Predictive Discovery's March 2026 operational performance and financial results for the quarter, as well as the strategic progress that we've made as we continue developing a leading West African gold company targeting 400,000 oz of production per year by 2029. We recently achieved the major milestone of completing the merger between Predictive Discovery and Robex, which was finalized post-March quarter end on April 15th.

I thank everyone who is involved in this process and helped see it through to completion. We are all excited about what the future holds for the company and look forward to achieving our first milestones.

This followed the achievement of commercial production at Kiniero in February, and we will talk more about Kiniero's operations through the quarter in the slides to come. Skipping over the disclaimers, we'll now move to slide 4, which sums up our newly combined business.

Following completion of the merger, we now have a unique platform: two producing mines, being Kiniero in Guinea and Nampala in Mali, as well as our Tier 1 Bankan development project, which is near Kiniero in Guinea. Together, these assets underpin our pathway to more than 400,000 oz per year by 2029.

We now have 9.5 million oz in resources, including 4.5 million oz in reserves, and a management team with a strong track record of mine development in Africa. As the slide highlights, catalysts ahead include consolidating Kiniero's production, securing the Bankan and Mansounia mining permits, and making the final investment decision for Bankan, and obviously commencing construction post that.

Slide 5—sorry, PDI is now a $3.3 billion US cap company with strong institutional shareholder base, including BlackRock, VanEck, Franklin Templeton, Helikon, Vanguard, Merck, and others. As of 31st of March, pro forma cash was $263 million US, and pro forma debt was $130 million US.

As you can see, there is strong coverage. This is an excellent platform for us to continue to grow the company and drive further shareholder value.

Here, we show our key highlights for the quarter. This included gold production of 48,000 oz and gold sales of 42,000 oz.

We achieved this all this at an all-in sustaining cost of $1,192 US/oz across the group, with Kiniero performing particularly well with an ASIC of $1,043 US/oz. This generated $201 million of revenue, and finished the and we finished the quarter with a cash balance of $263 million US, plus an additional $15 million US in gold bullion on hand.

In addition, we provided gold production guidance of 180,000 to 220,000 oz for 2026 calendar year, with cost guidance to follow next quarter. The March quarter marked a major step change in production at Kiniero as we moved through commissioning into ramp-up.

Gold production was 48,178 oz, up 308% from December quarter, mostly thanks to Kiniero being in production. We achieved gold sales of 41,799 oz for the quarter, which was up 271%.

Revenue increased to $200.8 million US, a 321% increase quarter-on-quarter. All-in sustaining costs, or ASIC, decreased to $1,192 US/oz, down 37%.

Robex ended the quarter with $240.4 million in US in US cash, and PDI with $22.2 million in US dollars. Group production for 2026 is 198,000 to 220,000 oz, with Kiniero contributing the majority.

As we state here and in the quarterly report, we plan to provide cost guidance for the year in June quarter as we have when we have two full quarters of production from Kiniero completed. As you can see from this slide, PDI is now a scaled, low-cost producer with near with a near-term growth funded from free cash flow.

Focusing more closely on Kiniero, it delivered an exceptional ramp-up during the March quarter, with mining and processing performance exceeding plan. Ore mined increased to 2.14 million tonnes, and total material mined to 5.1 million tonnes.

Processed ore rose to 1.61 million tonnes, reflecting the first full quarter of production. Recovery improved to 90.1%, supporting gold recovered of 40,573 oz.

ASIC for the quarter was $1,043 US/oz, demonstrating the low-cost nature of the operation. The key takeaway here is that Kiniero exceeded plan in every major metric, and is a testament to our development team and our operations commissioning teams on-site.

Nampala continued to deliver steady and reliable performance during the March quarter. Gold production for the period was 10,000 oz, which represents a 9% decrease compared to the prior quarter, but is consistent with the planned mine schedule.

