Predictive Discovery & Robex Announce Merger of Equals
Pathway to Becoming One of West Africa’s Leading Gold Producers
TRANSACTION HIGHLIGHTS
- Creates West Africa's next mid-tier gold producer by combining two of the continent's largest, lowest-cost, and most advanced projects.
- Combined production expected to exceed 400kozpa Au1 by 2029.
- Combined Mineral Resources of approximately 9.5Moz Au2 inclusive of Ore Reserves3 of approximately 4.5Moz Au4 with significant exploration upside potential.
- Transaction will drive economic growth in Guinea, strengthen local labour force, enhance critical infrastructure and services, and build lasting local partnerships.
- Development funding for PDI's Bankan project (the "Bankan Project") will be significantly de-risked by leveraging cash flows from Robex's Kiniero project (the "Kiniero Project") and the ongoing exercise of Robex's in-the-money warrants and options.
- Combined leadership team, led by Andrew Pardey as Non-Executive Chairman and Matthew Wilcox as CEO and Managing Director, possesses a proven in-country track record and skill set to develop and operate the combined portfolio.
- Tier-1 mining hub in Guinea established by proximity of PDI's Bankan Project and Robex's Kiniero Project, located within a 30km radius of each other.
- Enhanced scale, multi-asset portfolio and proposed dual listing will boost the combined company's capital markets profile, paving the way for a potential share price re-rate.
- All directors and certain executive officers of Robex, as well as two of Robex's largest shareholders, which collectively own approximately 25.5% of Robex's outstanding common shares ("Robex Shares"), have entered into voting support agreements with PDI (as defined below).
PERTH, Australia and QUEBEC CITY, Oct. 05, 2025 (GLOBE NEWSWIRE) -- Predictive Discovery Limited (“PDI”) (ASX: PDI) and Robex Resources Inc. (“Robex”) (TSX-V: RBX, ASX: RXR) are pleased to announce that they have entered into a definitive agreement to combine in a merger of equals, whereby PDI will acquire all of the issued and outstanding Robex Shares by way of a statutory plan of arrangement under the Business Corporations Act (Quebec) (the “Transaction”). Following completion of the Transaction, the combined company will remain listed on the Australian Securities Exchange (“ASX”) and will apply to list PDI’s ordinary shares (“PDI Shares”) on the TSX Venture Exchange (“TSX-V”).
TRANSACTION DETAILS
PDI and Robex entered into a definitive arrangement agreement dated 5 October 2025 (the “Agreement”), pursuant to which PDI will indirectly acquire all of the issued and outstanding Robex Shares by way of a statutory plan of arrangement under the Business Corporations Act (Quebec) (the “Plan of Arrangement”).
Under the Plan of Arrangement and in accordance with the terms of the Agreement, Robex shareholders will receive 8.667 PDI Shares for each Robex Share (the “Exchange Ratio”) held immediately prior to the effective time of the Transaction (the “Effective Time”).
In connection with closing of the Transaction, PDI expects to issue an aggregate of approximately 2,115 million PDI Shares to Robex shareholders, based on the Robex Shares outstanding as at the date of this announcement. PDI may also issue up to approximately 497 million additional PDI Shares subject to conversion of any Robex convertible securities into Robex Shares prior to the Effective Time, including up to approximately 281 million PDI Shares from the conversion of Robex’s 32.38 million warrants with an exercise price of C$2.55 per warrant, which recently had the expiry date accelerated to 18 October 2025.5
Following completion of the Transaction, existing PDI shareholders and former Robex shareholders will own approximately 51% and 49% respectively of the combined company on a fully diluted in-the-money basis. The implied market capitalization of the combined company is estimated at A$2,350 million (C$2,168 million) on a fully diluted in-the-money basis.6
Under the Plan of Arrangement and in accordance with the Agreement, any of Robex’s convertible securities, including its outstanding warrants, options and other incentive securities, which are not exercised prior to the Effective Time will remain outstanding in accordance with their terms and, after the Effective Time, will be exercisable for PDI Shares in lieu of Robex Shares, provided that the number of PDI Shares and exercise price for each PDI Share will each be adjusted based on the Exchange Ratio.
