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PREDICTIVE DISCOVERY LIMITED Interim / Quarterly Report 2026
65537_rns_2026-04-27_445ed417-85a5-43c4-8695-fb5aefee5afb.pdf
Interim / Quarterly Report
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Announcement
28 April 2026
QUARTERLY ACTIVITIES REPORT FOR PERIOD ENDED 31 MARCH 2026
Predictive Discovery Limited (ASX:PDI, TSX:PDI) ("PDI" or the "Company") is pleased to announce its Quarterly Activities Report for the three-month period ended 31 March 2026. Post quarter, PDI's merger with Robex Resources Inc. ("Robex") was completed, and accordingly, this Quarterly Activities Report also includes information on Robex's activities and financial position for the March quarter.
HIGHLIGHTS
- Merger between PDI and Robex advanced during the quarter and completed on 15 April 2026, creating a leading West African gold production and development company targeting 400,000oz Au per annum production by 2029.²
- Kiniero and Nampala mines produced a total of 48,178oz Au during the March 2026 quarter.
- Average all-in sustaining cost ("AISC") of US$1,192/oz across both operations, reflecting a 37% reduction driven by the commencement of lower-cost production at Kiniero.
- Kiniero achieved a March quarter AISC of US$1,043/oz.
- Gold sales totalled 41,799oz Au, representing a 271% increase relative to the December quarter as Kiniero production ramped up.
- Cash margin from operations of US$139M, reflecting the strong cash generation at both the Kiniero and Nampala gold mines.
- Group production guidance for 2026 is 198,000-220,000oz Au, comprising 157,000-174,000oz Au from Kiniero and 41,000-46,000oz Au from Nampala. Cost production guidance will be released in the June quarter, following two full quarters of production at Kiniero.
- Bankan Project execution planning activities progressed in collaboration with the Robex development team. Front-end engineering design ("FEED") advanced following contract award to Primero. Preparation underway for tendering of long lead items; several packages issued for tender.
- As at 31 March 2026, Robex held A$351.2M (US$240.4M³) cash and A$189.9M (US$130M³) debt; PDI held A$32.5M (US$22.2M³) cash and no debt. Robex also held gold bullion of US$14.6M.
¹ All figures in this announcement are unaudited. Amounts may not sum due to rounding.
² 2029 production based on Bankan Project 2029 estimated production of 272koz Au (assuming first production commences in April 2028) as reported in the Definitive Feasibility Study for the Bankan Project (as released by PDI to ASX on 25 June 2025 in its announcement titled "Bankan DFS Confirms Outstanding Project Economics") and Kiniero Project 2029 estimated production of 155koz Au as reported in the updated feasibility study for the Kiniero Project (as released by Robex to ASX on 22 August 2025 in its announcement titled "Amendment to Kiniero Gold Project Technical Report").
³ Based on an AUD:USD exchange rate of 0.6845 as at 31 March 2026. Robex's cash balance at that date includes US$80 million in restricted cash and a US$10 million term deposit maturing on 9 April 2026.
Predictive Discovery Limited
ABN 11 127 171 877
4 Charles Street, South Perth WA 6151
T +61 8 9216 1000
ASX: PDI, TSX: PDI
predictivediscovery.com
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SUMMARY OPERATIONAL AND FINANCIAL METRICS
| Units | Mar-26 Quarter | Dec-25 Quarter | Var % | |
|---|---|---|---|---|
| Gold Production | oz | 48,178 | 11,818 | 308% |
| Gold Sales | oz | 41,799 | 11,272 | 271% |
| Average Realised Price | US$/oz | 4,806 | 4,235 | 13% |
| Revenue | US$M | 200.8 | 47.7 | 321% |
| AISC | US$/oz | 1,192 | 1,894 | (37%) |
| Robex Cash Balance⁴ | US$M | 240.4 | 165.2 | 46% |
| PDI Cash Balance | US$M | 22.2 | 29.4 | (24%) |
| Gold Bullion on Hand | oz | 3,154 | 790 | 299% |
- Gold production for the March 2026 quarter increased to 48,178 ounces, up 308% from 11,818 ounces in the December 2025 quarter. The increase was driven by the ramp-up of Kiniero production as operations expanded during the period, combined with continued steady output from Nampala.
- Gold sales totalled 41,799 ounces, an increase of 271% compared to 11,272 ounces in the December 2025 quarter. The increase reflects higher production volumes across the portfolio, partially offset by timing of bullion shipments during the period.
- Average realised gold price increased to US$4,806 per ounce, up 13% from US$4,235 per ounce in the December 2025 quarter. The improvement reflects stronger prevailing gold market prices during the quarter.
