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
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
Development capital for the CMA underground project has increased by $9-million, from the approved $172-million to $181-million, reflecting additional remediation work required on the eastern wall of the CMA openpit to reduce access risks associated with ground instability.

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
The second quarter of the 2026 financial year has marked strong progress at the CMA underground operation, with highwall ground support works at the Assanou, Blika and Sika declines successfully completed, with every decline recording its first blast by the end of October 2025. Together with the continued advance of the Pauline decline from the first quarter of the 2026 financial year, this resulted in a combined 800 m of development across the four declines.

During the quarter, the primary underground contractor continued to mobilise fleet and equipment in line with agreed schedules, helping to minimise mining delays. Following consultations with the Director General of Mines and Geology and local community representatives, 24/7 independent firing was introduced, improving cycle times and operational efficiency.

Progress on critical surface infrastructure also continued, with the high-voltage power supply to the underground portals on track for early in the third quarter of the 2026 financial year, which is expected to provide a significant operational benefit. 

The first ore production was achieved in January, while commercial production remains targeted for the third quarter of 2027.

Project development remains on schedule, with $44.8-million incurred on goods and services by the end of December 2025.

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.