PDI: Annual Report to Shareholders
Original announcement by asx on
- Company
- PDI Gold Limited
- Ticker
- PDI
- Exchange
- ASX
- Region
- Unavailable
- Primary commodity
- Gold
- Secondary commodities
- None reported
- Document categories
- Resource update, Production, Agreement transaction, Metallurgy
- Extracted
- 2026-09-30 00:23:29 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
PDI Gold Limited's 2026 Annual Report details a transformational year marked by a successful merger with Robex Resources Inc., establishing the company as a multi-mine gold producer in West Africa. The merger significantly boosted the company's Mineral Resources to 10.1 Moz and Ore Reserves to 4.8 Moz of gold. Strong operational performance from the Kiniéro and Nampala mines contributed to a robust financial position with $193.7 million cash at year-end.
Reasoning: The annual report details a highly successful and transformational year for PDI Gold, marked by a strategic merger that significantly expanded its asset base, production profile, and resource/reserve inventory. The strong operational performance of the acquired mines and robust financial health indicate a very positive outlook, supported by high-confidence resource estimates.
Positive factors
- Significant increase in total Mineral Resources and Ore Reserves due to merger
- Strong operational performance from newly acquired producing assets (Kiniéro, Nampala)
- Kiniéro achieving above nameplate capacity and high recovery
- Robust financial position with substantial cash balance
- JORC and NI 43-101 compliant estimates with QP/CP sign-off
- High confidence in M&I categories for key projects
Negative factors
- Nampala's lower recovery compared to Kiniéro
- Nampala's higher AISC compared to Kiniéro
Low confidence — this extraction should be reviewed alongside the original source.
Facts used in scoring: 14
Classification and evidence
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: The company's total Mineral Resources increased from 103.6 Mt to 263.8 Mt, and total Ore Reserves increased from 51.6 Mt to 110.9 Mt, representing significant growth.
Evidence · text
“The acquisition of Robex increased the Company’s Mineral Resources from 5.5 million ounces to 10.1 million ounces and Ore Reserves from 3 million ounces to 4.8 million ounces.”
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: The company's total contained gold in Mineral Resources increased from 5.5 Moz to 10.1 Moz, and in Ore Reserves from 3.0 Moz to 4.8 Moz, representing significant growth.
Evidence · text
“The acquisition of Robex increased the Company’s Mineral Resources from 5.5 million ounces to 10.1 million ounces and Ore Reserves from 3 million ounces to 4.8 million ounces.”
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: Mineral Resources and Ore Reserves are reported in accordance with the JORC Code 2012.
Evidence · text
“Mineral Resources and Ore Reserves are reported in accordance with the JORC Code 2012”
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: Mineral Resources and Ore Reserves are reported in accordance with NI 43-101.
Evidence · text
“where applicable, NI 43-101”
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: Estimates are prepared by appropriate qualified Competent Persons and Qualified Persons, as applicable, and a list of Competent Persons is provided.
Evidence · text
“Mineral Resources and Ore Reserves estimates are prepared by appropriate qualified Competent Persons and Qualified Persons, as applicable”
Resource Updateneutral
Revised estimate for an existing resource — compare to prior to assess progress.
Why it applies: The document provides an updated Mineral Resources and Ore Reserves statement as at 30 June 2026.
Evidence · text
“Company Mineral Resources as at 30 June 2026”
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: A significant portion of the company's total Mineral Resources (3.2 Moz) is in the Inferred category, which has lower geological confidence.
Evidence · text
“Inferred 66.0 0.85 1.8”
High Recoverypositive · Story-specific tag
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Kiniéro's gold recovery of 90.4% is strong for a mill/CIL operation.
Evidence · table
“90.4”
Context: Kiniéro
Mill Routeneutral · Story-specific tag
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Kiniéro and Nampala operations involve processing plants with CIL mentioned in the value chain overview.
Evidence · text
“Processing (CIL)”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 2 distinct composites were tested
Extracted facts
Stored fact records: 14. Some facts used in scoring do not have a stored record.
Resource Estimates (12)
indicatedBankan · goldTonnes: 83700000Grade: 1.54Grade Unit: g/tContained Metal: 4.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Bankan
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Philip Edward Jankowski
- Resource group id
- resource:8c3d21eafe4b67bc1a16
Resource Data
- Category
- indicated
- Tonnes
- 83700000
- Grade
- 1.54
- Grade Unit
- g/t
- Contained Metal
- 4.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 83700000
- Prior Grade
- 1.54
- Prior Contained Metal
- 4.1
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Bankan project maintains a substantial Indicated Mineral Resource of 4.1 Moz gold at a good grade, providing a strong foundation for future development, though this specific estimate shows no change from the prior year.
