Update on Predictive Acquisition

On December 15, 2025, Perseus Mining announced an update regarding its proposal to acquire Predictive Discovery Limited (PDI). Perseus confirmed that its definitive binding offer, announced on December 3, 2025, has been terminated. This occurred after Predictive's Board determined that a revised merger agreement from a competing bidder, Robex Resources Inc., matched the Perseus proposal. Perseus stated that it does not intend to submit a revised proposal but reserves the right to do so if circumstances change.

The termination of the acquisition proposal for Predictive Discovery is a notable event but is assessed as routine and neutral for Perseus. While the failure to secure a new growth asset in PDI's Bankan Gold Project is a missed opportunity, the company's decision not to enter a bidding war demonstrates strong capital discipline. This is a positive trait for a risk-averse investor.

Perseus is not in a position where it must acquire assets for growth. The company has a robust, fully-funded organic growth pipeline, including two major projects: - The US$523 million Nyanzaga Gold Project in Tanzania, which is under construction and expected to be their fourth and largest mine. - The US$170 million CMA Underground project at their existing Yaouré mine, which will extend the mine life significantly.

Given these substantial internal capital commitments, walking away from a potentially expensive bidding war preserves its formidable balance sheet (US$837 million in cash and bullion, zero debt as of September 30, 2025) to ensure flawless execution of its existing projects and to pursue other, potentially more value-accretive opportunities.

The market may view the failed bid as a short-term negative, but fundamentally, it reinforces Perseus's reputation as a disciplined operator that will not overpay for assets. This protects shareholder value and is a long-term positive.

Perseus Mining is a multi-mine, multi-jurisdictional gold producer focused on Africa. It currently operates three mines: the Yaouré and Sissingué mines in Côte d’Ivoire, and the Edikan mine in Ghana.

The company's new flagship project is the Nyanzaga Gold Project in Tanzania. After making a Final Investment Decision (FID) in April 2025, Perseus is now constructing this large-scale open-pit mine. With a capex of US$523 million, Nyanzaga is expected to produce over 200,000 ounces per year on average for 11 years, starting in Q1 2027. This project is the cornerstone of the company's growth strategy to become a +500,000 ounce per year producer.