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PREDICTIVE DISCOVERY LIMITED — Interim / Quarterly Report 2026
Feb 22, 2026
65537_rns_2026-02-22_1454dc64-ac80-4495-99ab-decc60b3eeac.pdf
Interim / Quarterly Report
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ABN 11 127 871 877
INTERIM FINANCIAL REPORT
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
CORPORATE DIRECTORY
DIRECTORS
AUDITOR
Mr Simon Jackson Non-Executive Chairman Mr Andrew Pardey Managing Director Ms Sandra Bates Executive Director Mr Steven Michael Non-Executive Director Mr Alberto Lavendeira Non-Executive Director
PKF Perth Dynons Plaza Level 8, 905 Hay Street Perth WA 6000
Company Secretary
Mr Ian Hobson
REGISTERED OFFICE
Suite 8 110 Hay Street SUBIACO WA 6000 Telephone: +61 8 9216 1000 Email: [email protected] Website: www.predictivediscovery.com
SHARE REGISTRY
Computershare Pty Ltd Level 17, 221 St Georges Terrace PERTH WA 6000 Telephone: 1300 850 505 Website: www.computershare.com/au
Herbert Smith Freehills Kramer Level 11, 1 The Esplanade PERTH WA 6000
PO Box 1710 WEST PERTH WA 6872
ASX CODE
PDI
CONTENTS
| DIRECTORS’ REPORT | 3 |
|---|---|
| CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | 5 |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 6 |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY | 7 |
| CONSOLIDATED STATEMENT OF CASH FLOWS | 8 |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS | 9 |
| DIRECTORS’ DECLARATION | 19 |
| INDEPENDENT AUDITOR’S REVIEW REPORT | 20 |
| AUDITOR’S INDEPENDENCE DECLARATION | 22 |
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
2
PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
DIRECTORS’ REPORT
Your directors present their report, together with the financial statements of Predictive Discovery Limited (PDI or the Company) and controlled entities (the Group) for the half year ended 31 December 2025.
DIRECTORS
The names of the Company’s directors in office during the half-year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.
Mr Simon Jackson Non-Executive Chairman Mr Andrew Pardey Managing Director Ms Sandra Bates Executive Director Mr Steven Michael Non-Executive Director Mr Alberto Lavandeira Non-Executive Director
RESULTS
The consolidated loss after income tax of the Group for the half year after providing for income tax amounted to $12,884,912 (31 December 2024: $7,853,798).
CORPORATE
Cash Position
PDI had cash and term deposits of $42,982,776 as at 31 December 2025.
REVIEW OF OPERATIONS
During the half-year, the Company continued to focus on advancing its Bankan Gold Project (Bankan or the Project) located in Guinea, West Africa, and also announced a merger with Robex Resources Inc (Robex).
Following completion of the Bankan Definitive Feasibility Study (DFS) in June 2025, PDI continued to advance execution readiness plans for the Project during the half-year, with various key preparatory workstreams completed. Planning for additional site investigation programs required for detailed design were completed, front-end engineering and detailed design scopes have been established, and initial contracting and tendering requirements identified to support future execution. Preliminary earthworks were commenced to improve site access and further execution-readiness actions are scheduled to commence following the award of the Exploitation Permit and in alignment with Robex’s development team post-merger.
Environmental and social workstreams continued to advance, including development and implementation of the key management plans and action plans, further specialist biodiversity studies and planning for reforestation programs within the project footprint and adjacent to the Buffer Zone of the Upper Niger National Park.
PDI initiated a process to seek funding for Bankan’s construction during the half-year. The funding strategy and discussions with counterparties continues to evolve in light of the current strong gold price environment and the upcoming merger with Robex, which together are expected to materially reduce the external funding needed for the Project.
The merger with Robex was announced in October 2025 to create West Africa’s next mid-tier gold producer by combining Robex’s Kiniero Mine in Guinea and Nampala Mine in Mali with PDI’s Bankan Project in Guinea with expected production of more than 400kozpa of gold by 2029.[1] The merger is expected to significantly reduce the funding and
1 2029 production based on Bankan 2029 estimated production of 272koz Au (assuming first production commences in April 2028) as reported in the Definitive Feasibility Study for Bankan (as released by Predictive to ASX on 25 June 2025 in its announcement titled “Bankan DFS Confirms Outstanding Project Economics”) and Kiniero 2029 estimated production of 155koz Au as reported by Robex in the updated feasibility study for the Kiniero (as released by Robex to ASX on 22 August 2025 in its announcement titled “Amendment to Kiniero Gold Project Technical Report”). PDI confirms, and Robex has confirmed to PDI, that all the material assumptions underpinning the production targets for Bankan and Kiniero (respectively) in the previous announcements continue to apply and have not materially changed.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
execution risk of Bankan’s development, by leveraging Robex’s experienced development team and cash flows from the company’s operations.
Transaction terms with Robex were revised in December 2025 in response to Perseus Mining’s acquisition proposal for PDI. The exchange ratio was revised to 7.862 PDI shares for each Robex share, resulting in fully diluted ownership of 53.5% for PDI shareholders and 46.5% for Robex shareholders. Robex shareholders approved the merger in late December 2025 and received Québec Superior Court approval in mid-January 2026. The merger is expected to complete in the first quarter of 2026 following receipt of final approvals and consents.
SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS
There were no significant changes in the state of affairs of the Group during the financial half-year.
