Introduction
The Bankan Gold Project is a potential Tier-1 gold mine located in north-east Guinea, West Africa.
The project is 550km by road from Guinea’s capital Conakry within the region of Upper Guinea (Haute-Guinée) and is near the regional administrative centre of Kouroussa. PDI’s Bankan licence area covers 356km2 in four exploration permits: Kaninko, Saman, Bokoro and Argo.
(Note: refer to ASX announcement “Argo and Bokoro Exploration Permits Update” on 28 May 2025)
Three permits are held by wholly owned subsidiaries of the Company, Mamou Resources SARLU and Kindia Resources SARLU. The fourth, Argo, is a joint venture with the owners of local company Argo Mining SARLU, through which PDI has the right to earn 90% through the exploration phase and acquire 100% at decision-to-mine.
Four deposits have been discovered to date which host a total Mineral Resource of 5.5Moz. The NEB deposit in the southern part of the Project has a 4.9Moz Mineral Resource, making it one of the largest gold discoveries in West Africa in a decade. The 0.5Moz BC deposit is situated 3km west of NEB. Initial Mineral Resources totalling 153Koz have also been defined at the Fouwagbe and Sounsoun deposits on the Argo permit. The Bankan Project is highly prospective and there is potential to significantly grow the Mineral Resource base over time through expansion of existing deposits and new discoveries.
A Definitive Feasibility Study (DFS) completed for the NEB and BC deposits in June 2025 outlined an Ore Reserve estimate of 2.95Moz, average production of ~250Koz per annum over a >12-year mine life, and strong financial metrics.
Significant Reserves & Resources
2.95Moz ore reserve
(51.6Mt @ 1.78 g/t)(2)
5.53Moz mineral resource
(103.6Mt @ 1.66 g/t)(2)
Significant exploration potential
COMPETITIVE CAPEX & OPEX(1)
US$463m pre-production capex
(broadly in-line with the PFS)
~US$1,057/oz LOM average AISC
(~10% reduction compared to the PFS on like-for-like gold price basis)
Exceptional Production Profile
~250kozpa average gold production over a 12-year mine life(1)
One of the largest and most advanced gold development projects in Africa
Strong
Financials(1)
US$1.6bn NPV 5% and IRR of 46%
(at US$2,400/oz)
US$2.9bn NPV 5% and IRR of 73%
(at US$3,300/oz)
Each US$100/oz adds ~US$140m NPV
- Refer to ASX announcement on 25-Jun-25. Financial metrics reported on a post-tax basis for 100% of the Project.
- Refer to ASX announcements 7-Aug-23, 23-Apr-25 and 25-Jun-25. Refer also to ASX announcement “Argo and Bokoro Exploration Permits Update” dated 28-May-25.
Deposits
Four deposits have been discovered at the Bankan Gold Project to date – NEB, BC, Fouwagbe and Sounsoun. These deposits host a total Mineral Resource of 103.6Mt at 1.66g/t for 5.53Moz of gold (including 4.14Moz Indicated), positioning the Project as one of the largest gold discoveries in West Africa in a decade.
NEB is a large and high quality deposit which hosts 4.89Moz of the overall 5.53Moz Mineral Resource. The current NEB estimate includes an Open Pit Mineral Resource reported at a 0.5g/t cut-off grade within a US$1,800/oz optimised resource pit shell, which totals 81.4Mt @ 1.53g/t for 3.99Moz of gold. A high-grade Underground Mineral Resource reported at a 2.0g/t cut-off is present below the resource pit shell, which totals 6.8Mt @ 4.07g/t for 896Koz of gold.
There is potential to grow the NEB Open Pit Mineral Resource through targeted drilling of additional high-grade shoots within the resource pit shell, and at the Gbengbeden resource pit shell immediately north of the main NEB deposit. The NEB Underground Mineral Resource is open at depth.
The BC Mineral Resource is reported at a 0.4g/t Au cut-off grade within a US$1,800/oz optimised resource pit shell, totalling 12.2Mt @ 1.24g/t for 487Koz of gold and includes 50%, or 244Koz, in the Indicated category. The BC deposit remains open down plunge to the south-west, and along strike to the south.
The Fouwagbe maiden Mineral Resource estimate is 2.2Mt @ 1.68g/t for 119Koz hosted within a series of parallel south-west plunging shoot-like zones of mineralisation. The Sounsoun maiden Mineral Resource estimate incorporates mineralisation associated with an east-to-west orientated shear zone and totals 0.9Mt @ 1.19g/t for 34Koz at Sounsoun. The Fouwagbe and Sounsoun Mineral Resources are reported at a 0.5g/t Au cut-off within resource pit shells optimised using a US$2,300/oz gold price.
