Perseus Bid Fades as PDI-Robex Combine to Dominate West African Gold Mining
Predictive Discovery Limited has amended its acquisition deal with Robex Resources, creating a combined gold producer with over 400,000 ounces annual output by 2029 and sidelining Perseus Mining’s competing offer.
- Amended exchange ratio set at 7.862 PDI shares per Robex share
- Combined ownership split – 53.5% PDI, 46.5% Robex shareholders
- Perseus Mining’s acquisition proposal no longer deemed superior
- Projected 400koz+ gold production annually by 2029 from combined projects
- Strong shareholder and management support from both companies
A Strategic Shift in West African Gold
Predictive Discovery Limited (PDI) has announced a significant amendment to its arrangement agreement with Robex Resources Inc., reshaping the landscape of gold mining in West Africa. The revised deal sets an exchange ratio of 7.862 PDI shares for each Robex share, resulting in a combined entity ownership split of approximately 53.5% for PDI shareholders and 46.5% for Robex shareholders. This adjustment effectively sidelines a competing acquisition proposal from Perseus Mining Limited, which the PDI board no longer considers a superior option.
Combining Strengths for Scale and Efficiency
The merger brings together two of the region’s most promising gold projects, PDI’s Bankan Project and Robex’s Kiniero and Nampala Projects. Together, these assets boast combined mineral resources of around 9.5 million ounces of gold and ore reserves of approximately 4.5 million ounces. The combined company is projected to produce over 400,000 ounces of gold annually by 2029, positioning it as a leading gold producer in West Africa.
Beyond production, the deal offers strategic financial flexibility. Cash flows from the Kiniero Project, supplemented by proceeds from recently exercised in-the-money warrants, are expected to fund the development of the Bankan Project. This synergy enhances the combined company’s ability to advance its projects efficiently while managing capital requirements prudently.
Strong Shareholder and Management Backing
Support for the amended agreement is robust. Major Robex shareholders, including the Cohen Group and Eglinton Mining, along with all Robex directors and certain senior management, representing nearly 24% of Robex’s shares, have committed to vote in favor of the transaction. This backing, coupled with positive feedback from several of PDI’s largest shareholders, underscores confidence in the merger’s value proposition and execution certainty.
PDI’s CEO Andrew Pardey highlighted the complementary nature of the combined assets and teams, emphasizing the potential to build one of West Africa’s leading gold producers. He noted the enhanced medium to long-term value for shareholders and the strategic advantages of scale, capital access, and operational expertise.
Market Positioning and Future Outlook
The combined entity is expected to gain greater prominence in capital markets, with potential inclusion in the ASX 200 and VanEck Junior Gold Miners indices. This elevated profile could attract a broader investor base and potentially trigger a share price re-rating. The proximity of the Bankan and Kiniero projects also creates a tier-1 mining hub, offering opportunities for coordinated development and exploration strategies that could unlock further value.
While the transaction awaits shareholder approval at Robex’s rescheduled meeting on 30 December 2025, the amended arrangement agreement marks a decisive step toward consolidating significant gold assets in West Africa under a unified management team with proven regional expertise.
Bottom Line?
As PDI and Robex move closer to merging, the West African gold sector braces for a new powerhouse with the scale and strategy to reshape the region’s mining future.
Questions in the middle?
- Will the remaining Robex shareholders approve the amended arrangement at the postponed meeting?
- How will PDI and Robex integrate operationally to realize projected synergies and production targets?
- What impact will the appeal of permit revocations have on the combined company’s resource base and development timeline?
