Permit Uncertainties and Financing Key Risks as Bankan Gold Project Advances DFS

Project Overview and Location

Predictive Discovery Limited (PDI) has released a comprehensive definitive feasibility study (DFS) for its Bankan Gold Project, located in the Siguiri Basin of northeastern Guinea. The project area lies approximately 450 km east-northeast of Conakry and near the regional city of Kouroussa, within the Peripheral Zone of the Upper Niger National Park. The DFS, effective as of July 31, 2025, covers four contiguous exploration permits and focuses on the NEB, BC, and GBE deposits.

Resource and Reserve Highlights

The Bankan Gold Project boasts a total probable mineral reserve of 51.6 million tonnes at an average grade of 1.78 grams per tonne gold, containing approximately 2.95 million ounces of gold. This reserve is split between open pit mining (43.7 Mt at 1.39 g/t) and underground mining (7.9 Mt at 3.95 g/t), with the NEB deposit providing the majority of the ore. The mineral resource estimate includes a total indicated resource of 83.7 Mt at 1.54 g/t and an inferred resource of 16.8 Mt at 2.28 g/t, demonstrating significant scale and potential for expansion.

Mining and Processing Plans

The project will employ a combination of conventional truck and shovel open pit mining alongside mechanised underground mining using transverse and longitudinal long hole open stoping with paste backfill. The processing plant is designed for a throughput of 4.5 million tonnes per annum, incorporating separate crushing circuits for fresh and weathered ore, followed by grinding, gravity recovery, carbon-in-leach (CIL), and cyanide detoxification. Metallurgical testwork confirms the ore’s amenability to conventional processing with expected gold recoveries averaging over 90%.

Economic Viability and Financial Metrics

At a consensus gold price of US$2,400 per ounce, the DFS projects a post-tax net present value (NPV5%) of US$1.445 billion and an internal rate of return (IRR) of 46%, with a payback period of under two years. The all-in sustaining cost (AISC) is estimated at US$1,050 per ounce, reflecting competitive operating efficiencies. Sensitivity analyses indicate the project’s robustness to fluctuations in gold price, grade, and operating costs.

Environmental and Social Considerations

The project has secured an environmental compliance certificate from Guinea’s Ministry of Environmental and Sustainable Development, following a detailed Environmental and Social Impact Assessment (ESIA). PDI has developed comprehensive environmental and social management plans addressing biodiversity, water management, community health and safety, cultural heritage, and economic resettlement. The project includes a Resettlement and Compensation Policy Framework to manage land acquisition impacts and livelihood restoration, with ongoing community engagement planned.

Next Steps and Project Readiness

PDI recommends progressing with execution readiness and front-end engineering design (FEED) programs in parallel with securing project funding. The company is actively engaging with financiers and contractors to advance the project towards final investment decision and construction commencement. While certain exploration permits remain under renewal review by the Guinean government, PDI is confident in resolving these matters. The DFS confirms the Bankan Gold Project’s technical and economic viability, positioning it as a significant new gold development in West Africa.