11:56 AM EDT, 08/21/2025 (MT Newswires) -- Perseus Mining ( PMNXF ) late on Wednesday said it executed "mission critical" agreements between its Nyanzaga Mining unit and the Tanzanian government for Perseus' 80% owned, US$524 million Nyanzaga gold project.

The agreements were to amend agreements governing the project development originally signed by the Tanzanian government and the project's prior owner. Negotiations were aimed at removing ambiguities in the terms of the agreements and to progress development of the project.

Perseus in April made a final investment decision to proceed with the project.

Gold production from Nyanzaga will average over 200,000 ounces of gold per year from fiscal 2028 to 2035, with peak production of about 250,000 ounces in 2028 and with life of mine average all-in site cost of US$1,211/ounce.

Perseus said it is on track for first gold production at the project in the first quarter of 2027.

Separately, Perseus updated estimates of its mineral resources and ore reserves as of June 30.

Total measured and indicated mineral resources as at June 30 are estimated to be 185.9-million tonnes grading 1.3 grams per tonne gold, containing 7.8-million ounces of gold. This was updated from the June 30, 2024, estimate of 115.9 million tonnes grading at 1.31 g/t gold for 4.9 million ounces of gold.

Inferred resources are now 39.9 million tonnes grading at 1.5 g/t gold for 1.9 million ounces of gold, updated from the June 30, 2024, estimate of 24.1 million tonnes grading at 1.6 g/t gold for 1.3 million ounces of gold.

Not included in these estimates is the foreign/historical estimate for the Meyas Sand Gold project including indicated mineral resources consisting of 3.3 million ounces of gold and a probable mineral reserve of 2.9 million ounces of gold.

Perseus shares were last seen up $0.07 to $3.22 on the Toronto Stock Exchange.

Price: 3.22, Change: +0.07, Percent Change: +2.22