Annual
Report
2024
ABN 11 127 171 877
Contents
02
Predictive Discovery Limited
Overview
Highlights
03
About PDI
04
Our Values
06
Chairman’s Letter
08
Strategic Report
Managing Director’s Report and Review of Activities
12
Mineral Resources and Ore Reserves Statement
18
Sustainability Review
22
Financial Statements
Directors’ Report
34
Remuneration Report (Audited)
42
Statement of Profit or Loss and Other Comprehensive Income
55
Statement of Financial Position
56
Statement of Changes In Equity
57
Statement of Cash Flows
58
Notes to the Financial Statements
59
Directors’ Declaration
86
Independent Auditor’s Report
87
Auditor’s Independence Declaration
88
Additional information
Shareholders Information
96
Mineral Tenement Information
101
Corporate Directory
102
Highlights
Building
momentum,
achieving
milestones
PDI aims to deliver long-term
sustainable returns for
shareholders and stakeholders
through the development of the
Bankan Gold Project in Guinea,
West Africa.
Throughout the year, PDI has made
remarkable progress in advancing the
Bankan Project swiftly and sustainably
towards the development phase. The
Company has completed key studies
essential to the permitting process, while
also successfully advancing multiple
drilling and exploration programs, and the
early stages of the Definitive Feasibility
Study (DFS). The Company is strategically
poised for the next phase of growth in
FY25, a crucial year that will continue
to define the trajectory of the Project’s
development and long-term success.
Milestones achieved
Mineral Resources at NEB and BC increased to
5.38Moz of gold, including 4.14Moz in the Indicated
category1
Pre-Feasibility Study (PFS) and Environmental
and Social Impact Assessment (ESIA) completed
in April 2024, which are key studies for the
Exploitation Permit process
Maiden Probable Ore Reserve estimate of 3.05Moz
of gold across the NEB open pit, NEB underground
and BC open pit areas1
Submitted the ESIA to the Government of Guinea
and commenced the ESIA certification process,
the first part of the Exploitation Permit process
Continued to develop the significant exploration
potential across Bankan’s 356km2 of permits:
• 36,000m of exploration drilling completed at
near-resource targets in the NEB/BC area
• 53,000m of regional exploration drilling
completed on the Argo and Bokoro permits
• Resource development drilling programs
commenced at 800W, Sounsoun and Fouwagbe
with the aim to define maiden Mineral Resource
estimates
A$50m oversubscribed equity raise completed in
May 2024 to further advance and grow the Bankan
Gold Project
Strengthened our Board and management team,
ensuring we are well-equipped to meet the
opportunities and challenges ahead
1 Refer to Mineral Resources and Ore Reserves Statement and associated
compliance statements commencing on page 18.
Annual Report 2024
03
Overview
Strategic Report
Financial Statements
Additional Information
About PDI
2 Refer to Mineral Resources and Ore Reserves
Statement and associated compliance statements
commencing on page 18.
PDI’s strategy is to identify
and develop gold deposits
within the Siguiri Basin,
Guinea. The Company’s
key asset is the Tier-1
Bankan Gold Project.
A Mineral Resource of 5.38Moz has been
defined to date at the NEB (4.89Moz) and
BC (487Koz) deposits,2 making Bankan the
largest gold discovery in West Africa in a
decade.
PDI recently completed a Pre-Feasibility
Study (PFS) and Environmental & Social
Impact Assessment (ESIA), which are
key studies in the process to secure an
Exploitation Permit for the Project. The
PFS outlined a 269kozpa operation over
12 years, with a maiden Ore Reserve of
3.05Moz and strong financials.2
The Bankan Project is highly prospective for
additional discoveries. PDI is also exploring
targets near the NEB and BC deposits, and
regionally to the north at Argo and Bokoro
along the 35km gold super structure which
runs through the permits.
Investment Case
Largest gold discovery in West Africa in a decade,
with a 5.38Moz Mineral Resource inclusive of a
3.05Moz Ore Reserve defined at NEB and BC2
Significant potential to grow the current Mineral
Resource at NEB, BC and near resource targets, and
prospective for additional large-scale discoveries
along the 35km gold super structure within Bankan’s
permits
Rapidly advancing towards development, with a
PFS and ESIA completed in April 2024 to facilitate
securing an Exploitation Permit
Largest current gold development project in Africa,
with the PFS defining average production of 269Koz
per annum over a current 12-year mine life2
Lowest capital cost intensity of current African gold
development projects and low all-in sustaining costs
(AISC) of US$1,130/oz2
Strong financial metrics with a post-tax NPV5% of
US$1.4bn, IRR of 42% and payback period of 2.0 years
at a US$2,300/oz gold price2
Highly experienced Board and Management team
have developed and operated numerous gold mines
in Africa, including in Guinea
Guinea is an established mining address, with
significant production of bauxite and gold and an
emerging iron ore industry. PDI has strong backing
from the Guinean government
Well-funded and a supportive shareholder base,
following the completion of a A$50m oversubscribed
equity raising in mid-2024
Positioned to become one of Guinea’s largest gold
producers within five years
04
Predictive Discovery Limited
Figure 1: Bankan Project Deposits and Targets
Annual Report 2024
05
Overview
Strategic Report
Financial Statements
Additional Information
Our values guide our internal decision making and
our relationships with external stakeholders. We aim
to protect, promote and champion the regions,
environments and communities in which we work.
PDI plans to unlock the benefits of the deposits for all
stakeholders. By putting in place the right people and
the right processes, we aim to develop a mine that
delivers long-term sustainable growth.
Our Values
Respect
for the environment
We are committed to
environmental stewardship and
responsible management of
natural resources, we strive to
minimise our impact on the local
environment as we progress
towards development and
operation of the Bankan Gold
Project.
for individuals
We are dedicated to upholding
the rights and well-being of
every person we encounter, from
our employees to our partners
and the communities we serve,
fostering a culture of inclusivity,
fairness, and mutual respect in all
our operations.
for community
At PDI, we recognise that our
success is intrinsically linked
to the well-being of the local
community. We take pride in the
ability we have to leave a positive
and lasting impact on the local
areas that we work in.
06
Predictive Discovery Limited
Teamwork
Together with our contractors, our
collaborative efforts have driven
our achievements and enabled us
to successfully progress through
our exploration programme.
Together, we are stronger, more
innovative, and better equipped to
provide exceptional results and to
deliver on the Company’s strategy.
Excellence
We continuously strive for the
highest standards of performance.
It is through this dedication to
excellence that we not only meet
but exceed the expectations of
our stakeholders as we plan to
deliver on the Company’s strategy.
Annual Report 2024
07
Overview
Strategic Report
Financial Statements
Additional Information
Our aim remains clear: to deliver long-
term, sustainable returns for shareholders
and stakeholders through the responsible
development of this world-class asset.
The past year has seen PDI accomplish
several key milestones that have moved
us closer to securing an Exploitation
Permit for the Bankan Project, which is
an important catalyst for the Company
and a significant step towards our goal
of transforming the Project into a large-
scale, long-life mine. Most notably, we
completed the Pre-Feasibility Study (PFS)
and the Environmental and Social Impact
Assessment (ESIA), with latter submitted
to the Government of Guinea in June 2024
to formally initiate the permitting process.
These efforts underscore our commitment
to adhering to the highest environmental
and social standards as we further
advance the Project.
The greatest potential to add value in
addition to the securing an Exploitation
Permit is through the drill bit, and our
focused drilling programs have made
considerable headway during the year.
Our strategy is not only to increase and
enhance the current life-of-mine of the
NEB and BC deposits, but also to add
resources in new areas and target another
major discovery within our extensive and
highly prospective licence package.
Discoveries of the size, scale and grade
of Bankan are very rare, yet we believe
that the underexplored Siguiri Basin could
be host to a number of similar sized
discoveries in years to come.
Parallel to these efforts, we have
initiated Definitive Feasibility Study
(DFS) workstreams, which will continue
to refine and optimise the Bankan
Project’s development pathway. We also
strengthened our Board and management
team during the year, ensuring we are
well-equipped to meet the challenges
and opportunities ahead. I am delighted
to welcome Alberto Lavandeira to the
Board as Non-Executive Director, bringing
with him a wealth of development and
operating experience which will be crucial
for PDI as the Project advances. Sandra
Bates’ transition to Executive Director –
Legal and ESG comes at an important
time for the Company and Sandra will
provide excellent support for Andrew in the
permitting process.
Looking ahead, FY25 promises to be
a defining year for PDI. We are poised
to make further strides towards
achieving our vision for the Bankan Gold
Project, delivering long-term value for
shareholders while ensuring we uphold
our responsibilities to the people of Guinea
and our other key stakeholders.
I would like to thank our shareholders,
stakeholders, the Government of Guinea
and local communities for their continued
support and trust. Together, we are
creating a project that will not only deliver
significant returns but also contribute to
the sustainable development in the region.
Yours sincerely
Simon Jackson
Non-Executive Chairman
Simon Jackson
Non-Executive Chairman
Chairman’s Letter
Dear shareholders and stakeholders,
I am pleased to introduce the 2024 annual report, marking
another year of significant progress for PDI as we continue
to advance the Bankan Gold Project in Guinea.
08
Predictive Discovery Limited
Annual Report 2024
09
Overview
Strategic Report
Financial Statements
Additional Information
Strategic
Report
Managing Director’s Report and Review of Activities
12
Mineral Resources and Ore Reserves Statement
18
Sustainability Review
22
10
Predictive Discovery Limited
Overview
Strategic Report
Financial Statements
Additional Information
Annual Report 2024
11
PDI’s strategy remains centred on the
sustainable development of the Bankan
Gold Project into West Africa’s next Tier-1
gold mine, while continuously unlocking
the significant exploration potential within
our permits.
The year saw PDI make significant progress
with this strategy across all areas of the
Company, including further resource
growth and definition at our NEB and BC
deposits, completion of the Pre-Feasibility
Study (PFS) and Environmental and Social
Impact Assessment (ESIA), exploration
success at our near-resource and Argo
areas, and strengthening of our Board and
management team.
NEB and BC Mineral Resource update3
Following completion of approximately
83,000m of resource definition drilling at
the NEB and BC deposits during FY23, a
Mineral Resource update was completed in
August 2023 which significantly grew and
upgraded the estimates for both deposits.
The total Mineral Resource for the Project
increased to 100.5Mt @ 1.66g/t for 5.38Moz,
an increase of approximately 1.2Moz
compared to the February 2023 estimate.
Increases were achieved across all areas,
with the NEB Open Pit Mineral Resource
increasing from 3.52Moz to 3.99Moz,
the NEB Underground Mineral Resource
increasing from 335Koz to 896Koz and the
BC Open Pit Mineral Resource increasing
from 331Koz to 487Koz.
Importantly, the August 2023 update also
increased the Indicated Mineral Resource
to 4.14Moz, significantly increasing the level
of definition at the deposits and setting a
strong foundation for the study phase.
Subsequent resource definition drilling
has been focused on upgrading Inferred
Mineral Resources at the BC and
Gbengbeden deposits, supplementing the
extensive exploration drilling conducted
during FY24, which is summarised in the
Exploration section below.
PFS3
We made the strategic decision to proceed
directly to a PFS in October 2023, going
beyond the initial plan for a Scoping
Study due to the strength of the Mineral
Resource update, the level of work being
completed on the study and because we
believe in the importance of de-risking the
Project early on.
The PFS also allowed us to define a
maiden Ore Reserve estimate for the
Bankan Gold Project of 57.7Mt @ 1.64g/t for
3.05Moz, representing 74% conversion of
the 4.14Moz Indicated Mineral Resource.
By conducting a more detailed and
rigorous analysis, we’ve ensured that
we have a stronger understanding of
the Project’s economic, technical, and
environmental factors. This allows us to
make more informed decisions, engage
more effectively with stakeholders,
and create a solid foundation for future
development and financing. Ultimately,
it shows our commitment to delivering
a high-quality project that is not just
economically viable, but robust and
sustainable in the long term.
Completion of the PFS in April 2024 now
confirms the Project is not only one of the
largest recent gold discoveries in West
Africa, but also a future Tier-1 gold mine.
It can become Guinea’s largest gold mine,
with average annual production of 269koz
over the currently defined mine life of
12 years. This also makes it the largest
current African gold development project.
The PFS outlined very competitive costs
using end-of-2023 figures, with capital
costs estimated at US$456 million and
all-in sustaining costs estimated at
US$1,130/oz.
The economics outlined in the PFS were
also strong, with a post-tax NPV5% of
US$668 million and IRR of 25% at the
conservative base case price assumption
of US$1,800/oz. At a gold price of
US$2,300/oz, post-tax NPV5% increases
to approximately US$1.4 billion and IRR
increases to 42%.
The Project’s economics are strongly
leveraged to a rising gold price, with each
US$100/oz adding nearly US$150 million
to the post-tax NPV5%. This is an enviable
statistic with the gold price sitting well
above US$2,600/oz at the time of writing.
Completion of the PFS was a key
milestone for PDI and it sets a solid base
for the Definitive Feasibility Study (DFS),
which is now underway. There are various
opportunities and optimisations for PDI to
pursue during the DFS and I am looking
forward to this work progressing during
FY25.
Andrew Pardey
Managing Director
Managing Director’s Report
and Review of Activities
Dear shareholders and stakeholders,
It is with great pleasure that I present the Managing
Director’s report and review of activities for FY24.
12
Predictive Discovery Limited
3 Refer to Mineral Resources and Ore Reserves Statement and associated compliance statements commencing on page 18.
Figure 2: PFS Highlights3
Exceptional
production
profile
269Kozpa of gold
production over a
12-year mine life
Largest of all
advanced gold
development
projects in Africa
Large
high-grade
mineral
resource
3.05Moz
ore reserves
(58Mt @ 1.64 g/t)
5.38Moz
mineral resource
(101Mt @ 1.66 g/t)
Exceptional historical
conversion track
record
Low capital
intensity
Pre-production
capital cost
of UD$456m
Leading capital
intensity of
US$1,685/oz
Lowest of all
advanced gold
development
projects in Africa
Low cost
and high
margin
LOM All-in
sustaining costs
of ~US$1,130/oz
Average C1 cash cost
of ~US$970/oz over
a 12-year mine life
Robust
post-tax
NPV and IRR
US$668m NPV5%
and IRR of 25%
(at US$1,800/oz)
US$1.4bn NPV5%
and IRR of 42%
(at US$2,300/oz)
Current gold price
~US$2,600/oz
Annual Report 2024
13
Overview
Strategic Report
Financial Statements
Additional Information
Managing Director’s Report
and Review of Activities
Environmental, social and permitting
Completion of the ESIA and its submission
to the Government of Guinea was equally
as significant as the PFS, as both studies
are crucial for the process of transitioning
from an Exploration Licence to an
Exploitation Permit.
The ESIA included over two years of
comprehensive baseline studies and
importantly didn’t uncover any fatal
flaws for the Project. A strong focus on
environmental and social management will
remain a core focus of PDI’s strategy, which
is particularly important given the Project’s
location within the Peripheral Zone of the
Upper Niger National Park.
Submission of the ESIA in June 2024
commenced the ESIA certification process
for the Project, and I’m pleased to report it
is progressing well. The independent public
consultation process was completed early
in FY25 with an outstanding outcome of
more than 95% support for the Project
from local communities. Review of the
ESIA by the Ministry for the Environment
and Sustainable Development (and
associated agencies) and engagement with
PDI is actively continuing.
We continue to have strong relationships
with local communities and we are
committed to engaging with them in a
transparent and meaningful way. During
FY24, we provided support to communities
through a number of focused initiatives.
A highlight from my perspective is the
positive impact our canteen project has
had on significantly increasing school
attendance.
Please read our Sustainability Review on
page 22 for a more in-depth review of our
sustainability activities.
Exploration
The NEB and BC discoveries are the
backbone of the Company and have the
critical mass to support a large-scale, long-
life and sustainable operation. However,
we believe these deposits are just the
start of the discovery journey within the
Bankan Project’s highly prospective permit
package.
Throughout FY24, we conducted highly
focused and results-driven drilling
programs to further realise this exploration
potential.
In the NEB and BC area, we have been
exploring numerous near-resource targets
with the aim of discovering satellite
deposits which have the potential to
extend the mine life and provide mine
planning flexibility. We conducted
36,000m of drilling at these targets during
FY24 and received promising results at
multiple targets. We have decided to
advance the 800W and SB targets to the
resource development phase with the
aim of defining maiden Mineral Resource
estimates. An initial 800W drilling program
has been completed and further targeted
drilling is being planned to follow up
results.
See opposite Figure 3: Near-Resource Drilling
Results
Regionally, we are systematically and
progressively exploring the 35km of major
structure which runs through the Project’s
permits with the aim of making additional
major discoveries.
The initial focus area has been the
Argo permit, located 15-20km north of
NEB. Extensive exploration drilling was
conducted during FY24, totalling 45,000m
drilled. The most promising targets of
Sounsoun and Fouwagbe have been
advanced to the resource development
phase and the drilling programs are
underway. Numerous other targets have
also recorded promising results which
require further follow up, and we will
continue to drill new target areas.
More recently, we have expanded our
regional exploration program south onto
the Bokoro permit, with 8,000m of drilling
completed so far. Whilst it is early days,
encouraging initial results have been
recently announced from the first pass
drilling program.
See opposite Figure 4: Argo Drilling Results
14
Predictive Discovery Limited
Figure 4: Argo Drilling
Results
Refer to Compliance
Statements on page 20
Figure 3: Near-
Resource Drilling
Results
Refer to Compliance
Statements on page 20
Annual Report 2024
15
Overview
Strategic Report
Financial Statements
Additional Information
Managing Director’s Report
and Review of Activities
Board and management team
appointments
We strengthened our Board and
management team towards the end of
FY24, enhancing PDI’s capacity to address
challenges and seize opportunities.
Alberto Lavandeira’s appointment as Non-
Executive Director enhances the Board’s
technical capability, with Alberto having
extensive development and operational
experience across with 45-year career,
including in Africa.
Sandra Bates has joined me on the
executive side, transitioning from Non-
Executive Director to Executive Director
– Legal and ESG. Sandra brings a wealth
of private practice and in-house legal
experience as well as a strong focus on
the ESG and permitting, and will play a
crucial role in the Project’s permitting
workstreams.
Finally, Henk Diederichs has been
appointed at Chief Operating Officer with
an initial focus on delivery of the Project’s
DFS. Most recently, Henk oversaw multiple
studies for the Nyanzaga Gold Project
in Tanzania, a project which possesses
some similar characteristics to the Bankan
Gold Project. With Henk responsible for
the DFS, I can dedicate more time to
Government engagement, permitting and
our exploration activities.
Financial position
I am pleased to emphasise the successful
completion of an oversubscribed A$50
million equity raise in May 2024, a clear
testament to the strong confidence and
ongoing support our shareholders have
in PDI’s long-term vision and strategic
direction. With a cash balance of A$52
million as at 30 June 2024, we are well
funded to further grow and advance the
Bankan Gold Project during FY25.
In conclusion
The past year has marked significant
strides for PDI across our primary
initiatives, and this achievement was made
possible through the unwavering support
of our stakeholders.
I want to acknowledge the invaluable
contributions of PDI’s Board of Directors
– Simon, Sandra, Steven and more
recently, Alberto. Your strategic insights
have been instrumental in guiding our
progress this past year and will continue
to be so moving forward. Equally, our
dedicated employees deserve recognition;
the advancements we achieved are
a testament to your hard work and
dedication.
I want to extend my thanks to the
Government of Guinea and the local
communities for their constructive
dialogue and backing of both the Company
and the Bankan Gold Project. Our
commitment to Guinea remains steadfast,
and I firmly believe that advancing the
Project will yield substantial long-term
benefits for both the nation and its local
communities.
To our existing and new shareholders,
thank you for your support in financing
the Company this year, and I look forward
to delivering on our plans that promise to
create significant value.
As we enter FY25, I anticipate it will be
a seminal year for PDI, building on the
foundational milestones we achieved in
FY24. We are diligently working to achieve
further significant milestones during
FY25, including securing the Exploitation
Permit for the Project, continuing to grow
and upgrade our Mineral Resources and
advancing the DFS.
As we strive to meet our ongoing
objectives, I, along with the Board and
everyone at PDI, am committed to
driving forward our transformative goals
throughout FY25.
Yours sincerely
Andrew Pardey
Managing Director
16
Predictive Discovery Limited
Annual Report 2024
17
Overview
Strategic Report
Financial Statements
Additional Information
Mineral Resources
PDI reviews and reports Mineral Resources
for the Bankan Gold Project at times which
align with the strategic objectives of the
Company and following the completion
of material drilling programs. A maiden
Mineral Resource estimate was announced
in September 2021, with updates
announced in August 2022, February 2023
and August 2023.
As at 30 June 2024, the total Bankan
Project Mineral Resource was 100.5Mt @
1.66g/t for 5.38Moz of gold, as represented
by the most recent Mineral Resource
estimate completed in August 2023 (Table
1). This was a total increase of contained
gold of approximately 1.2Moz compared
to 30 June 2023, as represented by the
February 2023 estimate (Table 2).
The NEB Open Pit Mineral Resource
increased from 3.52Moz to 3.99Moz,
the NEB Underground Mineral Resource
increased from 335Moz to 896Koz and the
BC Open Pit Mineral Resource increased
from 331Koz to 487Koz.
Based on the amount of drilling
completed, 4.14Moz of the Mineral
Resource is classified as Indicated,
comprising 3.90Moz of the NEB Open Pit
Mineral Resource and 244Koz of the BC
Mineral Resource. This is a substantial
increase compared to 30 June 2023, when
1.75Moz was classified as Indicated entirely
within the NEB Open Pit Mineral Resource.
See Tables 1 and 2 on page 19 for details.
Ore Reserves
A maiden Ore Reserve estimate for the
Bankan Gold Project was completed in
April 2024 as part of the Pre-Feasibility
Study (Table 3). This estimate represents
the Company’s Ore Reserves as at 30 June
2024. As this was a maiden Ore Reserve
estimate, there is no comparison to 30
June 2023.
See Table 3 on page 19 for details
Mineral Resources and Ore Reserves
governance
The Bankan Project Mineral Resource and
Ore Reserve estimates are completed
by external consultants who qualify as
Competent Persons as defined by the
2012 Edition of the Australasian Code for
Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Suitably
qualified members of the PDI Board and
management team provide input where
required and review the estimates prior to
release.
