PDI Gold (PDI) Q3 2026 TU earnings summary

Executive summary

• Completed merger with Robex, forming a leading West African gold platform targeting 400,000 ounces annual production by 2029.

• Kiniéro achieved commercial production in February 2026, driving a 308% increase in group gold output and strong cash generation.

• Combined group produced 48,178oz at an AISC of US$1,192/oz, with Kiniéro contributing 38,178oz at US$1,043/oz and Nampala 10,000oz at US$1,699/oz.

• Pro-forma cash balance reached US$263M, supporting a robust financial platform for future growth.

• Bankan project execution planning advanced, targeting construction readiness post-exploitation permit award.

Financial highlights

• Revenue for the quarter was US$201M, up 321% quarter-on-quarter, driven by Kiniéro ramp-up and higher sales volumes.

• Cash margin from operations was US$139M, with free cash flow of US$90M after US$37M in capex, mainly for Kiniéro construction.

• Group AISC improved 37% quarter-over-quarter to US$1,192/oz, reflecting lower-cost production from Kiniéro.

• Pro-forma cash at quarter-end was US$263M, with pro-forma debt of US$130M.

• Gold production totaled 48,178 ounces, up 308% from the previous quarter.

Outlook and guidance

• 2026 gold production guidance: 198,000–220,000 ounces (Kiniéro: 157,000–174,000; Nampala: 41,000–46,000).

• Cost guidance to be provided after two full quarters of Kiniéro production.

• Bankan and Mansounia mining permits expected within 3–6 months, enabling final investment decision and construction.

• Exploration spend planned at AUD 13 million for Kiniéro and AUD 6.6 million for Nampala in 2026.

• Exploration at Kiniéro, Nampala, and Bankan aimed at increasing resources and extending mine life.