The combined company will be led by a combined board and management team of experienced mining and business leaders, bringing together their respective strengths and capabilities. The Transaction is expected to close in December 2025 or early 2026.
PDI and Robex will host two joint webcasts today, which investors and analysts are encouraged to join using the links provided further below in this announcement.
STRATEGIC RATIONALE FOR THE TRANSACTION
PDI’s key asset is the Bankan Project in Guinea, which has estimated average production of approximately 250koz per annum over 12 years,7 and is advancing towards a final investment decision targeted for the second quarter of 2026. Robex is currently constructing the Kiniero Project in Guinea, which is on schedule to achieve first gold production in December 2025 and is expected to produce an average of 139koz per annum over 9 years.8 Robex also operates the Nampala gold mine (“Nampala Project”) in Mali, which is forecast to produce 46-47koz in 2025.9
Key strategic, financial and operational advantages of the combined company include the following:
- Pathway to becoming one of West Africa’s leading gold producers: Combines two of the potentially largest, lowest cost and most advanced gold projects in West Africa, enhancing scale, access to capital, strategic relevance and competitiveness; the combined company is expected to have +400kozpa Au10 of production by 2029, combined Mineral Resources of approximately 9.5Moz Au11 and combined Ore Reserves of approximately 4.5Moz Au.12
- Flexibility through leveraging cash flows from Robex to fund development of the Bankan Project: Significant cash flows expected to be generated from the Kiniero Project and the ongoing exercise of in-the-money warrants and options, which can support development of the Bankan Project.
- Right management and board skill set to drive value creation: Strengthened team with a proven in-country track record and complementary skill set to develop and operate mines in West Africa, and with extensive experience working within dual-listed and large mining companies in Africa. Robex’s leading development team are ready to move from the Kiniero Project’s construction to the Bankan Project’s development, applying lessons learned and optimizing workforce deployment.
- Potential for meaningful upside: Proximity of the Bankan Project and Kiniero Project creates a tier-1 mining hub with potential for meaningful upside, coordinated development, operating and exploration strategies, and enhanced ability to leverage in-country resources.
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Enhanced capital markets presence: Greater scale and multi-asset nature of the combined company, with potential inclusion in the ASX 200 and VanEck Junior Gold Miners (“GDXJ”) indices, enhancing its relevance and attractiveness to investors, positioning it for a potential share price re-rate.
Andrew Pardey, Chief Executive Officer and Managing Director of PDI, commented: “By combining two of West Africa’s largest and most advanced gold development projects and leveraging the proven track record of both management teams in Africa, we are creating a company that positions Guinea to become one of Africa’s top five gold producers. The new, diversified company will not only further de-risk our flagship Bankan Project, but also deliver enduring value for shareholders, the communities where we operate and Guinea as a whole.”
Matthew Wilcox, Chief Executive Officer and Managing Director of Robex, commented: “This combination marks a transformative step for both companies, creating a platform with the scale, assets and capability to deliver long-term value. As incoming CEO and Managing Director of the combined company, I am excited to lead a team that brings together deep operational experience, proven development expertise and a shared commitment to responsible growth in West Africa. I look forward to overseeing the successful commissioning of the Kiniero Project and rapidly advancing the development of the Bankan Project.”
BOARD
Andrew Pardey, Chief Executive Officer and Managing Director of PDI, will act as Non-Executive Chairman of the combined company. The management team of the combined company will be led by Matthew Wilcox as Chief Executive Officer and Managing Director (Chief Executive Officer and Managing Director of Robex) and Alain William as Executive Director, Government Relations and Legal (Chief Financial Officer of Robex). Non-Executive Directors of the combined company will be Simon Jackson (Lead Independent), Steven Michael, Alberto Lavandeira and Howard Golden.
TRANSACTION AND THE PLAN OF ARRANGEMENT
The Transaction is subject to the satisfaction of closing conditions customary for a transaction of this nature, including the approval of the Superior Court of Québec and the TSX-V. The Transaction will also require the approval of at least 66⅔% of the votes cast in person or proxy by the shareholders of Robex voting at a special meeting of Robex shareholders (the “Robex Meeting”), and, if required under Canadian law, a simple majority of the votes cast by Robex shareholders excluding for this purpose the votes held by any person required under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Transaction will not require PDI shareholder approval.
