Predictive Discovery (PDI) Q4 2025 TU earnings summary

Executive summary

• Definitive Feasibility Study (DFS) for the Bankan Gold Project released, confirming large scale, long mine life, and strong financials, with production averaging 250koz/year over 12.2 years and total output of 3.03Moz from 54.5Mt at 1.86g/t Au.

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

• Updated Probable Ore Reserve of 51.6Mt at 1.78g/t for 2.95Moz Au; construction scheduled to start Q2 2026, with commercial production in Q2 2028.

• Maiden Mineral Resource estimates for Fouwagbe (119koz) and Sounsoun (34koz) announced, increasing total project resource to 5.53Moz.

• Exploitation Permit application in final review stages with Guinean authorities.

Financial highlights

• All-in sustaining costs (AISC) estimated at US$1,057/oz, with C1 cash costs at US$841/oz.

• Pre-tax NPV5% of US$2.28bn and IRR of 58% at US$2,400/oz; pre-tax NPV5% of US$4.02bn and IRR of 89% at US$3,300/oz.

• Pre-production capital cost of US$463m, including US$34m contingency.

• As of 30 June 2025, cash balance was A$69.1m with no debt; fully funded through to final investment decision in Q2 2026.

• Quarterly exploration and evaluation expenditure was A$6.1m, with A$3.0m for drilling and fieldwork.

Outlook and guidance

• Focus on securing the Exploitation Permit and commencing project financing.

• Execution readiness activities to begin, including project management team formation and engineering preparation.

• Regional exploration on hold pending resolution of Argo and Bokoro permit status.

• Commercial production targeted for Q2 2028.