Mining performance remained strong: ore mined increased 27% quarter-on-quarter, and total material moved increased 11%, reflecting improved access to ore zones following the completion of higher waste stripping in the previous quarter. Processing throughput averaged 291 tonnes per hour, with 504,354 tonnes of ore processed.

This reflects stable plant performance, even though throughput was lower than December quarter. Head grade improved 4% to 0.71 g/t, which helped offset the lower throughput and and supported overall gold production.

ASIC for the quarter was $1,699 US/oz, a 10% reduction from the prior quarter, driven by improved strip ratio and disciplined cost control. I'll hand over to our CFO, Ross McLean, now for the presentation of the finance for the quarter.

Thank you, Matt. Good morning, everyone.

We appreciate you joining us on the call today. Turning to the financial performance and cash flow, the strong ramp-up in production in the March quarter translated directly into a very strong financial outcome and associated cash generation.

All figures in the cash flow waterfall are in US million dollars. Robex started the quarter with $146 million and finished March with $240 million, reflecting a cash increase of $94 million over the quarter.

When combined with PDI, this results in $263 million of pro forma cash after completion of the merger. The increase in cash was driven primarily by strong operating performance.

Cash margin from operations was $139 million, underpinned by excellent production, cost outcomes, and an average realized sales price of $4,803 US/oz. After removing capex, this translates into free cash flow of $90 million for the quarter, demonstrating the strength of the business as a cash generator.

Total capital expenditure for the period was $37 million, largely comprising growth capital at Kiniero, following construction activities at year-end 2025 and into Q1. This figure will materially reduce in the next quarter, improving free cash flow performance.

Other investing activities contributed $11 million, driven by the maturity of short-term investments and interest received. The key takeaway from this slide is that the Q1 financial performance establishes PDI as a scaled, cash-generative gold producer.

Importantly, one of the key synergies from the merger was financing, specifically the ability to leverage free cash flow from Kiniero to fund the Bankan development. The performance delivered in Q1 lays a strong foundation for PDI to deliver on this strategy.

Thank you very much, and I'll hand back to Matt.

Thanks for that, Ross. We'll now move on to discuss our development project, Bankan, and provide a bit more detail on the company's combined assets and outlook.

At Bankan, execution planning continued to progress well during the March quarter, with strong collaboration between PDI and the Robex teams. The focus remains firmly on the critical path and long-lead items, so that construction can commence as soon as the exploitation permit is awarded.

Primero was awarded the front-end engineering design contract. The optimized flowsheet and process design criteria are nearing completion.

Process and instrumentation diagrams are advancing, and layout development is progressing well. The primary and oxide crushing area is already well-defined.

Long-lead items have been fully identified, and tendering processes are underway on major mechanical packages. The packages for the power station, SAG mills, the primary crusher, the primary feeders, the vibrating grizzly feeders have all been issued for tender, with evaluations advancing.

Tender packages for structural steel and platework fabrication are also in development. Environmental and social work streams continued to advance during the quarter, including baseline monitoring, technical studies, and ongoing engagement with authorities.

These ensure that Bankan remains construction-ready once permit is granted. Let me just highlight key achievements from the March quarter and outline our priorities for the rest of 2026.

From a safety perspective, the group delivered an excellent performance: PDI maintained a total reduced TRIFR of 0.0, and Robex improving to TRIFR of 2.3. Safety remains our highest priority, and these results reflect strong culture and discipline across all sites.

Total production for the quarter was 48,177 oz, at an all-in sustaining cost of $1,192 US/oz. Our average realized gold price was $4,806 US/oz, supporting strong margins, and Kiniero really started to show what it is capable of, with 38,178 oz at $1,043 US/oz, demonstrating the strength of the ramp-up.

At Bankan, execution planning continued to advance so that construction commence immediately following the award of the exploitation permit. This remains a major strategic milestone for the company.

Financially, the group is in a very strong position. We generated significant cash during the quarter, ending with $263 million US of pro forma cash and $130 million US of debt following the completion of the merger.

