Slides
Page 1
1 ASX:PDI; ASX: RXR; TSX-V: RBX Investor Presentation October 2025 Merger of Equals to Establish Guinea’s Leading Gold Producer
Page 2
2 Forward Looking Statements and Important Notice. This investor presentation is dated 6 October 2025 and has been prepared jointly by Predictive Discovery Limited (ASX: PDI) (PDI) and Robex Resources Inc. (TSX-V: RBX), with CHESS Depositary Interests (CDIs) quoted on the ASX (ASX: RXR) (Robex) based on information available to them at the time of preparing this presentation (the Investor Presentation). This Investor Presentation has been prepared in relation to PDI’s acquisition of all the outstanding and issued common shares in the capital of Robex, and common shares represented by CDIs, by way of a statutory plan of arrangement under the provisions of the Business Corporations Act (Québec) (QBCA) pursuant to an Arrangement Agreement (the Transaction). This Investor Presentation contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation and may include future-oriented financial information or financial outlook information (collectively "forward-looking statements"). Forward-looking statements may generally be identified by the use of forward-looking terminology, including, without limitation, the terms “believes”, “estimates”, “anticipates”, “expects, “predicts”, “intends”, “plans”, “goals”, “targets”, “aims”, “outlook”, “guidance”, “forecasts”, “may”, “will”, “would”, “could” or “should” or, in each case, their negative or other variations or comparable terminology. All statements, other than statements of historical fact, that address circumstances, events, activities or developments that could or may or will occur are forward-looking statements. Forward-looking statements may include, but are not limited to, statements relating to: the consummation and timing of the Transaction; the strategic vision for the combined company following the closing of the Transaction and expectations regarding exploration and development potential; production capabilities and future financial or operating performance of the combined company post-closing, including investment returns; cash flows; share price performance; production and cost guidance; the potential valuation of the combined company following the closing of the Transaction; the accuracy of the pro forma financial position and outlook of the combined company following the closing of the Transaction; obtaining the required stock exchange, court and shareholder approvals; the success of PDI and Robex in combining operations upon closing of the Transaction; expectations for the potential development of the Bankan Project and Kiniero Project; expectations for production capabilities of the Nampala Project; mineral resource expectations; the ability to obtain funding; the anticipated exercise of warrants and options; the potential for inclusion in certain financial market indices; the potential of the combined company to meet industry targets, public profile and expectations; the expectations regarding institutional reach and access to capital; and future plans, projections, objectives, estimates and forecasts and the timing related thereto. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which because of their nature may cause the actual results or performance of PDI and Robex to be materially different from the results or performance expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding PDI’s and Robex’s present and future operations and the political and economic environment in which PDI and Robex will operate in the future and are not guarantees or predictions of future performance. Although PDI and Robex believe that such expectations, estimates and forecast outcomes are based on reasonable assumptions neither PDI nor Robex can give any assurances that these will be achieved. Relevant factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations and general economic conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development, including the risks of obtaining necessary approvals, licenses and permits and diminishing quantities or grades of reserves or resources, political and social risks (including, but not limited to, in Guinea, Mali and West Africa more broadly), changes to the legal and regulatory framework within which PDI and Robex operate or may in the future operate, environmental conditions including extreme weather conditions, recruitment and retention of personnel, industrial relations issues and litigation. Unless stated otherwise, forward-looking statements speak only as at the date of this Investor Presentation or the DFS (as applicable). To the maximum extent permitted by applicable laws, neither PDI nor Robex nor their related bodies corporate, affiliates and their respective officers, directors, employees, agents and advisers (“Related Parties”), nor any other person, make any representation or give any assurance, guarantee or warranty, express or implied as to, and take no responsibility and assume no liability for, the authenticity, validity, accuracy, suitability or completeness of, or any errors in, or omissions from, any information, statement or opinion contained in this Investor Presentation (including, without limitation, the achievement or accuracy of any forecasts, projections or other forward-looking statements contained or referred to in this Investor Presentation). Except as required by applicable laws, PDI and Robex and their related bodies corporate, affiliates and their respective Related Parties disclaim any obligation to update or revise any forward-looking statement in this Investor Presentation. To the maximum extent permitted by applicable laws, neither PDI nor Robex nor their related bodies corporate, affiliates and their respective Related Parties, nor any other person, accept any liability, including, without limitation, any liability arising from fault or negligence on the part of any of them or any other person, for any loss arising from the use of this Investor Presentation or its contents or otherwise arising in connection with it. Investors should make and rely upon their own enquiries before deciding to deal in PDI’s and/or Robex’s securities. To the extent any forward-looking statement in this Investor Presentation constitutes “future-oriented financial information” or “financial outlooks” within the meaning of Canadian securities laws, such information is provided to demonstrate the respective internal projections of PDI and Robex and to help readers understand their expected financial results. Readers are cautioned that this information may not be appropriate for any other purpose and readers should not place undue reliance on such information. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions, and subject to the risks and uncertainties, described above. Historical Information. Information about the past performance of PDI and Robex contained in this Investor Presentation is given for illustrative purposes only and cannot be relied upon as an indicator of (and provides no guidance as to) future performance, including future share price performance of MergeCo. Any such historical information is not represented as being, and is not, indicative of PDI and Robex’s view on their future financial condition and/or performance, nor the future financial condition and/or performance of MergeCo. Summary Information. By reviewing or retaining these materials, or attending or participating in this Investor Presentation, you acknowledge and represent that you have read, understood and accepted the terms of this “Forward Looking Statements, Disclaimer and Compliance”. This Investor Presentation contains summary information about PDI, Robex, and their activities current only at the date of this Investor Presentation. This Investor Presentation is for information purposes only. The information in the Investor Presentation is of a general nature only and does not purport to be complete. This Investor Presentation should be read in conjunction with PDI’s periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au and on PDI’s website at www.predictivediscovery.com, and Robex’s periodic and continuous disclosure announcements which are available at www.asx.com.au, www.sedarplus.ca, and on Robex’s website at robexgold.com. Certain information