As one of West Africa’s emerging gold mines, Perseus has committed excellence to its shareholders and the surrounding community. Perseus Mining is a young and financially successful gold mine operating in Ghana and Côte d'Ivoire in Africa. Headquartered in Perth, Australia, the company is listed in both the Australian and Toronto Stock Exchanges. As the stabilising initiatives of the 2014 fiscal year come to an end, Perseus is looking towards a bright future of growth and possible expansion.

1. C O M P A N Y
O V E R V I E W

2. Perseus Mining:
The Gold Standard in West A
As one of West Africa’s emerging gold producers, Perseus
shareholders and the surrounding community
Written by: Laura Close Produced by: James Hayes

3. 33
Africa
s has committed excellence to its

4. 4
PERSEUS MINING
P
erseus Mining is a young and financially
successful gold producer operating
in Ghana and Côte d’Ivoire in Africa.
Headquartered in Perth, Australia, the company
is listed on both the Australian and Toronto
stock exchanges. As the stabilising initiatives
of the 2014 fiscal year come to an end, Perseus
is looking towards a bright future of growth and
potential expansion.
Production at Edikan
Perseus first produced gold at Ghana’s Edikan
Gold Mine (EGM) in August 2011, and the site
achieved commercial production in January
2012. Edikan has 5.7 million ounces in measured
and indicated gold resources, including 2.9
million ounces in reserve, and 2.4 million ounces
Perseus Mining corporate video
Operations at the Côte
d’Ivoire mine

5. M I N I N G
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in inferred resources. For Fiscal 2014 (FY2014)
Edikan will produce gold in the range of 130,000
to 193,000 ounces of gold.
EGM’s large reserve guarantees that mining
and processing will last for at least a dozen years.
Perseus has maintained production levels while
the gold price is in a downward trend, and will
look to increase production if the price improves,
building on its already-strong revenue stream.
Sissingué Project development
Gold from Perseus’ Sissingué project in Côte
d’Ivoire is a higher grade, but comes from a
much smaller deposit than Edikan. Perseus is
currently researching a less capital-intensive way
to operate the Sissingué project; part of this plan
includes looking into the metallurgy at the site
Edikan Mine Gold production
‘Gold from Perseus’
Sissingué project
in Côte d’Ivoire is a
higher grade, but
comes from a much
smaller deposit
than Edikan’

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7. PERSEUS MINING M I N I N G
www.perseusmining.com 7
and materials in the area. The company
is close to identifying a route that will
deliver a far better outcome than originally
envisaged, and a plan to move forward
with this route will be applied near the end
of this year.
Growth
Continuous improvement strategies at
Perseus have two broad forms: formal
and informal business improvement
programs. The formal programs are for
identifying the larger, more discernible
concerns or ideas that would affect large
parts of the business or the company as
a whole. Employees from the ground up
are encouraged to recommend any ideas
for the informal business improvement
programs; these are small-scale
improvements that can be made to day-to-
day work.
In Ghana, employees from all levels of
the organisation have made many of the
productive informal suggestions. If these
informal programs require research or
investigation, they are upgraded to formal
programs.
Currently, Perseus is looking to make
improvements to the processing side
of the business, including mechanical
changes to how it processes ore. These
changes will be responsible for significant
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9. PERSEUS MINING M I N I N G
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benefits in the form of increased throughput
rates and improved recoveries. On the mining
side, Perseus is looking into how it blast ore. The
goal with this research is to improve how the ore
breaks by a change in drill patterns, leading to
a potentially easier mining process and better
working conditions.
With the gold price cycle down, F2014 has
been a stabilising year for Perseus. The company
has reduced costs by introducing cost-effective
alternatives and improving efficiency. Plans for
F2015 (which starts in July) include expanding
the Sissingue project and increasing production
levels at Edikan.
Analysts’ outlooks
Evans and Partners latest research report on
Perseus shifted its rating from Neutral to Positive,
as early production statistics for the March 2014
quarter showed promised and followed on from
a strengthened performance in the December
Employee training
Performance
improvement plan
1. Optimise Edikan Life
of Mine Plan focussing
on maximising cash
margins and increasing
NPV
2. Focus on process
improvements at Edikan
3. Focus on reduction
of costs across the
company
4. Focus on efficiency
of capital deployment