The Agreement includes customary representations and warranties for a transaction of this nature as well as customary interim period covenants regarding the operation of Robex’s and PDI’s businesses. The Agreement also includes customary reciprocal deal protections, including fiduciary-out provisions, non-solicitation covenants, and a right to match any superior proposals. The Agreement includes reciprocal termination fees of A$37 million payable by PDI or Robex, as applicable, in the event the Agreement is terminated in certain circumstances.
The ASX has granted certain ASX Listing Rule waivers to PDI in relation to the Transaction, details of which are provided in the separate announcement released by PDI today entitled “ASX Listing Rule Waivers Granted in Relation to Robex Merger.”
Full details of the Transaction will be included in a management information circular of Robex (the “Robex Circular”) that will be delivered to Robex shareholders in advance of the Robex Meeting, which is anticipated to be held in December 2025.
Copies of the Robex Circular and the Agreement will be available under Robex’s profile on SEDAR+ (www.sedarplus.ca).
PDI and Robex shareholders do not need to take any actions in relation to the Transaction at this time.
VOTING SUPPORT AGREEMENTS
Two of Robex’s largest shareholders, the Cohen Group and Eglinton Mining, who in aggregate own approximately 25.2% of the issued and outstanding Robex Shares, have entered into separate voting support agreements with PDI pursuant to which they have agreed to vote their Robex Shares in favour of the Transaction at the Robex Meeting.
Additionally, all of the directors and certain members of senior management of Robex, who in aggregate own approximately 0.3% of the issued and outstanding Robex Shares, have entered into voting support agreements with PDI pursuant to which they agreed to vote their Robex Shares in favour of the Transaction at the Robex Meeting.
BOARD OF DIRECTORS’ RECOMMENDATIONS
After consultation with its outside financial and legal advisors, the board of directors of PDI (the “PDI Board”) unanimously approved the Transaction.
Robex appointed a special committee of independent directors (the “Robex Special Committee”) to consider and make a recommendation to the board of directors of Robex (the “Robex Board”) with respect to the Transaction. Based on the unanimous recommendation of the Robex Special Committee, and after consultation with its outside financial and legal advisors, the Robex Board unanimously approved the Transaction and has determined that the Transaction is in the best interests of Robex, and that the consideration to be received by Robex shareholders pursuant to the Transaction is fair, from a financial point of view, to the Robex shareholders. The Robex Board unanimously recommends that Robex shareholders vote in favour of approving the Transaction at the Robex Meeting.
FAIRNESS OPINIONS
Canaccord Genuity Corp. has provided a fairness opinion to the Robex Board and Cormark Securities Inc. has provided a fairness opinion to the Robex Special Committee (the “Fairness Opinions”), to the effect that, as of the date of each such Fairness Opinion, and based upon and subject to the assumptions, limitations and qualifications set forth therein, the consideration to be received by Robex shareholders pursuant to the Transaction is fair, from a financial point of view, to the Robex shareholders.
ROBEX SPROTT FACILITY
Robex has received formal lender consent under its Syndicated Facility Agreement for the merger with PDI.
The Syndicated Facility Agreement will remain in place and continue to support construction activities at the Kiniero Gold Project.
ADVISORS
PDI has engaged BMO Capital Markets and SCP Resource Finance LP as financial advisors, Fasken Martineau DuMoulin LLP as Canadian legal advisor, and Herbert Smith Freehills Kramer as Australian legal advisor. GenCap Mining Advisory has been engaged as financial advisor to the PDI Board.
Robex has engaged Canaccord Genuity as financial advisor, Peloton Legal Pty Ltd as Australian legal advisor, Osler, Hoskin & Harcourt LLP as Canadian legal advisor, with Simmons & Simmons LLP providing support on local in-country matters and Crux Law Pty Ltd on debt financing matters. Cormark Securities Inc. has been engaged as financial advisor to the Robex Special Committee.