The balance sheet strength provides the platform to advance Bankan while continuing to optimize Kiniero and Nampala. These achievements set us up well for 2026, and we focus on operational delivery, permitting progress at Bankan, and disciplined capital allocation.

We also show here our objectives for 2026, including our production guidance of 198,000 to 220,000 oz of gold, including 157,000 to 174,000 oz at Kiniero, and 41,000 to 46,000 oz at Nampala. We hope to see the exploitation permits granted for Bankan and Mansounia as we move closer to final investment decision, or FID, at Bankan and get construction underway.

We have strong drilling and exploration programs out in 2026 aiming to increase our reserves and resources and extend our mine life while continuing to develop our pipeline assets. Opportunities to leverage our competitive advantages, a reliable and efficient mine building team, particularly in Africa.

With that being said, I'll open up the floor for questions before I move on to closing remarks.

Hi, Matt. Thanks for the call.

Just wondering if you can give an update just on your expectation re timing for the Bankan license. Also, just how far, I suppose how much money you're willing to spend prior to the receipt of that license?

It's a good question. The answer is how long is a piece of string?

We have been waiting for a significant amount of time. We have a project, or two mining licenses that deliver about half a billion dollars a year in revenue once they're both in operation, we see it as a highly accretive project for the government, in terms of taxation, royalty, and free-carried interest, dividends.

We have no reason to think that it's not going to be issued in the next, 3 to 6 months, but again, we've been saying that for a while, I don't want to temper expectations. The Guinean government is still going through a clean-up process of some of its tenements, mainly in the bauxite space, but, we're expecting, excessively, permits to be issued any day.

I can't give you much more detail than that. It's somewhat out of my hands.

In terms of what we're going to spend, we'll keep our expenditures rather modest. We've got a few million dollars allocated at the moment.

We haven't sort of set out a program for the board for the next quarter of spending and what we're comfortable to do, but we're going to have relatively minor spending up until the you know the process of that mining permit is granted, so.

Yeah. Ex sort of long-lead-time items, it's pretty much minimal spending?

Long-lead items, we've essentially done the procurement and bought the vendor data, but we haven't actually locked them down or We haven't bought them, if you know what I mean. The procurement processes take, 1 to 2 months at least, having them done sort of gets rid of a couple of months of lead time, you're ready to actually place those POs on the exact day that you actually get the permit, I guess, or exact day that the board makes the FID, which reduces demo timelines.

Okay.

Fine. Just one more on Nampala.

Just want to get a sense of how you're feeling about production sort of potentially rolling into 2027. Is there any sort of juice left to squeeze there?

Look, there's still juice left to squeeze. We've still got a mine plan for the rest of 2027.

It's, and we're still predicting sort of 40 to 45,000 oz coming out of that, it's not completely dead. There's a lot of stockpiles.

There's some relatively easy ore. It's obviously become a much more difficult jurisdiction to operate in, and, there may be divestment processes run this year.

Okay. Okay.

All right, great. Thanks.

Great quarter. Done.

Thanks, Richard.

Thanks very much. Good morning, guys.

Great quarter, as Richard alluded to there. From my mind, just on the going forward with Kiniero, 157 to 174 guidance, quite a bit above the 141 in the DFS thousand ounces in 2026.

What's driving that primarily? Is it throughput?

Is it better grades, better recoveries, a bit of everything?

Mostly it's throughput through the mill. Where, on our best days, we can with the mill's sort of doing somewhere between 900 to 1,000 tonnes an hour, which translates, well, even better than that, translates to somewhere between 7 and 8 million tonnes per annum.

The grades pretty much remained as per plan and as per the resource model and grade control models. We've just yeah, it's just been a very efficient ops team, I guess.

We've had lower energy usages, lower reagent usages than plan. Just absolutely pumping the tonnes through the mill,

so. Following from that, I suppose, is it particularly softer material?

