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Highlights

  • PDI and Robex to merge in a merger of equals, creating a combined company with +400kozpa Au production by 2029.
  • Total Mineral Resources estimated at around 9.5Moz Au and Ore Reserves of ~4.5Moz Au.
  • Transaction expected to close in December 2025 or early 2026, establishing a tier-1 mining hub in Guinea and a dual-listed capital markets presence.

Predictive Discovery Limited (ASX:PDI) has inked an agreement with Robex Resources Inc. (ASX:RXR) to merge in a transaction of equals. Under the plan, PDI will acquire all Robex shares via a statutory arrangement under the Business Corporations Act (Quebec). The merged company will remain listed on the ASX and seek a TSX Venture Exchange listing for PDI shares.

PDI shares gained 11.4% to trade at AUD 0.49 per share following the announcement.

Transaction Details

Under the agreement, Robex shareholders will receive 8.667 PDI shares for each Robex share held prior to the transaction’s effective time. PDI expects to issue approximately 2,115 million shares to Robex shareholders, with a potential additional 497 million shares if Robex convertible securities are converted before closing. The transaction implies a market capitalization of approximately AUD 2,350 million (C$2,168 million).

The transaction is subject to certain conditions. Voting support agreements representing approximately 25.5% of Robex shares have been secured.

Strategic Rationale

The merger creates one of West Africa’s next mid-tier gold producers by combining PDI’s Bankan Project and Robex’s Kiniero and Nampala projects. Combined production is expected to exceed 400kozpa Au by 2029. Mineral Resources across the portfolio are estimated at 9.5Moz Au, with Ore Reserves of approximately 4.5Moz Au and substantial exploration upside potential.

The proximity of Bankan and Kiniero projects within 30km establishes a tier-1 mining hub in Guinea. Cash flows from Robex’s Kiniero Project and the exercise of in-the-money warrants and options will de-risk the development of the Bankan Project.

Operational and Capital Markets Advantages

The merger enhances scale, diversifies the asset base, and strengthens the combined company’s profile on the ASX and TSX-V. The dual listing and multi-asset portfolio are expected to improve capital market relevance, potentially supporting a share price re-rate. The transaction also positions the combined company to contribute to economic growth in Guinea, develop the local workforce, and enhance infrastructure.

Completion of the merger is anticipated in December 2025 or early 2026.