Sissingué’s initial capital cost budget, excluding early works but including operational readiness initiatives, was $107 million, and, based on current estimates, this budget will not be exceeded.

Sissingué will produce an estimated 358,000 ounces per year (oz/y) of gold over a five-year mine life, including about 80,000 oz/y for the first 3.25 years. Forecast average weighted all-in site costs, including all direct production costs, royalties, waste stripping costs, and sustaining capital expenditure, are estimated at $625/ oz during the first 3.25 years of production and $630/oz over the full mine life.

Current mine planning does not include Sissingué’s significant potential to increase its mineral resources, ore reserves, and mine life. Exploration programs targeting mineralization located within trucking distance of the mine have been developed and are scheduled to be implemented once the mine is generating positive cash flows.

Perseus Managing Director and CEO Jeff Quartermaine said, “The introduction of crushed ore to the mill at Sissingué is an important milestone in the journey toward bringing our second operating gold mine into production. We are looking forward very much to seeing Sissingué ramp up to full-scale production and positive cash flow by the end of the March quarter. At that point, Perseus will be transformed from a single-mine, single-country business to a multimine, multijurisdiction operation, and we will be well on the way to achieving our goal of producing more than 500,000 oz/y of gold by late 2021 from our three West African operations, namely Edikan, Sissingué and Yaouré.”

The Sissingué gold project is located in northern Côte d’Ivoire, adjacent to the Mali border and approximately 720 km by road northwest of the commercial capital and port of Abidjan. The nearest town to Sissingué is Tengrela, approximately 15 km to the west of the concession boundaries and 25 km from the project site by existing roads.