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Exam Code: 920-271 Practice test 2022 by Killexams.com team
Nortel WLAN 2300 Rls.7.0 implementation and Management
Nortel implementation test
Killexams : Nortel implementation test - BingNews https://killexams.com/pass4sure/exam-detail/920-271 Search results Killexams : Nortel implementation test - BingNews https://killexams.com/pass4sure/exam-detail/920-271 https://killexams.com/exam_list/Nortel Killexams : LogicVision Announces Board Change SAN JOSE, Calif., Nov 08, 2005 -- LogicVision, Inc. (Nasdaq: LGVN), a leading provider of yield learning technology that enables its customers to quickly and efficiently Improve product yields, today announced that Dr. Vinod K. Agarwal has resigned as chairman of the board.

Dr. Agarwal founded LogicVision in 1992 and was its president and CEO from 1992 to 2003. Prior to his time at LogicVision, he was a professor at McGill University in Canada, where he was appointed to the endowed Nortel/NSERC Industrial Research Chair Professorship. In addition, Dr. Agarwal has been a semiconductor test consultant to Nortel Networks, Hitachi, Ltd. and to the Eastman Kodak Company.

"Vinod has made countless contributions to the growth and success of LogicVision and we wish him well in his future pursuits," said James T. Healy, president and CEO.

About LogicVision Inc.
LogicVision (NASDAQ: LGVN) provides proprietary technologies for embedded test that enable the more efficient design and manufacture of complex semiconductors. LogicVision's embedded test solution allows integrated circuit designers to embed into a semiconductor design test functionality that can be used during semiconductor production and throughout the useful life of the chip. For more information on the company and its products, please visit the LogicVision website at www.logicvision.com.

Mon, 18 Jul 2022 12:00:00 -0500 en text/html https://www.design-reuse.com/news/11867/logicvision-board-change.html
Killexams : Verification methodology serves memory subsystem

Verification methodology serves memory subsystem
By Jeremy Yiu, EEdesign
May 16, 2002 (5:25 p.m. EST)
URL: http://www.eetimes.com/story/OEG20020516S0066

AcceLight Networks recently developed a verification environment and methodology for a complex datapath controller (DPC). To accomplish this task, AcceLight used Denali Software's MMAV and Synopsys' Vera products. The DPC is used in high-speed line cards to provide temporary storage for data packets arriving at one or more of the input ports or destined for one or more of the output ports. As shown in Figure 1, the DPC typically communicates with a traffic management engine (TME) that directs the DPC as to where and when to de-queue a packet to the downstream device.

Figure 1 - System block diagram

Denali's MMAV product, along with Synopsys' Vera, was instrumental in providing a sophisticated and flexible verification testbench. To verify the DPC device under test (DUT), Vera was used to create a behavioral model of the DUT, a bus-functional model of the related devices, a traffic generator, data monitors, and data checkers. The Verilog RTL DPC was used along with Denali memory models to complete the memory subsystem.

Vera provides a shell to link Vera and Verilog together. In addition, it provides mechanisms to call Vera tasks directly from Verilog. Denali's memory models provide a C interface to allow direct communication between the Vera testbench and the memory devices, while maintaining coherency within the Verilog simulation. The following conceptual diagram illustrates how Vera, Denali, and Verilog co-exist in a typical verification environment.

Figure 2 - Denali/Vera logical flow diagram

Memory selection, configuration and integration
Fast Cycle RAM (FCRAM) is a revolutionary DRAM core architecture that achieves SRAM-like performance with DRAM technology by using a proprietary pipeline operation and hidden pre-charge to reduce the random access cycle time. It was chosen for the memory subsystem due to these desired characteristics.

In this design, the DPC required a number of 64-bit memory interfaces for temporary storage of packet information. The memory was implemented using 256Mbit (4M x 4 banks x 16 bit) FCRAM devices. These 16-bit wide devices were combined in groups of four to comprise each separate 64-bit wide memory interface.

Ensuring correct memory behavior while interacting with many separate FCRAM memory devices was a key challenge in developing a robust memory subsystem verification environment. Verifying that the DPC correctly accessed these memory devices, by following the proper protocol and timing requirements, was a necessity. Denali's MMAV provided accurate and robust FCRAM models to ensure the DPC's correctness. Together with accurate protocol and timing checks, Denali's MMAV models also integrate directly into Synopsys' Vera environment.

Testbench design
Synopsys' Vera testbench automation tool was used to accelerate module and s ystem level verification. With Vera, it is easy to quickly model the target environment at a high-level of abstraction, essentially creating a virtual prototype. This target environment included complex data monitors and checkers, traffic generators, and bus functional models of upstream and downstream devices.

Vera includes rich object-oriented constructs and key hardware-oriented concepts like clock timing, asynchronous timing, and signals (including unknown values.) This made it possible to create a Vera behavioral model in less time than a Verilog behavioral model, and with fewer lines of code. This behavioral model allowed us to develop and debug the traffic generators and checkers before the Verilog RTL was completed. By allowing for the concurrent creation of the testbench and Verilog RTL design, the testbench was ready before the RTL description, saving significant time in the schedule.

This combination of Vera behavioral models and RTL descriptions was especially useful for multi-chip sim ulations, where the configuration and connections between various blocks was controlled by Vera scripts. The Vera dynamic signal binding capability allows Vera inputs or outputs to be connected to different RTL signals or nodes at run time, enabling dynamic configuration control.

For stimulus generation, we relied on the native randomization and data packing capabilities in Vera, as well as the Vera class structures that make packet definition straightforward. The data monitors implement a self-checking capability that relies on the Vera mailbox construct to synchronize separate threads of activity and to queue complex data objects.

Another key decision in using Vera was its direct integration with Denali's MMAV. Because of the ability to directly interact with Denali's C-based memory devices from Vera, simulation performance was significantly improved over the usual overhead of PLI within a verilog simulation.

Logical memories
Denali's MMAV provided the capability to group physical me mory devices together to create a logical memory. This feature was used to group four 16-bit FCRAM devices into a single 64-bit logical memory. In this design, several 64-bit logical memories were generated to provide sufficient storage for the DPC.

These logical memories enabled preloading of a 64-bit data image into a single logical memory, instead of separating the data into smaller 16-bit chunks. They provided full data word backdoor read and write capabilities through Vera. And they generated memory access callbacks on the single logical memory, versus multiple individual callbacks on the physical memory instance. These features resulted in a much simpler and cleaner Vera testbench than would have been possible with other memory model alternatives.

Figure 3 illustrates how the logical memories were created using Vera's built-in Denali User Defined Functions (UDFs). In this example, a Verilog task (DenaliFcramBm) is created to generate a Denali logical memory from the already instantiated phy sical FCRAM devices. This task uses the following Vera's Denali UDFs to generate the logical memory configuration:

  • $DENALIstartSysMem - Defines a new logical memory instance named "iSysName" that is comprised of the specified number of physical instances wide, deep and interleaved.
  • $DENALIaddSysMem - Adds each physical memory instance to the aforementioned logical memory instance (iSysName).
  • $DENALIcreateSysMem - Last step in enabling the logical memory instance. This is called once all the physical instances have been added using DENALIaddSysMem.

Memory access callbacks are another key Denali MMAV feature used in the Vera testbench environment. This built-in feature allows users to dynamically "scoreboard" check each memory transaction as it occurs. This mechanism allows users to define a Vera function (access callback function) that will automatically be called when any Denali memory is accessed. This callback function then passes back the memory instance that was accessed, an enumerated access type (such as read, write, masked write, and load), plus the address and data associated with the memory access.

Used in combination with the logical memories created above, this callback will pass back the entire logical address and a 64-bit data word in a single callback, thus significantly simplifying the testbench design and data handling. This feature makes it easy for the Vera testbench to perform checking, scoreboarding, or coverage tasks in response to particular memory transactions. Figure 4 illustrates how this was accomplished.

Summary
Verifying a complex memory subsystem, as is found in a typical line card application, can present unique and interesting challenges. In this design, a new memory technology, FCRAM, was used. Ensuring that the DPC correctly and efficiently accessed this memory was crucial to the application. In addition, the challenges of creating a powerful, yet flexible system verification testbench were numerous. With the aid of Denali's MMAV, which provided accurate memory simulation models and some key verification features, and Synopsys' Vera, which provided a sophisticated and powerful system level testbench, the overall verification time and effort was significantly reduced.

Jeremy Yiu is an ASIC Designer and Verification Expert for AcceLight Networks in Ottawa, Canada since August 2000. Yiu previously worked as a Verification expert for Nortel Networks in Ottawa.

Mon, 18 Jul 2022 12:00:00 -0500 en text/html https://www.design-reuse.com/articles/3186/verification-methodology-serves-memory-subsystem.html
Killexams : SaaS DR/BC: If You Think Cloud Data is Forever, Think Again

Key Takeaways

  • SaaS is quickly becoming the default tool for how we build and scale businesses. It’s cheaper and faster than ever before. However, this reliance on SaaS comes with one glaring risk that’s rarely discussed.
  • The “Shared Responsibility Model” doesn’t just govern your relationship with AWS, it actually impacts all of cloud computing. Even for SaaS, users are on the hook for protecting their own data.
  • Human error, cyber threats and integrations that have gone wrong are the main causes of data loss in SaaS. And it’s not uncommon, in one study, about 40% of users have said they have lost data in SaaS applications.
  • It’s possible to create your own in-house solution to help automate some of the manual work around backing-up SaaS data. However, there are limitations to this approach and none of them will help you restore data back to its original state.
  • A data continuity strategy is essential in SaaS, otherwise you may be scambling to restore all information you rely on each and every day. 
     

The Cloud is Not Forever and Neither is Your Data 

When I began my career in technical operations (mostly what we call DevOps today) the world was dramatically different. This was before the dawn of the new millennium. When the world’s biggest and most well-known SaaS company, Salesforce, was operating out of an apartment in San Francisco. 

