Name of the Project
Yaouré gold project.

Location
The project is located on the southern edge of Lake Kossou, 35 km north-west of the capital, Yamoussoukro, and 25 km east-north-east of Bouaflé, in central Côte d’Ivoire.

Project Owner/s
Perseus Mining.

Project Description
A 2017 definitive feasibility study (DFS) has confirmed the high quality of the Yaouré project.

The project comprises two adjacent pits (CMA and Yaouré), with ore also expected to be sourced from three pre-existing heap-leach pads close to the run-of-mine pad.

Proven and probable reserves have been estimated at 26.8-million tonnes grading 1.76 g/t gold for 1.52-million ounces of gold.

The chosen method for the openpit reserves is conventional openpit mining using hydraulic excavators and trucks.

The process plant will comprise a primary crusher with a 6 MW semiautogenous mill and a 6 MW ball mill, pebble crushing, as well as a gravity and carbon-in-leach circuit with cyanide detoxification.

The processing plant will process up to 3.3-million tonnes a year on average over an 8.5-year mine life, recovering 1.37-million ounces over the period.

The DFS estimated that Yaouré could produce 215 000 oz/y over its first five years of operations.

Potential Job Creation
The project is expected to have a workforce of 257, and 470 contract personnel.

Net Present Value/Internal Rate of Return
Based on a gold price of $1 250/oz, the project has a net present value (NPV), at a 10% discount rate, of $170-million and an after-tax internal rate of return of 27%, with a payback of 32 months.

At a 5% discount rate, the project has an NPV of $259-million.

Capital Expenditure
The estimated development capital cost is $265-million.

Yaouré will be funded through the combination of a $150-million revolving credit facility, as well as $120-million in existing cash and bullion, along with strong future cashflows from the company’s two producing gold mines.

Planned Start/End Date
Full-scale development of the project started in May 2019, with first gold production expected in late 2020.

Latest Developments
Perseus Mining has officially signed a mining convention for its Yaouré gold mine with the government of Côte d’Ivoire.

“The signing of the Yaouré mining convention is a major milestone on the path of bringing the . . . mine into production. With the document now signed, we can move forward with confidence in the knowledge that the fiscal laws, on which our decision to develop the mine is based, will not change during the life of the mine,” Perseus MD and CEO Jeff Quartermaine has said.

“. . . an openpit mine with an expected mine life of eight-and-a-half years has been defined at Yaouré; however, it is considered likely that the life of the mine will be extended well beyond this limit, as the very considerable mineral potential of the tenements on which the mine is located is progressively unlocked.

“In this regard, work has begun on delineating mineral resources that can be mined using underground mining techniques and, at this stage, the results of this work are encouraging,” Quartermaine has said.

Key Contracts and Suppliers
None stated.

On Budget and on Time?
Not stated.

Contact Details for Project Information
Perseus Mining, tel +61 8 6144 1700, fax +61 8 6144 1799 or email info@perseusmining.com.