- Revenue from operations increased significantly to US$200.8 million, up 321% from US$47.7 million in the December 2025 quarter, driven by higher gold sales volumes and improved realised pricing across operations.
- Average AISC decreased to US$1,192 per ounce, down 37% from US$1,894 per ounce in the December 2025 quarter, reflecting improved operating leverage from higher production levels and lower-cost production at Kiniero.
- Cash balance: Robex's cash balance increased to US$240.4 million, up 46% from US$165.2 million in the December 2025 quarter. The increase reflects strong operating cash flow generation.
- Gold bullion on hand increased to 3,154 ounces, valued at US$14.6 million based on a gold price at 31 March 2026 of US$4,629 per ounce.
⁴ Cash balance as at 31 March 2026 includes restricted cash of US$80 million and a term deposit of US$10 million maturing on 9 April 2026.
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OPERATIONS AND PROJECTS
Kiniero Gold Mine, Guinea
| Units | Mar-26 Quarter | Dec-25 Quarter | Var % | |
|---|---|---|---|---|
| Financial Summary | ||||
| Gold Production (Poured) | oz | 38,178 | 790 | 4,733% |
| Gold Sales | oz | 32,306 | - | - |
| Average Realised Price | US$/oz | 4,808 | - | - |
| AISC | US$/oz | 1,043 | - | - |
| Production Summary | ||||
| Ore Mined | dmt | 2,137,273 | 1,133,860 | 88% |
| Total Material Mined | dmt | 5,105,131 | 2,345,251 | 118% |
| Stripping Ratio | t:t | 1.4 | 1.1 | 30% |
| Processed Ore | dmt | 1,607,851 | 126,998 | 1,166% |
| Head Grade | g/t | 0.87 | 0.96 | (9%) |
| Recovery | % | 90.1 | 80.0 | 13% |
| Gold Recovered5 | oz | 40,573 | 3,131 | 1,196% |
- Total Material Mined: During the March 2026 quarter, total material mined increased to 5,105,131 tonnes, up 118% from 2,345,251 tonnes in the December 2025 quarter. This included 2,137,273 tonnes of ore mined, an 88% increase quarter-on-quarter, with the balance comprising waste material. The strong uplift reflects increased mining activity and higher operational output across active pit areas, demonstrating strong operational mining performance.
- Ore Processed: 1,607,851 tonnes of ore were processed during the March 2026 quarter, up from 126,998 tonnes in the December 2025 quarter. The increase reflects substantially higher plant throughput compared to the prior period, which was characterised by limited processing activity and staged commissioning of equipment, including crushers and milling circuits.
- Head Grade: Average head grade for the March 2026 quarter was 0.87g/t, a decrease of 9% from 0.96g/t in the December 2025 quarter. The reduction reflects the processing of a broader ore blend as mining activities expanded across different zones of the orebody.
- Recovery: Gold recovery for the March 2026 quarter improved to 90.1%, up from 80.0% in the December 2025 quarter. The improvement reflects strong metallurgical performance, with enhanced process stability and improved overall recovery across the processing plant.
5 Gold recovered differs from the figure reported on 7 April by Robex following reconciliation adjustments and updates to smelter returns.
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Nampala Gold Mine, Mali
| Units | Mar-26 Quarter | Dec-25 Quarter | Var % | |
|---|---|---|---|---|
| Financial Summary | ||||
| Gold Production (Poured) | oz | 10,000 | 11,028 | (9%) |
| Gold Sales | oz | 9,493 | 11,272 | (16%) |
| Average realised price | US$/oz | 4,800 | 4,235 | 13% |
| AISC | US$/oz | 1,699 | 1,894 | (10%) |
| Production Summary | ||||
| Ore Mined | dmt | 658,907 | 518,297 | 27% |
| Total Material Mined | dmt | 2,808,365 | 2,534,890 | 11% |
| Stripping Ratio | t:t | 3.3 | 3.9 | (16%) |
| Processed Ore | dmt | 504,354 | 582,618 | (13%) |
| Head Grade | g/t | 0.71 | 0.68 | 4% |
| Recovery | % | 86.4 | 87.2 | (1%) |
| Gold Recovered | oz | 10,000 | 11,028 | (9%) |
-
Total material mined increased to 2,808,365 tonnes, up 11% from 2,534,890 tonnes in the December 2025 quarter. This comprised 658,905 tonnes of ore mined, representing a 27% increase quarter-on-quarter, with the balance consisting of waste. The increase in ore mined and overall material movement reflects improved access to ore zones following the completion of elevated waste stripping undertaken in prior quarters, which was strategically focused on removing overburden to facilitate access to deeper ore zones.