Back then, on-premise ruled the roost. Rows of towers filled countless rooms. These systems were expensive to set up and maintain, from both a labour and parts perspective. Building a business using only SaaS applications was technically possible back then but logistically a nightmare. On-prem would continue to be the default way for running software for years to come. 

But technology always progresses at lightspeed. So just three years after Salesforce began preaching the “end of software”, Amazon Web Services came online and changed the game completely.

Today a new SaaS tool can be built and deployed across the world in mere days. Businesses are now embracing SaaS solutions at a record pace. The average small to medium-sized business can easily have over 100 SaaS applications in their technology stack. Twenty years ago, having this many applications to run a business was unthinkable and would have cost millions of dollars in operational resources. However, at Rewind, where I oversee technical operations, I looked after our software needs with a modem and a laptop. 

SaaS has created a completely different reality for modern businesses. We can build and grow businesses cheaper and faster than ever before. Like most “too good to be true” things, there’s a catch. All this convenience comes with one inherent risk. It’s a risk that people rarely discussed in my early days as a DevOps and is still rarely talked about. Yet this risk is important to understand, otherwise, all the vital SaaS data you rely on each and every day could disappear in the blink of an eye.

And it could be gone for good. 

The Shared Responsibility of SaaS

This likely goes without saying but you rent SaaS applications, you don’t own them. Those giant on-prem server rooms companies housed years ago, now rest with the SaaS provider. You simply access their servers (and your data) through an operating system or API. Now you are probably thinking, “Dave, I know all this. So what?” 

Well, this is where the conundrum lies. 

If you look at the terms of service for SaaS companies, they do their best to ensure their applications are up and running at all times. It doesn’t matter if servers are compromised by fire, meteor strike, or just human error, SaaS companies strive to ensure that every time a user logs in, the software is available. The bad news is this is where their responsibility ends. 

You, the user, are on the hook for backing up and restoring whatever data you’ve entered and stored in their services. Hence the term “Shared Responsibility Model”. This term is most associated with AWS but this model actually governs all of cloud computing.

The above chart breaks down the various scenarios for protecting elements of the cloud computing relationship. You can see that with the SaaS model, the largest onus is on the software provider. Yet there are still things a user is responsible for; User Access and Data.  

I’ve talked to other folks in DevOps, site reliability, or IT roles in recent years and I can tell you that the level of skepticism is high. They often don’t believe their data isn’t backed up by the SaaS provider in real time. I empathize with them, though, because I was once in their shoes. So when I meet this resistance, I  just point people to the various terms of service laid out by each SaaS provider. Here is GitHub’s, here is Shopify’s and the one for Office 365. It’s all there in black and white.

The reason the Shared Responsibility Model exists in the first place essentially comes down to the architecture of each application. A SaaS provider has built its software to maximize the use of its operating system, not continually snapshot and store the millions or billions of data points created by users. Now, this is not a “one-size fits all scenario”. Some SaaS providers may be able to restore lost data. However, if they do, in my experience, it’s often an old snapshot, it’s incomplete, and the process to get everything back can take days, if not weeks. 

Again, it’s simply because SaaS providers are lumping all user data together, in a way that makes sense for the provider. Trying to find it again, once it’s deleted or compromised, is like looking for a needle in a haystack, within a field of haystacks.    

How Data Loss Happens in SaaS

The likelihood of losing data from a SaaS tool is the next question that inevitably comes up. One study conducted by Oracle and KPMG found that 49% of SaaS users have previously lost data. Our own research found that 40% of users have previously lost data. There are really three ways that this happens; risks that you may already be very aware of. They are human error, cyberthreats, and 3rd party app integrations. 

Humans and technology have always had co-dependent challenges. Let’s face it, it’s one of the main reasons my career exists! So it stands to reason that human inference, whether deliberate or not, is a common reason for losing information. This can be as innocuous as uploading a CSV file that corrupts data sets, accidentally deleting product listings, or overwriting code repositories with a forced push.

There’s also intentional human interference. This means someone who has authorized access, nuking a bunch of stuff. It may sound far-fetched but we have seen terminated employees or third-party contractors cause major issues. It’s not very common, but it happens.       

Cyberthreats are next on the list, which are all issues that most technical operations teams are used to. Most of my peers are aware that the level of attacks increased during the global pandemic, but the rate of attacks had already been increasing prior to COVID-19. Ransomware, phishing, DDoS, and more are all being used to target and disrupt business operations. If this happens, data can be compromised or completely wiped out. 

Finally, 3rd party app integrations can be a source of frustration when it comes to data loss. Go back and read the terms of service for apps connected to your favourite SaaS tool. They may save a ton of time but they may have a lot of control over all the data you create and store in these tools. We’ve seen apps override and permanently delete reams of data. By the time teams catch it, the damage is already done.

There are some other ways data can be lost but these are the most common. The good news is that you can take steps to mitigate downtime. I’ll outline a common one, which is writing your own backup script for a Git.

One approach to writing a GitHub backup script

There are a lot of ways to approach this. Simply Google “git backup script” and lots of options pop up. All of them have their quirks and limitations. Here is a quick rundown of some of them.

Creating a local backup in Cron Scripts

Essentially you are writing a script to clone a repo, at various intervals, using cron jobs. (Note the cron job tool you used will depend on the OS you use). This method essentially takes snapshots over time. To restore a lost repo, you just pick the snapshot you want to bring back.  For a complete copy use git clone --mirror to mirror your repositories. This ensures all remote and local branches, tags, and refs get included. 

The pros of using this method are a lack of reliance on external tools for backups and the only cost is your time. 

The cons are a few. You actually won’t have a full backup. This clone won’t have hooks, reflogs, configuration, description files, and other metadata. It’s also a lot of manual work and becomes more complex if trying to add error monitoring, logging, and error notification. And finally, as the snapshots pile up, you’ll need to consider accounts for cleanups and archiving.

Using Syncthing

Syncthing is a GUI/CLI application that allows for file syncing across many devices. All the devices need to have Syncthing installed on them and be configured to connect with one another. Keep in mind that syncing and backing up are different, as you are not creating a copy, but rather ensuring a file is identical across multiple devices.  

The pros are that it is free and one of the more intuitive methods for a DIY “backup” since it provides a GUI.  Cons: Syncthing only works between individual devices, so you can’t directly back up your repository from a code hosting provider. Manual fixes are needed when errors occur. Also, syncing a git repo could lead to corruption and conflicts of a repository, especially if people work on different branches. Syncthing also sucks up a lot of resources with its continuous scanning, hashing, and encryption. Lastly, it only maintains one version, not multiple snapshots. 

Using SCM Backup

SCM Backup creates an offline clone of a GitHub or BitBucket repository. It makes a significant difference if you are trying to back up many repos at once. After the initial configuration, it grabs a list of all the repositories through an API. You can also exclude certain repos if need be. 

SCM lets you specify backup folder location, authentication credentials, email settings, and more. 

Here’s the drawback though, the copied repositories do not contain hooks, reflogs, or configuration files, or metadata such as issues, pull requests, or releases.  And configuration settings can change across different code hosting providers. Finally, in order to run it, you need to have .NET Core installed on your machine.

Now that’s just three ways to backup a git repository. As I mentioned before, just type a few words into Google and a litany of options comes up. But before you get the dev team to build a homegrown solution, keep these two things in mind.

First, any DIY solution will still require a significant amount of manual work because they only clone and/or backup; they can’t restore data. In fact, that’s actually the case with most SaaS tools, not just in-house backup solutions. So although you may have some snapshots or cloned files, it will likely be in a format that needs to be reuploaded into a SaaS tool. One way around this is to build a backup as a service program, but that will likely eat up a ton of developer time. 

That brings us to the second thing to keep in mind, the constantly changing states of APIs. Let’s say you build a rigorous in-house tool: you’ll need a team to be constantly checking for API updates, and then making the necessary changes to this in-house tool so it’s always working. I can only speak for myself, but I’m constantly trying to help dev teams avoid repetitive menial tasks. So although creating a DIY backup script can work, you need to decide where you want development teams to spend their time.

Data Continuity Strategies for SaaS

So what’s the way forward in all of this? There are a few things to consider. And these steps won’t be uncommon to most technical operations teams. First, figure out whether you want to DIY or outsource your backup needs. We already covered the in-house options and the challenges it presents. So if you decide to look for a backup and recovery service, just remember to do your homework. There are a lot of choices, so as you go through due diligence, look at reviews, talk to peers, read technical documentation and honestly, figure out if company X seems trustworthy. They will have access to your data after all.  

Next, audit all your third-party applications. I won’t sugarcoat it, this can be a lot of work. But remember the “terms of service” agreements? There are always a few surprises to be found. And you may not like what you see. I recommend you do this about once a year and make a pro/cons list. Is the value you get from this app worth the trade-off of access the app has? If it’s not, you may want to look for another tool. Fun fact: Compliance standards like SOC2 require a “vendor assessment” for a reason. External vendors or apps are a common culprit when it comes to accidental data loss.

And finally, limit who has access to each and every SaaS application. Most people acknowledge the benefits of using the least privileged approach, but it isn’t always put into practice. So make sure the right people have the right access, ensure all users have unique login credentials (use a password manager to manage the multiple login hellscape) and get MFA installed.

It’s not a laundry list of things nor is it incredibly complex. I truly believe that SaaS is the best way to build and run organizations. But I hope now it’s glaringly obvious to any DevOps, SRE or IT professional that you need to safeguard all the information that you are entrusting to these tools. There is an old saying I learned in those early days of my career, “There are two types of people in this world – those who have lost data and those who are about to lose data”. 

You don’t want to be the person who has to inform your CIO that you are now one of those people. Of course, if that happens, feel free to send them my way. I’m certain I’ll be explaining the Shared Responsibility Model of SaaS until my career is over!  

