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2026-11-06
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PDI Gold Limited

DFS Unfunded Developer · Gold · Guinea · Mali · Cote d Ivoire Rating locked: sign in to view v8 · pdi-20261024t194309-full
Last 2026-10-13
A$4.35
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$4.3B
EV
A$4.1B
Cash
A$409.2M
Debt
A$186.3M

Funding, performance and ownership

Financials & Capital

As of 2026-09-30
Cash A$409.2M Self Funding
Debt A$186.3M Net cash A$222.9M
Basic shares 988.3M 2026-10-12
Runway Self Funding June operating inflow A$78.892m less exploration outflow A$5.728m gives positive relevant net inflow A$73.164m. A burn-based runway is not meaningful for this operating group, and does not prove Bankan construction fully funded.

Liquidity

Financial position

September reportedUS$405m cash and bullion includesUS$80m restricted cash andUS$39.5m bullion. Unrestricted consolidated cash isUS$285.5m, not wholly parent-owned. Nominal principalUS$130m plus ordinary interest and bounded additional gold-linked interest remain separate claims. Bankan permit, mine plan and funding calendar require scenario analysis.

Inventory composition1

Latest405mUSDheadlineincludes285.5munrestrictedcash,80mrestrictedand39.5mbullion;bullioninventoryvaluationatreported4176USD/ozincludesrounding. AuditedJuneinventory62.919mUSDcontainsmultipleitemssoisnotaddedagain.

Septembergoldbulliononhand,9464ozoutsidecash
— carrying · 9,464 oz

Capital structure

Ownership and dilution

Ordinary shares
988.3M
Fully diluted
1B

988,014,707 ordinary shares on10September plus235,860 option-conversion shares issued12October equals988,250,567. Gross potential dilution adds9,473,710 options,19,655,000 warrants,157,240 restricted units and2,157,323 rights, giving1,019,693,840. Gross potentialshares are not unconditional exercise proceeds.

Security classes7
ClassTypeQuantityStrikeExpiry
Ordinary fully paid sharesOrdinary Share988.3M——
Unlisted options @ A$2.36Option86.5KA$2.362027-07-11
Unlisted options @ A$1.90Option345.9KA$1.92028-09-21
Remaining unlisted options @ A$1.40Option9MA$1.42027-12-09
Robex replacement warrants @ A$1.80Option19.7MA$1.82028-04-15
Director restricted share unitsPerformance Right157.2K——
Performance rights expiring31December2029Performance Right2.2M—2029-12-31

KPI history

Operating metrics · Kiniero Gold Mine

Kiniero gross quarterly poured gold shown
015,19130,38145,57260,762March 2026: 38,178 ozMarch 2026June 2026: 54,252 ozJune 2026September 2026: 45,599 ozSeptember 2026
MetricUnitTrendMarch 2026June 2026September 2026
Kiniero gross quarterly poured goldozMarch 2026: 38,178 ozJune 2026: 54,252 ozSeptember 2026: 45,599 oz38,17854,25245,599
Kiniero quarterly AISCUSD/ozMarch 2026: 1,043 USD/ozJune 2026: 1,254 USD/oz1,0431,254—

KPI history

Operating metrics · Nampala Gold Mine

Nampala gross quarterly poured gold shown
02,8005,6008,40011,200March 2026: 10,000 ozMarch 2026June 2026: 9,774 ozJune 2026September 2026: 7,267 ozSeptember 2026
MetricUnitTrendMarch 2026June 2026September 2026
Nampala gross quarterly poured goldozMarch 2026: 10,000 ozJune 2026: 9,774 ozSeptember 2026: 7,267 oz10,0009,7747,267
Nampala quarterly AISCUSD/ozMarch 2026: 1,699 USD/ozJune 2026: 1,974 USD/oz1,6991,974—
Operating metric source table12
MetricProjectPeriodPeriod typeValueStatus
Kiniero gross quarterly poured goldKinieroMarch 2026 quarterQuarter38,178 ozReported
Kiniero gross quarterly poured goldKinieroJune 2026 quarterQuarter54,252 ozReported
Kiniero gross quarterly poured goldKinieroSeptember 2026 quarterQuarter45,599 ozReported
Kiniero quarterly AISCKinieroMarch 2026 quarterQuarter1,043 USD/ozReported
Kiniero quarterly AISCKinieroJune 2026 quarterQuarter1,254 USD/ozReported
Nampala gross quarterly poured goldNampalaMarch 2026 quarterQuarter10,000 ozReported
Nampala gross quarterly poured goldNampalaJune 2026 quarterQuarter9,774 ozReported
Nampala gross quarterly poured goldNampalaSeptember 2026 quarterQuarter7,267 ozReported
Nampala quarterly AISCNampalaMarch 2026 quarterQuarter1,699 USD/ozReported
Nampala quarterly AISCNampalaJune 2026 quarterQuarter1,974 USD/ozReported
Unrestricted consolidated cashCompany30June2026Point In Time193,737,000 USDReported
Unrestricted consolidated cashCompany30September2026Point In Time285,500,000 USDSource Derived
Company guidance3
MetricProjectPeriodLowHighStatus
Goldproduction / AISCCompanyCY2026, includespremergerproduction198,000220,000 ozgrossCurrent
Goldproduction / AISCkinieroCY2026, includespremergerproduction157,000174,000 ozgrossCurrent
Goldproduction / AISCnampalaCY2026, includespremergerproduction41,00046,000 ozgrossCurrent

Capital history

Capital events

2 events · newest first
DateEventAmountSharesPriceStatusTerms
2026-10-12RaisingA$330.2K235.9K—Completed—
2026-04-15Ann. 2026-04-17DebtUS$130M——Ongoing—

Contracts and ownership

Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.

