# 2025 Annual Report Download file Source Brief: https://evesgoldminers.com/research/source-briefs/predictive-discovery-ltd-2025-10-06-2025-annual-report-download-file-23bf26da Original source: https://wp-predictivediscovery-2024.s3.eu-west-2.amazonaws.com/media/2025/10/FY25-Annual-Report.pdf Original published: 2025-10-06 EGM generated: 2026-09-04 Company: Predictive Discovery Ltd (PDI) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # 2025 Annual Report Download file Source: https://wp-predictivediscovery-2024.s3.eu-west-2.amazonaws.com/media/2025/10/FY25-Annual-Report.pdf Published: 2025-10-06T00:00:00+00:00 Fetched: 2026-05-12T15:49:22.07+00:00 Source artifact: 23bf26da-6390-4360-b20b-0b457006ec94 Normalizer input: text ## Content # 2025 Annual Report Download file ABN 11 127 171 877 2025 Annual Report Contents Overview 03 Highlights 04 About PDI 06 Our Values 08 Chairman’s Letter Strategic Report 12 Managing Director’s Report and Review of Activities 18 Mineral Resources and Ore Reserves Statement 22 Sustainability Review Financial Statements 38 Directors’ Report 46 Remuneration Report (Audited) 60 Consolidated Statement of Profit or Loss and Other Comprehensive Income 61 Consolidated Statement of Financial Position 62 Consolidated Statement of Changes In Equity 63 Consolidated Statement of Cash Flows 64 Notes to the Financial Statements 91 Directors’ Declaration 92 Consolidated Entity Disclosure Statement 93 Auditor’s Independence Declaration 94 Independent Auditor’s Report Additional information 102 Shareholders Information 107 Mineral Tenement Information 108 Corporate Directory 2 Predictive Discovery Limited Overview Strategic Report Financial Statements Additional Information Highlights Positioned Milestones achieved for the De-risking... Environmental & Social Impact Assessment approved and Environmental Compliance Certificate issued, a Next Phase significant de-risking step in the Project’s progression. Exploitation Permit application has advanced to the final stage. Developing... Definitive Feasibility Study completed, reaffirming the Project’s large scale, long mine life and compelling financials. PDI is driving the development of the Bankan Gold Project Financing... (Bankan or the A$69m strategic placement to the Lundin Family and Zijin Mining, providing a strong platform to advance Project) in Guinea, Bankan to a development decision in Q2 2026. West Africa, to deliver long-term Expanding... sustainable returns Maiden Argo Mineral Resource estimate totalling for shareholders 153Koz of gold (Inferred) at the Fouwagbe and Sounsoun deposits1. and stakeholders. Delivering... Shareholder returns of 120%, with the share price rising from A$0.175 to A$0.385 per share during the period. Subsequent to the end of FY25, PDI and Robex Resources Inc. announced a merger of equals to create West Africa’s next mid-tier gold producer2. 1 Refer to Mineral Resources and Ore Reserves Statement and compliance statements on pages 18-20. 2 Refer to ASX announcement “Predictive Discovery & Robex Announce Merger of Equals” dated 6 October 2025. Annual Report 2025 3 About PDI PDI’s strategy PDI completed a Definitive Feasibility Study (DFS) for the Bankan Project in Subsequent to the end of FY25, is to identify June 2025, outlining a ~250koz per PDI and Robex Resources Inc. announced a merger of equals to and develop gold annum operation at all-in sustaining costs (AISC) of US$1,057/oz, an Ore create West Africa’s next mid-tier gold producer3. deposits within Reserve estimate of 2.95Moz and an asset which will deliver significant the Siguiri Basin, returns over its current mine life of Guinea. The 12.2 years2. Company’s key The Government of Guinea approved the Project’s Environmental & Social asset is the Tier-1 Impact Assessment (ESIA) and issued Bankan Gold Project the Environmental Compliance Certificate in January 2025, and the Exploitation Permit application is at an A Mineral Resource Estimate of advanced stage of the Government’s 5.53Moz has been defined to date review process. at the NEB (4.89Moz), BC (487koz), Fouwagbe (119koz) and Sounsoun (34koz) deposits, making Bankan Refer to Mineral Resources and Ore Reserves 1 Statement and compliance statements on pages one of the largest gold discoveries in 18-20. West Africa in the last decade1. The 2 Refer to compliance statements on page 20. Project is also highly prospective for 3 Refer to ASX announcement “Predictive Discovery additional discoveries. & Robex Announce Merger of Equals” dated 6 October 2025. 4 Predictive Discovery Limited Overview Strategic Report Financial Statements Additional Information Investment Case One of the largest gold discoveries in West Africa in Competitive capital cost of US$463m and low AISC a decade, with a 5.53Moz Mineral Resource of US$1,057/oz2. inclusive of a 2.95Moz Ore Reserve1. Compelling financial metrics with a post-tax Significant potential to grow the current Mineral NPV5% of US$1.6bn, IRR of 46% and payback Resource at existing deposits and along the 35km period of <2.0 years at a conservative US$2,400/oz gold super structure within Bankan’s permits. gold price2. Rapidly advancing towards development, with a Highly experienced Board and Management team DFS completed, ESIA approved and Exploitation have developed and operated numerous gold Permit application in the final stage of the mines in Africa, including in Guinea. approvals process. Guinea is an established mining address, with One of Africa’s largest gold development projects, significant production of bauxite and gold, and an with the DFS defining average production of emerging iron ore industry (Simandou). PDI has the ~250Koz per annum over a 12-year full backing of Guinean government. mine life2. Well-funded and a supportive shareholder base. Annual Report 2025 5 Our Values Our values guide our internal decision making and our relationships with external stakeholders. We aim to protect, promote and champion the regions, environments and communities in which we work. PDI plans to unlock the benefits of the Bankan Gold Project for all stakeholders. By putting in place the right people and the right processes, we aim to develop a mine that delivers long-term sustainable growth. Respect for the environment for individuals for community We are committed to We are dedicated to upholding At PDI, we recognise that our environmental stewardship the rights and well-being of success is intrinsically linked and responsible management every person we encounter, to the well-being of the local of natural resources; we strive from our employees to our community. We take pride in to minimise our impact on partners and the communities the ability we have to leave a the local environment as we we serve, fostering a culture of positive and lasting impact on progress towards development inclusivity, fairness, and mutual the local areas that we work in. and operation of the Bankan respect in all our operations. Gold Project. 