-
Total ore processed during the March 2026 quarter was 504,354 tonnes, representing a 13% decrease from 582,618 tonnes in the December 2025 quarter. Despite the lower quarter-on-quarter throughput, the Nampala mine delivered a strong operational performance during the quarter, with processing rates averaging 291t/h. This performance reflects improved plant efficiency and stable operations during the quarter.
-
Average Head Grade for the March 2026 quarter was 0.71g/t, an increase of 4% from 0.68g/t in the December 2025 quarter. The improvement reflects a higher proportion of relatively higher-grade ore feed, supported by improved access to exposed ore zones following prior stripping activities.
-
Gold recovery for the March 2026 quarter was 86.4%. The result reflects normal operational factors during the period and resulted in a modest reduction in overall gold recovery.
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Bankan Gold Project, Guinea
Execution planning activities at Bankan advanced during the quarter in collaboration with the Robex development team, with the intention of being able to commence construction as soon as possible after the award of the Exploitation Permit, which remains in the final stage awaiting issuance to PDI's local subsidiary.
The tender package for FEED was awarded to Primero to progress the process design, develop the detailed project layout, and define and tender long lead mechanical equipment.
Process review is well underway with refinements being made to the DFS process plant design and flowsheet. The optimised process flowsheet and process design criteria are nearing completion and the process and instrumentation diagrams are advancing. Layout development is progressing with the primary crushing and oxide crushing areas well-defined.
Identification of long lead items has been completed and the tender processes are being advanced. Multiple packages have been issued for tender, including the power station, the SAG and ball mills, primary crusher, primary feeder and vibrating grizzly feeder. A recommendation for the power station has been issued for board approval and recommendations for the SAG and ball mills are in progress.
Tender packages for structural steel and platework fabrication are in development. The development team is also investigating alternative shipping options for the bulk structural steel and platework into Guinea based on the learnings from Kiniero's construction.
Environmental and social activities focused on advancing key workstreams required to support future construction. Environmental baseline monitoring continued and key technical studies were advanced, including completion of water modelling and progress with biodiversity data collection. Engagement with environmental authorities continued in relation to proposed cooperation frameworks and management of environmental and social measures, alongside preparation for further field activities and specialist studies. Land access and resettlement activities progressed to completion of baseline surveys, with all asset inventory and household data collected.
HEALTH AND SAFETY
PDI reported zero recordable injuries in the March 2026 quarter, with its rolling 12-month total recordable injury frequency rate ("TRIFR") remaining at 0.0 as at 31 March 2026.
Robex recorded one medical treatment injury at Kiniero during the quarter and no lost time injuries ("LTIs"), with its rolling 12-month TRIFR improving to 2.3 as at 31 March 2026, from 3.4 at 31 December 2025.
During the quarter, PDI exceeded 2.0 million LTI-free hours in Guinea, while Kiniero surpassed 5.7 million hours and Nampala exceeded 1.1 million hours since its last LTI, which was recorded in November 2025.
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2026 GUIDANCE
Gold production guidance for 2026 is provided below. Cost guidance will be released in the June quarterly report, following two full quarters of production at Kiniero.
| Units | Group | Kiniero | Nampala | |
|---|---|---|---|---|
| Gold Production | oz | 198,000 – 220,000 | 157,000 – 174,000 | 41,000 – 46,000 |
EXPLORATION AND GEOLOGY
Exploration activities focused on resource growth, geological modelling and near-mine target generation across the Company's operating assets in West Africa. Exploration programs were primarily directed at opportunities to expand existing Mineral Resources and identify additional ore sources capable of supporting long-term production growth at both the Kiniero and Nampala operations.
Kiniero
Located within the prolific Siguiri Basin, the Kiniero licence area hosts multiple structurally-controlled gold deposits within Birimian greenstone sequences. The exploration strategy at Kiniero is to prioritise near-mine targets and extensions to known mineralised zones that may support future mine life extensions and operational flexibility, and identify opportunities to expand Mineral Resources within the broader permit area. Work included geological interpretation, data validation and targeted drilling to refine the structural controls on mineralisation and support ongoing mine planning.
Nampala
The Nampala deposits are hosted within the Birimian greenstone belt of southern Mali and comprise structurally-controlled gold mineralisation associated with altered volcanic and sedimentary sequences. Exploration work during the period included geological interpretation and drilling aimed at supporting potential Mineral Resource growth and extending the life of the current open pit operation, and testing additional targets within the permit area.