About the Author

Dave North has been a versatile member of the Ottawa technology sector for more than 25 years. Dave is currently working at Rewind leading 3 teams (devops, trust, IT) as the director of technical operations. Prior to Rewind, Dave was a long time member of Signiant, holding many roles in the organization including sales engineer, pro services, technical support manager, product owner and devops director. A proven leader and innovator, Dave holds 5 US patents and helped drive Signiant’s move to a cloud SAAS business model with the award winning Media Shuttle product. Prior to Signiant, Dave held several roles at Nortel, Bay Networks and ISOTRO Network Management working on the NetID product suite. Dave is fanatical about cloud computing, automation, gadgets and Formula 1 racing.

Thu, 09 Dec 2021 14:12:00 -0600 en text/html https://www.infoq.com/articles/saas-drbc-data-backup/
Killexams : Ultranet Has Launched an Open Test of a Decentralized Infrastructure for the Next Gen Internet

KIEV, UKRAINE, July 27, 2022 (GLOBE NEWSWIRE) -- On January 12, 2021, the Ultranet platform launched an open test of the first decentralized infrastructure for a next-gen Internet applications platform. In addition, Free UNT Faucet, a one-step service offering free UNT tokens, was introduced for early testing enthusiasts. With the Free UNT Faucet, a user can receive 1200 UNT, which is enough for those who want to run a block-generating node and play around with other functions.

With this launch, crypto enthusiasts can participate in the first open test of Ultranet and trial a revolutionary infrastructure that erases the differences between web, mobile and desktop platforms. Indeed, it is already possible to become part of a truly decentralized and functional Web 3.0 network.

Let's explore how Ultranet works. Why is the Internet's future closer than it may seem at first glance?

Ultranet: the technology of the real Web 3.0

Everyone understands the concept of Web 3.0 differently. Some think that Web 3.0 will be implemented as a semantic network that describes the published content. Others equate Web 3.0 to the Internet of Things, where all devices will communicate with each other directly via an HTTP extension. Still others are developing Internet-over-Blockchain projects, where the interaction of dApps fosters Web 3.0 concepts.

No matter how interesting these concepts about the Internet’s future may sound, none of them have been implemented as of 2022. Moreover, although each of these concepts shares the same notion of fighting for decentralization, the fact is that most of them try to decentralize Internet infrastructure only at the data storage and processing level (blockchains, distributed file systems). Each still relies on a centralized infrastructure at the client level.

However, experience has shown that Web 3.0 requires more than simply the evolution of current systems: It will require nothing short of a true revolution — a qualitative leap into the future. 

Revolution is always radical. And Web 3.0 should begin with a rejection of the traditional centralized UI delivery paradigm in favor of a decentralized infrastructure without the need for client-level servers.

Ultranet has created just what people have been longing for: a revolutionary decentralized technology that blurs the distinction between web, mobile and desktop platforms. Since 2004, the Ultranet team has been developing the concept of a new, integrated Internet applications platform that circumvents the problems of the traditional Web. The invention of blockchain technology provided a boost to the implementation of their ideas. 

Four pillars of Ultranet: delivery, management, protection and next-gen applications

The Ultranet technology consists of four components: resource delivery (RDN), distribution management (DMS), anti-malware protection (AMPP) and next-gen applications (UOS). The primary purpose of the RDN and DMS components is to completely decentralize publishing, distribution, and delivery of the client layer program and data resources. The AMPP component is for safety and protection from malware entering the system. UOS, in turn, supplies the next-gen Internet applications platform that challenges HTML-based technologies as the backbone of the Web. Let's take a closer look at how each component works. 

Resource Delivery Network (RDN)

RDN is a network able to provide decentralized storage and distribution of data resources of any type, particularly traditional stand-alone and UOS applications. sing RDN, any user can publish, download and distribute applications via Ultranet.

RDN offers the following advantages:

  • decentralized distribution and delivery
  • free, fast and reliable service
  • no censorship

A central feature of the Web paradigm is the ability to supply different content using the same URL in a request-response manner. While this approach works for most scenarios, it creates a problem (for many reasons) when web server decentralization is required. That’s why RDN is designed as a distributed content-addressable network (CAN). Unlike the Web, CAN strictly identifies files by their content, making it easy to decentralize their distribution. By also changing the way the UI is delivered to a user, RDN makes it possible to achieve decentralization and degrees of scalability that would be impossible for traditional Web infrastructure. In addition, this P2P technology is resistant to censorship and DDOS attacks, which means it fully complies with the Web 3.0 concept.

So then, with RDN we need not rely on the publisher's web server or cloud anymore. Instead, we use the nearest Ultranet nodes to communicate with the RDN network so as to retrieve requested resources. The operation scheme of the decentralized distribution network can be found in the Ultranet White Paper

Distribution Management System (DMS)

DMS is a system that allows publishers to register unique author names, publish product releases and so forth. This structure resembles the modern Web, where publishers create web domains so they can post all kinds of information, applications, links, etc. on their websites. 

However, Ultranet is more than the traditional Web. That is why DMS is designed not like a domain name system (DNS) but as a decentralized, permissionless DLT registry with a unique non-POS/POW/DAG consensus protocol. 

DMS has other advantages as well:

  • publishing of product meta information
  • versioning
  • anti-malware certification
  • searching

Together with RDN, DMS provides a completely decentralized, self-sufficient and dependable channel for publishing, distribution and delivery of not only client applications but any kind of software. Read more about the role and features of DMS in the Ultranet infrastructure in the Ultranet White Paper

Anti-Malware Protection Protocol (AMPP)

AMPP is a protocol that uses special DMS functions to protect the Ultranet ecosystem. Its main functions are to independently check application releases for malware and to publish reports to all users in a reliable form.

Every product release in the Ultranet ecosystem undergoes a three-step safety check:

  1. Reputation: "Who is the publisher?" — uses whitelists and malware statistics to determine how trustworthy a publisher is.
  1. Verification: "Is it clean?" — analyzes the application for malware and suspicious code even before downloading.
  1. Isolation: "Stay safe" — runs a proven application in an isolated environment, similar to virtual machines. Even if the application is infected, it will not affect the main system.  

The Anti-Malware Protection function performs a quick, simple and effective check of application files for the presence of malicious code, thus preventing malware from entering further into the network and thereby defeating attacks by third parties.

Unified Operating Superstructure (UOS)

The mission of UOS is to supersede old, slow and UX-poor Web technologies with new ones that are still platform-independent and easy to use but that offer high performance and rich UI capabilities for next-gen Internet applications. 

This platform is designed to support not only desktop and mobile devices but also modern and future VR gears. No matter what device is used to open a UOS application, its UI morphs according to the hardware specifics, providing the best user experience possible.

Ultranet: the successor of the Web? 

By combining RDN, DMS, AMPP, and UOS, Ultranet creates a truly efficient and dependable infrastructure for completely decentralized and high-performance applications, this being the embodiment of the Web 3.0 concept. 

Ultranet is not something cemented in space and time. It is not the new Google. It is a flexible network of open protocols that publish, deliver and ensure the security of all data in a decentralized manner. 

This means that Ultranet can publish both traditional and next-gen applications. UOS applications are designed to fully utilize the advantages of the Ultranet platform and thus to supersede both traditional and web applications. In this sense, they fully unleash the potential of Ultranet as a decentralized replacer of old concepts. UOS applications act as a superstructure on top of the network and supplement the ecosystem in the same way that the Web supplements the Internet.

If you want to be a part of the revolutionary Ultranet infrastructure, join the first open test. To do so, you’ll need to download and install node software to run the node on the Ultranet network.

More information about the infrastructure and the open test of Ultranet can be found here: 

WebsiteTelegramTwitter 


Maksym Riazanov

Ultranet Organization

a at ultranet,org

Primary Logo

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Wed, 27 Jul 2022 09:19:00 -0500 text/html https://www.tmcnet.com/usubmit/2022/07/27/9646288.htm
Killexams : June 2022 Quarter Report

Perseus Mining Limited

Perseus Mining delivers another strong performance FY2022 ASIC of US$952 per ounce

Figure 1

Notional Operating Cashflow

Figure 2

Quarterly Cash and Bullion Movements

Figure 1.1

Yaouré Gold Project – Tenements and Prospects

Figure 1.2

Edikan Gold Mine – Regional Geology, Tenements and Prospects

PERTH, Western Australia, July 26, 2022 (GLOBE NEWSWIRE) -- Perseus Mining Limited (“Perseus” or the “Company”) (TSX & ASX: PRU) reports on its activities for the three months’ period ended June 30, 2022 (the “Quarter”).

PERFORMANCE INDICATOR

UNIT

DECEMBER 2021 HALF YEAR

MARCH 2022 QUARTER

JUNE 2022 QUARTER

JUNE 2022 HALF YEAR

2022 FINANCIAL YEAR

Gold recovered

Ounces

241,164

130,523

122,327

252,850

494,014

Gold poured

Ounces

237,483

132,644

120,409

253,053

490,536

Production Cost

US$/ounce

839

789

881

834

836

All-In Site Cost (AISC)

US$/ounce

949

908

1,004

955

952

Gold sales

Ounces

238,135

131,044

111,897

242,941

481,075

Average sales price

US$/ounce

1,663

1,701

1,705

1,703

1,683

Notional Cashflow

US$ million

172

104

85

189

361

  • Key Operating highlights include:

    • Weighted average AISCs of US$952 per ounce for the financial year to 30 June 2022 (FY2022), in the bottom quartile of the market guidance range. AISC for the June 2022 half year and quarter of US$955 and US$1,004 per ounce respectively, both within market expectations.

    • Annual gold production of 494,014 ounces was in upper half of market guidance range, notwithstanding a 19-day preventative maintenance shut at Edikan in the June 2022 quarter. Half Year production of 252,850 ounces included 122,327 ounces of gold produced during the June quarter.

    • Average cash margin of US$731 per ounce of gold for FY2022, and US$748 and US$701 per ounce respectively for the half and quarterly year periods.

