Quarterly Activities Report for Period Ended 30 June 2026

Predictive Discovery Limited (PDI) released its Quarterly Activities Report for the period ended June 30, 2026. Production surged 33% quarter-over-quarter to 64,026 oz of gold poured, with 48,924 oz sold. Year-to-date poured stands at 112,204 oz.

Financials show revenue of US$217.3M (+8% QoQ) and a robust cash margin from operations of US$112M. Cash and bullion holdings total US$364.3M, offsetting US$130M in debt (Sprott senior secured facility). All-In Sustaining Costs (AISC) rose 18% QoQ to US$1,408/oz, driven by higher sustaining capex and stripping at Nampala. 2026 AISC guidance remains US$1,300–1,500/oz.

The Kiniéro mine delivered 54,252 oz poured at an AISC of US$1,254/oz, operating at ~9.0 Mtpa throughput. Nampala contributed 9,774 oz poured at a higher AISC of US$1,974/oz.

Bankan project development advanced with FEED completion, detailed design commencement, and key contracts awarded for power, grinding, and tailings. Capital cost remains at US$463M.

Corporate updates include the completed Robex merger, a US$13.8M tax settlement with Guinea, a US$10M strategic investment in Awalé Resources (~11.8% interest), and a proposed name change to "PDI Gold Limited" alongside a 5-for-1 share consolidation.

Guinea's new decree mandates local gold refining by October 6, 2026. PDI is investigating on-site refining options and has already shipped ~33,838 oz post-quarter generating ~US$135.7M in provisional receipts.

Exploration continued at Kiniéro (11,553m) and Nampala (4,277m). Health & safety metrics remain strong with zero recordable injuries.

Predictive Discovery Limited (PDI) reported second-quarter results that highlight strong operational execution and cash generation, reinforcing its capacity to fund the Bankan development. However, the company faces an 18% quarter-over-quarter increase in All-In Sustaining Costs (AISC), a cost creep that warrants monitoring as Nampala’s stripping ratio rises to 4.4 t:t.

Regulatory developments in Guinea present near-term challenges, as the local refining mandate introduces potential operational and capital hurdles. PDI is proactively investigating on-site solutions, though execution risk and timeline pressure remain.

On the strategic front, the completion of the Robex merger and the tax settlement provide fiscal certainty. Additionally, a strategic investment in Awalé Resources offers optionality within the Côte d'Ivoire district. These moves represent incremental strategic steps rather than market-moving surprises. The news is fundamentally positive and aligns with prior expectations for a producing miner scaling output, highlighting cost management and regulatory navigation as immediate priorities without altering the long-term thesis.

Predictive Discovery Limited operates the Kiniéro and Nampala gold mines in Guinea, West Africa. Its flagship project is the Bankan Gold Project, located in the Peripheral Zone of the Upper Niger National Park near Kouroussa.

A definitive feasibility study (DFS) released in June 2025 outlines a 12.2-year mine life with approximately 250,000 ounces per year (koz/yr) of average production at a processing rate of 4.5 million tonnes per annum (Mtpa). The company reports a total mineral resource of 5.53 million ounces (Moz) and an ore reserve of 2.95 moz grading 1.78 grams per tonne (g/t) gold.

Economic parameters include a pre-production capital expenditure (capex) of US$463 million. At a gold price of US$2,400/oz, the life-of-mine (LOM) all-in sustaining costs (AISC) are estimated at approximately US$1,057/oz. Net present value at a 5% discount rate (NPV5%) ranges from US$1.6 billion at US$2,400/oz to US$2.9 billion at US$3,300/oz. Internal rate of return (IRR) is projected between 46% and 73%, with a payback period of 1.9 years.

The management team brings extensive African and Guinea-specific experience, supported by a board focused on environmental, social, and governance (ESG) standards and legal compliance.