Bankan
Bankan, also located within Guinea's Siguiri Basin, hosts the large-scale NEB open pit and underground deposits, and the BC and Gbengbeden satellite deposits. Mineralisation is structurally controlled and associated with shear zone-hosted lodes, occurring within quartz veins and quartz-veined fracture zones. The NEB deposit is open at depth and there is potential to discover additional deposits on the permits. Planning for further exploration is progressing and will be initiated once an Exploitation Permit is issued.
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CORPORATE
Financial Position
As at 31 March 2026, PDI held A$32.5M (US$22.2M⁶) cash and no debt; Robex held cash of A$351.2M (US$240.4M⁶).
Debt outstanding was A$189.9M (US$130M⁶) reflecting the fully drawn Sprott facility used for Kiniero's construction. Robex's cash increased significantly during the quarter, primarily reflecting the commencement of commercial production at Kiniero Gold Mine in February 2026 and the resulting increase in gold sales.
Cash margin from operations totalled A$203M (US$139M⁶), driven by the ramp-up of production and processing at Kiniero following commissioning. As the operation progresses toward steady-state production, operating cash flow is expected to strengthen as throughput, recoveries and gold output stabilise.
Total capital expenditure by Robex during the quarter was A$54M (US$37M⁶), comprising mining development, sustaining capital expenditure, infrastructure and non-sustaining capital expenditure, with the majority relating to Kiniero development activities.
The Company continues to maintain disciplined capital allocation while prioritising operational performance and the successful ramp-up of Kiniero, which is expected to underpin future cash generation and funding of the Bankan Project construction.
Figure 1: Quarterly Cash Flow Waterfall (US$M)⁷
⁶ Based on an AUD:USD exchange rate of 0.6845 as at 31 March 2026.
⁷ All figures in this cash flow are unaudited. Amounts may not sum due to rounding. Cash margin from operations is called as receipts from customers less payments for operating costs. Free cash flow (FCF) represents net cash flow from operating activities less capital expenditure.
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PDI & Robex Merger
During the March 2026 quarter, PDI and Robex progressed the merger to combine Robex's producing assets and operational capability with PDI's Tier-1 Bankan Project, creating a leading West African gold company targeting production more than 400,000oz per annum by 2029.
On 13 January 2026, Robex received final approval of the plan of arrangement from the Superior Court of Québec. All remaining conditions precedent were subsequently satisfied or waived following receipt of in-principle approval from the Guinea Minister of Mines and Geology, and the merger was completed on 15 April 2026.
Expenditure on Mining Exploration Activities (PDI Stand Alone)
In accordance with ASX Listing Rule 5.3.1, PDI's exploration and evaluation expenditure during the quarter was A$3.6M (US$2.5M⁸) as set out in item 2.1(d) of the Appendix 5B. This includes: A$1.8M (US$2.4M⁸) in wages and exploration on-costs, A$1.1M (US$0.8M⁸) for environmental and social workstreams and A$0.7M (US$0.5M⁸) in associated VAT which will be claimed as per Guinea tax laws.
PDI's net cash used in operating activities of A$3.5M (US$2.4M⁸) as set out in item 1.9 of the Appendix 5B includes A$0.9M (US$0.6M⁸) for legal and consulting costs related to corporate activity and A$2.6M (US$1.8M⁸) for corporate overheads and wages, offset by interest received and GST refunds totalling A$0.4M (US$0.3M⁸).
There were no substantive mining production and development activities by PDI during the quarter. Property, plant and equipment costs of A$3.4M (US$2.3M⁸) set out in item 2.1(c) of the Appendix 5B were paid to the early works contractor responsible for earthworks, upgrading of site road infrastructure and retrospective rehabilitation of drill pads.
Payments to Related Parties and their Associates (PDI Stand Alone)
In accordance with ASX Listing Rule 5.3.5, payments to related parties of the Company and their associates during the quarter was approximately A$366,000 including GST. The Company advises that this relates to Directors' fees and salaries.
Capital Structure and Shareholding Structure
As at the date of this Quarterly Activities Report (following completion of the merger with Robex), PDI has 4,892,656,885 fully paid ordinary shares on issue and 3,000,000 unlisted zero exercise price options on issue at various expiry dates. In addition, various classes of unlisted Robex securities remain on issue, which are convertible into 192,029,350 fully paid ordinary share in PDI based on various exercise prices and conditions in accordance with their terms (refer to PDI's Appendix 3G Notification Regarding Unquoted Securities released to ASX on 17 April 2026).