    • Annual gold sales of 481,075 ounces at a weighted average sales price of US$1,683 per ounce including 111,897 ounces of gold sold during the quarter at US$1,705 per ounce.

    • Notional cashflow from operations of US$361 million during FY2022 included June 2022 Half year and quarterly notional cashflows of US$189 million, and US$85 million respectively.

  • The death of a Yaouré contractor’s employee following an accident on site late in the June quarter, overshadowed Perseus’s otherwise strong ESG performance and improvements made during the quarter.

  • Perseus’s strong operating performance is forecast to continue with market guidance for the December 2022 Half Year of 240,000 to 265,000 ounces produced at an AISC of US$1,000 to US$1,100 per ounce.

  • Business growth activities delivered excellent results, with a material increase in Perseus’s Ore Reserves inventory and mine lives at Edikan and potentially, Yaouré.

    • Indicated Mineral Resources at Nkosuo near Edikan containing 422,000 ounces and Inferred Mineral Resources containing a further 27,000 ounces giving rise to Probable Ore Reserves totalling 10 million tonnes of ore grading 1.04g/t gold and containing 332,000 ounces of gold.

    • The Prefeasibility Study for the CMA Underground Project progressed. Drilling was completed, resource modelling well advanced and preliminary mining, geotechnical and metallurgical study work completed. An updated Mineral Resource and Maiden Ore Reserve will be released during the September 2022 quarter.

  • Perseus’s financial position continues to strengthen with available cash and bullion of US$328 million, debt of US$50 million, and net cash of US$278 million at 30 June 2022, US$50 million more than last quarter.

OPERATIONS

QUARTERLY PRODUCTION, COSTS AND NOTIONAL CASHFLOW

Perseus’s three operating gold mines, Yaouré and Sissingué in Côte d’Ivoire, and Edikan in Ghana have combined to produce a total of 122,327 ounces of gold in the June 2022 quarter, bringing total annual gold production to 494,014 ounces for the first time.

The weighted average production cost of the Perseus group during the quarter was US$881 per ounce, while the weighted average AISC was US$1,004 per ounce of gold produced. On an annual basis, Perseus’s AISC of US$952 per ounce placed the Company near the middle of the global gold cost curve, as reported in JP Morgan’s June 2022 Gold Sector Review.

Table 1: Cost and Production Summary by Mine

MINE

TOTAL GOLD PRODUCED (OUNCES)

ALL-IN SITE COST (US$/OUNCE)

DECEMBER 2021 QUARTER

MARCH 2022 QUARTER

JUNE 2022 QUARTER

DECEMBER 2021 QUARTER

MARCH 2022 QUARTER

JUNE 2022 QUARTER

Yaouré

75,189

76,921

81,150

700

662

641

Edikan

35,124

38,590

28,668

1,450

1,336

1,859

Sissingué

18,065

15,012

12,509

905

1,067

1,398

Perseus Group

128,378

130,523

122,327

934

908

1,004

Combined gold sales from all three operations totalled 111,897 ounces this quarter at a weighted average gold price realised of US$1,705 per ounce. For the full financial year, sales amounted to 481,075 ounces, at a weighted average realised gold price of US$1,683 per ounce. Perseus’s average cash margin for the June 2022 quarter was US$701 per ounce, or US$731 per ounce for the full financial year.

Notional operating cashflow from operations for the quarter was US$85 million, bringing the total amount of notional cashflow generated by Perseus during the financial year to 30 June 2022 to US$361 million, the majority of which was generated by our Yaouré Gold Mine.

Table 2: Realised Gold Price and Notional Cash Flow by Mine

MINE

REALISED GOLD PRICE
(US$ PER OUNCE)

NOTIONAL CASH FLOW FROM OPERATIONS (US$ MILLION)

DECEMBER 2021 QUARTER

MARCH 2022 QUARTER

JUNE 2022 QUARTER

DECEMBER 2021 QUARTER

MARCH 2022 QUARTER

JUNE 2022 QUARTER

Yaouré

1,699

1,720

1,673

75

81

84

Edikan

1,613

1,673

1,802

6

13

-2

Sissingué

1,638

1,683

1,673

13

9

3

Perseus Group

1,669

1,701

1,705

94

104

85

Both of Perseus’s gold production and AISCs for the June 2022 half and full financial year as reported above, were strong relative to market guidance (refer to Table 3), confirming that Perseus’s plan to transform into a reliable, diversified mid-tier gold producer is on track.

Table 3: Cost and Production Relative to Market Guidance

PERFORMANCE INDICATOR

HALF YEAR TO 30 JUNE 2022

FULL 2022 FINANCIAL YEAR

GUIDANCE

ACTUAL

GUIDANCE

ACTUAL

Gold Production (ounces)

230,00 to 265,000

252,820

471,164 to 506,164

494,014

AISC (US$ per ounce)

915 to 1,085

955

932 to 1,020

952

YAOURÉ GOLD MINE, CÔTE D’IVOIRE

Yaouré has once again outperformed expectations this quarter, producing above the guided gold production range and below the bottom end of the market cost guidance range for both the June Half Year and the full financial year to 30 June 2022. In the process, Yaouré has produced approximately 66% of the Perseus Group’s quarterly gold production at an AISC that positions the mine towards the bottom end of the global gold cost curve referred to above. Taking the reasonably strong market for gold that has prevailed this financial year into account, in the 12 months to 30 June 2022, Yaouré has generated US$306 million of notional cashflow, US$41 million more than the development cost of the mine.

During the quarter, Yaouré increased its gold production by a further 6% compared to the prior quarter to 81,150 ounces of gold at a production cost of US$543 per ounce and an AISC of US$641 per ounce. The weighted average sales price of the 70,761 ounces of gold sold during the quarter was US$1,673 per ounce, giving rise to a cash margin of US$1,032 per ounce. Notional operating cashflow generated by Yaouré was US$84 million during the quarter, US$2.3 million more than in the March 2022 quarter.

The improving gold production at Yaouré reflected higher mill throughput rates (512 tph compared to 507 tph). Mill run time of 93% compared to 94% during the prior quarter, gold recovery rates (93.8% compared to 93.5%) and head grade of processed ore (2.60 g/t to 2.50 g/t) were all reasonably steady and in line with expectations.

The 3% reduction in quarter-on-quarter AISCs, largely reflected the increase in gold production. A slight decrease in royalties due to the timing of sales was offset by a US$5 per ounce increase in sustaining capital costs related to costs associated with the tailings’ storage facility and other site building works. On a unit cost basis, mining costs and G&A were reasonably steady although processing costs per tonne increased as a result of slightly more maintenance activities at the front end of the circuit. Refer to Table 4 below for details of key operating and financial parameters.

Table 4: Yaouré Quarterly Performance

PARAMETER

UNIT

DECEMBER 2021 HALF YEAR

MARCH 2022 QUARTER

JUNE 2022 QUARTER

JUNE 2022 HALF YEAR

2022 FINANCIAL YEAR

Gold Production & Sales

Total material mined

Tonnes

16,210,761

9,295,689

8,881,028

18,176,717

34,387,478

Total ore mined

Tonnes

2,448,820

1,463,248

1,899,069

3,362,317

5,811,137

Average ore grade

g/t gold

2.02

1.93

1.88

1.90

1.95

Strip ratio

t:t

5.6

5.4

3.7

4.4

4.9

Ore milled

Tonnes

1,859,582

1,025,345

1,036,331

2,061,676

3,921,258

Milled head grade

g/t gold

2.51

2.5

2.6

2.55

2.53

Gold recovery

%

93.2

93.5

93.8

93.6

93.4

Gold produced

ounces

139,747

76,921

81,150

158,071

297,818

Gold sales1

ounces

139,724

74,947

70,761

145,708

285,432

Average sales price

US$/ounce

1,695

1,720

1,673

1,697

1,696

Unit Production Costs

Mining cost

US$/t mined

2.71

2.66

2.74

2.70

2.70

Processing cost

US$/t milled

13.63

12.38

13.96

13.17

13.39

G & A cost

US$M/month

1.99

1.62

1.76

1.69

1.84

All-In Site Cost

Production cost

US$/ounce

581

549

543

546

562

Royalties

US$/ounce

87

86

67

76

81

Sub-total

US$/ounce

669

635

610

622

644

Sustaining capital

US$/ounce

18

26

31

29

24

Total All-In Site Cost2

US$/ounce

687

662

641

651

668

Notional Cashflow from Operations

Cash Margin

US$/ounce

1,008

1,058

1,032

1,046

1,028

Notional Cash Flow

US$M

140.9

81.4

83.7

165.3

306.2

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account

2. Included in the AISC for the quarter is US$2.98 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life.

MINERAL RESOURCE TO MILL RECONCILIATION

The reconciliation of processed ore tonnes, grade and contained gold relative to the Yaouré Mineral Resource block model are shown in Table 5. During the last quarter, 35% more ore tonnes at 12% lower grade for 19% more ounces have been produced compared to the Mineral Resource model. Over the last six months and project to-date, Yaouré continues to produce more metal than predicted by the Mineral Resource model. The performance of the Yaouré Mineral Resource model to date is considered satisfactory, however work will continue to optimise the grade and reduce dilution.

Table 5: Yaouré Block Model to Mill Reconciliation

PARAMETER

BLOCK MODEL TO MILL CORRELATION FACTOR

3 MONTHS

6 MONTHS

1 YEAR

Tonnes of Ore

1.35

1.32

1.24

Head Grade

0.88

0.89

0.91

Contained Gold

1.19

1.17

1.13

FATAL ACCIDENT AT YAOURÉ

On Friday 24 June 2022, an employee of our mining contractor at Yaouré, EPSA Group, was fatally injured following an accident while working in EPSA’s heavy vehicle workshop. Perseus undertook an investigation into the incident and has consulted with the relevant Ivorian regulatory authorities.

