2025 Annual Report Download file

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# 2025 Annual Report Download file

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Published: 2025-10-06T00:00:00+00:00
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# 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

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