WEBCAST DETAILS
PDI and Robex will jointly host two webcasts for investors and analysts to discuss the Transaction. Investors and analysts wishing to ask a question are encouraged to join the webcasts and submit questions through the Q&A function. Timing and links for the webcasts are as follows:
| Aus AEDT | UK BST | Nth Amer. EDT | Link |
| 11:00am, 6 Oct | 1:00am, 6 Oct | 8:00pm, 5 Oct | https://us06web.zoom.us/webinar/register/WN_B0mWub6JRBGK_NsxODMqiQ |
| 11:00pm, 6 Oct | 1:00pm, 6 Oct | 8:00am, 6 Oct | https://us06web.zoom.us/webinar/register/WN_xtuMe7cUQGqHcb2ll1j4jQ |
The webcasts will be posted as soon as possible after the event for playback on both PDI’s website (predictivediscovery.com) and Robex’s website (robexgold.com).
This joint ASX Announcement has been authorised for release by the PDI Board and the Robex Board.
For further information:
|
PDI Investor Enquiries Andrew Pardey Managing Director & CEO |
Media Enquiries (UK/Global) Bobby Morse / Louise Mason-Rutherford Burson Buchanan E: predictive@buchanancomms.co.uk P: +44 (0)7802 875227 / +44 (0)7850 593445 |
|
Robex Investor Enquiries Matthew Wilcox Managing Director & CEO |
Media Enquiries (Australia) Sam Macpherson / John Gardner VECTOR Advisors E: smacpherson@vectoradvisors.au / jgardner@vectoradvisors.au P: +61 401 392 925 / +61 413 355 997 |
ABOUT PREDICTIVE DISCOVERY LIMITED
PDI is an Australian gold company listed on the ASX, and headquartered in Perth, Australia. PDI’s flagship asset is the Bankan Project in Guinea.
ABOUT ROBEX RESOURCES INC.
Robex Resources is a Canadian gold mining company listed on the TSX-V and ASX, and headquartered in Quebec, Canada. Robex’s material properties consist of the Nampala Project in Mali and the Kiniero Project in Guinea.
IMPORTANT NOTICES AND DISCLAIMERS
Important Notices
This announcement is a joint announcement by PDI and Robex based on information available to them at the time of preparing this announcement. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this announcement.
To the maximum extent permitted by law, none of PDI or Robex, their respective directors, employees or agents, advisers, nor any other person accepts any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this announcement or its contents or otherwise arising in connection with it.
This announcement does not purport to contain all the information that investors may require to make an informed assessment of the Transaction and its effect on PDI and Robex. This announcement should be read in conjunction with the presentation jointly prepared by PDI and Robex released to ASX on or about the date of this announcement and available on PDI’s website (predictivediscovery.com) and Robex’s website (robexgold.com).
Not an Offer
This announcement is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this announcement nor anything in it shall form the basis of any contract or commitment whatsoever. This announcement has been prepared for publication in Australia and Canada and may not be released to US wire services or distributed in the United States of America. This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this announcement have not been, and will not be, registered under the US Securities Act of 1933 (“US Securities Act”) and may not be offered or sold in the United States except in transactions registered under the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws.
Forward-looking Statements
This announcement contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "Forward-looking Information"). These include statements regarding PDI and Robex’s intent, or the beliefs or current expectations of the officers and directors of PDI and Robex for the combined company post-closing. Actual results and outcomes of Transaction and of the combined company may vary materially from the amounts set out in any Forward-looking Information. As well, Forward-looking Information may include, but are not limited to, statements relating to: future outlook and anticipated events, such as the consummation and timing of the Transaction; the expectation that the PDI Shares will be dual-listed on the ASX and TSX-V; the strategic vision for the combined company following the closing of the Transaction and expectations regarding exploration and development potential; the de-risking of development funding for the Bankan Project by leveraging cash flows from the Kiniero Project; the potential share price re-rate and capital markets profile of the combined company based on the scale and multi-asset nature; production capabilities and future financial or operating performance of the combined company post-closing, including investment returns; cash flows; share price performance; production and cost guidance; the potential valuation of the combined company following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of the combined company following the closing of the Transaction; the satisfaction of the conditions precedent to the Transaction; the anticipated filing of materials on SEDAR+; obtaining the required stock exchange, court and shareholder approvals; the success of PDI and Robex in combining operations upon closing of the Transaction; expectations for the potential development and cash flow of the Bankan Project and Kiniero Project; expectations for production capabilities and cash flow of the Nampala Project; mineral resource expectations; the ability to obtain funding; the anticipated exercise of warrants and options; the potential for inclusion in certain financial market indices; the potential of the combined company to meet industry targets, public profile and expectations; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.
