Name of the Project
Nkosuo gold project.

Location
Ghana about 40 km south-west of the regional town of Obuasi.

Project Owner/s
Perseus Mining.

Project Description
Nkosuo comprises indicated mineral resources of 14.5-million tonnes grading 0.91g/t gold for 422 000 oz of contained gold, and inferred mineral resources of 950 000 t grading 0.90 g/t gold for 27 000 oz of gold as at
June 30, 2022.

Probable ore reserves are estimated at ten-million tonnes of ore grading 1.04 g/t gold and containing 332 000 oz of gold.

The project is expected to produce 272 000 oz of gold over three years of mining.

Nkosuo will be mined in a single openpit, with a waste dump located to the west of the pit.

Ore from the pit will be trucked on a dedicated haul road to the Edikan processing plant for co-processing with ores from existing Edikan openpits and stockpiles.

Planned processing of the Nkosuo ore reserves in the Edikan mill is expected to increase the Edikan life-of-mine (LoM) by 18 to 24 months, extending the LoM to the 2027 financial
year.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
Not stated.

Planned Start/End Date
Not stated.

Latest Developments
With the completion of the Nkosuo feasibility study, an application will be lodged with the Ghanaian Minerals Commission (Mincom), acting on behalf of the Ministry for Lands and Natural Resources.

In parallel with the Mincom submission, an application will be lodged with the Environmental Protection Agency of Ghana, which paves the way for community baseline studies and public hearings.

These activities will result in the generation of an environmental-impact assessment.

Perseus will then submit an environmental-impact statement, which is the final document required for granting of an environmental permit for mining at the Nkosuo project.

The granting of an environmental permit for Nkosuo is expected to take 18 to 24 months.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Perseus Mining (Ghana), tel +233 302 760 530 or email Claire Hall at claire.hall@perseusmining.com.