EVENTS SUBSEQUENT TO BALANCE SHEET DATE
On the 14th of January 2026, the Company announced that Robex has obtained final order from the Superior Court of Quebec approving the proposed plan of arrangement under Quebec law pursuant to which the Company, through its direct wholly owned subsidiary will acquire all of the issued and outstanding common shares of Robex. Closing of the Transaction is subject to the satisfaction of the remaining closing conditions, including receipt of the consents of the Government of Guinea and Mali and is expected to occur in Q1 2026.
9,135,568 ordinary shares were issued as a result of cashless exercise of 14,000,000 options exercised at $0.30 expiring 30 June 2026.
There are no matters or circumstances which have arisen since the end of the half year which significantly affected or could significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.
AUDITOR’S INDEPENDENCE DECLARATION
A copy of the lead auditor’s independence declaration as required by Section 307c of the Corporations Act 2001 is included within the Financial Report.
Signed in accordance with a resolution of Directors:
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Andrew Pardey Managing Director
23 February 2026
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
| Note Finance income Employee benefits expenses Share based payments expense 6 Administrative expenses 2 Depreciation of fixed assets Depreciation – Rights of Use assets Foreign exchange gain/(loss) Indirect Foreign taxes Exploration expenditure pre-right to tenure VAT impairment expense 10 Disposal of fixed asset Loss before income tax Income tax expense Net loss for the year Other comprehensive income Item that may be reclassified subsequently to operating result Foreign currency translation Total comprehensive (loss)/profit for the year (Loss)/profit attributable to: Members of the parent entity Basic loss per share (cents per share) Diluted loss per share (cents per share) |
Consolidated 31 December 2025 $ 31 December 2024 $ 1,374,255 493,158 (189,920) (193,513) (2,254,198) (2,358,733) (4,646,545) (1,695,228) (173,140) (238,711) (68,696) (78,175) 20,687 92,069 (833,322) - (4,100,747) (2,761,439) (2,013,286) (1,112,124) - (1,102) (12,884,912) (7,853,798) - - (12,884,912) (7,853,798) (4,012,413) 8,867,931 (16,897,325) 1,014,133 (16,897,325) 1,014,133 (0.005) (0.003) (0.005) (0.003) |
Consolidated 31 December 2025 $ 31 December 2024 $ 1,374,255 493,158 (189,920) (193,513) (2,254,198) (2,358,733) (4,646,545) (1,695,228) (173,140) (238,711) (68,696) (78,175) 20,687 92,069 (833,322) - (4,100,747) (2,761,439) (2,013,286) (1,112,124) - (1,102) (12,884,912) (7,853,798) - - (12,884,912) (7,853,798) (4,012,413) 8,867,931 (16,897,325) 1,014,133 (16,897,325) 1,014,133 (0.005) (0.003) (0.005) (0.003) |
|---|---|---|
| (7,853,798) - |
||
| (7,853,798) 8,867,931 |
||
| 1,014,133 | ||
| 1,014,133 | ||
| (0.003) (0.003) |
The accompanying notes form part of these financial statements
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
| Note Current Assets Cash and cash equivalents Other financial assets – term deposits Trade and other receivables Inventory Total current assets Non-Current Assets Property, plant and equipment 3 Exploration and evaluation expenditure 4 Right of use assets Investment in listed company Total non-current assets Total assets Current Liabilities Trade and other payables 5 Lease liabilities Total current liabilities Total liabilities Net Assets Equity Issued capital 6 Reserves Accumulated losses Total Equity |
Consolidated 31 December 2025 $ 30 June 2025 $ 42,982,776 41,210,041 - 28,020,000 1,286,336 1,306,319 228,489 262,090 44,497,601 70,798,450 10,736,204 517,212 164,896,244 159,565,524 384,785 24,236 414,045 414,046 176,431,278 160,521,018 220,928,879 231,319,468 6,549,256 2,682,205 360,602 - 6,909,858 2,682,205 6,909,858 2,682,205 214,019,021 228,637,263 296,741,347 295,615,814 7,519,298 10,825,399 (90,241,624) (77,803,950) 214,019,021 228,637,263 |
Consolidated 31 December 2025 $ 30 June 2025 $ 42,982,776 41,210,041 - 28,020,000 1,286,336 1,306,319 228,489 262,090 44,497,601 70,798,450 10,736,204 517,212 164,896,244 159,565,524 384,785 24,236 414,045 414,046 176,431,278 160,521,018 220,928,879 231,319,468 6,549,256 2,682,205 360,602 - 6,909,858 2,682,205 6,909,858 2,682,205 214,019,021 228,637,263 296,741,347 295,615,814 7,519,298 10,825,399 (90,241,624) (77,803,950) 214,019,021 228,637,263 |
|---|---|---|
| 70,798,450 | ||
| 517,212 159,565,524 24,236 414,046 |
||
| 160,521,018 | ||
| 231,319,468 | ||
| 2,682,205 - |
||
| 2,682,205 | ||
| 2,682,205 228,637,263 |
||
| 295,615,814 10,825,399 (77,803,950) |
||
| 228,637,263 |
The accompanying notes form part of these financial statements
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
| CONSOLIDATED At 1 July 2024 Profit/ (loss) attributable to members Other comprehensive income Total comprehensive loss for the year Transactions with owners in their capacity as owners: Issue of shares - Exercise of options Transfer from exercise of options Options lapsed Share-based payments Transaction costs At 31 December 2024 At 1 July 2025 Profit/ (loss) attributable to members Other comprehensive income Total comprehensive loss for the year Transactions with owners in their capacity as owners: Issue of shares - Exercise of options Transfer from exercise of options – ZEPOS Exercised Options lapsed Share-based payments Transaction costs At 31 December 2025 |