The all-in sustaining was very low as well. Is that sort of something we can expect for the next couple of years?

You can definitely expect it for the next couple of years. We don't have any real fresh joining the blend for the next 3 years.

Oxide, and this has been a bugbear of mine my whole career, it's always given a higher Bond work index than is required during physical testing, mostly because it's difficult to recover an oxide core, and they generally choose the most competent piece of that core for the compression testing which derives that Bond work index. It's always given a higher power rating than what's required through the mill, so, when you actually do start grinding it, you find that it requires almost very little power to actually pass through your circuit, it is the oxide holiday I've spoken about previously.

It really does, help you a lot, and, you've got We've designed our circuit knowing that was likely to happen, so, and we get the recoveries to match.

Excellent. Just a couple for Ross, if I don't mind.

Ross, is all-in sustaining costs calculated on gold sales or produced or recovered even?

It's based on gold produced, Paul.

Produced. Okay.

Cool. Then on that $37 million capex, can you perhaps help me with a bit more of a breakdown?

I know you say a lot more of it's at Kiniero, but is there any spent at Bankan there? Is there anything at obviously, there must be something at Nampala in a sustaining sense.

Maybe break down by the three assets first, and then a bit more detail on what's been spent at Kiniero, if that's possible.

Sure. There was $32 million of development capex at Kiniero.

That's essentially a hangover from production, right?

Out

of...

Exactly.

Q1, yeah. Then we had so maybe and then

sustaining capital, we had $2.2 million at Kiniero, and then at Nampala, we had about half a million of sustaining capex, and then the remainder was sort of capex at sort of growth capex at Kiniero.

Excellent. Great color.

Thanks, guys. I'll leave it to the next one.

Cheers.

Thanks, Paul.

Thanks, guys. very good quarter.

just a very quick one from me: given the recent news in Mali, any impacts at Nampala, or everything's just business as usual?

Surprisingly there was very little impact. Besides the sort of 24 hours itself where it was very quiet on-site.

The local village and surrounding communities were quiet. We had a few flights canceled, but everything seems to be landing and working again now, it's surprising that kind of thing has become business as usual in Mali, but it really just went on business as usual.

Good to hear. Just a very quick one for me, last one is just exploration spend, what should we expect and what should the split be between, say, Kiniero and Bankan, for example?

We've got $13 million left for exploration spend at Kiniero. For Nampala, I don't have that number on the top of my head.

I think it's about $6 million for the year, but I I I can't really pinch that to anyone. It should be in one of our side decks, though.

I can I will come

back to you on it. It's There is an exploration spend to extend the mine life out at Nampala just stepwise, but I can't remember the exact number.

I'll check all that. No worries.

Matt, it's $6.6 million for the year at Nampala.

Okay.

Yep.

Cool, thanks. Any update on, say, the Argo license and a few other licenses within country as well, in Guinea?

Look, there's no updates on them. It's Yeah, we like if there was any updates, I'd be announcing them, Paul.

We're not really chasing a third Guinean asset anyway, so, yeah, obviously, we'd like to get Argo back, but, yeah, the other permits fall away, we're not overly upset.

Gotcha. No worries.

Thanks very much, guys. Cheers.

Thanks, Mike.

Thanks, Nathan. Wrapping up, I think our March quarter demonstrates the strength of the platform we're building, having brought these two companies together.

We're delivering a step change in production, strong cash flow generation, and safe, disciplined operations at both Kiniero and Nampala. PDI is now a scaled, low-cost African gold producer with near-term growth funded from free cash flow.

Bankan continues to advance towards construction readiness, positioning the company for its next phase of growth once the exploitation permit is awarded. Across the portfolio, the strategy is clear: stabilize and optimize our producing assets, advance Bankan as a Tier 1 development project, and continue to unlock value through targeted exploration at both Kiniero and Bankan.

Thanks very much for joining us.