Competent Person statements
The information in this report that relates
to Mineral Resources is based on and fairly
represents information compiled by Mr Phil
Jankowski, who is an employee of ERM
(Sustainable Mining Services), formerly CSA
Global, and a Fellow of the Australasian
Institute of Mining and Metallurgy. Mr
Jankowski has sufficient experience that is
relevant to the style of mineralisation and
type of deposit under consideration and
to the activity being undertaken to qualify
as a Competent Person as defined in the
2012 Edition of the Joint Ore Reserves
Committee (JORC) “Australasian Code
for Reporting of Exploration Results,
Mineral Resources and Ore Reserves”. Mr
Jankowski consents to the inclusion in
this report of the matters based on this
information in the form and context in
which it appears.
The information in this report that relates
to Open Pit Ore Reserves is based on and
fairly represents information compiled by
Mr Howard Simpson, who is an employee
of ERM (Sustainable Mining Services),
formerly CSA Global, and a Fellow of
the Australasian Institute of Mining and
Metallurgy. Mr Simpson has sufficient
experience that is relevant to the style of
mineralisation and type of deposit under
consideration and to the activity being
undertaken to qualify as a Competent
Person as defined in the 2012 Edition
of the Joint Ore Reserves Committee
(JORC) “Australasian Code for Reporting of
Exploration Results, Mineral Resources and
Ore Reserves”. Mr Simpson consents to
the inclusion in this report of the matters
based on this information in the form and
context in which it appears.
The information in this report that relates
to Underground Ore Reserves is based on
and fairly represents information compiled
by Mr Nick MacNulty, who is an employee
of ERM (Sustainable Mining Services),
formerly CSA Global, and a Fellow of
the Australasian Institute of Mining and
Metallurgy. Mr MacNulty has sufficient
experience that is relevant to the style of
mineralisation and type of deposit under
consideration and to the activity being
undertaken to qualify as a Competent
Person as defined in the 2012 Edition
of the Joint Ore Reserves Committee
(JORC) “Australasian Code for Reporting of
Exploration Results, Mineral Resources and
Ore Reserves”. Mr MacNulty consents to
the inclusion in this report of the matters
based on this information in the form and
context in which it appears.
The Mineral Resources and Ore Reserves
statement in this report has been
approved by Mr Phil Jankowski, who is
an employee of ERM (Sustainable Mining
Services), formerly CSA Global, and a
Fellow of the Australasian Institute of
Mining and Metallurgy. Mr Jankowski
consents to the inclusion in the report of
the matters based on his information in
the form and context in which it appears.
Mineral Resources and
Ore Reserves Statement
18
Predictive Discovery Limited
Table 1: Mineral Resources as at 30 June 2024 (August 2023 estimate)
Deposit
Classification
Cut-off
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained
(Koz Au)
NEB Open Pit
Indicated
0.5
78.4
1.55
3,900
Inferred
0.5
3.1
0.91
92
Total
81.4
1.53
3,993
NEB Underground
Inferred
2.0
6.8
4.07
896
NEB Total
88.3
1.72
4,888
BC Open Pit
Indicated
0.4
5.3
1.42
244
Inferred
0.4
6.9
1.09
243
BC Total
12.2
1.24
487
Total Bankan Project
100.5
1.66
5,376
Refer to ASX announcement – Bankan Mineral Resource Increases to 5.38Moz (7 August 2023).
Table 2: Mineral Resources as at 30 June 2023 (February 2023 estimate)
Deposit
Classification
Cut-off
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained
(Koz Au)
NEB Open Pit
Indicated
0.5
42.7
1.27
1,747
Inferred
0.5
24.7
2.23
1,768
Total
67.4
1.62
3,515
NEB Underground
Inferred
2.0
2.2
4.75
335
NEB Total
69.6
1.72
3,850
BC Open Pit
Inferred
0.5
7.2
1.42
331
BC Total
7.2
1.42
331
Total Bankan Project
76.8
1.69
4,181
Refer to ASX announcement – 50% of NEB’s 3.5Moz Open Pit Resource Upgraded to Indicated (6 February 2023).
Table 3: Ore Reserves as at 30 June 2024 (April 2024 estimate)
Deposit
Mining Method
Classification
Cut-off
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained
(Koz Au)
NEB
Open Pit
Probable
0.5
46.2
1.41
2,101
Underground
Probable
1.7
7.1
3.24
739
Total
53.3
1.66
2,840
BC
Open Pit
Probable
0.4
4.3
1.48
207
Total
4.3
1.48
207
Total Open Pit
50.6
1.42
2,308
Total Underground
7.1
3.24
739
Total Bankan Project
57.7
1.64
3,047
Refer to ASX announcement – PFS Delivers Attractive Financials & 3.05Moz Ore Reserve (15 April 2024).
Annual Report 2024
19
Overview
Strategic Report
Financial Statements
Additional Information
Mineral Resources and
Ore Reserves Statement
Date
Announcement
30 Sep 2024
Argo and Bokoro Drilling Results
08 Aug 2024
NEB and BC Area Drilling Programs Continue to Deliver
16 Jul 2024
Strong Drilling Results and Permitting Update
27 Jun 2024
BC Resource Definition Drilling Returns Positive Intercepts
12 Jun 2024
Fouwagbe & Sounsoun Progress to Resource Development
24 Apr 2024
BC East Drilling Confirms Previous Positive Results
09 Apr 2024
Excellent Results from Argo Central Trend
01 Feb 2024
Sounsoun, SB and SEB Targets Advanced by Latest Drilling
11 Dec 2023
Drilling at Bankan Delivers More Positive Results
24 Oct 2023
Promising Results from Across the Bankan Gold Project
12 Sep 2023
Further Strong Drilling Results from the NEB & BC Area
29 Aug 2023
Encouraging Initial Argo RC Results
19 Jun 2023
Encouraging Drill Results at NEB, BC and Nearby Targets
19 Jun 2023
Argo Target Upgraded by Recent Auger Results
22 May 2023
Multiple High Priority Drill Targets Identified at Argo
30 Nov 2022
Promising Near-Resource Drilling and Geophysics Results
29 Sep 2022
High Grade Gold 200m Below NE Bankan’s 3.9Moz Resource
02 Feb 2022
Multi-Deposit Potential Grows with Strong Results
16 Dec 2021
Bankan Project Grows with New Gold Discoveries
28 Oct 2021
AC Drilling Identifies New Gold Prospects at Bankan
23 Sep 2021
28m @ 12.1g/t Gold 1.5 Km from NE Bankan
Other compliance statements
The information in this report that relates
to Production Targets and Forecast
Financial Information is based on the
Extension Case from the announcement
titled “PFS Delivers Attractive Financials
& 3.05Moz Ore Reserve” dated 15 April
2024. The Company 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.
The information in this report that relates
to prior Exploration Results are from
announcements listed in the table to the
right. The Company confirms that it is not
aware of any new information or data that
materially affects previous exploration
results referred to in this announcement.
The Company also confirms that the form
and context in which the Competent
Person’s findings are presented have not
been materially modified from the relevant
original market announcements.
20
Predictive Discovery Limited
Annual Report 2024
21
Overview
Strategic Report
Financial Statements
Additional Information
With the submission of its ESIA this
year, PDI has made significant progress
in advancing the Bankan Gold Project
toward becoming a Tier-1 mine. Building
on insights from the ESIA process, PDI has
adopted a materiality-focused approach
to managing key sustainability priorities
for the Bankan Project, ensuring effective
stakeholder engagement and responsible
project execution. This has principally
been focused upon working with our host
communities on a variety of matters, not
least the support on education, healthcare
and artisanal mining activity.
PDI’s project landscape
Guinea is emerging as a critical hub for
the global mining industry, with its vast
natural resources and untapped geological
potential. With a well-established
resources sector and a history of mining
excellence, the country offers a stable and
attractive environment for global investors
seeking long-term opportunities.
The nation’s mining sector is crucial to its
economic growth, with Guinea holding
the position as one of the world’s largest
producers and exporters of bauxite.
Guinea is now emerging as a significant
player in the global iron ore industry, with
development of the Simandou mine and
infrastructure advancing at a rapid pace.
Gold mining, which has long played a
significant role in Guinea’s economy, is set
to drive the next wave of development,
with large-scale deposits in the Siguiri
Basin, like PDI’s Bankan Gold Project,
further enhancing the country’s evolving
presence on the world stage.
Guinea’s mining industry operates in
close collaboration with the Ministry of
Mines and Geology as well as the Ministry
of the Environment and Sustainable
Development (MEDD), ensuring that
responsible and sustainable resource
development remains a priority. This
partnership facilitates a balanced approach
to mining, one that aligns economic growth
with environmental protection and the
well-being of local communities.
PDI’s commitment to responsible mining
extends beyond merely extracting
resources. The NEB and BC deposits
lie within the Peripheral Zone of the
Upper Niger National Park (UNNP), a
designated national park with international
recognition. The UNNP is known for its
diverse ecosystems and serves as a
habitat for various species, contributing to
global biodiversity efforts. The Company
continues to actively engage with the
relevant authorities and ministries while
thoroughly assessing and documenting the
bio-physical environment in the project
area. This has facilitated the development
of comprehensive Environmental and
Social Management Plans (ESMPs), each
presented in the ESIA together with a
detailed framework.
Sustainability Governance
PDI is exploring and planning the
development of the Bankan Project in
line with the Responsible Gold Mining
Principles (‘RGMPs’) of the World Gold
Council which underpins the responsible
development of projects that generate
value for the full range of stakeholders
impacted by and involved with a project.
PDI is committed to conducting business
ethically and in a way that is open and
accountable to its stakeholders. The Board
of Directors is responsible for overseeing
strategy and performance and protecting
the rights and interests of stakeholders.
High standards of corporate governance
are considered essential to give effect to
these responsibilities and are embraced
by the directors.
PDI’s Managing Director has ownership
for all matters relating to sustainability
and is supported at the executive level by
our Executive Director – Legal and ESG
who is the strategic and operational lead.
Day to day responsibility for management
sits with the Environmental and Social
Managers who are the principal leads on
all environmental, health, safety and social
matters associated with the Company’s
exploration activities as well as the ESIA
process. At the management level, the
Company’s Country Manager also carries
significant responsibility regarding all
national, local and community-related
stakeholder engagement. Together, they are
responsible for implementing PDI’s short-,
medium- and long-term sustainability-
related initiatives.
Sustainability Review
PDI’s purpose is to deliver long-term sustainable returns
to all its stakeholders – shareholders, employees, local
communities and the Government of Guinea – while
facilitating the development of Guinea’s gold reserves.
The Company’s decisions, actions, culture and strategy
are all driven by this goal.
22
Predictive Discovery Limited
Case Study
Board visit to the Bankan Gold Project
In May 2024, PDI’s Board of
Directors conducted a site
visit to the Bankan Gold
Project and, subsequently,
to the management centre
near the core of the
surrounding Upper Niger
National Park. The week-
long visit provided the
Board with direct insights
into the project’s progress,
environmental considerations
and community relationships.
The visit encompassed several key areas:
Project progress
The Board reviewed ongoing exploration
activities and team development at the
Bankan site.
Stakeholder engagement
Meetings were held with various
stakeholders, including local community
representatives, UNNP leaders, and
national and regional government
officials. These discussions focused on
understanding stakeholder perspectives
and expectations regarding the project’s
development.
Environmental considerations
The Board observed the scale of the Upper
Niger National Park, gaining a unique insight
into the environmental sensitivities, and
conservation priorities and key challenges
in the area.
Community development
The Board was warmly welcomed at two
local schools where the positive impact of
PDI’s school refurbishment and canteen
projects was on display.
ESIA process
The Board received a comprehensive
briefing on the ESIA process.
The visit highlighted some of the
complexities involved in developing the
Bankan Project. The Board observed
the importance of farming to local
communities, while also noting the
potential impact of agricultural expansion
on the UNNP’s resources. These
observations highlight the need for a
balanced approach to development that
considers both community needs and
environmental conservation.
Annual Report 2024
23
Overview
Strategic Report
Financial Statements
Additional Information
ESIA process
PDI has successfully completed and
submitted the ESIA for the Bankan Gold
Project, marking a significant milestone
in the project’s permitting process. This
submission is the result of a thorough
and diligent process that spanned more
than two years, beginning with the initial
environmental and social impact notice in
December 2021.
Throughout this process, PDI engaged
a selection of globally recognised
consultancies alongside highly
knowledgeable locally embedded firms.
This expert team brought specialised
environmental and social expertise, guiding
the Company through the complexities of
ESG challenges and ensuring meaningful
stakeholder engagement.
The ESIA, which is a key requirement
in terms of Article 28 of Guinea’s
Environmental Code, included several
critical steps that are promulgated
under Order 1595. After submitting the
environmental and social impact notice in
December 2021, PDI submitted a Scoping
Report and Terms of Reference (ToR)
for the ESIA in October 2022. The ToR
was validated through a field visit by the
Agency for Environmental Assessment in
November 2022 and officially approved
be the MEDD in May 2023. The ESIA
study itself incorporated extensive social,
biophysical and biodiversity baselines
conducted from 2022 through early 2024,
before being submitted to the MEDD in
June 2024.
As part of its commitment to responsible
mining, and aligned with good international
ESIA practice, PDI adopted a mitigation
hierarchy throughout the ESIA process,
prioritising avoidance of impacts, followed
by minimisation, rehabilitation, and, where
necessary, compensation or offsetting of
negative impacts. The Company worked
closely with design teams throughout
the assessment, allowing for real-time
adjustments and mitigation measures to
be embedded into the project design.
PDI’s ESIA process has been conducted in
parallel with the project’s Pre-Feasibility
Study (PFS), ensuring that potential
environmental and social impacts
were identified and addressed early
in the project’s design. This proactive
approach has allowed PDI to anticipate
and avoid risks, ensuring the project’s
compliance with national laws, regulations,
and environmental standards, while
balancing economic development
with environmental stewardship and
community well-being.
Stakeholder engagement
Engaging with stakeholders is central to
PDI’s commitment to responsible project
development. Open and consistent
communication helps the Company
understand stakeholder interests
and concerns, ensuring their input is
considered throughout the project.
During the initial Notice of Environmental
and Social Impact (NIES) process,
consultations were held in August 2021
with local authorities, community leaders,
and civil society, establishing a foundation
for ongoing dialogue. During the ESIA
process in 2022 and 2023, PDI worked
with local consultancy Insuco to conduct
further community consultations and
data collection on local demographics,
livelihoods, artisanal mining and cultural
heritage. This formed the basis of the
project’s socioeconomic study, ensuring
informed decision-making as the Bankan
Project progresses.
As the Bankan Project advances,
PDI remains committed to a robust
stakeholder engagement plan. This profiles
a broad range of stakeholders, ensuring
continued communication, regulatory
compliance, and responsible development
that meets both community and project
needs.
A notable outcome of the ESIA is
that, based on the current project
information, physical displacement of
local communities is not anticipated.
However, to ensure preparedness and
thorough planning, PDI has developed a
Resettlement Policy Framework as part of
its strategy to manage potential impacts.
Resolving grievances
As part of a proactive approach to
community engagement, it is essential
to have a grievance management system
in place. This enables a systematic
and objective process for evaluating
and responding to matters raised. The
mechanisms currently in place are
appropriate for a business of PDI’s stature.
As the Company moves beyond the
exploration phase and into development,
these systems will become more
sophisticated and structured in line with
the operational footprint in the community.
For the period July 2023 to June 2024, the
company received 23 grievances, all of
which were resolved.
Sustainability Review
24
Predictive Discovery Limited
Stakeholder
Why we engage
Engagement highlights
Employees
PDI maintains an open line of communication
between its employees, senior management and the
Board. The Company monitors health and safety on
a daily basis and reports performance of lost time
injury and frequency rates.
The leadership team frequently engages with its
employees through one-on-one meetings, employee
events and project updates.
Training
Board and senior leadership visits.
Host
communities
Establishing and maintaining good relations with
the local community throughout the development
and operation of the mine, is vital for the Company’s
social license to operate.
Community Consultative Commission representing
nine villages.
Bankan and Kouroussa Primary School investments.
Local job creation.
Government
and
ministries
PDI must ensure compliance with the Government’s
expectations and requirements including
those relating to safety, implementation of the
environmental and social management plan
(ESMP), community engagement, contributions to
local development and general corporate social
responsibilities.
Engagements to meet regulatory obligations including
obtaining permits and authorisations and payment of
relevant taxes and fees.
The ESIA public consultation process recorded 97%
overall project satisfaction from communities, with 99%
approving project acceptability, 95% for environmental
protection, and 96% for social protection.
Site visits.
Park
authorities
UNNP is one of many protected areas managed by
the Office Guinéen des Parcs Nationaux et Réserves
de Faune (OGPNRF), the Guinean Office of National
Parks and Wildlife Reserves.
Support for the UNNP’s annual fire management
programme.
UNNP technical staff participation in ESIA biodiversity
baseline surveys.
Support for UNNP’s field equipment to enable
conservation patrols.
Investors
The Company maintains regular dialogue with
investors, providing them with information on the
Company’s progress. The Company typically holds
meetings with institutional investors and other large
shareholders following the release of major news
flow, interim and financial results.
News releases.
Roadshows.
One-on-one meetings.
Local media
The role of local radio stations is fundamental
to proper communication between the mine
and stakeholders. In Kouroussa, there is a private
radio station and a public rural radio station.
Activity updates and advertisements including job
vacancies and project updates.
Annual Report 2024
25
Overview
Strategic Report
Financial Statements
Additional Information
Impacts, risks and opportunities
PDI’s ESIA provides a comprehensive
analysis of potential environmental and
social impacts during construction and
operations. It presents both qualitative and
quantitative assessments, identifying the
significance of impacts and recommending
mitigation measures to minimise adverse
effects. Key areas assessed include air
quality, noise, water resources, biodiversity,
and community health and safety.
The ESIA emphasises cumulative impacts,
particularly on biodiversity and local
communities. Key mitigation strategies
focus on managing air and water quality,
protecting sensitive ecosystems, and
minimising community disruptions. Risks
of project-induced in-migration and
biodiversity loss have been evaluated with
action plans put in place to mitigate such
impacts.
PDI remains committed to robust risk
management through an established
framework that addresses operational,
community, and environmental risks.
As the project advances, the Company
continues to refine its risk register
to encompass a wide range of risks,
including those associated with climate
change, artisanal mining, and biodiversity.
Continuous monitoring will ensure that PDI
mitigates potential adverse effects while
maximising the benefits of its operations.
Ethical conduct
The Company is committed to maintaining
high ethical standards when conducting
its activities. The Company’s reputation as
a responsible organisation is important to
its ongoing success and it expects all its
officers and employees to be aligned and
have a personal commitment to meeting
these standards.
The Company’s Code of Conduct outlines
the principles giving direction to and
reflecting the Company’s approach to
business conduct. The Board and senior
executives approved and endorsed this
Code of Conduct and encourages all staff
to consider the principles and use them as
a guide to determine how to respond when
acting on behalf of the Company.
As stated in the Company’s Anti-Bribery
and Anti-Corruption Policy, PDI has a zero-
tolerance stance in relation to bribery and
corruption. The Company is pleased to
report that there were no formal issues or
matters relating to bribery or corruption
raised during the reporting period.
Human rights
In accordance with the UN’s Guiding
Principles for Business and Human Rights,
PDI will conduct due diligence to identify
human rights, corruption and conflict
risks associated with its activities and
its supply chain with the intention of
preventing adverse impacts. Following this,
PDI will monitor performance, periodically
checking its assessment of the risks is
up-to-date. The Company is developing its
processes and systems from the ground
up and developing governance processes
and systems to ensure this is embedded
throughout the organisation.
Sustainability Review
26
Predictive Discovery Limited
Community engagement
PDI is committed to engaging with
its communities in a transparent and
meaningful way. The Company is developing
its social programs in partnership with
communities, local authorities and third-
party experts, to reflect and respond to
community requirements as it develops
the Bankan Project.
Community consultation is paramount
in achieving PDI’s operational and social
objectives. The Company’s Community
Consultative Commission represents nine
villages, which serves as a key platform
for ongoing dialogue and collaboration.
Through these regular meetings, the
Company not only keeps the community
well-informed about its activities but
actively involves them in decision-
making processes, thus fostering a sense
of ownership and partnership in the
development of the project.
To date, community benefits have been
seen largely in employment and local
procurement, however, several community
projects were progressed during the year.
PDI’s ongoing investment in the
local primary school, which includes
establishing a canteen and rehabilitating
the facility, has significantly enhanced the
learning environment. This initiative has
resulted in student attendance increasing
from 87 to over 200. Notably, the school
also achieved a 100% passing rate on
student exams. The provision of meals has
played a vital role in encouraging regular
attendance. In 2023, a local entrepreneur
successfully oversaw additional key
infrastructure improvements, such as
installing water systems. This initiative not
only enhanced the school’s facilities but
also empowered local talent, reinforcing
PDI’s commitment to creating positive
impacts in the community.
Engaging with Artisanal and
Small-scale Gold Mining (ASGM)
PDI recognises that ASGM is a reality
in Guinea, particularly in the region
surrounding Bankan and Kouroussa.
ASGM has been a key economic activity
for centuries, with nomadic Bambara gold
miners conducting artisanal mining in the
area for around 400 years. The region hosts
numerous small-scale mining operations,
providing significant employment
opportunities, especially for women.
Over 50% of rural households surveyed
identified ASGM as their main source
of income, and the practice also drives
seasonal immigration of young people
seeking work.
However, the presence of ASGM has
significantly disturbed the project site
over the years. Local deforestation and
altered watercourses have resulted from
these activities, degrading biodiversity
and habitats. PDI’s water sampling efforts
have detected elevated levels of mercury
in water samples – likely linked to ASGM
practices, where mercury is used to
recover gold particles. While mercury
is present in the water, it has not been
detected in soil samples.
Recognising the competition between
artisanal miners and industrial companies,
PDI has taken proactive steps to engage
with ASGM stakeholders. The Company is
aware of the expectations among artisanal
gold miners to secure employment with
the project. From the outset, PDI has
worked closely with the Government
of Guinea and other stakeholders to
ensure that legitimate ASGM practices
are supported, prioritising the safety of
its employees, local communities, and
the environment.
Following the completion of the ESIA,
PDI developed a management framework
tailored to address ASGM-related
challenges. This framework, which aligns
with international standards, will be refined
and implemented following ESIA approval.
It aims to protect the Company’s assets
while fostering positive relationships
with local communities and authorities.