Issued Capital Accumulated Losses Foreign Currency Translation Reserve Share Based Payments Reserve Total $ $ $ $ $ 225,509,442 (65,949,659) 3,711,790 6,674,367 169,945,940 - (7,853,798) - - (7,853,798) - - 8,867,931 - 8,867,931 |
|---|---|
| - (7,853,798) 8,867,931 - 1,014,133 |
|
| 560,000 - - - 560,000 221,707 - - (221,707) - - 308,516 - (308,516) - - - - 2,358,731 2,358,731 (8,739) - - - (8,739) |
|
| 226,282,410 (73,494,941) 12,579,721 8,502,875 173,870,065 |
|
| 295,615,814 (77,803,950) 2,398,275 8,427,124 228,637,263 - (12,884,912) - - (12,884,912) - - (4,012,413) - (4,012,413) |
|
| - (12,884,912) (4,012,413) - (16,897,325) |
|
| 50,000 - - - 50,000 1,100,648 - - (1,100,648) - - 447,238 - (447,238) - - - - 2,254,198 2,254,198 (25,115) - - - (25,115) |
|
| 296,741,347 (90,241,624) (1,614,138) 9,133,436 214,019,021 |
The accompanying notes form part of these financial statements
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2025
| Note Cash flows from operating activities Interest received Payments to suppliers and employees Net cash (used in) operating activities Cash flows from investing activities Receipt of other financial assets Payment for other financial assets Payments for exploration expenditure Payments for purchase of plant and equipment Net cash (outflow) from investing activities Cash flows from financing activities Proceeds from issue of shares Proceeds from exercise of options Payment for share issue costs Payment of lease liabilities Net cash inflow from financing activities Net (decrease) in cash and cash equivalents held Effect of exchange rate on Cash and Cash Equivalents Cash and cash equivalents at beginning of the half-year Cash and cash equivalents at the end of the half-year |
Consolidated 31 December 2025 31 December 2024 $ $ 1,374,255 835,262 (7,873,957) (1,357,345) (6,499,702) (522,083) 28,000,000 23,000,000 - - (9,231,680) (23,306,831) (10,405,142) (407,185) 8,363,178 (714,016) - - 50,000 560,000 (25,115) (8,739) (68,613) (72,928) (43,728) 478,333 1,819,748 (757,766) (47,013) 73,849 41,210,041 29,434,172 42,982,776 28,750,255 |
Consolidated 31 December 2025 31 December 2024 $ $ 1,374,255 835,262 (7,873,957) (1,357,345) (6,499,702) (522,083) 28,000,000 23,000,000 - - (9,231,680) (23,306,831) (10,405,142) (407,185) 8,363,178 (714,016) - - 50,000 560,000 (25,115) (8,739) (68,613) (72,928) (43,728) 478,333 1,819,748 (757,766) (47,013) 73,849 41,210,041 29,434,172 42,982,776 28,750,255 |
|---|---|---|
| (522,083) | ||
| 23,000,000 - (23,306,831) (407,185) |
||
| (714,016) | ||
| - 560,000 (8,739) (72,928) |
||
| 478,333 | ||
| (757,766) 73,849 29,434,172 |
||
| 28,750,255 |
The accompanying notes form part of these financial statements
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTES TO THE FINANCIAL STATEMENTS
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES
(a) Basis of Preparation
This consolidated interim financial report for the half year ended 31 December 2025 are general purpose financial statements that have been prepared in accordance with the requirements of the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting, as appropriate for a profit-oriented entity. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS134: Interim Financial Reporting.
The financial statements were authorised for issue, in accordance with the resolution of directors, on 23r[d] February 2026.
The interim financial report is intended to provide users with an update on the latest annual financial statements of Predictive Discovery Limited and controlled entities (the Group). This interim consolidated financial report does not include all the notes normally included in an annual financial report. It is therefore recommended that this interim financial report be read in conjunction with the annual financial report of the Group for the year ended 30 June 2025, together with any public announcements made during the half year. The same accounting policies and methods of valuation have been followed in this interim financial report as were applied in the most recent annual financial report.
(b) Going Concern
The financial report has been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and the settlement of liabilities in the normal course of business. The Group incurred a loss of $12,884,912 (31 December 2024: $7,853,798) and incurred cash outflows from operating activities of $15,731,382 (December 2024: $23,828,914) for the half year ended 31 December 2025. As at 31 December 2025 the Group had net assets of $214,019,021 (30 June 2025: $228,637,263) and continues to incur expenditure on its exploration tenements drawing on its cash balances.
The ability of the Company and the Group to continue to pay its debts as and when they fall due is dependent upon the Company successfully raising additional share capital and ultimately developing its mineral properties. The Directors believe that they will continue to be successful in securing additional funds through equity issues as and when the need to raise working capital arises.
The financial report has been prepared on the basis that the Group can meet its commitments as and when they fall due and can therefore continue normal business activities, and the realisation of assets and liabilities in the ordinary course of business. The financial report does not include any adjustments in relation to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as going concern.
