Name of the Project
Nyanzaga gold project (NGP).

Location
Lake Victoria Goldfields region, north-west Tanzania. The project is located on the north-eastern flank of the Sukumaland Greenstone Belt. 

Project Owner/s
Perseus Mining owns an 80% contributing interest in the Nyanzaga gold project. The government of Tanzania holds a 20% noncontributing interest. 

Project Description
The NGP comprises the adjacent Nyanzaga/Tusker and Kilimani deposits. Perseus is developing the project as a large-scale, openpit mining operation, after opting not to proceed with the smaller openpit and underground mining concept considered by the project’s previous owners. 

In February 2026, Perseus completed a revised ore reserve estimate of 90.9-million tonnes grading 1.38 g/t gold, containing 4.0-million ounces of gold. This represents a 73% increase on the 2.3-million-ounce ore reserve reported in April 2025. The project’s measured and indicated mineral resource is estimated at 110.4-million tonnes grading 1.33 g/t gold, containing 4.7-million ounces of gold, with a further 6.5-million tonnes grading 1.6 g/t gold, containing 343 000 oz, classified as inferred resources. 

Total gold production over the 16-year mine life is estimated at 3.5-million ounces, with production expected to exceed 200 000 oz/y from the 2028 to 2041 financial years. 

Potential Job Creation
The construction workforce, mostly local, had increased to more than 3 162 people as at March 31, 2026. 

Net Present Value/Internal Rate of Return
Based on Perseus’s assumed long-term gold price of $3 000/oz, the project has an estimated after-tax net present value, at a 10% discount rate, of $864-million and an internal rate of return of 28.8%. 

Capital Expenditure
Capital expenditure remains estimated at $523-million. As at March 31, 2026, $220.3-million had been incurred and $124.9-million committed, representing 66% of the approved budget. 

Planned Start/End Date
First gold is targeted for January 2027. 

Latest Developments
The NGP remains on track for first gold in January 2027. Overall project progress reached 48% by March 31, 2026, with major process plant procurement complete, and fabrication of the mills, gyratory crusher and thickeners completed on schedule, with deliveries to site under way. Structural steel fabrication reached 78%, prestripping was ahead of schedule and tailings storage facility construction started ahead of schedule. 

Four of the project’s seven carbon-in-leach tanks are at full height, the mill installation original-equipment manufacturer has mobilised and started mill installation activities, and the camp administration building has been completed. 

Key Contracts, Suppliers and Consultants
Lycopodium (engineering, procurement and construction management contract).

Contact Details for Project Information
Perseus Mining, tel +61 8 6144 1700.