In addition, it addresses the health and
safety risks inherent in artisanal mining
and supports the Government in enforcing
the provisions of the Guinean Mining Code
related to ASGM.
PDI’s risk management framework
integrates ASGM risks within its broader
risk register, covering financial, strategic,
community, human rights, environmental
(including climate and biodiversity), and
artisanal mining considerations. This
holistic approach enables the Company to
mitigate the complex risks associated with
ASGM while advancing the Bankan project
in a responsible and sustainable manner.
Annual Report 2024
27
Overview
Strategic Report
Financial Statements
Additional Information
PDI’s people
As of June 2024, PDI had 144 employees.
PDI maintains a relatively small permanent
staff, with the vast majority of employees
on fixed term contracts – which includes
expatriate personnel located in Guinea – to
meet with the fluctuations in project and
exploration activity. As of June 2024, 91% of
PDI employees were Guinean and 100% of
daily employees and subcontractors were
Guinean.
See Tables 4 and 5 below for data on employees’
gender and nationality.
Health and safety
Providing a safe working environment and
maintaining people’s health, safety and
well-being are of paramount importance
to PDI. The Company is committed to
providing a safe, secure and rewarding
work environment, and to maintaining
exceptional health and safety performance
wherever it operates.
PDI has a zero-harm objective. During
the period, the Company had a total
recordable injury frequency rate of
1.51 per million-man hours including
contractors. Two medical treatment cases
were reported and no lost time injuries
were recorded.
The Company has a proactive approach
to health and safety, which includes safety
toolbox meetings and regular training
sessions covering areas such as incident
and accident reporting, fire safety, first aid,
and driving safety. Together, across various
departments including superintendents,
officers, and geologists, PDI prioritises
safety as a collective responsibility.
Given the increased focus on road
transport safety, PDI has collaborated
with local authorities to schedule truck
deliveries strategically, minimising
disruptions to road function and improving
overall safety. As a result of these efforts,
the residual impact on transportation
infrastructure is considered minor,
ensuring minimal interference with local
traffic and community safety.
Human resources and labour rights
Respecting colleagues and the partners
that work with PDI is a fundamental
part of the Company’s commitment to
protecting employees, contractors and
local communities.
As stated in its Human Resource Policy,
PDI respects and follows recognised
international human and labour rights
and has a zero-tolerance stance on
modern slavery.
To that end, the Company supports
the right to safe working conditions,
equal treatment and fair reward, and
implements mechanisms to maintain
effective relationships with employees,
communities and other stakeholders.
The Company prohibits child labour,
forced labour and modern slavery in
its operations and in its supply chains.
As stated in its Diversity Policy, PDI is
committed to workplace diversity and
recognises the benefits arising from
diversity in its employees and on its board
including a broad pool of high-quality
employees, strong employee retention
and access to different perspectives
and ideas, which together allow PDI to
benefit from all available talent. Diversity
includes, but is not limited to, gender, age,
ethnicity and cultural background. To the
extent practicable, PDI will address the
recommendations and guidance provided
in the ASX Corporate Governance Council’s
Corporate Governance Principles and
Recommendations (ASX Principles).
As of June 2024, 18% of employees
were female.
Sustainability Review
Table 4: Permanent and temporary employees (by gender)
Gender
Permanent
Fixed Term
Contract
Short Term
Contract
Daily
Labour &
Service
Agreement
Total
Percentage
Male
33
36
49
0
118
82%
Female
8
10
8
0
26
18%
Total
41
46
57
0
144
100%
Table 5: Permanent and temporary employees (by nationality)
PDI employees
Number
Percentage
Guinean nationals
131
91%
Expatriates in Guinea
6
4%
Other employees
7
5%
Total
144
100%
28
Predictive Discovery Limited
Environmental stewardship
Environmental management and
protection are critical for PDI. The Company
recognises that mining has an impact
on the environment, and it is committed
to prevent, minimise, and mitigate
negative environmental impacts where it
operates. At present, during exploration,
the Company has a relatively low impact
but appreciates that this will evolve over
time as the Company progresses through
the Project’s development phases. The
Company is committed to adopting and
implementing policies and practices to
avoid or mitigate impacts on the local
communities and the environment arising
from noise, dust, blasting and vibrations,
among other impacts.
The Company works closely with the
relevant governmental agencies to
ensure operations comply with national
regulations, and the successful renewal
of the environmental authorisation is a
testament to the Company’s commitment
to environmental stewardship and social
responsibility.
Part of the ESIA involved completing
key environmental studies, surveys and
baseline assessments across PDI’s permits
and into the corridor of the Niger River
to establish a representative biodiversity
baseline in the Bankan Gold Project’s
region and areas of environmental
importance beyond.
Biodiversity
PDI recognises the significance of
biodiversity and the Project’s location
in the Peripheral Zone of the UNNP and
the proximity to the Niger-Niandan-Milo
Ramsar Site. The Company is actively
engaged in a systematic assessment
of the local environment to develop
suitable management plans to assist
the improvement of the UNNP’s overall
management, particularly in its core
area and inner buffer zone. PDI is
actively developing a robust legal and
technical justification for its presence in
the Peripheral Zone which will involve
improving conservation within the UNNP’s
more central areas.
PDI’s approach includes the implementation
of the mitigation hierarchy, aiming for no net
loss or ideally a net gain of natural habitat.
A critical habitat assessment is part of the
Company’s ESIA and strategy to achieve net
gain of critical habitat. PDI is committed to
responsible natural resources management
and protection of ecosystem services,
acknowledging the resources situated
within local communities’ land and their
dependence on such resources, and will
implement strategies to effectively manage
these resources.
In 2022, PDI began establishing its baseline
understanding of biodiversity through a
rapid ecological assessment conducted
by ERM, Biotope, and Guinea Ecology.
This assessment focused on local habitats
and identified priority species around
the NEB and BC deposits. Throughout
2023, PDI carried out general habitat
and species surveys, including targeted
surveys for mammals, transitional-
season surveys utilizing camera traps,
and dry season assessments. Additional
studies on ecosystem services and
bushmeat have also been conducted,
alongside a comprehensive chimpanzee
survey program. Seasonal surveys will
continue into 2024 and 2025. These
surveys encompass a wide range of
aspects, including habitat sampling and
assessments of flora, mammals, bats,
birds, reptiles, amphibians, freshwater
fish, and freshwater invertebrates.
As part of the Project’s commitment to
biodiversity, a Biodiversity Management
Plan (BMP) will be developed, detailing
the following initiatives:
• Continued support for UNNP
conservation programs, including the
Park’s fire management program.
• Creation of protection zones for priority
habitats.
• Development of a Biodiversity Action
Plan to offset impacts to the UNNP.
Annual Report 2024
29
Overview
Strategic Report
Financial Statements
Additional Information
Land use
Land uses and natural resources
management feature extensively in
PDI’s ESIA. Habitats and their ecological
integrity vary greatly within the Project’s
area and include a mix of natural and
modified habitats. Much natural habitat
is significantly disturbed by pre-existing
anthropogenic activities including
subsistence agriculture, grazing and related
slash-and-burn, and ASGM.
Water access and quality
At present, PDI has low water usage.
However, it will increase during mine
development and thus, the Company’s
ESIA and ESMPs will define water usage
requirements and a stringent management
plan for how the Company utilises water
in the future so it does not impact
communities’ needs or local ecosystems.
Water treatment and re-use will be
included within the design.
As part of our ongoing efforts, PDI is
assessing the baseline conditions for
surface water and considering flood risks
to the project, with informed necessary
mitigation measures and management
plans influencing the project design.
Furthermore, water treatment and re-use
will be integrated into the design to
promote sustainable water management.
Waste management and hazardous
materials
Tailings and waste management
assessments and plans form a central
component of PDI’s ESIA. Managing cyanide
and hazardous materials is essential to
the Bankan Project, therefore the Project’s
design includes a cyanide-destruction
facility, and the Company will strive to gain
certification by the International Cyanide
Management Code. PDI also plans to
utilise dry stacked tailings methods, further
reducing environmental risk.
Climate change
The Company recognises the threats posed
by climate change and is committed to
addressing these through a comprehensive
approach. Climate change adaptation
(CCA) and risk assessments are integral
components of the ESIA process, which
will ultimately lead to the development
of a detailed CCA management plan. In
line with the requirements of the Equator
Principles IV, PDI is proactively identifying
and assessing the potential transitional
and physical risks associated with its
operations at all stages of the project.
Our preliminary analysis has identified
key physical impacts, including flood risks,
which will be further examined in the
Detailed Feasibility Study (DFS) through
in-depth hydrology work and updated
modelling. The baseline conditions and
key findings indicate that operational
emissions from the hybrid power plant
were 132,000 tCO₂e.
A range of climate hazards have been
identified within the project area, with the
most significant inherent risks including
wildfires, extreme heat, flooding, and
landslides.
To mitigate longer-term transitional risks,
such as carbon pricing, we propose a
hybrid power plant combining a thermal
power plant (using heavy fuel oil) and
a solar PV plant to reduce emissions
associated with power generation.
Moving forward, the next phase of the
Climate Change Risk Assessment will focus
on further evaluating climate hazard risks.
PDI will document the potentially material
risks identified in relation to the project
and outline how these risks are being
managed and mitigated within a Climate
Change Risk Management Plan.
Sustainability Review
30
Predictive Discovery Limited
Annual Report 2024
31
Overview
Strategic Report
Financial Statements
Additional Information
Financial
Statements
as announced on 4 September 2024
Directors’ Report
34
Remuneration Report (Audited)
42
Consolidated Statement of Profit or Loss and Other Comprehensive Income
55
Consolidated Statement of Financial Position
56
Consolidated Statement of Changes In Equity
57
Consolidated Statement of Cash Flows
58
Notes to the Financial Statements
59
Directors’ Declaration
86
Auditor’s Independence Declaration
87
Independent Auditor’s Report
88
32
Predictive Discovery Limited
Overview
Strategic Report
Financial Statements
Additional Information
Annual Report 2024
33
DIRECTORS’ REPORT
Predictive Discovery Limited (the “Company” or “PDI”) is a public company incorporated and domiciled in Australia and
listed on the Australian Securities Exchange.
The directors of the Company present their report on the Group, which comprises Predictive Discovery Limited and its
controlled entities, for the year ended 30 June 2024.
The names of the directors in office at any time during, or since the end of the year are:
NAMES
POSITION
Mr Simon Jackson
Non-Executive Chairman
Mr Andrew Pardey
Managing Director
Ms Sandra Bates
Executive Director (transitioned from Non-Executive Director on 17 June 2024)
Mr Steven Michael
Non-Executive Director
Mr Alberto Lavandeira
Non-Executive Director (appointed 17 June 2024)
The directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
COMPANY SECRETARY
Mr Ian Hobson – B. Bus FCA ACIS MAICD
Mr Hobson is a Fellow Chartered Accountant and Chartered Secretary with 18 years of experience as Company Secretary
of ASX listed companies. Prior to commencing his own practice, Mr Hobson held senior positions with international
chartered accounting firms for 20 years together with commercial experience in UK and Canada.
PRINCIPAL ACTIVITIES
During the financial year, the principal activity of the Group was mineral exploration with the objective of identifying
and developing economic reserves in West Africa.
OPERATING RESULTS FOR THE PERIOD
The consolidated loss of the Group for the financial year after providing for income tax amounted to $8,674,871 (2023:
$11,231,323). This was largely from exploration costs, provision for indirect taxes in Guinea and the costs of
administering the Group to 30 June 2024.
34
Predictive Discovery Limited
Directors’ Report
REVIEW OF OPERATIONS
During the 2024 financial year, PDI made significant progress with its Bankan Gold Project in Guinea, which the Company
is aiming to sustainably develop into a Tier-1 gold mine.
In August 2023, the Bankan Project’s Mineral Resource increased to 100.5Mt @ 1.66g/t for 5.38Moz1, representing a
29% increase in contained gold compared to the previous 4.18Moz Mineral Resource. Increases were achieved across
all of the NEB Open Pit, NEB Underground and BC Open Pit Mineral Resources, and importantly a total of 4.14Moz was
upgraded to the Indicated category.
Table 1: Bankan Project Mineral Resource Estimate1
Deposit
Classification
Cut-off
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained
(Koz Au)
NEB Open Pit
Indicated
0.5
78.4
1.55
3,900
Inferred
0.5
3.1
0.91
92
Total
81.4
1.53
3,993
NEB Underground
Inferred
2.0
6.8
4.07
896
NEB Total
88.3
1.72
4,888
BC Open Pit
Indicated
0.4
5.3
1.42
244
Inferred
0.4
6.9
1.09
243
BC Total
12.2
1.24
487
Total Bankan Project
100.5
1.66
5,376
1 ASX announcement “Bankan Mineral Resource Increases to 5.38Moz” dated 7 August 2023.
Due to the significance of the Mineral Resource increase and upgrade, combined with the advanced level of work being
completed, the Company announced in October 2023 that the Bankan Gold Project study had been upgraded from a
Scoping Study to a Pre-Feasibility Study (“PFS”), including maiden Ore Reserves.
The PFS was completed in April 2024, confirming the Bankan Gold Project as the largest current gold development
project in Africa.
Two cases were developed for the PFS:
•
Ore Reserve Case: based on Indicated Mineral Resources only, supporting the Ore Reserve estimate;
•
Extension Case: incorporates some Inferred Mineral Resources in year 6 onwards to extend the mine life of
the underground operation. The Extension Case is PDI’s preferred PFS case.
The maiden Ore Reserve estimate completed as part of the PFS totals 57.7Mt @ 1.64g/t for 3.05Moz of contained gold
across the NEB open pit, NEB underground and BC open pit areas.2 This represents 74% conversion of the 4.14Moz
Indicated Mineral Resource into Probable Ore Reserves.
Table 2: Bankan Project Ore Reserve Estimate2
Deposit
Mining Method
Classification
Cut-off
(g/t Au)
Tonnes
(Mt)
Grade
(g/t Au)
Contained
(Koz Au)
NEB
Open Pit
Probable
0.5
46.2
1.41
2,101
Underground
Probable
1.7
7.1
3.24
739
Total
53.3
1.66
2,840
BC
Open Pit
Probable
0.4
4.3
1.48
207
Total
4.3
1.48
207
Total Open Pit
50.6
1.42
2,308
Total Underground
7.1
3.24
739
Total Bankan Project
57.7
1.64
3,047
2 ASX announcement “PFS Delivers Attractive Financials & 3.05Moz Ore Reserve” dated 15 April 2024.
Annual Report 2024
35
Overview
Strategic Report
Financial Statements
Additional Information
Key project and financial metrics for both the Ore Reserve Case and the Extension Case are presented in Table 2 below,
outlining a large-scale and long-life operation with strong financial metrics. Overall, the Extension Case produces an
average of 269koz per annum over 12 years (for total production of 3.23Moz), from mill feed of 61.5Mt @ 1.77g/t
containing 3.49Moz of gold.3 This makes Bankan Gold Project the largest current gold development project in Africa.
The Extension Case delivers a post-tax NPV5% of US$668m (A$1.0bn), IRR of 25.4% and payback period of 3.5 years, at
a conservative PFS gold price assumption of US$1,800/oz.3 Financial metrics improve significantly at a gold price
assumption of US$2,300/oz, with a post-tax NPV5% of US$1.4bn (A$2.1bn), IRR of 41.7% and payback period of 2.0
years.3
Upfront capital costs were estimated at US$456m, including pre-production operating costs, indirect costs and US$43m
contingency. This equates to a capital intensity of less than US$1,700/oz of average annual production, the lowest of
current African gold development projects. AISC was estimated at ~US$1,130/oz based on robust and conservative
assumptions, delivering high profit margins.
Multiple opportunities were identified in the PFS, which have potential to significantly improve the technical and
financial outcomes. These opportunities will be pursued in the DFS, which is underway.
Table 3: Key PFS Operational and Financial Metrics3
Unit
Ore Reserve Case
Extension Case
Production Metrics
Mine Life
Years
11
12
Processing Rate
Mtpa
5.5
5.5
Total Ore
Mt
57.7
61.5
Average Grade
g/t
1.64
1.77
Total Contained Gold
koz
3,047
3,494
Average Processing Recovery
%
92.4%
92.4%
Total Gold Production
koz
2,818
3,232
Average Gold Production
koz pa
256
269
Proportion Inferred
%
Nil
12.8%
Financial Metrics
Gold Price
US$/oz
1,800
1,800
Capital Costs (incl. Pre-production Costs)
US$m
456
456
C1 Cash Costs
US$/oz
984
968
All-in Sustaining Costs (AISC)4
US$/oz
1,129
1,131
Mine Closure Costs
US$m
39
39
US$1,800/oz
Gold Price
(Base Case)
Pre-tax NPV5%
US$m
848
998
Pre-tax IRR
%
30.3%
31.3%
Pre-tax Payback Period
Years
3.0
3.0
Post-tax NPV5%
US$m
567
668
Post-tax IRR
%
24.3%
25.4%
Post-tax Payback Period
Years
3.5
3.5
US$2,300/oz
Gold Price
(Spot Case)
Pre-tax NPV5%
US$m
1,778
2,038
Pre-tax IRR
%
51.3%
51.9%
Pre-tax Payback Period
Years
1.5
1.5
Post-tax NPV5%
US$m
1,218
1,396
Post-tax IRR
%
41.0%
41.7%
Post-tax Payback Period
Years
2.0
2.0
3 ASX announcement “PFS Delivers Attractive Financials & 3.05Moz Ore Reserve” dated 15 April 2024.
4 AISC based on gold price of US$1,800/oz and increases by ~US$30/oz at a US$2,300/oz gold price due to higher royalties.
36
Predictive Discovery Limited
Directors’ Report
An Environmental & Social Impact Assessment (“ESIA”) was also completed in April 2024, following an extensive
program of environmental and social studies carried out by PDI, together with ERM and other specialist advisers,
throughout 2022 and 2023.
The ESIA was submitted to the Government of Guinea in June 2024, and review by the Ministry for the Environment
and Sustainable Development (“MEDD”), the Agency for Environmental Assessment (“AGEE”) and the Office of National
Parks and Wildlife Reserves (“OGPNRF”) has commenced as part of the environmental and social compliance
certification process essential to obtaining the Bankan Gold Project Exploitation Permit. PDI is aiming to secure the
Exploitation Permit in the second half of the 2024 calendar year.
Following the PFS, infill drilling programs were completed at the BC and Gbengbeden deposits, which reported positive
results in line with an opportunity identified in the PFS to increase Ore Reserves by upgrading Inferred Mineral Resources
at these deposits to the Indicated Category.
Extensive exploration was also carried out at the Bankan Project during the 2024 financial year, both at near-resource
targets in the NEB area and regionally at Argo. Positive drilling results were reported across both areas, and PDI has
announced that the 800W and SB targets (near-resource) and the Fouwagbe and Sounsoun targets (Argo) have
transitioned to resource definition drilling. PDI is aiming to define maiden Mineral Resource estimates at these targets
by the end of 2024.
The Bankan Gold Project has significant exploration potential, and PDI is continuing to conduct exploration at Argo and
on the Bokoro permit with the aim of maintaining a strong pipeline of targets advancing through the exploration phases.
DIVIDENDS PAID OR RECOMMENDED
No dividends were paid or declared since the start of the financial year. No recommendation for payment of dividends
has been made.
FINANCIAL POSITION
The net assets of the Group have increased by $41,102,714 from 30 June 2023 to 30 June 2024. This net movement is
largely due to the following factors:
•
$47.5m net capital raising;
•
Expenditure on exploring and evaluating the assets in Guinea.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
No significant changes in the Group’s state of affairs occurred during the financial year.
EVENTS AFTER THE END OF REPORTING PERIOD
The following events have occurred subsequent to the year ended 30 June 2024:
(i)
A General Meeting of shareholders was held on 29 July 2024 to (a) approve the issue of performance rights to
Andrew Pardey and Sandra Bates; and (b) ratify the placement of 263.2m shares at an issue price of $0.19 per
share (raising approximately $50m before costs) which was completed in May 2024. Resolutions regarding the
issue of options to Non-Executive Directors were withdrawn before the meeting. All resolutions put to the
meeting were carried following a poll;
(ii) Performance rights were issued to an executive in July 2024 and to Andrew Pardey and Sandra Bates in August
2024 following approval at the General Meeting in July 2024.
(iii) Positive drilling results were announced for the Bankan Gold Project on 16 July 2024 and 12 August 2024.
There has not been any other matter or circumstance arising after the balance date that has significantly affected or
could significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group
in future financial years.
Annual Report 2024
37
Overview
Strategic Report
Financial Statements
Additional Information
FUTURE DEVELOPMENTS
Likely developments in the operations of the Group and the expected results of those operations in future financial
years have not been included in this report, as the inclusion of such information is likely to result in unreasonable
prejudice to the Group.
ENVIRONMENTAL ISSUES
The Group’s operations are subject to significant environmental regulations under the Commonwealth and State
legislation in Australia and under local legislative authorities in Guinea. The Board believes that the Group has adequate
systems in place for the management of its environmental regulations and is not aware of a breach of those
environmental requirements as they apply to the Group.
Compliance Statement
The information in this report that relates to the mineral resource estimate is from the announcement titled “Bankan
Mineral Resource increases to 5.38Moz” dated 7 August 2023. The information in this report that relates to the ore
reserve estimate is from the announcement titled “PFS Delivers Attractive Financials & 3.05Moz Ore Reserve” dated 15
April 2024. PDI advises that it is not aware of any new information or data that materially affects the mineral resource
or ore reserve estimates contained in this report and all material assumptions and technical parameters underpinning
the mineral resource and ore reserve estimates continue to apply and have not materially changed.
The production targets and forecast financial information referred to in this report are from the announcement titled
“PFS Delivers Attractive Financials & 3.05Moz Ore Reserve” dated 15 April 2024. PDI advises 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.
The Company confirms that the form and context in which the Competent Persons’ findings are presented have not
been materially modified from the relevant original market announcements.
INFORMATION ON DIRECTORS
Mr Simon Jackson
Non-Executive Chairman
Qualifications
B Com FCA
Experience
Mr Jackson is a Chartered Accountant with over 25 years’ experience in the
management of resource companies, particularly in Africa. Mr Jackson was a
senior member of the management team of TSX listed Red Back Mining Inc., a
company that financed, developed and operated two gold mines in West Africa
culminating in a CAD$9.3 billion takeover by Kinross Gold Corp in 2010. He was
then founding President & CEO and later Chairman of TSXV listed Orca Gold Inc,
a company which discovered the Block 14 gold project in Sudan and was taken
over by Perseus Mining. Mr Jackson is currently Non-executive Chairman of
ASX/TSXV listed Sarama Resources Limited and ASX listed Leeuwin Metals
Limited, and Non-executive Director of ASX/LSE listed Resolute Mining Limited.