(c) New, revised or amending Accounting Standards and Interpretations adopted
The Group has adopted all the new and revised Accounting Standards and Interpretations issued by the Australian Accounting Standards Board that are mandatory for the current reporting period. The adoption of these new and revised Accounting Standards and Interpretations has not resulted in a significant or material change to the Group’s accounting policies.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early adopted by the Group.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
| NOTE 2: ADMINISTRATIVE EXPENSES Legal, professional and consultancy fees Advertising and marketing Compliance fees Recruitment fees IT & telecommunication expenses Travel and accommodation fees Insurance Other expenses NOTE 3: PROPERTY, PLANT AND EQUIPMENT Balance at the beginning of the period Additions Disposal Depreciation expense NOTE 4: EXPLORATION AND EVALUATION EXPENDITURE Carrying amount at beginning of year Expenditure incurred Expenditure acquired Capitalised exploration written off |
Consolidated 31 December 2025 $ 31 December 2024 $ 3,669,425 707,359 366,378 335,911 31,353 54,526 - 67,697 129,158 128,208 218,871 245,076 210,543 88,518 20,817 67,933 4,646,545 1,695,228 Consolidated 31 December 2025 $ 30 June 2025 $ 517,212 579,766 10,392,132 395,437 - (1,033) (173,140) (456,958) 10,736,204 517,212 Consolidated 31 December 2025 $ 30 June 2025 $ 159,565,524 122,141,747 5,330,720 37,423,777 - - - - 164,896,244 159,565,524 |
|---|---|
The Group has capitalised exploration expenditure of $164,896,244 (30 June 2025: $159,565,524). This amount includes costs directly associated with exploration and the purchase of exploration properties. These costs are capitalised as an exploration asset until assessment and / or drilling of the permit is complete and the results have been evaluated. These direct costs include employee remuneration, materials, permit rentals and payments to contractors. The expenditure is carried forward until such a time as the area moves into the development phase, is abandoned or sold. The ultimate recovery of the carrying value of exploration expenditure is dependent upon the successful development and commercial exploitation or, alternatively, sale of the interest in the tenements.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
| Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 5: TRADE AND OTHER PAYABLES Trade payables 1,151,476 1,628,328 Other payables and accruals 1,528,126 586,268 Foreign indirect tax provision1 3,869,654 467,609 6,549,256 2,682,205 1.The amount of $3,869,654 includes a total of $290,420 of VAT Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 6: ISSUED CAPITAL 2,626,297,541 (30 June 2025: 2,620,436,686) Ordinary Shares 295,615,814 311,656,849 Share issue during the period 1,150,648 - Share issue costs written off against issued capital (25,115) (16,041,035) 296,741,347 295,615,814 Shares Shares Issue Price Value No. $ $ At 1 July 2025 2,620,436,686 - 311,656,849 Issue of shares from exercise of options 166,667 $0.3 50,000 Issue of shares from exercise of ZEPOS 2,031,250 - 334,688 Issue of shares from cashless exercise of options 3,662,938 - 748,939 Transfer from reserves to share capital 17,021 Transaction costs - - (16,066,150) At 31 December 2025 2,626,297,541 - 296,741,347 Shares Shares Issue Price Value No. $ $ At 1 July 2024 2,346,901,983 - 239,785,888 Issue of shares from exercise of options 4,000,000 $0.14 560,000 Transfer from reserves to share capital - - 221,707 Transaction costs - - (14,285,185) At 31 December 2024 2,350,901,983 - 226,282,410 Options Listed Options Value Unlisted Options Value No. $ No. $ At 1 July 2025 - - 37,562,500 4,806,662 Exercise of options to shares - - (9,531,250) (1,100,648) Options lapsed - - (3,562,500) (444,293) Vesting from prior year - - - 48,500 At 31 December 2025 - - 24,468,750 3,310,221 |
Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 5: TRADE AND OTHER PAYABLES Trade payables 1,151,476 1,628,328 Other payables and accruals 1,528,126 586,268 Foreign indirect tax provision1 3,869,654 467,609 6,549,256 2,682,205 1.The amount of $3,869,654 includes a total of $290,420 of VAT Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 6: ISSUED CAPITAL 2,626,297,541 (30 June 2025: 2,620,436,686) Ordinary Shares 295,615,814 311,656,849 Share issue during the period 1,150,648 - Share issue costs written off against issued capital (25,115) (16,041,035) 296,741,347 295,615,814 Shares Shares Issue Price Value No. $ $ At 1 July 2025 2,620,436,686 - 311,656,849 Issue of shares from exercise of options 166,667 $0.3 50,000 Issue of shares from exercise of ZEPOS 2,031,250 - 334,688 Issue of shares from cashless exercise of options 3,662,938 - 748,939 Transfer from reserves to share capital 17,021 Transaction costs - - (16,066,150) At 31 December 2025 2,626,297,541 - 296,741,347 Shares Shares Issue Price Value No. $ $ At 1 July 2024 2,346,901,983 - 239,785,888 Issue of shares from exercise of options 4,000,000 $0.14 560,000 Transfer from reserves to share capital - - 221,707 Transaction costs - - (14,285,185) At 31 December 2024 2,350,901,983 - 226,282,410 Options Listed Options Value Unlisted Options Value No. $ No. $ At 1 July 2025 - - 37,562,500 4,806,662 Exercise of options to shares - - (9,531,250) (1,100,648) Options lapsed - - (3,562,500) (444,293) Vesting from prior year - - - 48,500 At 31 December 2025 - - 24,468,750 3,310,221 |
Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 5: TRADE AND OTHER PAYABLES Trade payables 1,151,476 1,628,328 Other payables and accruals 1,528,126 586,268 Foreign indirect tax provision1 3,869,654 467,609 6,549,256 2,682,205 1.The amount of $3,869,654 includes a total of $290,420 of VAT Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 6: ISSUED CAPITAL 2,626,297,541 (30 June 2025: 2,620,436,686) Ordinary Shares 295,615,814 311,656,849 Share issue during the period 1,150,648 - Share issue costs written off against issued capital (25,115) (16,041,035) 296,741,347 295,615,814 Shares Shares Issue Price Value No. $ $ At 1 July 2025 2,620,436,686 - 311,656,849 Issue of shares from exercise of options 166,667 $0.3 50,000 Issue of shares from exercise of ZEPOS 2,031,250 - 334,688 Issue of shares from cashless exercise of options 3,662,938 - 748,939 Transfer from reserves to share capital 17,021 Transaction costs - - (16,066,150) At 31 December 2025 2,626,297,541 - 296,741,347 Shares Shares Issue Price Value No. $ $ At 1 July 2024 2,346,901,983 - 239,785,888 Issue of shares from exercise of options 4,000,000 $0.14 560,000 Transfer from reserves to share capital - - 221,707 Transaction costs - - (14,285,185) At 31 December 2024 2,350,901,983 - 226,282,410 Options Listed Options Value Unlisted Options Value No. $ No. $ At 1 July 2025 - - 37,562,500 4,806,662 Exercise of options to shares - - (9,531,250) (1,100,648) Options lapsed - - (3,562,500) (444,293) Vesting from prior year - - - 48,500 At 31 December 2025 - - 24,468,750 3,310,221 |
Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 5: TRADE AND OTHER PAYABLES Trade payables 1,151,476 1,628,328 Other payables and accruals 1,528,126 586,268 Foreign indirect tax provision1 3,869,654 467,609 6,549,256 2,682,205 1.The amount of $3,869,654 includes a total of $290,420 of VAT Consolidated 31 December 2025 $ 30 June 2025 $ NOTE 6: ISSUED CAPITAL 2,626,297,541 (30 June 2025: 2,620,436,686) Ordinary Shares 295,615,814 311,656,849 Share issue during the period 1,150,648 - Share issue costs written off against issued capital (25,115) (16,041,035) 296,741,347 295,615,814 Shares Shares Issue Price Value No. $ $ At 1 July 2025 2,620,436,686 - 311,656,849 Issue of shares from exercise of options 166,667 $0.3 50,000 Issue of shares from exercise of ZEPOS 2,031,250 - 334,688 Issue of shares from cashless exercise of options 3,662,938 - 748,939 Transfer from reserves to share capital 17,021 Transaction costs - - (16,066,150) At 31 December 2025 2,626,297,541 - 296,741,347 Shares Shares Issue Price Value No. $ $ At 1 July 2024 2,346,901,983 - 239,785,888 Issue of shares from exercise of options 4,000,000 $0.14 560,000 Transfer from reserves to share capital - - 221,707 Transaction costs - - (14,285,185) At 31 December 2024 2,350,901,983 - 226,282,410 Options Listed Options Value Unlisted Options Value No. $ No. $ At 1 July 2025 - - 37,562,500 4,806,662 Exercise of options to shares - - (9,531,250) (1,100,648) Options lapsed - - (3,562,500) (444,293) Vesting from prior year - - - 48,500 At 31 December 2025 - - 24,468,750 3,310,221 |
|---|---|---|---|
| 295,615,814 | |||
| Value $ 311,656,849 50,000 334,688 748,939 17,021 (16,066,150) |
|||
| 2,626,297,541 - |
296,741,347 | ||
| Shares Issue Price No. $ 2,346,901,983 - 4,000,000 $0.14 - - - - |
Value $ 239,785,888 560,000 221,707 (14,285,185) |
||
| 2,350,901,983 - |
226,282,410 | ||
| Value Unlisted Options Value $ No. $ - 37,562,500 4,806,662 - (9,531,250) (1,100,648) - (3,562,500) (444,293) - - 48,500 |
|||
| - | - 24,468,750 3,310,221 |
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
11
PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 6: ISSUED CAPITAL (Continued)
| Options At 1 July 2024 Exercise of options to shares Options lapsed Vesting from prior year At 31 December 2024 |
Listed Options Value Unlisted Options Value No. $ No. $ - - 62,937,500 6,637,959 - - (4,000,000) (221,706) - - (2,500,000) (308,516) - - - 484,819 |
|---|---|
| - - 56,437,500 6,592,556 |
PERFORMANCE RIGHTS
| At 1 July 2025 Performance share lapsed Vesting from prior year At 31 December 2025 At 1 July 2024 Issue of Performance Rights Vesting from prior year At 31 December 2024 |
Performance Rights Value No. $ 73,880,000 3,620,462 (200,000) (2,945) - 2,205,698 |
|---|---|
| 73,680,000 5,823,215 |
|
| Performance Rights Value No. $ 24,250,000 36,406 47,500,000 1,209,505 - 664,409 |
|
| 71,750,000 1,910,320 |
There was no performance rights issued in the period from July to December 2025.
