Predictive Discovery Limited · ASX:PDI
Predictive Discovery — BMO Global Metals, Mining & Critical Minerals Conference 2026
35 slides from Predictive Discovery's conference presentation, Feb 18, 2026
Slide 1: Merging with Robex to Establish Guinea's Leading Gold Producer
Merging with Robex BMO Global Metals, Mining & Critical to Establish Guinea’s Minerals Conference Leading Gold Producer ASX:PDI Image: Robex’s Kiniero operation February 2026 1
Slide 2: Forward Looking Statements, Disclaimer and Compliance
Forward Looking Statements, Disclaimer and Compliance Forward Looking Statements and Important Notice. This investor presentation is dated 18 February 2026 and has been prepared by Predictive Discovery Limited (ASX: PDI) ("PDI") based on information available at the time of preparing this presentati
Slide 3: Important Notices and Disclaimer
Important Notices and Disclaimer 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 Mi
Slide 4: Overview of the Combined PDI/Robex
Overview of the Combined PDI/Robex Pathway to becoming a leading West African gold producer o Two producing gold mines (Kiniero in Guinea and Nampala in Mali) and one development project (Bankan in Guinea) Planned TSX o Targeted production of >400kozpa by 20291 Listing o 9.5Moz Resources incl 4.5Moz
Slide 5: Transaction Summary
Transaction Summary Merger of Equals to create a West African gold producer of significant scale o Merger of PDI and Robex via plan of arrangement under the Business Corporations Act (Québec) via an all-share transaction Transaction o Announced on 6 October 2025 and revised on 11 December 2025 Struc
Slide 6: Post-Merger Corporate Overview
Post-Merger Corporate Overview Strong support and funding to drive growth to +400kozpa gold production by 2029 Selected Institutional Shareholders Pro-forma Capitalisation(1)(2) Ordinary Shares Outstanding 4,808m Unlisted Options/Warrants/Performance Rights 280m Fully-Diluted Shares Outstanding 5,08
Slide 7: Building Guinea's Leading Gold Producer
Building Guinea’s Leading Gold Producer Consolidation of two major assets to create the largest gold producer in the Siguiri Basin Units Bankan Kiniero Mine Life years 12 9 Ore Mined / Processed Mt 55 39 Processing Rate Mtpa 4.5 5.0 Project Metrics LOM Avg. Recovery % 93% 86% LOM Avg. Head Grade g/t
Slide 8: Pathway to Becoming one of West Africa's Leading Gold Producers
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 Total Mineral Resources (Moz Au Eq.) CY2024A Production (koz Au Eq.) CY2024A AISC (US$/oz Au Eq.) 1 Pan African 25.8 15.4 41.2 Endeavour 1
Slide 9: De-risked funding of Bankan by leveraging MergeCo cash flows
De-risked funding of Bankan by leveraging MergeCo cash flows Aligned project development timelines for medium to long-term growth 2025 2026 2027 2028 2029 Construction Kiniero Generating cash flows to be reinvested in MergeCo assets Production 2026: US$159m 2027: US$157m 2028: US$141m 2029: US$144m
Slide 10: Right Skill-Set to Drive Value Creation
Right Skill-Set to Drive Value Creation Experienced leadership team with proven track-record of executing projects in Africa, including Guinea Board Andrew Pardey Matthew Wilcox Alain William Simon Jackson Steven Michael Alberto Lavandeira Howard Golden Non-Executive Chair CEO & Managing Director Ex
Slide 11: Track Record of Project Execution
Track Record of Project Execution Combined team has successfully completed many gold developments in Africa, including in Guinea Siguiri Sukari LEFA1 Gross Abujar (Guinea) (Egypt) (Guinea) (Russia) (Côte d'Ivoire) 2003 2009 2015 2018 2023 LEFA Bissa Bouly Sanbrado Kiniero (Guinea) (Burkina Faso) (Bu
Slide 12: Enhanced Capital Markets Relevance