He has been a director of multiple ASX and TSX listed companies.
Interest in Shares and Options
(at the date of this report)
Shareholding: 925,000
Option holding: 7,000,000
Directorships held in other listed entities during
the three years prior to the current year
Leeuwin Metals Limited (Appointed June 2022)
Cygnus Gold Limited (Resigned May 2022)
CZR Resources Limited (Resigned Sept 2021)
Kopore Metals Limited (Resigned Nov 2021)
Resolute Mining Limited (Appointed Oct 2021)
Sarama Resources Limited (Appointed Mar 2011)
38
Predictive Discovery Limited
Directors’ Report
Mr Andrew Pardey
Managing Director
Qualifications
BSc
Experience
Mr Pardey is a geologist with more than 30 years’ experience covering exploration,
project development, construction and operation. From 2015 to 2019, Mr Pardey
served as the CEO of the $2 billion LSE/TSX-listed Centamin plc, which owns the
major (450,000oz pa) Sukari Gold Mine in Egypt. Prior to being CEO of Centamin,
Mr Pardey was a major driving force in bringing Sukari into production, having
joined during the transition of the operation from construction into production.
Earlier in his career, Mr Pardey also held senior management roles at the
Anglogold-Ashanti Siguiri Mine and Nordgold Lefa Mine, both of which are located
within Guinea’s Siguiri Basin, which also hosts PDI’s Bankan Project.
Interest in Shares, Options and Performance
Rights (at the date of this report)
Shareholding: 3,833,333 Option holding: 10,250,000
Performance Rights: 19,000,000
Directorships held in other listed entities during
the three years prior to the current year
Marvel Gold Limited (Resigned November 2022)
Wia Gold Limited (Appointed October 2020)
Ms Sandra Bates
Executive Director
Qualifications
BCom, LLB
Admitted as a Solicitor of England and Wales and South Australia
Experience
Sandra Bates is an international lawyer and expert adviser with over 20 years’
experience guiding management teams and boards through complex, cross-
border, corporate transactions. Throughout her professional career, Ms Bates
has been a trusted adviser to a range of listed and private companies in the
natural resources and energy sectors and has broad experience encompassing
Africa, Australia, Europe and the Americas. In addition to her legal and
commercial expertise, Ms Bates advises on Environmental, Social and
Governance (ESG) engagement, corporate governance and risk management. Ms
Bates is General Counsel for TSXV listed Elemental Altus Royalties Corp and Legal
Director and ESG adviser to ion Ventures. She is also Non-Executive Director of
ASX and LSE listed Adriatic Metals Plc where she is Chair of the audit committee.
Interest in Shares, Options and Performance
Rights (at the date of this report)
Shareholding: 166,667
Option holding: 5,000,000 Performance Rights:
14,250,000
Directorships held in other listed entities during
the three years prior to the current year
Adriatic Metals Plc (Appointed Nov 2019)
Pensana Plc (Resigned September 2021)
Mr Steven Michael
Non-Executive Director
Qualifications
B.Com, CA, MAICD
Experience
Mr Michael has over 25 years’ experience in the global resources sector
specialising in corporate finance and equity capital markets. He is currently
Managing Director at Red Hawk Mining Limited, an ASX listed iron ore
development company, and is a Non-Executive Director of Marvel Gold Limited,
an ASX listed African gold exploration company. He has previously worked in
the natural resources divisions of Macquarie Bank, Rothschild and Royal Bank
of Canada, and was a Managing Director at FTI Consulting. Mr Michael was
previously Executive Director of ASX listed Deep Yellow Limited, Managing
Director of ASX listed Vimy Resources Limited and Managing Director of ASX-
listed Arrow Minerals Limited. Mr Michael is a Member of the Institute of
Chartered Accountants in Australia and is a member of the Australian Institute
of Company Directors.
Interest in Shares and Options
(at the date of this report)
Shareholding: 3,032,797
Option holding: 2,500,000
Directorships held in other listed entities during
the three years prior to the current year
Marvel Gold Limited (Appointed 26 April 2024)
Red Hawk Mining Limited (Appointed March 2023)
Wia Gold Limited (Resigned 18 April 2024)
Vimy Resources Limited (Resigned August 2022)
Deep Yellow Limited (Resigned December 2022)
Annual Report 2024
39
Overview
Strategic Report
Financial Statements
Additional Information
Mr Alberto Lavandeira
Non -Executive Director (appointed 17 June 2024)
Qualifications
MEng, Mining Engineering
Experience
Mr Lavandeira is a mining engineer with over 45 years of experience operating
and developing mining projects. He is currently CEO and Executive Director of
LSE listed copper producer Atalaya Mining, which he joined in 2014 as COO and
has been instrumental in successfully developing, expanding and operating the
15Mtpa Rio tinto copper operation in Spain. Formerly, he was President, CEO
and COO of Rio Narcea Gold Mines which permitted, financed and built three
mines including Aguablanca (Nickel Copper) and El Vallés-Boinas (Gold) in Spain
and Tasiast (Gold) in Mauritania. He was also involved in the key stages of
development of the Mutanda Copper mine in the Democratic Republic of Congo.
Earlier in his career, Mr Lavandeira worked within group companies of Anglo
American, Rio Tinto and Cominco (now Teck). Mr Lavandeira is currently also
Non-Executive Director of ASX listed Black Dragon Gold Corp.
Interest in Shares and Options
(at the date of this report)
Shareholding: Nil
Option holding: Nil
Directorships held in other listed entities during
the three years prior to the current year
Atalaya Mining Plc (Appointed 2014)
Black Dragon Gold Corp (Appointed 10 July 2017)
MEETINGS OF DIRECTORS
During the financial year, 9 meetings / circular resolutions of directors and 3 remuneration committee meetings were
held. Attendances by each director at meetings during the year were as follows:
Directors’ Meetings
Remuneration
Committee Meetings
Audit & Risk
Committee Meetings
Circular Resolutions
Director
Number
eligible
to attend
Number
attended
Number
eligible
to attend
Number
attended
Number
eligible
to attend
Number
attended
Number
eligible
to attend
Number
attended
Mr Simon Jackson
3
3
2
2
1
1
6
6
Mr Steven Michael
3
3
2
2
1
1
6
6
Ms Sandra Bates
3
3
2
2
1
1
6
6
Mr Andrew Pardey
Mr Alberto Lavandeira
3
0
3
0
0
0
0
0
0
0
0
0
6
0
6
0
INDEMNIFYING OFFICERS OR AUDITORS
The Group has paid premiums to insure directors against liabilities for costs and expenses incurred by them in defending
legal proceedings arising from their conduct while acting in the capacity of director of the Group, other than conduct
involving a wilful breach of duty in relation to the Group. The terms and conditions of the insurance are confidential
and cannot be disclosed.
40
Predictive Discovery Limited
Directors’ Report
OPTIONS
At the date of this report, the unissued ordinary shares of PDI under option, including those options issued during the
year and since 30 June 2024 to the date of this report are as follows:
Grant Date
Date of Expiry
Exercise Price
Number under Option
8 November 2021
5 November 2024
$0.2910
2,500,000
25 May 2022
3 January 2025
$0.3400
3,000,000
18 July 2022
30 June 2026
$0.3000
29,500,000
7 July 2022
20 July 2025
NIL
2,750,000
7 November 2022
20 November 2025
NIL
1,312,500
7 July 2022
20 July 2026
NIL
4,000,000
7 November 2022
20 November 2026
NIL
2,625,000
7 July 2022
18 July 2027
NIL
13,250,000
TOTAL
58,937,500
During the year and since 30 June 2024 up to the date of this report, 8,000,000 ordinary shares of PDI were issued on
the exercise of options granted at $0.1120 per share, 3,500,000 ordinary shares of PDI were issued on exercise of options
granted at $0.0986 and 8,000,000 ordinary shares of PDI were issued on the exercise of options granted at $0.14 per
share. 2,562,500 options lapsed.
PERFORMANCE RIGHTS
At the date of this report, the unissued ordinary shares of PDI subject to performance rights, including those
performance rights issued during the year and since 30 June 2024 to the date of this report are as follows:
Grant Date
Date of Expiry
Number
20 June 2024
8 July 2024
20 June 2029
20 June 2029
24,250,000
14,250,000
27 July 2024
20 June 2029
33,250,000
TOTAL
71,750,000
During the year and since 30 June 2024 up to the date of this report, no ordinary shares of PDI were issued on exercise
of performance rights.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied for leave of Court to bring proceeding on behalf of the Group or intervene in any proceedings to
which the Group is a party for the purpose of taking responsibility on behalf of the Group for all or any part of those
proceedings.
The Group was not a party to any such proceeding during the year.
NON-AUDIT SERVICES
The Board of Directors is satisfied that the provision of non-audit services by the auditor during the year is compatible
with the general standard of independence for auditors imposed by the Corporations Act 2001.
Details of the amounts paid to the auditor of the Group for audit and non-audit services provided during the year are
set out at note 20.
AUDITOR’S INDEPENDENCE DECLARATION
The auditor’s independence declaration for the year ended 30 June 2024 has been received and can be found on
page 87 of the financial report.
Annual Report 2024
41
Overview
Strategic Report
Financial Statements
Additional Information
1. LETTER FROM THE CHAIR OF THE NOMINATION AND REMUNERATION COMMITTEE
Dear Shareholder,
On behalf of the Board, I am pleased to present the 2024 Remuneration Report.
FY24 Performance
Throughout the 2024 financial year, PDI continued to make significant progress on our Guinean Tier-1 Bankan Gold
Project (“Bankan” or the “Project”) towards the key milestone of securing a mining permit.
In April 2024, PDI released a Pre-Feasibility Study (“PFS”) outlining a maiden Ore Reserve estimate of 3.05Moz of gold
and a robust 12-year mine life producing an average of 269,000oz of gold per annum, confirming the Project as the
largest current African gold development project1. An Environmental & Social Impact Assessment (“ESIA”) was also
completed in April 2024, following more than two years of detailed environmental and social surveys, studies and
engagement. Completion of the PFS and ESIA were key milestones for PDI and crucial to the permitting process for
Bankan, which is now underway with the Government of Guinea.
Following completion of the PFS and ESIA, PDI has conducted additional resource definition drilling programs to support
the Definitive Feasibility Study (“DFS”). These programs aim to further define existing Mineral Resources and establish
additional deposits to extend the current 12-year mine life, and PDI has reported positive results.
Simultaneously, regional exploration drilling programs are ongoing, with the aim to make the next gold discovery at
Bankan. Regional exploration has to date been focused on the Argo area, 15-20km north of the NEB deposit, and positive
drill intercepts have been reported from numerous targets across the Argo area. Pleasingly, the high priority targets of
Fouwagbe and Sounsoun are transitioning into resource development with the aim of establishing maiden Mineral
Resources by the end of 2024.
FY24 Board and Management Changes
As announced on June 17, 2024, the Board appointed seasoned mining engineer Mr Alberto Lavandeira as an
Independent Non-Executive Director (“NED”) and Mr Henk Diederichs as Chief Operating Officer. Additionally, our
existing Independent NED, Ms Sandra Bates, transitioned to Executive Director – Legal and ESG. These appointments
are designed to support our evolution as a company by providing support in the critical areas of feasibility study delivery,
construction and operations, legal, ESG and permitting as the Company advances the Bankan Gold Project.
FY24 Remuneration Framework and Outcomes
As foreshadowed in last year’s remuneration report, the Board undertook a remuneration review to ensure PDI’s
remuneration framework and practices are more closely aligned to internal and external expectations. Details on the
review and its outcomes are discussed in more detail below. During this period, the Board determined to maintain
existing levels of Total Fixed Remuneration (“TFR”) and not provide any equity grants. Changes resulting from the review
were introduced towards the end of FY24 and will largely take effect in FY25.
With respect to incentives granted to Executive and Non-Executive Key Management Personnel (“KMP”) during FY23
(“FY23 Incentives”), which were issued following shareholder approval at the General Meeting held on 18 July 2022 for
Directors and on 3 November 2022 for other senior management, the following vested in July 2023:
•
50% of Tranche 1 of the zero exercise price options (“ZEPOs”) granted to Executive KMP;
•
100% of Tranche 1 of the Options granted to Executive KMP; and
•
100% of Tranche 1 of both the ZEPOs and Options granted to Non-Executive KMP.
For Tranche 2 of the FY23 Incentives, 100% of the Executive and Non-Executive KMP ZEPOs and Options vested in July
2024, having met their relevant performance and service conditions.
1 ASX announcement “PFS Delivers Attractive Financials & 3.05Moz Ore Reserve” dated 15 April 2024.
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Predictive Discovery Limited
Remuneration Report (Audited)
Please refer to Section 6 below for further discussion of these outcomes.
FY25 Remuneration Framework Changes
As part of our ongoing operational evolution, including our recent entry into the ASX 300 in March 2024 and changes to
our management team outlined above, the Board, in conjunction with the Nomination and Remuneration Committee
(“NRC”), has sought to ensure our remuneration framework similarly continues to evolve and is suitable for the
Company’s current positioning. As mentioned above, PDI undertook a remuneration review, with the aim to ensure that
our remuneration structures:
•
Are aligned to PDI’s current phase of growth;
•
Were able to attract high quality talent to the Board and Management Team, with the very specific and unique
mix of skills necessary to effectively advance the Project; and
•
Minimise key personnel risk in a highly competitive labour market.
PDI is currently at a crucial phase in its lifecycle, and it is critical to ensure the Company is equipped with the right skills
and expertise required to permit, develop, build and run gold-producing mines. Following the remuneration review, the
Board will continue with the implementation of our refreshed framework to support this objective.
Key changes arising from this review included adjustment of TFR for certain executives to better align with market
practice, and establishing a more structured remuneration framework, including establishing annual Short-Term
Incentive (“STI”) and Long-Term Incentive (“LTI”) awards, to address stakeholder concerns with the prior practice of
irregular option grants.
As part of this, the Board sought shareholder approval at the General Meeting held on 29 July 2024 for FY25 STI and LTI
awards for Mr Andrew Pardey and Ms Sandra Bates. The details of these grants are disclosed in the Notice of Meeting
and further below. Senior executives also received grants on terms aligned to those approved at the General Meeting.
The Board believes the grants enable PDI to attract, retain and motivate key executive talent to realise our goal of
sustainably developing Bankan into a large-scale and long-life mine capable of creating significant value for shareholders
and stakeholders.
The Board remains committed to further developing and disclosing our remuneration and governance frameworks in a
manner that is appropriate for our Company’s trajectory and aligned to stakeholder expectations. We look forward to
continuing our dialogue with shareholders and other stakeholders on this in future.
Finally, following a review of the current composition of the Board committees, Steven Michael was appointed Chair of
the NRC on 24 July 2024. I will remain on the NRC in a member capacity.
We thank you for your support and welcome your feedback.
Yours faithfully,
Simon Jackson
Chair of the NRC
Annual Report 2024
43
Overview
Strategic Report
Financial Statements
Additional Information
2. KEY MANAGEMENT PERSONNEL
Throughout this report, KMP refers to those responsible for planning, directing and controlling the activities of the
Company. Compared to FY23, Mr Alberto Lavandeira has been included as a Non-Executive KMP, reflecting his
appointment to the Board in June 2024. Mr Henk Diederichs, who joined as Chief Operating Officer effective 1 July 2024,
will be considered an Executive KMP for FY25.
Name
Position held as at 30 June 2024
Term as KMP
Non-Executive KMP
Mr Simon Jackson
Non-Executive Chair
Full year
Mr Steven Michael
Non-Executive Director
Full year
Ms Sandra Bates
Executive Director1
Full year
Mr Alberto Lavandeira
Non-Executive Director
Part year2
Executive KMP
Mr Andrew Pardey
Managing Director
Full year
Mr Pierre Louw
Chief Financial Officer
Full year
Ms Marlyatou Balde
Country Manager
Full year
Mr Chris Boreham
Project Feasibility Manager
Full year
1Ms Bates transitioned to the role of Executive Director 17 June 2024.
2 Mr Lavandeira was appointed on 17 June 2024.
3. REMUNERATION GOVERNANCE
Remuneration principles
The Board employs a range of principles to ensure that remuneration:
•
Is fair and equitable as well as competitive in the market to ensure the attraction and retention of key talent;
•
Is determined with reference to a number of factors, including tenure, calibre, skills and the overall
performance of the Company;
•
Creates a strong link between company performance and executive reward in the short and long term; and
•
Allows flexibility in the remuneration structure to adjust for evolving strategic goals as the Company progresses
through new developmental stages.
Nomination and remuneration committee
The Board formed the NRC in early FY23. In FY24, NRC was comprised of Simon Jackson (Chair), Steven Michael and
Sandra Bates. Following Mr Lavandeira’s appointment and Ms Bates’ transition to an Executive Director role towards
the end of FY24, the NRC membership was reconstituted as Steven Michael (Chair), Simon Jackson and Alberto
Lavandeira. All members of the reconstituted NRC are Independent NEDs.
The NRC’s responsibilities include the following:
•
Evaluating the remuneration policy for executives, including the terms and conditions of incentive plans,
performance conditions, and approving any incentive payouts to executives.
•
Evaluating the remuneration for non-executive directors,
•
Reviewing, managing, and disclosing the policy (if any) under which participants in an equity-based
remuneration scheme may be permitted to enter into transactions (whether through the use of depravities or
otherwise) which limit the economic risk of participating in the scheme; and
•
Determining the content of the Remuneration Report to be included in the Company’s Annual Report.
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Predictive Discovery Limited
Remuneration Report (Audited)
4. EXECUTIVE REMUNERATION
In designing our variable remuneration framework, PDI considers that the future success of the Company depends
largely on the skills and motivation of those engaged in and overseeing the management of the Company’s operations.
The ability for KMP to be a part of and experience this growth alongside PDI through the participation in incentive
schemes drives this future success, while attracting and retaining executives of the highest calibre.
In determining the nature and amount of executive remuneration, the NRC considers PDI’s financial and operational
performance together with prevailing market conditions and the remuneration practices of relevant industry peers.
In FY24, all executives received fixed remuneration, however, no grants of options under the LTI plan were made in
respect of FY24, and PDI did not have a formal STI plan. However, the Board determined to award a once-off cash bonus
to certain executives to acknowledge the dedication and effort demonstrated in advancing the Bankan project over
FY24, as outlined below.
A structured STI and LTI plan has been introduced for FY25, as further discussed below.
Total Fixed Remuneration
TFR is comprised of base salary, superannuation and fringe benefits. PDI’s policy prescribes that fixed remuneration
should be fair and reasonable and should consider the expectations of the role, the surrounding labour market, as well
as the individual’s calibre, tenure and experience.
As part of the review undertaken in FY24, the Board reviewed the fixed remuneration for all Executive KMP, to reflect
PDI’s increased size and to better align to peer companies with a similar operational profile to PDI; namely select
resource companies with high quality assets that are in the pre-production phase. Specifically:
•
Adriatic Metals Plc (ASX: ADT)
•
Bellevue Gold Limited (ASX: BGL)
•
Chalice Mining Limited (ASX: CHN)
•
Deep Yellow Limited (ASX: DYL)
•
De Grey Mining Limited (ASX: DEG)
•
Liontown Resources Limited (ASX: LTR)
•
Meteoric Resources NL (ASX: MEI)
In determining Executive KMPs’ TFR, the Board considered their unique skills, expertise and connections that are
required to permit, develop, build and run gold-producing mines within Guinea’s (and the Project’s) specific operating
and regulatory environment. For Mr Pardey, he is uniquely placed to lead PDI as Bankan moves forward, having
previously spent 10 years working at Guinea’s two major gold mines, Siguiri and Lefa, in senior site-based management
positions where he was instrumental in developing CIL/CIP gold processing plants and managing the ongoing operations,
as well as serving on boards of local operating companies for those mines. From these experiences, he has developed
expertise in operating in Guinea and formed extensive connections which are critical for PDI’s current Government
engagement and permitting process. As Managing Director, he has continued to lead the Company’s ongoing growth
and established a strong Management Team with extensive experience across the skillsets required to operate within
Guinea and Africa more broadly. While Mr Pardey’s increase represents a 60% increase to his previous TFR, he is
positioned below the median of the peer group, with a greater proportion of the reward mix allocated to LTI to ensure
greater shareholder alignment.
Annual Report 2024
45
Overview
Strategic Report
Financial Statements
Additional Information
The following outlines the TFR changes for Executive KMP:
Executive KMP
FY24 TFR
FY25 TFR
(effective 17 June 2024)
% increase
Andrew Pardey
£200,000 (A$384,6151)
£320,000 (A$615,3851)
60%
Pierre Louw
£174,996 (A$336,5311)
£235,000 (A$451,923)1
34%
Sandra Bates
n/a2
£235,000 (A$451,9231)
n/a2
Marlyatou Balde
GNF960,000,000 (A$168,8653)
GNF1,320,000,000 (A$232,1904)
38%
Chris Boreham
US$200,000 (A$301,6594)
US$200,000 (A$301,6594)
0%
1 Based on an exchange rate of 1 AUD = 0.52 GBP as at 14 June 2024.
2 Sandra Bates was a non-executive Director for the majority of FY24.
3 Based on an exchange rate of 1 AUD = 5,685 GNF as at 14 June 2024.
4 Based on an exchange rate of 1 AUD = 0.663 USD as at 14 June 2024.
Short-term Incentives
FY24 STI
As mentioned above, PDI has not historically operated a formal STI plan.
However, the Board determined to award a once-off cash bonus to certain executives to acknowledge the dedication
and effort demonstrated in advancing the Bankan project over FY24. In particular, the successful transition from a
Scoping Study to a PFS which included determination of the maiden Ore Reserve and the subsequent completion of the
PFS. Payments were determined for the following:
•
Mr Pardey: $235,000;
•
Mr Louw: $175,000; and
•
Ms Balde: $35,000.
FY25 STI
As referenced above, PDI will operate a formal annual STI Plan from FY25, with grants made in August 2024 for Mr
Pardey and Ms Bates following approval at the General Meeting in July 2024, and in June 2024 for other Executive KMP.
