Perseus Mining is accelerating construction at its Nyanzaga Gold Project in Tanzania as the Australian gold producer works toward first production in early 2027, marking another major step in its expansion across Africa.

Construction gathers pace

The company has made progress across several key areas of the Tanzania gold project. Pre-stripping of the mining area is advancing, while all carbon-in-leach tanks have reached full height and are undergoing hydrostatic testing.

Mill installation has also started, while two tailings storage facility embankments have been completed and are ready for lining. Camp brick and iron accommodation has been completed, adding to the project’s growing infrastructure base.

Perseus has also completed institutions linked to its resettlement program, including the Sotta East and Sotta West schools.

Perseus expands African gold portfolio

Perseus Mining operates three gold mines in Africa: Edikan in Ghana and Sissingué and Yaouré in Côte d’Ivoire. The company is also developing Nyanzaga in northwestern Tanzania.

Listed on the ASX and TSX, Perseus focuses on discovering, acquiring and developing gold assets across Africa. Its growth strategy includes expanding Ore Reserve inventory around its Ghanaian and Ivorian operations, advancing Nyanzaga and pursuing new development opportunities elsewhere on the continent.

Nyanzaga targets 4 million ounces

The Nyanzaga Gold Project comprises two adjacent deposits, Nyanzaga and Kilimani. Perseus owns an 80% stake, while the Tanzanian government holds a 20% free-carried interest.

In February 2026, Perseus reported a revised Ore Reserve of 90.9 million metric tons at 1.38 grams per ton of gold, containing 4 million ounces.

The project’s combined measured and indicated Mineral Resource stands at 110.4 million metric tons grading 1.33 grams per ton, containing 4.7 million ounces of gold. A further 6.5 million metric tons at 1.6 grams per ton, containing 343,000 ounces, is classified as inferred resources.

Mine life extended to 16 years

Recent resource-definition drilling has extended Nyanzaga’s mine life to 16 years, including 14 years of production above 200,000 ounces of gold annually.

The increase is supported by about 82,700 meters of reverse-circulation and diamond drilling across the Tusker and Kilimani areas since Perseus acquired the project in May 2024.