Positive factors
- High confidence in Indicated category (80.8% M&I for Bankan total)
- Significant contained gold ounces
- JORC and NI 43-101 compliant with QP sign-off
Negative factors
- No change from prior estimate, indicating no new resource growth for Bankan specifically
Evidence · table
“4.1”
Context: 83.7
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredBankan · goldTonnes: 19900000Grade: 2.16Grade Unit: g/tContained Metal: 1.4Contained Unit: mozView all detailsHide details
Identity
- Project
- Bankan
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Philip Edward Jankowski
- Resource group id
- resource:288cf1eec039047043de
Resource Data
- Category
- inferred
- Tonnes
- 19900000
- Grade
- 2.16
- Grade Unit
- g/t
- Contained Metal
- 1.4
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 19900000
- Prior Grade
- 2.16
- Prior Contained Metal
- 1.4
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Bankan project includes a significant Inferred Mineral Resource of 1.4 Moz gold, which adds to the overall potential but requires further drilling to upgrade confidence.
Positive factors
- Good grade for an Inferred resource
- JORC and NI 43-101 compliant with QP sign-off
Negative factors
- Inferred category represents lower geological confidence
- No change from prior estimate
Evidence · table
“1.4”
Context: 19.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedKiniéro · goldTonnes: 80300000Grade: 0.96Grade Unit: g/tContained Metal: 2.5Contained Unit: mozView all detailsHide details
Identity
- Project
- Kiniéro
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Mark Kent
- Resource group id
- resource:605381d2950ed961c6a2
Resource Data
- Category
- indicated
- Tonnes
- 80300000
- Grade
- 0.96
- Grade Unit
- g/t
- Contained Metal
- 2.5
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Kiniéro project contributes a substantial Indicated Mineral Resource of 2.5 Moz gold, representing a significant addition to the company's resource base through the merger and supporting its production profile.
Positive factors
- Significant Indicated Mineral Resource adds to company's asset base
- Good M&I confidence (54.9% M&I for Kiniéro total)
- JORC and NI 43-101 compliant with QP sign-off
Evidence · table
“2.5”
Context: 80.3
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredKiniéro · goldTonnes: 66000000Grade: 0.85Grade Unit: g/tContained Metal: 1.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Kiniéro
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Mark Kent
- Resource group id
- resource:66fa6f56933ec6b4cc8a
Resource Data
- Category
- inferred
- Tonnes
- 66000000
- Grade
- 0.85
- Grade Unit
- g/t
- Contained Metal
- 1.8
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Kiniéro project includes a substantial Inferred Mineral Resource of 1.8 Moz gold, contributing to the company's overall potential but requiring further work to upgrade confidence.
Positive factors
- Adds to the overall resource base of the company
- JORC and NI 43-101 compliant with QP sign-off
Negative factors
- Inferred category represents lower geological confidence
Evidence · table
“1.8”
Context: 66.0
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedNampala · goldTonnes: 12000000Grade: 0.67Grade Unit: g/tContained Metal: 0.3Contained Unit: mozView all detailsHide details
Identity
- Project
- Nampala
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ms Emma Brosnan
- Resource group id
- resource:2d4acea7cb3b0926bca1
Resource Data
- Category
- indicated
- Tonnes
- 12000000
- Grade
- 0.67
- Grade Unit
- g/t
- Contained Metal
- 0.3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Nampala project contributes a solid Indicated Mineral Resource of 0.3 Moz gold, enhancing the company's overall resource portfolio and supporting its operational base.
Positive factors
- High confidence in Indicated category (86.3% M&I for Nampala total)
- Adds to the company's resource base through the merger
- JORC and NI 43-101 compliant with QP sign-off
Evidence · table
“0.3”
Context: 12.0
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredNampala · goldTonnes: 1900000Grade: 0.64Grade Unit: g/tContained Metal: 0Contained Unit: mozView all detailsHide details
Identity
- Project
- Nampala
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Ms Emma Brosnan
- Resource group id
- resource:a84e38409afeb4958cbb
Resource Data
- Category
- inferred
- Tonnes
- 1900000
- Grade
- 0.64
- Grade Unit
- g/t
- Contained Metal
- 0
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Nampala project includes a small Inferred Mineral Resource with negligible contained gold, contributing minimally to the overall resource base and requiring further work to establish significance.