The annual STI award is designed to reward the Company’s executives for the achievement of annual objectives and
sustained business growth, align executives’ interests to those of shareholders, while being used as an effective means
of attracting, motivating and retaining a high-performing executive team. Importantly, unlike most ASX300 companies,
the STI award will be paid entirely in equity, providing alignment between participants and shareholders while also
reflecting PDI’s current stage of development.
The FY25 STI Performance Rights will be measured over a 12-month period, subject to the satisfaction of certain
performance and service-based milestones as set out below.
STI objective
Weighting
Performance-based criteria
Service-based criteria
Demonstrate Bankan
expansion potential
15%
Increase to Resource and Reserves.
Remaining
employed or otherwise
engaged by the
Company (or any of its
subsidiaries) for a
period of not less than
24 months from the
date of issue.
Permits
20%
Bankan exploitation permit issued by: 31/12/24
(Target 100% achieved); or 30/6/25 (Target
50% achieved).
Compliance and ESG
15%
Maintaining compliance with permits received.
DFS
20%
DFS for the Bankan Project completed and
announced by 30/6/25.
Safety
10%
The 12-month rolling Total Recordable Injury
Frequency Rate (TRIFR) is below 3.
Environment
10%
There are no significant reportable
environmental incidents.
Diversity
10%
Ensure that at least 20% of all staff are female.
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Predictive Discovery Limited
Remuneration Report (Audited)
The FY25 grants of STI Performance Rights to the Executive KMP is set out in the table below.
Executive KMP
Number of STI Performance Rights
Face Value1
Andrew Pardey
3,800,000
A$703,000
Pierre Louw
2,850,000
A$527,250
Sandra Bates
2,850,000
A$527,250
Marlyatou Balde
1,000,000
A$185,000
Chris Boreham2
Nil
Nil
1 Based on PDI’s share price on 14 June 2024 of $0.185.
2 Mr Boreham was not eligible for grants under the FY25 STI plan due to the appointment of Mr Henk Diederichs as Chief Operating Officer effective
from 1 July 2024.
Long-term Incentives
FY24 LTI
PDI has an approved LTI plan, under which participants have been provided bespoke grants of options tied to strategic
milestones and service tenure, which the Board considered to be appropriate based on PDI’s exploration and
development phase, business maturity and strategic objectives.
As foreshadowed in the 2023 Remuneration Report, no LTI grants have been made to executives in the last two years,
as the Board determined to pause further grants until the remuneration review was completed. Accordingly, there were
no grants made in respect of FY24. Following the remuneration review, a structured annual grant of LTI awards will be
implemented and grants for FY25 were made in June 2024 and August 2024.
FY25 LTI
The annual LTI award is designed to recognise and reward the Company’s executives for creating long-term value for
shareholders. Under the FY25 grant, performance will be assessed over three years, subject to the satisfaction of certain
performance-based metrics and milestones as set out below.
Performance measure
Weighting
Performance criteria
Relative Total Shareholder Return
15%
Measured against relative performance of a group of peer
companies (see below).
Regional discovery/resource growth
50%
Measured as compound annual resource growth.
Sustainability metrics
10%
Diversity: Measured against annual targets for gender
diversity.
10%
National staff development: Measured against annual
targets for national workforce at operating sites.
15%
Local content: Measured against annual targets for local
content at Bankan project.
The peer group for the purposes of the TSR vesting condition are the following companies: New Found Gold Corp.,
Rupert Resources Ltd, Skeena Resources Ltd, Perpetua Resources Corp., G2 Goldfields Inc., Montage Gold Corp.,
Osisko Development Corp., Probe Gold Inc., Mayfair Gold Corp., Robex Resources Inc., and West Red Lake Gold Mines
Ltd.
The FY25 grants of LTI Performance Rights to the Executive KMP is set out in the table below.
Executive KMP
Number of LTI Performance Rights
Face Value1
Andrew Pardey
15,200,000
A$2,812,000
Pierre Louw
11,400,000
A$2,109,000
Sandra Bates
11,400,000
A$2,109,000
Marlyatou Balde
4,000,000
A$740,000
Chris Boreham2
Nil
Nil
1 Based on PDI’s share price on 14 June 2024 of $0.185.
2 Mr Boreham was not eligible for grants under the FY25 LTI plan due to the appointment of Mr Henk Diederichs as Chief Operating Officer effective
from 1 July 2024.
Full details of both STI and LTI grants can be found in the Notice of General Meeting.
Annual Report 2024
47
Overview
Strategic Report
Financial Statements
Additional Information
FY25 Maximum STI and LTI Opportunity
It is important to note, that in determining the quantum of the FY25 STI and LTI awards, the Board determined to include
a once-off component representing 50% of the proposed grant quantum. Accordingly, future STI and LTI grants will not
be at the same levels as the grants approved at the General Meeting held on 29 July 2024. For Mr Pardey, Mr Louw and
Ms Balde, this once-off component reflects that LTI grants had not been made in two years and represents a ‘catch-up’
from this period. For Ms Bates, however, the once-off component reflects a sign-on component, as part of her
appointment as an ED. The Board considers that including these once-off components supports the aims of PDI’s
refreshed remuneration framework to achieve the attraction and retention of high-quality and specifically experienced
key talent while ensuring strong shareholder alignment and deriving sustainable value.
The maximum opportunities under the STI and LTI plan are outlined below (which have been adjusted to exclude the
50% once-off component):
Executive KMP
Maximum STI opportunity as a % of TFR
Maximum LTI opportunity as a % of TFR
Andrew Pardey
57%
228%
Pierre Louw
58%
233%
Sandra Bates
58%
233%
Marlyatou Balde
40%
159%
Chris Boreham1
n/a
n/a
1 Mr Boreham was not eligible for grants under the FY25 STI and LTI plans due to the appointment of Mr Henk Diederichs as Chief Operating Officer
effective from 1 July 2024.
5. NON-EXECUTIVE DIRECTOR REMUNERATION
Non-executive directors are remunerated by way of fixed fees and ZEPOs and Options in accordance with the LTI plan
and as approved by shareholders. NEDs are not provided with retirement benefits other than statutory superannuation.
The Board, within the limit pre-approved by shareholders, determines fees payable to individual NEDs. The
remuneration level of NEDs is determined by the Board after considering levels that apply to similar positions in
comparable companies in Australia, taking account of the individual’s possible participation in any equity-based
remuneration scheme. The Board may use industry-wide data gathered by independent remuneration experts annually
as a point of reference.
The fees payable to individual NEDs must be determined by the Board within the aggregate sum of $500,000 per annum
provided for under Clause 21.1 of the Constitution. That aggregate sum can only be increased with the prior approval
of shareholders at a general meeting. A NED is entitled to a refund of approved expenditure and may also receive
payments for consultancy work contracted for and performed separately on the Company’s behalf. The annual fee for
the Chair of the Board is currently set at $85,000 and the annual fee for board members is $60,000, both inclusive of
superannuation. The Board is currently reviewing the NEDs’ fee levels during FY25.
NEDs can also participate in the Company’s Employee Option Plan and may be granted options from time to time to
enhance alignment with shareholder interests and support their ongoing commitment to the Company. Options or
shares issued to any director pursuant to any equity-based remuneration scheme require approval by shareholders prior
to their issue.
At the General Meeting held 18 July 2022, shareholders approved grants of ZEPOs and Options to each NED. These are
only subject to time-based vesting conditions (no performance-based vesting conditions), over a 12, 24 and 36 month
time period from the date of issue. 100% of Class 1 of these ZEPO and Options vested in FY24, with all participants
having met the 12-month service condition.
48
Predictive Discovery Limited
Remuneration Report (Audited)
Additionally, through her consulting company Aldeia International Ltd., Ms Bates was contracted under a separate
agreement to support the finalisation of the ESIA. Key details of the agreement are included below.
Item
Summary
Duration
15 November 2023 – 15 May 2024
Total Amount
A$44,9331
Nature of Services
Provided
Advice and support in relation to completing PDI’s ESIA and development of the
Company’s environmental, social and corporate governance policies.
1Based on a day rate of £900 per day for 26 days, using an average June exchange rate of 1 AUD = 0.527 GBP.
6. LINK BETWEEN COMPANY PERFORMANCE AND REWARD
Company performance
The following table outlines PDI’s financial and operational performance in FY24 and the previous four financial years,
intended to assist in demonstrating the link between performance and reward. Due to the Company’s current
exploration and development phase, it is not currently appropriate to evaluate the Company’s financial performance
using EBITDA and other profitability metrics and, therefore, a summary of the operating losses, cash flows, share price,
market capitalisation and Mineral Resource for the Bankan Gold Project has been provided.
PDI has achieved significant growth in its share price and market capitalisation over the 5-year period, marked by its
entry to the ASX 300 in March 2024. The Company has continued to build upon its prior exploratory successes at Bankan
and progress towards achieving permitting, having completed key project milestones such as the PFS and ESIA, and
received positive drilling results to support the DFS.
Subsequent to the end of FY24, PDI announced further positive drilling results from its resource definition drilling
programs.
PDI’s operating losses and negative cash flows reflect the Company’s exploration and development phase, and the
increasing level of drilling and study activity over the 5-year period.
FY20
FY21
FY22
FY23
FY24
Operating loss after
income tax ($)
2,352,700
6,622,404
9,687,702
11,231,323
8,674,871
Cash flows from
operating activities ($)
(3,956,625)
(14,287,908)
(23,042,362)
(4,292,486)
(5,168,361)
Share price ($)1
0.088
0.077
0.200
0.165
0.175
Market capitalisation
($M)1
73
98
316
341
411
Bankan Project Mineral
Resource1
-
-
3.65Moz
(Nil Indicated)
4.18Moz
(1.75Moz
Indicated)
5.38Moz
(4.14Moz Indicated)
Bankan Project Ore
Reserve1
-
-
-
-
3.05Moz
(1)
As at 30 June on the relevant financial year
Annual Report 2024
49
Overview
Strategic Report
Financial Statements
Additional Information
Performance-Based Incentive Outcomes
As outlined above, 50% of Tranche 1 of the FY23 ZEPOs granted to Executive KMP vested in July 2023, following
completion of the 12-month service condition. 100% of Tranche 2 of the FY23 Executive KMP ZEPOs vested in early July
2024, following the completion of the associated 24-month service period.
Tranche
Performance Condition
Weight
Vesting Outcome
Service
Condition
1
Announcement of an
updated Mineral Resource
estimate of at least 6 million
ounces of gold at a minimum
cut-off grade of 0.5g/t at the
Bankan Gold Project.
50%
0%.
Condition not met.
Continuous
service for
12 months
from grant
date.
Board approval of a health,
safety and environmental
management plan prepared
in consultation with suitably
qualified and independent
third party consultants.
50%
100%. Health, safety and environmental
management plan was prepared in
consultation with suitably qualified
independent third party consultants and
presented to the Board in November
2022.
2
Announcement of an Ore
Reserve for the Bankan Gold
Project of at least 3 million
ounces of gold at a minimum
cut-off grade of 0.5g/t at the
Bankan Gold Project.
37.5%
100%. On 15 April 2024, PDI announced
the results of the PFS which included an
Ore reserve of 3.05 million ounces.
Continuous
service for
24 months
from grant
date.
Announcement of a positive
PFS for the Bankan Gold
Project.
37.5%
100%. PDI announced the results of the
PFS which included an post-tax Internal
Rate of Return of 25% and post-tax Net
Present Value of US$668 million at a
conservative gold price of US$1,800/oz.
Achievement of the specified
health, safety and
environmental milestones for
the period between 1 January
2023 and 31 December 2023.
25%
100%. Health, safety and environmental
management targets were met with:
•
TRIFR <2.94;
•
Zero reportable environmental
incidents (including spills, loss of
containment, etc.); and
•
Zero community or landowner
incidents resulting in the
permanent loss of land access
on a material private property or
the immediate halting of all
operations on any site.
Tranche 1 of the FY23 Options granted to Executive KMP, which were subject to a 12-month service condition only,
vested in July 2023. Tranche 2 of the FY23 Options vested in July 2024 following completion of the 24-month service
conditions.
The FY23 ZEPOs and Options which were granted to Non-Executive KMP, were subject to service conditions only.
Tranche 1 vested in July 2023 and Tranche 2 vested in July 2024.
50
Predictive Discovery Limited
Remuneration Report (Audited)
7. STATUTORY REMUNERATION TABLES
The following table of benefits and payment details, in respect to the financial year, the components of remuneration
for each member of the key management personnel of the Group :
Table of Benefits and Payments for the Period Ended 30 June 2024
Key Management
Personnel
Salary,
fees and leave
Other
Pension and
super-
annuation
Shares/
Units
Options/
Rights
Total
$
$
$
$
$
$
Mr Andrew Pardey
441,460 235,0001
11,648
-
458,201
1,146,309
Mr Steven Michael
60,000
-
-
-
145,625
205,625
Mr Simon Jackson
85,000
-
347,791
432,791
Ms Sandra Bates
73,764
44,9332
-
-
257,940
376,637
Mr Alberto Lavandeira
5,500
-
-
-
-
5,500
Mr Pierre Louw
364,843 175,0001
10,682
-
322,837
873,362
Mr Chris Boreham
305,390
-
-
-
82,789
388,179
Ms Marlyatou Balde
236,368
35,0001
-
-
67,795
339,163
Total Key Management
Personnel
1,572,325 489,933
22,330
-
1,682,978
3,767,566
1.
Relates to employee bonus
2.
Relates to Corporate advisory services provided by S. Bates during the year.
Table of Benefits and Payments for the Period Ended 30 June 2023
Key Management
Personnel
Salary,
fees and leave
Other
Pension and
super-
annuation
Shares/
Units
Options/
Rights
Total
$
$
$
$
$
$
Mr Andrew Pardey
356,781
-
-
-
806,931
1,163,712
Mr Steven Michael
65,000
-
-
-
170,450
235,450
Mr Simon Jackson
85,000
-
374,375
459,375
Ms Sandra Bates
60,000
-
-
-
283,741
343,741
Mr Pierre Louw
312,242
-
-
-
647,166
959,408
Mr Chris Boreham
295,928
-
-
-
309,178
605,106
Ms Marlyatou Balde
194,565
-
-
-
309,178
503,743
Total Key Management
Personnel
1,369,516
-
-
-
2,901,019
4,270,535
Annual Report 2024
51
Overview
Strategic Report
Financial Statements
Additional Information
KEY MANAGEMENT PERSONNEL OPTIONS AND RIGHTS HOLDINGS
The number of options over ordinary shares held by each key management person of the Group during the financial
year is as follows:
The number of performance rights over ordinary shares held by each key management person of the Group during the
financial year is as follows:
30 June 2024
Balance at
beginning
of period
Granted as
remunerat-
ion during
the period
Expired
during the
period
Other
changes
during the
period
Balance at
end of
period
Vested
during the
period
Vested and
exercisable
Vested and
unexercis-
able
Mr Andrew Pardey
15,000,000
-
(1,250,000)
(3,500,000)
10,250,000
5,250,000
5,250,000
-
Mr Steven Michael
2,500,000
-
-
-
2,500,000
1,500,000
1,500,000
-
Mr Simon Jackson
7,000,000
-
-
-
7,000,000
6,000,000
6,000,00
-
Ms Sandra Bates
5,000,000
-
-
-
5,000,000
4,000,000
4,000,000
-
Mr Alberto Lavandeira
-
-
-
-
-
-
-
-
Mr Pierre Louw
11,500,000
-
(937,500)
-
10,562,500
6,812,500
6,812,500
-
Mr Chris Boreham
4,500,000
-
(187,500)
-
4,312,500
3,562,500
3,562,500
-
Ms Marlyatou Balde
4,500,000
-
(187,500)
-
4,312,500
3,562,500
3,562,500
-
50,000,000
-
(2,562,500)
(3,500,000)
43,937,500
30,687,500
30,687,500
-
30 June 2023
Balance at
beginning of
period
Granted as
remunerat-
ion during
the period
Expired
during the
period
Other
changes
during the
period
Balance at
end of
period
Vested
during the
period
Vested and
exercisable
Vested and
unexercis-
able
Mr Andrew Pardey
3,500,000
11,500,000
-
-
15,000,000
-
3,500,000
-
Mr Steven Michael
2,500,000
2,500,000
-
(2,500,000)
2,500,000
-
-
Mr Simon Jackson
-
7,000,000
-
-
7,000,000
-
-
-
Ms Sandra Bates
-
5,000,000
-
-
5,000,000
-
-
-
Mr Pierre Louw
-
11,500,000
-
-
11,500,000
-
-
-
Mr Chris Boreham
-
4,500,000
-
4,500,000
Ms Marlyatou Balde
-
4,500,000
-
4,500,000
6,000,000
46,500,000
-
(2,500,000)
50,000,000
-
3,500,000
-
30 June 2024
Balance at
beginning
of period
Granted as
remunerat-
ion during
the period
Expired
during the
period
Other
changes
during the
period
Balance at
end of
period
Vested
during the
period
Vested and
exercisable
Vested and
unexercis-
able
Mr Andrew Pardey
-
-
-
-
-
-
-
-
Mr Steven Michael
-
-
-
-
-
-
-
-
Mr Simon Jackson
-
-
-
-
-
-
-
-
Ms Sandra Bates
-
-
-
-
-
-
-
-
Mr Alberto Lavandeira
-
-
-
-
-
-
-
-
Mr Pierre Louw
-
14,250,000
-
-
14,250,000
-
-
-
Mr Chris Boreham
-
-
-
-
-
-
-
-
Ms Marlyatou Balde
-
5,000,000
-
-
5,000,000
-
-
-
- 19,250,000
-
-
19,250,000
-
-
-
52
Predictive Discovery Limited
Remuneration Report (Audited)
KEY MANAGEMENT PERSONNEL SHAREHOLDINGS
The number of ordinary shares in PDI Discovery Limited held by each key management person of the Group during the
financial year is as follows:
Balance at
beginning of
period
Granted as
remuneration
during the
period
Issued on
exercise of
options
during the
period
Purchased during the
period
Other changes
during the
period
Balance at end of
period
30 June 2024
Mr Andrew Pardey
-
-
3,500,000
333,333
-
3,833,333
Mr Steven Michael
2,866,080
-
-
166,667
-
3,032,747
Mr Simon Jackson
426,667
-
-
498,333
-
925,000
Ms Sandra Bates
-
-
-
166,667
-
166,667
Mr Alberto Lavandeira
-
-
-
-
-
-
Mr Pierre Louw
-
-
-
200,000
-
200,000
Mr Chris Boreham
-
-
-
-
-
-
Ms Marlyatou Balde
-
-
-
-
-
-
3,292,747
-
3,500,000
1,365,000
-
8,157,747
Balance at
beginning of
period
Granted as
remuneration
during the
period
Issued on
exercise of
options
during the
period
Purchased during the
period
Other changes
during the
period
Balance at end of
period
30 June 2023
Mr Andrew Pardey
-
-
-
-
-
-
Mr Steven Michael
366,080
-
2,500,000
-
-
2,866,080
Mr Simon Jackson
260,000
-
-
166,667
-
426,667
Ms Sandra Bates
-
-
-
-
-
-
Mr Pierre Louw
-
-
-
-
-
-
Mr Chris Boreham
-
-
-
-
-
-
Ms Marlyatou Balde
-
-
-
-
-
-
626,080
-
2,500,000
166,667
3,292,747
Annual Report 2024
53
Overview
Strategic Report
Financial Statements
Additional Information
8. SERVICE AGREEMENTS
All non-executive directors are remunerated on a monthly basis with no fixed term or termination benefits.
Each Executive KMP has entered an employment contract with the Group. Details of the relevant contracts are set out
below:
Executive KMP
Duration of
service
agreement
Notice
period
Termination entitlements
(without cause)
Termination entitlements
(with cause)
Andrew Pardey (MD)
Ongoing
6 months
6 months
balance due at
termination date
Sandra Bates (Executive
Director)
Ongoing
6 months
6 months
balance due at
termination date
Pierre Louw (CFO)
Ongoing
6 months
6 months
balance due at
termination date
Mr Chris Boreham (Project
Feasibility Engineer)
2-year renewable
contract
3 months
3 months
balance due at
termination date
Ms Marlyatou Balde
(Country Manager)
Ongoing
3 months
3 months
balance due at
termination date
Incentives issued to the Executive KMP are subject to time-based service and performance-based vesting conditions.
Subject to Board discretion, if the vesting conditions are not met prior to termination of employment, the incentives
will lapse.
9. OTHER TRANSACTIONS WITH KMP
It is the policy of the Company that persons to whom options have been issued should not enter into any transaction in
any associated product which is designed to limit the economic risk of participating in unvested entitlements under an
equity-based remuneration scheme.
END OF THE REMUNERATION REPORT
Simon Jackson
Chair of the NRC
3 September 2024
54
Predictive Discovery Limited
Remuneration Report (Audited)
The accompanying notes form part of these financial statements.
Note
Consolidated
2024
$
2023
$
Continued Operations
Finance income
1,565,567
632,838
Other income
170,767
-
Share based payments
14
(2,066,283)
(3,880,848)
Administrative expenses
2
(1,696,546)
(1,785,873)
Depreciation of fixed assets
8
(445,270)
(379,971)
Depreciation – rights of use assets
(144,194)
(144,085)
Loss on disposal of fixed assets
(264)
(6,528)
Foreign exchange gain/(loss)
115,714
(506,264)
Employee benefits expense
(487,887)
(352,262)
VAT Expense
17
(1,450,793)
(2,521,633)
Indirect foreign taxes
4
(467,609)
950,527
Exploration expenditure written off
9
(254,496)
-
Exploration expenditure pre-right to tenure
(3,512,817)
(2,951,818)
Revaluation of investment – Listed company shares
6,180
-
Loss before income tax
(8,667,931)
(10,945,917)
Income tax expense
5
-
-
Loss from continuing operations
(8,667,931)
(10,945,917)
Discontinued operations
Loss from discontinued operations
3
(6,940)
(285,406)
Loss for the year
(8,674,871)
(11,231,323)
Other comprehensive income
Items that may be reclassified to profit or loss
Exchange difference on translation of foreign operations
(1,317,964)
1,001,760
Total comprehensive loss for the year
(9,992,835)
(10,229,563)
Loss attributable to:
Members of the parent entity
(9,992,835)
(10,229,563)
(9,992,835)
(10,229,563)
Basic loss per share (cents per share)
13
(0.4)
(0.6)
Diluted loss per share (cents per share)
13
(0.4)
(0.6)
Annual Report 2024
55
Overview
Strategic Report
Financial Statements
Additional Information
Consolidated Statement of Profit or Loss
and other Comprehensive Income
For the year ended 30 June 2024
Note
Consolidated
2024
$
2023
$
Current Assets
Cash and cash equivalents
6(a)
29,434,172
44,894,558
Other financial assets – term deposits
6(b)
23,000,000
-
Trade and other receivables
7
1,142,515
500,985
Total current assets
53,576,687
45,395,543
Non-Current Assets
Property, plant and equipment
8
579,766
878,692
Exploration expenditure
9
122,141,747
87,201,892
Right of use assets
168,230
312,188
Investment in listed company
123,596
-
Total non-current assets
123,013,339
88,392,772
Total assets
176,590,026
133,788,315
Current Liabilities
Trade and other payables
10(a)
4,984,759
4,631,848
Advance from FX provider
10(b)
1,500,000
-
Right of use liabilities
159,327
313,241
Total current liabilities
6,644,086
4,945,089
Total liabilities
6,644,086
4,945,089
Net Assets
169,945,940
128,843,226
Equity
Issued capital
11
225,509,442
175,912,716
Reserves
11,14
10,386,157
10,205,298
Accumulated losses
(65,949,659)
(57,274,788)
Total Equity
169,945,940
128,843,226
The accompanying notes form part of these financial statements.
