Perseus Announces Sale of Interest in Meyas Sand Project

Executive Summary

• Perseus Mining Limited entered a Share Purchase Agreement to sell its 70% group interest in the Meyas Sand Project (Sudan) for a total cash consideration of US $260 million.
• The transaction includes an upfront US $10 million deposit and a US $250 million payment due on completion on 22 April 2026.
• Proceeds are expected to strengthen Perseus’s balance sheet and enable additional capital returns to shareholders while allowing the company to re‑allocate resources to core development projects.

Key Details

• Seller: Perseus Mining Limited (via wholly owned subsidiary Perseus Sudan Holdings Pty Ltd).
• Buyer: Hong Kong Matrix Golden Fortune Mining Limited, a subsidiary of Matrix Resources (Zhejiang) Co., Ltd. (the “Matrix Group”).
• Asset Sold: 70% group interest in the Meyas Sand Gold Project (MSGP), Sudan – held indirectly through Shark (BVI) Inc.
• Purchase Price: US $260 million total; US $10 million deposit received at SPA signing, US $250 million payable on completion (22 Apr 2026).
• Transaction Structure: “As‑is, where‑is” sale with customary representations and warranties; no conditions precedent to closing.
• Guarantees: Buyer’s obligations guaranteed by Zhejiang Lygend Investment Co Ltd, ultimate parent of the Matrix Group.
• Seller’s Guarantor Role: Perseus Mining Limited acts as guarantor for its subsidiary in the transaction.
• Financial Advisers: Cutfield Freeman & Co (Perseus); Admiralty Harbour Capital (Matrix Group).
• Legal Advisers: Corrs Chambers Westgarth (Perseus); Zhong Lun Law Firm (Matrix Group).
• Strategic Rationale: Divestment follows a strategic review prompted by armed conflict in Sudan; proceeds will be used to strengthen the balance sheet and fund shareholder returns, while allowing focus on existing development opportunities.
• Impact on Reporting: Completion will not affect Perseus’s reported JORC resource and reserve estimates because MSGP figures were disclosed as foreign estimates.

Notable Quotes

“The sale represents an important step for Perseus in its portfolio optimisation and allows allocation of resources to core assets and its growth strategy.” – Craig Jones, Managing Director & CEO, Perseus Mining Limited.