All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could or may or will occur are Forward-looking Information. Forward-looking Information is generally identified by the use of words like “will”, “create”, “enhance”, “improve”, “potential”, “expect”, “upside”, “growth”, “estimate”, “anticipate” and similar expressions and phrases or statements that certain actions, events or results “may”, “could”, or “should”, or the negative or grammatical variations of such terms, are intended to identify Forward-looking Information. Although PDI and Robex believe that the expectations reflected in the Forward-looking Information are reasonable, undue reliance should not be placed on Forward-looking Information since no assurance can be provided that such expectations will prove to be correct. Forward-looking Information is based on information available at the time those statements are made and/or good faith belief of the officers and directors of PDI and Robex as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the Forward-looking Information. Forward-looking Information involves numerous risks and uncertainties. Such factors may include, but are not limited to, risks related to the closing of the Arrangement, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary approvals, licenses and permits and diminishing quantities or grades of reserves, political and social risks (including, but not limited to, in Guinea, Ivory Coast, Mali and West Africa more broadly), changes to the legal and regulatory framework within which PDI and Robex operate or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation, as well as the risks identified in the section titled “Risk Factors” in Robex’s most recently filed Annual Information Form which is available on SEDAR+ at www.sedarplus.ca and the risks identified in PDI’s Annual Report filed October 17, 2024 which is available at www.predictivediscovery.com, Forward-looking Information is designed to help readers understand PDI and Robex's views as of that time with respect to future events and speak only as of the date they are made. Except as required by applicable law, PDI and Robex assume no obligation to update or to publicly announce the results of any change to any Forward-looking Information contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the Forward-looking Information. If either PDI or Robex updates any Forward-looking Information, no inference should be drawn that either company will make additional updates with respect to such or other Forward-looking Information. All Forward-Looking Information contained in this announcement is expressly qualified in its entirety by this cautionary statement.
To the extent any Forward-looking Information in this announcement constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate the respective internal projections of PDI and Robex and to help readers understand their expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with all Forward-looking Information generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above.
JORC CODE AND CIM DEFINITION STANDARDS
The term “Ore Reserve” defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (“JORC Code”) is equivalent to the term “Mineral Reserve” defined by the CIM Definition Standards for Mineral Resources & Mineral Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum May 19, 2014 (“CIM Definition Standards”). “Inferred Mineral Resources”, “Indicated Mineral Resources” and “Measured Mineral Resources” have the same meaning under both the JORC Code and CIM Definition Standards. “Proved Mineral Reserves” under the JORC Code has the same meaning as “Proven Mineral Reserves” under the CIM Definition Standards, and “Probable Mineral Reserves” under the JORC Code has the same meaning as “Probable Mineral Reserves” under the CIM Definition Standards. The JORC Code is an acceptable foreign code under NI 43-101.
MINERAL RESOURCES AND ORE RESERVE ESTIMATES, AND PRODUCTION TARGETS
This announcement refers to PDI and Robex having combined Mineral Resource and Ore Reserve estimates of approximately 9.5Moz Au and approximately 4.5Moz Au respectively. Further information regarding the individual Mineral Resource and Ore Reserve estimates of each of PDI and Robex is set out below.