56
Predictive Discovery Limited
Consolidated Statement of Financial Position
As at 30 June 2024
Issued Capital
Accumulated Losses
Foreign Currency
Translation Reserve
Share Based
Payments
Reserve
Total
CONSOLIDATED
$
$
$
$
$
BAt 1 July 2022
113,950,491
(46,282,167)
4,027,994
2,383,401
74,079,719
Loss for the year
-
(11,231,323)
-
-
(11,231,323)
Other comprehensive income
-
-
1,001,760
-
1,001,760
Total comprehensive loss for the year
-
(11,231,323)
1,001,760
-
(10,229,563)
Transactions with owners in their capacity as owners:
Transfer of expired/lapsed options
-
238,702
-
(238,702)
-
Transfer options exercised from reserve to share capital
850,003
(850,003)
-
Issue of share capital
64,231,405
-
-
-
64,231,405
Share-based payments
-
-
-
3,880,848
3,880,848
Transaction costs
(3,119,183)
-
-
-
(3,119,183)
At 30 June 2023
175,912,716
(57,274,788)
5,029,754
5,175,544
128,843,226
At 1 July 2023
175,912,716
(57,274,788)
5,029,754
5,175,544
128,843,226
Loss for the year
-
(8,674,871)
-
-
(8,674,871)
Other comprehensive income
-
-
(1,317,964)
-
(1,317,964)
Total comprehensive loss for the year
-
(8,674,871)
(1,317,964)
-
(9,992,835)
Transactions with owners in their capacity as owners:
Transfer of expired/lapsed options
-
-
-
-
-
Transfer options exercised from reserve to share capital
567,460
-
-
(567,460)
-
Issue of share capital
51,951,100
-
-
-
51,951,100
Share-based payments
-
-
-
2,066,283
2,066,283
Transaction costs
(2,921,834)
-
-
-
(2,921,834)
At 30 June 2024
225,509,442
(65,949,659)
3,711,790
6,674,367
169,945,940
The accompanying notes form part of these financial statements.
Annual Report 2024
57
Overview
Strategic Report
Financial Statements
Additional Information
Consolidated Statement of Changes in Equity
For the year ended 30 June 2024
Note
Consolidated
2024
2023
$
$
Cash flows from operating activities
Interest received
1,223,463
632,838
Other income
53,351
-
Payments to suppliers and employees
(6,858,175)
(4,925,324)
GST received
413,000
-
Net cash provided by (used in) operating activities
6(c)
(5,168,361)
(4,292,486)
Cash flows from investing activities
Payment for other financial assets
(23,000,000)
-
Purchase of property, plant and equipment
(146,346)
(493,844)
Disposal of property, plant and equipment
-
40,178
Payments for exploration expenditure
(36,104,723)
(52,643,570)
Net cash provided by (used in) investing activities
(59,251,069)
(53,097,236)
Cash flows from financing activities
Proceeds from issue of shares
50,150,000
60,727,646
Proceeds on exercise of options
1,801,100
3,005,858
Payment for share issue costs
(2,921,834)
(3,065,119)
Payments for leases
(153,914)
-
Net cash inflow from financing activities
48,875,351
60,668,385
Net increase (decrease) in cash held
(15,544,079)
3,278,663
Foreign exchange differences
83,693
(419,646)
Cash and cash equivalents at beginning of financial period
44,894,558
42,035,541
Cash and cash equivalents at end of the financial period
6(a)
29,434,172
44,894,558
The accompanying notes form part of these financial statements
58
Predictive Discovery Limited
Consolidated Statement of Cash Flows
For the year ended 30 June 2024
This financial report includes the consolidated financial statements and notes of Predictive Discovery Limited and controlled
entities (the “Group”).
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES
Predictive Discovery Limited is a for-profit company limited by shares, incorporated and domiciled in Australia.
Basis of preparation
The financial report is a general-purpose financial statement that has been prepared in accordance with Australian
Accounting Standards, Australian Accounting Interpretations, other authoritative pronouncements of the Australian
Accounting Standards Board and the Corporations Act 2001.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report
containing relevant and reliable information about transactions, events and conditions. Compliance with Australian
Accounting Standards ensures that the financial statements and notes also comply with International Financial Reporting
Standards. Material accounting policies adopted in the preparation of this financial report are presented below and have
been consistently applied unless otherwise stated.
The financial report has been prepared on an accruals basis and is based on historical costs, modified, where applicable, by
the measurement at fair value of selected financial assets and financial liabilities.
The financial statements were authorised for issue, in accordance with a resolution of the directors, on 3 September 2024.
The directors have the power to amend and re-issue the financial statements.
These financial statements are presented in Australian dollars, rounded to the nearest dollar.
(a)
Principles of consolidation
The consolidated financial statements incorporate the assets, liabilities and results of entities controlled by PDI Discovery
Limited at the end of the reporting period. A controlled entity is any entity over which PDI Discovery Limited has the power
to govern the financial and operating policies so as to obtain benefits from the entity's activities. Control will generally exist
when the parent owns, directly or indirectly through subsidiaries, more than half of the voting power of an entity. In
assessing the power to govern, the existence and effect of holdings of actual and potential voting rights are also considered.
Where controlled entities have entered or left the Group during the year, the financial performance of those entities are
included only for the period of the year that they were controlled. A list of controlled entities is contained in note 23 to the
financial statements.
As at reporting date, the assets and liabilities of all controlled entities have been incorporated into the consolidated financial
statements as well as their results for the year then ended. Where controlled entities have entered (left) the Group during
the year, their operating results have been included (excluded) from the date control was obtained (ceased).
In preparing the consolidated financial statements, all inter-Group balances and transactions between entities in the Group
have been eliminated on consolidation. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with those adopted by the parent entity.
Non-controlling interests, being the equity in a subsidiary not attributable, directly or indirectly, to a parent, are shown
separately within the Equity section of the consolidated statement of financial position and consolidated statement of
comprehensive income. The non-controlling interests in the net assets comprise their interests at the date of the original
business combination and their share of changes in equity since that date.
Subsidiaries are accounted for in the parent entity at cost.
Annual Report 2024
59
Overview
Strategic Report
Financial Statements
Additional Information
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(b)
Revenue recognition
The Group recognises revenue as follows:
Interest
Interest revenue is recognised using the effective interest rate method. This is a method of calculating the amortised cost
of a financial asset and allocating the interest income over the relevant period using the effective interest rate, which is the
rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the net carrying
amount of the financial asset.
Other revenue
Other revenue is recognised when it is received or when the right to receive payment is established.
All revenue is stated net of the amount of goods and services tax (GST).
(c)
Income Tax
The income tax expense (income) for the year comprises current income tax expense (income) and deferred tax expense
(income).
Current income tax expense charged to the profit or loss is the tax payable on taxable income calculated using applicable
income tax rates enacted, or substantially enacted, as at the end of the reporting period. Current tax liabilities (assets) are
therefore measured at the amounts expected to be paid to (recovered from) the relevant taxation authority.
Current assets and liabilities are offset where a legally enforceable right of set-off exists and it is intended that net settlement
or simultaneous realisation and settlement of the respective asset and liability will occur. Deferred tax assets and liabilities
are offset where a legally enforceable right of set-off exists, the deferred tax assets and liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities where it is intended that
net settlement or simultaneous realisation and settlement of the respective asset and liability will occur in future periods in
which significant amounts of deferred tax assets or liabilities are expected to be recovered or settled.
Predictive Discovery Limited is still at an exploration stage and has no income. It is not liable to pay any income tax.
(d)
Employee Benefits
Provision is made for the company's liability for employee benefits arising from services rendered by employees to the end
of the reporting period. Employee benefits that are expected to be settled within one year have been measured at the
amounts expected to be paid when the liability is settled. Employee benefits payable later than one year have been
measured at present value of the estimated future cash outflows to be made for those benefits. In determining the liability,
consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements.
Those cashflows are discounted using market yields on corporate bonds with terms to maturity that match the expected
timing of cashflows.
Liabilities recognised in respect of employee benefits which are not expected to be settled within 12 months are measured
at the present value of the estimated future cash outflows to be made by The Group in respect of services provided by
employees up to reporting date.
60
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(e)
Foreign Currency Transactions and Balances
The functional currency of each of the Group's entities is measured using the currency of the primary economic environment
in which that entity operates. The consolidated financial statements are presented in Australian dollars which is the parent
entity's functional and presentation currency. All other companies within the Group have Australian dollars as their
functional currency.
Foreign currency transactions are translated into functional currency using the exchange rates prevailing at the date of the
transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured
at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured
at fair value are reported at the exchange rate at the date when fair values were determined.
Exchange differences arising on the translation of monetary items are recognised in the consolidated statement of
comprehensive income, except where deferred in equity as a qualifying cash flow or net investment hedge.
Exchange differences arising on the translation of non-monetary items are recognised directly in equity to the extent that
the gain or loss is directly recognised in equity, otherwise the exchange difference is recognised in the consolidated
statement of comprehensive income.
The financial results and position of foreign operations whose functional currency is different from the Group's presentation
currency are translated as follows:
•
assets and liabilities are translated at year-end exchange rates prevailing at that reporting date;
•
income and expenses are translated at average exchange rates for the period; and
•
retained earnings are translated at the exchange rates prevailing at the date of the transaction.
Exchange differences arising on translation of foreign operations are transferred directly to the Group's foreign currency
translation reserve in the consolidated statement of financial position. These differences are recognised in the consolidated
statement of comprehensive income in the period in which the operation is disposed.
(f)
Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with banks, other short term highly liquid investments
with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within short term
borrowings in current liabilities in the statement of financial position.
(g)
Investments and other financial assets
Financial assets are derecognised when the rights to receive cash flows have expired or have been transferred and the
Group has transferred substantially all the risks and rewards of ownership. When there is no reasonable expectation of
recovering part or all of a financial asset, its carrying value is written off.
Financial assets at fair value through profit or loss
Financial assets not measured at amortised cost or at fair value through other comprehensive income are classified as
financial assets at fair value through profit or loss. Typically, such financial assets are held for trading.
Annual Report 2024
61
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(h)
Property, Plant and Equipment
Each class of property, plant and equipment is carried at cost, less, where applicable, any accumulated depreciation and
impairment losses.
Plant and Equipment
Plant and equipment are measured on the cost basis.
Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line basis over the asset's useful life to the Group
commencing from the time the asset is held ready for use.
Leasehold improvements are depreciated over the shorter of either the unexpired period of the lease or the estimated
useful lives of the improvements.
The estimated useful lives used for each class of depreciable assets are:
Class of Fixed Asset
Useful Life
Plant and Equipment
2 - 10 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater
than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains and losses are
included in the consolidated statement of comprehensive income.
Property, plant and equipment is derecognised and removed from the consolidated statement of financial position on
disposal or when no future economic benefits are expected. Gains and losses from derecognition are measured as the
difference between the net disposal proceeds, if any, and the carrying amount and are recognised in profit or loss.
Subsequent costs are included in the property, plant and equipment's carrying value or recognised as a separate asset when
it is probable that future economic benefits associated with the item will be realised and the cost of the item can be
measured reliably. All other repairs and maintenance are recognised in profit or loss.
Where required by accounting standards comparative figures have been adjusted to conform with changes in presentation
for the current financial year.
(i)
Exploration and Development Expenditure
Costs Carried Forward
Costs arising from exploration and evaluation activities are carried forward where the rights to tenure for the area of interest
are current and such costs are expected to be recouped through successful development, or by sale, or where exploration
and evaluation activities have not, at reporting date, reached a stage to allow a reasonable assessment regarding the
existence of economically recoverable reserves.
Costs carried forward in respect of an area of interest that is abandoned are written off in the period in which the decision
to abandon is made.
Contributions received from third parties in exchange for participating interests in exploration and evaluation tenements
(e.g. as part of farm out arrangements) are netted off against the costs carried forward in respect of those tenements in
which the third party acquires a participating interest.
62
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 1: SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)
(j)
Impairment of Assets
At each reporting date, the Group assesses whether there is any indication that an asset may be impaired. The assessment
will include considering external sources of information including, dividends received from subsidiaries, associates or jointly
controlled entities deemed to be out of pre-acquisition profits. If such an indication exists, an impairment test is carried out
on the asset by comparing the recoverable amount of the asset, being the higher of the asset's fair value less costs to sell
and value in use to the asset's carrying value. Any excess of the asset's carrying value over its recoverable amount is
expensed to the consolidated statement of comprehensive income.
(k)
Associates
Associates are entities over which the Group has significant influence but not control or joint control. Investments in
associates are accounted for using the equity method. Under the equity method, the share of the profits or losses of the
associate is recognised in profit or loss and the share of the movements in equity is recognised in other comprehensive
income. Investments in associates are carried in the statement of financial position at cost plus post-acquisition changes in
the Group's share of net assets of the associate. Goodwill relating to the associate is included in the carrying amount of the
investment and is neither amortised nor individually tested for impairment. Dividends received or receivable from
associates reduce the carrying amount of the investment.
When the Group's share of losses in an associate equal or exceeds its interest in the associate, including any unsecured
long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments
on behalf of the associate.
The Group discontinues the use of the equity method upon the loss of significant influence over the associate and
recognises any retained investment at its fair value. Any difference between the associate's carrying amount, fair value of
the retained investment and proceeds from disposal is recognised in profit or loss.
(l)
Goods and Services Tax (GST)
Revenues, expenses and assets are recognised net of the amount of GST, except where the amount of GST incurred is not
recoverable from the Australian Tax Office. In these circumstances, the GST is recognised as part of the cost of acquisition
of the asset or as part of an item of the expense. Receivables and payables in the consolidated statement of financial
position are shown inclusive of GST.
(m)
Critical Accounting Estimates and Judgements
The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge
and best available current information. Estimates assume a reasonable expectation of future events and are based on
current trends and economic data, obtained both externally and within the Group.
Key estimates – Impairment
The Group assesses impairment at the end of each reporting period by evaluating conditions specific to the Group that may
be indicative of impairment triggers. Recoverable amounts of relevant assets are reassessed using fair value less cost to
sell.
Key judgements – Exploration and Evaluation Expenditure
The Group capitalises expenditure relating to exploration and evaluation where it is considered likely to be recoverable or
where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves.
$122,141,747 has been capitalised as at 30 June 2024 (see note 9). While there are certain areas of interest from which no
reserves have been extracted, the directors are of the continued belief that such expenditure should not be written off since
feasibility studies in such areas have not yet concluded and there are no facts of circumstances that suggest the carrying
amounts of the exploration and evaluation assets recognised exceed their recoverable amount.
Annual Report 2024
63
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(m)
Critical Accounting Estimates and Judgements (continued)
In assessing the recoverability of the carrying amounts, the Directors have determined that as with similar companies,
future capital raisings will be required in order to continue the exploration and development of the company's mining
tenements (some subject to an option payment) to achieve a position where they can prove exploration reserves. Should
there be no funding available, exploration of the areas of interest may be put on hold. The recoverability of the exploration
asset is dependent upon the continued exploration of each area of interest.
Key Judgements – Share-based payment transactions
Employees of the Group receive remuneration in the form of share-based payment transactions, whereby employees render
services in exchange for equity instruments ("equity settled transactions"). When the goods or services acquired in a share-
based payment transaction do not qualify for recognition as assets, they are recognised as expenses. The Group measures
the cost of equity settled transactions with employees by reference to the fair value of the equity instruments at the date
at which they are granted. The fair value is determined using the Black Scholes method. The related assumptions are detailed
in note 14. The accounting estimates and assumptions relating to equity-settled share-based payments would have no
impact on the carrying amounts of assets and liabilities within the next annual reporting period but may impact expenses
and equity. Equity-settled transactions that vest after employees complete a specified period of service are recognised as
services are received during the vesting period with a corresponding increase in equity.
Key Judgements - Recoverability of Intercompany Loan
Within non-current assets of the parent entity (see note 24) there is a loan due from the 100% subsidiaries of $131,626,523
is considered fully recoverable. The recoverability of this loan is dependent upon the successful development or sale of
exploration assets in Guinea.
Key Judgements - Joint arrangements
Judgement is required to determine when the Group has joint control, which requires an assessment of the relevant
activities and when the decisions in relation to those activities require unanimous consent. The Group has determined that
the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the
arrangement, such as: the approval the capital expenditure programme for each year, and appointing, remunerating and
terminating the key management personnel or service providers of the joint arrangement. The considerations made in
determining joint control are similar to those necessary to determine control over subsidiaries.
Judgement is also required to classify a joint arrangement. Classifying the arrangement requires the Group to assess their
rights and obligations arising from the arrangement. Specifically, it considers:
•
The structure of the joint arrangement – whether it is structured through a separate vehicle
•
When the arrangement is structured through a separate vehicle, the Group also considers the rights and
obligations arising from:
•
The legal form of the separate vehicle
•
The terms of the contractual arrangement
•
Other facts and circumstances (when relevant)
This assessment often requires significant judgement, and a different conclusion on joint control and also whether the
arrangement is a JO or a JV, may materially impact the accounting. The Group has a joint arrangement which is structured
through a separate vehicle, being a company structure. This structure, and the terms of the contractual arrangement
indicate that the Group has rights to the net assets of the arrangement. Given this, the Group then had to assess the other
facts and circumstances relating to this arrangement. After undertaking this assessment, there were a number of indicators
for both a joint venture classification and a joint operation classification. Significant judgement was therefore required to
determine how these factors would be analysed. The final conclusion was that the arrangement was a joint venture.
64
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(n)
Adoption of New and Revised Accounting Standards
The Group has adopted all of the new and revised Accounting Standards and Interpretations issued by the Australian
Accounting Standards Board that are mandatory for the current reporting period. The adoption of these new and revised
Accounting Standards and Interpretations has not resulted in a significant or material change to the Group’s accounting
policies.
Any new, revised or amending Accounting Standards or Interpretations that are not yet mandatory have not been early
adopted by the consolidated entity.
Consolidated
30 June 2024
$
30 June 2023
$
NOTE 2: ADMINISTRATIVE EXPENSES
Legal, professional and consultancy fees
402,389
325,357
Advertising and marketing
550,220
576,546
Compliance fees
145,706
135,519
Recruitment fees
16,250
129,318
IT & telecommunication expenses
182,760
196,432
Travel and accommodation fees
155,602
157,076
Insurance
154,768
105,154
Other expenses
88,851
160,471
1,696,546
1,785,873
NOTE 3: COST TO DISPOSE OF SUBSIDIARIES
During the financial year 30 June 2024, a final payment of $6,940 was made in relation to closing of all Burkina Faso
subsidiaries.
During the financial year ended 30 June 2023, the Company decided to close all of its subsidiaries in Burkina Faso and to
surrender active permits to the respective authorities in-country. The main reason being safety concerns in country and to
allow the team to concentrate on the Guinea activities. The total cost to dispose the entities amounted to $285,406. This
includes legal cost, cost to compensate employees and other administration fees.
Consolidated
30 June 2024
$
30 June 2023
$
NOTE 4: INDIRECT FOREIGN TAXES
Indirect foreign taxes – Guinea ((expense)/benefit)
(467,609)
950,527
(467,609)
950,527
The provision for foreign indirect taxes is in respect of the Company’s tenements held in Guinea. Following a formal
assessment by the Guinea tax authorities on Mamou Resources SARL made in the prior year, the tax liability was $353,905
and this was paid on the 15 June 2023. The tax liability of Mamou Resources SARL was overprovided for an amount of
$950,527 and this was written off as at 30 June 2023. The tax liability provided for Kindia Resources SARL was $135,077.
This amount is still due and will be paid for once a formal assessment by the Guinea tax authorities is performed on Kindia
Resources.
During the financial year ending 30 June 2024, an amount of $467,609 has been provided for as Fringe Benefit Tax Liability
(refer to note 10(a)). This amount will be payable once a formal assessment is performed on Mamou and Kindia by the
Guinea tax authorities.
Annual Report 2024
65
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 5: INCOME TAX
Consolidated
2024
$
2023
$
(a)
Income tax expense/benefit
The components of income tax expense/benefit comprise:
Current tax
-
-
Deferred tax
-
-
-
-
(b)
Reconciliation of income tax expense/(benefit) to prima facie tax
payable on accounting profit/(loss)
Operating (loss) before income tax
(8,674,871)
(11,231,323)
Prima facie tax benefit at Australian rate of 25% (2023: 25%)
2,168,718
2,807,831
Adjusted for tax effect of the following amounts:
Taxable/non-deductible items
(2,072,777)
(2,356,421)
Non-taxable/deductible items
550,599
405,183
Deferred tax expense relating to change in tax rate
-
-
Deferred tax benefit relating to under-provision in prior year
-
-
Income tax benefit not brought to account
(646,540)
(856,593)
Income tax benefit
-
-
(c)
Deferred tax assets and liabilities not brought to account
The directors estimate that the potential deferred tax assets and liabilities
carried forward but not brought to account at year end at the Australian
corporate tax rate of 25% (2023: 25%) are made up as follows:
On income tax account
Carry forward tax losses
9,089,918
8,476,560
Deductible temporary differences
29,477
14,196
Taxable temporary differences
(4,003)
(21,904)
9,115,392
8,468,852
These benefits will only be obtained if:
(i) the group derives future assessable income of a nature and of an amount sufficient to enable the benefits from the
deductions for the losses to be realised,
(ii) the group continues to comply with the conditions for deductibility imposed by tax legislation, and
(iii) no changes in tax legislation adversely affect the group in realising the benefit from the deduction for the losses.