Positive factors
- JORC and NI 43-101 compliant with QP sign-off
Negative factors
- Very low contained metal in the Inferred category
- Inferred category represents lower geological confidence
Evidence · table
“0.0”
Context: 1.9
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableBankan · goldTonnes: 51600000Grade: 1.78Grade Unit: g/tContained Metal: 3Contained Unit: mozView all detailsHide details
Identity
- Project
- Bankan
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Ross Cheyne
- Resource group id
- resource:bdebf115d6b52be1a354
Resource Data
- Category
- probable
- Tonnes
- 51600000
- Grade
- 1.78
- Grade Unit
- g/t
- Contained Metal
- 3
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 51600000
- Prior Grade
- 1.78
- Prior Contained Metal
- 3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Bankan project maintains a substantial Probable Ore Reserve of 3.0 Moz gold, underpinning its economic viability and future development plans, though this specific estimate shows no change from the prior year.
Positive factors
- Significant Probable Ore Reserve provides strong economic foundation
- JORC and NI 43-101 compliant with QP sign-off
Negative factors
- No change from prior estimate, indicating no new reserve growth for Bankan specifically
Evidence · table
“3.0”
Context: 51.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableKiniéro · goldTonnes: 55600000Grade: 0.99Grade Unit: g/tContained Metal: 1.8Contained Unit: mozView all detailsHide details
Identity
- Project
- Kiniéro
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Glen Williamson
- Resource group id
- resource:0f46a4d1ab084dde4896
Resource Data
- Category
- probable
- Tonnes
- 55600000
- Grade
- 0.99
- Grade Unit
- g/t
- Contained Metal
- 1.8
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Kiniéro project contributes a substantial Probable Ore Reserve of 1.8 Moz gold, representing a significant addition to the company's reserve base through the merger and supporting its production profile.
Positive factors
- Significant Probable Ore Reserve adds to company's asset base
- JORC and NI 43-101 compliant with QP sign-off
Evidence · table
“1.8”
Context: 55.6
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probableNampala · goldTonnes: 3700000Grade: 0.54Grade Unit: g/tContained Metal: 0.1Contained Unit: mozView all detailsHide details
Identity
- Project
- Nampala
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Kwabena Dapaah
- Resource group id
- resource:4d5f3ef90017081562a8
Resource Data
- Category
- probable
- Tonnes
- 3700000
- Grade
- 0.54
- Grade Unit
- g/t
- Contained Metal
- 0.1
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The Nampala project contributes a Probable Ore Reserve of 0.1 Moz gold, enhancing the company's overall reserve portfolio and supporting its operational base.
Positive factors
- Adds to the company's reserve base through the merger
- JORC and NI 43-101 compliant with QP sign-off
Evidence · table
“0.1”
Context: 3.7
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
indicatedgoldTonnes: 176000000Grade: 1.2Grade Unit: g/tContained Metal: 6.9Contained Unit: mozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Philip Edward Jankowski, Mr Ross Cheyne, Mr Brendon Smith, Mr Stewart Thomas Watkins, Mr Mark Kent, Mr Glen Williamson, Ms Emma Brosnan, Mr Kwabena Dapaah
- Resource group id
- resource:77c88834a28e6d15173f
Resource Data
- Category
- indicated
- Tonnes
- 176000000
- Grade
- 1.2
- Grade Unit
- g/t
- Contained Metal
- 6.9
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The company's total Indicated Mineral Resources significantly increased to 6.9 Moz gold, reflecting the successful merger and providing a strong, high-confidence foundation for future production and development.
Positive factors
- Substantial increase in total Indicated Mineral Resources for the company
- High confidence in the Indicated category
- JORC and NI 43-101 compliant with QP sign-off
Evidence · text
“Company Mineral Resources as at 30 June 2026 are estimated to contain 263.8 million tonnes grading 1.19 g/t gold for 10.1 million ounces of gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
inferredgoldTonnes: 87800000Grade: 1.4Grade Unit: g/tContained Metal: 3.2Contained Unit: mozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- resource
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Philip Edward Jankowski, Mr Ross Cheyne, Mr Brendon Smith, Mr Stewart Thomas Watkins, Mr Mark Kent, Mr Glen Williamson, Ms Emma Brosnan, Mr Kwabena Dapaah
- Resource group id
- resource:9bf1ac149ca15dfd6dfc
Resource Data
- Category
- inferred
- Tonnes
- 87800000
- Grade
- 1.4
- Grade Unit
- g/t
- Contained Metal
- 3.2
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The company's total Inferred Mineral Resources increased to 3.2 Moz gold, adding substantial exploration upside but requiring further work to upgrade confidence.
