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. I'll now hand over to Perseus Mining Managing Director and CEO, Craig Jones. Thank you, Craig.

Thanks, Nathan. And welcome to Perseus Mining's quarterly webinar to discuss the June 2026 quarter report. I'm joined here today with our Chief Financial Officer Lee-Anne de Bruin and this quarter marks the close of the 2026 financial year and it's been another period of solid operating performance from our three operating gold mines with strong cash generation along with continued progress on our organic growth projects. Looking at our operating performance, so we produced 109,000 ounces of gold, which was up 1,869 ounces on the March quarter, and the higher production was achieved across two of the three operating gold mines. The weighted average production cost was US$1,340 per ounce, and the all-in-site cost was US$1,941 per ounce. The comparable all-in-sustaining cost for the quarter was US$1,865 an hour. Gold sales from the three operations totaled 114,567 ounces, which was 18,000 ounces more than the quarter three of the financial year. The realized gold price was US$4,086 per ounce, and our average cash margin for the quarter was US$2,145 per ounce, resulting in a notional cash flow of $216 million. and we finished the quarter notably with over a billion dollars in cash and bullion. For looking at our performance across the FY of the 2026 financial year, we produced 405,000 ounces of gold at an all-in site cost of US$1,750 per ounce. Gold sales from all three operations totaled 399,000 ounces with an average realised gold price of US$3,693 per ounce, which is US$1,150 per ounce more than the financial year 2025. Our average cash margin for the year was US$1,943 per ounce, which was US$635 per ounce higher than the 2025 financial year, resulting in a record national operating cash flow or $769 million from all operations. $119 million higher than financial year 2025. If we turn now to Yarra, overall gold production from the open pit and the CMA underground was 38,900 ounces of gold at an all-in-site cost of $2,277 per ounce. The Yare Open Pit produced 30,440 ounces and the CMA Underground produced 8,472 ounces. Overall process head grade was lower than planned at 1.13 grams a tonne down from 1.29 grams a tonne last quarter and this is for two reasons. Firstly access to the higher grade Yare Stage 1 The area was limited as a result of high rainfall and secondly we mined the offside section of the Zane 2 deposit in June which returned a grade that was lower than planned. Sustaining capital was higher reflecting timing of works on the new community road which is part of the waste dump extension and the replacement of the tailings pipeline. As I mentioned earlier, the quarterly production for the CMA Underground was 8,472 ounces, which was up 1,600 ounces from Q3, and the overall gold sales for the site totaled 39,000 ounces at $3,920 per ounce, including 7,252 ounces sold from production at the CMA Underground. and Yarrow produced a national cash flow to the quarter of $50 million. On the CM underground, this was landmark quarter for the CMA underground, with advanced 3,604 metres of lateral development across the four declines to date and critically we commenced stoping in April with three stopes completed delivering 33,606 tonnes of ore. Preparations commenced for the installation of the primary ventilation fans and the expansion of the generator farm, with contractor engagement for civil structural and steelworks. Project development progressed well, with US$89.6 million spent by 30 June 2026. So whilst CMA Underground started later than we initially planned due to the permanent delays, the team's been able to recover some of the lost production through good performance throughout the year and I really look forward to CMA Underground project adding considerable value to Perseus as we ramp up to commercial production, positioning CMA Underground as a long-term key value driver for Yarrow. For Etican, we produced 41,940 ounces of gold at an all-in-site cost of $1,959 per ounce. Head grade process was 0.79 grams a tonne, down from 0.84 grams a tonne in the previous quarter as a result of pit sequencing and mining in lower grade areas of the Incasil pit. Quarter on quarter, Etican produced production costs increased by 17% to US$1,155 per ounce. The increase was primarily attributable to higher mining costs driven by increased diesel prices, increased blasting volumes associated with higher volumes of fresh ore, and increased re-handle costs. In addition, grade-controlled drilling at Anchor Sewell was increased during the June quarter, following weather-related delays in the previous quarter. The increased costs were compounded by lower production volumes, which negatively impact The weighted average all-in-site cost increased to $1,959 per ounce from $1,539 per ounce in the previous quarter, attributable to the increased production costs along with increase in royalties and timing and sustaining capital spend associated with new cyanide tailings storage facility construction and fit perimeter dewatering wells. The royalties increased by $216 per ounce as a result of the new scar royalty implemented by the government of Ghana that was effected from the 10th of March 2026. Gold sales from Etican were 43,868 ounces at US$4,347 