8 Based on an AUD:USD exchange rate of 0.6845 as at 31 March 2026.
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INVESTOR WEBINAR
CEO & Managing Director Matthew Wilcox and Chief Financial Officer Ross McLean will host an investor webinar at the following times (according to the relevant time zone):
| Sydney (AEST) | London (BST) | Toronto (EDT) |
|---|---|---|
| 28 April, 9:00am | 28 April, midnight | 27 April, 7:00pm |
To register for the webinar, please click the link below:
https://us02web.zoom.us/webinar/register/WN_y1NFY6oATpyaiLGHUg7ow
A recording will be made available shortly after the conclusion of the webinar at the same link.
- END -
This announcement is authorised for release by the PDI Board of Directors.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information visit our website at www.predictivediscovery.com or contact:
Investor Enquiries
Matthew Wilcox
CEO & Managing Director
E: [email protected]
P: +61 8 9216 1000
Media Enquiries
Nathan Ryan
NWR Communications
E: [email protected]
P: +61 420 582 887
ABOUT PREDICTIVE DISCOVERY
PDI is a leading West African gold production and development company, combining a portfolio of high quality assets with a proven execution capability and strong financial platform.
PDI asset portfolio is anchored by the Kiniero Gold Mine in Guinea, which commenced production in late 2025, and the Nampala Gold Mine in Mali, which has been operating since 2017. These production assets provide momentum and strong cash flows as the Company advances its growth plans.
PDI's long-life growth asset is the Tier-1 Bankan Gold Project in Guinea, one of the largest undeveloped gold projects in Africa. Bankan is approaching construction-ready status with expected production of ~250,000oz per annum over more than 12 years.
Once Bankan is in production, PDI is targeting annual production exceeding 400,000oz by 2029 from its low-cost mining hub in Guinea, leveraging the proximity and synergies of the Kiniero and Bankan assets.
PDI is at a pivotal stage in its evolution, growing into a mid-tier, multi-mine West African gold producer, with a clear focus on sustainably developing its portfolio to create long-term value for shareholders and stakeholders.
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COMPLIANCE STATEMENTS
Not an Offer
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities. No securities regulatory authority has approved or disapproved the contents of this announcement. The securities referred to in this announcement have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, U.S. registration requirements.
Forward-Looking Statements
This announcement contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements regarding gold production and guidance, expectations regarding exploration and development activities and potential, expectations regarding permitting, development funding for the Bankan Project, and anticipated benefits of the merger with Robex. Forward-looking statements are based on assumptions and expectations as at the date of this announcement and are subject to known and unknown risks and uncertainties that may cause actual results to differ materially. Forward-looking statements are generally identified by words such as "will", "expect", "anticipate", "may", "could", "should", "plan", "estimate" and similar expressions.
Although PDI believes that the expectations reflected in the forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements since no assurance can be provided that such expectations will prove to be correct. Forward-looking statements are based on information available at the time those statements are made and/or good faith belief of the officers and directors of PDI as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Forward-looking statements involve numerous risks and uncertainties. Factors that could cause actual results to differ materially include, but are not limited to, commodity price fluctuations, foreign exchange movements and general economic conditions, geopolitical, social and regulatory risks, operating and cost risks, the speculative nature of exploration and project development including the risks of obtaining necessary approvals, licenses, permits and funding, diminishing quantities or grades of reserves, changes to the legal and regulatory framework within which PDI operates or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation and other risks described in PDI's public disclosure documents filed on ASX and on SEDAR+.
Forward-looking statements speak only as of the date they are made. Except as required by applicable law, PDI undertakes no obligation to update or revise any forward-looking statements contained in this announcement. All forward-looking statements contained in this announcement are expressly qualified in its entirety by the above cautionary statement.
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Production Targets
This announcement refers to PDI having expected production of 400,000oz per annum by 2029. The production targets in respect of the Bankan Project were released to ASX on 25 June 2025 in an announcement by PDI titled "Bankan DFS Confirms Outstanding Project Economics". The production targets in respect of Robex's Kiniero Project were released to ASX on 22 August 2025 in an announcement by Robex titled "Amendment to Kiniero Gold Project Technical Report". PDI confirms that all the material assumptions underpinning the production targets in the previous announcements continue to apply and have not materially changed.
Mineral Resource and Ore Reserve Estimates
The Mineral Resource estimates for the NEB and BC deposits were released to ASX on 7 August 2023 in an announcement by PDI titled "Bankan Mineral Resource Increases to 5.38Moz". The Mineral Resource estimates for the Fouwagbe and Sounsoun deposits were released to ASX on 23 April 2025 in an announcement by PDI titled "Maiden Argo Mineral Resource Estimate of 153koz". The Ore Reserve estimate for the Bankan Project was released to ASX on 25 June 2025 in an announcement by PDI titled "Bankan DFS Confirms Outstanding Project Economics".
