Name of the Project
Yaouré gold mine – CMA underground project.

Location
Southern edge of Lake Kossou, 35 km north-west of the capital city of Yamoussoukro, in Côte d’Ivoire.

Project Owner/s
Australian mining company Perseus Mining.

Project Description
The CMA underground project will become Côte d’Ivoire’s first mechanised underground mine.

Yaouré has combined measured and indicated mineral resources estimated at 55.6-million tonnes grading 1.52 g/t gold containing 2.7-million ounces of gold. This includes 7.4-million tonnes grading 4.16 g/t gold containing 996 000 oz of gold associated with the CMA underground project.

A further 17.4-million tonnes of material, grading 1.7 g/t gold, containing 926 000 oz of gold are classified as inferred mineral resources. This includes 4.5-million tonnes grading 3.5 g/t containing 510 000 oz of gold associated with the CMA underground project.

The project, when combined with the openpit ore sources, based on the current estimate of ore reserves, will extend the Yaouré gold mine’s operational life until at least 2035. The move to underground operations allows for further use of the CMA deposit, which has proved to be a reliable foundation of the Yaouré operation to date.

At steady-state production rates, it is planned that underground ore will represent about 20% of the tonnes of ore mined on the site from opencut and underground operations, and will be mined at 700 000 t/y to 770 000 t/y over the life of the currently defined underground operation.

There is potential for further life extensions through additional discoveries of mineralisation down dip from the currently delineated mineralisation.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
$170-million.

Planned Start/End Date
Project development is due to start in mid-2025 with the development of the first portal. First production is targeted for the first quarter of the 2027 financial year, with commercial production expected to start in the 2027 financial year.

Latest Developments
A Presidential decree authorising the development and operation of the CMA underground project at the Yaouré gold mine was granted by President Alassane Ouattara on September 18.

The decree follows the approval of an environmental- and social-impact assessment and the issuance of a ministerial arrêté by Environment, Sustainable Development and Ecological Transition Minister Jacques Assahoré Konan in May. These approvals, supported by Mines, Petroleum and Energy Minister Mamadou Sangafowa-Coulibaly, are critical prerequisites for the start of the project’s development phase.

Infrastructure projects linked to the underground mine have already been completed and development of the declines will now start following the commissioning of underground mining equipment by contractor Byrnecut.

With decline development now starting, the next milestone will be first ore production, planned for January 2026, followed by commercial production in March 2027.

“Receiving the presidential decree authorising the development of Côte d’Ivoire’s first underground mine is a major milestone for Perseus, allowing us to immediately proceed with the cutting of portals and ultimately gaining access to further important ore sources for processing through the Yaouré facility.

“While receipt of the formal authorisation comes later than originally planned, the delay has allowed us time to complete all infrastructure works required to support the operation, as well as ensure that Byrnecut’s underground equipment is available and commissioned ready for immediate commencement of mining operations.

"The $170-million to be invested by Perseus in the CMA underground mine marks a new phase in our partnership with the government of Côte d’Ivoire in expanding its thriving mining industry,” Perseus CEO and MD Jeff Quartermaine said.

Key Contracts, Suppliers and Consultants
Byrnecut (primary mining contractor for the project).

Contact Details for Project Information
Perseus Mining, tel +61 8 6144 1700 or email IR@perseusmining.com.