Metallurgical test work has indicated that gold mineralisation within the Bankan Project deposits is free-milling with high gold recoveries and amenable to a simple, industry-standard CIL processing with upfront gravity recovery.
Definitive Feasibility Study
PDI completed a DFS for the Bankan Project in June 2025, outlining an Ore Reserve estimate of 2.95Moz, production of ~250koz per annum over >12 years, and strong financials. The DFS builds on the outcomes of the Pre-Feasibility Study completed in April 2024, providing greater confidence in the Project’s development and operating plans, and reaffirming its large scale, long mine life and compelling financials.
The DFS envisages the development of open pit mines at the NEB and BC deposits, an underground mine at NEB, a 4.5 Mtpa conventional CIL processing plant, a filter-stacked tailings storage facility and various supporting facilities and infrastructure.
Extensive reviews and optimisations since the PFS have culminated in a robust and de-risked development case in the DFS. Additional geotechnical testwork and open pit vs underground transition studies have delivered steeper wall angles and a smaller NEB pit. This has resulted in a significantly reduced strip ratio of 1.9:1 (compared to 4.6:1 in the PFS) and a larger contribution of ounces from the NEB underground mine at an increased underground mining rate of 1.4Mtpa (compared to 1Mtpa in the PFS).
The open pit design has been further refined with three staged developments at NEB and an edge-based approach to reduce dilution and ore loss. Underground mine design has also been optimised, featuring a portal established in fresh rock at the base of the GBE pit, twin declines, and a hybrid transverse/longitudinal long hole open stoping method to further reduce dilution and ore loss.
The processing plant, utilising conventional CIL technology with upfront gravity recovery, is designed for a throughput of 4.5Mtpa, aligned with the optimised mine schedule. Additional processing improvements include the inclusion of a separate mineral sizer for weathered ore and ore blending strategies to manage materials handling and optimise energy use. Additional metallurgical testwork has resulted in improved average recoveries of 92.8%.
Construction is scheduled to occur over a two-year period which is aimed to commence in Q2 2026 following execution readiness activities (including selected early works), enabling the start of commercial production in Q2 2028.
The execution and production schedule prioritises early development of the NEB underground mine to deliver higher-grade ore to the processing plant at the start of production, ensuring a minimum of 25% fresh ore feed to meet plant operational requirements. During the first nine months of construction, the GBE pit will be mined and stockpiled to establish a portal for underground access in fresh rock, with stope ore expected to be reached after approximately 15 months and development ore stockpiled in the interim. The NEB open pit will be mined in three stages to optimise access to higher-grade material and balance material movement across the life of mine (LOM), with pre-stripping commencing three months prior to production. Mining at the BC open pit is planned for years 9 to 11, deferring the associated capital costs.
The DFS delivers outstanding returns with a post-tax NPV5% of US$1.6bn (A$2.5bn), IRR of 46% and payback period of 1.9 years at a base case DFS gold price assumption of US$2,400oz.
There is significant upside at high gold prices (recent average spot gold prices of ~US$3,300/oz), with the post-tax NPV5% increasing to US$2.9bn (A$4.5bn), IRR increasing to 73% and payback period reducing to just over 1 year.
The DFS capital cost estimate of US$463m includes establishment of all required infrastructure, pre-production operating costs, indirect costs and US$34m contingency. All-in sustaining costs (AISC) of ~US$1,057/oz deliver strong free cash flow.
Permitting
The NEB and BC deposits sit in the Peripheral Zone of the Upper Niger National Park, approximately 21km and 18km away from the Core Conservation Zone. PDI has and will continue to undertake an extensive ESG program with the support of globally recognised external consultants to establish a baseline understanding of the regional environment and develop plans to sustainably manage future mining operations.
The ESIA for the Bankan Project was completed in April 2024 following more than two years of environmental and social work, including baseline surveys and studies, community liaison, and government and stakeholder engagement.
In January 2025, Guinea’s Ministère de l’Environnement et du Développement Durable (the Ministry of Environment and Sustainable Development or MEDD) approved the ESIA and issued the Certificate of Environmental Compliance (ECC) for the Project. This is a significant de-risking step as it confirms the MEDD’s support for development of the Project in the Peripheral Zone of the Upper Niger National Park, and provided the necessary environmental certificate required for PDI to apply for Bankan’s Exploitation Licence.
The application for the Exploitation Permit was submitted to the Ministère des Mines et de la Géologie (the Ministry of Mines and Geology) in January 2025 and is in the final stages of the Government’s review process.
