29 Jan 2026

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# 29 Jan 2026

Source: https://pdi.live.irmau.com/pdf/80334919-746e-4591-91e7-b7764423ac0b/Quarterly-ActivitiesAppendix-5B-Cash-Flow-Report.pdf?Platform=ListPage
Published: 2026-01-29T00:00:00+00:00
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# 29 Jan 2026
29 January 2026
QUARTERLY ACTIVITIES REPORT FOR
PERIOD ENDING 31 DECEMBER 2025
Predictive Discovery Limited (ASX:PDI) (“PDI” or the “Company”) is pleased to provide a summary of
activities for the December 2025 quarter. PDI announced a merger with Robex Resources Inc. (“Robex”),
which was approved by Robex shareholders at a shareholder meeting in late December 2025. Planning for
the execution phase of PDI’s Bankan Gold Project in Guinea (“Bankan” or “the Bankan Project”) has continued
and the Exploitation Permit application remains in the final stage of the Government’s review process and is
awaiting sign-off.
HIGHLIGHTS
Merger with Robex1
• PDI and Robex announced a merger of equals in October 2025 to create West Africa’s next mid-tier
gold producer by combining two of the continent’s largest, lowest-cost and most advanced projects.
o Combined production expected to exceed 400kozpa Au2 by 2029. Combined Mineral
Resources of approximately 9.5Moz Au3 with significant upside potential.
o Merger will establish a significant gold mining hub in Guinea’s Siguiri Basin, drive economic
growth, strengthen local employment, infrastructure and services and build lasting local
partnerships.
o Development funding for PDI’s Bankan Project will be significantly de-risked by leveraging cash
flows from Robex’s Kiniero Project and the recent exercise of Robex’s in-the-money warrants.
o Combined leadership team, led by Andrew Pardey as Non-Executive Chairman and Matthew
Wilcox as CEO and Managing Director, possesses a proven in-country track record and skill
set to develop and operate the combined portfolio.
o Enhanced scale, multi-asset portfolio and proposed dual listing will boost the combined
company’s capital markets profile, paving the way for a potential share price re-rate.
• 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.
1 Refer to PDI announcements “Predictive Discovery & Robex Announce Merger of Equals” dated 6 October 2025, “PDI Announces Amended Agreement with Robex dated 11 December 2025 and
“Robex Shareholders Vote in Favour of Merger with PDI” dated 31 December 2025.
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 Predictive 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 by Robex 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”). Refer to Compliance Statements on pages 8-11 for relevant disclosures.
3 Pro forma Mineral Resource estimate based on the aggregate Mineral Resource estimates (with rounding): (i) of PDI as released to ASX in PDI’s announcements titled “Bankan Mineral Resource
Increases to 5.38Moz” dated 7 August 2023 (for NEB and BC) and “Maiden Argo Mineral Resource Estimate of 153koz” dated 23 April 2025 (for Fouwagbe and Sounsoun) and; (ii) of Ro bex as
released to ASX in Robex’s announcements titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 (for the Kiniero Project) and “Replacement Prospectus” dated 6 May
2025 (for the Nampala Project). Pro forma Mineral Resource estimate is comprised of 6.6Moz Measured and Indicated Mineral Resources and 2.9Moz Inferred Mineral Resources. Mineral Resources
are inclusive of Ore Reserves. Refer to Compliance Statements on pages 8-11 for individual Mineral Resource and Ore Reserve estimates of each of PDI and Robex, and other relevant disclosures.
Predictive Discovery Limited
ABN 11 127 171 877
Suite 8, 110 Hay Street, Subiaco WA 6008
T +61 8 9216 1000
Bankan Development and Funding
• Execution-readiness planning continued with various key preparatory workstreams completed.
• Discussions continued with potential financiers regarding Bankan’s construction funding.
Bankan Permitting and Sustainability
• Engagement with the Government of Guinea continued in relation to the Exploitation Permit
application, which remains in the final stage awaiting issuance to PDI’s local subsidiary.
• Development and implementation of key environmental and social management and action plans
advanced materially during the quarter.
• Land access, resettlement and livelihood restoration processes commenced on the ground following
regulatory validation of the scoping report and terms of reference.
• Community engagement and grievance mechanism training activities were rolled out across nearby
villages.
• Community projects supporting education, water access and local infrastructure continued.
Corporate
• PDI had A$43.0m in cash and no debt as of 31 December 2025.
March 2026 Quarter Planned Activities
• Collaboration with Robex on the tasks required to facilitate completion of the merger in the first
quarter of 2026.
• Continue to develop execution plans for Bankan’s construction in collaboration with Robex and its
development team. Advance the required environmental and social management plans and activities.
• Continue discussions with potential financiers regarding funding for development of Bankan.
• Maintain dialogue with the Government of Guinea regarding the Exploitation Permit application.
Page 2 of 12
MERGER WITH ROBEX
Status Update
On 6 October 2025, PDI and Robex announced that the companies had entered into a definitive arrangement
agreement (“Robex Arrangement Agreement”) to combine in a merger of equals, whereby PDI would acquire