per ounce. We also commenced the cutbacks and dewatering of the Fetish and Aswaja North pits, which are the future oil sources for Etican once post-completion of the Inkasua pit. and Eddie Cairn produced a notional cash flow of $100 million for the quarter. Sosingi was a standout performer for the quarter. Our Sosingi complex produced 28,161 ounces of gold at an all-in site cost of $1,550 per ounce, representing an 11% increase in production and a 3% reduction in all-in site cost compared to the previous quarter. This improved performance was mainly attributable to the higher proportion of high-grade ore from the Antoinette pit at Bagway. Gold sales were 31,453 ounces at a realised gold price of $3,890 per ounce. National cash flow generated from the complex during the quarter was $66 million and taking into account March quarter, the national cash flow of $60 million The thing is made a meaningful contribution to the performance of the business. Looking ahead to our FY27 production and cost guidance, we expect production to be in the range of 420 to 480,000 ounces of gold at an all-in-site cost of $1,835 to $2,070 per ounce. Our cost guidance is based on gold price assumption of $4,000 per ounce and government royalty rates of 8% in Cote d'Ivoire and 11% in Ghana. This guidance reflects the commencement of production of Nianzada with our guidance including 55,000 ounces of gold based on the FIZ as released in April 2025. All operating costs at Nianzada are capitalised until commercial production which is planned for Q4 of FY27. We'll hand over now to Lee-Anne who'll talk through the financial aspects of the quarter.

Thanks Craig. The performance of our sites during this transitional year is not disappointed and allowed us to further strengthen our balance sheet. Our net cash and bullion position, as Craig pointed out, has ended the year at just over a billion dollars and this is after continued investment in our growth projects across the business. The liquidity position of the business sits at 1.4 billion with our undrawn debt facility of US$400 million and this liquidity excludes the US$230 million of liquid investments in relation to our investments in Predictive Discovery and Aurum. Given consideration to this strong position of our balance sheet, we continue to purchase shares under the Share Buy Back program announced in September 25. The Australian $100 million was reached in June 26th and the Board resolved to further increase the share by about $215 million Australian dollars on the 15th of June 2026. At the end of June 26th we had purchased back 24.1 million shares at an average price of $5.24 Australian for a total cash outflow and a return of Australian dollars $126.6 million. In FY26, Perseus has returned $194 million to shareholders via its interim dividend declared in February of $0.05 per share, totaling $67.5 million, and the share buyback, as I just mentioned, of $126.6 million. The shareholder returns have continued to grow since our maiden distribution in September 2022, as you can see from the graphs. and further capital allocation will be under consideration by our board as part of the financial statements released in August 26 in line with our capital management framework and dividend policy. The strong financial vision of Perseus has been built over years of strong sustainable cash flow generation through disciplined execution by our dedicated teams across the globe. As CFO, for nearly six years as part of Perseus, I've had the privilege of sharing these results with everyone on these calls, but it's a team effort of every individual across the Perseus team that contributes to these outcomes. The strong gold price coupled with a focus on cost and capital discipline produced an average Q4 cash margin of $2,145 per ounce and delivered a notional cash flow for Q4 of $216 million US dollars. and as Craig pointed out earlier on, this has delivered a record full year notional cash flow of $769 million for the financial year, another milestone for Perseus. We shift our focus now to the cash flows and capital allocation for the June 26 quarter specifically. The increase in cash and bullion to $1 billion was after operational cash flows of $276 million Continued capital investment in our growth projects in the quarter of about $142 million, with $108 million spent in progressing the Nyanzaga growth project, which Craig will speak to later. A further $26 million in progressing the development of the CNA underground. The start of the Erdogan cutbacks. Ongoing exploration zoning in our assets of $8 million, with exploration now a key focus going forward of our capital allocation program. Continued contributions to our host countries of 77 million paid in corporate and other taxes. Noting that we received the proceeds from the sale of the Sudan project in this quarter of 260 million US dollars. And we continue to return to our shareholders with 77 million Australian dollars executed of the share buyback in the June quarter. I'll pause very quickly on this, and this is just the reconciliation of our all-inside-cost cash-based metric to the all-in-sustaining-cost metric, showing that the all-inside-cost of 1941 reconciled down to 1848 on the all-in-sustaining-cost metric. I'll now hand back to Craig to take everyone through the update on the Neon Zogo Gold Project.