PRU increases Nyanzaga Project Ore Reserves to 4.0Moz

Core Viewpoint - Perseus Mining Limited has announced a significant increase in the Ore Reserve for the Nyanzaga Gold Project in Tanzania, now totaling 4.0 million ounces (Moz), which is a 73% increase from the previous estimate of 2.3 Moz reported in April 2025 [1][2]. Group 1: Ore Reserve Details - The updated Ore Reserve for the Nyanzaga Gold Project is classified as Probable, based on a total of 90.9 million tonnes (Mt) grading 1.38 grams per tonne (g/t) gold, containing 4.0 Moz of gold [17][18]. - The mine life for the Nyanzaga Gold Project has been extended to 16 years, with 14 years of production expected to exceed 200,000 ounces (koz) per annum [2][8]. - The increase in Ore Reserves is supported by approximately 82,700 meters of drilling aimed at infilling and extending mineralization, converting Inferred Mineral Resources to Indicated [4][9]. Group 2: Production and Financial Metrics - Total gold production over the 16-year mine life is estimated at 3.5 Moz, based on the updated Probable Ore Reserve [5]. - The average All-In Site Cost (AISC) over the life of the mine is projected to be US$1,621 per ounce [14]. - The project is expected to generate an undiscounted free cash flow post-tax of US$2,651 million, with a Net Present Value (NPV) of US$864 million at a 10% discount rate and an Internal Rate of Return (IRR) of 28.8% post-tax [14]. Group 3: Mineral Resource Estimate - The combined Measured and Indicated Mineral Resource for the Nyanzaga Gold Project is estimated at 110.4 Mt grading 1.33 g/t Au, containing 4.7 Moz of gold, with an additional 6.5 Mt classified as Inferred Mineral Resources [9][11]. - The mineralization is concentrated in two deposits: Tusker and Kilimani, with significant contributions from both areas [9][12]. Group 4: Tenement and Ownership Structure - Perseus Mining holds an 80% interest in the Nyanzaga Gold Project, with the Government of Tanzania owning a 20% non-contributing interest [8][12]. - The project is supported by a Special Mining Lease and several granted prospecting licenses, ensuring a stable tenure for operations [12][13].