Perseus Mining (PRU) investor relations material

Strategic overview and operational highlights

• Operating three gold mines in Africa with a fourth, Nyanzaga in Tanzania, 80% complete and targeting first gold in January 2027, supporting over 20 years of regional experience.

• Consistently outperformed the USD gold price, with a market cap of AUD 9 billion and over $1 billion in cash and bullion.

• All mines built and transitioned to operations within budget and timeframe, including during COVID, with a proven track record of delivering projects ahead of schedule and below budget.

• Mine life extensions achieved across all assets, with Yaouré extended from 9 to 15 years, Edikan from 6 to 12 years, Sissingué from 10 to 20 years, and Nyanzaga from 13 to 16 years.

• Strong social license and community support, with 96% of workforce local to operating countries.

Financial performance and capital management

• FY26 revenue rose 19% to $1.5B, gross profit from operations increased 27% to $744M, and operating cash flow grew 24% to $666M.

• Increased reserves by 40% and mineral resources by 37% over the last 12 months, with group mineral resources at 10.64 Moz and ore reserves at 7.0 Moz.

• Declared a record dividend (AUD 0.14/share, up 87%), returned AUD 187 million to shareholders, and approved a buyback of up to AUD 350 million for FY27.

• Net cash and bullion position reached $1,034M, with total liquidity of $1,434M and $400M undrawn debt.

• Updated capital management policy: minimum 20% of operating cash flow as annual dividend, with additional returns possible via buybacks or capital returns.

Project development and exploration

• Significant drilling programs underway at Yaouré, Edikan, and Sissingué to extend resources and reserves, with pit expansions and satellite deposit drilling.

• Nyanzaga's reserve increase was the largest single contributor to group growth, reflecting the updated feasibility study and ongoing development.

• Exploration spend doubled, with FY27 budget set at $70–80M, focusing on brownfield expansion and satellite deposit definition.

• Fimbiasso mine identified for further extensional drilling.

• Group-wide hedging strategy maintains downside protection while retaining upside, with committed hedge position at 7% of forecast three-year production.