Enhanced Capital Markets Relevance Merger enhances scale, liquidity & market appeal MergeCo Market Capitalisation vs Direct Peers (US$Bn) MergeCo Eligible for Several Key Index Inclusions Endeavour $15.9 ✓ MergeCo would remain eligible for S&P / ASX index inclusions, even with a secondary listing on
Slide 13: MergeCo Portfolio Overview
Combination of MergeCo leading projects in Guinea Portfolio Overview 13
Slide 14: Kiniero Overview
Kiniero Overview High-margin gold project with robust economics, strong production profile, and significant growth potential Large resource with potential for further reserve conversion Costs in-line with budget 1.4Moz mineral reserve US$243m pre-production capex (45.5Mt @ 0.97 g/t) 2.2Moz indicated
Slide 15: Kiniero Project Update
Kiniero Project Update Delivering immediate production and accelerating free cash flow First gold pour achieved in December 2025 o First gold pour achieved on schedule and within budget o >6 million hours worked without a lost time injury (LTI) o Open-pit mining ramping up at Sabali South starter pi
Slide 16: Kiniero Operations
Kiniero Operations Strong operational performance to-date, with commercial production declared in February 2026 Sabali South Mine CIL Tank Trains A & B Elevation View of Processing Plant Tailings Storage Facility Gold Pour 12 February 2026 Source: Robex 16
Slide 17: Kiniero Exploration & Resource Growth
Kiniero Exploration & Resource Growth Systematic brownfields expansion and greenfields drilling to extend mine life and support long-term production growth o District-scale exploration strategy combining brownfields expansion with greenfields discovery Exploration Strategy & o Near-term free dig oxi
Slide 18: Bankan Overview
Bankan Overview 1 Large-scale, long-life gold development project with compelling economics and strong leverage to the current gold price environment 1 Significant reserves Competitive capex & resources1 & opex2 2.95Moz ore reserve US$463m pre-production capex (51.6Mt @ 1.78 g/t) ~US$1,057/oz LOM av
Slide 19: Bankan Mining and Processing
Bankan Mining and Processing Straight forward gold operation aiming to produce ~250koz per annum over 12.2 years Conventional mine designs and mining approach NEB Deposit o Open pit: multiple stages with LOM strip ratio of 1.9:1 and ave grade of 1.39g/t o Underground: longitudinal & transverse long
Slide 20: Bankan Exploration Upside
Bankan Exploration Upside 35km of Siguiri Basin margin; positive results at multiple exploration targets in the NEB area and at Argo1 Near-Resource Targets o Numerous near-surface prospects have been identified within 3kms of the NEB and BC deposits o Targets defined from shallow drilling and geophy
Slide 21: Merger Increases Scale and Benefits to All Shareholders
Merger Increases Scale and Benefits to All Shareholders Strategic merger unlocking operational synergies, funding certainty and re-rating potential Creation of Africa’s next Consolidation of two of the most promising and De-risked funding of mid-tier gold producer, contiguous assets in Bankan by lev
Slide 22: Appendix
Appendix 22
Slide 23: Nampala Overview
Nampala Overview Established producer delivering stable output and monthly free cash flow Nampala Operations Historical Gold Production (koz Au) o Located in southern Mali within the Leo-Man Shield of 60 Location Mali the West Africa Craton 50 o Reliable production base of 45-50koz Au annually 80% R
Slide 24: Production and Capex Benchmarking
Production and Capex Benchmarking Bankan and Kiniero rank among the most capital-efficient advanced-stage gold projects in Africa1 Top-tier African Gold Projects – Production (kozpa Au)2 265 249 240 223 Median: 170kozpa 183 172 167 167 162 162 150 139 Nyanzaga Kalana Meyas Sand Kobada Kiniero Assafo
