Predictive Discovery Limited

Notable vs. Peers

• Jurisdiction risk score of 5/10 is meaningfully riskier than the peer average of 7.8/10.
• All-in sustaining cost of $1,408/oz is 28% lower than the peer producer average of $1,962/oz.

Lifecycle Milestones

1. Permit granted

   Reached — date not disclosed · Kiniero is a past-producing mine: Semafo Guinee (a subsidiary of Canada-based Semafo) started production at the Kiniero open pit in 2002 and operated it for 12 years before care-and-maintenance in early 2014 -- meaning the underlying Guinean exploitation permit/mining title necessarily predates 2002, over two decades before Predictive Discovery's stage. Sycamore Mining acquired the property in 2019, and Robex Resources (which later merged into Predictive Discovery) became owner via its April 2022 merger with Sycamore -- the same merger this miner's existing CONSTRUCTION_DECISION row is anchored to. The exploitation permit for the 470km2 Kiniero/Mansounia licence package was inherited through this Semafo -> Sycamore -> Robex -> Predictive Discovery chain rather than newly granted for the current restart -- same reused-pre-existing-permit shape as HL/San Sebastian and DRD/FWGR (Task #646 batch 1). No dated 'permit granted' event specific to the 2022+ restart was found. || AMENDED BY TASK #663 (2026-08-25), additive correction, prior text above preserved verbatim: the inference that the Guinean exploitation permit 'necessarily predates 2002' because Semafo produced at Kiniero from 2002 DOES NOT HOLD -- SEMAFO'S KINIERO PERMITS WERE REVOKED IN 2014. The current permit is a FRESH GRANT to Sycamore Mining, not an inherited pre-2002 title. Corroborating and independently consistent: on 19 NOVEMBER 2019 Guinea's mining ministry signed an agreement with Sycamore Mining to redevelop Kiniero which obliged the State to grant an exploitation permit only AFTER validation of a feasibility study (https://www.agenceecofin.com/or/2111-71371-guinee-l-etat-confie-a-sycamore-mining-le-developpement-d-une-ancienne-mine-d-or-de-semafo) -- an obligation that would be incoherent had a valid permit already existed. Robex's April 2022 merger materials then describe Sycamore as 'owner of the exploitation licenses pertaining to the Kiniero gold district', establishing the permit existed by then. GRANT DATE THEREFORE BRACKETED, NOT DATED: after 19 November 2019 and before April 2022. No announcement, decree or filing reachable in English or French names a specific date, so achievedDate stays null rather than being inferred. REMAINING PATH IF A DATE IS EVER NEEDED: the Kiniero PFS technical report (minedocs.com/23/Kiniero-PFS-08262022.pdf) would likely carry the decree in its Mineral Tenure section, but it exceeds WebFetch's 10MB limit and must be downloaded and read locally. SEPARATELY, RECORDED SO NO LATER PASS MISTAKES IT FOR THE BASIS OF THIS ROW: BANKAN IS NOT PERMITTED. Its exploitation permit application was lodged January 2025 and remains under government review (the company's own asset page states it 'is in the final stages of the Government's review process'). What Guinea granted in January 2025 was only ESIA approval / a Certificate of Environmental Compliance from MEDD -- a prerequisite to APPLY for the mining licence, not the licence itself. Bankan construction (Q2 2026) and commercial production (Q2 2028) remain guidance TARGETS, not events, and must not be recorded as milestone dates. https://www.predictivediscovery.com/assets/bankan-gold-project/ · Source
2. Construction decision (FID)

   Reached — date not disclosed · Robex Resources became developer of Kiniero via its April 2022 merger with Sycamore Mining, enabling the project to proceed toward construction (which started that Q4) -- Robex's own real corporate decision, recorded here per the predecessor-operator convention (see script header; Predictive Discovery itself only gained Kiniero via its later merger with Robex). No separately dated 'Board sanctions construction' release distinct from the merger was found. Exact day not confirmed from available sourcing beyond 'April 2022' -- recorded reached-but-undated. · Source
3. Construction start

   Reached — date not disclosed · Construction of the Kiniero project started in the fourth quarter of 2022, under original developer Robex Resources, following an August 2022 pre-feasibility study and the April 2022 Sycamore Mining merger. Exact day not confirmed from available sourcing -- recorded reached-but-undated. · Source
4. First pour / production

   Dec 2025 · First gold poured at the Kiniero Gold Mine, Guinea, by Robex Resources (on schedule and on budget); Robex merged into Predictive Discovery in an all-share deal completed April 2026, making Kiniero PDI's operating asset. This does not evidence anything about the separate Bankan project. · Source
5. Commercial production

   Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Predictive Discovery completed its all-share merger with Robex Resources around 2026-04-15, transforming from a single-project explorer into a multi-asset producer via two mines with entirely separate histories -- Kiniero (Guinea), which achieved its own commercial gold production in February 2026 (first gold pour December 2025), and Nampala (Mali), which has been operating since 2017 under Robex's prior ownership with historical annual production of ~40,000-50,000 oz, long predating this year's merger. The company's flagship development asset, Bankan (Guinea), has NOT yet reached production -- construction/commercial production is targeted for Q2 2028 and is explicitly not part of this claim. Note: Miner.country reads Guinea (where both Kiniero and Bankan sit), but Nampala is in Mali -- a multi-country operator, not Guinea-only. This row was missing entirely prior to 2026-08-21 -- a genuine data gap, not a stage error; Miner.stage was already correctly PRODUCTION. · Source

Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.

A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.