PDI
Mineral Resource and Ore Reserve Estimates
The Mineral Resource estimates for the NEB and BC projects were released to ASX on 7 August 2023 in an announcement by PDI titled “Bankan Mineral Resource Increases to 5.38Moz” and the Mineral Resource estimates in respect of the Fouwagbe and Sounsoun projects were released to the ASX on 23 April 2025 in an announcement by PDI titled “Maiden Argo Mineral Resource Estimate of 153koz”. The Ore Reserve estimate in respect of the Bankan Project was released to ASX on 25 June 2025 in an announcement by PDI titled “Bankan DFS Confirms Outstanding Project Economics”. PDI confirms it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates and all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed, noting that PDI intends to appeal the Argo (and Bokoro) revocations announced on 28 May 2025 in accordance with the Mining Code, and that the Argo Inferred Mineral Resources account for just 2.8% of PDI’s overall Mineral Resource.
Production Targets
The Production Targets and forecast financial information in respect of the Bankan Project were released to the ASX on 25 June 2025 in an announcement by PDI titled “Bankan DFS Confirms Outstanding Project Economics”. PDI confirms that all the material assumptions underpinning the Production Targets and forecast financial information derived from the Production Targets in the previous announcement continue to apply and have not materially changed.
Robex
Mineral Resource and Ore Reserve Estimates
The Mineral Resource and Ore Reserve estimates in respect of Robex’s Kiniero Project were released to ASX on 22 August 2025 in an announcement by Robex titled “Amendment to Kiniero Gold Project Technical Report”, and in respect of the Nampala Project in an ASX announcement by Robex dated 6 May 2025 titled “Replacement Prospectus”. Robex confirms that it is not aware of any new information or data that materially affects the Mineral Resource and Ore Reserve estimates included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed.
Production Targets
The production targets and forecast financial information in respect of Robex’s Kiniero Project was released to ASX on 22 August 2025 in an announcement by Robex titled “Amendment to Kiniero Gold Project Technical Report”, and in respect of the Nampala Project in an ASX announcement by Robex dated 6 May 2025 titled “Replacement Prospectus”. Robex confirms that all the material assumptions underpinning the production targets and forecast financial information derived from the production targets in the relevant market announcement continue to apply and have not materially changed.
NATIONAL INSTRUMENT 43-101
All scientific and technical information in this presentation relating to Robex has been reviewed and approved by Mr. Jeames McKibben, a Chartered Professional Fellow of the Australian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, and a “qualified person” as defined in NI 43-101.
Readers are referred to the technical report for the Nampala Project entitled “Independent Technical Report on the Nampala, Mininko, Gladie and Kamasso Permits and a Mineral Resource and Reserve Estimate of the Nampala Gold Mine, Mali, West Africa” effective September 30, 2024 (the “Nampala Technical Report), and the amended and restated technical report for the Kiniero Project entitled “Technical Report, Kiniero Gold Project, Guinea (Amended)” with an effective date of December 6, 2024, as amended and restated on June 12, 2025 (the “Kiniero Technical Report”), each of which has been prepared in accordance with NI 43-101 and is available on Robex’s profile on SEDAR+ at www.sedarplus.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