Slide 25: Kiniero Updated FS Production and Financial Metrics
Kiniero Updated FS Production and Financial Metrics Cash flows from Kiniero leveraged to de-risk Bankan development Units Number Gold Production (koz Au) & AISC (US$/oz)2 Mine Life years 9 Production AISC Production Metrics 200 1,600 Ore Processed Mt 45.4 1,400 Processing Rate Mtpa 5.0 150 1,200 $1,
Slide 26: Bankan DFS Production and Financial Metrics
Bankan DFS Production and Financial Metrics Units Number Gold Production (koz Au) & AISC (US$/oz)1 Mine Life years 12.2 Production AISC Production Metrics Ore Mined / Processed Mt 54.5 400 1,600 350 1,400 Processing Rate Mtpa 4.5 $1,293 $1,269 300 $1,203 $1,214 $1,219 $1,209 1,200 $1,094 $1,126 $1,0
Slide 27: Operating Jurisdiction
Operating Jurisdiction Guinea is an established gold-producing jurisdiction with long term exploration and mining activity o Host to multiple world-class mining projects operated by leading international companies o Established gold industry o Global leader in bauxite "The Guinean economy is one of
Slide 28: Transaction Highlights
Transaction Highlights Establishes platform to build Africa’s next mid-tier gold producer, pairing a leading development team with a Tier-1 asset o Combines two of the largest, lowest cost and most advanced development gold projects in West Africa, enhancing Pathway to becoming scale, access to capi
Slide 29: Pro Forma Capitalization
Pro Forma Capitalization Units Pro Forma Market Capitalization1 A$m A$2,475 A$2,155 A$4,630 Market Capitalization1 US$m $1,732 $1,509 $3,241 Cash (as at 31 December 2025) US$m $30 $1735 $2036 Debt (as at 31 December 2025) US$m -- $130 $130 Total Mineral Reserves2,3 Moz Au 3.0 1.5 4.5 Total Mineral R
Slide 30: Robex Reserves & Resources
Robex Reserves & Resources Kiniero1,2 Nampala3,4 Tonnage Gold Grade Contained Tonnage Gold Grade Contained Deposit Weathering Type (Mt) (g/t Au) (Moz Au) (Mt) (g/t Au) (koz Au) Probable Probable Jean 4.2 1.53 0.20 Oxide 3.3 0.90 94.6 SGA 5.1 1.52 0.25 Transition 0.8 1.06 26.4 SGD 3.4 1.34 0.14 Total
Slide 31: PDI Reserves & Resources
PDI Reserves & Resources Reserves1,2 Resources1,3 Tonnage Gold Grade Contained Tonnage Gold Grade Contained Deposit Mining Method Classification Deposit Classification (Mt) (g/t Au) (koz Au) (Mt) (g/t Au) (koz Au) Open Pit Probable 40.2 1.36 1,751 Indicated 78.4 1.55 3,900 NEB Underground Probable 7
Slide 32: Sources for Total Mineral Resources, 2024A Production and 2024A AISC
Sources for Total Mineral Resources, 2024A Production and 2024A AISC Total Resource M&I Resource Inferred Resource 2024A Production 2024A AISC Company Sources (Moz) (Moz) (Moz) (koz) (US$/oz) https://www.panafricanresources.com/wp-content/uploads/PAR-interim-results-presentation-31-December- 2024.pd
Slide 33: Sources for Production and Capex Benchmarking
Sources for Production and Capex Benchmarking Asset Owner Asset Stage Production (kozpa) Initial Capex (US$m) Sources https://edv-14806-s3.s3.eu-west-2.amazonaws.com/files/1517/4662/7179/250501_- Assafou Endeavour PFS 265 $734 _Endeavour_Mining_Corporate_Presentation_May_VF.pdf https://s203.q4cdn.co
Slide 34: Material ASX Releases
Material ASX Releases 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
Slide 35: For further information contact
For further information contact PDI Investor Enquiries: Media Enquiries (UK / Global): ANDREW PARDEY BOBBY MORSE / LOUISE MASON-RUTHERFORD CEO and Managing Director Burson Buchanan T +44 (0)7802 875227 / +44 (0)7850 593445 E predictive@buchanancomms.co.uk Robex Investor Enquiries: MATTHEW WILCOX Med
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