,8 76 Dividends to NCI’s 13 - - - - - (2 4,727) (2 4,727) Dividend 13 - (9 1,037) - - - - (9 1,037) Share buyback 13 (99,965) - - - - - (99 ,965) Disposal of subsidiary 15 - - - - - (7 1,419) (7 1,419) Balances at 30 June 2026 701,457 1,491,875 44,434 (69,933) 130,734 163, 686 2,462,253 Balances at 1 July 2024 844,366 839,972 38,378 ( 159,828) 17,390 199 ,698 1,779,976 Profit for the period - 3 70,867 - - - 50,847 4 21,714 Other comprehensive income - - - 7 6,374 68 ,174 6 ,935 151, 483 Total comprehensive income - 370,867 - 76,374 68,174 5 7,782 573,197 Transactions with Owners in Their Capacity as Owners Share-based payments - - 3, 210 - - 112 3, 322 Dividends to NCI’s 13 - - - - - ( 47,814) ( 47,814) Dividend 13 - (56 ,170) - - - - (56 ,170) Share buyback 13 ( 42,944) - - - - - ( 42,944) Balances at 30 June 2025 801,422 1,154,669 41,588 (83,454) 85,564 209 ,778 2,209,567 CONSOLIDATED STATEMENT OF CASH FLOWS NOTES FOR THE YEAR ENDING: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Operating Activities Receipts in the course of operations 1,483,908 1, 248,082 Payments to suppliers and employees (673,406) (596 ,565) Income taxes paid (162,720) ( 130,988) Interest received 18,638 16 ,130 Net cash inflows from operating activities 21 666,420 5 36,659 Investing Activities Payments for exploration and evaluation expenditure (40,593) (56 ,572) Payments for mine properties (23,854) (28 ,318) Payments for property, plant and equipment (404,647) ( 122,231) Payments for acquisition of equity instruments 16 (16,314) (5 2,195) Transfer of funds to restricted cash for rehabilitation (5,489) - Proceeds from disposal of subsidiaries 15 253,939 - Proceeds from disposal of other financial assets - 45,122 Deferred consideration proceeds - 3, 062 Net cash used in investing activities (236 ,958) (211, 132) Financing Activities Dividends paid to non-controlling interests 13 (32,457) (3 5,718) Dividends paid to owners of Perseus Mining Limited 13 (91,037) (56 ,170) Payments for share-buyback 13 (99,965) ( 42,944) Borrowing costs (15,138) (7 ,338) Net cash used in financing activities (238 ,597) ( 142,170) Net Increase in Cash Held 190 ,865 183, 357 Cash and cash equivalents at the beginning of the period 751,829 5 36,914 Effect of exchange rate changes on foreign-denominated cash (18,637) 31,5 58 Cash and cash equivalents at the end of the period 5 9 24,057 7 51,829 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 97Perseus Mining 2026 Annual Report96 Perseus Mining 2026 Annual Report NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS TABLE OF NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Performance 1. Segment Inf ormation ............................................................... ...............................................................................................................99 2. O ther Income/Expenses ............................................................... ........................................................................................................101 3. Inc ome Tax ............................................................... ......................................................................................................................................104 4. E arnings per Share ............................................................... ....................................................................................................................106 Operating Assets and Liabilities 5. C ash and Cash Equivalents ............................................................... ................................................................................................106 6. Rec eivables and Prepayments........................................................................................................................................................107 7. In ventories ............................................................... .......................................................................................................................................108 8. P roperty, Plant, and Equipment ............................................................... ......................................................................................110 9. Mine P roperties ............................................................... .............................................................................................................................112 10. Miner al Interest Acquisition and Exploration Expenditure ............................................................... ..........................114 11. P ayables and Provisions ............................................................... ..........................................................................................................115 12. Def erred Tax ............................................................... .................................................................................................................................... 119 Capital and Financial Risk Management 13. Issued C apital and Reserves ............................................................... ................................................................................................121 14. Financ ial Risk Management ............................................................... ...............................................................................................123 Group Structure 15. Disposal of Shar k (BVI) INC and Its Subsidiaries ............................................................... .................................................130 16. O ther Financial Assets and Liabilities ............................................................... ...........................................................................131 17. Subsidiar ies ............................................................... ......................................................................................................................................132 18. P arent Entity Disclosures ............................................................... .....................................................................................................134 Other Information 19. Relat ed Party Transactions ............................................................... ..................................................................................................135 20. Remuner ation of Auditors ............................................................... ................................................................................................... 136 21. C ash Flows from Operating Activities ............................................................... .........................................................................137 22. Shar e-Based Payments ............................................................... ......................................................................................................... 138 23. Summar y of Other Significant Accounting Policies ............................................................... ........................................140 24. C ontingencies ............................................................... ...............................................................................................................................142 25. C ommitments ............................................................... ..............................................................................................................................143 26. Subsequent E vents ............................................................... ...................................................................................................................143 ABOUT THIS REPORT These are the Consolidated Financial Statements (Financial Statements) of the consolidated entity consisting of Perseus Mining Limited and its subsidiaries (Perseus or the Group). Its registered office and principal place of business is disclosed in the Corporate Directory on page 3. The material accounting policies adopted in the preparation of these Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated in the notes. Perseus Mining Limited is a listed, for-profit public company, incorporated and domiciled in Australia. During the year ended 30 June 2026, the consolidated entity conducted operations in Australia, Ghana, Côte d’Ivoire, United Arab Emirates, Tanzania and Sudan. These general-purpose Financial Statements have been prepared in accordance with Australian Accounting Standards, other authoritative pronouncements of the Australian Accounting Standards Board (AASB) and the Corporations Act 2001. They also comply with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). As such, they have been prepared under the historical cost convention, except for where the accounting standards allow or require the measurement of amounts on an alternative basis. The amounts contained in the Financial Statements are presented in United States dollars (USD) and have been rounded to the nearest $1,000 (where rounding is applicable) where noted ($’000) under the option available to the Group under Australian Securities Investment Commission (ASIC) Corporations (Rounding in Financial/Directors’ Reports) Instrument 2026/183. This legislative instrument applies to the Group. These Financial Statements were authorised for issue by the Directors on 26 August 2026. The Directors have the power to amend and reissue the Financial Statements. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 99Perseus Mining 2026 Annual Report98 Perseus Mining 2026 Annual Report NEW AND AMENDED STANDARDS ADOPTED BY THE GROUP A number of new or amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. Therefore, the accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period. SIGNIFICANT ESTIMATES AND JUDGEMENTS The preparation of financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including the expectations of future events that may have a financial impact on the consolidated entity and that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting will, by definition, seldomly equal the actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed in the notes indicated below. NOTES Impairment 2,8,10 Unit-of-production method of depreciation/amortisation 2,8,9 Ore Reserves and Mineral Resources 9 Deferred stripping expenditure 2,9 Income tax 3 Inventory 7 Restoration and rehabilitation provision 11 Share-based payments 22 1. SE GMENT INFORMATION (a) Descr iption of Segments Management has determined the operating segments based on the reports reviewed by the Executive Leadership Team and Board of Directors that are used to make strategic decisions. The Group primarily reports based on a business segment basis as its risks and rates of return are affected predominantly by differences in the various business segments in which it operates, and this is the format of the information provided to the Executive Leadership Team and Board of Directors. The Group operated principally in six segments during the year being Edikan, Sissingué, Yaouré, Sudan, Tanzania and Corporate / Other. The segment information is prepared in conformity with the Group’s accounting policies. The Group comprises the following main segments: Edikan Mining, mineral exploration, evaluation, and development activities. Sissingué Mining, mineral exploration, evaluation, and development activities. Yaouré Mining, mineral exploration, evaluation, and development activities. Sudan Mineral exploration, evaluation, and development activities. Tanzania Mineral exploration, evaluation, and development activities. Corporate/Other Investing and financing activities, mineral exploration, corporate management, and inter-segment eliminations. Revenue is derived from external customers arising from the sale of gold bullion reported under the Edikan, Sissingué, and Yaouré reporting segments. (b) Segm ent Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Leadership Team and Board of Directors of the parent entity. (c) Segm ent Information Provided to the Senior Leadership Team and Board of Directors ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 101Perseus Mining 2026 Annual Report100 Perseus Mining 2026 Annual Report (c) Segment Information Provided to the Executive Leadership Team and Board of Directors EDIKAN SISSINGUÉ YAOURÉ SUDAN TANZANIA CORPORATE/OTHER CONSOLIDATED FOR THE YEAR ENDING 30 JUNE: 2026 $’000 2025 $’000 2026 $’000 2025 $’000 2026 $’000 2025 $’000 2026 $’000 2025 $’000 2026 $’000 2025 $’000 2026 $’000 2025 $’000 2026 $’000 2025 $’000 PROFIT AND LOSS Revenue 622,379 4 58,622 271,702 139 ,841 589,827 64 9,619 - - - - - - 1,483,908 1, 248,082 Other income 14,071 7 ,185 181 155 1,499 1, 059 - 1, 867 - - 12,461 11, 728 28,212 21,994 T otal revenue and other income 636 ,450 465, 807 271,883 139,996 59 1,326 6 50,678 - 1,867 - - 12,461 11,728 1,512 ,120 1,270,076 Material Income/(Expenses) Cost of sales (248,416) ( 194,487) (132,755) ( 103,076) (242,197) (210 ,207) - - - - - (623,368) (50 7,770) Depreciation and amortisation (19,546) (50 ,767) (24,280) ( 13,684) (51,011) (72 ,669) - - (103) ( 170) (21,943) ( 16,515) (116,883) ( 153,805) Share-based payments (169) ( 106) (69) (223) (151) ( 189) - ( 13) (27) - (2,389) (2 ,863) (2,805) (3, 394) Gain on sale of subsidiary - - - - - - 21,895 - - - - - 21,895 - Impairments and write-offs - - - - - - - - (146) - - - (146) - Foreign exchange (losses)/gains (5,548) 5,912 (1,155) 1,355 (4,387) ( 10,502) - 55 (1,080) (668) (21,844) 7 ,650 (34,014) 3, 802 Profit/(loss) before tax 359,565 2 06,550 109,357 23,455 288,553 354,455 21,812 1, 605 (1,950) (968) (61,445) (2 0,653) 715,892 564 ,444 Income tax expense (125,730) (7 6,008) (20,655) (8 ,969) (52,642) - - - - - (36,375) (5 7,753) (235,402) ( 142,730) Profit/(loss) from continuing operations 23 3,835 130 ,542 88,702 14,486 23 5,911 3 54,455 21,812 1, 605 ( 1,950) (968) (9 7,820) (7 8,406) 480,490 421,714 ASSETS AND LIABILITIES Total segment assets 707,022 445,9 14 181,449 19 1,538 719,387 712,169 - 276,036 651,5 34 303,492 667,312 5 51,362 2,926,704 2 ,480,511 Included in Segment Assets Are: Additions to non-current assets 24,614 2 7,956 19,329 17 ,496 109,815 8 9,333 6,190 9,6 30 305,915 59 ,583 3,231 3,123 469,094 2 07,121 Total segment liabilities 98 ,615 7 3,059 70,873 42 ,525 163,109 118,900 - 4,239 7 5,933 27,613 55,921 4,608 464,451 270,944 2. O THER INCOME/EXPENSES FOR THE YEAR ENDING NOTES 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Depreciation and Amortisation Amortisation of deferred stripping asset (15,798) (65, 459) Depreciation of right of use assets (313) (2 69) Other depreciation and amortisation relating to gold production (100,083) (87 ,045) Depreciation and Amortisation Relating to Gold Production ( 116,194) ( 152,773) Depreciation of right of use assets (410) ( 449) Other depreciation and amortisation expense (279) (583) ( 116,883) ( 153,805) Other Income: Interest income 18,638 16 ,129 Gain on sale of assets - 234 Other income 9,574 5, 631 28,212 21,994 Other Expenses: Restructuring costs - ( 18,145) Post-operations rehabilitation provision changes (1,318) - Other expenses (3,552) (2 45) (4,870) ( 18,390) Foreign Exchange (Losses)/Gains: on translation of intercompany loans (9,543) (3, 065) on other translations (24,471) 6,8 67 (34 ,014) 3,802 Interest and Finance Charges ( 11,900) (8 ,691) Impairments Impairment of exploration and evaluation 10 (146) - ( 146) - ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 103Perseus Mining 2026 Annual Report102 Perseus Mining 2026 Annual Report Accounting Policy Interest Income Interest income is recognised in the consolidated statement of comprehensive income as it accrues, using the effective interest method. Borrowing Costs Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Other borrowing costs are expensed. Significant Judgements and Estimates Impairment of Assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount exceeds its recoverable amount. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units or CGU). The Group has three cash generating units, Edikan Gold Mine, the Sissingué Gold Mine and the Yaouré Gold Mine. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period. In determining whether the recoverable amount of each cash generating unit is the higher of fair value less costs of disposal or value-in-use against which asset impairment is to be considered, the Group undertakes future cash flow calculations which are based on a number of critical estimates and assumptions, and reflect the life of mine (LOM) operating and capital cost assumptions used in the Group’s latest budget and LOM plans: (a) Mine lif e including quantities of mineral Ore Reserves and Mineral Resources for which there is a high degree of confidence of economic extraction with given technology; (b) E stimated production and sale levels; (c) E stimated future commodity prices are based on brokers’ consensus forecasts; (d) F uture costs of production; (e) F uture capital expenditure; (f) F uture exchange rates; and/or (g) Disc ount rates based on the Group’s estimated before tax weighted average cost of capital, adjusted when appropriate to take into account relevant risks such as development risk etc. Variations to expected future cash flows, and timing thereof, could result in significant changes to the impairment test results, which in turn could impact future financial results. The expected future cash flows of the cash generating units are most sensitive to fluctuations in the gold price. At 30 June 2026 the Group determined that there was no external or internal indicator of impairment. This was due to the substantial increase in gold prices since the last impairment assessment was performed as well as the absence of any indication that the Edikan, Sissingué and Yaouré Gold Mines would not perform as expected in future periods. As a result, no impairment testing was conducted for the Edikan, Sissingué and Yaouré CGUs. Unit-of-Production Method of Depreciation / Amortisation The Group uses the unit-of-production basis when depreciating/amortising life of mine specific assets, which results in a depreciation/amortisation charge proportional to the depletion of the anticipated remaining life of mine production. Each item’s economic life, which is assessed annually, has due regard to both its physical life limitations and to present assessments of economically recoverable reserves of the mine property at which it is located. These calculations require the use of estimates and assumptions, including the amount of recoverable reserves and estimates of future capital expenditure. The Group amortises mine property assets utilising tonnes of ore mined and mine related plant and equipment over tonnes of ore processed. Deferred Stripping Expenditure The Group defers stripping costs incurred during the production stage of its operations. Significant judgement is required to distinguish between production stripping that relates to the extraction of inventory and what relates to the creation of a deferred waste asset. The Group also identifies the separate components of the ore body. An identifiable component is a specific volume of the ore body that is made more accessible by the stripping activity. Significant judgement is required to identify these components, and to determine the expected volumes of waste to be stripped and ore to be mined in each component and a suitable production measure to be used to allocate production stripping costs between inventory and any stripping activity asset(s) for each component. The Group considers that the ratio of the expected waste to be stripped for an expected amount of ore to be mined, for a specific component of the ore body, is the most suitable production measure. Furthermore, judgements and estimates are also used to apply the units of production method in determining the amortisation of the stripping activity asset(s). Changes in a mine’s life and design will usually result in changes to the expected stripping ratio (waste to mineral reserves ratio). Changes in other technical or economical parameters that impact reserves will also have an impact on the life of component ratio even if they do not affect the mine’s design. Changes to the life of the component are accounted for prospectively. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 105Perseus Mining 2026 Annual Report104 Perseus Mining 2026 Annual Report 3. INC OME TAX FOR THE YEAR ENDING 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Income Tax Expense Current tax expense 244,549 14 8,443 Deferred tax expense 39 (5,960) A djustments for current tax in respect of prior years (9,186) 247 235,402 142,730 Deferred Tax Expense (Increase)/decrease in deferred tax assets (857) 36 Incr ease/(decrease) in deferred tax liabilities 896 (5,996) 39 (5,960) Num erical Reconciliation of Income Tax Expense to Prima-Facie Tax Payable Profit before tax 715,892 564 ,444 Profit before tax at the Australian tax rate of 30% (prima-facie tax payable) 214,768 1 69,333 Effect of: Differing tax rates in foreign jurisdictions (32,534) (90 ,256) Non-deductible expenses 9,028 3, 106 Share-based payments 360 3 67 Foreign exchange on investment in foreign subsidiaries 6,901 (6 ,191) Withholding taxes 35,602 5 7,489 Deferred tax assets not brought to account 10,463 8 ,635 Other permanent differences - - 244,588 142,483 (Over)/under provision in prior years (9,186) 247 Income tax expense 235,402 142,730 Amounts Recognised Directly in Equity Aggregate current and deferred tax arising in the year and not recognised in net profit or loss but directly credited to equity (44,454) - Tax Losses Estimate of Australian revenue losses 78,867 23, 621 Estimate of Australian capital losses - 3, 168 78,867 26,789 Potential tax benefit at 30% 23,660 8 ,037 Income tax expense is wholly attributable to profits from continuing operations. The tax losses are unrecognised, due to the lack of certainty over their recovery. An income tax benefit of $9 million is recognised in relation to an amended tax assessment which finalised Ghana Revenue Authority tax audits for the years ended 30 June 2010 to 2021. The Group has reviewed its corporate structure in light of the introduction of Pillar Two Model Rules in the various jurisdictions in which it operates. In all jurisdictions in which the Group operates, either the effective tax rate is expected to be at least 15% for the year, or the safe harbour thresholds are applicable. The Group has determined that Pillar Two “top-up” taxes will not be payable in the current period. Uncertain Tax Positions The Group is subject to income taxes in multiple jurisdictions. In determining the income tax liabilities, management has not been required to estimate the amount of capital allowances and the deductibility of certain expenses in each tax jurisdiction. The Group has open tax assessments with tax authorities at the balance sheet date. As management considers that the tax positions are supportable, the Group has not recognised any additional tax liability on these uncertain tax positions. Accounting Policy The income tax expense or benefit for the year is the tax payable on the current year’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the year in the countries where the Company’s subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Significant Judgements and Estimates Judgement is required in determining whether deferred tax assets are recognised on the Consolidated Statement of Financial Position. Deferred tax assets, including those arising from un-utilised tax losses, require management to assess the likelihood that the Group will generate taxable earnings in future years, in order to utilise recognised deferred tax assets. Estimates of future taxable income are based on forecast cash flows from operations and the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Group to realise the net deferred tax assets recorded at the reporting date could be impacted. Additionally, future changes in tax laws in jurisdictions in which the Group operates could limit the ability of the Group to obtain tax deductions in future years. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 107Perseus Mining 2026 Annual Report106 Perseus Mining 2026 Annual Report 4. E ARNINGS PER SHARE FOR THE YEAR ENDING 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Earnings Used in Calculating Earnings per Share Earnings attributable to the owners of Perseus Mining Limited from continuing operations 428,243 3 70,867 NUMBER NUMBER Weighted Average Number of Shares Weighted average number of outstanding ordinary shares for basic EPS calculation 1,349,445,628 1,372,345,511 Weighted average number of potential ordinary shares 8,717,786 9 ,169,860 Weighted average number of ordinary shares for diluted EPS calculation 1,358,163,414 1, 381,515,371 The potential ordinary shares are the performance rights as described in note 22. Accounting Policy Basic Earnings Per Share Basic earnings per share is calculated by dividing the net result attributable to owners of the parent, excluding any costs of servicing equity other than ordinary shares, by the weighted average number of ordinary shares outstanding during the financial year, adjusted for any bonus element. Diluted Earnings Per Share Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares and the weighted average number of ordinary shares assumed to have been issued for no consideration in relation to dilutive potential ordinary shares. 5. C ASH AND CASH EQUIVALENTS AS AT 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Cash in bank and on-hand 924,057 7 51,829 9 24,057 7 51,829 Cash in bank earns interest at floating rates based on daily bank deposit rates. Accounting Policy For the purpose of presentation in the Consolidated Statement of Cash Flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions with an original maturity not exceeding three months, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts, if utilised, are shown within borrowings in current liabilities on the Consolidated Statement of Financial Position. 6. RE CEIVABLES AND PREPAYMENTS AS AT 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Current Trade debtors 1,112 1, 653 GST and VAT receivables 76,538 44 ,862 Security deposits 8,865 4 ,487 Sundry debtors 9,035 6 ,972 95,5 50 5 7,974 Prepayments 30,395 14 ,196 Income tax receivable 11,364 10 ,582 Non-Current Security deposits 16,944 11, 485 16,944 11,4 85 (a) T rade and sundry debtors are non-interest bearing and generally on 30-day terms. At 30 June 2026, no amounts are past due (30 June 2025: no amounts). (b) GS T and VAT receivables include $37.1 million (30 June 2025: $5.3 million) for Sotta Mining Corporation Limited, $9.5 million for Perseus Mining Ghana Limited, and $25.7 million (30 June 2025: $28.7 million) related to a net VAT refund receivable from the Ivorian Government for Perseus Mining Fimbiasso S.A. (c) The secur ity deposits are subject to a lien and are collateral for a bank guarantee issued to the environmental authorities of Ghana and Côte d’Ivoire in relation to environmental rehabilitation provisions. In addition, the security deposits include bank guarantees required for VAT audits and claims submitted to the Ivorian Government. Due to the short-term nature of the current receivables, their carrying amount is assumed to approximate their fair value. Long-term receivables are evaluated by the Group based on parameters such as individual creditworthiness of the customer and specific country risk factors. The carrying amounts of long-term receivables are assumed to approximate their fair value, as the security deposits that make up the long-term receivables have a market-based interest rate. The maximum exposure to credit risk at the end of the year is the carrying amount of each class of receivable mentioned above. Further information about the Group’s exposure to these risks is provided in note 14. The income tax receivable primarily relates to amounts paid as deposits or refundable from various tax authorities where the Group operates. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 109Perseus Mining 2026 Annual Report108 Perseus Mining 2026 Annual Report Accounting Policy Trade and Other Receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost less provision for impairment. Trade receivables are generally due for settlement within 30 days. They are presented as current assets unless collection is not expected for more than 12 months after the reporting date. An allowance for doubtful debts is made when collection of the full amount is no longer probable. Impairment of trade receivables is continually reviewed and those that are considered to be uncollectible are written off by reducing the carrying amount directly. The amount of the impairment loss is recognised in the Consolidated Statement of Comprehensive Income within other expenses. Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the year end which are classified as non-current assets. Loans and receivables are included in receivables in the Consolidated Statement of Financial Position. Loans and receivables are subsequently carried at amortised cost using the effective interest method. 7. INVENT ORIES AS AT 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Current Ore stockpiles—at cost 66,742 4 5,400 Ore stockpiles—at net realisable value - 3, 786 Gold in circuit—at cost 11,361 8, 488 Gold in circuit—at net realisable value - 1,432 Bullion on hand—at cost 37,160 2 6,215 Bullion on hand—at net realisable value - 2 ,957 Materials and supplies 61,648 61, 391 176,911 149,669 Non-Current Ore stockpiles—at cost 217,995 2 07,615 Ore stockpiles—at net realisable value 110 2,3 58 218 ,105 209,973 There was no additional amount recognised in the provision for slow and obsolete stock (30 June 2025: $0.03 million). A gain of $3.77 million (30 June 2025: $19.2 million gain) due to an increase in the net realisable value of inventory was recognised during the period. Accounting Policy Gold bullion, gold in circuit and ore stockpiles are physically measured or estimated and stated at the lower of cost and net realisable value. Cost comprises direct material, direct labour and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs are assigned to individual items of inventory on the basis of weighted average costs in getting such inventories to their existing location and condition, based on weighted average costs incurred during the year in which such inventories were produced. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and costs of selling the final product. Inventories of consumable supplies and spare parts expected to be used in production are valued at weighted average cost. Obsolete or damaged inventories of such items are valued at net realisable value. Significant Judgements and Estimates Net realisable value tests are performed at least quarterly and represent the estimated future sales price of the product based on prevailing spot metals prices at the reporting date, less estimated costs to complete production and bring the product to sale. Stockpiles are measured by estimating the number of tonnes added and removed from the stockpile, the number of contained gold ounces based on assay data, and the estimated recovery percentage based on the expected processing method. Stockpile tonnages are verified by periodic surveys. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 111Perseus Mining 2026 Annual Report110 Perseus Mining 2026 Annual Report 8. PROPER TY, PLANT AND EQUIPMENT AS AT NOTES 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Plant and equipment—at cost 546,924 546 ,380 Accumulated depreciation (385,418) (365, 633) 161,506 180,747 Assets under construction—at cost 813,378 4 81,979 974,884 662,726 Reconciliation of Plant & Equipment Balance at the beginning of the year 180,747 17 4,612 Additions - - Transferred from assets under construction 19,457 22 ,843 Depreciation (31,644) (28 ,485) Depreciation capitalised to assets under construction (1,687) - Disposal of subsidiaries 15 (1,355) - Disposals (60) (2 0) Translation difference movement (3,952) 11, 797 161,506 180,747 Reconciliation of Assets Under Construction Balance at the beginning of the year 481,979 113, 829 Additions 404,647 122,231 Depreciation capitalised for assets under construction 1,687 - Transferred to property, plant and equipment (19,457) (22 ,843) Transferred to mine properties (41,578) ( 13,857) Transferred from exploration 10,085 2 67,308 Disposal of subsidiaries 15 (25,465) - Translation difference movement 1,480 15,311 813,378 481,979 Accounting Policy Assets Under Construction Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified as ‘assets under construction’, and disclosed as a component of property, plant and equipment. All subsequent expenditure incurred in the construction of a mine by, or on behalf of the Group, is accumulated separately for each area of interest in which economically recoverable reserves have been identified. This expenditure includes net direct costs of construction and borrowing costs capitalised during construction. On completion of development, all assets included in ‘assets under construction’ are reclassified as either ‘plant and equipment’ or ‘mine properties’. Property, Plant and Equipment Land and buildings and all other property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the consolidated entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. All other repairs and maintenance are charged to the Consolidated Statement of Comprehensive Income during the financial year in which they are incurred. Land is not depreciated. Property, plant and equipment directly engaged in the crushing and milling operations are depreciated over the shorter of expected economic life or over the remaining life of the mine on a units-of-production basis. Assets which are depreciated on a basis other than the units-of- production method are typically depreciated on a straight-line basis over their estimated useful lives as follows: Plant and equipment 3-10 years Buildings 20 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each year. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in Consolidated Statement of Comprehensive Income. Impairment of Assets Assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount exceeds its recoverable amount. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. Value in use is the present value of the future cash flows expected to be derived from the asset or cash generating unit. In estimating value in use, a pre-tax discount rate is used which reflects current market assessments of the time value of money and the risks specific to the asset. Fair value less costs of disposal is the amount the cash generating unit can be sold to a knowledgeable and willing market participant in an arm’s length transaction, less the disposal costs. In estimating fair value less costs of disposal, discounted cash flow methodology is utilised, and a post-tax discount rate is used. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generated units). The Group has three cash generating units, Edikan Gold Mine, Sissingué Gold Mine and the Yaouré Gold Mine. Non-financial assets other than goodwill that suffered impairment in previous periods are reviewed for possible reversal of the impairment at the end of each year. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 113Perseus Mining 2026 Annual Report112 Perseus Mining 2026 Annual Report 9. MINE PROPER TIES FOR THE PERIOD ENDING NOTES 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Mine properties—at cost 677,555 644 ,857 Accumulated amortisation (540,571) ( 479,637) 136,984 165, 220 Deferred stripping 21,542 17 ,291 158 ,526 182 ,511 Reconciliation of Mine Properties Balance at the beginning of the year 165,220 15 2,036 Additions 2,197 6,2 77 Transferred from assets under construction 8 41,578 13, 857 Transfer from exploration 10 562 4 5,529 Disposal of subsidiaries 15 (4,166) - Amortisation (68,718) (59 ,143) Translation difference movement 311 6 ,664 136,984 165, 220 Reconciliation of Deferred Stripping Balance at the beginning of the period 17,291 59 ,143 Additions 21,657 22 ,041 Amortisation (15,798) (65, 459) Translation difference movement (1,608) 1,566 21,542 17,291 Accounting Policy Mine Properties Accumulated mine development costs (classified as either ‘plant and equipment’ or ‘mine properties’) are depreciated/amortised on a unit of production basis over the economically recoverable reserves of the mine concerned, except in the case of assets whose useful life is shorter than the life of mine, in which case the straight line method is applied. The units of measure for amortisation of mine properties is tonnes of ore mined and the amortisation of mine properties takes into account expenditures incurred to date. The Edikan, Yaouré and Sissingué mine properties work in progress is assessed at the end of every month and when the work is completed it is transferred to mine properties and then amortised. Deferred Stripping Costs The Group incurs waste removal costs (stripping costs) during the development and production phases of its surface mining operations. During the production phase, stripping costs (production stripping costs) can be incurred both in relation to the production of inventory in that period and the creation of improved access and mining flexibility in relation to ore to be mined in the future. The former are included as part of the costs of inventory, while the latter are capitalised as a stripping activity asset, where certain criteria are met. Once the Group has identified its production stripping for each surface mining operation, it identifies the separate components of the ore bodies for each of its mining operations. An identifiable component is a specific volume of the ore body that is made more accessible by the stripping activity. The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of ore, plus an allocation of directly attributable overhead costs. If incidental operations are occurring at the same time as the production stripping activity but are not necessary for the production stripping activity to continue as planned, these costs are not included in the cost of the stripping activity asset. The stripping activity asset is accounted for as an addition to, or an enhancement of, an existing asset, being the mine asset, and is presented as part of ’Mine properties’ in the Consolidated Statement of Financial Position. This forms part of the total investment in the relevant cash generating unit, which is reviewed for impairment if events or changes of circumstances indicate that the carrying value may not be recoverable. Significant Judgements and Estimates Ore Reserves are estimates of the amount of ore that can be economically and legally extracted from the Group’s mining properties. The Group estimates its Ore Reserves and Mineral Resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body and this requires complex geological judgements to interpret data. The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with geological assumptions and judgements made in estimating the size and grade of the ore body. Changes in the Ore Reserve and Resource estimates may impact the carrying value of exploration and evaluation assets, mine properties, property, plant and equipment, goodwill, provision for rehabilitation, recognition of deferred assets, and depreciation and amortisation charges. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 115Perseus Mining 2026 Annual Report114 Perseus Mining 2026 Annual Report 10. MINERAL INTERE ST ACQUISITION AND EXPLORATION EXPENDITURE FOR THE YEAR ENDING NOTES 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Balance at the beginning of the year 309,070 563, 227 Additions 40,593 56 ,572 Transferred to assets under construction 8 (10,085) (2 67,308) Transferred to mine properties 9 (562) ( 45,529) Disposal of subsidiary 15 (252,615) - Write downs and impairments 2 (146) - Translation difference movement (1,522) 2 ,108 84,733 309,070 The expenditure above relates principally to exploration and evaluation activities. The ultimate recoupment of this expenditure is dependent upon successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. Capitalised expenditure transferred to mine properties and assets under construction relates to exploration activities that resulted in the definition of additional reserves. This included capitalised expenditure associated with the Nyanzaga Gold Project, which was transferred to assets under construction following the Ore Reserve update to 4.0Moz, as announced on 20 February 2026. In accordance with AASB 6, an impairment assessment was performed on transfer, with no impairment recognised. Accounting Policy Exploration and evaluation expenditures in relation to each separate area of interest with current tenure are carried forward to the extent that: • suc h expenditures are expected to be recouped through successful development and exploration of the area of interest, or alternatively, by its sale; or • e xploration and evaluation activities in the area of interest have not at the reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or in relation to, the area of interest is continuing. Exploration and evaluation assets are initially measured at cost and include acquisition of rights to explore, studies, exploratory drilling, trenching and sampling and associated activities and an allocation of depreciation and amortisation of assets used in exploration and evaluation activities. General and administrative costs are only included in the measurement of exploration and evaluation costs where they are related directly to operational activities in a particular area of interest. In the event that an area of interest is abandoned or, if facts and circumstances suggest that the carrying amount of an exploration and evaluation asset is impaired then the accumulated costs carried forward are written off in the year in which the assessment is made. Where a decision has been made to proceed with development in respect of a particular area of interest, the relevant exploration and evaluation asset is tested for impairment and the balance is then reclassified as ‘assets under construction’ and allocated to the appropriate cash generating unit. Significant Judgements and Estimates Management determines when an area of interest should be abandoned. Where management concludes that an area of interest is not commercially viable, all capitalised costs relating to that area are written off. This assessment involves judgement and is based on assumptions including the maintenance of title, planned future expenditure and the prospectivity of the area. 11. P AYABLES AND PROVISIONS AS AT NOTES 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Current Trade creditors and accruals 255,409 181, 271 Employee benefits 4,012 3,452 Rehabilitation provision 11(a) 1,976 2,2 93 Other provisions 1,685 1,735 263,082 188 ,751 Provision for resettlement 11(b) 6,700 7 ,128 Non-Current Rehabilitation provision 11(a) 58,131 46 ,191 Employee benefits 2,954 2,553 61, 085 48,744 Trade and other creditors are non-interest bearing and are normally settled on 30-day terms. Information about the Group’s exposure to risk is provided in note 14. (a) Rehabilit ation Provision The movements in the rehabilitation provision are set out below: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Reconciliation of Rehabilitation Provision Balance at the beginning of the year 48,484 4 1,169 Increased obligations during the year 10,905 7 ,186 Rehabilitation expenditure during the year (1,435) ( 1,757) Unwinding of discount 2,153 1, 886 60,107 48,484 Current 1,976 2,2 93 Non-current 58,131 46 ,191 60,107 48,484 The provision for rehabilitation relates to Edikan in Ghana, Nyanzaga in Tanzania and Sissingué, Fimbiasso, Bagoé and Yaouré in Côte d’Ivoire. The provisions have been reviewed and updated in line with the additional development and adjustments to cost expectations that has occurred since June 2025. Of the total movement included above, -$0.9 million (30 June 2025: $0.6 million) relates to a change in the discount rate applied. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 117Perseus Mining 2026 Annual Report116 Perseus Mining 2026 Annual Report The following are the key assumptions used in measuring the rehabilitation provision as at 30 June 2026: ASSUMPTIONS NYANZAGA YAOURÉ EDIKAN SISSINGUÉ FIMBIASSO BAGOUÉ Life of Mine (years) 17.0 12.0 7.5 3.5 2.5 2.0 Cashflow timing Majority after LOM Majority after LOM Majority after LOM Majority after LOM Majority after LOM Majority after LOM Undiscounted real cashflows ($’000) 23,574 24,185 28,548 9,722 3,892 1,516 Discount rate 4.93% 4.44% 4.30% 4.15% 4.15% 4.15% Inflation rate 2.53% 2.78% 3.63% 3.27% 2.92% 2.83% Regulatory authorities in certain countries require security to be provided to cover the estimated rehabilitation provisions. Total restricted cash held for this purpose as at 30 June 2026 was $16.9 million (30 June 2025: $11.4 million). (b) P rovision for Resettlement 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Reconciliation of Resettlement and Land Compensation Provisions Balance at the beginning of the year 7,128 9 ,150 Increased obligation during the year 20,572 - Expenditure during the year (20,362) (2 ,018) Translation difference movement (638) (4 ) 6,700 7,128 The resettlement provision relates to compensation agreements with affected households in the Nyanzaga Project area. Increased obligations during the period include $19.6 million relating to the land compensation of the elevated land, being the hills of which $13.5 million was settled during the period. The construction of replacement houses was completed during the period and the provision related to the resettlement housing was fully utilised. The majority of the balance at 30 June 2026 pertains to settlement of the remaining hills compensation claims amounting to $6.0 million. The residual balance relates to public infrastructure including the construction of the Village Office and school residential staff houses. Accounting Policy Trade and Other Payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year that are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not recognised for future operating losses. Provisions are measured as the present value of management’s best estimate of the expenditure required to settle the present obligation at the end of the year. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as an interest expense. Employee Benefits Liabilities for short-term employee benefits expected to be wholly settled within 12 months of the reporting date are recognised in other payables in respect of employees’ services up to the reporting date. They are measured at the amounts expected to be paid when the liabilities are settled. The liability for long service leave which is not expected to be wholly settled within 12 months of the reporting date is recognised in the provision for employee benefits and measured as the present value of expected future payments. Consideration is given to expected future wage and salary level, experience of employees’ departures and periods of service. Expected future payments are discounted using market yields at the end of the year on high quality corporate bonds with terms to maturity and currency that match, as closely as possible, the estimated future cash outflows. Contributions are made by the Group to superannuation funds as stipulated by statutory requirements and are charged as expenses when incurred. Rehabilitation Provision A provision for restoration and rehabilitation is recognised when there is a present obligation as a result of development activities undertaken, it is probable that an outflow of economic benefits will be required to settle the obligation, and the amount of the provision can be measured reliably. The estimated future obligations include the costs of abandoning sites, removing facilities and restoring the affected areas. The provision for future restoration costs is the best estimate of the present value of the expenditure required to settle the restoration obligation at the balance date. Future restoration costs are reviewed annually and any changes in the estimate are reflected in the present value of the restoration provision at each balance date. The initial estimate of the restoration and rehabilitation provision is capitalised into the cost of the related asset and amortised on the same basis as the related asset, unless the present obligation arises from the production of inventory in the year, in which case the amount is included in the cost of production for the year. Changes in the estimate of the provision for restoration and rehabilitation are treated in the same manner, except that the unwinding of the effect of discounting on the provision is recognised as a finance cost rather than being capitalised into the cost of the related asset. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 119Perseus Mining 2026 Annual Report118 Perseus Mining 2026 Annual Report Significant Judgements and Estimates Rehabilitation Provisions The value of the current restoration and rehabilitation provision is based on a number of assumptions, including the nature of restoration activities required and the valuation at the present value of a future obligation that necessitates estimates of the cost of performing the work required, the timing of future cash flows and the appropriate risk-free discount rate. Additionally, current provisions are based on the assumption that no significant changes will occur in relevant legislation covering restoration of mineral properties. A change in any, or a combination, of these assumptions used to determine current provisions could have a material impact to the carrying value of the provision. Discount Rate for Provisions Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability to the extent they are not included in the cash flows. Rehabilitation and mine closure provisions for each operation and development project are remeasured at each reporting date by discounting risk adjusted cash flows at discount rates representing the risk-free rates of applicable government bonds for the currencies in which each respective provision is recognised. An increase of one percent in only the discount rate used to calculate rehabilitation and mine closure provisions would result in a decrease to their closing balance of $4.7 million. 12. DEFERRED T AX AS AT 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Deferred tax asset 1,256 346 Def erred tax liability 51,738 6 ,288 Net deferred tax liability pursuant to the set-off provisions 50,482 5,942 T emporary Differences Contributing to the Deferred Tax Asset Employee benefits 803 151 Provision for obsolescence 192 192 T ax losses - - Other 261 3 1,256 346 Movement in the Deferred Tax Asset Balance at the beginning of the year 346 391 Debi ted to the income statement 857 (36) T ranslation difference movement 53 (9) 1, 256 346 Temporary Differences Contributing to the Deferred Tax Liability Equity investments 44,454 - Property, plant and equipment 3,113 4 ,016 Mine properties in use (1,432) (2 ,135) Exploration and evaluation 5,627 4 ,407 Other (24) - 51,738 6,288 Movement in the Deferred Tax Liability Balance at the beginning of the year 6,288 1 2,276 Debited/(credited) to the income statement 896 (5,996) Debi ted to other comprehensive income 44,454 - Translation difference movement 100 8 51,738 6,288 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 121Perseus Mining 2026 Annual Report120 Perseus Mining 2026 Annual Report Accounting Policy Deferred tax liabilities are provided in full, using the balance sheet full liability method, on ‘taxable’ temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from the initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affect neither accounting nor taxable profit nor loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the year and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised for deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the Company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and liabilities are offset where the entity has a legally enforceable right to offset and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. Current and deferred tax balances attributable to amounts recognised directly in equity are also recognised directly in equity. 13. ISS UED CAPITAL AND RESERVES (a) Issued an d Paid-Up Share Capital 30 JUNE 2026 30 JUNE 2025 FOR THE YEAR ENDING: $’000 NUMBER $’000 NUMBER Balance at the start of the period 801,422 1,356,195,842 844 ,366 1, 373,791,215 Exercise of vested performance rights - 383,213 - 3, 082,583 Shares bought back and cancelled (99,965) (28,854,091) ( 41,634) (2 0,677,956) Shares bought back and awaiting cancellation1 - - ( 1,310) - Shares bought back and subsequently cancelled1 - (593,471) - - Balance at the end of the year 7 01,457 1,327,131,493 801,422 1, 356,195,842 1 59 3,471 shares were bought back on 27 June 2025 for $1,309,846 and were subsequently cancelled on 18 July 2025. The weighted average number of shares on issue during the period was 1,349,445,628. Accounting Policy Ordinary shares are classified as equity and incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. If the Company reacquires its own equity instruments for the purpose of reducing its issued capital, for example as the result of a share buy-back, those instruments are deducted from equity and the associated shares are cancelled. No gain or loss is recognised in the profit or loss and the consideration paid including any directly attributable incremental costs (net of tax) is recognised directly in equity. (b) Dividen ds Cash dividends to the owners of Perseus Mining Limited: FOR THE YEAR ENDING: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Dividends on Ordinary Shares Declared and Paid During the Period: Final dividend for FY25: 5.00 A$ cents per share 44,658 - Final dividend for FY24: 3.75 A$ cents per share - 3 4,707 Interim dividend for FY26: 5.00 A$ cents per share 46,379 - Interim dividend for FY25: 2.5 A$ cents per share - 21, 463 91,037 56 ,170 Proposed Dividends on Ordinary Shares: On 26 August 2026, the Directors declared a final dividend payment of 9.0 A$ cents per fully paid ordinary share for the year ended 30 June 2026 (30 June 2025: $44.7 million at 5.00 A$ cents per share). Perseus Mining Yaouré S.A. issued cash dividends during the year ended 30 June 2026. The amounts declared and paid/received within the Group were eliminated on consolidation and the amounts declared and/or paid to non-controlling interests were $24.7 million (30 June 2025: $47.8 million). FOR THE YEAR ENDING: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Dividends declared to NCI during the period 24,727 4 7,814 Dividends paid to NCI during the period 32,457 3 5,718 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 123Perseus Mining 2026 Annual Report122 Perseus Mining 2026 Annual Report (c) P erformance Rights The consolidated entity measures the cost of equity-settled transactions with employees and consultants by reference to the fair value of the equity instruments at the date at which they were granted. The fair value of performance rights granted is determined using a Monte Carlo simulation model. Refer to note 22 for further details. (d) Or dinary Shares Ordinary shares entitle the holder to participate in dividends as declared and, in the event of winding up of the Company, to participate in the proceeds from the sale of all surplus assets in proportion to the number of and amounts paid up on shares held. Ordinary shares entitle their holder to one vote, either in person or by proxy, at a meeting of the Company. (e) Natur e and Purpose of Reserves A summary of the transactions impacting each reserve has been disclosed in the consolidated statement of changes in equity. Share-Based Payment Reserve The share-based payments reserve is used to record performance rights issued but not exercised. Foreign Currency Translation Reserve The foreign currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations, where their functional currency is different to the presentation currency of the reporting entity along with Perseus’s share of the movement in its associate’s foreign currency translation reserve. Asset Revaluation Reserve The asset revaluation reserve is used to record the revaluation of the Group’s equity investments to fair value as the investments are designated as financial assets at fair value through other comprehensive income. 14. FINANCIAL RISK M ANAGEMENT Set out below is an overview of financial instruments, other than cash and short-term deposits, held by the Group as at 30 June 2026 and 30 June 2025. AS AT 30 JUNE 2026 AS AT 30 JUNE 2025 AMORTISED COSTS $’000 FAIR VALUE THROUGH OTHER COMPRE- HENSIVE INCOME $’000 FAIR VALUE THROUGH PROFIT & LOSS $’000 AMORTISED COSTS $’000 FAIR VALUE THROUGH OTHER COMPRE- HENSIVE INCOME $’000 FAIR VALUE THROUGH PROFIT & LOSS $’000 Current Financial Assets Receivables 95,550 - - 5 7,974 - - Non-Current Financial Assets Receivables 16,944 - - 11,485 - - Equity investments - 233,221 - - 117,933 - 16,944 233,221 11,485 117,933 - Total financial assets 112,494 233,221 - 69 ,459 117,933 - Current Financial Liabilities Payables 255,409 - - 181,271 - - Total financial liabilities 25 5,409 - - 181,271 - - The Group’s activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk, liquidity risk and equity price risk. The Group therefore has an overall risk management programme that focusses on the unpredictability of financial and precious metal commodity markets and seeks to minimise potential adverse effects on the financial performance of the Group. The Group uses different methods to measure different types of risk to which it is exposed, including sensitivity analysis in the case of interest rate, foreign exchange and other price risks and aging analysis for credit risk. The Group then uses derivative financial instruments such as forward metal and forward metal option contracts to hedge certain risk exposures. Financial risk management is carried out by the finance area of the Group under policies approved by the Board of Directors with identification, evaluation and hedging of financial and commodity risks being undertaken in close co-operation with the Group’s operating units. The Board provides written principles for overall enterprise risk management as well as written policies covering specific areas such as use of derivative financial instruments and investment of excess liquidity. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 125Perseus Mining 2026 Annual Report124 Perseus Mining 2026 Annual Report Market Risk Foreign Exchange Risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Australian dollar (AUD), West African CFA franc (XOF), Euro (EUR), Ghanaian cedi (GHS) and Tanzanian shilling (TZS). Foreign exchange risk arises from commercial transactions and recognised assets and liabilities denominated in a currency that is not the entity’s functional currency. The risk is measured using sensitivity analysis and cash flow forecasting. The Group is also exposed to foreign exchange risk arising from the translation of its foreign operations, the Group’s investments in its subsidiaries are not hedged as those currency positions are considered long term in nature. In addition, head-office entities hold intercompany receivables from the foreign subsidiaries denominated in EUR and USD which are eliminated on consolidation. The gains or losses on re-measurement of these intercompany receivables from EUR and USD to AUD are not eliminated on consolidation as those loans are not considered to be part of the net investment in the subsidiaries. The Group’s exposure to foreign currency risk at 30 June 2026 and 2025, expressed in United States dollars, was as follows: AUD $’000 XOF $’000 GHS $’000 EUR $’000 TSZ $’000 At 30 June 2026 Financial Assets Cash and equivalents 5,461 77,557 9,058 6,043 2,361 Receivables 11,756 30,068 11,711 6 37,392 17,217 10 7,625 20,769 6,049 3 9,753 Financial Liabilities Payables 3,225 138,110 3,814 4,405 25,075 3, 225 138,110 3,814 4 ,405 25, 075 At 30 June 2025 Financial Assets Cash and equivalents 7, 148 117 ,685 13,904 113 2 ,258 Receivables 136 34 ,617 9 ,966 16 5, 409 7,284 15 2,302 23,870 129 7,667 Financial Liabilities Payables 9 ,104 12 6,431 692 3 ,270 8 ,210 9,104 126,431 692 3,270 8,210 Sensitivity The following table summarises the sensitivity of financial instruments held at 30 June 2026 to the movement in the exchange rate of the USD to the AUD, EUR, XOF and GHS with all other variables held constant, including the impact of the foreign exchange movement on the intercompany loans of -$17.7 million (2025: -$21.2 million). The sensitivity is based on management’s estimate of reasonably possible changes over a financial year. ESTIMATED IMPACT ON PROFIT BEFORE TAX FOR THE YEAR ENDING: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 USD strengthens against AUD by 10% (29,472) ( 40,488) USD weakens against AUD by 10% 24,114 3 3,126 AUD strengthens against the EUR by 10% (1,032) (3,985) A UD weakens against the EUR by 10% 1,261 4 ,871 USD strengthens against XOF by 10% 2,771 (2 ,352) USD weakens against XOF by 10% (3,387) 2,8 75 USD strengthens against GHS by 10% (1,541) (2 ,107) USD weakens against GHS by 10% 1,884 2,575 The Group’s exposure to other foreign exchange movements is not material. Price Risk The Group is exposed to commodity price risk for its future gold production. These risks are measured using sensitivity analysis and cash flow forecasting. To manage these exposures, the Group enters into four forms of contract, forward sales contracts, call and put options and spot deferred contracts (Hedge Contracts). The Group’s policy is to hedge no more than 30% of the next three years of planned production. At the end of the year, the Group had a total of 115,000 ounces of committed Hedge Contracts in place over 7% of anticipated gold production over the next three years from 1 July 2026 through to 30 June 2029. These Hedge Contracts meet the “own-use” exemption since all contracts will be settled through physical delivery, and therefore none are brought onto the Consolidated Statement of Financial Position as derivatives. As such, changes in their fair value do not directly impact the Consolidated Statement of Comprehensive Income. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 127Perseus Mining 2026 Annual Report126 Perseus Mining 2026 Annual Report Interest Rate Risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s debt obligations which have floating interest rates. At the end of the year the Group’s interest rate risk exposure and the weighted average interest rate for each class of financial assets and liabilities was: WEIGHTED AVERAGE EFFECTIVE INTEREST RATE FIXED INTEREST RATE $’000 FLOATING INTEREST RATE $’000 NON-INTEREST BEARING $’000 TOTAL $’000 At 30 June 2026 Financial Assets Cash and equivalents 3.13% 97 799,641 124,319 924,057 Security deposits 0.00% - - 25,809 25,809 97 799,641 150 ,128 949,866 At 30 June 2025 Financial Assets Cash and equivalents 3.43% 92 604 ,938 146 ,799 7 51,829 Security deposits 0.00% - - 15,9 72 15,9 72 92 604,938 162,771 767,801 Sensitivity If interest rates were to move up by 1% point with all other variables held constant, the pre-tax impact on the Group’s profit as well as total equity would be an increase of $9.2 million (30 June 2025: $7.5 million increase), a 1% decrease would be a decrease of $9.2 million (30 June 2025: $7.5 million decrease). Credit Risk Credit Risk Represents the Loss That Would Be Recognised if Counterparties Failed to Perform as Contracted Under a Financial Instrument, Resulting in a Financial Loss to the Group. Credit Risk Arises from Cash, Restricted Cash, Marketable Securities, Trade and Other Receivables, Long-Term Receivables, and Other Assets. The Group manages the credit risk associated with cash by investing these funds with highly rated financial institutions, and by monitoring its concentration of cash held in any one institution. As such, the Group deems the credit risk on its cash to be low. The Group closely monitors its financial assets (excluding cash) and does not have any significant concentration of credit risk. The carrying amount of the Group’s financial assets represents the maximum credit exposure. The credit quality of cash and cash equivalents can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates. At year end, the ratings of balances counterparties with external credit ratings sourced from S&P Global and Moody’s were as follows: AS AT 30 JUNE 2026 30 JUNE 2025 $’000 % $’000 % Counterparties with External Credit Ratings AA+, AA & AA- 138,605 28% 2 67,849 36% A+, A & A- 712,434 65% 4 14,169 55% BBB+, BBB, BBB- 41,447 3% 18 ,915 2% Less than BBB- or no rating 31,571 4% 50 ,896 7% 9 24,057 100% 7 51,829 100% Liquidity Risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group’s approach to managing liquidity is to ensure, that as far as possible, it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. The Group manages liquidity risk by maintaining adequate cash reserves by continuously monitoring forecast and actual cash flows, matching maturity profiles of financial assets and financial liabilities, and ensuring that surplus funds are generally only invested in instruments that are tradable in highly liquid markets or that can be relinquished with minimal risk of loss. Maturities of Financial Liabilities The tables below analyse the Group’s financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the below table are the contractual undiscounted cash flows. < 6 MONTHS $’000 6 MONTHS – 1 YEAR $’000 1 – 2 YEARS $’000 2 – 5 YEARS $’000 > 5 YEARS $’000 TOTAL CONTRACTUAL CASH FLOWS $’000 At 30 June 2026: Payables 255,409 - - - - 255,409 At 30 June 2025: Payables 181, 271 - - - - 181, 271 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 129Perseus Mining 2026 Annual Report128 Perseus Mining 2026 Annual Report Equity Price Risk The Group’s investments in listed shares, which are classified as financial assets at fair value through other comprehensive income, are susceptible to market price risk arising from uncertainties about future values of the investment securities. At the reporting date, the exposure to listed equity securities at fair value was $233.2 million (30 June 2025: $117.9 million). A decrease of 10% on the share prices of the listed investments would have a negative impact of approximately $23.3 million on the equity attributable to the Group. An increase of 10% in the value of the listed securities would impact equity by $23.3 million. Fair Value of Financial Instruments All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, and based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities. Level 2 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable). Level 3 Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable). For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. There were no transfers between categories during the year. The fair value of the Group’s cash, current and non-current receivable balances approximate their carrying amounts. The following table presents the Group’s financial instruments measured and recognised at fair value: LEVEL 1 $’000 LEVEL 2 $’000 LEVEL 3 $’000 TOTAL $’000 At 30 June 2026 Financial Assets Investments 233,221 - - 233,221 At 30 June 2025 Financial Assets Investments 117 ,933 - - 117 ,933 Valuation Techniques The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and listed securities) is based on quoted market prices at the end of the year. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1. The fair value of financial instruments that are not traded in an active market (for example, over-the -c ounter derivatives) is determined using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. The valuation techniques include forward pricing using present value calculations. The models incorporate various inputs including the credit quality of counterparties and forward rate curves of the underlying commodity. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Specific valuation techniques used to value financial instruments include: • Quot ed market prices or dealer quotes for similar instruments. • The f air value of forward exchange contracts is determined using forward exchange market rates at the end of the year. • O ther techniques, such as estimated discounted cash flows, are used to determine fair value for the remaining financial instruments. The net fair value of cash and cash equivalents and non-interest-bearing financial assets and liabilities of the Group approximate their carrying values. The carrying values (less impairment provision if provided) of trade receivables and payables are assumed to approximate their fair values due to their short-term nature. Capital Risk Management During the year, the Group upsized and extended its existing revolving corporate cash advance facility. The amended facility increased to $400 million from the previous $300 million and extended for a three-year term plus an option to extend for two years (on a 1+1 basis) subject to lender consent. The $400 million revolving corporate cash advance facility is a secured facility provided by a consortium of eight international banks comprising Macquarie Bank Limited Citibank N.A., (Sydney Branch), JPMorgan Chase Bank, N.A., (Sydney Branch) and Standard Chartered Bank, (Australia Branch) from Australia, Nedbank Limited (acting through its Nedbank Corporate and Investment Banking Division), Absa Bank (Mauritius) Limited, FirstRand Bank Limited (acting through its Rand Merchant Bank Division) and The Standard Bank of South Africa Limited (acting through its Corporate and Investment Banking Division) from South Africa. The facility is undrawn as of 30 June 2026. Management controls the capital of the Group to ensure that the Group can fund its operations in an efficient and timely manner and continue as a going concern. Due to the funding provided by the consortium, the Group is required to ensure that on each reporting date until the termination of the facility: • the int erest cover ratio of EBITDA to Net Finance Charges for 12 months to the reporting date will not be less than 3.50 times; and • the le verage ratio of Net Debt to EBITDA will be less than or equal to 3.00 times. Management effectively manages the Group’s capital by assessing the Group’s cash projections up to twenty-four months in the future and any associated financial risks. Management will adjust the Group’s capital structure in response to changes in these risks and in the market. There have been no changes in the strategy adopted by management to control the capital of the Group since the prior year. Accounting Policy Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in Consolidated Statement of Comprehensive Income. Current/Non-Current Classification The Group presents assets and liabilities in the consolidated statement of financial position based on current/non-current classification. An asset is current when it is either: • E xpected to be realised within 12 months after the year end. • C ash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least 12 months after the year end. All other assets are classified as non-current. A liability is current when either: • It is due t o be settled within 12 months after the year end. • Ther e is no right to defer the settlement of the liability for at least 12 months after year end. The Group classifies all other liabilities as non-current. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 131Perseus Mining 2026 Annual Report130 Perseus Mining 2026 Annual Report 15. DISPO SAL OF SHARK (BVI) INC AND ITS SUBSIDIARIES On 16 March 2026 the Group announced that it had signed a Share and Purchase Agreement (SPA) to sell its 70% group interest in the Meyas Sand Gold Project located in Sudan, to Matrix Golden Fortune Mining Limited (Buyer). On 23 April 2026, the Group announced the completion of the transaction. Four subsidiaries namely Shark (BVI) Inc, Sudan (BVI) Inc, Sand Metals Co. Ltd and Meyas Sand Minerals Co. Ltd were disposed of as part of the divestment. The associated assets and liabilities for these entities (“the Disposal Group”) were deconsolidated from the Group’s results for the year ended 30 June 2026. Financial information relating to the sale of the subsidiaries is set out below. AT 30 JUNE 2026 $’000 Fair value of consideration received, net of selling costs 253,939 Loans and balances settled (79,782) Fair value of consideration received 174,157 Carrying amount of net assets sold (204,405) Carrying amount of non-controlling interest derecognised 71,419 Gain on sale before income tax and reclassification of foreign currency translation reserve 41,171 Reclassification of foreign currency translation reserve (19,276) Gain on sale before income tax 21,895 Income tax expense on gain - Gain on disposal after income tax 21,895 The net consideration from the disposal of subsidiary was as follows: AT 30 JUNE 2026 $’000 Cash proceeds received 260,00 Transaction costs (6,061) Net cash inflow from disposal of subsidiaries 25 3,939 The carrying amounts of the assets and liabilities at the date of sale (22 April 2026) were: AT 22 APRIL 2026 $’000 Cash and cash equivalents 189 Receivables 6 Inventories 262 Prepayments 983 Property, plant and equipment 26,820 Mine properties 4,166 Mineral interest acquisition and exploration expenditure 252,615 Total assets 285, 041 Loans payable (76,231) Payables and provisions (4,405) Income tax payable - Total liabilities (80 ,636) Net assets disposed 204 ,405 16. O THER FINANCIAL ASSETS AND LIABILITIES AT 30 JUNE 2026 $’000 AT 30 JUNE 2025 $’000 Equity Investments at Fair Value Through Other Comprehensive Income Equity investment in Predictive 218,870 117 ,756 Equity investment in Aurum Resources 14,351 177 233,221 117,933 Gains/(Losses) Recognised in Other Comprehensive Income Equity investment in Predictive 91,753 54,517 Equity investment in Aurum Resources (2,129) 60 E quity investment in Montage - 13,59 7 89,624 68,174 Perseus holds 9.4% interest in Predictive Discovery Limited and 9.5% in Aurum Resources Limited at 30 June 2026 as strategic equity investments. The shareholding in Predictive was diluted from 17.8% to 9.4% following issuance of more shares by Predictive following the merger of Predictive and Robex Resources Inc. The additional shares in Aurum Resources were acquired on 23 March 2026 for a total cost of $16.3 million. The Group holds the investments at fair value through other comprehensive income. Accounting Policy Recognition & Measurement These financial assets consist of investments in ordinary shares, comprising principally of marketable equity securities. Investments are initially recognised at fair value plus transaction costs. Unrealised gains and losses arising from changes in the fair value of these investments are recognised in equity in the asset revaluation reserve. The fair value of the listed securities is based on quoted market prices and accordingly is a Level 1 measurement basis on the fair value hierarchy. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 133Perseus Mining 2026 Annual Report132 Perseus Mining 2026 Annual Report 17. S UBSIDIARIES The parent entity of the Group is Perseus Mining Limited, incorporated in Australia, which has the following direct and indirect subsidiaries. NAME OF SUBSIDIARY PLACE OF INCORPORATION BENEFICIAL INTEREST Direct Subsidiaries Occidental Gold Pty Ltd Australia 100% Centash Holdings Pty Limited Australia 100% Perseus Ghana Holdings Pty Ltd Australia 100% Perseus Mining (Ghana) Limited Company Ghana 90% Sun Gold Resources Limited Company Ghana 100% Amara Mining Limited United Kingdom 100% Perseus Côte d’Ivoire Limited United Kingdom 100% Perseus Nyanzaga (UK) Ltd United Kingdom 100% Perseus ERX Holdings Pty Ltd Australia 100% Perseus Guinea Holdings Pty Ltd Australia 100% Perseus Corporate Finance Pty Ltd Australia 100% Perseus Mining Services Pty Ltd Australia 100% Roberts Road Insurance Company Limited Guernsey 100% Perseus Sudan Holdings Pty Ltd Australia 100% Perseus Services FZCO United Arab Emirates 100% Perseus ORR Holdings Pty Ltd Australia 100% Indirect Subsidiaries Perseus Ghana Exploration Limited Company Ghana 100% Occidental Gold SARL Côte d’Ivoire 100% Perseus Mining Côte d’Ivoire SA Côte d’Ivoire 86% Perex SARL Côte d’Ivoire 100% Perseus Mining Services Côte d’Ivoire SARL Côte d’Ivoire 100% Amara Mining (Côte d’Ivoire) Limited United Kingdom 100% Perseus Yaouré SARL Côte d’Ivoire 100% Yaouré Mining SA Côte d’Ivoire 90% Perseus Mining Yaouré SA Côte d’Ivoire 90% Slipstream LP Pty Ltd Australia 100% Perseus DS JV Pty Ltd Australia 100% Perseus CDI No 1 Pty Ltd Australia 100% Perseus CDI No 2 Pty Ltd Australia 100% Aspire Nord Côte d’Ivoire SARL Côte d’Ivoire 100% Perseus Mining Fimbiasso S.A Côte d’Ivoire 86% OreCorp Resources Pty Ltd Australia 100% OreCorp Nyanzaga Pty Ltd Australia 100% OreCorp International Pty Ltd Australia 100% OreCorp REE Pty Ltd Australia 100% OreCorp Mining Mauritius Ltd Mauritius 100% Perseus Tanzania Ltd Tanzania 100% Nyanzaga Mining Company Ltd Tanzania 100% Sotta Mining Corporation Ltd Tanzania 80% Perseus Mining Bagoué SA Côte d’Ivoire 90% Perseus Meyas Exploration Co. Ltd Sudan 70% Perseus Malaysia Sdn. Bhd. † Malaysia 100% Perseus Guinea Exploration No1 Sarlu † Guinea 100% Perseus Guinea Exploration No2 Sarlu † Guinea 100% † New subsidiaries during the year During the year, Orca Gold Inc and Perseus Canada Limited were liquidated. Shark (BVI) Inc., Sudan (BVI) Inc., Sand Metals Company Ltd and Meyas Sand Minerals Co. Ltd were disposed as part of the 70% divestment of the Meyas Gold Project. These subsidiaries were therefore removed from the list. Yaouré Mining SA, Perseus Ghana Exploration Limited Company, Slipstream LP Pty Ltd, Perseus CdI No 2 Pty Ltd and OreCorp International Pty Ltd are currently undergoing liquidation. Perseus Nyanzaga (UK) Limited incorporated in United Kingdom, was previously directly owned by OreCorp Nyanzaga Pty Ltd and is now owned directly by Perseus Mining Limited. The 80% interest in Sotta Mining Corporation Limited, a company incorporated in Tanzania, which was previously directly owned by Nyanzaga Mining Company Limited, is now directly owned by Perseus Nyanzaga (UK) Limited. The government of Tanzania holds the remaining 20% as free-carried interest. The governments of both Côte d’Ivoire and Ghana hold a 10% free-carried interest over the operating mining entities. In addition, 4% of the ownership of Perseus Mining Côte d’Ivoire SA (which operates Sissingué) and Perseus Mining Fimbiasso S.A is held by other local interests. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 135Perseus Mining 2026 Annual Report134 Perseus Mining 2026 Annual Report 18. P ARENT ENTITY DISCLOSURES 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Company Statement of Financial Position Assets Current assets 4,751 2 66,030 Non-current assets 1,193,192 9 50,427 1,197,943 1, 216,457 Liabilities Current liabilities 4 32 Non-current liabilities 44,454 - 44,458 32 Equity Issued capital 701,457 801, 421 Retained earnings/(losses) 391,075 468 ,373 Asset revaluation reserve 96,390 51, 219 Foreign Currency Translation Reserve (81,059) ( 147,337) Share-based payments reserve 45,622 4 2,749 1,153,485 1, 216,425 Profit/(Loss) for the year 13,739 3 78,639 Total comprehensive profit/(loss) for the year 58,910 433,120 • Ther e were no contingent liabilities of the parent entity at 30 June 2026 (30 June 2025: Nil). • Ther e were no commitments to acquire property, plant and equipment by the parent entity at 30 June 2026 (30 June 2025: Nil). Accounting Policy The financial information for the parent entity, Perseus Mining Limited has been prepared on the same basis as the Consolidated Financial Statements, except for the following items: • In vestments in subsidiaries, Associates and joint venture entities are accounted for at cost in the financial statements of Perseus Mining Limited. Dividends received from associates are recognised in the parent entity’s profit or loss, rather than being deducted from the carrying amount of these investments. • The f air value of employee services received in a share-based payment transaction, measured by reference to the grant date fair value, is recognised over the vesting period as an increase to investment in subsidiary undertakings, with a corresponding credit to equity. 19. RELA TED PARTY TRANSACTIONS The Group has a related-party relationship with its subsidiaries included in note 17, and its KMP. The Group had no transactions with Related Parties outside of these groups. Details of compensation payable to the KMP are included in the Remuneration Report on pages 76 to 88, within the Directors’ Report, and is summarised below: 30 JUNE 2026 30 JUNE 2025 Short-term employee benefits 5,895,772 4 ,023,161 Long-term employee benefits (684,017) 9 2,424 Post-employment benefits 152,924 4 83,378 Share-based payments 1,074,608 1, 450,530 6,439,287 6,049,493 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 137Perseus Mining 2026 Annual Report136 Perseus Mining 2026 Annual Report 20. REM UNERATION OF AUDITORS 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Amounts to Pricewaterhousecoopers (Australia) Audit and review of the financial statements of the Group 249 212 Other assurance services 161 89 Non-audi t services 91 105 Am ounts to Pricewaterhousecoopers (Overseas Firms) Audit and review of financial statements of the Group, and local statutory audits 243 35 6 Non-audit services 83 - Amounts to Ernst & Young (Overseas Firms) Audit and review of the financial statements of local statutory accounts 44 - Non-audit services 366 - Amounts to Sheikh & Co Ltd. (Overseas Firms) Audit and review of the financial statements of local statutory accounts 20 19 Non-audi t services - - Amounts to Leigh Christou Ltd. (Overseas Firms) Audit and review of the financial statements of local statutory accounts 14 23 Non-audit services - - Amounts to KPMG (Overseas Firms) Audit and review of the financial statements of local statutory accounts 9 9 Non-audit services 1 1 Amounts to Ksi Shah & Associates (Overseas Firms) Audit and review of the financial statements of local statutory accounts - 3 Non-audit services - - Amounts to Rsm Dahman Auditors (Overseas Firms) Audit and review of the financial statements of local statutory accounts 5 9 Non-audit services 4 - 1,290 826 21. C ASH FLOWS FROM OPERATING ACTIVITIES Reconciliation of the profit from ordinary activities to net cash provided in operating activities: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Profit from ordinary activities after income tax 480,490 421,714 Add Back Non-Cash Items: Depreciation and amortisation 116,883 15 3,805 Foreign currency loss/(gain) 34,014 (3, 802) Other income (9,574) (5, 630) Share-based payments 2,805 3, 394 Gain on disposal of subsidiaries (21,895) - Impairment and write-offs 146 - Borrowing costs 11,900 8 ,691 Change in Operating Assets and Liabilities: Increase in net tax balances 71,332 11, 759 Increase in inventories (44,312) (4 8,701) Increase in receivables (63,363) (38 ,372) Increase in other assets 3,090 ( 1,467) Increase in payables 83,943 3 2,394 Increase in provision 961 2,8 74 Net cash from operating activities 666,420 5 36,659 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 139Perseus Mining 2026 Annual Report138 Perseus Mining 2026 Annual Report 22. SHARE -BASED PAYMENTS Performance rights were issued to Directors and employees of the Company under the terms of the Company’s Performance Rights Plan (PR Plan) approved by shareholders in November 2023 as disclosed in the Remuneration Report under Long-Term Incentives on page 81. These performance rights were issued at nil consideration and each performance right will convert to an ordinary share upon satisfaction of vesting criteria. The following table illustrates the number and movements in performance rights during FY26 under the Plan: GRANT DATE VESTING DATE EXPIRY DATE BALANCE AT START OF PERIOD NUMBER GRANTED DURING THE PERIOD NUMBER EXERCISED DURING THE PERIOD NUMBER FORFEITED DURING THE PERIOD NUMBER BALANCE AT END OF THE PERIOD NUMBER VESTED AND EXERCISE- ABLE AT END OF PERIOD NUMBER Issued to Directors - Long-Term Incentives 22-Nov-22 30-Jun-25 22-Nov-29 411,197 - - (411,197) - - 21-Nov-23 30-Jun-26 21-Nov-30 851,599 - - - 851,599 - 22-Nov-24 30-Jun-27 22-Nov-31 688,131 - - - 688,131 - 20-Nov-25 30-Jun-28 20-Nov-32 - 436,334 - - 436,334 - Issued to Directors - Short-Term Incentives 22-Nov-24 30-Jun-24 22-Nov-31 177,672 - (177,672) - - - Issued to Others - Long-Term Incentives 4-Aug-22 30-Jun-25 4-Aug-29 1,725,658 - - (1,725,658) - - 27-Feb-23 30-Jun-25 27-Feb-30 389,778 - - (389,778) - - 11-Aug-23 30-Jun-26 11-Aug-30 2,280,101 - - (278,202) 2,001,899 - 18-Oct-24 30-Jun-25 18-Oct-31 48,000 - - (48,000) - - 18-Oct-24 30-Jun-26 18-Oct-31 96,000 - - (96,000) - - 18-Oct-24 30-Jun-27 18-Oct-31 2,603,716 - - (497,192) 2,106,524 - 2-Dec-24 30-Jun-27 2-Dec-31 50,331 - - - 50,331 - 6-Dec-24 30-Jun-27 6-Dec-31 61,869 - - - 61,869 - 24-Jan-25 30-Jun-25 24-Jan-32 48,000 - - (48,000) - - 24-Jan-25 30-Jun-26 24-Jan-32 96,000 - - - 96,000 - 24-Jan-25 30-Jun-27 24-Jan-32 297,559 - - - 297,559 - 22-Aug-25 30-Jun-28 22-Aug-32 - 2,090,515 - (80,310) 2,010,205 - Issued to Others - Short-Term Incentives 4-Oct-24 30-Jun-25 4-Oct-31 231,071 - (205,541) - 25,530 25,530 10,056,682 2,526,849 (383,213) (3,574,337) 8,625,981 25,530 The following table illustrates the number and movements in performance rights during FY25 under the PR Plan: GRANT DATE VESTING DATE EXPIRY DATE BALANCE AT START OF PERIOD NUMBER GRANTED DURING THE PERIOD NUMBER EXERCISED DURING THE PERIOD NUMBER FORFEITED DURING THE PERIOD NUMBER BALANCE AT END OF THE PERIOD NUMBER VESTED AND EXERCISE- ABLE AT END OF PERIOD NUMBER Issued to Directors - Long-Term Incentives 25-Nov-21 30-Jun-24 25-Nov-28 531,619 - (531,619) - - - 22-Nov-22 30-Jun-25 22-Nov-29 411,197 - - - 411,197 - 21-Nov-23 30-Jun-26 21-Nov-30 851,599 - - - 851,599 - 22-Nov-24 30-Jun-27 22-Nov-31 - 688,131 - - 688,131 - Issued to Directors - Short-Term Incentives 21-Nov-23 30-Jun-23 21-Nov-30 145,666 - (145,666) - - - 22-Nov-24 30-Jun-24 22-Nov-31 - 177,672 - - 177,672 177,672 Issued to Others - Long-Term Incentives 26-Aug-20 30-Jun-23 26-Aug-27 100,000 - - (100,000) - - 25-Aug-21 30-Jun-24 25-Aug-28 1,962,378 - (1,962,378) - - - 19-Oct-21 30-Jun-24 25-Aug-28 200,000 - (200,000) - - - 5-Apr-24 30-Jun-24 5-Apr-29 140,000 - - (140,000) - - 4-Aug-22 30-Jun-25 4-Aug-29 1,875,658 - - (150,000) 1,725,658 - 27-Feb-23 30-Jun-25 27-Feb-30 539,778 - - (150,000) 389,778 - 11-Aug-23 30-Jun-26 11-Aug-30 2,799,695 - - (519,594) 2,280,101 - 5-Apr-24 30-Jun-26 5-Apr-31 118,600 - - (118,600) - - 18-Oct-24 30-Jun-25 18-Oct-31 - 48,000 - - 48,000 - 18-Oct-24 30-Jun-26 18-Oct-31 - 96,000 - - 96,000 - 18-Oct-24 30-Jun-27 18-Oct-31 - 2,630,286 - (26,571) 2,603,716 - 25-Nov-24 30-Jun-27 25-Nov-31 - 25,341 - (25,341) - - 2-Dec-24 30-Jun-27 2-Dec-31 - 50,331 - - 50,331 - 6-Dec-24 30-Jun-27 6-Dec-31 - 61,869 - - 61,869 - 24-Jan-25 30-Jun-25 24-Jan-32 - 48,000 - - 48,000 - 24-Jan-25 30-Jun-26 24-Jan-32 - 96,000 - - 96,000 - 24-Jan-25 30-Jun-27 24-Jan-32 - 297,559 - - 297,559 - Issued to Others - Short-Term Incentives 4-Aug-23 30-Jun-24 4-Aug-30 242,920 - (242,920) - - - 4-Oct-24 30-Jun-25 4-Oct-31 - 231,071 - - 231,071 231,071 9,919,110 4,450,260 (3,082,583) (1,230,106) 10,056,682 408,743 The weighted average exercise price of all performance rights granted was nil. The fair value of the equity-settled performance rights granted under the Performance Rights Plan is estimated as at the date of grant using a Monte Carlo model taking into account the terms and conditions upon which the performance rights were granted. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 141Perseus Mining 2026 Annual Report140 Perseus Mining 2026 Annual Report The following table lists the inputs to the model used for the Long-Term Incentive performance rights in existence during the year ended 30 June 2026. GRANT DATE EXERCISE PRICE EXPECTED LIFE OF PERFORM - ANCE RIGHTS (YEARS) PRICE OF UNDER - LYING SHARES AT GRANT DATE VOLATILITY – PERSEUS SHARE PRICE VOLATILITY - PEER GROUP RANGE DIVIDENDS EXPECTED ON SHARES RISK-FREE INTEREST RATE - RANGE PERFORM- ANCE PERIOD TO: 4-Aug-22 Nil 2.9 $1.64 53.10% 41.8%-78.0% 1% 2.87% 30-Jun-25 22-Nov-22 Nil 2.6 $2.15 52.50% 41.0%-81.8% 1% 3.21% 30-Jun-25 27-Feb-23 Nil 3.0 $1.92 49.10% 37.9%-76.1% 1% 3.64% 30-Jun-25 11-Aug-23 Nil 2.9 $1.74 43.80% 33.0%-70.7% 1% 3.77% 30-Jun-26 21-Nov-23 Nil 2.6 $1.79 41.50% 32.0%-69.4% 1% 4.05% 30-Jun-26 18-Oct-24 Nil 0.7 $2.78 40.80% 33.8%-69.7% 2% 3.78% 30-Jun-25 18-Oct-24 Nil 1.7 $1.62 40.80% 33.8%-69.7% 2% 3.78% 30-Jun-26 18-Oct-24 Nil 2.7 $1.73 40.80% 33.8%-69.7% 2% 3.78% 30-Jun-27 22-Nov-24 Nil 2.6 $1.66 40.90% 34.1%-69.5% 2% 4.00% 30-Jun-27 2-Dec-24 Nil 2.6 $1.60 40.70% 34.1%-69.4% 2% 3.86% 30-Jun-27 6-Dec-24 Nil 2.6 $1.75 40.80% 34.1%-69.4% 2% 3.74% 30-Jun-27 24-Jan-25 Nil 0.4 $0.67 40.20% 34.0%-68.9% 2% 3.82% 30-Jun-25 24-Jan-25 Nil 1.4 $1.51 40.20% 34.0%-68.9% 2% 3.82% 30-Jun-26 24-Jan-25 Nil 2.4 $1.66 40.20% 34.0%-68.9% 2% 3.82% 30-Jun-27 22-Aug-25 Nil 2.9 $3.60 38.28% 34.3%-67.6% 2% 3.32% 30-Jun-28 20-Nov-25 Nil 2.6 $5.40 37.65% 3.8%-66.4% 2% 3.69% 30-Jun-28 The expected life of the performance rights is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumptions that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome. Refer to Table 4 of the Remuneration Report for the fair value of the performance rights at the grant date. 23. S UMMARY OF OTHER SIGNIFICANT ACCOUNTING POLICIES Revenue from Gold Sales Revenue is measured as the amount of consideration that the Group expects to be entitled to in exchange for transferring goods to its customers. The Group recognises revenue at a point-in-time when (or as) the performance obligations, as determined by contracts with the customers, have been satisfied. The Group recognises revenue from gold bullion sales as its obligations are satisfied in accordance with an agreed contract between the Group and its customers. Revenue is recognised at a point-in-time when the gold bullion has been credited to the metals account of the customer. It is at this point that control over the gold bullion has been passed to the customer and the Group has fulfilled its obligations under the contract. Principles of Consolidation Subsidiaries The Consolidated Financial Statements incorporate the assets and liabilities of all subsidiaries of Perseus Mining Limited (the Company or Parent entity) as at 30 June 2026 and the results of all subsidiaries for the year then ended. Subsidiaries are all entities (including special purpose entities) controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through power over the entity. Subsidiaries are fully consolidated from the date in which control is transferred to the Group. They are de- consolidated from the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. Intercompany transactions and balances are eliminated. However, where intercompany loans are denominated in a currency that is not the functional currency of an entity, that entity may recognise foreign exchange losses that are not eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the impairment of the asset transferred. Accounting policies of the subsidiaries have been changed, where necessary, to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of financial position respectively. Changes in Ownership Interests The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interest and any consideration paid or received is recognised within equity attributable to owners of the parent entity. When the Group ceases to have control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint controlled entity or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a jointly-controlled entity or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. Foreign Currency Transactions and Balances Functional and Presentation Currency Items included in the financial statements of each entity within the Group are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Perseus Mining Limited’s functional currency is Australian dollars (AUD), and its presentation currency is United States dollars (USD). Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss, except when they are deferred in equity as qualifying cash flow hedges and qualifying net investment hedges or are attributable to part of the net investment in a foreign operation. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 143Perseus Mining 2026 Annual Report142 Perseus Mining 2026 Annual Report Foreign exchange gains and losses that relate to borrowings are presented in the Consolidated Statement of Comprehensive Income, within finance costs. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income on a net basis. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate as at the date of the initial transaction. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rate at the date the fair value was determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in Other Comprehensive Income or Profit or Loss are also recognised in Other Comprehensive Income or Profit or Loss, respectively). Group Companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabili ties for each consolidated statement of financial position presented are translated at the closing rate at the date of that consolidated statement of financial position; • inc ome and expenses for each consolidated statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and • all r esulting exchange differences are recognised as a separate component of equity. On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other financial instruments designated as hedges of such investments, are recognised in Other Comprehensive Income. On disposal of a foreign operation, the component of Other Comprehensive Income relating to that particular foreign operation is recognised in the Consolidated Statement of Comprehensive Income. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation and are recognised in other comprehensive income and are presented in the translation reserve in equity. Goods and Services Tax (GST) Revenues, expenses and assets are recognised net of the amount of associated GST, unless the GST incurred is not recoverable from the taxation authority. In this case it is recognised as part of the cost of acquisition of the asset or as part of the expense. Receivables and payables are stated inclusive of the amount of GST receivable or payable. The net amount of GST recoverable from, or payable to, the taxation authority is included with other receivables or other payables in the Consolidated Statement of Financial Position. Cash flows are presented on a gross basis. The GST components of cash flows arising from investing or financing activities which are recoverable from, or payable to the taxation authority, are presented as operating cash flows. Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority. 24. C ONTINGENCIES In the course of its normal business, the Group occasionally receives claims arising from its operating or historic activities. Unless if disclosed, all such matters are covered by insurance or, if not covered, are without merit or are of such a kind or involve such amounts that would not have a material adverse effect on the operating results or financial position of the Group if settled unfavourably. The Group has no contingencies to disclose as at 30 June 2026. 25. C OMMITMENTS (a) E xploration Commitments With respect to the Group’s mineral property interests in Ghana, Côte d’Ivoire and Tanzania, statutory expenditure commitments specified by the mining legislation are nominal in monetary terms. However, as part of mineral licence application and renewal requirements, the Group submits budgeted exploration expenditure. In assessing subsequent renewal applications, the mining authorities review actual expenditure against budgets previously submitted. The Group’s budget expenditures for future years are shown below. These amounts do not become legal obligations of the Group and actual expenditure may and does vary depending on the outcome of actual exploration programmes, and the costs and results from those programmes. 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Within one year 2,535 5, 055 One year or later and not later than five years 6,039 15, 851 Later than five years - - 8,574 20,906 (b) Gold Deliv ery Commitments UNIT FY2027 FY2028 FY2029 TOTAL Fixed forwards oz 25,000 5,000 - 30,000 Gold price $/oz 2 ,563 2 ,606 - 2 ,570 Value of committed sales $’000 6 4,075 13,030 - 77 ,105 Call options oz 80 ,000 5, 000 - 85, 000 Weighted average strike price $/oz 3, 644 4 ,659 - 3, 704 Value of committed sales $’000 29 1,520 23, 295 - 314 ,815 The 115,000 ounces of gold sales commitments represents 7.0% of anticipated gold production over the next three years. Capital Commitments At 30 June 2026, the Group had the following commitments relating to the purchase and construction of property, plant and equipment and mine properties: 30 JUNE 2026 $’000 30 JUNE 2025 $’000 Nyanzaga Gold Project 94,952 22 ,729 Yaouré CMA Underground 5,200 1 ,248 100 ,152 23,977 26. S UBSEQUENT EVENTS Subsequent to the end of the year, the following events occurred: • Mr Thomas ( Tommy) McKeith was appointed as a non-executive director of Perseus Mining Limited on 22 July 2026. • In Jul y 2026, 3,012,770 performance rights that had previously been issued to employees lapsed under the terms of the Perseus Performance Rights Plan. • On 2 6 August 2026, the Board of Directors declared a final dividend of A$0.090 per share.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 145Perseus Mining 2026 Annual Report144 Perseus Mining 2026 Annual Report CONSOLIDATED ENTITY DISCLOSURE STATEMENT AS AT 30 JUNE 2026 NAME OF ENTITY PLACE OF INCORPORATION BENEFICIAL INTEREST AUSTRALIAN RESIDENT OR FOREIGN RESIDENT FOREIGN JURISDICTION OF FOREIGN RESIDENTS Perseus Mining Limited Australia 100% Australian n/a Direct Subsidiaries Occidental Gold Pty Ltd Australia 100% Australian n/a Centash Holdings Pty Limited Australia 100% Australian n/a Perseus Ghana Holdings Pty Ltd Australia 100% Australian n/a Perseus Mining (Ghana) Limited Company Ghana 90% Foreign Ghana Sun Gold Resources Limited Company Ghana 100% Foreign Ghana Amara Mining Limited United Kingdom 100% Foreign United Kingdom Perseus Côte d’Ivoire Limited United Kingdom 100% Foreign United Kingdom Perseus Nyanzaga (UK) Ltd United Kingdom 100% Foreign United Kingdom Perseus ERX Holdings Pty Ltd Australia 100% Australian n/a Perseus Mali Holdings Pty Ltd Australia 100% Australian n/a Perseus Corporate Finance Pty Ltd Australia 100% Australian n/a Perseus Mining Services Pty Ltd Australia 100% Australian n/a Roberts Road Insurance Company Limited Guernsey 100% Foreign Guernsey Perseus Sudan Holdings Pty Ltd Australia 100% Australian n/a Perseus Services FZCO United Arab Emirates 100% Foreign United Arab Emirates Perseus ORR Holdings Pty Ltd Australia 100% Australian n/a Indirect Subsidiaries Perseus Ghana Exploration Limited Company Ghana 100% Foreign Ghana Occidental Gold SARL Côte d’Ivoire 100% Foreign Côte d’Ivoire Perseus Mining Côte d’Ivoire SA Côte d’Ivoire 86% Foreign Côte d’Ivoire Perex SARL Côte d’Ivoire 100% Foreign Côte d’Ivoire Perseus Mining Services Côte d’Ivoire SARL Côte d’Ivoire 100% Foreign Côte d’Ivoire Amara Mining (Côte d’Ivoire) Limited United Kingdom 100% Foreign United Kingdom Perseus Yaouré SARL Côte d’Ivoire 100% Foreign Côte d’Ivoire Yaouré Mining SA Côte d’Ivoire 90% Foreign Côte d’Ivoire Perseus Mining Yaouré SA Côte d’Ivoire 90% Foreign Côte d’Ivoire NAME OF ENTITY PLACE OF INCORPORATION BENEFICIAL INTEREST AUSTRALIAN RESIDENT OR FOREIGN RESIDENT FOREIGN JURISDICTION OF FOREIGN RESIDENTS Slipstream LP Pty Ltd Australia 100% Australian n/a Perseus DS JV Pty Ltd Australia 100% Australian n/a Perseus CDI No 1 Pty Ltd Australia 100% Australian n/a Perseus CDI No 2 Pty Ltd Australia 100% Australian n/a Aspire Nord Côte d’Ivoire SARL Côte d’Ivoire 100% Foreign Côte d’Ivoire Perseus Mining Fimbiasso S.A Côte d’Ivoire 86% Foreign Côte d’Ivoire OreCorp Resources Pty Ltd Australia 100% Australian n/a OreCorp Nyanzaga Pty Ltd Australia 100% Australian n/a OreCorp International Pty Ltd Australia 100% Australian n/a OreCorp REE Pty Ltd Australia 100% Australian n/a OreCorp Mining Mauritius Ltd Mauritius 100% Foreign Mauritius Perseus Tanzania Ltd* Tanzania 100% Foreign Tanzania Nyanzaga Mining Company Ltd Tanzania 100% Foreign Tanzania Sotta Mining Corporation Ltd Tanzania 80% Foreign Tanzania Perseus Mining Bagoué SA Côte d’Ivoire 90% Foreign Côte d’Ivoire Perseus Meyas Exploration Co. Ltd Sudan 70% Foreign Sudan Perseus Malaysia Sdn. Bhd. † Malaysia 100% Foreign Malaysia Perseus Guinea Exploration No1 Sarlu † Guinea 100% Foreign Guinea Perseus Guinea Exploration No2 Sarlu † Guinea 100% Foreign Guinea All entities above are body corporates and none of the entities are trustees, partners or participants in a joint venture. † New subsidiaries during the year During the year, Orca Gold Inc and Perseus Canada Limited were liquidated. Shark (BVI) Inc., Sudan (BVI) Inc., Sand Metals Company Ltd and Meyas Sand Minerals Co. Ltd were disposed as part of the divestment of the 70% owned Meyas Gold Project. These subsidiaries were therefore removed from the list. Perseus Services DMCC changed its company name to Perseus Services FZCO in accordance with applicable regulatory requirements. Yaouré Mining SA, Perseus Ghana Exploration Limited Company, Slipstream LP Pty Ltd, Perseus CdI No 2 Pty Ltd and OreCorp International Pty Ltd are currently undergoing liquidation. Perseus Nyanzaga (UK) Limited incorporated in United Kingdom, was previously directly owned by OreCorp Nyanzaga Pty Ltd and is now owned directly by Perseus Mining Limited. The 80% interest in Sotta Mining Corporation Limited, a company incorporated in Tanzania, which was previously directly owned by Nyanzaga Mining Company Limited, is now directly owned by Perseus Nyanzaga (UK) Limited. The government of Tanzania holds the remaining 20% as free-carried interest. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 147Perseus Mining 2026 Annual Report146 Perseus Mining 2026 Annual Report DIRECTORS’ DECLARATION In the Directors’ opinion: (a) the Financ ial Statements and notes set out on pages 92 to 143 are in accordance with the Corporations Act 2001, including: (ii) c omplying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements, and (iii) giving a true and f air view of the consolidated entity’s financial position as at 30 June 2026 and of its performance for the financial year ended on that date, and (b) ther e are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable, and (c) the c onsolidated entity disclosure statement on pages 144 to 145 is true and correct. Page 97 confirms that the Financial Statements also comply with International Financial Reporting Standards as issued by the International Accounting Standards Board. The Directors have been given the declarations by the Managing Director and Chief Executive Officer and Chief Financial Officer required by section 295A of the Corporations Act 2001. This declaration is made in accordance with a resolution of the Directors. Craig Jones Managing Director & Chief Executive Officer Perth, 26 August 2026 INDEPENDENT AUDITOR’S REPORT ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED) PricewaterhouseCoopers, ABN 52 780 433 757 Brookfield Place, Level 15, 125 St Georges Terrace, PERTH WA 6000, GPO Box D198, PERTH WA 6840 T: +61 8 9238 3000, F: +61 8 9238 3999, www.pwc.com.au pwc.com.au Liability limited by a scheme approved under Professional Standards Legislation. Independent auditor’s report To the members of Perseus Mining Limited Report on the audit of the financial report Our opinion In our opinion, the accompanying financial report of Perseus Mining Limited (the Company) and its controlled entities (together the Group) is in accordance with the Corporations Act 2001, including: a) giving a true and fair view of the Group’s financial position as at 30 June 2026 and of its financial performance for the year then ended; and b) complying with Australian Accounting Standards and the Corporations Regulations 2001. What we have audited The financial report comprises: • the consolidated statement of financial position as at 30 June 2026; • the consolidated statement of comprehensive income for the year then ended; • the consolidated statement of changes in equity for the year then ended; • the consolidated statement of cash flows for the year then ended; • the notes to the consolidated financial statements, including material accounting policy information and other explanatory information; • the consolidated entity disclosure statement as at 30 June 2026; and • the directors’ declaration.