Following the accident, a thorough review of all health and safety critical risks and controls has been initiated for all activities undertaken by Perseus’s employees and contractors across our three operating sites. This review will be followed by an improvement program where needed. This work will be conducted throughout FY2023, first prioritising the most significant risks at each site. The cultural Safety Transformation Program that has been underway since February 2022 has also been re-focused to ensure that all employees and contractors understand their personal and a collective role in creating a safe workplace, including coaching managers and supervisors on how they can lead the way.

Both Perseus and EPSA are providing support to help the victim’s family following this tragic accident, as well as offering support to our entire team at Yaouré and our other operations as they come to terms with the tragic loss of a colleague.

SISSINGUÉ GOLD MINE, CÔTE D’IVOIRE

Since pouring first gold in January 2018, Sissingué has continued to comfortably perform in line with market production and cost guidance, generating solid cashflow for Perseus and consistently achieving the targets that were originally set for the mine.

During the quarter, 12,509 ounces of gold were produced at Sissingué at a production cost of US$1,227 per ounce and an AISC of US$1,398 per ounce, an increase relative to prior periods. The weighted average sales price of the 13,445 ounces of gold sold during the quarter was reasonably steady at US$1,673 per ounce, giving rise to a reduced cash margin of US$275 per ounce. Notional cashflow generated by the Sissingué operation totalled US$3.4 million, US$5.9 million less than in the prior quarter. Refer to Table 6 below for details of operating and financial parameters.

The 2,503-ounce decrease in quarterly gold production largely resulted from an 11% decrease in the quantity of ore processed. This was caused by a change in the composition of mill feed as more sedimentary ore was processed compared to prior periods, and a reduction in mill run time due to maintenance activities early in the quarter. The head grade of processed ore also decreased from 1.32g/t to 1.24g/t, due to the composition of the mill feed but gold recovery rates remained stable at 89.6%.

The 31% or US$331 per ounce increase in quarter-on-quarter AISCs, was primarily a function of the 28% increase in production costs, attributable to the 17% decrease in the number of ounces of gold produced during the quarter, as explained above, and an increase in consumable and maintenance costs. Royalties per ounce also increased due to the timing of gold sales (i.e. royalties from the prior quarter were paid this quarter), while sustaining capital costs also increased reflecting an increase in expenditure on expanding the capacity of the TSF and upgrading security infrastructure at the mine.

Table 6: Sissingué Quarterly Performance

PARAMETER

UNIT

DECEMBER 2021 HALF YEAR

MARCH 2022 QUARTER

JUNE 2022 QUARTER

JUNE 2022 HALF YEAR

2022 FINANCIAL YEAR

Gold Production & Sales

Total material mined

Tonnes

1,102,186

1,242,344

1,205,035

2,447,379

3,549,565

Total ore mined

Tonnes

348,975

228,130

325,609

553,739

902,714

Average ore grade

g/t gold

1.17

0.72

1.03

0.9

1.0

Strip ratio

t:t

2.2

4.5

2.7

3.4

2.9

Ore milled

Tonnes

675,372

395,131

350,919

746,050

1,421,422

Milled head grade

g/t gold

1.78

1.32

1.24

1.28

1.52

Gold recovery

%

88.5

89.8

89.6

89.7

89.0

Gold produced

ounces

34,132

15,012

12,509

27,521

61,653

Gold sales1

ounces

34,870

16,264

13,445

29,709

64,579

Average sales price

US$/ounce

1,630

1,683

1,673

1,680

1,653

Unit Production Costs

 

 

Mining cost

US$/t mined

7.81

4.52

4.65

4.58

5.58

Processing cost

US$/t milled

18.01

14.09

18.10

15.97

16.94

G & A cost

US$M/month

1.22

1.07

1.13

1.10

1.16

All-In Site Cost1

 

 

Production cost

US$/ounce

823

958

1,227

1,080

938

Royalties

US$/ounce

89

97

124

110

98

Sub-total

US$/ounce

912

1,055

1,351

1,190

1,036

Sustaining capital

US$/ounce

5

13

47

28

15

Total All-In Site Cost

US$/ounce

917

1,067

1,398

1,218

1,051

Notional Cashflow from Operations1

 

Cash Margin

US$/ounce

713

616

275

460

601

Notional Cash Flow

US$M

24.3

9.3

3.4

12.6

37.0

Notes:

  1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.

  2. Included in the AISC for the quarter is US$0.45 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life.

MINERAL RESOURCE TO MILL RECONCILIATION

The reconciliation of processed ore tonnes, grade and contained ounces relative to the Sissingué Mineral Resource block model is in Table 7 below. During the last three months, grade control has predicted materially increased tonnes (25%) increased grade (4%) and ounces (29%) when compared to the Mineral Resource Estimate. Over the last six- and 12-month periods of operation, Sissingué has also produced more metal than predicted by the Mineral Resource model. Perseus regards the overall outperformance as an acceptable variance, and a significant amount of work has been invested to more closely align the Resource Model with the over-delivery of ore experienced in the grade control.

Table 7: Sissingué Block Model to Mill Reconciliation

PARAMETER

BLOCK MODEL TO MILL CORRELATION FACTOR

3 MONTHS

6 MONTHS

1 YEAR

Tonnes of Ore

1.25

1.32

1.18

Head Grade

1.04

1.06

1.01

Contained Gold

1.29

1.39

1.19

UPDATE ON THE LIFE OF MINE PLAN EXTENSION FOR THE SISSINGUÉ OPERATION

Work is ongoing to obtain an Exploitation Permit (EP) covering the Bagoé exploration permit area. Community consultation processes required as part of the environmental permitting process were completed, and the ESIA (Environment and Social Impact Assessment), a prerequisite to the granting of the EP was completed, lodged with authorities and validated by the government’s inter-departmental review. Evaluation of the EP application is currently in process.

A further review of compensation entitlements for farmers who will be impacted by the development of the Fimbiasso pit, has been undertaken and payments are pending.

EDIKAN GOLD MINE, GHANA

In summary, and in contrast to Perseus’s other two gold mines, Edikan’s operating performance during the June 2022 quarter was disappointing, falling short of Perseus’s required standards. This was partially due to the availability of Edikan’s processing facility being reduced by 21% during the quarter while the 19-day preventative maintenance shut-down, foreshadowed in the March 2022 Quarter Report, was undertaken. It also resulted from a combination of inadequate management of previous maintenance activities on the CIL tanks that impacted gold recovery rates, and poor block model to mill reconciliation recorded while mining in the AG Pit cutback area was completed.

On a positive note, the maintenance shutdown was successfully completed and since Edikan’s processing operations recommenced in mid-June 2022, almost all processing KPIs have been achieved or exceeded, helping to partially reduce the deficit caused by the shutdown of operations, but more importantly, providing confidence that with appropriate management, forecasts for the FY2023 years are achievable.

During the quarter, a total of 28,668 ounces of gold were produced at Edikan (26% less than in the March quarter) at a production cost of US$1,685 per ounce and an AISC of US$1,859 per ounce, 39% higher than in the prior quarter. Gold sales of 27,691 ounces were 30% less than in the prior quarter, at a weighted average realised gold price of US$1,802 per ounce, US$129 per ounce more than in the prior quarter. This generated a cash margin of -US$56 per ounce, approximately $400 per ounce less than the prior quarter. Negative notional cashflow of US$1.7 million resulted which was US$14.6 million worse than in the prior period. Table 8 summarises the key operating and financial parameters.

While an allowance was built into the Edikan market production and cost guidance for the June half year and the full financial year to allow for events such as those referred to above, this allowance was insufficient and both production and AISCs for both periods fell short of guidance. For the June half year, Edikan produced 67,258 ounces of gold at an AISC of US$ 1,559 per ounce compared to market guidance of 75,000 to 90,000 ounces at US$1,210 to US$1,430 per ounce, while for the full financial year, 134,543 ounces of gold were produced at an AISC of US$1,534 per ounce compared to market guidance of 142,284 to 157,284 ounces at US$1,350 to US$1,465 per ounce.

Table 8: Edikan Quarterly Performance

PARAMETER

UNIT

DECEMBER 2021 HALF YEAR

MARCH 2022 QUARTER

JUNE 2022 QUARTER

JUNE 2022 HALF YEAR

2022 FINANCIAL YEAR

Gold Production & Sales

Total material mined

Tonnes

15,413,395

6,829,223

6,577,009

13,406,232

28,819,627

Total ore mined

Tonnes

1,624,878

1,242,630

1,289,580

2,532,210

4,157,088

Average ore grade

g/t gold

0.91

1.03

1.08

1.06

1.00

Strip ratio

t:t

8.5

4.50

4.10

4.29

5.93

Ore milled

Tonnes

3,487,218

1,633,717

1,250,300

2,884,017

6,371,235

Milled head grade

g/t gold

0.73

0.86

0.86

0.86

0.78

Gold recovery

%

83.0

85.8

83.1

84.6

83.8

Gold produced

ounces

67,285

38,590

28,668

67,258

134,543

Gold sales1

ounces

63,541

39,833

27,691

67,524

131,064

Average sales price

US$/ounce

1,608

1,673

1,802

1,726

1,669

Unit Production Costs

Mining cost

US$/t mined

3.41

3.82

4.17

3.99

3.68

Processing cost

US$/t milled

8.39

9.97

12.95

11.26

9.69

G & A cost

US$M/month

1.89

1.33

1.56

1.45

1.67

All-In Site Cost2

Production cost

US$/ounce

1,383

1,202

1,685

1,408

1,396

Royalties

US$/ounce

102

116

117

116

109

Sub-total

US$/ounce

1,485

1,318

1,802

1,524

1,505

Sustaining capital

US$/ounce

24

18

57

34

29

Total All-In Site Cost2

US$/ounce

1,509

1,336

1,859

1,559

1,534

Notional Cashflow from Operations1

Cash Margin

US$/ounce

98

337

-56

168

135

Notional Cash Flow

US$M

6.6

13.0

-1.6

11.3

18.2

Notes:

1. Gold sales are recognised in Perseus’s accounts when gold is delivered to the customer from Perseus’s metal account.

2. Included in the AISC for the quarter is US$5.15 million of costs relating to excess waste stripping. When reporting cost of sales, in line with accepted practice under IFRS, this cost will be capitalised and the costs amortised over the remainder of the relevant pit life.