Complete As Disclosed · as of 2026-10-13

Annualnotes17/18/24/28,consolidation/merger,currentresourcepermitdisclosuresandBankantechnicalownership. No standalonegold/fxhedgeorstreamdisclosed;Sprottgoldlinkedfinanceisboundedadditionalinterest,notunlimitedgoldhedge. LegacyexplorationNSR1-2% contingentandnotcurrentproducingNampalaore.

Guinea current15%freecarried interest inSMG, issuer85%.

Free Carry · Active
Counterparties
Government of Guinea
Applies to
Kiniero Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Stateinterest: 15 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Mali current20%interest, issuer80%; appliesonce inDCF.

Free Carry · Active
Counterparties
Government of Mali
Applies to
Nampala Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Stateinterest: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Hamana currentlywhollyowned. MiningCodeanticipates15%statecarryonexploitationgrant; future85%valuationinterestseparatefromcurrent100%ledger.

Free Carry · Conditional
Counterparties
Government of Guinea
Applies to
Bankan Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Futurestatecarry: 15 %
How it affects our valuation

No valuation treatment is available for this arrangement.

State5%,SOGUIPAMI0.5%,localdevelopment1% total6.5%ofsales.

Royalty · Active
Counterparties
Government of Guinea · SOGUIPAMI · Local authorities
Applies to
Kiniero Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
State: 5 %
SOGUIPAMI: 0.5 %
Localdevelopment: 1 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Technicalstudy assumes5%state plus1%local contribution. Current Guinean royalty disclosures also identify0.5%SOGUIPAMI. Final Bankan miningconvention pending; both legal and fiscal treatment remain conditional.

Royalty · Conditional
Counterparties
Government of Guinea · Local authorities
Applies to
Bankan Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Studystateandlocal: 6 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Progressiveadvaloremplus1%ISCPand3.75%miningfunds. AppliedpricebracketsinthefiniteDCF.

Royalty · Active
Counterparties
Government of Mali
Applies to
Nampala Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
BasicISCP: 1 %
Advalorem1600to2000: 6 %
Advalorem2001to2500: 7.5 %
Eachadditional500USD: 0.5 %
Miningfunds: 3.75 %
How it affects our valuation

No valuation treatment is available for this arrangement.

0.5%KiniéroprivateroyaltyboughtbackandextinguishedFY26; nofuturechargeandpastcostalreadyincash.

Royalty · Terminated
Counterparties
Kiniéro private royalty holder
Applies to
Kiniero Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Extinguishedrate: 0.5 %
How it affects our valuation

This arrangement has ended; no current valuation treatment is required.

PentaNSR3%first150koz,3.25%next150koz,3.5%thereafter, plus0.5%private. Buyback optionsunexercised atJune; exploitationpermits pending. Terms are tied to relevantdepositproduction.

Royalty · Conditional
Counterparties
Penta Goldfields Company S.A. · Mansounia private royalty holder
Applies to
Kiniero Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
First150koz: 3 %
Next150koz: 3.25 %
Beyond300koz: 3.5 %
Private: 0.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Secured130mUSDnominalfullydrawnfacility;cashinterestSOFRfloor3.5%plus6.5%;principalpaymentsstart31March2027;2030maturityconditionalonMansouniapermitbeforeMarch2029else2029. Parentguarantee aftermerger.

Other · Active
Counterparties
Sprott Private Resource Lending
Applies to
Kiniero Gold Mine · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Principal: 130,000,000 USD
Ratefloor: 10 %
Goldlinkedozquarter: 4,667 oz
Pricefloor: 2,050 USD/oz
Baseprice: 1,900 USD/oz
Liquidityreserve: 80,000,000 USD
How it affects our valuation

No valuation treatment is available for this arrangement.

Domesticrefiningdecree8July26 transitionexpired6October;95.5%minimumgoldpuritybeforeexport. NormalexportthroughSeptemberdisclosed;posttransitioncashconversionproofnotyetavailable.

Tolling Or Processing · Active
Counterparties
Government of Guinea · Authorised Guinean refinery
Applies to
Kiniero Gold Mine · Bankan Gold Project · Gold
Economic direction
Burden
Period
Dates not stated
Key terms
Minimumexportpurity: 95.5 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Investorparticipation/topupinformationandtechnicalcommittee rights; suspendedbelow10%, terminatedafter12continuousmonthsbelow10%; nofundingobligationassumed.

Strategic Partnership · Active
Counterparties
Awale Resources Limited
Applies to
Awale Resources minority equity investment · Gold
Economic direction
Benefit
Period
Dates not stated
Key terms
Currentshareholding: 11.6 %
Rightsthreshold: 10 %
Terminationbelowthreshold: 12 months
How it affects our valuation

No valuation treatment is available for this arrangement.

Hamana holds20% in the SantaFe JV entity; SantaFe holds80%. Exploration-stage interest without disclosed mine economics.

Joint Venture · Active
Counterparties
Santa Fe Mining Limited
Applies to
Cote d Ivoire Santa Fe exploration joint venture · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
PDIindirectinterest: 20 %
How it affects our valuation

No valuation treatment is available for this arrangement.

Originaltechnicalterms progressive90%earnin forUS$100000, remaining10%acquisition upondecisiontomine for2%NSR. Annualreport describes90%alreadyearned. Argo/Bokoropermitrevocations remain disputed; originalterms and currentstatus are distinguished.

Earn In · Conditional
Counterparties
Argo permit holders
Applies to
Bankan Gold Project · Gold
Economic direction
Mixed
Period
Dates not stated
Key terms
Conditionalearnin: 90 %
Earningconsideration: 100,000 USD
DecisiontomineNSR: 2 %
How it affects our valuation

No valuation treatment is available for this arrangement.