The Mineral Resource and Ore Reserve estimates are summarised in the tables below. PDI confirms it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed, noting that PDI intends to appeal the Argo (and Bokoro) revocations announced on 28 May 2025 in accordance with the Mining Code, and that the Argo Inferred Mineral Resources account for just 2.8% of PDI's overall Mineral Resource.
Table 1: Bankan Gold Project Mineral Resource estimate
| Deposit | Classification | Cut-off (g/t Au) | Tonnes (Mt) | Grade (g/t Au) | Contained (Koz Au) |
|---|---|---|---|---|---|
| NEB Open Pit | Indicated | 0.5 | 78.4 | 1.55 | 3,900 |
| Inferred | 0.5 | 3.1 | 0.91 | 92 | |
| Total | 81.4 | 1.53 | 3,993 | ||
| NEB Underground | Inferred | 2.0 | 6.8 | 4.07 | 896 |
| NEB Total | 88.3 | 1.72 | 4,888 | ||
| BC Open Pit | Indicated | 0.4 | 5.3 | 1.42 | 244 |
| Inferred | 0.4 | 6.9 | 1.09 | 243 | |
| BC Total | 12.2 | 1.24 | 487 | ||
| NEB Area Total | 100.5 | 1.66 | 5,376 | ||
| Argo Area Total | 3.1 | 1.54 | 153 | ||
| Total Bankan Project | 103.6 | 1.66 | 5,528 |
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Table 2: Bankan Gold Project Ore Reserve estimate
| Deposit | Mining Method | Classification | Cut-off (g/t Au) | Tonnes (Mt) | Grade (g/t Au) | Contained (Moz Au) |
|---|---|---|---|---|---|---|
| NEB | Open Pit | Probable | 0.38-0.48 | 40.2 | 1.36 | 1,751 |
| Underground | Probable | 2.0 | 7.9 | 3.95 | 1,002 | |
| Total | 48.1 | 1.78 | 2,753 | |||
| BC | Open Pit | Probable | 0.38-0.48 | 3.5 | 1.78 | 200 |
| Total | 3.5 | 1.78 | 200 | |||
| Total Open Pit | 43.7 | 1.39 | 1,951 | |||
| Total Underground | 7.9 | 3.95 | 1,002 | |||
| Total Bankan Project | 51.6 | 1.78 | 2,953 |
The Mineral Resource and Ore Reserve estimates in respect of the Kiniero Project were released to ASX on 22 August 2025 in an announcement by Robex titled "Amendment to Kiniero Gold Project Technical Report", and in respect of the Nampala Project in an ASX announcement by Robex dated 6 May 2025 titled "Replacement Prospectus". PDI confirms it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed.
Table 3: Kiniero Ore Reserve and Mineral Resource estimate⁹
| Deposit | Tonnes (Mt) | Grade (g/t Au) | Contained (Moz Au) |
|---|---|---|---|
| Probable | |||
| Jean | 4.2 | 1.53 | 0.20 |
| SGA | 5.1 | 1.52 | 0.25 |
| SGD | 3.4 | 1.34 | 0.14 |
| Sabali South | 7.4 | 0.89 | 0.21 |
| Sabali North and Central | 1.5 | 0.96 | 0.05 |
| Mansounia | 17.7 | 0.81 | 0.46 |
| Stockpiles | 6.3 | 0.48 | 0.10 |
| Total | 45.5 | 0.97 | 1.41 |
| Indicated | |||
| SGA | 12.1 | 1.46 | 0.57 |
| Jean | 4.7 | 1.69 | 0.26 |
| Sabali North and Central | 3.7 | 1.21 | 0.14 |
| Sabali South | 11.1 | 0.91 | 0.32 |
| West Balan | 3.0 | 1.45 | 0.14 |
| Banfara | 0.9 | 1.00 | 0.03 |
| Mansounia Central | 24.0 | 0.78 | 0.60 |
| Stockpiles | 11.6 | 0.37 | 0.14 |
| Total | 71.2 | 0.96 | 2.20 |
⁹ Resource/reserve cut-off grade (Resource at US$2,200/oz, reserves at US$1,800/oz): SGA, Jean and Banfara: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.4 g/t Au; Sabali South: laterite 0.3 g/t Au, mottled zone/saprolite/lower saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.5 g/t Au, fresh 0.6 g/t Au; Sabali North and Central: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.6 g/t Au, fresh 0.6 g/t Au; West Balan: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.5 g/t Au; Stockpiles reported as Mineral Resources have been limited to those dumps which exhibit an average grade >0.3 g/t Au for the entire stockpile assuming no selectivity.