in this Investor Presentation may have been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither PDI, Robex nor their respective representatives have independently verified any such information sourced from third parties or industry or general publications. Not Investment Advice. This Investor Presentation does not constitute in any way an offer or invitation to subscribe for securities in PDI or Robex pursuant to the Corporations Act 2001 (Cth) or applicable Canadian securities law and has not been lodged with the Australian Securities and Investment Commission or any Canadian securities regulatory authority. This Investor Presentation does not constitute investment advice and has been prepared by PDI and Robex without taking into account the recipient’s investment objectives, financial circumstances or particular needs. Each recipient must make his/her own independent assessment and investigation of PDI, Robex and their respective businesses and assets when deciding if an investment is appropriate and should not rely on any statement or the adequacy and accuracy of any information. This Investor Presentation is in summary form and does not propose to be exhaustive. This Investor Presentation should be read in conjunction with PDI’s periodic and continuous disclosure announcements lodged with the ASX, which are available to download at www.asx.com.au. PDI does not make any representation or warranty (either express or implied) as to the accuracy, reliability or completeness of the information in this Investor Presentation. PDI, Robex and their respective directors, employees, agents and consultants shall have no liability (including liability to any person by reason of negligence or negligent misstatement) for any statements, opinions, information or matters (express or implied) arising out of, contained in or derived from, or for any omissions from the Investor Presentation, except liability under statute that cannot be excluded. Not an Offer. This Investor Presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any security, and neither this Investor Presentation nor anything in it shall form the basis of any contract or commitment whatsoever. This Investor Presentation has been prepared for publication in Australia and Canada and may not be released to US wire services or distributed in the United States of America. This Investor Presentation does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or any other jurisdiction. Any securities described in this Investor Presentation have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States except in transactions registered under the US Securities Act or exempt from, or not subject to, the registration of the US Securities Act and applicable US state securities laws. Forward Looking Statements, Disclaimer and Compliance
Page 3
3 PDI Mineral Resource and Ore Reserve Estimates The Mineral Resource estimates for the NEB and BC projects referred to in this presentation were released to ASX on 7 August 2023 in an announcement by PDI titled “Bankan Mineral Resource Increases to 5.38Moz” and the Mineral Resource estimates in respect of the Fouwagbe and Sounsoun projects were released to the ASX on 23 April 2025 in an announcement by PDI titled “Maiden Argo Mineral Resource Estimate of 153koz”. The Ore Reserve estimate in respect of the Bankan Gold Project referred to in this presentation was released to ASX on 25 June 2025 in an announcement by PDI titled “Bankan DFS Confirms Outstanding Project Economics”. PDI confirms it is not aware of any new information or data that materially affects the Mineral Resource or Ore Reserve estimates contained in this presentation and all material assumptions and technical parameters underpinning the Mineral Resource and Ore Reserve estimates in the relevant market announcement continue to apply and have not materially changed, noting that PDI intends to appeal the Argo (and Bokoro) revocations announced on 28 May 2025 in accordance with the Mining Code, and that the Argo Inferred Mineral Resources account for just 2.8% of the Company’s overall Mineral Resource. Production Targets The Production Targets and forecast financial information in respect of the Bankan Gold Project referred to in this presentation were released to the ASX on 25 June 2025 in an announcement by PDI titled “Bankan DFS Confirms Outstanding Project Economics”. PDI confirms that all the material assumptions underpinning the Production Targets and forecast financial information derived from the Production Targets in the previous announcement continue to apply and have not materially changed. Exploration Results The information in this announcement that relates to prior Exploration Results in respect of the Bankan Gold Project have been extracted from previous ASX market announcements by PDI which are listed in the “Material ASX Releases” slide in the Appendix. PDI confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement. Robex Mineral Resource and Mineral Reserve Estimates The Mineral Resources and Mineral Reserves estimates referred to in this presentation in respect of Robex’s Kiniero Gold Project were released to ASX on 22 August 2025 in an announcement by Robex titled “Amendment to Kiniero Gold Project Technical Report”, and in respect of the Nampala Project in an ASX announcement by Robex dated 6 May 2025 titled “Replacement Prospectus”. Robex confirms that it is not aware of any new information or data that materially affects the Mineral Resources and Mineral Reserves Estimates included in the relevant market announcement and all material assumptions and technical parameters underpinning the estimates in the announcement continue to apply and have not materially changed. Production Targets The production targets and forecast information in respect of Robex’s Kiniero Gold Project referred to in this presentation was released to ASX on 22 August 2025 in an announcement by Robex titled “Amendment to Kiniero Gold Project Technical Report”, and in respect of the Nampala Project in an ASX announcement by Robex dated 6 May 2025 titled “Replacement Prospectus”. Robex confirms that all the material assumptions underpinning the production targets and forecast financial information derived from the production targets in the relevant market announcement continue to apply and have not materially changed. NI 43-101 All scientific and technical information in this presentation relating to Robex has been reviewed and approved by Mr. Jeames McKibben, a Chartered Professional Fellow of the Australian Institute of Mining and Metallurgy and a member of the Australian Institute of Geoscientists, and a “qualified person” as defined in NI 43-101. Readers are referred to the Robex Resources Inc. NI 43-101 technical report for the Nampala gold mine entitled, “Independent Technical Report on the Nampala, Mininko, Gladie and Kamasso Permits and a Mineral Resource and Reserve Estimate of the Nampala Gold Mine, Mali, West Africa” with an effective date of September 30, 2024 (the “Nampala Report”); and the amended and restated NI 43-101 technical report for the Kiniero gold property released on 22 August 2025 and entitled, “Technical Report, Kiniero Gold Project, Guinea (Amended)” with an effective date of December 6, 2024 as amended and restated on June 12, 2025 (the “Kiniero Report”), which technical report was also included in Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025. The Nampala Report and the Kiniero Report have been filed on Robex’s profile on SEDAR+ at www.sedarplus.ca. JORC Code and CIM Definition Standards The term “Ore Reserve” defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australian Institute of Geoscientists and Minerals Council of Australia (“JORC Code”) is equivalent to the term “Mineral Reserve” defined by the CIM Definition Standards for Mineral Resources & Mineral Reserves adopted by the Canadian Institute of Mining, Metallurgy and Petroleum May 19, 2014 (CIM Definition Standards). “Inferred Mineral Resources”, “Indicated Mineral Resources” and “Measured Mineral Resources” have the same meaning under both the JORC Code and CIM Definition Standards. “Proved Ore Reserves” under the JORC Code has the same meaning as “Proven Mineral Reserves” under the CIM Definition Standards, and “Probable Ore Reserves” under