MINERAL RESOURCE TO MILL RECONCILIATION

The reconciliation of processed ore tonnes, grade and contained ounces relative to the Edikan Mineral Resource block model are shown in Table 9 below.

Table 9: Edikan Block Model to Mill Reconciliation

PARAMETER

BLOCK MODEL TO MILL CORRELATION FACTOR

3 MONTHS

6 MONTHS

1 YEAR

Tonnes of Ore

1.07

0.99

0.91

Head Grade

0.74

0.81

0.82

Contained Gold

0.79

0.80

0.75

Block model to mill reconciliation improved during the last part of the quarter relative to the prior periods in FY22. Mining has moved below the existing Stage 2 cutback void in the AG Pit which is the principal source of ore. During the quarter, ongoing work to reduce mining dilution continued to deliver solid results. Geological mapping has been successfully integrated into the daily ore prediction modelling and reflects the improving performance at Edikan.

Based on reconciliation results achieved in Q4 and the completion of the drilling for the next 30m of mining in the AG pit, the reconciliation has reverted to expected performance for the AG pit.

GROUP GOLD PRODUCTION AND COST MARKET GUIDANCE

Production and cost guidance for the Perseus Group and each of its individual mines for the six months and calendar year ending 31 December 2022, is as set out below in Table 10 below.

Table 10: Production and Cost Guidance

PARAMETER

UNITS

JUNE 2022 HALF YEAR (ACTUAL)

DECEMBER 2022 HALF YEAR
(FORECAST)

2022 CALENDAR YEAR
(FORECAST)

Yaouré Gold Mine

Production

Ounces

158,071

130,000 to 140,000

288,071 to 298,071

All-in Site Cost

USD per ounce

651

810 to 875

725 to 750

Sissingué Gold Mine

Production

Ounces

27,521

20,000 to 25,000

47,521 to 52, 521

All-in Site Cost

USD per ounce

1,218

1,600 to 1,950

1,400 to 1,525

Edikan Gold Mine

Production

Ounces

67,258

90,000 to 100,000

157,258 to 167,258

All-in Site Cost

USD per ounce

1,559

1,190 to 1,320

1,340 to 1,420

PERSEUS GROUP

Production

Ounces

252,850

240,000 to 265,000

492,850 to 517,850

All-in Site Cost

USD per ounce

954

1,000 to 1,100

980 to 1,025

SUSTAINABILITY

SUSTAINABILITY GOVERNANCE

During the quarter, Perseus continued to strengthen its sustainability governance as follows:

  • Following an accident at Yaouré on 24 June 2022, that resulted in the death of an employee of one of Perseus’s contractors, Perseus has:

    • Re-focussed Phase 2 of our global project to transform Perseus’s health and safety culture across the operations on ensuring that all employees and contractors understand their personal and collective role in creating a safe workplace, including coaching managers and supervisors on how they can lead the way. Phase 1 of the program was completed in May 2022 and Phase 2 of the program will commence at the sites in early August 2022.

    • Initiated a deep review and improvement program of health and safety critical risks and controls across all activities of Perseus and our contractors across our three operating sites. This work will be conducted over FY2023, first prioritising the most significant risks at each site.

  • Completed gap analysis of our Yaouré and Sissingué Tailings Storage Facilities against the Global Industry Standard on Tailings Management, with results to be reported in our FY2022 Sustainability Report.

  • Created our social performance policy and standard and conducted external expert review of our social performance framework, with implementation to commence in FY23. We also commenced update of our Sissingué Community Development Plan.

  • Completed the renewal of the Fimbiasso Environmental and Social Impact Statement (ESIA) with the Côte d’Ivoire government and commenced the land and crop compensation process. We also completed the Bagoé ESIA public consultation sessions and achieved validation of the ESIA.

  • Reviewed our Human Rights Policy in line with best practice (to be published in FY23) and conducted a human rights risk assessment across our operations.

  • Developed a draft supplier Code of Conduct, summarising Perseus’s supplier standards in relation to anti-corruption and bribery, legal compliance, business continuity, human and labour rights, health and safety, community engagement, security, biodiversity and air emissions. The supplier Code of Conduct will be implemented throughout FY23.

  • Commenced external assurance on our FY22 sustainability data. The scope included limited assurance over the same data as FY21 (safety data and our alignment with the World Gold Council Responsible Gold Mining Principles). The scope was also expanded for FY22 to include limited assurance over our World Gold Council Conflict Free Gold Statement and value of community investment. Pre-assurance has been initiated over our Scope 1, 2 and 3 greenhouse gas emissions, energy data and water balance, with limited assurance to be conducted over this data in FY23.

  • Completed updates to our closure cost models and rehabilitation provisions for the end of FY22.

  • Participated in round table industry and government initiatives to reduce the risk of artisanal and illegal mining in and around our operations.

SUSTAINABILITY PERFORMANCE

This quarter, Perseus continued its strong sustainability performance relative to objectives and targets, as shown below in Table 11 and summarised as follows:

  • Safety: Despite the tragic incident at Yaouré, safety performance across the rest of the portfolio was strong, with Total Recordable Injury Frequency Rates (TRIFR) reducing from 1.45 at the end of the March quarter to 1.21 at the end of June 2022, lower than the FY22 target of 1.3. Lost Time Injury Frequency (LTIFR) across the Group reduced from 0.36 to 0.17. Sissingué achieved another safety milestone, celebrating 6 million hours without a Lost Time Incident. Additional focus on safety performance at Edikan led to significant improvement over the financial year (from TRIFR of 1.49 and LTIFR of 0.37 in FY21 to a TRIFR of 0.98 and LTIFR of 0.20 for FY22). TRIFR and LTIFR also improved across the Group year on year, from 1.76 and 0.45 respectively in FY21 to 1.21 and 0.17 in FY22.

  • Social:

    • Total economic contribution to Perseus’s host countries of Ghana and Côte d’Ivoire for the financial year of around US$495 million (around 61% of revenue), including approximately US$394 million paid to local suppliers representing 81% of procurement, US$33 million paid as salaries and wages to local employees, US$67 million in payments to government as taxes, royalties and other payments, and around US$3.6 million in social investment (includes accrual for Yaouré).

    • Local and national employment has been maintained at 95% for the quarter, and across the Perseus Group, our gender diversity was stable with the proportion of female employees ~13%, reflecting the industry in which we are involved but more particularly, the cultural orientation of our host countries.

    • Zero significant community events occurred.

  • Environment:

    • Emissions intensity per ounce of gold produced and water intensity remained steady for the quarter and by comparison to FY21. Total Scope 1 and 2 greenhouse gas emissions increased by 33% from FY21, reflecting the increase in Group gold production.

    • Following interest from additional vendors and completion of the new Yaouré LOM plan, Perseus updated the evaluation of the potential use of solar power at the operation.  Further detailed studies will be carried out once options to extend the life of Yaouré have been confirmed.

    • Zero significant environmental or tailings dam integrity issues occurred during the period.

In achieving the above, the following sustainability challenges were encountered by Perseus during the quarter:

  • Death of an employee of Yaouré’s mining contractor, EPSA Group, following an accident on 24 June 2022 while working in EPSA’s heavy vehicle workshop as reported above.

  • Government administrative delays continue to prevent the establishment of the Yaouré Community Development Fund and commencement of related community projects. Perseus continues to work with Government to establish the fund as soon as possible, escalating the issue on several occasions. Community funding has been accrued each month since commencing commercial production, with approximately US$2.9M accrued to-date.

  • Illegal mining activities on Perseus’s mining and exploration licence areas continues to present challenges for the Company in both Ghana and Côte d’Ivoire. The Company continues to work closely with relevant government authorities to manage these activities that have proven to negatively impact both the environmental and social fabric of local communities.

  • Ongoing tensions with the communities around Yaouré and Sissingué regarding employment, business opportunities, and crop and land compensation.

  • Security risks at Sissingué and satellite development areas (Fimbiasso and Bagoé) continue to be closely monitored due to ongoing political and social unrest which has given rise to terrorist activities in Mali which lies immediately to the north of the Sissingué mine. Increased security threats of banditry were also closely monitored around Yaouré.

  • Perseus received a US$5,000 regulatory fine at Edikan in Ghana associated with a Lost Time Injury that occurred in February 2022.