all of the issued and outstanding common shares of Robex by way of a statutory plan of arrangement under
the Business Corporations Act (Quebec) (the “Transaction”).
On 3 December 2025, PDI announced the receipt of an unsolicited proposal from Perseus Mining Limited
(“Perseus”) for the acquisition of all of the issued and ordinary shares of PDI not already owned by Perseus
in exchange for 0.136 new ordinary shares in Perseus, to be implemented by way of a scheme of arrangement
(“Perseus Acquisition Proposal”).
The PDI Board of Directors determined that the Perseus Acquisition Proposal constituted a “Superior
Proposal” and therefore triggered the five business day matching period under the Robex Arrangement
Agreement, during which Robex had the right to provide a matching or superior proposal.
On 11 December 2025, PDI and Robex announced an amendment to the Robex Arrangement Agreement,
whereby the exchange ratio was amended to 7.862 PDI shares for each Robex share, which will result in
53.5% and 46.5% ownership of the combined company by PDI and Robex shareholders, respectively, on a
fully diluted basis. As a result, the Perseus Acquisition Proposal was no longer considered a Superior Proposal
as the amended PDI-Robex combination offers greater medium to long-term value for PDI shareholders and
enhanced transaction execution certainty with clear support from several major PDI shareholders.
Robex shareholders approved the Transaction at a special meeting held on 30 December 2025, with 94.54%
of votes recorded in favour.
Subsequent to the end of the quarter, on 13 January 2026, Robex obtained a final order from the Québec
Superior Court approving the Transaction.
Closing of the Transaction is subject to the satisfaction of the remaining closing conditions, including receipt
of the consents of the Governments of Guinea and Mali, and is expected to occur in Q1 2026.
Strategic Rationale
The Transaction combines two of the potentially largest, lowest-cost and most advanced gold projects in
West Africa, placing the combined company on a pathway to becoming one of West Africa’s leading gold
producers, with expected production exceeding 400kozpa Au4 by 2029, combined Mineral Resources of
approximately 9.5Moz Au5 and combined Ore Reserves of approximately 4.5Moz Au.6
4 Refer to footnote 2 for further information.
5 Refer to footnote 3 for further information.
6 Pro forma Ore Reserve estimate based on the aggregate Ore Reserve estimates (with rounding): (i) of PDI as released to ASX in PDI’s announcement titled “Bankan DFS Confirms Outstanding
Project Economics” dated 25 June 2025; and (ii) of Robex as released to ASX in Robex’s announcements titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 (for the
Kiniero Project) and “Replacement Prospectus” dated 6 May 2025 (for the Nampala Project), and as set forth in the Kiniero Tec hnical Report and the Nampala Technical Report. Refer to Compliance
Statements on pages 8-11 for the individual Ore Reserve estimates of each of PDI and Robex, and other relevant disclosures.
Page 3 of 12
PDI’s key asset is the Bankan Project in Guinea, which has estimated average production of approximately
250kozpa Au over 12 years,7 and is advancing towards a final investment decision targeted for the second
quarter of 2026. Robex achieved first gold production from its Kiniero Project in Guinea in December 2025,
with the operation expected to produce an average of 139kozpa Au over 9 years.8 Robex also operates the
Nampala gold mine (“Nampala Project”) in Mali, which is forecast to produce 46-47koz Au in 2025.9
Figure 1: PDI and Robex’s Guinea projects
The Transaction significantly de-risks Bankan’s funding, with significant cash flows expected to be generated
from the Kiniero Project which, together with proceeds from the recent exercise of Robex warrants, can
support development of the Bankan Project. Robex’s leading development team can also move from the
Kiniero Project’s construction to the Bankan Project’s development, applying lessons learned and optimizing
workforce deployment.
Furthermore, the proximity of the Bankan Project and the Kiniero Project creates a tier-1 mining hub within
Guinea, with potential for meaningful upside, coordinated development, operating and exploration
strategies, and enhanced ability to leverage in-country resources.
The combined company will be led by a combined board and management team with a proven in-country
track record and complementary skill set to develop and operate mines in West Africa, and with extensive
experience working within dual-listed and large mining companies in Africa.
7 Refer to PDI announcement “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025 and Compliance Statements on pages 8-11 for relevant disclosures.
8 Refer to Robex announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 and Compliance Statements on pages 8-11 for relevant disclosures.
9 Refer to Robex announcement “Management Discussion & Analysis (30 June 2025)” dated 14 August 2025 and Compliance Statements on pages 8-11 for relevant disclosures.
Page 4 of 12
Andrew Pardey will act as Non-Executive Chairman of the combined company (current Chief Executive
Officer and Managing Director of PDI). The management team of the combined company will be led by
Matthew Wilcox as Chief Executive Officer and Managing Director (current Chief Executive Officer and
Managing Director of Robex) and Alain William as Executive Director, Go

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