Highlights

  • Revenue rose 30% to US$282.9M on gold sales of 66,928oz.
  • Group AISC was US$1,390/oz, with a realised price of US$4,227/oz.
  • Cash and bullion rose 11% to US$404.6M at 30 September 2026.
  • 2026 group guidance of 198,000 to 220,000oz was maintained.

PDI Gold Limited (ASX:PDI) has released its September 2026 quarterly activities presentation. The African gold producer reported higher sales and revenue, a stronger cash position and continued progress at its Bankan development project in Guinea.

Quarterly Production and Financials

Gold poured was 52,865oz, down 17% on the June quarter due to the wet season. Gold sales rose 37% to 66,928oz as bullion poured in the June quarter was sold. Revenue rose 30% to US$282.9M at a realised price of US$4,227/oz, and group AISC was US$1,390/oz.

Cash margin from operations was US$176M and free cash flow was US$128M. Cash and bullion reached US$404.6M, including US$81.5M of restricted cash. 2026 guidance of 198,000 to 220,000oz at an AISC of US$1,300 to US$1,500/oz was maintained.

Kiniero and Nampala Operations

At Kiniero in Guinea, gold sales rose 59% to 61,149oz and revenue rose 51% to US$258.1M. The wet season constrained mining, and processing drew down ore stockpiles. AISC was US$1,246/oz.

At Nampala in Mali, revenue fell 47% to US$24.8M, partly because a 2,712oz shipment was delayed to October. AISC rose to US$2,914/oz, reflecting the deferred shipment, lower throughput and grade, and higher stripping.

Bankan Development and Growth

Process plant detailed engineering at the Bankan Gold Project is about 20% complete, with completion targeted for Q2 2027. US$18M in down payments were made for mills and the power station, and Bankan will be funded from existing cash and operating cash flow. Bankan is planned to produce 250koz per year over 12 years.

PDI invested US$10M for an 11.6% stake in Awalé Resources, a gold and copper explorer in Côte d'Ivoire. The company targets production of more than 400koz per year by 2029, supported by total Mineral Resources of 10.1Moz.

Key Takeaways

  • Higher sales lifted revenue despite lower gold poured during the wet season.
  • PDI holds US$404.6M in cash and bullion to fund growth.
  • Bankan engineering and procurement are progressing.
  • The company is targeting more than 400koz per year by 2029.