the JORC Code has the same meaning as “Probable Mineral Reserves” under the CIM Definition Standards. The JORC Code is an acceptable foreign code under NI 43-101. Disclaimer No persons other than PDI and Robex has authorised or caused the issue, release, submission, distribution or provision of this presentation, or takes any responsibility for, or makes or purports to make, any statements, representations or undertakings in this presentation. PDI and Robex, to the maximum extent permitted by law, expressly exclude and disclaim all liability (including, without limitation, any liability arising out of fault or negligence on the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, arising from the use of this presentation or its contents or otherwise arising in connection with it or the Transaction. PDI and Robex do not make any representations or warranties (express or implied) to you about the Transaction or about the currency, accuracy, reliability or completeness of the information, opinions and conclusions in this presentation (including, without limitation, any financial information, any estimates or projections and any other financial information). By accepting, accessing or reviewing this presentation (or by attending any investor briefing at which this presentation is made), you represent, warrant and agree that you have not relied on any statements made by PDI or Robex in this presentation (including in relation to the Transaction) and that you have read and agree to the terms set out above. Authorisation This presentation has been jointly authorised for release by Andrew Pardey, Chief Executive Officer and Managing Director of PDI and Matthew Wilcox, Chief Executive Officer and Managing Director of Robex. Important Notices and Disclaimer
Page 4
4 Pathway to becoming one of West Africa’s leading gold producers o Combines two of the largest, lowest cost and most advanced development gold projects in West Africa, enhancing scale, access to capital, strategic relevance and competitiveness through an all-share transaction o Expected to produce +400kozpa by 20291 with a mineral resource base of +9Moz2 Au and significant exploration upside o Development of Bankan following construction of Kiniero (first gold at Kiniero expected December 2025) Right management and board skill-set to drive value creation o Strengthened team with a proven in-country track record and complementary skill-set to develop and operate mines in West Africa o Extensive experience working within dual-listed and large mining companies in Africa Enhanced capital markets presence o MergeCo has potential for inclusion in the ASX 200 and, in the future, the VanEck Junior Gold Miners ETF (GDXJ), which could enhance investor relevance, institutional reach, and access to capital o Greater scale and the multi-asset nature of the MergeCo increases attractiveness to investors Increased asset scale, de-risking of financing for Bankan and an experienced mine building team to increase re-rate potential for MergeCo 1. CY2029 production based on the results of the Definitive Feasibility Study for the Bankan Gold Project (as released by PDI to ASX on 25 June 2025 titled “Bankan DFS Confirms Outstanding Project Economics”) and the Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025). Refer to "Forward Looking Statements and Important Notice" on slide 2 2. Includes 4.5Moz of mineral reserves, 1.9Moz of measured and indicated mineral resources, which are exclusive of mineral reserves, and 2.9Moz of inferred mineral resources; Refer to Appendix pages 29 and 30 for the Robex and PDI Mineral Resource Statements. Mineral Resources areinclusive of Mineral Reserves Transaction Highlights Establishes platform to build Africa’s next mid-tier gold producer, pairing a leading development team with a Tier-1 asset De-risked funding of Bankan by leveraging MergeCo cash flows o Development funding for Bankan will be significantly de-risked by leveraging cash flows from Kiniero and the ongoing exercise of Robex's in-the-money warrants and options o Low combined cost profile expected to lead to significant free cash flow generation once Bankan is in production Potential for meaningful operational optimizations o Bankan and Kiniero’s proximity to create a tier-1 mining hub with reduced corporate costs, meaningful operational optimization opportunities and an enhanced ability to leverage in-country resources
Page 5
5 o Merger of PDI and Robex via plan of arrangement under the Business Corporations Act (Québec) via an all-share transaction o Robex shareholders to receive 8.667 PDI shares per Robex share o Pro forma ownership of 51% PDI and 49% Robexshareholders on a fully diluted in-the-money basis o Pro forma market capitalization of approximately A$2,350m / C$2,168m on a fully diluted in-the-money basis1 Transaction Summary Merger of Equals to create a West African gold producer of significant scale o Approval by special resolution of Robex shareholders (66 ⅔% of votes cast in person or by proxy at a meeting of Robex shareholders) o Receipt of interim and final orders from the Superior Court of Québec o Customary regulatory, exchange and court approvals Transaction Structure and Consideration o All directors and certain executive officers of Robex and two of Robex’s largest shareholders (the Cohen Group and Eglinton Mining), collectively holding ~25.5% of Robex shares, have entered into separate voting support agreements with PDI Transaction Approvals and Conditions Voting Support o Non-Executive Chairman of Board – Andrew Pardey o CEO and Managing Director – Matthew Wilcox o Executive Director, Government Relations and Legal – Alain William o Non-Executive Directors of the combined company will be Simon Jackson (Lead Independent), Steven Michael, Alberto Lavandeira andHoward Golden Leadership and Governance o Robex shareholder meeting is expected to be held in December 2025 o Transaction closing targeted to occur in December 2025 or early 2026 Timing o ASX to be the primary listing and MergeCo intends to list its shares on the TSX Venture Exchange following completion of the TransactionDual Listing 1. Based on the PDI closing share price of A$0.44 on 3 October 2025 and exchange ratio of 8.667x. CAD:AUD exchange rate of 1.084x applied
Page 6
6 PDI & Robex Combination Setting the stage for the next West African gold producer of scale
Page 7
7 Source: PDI ASX release “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025, Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025) 1. Based on the June 2025 Quarterly Activities Report, estimated remaining Kiniero capex of ~US$109 million calculated by taking the midpoint of the 2025 guidance ranges for pre- production costs (C$33 million to C$35 million) and development capex (C$210 million to C$225 million). From this total, C$99 .2 million is deducted to account for expenditures up to June 30, 2025. USD:CAD exchange rate of 1.396 is then applied. Prior to 2025, C$46 million spent on Kiniero capex 2. Bankan AISC based on US$2,400/oz scenario, Kiniero AISC based on US$1,800/oz scenario 3. Assumes Bankan first production occurs in April 2028 as per DFS schedule 4. Includes 4.5Moz of mineral reserves, 1.9Moz of measured and indicated mineral resources, which are exclusive of mineral reser ves, and 2.9Moz of inferred mineral resources; Refer to Appendix pages 29 and 30 for the Robex and PDI Mineral Resource Statements. Mineral Resources are inclusive of Mineral Reserv es Building Guinea’s Leading Gold Producer Consolidation of two major assets to create the largest gold producer in the Siguiri Basin 2026 – 2029 Pro Forma Gold Production (koz Au) and AISC (US$/oz)2,3 Units Bankan Kiniero Mine Life years 12 9 Ore Mined / Processed Mt 55 39 Processing Rate Mtpa 4.5 5.0 LOM Avg. Recovery % 93% 86% LOM Avg. Head Grade g/t Au 1.86 0.97 LOM Avg. Gold Production koz Au 249 139 Initial Capital Costs US$m $463 $243 Remaining Capital Costs (as at 30 June 2025) US$m $463 $1091 LOM Avg. AISC2 US$/oz $1,057 $1,066 Project Metrics 177 272 155 155 141 164 332 426 $1,040 $1,019 $1,100 $1,079 2026 2027 2028 2029 Bankan Adj. (koz Au Eq.) Kiniero (koz Au Eq.) AISC (US$/oz Au Eq.) Consolidation would result in a total mineral resource of +9Moz4 Au, expected to produce +400kozpa Au
Page 8
