WEST AFRICA’S NEWEST LARGE GOLD PRODUCER Mineral Concession Interests Mineral Concession Interests - continued At 30 September 2011 Notes -  Production royalties are payable to the Governments of Ghana (5%) and Ivory Coast (3%). Mineral permits and licences in which Perseus has an interest are subject to renewal from time to time in accordance  with the relevant legislation of the governing jurisdiction and Perseus’s compliance therewith. 10.  Application for a Permis de Recherche (prospecting license) has been approved and Presidential decree is  awaited prior to formal grant.  9.  Applications to convert the Autorisation de Reconnaissance (reconnaissance licenses) into Permis de  Recherche (prospecting licenses) have been approved and Presidential decree is awaited prior to formal  grant. 8.  A royalty of US$0.80 per ounce of gold produced from the licence is payable. 7.  The joint venture partner is free carried to production with costs subsequently recoverable by Perseus from  production. 6.  The Company has an option exercisable on or before 26 July 2016 to purchase the Nkotumso prospecting  licence for US$10 plus US$3 per ounce royalty of gold produced. 5.  The Company has the right to earn a 76% interest in the property by funding the development of the project  to profitable production. Joint venture partners, Tropical and Leo Shield, each retain a 7% interest which  is convertible to a 1.25% net smelter royalty at the option of those parties within 30 days of completion of  a feasibility study. The Company can withdraw from the joint venture at any time and is required to pay  US$3,600 to Tropical annually whilst it remains in the joint venture. 4.  A royalty of 0.5% of the value of minerals recovered from the licence is payable to the vendors of the  exploration licence. 3.  Under the original contract to purchase the EGM Licences, PMGL is required to pay AngloGold Ashanti Ltd  (“AGC”) a royalty on gold production of: 1% if the gold price is below US$350/oz; 1.25% if the gold price  is over US$350 and below US$500/oz; and 1.5% if the gold price exceeds US$500/oz, on new resources  identified on the CAGP Licences after entering into the purchase contract with AGC or a royalty at double  those rates on resources pre-existing on the EGM Licences when PMGL entered in the contract with AGC. 2.  A royalty of 0.25% of gold produced from the Edikan Gold Mine (“EGM”) Licences and the Nsuaem and  Dunkwa Licences is payable to the former shareholders of PMGL. 1.  The Governments of Ghana and Ivory Coast are entitled to a 10% equity interest in mining companies  owning projects. Perseus’s quoted equity is after allowance for that national interest, which occurs when a  new project company is established prior to commencement of mining. 90