Business SummaryPerseus Mining Limited (PRU) is engaged in mining operations and the saleof gold, mineral exploration and gold project evaluation and development inRepublics of Ghana and Cote d'Ivoire, in West Africa. Currently, PRU isfocused on its two key projects, the Edikan Gold Mine (EGM) in Ghana thatcovers an area of 650 sqkm and the Sissingue Gold Project (SGP) in Coted'Ivoire that covers an area of 885 sqkm.

Edikan Gold Mine The Project is located on the Ayanfuri and Nanankawmining leases in the Republic of Ghana, in West Africa. There are 80km² oftenements centred on the Ashanti Gold Belt, 25km-65km from the60-million-ounce Obuasi gold deposit. Also 5.011Moz of Measured andIndicated resources, 899,000oz Inferred resources and 2.078Moz ofReserves

Sissingue Gold Project The project is located in the north of Cote d'Ivoire.The project is situated in 885sqkm land package consisting of the Sissingueexploration permit area and the adjoining Tengrela South Exploration permitarea. As at 15 December 2016 - estimates that the project containedMeasured & Indicated Resources of 13Mt @ 1.6g/t Au for 700Koz Au, andInferred Resources of 0.9Mt @ 1.9g/t Au for 58koz Au.

Yaoure Gold Project: The project is located in the Bouafle Prefecture of theMarahoue Region in the central part of Cote d'Ivoire, approximately 40kmfrom the political capital, Yamoussoukro. Work on the Yaoure DefinitiveFeasibility Study (DFS) currently remains on track for completion in mid-2017,but achievement of this target is contingent on the timely completion of a42,000 metre Mineral Resource definition drilling programme. The terms ofExploration Permits 168 and 397, the two tenements in which the Yaouregold deposits are located, have been extended for a period of two years from1 December 2016.

Grumesa: The Project is located 39km2 licence located 35km east of theEdikan mine & 471,000oz Indicated and 247,000oz Inferred gold resource atthe Kayeya prospect.

Latest ResearchSepQ report: Yaouré on track

Maintain Neutral/HR — A solid quarter for PRU, which is on track to deliverfirst gold from Yaouré in late Dec’20. Given development is ahead ofbudget and 85% completed, we reduce our NAV risk from 50% to 20%.The next 12m should bring operational confidence in Yaouré and afeasibility study for recently acquired Bagoé.

For more information see research 21 Oct 2020.

GICS - Materials

Perseus Mining Limited

ASX Code: PRU Price: $1.185 12 Mth Target Price: $1.60 Rating: Neutral - High

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Snapshot

DateMarket Cap.Shares on issue12 Month High12 Month Low

4 December 2020$1,453m1,226.1m$1.66$0.63

RatingRating12 Mth Target Price

Capital GainGross Yield

Implied Total Return

Neutral - High Risk$1.6035.0%NA%35.0%

Investment FundamentalsFYE 30 Jun 2020A 2021F 2022F 2023F

Profit $m 81.0 122.0 325.0 440.0Profit (norm)* $m 81.0 122.0 325.0 440.0

EPS* ¢ 7.0 10.0 26.0 35.0EPS Growth % 0.0 42.9 160.0 34.6P/E* x 16.9 11.8 4.6 3.4P/E Relative % 0.0 0.0 0.0 0.0

DPS ¢ 0.0 0.0 0.0 0.0Yield % 0.0 0.0 0.0 0.0Franking % 0.0 0.0 0.0 0.0* Adjusted for goodwill and unusual itemsSource: Based on Citi estimates

Share Price Chart

Total Return on $10,000 Investment

Profit & Loss ($M)2016A 2017A 2018A 2019A 2020A

Sales Revenue 252 283 378 509 591Total Revenue ex. Int. 274 289 384 528 609EBITDA -5 -16 80 136 245Depreciation & Amort. -39 -54 -89 -127 -114Goodwill Amortisation -- -- -- -- --EBIT -44 -70 -8 9 131Net Interest 1 0 -2 -3 -4Profit Before Tax -44 -70 -11 6 127Income Tax 7 15 -6 2 -32Outside Equity Int. 2 3 -1 -1 -0Profit after Tax -35 -52 -17 7 95Significant Items after Tax -1 -24 -8 -- -0Reported Profit after Tax -36 -76 -26 7 94Preferred Dividends -- -- -- -- --

Cash Flow ($M)2016A 2017A 2018A 2019A 2020A

Receipts from Customers 263 287 375 509 589Funds from Operations 29 0 68 145 238Net Operating Cashflow 30 1 68 146 213Capex -74 -160 -120 -65 -273Acquisitions & Investments -0 -- -- -- --Sale of Invest. & Subsid. 2 0 0 0 0Net Investing Cashflow -72 -159 -120 -60 -270Proceeds from Issues 95 13 0 56 --Dividends Paid -- -- -- -- --Net Financing Cashflow 90 30 57 6 166Net Increase Cash 49 -128 6 92 109Cash at Beginning 104 151 24 31 125Exchange Rate Adjust. -1 1 1 2 -16Cash at End 151 24 31 125 218

Ratios and Substantial Shareholders2016A 2017A 2018A 2019A 2020A

Profitability RatiosEBITDA Margin % -2.00 -5.67 21.25 26.65 41.41EBIT Margin % -17.58 -24.88 -2.22 1.71 22.14Net Profit Margin % -13.85 -18.29 -4.61 1.37 15.99Return on Equity % -4.59 -7.29 -2.47 0.90 10.90Return on Assets % -3.71 -6.00 -1.60 1.16 7.57

Debt/Safety RatiosNet Debt/Equity % -19.66 -0.82 7.54 -10.28 0.15Interest Cover x 59.43 247.60 -3.64 2.99 32.05

Top 5 Substantial ShareholdersVan Eck Associates Corporation 9.6%Vanguard Group 5.1%

Balance Sheet ($M)2016A 2017A 2018A 2019A 2020A

Cash & Equivalent 151 24 31 125 218Receivables 44 30 22 10 13Inventories 59 46 125 127 117Other Current Assets 4 5 20 6 15Current Assets 270 105 198 268 363Prop. Plant & Equipment 468 553 721 651 835Intangibles -- -- -- -- --Other Non-Current Assets 17 17 33 13 22Non-Current Assets 673 760 765 701 933Total Assets 943 865 963 969 1,296Interest Bearing Debt -- 18 85 45 219Other Liabilities 174 131 164 141 201Total Liabilities 174 150 249 186 420Net Assets 769 715 714 784 876Share Capital 709 721 721 777 777Reserves 16 27 54 61 57Retained Earnings 37 -39 -69 -62 33Outside Equity Int. 8 6 7 7 9Total Shareholders Equity 769 715 714 784 876

Price vs. EPS Principals & DirectorsPrincipals

Company Secretary Mr Martijin Paul Bosboom

Directors

Dr David Meldrum Ransom(Non-Executive Director)Mr Jeffrey Allan Quartermaine(Chief Executive Officer,ManagingDirector)Mr Daniel Richard Lougher(Non-Executive Director)Mr Terence Sean Harvey(Non-Executive Director,Non-ExecutiveChairman)John Francis Gerald McGloin(Non-Executive Director)Ms Elissa Sarah Brown(Non-Executive Director)

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