8 Source: Company public filings, PDI ASX release “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025, Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025). Refer to “Sources for Total Mineral Resources, 2024A Production and 2024A AISC” slide 31 in the Appendix Note: Peer set is based on mid-cap and large-cap gold producers with predominantly West African based operations. Total mineral resources and production shown on a 100% basis 1. PDI AISC based on US$2,400/oz scenario for Bankan, Robex AISC based on US$1,800/oz scenario for Kiniero CY2024A Production (koz Au Eq.) CY2024A AISC (US$/oz Au Eq.)Total Mineral Resources (Moz Au Eq.) 25.8 26.1 20.5 15.7 10.8 8.9 7.8 6.6 4.2 4.1 4.5 3.7 2.4 15.4 5.7 8.9 1.4 4.6 3.9 1.9 2.9 2.2 1.4 0.6 0.9 1.5 41.2 31.9 29.4 17.1 15.5 12.8 9.7 9.5 6.4 5.5 5.1 4.6 4.0 Pan African Endeavour B2Gold Allied Gold Resolute West African Perseus MergeCo Fortuna PDI Orezone Galiano Robex M&I Inferred Pathway to Becoming one of West Africa’s Leading Gold Producers MergeCo positioned to become one of the largest low-cost gold producers among African gold miners $2,063 $1,699 $1,550 $1,500 $1,476 $1,465 $1,447 $1,240 $1,218 $1,146 $1,117 $1,079 $1,012 Galiano Allied Gold Pan African Fortuna Resolute B2Gold Orezone West African Endeavour Perseus PDI MergeCo Robex 1 1,103 805 502 426 358 340 296 272 207 172 155 119 115 Endeavour B2Gold Perseus MergeCo Allied Gold Resolute Fortuna PDI West African Pan African Robex Orezone Galiano 1 (CY2029) (CY2029) (CY2029) (CY2029) (CY2029) (CY2029)
Page 9
9 Source: Company public filings, PDI ASX release “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025, Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025) Note: Peer set primarily consists of African production assets and comparable global development projects, Bankan and Kiniero production based on LOM averages, Bankan AISC based on US$2,400/oz scenario, Kiniero AISC based on US$1,800/oz scenario, MergeCo AISC pro-rated for Bankan and Kiniero LOM production 1. Refer to Sources for Production, AISC and Mine Life Benchmarking, slides 32 and 33 in the appendix for peer metrics 2. Production assets LoM based on Reserves / Production. Development assets based on LOM quoted in most recent study Quality Quadrant Median Producer Mine Life Median Producer AISC Establishing a Tier-1 West African Gold Producer1,2 MergeCo Strategically positioned with low-cost, long-life assets relative to peers Loulo Kibali Ahafo Fekola Tarkwa Geita Essakane Ity North Mara Siguiri Sabodala-Massawa Eskay Creek Oko West Hemi Novador Koné Cariboo Back River Size Based on Prod. (Koz AuEq.) African Production Assets Global Development Assets BankanKiniero MergeCo $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 -- 3 6 9 12 15 18 AISC (US$/oz) Life-of-Mine (Years)
Page 10
10 De-risked funding of Bankan by leveraging MergeCo cash flows Source: PDI ASX announcement titled “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025, Robex ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025, Robex ASX announcement titled “Robex Announces Amendments to Sprott Facility Agreement” dated 4 September 2025 and Robex ASX announcement titled “Replacement Prospectus” dated 6 May 2025 1. Cash flows are shown on a 100% basis and based on S&P consensus gold prices as of October 2024, as per the Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025). Projected prices are: 2026 – US$2,431/oz; 2027 – US$2,314/oz; 2028 – US$2,320/oz; 2029 – US$2,320/oz 2. Proceeds from options and warrants shown based on expiry dates, with a USD:CAD exchange rate of 1.396x used. Warrants expiring October 2025 shown excluding US$55m of the US$106m gross proceeds, which will be deposited in a liquidity coverage account pursuant to the Sprott facility together with up to US$10m from 40% of Kiniero excess cash flows commencing 30 September 2026. The liquidity coverage account will become available once the Mansounia Exploitation Permit and Mining Convention is obtained 2025 2026 2027 2028 2029 Bankan Exploitation Permit Financing DFS Completed Jun-2025 Final Investment Decision Construction ~24 months Production Kiniero Construction Production 2026: US$159m1 2027: US$157m1 2028: US$141m1 2029: US$144m1 Nampala Production Generating cash flows to be reinvested in MergeCo assets Generating cash flows to be reinvested in MergeCo assets Potential for further LOM extensions dependent on gold price and exploration upside Corp Options & Warrants US$51m proceeds2 US$10m proceeds2 US$25m proceeds2 Aligned project development timelines for medium to long-term growth
Page 11
11 Integrated fleet and centralized maintenance to optimize resource utilization and enhance equipment efficiency Coordinated supply chain management and bulk procurement to lower costs and strengthen supplier relationships Coordinated approach to environmental management, community engagement and local content opportunities Enables the development of a tier-1 mining hub, lowering corporate overheads and improving access to in-country resource Potential for Meaningful Corporate & Operational Optimizations Multiple value enhancement opportunities Leading development team ready to move from Kiniero construction to Bankan development, applying lessons learned and optimizing workforce development Enlarged land package with +55km strike of the Siguiri Basin margin, allowing enhanced exploration targeting and coordinated programs
Page 12
12 Board Andrew Pardey Non-Executive Chair Andrew is a geologist with over 30 years of experience; he was the former CEO of Centamin where he led the construction and operation of the Tier-1 Sukari Gold mine Matthew Wilcox CEO & Managing Director Matthew is an experienced mining professional with a strong track record of building mines in West Africa including WAF’s Sanbrado project, and Nordgold’s Bissa, Bouly, and LEFA gold projects Howard Golden Non-Executive Director Howard is a mining executive with 40 years’ global experience; led major projects at Syama, Oyu Tolgoi, Agbaou, West Musgrave, and served as Exploration GM at Rio Tinto MergeCo board has built multiple gold mines across Africa with great success Alberto Lavandeira Non-Executive Director Alberto is a mining engineer with 40+ years of experience that is currently the CEO and a board member at Atalaya Alain William Executive Director, Government Relations and Legal Alain is a former metals & mining analyst with 25+ years’ experience in capital markets; previously at Société Générale, Natixis and ING Simon Jackson Lead Independent Non-Executive Director Simon is a chartered accountant with 25+ years’ experience in the management of resource companies, particularly in Africa, including Red Back Mining, Orca Gold and Resolute Mining Steven Michael Non-Executive Director Steven has 25+ years of professional and corporate experience at global finance leaders Rothschild, Macquarie Bank and RBC, in financial advisory Right Skill-Set to Drive Value Creation Experienced leadership team with proven track-record of executing projects in Africa, including Guinea
Page 13
13 $633 $685 $759 $793 $1,526 $1,552 $2,291 $2,312 $2,478 $2,992 $4,436 $7,743 $10,343 Orezone Galiano Robex PDI Resolute MergeCo West African Allied Gold Pan African Fortuna Perseus B2Gold Endeavour MergeCo Eligible for Several Key Index Inclusions MergeCo’s Research Coverage Broker Analyst Coverage (6 analysts)1 ✓ MergeCo would remain eligible for S&P / ASX index inclusions, even with a secondary listing on the TSX-V ✓ Increased exposure to both Australian and Canadian capital markets via dual listing structure ✓ MergeCo may qualify for ASX200 entry, with potential for future GDXJ inclusion ✓ May result in buy pressure post-inclusions and could add passive institutional investors to MergeCo’s shareholder register MergeCo Market Capitalisation vs Direct Peers (US$m) Source: FactSet Note: Market capitalisations are based on prices as of 3 October 2025 at a USD:AUD exchange rate of 1.514x 1. Fully diluted in-the-money market capitalizations shown for PDI and Robex. Robex market capitalization shown based on an exchange ratio of 8.667 shares per PDI share at a PDI share price of A$0.44 2. Assumes analysts of each company maintain coverage MergeCo’s Select Institutional Ownership Enhanced Capital Markets Relevance Merger enhances scale, liquidity & market appeal 1 1