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 149Perseus Mining 2026 Annual Report148 Perseus Mining 2026 Annual Report ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED) Basis for opinion We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial report section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to audits of the financial report of public interest entities in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. Our audit approach An audit is designed to provide reasonable assurance about whether the financial report is free from material misstatement. Misstatements may arise due to fraud or error. They are considered material if individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the financial report as a whole, taking into account the geographic and management structure of the Group, its accounting processes and controls and the industry in which it operates. Audit Scope Our audit focused on where the Group made subjective judgements; for example, significant accounting estimates involving assumptions and inherently uncertain future events. In establishing the overall approach to the group audit, we determined the type of work that needed to be performed by us, as the group auditor, or component auditors from other PwC network firms [or other networks] operating under our instruction. Where the work was performed by component auditors, we determined the level of involvement we needed to have in the audit work at those components to be able to conclude whether sufficient appropriate audit evidence had been obtained as a basis for our opinion on the Group financial report as a whole. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial report for the current period. The key audit matters were addressed in the context of our audit of the financial report as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Further, any commentary on the outcomes of a particular audit procedure is made in that context. We communicated the key audit matters to the Audit and Risk Committee. Key audit matter How our audit addressed the key audit matter Rehabilitation Provision (Refer to note 11(a)) As a result of its mining and processing operations, the Group is obligated to restore and rehabilitate the environment disturbed by these operations and remove related infrastructure. Rehabilitation activities are governed by a combination of legislative requirements and Group policies. The Group recognised provisions for restoration and rehabilitation obligations as at 30 June 2026. This was a key audit matter given the determination of these provisions required significant judgement by the Group in the assessment of the nature of the restoration activities required and the valuation at the present value of a future obligation that necessitates estimates of the cost of performing the work required, the timing of future cash flows and the appropriate risk free discount rate. We performed the following procedures, amongst others: • Obtained an understanding and evaluated the appropriateness of how the Group identified the relevant methods, assumptions and sources of data, and the need for changes in them, that are appropriate for developing the rehabilitation provision in the context of the Australian Accounting Standards. • Obtained the Group’s calculations of the rehabilitation provision. We assessed the mathematical accuracy of these calculations on a sample basis and whether the timing of the cashflows was consistent with the current life of mine plans. • Evaluated the appropriateness of significant assumptions used to develop the rehabilitation provision in the context of Australian Accounting Standards, including: ◦ Compared the cost assumptions used,on a sample basis, to comparable data from external parties and management’s experts; ◦ Tested disturbance areas, on a sample basis, to supporting data including aerial surveys and site plans; and ◦ Considered the appropriateness of the discount rates and inflation rates utilised in calculating the provision by comparing them to current market consensus. • Evaluated the competency, capabilities,objectivity, and nature of the work of management’s internal and external experts retained to assist with the preparation of the estimates.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 151Perseus Mining 2026 Annual Report150 Perseus Mining 2026 Annual Report ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED) Key audit matter How our audit addressed the key audit matter • Assessed the reasonableness of the disclosures made in the financial report inlight of the requirements of Australian Accounting Standards. Other information The directors are responsible for the other information. The other information comprises the information included in the annual report for the year ended 30 June 2026, but does not include the financial report and our auditor’s report thereon. Our opinion on the financial report does not cover the other information and accordingly we do not express any form of assurance conclusion thereon through our opinion on the financial report. We have issued a separate opinion on the remuneration report and a separate review conclusion on specified Sustainability Disclosures within the Annual Report. In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of the directors for the financial report The directors of the Company are responsible for the preparation of the financial report in accordance with Australian Accounting Standards and the Corporations Act 2001, including giving a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. In preparing the financial report, the directors are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial report Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial report. A further description of our responsibilities for the audit of the financial report is located at the Auditing and Assurance Standards Board website at: https://auasb.gov.au/media/bwvjcgre/ar1_2024.pdf. This description forms part of our auditor’s report. Report on the remuneration report Our opinion on the remuneration report We have audited the remuneration report included in the directors’ report for the year ended 30 June 2026. In our opinion, the remuneration report of Perseus Mining Limited for the year ended 30 June 2026 complies with section 300A of the Corporations Act 2001.
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review Responsibilities The directors of the Company are responsible for the preparation and presentation of the remuneration report in accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the remuneration report, based on our audit conducted in accordance with Australian Auditing Standards. PricewaterhouseCoopers Helen Bathurst Perth Partner 26 August 2026 153Perseus Mining 2026 Annual Report152 Perseus Mining 2026 Annual Report ADDITIONAL SHAREHOLDER INFORMATION The shareholder information set out below was applicable as at 31 July 2026. SUBSTANTIAL SHAREHOLDERS Holdings of substantial shareholders as advised to the Company are set out below. NAME OF HOLDER NUMBER OF ORDINARY SHARES Australian Super 110,278,060 Van Eck Associates Corporation 88,260,204 State Street Corporation 86,536,477 The Vanguard Group, Inc 81,193,631 Macquarie Bank Limited 66,500,339 DISTRIBUTION OF HOLDERS OF EQUITY SECURITIES RANGE NUMBER OF HOLDERS SHARES % SHARES 1 to 1,000 3,700 1,502,240 0.11 1,001 to 5,000 2,454 6,252,575 0.47 5,001 to 10,000 841 6,375,363 0.48 10,001 to 100,000 1,004 28,064,892 2.11 100,001 and over 120 1,284,936,423 96.82 Rounding 0.00 Total 8,119 1,327,131,493 100.00 UNMARKETABLE PARCELS MINIMUM PARCEL SIZE HOLDERS SHARES Minimum $500.00 parcel size at $4.85 per share 104 768 21,314 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review VOTING RIGHTS The voting rights attaching to ordinary shares are governed by the Constitution. On a show of hands every person present who is a member or representative of a member shall have one vote and on a poll, every member present in person or by proxy or by attorney or duly authorised representative shall have one vote for each share held. 155Perseus Mining 2026 Annual Report154 Perseus Mining 2026 Annual Report TWENTY LARGEST SHAREHOLDERS NUMBER OF SHARES % HELD HSBC Custody Nominees (Australia) Limited 558,968,026 42.12 JP Morgan Nominees Australia Pty Limited 356,320,703 26.85 Citicorp Nominees Pty Limited 188,701,712 14.22 BNP Paribas Noms Pty Ltd 67,656,236 5.10 BNP Paribas Nominees Pty Ltd <Clearstream> 20,236,200 1.52 CDS & Co 16,455,301 1.24 BNP Paribas Nominees Pty Ltd <Agency Lending A/C> 9,751,040 0.73 HSBC Custody Nominees (Australia) Limited <NT-Comnwlth Super Corp A/C> 7,911,090 0.60 HSBC Custody Nominees (Australia) Limited 4,033,778 0.30 BNP Paribas Nominees Pty Ltd <Agency Lending Colateral> 3,617,185 0.27 BNP Paribas Nominees Pty Ltd < IB AU Noms Retail Client> 3,546,716 0.27 Warbont Nominees Pty Ltd <Unpaid Entrepot A/C> 3,125,065 0.24 UBS Nominees Pty Ltd 2,956,895 0.22 BNP Paribas Noms (NZ) Ltd 2,712,078 0.20 HSBC Custody Nominees (Australia) Limited <GSCO ECA> 2,677,376 0.20 Mr Richard Arthur Lockwood 1,600,000 0.12 Citicorp Nominees Pty Limited <143212 NMMT Ltd A/C> 1,573,752 0.12 BNP Paribas Nominees Pty Ltd < HUB24 Custodial Serv Ltd> 1,507,268 0.11 HSBC Custody Nominees (Australia) Limited 1,144,552 0.09 HSBC Custody Nominees (Australia) Ltd A/C2 1,143,221 0.09 Total 1,255,638,194 94.61 MINERAL CONCESSION INTERESTS AT 1 AUGUST 2026 CONCESSION NAME AND TYPE REGISTERED HOLDER FILE/ PERMIT NUMBER PERSEUS’S CURRENT EQUITY INTEREST MAXIMUM EQUITY INTEREST CAPABLE OF BEING EARNED NOTES Location - Ghana Edikan Gold Mine (EGM) Leases - A yanfuri mining lease - Nanank aw mining lease Perseus Mining (Ghana) Limited Company (PMGL) ML6/15 ML3/2 90% 90% 1, 2, 3, 8 Nsuaem Prospecting Licence Perseus Mining (Ghana) Limited Company PL3/26 90% 90% 1, 2 Betenase Prospecting Licence Perseus Mining (Ghana) Limited Company PL3/27 90% 90% 1, 2, 6 Agyakusu Prospecting Licence Perseus Mining (Ghana) Limited Company PL 2/177 90% 90% 1, 7 Domenase Prospecting Licence Perseus Mining (Ghana) Limited Company PL3/79 90% 90% 1, 9 DML Agyakusu Prospecting LicencePerseus Mining (Ghana) Limited Company PL2/599 90% 90% 1, 10 Location – Côte d’Ivoire Sissingué Exploitation Permit Perseus Mining Côte d’Ivoire S.A. PE39 86% 86% 1, 4, 5 Yaouré Exploitation Permit Perseus Mining Yaouré S.A. PE50 90% 90% 1 Fimbiasso Exploitation Permit Perseus Mining Fimbiasso S.A. PE55 86% 86% 1 Bagoé Exploitation Permit Perseus Mining Bagoué S.A. PE60 90% 90% 1 Diamakani Exploration Permit Occidental Gold s.a.r.l. PR 909 90% 90% 1 Kossou Exploration Permit Perseus Yaouré s.a.r.l. PR 853 90% 90% 1 Bagoé South Exploration Permit Aspire Nord Ce d’Ivoire s.a.r.l. PR 1012 90% 90% 1, Location – Tanzania Special Mining Licence Sotta Mining Corporation Limited SML 00653/2021 80% 80% 11, 12 Prospecting Licence 11186/2018 Perseus Tanzania Limited PL 11186/2018 84% 84% 12 Prospecting Licence 11873/2022 Sotta Mining Corporation Limited PL 11873/2022 80% 80% 11, 12 Prospecting Licence 11874/2022 Sotta Mining Corporation Limited PL 11874/2022 80% 80% 11, 12 Prospecting Licence 12428/2023 Sotta Mining Corporation Limited PL 12428/2023 80% 80% 11, 12 Prospecting Licence 12429/2023 Sotta Mining Corporation Limited PL 12429/2023 80% 80% 11, 12 Prospecting Licence 12430/2023 Sotta Mining Corporation Limited PL 12430/2023 80% 80% 11, 12 Location – Guinea Reconnaissance Authorisation 2026/0881 Perseus Guinea Exploration No1 sarlu AT/2026/0881/ MMG/DNM/DRC 85% 85% 13 Reconnaissance Authorisation 026/0880 Perseus Guinea Exploration No1 sarlu AT/2026/0880/ MMG/DNM/DRC 85% 85% 13 Reconnaissance Authorisation 2026/0895 Perseus Guinea Exploration No2 sarlu AT/2026/0895/ MMG/DNM/DRC 85% 85% 13 Reconnaissance Authorisation 2026/0878 Perseus Guinea Exploration No2 sarlu AT/2026/0878/ MMG/DNM/DRC 85% 85% 13 Reconnaissance Authorisation 2026/0867 Perseus Guinea Exploration No2 sarlu AT/2026/0867/ MMG/DNM/DRC 85% 85% 13 ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Overview Group Ore Reserves & Mineral Resources Risk Management Climate Report Annual Financial Report Operations Review 157Perseus Mining 2026 Annual Report156 Perseus Mining 2026 Annual Report 1 The Go vernments of Ghana and Côte d’Ivoire are entitled to a 10% free-carried equity interest in mining companies owning projects. Perseus’s quoted equity is after allowance for that national interest, which occurs when a new project company is established prior to commencement of mining. Production royalties are payable to the Governments of Ghana (5-12% depending on the gold price) and Côte d’Ivoire (3-6% for Yaouré and Sissingué, 5-8% Fimbiasso and Bagoé depending on the gold price). 2 A r oyalty of 0.25% of gold produced from the Edikan Gold Mine (“EGM”) Licences and the Nsuaem and Betenase Licences is payable pursuant to the contract to purchase PMGL. 3 Under the t erms of the contract to purchase the EGM Licences, PMGL is required to pay a 1.5% royalty on gold production. 4 A r oyalty of 0.5% of the value of minerals recovered from the licence is payable to the vendors of the exploration licence. 5 A r oyalty of US$0.80 per ounce of gold produced from the licence is payable. 6 An option agr eement has been entered into with a Ghanaian subsidiary of Asante Gold Limited in respect of the Betenase licence. Under the option agreement, Asante has the option to purchase the Betenase licence for a consideration of US$1 million and a 0.75% net smelter royalty. In addition, Asante will assume the obligation to pay the royalty referred to in note 2 above in respect of the area covered by the Betenase licence. 7 The A gyakusu prospecting licence was acquired from Adio Mabas Ghana Ltd in April 2022. Under the terms of the sale and purchase agreement, a royalty of 1.5% is payable on gold production. As part of an internal restructuring, the Agyakusu licence was transferred from Perseus Exploration Limited Company to PMGL in 2022. Part of the area covered by the licence was added to the Nanankaw mining lease by way of enlargement in July 2023. 8 The Nanank aw mining lease was enlarged in July 2023 by adding part of the area covered by the Agyakusu prospecting licence. A royalty of 1.5% is payable to the previous owners of the Agyakusu licence, Adio Mabas Ghana Ltd, on gold produced from the area added to the lease. 9 The Domenase pr ospecting licence was acquired from Union Minerals Prospecting Co Limited in January 2023. Under the terms of the sale and purchase agreement, a royalty of 1.5% is payable on gold production. 10 The DML A gyakusu prospecting licence was acquired from DML Investment Ltd in January 2023. Under the terms of the sale and purchase agreement, a royalty of 1% is payable on gold production. 11 The Go vernment of Tanzania currently holds a 20% free-carried interest in Sotta Mining Corporation Limited, and therefore each of the tenements held by that entity. 12 The Go vernment of Tanzania is entitled to a minimum of 16% free-carried equity interest in mining companies owning projects. Perseus’s quoted equity is after allowance for that national interest, which occurs when a new project company is established prior to commencement of mining. A 6% production royalty is payable to the Government of Tanzania. 13 The Go vernment of Guinea is entitled to a 15% free-carried equity interest in mining companies owning projects. Perseus’s quoted equity is after allowance for that national interest. A 3-5% (depending on the gold price) production royalty is payable to the Government of Guinea. Mineral permits and licences in which Perseus has an interest are subject to renewal from time to time in accordance with the relevant legislation of the governing jurisdiction and Perseus’s compliance therewith. ANNUAL FINANCIAL REPORT (CONTINUED) ANNUAL FINANCIAL REPORT (CONTINUED)
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Level 2, 437 Roberts Road Subiaco, Western Australia 6008 perseusmining.com