NOTE 6: (a) CASH AND CASH EQUIVALENTS & (b) OTHER FINANCIAL
ASSETS – TERM DEPOSIT
Consolidated
2024
$
2023
$
Cash at bank
29,434,172
44,894,558
Other financial assets - Term Deposit (more than 90 days)
23,000,000
-
52,434,172
44,894,558
66
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 6: CASH AND CASH EQUIVALENTS (continued)
NOTE 6(c): Reconciliation of loss after income tax to net cash flow
from operating activities
2024
$
2023
$
Operating loss after income tax
(8,674,871)
(11,231,323)
Non-operating items in loss:
Non-cash flows in loss:
Loss on deregistered entity
-
285,406
Movement in provision
445,010
(950,527)
Depreciation
589,464
524,058
Exchange difference on translation of foreign operations
(83,693)
(633,249)
Provision for doubtful debts
1,450,793
2,521,633
Loss on disposal of plant
-
6,528
Share based Payment
2,066,284
3,880,846
Accrued interest receivable
(342,104)
-
Movement in assets and liabilities:
(Increase)/decrease in assets
(299,431)
2,409,618
Increase/(decrease) in liabilities
(319,813)
(1,105,476)
Net cash outflow from operating activities
(5,168,361)
(4,292,486)
NOTE 7: TRADE AND OTHER RECEIVABLES
Other receivables
81,432
94,719
Interest Receivable
342,104
-
Prepayments
294,714
153,843
GST receivable
424,265
252,423
VAT receivable
5,097,460
3,643,956
Provision for VAT receivable (Refer to note 17)
(5,097,460)
(3,643,956)
1,142,515
500,985
NOTE 8: PLANT AND EQUIPMENT
Plant and Equipment
1,708,925
1,565,213
Accumulated depreciation
(1,129,159)
(686,521)
579,766
878,692
A reconciliation of the carrying amounts of each class of plant and equipment between the beginning of the current financial
year is set out below:
Plant and
Equipment
$
Total
$
2024
Balance at the beginning of year
878,692
878,692
Additions
146,608
146,608
Disposal
(264)
(264)
Depreciation expense
(445,270)
(445,270)
Balance at the end of the year
579,766
579,766
2023
Balance at the beginning of year
811,526
811,526
Additions
493,844
493,844
Disposal
(46,707)
(46,707)
Depreciation expense
(379,971)
(379,971)
Balance at the end of the year
878,692
878,692
Annual Report 2024
67
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 9: EXPLORATION AND EVALUATION
2024
$
2023
$
Exploration and evaluation expenditure
122,141,747
87,201,892
122,141,747
87,201,892
Exploration and
Evaluation
2024
$
Balance at beginning of the year
87,201,892
Expenditure incurred
35,194,351
Expenditure acquired
-
Capitalised exploration written off
(254,496)
Balance at the end of the year
122,141,747
2023
$
Balance at beginning of the year
37,376,965
Expenditure incurred
49,824,927
Expenditure acquired
-
Impairment of capitalised exploration
-
Balance at the end of the year
87,201,892
The Group has capitalised exploration expenditure of $122,141,747 (30 June 2023: $87,201,892). This amount includes
costs directly associated with exploration and the purchase of exploration properties. These costs are capitalised as an
exploration asset until assessment and / or drilling of the permit is complete and the results have been evaluated. These
direct costs include employee remuneration, materials, permit rentals and payments to contractors. The expenditure is
carried forward until either the area moves into the development phase, is abandoned or sold. The ultimate recovery of
the carrying value of exploration expenditure is dependent upon the successful development and commercial exploitation
or, alternatively, sale of the interest in the tenements.
Rights of tenure in Guinea are issued by the Ministry of Mines. Some Permits are currently under processing for renewal.
In the event of delays in permitting, PDI relies on article 78 of the Mining Code that allows for permits to be extended
automatically until the date of renewal or the notification to the holder that the application has been denied. The risk of
non-renewal of a permit will result in the impairment of expenditure on the specific permit.
The Company has no reason to believe that the current permits under renewal will not be issued. Subsequently, the
Directors are of the opinion that the exploration expenditure is recoverable for the amount stated in the financial report.
68
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 10 (a): CURRENT TRADE AND OTHER PAYABLES
2024
$
2023
$
Trade payables
3,732,568
4,178,415
Other payables and accruals
515,497
161,799
Foreign indirect tax provision (refer to note 4)1
736,694
291,684
4,984,759
4,631,898
1.The amount of $736,694 includes a total of $133,908 of VAT
NOTE 10 (b): CURRENT TRADE AND OTHER PAYABLES
2024
$
2023
$
Advance from FX provider1
1,500,000
-
1,500,000
-
1.On the 28th of June 2024, the Group purchased AUD$1,500,000 equivalent of GNF to be sent as cash call to Mamou Resources SARLU. As there is
a credit facility established with our FX provider, the funds were sent to Mamou Resources SARLU on the same day by the FX provider as an advance
to the Group. The advance was settled on the 2nd of July 2024.
NOTE 11: ISSUED CAPITAL
ORDINARY SHARES
Ordinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the Company in
proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value
and the Company does not have a limited amount of authorised capital.
2024
$
2023
$
2,346,901,983 (30 June 2023: 2,067,244,088) Ordinary Shares
239,785,888
187,267,327
Share issue costs written off against issued capital
(14,276,446)
(11,354,611)
225,509,442
175,912,716
Date
Shares
Issue Price
Total
No.
$
1 Jul 2023
At 1 July 2023
2,067,244,088
187,267,327
25 Aug 2023
Issue of shares – Placement
1,000,000
$0.15
150,000
04 Dec 2023
Issue of shares from exercise of options
8,000,000
$0.112
896,000
08 May 2024
Issue of shares – Capital raising
263,157,895
$0.19
50,000,000
20 May 2024
Issue of shares from exercise of options
3,500,000
$0.0986
345,100
20 June 2024
Issue of shares from exercise of options
4,000,000
$0.14
560,000
Transfer from Reserves to share capital
-
-
567,461
At 30 June 2024
2,346,901,983
239,785,888
Annual Report 2024
69
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 11: ISSUED CAPITAL (Continued)
Shares
Issue Price
Total
No.
$
Jul 2022
At 1 July 2022
1,582,048,031
-
122,185,920
03 Jul 2022
Issue of shares - Capital raising
16,081,697
$0.18
2,894,700
22 Jul 2022
Issue of shares in Placement
99,359,878
$0.18
17,884,765
1 Jul 2022-Dec 2022
Issue of shares from exercise of options
74,531,461
$0.018
1,340,833
10 Aug 2022
Issue of shares from exercise of options
2,500,000
$0.011
27,500
26 Jul 2022 – 04 May 2023
Issue of shares from exercise of options
16,607,741
$0.0986
1,637,523
08 Jul 2022-28 April 2023
Exercise of employee options - cashless
6,474,747
-
-
06 Jun 2023
Issue of shares – Capital raising
269,640,533
$0.15
40,446,080
Transfer from Reserves to share capital
-
-
850,006
At 30 June 2023
2,067,244,088
187,267,327
OPTIONS
For information relating to the PDI Discovery Limited employee option plan, including details of options issued, exercised
and lapsed during the financial year and the options outstanding at year end, refer to note 14.
PERFORMANCE RIGHTS
Listed Options
Value
Unlisted
Options
Value
No.
$
No.
$
At 1 July 2022
75,856,884
-
64,595,741
2,383,401
Issue of Options
-
-
56,000,000
3,880,846
Exercise of listed options to shares
(74,531,461)
-
-
-
Exercise of unlisted options to shares
-
-
(19,107,741)
(624,311)
Exercise of employee options to shares - cashless
-
-
(12,988,000)
(225,692)
Options cancelled/expired
(1,325,423)
-
(7,500,000)
(238,700)
At 30 June 2023
-
-
81,000,000
5,175,544
Listed Options
Value
Unlisted Options
Value
No.
$
No.
$
At 1 July 2023
-
-
81,000,000
5,175,544
Issue of Options
-
-
-
-
Exercise of listed options to shares
-
-
-
-
Exercise of unlisted options to shares
-
-
(15,500,000)
(567,462)
Options cancelled/expired
-
-
(2,562,500)
(337,500)
Vesting from prior year
-
-
-
2,367,377
At 30 June 2024
-
-
62,937,500
6,637,959
Performance
Rights
Value
No.
$
At 1 July 2023
-
-
Issue of Performance Rights
24,250,000
36,406
At 30 June 2024
24,250,000
36,406
70
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 12: RESERVES
FOREIGN CURRENCY TRANSLATION RESERVE
Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income
foreign currency translation reserve. The cumulative amount is reclassified to profit or loss when the net investment is
disposed of.
OPTION RESERVE
The option reserve records items recognised as expenses on valuation of employee share options, refer to notes 11 and 14.
NOTE 13: EARNINGS PER SHARE
2024
$
2023
$
Reconciliation of loss
Loss used in calculating earnings per share – basic and diluted
(8,674,871)
(11,231,323)
Net loss for the reporting period
(8,674,871)
(11,231,323)
Weighted average number of ordinary shares outstanding during the year
used in the calculation of basic and diluted earnings per share
2,112,032,411
1,764,613,613
Earnings per share (EPS)
(0.41)
(0.6)
NOTE 14: SHARE BASED PAYMENTS
Options and Performance Rights Issued during financial year 2024:
During the year ended 30 June 2024, the Group did not grant options as share-based payment.
During the year ended 30 June 2024, the Group granted the following performance rights as share-based payment:
•
4,850,000 Short Term Incentive (STI) Performance rights expiring in 5 years as part of the long-term employee
incentive plan1
•
19,400,000 Long Term Incentive (LTI) Performance rights expiring in 5 years as part of the long-term employee
incentive plan2
1. 4,850,000 STI expiring 20 June 2029
•
727,500 issued in tranche 1 - STI objective - Demonstrate Bankan expansion potential - Increase to Resource and
Reserves.
•
970,000 issued in tranche - STI objective - Permits - Bankan exploitation permit issued by: 31/12/24 (Target 100%
•
achieved); or 30/6/25 (Target 50% achieved).
•
727,500 issued in tranche 3 - STI objective - Compliance and ESG - Maintaining compliance with permits received.
•
970,000 issued in tranche 4 - STI objective- DFS - DFS for the Bankan Project completed and announced by 30/6/25.
•
485,000 issued in tranche 5 - STI objective - Safety - The 12-month rolling Total Recordable Injury Frequency Rate
(TRIFR) is below 3.
•
485,000 issued in tranche 6 - STI objective - Environment - There are no significant reportable environmental
incidents.
•
485,000 issued in tranche 7 - STI objective -Diversity - Ensure that at least 20% of all staff are female.
2. 19,400,000 LTI expiring 20 June 2029
•
2,910,000 issued in tranche 8 - LTI measure - TSR relative to the constituents of the Peer Group over the Vesting
Period (vesting at 50th percentile)
•
9,700,000 issued in tranche 9 – LTI measure - Regional discovery/ resource growth - Measured as compound
annual resource growth.
•
1,940,000 issued in tranche 10 - LTI measure - Sustainability metrics - Diversity: Measured against annual targets
for gender diversity.
Annual Report 2024
71
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 14: SHARE BASED PAYMENTS (Continued)
•
1,940,000 issued in tranche 11 - LTI measure - Sustainability metrics - National staff development: Measured
against annual targets for national workforce at operating sites.
•
2,910,000 issued in tranche 12 - LTI measure - Sustainability metrics - Local content: Measured against annual
targets for local content at Bankan project.
There is a service-based criteria attached to each of the tranches of STI and LTI – The employee has to remain employed
or otherwise engaged by the Company (or any of its subsidiaries) for a period of not less than 24 months from the date
of issue.
1.The volatility for each tranche was calculated using the daily, weekly and monthly share prices for a period prior to the valuation date
and of equal duration to the term of each tranche.
Options issued in financial year 2023:
During the year ended 30 June 2023, the Group granted the following options as share-based payment:
•
29,500,000 unlisted options exercisable at $0.30 expiring in 3 years as part of the long-term employee incentive
plan1,2
•
26,500,000 Zero Exercise Price Options as part of the long-term employee incentive plan3,4
The options issued during the financial year were valued by applying a Black-Scholes option pricing model taking into
account the terms and conditions upon which the options were granted. The following table lists the inputs to the model
for the options:
1. On 20 July 2022, 10,000,000 options at a price of $0.30 expiring 30 June 2026 were issued as part of the long-
term employee incentive plan. The vesting conditions are as follows:
(i)
25% of the options vest 12 months from the date of issue of the options provided the offeree remains
a director of the company at the vesting date;
(ii)
25% of the options vest 24 months from the date of issue of the options provided the offeree remains
a director of the company at the vesting date;
(iii)
50% of the options vest 36 months from the date of issue of the options provided the offeree remains
a director of the company at the vesting date.
STI Tranche 1-7
LTI Tranche 8
LTI Tranche 9-12
Date of Issue
20/6/2024
20/6/2024
20/6/2024
Number of performance rights
4,850,000
2,910,000
16,490,000
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)1
65%
65%
65%
Risk free interest rate (%)
4.00%
3.923%
3.923%
Exercise price ($)
Nil
Nil
Nil
Expected life of options (years)
5
5
5
Share price at grant date ($)
$0.185
$0.185
$0.185
Value per performance right ($)
$0.1850
$0.1520
$0.1850
Expensed during the financial year
$10,079
$4,039
22,288
Option holder
Directors
Date of Issue
20/07/2022
Number of options
10,000,000
Dividend yield (%)
Nil
Expected volatility (%)
100%
Risk free interest rate (%)
2.89%
Exercise price ($)
$0.30
Expected life of options (years)
4
Share price at grant date ($)
$0.18
Value per option ($)
$0.110
Expensed during the financial year
$449,258
72
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 14: SHARE BASED PAYMENTS (continued)
2.On 07 November 2022, 19,500,000 options at a price of $0.30 expiring 30 June 2026 were issued as part of the
long-term employee incentive plan. The vesting condition is for the employee to remain in employment with the
Company for six months.
3.On 20 July 2022, the following Zero Exercise Price Options were issued:
•
4,000,000 options expiring 20 July 2025.
(a) 1,250,000 of these options will vest upon announcement of an updated Mineral Resource estimate of at
least 6 million ounces of gold at a minimum cut-off grade of 0.5g/t at the Bankan Gold Project;
(b) 1,250,000 of these options will vest upon Board approval of a health, safety and environmental
management plan prepared in consultation with suitably qualified and independent third-party
consultants;
(c) 1,500,000 of these options will vest upon continuous service for 12 months.
•
4,000,000 options expiring 20 July 2026
(a) 937,500 of these options will vest upon announcement of an Ore Reserve for the Bankan Gold Project of
at least 3 million ounces of gold at a minimum cut-off grade of 0.5g/t at the Bankan Gold Project;
(b) 937,500 of these options will vest upon announcement of a positive PFS for the Bankan Gold Project;
(c) 625,000 of these options will vest upon achievement of the specified health, safety and environmental
milestones approved by the Board for the period between 1 January 2022 and 31 December 2022;
(d) 1,500,000 of these options will vest upon continuous service for 24 months.
•
8,000,000 options expiring 20 July 2027
(a) 1,875,000 of these options will vest upon announcement of a Positive BFS for the Bankan Project;
(b) 1,875,000 of these options will vest upon announcement of the issue of an Exploitation Permit by the
Guinea Ministry if Mines and Geology for the Bankan Gold Project;
(c) 1,250,000 of these options will vest upon achievement of the specified health, safety and
environmental milestones for the period between 1 January 2023 and 31 December 2023;
(d) 3,000,000 of these options will vest upon continuous service for 36 months.
Option holder
Consultant
Date of Issue
07/11/2022
Number of options
19,500,000
Dividend yield (%)
Nil
Expected volatility (%)
100%
Risk free interest rate (%)
2.89%
Exercise price ($)
$0.30
Expected life of options (years)
4
Share price at grant date ($)
$0.18
Value per option ($)
$0.102
Expensed during the financial year
$398,299
Annual Report 2024
73
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 14: SHARE BASED PAYMENTS (continued)
4.On 03 November 2022, the following Zero Exercise Price Options were issued:
•
2,625,000 options expiring 20 July 2025
(a) 1,312,500 of these options will vest upon announcement of an updated Mineral Resource estimate of at
least 6 million ounces of gold at a minimum cut-off grade of 0.5g/t at the Bankan Gold Project;
(b) 1,312,500 on board approval of a health, safety and environmental management plan prepared in
consultation with suitably qualified and independent third-party consultants.
•
2,625,000 options expiring 20 July 2026
(a) 984,375 of these options will vest upon announcement of an Ore Reserve for the Bankan Gold Project of
at least 3 million ounces of gold at a minimum cut-off grade of 0.5g/t at the Bankan Gold Project;
(b) 984,375 of these options will vest upon announcement of a positive PFS for the Bankan Gold Project;
(c) 656,250 of these options will vest upon achievement of the specified health, safety and environmental
milestones approved by the Board for the period between 1 January 2022 and 31 December 2022.
•
5,250,000 options expiring 20 July 2027
(a) 1,968,750 of these options will vest upon announcement of a Positive BFS for the Bankan Project;
(b) 1,968,750 of these options will vest upon announcement of the issue of an Exploitation Permit by the
Guinea Ministry of Mines and Geology for the Bankan Gold Project;
(c) 1,312,500 of these options will vest upon achievement of the specified health, safety and environmental
milestones for the period between 1 January 2023 and 31 December 2023.
Expiry 20/07/25
Expiry 20/07/26
Expiry 20/07/27
Date of Grant
18/07/2022
18/07/2022
18/07/2022
Number of options
4,000,000
4,000,000
8,000,000
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
90%
90%
90%
Risk free interest rate (%)
3.024%
3.024%
3.024%
Exercise price ($)
Nil
Nil
Nil
Expected life of options (years)
3
4
5
Share price at grant date ($)
$0.18
$0.18
$0.18
Value per option ($)
$0.18
$0.18
$0.18
Expensed during the financial year
$128,984
$427,667
$383,650
No of options unvested during the
financial year
1,250,000
-
-
Unvested options during financial
year
$180,000
-
-
74
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 14: SHARE BASED PAYMENTS (continued)
The total share-based payment expensed during the year is $2,066,283 (2023: $3,880,848).
At 30 June 2024, the Group has the following share-based payment options on issue:
Grant Date
Expiry Date
Exercise
price
Start of the
year
Granted during
the year
Exercised during
the year
Expired
during the
year
Balance at the
end of the year
Vested and
exercisable at the
end of the year
11 Dec 2020
21 Dec 2023
$0.112
8,000,000
-
(8,000,000)
-
-
-
14 May 2021
26 May 2024
$0.0986
3,500,000
-
(3,500,000)
-
-
-
28 Jul 2021
28 Jul 2024
$0.1400
8,000,000
-
(4,000,000)
-
4,000,000
4,000,000
05 Nov 2021
05 Nov 2024
$0.2910
2,500,000
-
-
-
2,500,000
2,500,000
26 May 2022
03 Jan 2025
$0.3400
3,000,000
-
-
-
3,000,000
3,000,000
07 Jul 2022
30 Jun 2026
$0.3000
10,000,000
-
-
-
10,000,000
10,000,000
07 Jul 2022
20 Jul 2025
-
4,000,000
-
-
(1,250,000)
2,750,000
2,750,000
07 Jul 2022
20 July 2026
-
4,000,000
-
-
-
4,000,000
4,000,000
07 Jul 2022
20 July 2027
-
8,000,000
-
-
-
8,000,000
-
07 Nov 2022
20 Nov 2025
-
2,625,000
-
-
(1,312,500)
1,312,500
1,312,500
07 Nov 2022
20 Nov 2026
-
2,625,000
-
-
-
2,625,000
2,625,000
07 Nov 2022
20 Nov 2027
-
5,250,000
-
-
-
5,250,000
-
07 Nov 2022
30 Jun 2026
$0.3000
19,500,000
-
-
-
19,500,000
19,500,000
81,000,000
-
(15,500,000)
(2,562,500)
62,937,500
49,687,500
Option holder
Expiry 20/07/25
Expiry 20/07/26
Expiry 20/07/27
Date of Grant
03/11/2022
03/11/2022
03/11/2022
Number of options
2,625,000
2,625,000
5,250,000
Dividend yield (%)
Nil
Nil
Nil
Expected volatility (%)
90%
90%
90%
Risk free interest rate (%)
3.397%
3.397%
3.397%
Exercise price ($)
$0.00
$0.00
$0.00
Expected life of options (years)
3
4
5
Share price at grant date ($)
$0.15
$0.15
$0.15
Value per option ($)
$0.15
$0.15
$0.15
Expensed during the financial year
$147,252
$222,460
$209,807
No of options unvested during the
financial year
1,312,500
-
-
Unvested options during financial
year
157,500
-
-
Annual Report 2024
75
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 14: SHARE BASED PAYMENTS (continued)
At 30 June 2023, the Group has the following share-based payment options on issue:
Grant Date
Expiry Date
Exercise
price
Start of the
year
Granted during
the year
Exercised during
the year
Expired
during the
year
Balance at the
end of the year
Vested and
exercisable at the
end of the year
24 Dec 2019
24 Dec 2022
$0.0180
75,856,884
-
(74,531,461)
(1,325,423)
-
-
30 Jun 2020
30 Jun 2023
$0.1800
7,500,000
-
(7,500,000)
-
-
09 Nov 2020
05 May 2023
$0.0986
9,400,000
-
(9,400,000)
-
-
-
09 Nov 2020
19 Dec 2022
$0.011
2,500,000
-
(2,500,000)
-
-
-
11 Dec 2020
21 Dec 2023
$0.112
8,000,000
-
-
8,000,000
8,000,000
05 Feb 2021
05 May 2023
$0.0986
20,195,741
-
(20,195,741)
-
-
-
14 May 2021
26 May 2024
$0.0986
3,500,000
-
-
-
3,500,000
3,500,000
28 Jul 2021
28 Jul 2024
$0.1400
8,000,000
-
-
-
8,000,000
8,000,000
05 Nov 2021
05 Nov 2024
$0.2910
2,500,000
-
-
-
2,500,000
2,500,000
26 May 2022
03 Jan 2025
$0.3400
3,000,000
-
-
-
3,000,000
3,000,000
07 Jul 2022
30 Jun 2026
$0.3000
-
10,000,000
-
-
10,000,000
-
07 Jul 2022
20 Jul 2025
-
-
4,000,000
-
-
4,000,000
-
07 Jul 2022
20 July 2026
-
-
4,000,000
-
-
4,000,000
-
07 Jul 2022
20 July 2027
-
-
8,000,000
-
-
8,000,000
-
07 Nov 2022
20 Nov 2025
-
-
2,625,000
-
-
2,625,000
-
07 Nov 2022
20 Nov 2026
-
-
2,625,000
-
-
2,625,000
-
07 Nov 2022
20 Nov 2027
-
-
5,250,000
-
-
5,250,000
-
07 Nov 2022
30 Jun 2026
$0.3000
-
19,500,000
-
-
19,500,000
19,500,000
140,452,625
56,000,000
(106,627,202)
(8,825,423)
81,000,000
44,500,000
The weighted average exercise price of options as at 30 June 2024 was $0.1773 (30 June 2023: $0.1229). The weighted
average remaining contractual life of options outstanding at year end was 1.29 years (30 June 2023: 1.01 years).
