# PDI: Annual Report to Shareholders

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07

Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145891

Publisher: asx

Original announcement: 2026-09-29T23:08:00.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T00:23:28.418Z

Atlas analysis updated: 2026-09-30T00:23:28.418Z

- 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

Narrative sentiment: 0.90 · Bullish

## Minestarters Atlas 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 factor: Significant increase in total Mineral Resources and Ore Reserves due to merger

- Positive factor: Strong operational performance from newly acquired producing assets \(Kiniéro, Nampala\)

- Positive factor: Kiniéro achieving above nameplate capacity and high recovery

- Positive factor: Robust financial position with substantial cash balance

- Positive factor: JORC and NI 43-101 compliant estimates with QP/CP sign-off

- Positive factor: High confidence in M&I categories for key projects

- Negative factor: Nampala's lower recovery compared to Kiniéro

- Negative factor: 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 Growth**

Polarity: positive

Definition: 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 Growth**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: 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 Signed**

Polarity: positive

Definition: 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 Update**

Polarity: neutral

Definition: 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 Resource**

Polarity: negative

Definition: 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 Recovery**

Polarity: positive

Story-specific tag

Definition: 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 Route**

Polarity: neutral

Story-specific tag

Definition: 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 Tested**

Polarity: positive

Definition: 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)

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-2)

Bankan · gold

#### 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 factor: High confidence in Indicated category \(80.8% M&I for Bankan total\)

- Positive factor: Significant contained gold ounces

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

- Negative factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-3)

Bankan · gold

#### 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 factor: Good grade for an Inferred resource

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

- Negative factor: Inferred category represents lower geological confidence

- Negative factor: No change from prior estimate

Evidence · table

> 1.4

Context: 19.9

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-4)

Kiniéro · gold

#### 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 factor: Significant Indicated Mineral Resource adds to company's asset base

- Positive factor: Good M&I confidence \(54.9% M&I for Kiniéro total\)

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

Evidence · table

> 2.5

Context: 80.3

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-5)

Kiniéro · gold

#### 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 factor: Adds to the overall resource base of the company

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

- Negative factor: Inferred category represents lower geological confidence

Evidence · table

> 1.8

Context: 66.0

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-6)

Nampala · gold

#### 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 factor: High confidence in Indicated category \(86.3% M&I for Nampala total\)

- Positive factor: Adds to the company's resource base through the merger

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

Evidence · table

> 0.3

Context: 12.0

#### Tags used in scoring

**Indicated Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-7)

Nampala · gold

#### 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 factor: JORC and NI 43-101 compliant with QP sign-off

- Negative factor: Very low contained metal in the Inferred category

- Negative factor: Inferred category represents lower geological confidence

Evidence · table

> 0.0

Context: 1.9

#### Tags used in scoring

**Inferred Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-8)

Bankan · gold

#### 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 factor: Significant Probable Ore Reserve provides strong economic foundation

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

- Negative factor: 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 Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-9)

Kiniéro · gold

#### 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 factor: Significant Probable Ore Reserve adds to company's asset base

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

Evidence · table

> 1.8

Context: 55.6

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-10)

Nampala · gold

#### 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 factor: Adds to the company's reserve base through the merger

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

Evidence · table

> 0.1

Context: 3.7

#### Tags used in scoring

**Probable Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### indicated

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-11)

gold

#### 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 factor: Substantial increase in total Indicated Mineral Resources for the company

- Positive factor: High confidence in the Indicated category

- Positive factor: 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 Resource**

Polarity: positive

Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.

Why it applies: category is "indicated"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### inferred

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-12)

gold

#### 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 factor: Significant increase in total Inferred Mineral Resources for the company

- Positive factor: JORC and NI 43-101 compliant with QP sign-off

- Negative factor: 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 Resource**

Polarity: negative

Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.

Why it applies: category is "inferred"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

### probable

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-resource-facts-13)

gold

#### 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 factor: Significant increase in total Probable Ore Reserves for the company

- Positive factor: 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 Reserve**

Polarity: positive

Definition: Indicated Resource with demonstrated economic viability after applying modifying factors.

Why it applies: category is "probable"

**Cut-off Undisclosed**

Polarity: negative

Definition: High-grade interval reported without stating the cut-off grade used for compositing.

Why it applies: no cutoff\_grade was stated

**QP/CP Signed**

Polarity: positive

Definition: 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 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard.

Why it applies: reporting\_standards includes jorc

**NI 43-101 Compliant**

Polarity: positive

Definition: Resource estimate prepared in compliance with NI 43-101 \(Canada\) — high reporting standard.

Why it applies: reporting\_standards includes ni\_43\_101

**Tonnage Growth**

Polarity: positive

Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved.

Why it applies: 110900000 against 51600000 previously

**Grade Decline**

Polarity: negative

Definition: 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 Growth**

Polarity: positive

Definition: 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 plant

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-metallurgical-facts-0)

Kiniéro · gold

#### 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 factor: High recovery for a mill/CIL operation, indicating efficient processing

- Positive factor: Actual plant performance data provides high confidence

- Positive factor: Recovery is consistent with prior plant performance

Evidence · table

> 90.4

Context: Kiniéro

#### Tags used in scoring

**Pilot Scale Complete**

Polarity: positive

Definition: Pilot or demonstration plant testing completed under continuous operation.

Why it applies: test\_type names pilot-scale work

### pilot plant

[Link to this fact](https://atlas-staging.minestarters.com/news/pdi-annual-report-to-shareholders--820bf20a-13e2-4501-9a8a-26187e66fb07#fact-metallurgical-facts-1)

Nampala · gold

#### 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 factor: Actual plant performance data provides high confidence

- Negative factor: Recovery is moderate for a mill/CIL operation, suggesting potential for optimization

Evidence · table

> 86.4

Context: Nampala

#### Tags used in scoring

**Pilot Scale Complete**

Polarity: positive

Definition: 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.