Page 14
14 o Host to multiple world-class mining projects operated by leading international companies o Established gold industry o Global leader in bauxite o Home to the Simandou Iron Ore Project, the world’s largest mining- related development with backing from Rio Tinto, WCS and the Republic of Guinea o Mining has contributed significantly to exports and GDP growth o Strong pipeline of infrastructure developments o Large-scale job creation across mining, construction, and infrastructure supporting employment growth o Established mining code & fiscal regime • 5% royalty plus 1% local development contribution • 30% corporate tax rate • 15% free carried equity interest • Stable fiscal terms since 2013 o Increasing emphasis on community partnerships and sustainable local benefits "The Guinean economy is one of the most resilient in West Africa.” “The budget deficit.... remains one of the lowest in the Economic Community of West African States” - African Development Bank Group Expected to deliver substantial and sustained tax revenue to the Government of Guinea Supports Guinea’s community through employment, infrastructure upgrades, and programs Catapults Guinea into being a top gold producer in Africa Builds a fast growth gold hub in the Siguiri Basin, consolidating a significantly underexplored geological belt Benefits to Guinea Operating Jurisdiction Guinea is an established gold-producing jurisdiction with long term exploration and mining activity
Page 15
15 MergeCo Portfolio Overview Combination of leading projects in Guinea
Page 16
16 ~139kozpa average gold production over a 9-year mine life 54% increase compared to 2023 Feasibility Study US$243mpre-production capex Remains on schedule and on budget for first gold pour in December 2025 US$647m NPV5%, IRR of 61%, and a payback period of 1.6 years (at US$2,320/oz) Economic assessment as at the outset of construction; construction is now substantially advanced, with first production anticipated in December 2025 1.4Moz mineral reserve (45.5Mt @ 0.97 g/t) 2.2Moz indicated mineral resource2 (71.2Mt @ 0.96 g/t) 1.5Moz inferred mineral resource (45.3Mt @ 1.05 g/t) Source: Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025) 1. Financial metrics reported on a post-tax basis for 100% of the Project 2. Inclusive of mineral reserves Kiniero Updated FS Highlights High-margin gold project with robust economics, strong production profile, and significant growth potential Costs in-line with budgetLarge resource with potential for further reserve conversion Robust economics1Average annual gold production
Page 17
17 ✓Process plant design is complete ✓Process plant and power station concrete works are complete ✓Process plant SMP works progressing well at 22% complete, erected or preassembled ✓Both CIL tank trains completed with intertank launders installed ✓SAG mill trunnion bearing housings installed and aligned, and six SAG mill shell segments erected with flange bolting ongoing ✓Fuel storage facility tankage erection progressing ahead of schedule ✓Construction of the tailings storage facility main eastern embankment continues ✓Mining Services Contractor mobilization 70% complete, Tranche 1 equipment delivered ❑ Continue mill and plant installation ❑ Complete power station erection and installation of auxiliary equipment ❑ Continue with mining development works and drilling of Sabali pit ❑ Sign agreement with provider for supply, installation, and operation of solar PV plant ❑ On schedule for first gold pour in Q4 2025 Kiniero Project Development Update Kiniero’s construction on schedule and budget
Page 18
18 SGA Complex Ind. 568koz at 1.46g/t Inferred 486koz at 1.43g/t Jean Ind. 255koz at 1.69g/t Inferred 104koz at 1.47g/t Kiniero Permit Mansounia Permit 0.3 Mineralised Envelope DFS Pit Design Sabali South Ind. 325koz at 0.91g/t Inferred 87koz at 1.01g/t Mansounia Ind. 599koz at 0.78g/t Inferred 697koz at 0.82g/t Sabali North & Central Ind. 145koz at 1.21g/t Inferred 31koz at 1.39g/t o Exploration Potential • Consists of the adjoining Kiniero permit area (exploitation permits) and Mansounia permit area (exploration permits) • Multiple underexplored deposits across the property • Significant upside, specifically in the north where exploration will continue following the commencement of commercial production at Kiniero o Kiniero Drill Program • Broad deposit coverage with a focus on scale • ~200,000m of drilling planned from 2025 to 2027 Source: Company filings Kiniero Significant Exploration 470km2 land package largely underexplored
Page 19
19 ~250kozpa average gold production over a 12-year mine life One of the largest and most advanced gold development projects in Africa US$463mpre-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) US$1.6bn NPV5% and IRR of 46% (at US$2,400/oz) US$2.9bn NPV5% and IRR of 73% (at US$3,300/oz) Each US$100/oz adds ~US$140m NPV 2.95Moz ore reserve (51.6Mt @ 1.78 g/t) 5.53Moz mineral resource (103.6Mt @ 1.66 g/t) Significant exploration potential Source: PDI ASX announcement titled “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025 1. The Argo permit hosts 153koz of the 5.53Moz mineral resource in the Fouwagbe and Sounsoun deposits. PDI intends to appeal the Argo and Bokoro revocations announced on 28 May 2025 in accordance with the Mining Code. Refer to PDI ASX release “Argo and Bokoro Exploration Permits Update” dated 28 May 2025 2. Financial metrics reported on a post-tax basis for 100% of the Project Bankan DFS Highlights Large-scale, long-life gold development project with compelling economics and strong leverage to the current gold price environment Competitive capex & opex2 Significant reserves & resources1 Strong financials2Exceptional production profile 1 1
Page 20
20 Near-Resource Targets o Numerous near-surface prospects have been identified within 3kms of the NEB and BC deposits o Targets defined from shallow drilling and geophysics surveys o Positive results from multiple targets confirms extent of gold mineralisation in the NEB and BC area o Potential for multiple satellite deposits to be defined over time Argo1 o Multiple specific target areas plus 23 line kms of anomalous auger trends to be tested o 153Koz maiden Mineral Resource for Fouwagbe and Sounsoun Bokoro South Targets1 o Extensive auger drilling and first pass aircore program completed to test structural and geophysical targets o Further auger and aircore drilling planned following wet season Note: Results from various ASX releases. Refer to “Material ASX releases” slide 35 in the appendix 1. PDI intends to appeal the Argo and Bokoro revocations announced on 28 May 2025 in accordance with the Mining Code. Refer to PDI ASX release “Argo and Bokoro Exploration Permits Update” dated 28 May 2025 Bankan Significant Exploration Upside 35km of Siguiri Basin margin; positive results at multiple exploration targets in the NEB area and at Argo1
Page 21
21 Historical Gold Production (koz Au) Location Mali Ownership 80% Robex / 20% Mali Government Type Conventional Open Pit Mining Plant 3.0 Mtpa Gravity and CIL Processing Plant Mine End 2026 o Located in southern Mali within the Leo-Man Shield of the West Africa Craton o 380koz Au produced at an average AISC of US$928/oz between 2017 and 2024. Increased AISC in 2025 (~US$1,500/oz) due to revised fiscal terms and increased gold price o US$70m invested up to date with US$2-5m in annual sustaining capex o Average estimated monthly FCF of US$3.0-3.5m in 2025 o 121koz @ 0.93 g/t remaining in reserves 37 45 56 50 47 47 52 47 47 0 20 40 60 2017A 2018A 2019A 2020A 2021A 2022A 2023A 2024A 2025E Source: Robex ASX release titled “Replacement Prospectus” dated 6 May 2025 Nampala Financial and Operational Highlights Nampala Operations
Page 22
22 1. CY2029 production based on the results of the Definitive Feasibility Study for the Bankan Gold Project as released by PDI to ASX on 25 June 2025 titled “Bankan DFS Confirms Outstanding Project Economics” and the Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025) 2. Refer to slides 29 and 30 in the Appendix for the Robex and PDI Mineral Resource Statements. Mineral Resources are inclusive of Ore Reserve Merger of Equals Increases Scale and Benefits to All Shareholders Creation of Africa’s next mid-tier gold producer, on track to produce +400kozpa by 20291 Consolidation of two of the most promising and contiguous assets in Guinea, with total resource of +9Moz Au2 Combined leadership team with the right skillset to unlock value Enhanced capital markets profile of MergeCo positioning it for a re-rating De-risked funding of Bankan by leveraging MergeCo cash flows