6 Predictive Discovery Limited Overview Strategic Report Financial Statements Additional Information Teamwork Excellence Together with our contractors, We continuously strive for our collaborative efforts have the highest standards of driven our achievements and performance. It is through enabled us to successfully this dedication to excellence progress through our that we not only meet but exploration programmes and exceed the expectations of into the development phase. our stakeholders as we plan Together, we are stronger, to deliver on the Company’s more innovative, and better strategy. equipped to provide exceptional results and to deliver on the Company’s stated strategy. Annual Report 2025 7 Chairman’s Letter Simon Jackson Non-Executive Chairman Dear shareholders and stakeholders, We are pleased to present PDI’s 2025 Annual Report — another year of significant momentum and delivery of critical milestones as we approach the construction phase of the Bankan Gold Project in Guinea. Our objective remains focused: to From a corporate and financing The merger brings other substantial generate long-term, sustainable value perspective, we were pleased to benefits, including a strengthened for shareholders and stakeholders welcome two highly regarded new leadership team with the experience by advancing the responsible strategic shareholders - the Lundin to develop and operate the combined development of the Bankan Gold family (and their nominees) and portfolio, de-risked development Project into a world-class gold Zijin Mining - through a strategic funding for Bankan through Robex’s operation. FY25 has been a year of placement that raised A$69 million. cash flows and an enhanced capital strategic importance for PDI, achieving markets profile. We believe the multiple milestones that have moved The capital raised provides a strong merger and its benefits strongly the Project much closer to becoming financial platform for PDI to advance position PDI for a re-rate in share a gold mine of significance within the Bankan Gold Project to a price. Guinea and Africa more broadly. development decision in the second quarter of 2026 with the ability to As we move forward, we remain Two key milestones representing conduct selected early works. committed to creating lasting critical steps on the development value for our shareholders, while timeline were achieved: the successful In addition to strengthening the honouring our commitments to the completion of the Definitive Feasibility Company’s balance sheet, the people of Guinea and Mali, and all Study (DFS), building on last year’s addition of these new strategic of our stakeholders. Bringing Kiniero Pre-Feasibility Study (PFS); and the investors further enhanced the quality and Bankan into production will be approval of the Environmental and and depth of our shareholder register, important for Guinea’s emerging Social Impact Assessment (ESIA) highlighting growing confidence in gold mining industry, with the Siguiri by Guinea’s Ministry of Environment PDI and the Bankan Project as one Basin having the exciting potential and Sustainable Development, of the largest and most robust gold to become the hub of one of Africa’s which also issued the Certificate of development projects in Africa. most significant yet underexplored Environmental Compliance (ECC) gold belts. for the Project. These achievements Subsequent to the end of FY25, PDI reflect the strong regulatory announced a transformational merger I extend my sincere gratitude to engagement by our team and growing with Robex Resources Inc. (Robex). our shareholders, partners, the government support for the Bankan Robex’s key assets are the Kiniero Government of Guinea, and local Gold Project. Gold Project in Guinea, which is in communities for their ongoing trust construction and on track to achieve and collaboration. Together, we are first gold pour in December 2025, and building a company that promises the operating Nampala Gold Mine in not only substantial returns but also Mali. The merger places the combined meaningful, sustainable development company on a pathway to becoming for the region. one of West Africa’s leading gold producers1. 8 Predictive Discovery Limited Overview Strategic Report Financial Statements Additional Information I would also like to acknowledge the dedication and professionalism of Andrew Pardey and his entire PDI team. Their commitment and expertise continued to drive the progress of the Bankan Gold Project and has positioned the Company for continued success. It is through their hard work and expertise that we have been able to navigate challenges so far and capitalise on opportunities. I am excited for the next phase in PDI’s lifecycle as we become a West African gold producer of scale and continue to create value for our shareholders and the region. Yours sincerely, Simon Jackson Non-Executive Chairman Refer to ASX announcement “Predictive Discovery & 1 Robex Announce Merger of Equals” dated 6 October 2025. Annual Report 2025 9 Strategic Report 12 Managing Director’s Report and Review of Activities 18 Mineral Resources and Ore Reserves Statement 22 Sustainability Review 10 Predictive Discovery Limited 10 Predictive Discovery Limited Overview Strategic Report Financial Statements Additional Information Annual Report 2024 11 Annual Report 2025 11 Managing Director’s Report and Review of Activities Andrew Pardey Managing Director [Excerpt trimmed for readability. Open the original source for the complete filing or document.]