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11. PERSEUS MINING M I N I N G
www.perseusmining.com 1 1
2013 quarter. Analyst Cathy Moises put a target
price of $1.13/share on Perseus, saying, “We
see [Perseus] as a key recovery play in CY14 as
plant problems appear largely resolved and the
realisation of the revised mine plan at Edikan.
Perseus is trading at less than half our current
valuation; with a strong balance sheet and an
eminently achievable business plan.”
In its latest Gold Sector Review, Credit Suisse
increased its target price for Perseus to $0.65/
share (from $0.64/sh) with an Outperform rating
(previously Underperform).
Employee training and incentives
Intensive on-the-job training was an absolute
necessity for Perseus coming into Africa. Fifty
percent of the workforce is made up of locals from
five different villages that surround the Edikan
mine, and most had had no industry experience.
Because of this, up to eight employees are solely
involved in training the workforce.
Although building and training a workforce from
scratch takes a lot of investment and time, it was
worth it. Perseus has had the opportunity not only
to build a close relationship with the community,
but also has been able to train its workers from
the beginning.
Perseus offers both short- and long-term
incentive programs for its employees. The
short-term programs are KPI (key performance
indicator) based, and include extra funds for
achieving or exceeding certain outcomes. A small
FY-14-Q2
FY-13-Q4
FY-14-Q1
FY-13-Q3
FY-13-Q2
FY-13-Q1
FY-12-Q4
FY-12-Q3
FY-12-Q2
FY-12-Q1
Gold Recovery %
Actual Budget
100
95
90
85
80
75
70
65
The company’s gold
recovery production
performance began to
stabilise and improve
through 2012
‘In its latest Gold
Sector Review,
Credit Suisse
increased its target
price for Perseus to
$0.65/share (from
$0.64/sh) with an
Outperform rating’

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13. PERSEUS MINING M I N I N G
www.perseusmining.com 1 3
portion is allocated towards the full company,
another percentage is allocated to the Ghanaian
business, yet another to individual departments,
and another to individual performance.
The long-term incentive program corresponds
to company performance among a selection of its
peers. If the total shareholders’ returns generated
by the company are in the top 25 percent of a
selected peer group of companies, then the rights
to acquire shares at no cost are vested with that
individual. This aligns with shareholders’ interests,
so if Perseus is generating significantly better
returns for its shareholders than other companies,
the share prices are going to go up, and these
rights will become more valuable.
Contributions to the surrounding
community
People may think that the environmental
standards in a developing country would not
be as high as the rest of the world, but Perseus
Edikan Total
Rehabilitated to
Natural (76.85 Ha or
10.47% of the Total
Land Disturbed)
Edikan Total Land
Disturbed (733.77 Ha)
Edikan Total
Rehabilitated for
Erosion Control (32.95
Ha or 4.49% of the
Total Land Disturbed)
Perseus continually reclaims and re-vegetates the land

14. 1 4
PERSEUS MINING
‘It is one of
Perseus’s
biggest
priorities to
maintain good
relationships
with their
community’

15. M I N I N G
www.perseusmining.com 1 5
has found the opposite to be true. The high
environmental standards, although expensive and
intensive to meet, are motivation for the company
to better its social licence.
To make sure it leaves the site better than
Perseus found it, the company continually
reclaims and re-vegetates the land where it can.
It supports a large nursery which grows trees
and grasses from seedlings to maturity. Another
important environmental initiative includes
monitoring ground water.
As stated earlier, five surrounding villages
supply around 50 percent of Perseus’s workforce.
Some communities were relocated ahead of
operations commencing at Edikan, with Perseus
compensating those affected. Currently the
company is building a subdivision that will include
‘CEO and
Managing Director
Jeff Quartermaine
realises the
community, mine
and company are
inextricably linked’
In the Edikan
community Perseus
runs several health and
education programs

16. 1 6
PERSEUS MINING
400 dwellings when completed.
CEO and Managing Director Jeff Quartermaine
realises the community, mine and company are
inextricably linked, and that Perseus’s presence
and ability to operate in the area is only as good
as the company’s social licence. Because of this,
it is one of Perseus’s biggest priorities to maintain
good relationships with its host community.
Perseus has been responsible for several
health and education programs in the community.
The company has donated material supplies to
primary schools, and has financed close to 100
scholarships to technical college students in the
nearby city of Kumasi. Perseus is also considering
extending its programme of educational support
Edikan Mine
‘In the future, the
company aims to
become a multi-
mine operator to
provide multiple
income streams
and increase its
stability in the
region’

17. M I N I N G
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to members of its host community by offering
scholarships for university-level education.
Even though Perseus is a relatively young
company, it is financially strong; the company has
cash on board, no debt and a modest amount of
hedging as a buffer against collapse in the price
of gold. And while F2014 was about stabilising,
F2015 will be about moving forward.
In the future, the company aims to become a
multi-mine operator to provide multiple income
streams and increase its stability in the region.
Perseus has a successful group doing grass roots
exploration, so the path for growth will most likely
lead towards an organic option, rather than an
acquisition.
Company
Information
I N D U S T RY
Mining
H E A D Q U A R T E R S
Perth, Australia
F O U N D E D
2011
E M P L O Y E E S
750 (1,000 contractors)
R E V E N U E
$293m
P R O D U C T S /
S E R V I C E S
Gold
Central Ashanti Gold Project (CAGP)
Edikan Mine

18. PERSEUS MINING
Level 2, 437 Roberts Road, Subiaco,
Western Australia 6008
Tel. +61 8 6144 1700
Fax. +61 8 6144 1799
info@perseusmining.com
www.perseusmining.com