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The Mineral Resource and Ore Reserve estimates in respect of the Nampala Project were released to ASX on 6 May 2025 in an announcement by Robex titled "Replacement Prospectus" which is available on the Robex website. PDI confirms it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed.
Table 4: Nampala Ore Reserve and Mineral Resource estimate¹⁰
| Weathering Type | Tonnes (Mt) | Grade (g/t Au) | Contained (Koz Au) |
|---|---|---|---|
| Probable | |||
| Oxide | 3.3 | 0.90 | 94.6 |
| Transition | 0.8 | 1.06 | 26.4 |
| Total | 4.0 | 0.93 | 121.0 |
| Indicated | |||
| Oxide | 5.9 | 0.84 | 158.3 |
| Transition | 2.1 | 1.13 | 76.0 |
| Fresh | 0.1 | 3.00 | 9.4 |
| Total | 8.0 | 0.94 | 243.7 |
| Inferred | |||
| Oxide | 0.3 | 0.79 | 8.1 |
| Transition | 0.2 | 1.62 | 8.5 |
| Fresh | 0.01 | 2.53 | 0.4 |
| Total | 0.6 | 0.95 | 17.0 |
¹⁰ Resource cut-off grade (at US$2,200/oz): Laterite 0.35 g/t Au, Oxide 0.35 g/t Au, Transition 0.43 g/t Au, Fresh 1.89 g/t Au; Reserve cut-off grade (at US$1,800/oz): 0.4 g/t Au (laterite, mottled zone, saprolite and transition).
Page 14 of 15
predictive discovery
Tenement Status as at 31 March 2026
PDI Permit Details¹¹
| Name | Number | Location | Area (sq. km) | PDI equity | Change in equity |
|---|---|---|---|---|---|
| Kaninko (Bankan) | Exploration Permit | Guinea | 98 | 100% | Nil |
| Saman (Bankan) | Exploration Permit | Guinea | 100 | 100% | Nil |
| Bokoro (Bankan)¹¹ | Exploration Permit | Guinea | 100 | 100% | Nil |
| Argo (Bankan)¹¹ | Exploration Permit | Guinea | 58 | 90% (right to acquire the remaining 10% on a decision to mine) | Nil |
| Bocanda North | Mining exploration permit application | Cote D'Ivoire | 368 | 20% (Santa Fe Minerals 80%) | Nil |
| Issia | Mining exploration permit No. 880 | Cote D'Ivoire | 375 | Nil | |
| Tieningboue | Mining exploration permit application | Cote D'Ivoire | 104 | Nil |
Robex – Kiniero Exploitation Permit Details (Guinea)
| Permit No | Type | Mineral | Area (Km²) | Deposit | Current Holding Company |
|---|---|---|---|---|---|
| 311 | Exploitation Permit | Gold | 95.51 | SMG | |
| 310 | Exploitation Permit | Gold | 37.85 | SMG | |
| 271 | Exploitation Permit | Gold | 99.35 | SMG | |
| 312 | Exploitation Permit | Gold | 93.63 | Sabali North and Central, Sabali South, SGA, Jean and Banfare | SMG |
Robex – Mansounia Exploration Permit Details (Guinea)
| Permit No | Type | Mineral | Area (Km²) | Deposit | Current Holding Company |
|---|---|---|---|---|---|
| 1048 | Exploration Permit | Gold | 53.78 | Mansounia | Penta Goldfields |
| 1049 | Exploration Permit | Gold | 90.37 | Mansounia | Penta Goldfields |
¹¹ PDI was made aware that, on the evening of 26 May 2025, the MMG announced the revocation of over 100 exploration permits, including certain exploration permits held by PDI group companies. The applications for extension of these permits were submitted to the MMG in accordance with the Mining Code. PDI has not received any formal communication from the Guinean government which confirms or provides any reasons for the possible revocations. PDI is working closely with the MMG to provide any requested information in relation to these permits.
