Overview of Predictive Discovery's A$50m placement announcement

Predictive Discovery Limited (ASX: $PDI) has secured firm commitments from institutional, professional, and sophisticated investors to raise A$50 million through a single-tranche placement. The placement involves the issuance of approximately 263.2 million new fully paid ordinary shares at an issue price of A$0.19 per new share. The proceeds from this placement will be utilized to advance the Bankan Gold Project, including resource definition, near-resource exploration drilling, completion of a Definitive Feasibility Study (DFS), and ongoing environmental and social activities. Upon completion of the placement, the company's pro-forma cash position is expected to be A$66.5 million before costs.

Executive commentary on the A$50m placement and its significance

The Managing Director of PDI, Andrew Pardey, expressed satisfaction with the outcome of the equity raise, highlighting the strong position it places the company in to enhance and de-risk the Tier-1 Bankan Gold Project. He emphasized the potential for Bankan to become a large-scale, long-life, and low-cost gold mine, with the additional funds enabling PDI to undertake the DFS and accelerate multiple drilling programs aimed at adding gold ounces, enhancing production profiles, and defining new regional deposits in the Argo area. Pardey also underscored the progress in the critical path Exploitation Permit application process, targeting completion in the second half of 2024, and the collaborative efforts with the Government of Guinea in developing one of West Africa's largest gold mines.

Summary of A$50m placement and future plans for Bankan Gold Project

The A$50 million single-tranche placement at A$0.19 per new share has provided Predictive Discovery with the necessary funding to advance the Bankan Gold Project. The company aims to utilize the proceeds for resource definition, near-resource exploration drilling, completion of the DFS, and ongoing environmental and social activities. With a pro-forma cash position of A$66.5 million, PDI is well-positioned to pursue its ambitions of enhancing the Bankan Gold Project and securing the Exploitation Permit. The completion of the Pre-Feasibility Study (PFS) has outlined a 269kozpa operation over 12 years, with a maiden Ore Reserve of 3.05Moz and strong financials. The placement proceeds will be allocated to drilling programs, infill drilling, exploration drilling, and the DFS for the Bankan Gold Project, with a focus on optimizing opportunities identified in the PFS. PDI is also committed to environmental monitoring, social engagement, and other ESG-related activities as part of the next phase of project development.