Positive factors
- Significant increase in total Inferred Mineral Resources for the company
- JORC and NI 43-101 compliant with QP sign-off
Negative factors
- Inferred category represents lower geological confidence
Evidence · text
“Company Mineral Resources as at 30 June 2026 are estimated to contain 263.8 million tonnes grading 1.19 g/t gold for 10.1 million ounces of gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
probablegoldTonnes: 110900000Grade: 1.34Grade Unit: g/tContained Metal: 4.8Contained Unit: mozView all detailsHide details
Identity
- Commodity
- gold
- Ticker
- PDI
Resource scope
- Estimate type
- reserve
- Effective date
- 2026-06-30T00:00:00.000Z
- Reporting standards
- jorc, ni_43_101
- QP Signed
- Yes
- Qualified person names
- Mr Philip Edward Jankowski, Mr Ross Cheyne, Mr Brendon Smith, Mr Stewart Thomas Watkins, Mr Mark Kent, Mr Glen Williamson, Ms Emma Brosnan, Mr Kwabena Dapaah
- Resource group id
- resource:8ecd5522a8b7e464c6f7
Resource Data
- Category
- probable
- Tonnes
- 110900000
- Grade
- 1.34
- Grade Unit
- g/t
- Contained Metal
- 4.8
- Contained Unit
- moz
Prior Estimate
- Resource Date
- 2026-06-30
- Prior Tonnes
- 51600000
- Prior Grade
- 1.78
- Prior Contained Metal
- 3
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: The company's total Probable Ore Reserves significantly increased to 4.8 Moz gold, reflecting the successful merger and providing a strong, economically viable foundation for future production.
Positive factors
- Significant increase in total Probable Ore Reserves for the company
- JORC and NI 43-101 compliant with QP sign-off
Evidence · text
“Company Ore Reserves as at 30 June 2026, are estimated to contain 110.9 million tonnes grading 1.34 g/t gold for 4.80 million ounces of gold”
Tags used in scoring
Probable Reservepositive
Indicated Resource with demonstrated economic viability after applying modifying factors.
Why it applies: category is "probable"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
QP/CP Signedpositive
Qualified Person (QP) or Competent Person (CP) named and signed off — a member of a recognized professional association (e.g., AusIMM, SME, AIG, P.Geo) with relevant experience.
Why it applies: qp_signed is true
JORC Compliantpositive
Resource estimate prepared in compliance with JORC Code (Australia) — high reporting standard.
Why it applies: reporting_standards includes jorc
NI 43-101 Compliantpositive
Resource estimate prepared in compliance with NI 43-101 (Canada) — high reporting standard.
Why it applies: reporting_standards includes ni_43_101
Tonnage Growthpositive
Significant tonnage increase (≥15%) vs prior estimate with grade maintained or improved.
Why it applies: 110900000 against 51600000 previously
Grade Declinenegative
Average grade dropped >5% vs prior estimate — deposit economics worsening. May indicate high-grading in early drilling.
Why it applies: 1.34 against 1.78 previously
Contained Metal Growthpositive
True scale improvement — contained metal ounces/tonnes increased vs prior, accounting for both tonnage and grade changes.
Why it applies: 4.8 against 3 previously
Metallurgical Results (2)
pilot plantKiniéro · goldRecovery: 90.4 %Head Grade: 0.86Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Kiniéro
- Commodity
- gold
- Ticker
- PDI
Test Work
- Test Type
- pilot plant
- Processing Route
- mill_cil
- Sample
- Kiniéro plant performance
Recovery
- Recovery
- 90.4 %
- Recovery Basis
- actual_test
- Head Grade
- 0.86
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Kiniéro's gold recovery of 90.4% from actual plant performance is strong for a mill/CIL operation, demonstrating efficient processing and contributing positively to the company's production profile.
Positive factors
- High recovery for a mill/CIL operation, indicating efficient processing
- Actual plant performance data provides high confidence
- Recovery is consistent with prior plant performance
Evidence · table
“90.4”
Context: Kiniéro
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
pilot plantNampala · goldRecovery: 86.4 %Head Grade: 0.71Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Nampala
- Commodity
- gold
- Ticker
- PDI
Test Work
- Test Type
- pilot plant
- Processing Route
- mill_cil
- Sample
- Nampala plant performance
Recovery
- Recovery
- 86.4 %
- Recovery Basis
- actual_test
- Head Grade
- 0.71
- Head Grade Unit
- g/t
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-29T00:00:00.000Z
Reasoning: Nampala's gold recovery of 86.4% from actual plant performance is moderate for a mill/CIL operation, indicating a solid but not exceptional performance that could potentially be optimized.
Positive factors
- Actual plant performance data provides high confidence
Negative factors
- Recovery is moderate for a mill/CIL operation, suggesting potential for optimization
Evidence · table
“86.4”
Context: Nampala
Tags used in scoring
Pilot Scale Completepositive
Pilot or demonstration plant testing completed under continuous operation.
Why it applies: test_type names pilot-scale work
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.