Page 23
23 Appendix
Page 24
24 $3,744 $2,862 $2,770 $2,529 $2,253 $2,234 $2,083 $1,980 $1,923 $1,859 $1,748 $1,333 Median: US$2,158/ozpa Au $835 $523 $734 $435 $365 $373 $500 $297 $321 $463 $243 $216 Kone (DFS) Nyanzaga (DFS) Assafou (PFS) Dugbe (FS) Twin Hills (DFS) Doropo (DFS) Kurmuk (DFS) Kalana (PFS) Meyas Sand (FS) Bankan (DFS) Kiniero (FS) Kobada (DFS) Top-tier African Gold Projects – Production (kozpa Au)2 Top-tier African Gold Projects – Capex Intensity (US$/ozpa Au)2 Initial Capex (US$m) 265 249 240 223 183 172 167 167 162 162 150 139 Median: 170kozpa Assafou (PFS) Bankan (DFS) Kurmuk (DFS) Kone (DFS) Nyanzaga (DFS) Dugbe (DFS) Meyas Sand (FS) Doropo (FS) Kobada (DFS) Twin Hills (DFS) Kalana (PFS) Kiniero (FS) Source: PDI ASX announcement titled “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025, Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025) Note: Refer to “Sources for Production and Capex Benchmarking” slide 34 in the appendix 1. Only includes assets with a development stage above a PEA / Scoping Study; excludes gold assets in South Africa 2. Production of development projects based on LOM average production Production and Capex Benchmarking Bankan and Kiniero rank among the most capital-efficient advanced-stage gold projects in Africa1
Page 25
25 -- 141 164 155 155 157 146 124 117 58 $1,040 $1,019 $1,088 $1,012 $1,018 $1,118 $1,034 $1,006 $1,026 0 200 400 600 800 1,000 1,200 1,400 1,600 0 50 100 150 200 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Production AISC Gold Price US$/oz $2,320 Initial Capital Costs US$m $243 Remaining Capital Costs (as at 30 June 2025) US$m $1091 Total Site Costs US$/oz $837 AISC2 US$/oz $1,066 Post-Tax NPV5% 3 US$m $647 Post-Tax IRR3 % 61% Payback3 years 1.6 Gold Production (koz Au) & AISC (US$/oz)2 Cash Flows (US$m)3 Units Number Mine Life years 9 Ore Processed Mt 45.4 Processing Rate Mtpa 5.0 LOM Avg. Processing Recovery % 86% LOM Avg. Grade g/t Au 0.97 LOM Avg. Gold Production koz Au 139 Production MetricsFinancial Metrics Source: Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025) 1. Based on the June 2025 Quarterly Activities Report, estimated remaining Kiniero capex of ~US$109 million calculated by taking the midpoint of the 2025 guidance ranges for pre-production costs (C$33 million to C$35 million) and development capex (C$210 million to C$225 milli on). From this total, C$99.2 million is deducted to account for expenditures up to June 30, 2025. USD:CAD exchange rate of 1.396 is then applied. Prior to 2025, C$46 million spent on Kiniero capex 2. Updated FS scenario: gold price under this scenario is the Mineral Reserve gold price (US$1,800/oz) 3. Updated FS scenario: gold price under this scenario is the Consensus gold price (S&P consensus long term gold price at end of October 2024, ranging between US$2,431/oz and US$2,320/oz) CapEx ($203) $159 $157 $141 $144 $146 $113 $102 $103 $44 (300) (200) (100) 0 100 200 300 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 EBITDA CapeEx Taxes Working Capital Unlevered FCF Economic assessment as at the outset of construction; construction is now substantially advanced, with production anticipated in December 2025 Kiniero Updated FS Production and Financial Metrics CapEx Cash flows from Kiniero leveraged to de-risk Bankan development
Page 26
26 Units Number Mine Life years 12.2 Ore Mined / Processed Mt 54.5 Processing Rate Mtpa 4.5 LOM Avg. Processing Recovery % 93% LOM Avg. Grade g/t Au 1.86 LOM Avg. Gold Production koz Au 249 Production Metrics Gold Price Case US$/oz Au $2,400 $3,300 Initial Capital Costs US$m $463 $463 C1 Cash Costs US$/oz $841 $841 AISC US$/oz $1,057 $1,111 Post-Tax NPV5% US$m $1,637 $2,893 Post-Tax IRR % 46% 73% Payback years 1.9 1.1 Financial Metrics Gold Production (koz Au) & AISC (US$/oz)1 Cash Flows (US$m)1 245 272 267 237 252 251 255 199 206 223 312 292 15 $1,094 $1,126 $1,203 $1,293 $1,214 $1,219 $1,090 $1,269 $1,209 $875 $632 $607 0 200 400 600 800 1,000 1,200 1,400 1,600 0 50 100 150 200 250 300 350 400 Y-1 Y-2 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 Production AISC ($137) ($305) $251 $250 $223 $186 $225 $224 $249 $161 $191 $268 $434 $386 $22 $9 (400) (300) (200) (100) - 100 200 300 400 500 600 (400) (300) (200) (100) 0 100 200 300 400 500 600 Y-1 Y-2 Y1 Y2 Y3 Y4 Y5 Y6 Y7 Y8 Y9 Y10 Y11 Y12 Y13 Y14 EBITDA CapEx Taxes Working Capital Unlevered FCF Source: PDI ASX announcement titled “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025 1. DFS scenario at US$2,400/oz gold price Bankan DFS Production and Financial Metrics
Page 27
27 Units Pro Forma Market Capitalization1 A$m A$1,200 A$1,149 A$2,350 Market Capitalization1 US$m $793 $759 $1,552 Cash (as at 30 June 2025) US$m $46 $405 $86 Debt (as at 30 June 2025) US$m -- $25 $25 Total Mineral Reserves2,3 Moz Au 3.0 1.5 4.5 Total Mineral Resources2,4 Moz Au 5.5 4.0 9.5 Measured and Indicated Mineral Resources2 Moz Au 4.1 2.4 6.6 Inferred Mineral Resources2 Moz Au 1.4 1.5 2.9 Source: FactSet as of 3 October 2025, Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 20 25) Note: USD metrics based on 1.514x USD:AUD and 1.396x USD:CAD exchange rate. Totals may not add up due to rounding 1. On a fully diluted in-the-money basis based on an exchange ratio of 8.667 PDI shares issued per Robex share 2. Mineral reserves and resources are presented on a 100% basis, and mineral resources are presented inclusive of mineral reserves 3. PDI ore reserves comprise 2.95Moz of probable ore reserves, Robex mineral reserves comprise 1.41Moz of probable mineral reserves 4. Total mineral resources are comprised of measured, indicated, and inferred mineral resources. Robex mineral resources include Nampala 5. Includes ~C$35m in restricted cash which has since been released for general use by Robex Pro Forma Capitalization
Page 28
28 Source: Company filings 1. Matthew Wilcox was General Manager for the LEFA Gold Mine and not responsible for the construction 2013 Bissa (Burkina Faso) 2015 LEFA1 (Guinea) 2016 Bouly (Burkina Faso) 2018 Gross (Russia) 2020 Sanbrado (Burkina Faso) 2023 Abujar (Côte d'Ivoire) 2025 Kiniero (Guinea) 2009 Sukari (Egypt) 2003 Siguiri (Guinea) 2005 LEFA (Guinea) Track Record of Project Execution Combined team has successfully completed many gold developments in Africa, including in Guinea
Page 29
29 Kiniero1,2 Nampala3,4 Weathering Type Tonnage (Mt) Gold Grade (g/t Au) Contained (koz Au) Probable Oxide 3.3 0.90 94.6 Transition 0.8 1.06 26.4 Total 4.0 0.93 121.0 Indicated Oxide 5.9 0.84 158.3 Transition 2.1 1.13 76.0 Fresh 0.1 3.00 9.4 Total 8.0 0.94 243.7 Inferred Oxide 0.3 0.79 8.1 Transition 0.2 1.62 8.5 Fresh 0.01 2.53 0.4 Total 0.6 0.95 17.0 Deposit Tonnage (Mt) Gold Grade (g/t Au) Contained (Moz Au) Probable Jean 4.2 1.53 0.20 SGA 5.1 1.52 0.25 SGD 3.4 1.34 0.14 Sabali South 7.4 0.89 0.21 Sabali North and Central 1.5 0.96 0.05 Mansounia 17.7 0.81 0.46 Stockpiles 6.3 0.48 0.10 Total 45.5 0.97 1.41 Indicated SGA 12.1 1.46 0.57 Jean 4.7 1.69 0.26 Sabali North and Central 3.7 1.21 0.14 Sabali South 11.1 0.91 0.32 West Balan 3.0 1.45 0.14 Banfara 0.9 1.00 0.03 Mansounia Central 24.0 0.78 0.60 Stockpiles 11.6 0.37 0.14 Total 71.2 0.96 2.20 Inferred SGA 10.6 1.43 0.49 Jean 2.2 1.47 0.1 Sabali North and Central 0.7 1.39 0.03 Sabali South 2.7 1.01 0.09 West Balan 2.0 1.27 0.08 Banfara 0.7 1.45 0.03 Mansounia Central 26.3 0.82 0.7 Stockpiles 0.2 1.31 0.01 Total 45.3 1.05 1.53 1. Based on the Kiniero Report (see Robex’s ASX announcement titled “Amendment to Kiniero Gold Project Technical Report” dated 22 August 2025); 2. Resource/reserve cut-off grade (Resource at US$2,200/oz, reserves at US$1,800/oz): SGA, Jean and Banfara: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.4 g/t Au; Sabali South: laterite 0.3 g/t Au, mottled zone/saprolite/lower saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.5 g/t Au, fresh 0.6 g/t Au; Sabali North and Central: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.6 g/t Au, fresh 0.6 g/t Au; West Balan: laterite 0.3 g/t Au, saprolite (oxide) 0.3 g/t Au, saprock (transition) 0.3 g/t Au, fresh 0.5 g/t Au; Stockpiles reported as Mineral Resources have been limited to those dumps which exhibit an average grade >0.3 g/t Au for the entire stockpile assuming no selectivity; 3. Based on the Nampala Report; 4. Resource cut-off grade (at US$2,200/oz): Laterite 0.35 g/t Au, Oxide 0.35 g/t Au, Transition 0.43 g/t Au, Fresh 1.89 g/t Au; Reserve cut-off grade (at US$1,800/oz): 0.4 g/t Au (laterite, mottled zone, saprolite and transition) Robex Reserves & Resources