PDI ORE RESERVE AND MINERAL RESOURCE STATEMENT
Bankan Ore Reserve Statement13,14
| Deposit | Mining Method | Classification |
Tonnage (Mt) |
Gold Grade (g/t Au) |
Contained (Koz Au) |
| NEB |
Open Pit | Probable | 40.2 | 1.36 | 1,751 |
| Underground | Probable | 7.9 | 3.95 | 1,002 | |
| Total | 48.1 | 1.78 | 2,753 | ||
| BC Open Pit |
Open Pit | Probable | 3.5 | 1.78 | 200 |
| Total | 3.5 | 1.78 | 200 | ||
| Total Open Pit | 43.7 | 1.39 | 1,951 | ||
| Total Underground | 7.9 | 3.95 | 1,002 | ||
| Total Bankan Project | 51.6 | 1.78 | 2,953 | ||
Bankan Mineral Resource Estimate15,16
| Deposit | Classification |
Tonnage (Mt) |
Gold Grade (g/t Au) |
Contained (Koz Au) |
| NEB Open Pit |
Indicated | 78.4 | 1.55 | 3,900 |
| Inferred | 3.1 | 0.91 | 92 | |
| Total | 81.4 | 1.53 | 3,993 | |
| NEB Underground | Inferred | 6.8 | 4.07 | 896 |
| NEB Total | 88.3 | 1.72 | 4,888 | |
| BC Open Pit |
Indicated | 5.3 | 1.42 | 244 |
| Inferred | 6.9 | 1.09 | 243 | |
| BC Total | 12.2 | 1.24 | 487 | |
| NEB Area Total | 100.5 | 1.66 | 5,376 | |
| Fouwagbe | Inferred | 2.2 | 1.68 | 119 |
| Sounsoun | Inferred | 0.9 | 1.19 | 34 |
| Argo Area Total | 3.1 | 1.54 | 153 | |
| Total Bankan Project | 103.6 | 1.66 | 5,528 | |
ROBEX MINERAL RESERVE AND RESOURCE STATEMENT
Kiniero Mineral Reserve and Resource Statement17,18
| Deposit |
Tonnage (Mt) |
Gold Grade (g/t Au) |
Contained (Moz Au) |
| Probable | |||
| Jean | 4.2 | 1.53 | 0.20 |
| SGA | 5.1 | 1.52 | 0.25 |
| SGD | 3.4 | 1.34 | 0.14 |
| Sabali South | 7.4 | 0.89 | 0.21 |
| Sabali North and Central | 1.5 | 0.96 | 0.05 |
| Mansounia | 17.7 | 0.81 | 0.46 |
| Stockpiles | 6.3 | 0.48 | 0.10 |
| Total | 45.5 | 0.97 | 1.41 |
| Indicated | |||
| SGA | 12.1 | 1.46 | 0.57 |
| Jean | 4.7 | 1.69 | 0.26 |
| Sabali North and Central | 3.7 | 1.21 | 0.14 |
| Sabali South | 11.1 | 0.91 | 0.32 |
| West Balan | 3.0 | 1.45 | 0.14 |
| Banfara | 0.9 | 1.00 | 0.03 |
| Mansounia Central | 24.0 | 0.78 | 0.60 |
| Stockpiles | 11.6 | 0.37 | 0.14 |
| Total | 71.2 | 0.96 | 2.20 |
| Inferred | |||
| SGA | 10.6 | 1.43 | 0.49 |
| Jean | 2.2 | 1.47 | 0.1 |
| Sabali North and Central | 0.7 | 1.39 | 0.03 |
| Sabali South | 2.7 | 1.01 | 0.09 |
| West Balan | 2.0 | 1.27 | 0.08 |
| Banfara | 0.7 | 1.45 | 0.03 |
| Mansounia Central | 26.3 | 0.82 | 0.7 |
| Stockpiles | 0.2 | 1.31 | 0.01 |
| Total | 45.3 | 1.05 | 1.53 |
Nampala Mineral Reserve and Resource Statement19,20
| Weathering Type |
Tonnage (Mt) |
Gold Grade (g/t Au) |
Contained (Koz Au) |
| Probable | |||
| Oxide | 3.3 | 0.90 | 94.6 |
| Transition | 0.8 | 1.06 | 26.4 |
| Total | 4.0 | 0.93 | 121.0 |
| Indicated | |||
| Oxide | 5.9 | 0.84 | 158.3 |
| Transition | 2.1 | 1.13 | 76.0 |
| Fresh | 0.1 | 3.00 | 9.4 |
| Total | 8.0 | 0.94 | 243.7 |
| Inferred | |||
| Oxide | 0.3 | 0.79 | 8.1 |
| Transition | 0.2 | 1.62 | 8.5 |
| Fresh | 0.01 | 2.53 | 0.4 |
| Total | 0.6 | 0.95 | 17.0 |
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1 CY2029 production based on Bankan Project CY2029 estimated production of 272koz Au (assuming first production commences in April 2028) as reported in the Definitive Feasibility Study for the Bankan Project (as released by Predictive to ASX on 25 June 2025 in its announcement titled “Bankan DFS Confirms Outstanding Project Economics”) and Kiniero Project CY2029 estimated production of 155koz Au as reported in the updated feasibility study for the Kiniero Project (as released by Robex to ASX on 22 August 2025 in its announcement titled “Amendment to Kiniero Gold Project Technical Report”).
