Predictive Discovery (PDI) Investor Update summary

Project overview and scale

• Bankan Gold Project in Guinea is one of Africa's largest and most advanced gold projects, with a 12.2-year mine life and average annual production of ~250,000 ounces at an AISC of US$1,057/oz.

• Mineral resource is 5.5Moz and ore reserve is 3Moz, with significant exploration upside along a 35km strike.

• Project NPV5% is US$1.6bn at US$2,400/oz gold, rising to US$2.9bn and 73% IRR at US$3,300/oz, with payback just over 1 year at spot prices.

• Government revenues expected to total US$2bn over the mine life, with peak construction workforce of 1,500 and operational workforce of 1,100.

• Guinea is a stable mining jurisdiction with a strong gold and bauxite industry, and significant mining investments.

Technical and operational highlights

• Combined open pit and underground mining, with a reduced strip ratio of 1.9:1 and improved ore dilution to 4.5%.

• 4.5Mtpa processing plant uses conventional crushing, grinding, gravity recovery, and CIL circuits, achieving 92.8% gold recovery.

• Pre-production capital cost is US$463m, with sustaining capital of US$208.6m and closure costs of US$39.6m.

• Power supplied by a 32.5MW HFO plant and 30MWp solar farm, with future potential to connect to the national grid.

• Filtered tailings storage facility with HDPE lining and zero-discharge design, plus comprehensive water and sediment control.

Financial and permitting status

• Project expected to generate >US$250m average annual free cash flow at US$2,400/oz, rising to >US$400m at US$3,300/oz.

• Capital payback in less than two years, with robust economics across a range of gold prices.

• Environmental Compliance Certificate issued January 2025; exploitation permit application is in final review, awaiting signature.

• Implementation schedule targets FID in early 2026, with first gold production in Q2 2028.

• Financing process to commence post-DFS, targeting a mix of equity and debt; strong interest from potential financiers.