Key Highlights

• PDI Gold poured 52,865 ounces and sold 66,928 ounces of gold in Q3 2026, generating Revenue of US$282.9 million

• All-In Sustaining Cost of US$1,390/oz across both operations, with Kiniéro at US$1,246/oz

• Cash Margin from operations of US$176 million, with cash and bullion of US$405 million at quarter end

• Bankan Gold Project pre-development progressing with detailed engineering 20% complete

PDI Gold(ASX:PDI) closed at A$4.60 on 05 November 2026, gaining 13.30% during the trading session. The S&P/ASX 200 (XJO) advanced 2.61% (+230.60 points) to 9,065.10, while the S&P/ASX 300 Metal & Mining index (XMM) surged 7.90% (+580.50 points) to 7,930.90. Overnight Wall Street gains following the Democrats' decisive victory in the U.S. midterm elections provided a tailwind for Equity markets. Gold gained 1.77% to USD 4,145.70, silver advanced 1.00% to USD 53.22, and copper edged up 0.06% to USD 14,086.00. PDI Gold is a dual-listed (ASX and TSX) gold producer operating two mines in West Africa — the Kiniéro mine in Guinea and the Nampala mine in Mali — with the Bankan Gold Project advancing through pre-development.

Quarterly Production and Revenue

PDI Gold released its quarterly activities report on 30 October 2026, covering the three months ended 30 September 2026. The company poured a total of 52,865 ounces of gold during the quarter, down 17% from 64,026 ounces in Q2 2026. The decline reflected mine assumptions at Kiniéro, anticipated seasonal wet conditions, and ongoing cutback activities at Nampala to improve ore access. Gold sales, however, increased 37% to 66,928 ounces, as bullion poured in the June quarter was sold during the September quarter. Revenue rose 30% to US$282.9 million at an average realised price of US$4,227 per ounce. The cash margin from operations reached US$176 million across both operations.

Kiniéro achieved average plant throughput of 1,095 tonnes per hour and gold recoveries of 88.3%, pouring 45,599 ounces during the quarter. The operation recorded an AISC of US$1,246 per ounce. Nampala contributed a further 7,266 ounces at an AISC of US$2,914 per ounce, with production impacted by cutback activities.

Financial Position and Guidance

As at 30 September 2026, PDI Gold held US$405 million in cash and bullion, including US$39.5 million of bullion (9,464 ounces valued at US$4,176/oz) and US$81.5 million of restricted cash. The group AISC for the quarter was US$1,390 per ounce, broadly in line with US$1,408 per ounce in Q2 2026. The company remains on track to achieve its 2026 guidance of 198,000 to 220,000 ounces of gold, with Kiniéro continuing to perform in line with expectations.

Bankan Gold Project Pre-Development

Pre-development activities at the Bankan Gold Project advanced during the quarter. Detailed engineering reached 20% completion, mechanical equipment procurement was substantially complete, and key infrastructure designs continued to progress ahead of project execution commencement. The Bankan project represents PDI Gold's next phase of growth, intended to further diversify the company's production base in West Africa.

About the Company

PDI Gold is a mid-tier gold producer headquartered in Perth, Western Australia, with operations focused on West Africa. The Kiniéro mine in Guinea commenced production in 2025 and has quickly become the company's primary producing asset. The Nampala mine in Mali has been in production since 2016. The company is also advancing the Bankan Gold Project in Guinea as a future development opportunity.

Sector Context

Gold producers across the ASX recorded a broadly positive session on 05 November, supported by a 1.77% rise in gold prices and a 7.90% advance in the XMM index. Several mid-tier and large-cap gold miners posted double-digit gains, reflecting positive sentiment driven by Commodity prices and Wall Street tailwinds.

Risks

Key risks for PDI Gold include geopolitical and sovereign risk in Guinea and Mali, gold price volatility, execution risk on the Bankan project, currency fluctuations, and seasonal weather impacts on West African operations. The elevated AISC at Nampala relative to Kiniéro highlights variability across the portfolio.

Catalysts on Watch

Investors are monitoring continued Kiniéro production performance, progress at Bankan towards project execution, improvements at Nampala as cutback activities advance, and the company's ability to maintain guidance of 198,000 to 220,000 ounces for 2026.

The Path Forward

PDI Gold enters the final quarter of 2026 with a cash and bullion balance of US$405 million, a performing primary asset at Kiniéro, and a growth pipeline at Bankan progressing through pre-development. The company's guidance of 198,000 to 220,000 ounces for the full year remains intact, with management highlighting Kiniéro's continued operational momentum as the foundation for sustainable value creation.