Perseus Mining has reached a pivotal milestone at its Yaouré Gold Mine in Côte d’Ivoire, successfully completing the first underground production blast at the CMA Underground project - signalling a new phase of growth for both the company and the country’s mining sector.

The blast, fired from the Blika 1120 Ore Drive South, marks the transition from development into early-stage underground production, with ore extraction now underway. The company is targeting steady-state production by Q3 FY2027, as it ramps up operations and integrates higher-grade underground ore into mill feed.

A strategic shift underground

The CMA Underground development represents a step-change in Perseus Mining’s operational profile, as it diversifies beyond open-pit mining into mechanised underground operations for the first time.

CEO Craig Jones described the blast as a defining moment:

“The first production blast is a defining moment for Perseus and Côte d’Ivoire, representing the culmination of many months of intensive underground development, drilling and infrastructure installation.” The underground orebody at Yaouré is expected to deliver higher-grade feed, supporting improved recoveries and extending the life of the asset. For Perseus, which has built a reputation as a disciplined West African gold producer, the move underground also signals a maturing asset base and technical evolution.

Côte d’Ivoire’s first mechanised underground mine

Beyond company-level impact, the CMA Underground project carries broader significance: it is Côte d’Ivoire’s first mechanised underground mine. The country has rapidly emerged as one of West Africa’s most attractive gold jurisdictions, combining geological prospectivity with improving regulatory stability. However, its mining sector has historically been dominated by open-pit operations, with limited underground expertise. By advancing CMA Underground, Perseus is effectively introducing new technical capabilities into the local industry, including:

• Mechanised underground mining methods
• Advanced ventilation and ground support systems
• Workforce training in underground operations

This aligns with the government’s broader ambition to deepen value creation within the mining sector, moving beyond extraction toward skills development and industrialisation.

Industry reaction: A signal of sector maturity

Mining analysts and investors say the milestone underscores a wider shift underway in West African gold mining. According to Peter Major, Director at Mergence Corporate Solutions: “What we’re seeing in Côte d’Ivoire is the natural evolution of a mining jurisdiction. Once the shallow, high-margin ounces are mined, companies start investing in underground to unlock longer-term value.”

Major added that underground capability tends to differentiate operators: “Not every company can do this well. It requires capital discipline, technical expertise and strong safety culture. If Perseus executes, it materially strengthens its position in the region.” From an investor perspective, the move is also being viewed through the lens of asset longevity and margin resilience.

Portfolio manager Mark Bristow, while not directly commenting on Perseus, has previously highlighted the strategic importance of underground development in Africa: “The future of gold mining in Africa lies in extending life through underground operations and improving orebody knowledge. That’s where long-term value is created.”

Building long-term value in West Africa

Perseus has steadily built a multi-mine portfolio across West Africa, with operations in Ghana and Côte d’Ivoire. The Yaouré underground expansion reinforces its strategy of:

• Extending mine life through resource conversion
• Enhancing margins via **higher-grade ore sources
• Investing in **jurisdictional partnerships and local capacity

The company has also emphasised its role in skills transfer and workforce development, positioning itself as a long-term partner to host governments.

What comes next?

With the first blast completed, the focus now shifts to ramp-up execution - a phase that often determines the success of underground projects.

Key near-term priorities include:

• Increasing production rates from development headings
• Optimising ore handling and processing integration
• Maintaining safety and operational discipline during scale-up

If successfully delivered, CMA Underground could become a blueprint for future underground developments in Côte d’Ivoire, accelerating the country’s transition into a more technically advanced mining jurisdiction.

A defining moment for company and country

The first production blast at CMA Underground is more than a project milestone, it reflects a broader transformation in West African mining. For Perseus Mining, it marks entry into a new operational league. For Côte d’Ivoire, it signals the arrival of underground mining capability, opening the door to deeper, longer-life resource development. As the project moves toward steady-state production, industry stakeholders will be watching closely, not just for output metrics, but for what it reveals about the next phase of Africa’s mining evolution.