Table 11: Sustainability Performance

PERFORMANCE DRIVER

SUB-AREA

METRIC

UNIT

SEP 2021 QUARTER

DEC 2021 QUARTER

MAR 2022 QUARTER

JUN 2022 QUARTER

FY2022

Governance

Compliance

Material legal non-compliance

Number

0

0

0

111

1

 

Social

Worker Health, Safety and Wellbeing

Workplace fatalities

Number

0

0

0

1

1

Total Recordable Injury Frequency (TRIF)

Total Recordable Injuries per million hours worked, rolling 12 months

Edikan - 1.89
Sissingué - 0.50
Yaouré - 3.24
Exploration - 2.80
Group - 1.85

Edikan - 1.36
Sissingué - 0.00
Yaouré - 3.49
Exploration - 2.01
Group - 1.49

Edikan - 1.38
Sissingué - 0.00
Yaouré - 2.78
Exploration - 0.82
Group - 1.45

Edikan – 0.98
Sissingué - 0.00
Yaouré - 2.59
Exploration - 0.66
Group – 1.21

Edikan – 0.98
Sissingué - 0.00
Yaouré - 2.59
Exploration - 0.66
Group – 1.21

Lost Time Injury Frequency (LTIFR)

Lost Time Injuries (LTIFR) per million hours worked, rolling 12 months

Edikan - 0.38
Sissingué - 0.00
Yaouré - 0.991
Exploration - 1.40
Group - 0.46

Edikan - 0.39
Sissingué - 0.00
Yaouré - 0.76
Exploration - 1.00
Group - 0.46

Edikan - 0.39
Sissingué - 0.00
Yaouré - 0.35
Exploration - 0.82
Group - 0.36

Edikan - 0.20
Sissingué - 0.00
Yaouré - 0.00
Exploration - 0.66
Group - 0.17

Edikan - 0.20
Sissingué - 0.00
Yaouré - 0.00
Exploration - 0.66
Group - 0.17

COVID-19 Cases

Number

66

60

17

0

143

Community

Number of significant2 community events

Number

0

0

0

0

0

Community investment

US$

US$818,459 1,4

US$956,4784

US$985,0914

US$877,5464

US$3,637,5744

Economic Benefit

Proportion local and national employment

% of total employees

95

%

96

%

96

%

95

%

96

%

Proportion local and national procurement

% of total procurement

74

%

81%1

86

%

84

%

81

%

Gender Diversity

Board gender diversity

%

33

%

33

%

33

%

33

%

33

%

Executive gender diversity

%

40

%

40

%

40

%

40

%

40

%

Proportion of women employees

%

13.8%3

12.0%3

13.1%3

14.0%3

13.0%3

Responsible Operations

Environment

Number of significant2 environmental events

Number

0

0

0

0

0

Tailings

Number of significant2 tailings dam integrity failures

Number

0

0

0

0

0

Water stewardship

Water used per ounce of gold produced

M3/oz

6.91

8.05

7.85

7.87

7.87

Greenhouse Gas Emissions

Scope 1 and 2 Greenhouse Gas Emissions per ounce of gold produced

Tonnes of CO2-e/oz

0.57

0.57

0.53

0.55

0.55

Notes:

  1. Corrected/re-stated figure from the September and December 2021 Quarter report

  2. A significant event is one with an genuine severity rating of four and above, based on Perseus's internal severity rating scale (tired from one to five by increasing severity) as defined in our Risk Management Framework

  3. Permanent employees only.

  4. Includes accruals for the CDLM at Yaouré.

BUSINESS GROWTH

PROJECT DEVELOPMENT  

During the quarter, the proposed Plan of Arrangement between Perseus and Orca Gold Inc. under which Perseus would acquire all the outstanding common shares of Orca not already owned by Perseus, was approved by Orca’s shareholders in a general meeting and subsequently approved by the Canadian court.

Following completion of the acquisition, Perseus became the owner of a:

  • 70% interest in the Block 14 Gold Project in Sudan; and a

  • 31.4% interest in Montage Gold Corp., the holder of tenements hosting the Kone Project in Cote d’Ivoire.

BLOCK 14 GOLD PROJECT

During the quarter, Perseus engaged in activities directed at advancing the Project towards a possible development decision in relation to the Block 14 Gold Project located in the north of Sudan, approximately 75 kilometres south of the border with Egypt. These pre-development activities have included:

  • Integration of members of Orca’s team who wished to remain involved in the project, into Perseus’s team and recruiting additional team members as required;

  • Expanding critical relationships within Sudan including with the key government ministries and Sudanese businesses leaders who may be able to supply goods and services to the project when it enters the development and or operating phases;

  • Calling for tenders from qualified drilling companies to undertake approximately 100,000 metres drilling program at Block 14 aimed at infill drilling the Gulat Sufur South (GSS) deposit as well as sterilising adjacent land currently targeted to site key pieces of mine infrastructure including the tailings dam and waste dumps;

  • Preparing for the mobilisation of the preferred drilling contractor, specifically clearing the way for the importation of drilling rigs and associated equipment and consumables needed to support and manage the program and upgrading site accommodation and support infrastructure;

  • Prepare for large scale pump testing of the Area 5 aquifer to test recharge rates.

Work on the planned drilling program is expected to commence late in the September 2022 quarter along with confirmatory work on the Area 5 aquifer and preliminary activities for the Front-End Engineering Design (FEED) Study.

MONTAGE GOLD CORP.

During the quarter, Montage announced that they had entered a transaction with Barrick Gold Corporation and Endeavour Mining plc, to acquire 100% of their Mankono-Sissédougou Joint Venture Project which consists of three properties contiguous to Montage’s Koné Gold Project in Côte d’Ivoire. Two of the joint venture’s properties are currently the subject of Exploration Licence applications being considered by the Ivorian government. Completion of the transaction is subject to these licences being granted. On completion, Montage will acquire 100% of the issued and outstanding shares of Mankono Exploration Limited which holds the Mankono licences, for total consideration of C$30 million including C$14.5 million in cash, 22.1 million common shares of Montage, and a 2% NSR royalty allocated 70% to Barrick and 30% to Endeavour.

To fund the acquisition and ongoing working capital, Montage entered an underwriting agreement with Stifel GMP on behalf of a syndicate of underwriters, pursuant to which the Underwriters have agreed to purchase, on a bought deal private placement basis, approximately 28.6 million Subscription Receipts priced at C$0.70 per Subscription Receipt, which will convert into common Montage shares for gross proceeds of approximately C$20.0 million.

Perseus elected not to participate in the financing and as a result, if the transaction is completed, Perseus’s interest in Montage will decrease from its current level of 31.4% to 21.1% of issued capital.

CÔTE D’IVOIRE EXPLORATION

YAOURÉ EXPLORATION & EXPLOITATION PERMITS

Exploration activities on the Yaouré exploitation permit during the quarter continued to focus on drilling at the CMA Underground prospect, located within two kilometres of the Yaouré mill. Other programs included auger drilling on the Yaouré and Yaouré West permits and ground magnetics on the Yaouré permit (Appendix 1 Figure 1.1).

At the CMA Underground prospect, infill drilling to firm up previously defined underground resources extending below the currently planned CMA pit, was completed. Perseus has previously defined an Inferred Mineral Resource of 1.8 million tonnes grading 6.1 g/t gold, extending to a maximum 275 metres down dip beneath the open pit resource (refer Resources and Reserves News Release dated 24 August 2021), with potential to extend mineralisation further down dip beyond this. Perseus has also completed a Scoping Study that identified the potential to mine the CMA structure using underground mining methods (refer to News Release ‘Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré’ dated 5 November 2018).

Drilling during the quarter comprised 8,817 metres in 37 Reverse Circulation (RC) pre-collared diamond (DD) holes, continuing the infill of the existing 50 x 50 metre coverage to a nominal 25 x 25 metre pattern to allow conversion of the Inferred resource to Indicated. Results to date from the infill drilling program continue to provide strong encouragement, with intercepts generally consistent with those previously encountered in both thickness and grade.

Further drilling was completed to investigate the next 300 metres down-dip from the current CMA Underground resource, with 4,284 metres drilled in 10 RC pre-collared diamond holes. The step-out program was guided by the 2020 3D seismic survey that clearly identified the CMA structure extending to depth beyond the current drill coverage. Drilling on the step out program was undertaken on an initial 100 x 200 metre pattern to better define the position of the CMA structure and the intensity of mineralisation.

The results from both the CMA Underground infill and extension drilling continue to demonstrate the potential for Perseus to materially grow its gold inventory at Yaouré by organic means. Results from both the Underground infill program and the step out program will be used to support an updated Mineral Resource estimate and a maiden Ore Reserve estimate, which are expected to be completed in the September 2022 quarter. The results from the additional drilling referred to above will also be reported at the same time.

On the Yaouré West exploration permit, auger geochemical drilling continued on a property-wide 800 x 800 metre grid, with 267 metres drilled in 33 holes. The augering program is designed to map geology and define potential targets through the delineation of alteration patterns using a combination of multi-element XRF and mineral spectro-radiometry (ASD) analyses. This program will be combined with a ground magnetics survey designed to better define suspected Govisou-like granites to the immediate west of the Yaouré deposit.

BAGOÉ EXPLORATION PERMIT

A 3,197-metre auger program was conducted over the Ludivine zone that lies along the sheared western margin of the Bagoé Granite. Final assay results from this work are pending.

GHANA EXPLORATION

AGYAKUSU EXPLORATION LICENCE

Exploration drilling was completed at the Nkosuo prospect on the Agyakusu Exploration Licence area to the north of Perseus’s Edikan Gold Mine (Appendix 1 – Figure 1.2). One remaining diamond hole was completed during the quarter (115 metres) bringing the reconciled total for the drilling which commenced on 1 July 2021 to 36,982 metres in 222 holes, including five geotechnical holes.

Results from the completed drilling informed the Mineral Resource and Ore Reserve estimate that was contained in the News Release dated 19 July 2022, “Perseus Increases Edikan’s Inventories of Mineral Resources and Ore Reserves”. Indicated Mineral Resources at Nkosuo containing 422,000 ounces and Inferred Mineral Resources containing a further 27,000 ounces have been identified along with a Probable Ore Reserve totalling 10 million tonnes of ore grading 1.04g/t gold and containing 332,000 ounces of gold. Metallurgical test work, hydrological studies and geotechnical drilling and analysis were all completed as part of the feasibility. The final Nkosuo Feasibility Study will be submitted to the Ghanaian Minerals Commission (Mincom) to convert the current Exploration Licence to a Mining Lease.

Perseus had previously exercised its option to purchase the Agyakusu Exploration Licence and following Ministerial approval, the Licence was transferred to Perseus during the quarter.

Baseline environmental studies have been completed and community engagement will commence shortly as part of the Ghanaian Environmental Protection Agency (EPA) approvals process.

The Nkosuo granite is open to the south-west. Drilling is planned for the September 2022 quarter to determine if economic mineralisation continues.

AGYAKUSU-DML OPTION

A planned AC drilling program to test gold-in-soil anomalism along the main structural/intrusive corridor extending SW from the Nkosuo prospect into the adjoining Agyakusu DML permit has been deferred in favour of an initial lower impact auger program (Appendix 1 - Figure 1.3).

Good progress was made on the augering program towards the end of the June 2022 quarter, with results expected in the September quarter.

