Perseus Appoints Additional Non-executive Director

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Perth, May 2, 2024 (GLOBE NEWSWIRE) — Perseus Mining is appointing an additional independent non-executive director to its board

Perth, Western Australia/2. May 2024/Perseus Mining Limited (ASX/TSX:PRU) (Perseus or the Company) is pleased to announce that Mr Rick Menell has agreed to join the board of Perseus as a non-executive independent director, taking up this position with immediate effect Effect.

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Rick is a distinguished South African citizen whose business career has spanned 40 years and has seen him hold senior leadership positions in a number of major African resources companies.

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Originally trained as an exploration geologist at Cambridge and Stanford Universities, Rick worked as a geologist in Canada, the USA and South Africa before spending time as an investment banker for the mining industry in New York and Australia at JP Morgan. After a period as managing director of Delta Gold in Australia, where he worked on new gold mines in Australia and gold and platinum projects in Zimbabwe, he returned to South Africa in 1991 and re-entered the mining industry as finance director of the diversified mining company Anglovaal Mining.

Rick led Anglovaal Mining from 1996 as CEO and then as Executive Chairman until 2004. During this time he led the restructuring, transformation and modernization of the group, including major investments in new platinum, gold, manganese, chrome, iron ore, coal and nickel mines South Africa, new ferrochrome and ferromanganese smelters in South Africa and investments in copper and cobalt mining, smelting and refining in Zambia. This work continued when he merged Anglovaal with Patrice Motsepe’s ARM to form African Rainbow Minerals, where he remained deputy chairman and also CEO of subsidiary Teal Mining and Exploration Inc. until he left the group in 2008.

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Until 2011, Rick was also President of the SA Minerals Council, Chairman of Tourism SA, Chairman of Bateman Engineering, Vice Chairman of Harmony Gold and Associated Manganese Mines, and a Director of Standard Bank Group, Telkom South Africa and Mutual & Federal Insurance. He was a director of the World Gold Council, a senior advisor to the WTO, the IOM and a member of the Mining Council of the World Economic Forum. He is a Fellow of the Geological Society (London) as well as SAIMM and AusIMM.

In 2011, Rick joined investment banking group Credit Suisse as a senior advisor, working on transactions across all sectors and across sub-Saharan Africa, leaving the group upon its merger with UBS in 2023. He remains actively involved in leadership He recently retired as Deputy Chairman of Gold Fields Ltd and as Senior Independent Director of Weir Group (UK). He remains an independent non-executive director of Sibanye-Stillwater Limited, a precious and energy transition metals mining company listed in Johannesburg and New York, after serving as a senior independent director for several years.

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Rick has also been active in the not-for-profit sector throughout his career, serving on numerous boards including the Business Trust, NBI, BLSA and CDE, all in South Africa. He is the founding co-chair of the youth service organization City Year South Africa, a trustee of the foundation at the University of the Western Cape and a member of the advisory board of the African Leadership Academy. His activities focus on secondary, tertiary and post-tertiary education, as well as active citizenship such as the SA Solidarity Fund, where he served as a full-time volunteer officer in a team addressing the health and humanitarian consequences of the COVID pandemic . He led a funding initiative that has raised approximately $250 million to support urgent programs for all those in need, both citizens and non-citizens.

He helped create and fund a similar new initiative in 2023: the Resource Mobilization Fund. This was established at the request of the South African President to engage the private sector to help address the enormous national challenges of electricity and water supply, failing transport infrastructure and the erosion of the rule of law through public-private partnerships.

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Jeff Quartermaine, Chairman and CEO of Perseus, said:

“On behalf of the Perseus Board of Directors, I am extremely pleased to welcome Rick Menell to our company’s Board of Directors. Rick is a very high-caliber individual whose diverse work and life experiences provide new perspectives that will be invaluable in helping Perseus reach its full potential.

His deep understanding of the people and mining industry on the African continent is perfectly suited to joining the leadership team of a growing Africa-focused company such as Perseus, which has ambitions to become a leading gold miner on the continent.”

This market announcement has been approved for publication by the Board of Directors of Perseus Mining Limited.

FOR MORE INFORMATIONS:

WWW.PERSEUSMINING.COM

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