Perseus Mining Limited

Good morning and welcome to the Perseus Mining investor webinar and conference call. All attendees are in a listen-only mode. If you would like to ask a question directly to the company, please use the raise hand function within Zoom. I'll now hand over to Perseus Mining Managing Director and CEO, Craig Jones. Thank you, Craig.

Thanks, Nathan, and welcome to the Perseus Mining quarterly webinar to discuss our March 2026 quarter report. and I'm joined on the call today by our Chief Financial Officer, Leander Broome. It was a good quarter for Perseus, and looking at our operating performance for the quarter, we produced 107,000 ounces of gold, which was up 18,000 ounces on the December quarter, and the higher production was achieved from all three of our operating lines. The weighted average oil in site cost was US$1,748 per ounce, which was lower than the previous quarter of US$1,800 per ounce, and that's mainly due to the higher production. And we achieved a realised gold sale price of US$4,143 an ounce, which was US$706 an ounce more than the previous quarter. Our average cash margin for the quarter was US$2,394 per ounce, and that gave us a national operating cash flow of US$252 million from all of the operations. And we finished the quarter with US$817 million of net cash and bullion. And Leanne will speak to that later on in the call. Before starting. Given the current global market situation, I just want to address the diesel situation. We acknowledge the fuel supply uncertainty globally at the moment, and we continue to closely monitor our fuel supply availability, our consumption levels and our inventory positions to mitigate the risk of operational disruption in the short to medium term. We have fuel supply contracts with reputable fuel suppliers who provide us regular updates regarding our fuel stock levels and broader supply chain conditions. And at this stage, we don't have any foreseeable fuel restrictions. In terms of cost, diesel is approximately 10% of our group's all-in-site costs. So if we see sustained higher diesel costs, there may be some limited impact on our cost base. The quarter, we made some important changes to our portfolio. Firstly, at our Nianzaga project, our drilling program enabled us to deliver an updated ore reserve, which increased our ore reserve by 73% to 4 million ounces of gold since the Nianzaga feasibility study was completed in April 2025. And that increase is underpinned by 83,000 metres of drilling that was completed since May 24th. The increased ore reserve has extended Neonsaga's mine life to 16 years from 11, including 14 years of production at greater than 200,000 ounces of gold per atom. In terms of the project itself, there's been good progress at site and during the quarter, and it remains on track for first gold in January 2027. In another development last month, we announced our decision to sell our 70% interest in the Myers Sand Gold project in Sudan and this followed a lengthy review of the project and consideration of both development and divestment options. We decided that divestment of the project was the best option for Perseus and it allows us to reallocate internal resources to existing internal development opportunities and that transaction was completed yesterday and all funds have been received. We also made an investment of 23.7 million Australian dollars in Gold Explorer Aurum resources. We participated in Aurum's recent strategic share placement, taking a 9.9% interest in the issued shares of the company. Aurum is an emerging ASX-listed explorer with their key asset being the Bundali Gold Project, which is a 3 million ounce pre-development and pre-study project in Cote d'Ivoire. and is located to the south and just along the strike of our Susindi gold mine and processing hub. And the northernmost tenements are adjacent to the company's current active mining area at Bagway. At Yare, we achieved a strong quarter with increased gold production and notional cash flow. Overall gold production for the Yare Open Pit and CMA Underground was 36,000 ounces of gold at an all-in-site cost of US$2,049 per ounce. A key milestone for our CMA Underground development at Yarra was achieved in January with first ore coming from the Bleeker Portal and 1,600 ounces of gold has been produced from the CMA Underground during the quarter. Yarra produced US$68 million of national cash flow during the quarter. So the underground is making great progress and we'll commence scoping operations early in this quarter that we're in now. For Edican, we produced 45,000 ounces of gold at a northern site cost of $1,539 per ounce. And whilst our AISC was stable for the quarter, the government of Ghana has implemented a new royalty regime that came into effect in early March, introducing a sliding scale structure. And under this framework, Royalty rates increased progressively in line with rising gold prices and are capped at a maximum of 12% when the gold price exceeds $4,500 per ounce. Some of the increase in royalty will be offset or has been offset by reductions in other levies. So the growth and sustainability levy rate was reduced from 3% down to 1% of gross revenue. and this was implemented at the end of March, and a 6% levy on the supply of goods and services has also been removed, providing some relief. Etican produced a national cash flow of $124 million for the quarter, and notably the Fetish and Aswaja North pit cutbacks made progress during the quarter with approvals being received by the government, and mining has commenced at Fetish early in quarter four. Our Sasingi operation saw production increase with the ramp-up of the Bagway Antoinette deposit and associated increasing grade and tonnes milled. The complex produced 25,000 ounces of gold during the quarter at a weighted average cost of, ball-in-site cost of $1,708 per ounce. Production cost decreased by about 20% and that was... These are the higher proportions of the oxide material that's being mined at the Bagway deposit. The national cash flows generated by the complex for the quarter was $60 million compared with $25 million last quarter. So overall it was a very good quarter for Sasingi. Looking ahead, we remain on track to deliver our FY26 production and cost guidance with goal production between 400 and 440,000 ounces and all in-site costs between $1,600 and $1,760 per ounce. So I think now I'll hold it. I'll hand over to Leanne and she can talk to the financial aspects of our

Thanks, Craig. As Craig alluded to, the strong operational performance from our three sites and with our dedicated teams has delivered a solid financial quarter, assisted by our increased exposure to the gold price upside with the hedge book being rolled off. This has allowed for continued delivery against our stated capital management objectives. As Craig said earlier, we ended the quarter with... Cash and bullion of $817 million, which was up $62 million on the last quarter. And this is despite our strong investments in our growth projects in the Anzaga, CMA Underground, and ongoing exploration. Purchase and liquidity is growing and is sitting at $1.2 billion, and this includes a $400 million undrawn debt facility that was secured in December 25. Importantly, this number of $1.2 billion excludes our $245 million of liquid investment in relation to Predictive Discovery and Aurum, and excludes the $260 million that we received in April in relation to the May Sam Gold Project. During the quarter, Percy's Board also then approved a $0.05 per share interim dividend, equating to $46 million. So this is up 100% on the prior year period, interim period last year. Where available, trading opportunities existed. We continue to execute our buyback in the market. Our share buyback program has hit a total of $26 million in the quarter at an average price of $5.39. And as mentioned earlier, we continue to wind down our committed hedge resistance during the quarter with a further reduction from 11% to 9% of the three-year full-cost production. The increase in cash and bullion to $800 million gives consideration to the operational cash flow of $217 million that we delivered from our operations. Capital investment in our growth project. It was $63 million in the quarter invested in progressing the Lanzardo growth project or gold project. We then had $18.6 million invested in the development of the CMA underground. Exploration drilling at all of our assets. created to $8 million, and there was ongoing sustaining capital included in numerous TSF works across all three of our sites. We purchased a 9.9% share in Aurum for $24 million. And importantly, we continued contributions to our host countries with $42 million in corporate and other taxes being paid. We also then returned, as you can see, and I mentioned earlier, we returned to our shareholders $64 million, which included the interim dividend pay and $26 million on the share buyback. I'll just flag this to show that we, you know, tracking the all-inside costs that we always track versus the all-inside standing metric, which the World Gold Council reports on. And the key differences here is really the produce versus sold metric that we use as the denominator. And then we had an accumulation of inventory movements, which was largely inventory build-ups at Yare, with increased mining and building up of stockpiles, and in addition, a small impact as a result of a shift in timing at the same year. With that, I'll hand back to Craig to talk about our growth projects.