Page 30
30 Reserves1,2 Resources1,3 Deposit Mining Method Classification Tonnage (Mt) Gold Grade (g/t Au) Contained (koz Au) NEB Open Pit Probable 40.2 1.36 1,751 Underground Probable 7.9 3.95 1,002 Total 48.1 1.78 2,753 BC Open Pit Open Pit Probable 3.5 1.78 200 Total 3.5 1.78 200 Total Open Pit 43.7 1.39 1,951 Total Underground 7.9 3.95 1,002 Total Bankan Project 51.6 1.78 2,953 Deposit Classification Tonnage (Mt) Gold Grade (g/t Au) Contained (koz Au) NEB Open Pit Indicated 78.4 1.55 3,900 Inferred 3.1 0.91 92 Total 81.4 1.53 3,993 NEB Underground Inferred 6.8 4.07 896 NEB Total 88.3 1.72 4,888 BC Open Pit Indicated 5.3 1.42 244 Inferred 6.9 1.09 243 BC Total 12.2 1.24 487 NEB Area Total 100.5 1.66 5,376 Fouwagbe4 Inferred 2.2 1.68 119 Sounsoun4 Inferred 0.9 1.19 34 Argo Area Total 3.1 1.54 153 Total Bankan Project 103.6 1.66 5,528 1. Refer to PDI ASX release “Bankan DFS Confirms Outstanding Project Economics” dated 25 June 2025; 2. Reserve cut-off: Open Pit 0.38-0.48 g/t Au, Underground 2.0 g/t Au; 3. Resource cut-off: NEB Open Pit indicated & inferred 0.5 g/t Au, NEB Underground inferred 2.0 g/t Au, BC Open Pit indicated and inferred 0.4 g/t Au, Fouwagbe and Sounsoun inferred 0.5 g/t Au 4. In relation to the Fouwagbe and Sounsoun deposits, PDI intends to appeal the Argo and Bokoro revocations announced on 28 May 2025 in accordance with the Mining Code. Refer to PDI ASX release “Argo and Bokoro Exploration Permits Update” dated 28 May 2025 PDI Reserves & Resources
Page 31
31 Company Total Resource (Moz) M&I Resource (Moz) Inferred Resource (Moz) 2024A Production (koz) 2024A AISC (US$/oz) Sources Pan African 41.2 25.8 15.4 1721 $1,550 https://www.panafricanresources.com/wp-content/uploads/PAR-interim-results-presentation-31-December- 2024.pdf https://www.panafricanresources.com/wp-content/uploads/Annual-Results-Presentation-for-the-year-ended-30- June-2024.pdf https://www.panafricanresources.com/wp-content/uploads/Pan-African-Resources-H1FY2024-final-14022024.pdf https://www.panafricanresources.com/african-mines/mineral-resource-mineral-reserve/ Endeavour 31.9 26.1 5.7 1,103 $1,218 https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/1917/4124/4842/EDV_Q4_and_FY-24_Results_- _Presentation.pdf https://www.endeavourmining.com/our-portfolio/reserves-and-resources/ B2Gold 29.4 20.5 8.9 805 $1,465 https://s204.q4cdn.com/324791784/files/doc_financials/2024/q4/BTG-12-31-24-Exhibit-99-2-FINAL.pdf https://www.b2gold.com/operations-projects/overview/default.aspx#probable Allied Gold 17.1 15.7 1.4 358 $1,699 https://s203.q4cdn.com/846800919/files/doc_financials/2024/q4/Allied-Gold-MD-A-2024-YE.pdf https://alliedgold.com/our-portfolio/reserves-and-resources/default.aspx Resolute 15.5 10.8 4.6 340 $1,476 https://www.rml.com.au/wp-content/uploads/2025/01/RSG-Q4-2024-Presentation-FINAL.pdf https://www.rml.com.au/wp-content/uploads/2025/04/250311-RSG-ASX-Ore-Reserve-and-Mineral-Resource-Dec- 2024_FINAL.pdf https://www.rml.com.au/wp-content/uploads/2025/04/RSG_Diamond_Investor-Presentation_20250430-FINAL.pdf West African 12.8 8.9 3.9 207 $1,240 https://wcsecure.weblink.com.au/pdf/WAF/02921567.pdf https://www.westafricanresources.com/projects/sanbrado-project/#tab-sanbrado-4 Perseus 9.7 7.8 1.9 5021 $1,146 https://perseusmining.com/resources-reserves/ https://perseusmining.com/storage/2025/02/02916062.pdf https://perseusmining.com/storage/2024/02/Half-Year-Financial-Report.pdf Fortuna 6.4 4.2 2.2 2962 $1,5002 https://fortunamining.com/news/fortuna-reports-results-for-the-fourth-quarter-and-full-year-2024/ https://fortunamining.com/mines-and-projects/reserves-and-resources/ Orezone 5.1 4.5 0.6 119 $1,447 https://orezone.com/site/assets/files/5855/orezone_corporate_presentation_07-14-2025.pdf https://orezone.com/site/assets/files/5831/ogc-mda-q4-2024-final.pdf Galiano 4.6 3.7 0.9 115 $2,063 https://s203.q4cdn.com/835664992/files/doc_news/GALIANO-GOLD-REPORTS-Q4-AND-FULL-YEAR-2024- PRODUCTION-AND-FINANCIAL-RESULTS-2025.pdf https://s203.q4cdn.com/835664992/files/doc_presentations/2025/Aug/01/August-Investor-Update.pdf Source: Company filings Note: Total resources and production shown on a 100% basis 1. Shown on a 2024 calendar year basis 2. Fortuna production and AISC equivalency calculations based on Fortuna prices of US$28/oz silver, US$2,233/oz gold, US$0.94/lb lead and US$1.26/lb zinc Sources for Total Mineral Resources, 2024A Production and 2024A AISC
Page 32
32 Sources for Production, AISC and Mine Life Benchmarking (Producers) Asset Owner/Operator Metric Used Production (kozpa) AISC (US$/oz) Mine Life Sources Loulo1,2 Barrick 2024 Results 723 $1,304 13 https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/2024/Barrick_Annual_Report_ 2024.pdf Kibali1,2 Barrick 2025 Guidance 722 $1,180 14 https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/2024/Barrick_Annual_Report_ 2024.pdf Ahafo Newmont 2025 Guidance 670 $1,400 7 https://www.newmont.com/investors/news-release/news-details/2025/Newmont-Reports-Fourth- Quarter-and-Full-Year-2024-Results-Provides-Full-Year-2025-Guidance/default.aspx ; https://s24.q4cdn.com/382246808/files/doc_earnings/2024/q4/supplemental-info/Newmont-2024- Reserves-Release.pdf Fekola B2Gold 2025 Guidance 533 $1,580 5 https://www.b2gold.com/operations-projects/producing/fekola-mine-mali/default.aspx Tarkwa1,2 Gold Fields 2025 Guidance 542 $1,855 8 https://www.goldfields.com/pdf/investors/integrated-annual-reports/2024/iar-2024-interactive.pdf Geita AngloGold 2024 Results 483 $1,418 7 https://reports.anglogoldashanti.com/24/wp-content/uploads/2025/03/AGA-OP24-geita.pdf Essakane1 IAMGOLD 2025 Guidance 422 $1,750 5 https://s202.q4cdn.com/468687163/files/doc_financials/2024/ar/IAG-2024-Annual- Report_FINAL.pdf Ity Endeavour 2025 Guidance 310 $1,038 11 https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/7217/4124/4880/EDV_Q4_and_FY- 24_Results_-_MDA.pdf North Mara1,2 Barrick 2025 Guidance 292 $1,450 12 https://s25.q4cdn.com/322814910/files/doc_financial/annual_reports/2024/Barrick_Annual_Report_ 2024.pdf Siguiri2 AngloGold 2024 Results 273 $2,093 9 https://reports.anglogoldashanti.com/24/wp-content/uploads/2025/03/AGA-OP24-siguiri.pdf Sabodala-Massawa Endeavour 2025 Guidance 265 $1,175 12 https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/7217/4124/4880/EDV_Q4_and_FY- 24_Results_-_MDA.pdf Source: Company filings 1. Production adjusted to reflect 100% interest in the asset 2. Reserves adjusted to reflect 100% interest in the asset
Page 33
33 Sources for Production, AISC and Mine Life Benchmarking (Developers) Asset Owner Study Used Production (kozpa) AISC (US$/oz) Mine Life Sources Eskay Creek Skeena FS 320 $687 12 https://minedocs.com/27/Eskay-Creek-FS(updated)-11142023.pdf G Mining Oko West FS 350 $1,123 12 https://downloads.ctfassets.net/hdghwvgt3xim/42yNQ6zp8FAkSRXacGSzIk/86eacbd8 f9c5798be50c098fc64097f1/GMIN_2025_OKO_WEST_FS_Technical_Report_43-101- _FINAL_WEBSITE.pdf Hemi1 Northern Star DFS 530 $919 12 https://announcements.asx.com.au/asxpdf/20230928/pdf/05vdjft0cvz6w7.pdf Novador Probe Gold PEA 255 $1,038 13 https://novador.ca/wp-content/uploads/ni-43-101-technical-report.pdf Kone Montage Gold FS 223 $998 16 https://www.montagegold.com/_resources/presentations/corporate- presentation.pdf?v=0318?v=0.713?v=0.253?v=0.474 Cariboo Osisko Development FS 190 $1,157 10 https://osiskodev.com/_resources/reports/CGP-2025-FS-Final-Report.pdf Back River B2Gold FS 270 $1,547 9 https://www.b2gold.com/news-media/news-releases/news-details/2025/B2Gold- Announces-Updated-Mineral-Reserve-Life-of-Mine-Plan-for-the-Goose-Project- Commencing-a-Study-to-Expand-Mill-Throughput-at-the-Goose-Project-B2Gold- Confirms-Construction-and-Mine-Development-Cash-Expenditure-Estimate-of- C1540-million/default.aspx Source: Company filings 1. Based on the first 10 years of mine life
