Predictive Discovery (PDI) Investor Update summary

Project overview and highlights

• Bankan Gold Project is one of Africa's largest and most advanced gold projects, with a 12.2-year mine life and average annual production of ~250,000 ounces at an all-in sustaining cost (AISC) of US$1,057/oz.

• Mineral resource is 5.5Moz with a 3Moz ore reserve, and total gold production is projected at 3.03Moz from 54.5Mt at 1.86g/t Au, with 92.8% recovery.

• Project NPV5% is US$1.6bn at US$2,400/oz gold price, with IRR of 46% and payback under 2 years; at US$3,300/oz, NPV5% rises to US$2.9bn and IRR to 73%.

• Each US$100/oz increase in gold price adds ~US$140m to NPV.

• Environmental Compliance Certificate and ESIA approved in January 2025; exploitation permit application is in its final stage.

Mining, processing, and infrastructure

• Mining strategy includes three open pits (NEB, GBE, BC) and NEB underground, with early underground development to access high-grade ore.

• Open pit strip ratio reduced to 1.9:1 due to steeper wall angles and smaller NEB pit; underground mining uses hybrid long hole open stoping with paste fill.

• Processing plant capacity is 4.5Mtpa, using conventional CIL with gravity recovery; average gold recovery is 92.8%, with 32% recovered through gravity circuit.

• Power supplied by a 32.5MW HFO plant and 30MWp solar farm; water sourced from dewatering bores and TSF.

• Filtered tailings storage facility (TSF) with HDPE lining and zero-discharge design, plus comprehensive surface water and sediment control.

Financial metrics and sensitivities

• Pre-production capital cost is US$463m, with sustaining capital of US$208.6m and closure costs of US$39.6m.

• Project expected to generate >US$250m average annual free cash flow at US$2,400/oz, rising to >US$400m at US$3,300/oz.

• Payback period is less than two years at US$2,400/oz, and just over one year at US$3,300/oz.

• Project economics are robust to changes in key assumptions, with strong leverage to gold price.

• All-in sustaining cost reduced by $100/oz compared to PFS, mainly due to higher feed grade and optimized mining.