Page 15 of 15
predictive discovery
Robex – Nampala Exploitation Permit Details (South Mali)
| Permit No | Permit Name | Start Date | Expiry Date | Area | Status |
|---|---|---|---|---|---|
| PE 2011/17 | Nampala Exploitation Permit | 21 March 2012 | 21 March 2042 | 16km² | Active |
Robex – Nampala Exploration Permit Details (South Mali)
| Permit No | Permit Name | Start Date | Area | Status |
|---|---|---|---|---|
| PR: 17/868 | Kamasso | 19 September 2017 | 100km² | Under renewal process |
| PR: 16/802 Bis 1 | Diangounte | 28 November 2017 | 52km² | Under renewal process |
| PR: 19/1038 | Sanoula | 28 August 2019 | 31.5km² | Under renewal process |
| PR: 19/1039 | Mininko | 17 September 2019 | 46.20km² | Under renewal process |
| PR: 20/1088 | Gladie | 31 March 2021 | 52km² | Under renewal process |
Rule 5.5
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Name of entity
PREDICTIVE DISCOVERY LTD
ABN
11 127 171 877
Quarter ended ("current quarter")
31 Mar 2026
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | ||
| (a) exploration & evaluation | - | - | |
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs | - | - | |
| (e) administration and corporate costs | (3,970) | (11,796) | |
| 1.3 | Dividends received (see note 3) | ||
| 1.4 | Interest received | 283 | 1,657 |
| 1.5 | Interest and other costs of finance paid | - | - |
| 1.6 | Income taxes paid | - | - |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other (BAS Refund) | 140 | 440 |
| 1.9 | Net cash from / (used in) operating activities | (3,547) | (9,699) |
| 2. | Cash flows from investing activities | ||
| --- | --- | --- | --- |
| 2.1 | Payments to acquire or for: | ||
| (a) entities | - | - | |
| (b) tenements | - | - | |
| (c) property, plant and equipment | (3,440) | (13,902) | |
| (d) exploration & evaluation | (3,582) | (13,194) | |
| (e) investments | - | - | |
| (f) other non-current assets | - | - |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 2.2 | Proceeds from the disposal of: | ||
| (a) entities | - | - | |
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | - | - |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (Fuel stock) | (89) | (253) |
| 2.6 | Net cash from / (used in) investing activities | (7,111) | (27,349) |
| 3. | Cash flows from financing activities | ||
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | - | - |
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | 50 |
| 3.4 | Transaction costs related to issues of equity securities or convertible debt securities | (23) | (47) |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | - | - |
| 3.7 | Transaction costs related to loans and borrowings | - | - |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other | - | - |
| 3.10 | Net cash from / (used in) financing activities | (23) | 3 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 42,985 | 69,230 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (3,547) | (9,699) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (7,111) | (27,349) |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| Consolidated statement of cash flows | Current quarter $A'000 | Year to date (9 months) $A'000 | |
|---|---|---|---|
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | (23) | 3 |
| 4.5 | Effect of movement in exchange rates on cash held | 230 | 349 |
| 4.6 | Cash and cash equivalents at end of period | 32,534 | 32,534 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter $A'000 | Previous quarter $A'000 |
| --- | --- | --- | --- |
| 5.1 | Bank balances | 32,479 | 42,930 |
| 5.2 | Call deposits | 55 | 55 |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) cash in transit | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 32,534 | 42,985 |
| 6. | Payments to related parties of the entity and their associates | Current quarter $A'000 | |
| --- | --- | --- | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 366 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | ||
| Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. $366K in director fees (including GST ($5K) |
ASX Listing Rules Appendix 5B (17/07/20)
+ See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
| 7. | Financing facilities
Note: the term “facility” includes all forms of financing arrangements available to the entity.
Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end $A'000 | Amount drawn at quarter end $A'000 |
| --- | --- | --- | --- |
| 7.1 | Loan facilities | - | - |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | - | - |
| 7.5 | Unused financing facilities available at quarter end | | - |
| 7.6 | Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. | | |
| | | | |
| 8. | Estimated cash available for future operating activities | $A'000 |
| --- | --- | --- |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (3,547) |
| 8.2 | Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (7,111) |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (10,658) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 32,534 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 32,534 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.05 |
| Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. | | |
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions:
8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? | |
| | Answer: | |
| | 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? | |
| | Answer: | |
| | 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? | |
| | Answer: | |
| Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. | | |
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.
Appendix 5B
Mining exploration entity or oil and gas exploration entity quarterly cash flow report
Compliance statement
- This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.
- This statement gives a true and fair view of the matters disclosed.
Date: 28 April 2026
Authorised by: the Board
(Name of body or officer authorising release – see note 4)
Notes
- This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity's activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.
- If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
- Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.
- If this report has been authorised for release to the market by your board of directors, you can insert here: "By the board". If it has been authorised for release to the market by a committee of your board of directors, you can insert here: "By the [name of board committee – eg Audit and Risk Committee]". If it has been authorised for release to the market by a disclosure committee, you can insert here: "By the Disclosure Committee".
- If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council's Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.
ASX Listing Rules Appendix 5B (17/07/20)
- See chapter 19 of the ASX Listing Rules for defined terms.