28 Apr 2026

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# 28 Apr 2026

Source: https://pdi.live.irmau.com/pdf/e9a68fcd-d610-4a3d-99c7-af47b7c34f63/Quarterly-ActivitiesAppendix-5B-Cash-Flow-Report.pdf?Platform=ListPage
Published: 2026-04-28T00:00:00+00:00
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# 28 Apr 2026
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.
HIGHLIGHTS1
• 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$10 million term deposit maturing on 9
April 2026.
Predictive Discovery Limited ASX: PDI, TSX: PDI
ABN 11 127 171 877 predictivediscovery.com
4 Charles Street, South Perth WA 6151
T +61 8 9216 1000
SUMMARY OPERATIONAL AND FINANCIAL METRICS
Units Mar-26 Quarter Dec-25 Quarter Var %
Gold Production oz 48,178 11,818 308%
Gold Sales oz 41,799 11,272 271%
Average Realised Price US$/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$10 million maturing on 9 April 2026.
Page 2 of 15
OPERATIONS AND PROJECTS
Kiniero Gold Mine, Guinea
Units Mar-26 Quarter Dec-25 Quarter Var %
Financial Summary
Gold Production (Poured) oz 38,178 790 4,733%
Gold Sales oz 32,306 - -
Average Realised Price US$/oz 4,808 - -
AISC US$/oz 1,043 - -
Production Summary
Ore Mined dmt 2,137,273 1,133,860 88%
Total Material Mined dmt 5,105,131 2,345,251 118%
Stripping Ratio t:t 1.4 1.1 30%
Processed Ore dmt 1,607,851 126,998 1,166%
Head Grade g/t 0.87 0.96 (9%)
Recovery % 90.1 80.0 13%
Gold Recovered5 oz 40,573 3,131 1,196%
• Total Material Mined: During the March 2026 quarter, total material mined increased to 5,105,131
tonnes, up 118% from 2,345,251 tonnes in the December 2025 quarter. This included 2,137,273 tonnes
of ore mined, an 88% increase quarter-on-quarter, with the balance comprising waste material. The
strong uplift reflects increased mining activity and higher operational output across active pit areas,
demonstrating strong operational mining performance.
• Ore Processed: 1,607,851 tonnes of ore were processed during the March 2026 quarter, up from 126,998
tonnes in the December 2025 quarter. The increase reflects substantially higher plant throughput
compared to the prior period, which was characterised by limited processing activity and staged
commissioning of equipment, including crushers and milling circuits.
• Head Grade: Average head grade for the March 2026 quarter was 0.87g/t, a decrease of 9% from 0.96g/t
in the December 2025 quarter. The reduction reflects the processing of a broader ore blend as mining
activities expanded across different zones of the orebody.
• Recovery: Gold recovery for the March 2026 quarter improved to 90.1%, up from 80.0% in the December
2025 quarter. The improvement reflects strong metallurgical performance, with enhanced process
stability and improved overall recovery across the processing plant.
5
Gold recovered differs from the figure reported on 7 April by Robex following reconciliation adjustments and updates to smelter returns.
Page 3 of 15
Nampala Gold Mine, Mali
Units Mar-26 Quarter Dec-25 Quarter Var %
Financial Summary
Gold Production (Poured) oz 10,000 11,028 (9%)
Gold Sales oz 9,493 11,272 (16%)
Average realised price US$/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.
Page 4 of 15
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 G

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