Predictive Discovery’s Bankan Project Holds 5.38Moz Gold Despite Permit Revocations
Predictive Discovery faces revocation of key exploration permits in Guinea but retains critical Bankan project permits, with exploitation application progressing through regulatory channels.
- Guinea's Ministry of Mines revokes over 100 exploration permits including Argo and Bokoro
- Kaninko and Saman permits for Bankan Gold Project remain unaffected
- Bankan exploitation permit application advances to National Mining Commission
- Predictive Discovery plans to appeal permit revocations under Guinea's Mining Code
- Updated mineral resource estimates reaffirm Bankan project's significant gold resources
Permit Revocations Shake Up Guinea Operations
In a surprising regulatory move, Guinea's Ministry of Mines and Geology announced the revocation of more than 100 exploration permits on the evening of 26 May 2025. Among those affected are the Argo and Bokoro exploration permits held by Predictive Discovery Limited (ASX:PDI), a key player in the region's gold exploration sector. However, the announcement notably excluded the Kaninko and Saman permits, which are central to the Bankan Gold Project and its ongoing exploitation permit application.
Bankan Project Permits Remain Intact
The Kaninko and Saman permits contain the lion's share of the Bankan Gold Project's mineral resources, accounting for approximately 5.38 million ounces of gold out of the total 5.53 million ounces estimated. This distinction is critical, as it means the core assets underpinning Predictive Discovery's flagship project remain secure despite the broader permit revocations. The company has yet to receive formal notification from the Guinean government regarding the revocations but has committed to appealing the decision in accordance with the country's Mining Code.
Progress on Exploitation Permit Application
Amid the permit turmoil, Predictive Discovery has reported positive developments in its Bankan exploitation permit application. The application recently passed review by Guinea's Comité Technique des Titres (Technical Committee of Titles) and has been forwarded to the Commission Nationale des Mines (National Mining Commission) for further consideration. This progression signals ongoing regulatory engagement and a potential pathway toward operational advancement for the Bankan project.
Resource Estimates Reinforce Project Value
The announcement also reaffirmed the mineral resource estimates for the Bankan project deposits, including the NEB, BC, Fouwagbe, and Sounsoun deposits. Notably, the Argo inferred mineral resources, though impacted by the revocations, represent only 2.8% of the company's overall mineral resources. This context helps mitigate concerns about the immediate impact of the permit revocations on the company's resource base.
Looking Ahead Amid Uncertainty
While the revocation of the Argo and Bokoro permits introduces regulatory risk and potential operational disruption, Predictive Discovery's focus remains on navigating the appeal process and advancing the Bankan exploitation permit. The company's proactive engagement with Guinea's mining authorities and the continued progress of its permit application suggest a measured approach to managing these challenges.
Bottom Line?
Predictive Discovery’s next moves in appealing permit revocations and securing exploitation rights will be pivotal for its Guinea ambitions.
Questions in the middle?
- What is the timeline and likelihood of a successful appeal against the revoked permits?
- How might the revocations affect Predictive Discovery’s exploration strategy and project timelines?
- What are the broader implications for mining permit stability in Guinea’s gold sector?