The performance rights issued in the period from 1 July 2024 to 30 June 2025 were valued by applying a Black-Scholes option pricing model taking into account the terms and conditions upon which the performance rights were granted. The following table lists the inputs to the model for the performance rights:
- On 8 July 2024, 2,850,000 Short Term Incentive (STI) and 11,400,000 Long Term Incentive expiring 8 July 2029 were issued as part of the long-term employee incentive plan. The vesting conditions are as follows:
2,850,000 STI expiring 8 July 2029
-
427,500 issued in tranche 1 - STI objective - Demonstrate Bankan expansion potential - Increase to Resource and Reserves.
-
570,000 issued in tranche - STI objective - Permits - Bankan exploitation permit issued by: 31/12/24 (Target 100% achieved); or 30/6/25 (Target 50% achieved).
-
427,500 issued in tranche 3 - STI objective - Compliance and ESG - Maintaining compliance with permits received.
-
570,000 issued in tranche 4 - STI objective- DFS - DFS for the Bankan Project completed and announced by 30/6/25. These have lapsed at 30/6/25 as the conditions have not been met.
-
285,000 issued in tranche 5 - STI objective - Safety - The 12-month rolling Total Recordable Injury Frequency Rate (TRIFR) is below 3.
-
285,000 issued in tranche 6 - STI objective - Environment - There are no significant reportable environmental incidents.
-
285,000 issued in tranche 7 - STI objective -Diversity - Ensure that at least 20% of all staff are female.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
12
PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 6: ISSUED CAPITAL (Continued)
11,400,000 STI expiring 8 July 2029
-
1,710,000 issued in tranche 8 - LTI measure - TSR relative to the constituents of the Peer Group over the Vesting Period (vesting at 50th percentile)
-
5,700,000 issued in tranche 9 – LTI measure - Regional discovery/ resource growth - Measured as compound annual resource growth.
-
1,140,000 issued in tranche 10 - LTI measure - Sustainability metrics - Diversity: Measured against annual targets for gender diversity.
-
1,140,000 issued in tranche 11 - LTI measure - Sustainability metrics - National staff development: Measured against annual targets for national workforce at operating sites.
-
1,710,000 issued in tranche 12 - LTI measure - Sustainability metrics - Local content: Measured against annual targets for local content at Bankan project.
There is a service-based criteria attached to each of the tranches of STI - The employee has to remain employed or otherwise engaged by the Company (or any of its subsidiaries) for a period of not less than 24 months from the date of issue.
| Date of Issue Number of performance rights Dividend yield (%) Expected volatility (%)1 Risk free interest rate (%) Exercise price ($) Expected life of options (years) Share price at grant date ($) Value per performance right ($) Expensed during the half year |
STI Tranche 1-7 LTI Tranche 8 LTI Tranche 9-12 |
|---|---|
| 08/7/2024 08/7/2024 08/7/2024 2,280,000 1,710,000 9,690,000 Nil Nil Nil 62.5% 62.5% 62.5% 4.193% 4.121% 4.121% Nil Nil Nil 5 5 5 $0.185 $0.185 $0.185 $0.1850 $0.1505 $0.1850 $104,306 $42,893 $239,020 |
- On 14 August 2024, 6,650,000 Short Term Incentive (STI) and 26,600,000 Long Term Incentive expiring 14 August 2029 were issued as part of the long-term employee incentive plan. The vesting conditions are as follows:
6,650,000 STI expiring 14 August 2029
-
997,500 issued in tranche 1 - STI objective - Demonstrate Bankan expansion potential - Increase to Resource and Reserves.
-
1,330,000 issued in tranche - STI objective - Permits - Bankan exploitation permit issued by: 31/12/24 (Target 100% achieved); or 30/6/25 (Target 50% achieved). This target has not been achieved and these performance rights have lapsed at 30/6/25.
-
997,500 issued in tranche 3 - STI objective - Compliance and ESG - Maintaining compliance with permits received.
-
1,330,000 issued in tranche 4 - STI objective- DFS - DFS for the Bankan Project completed and announced by 30/6/25. This target was achieved as the DFS was announced on the 26/6/2025.
-
665,000 issued in tranche 5 - STI objective - Safety - The 12-month rolling Total Recordable Injury Frequency Rate (TRIFR) is below 3.
-
665,000 issued in tranche 6 - STI objective - Environment - There are no significant reportable environmental incidents.
-
665,000 issued in tranche 7 - STI objective -Diversity - Ensure that at least 20% of all staff are female.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
13
PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 6: ISSUED CAPITAL (Continued)
26,600,000 LTI expiring 14 August 2029
-
3,990,000 issued in tranche 8 - LTI measure - TSR relative to the constituents of the Peer Group over the Vesting Period (vesting at 50th percentile)
-
13,300,000 issued in tranche 9 – LTI measure - Regional discovery/ resource growth - Measured as compound annual resource growth.
-
2,660,000 issued in tranche 10 - LTI measure - Sustainability metrics - Diversity: Measured against annual targets for gender diversity.
-
2,660,000 issued in tranche 11 - LTI measure - Sustainability metrics - National staff development: Measured against annual targets for national workforce at operating sites.
-
3,990,000 issued in tranche 12 - LTI measure - Sustainability metrics - Local content: Measured against annual targets for local content at Bankan project.