2 Pro forma Mineral Resource estimate based on the aggregate Mineral Resource estimates (with rounding): (i) of PDI as released to ASX in PDI’s announcements titled “Bankan Mineral Resource Increases to 5.38Moz” dated 7 August 2023 (for NED and BC) and “Maiden Argo Mineral Resource Estimate of 153koz” dated 23 April 2025 (for Fouwagbe and Sounsoun) and; (ii) of Robex as released to ASX in Robex’s announcements titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 (for the Kiniero Project) and “Replacement Prospectus” dated 6 May 2025 (for the Nampala Project, and as set forth in the Kiniero Technical Report (as defined below) and the Nampala Technical Report (as defined below). Pro forma Mineral Resource estimate is comprised of 6.6Moz Measured and Indicated Mineral Resources and 2.9Moz Inferred Mineral Resources. Mineral Resources are inclusive of Ore Reserves. Refer to pages 9, 10, 11, 12 and 13 regarding the individual Mineral Resource estimates of each of PDI and Robex.
3 The term “Ore Reserve” defined by the JORC Code is equivalent to the term “Mineral Reserve” defined by the CIM Definition Standards. Refer to page 9 and 10 for further information.
4 Pro forma Ore Reserve estimate based on the aggregate Ore Reserve estimates (with rounding): (i) of PDI as released to ASX in PDI’s announcement titled “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025; and (ii) of Robex as released to ASX in Robex’s announcements titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 (for the Kiniero Project) and “Replacement Prospectus” dated 6 May 2025 (for the Nampala Project), and as set forth in the Kiniero Technical Report and the Nampala Technical Report. Refer to pages 9, 10, 11, 12 and 13 regarding the individual Ore Reserve estimates of each of PDI and Robex.
5 Refer to Robex announcement “Robex Announces Acceleration of Warrant Expiry Date” dated 18 September 2025.
6 Based on the PDI closing share price of A$0.44 on 3 October 2025 and exchange ratio of 8.667x. CAD:AUD exchange rate of 1.084x applied.
7 Refer to PDI announcement “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025.
8 Refer to Robex announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 and the Kiniero Technical Report.
9 Refer to Robex announcement “Management Discussion & Analysis (30 June 2025)” dated 14 August 2025.
10 Refer to footnote 1 for further information.
11 Refer to footnote 2 for further information.
12 Refer to footnote 4 for further information.
13 Refer to PDI ASX release “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025.
14 Reserve cut-off: Open Pit 0.38-0.48 g/t Au, Underground 2.0 g/t Au.
15 Resource cut-off: NEB Open Pit indicated & inferred 0.5 g/t Au, NEB Underground inferred 2.0 g/t Au, BC Open Pit indicated and inferred 0.4 g/t Au, Fouwagbe and Sounsoun inferred 0.5 g/t Au.
16 In relation to the Fouwagbe and Sounsoun deposits (Argo Permit), PDI intends to appeal the Argo and Bokoro revocations announced on 28 May 2025 in accordance with the Mining Code. Refer to PDI ASX release “Argo and Bokoro Exploration Permits Update” dated 28 May 2025.
17 Refer to Robex announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025 and the Kiniero Technical Report.
18 Resource/reserve cut-off grade (Resource at US$2,200/oz, reserves at US$1,800/oz): SGA, Jean and Banfara: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.4 g/t Au; Sabali South: laterite 0.3 g/t Au, mottled zone/saprolite/lower saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.5 g/t Au, fresh 0.6 g/t Au; Sabali North and Central: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.6 g/t Au, fresh 0.6 g/t Au; West Balan: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.5 g/t Au; Stockpiles reported as Mineral Resources have been limited to those dumps which exhibit an average grade >0.3 g/t Au for the entire stockpile assuming no selectivity.
19 Refer to Robex announcement titled “Replacement Prospectus” dated 6 May 2025 and the Nampala Technical Report.
20 Resource cut-off grade (at US$2,200/oz): Laterite 0.35 g/t Au, Oxide 0.35 g/t Au, Transition 0.43 g/t Au, Fresh 1.89 g/t Au; Reserve cut-off grade (at US$1,800/oz): 0.4 g/t Au (laterite, mottled zone, saprolite and transition).
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