WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Directors’ Report SIGNIFICANT CHANGES IN STATE OF AFFAIRS LIKELY DEVELOPMENTS MATTERS SUBSEQUENT TO BALANCE DATE ENVIRONMENTAL REGULATIONS 18 4.  On 19 August 2011 CAGL took over responsibility  for plant commissioning, relieving the lump sum  turn-key (“LSTK”) contractor of its obligations to complete performance testing. The LSTK contractor will remain liable for all contractual  obligations other than the obligation to complete  performance testing under the contract. 1. The Group’s inventory of Mineral Reserves and  Mineral Resources was significantly expanded as  a direct result of exploration success. The Group’s  Measured and Indicated Resources now include  158.8 Mt grading 1.1 g/t gold and containing  5.721 million ounces of gold including Proven and  Probable Mineral Reserves of 96.6 Mt grading  1.3 g/t gold containing 3.93 M ounces of gold. In  addition, the Group has identified a further 73.0 Mt  grading 0.9g/t gold containing 2.186 M ounces of  gold in the Inferred Mineral Resource category. 2.  The US$85 million Project Finance Facility provided  to Central Ashanti Gold Limited (‘CAGL”) by Macquarie Bank Limited and Credit Suisse AG was  fully drawn down on 23 June 2011. 3.  By 30 June 2011, the Group had capitalised a total  of US$161.087 million on the construction of the  CAGP and has estimated a total cost to completion  of US$174 million.  4.  In November 2010, the Group completed a positive  feasibility study of the TGP resulting in a decision  to proceed to apply for permits to develop a gold  processing facility and associated infrastructure at  the TGP. 1. Practical Completion of the construction of the  CAGP processing facility was achieved on 20 July  2011 and full scale commissioning of the facility  commenced with commercial production expected  to be achieved in the fourth quarter of 2011. 2.  First gold was poured at the CAGP on 21 August  2011, in line with expectations. 3. Effective 1 August 2011 Central Ashanti Gold  Limited’s name was changed to Perseus Mining  (Ghana) Limited (PMGL”). Located in Ghana and Côte d’Ivoire, the Group’s exploration and development projects are not subject  to any significant Australian environmental laws. They  are however, subject to environmental laws, regulations  and permit conditions that apply in each of Ghana and  Côte d’Ivoire respectively. There have been no known  material breaches of environmental laws or permit  conditions by the Group while conducting operations in  either of these jurisdictions during the period. Subsequent to the end of the period, the following  events have occurred: The Group’s focus during the next financial year will be  on the commissioning, ramp up to design capacity and  subsequent de-bottlenecking of the CAGP operation  in Ghana and acquiring all permits and authorisations  required to develop the TGP in Côte d’Ivoire. In addition,  the Group will continue to aggressively explore for  gold on exploration tenements associated with these  projects as well as on other exploration tenements held  by the Group in West Africa. Further commentary on  planned activities in these projects over the forthcoming  year is provided in the section of this report headed  “Review of Operations”. Perseus will also assess  new opportunities where these are considered to have  synergies with existing projects or that the Company  can add value through the use of its exploration and  development expertise. Since the end of the period and to the date of this  report, no other matter or circumstance has arisen  that has significantly affected, or may significantly  affect, the operations of the consolidated entity, the  results of those operations, or the state of affairs of the  consolidated entity in subsequent financial years.  Significant changes in the state of affairs of the Group  during the period were as follows: