Highlights

  • Kiniéro in Guinea entered commercial production in early 2026 following its first gold pour in late 2025.
  • PDI Gold guided Kiniéro production to 157,000–174,000 ounces during 2026.
  • The Bankan feasibility study outlined average annual production of 250,000 ounces over 12 years.
  • The company continued operating Nampala in Mali while preparing Bankan for its next approvals stage.

PDI Gold Limited (ASX:PDI) is building a multi-mine gold Business in West Africa while progressing the Bankan development project in Guinea. Producing Assets at Kiniéro and Nampala form the operating base for its growth strategy. Shares closed at AUD 4.20 on 3 November 2026, up 1.70%, with Market Capitalisation around AUD 4.15B.

Kiniéro Establishes a Producing Foundation

PDI Gold has expanded its West African operating footprint through the Kiniéro Gold Mine in Guinea. The mine achieved its first gold pour in late 2025 and transitioned into commercial production in early 2026. PDI has outlined a nine-year mine life with average production of 139,000 ounces annually. For calendar 2026, its guidance for Kiniéro was 157,000–174,000 ounces at an All-In Sustaining Cost of US$1,100–1,300 per ounce. Guidance remains an expected range rather than a final production result.

Bankan Provides the Next Development Objective

The Bankan Gold Project, also in Guinea, is PDI’s major development asset. Its definitive feasibility study was completed in June 2025 and outlined average production of approximately 250,000 ounces annually over an initial 12-year mine life. PDI reports a mineral resource of 5.53 million ounces and an ore reserve of 2.95 million ounces for Bankan. The study estimated project Capital Expenditure of US$463M. These figures describe the project’s study case and mineral inventory, not gold already produced.

Engineering Progresses Ahead of Approval

PDI has been progressing engineering and construction-readiness work at Bankan. Front-end engineering design for the process plant has been completed, with further design work continuing across processing, power and site infrastructure. The company has said construction is intended to commence after the relevant Mining licence is granted. This sequencing is material: completing engineering does not remove the requirement for government approvals. The company’s longer-term production ambitions remain dependent on successfully moving the project through those stages.

Nampala Adds Existing Production

PDI also operates the Nampala Gold Mine in Mali, which commenced production in 2017. The company’s 2026 guidance for Nampala was 41,000–46,000 ounces, with an all-in sustaining cost range of US$2,000–2,200 per ounce. Nampala has a shorter stated remaining mine life than the development case at Bankan, and the company continues exploration and optimisation work around the operation. PDI’s portfolio therefore combines producing mines with a separate large-scale development project.

Growth Outlook and Share Trading

PDI has stated a longer-term ambition to exceed 400,000 ounces of annual gold production by 2029, conditional on Bankan reaching production and other plans being delivered. Its shares closed at AUD 4.20 on 3 November 2026, up 1.70%, after trading between AUD 4.17 and AUD 4.30. Market capitalisation was approximately AUD 4.15B. Key milestones include operating performance at Kiniéro and Nampala, and permitting and construction readiness at Bankan.