Key Highlights

  • Revenue was US$202.9 million and the net loss after tax was US$63.7 million in the 2026 annual report.
  • The Robex Merger completed on 15 April 2026, and a five-for-one share consolidation was approved on 21 August 2026.
  • Kiniéro in Guinea reached commercial production in February 2026, after first gold in December 2025.
  • The Bankan development project in Guinea is being financed from operating cash flow, with a target of more than 400,000 ounces a year.

PDI Gold Limited (ASX:PDI; TSX: PDI), formerly Predictive Discovery Limited, is working that out. Its merger with Robex Resources completed on 15 April 2026, its shareholders approved a name change and a five-for-one share consolidation at a general meeting on 21 August 2026, and its 2026 annual report, dated around 30 September 2026, shows the first set of numbers as a producer: Revenue of US$202.9 million and a net loss after tax of US$63.7 million. The period-specific figures provide context for the company’s operating performance and execution priorities.

What PDI Gold owns

The group has three gold assets. Kiniéro, in Guinea, produced its first gold in December 2025 and reached commercial production in February 2026. Nampala, in Mali, has operated since 2017. The company's stated target is more than 400,000 ounces a year by 2029 once Bankan is producing alongside Kiniéro.

Name change and consolidation

The company registered the name change with Securities and Investments Commission, with the new name effective on the ASX from market open on 9 September 2026. Its ticker remains PDI on both exchanges. The share consolidation converts every five securities into one, with the ASX indicative timetable showing post-consolidation trading starting on 25 August 2026. A consolidation does not by itself change the value of a holding, but it changes per-share figures. The company is also changing its financial year end from 30 June to 31 December, so the next reporting period is six months to 31 December 2026.

The FY26 result

For the year ended 30 June 2026:

Revenue of US$202.9 million from 45,635 ounces sold at an average of US$4,439 an ounce.

Cost of sales US$176.0 million and Gross Profit US$26.8 million.

One-off merger costs of about US$36.0 million, plus US$36.9 million of merger-related share-based payments.

Cash Margin from operations of US$100.9 million and free cash flow of US$34 million.

Balance sheet

Cash was US$193.7 million at 30 June 2026, up from US$26.9 million, including US$155.5 million acquired through the merger. Restricted cash was US$81.5 million and gold bullion was US$90.4 million (22,444 ounces). After the year end, the company invested US$10 million for an 11.6% stake in Awalé Resources.

Production and guidance

For the six months from 1 January to 30 June 2026, Kiniéro poured 92,430 ounces at an All-In Sustaining Cost (AISC) of US$1,158 per ounce, and Nampala poured 19,774 ounces at US$1,843 per ounce. AISC is an industry cost measure that includes sustaining capital.

Calendar 2026 guidance, which is a company expectation, is:

Group: 198,000 to 220,000 ounces at AISC of US$1,300 to US$1,500 per ounce.

Kiniéro: 157,000 to 174,000 ounces at AISC of US$1,100 to US$1,300.

Nampala: 41,000 to 46,000 ounces at AISC of US$2,000 to US$2,200.

Nampala's costs are notably higher than Kiniéro's, so group margins depend heavily on Kiniéro's delivery.

Bankan

The Ore Reserve is 51.6 million tonnes at 1.78 grams per tonne for 3.0 million ounces, all Probable. Both are unchanged from 30 June 2025. The definitive feasibility study, announced on 25 June 2025, supports about 250,000 ounces a year over 12 years, and the Capital estimate is US$463 million, with no increase currently anticipated by the company.

Engineering has progressed: the process plant front-end engineering design is complete, detailed design starts in July 2026, and contracts have been awarded for a 40 megawatt power station, SAG and ball mills and the tailings storage Facility design. The key gating item is the Bankan Exploitation Permit from the Government of Guinea, which is pending, and construction depends on it.

Sector position

PDI Gold operates in West Africa, where mid-tier producers compete for capital, skilled labour and infrastructure, and where jurisdictional risk is a significant Factor in how investors value assets.

Risks and what to watch

Developments to watch include grant of the Bankan Exploitation Permit, the funding plan for Bankan, the six-month transition report to 31 December 2026, delivery against calendar 2026 guidance, and any update to resources or reserves.