There is a service-based criteria attached to each of the tranches of STI. The employee has to remain employed or otherwise engaged by the Company (or any of its subsidiaries) for a period of not less than 24 months from the date of issue.
| Date of Issue Number of performance rights Dividend yield (%) Expected volatility (%)1 Risk free interest rate (%) Exercise price ($) Expected life of options (years) Share price at grant date ($) Value per performance right ($) Expensed during the half year |
STI Tranche 1-7 LTI Tranche 8 LTI Tranche 9-12 |
|---|---|
| 29/7/2024 29/7/2024 29/7/2024 6,650,000 3,990,000 22,610,000 Nil Nil Nil 60% 60% 60% 4.052% 3.97% 3.97% Nil Nil Nil 5 5 5 $0.185 $0.185 $0.185 $0.1850 $0.1450 $0.1850 $240,772 $95,036 $549,681 |
2,000,000 STI expiring 20 June 2029
-
300,000 issued in tranche 1 - STI objective - Demonstrate Bankan expansion potential - Increase to Resource and Reserves.
-
400,000 issued in tranche 2 - STI objective - Permits - Bankan exploitation permit issued by: 30/6/2025 (Target 100% achieved); or 30/9/25 (Target 50% achieved). 400,000 of the performance rights have lapsed.
-
300,000 issued in tranche 3 - STI objective - Compliance and ESG - Maintaining compliance with permits received.
-
400,000 issued in tranche 4 - STI objective- DFS - DFS for the Bankan Project completed and announced by 30/6/25. This target was achieved as the DFS was announced on the 26/6/25.
-
200,000 issued in tranche 5 - STI objective - Safety - The 12-month rolling Total Recordable Injury Frequency Rate (TRIFR) is below 3.
-
200,000 issued in tranche 6 - STI objective - Environment - There are no significant reportable environmental incidents.
-
200,000 issued in tranche 7 - STI objective -Diversity - Ensure that at least 20% of all staff are female.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
14
PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 6: ISSUED CAPITAL (Continued)
8,000,000 LTI expiring 20 June 2029
-
1,200,000 issued in tranche 8 - LTI measure - TSR relative to the constituents of the Peer Group over the Vesting Period (vesting at 50th percentile).
-
4,000,000 issued in tranche 9 – LTI measure - Regional discovery/ resource growth - Measured as compound annual resource growth.
-
800,000 issued in tranche 10 - LTI measure - Sustainability metrics - Diversity: Measured against annual targets for gender diversity.
-
800,000 issued in tranche 11 - LTI measure - Sustainability metrics - National staff development: Measured against annual targets for national workforce at operating sites.
-
1,200,000 issued in tranche 12 - LTI measure - Sustainability metrics - Local content: Measured against annual targets for local content at Bankan project.
There is a service-based criteria attached to each of the tranches of STI. The employee has to remain employed or otherwise engaged by the Company (or any of its subsidiaries) for a period of not less than 24 months from the date of issue.
| Date of Issue Number of performance rights Dividend yield (%) Expected volatility (%) Risk free interest rate (%) Exercise price ($) Expected life of options (years) Share price at grant date ($) Value per performance right ($) Expensed during the financial year No of performance rights unvested during the period |
STI Tranche 1-7 LTI Tranche 8 LTI Tranche 9-12 |
|---|---|
| 30/4/2025 30/4/2025 30/4/2025 1,800,000 1,200,000 6,800,000 Nil Nil Nil 65% 65% 65% 3.275% 3.277% 3.277% Nil Nil Nil 4.14 4.14 4.14 $0.365 $0.365 $0.365 $0.365 $0.3035 $0.365 $70,489 $43,959 $299,580 200,000 - - |
NOTE 7: SEGMENT INFORMATION
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of Directors (chief operating decision makers) in assessing performance and determining the allocation of resources.
The Group operates as two segments, which are gold exploration and evaluation within Australia and Guinea.
The Group is domiciled in Australia. Segment revenues are allocated based on the country in which the customer is located. Segment assets are allocated to countries based on where the assets are located.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 7: SEGMENT INFORMATION (Continued)
| Half Year Ended 31 December 2025 Other income Expenses/FX differences Loss for the period At 31 December 2025 Current assets Plant and equipment Right of Use Asset Exploration expenditure Intercompany loans Current liabilities Right of Use Liability Net Assets Half Year Ended 31 December 2024 Other income Expenses/FX differences Loss for the period At 31 December 2024 Current assets Plant and equipment Right of Use Asset Exploration expenditure Intercompany loans Current liabilities Right of Use Liability Net Assets |
Corporate $ Guinea $ Consolidated $ 1,374,255 - 1,374,255 (8,106,128) (6,153,039) (14,259,167) |
|---|---|
| (6,731,873) (6,153,039) (12,884,912) |
|
| 36,571,090 8,340,556 44,911,646 - 10,736,204 10,736,204 - 384,785 384,785 - 164,896,244 164,896,244 204,626,309 (204,626,309) - (1,046,583) (5,502,673) (6,549,256) - (360,602) (360,602) |
|
| 240,150,816 (26,131,795) 214,019,021 |
|
| 493,158 - 493,158 (5,525,591) (2,821,365) (8,346,956) |
|
| (5,032,433) (2,821,365) (7,853,798) |
|
| 28,297,320 1,553,383 29,850,703 - 747,138 747,138 - 103,405 103,405 - 150,971,675 150,971,675 151,526,591 (151,526,591) - (1,446,274) (6,270,183) (7,716,457) - (86,399) (86,399) |
|
| 178,377,637 (4,507,572) 173,870,065 |
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 8: CONTROLLED ENTITIES
| PERCENTAGE | PERCENTAGE | ||
|---|---|---|---|
| COUNTRY OF | **OWNED (%) *** | **OWNED (%) *** | |
| INCORPORATION | 31 DEC 2025 | 30 JUNE 2025 | |
| Subsidiaries: | |||
| Ivoirian Resources Pty Ltd | Australia | 20% | 20% |
| Bougouni Resources Pty Ltd | Australia | 100% | 100% |
| Kenieba Resources Pty Ltd | Australia | 100% | 100% |
| Kita Resources Pty Ltd | Australia | 100% | 100% |
| Tinkisso Pty Ltd | Australia | 100% | 100% |
| Manoko Resources Pty Ltd | Australia | 100% | 100% |
| Ivoirian Resources SARL | Cote D’Ivoire | 20% | 20% |
| Kindia Resources SARLU | Guinea | 100% | 100% |
| Mamou Resources SARLU | Guinea | 100% | 100% |
