WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Review of Operations The past year has been particularly  productive for the Group. After  starting site works for the  development of Central Ashanti  Gold Project (“CAGP”) in Ghana in  late June 2010, construction was  completed on schedule, with first  gold produced on 21 August 2011.  Active exploration in Ghana and  Côte d’Ivoire facilitated Mineral  Resource and Reserve upgrades in  both countries and the completion  of the Tengrela Gold Project  feasibility study. The Group’s Proved and Probable  Mineral Reserves increased by  84% to 3.93 million ounces of gold,  Measured and Indicated Mineral  Resources (inclusive of Mineral  Reserves) increased by 165% to  5.72 million ounces of gold and  Inferred Mineral Resources are  now 2.19 million ounces of gold. To coincide with commencement  of operations, the CAGP is to be  renamed the Edikan Gold Mine  (“CAGP”). Edikan means “first”  in Twi, one of Ghana’s main  languages. Perseus’s management  and staff are committed to  ensuring that the CAGP will be the  first in a succession of operations  for the Group. The CAGP mining operation  is located on the Ayanfuri and  Nanankaw mining leases in the  Republic of Ghana, in West Africa.  These mining leases together, with  adjoining exploration license areas  of Grumesa, Kwatechi, Dunkwa,  Nsuaem and Nkotumso that are  also held by the Group, cover a  total area of about 650 square  kilometres. Development of the CAGP mine,  processing facility and associated  project infrastructure progressed  on schedule during the period and  up to the date of this Report with  the following milestones being  achieved: Central Ashanti Gold Project,  Ghana Project Development and  Commissioning •  Contract miner, African Mining  Services (“AMS”) mobilised  on site in February 2011 and  commenced mining of waste  in the Abnabna and Fobinso  pits shortly thereafter. First ore  was mined and stockpiled in  March 2011; •  Practical Completion of the  construction of the processing  facility (as defined by the SAG  mill being ready to receive ore)  was achieved on 20 July 2011; •  In August 2011, the Ghanaian  Environmental Protection  Agency advised that it did  not object to discharge of  tailings into the Concentrate  Tailings Storage Facility  enabling continuous feed  of ore into the SAG mill and  full scale commissioning  of the processing facility to  commence; and •  The first gold pour occurred  on schedule during the third  quarter of 2011 on 21 August  2011. At the date of this Report,  commissioning of the processing  facility is well advanced with full  scale commercial production at the  CAGP expected to commence in  the fourth quarter of 2011. Ariel view of the Central Ashanti Gold Project 4