A$50M BOOST FOR BANKAN GOLD PROJECT

Predictive Discovery Secures Major Funding to Expand Gold Operations

Predictive Discovery Limited(ASX: PDI) has successfully secured firm commitments to raise A$50 million through a placement of approximately 263.2 million new fully paid ordinary shares at an issue price of A$0.19 each. This significant financial injection is earmarked for the expansion and further development of the Bankan Gold Project.

Key Placement Highlights:

  • Received strong backing from both existing shareholders and new high-quality institutional investors.
  • Funds are allocated for extensive drilling and development activities at the Bankan Gold Project, which includes:
    • Resource definition and near-resource exploration to enhance the existing 5.38 million ounces Mineral Resource.
    • Argo exploration drilling to delineate multiple highly prospective targets.
    • Advancement of the Exploitation Permit application process alongside ongoing environmental and social initiatives.
    • Completion of a Definitive Feasibility Study (DFS), building on the recent Pre-Feasibility Study (PFS) which identified numerous opportunities for value enhancement.

Upon completion of the placement, Predictive Discovery will boast a pro-forma cash position of A$66.5 million, before costs.

Andrew Pardey, Managing Director of Predictive Discovery, shared his enthusiasm about the placement:

The equity raise is an outstanding outcome for PDI and places the Company in a very strong position to continue enhancing and de-risking our Tier-1 Bankan Gold Project.” He added, “The recent completion of the PFS was a key milestone and confirmed that Bankan can become a large-scale, long-life and low-cost gold mine. These additional funds will allow PDI to undertake the DFS and accelerate the multiple drilling programs which are aiming to add gold ounces, enhance the PFS production profile and define new regional deposits in the Argo area. Overall, more than half of the proceeds will be allocated to drilling programs.

Read the full announcement

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