| Tinkisso Resources SARLU | Guinea | 100% | 100% |
*Percentage of voting power is in proportion to ownership
NOTE 9: CONTINGENT LIABILITIES AND CONTINGENT ASSETS Contingent Assets
According to Guinean tax law, value added tax (VAT) paid in relation to the Company’s Guinea tenements may be recovered from the Guinea tax authorities if these tenements progress to the development phase. No asset has been recognised in the Consolidated Statement of Financial Position as there is currently no certainty that these tenements will reach the development phase or that the total VAT will be fully recovered in this event. However, a contingent asset exists of $13,258,948 at 31 December 2025 (30 June 2025: $7,275,325) relating to total VAT paid to date. A total of $2,013,287 VAT was paid to the Guinea tax authorities during the half-year period to 31 December 2025 which was expensed in the Statement of Comprehensive Income and foreign exchange loss of $162,831 relating to the VAT was recognised in the Statement of Comprehensive Income. Prior year TVA receivable for an amount of $4,133,166 was recognised as a result of a correspondence received from the Guinea tax office acknowledging the debt.
NOTE 10: RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless otherwise stated.
Other than intercompany loans and remuneration of Key Management Personnel, there were no other related party transactions during the half year.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
NOTE 11: EVENTS AFTER THE END OF THE REPORTING PERIOD
On the 14th of January 2026, the Company announced that Robex has obtained final order from the Superior Court of Quebec approving the proposed plan of arrangement under Quebec law pursuant to which the Company, through its direct wholly owned subsidiary will acquire all of the issued and outstanding common shares of Robex. Closing of the Transaction is subject to the satisfaction of the remaining closing conditions, including receipt of the consents of the Government of Guinea and Mali and is expected to occur in Q1 2026.
9,135,568 ordinary shares were issued as a result of cashless exercise of 14,000,000 options exercised at $0.30 expiring 30 June 2026.
There are no matters or circumstances which have arisen since the end of the half year which significantly affected or could significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future financial years.
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
18
PREDICTIVE DISCOVERY LIMITED AND CONTROLLED ENTITIES ACN 127 871 877
DIRECTORS’ DECLARATION
The directors of the Company declare that:
-
The interim financial statements and notes, as set out on pages 6 to 18, are in accordance with the Corporations Act 2001 and:
-
(a) comply with Australian Accounting Standard 134 Interim Financial Reporting and the Corporations Regulations 2001 and other mandatory professional reporting requirements; and
-
(b) give a true and fair view of the financial position as at 31 December 2025 and of the performance for the half year ended on that date of the Group;
-
In the directors' opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
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Andrew Pardey Managing Director 23 February 2026
PREDICTIVE DISCOVERY LIMITED INTERIM FINANCIAL REPORT
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INDEPENDENT AUDITOR’S REVIEW REPORT
TO THE MEMBERS OF PREDICTIVE DISCOVERY LIMITED
Report on the Half-Year Financial Report
Conclusion
We have reviewed the half-year financial report of Predictive Discovery Limited (the company) and controlled entities (consolidated entity) which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half-year ended on that date, and notes to the financial statements, including material accounting policy information and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at 31 December 2025, or during the half year.
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of Predictive Discovery is not in accordance with the Corporations Act 2001 including:
-
(a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and of its performance for the half-year ended on that date; and
-
(b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001.
Basis for Conclusion
We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report.
Independence
We are independent of the company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
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Directors’ Responsibility for the Half-Year Financial Report
The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with the Australian Accounting Standards and the Corporations Act 2001 and for such internal controls as the directors determine is necessary to enable the preparation of the halfyear financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities for the Review of the Financial Report
Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the halfyear financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2025 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporation Regulations 2001.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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PKF PERTH
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ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO PARTNER
23 FEBRUARY 2026
PERTH, WESTERN AUSTRALIA
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AUDITOR’S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF PREDICTIVE DISCOVERY LIMITED
In relation to our review of the financial report of Predictive Discovery Limited for the half year ended 31 December 2025, to the best of my knowledge and belief, there have been no contraventions of the auditor independence requirements of the Corporations Act 2001 or any applicable code of professional conduct.
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PKF PERTH
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ALEXANDRA SOFIA BALDEIRA PEREIRA CARVALHO PARTNER
23 February 2026
PERTH,
WESTERN AUSTRALIA
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