DOMENASE OPTION

The Domenase Exploration Licence that is held by a Ghanaian company, Union Minerals Prospecting, was renewed by the Mincom during the quarter. After the end of the quarter, the option agreement between Union Minerals and Perseus, that sets out the terms under which Perseus may acquire the licence, was also approved by Mincom. Work programs including augering and RC drilling are expected to commence during the next quarter.

SUDAN EXPLORATION

Planning commenced for an approximately 85,000 metre program of infill and step-out resource drilling at the Galat Sufur South (“GSS”) deposit on the Block 14 project. An additional 18,750 metres of air core (“AC”) drilling is also planned to sterilise areas for planned mine infrastructure, along with geotechnical holes and water bores.

A contract for the drilling is expected to be awarded in July 2022. Preparation for the commencement of drilling will commence shortly, with mobilisation of drills to site expected before the end of the September quarter.

EXPLORATION EXPENDITURE

Expenditure on exploration activities in West Africa by members of the Perseus group up to 30 June 2022 is summarised in Table 12 below.

Table 12: Group Exploration Expenditure March Quarter

REGION

UNITS

DECEMBER 2021 HALF YEAR

MARCH 2022 QUARTER

JUNE 2022 QUARTER

JUNE 2022 HALF-YEAR

FINANCIAL YEAR 2022

Ghana

US$ million

6.27

4.13

1.97

6.1

12.38

Côte d’Ivoire

Sissingué

US$ million

1.63

0.77

0.54

1.31

2.94

Yaouré

US$ million

10.25

9.19

4.34

13.53

23.78

Regional

US$ million

0.26

0.01

0.00

0.01

0.27

Sub-total

US$ million

12.14

9.97

4.88

14.85

26.99

Total

US$ million

18.42

14.10

6.85

20.95

39.37

GROUP FINANCIAL POSITION

CASHFLOW AND BALANCE SHEET (UNAUDITED)

Perseus achieved yet another strong quarter of cash generation, with a US$49.8 million increase in its overall net cash position (or cash plus bullion less interest-bearing debt) relative to the prior quarter. The Yaouré Gold Mine continued to be the primary driver of the Group’s strong cash generation performance.

Based on the spot gold price of US$1,817.00 per ounce and an A$:US$ exchange rate of 0.689273 at 30 June 2022, the total value of cash and bullion on hand at the end of the quarter was A$475.8 million, (US$328.0 million) including cash of A$426.8 million (US$294.2 million) and 18,589 ounces of bullion on hand, valued at A$49.0 million (US$33.8 million). No debt repayments were made during the quarter, leaving the principal amount owing on the Corporate Facility at US$50.0 million.

The graph below (Figure 1) shows the notional operating cash flows from the three mines, the largest single driver of cash movement, and compares this to historical data derived over the past 2 years.

Figure 1: Notional Operating Cashflow

https://www.globenewswire.com/NewsRoom/AttachmentNg/3508c91c-ad8d-463a-ac24-d6311b9e5132

Note:

“Notional Operating Cash Flow” is obtained by multiplying average sales price less AISC (the “notional margin”) by the ounces of gold recovered.

The overall movement in cash and bullion during the quarter is shown below in Figure 2. Aside from the operating margin (A$106m), other relevant movements related to organic growth expenditure (A$11.2 million), capital expenditure (A$11.7 million), administrative costs (A$6.2 million), corporate dividend payment (A$10m), debt service and other finance costs (A$3.0 million), Orca transaction costs offset by cash acquired. The cash flows as reported in Australian dollars were also positively impacted by the strengthening of both the US Dollar and Euro.

Figure 2: Quarterly Cash and Bullion Movements

https://www.globenewswire.com/NewsRoom/AttachmentNg/ed9b8ded-e572-4fce-b145-04cb2e95adc7

Note:

“Operating Margin” is obtained by taking from the gold sales revenue the genuine cash costs incurred for the quarter (excluding Sustaining Capital).

GOLD PRICE HEDGING

At the end of the quarter, Perseus held gold forward sales contracts for 290,000 ounces of gold at a weighted average sales price of US$1,897 per ounce. These price hedges are designated for delivery progressively over the period up to 29 December 2023. Perseus also held spot deferred sales contracts for a further 71,300 ounces of gold at a weighted average sales price of US$1,740 per ounce. Combining both sets of sales contracts, Perseus’s total hedged position at the end of the quarter was 361,300 ounces at a weighted average sales price of US$1,866 per ounce.

Perseus’s hedge position has decreased by 23,829 ounces since the end of the March 2022 quarter. As a result of our policy of replacing lower priced hedges with higher priced hedge contracts when possible, the weighted average sales price of the hedge book increased by US$60 per ounce or 3.4% during the quarter.

Hedging contracts currently provide downside price protection to approximately 24% of Perseus’s currently forecast gold production for the next three years, leaving 76% of forecast production potentially exposed to movements (both up and down) in the gold price.

SEPTEMBER 2022 QUARTER ANNOUNCEMENTS

  • 19 July – Increase of Edikan’s Resource and Reserves Inventory

  • 26 July – June 2022 Quarter Report

  • August – Group Resource and Reserve Statement

  • 31 August – Annual Financial Statement

  • September - Updated Mineral Resource estimate and a maiden Ore Reserve estimate for CMA Underground

This market announcement was authorised for release by the board of Perseus Mining Limited.

COMPETENT PERSON STATEMENT

All production targets referred to in this report are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code.

Edikan. The information in this report that relates to AF Gap Mineral Resources and Ore Reserve estimate was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 26 August 2020.  The information in this report that relates to the Mineral Resource and Ore Reserve estimates for the Fetish deposit and the Heap Leach was first reported by the Company in a market announcement “Perseus Mining Updates Edikan Gold Mine’s Mineral Resources and Ore Reserves” released on 20 February 2020. The Mineral Reserve and Ore Reserve estimates for the abovementioned deposits were updated for depletion as at 30 June 2021 in a market announcement. “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 24 August 2021. The information in this report that relates to Esuajah North Mineral Resources estimate was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 29 August 2018. The information in this report that relates to the Mineral Resource and Ore Reserve estimates for Esuajah South Underground deposit was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 24 August 2021. The information in this report that relates to the Nkosuo Mineral Resources and Ore Reserve estimates was first reported by the Company in a market announcement “Perseus Increases Edikan’s Inventories of Mineral Resources and Ore Reserves” released on 19 July 2022. The Company confirms that it is not aware of any new information or data that materially affect the information in those market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Edikan Gold Mine, Ghana” dated 7 April 2022 continue to apply.

Sissingué, Fimbiasso, Bagoé. The information in this report that relates to Mineral Resource and Ore Reserve estimates for the Fimbiasso deposits was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 26 August 2020.  The information in this report that relates to Mineral Resource and Ore Reserve estimates for the Sissingué and Bagoé deposits was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 24 August 2021.  The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases and that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Sissingué Gold Project, Côte d’Ivoire” dated 29 May 2015 continue to apply.

Yaouré. The information in this report that relates to Open Pit and Heap Leach Mineral Resources and Ore Reserves at Yaouré was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 28 August 2019 and updated for mining depletion as at 30 June 2021 in a market announcement released on 24 August 2021. The information in this report that relates to Underground Mineral Resources at Yaouré was first reported by the Company in a market announcement “Perseus Mining Completes Scoping Study for Potential Underground Mine at Yaouré” released on 5 November 2018 and adjusted to exclude material lying within the US$1,800/oz pit shell that constrains the Open Pit Mineral Resources in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 28 August 2019. The information in this report that relates to the Yaouré near mine satellite deposit Mineral Resource and Ore Reserve estimates was first reported by the Company in a market announcement “Perseus Mining Updates Mineral Resources and Ore Reserves” released on 24 August 2021. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in “Technical Report — Yaouré Gold Project, Côte d’Ivoire” dated 18 December 2017 continue to apply.

The information in this report relating to Yaouré exploration results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in market update “Perseus Discovers More High-grade Gold at Yaouré Mine” released on 13 April 2022. The Company confirms that it is not aware of any new information or data that materially affect the information in these market releases.

CAUTION REGARDING FORWARD LOOKING INFORMATION:

This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption due to the COVID-19 pandemic or otherwise, , the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the genuine results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the genuine market price of gold, the genuine results of current exploration, the genuine results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. The Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration and development activities, the timely receipt of required approvals, the price of gold, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

ASX/TSX CODE: PRU

CAPITAL STRUCTURE:
Ordinary shares: 1,364,655,141
Performance rights: 13,080,399

REGISTERED OFFICE:

Level 2
437 Roberts Road
Subiaco WA 6008

Telephone: +61 8 6144 1700
Email: IR@perseusmining.com

WWW.PERSEUSMINING.COM

DIRECTORS:

Mr Sean Harvey
Non-Executive Chairman

Mr Jeff Quartermaine
Managing Director & CEO

Ms Elissa Cornelius
Non-Executive Director

Mr Dan Lougher
Non-Executive Director

Mr John McGloin
Non-Executive Director

Mr David Ransom
Non-Executive Director

Ms Amber Banfield
Non-Executive Director

CONTACTS:

Jeff Quartermaine
Managing Director & CEO
jeff.quartermaine@perseusmining.com

Claire Hall
Corporate Communications
+61 414 558 202
claire.hall@perseusmining.com

Nathan Ryan
Media Relations
+61 4 20 582 887
nathan.ryan@nwrcommunications.com.au

APPENDIX 1 – MAPS AND DIAGRAMS

Figure 1.1: Yaouré Gold Project – Tenements and Prospects

https://www.globenewswire.com/NewsRoom/AttachmentNg/c7d42e9b-fa59-49b2-8577-ff999a124eb7

Figure 1.2: Edikan Gold Mine – Regional Geology, Tenements and Prospects

https://www.globenewswire.com/NewsRoom/AttachmentNg/cc1d99cc-7acf-47f8-91f1-0dcdc92cbe71

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