Page 34
34 Source: Company filings Asset Owner Asset Stage Production (kozpa) Initial Capex (US$m) Sources Assafou Endeavour PFS 265 $734 https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/1517/4662/7179/250501_- _Endeavour_Mining_Corporate_Presentation_May_VF.pdf Kurmuk Allied Gold FS 240 $500 https://s203.q4cdn.com/846800919/files/doc_downloads/ProjectsTechnicalReports/KurmukMin e/DA18199_Allied_Gold_Kurmuk_Gold_Project_NI_43-101_Final.PDF; https://s203.q4cdn.com/846800919/files/doc_presentations/2024/Dec/03/Allied-Gold-Investor- Presentation_VF.pdf Kone Montage Gold FS 223 $835 https://www.montagegold.com/_resources/presentations/corporate- presentation.pdf?v=051309 Nyanzaga Perseus DFS 183 $523 https://wcsecure.weblink.com.au/pdf/PRU/02939460.pdf Dugbe Pasofino FS 172 $435 https://s26.q4cdn.com/952577408/files/doc_presentations/2025/pasofino-corporate- presentation.pdf Doropo Resolute DFS 167 $373 https://www.rml.com.au/wp-content/uploads/2025/04/RSG_Diamond_Investor- Presentation_20250430-FINAL.pdf Meyas Sand Perseus FS 167 $321 https://minedocs.com/20/Block14_FS_08312020.pdf Kobada Toubani Resources DFS 162 $216 https://yourir.info/resources/b36fdb300e0ee127/announcements/tre.asx/6A1248385/TRE_Invest or_Presentation.pdf Twin Hills Shanjin International DFS 162 $365 https://osinoresources.com/wp-content/uploads/2023/06/2023_06_12_OSI_PR-DFS-Results- FINAL.pdf Kalana Endeavour PFS 150 $297 https://www.endeavourmining.com/sites/endeavour-mining-v2/files/endeavour- mining/investors/disclosure-portal/technical-reports/edv-kalana-pfs-technical-report.pdf; https://www.endeavourmining.com/our-portfolio/projects/kalana/ Kiniero Robex Gold FS 139 $243 https://robexgold.com/wp-content/uploads/2025/05/22.-Roger-Investor-Presentation.pdf Sources for Production and Capex Benchmarking
Page 35
35 BANKAN DFS CONFIRMS OUTSTANDING PROJECT ECONOMICS, 25/06/2025 IMPRESSIVE GOLD HITS CONTINUE AT 4.2MOZ BANKAN GOLD RESOURCE, 25/08/2022 HIGH GRADE DRILL RESULTS EXTEND BANKAN CK DISCOVERY TO NORTH, 11/02/2021 ARGO AND BOKORO EXPLORATION PERMITS UPDATE, 28/05/2025 DEEPEST HOLE TO DATE INTERCEPTS GOLD 630M DOWN DIP ,15/06/2022 OUTSTANDING,WIDE GOLD INTERCEPT GROWS BANKAN AT DEPTH, 28/01/2021 SOUNSOUN SW TARGET AREA RECORDS ADDITIONAL STRONG INTERCEPTS, 23/04/2025 DEEPEST HOLE TO DATE INTERCEPTS GOLD 630M DOWN DIP ,15/06/2022 BANKAN GOLD PROJECT DRILLING ACCELERATED, 22/01/2021 ENCOURAGING DRILLING RESULTS AT FOUWAGBE AND SOUNSOUN, 24/02/2025 60,000M DRILL PROGRAM UNDERWAY ATBANKAN & KEY APPOINTMENTS, 19/05/2022 DIAMOND DRILLING UNDERWAY AT BANKAN GOLD PROJECT,17/12/2020 POSITIVE RESULTS FROM SOUNSOUN RESOURCE DRILLING, 17/12/2024 41.5M @ 5.2G/T AU INTERSECTED AT NE BANKAN, 27/04/2022 EXPLORATIONUPDATE - BANKAN GOLD PROJECT, GUINEA, 27/11/2020 800W MINERALISED ZONE EXTENDS ALONG STRIKE, 3/12/2024 MULTI-DEPOSIT POTENTIAL GROWS WITH STRONG RESULTS, 02/02/2022 EXPLORATIONUPDATE - BANKAN-2 GOLD DRILLING UNDERWAY,20/10/2020 ADDITIONAL HIGH-GRADE INTERCEPTS AT FOUWAGBE, 27/11/2024 33M @ 4.5 G/T AU AT NE BANKAN, GUINEA, 13/01/2021 92M AT 1.9G/T GOLD - DIAMOND DRILLING EXPANDS BANKAN PROJECT, 13/10/2020 ARGO AND BOKORO DRILLING RESULTS, 30/09/2024 BANKAN PROJECT GROWS WITH NEW GOLD DISCOVERIES, 16/12/2021 NE BANKAN GOLD DEPOSIT GROWS WITH MORE STRONG DRILL RESULTS, 25/09/2020 NEB AND BC AREA DRILLING PROGRAMS CONTINUE TO DELIVER, 8/08/2024 PREDICTIVE INTERSECTS 34M @ 5.5 G/T AU AT NE BANKAN, 09/12/2021 ADDITIONAL PERMITS ALONG STRIKE FROM FLAGSHIP BANKAN PROJECT,17/09/2020 STRONG DRILLING RESULTS AND PERMITTING UPDATE, 17/07/2024 FURTHER DEPTH EXTENSION TO BANKAN HIGH-GRADE GOLD, 22/11/2021 55M AT 2.94G/T GOLD-BROAD TRUE WIDTHS CONFIRMED AT BANKAN, 10/09/2020 BC RESOURCE DEFINITION DRILLING RETURNS POSITIVE INTERCEPTS, 27/06/2024 HIGH-GRADE GOLD ZONE EXTENDED BELOW RESOURCE PIT SHELL, 03/11/2021 NE BANKAN NOW 1.6KM LONG WITH POSSIBLE PARALLEL GOLD ZONE, 3/09/2020 FOUWAGBE & SOUNSOUN PROGRESS TO RESOURCE DEVELOPMENT, 12/06/2024 AC DRILLING IDENTIFIES NEW GOLD PROSPECTS AT BANKAN, 28/10/2021 BANKAN CREEK GOLD ZONE FURTHER EXPANDED,27/08/2020 BC EAST DRILLING CONFIRMS PREVIOUS POSITIVE RESULTS, 24/04/2024 NE BANKAN HIGH-GRADE GOLD ZONE REINFORCED AND EXTENDED, 19/10/2021 STRONG WIDE GOLD INTERCEPTS FROM BANKAN CREEK AND NE BANKAN, 19/08/2020 EXCELLENT RESULTS FROM ARGO CENTRAL TREND, 9/04/2024 28M @ 12.1G/T GOLD 1.5 KM FROM NE BANKAN, 23/09/2021 OUTSTANDINGHIGH-GRADE GOLD RESULTS FROM NE BANKAN, GUINEA, 7/08/2020 SOUNSOUN, SB AND SEB TARGETS ADVANCED BY LATEST DRILLING, 1/02/2024 HIGH-GRADE GOLD ZONE CONFIRMED UP TO 400M VERTICAL DEPTH, 16/09/2021 DIAMOND DRILLING CONFIRMS GOLD AT DEPTH AT NE BANKAN, GUINEA, 31/07/2020 DRILLING AT BANKAN DELIVERS MORE POSITIVE RESULTS, 11/12/2023 EXCELLENT GOLD RECOVERIES FROM BANKAN METALLURGICALTESTWORK, 14/09/2021 IMPRESSIVE 1ST RC DRILL RESULTS GROW NE BANKAN DISCOVERY,17/07/2020 PROMISING RESULTS FROM ACROSS THE BANKAN GOLD PROJECT, 24/10/2023 STRONG WIDTHS AND GRADES FROM BANKAN CREEK RESOURCE DRILLING, 24/08/2021 NE BANKAN DISCOVERY GUINEA EXTENDED 30% TO 1.3KM IN LENGTH, 30/06/2020 FURTHER SOLID DRILLING RESULTS FROM THE NEB & BC AREA, 12/09/2023 MORE BROAD WIDTHS AND HIGH-GRADES FROM BANKAN DRILLING, 2/08/2021 SAMAN EXPLORATIONPERMIT GRANTED, 19/06/2020 ECNOURAGING INITIAL ARGO RC RESULTS, 29/08/2023 BONANZA GOLD GRADES AS HIGH-GRADE ZONE IS REVEALED AT BANKAN, 19/07/2021 PDI WEST AFRICAN EXPLORATIONUPDATE 7 DRILL RIGS ACTIVE, 9/06/2020 RESOURCE DEFINITION DRILLING RESULTS, 7/08/2023 44M @ 8G/T GOLD, HIGHEST IMPACT GOLD INTERCEPT AT BANKAN, 1/07/2021 KANINKO AUGER RESULTS DOUBLE GOLD-MINERALISED STRIKE LENGTH, 27/05/2020 ENCOURAGING DRILL RESULTS AT NEB, BC AND NEARBY TARGETS, 19/06/2023 BROAD GOLD INTERCEPTS FROM BANKAN CREEK AND NE BANKAN, 17/06/2021 UPDATE ON ASSAY RESULTS KANINKO PROJECT GUINEA, 25/05/2020 ARGO TARGET UPGRADED BY RECENT AUGER RESULTS, 19/06/2023 NE BANKAN EXTENDS TO DEPTH WITH STRONG GOLD GRADES, 3/06/2021 DRILLING UPDATE - KANINKO PROJECT, GUINEA, 7/05/2020 POSITIVE RESOURCE DRILLING RESULTS FROM NEB AND BC, 5/06/2023 6M AT 32G/T GOLD FROM FIRST DRILLING AT KOUNDIAN, GUINEA, 31/05/2021 FINAL DRILL RESULTS, BANKAN CREEK, KANINKO PROJECT, GUINEA, 30/04/2020 MULTIPLE HIGH PRIORITY TARGETS IDENTIFIED AT ARGO, 22/05/2023 WIDESPREAD & HIGH-GRADE GOLD FROM BANKAN REGIONAL AUGER, 13/05/2021 44M AT 2.06G/T GOLD FROM BANKAN CREEK, KANINKO, GUINEA, 27/04/2020 RC DRILLING UNDERWAY AT NEAR-RESOURCE TARGETS, 6/04/2023 NE BANKAN CENTRAL GOLD ZONE EXTENDING TO SOUTH AT DEPTH, 6/05/2021 POWER AUGER DRILLING UNDERWAY AT KANINKO GOLD PROJECT, 24/04/2020 INFILL DRILLING RESULTS, 4/04/2023 BANKAN AEROMAG MANY NEW DRILL TARGETS ALONG 35KM STRUCTURE, 28/04/2021 DIAMOND DRILLING EXTENDS GOLD MINERALISATIONAT OUARIGUE CDI, 16/04/2020 HIGH-GRADE INTERCEPT EXTENDS UNDERGROUND MINERALISATION, 21/02/2023 NE BANKAN GOLD MINERALISATIONSUBSTANTIALLYEXTENDS AT DEPTH, 15/04/2021 OUTSTANDINGDRILL RESULTS FROM NEW GOLD DISCOVERY IN GUINEA, 15/04/2020 OUTSTANDING INFILL DRILLING RESULTS CONTINUE, 30/01/2023 NE BANKAN GROWS TO 300M WIDE. HIGH GRADE GOLD FROM SURFACE, 31/03/2021 GUINEA GROUND ACQUIRED NEAR PLUS-2 MILLION OZ GOLD DEPOSITS, 7/04/2020 PROMISING NEAR-RESOURCE DRILLING AND GEOPHYSICS RESULTS, 30/11/2022 EXCEPTIONALLYHIGH GRADES, THICK INTERCEPTS FROM NE BANKAN, 15/03/2021 AC-RC DRILLING UNDERWAY IN GUINEA, ACCELERATINGEXPLORATION,24/03/2020 POSITIVE INFILL DRILL RESULTS & GRADE CONTROL PROGRAM COMPLETE, 10/11/2022 SUBSTANTIAL OXIDE GOLD ZONE EMERGING AT NE BANKAN PROJECT, 5/03/2021 HIGH-GRADES-BROAD WIDTHS FROM GUINEA AUGER-TRENCHING PROGRAM, 19/03/2020 HIGH GRADE GOLD 200M BELOW NE BANKANS 3.9MOZ RESOURCE, 29/09/2022 MORE DEPTH EXTENSIONS FROM DRILLING BANKAN GOLD DISCOVERIES, 25/02/2021 UP TO 8G/T GOLD FROM POWER AUGER DRILLING IN GUINEA, 26/02/2020 Material ASX Releases
Page 36
36 PDI Investor Enquiries: ANDREW PARDEY CEO and Managing Director Robex Investor Enquiries: MATTHEW WILCOX CEO and Managing Director Media Enquiries (UK / Global): BOBBY MORSE / LOUISE MASON-RUTHERFORD Burson Buchanan T +44 (0)7802 875227 / +44 (0)7850 593445 E predictive@buchanancomms.co.uk Media Enquiries (Australia): SAM MACPHERSON / JOHN GARDNER VECTOR Advisors T +61 401 392 925 / +61 413 355 997 E smacpherson@vectoradvisors.au / jgardner@vectoradvisors.au For further information contact