76
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 15: OPERATING SEGMENTS
Identification of Reportable Segments
The Group has identified its operating segments based on the internal reports that are reviewed and used by the Board of
Directors (chief operating decision makers) in assessing performance and determining the allocation of resources. The
accounting policies applied for internal purposes are consistent with those applied in the preparation of these financial
statements.
The following is an analysis of the Group’s revenue and results from operations by reportable segment.
2024
Corporate
Gold
Guinea
Total
$
$
$
Revenue
Interest income
1,565,567
-
1,565,567
Other income
170,767
-
170,767
Expenses
Administration expenses
(1,696,546)
-
(1,696,546)
Employee benefits expense
(487,886)
-
(487,886)
Depreciation of fixed asset
(1,207)
(444,063)
(445,270)
Share based expense
(2,066,284)
-
(2,066,284)
FX gain / (loss)
59,363
56,351
115,714
Exploration expenditure expensed
(2,247,645)
(1,519,668)
(3,767,313)
Depreciation – rights of use asset
-
(144,194)
(144,194)
Provision for expected credit losses
-
(1,450,793)
(1,450,793)
Movement in provision
(467,609)
-
(467,609)
Cost to dispose of subsidiaries
(6,940)
-
(6,940)
Loss on disposal of fixed assets
-
(264)
(264)
Revaluation of listed shares
6,180
-
6,180
Loss before tax
(5,172,240)
(3,502,631)
(8,674,871)
Current assets
51,441,618
2,135,069
53,576,687
Exploration expenditure
-
122,141,747
122,141,747
Plant and Equipment
-
579,766
579,766
Right of use asset
-
168,230
168,230
Investment in Listed Company
123,596
-
123,596
Intercompany loans
131,626,523 (131,626,523)
-
Current liabilities
(2,691,659)
(3,952,427)
(6,644,086)
Net assets/(liabilities)
180,500,078 (10,554,138)
165,945,940
Annual Report 2024
77
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 15: OPERATING SEGMENTS (Continued)
The following is an analysis of the Group’s revenue and results from operations by reportable segment.
2023
Corporate
Gold
Cote D’Ivoire
Gold
Guinea
Total
$
$
$
$
Revenue
Interest income
632,838
-
-
632,838
Expenses
Administration expenses
(1,642,800)
(143,073)
-
(1,785,873)
Employee benefits expense
(352,262)
-
-
(352,262)
Depreciation of fixed asset
(3,005)
(376,966)
(379,971)
Share based expense
(3,880,848)
-
-
(3,880,848)
FX gain / (loss)
(440,772)
-
(65,492)
(506,264)
Exploration expenditure expensed
(2,241,468)
-
(710,351)
(2,951,819)
Depreciation – rights of use asset
-
-
(144,085)
(144,085)
Provision for expected credit losses
-
-
(2,521,633)
(2,521,633)
Movement in provision
-
-
950,527
950,527
Cost to dispose of subsidiaries
(285,406)
-
-
(285,406)
Loss on disposal of fixed assets
-
-
(6,528)
(6,528)
Loss before tax
(8,213,723)
(143,073)
(2,874,527)
(11,231,323)
Current assets
44,351,625
-
1,043,918
45,395,543
Exploration expenditure
-
-
87,201,892
87,201,892
Plant and Equipment
1,210
-
877,482
878,692
Right of use asset
-
-
312,188
312,188
Intercompany loans
90,717,226
-
(90,717,226)
-
Current liabilities
(493,288)
-
(4,451,801)
(4,945,089)
Net assets/(liabilities)
134,576,773
-
(5,733,547)
128,843,226
NOTE 16: CAPITAL AND LEASING COMMITMENTS
2024
$
2023
$
(A)
CAPITAL EXPENDITURE COMMITMENTS(i)
Payable:
-not later than 12 months
3,074,965
3,074,965
-not later than 12 months and 5 years
12,299,861
12,299,861
-more than 5 years
-
-
15,374,826
15,374,826
(i)
Capital expenditure commitments are expenditure commitments on exploration permits in Guinea.
78
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 17: CONTINGENT ASSETS/LIABILITIES
Contingent Assets
According to Guinean tax law, value added tax (VAT) paid in relation to the Company’s Guinea tenements may be recovered
from the Guinea tax authorities if these tenements progress to the development phase. No asset has been recognised in
the Consolidated Statement of Financial Position as there is currently no certainty that these tenements will reach the
development phase or that the total VAT will be fully recovered in this event. However, a contingent asset exists of
$5,097,459 at 30 June 2024 (2023: $3,643,956) relating to total VAT paid to date. A total of $1,450,793 of VAT was paid to
the Guinea tax authorities during the year which was expensed in the Statement of Comprehensive Income and foreign
exchange of $2,710 relating to the VAT was expensed in the Statement of Profit and Loss and Other Comprehensive Income.
Contingent Liabilities
There is no contingent liabilities as at 30 June 2024 (2023: NIL).
NOTE 18: REMUNERATION OF KEY MANAGEMENT PERSONNEL
Refer to the Remuneration Report contained in the Directors' Report for details of the remuneration paid or payable to
each member of the Group's key management personnel for the year ended 30 June 2024.
The totals of remuneration paid to key management personnel of the company and the Group during the year are as
follows:
Consolidated
2024
$
2023
$
Short-term benefits
2,062,258
1,369,516
Share based payments
1,682,978
2,901,020
Post-employments benefits
22,330
-
3,767,566
4,270,536
NOTE 19: RELATED PARTY TRANSACTIONS
Transactions between related parties are on normal commercial terms and conditions no more favourable than those
available to other parties unless otherwise stated.
Transactions with related parties comprised the following:
Intercompany Loans
Predictive Discovery Limited has made loans to its subsidiaries in the amount of $131,626,523 (2023: $90,717,226). The
loan is interest free and payable on demand. Refer to note 24 for the assessment of recoverability of these loans.
Directors’ Remuneration
Refer to Note 18.
Other Related Party Transactions
During the financial year, Aldeia International, a company of which Ms Sandra Bates is a director of, was paid consultancy
services for an amount of $44,933. The consultancy services were provided by Ms Bates for the period of January to May
2024. There were no other related party transactions during the year ended 30 June 2024.
Annual Report 2024
79
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 20: REMUNERATION OF AUDITORS
Consolidated
2024
$
2023
$
Remuneration of the auditor of the parent entity for:
PKF Perth -Audit services
83,000
68,585
83,000
68,585
NOTE 21: FINANCIAL RISK MANAGEMENT
The Group's financial instruments consist mainly of deposits with banks, receivables and payables.
The totals for each category of financial instruments, measured in accordance with AASB 9 Financial Instruments as detailed
in the accounting policies to these financial statements, are as follows:
Note
Consolidated
2024
$
2023
$
Financial Assets
Cash and cash equivalents
6(a)
52,434,172
44,894,558
Trade and other receivables
7
1,142,515
500,985
Total Financial Assets
53,576,687
45,395,543
Financial Liabilities
Trade and other payables
10
6,484,759
4,631,848
Right of use liabilities
159,327
313,241
Total Financial Liabilities
6,644,086
4,945,089
FINANCIAL RISK MANAGEMENT POLICIES
Exposure to key financial risks is managed in accordance with the Group’s risk management policy with the objective to
ensure that the financial risks inherent in exploration activities are identified and then managed or kept as low as reasonably
practicable.
The main financial risks that arise in the normal course of business are market risk (including currency risk, interest rate risk
and price risk), credit risk and liquidity risk. Different methods are used to measure and manage these risk exposures.
Liquidity risk is monitored through the ongoing review of available cash and future commitments for exploration
expenditure.
Exposure to liquidity risk is limited by anticipating liquidity shortages and ensures capital can be raise in advance of
shortages. Interest rate risk is managed by limiting the amount of interest-bearing loans entered into by the Group. It is the
Board's policy that no speculative trading in financial instruments be undertaken so as to limit expose to price risk.
Primary responsibility for identification and control of financial risks rests with the Chief Financial Officer, under the
authority of the Board. The Board is apprised of these risks from time to time and agrees any policies that may be
undertaken to manage any of the risks identified.
Details of the significant accounting policies and methods adopted, including criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised, in respect of each financial instrument are
disclosed in note 1 to the financial statements. The carrying values less the impairment allowance for receivables and
payables are assumed to approximate fair values due to their short-term nature. Cash and cash equivalents are subject to
variable interest rates.
80
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 21: FINANCIAL RISK MANAGEMENT (Continued)
SPECIFIC FINANCIAL RISK EXPOSURES AND MANAGEMENT
(A)
CREDIT RISK
Exposure to credit risk relating to financial assets arises from the potential non-performance by counter parties of contract
obligations that could lead to a financial loss to the Group.
The Group trades only with recognised, creditworthy third parties.
The Group has no customers and consequently no significant exposure to bad debts or other credit risks.
With respect to credit risk arising from financial assets, which comprise cash and cash equivalents and receivables, the
exposure to credit risk arises from default of the counter party, with a maximum exposure equal to the carrying amount of
these instruments. At balance date cash and deposits were held with Australia and New Zealand Banking Group Limited.
(B)
LIQUIDITY RISK
Liquidity risk arises from the possibility that the Group might encounter difficulty in settling its debts or otherwise meeting
its obligations related to financial liabilities.
Prudent liquidity risk management implies maintaining sufficient cash reserves to meet the ongoing operational
requirements of the business. It is the Group’s policy to maintain sufficient funds in cash and cash equivalents.
Furthermore, the Group monitors its ongoing exploration cash requirements and raises equity funding as and when
appropriate to meet such planned requirements. The Group has no undrawn financing facilities. Trade and other payables,
the only financial liability of the Group, are due within 6 months.
The tables below reflect an undiscounted contractual maturity analysis for financial liabilities.
Cash flows realised from financial assets reflect management's expectation as to the timing of realisation. Actual timing
may therefore differ from that disclosed. The timing of cash flows presented in the table to settle financial liabilities reflects
the earliest contractual settlement dates and does not reflect management's expectations that banking facilities will be
rolled forward.
Financial liability and financial asset maturity analysis
Within 1 Year
1 to 5 Years
Total Contractual Cash Flow
2024
$
2023
$
2024
$
2023
$
2024
$
2023
$
Financial liabilities due for
payment
Trade and other payables
6,484,759
4,631,848
-
-
6,484,759
4,631,848
Rights of use liabilities
159,327
313,241
159,327
313,241
Total contractual outflows
6,644,086
4,945,089
-
-
6,644,086
4,945,089
Financial assets - cash flows
realisable
Trade and other receivables
1,142,515
500,985
-
-
1,142,515
500,985
Total anticipated inflows
1,142,515
500,985
-
-
1,142,515
500,985
The financial assets and liabilities noted above are interest free.
Annual Report 2024
81
Overview
Strategic Report
Financial Statements
Additional Information
NOTE 21: FINANCIAL RISK MANAGEMENT (Continued)
(C)
MARKET RISK
i.
Foreign exchange risk
Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating due
to movement in foreign exchange rates of currencies in which the Group holds foreign currency which are other than the
AUD functional currency of the Group.
ii.
Interest rate risk
The Group’s cash flow interest rate risk primarily arises from cash at bank and deposits subject to market bank rates. At
balance date, the Group does not have any borrowings. The Group does not enter into hedges. The weighted average rate
of interest earned by the Group on its cash assets during the year was 4.09% (2023: 1.82%). The table below summarises
the sensitivity of the Group’s cash assets to interest rate risk.
Financial Assets
Effect of decrease or increase of
interest rate on profit and equity
-1%
+1%
Profit
Equity
Profit
Equity
$
$
$
$
30 June 2024
Total increase/(decrease)
19,367
19,367
824,115
824,115
30 June 2023
Total increase/(decrease)
(276,948)
(276,948)
592,045
592,045
NOTE 22: EVENTS AFTER THE END OF THE REPORTING PERIOD
The following events have occurred subsequent to the year ended 30 June 2024:
(i)
A General Meeting of shareholders was held on 29 July 2024 to (a) approve the issue of performance rights to Andrew
Pardey and Sandra Bates; and (b) ratify the placement of 263.2m shares at an issue price of $0.19 per share (raising
approximately $50m before costs) completed in May 2024. Resolutions regarding the issue of options to Non-Executive
Directors were withdrawn before the meeting. All resolutions put the meeting were carried following a poll;
(ii) Performance rights were issued to an executive in July 2024 and to Andrew Pardey and Sandra Bates in August 2024
following approval at the General Meeting in July 2024.
(iii) Positive drilling results were announced for the Bankan Gold Project on 16 July 2024 and 12 August 2024.
There has not been any other matter or circumstance arising after the balance date that has significantly affected or could
significantly affect the operations of the Group, the results of those operations, or the state of affairs of the Group in future
financial years.
82
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
NOTE 23: CONTROLLED ENTITIES
Country of
Incorporation
Percentage Owned(i)
2024
2023
Parent Entity:
Predictive Discovery Limited
Australia
-
-
Subsidiaries of legal parent entity:
Predictive Discovery Cote D’Ivoire Pty Ltd
Australia
100%
100%
Ivoirian Resources Pty Ltd
Australia
20%
20%
Bougouni Resources Pty Ltd
Australia
100%
100%
Kenieba Resources Pty Ltd
Australia
100%
100%
Kita Resources Pty Ltd
Australia
100%
100%
Tinkisso Pty Ltd
Australia
100%
100%
Manoko Resources Pty Ltd
Australia
100%
100%
Predictive Discovery SARL (ii)
Cote D’Ivoire
-
100%
Ivoirian Resources SARL
Cote D’Ivoire
20%
20%
Predictive Discovery Mali SARL(ii)
Mali
-
100%
Kindia Resources SARLU
Guinea
100%
100%
Mamou Resources SARLU
Guinea
100%
100%
Tinkisso Resources SARLU
Guinea
100%
100%
(i)
Percentage of voting power is in proportion to ownership
(ii)
Deregistered during FY24
NOTE 24: PARENT ENTITY DISCLOSURES
2024
$
2023
$
Assets
Current assets
51,441,618
44,351,625
Non-current assets
131,750,119
90,718,436
Total assets
183,191,737
135,070,061
Liabilities
Current liabilities
(2,691,659)
(493,289)
Total liabilities
(2,691,659)
(493,289)
Equity
Issued capital
225,509,440
175,912,717
Reserves
6,674,363
5,175,541
Prior year accumulated losses
(46,511,485)
(37,329,485)
Current year losses
(5,172,240)
(9,182,000)
Total equity
180,500,078
134,576,773
CONTINGENT LIABILITIES
There are no contingent liabilities as at 30 June 2024 (2023:NIL).
CONTRACTUAL COMMITMENTS
The parent entity has commitments as at 30 June 2024 that are disclosed in note 16.
RECOVERABILITY OF INTERCOMPANY LOAN
Within non-current assets is a loan due from the 100% subsidiaries of $131,626,523 which is considered fully recoverable.
The recoverability of this loan is dependent upon the successful development or sale of exploration assets in Guinea.
Annual Report 2024
83
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Financial Statements
Additional Information
NOTE 25: COMPANY DETAILS
The registered office of the company is:
The principal place of business of the company is:
Suite 8, 110 Hay Street,
SUBIACO WA 6000
Suite 8, 110 Hay Street,
SUBIACO WA 6000
84
Predictive Discovery Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Key assumptions and judgements: Determination of tax residency
Section 295(3A) Corporations Act requires that the tax residency of each entity which is included in the Consolidated Entity Disclosure
(CEDS) be disclosed. In the context of an entity which was an Australian resident, “Australian resident” has the meaning provided in the
Income Tax Assessment Act 1997 (Cth). The determination of tax residency involves judgement as the termination of tax residency is
highly fact dependent and there are currently several different interpretations that could be adopted, and which could give rise to a
different conclusion on residency.
In determining tax residency, the Group has applied the following interpretations:
Australian tax residency
The Group has applied current legislation and judicial precedent, including having regard to the Commissioner of Taxation’s public
guidance in Tax Ruling TR 2018/5.
Foreign tax residency
The Group has applied current legislation and where available judicial precedent in the determination of foreign tax residency. Where
necessary. the Group has used independent tax advisers in foreign jurisdictions to assist in its determination of tax residency to ensure
applicable foreign tax legislation has been complied with.
Name of entity
Type of
entity
Trustee of a
Trust, -
Partner in a
partnership
or participant
in joint
venture
Country of
incorporation
% of
share
capital
held
Australian
resident or
foreign
resident
(for tax
purposes)
Foreign tax
jurisdiction
of foreign
residents
Parent Entity:
Predictive
Discovery
Limited
controlled entities:
Predictive Discovery Cote D’Ivoire Pty
Ltd
Body
Corporate
n/a
Australia
100%
Australia
n/a
Bougouni Resources Pty Ltd
Body
Corporate
n/a
Australia
100%
Australia
n/a
Kenieba Resources Pty Ltd
Body
Corporate
n/a
Australia
100%
Australia
n/a
Kita Resources Pty Ltd
Body
Corporate
n/a
Australia
100%
Australia
n/a
Tinkisso Pty Ltd
Body
Corporate
n/a
Australia
100%
Australia
n/a
Manoko Resources Pty Ltd
Body
Corporate
n/a
Australia
100%
Australia
n/a
Kindia Resources SARLU
Body
Corporate
n/a
Guinea
100%
Guinea
Guinea
Mamou Resources SARLU
Body
Corporate
n/a
Guinea
100%
Guinea
Guinea
Tinkisso Resources SARLU
Body
Corporate
n/a
Guinea
100%
Guinea
Guinea
Predictive Discovery Limited (the ‘head entity’) and its wholly owned Australian subsidiaries have formed an income tax consolidated
group under the tax consolidation regime.
Annual Report 2024
85
Overview
Strategic Report
Financial Statements
Additional Information
Consolidated Entity Disclosure Statement
For the year ended 30 June 2024
The directors of the company declare that:
1.
The financial statements and notes, as set out on pages 55 to 84, are in accordance with the Corporations
Act 2001 and:
(a)
comply with Accounting Standards (including the Australian Accounting Interpretations) and
the Corporations Regulations 2001; and
(b)
give a true and fair view of the financial position as at 30 June 2024 and of the performance for
the year ended on that date of the consolidated group;
2.
The Chief Executive Officer and Chief Financial Officer have each declared that:
(a)
the financial records of the company for the financial year have been properly maintained
in accordance with section 286 of the Corporations Act 2001;
(b)
the financial statements and notes for the financial year comply with the Accounting
Standards; and
(c)
the financial statements and notes for the financial year give a true and fair view.
Note 1 confirms that the financial statements also comply with International Financial Reporting
Standards as issued by the International Accounting Standards Board.
3.
The information disclosed in the attached consolidated entity disclosure statement is true and correct.
4.
In the directors' opinion, there are reasonable grounds to believe that the company will be able to pay its
debts as and when they become due and payable.
This declaration is made in accordance with a resolution of the Board of Directors.
Andrew Pardey
Managing Director
3 September 2024
86
Predictive Discovery Limited
Directors’ Declaration
For the year ended 30 June 2024
AUDITOR’S INDEPENDENCE DECLARATION
TO THE DIRECTORS OF PREDICTIVE DISCOVERY LIMITED
In relation to our audit of the financial report of Predictive Discovery Limited for the year ended 30 June 2024,
to the best of my knowledge and belief, there have been no contraventions of the auditor independence
requirements of the Corporations Act 2001 or any applicable code of professional conduct.
PKF PERTH
ALEXANDRA CARVALHO
PARTNER
3 September 2024
PERTH, WESTERN AUSTRALIA
Annual Report 2024
87
Overview
Strategic Report
Financial Statements
Additional Information
Auditor’s Independence Declaration
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF PREDICTIVE DISCOVERY LIMITED
Report on the Financial Report
Opinion
We have audited the financial report of Predictive Discovery Limited (the “Company”), which comprises the consolidated
statement of financial position as at 30 June 2024, the consolidated statement of profit or loss and other comprehensive
income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended,
and notes to the financial statements, including material accounting policy information, the consolidated entity disclosure
statement, and the directors’ declaration of the Company and the consolidated entity comprising the Company and the entities
it controlled at the year’s end or from time to time during the financial year.
In our opinion the accompanying financial report of Predictive Discovery Limited is in accordance with the Corporations Act
2001, including:
i)
Giving a true and fair view of the consolidated entity’s financial position as at 30 June 2024 and of its performance for
the year ended on that date; and
ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for Opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the consolidated entity in accordance with the auditor independence requirements of the Corporations
Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics
for Professional Accountants (including Independence Standards) (the Code) that are relevant to our audit of the financial
report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code.
Key Audit Matters
key audit matters are matters that, in our professional judgement, were of most significance in our audit of the financial report
of the current year. These matters were addressed in the context of our audit of the financial report as a whole, and in forming
our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of
how our audit addressed the matter is provided in that conte
88
Predictive Discovery Limited
Independent Auditor’s Report
Carrying value of capitalised exploration expenditure
Why significant
How our audit addressed the key audit matter
As at 30 June 2024 the carrying value of exploration and
evaluation
assets
was
$122,141,747
(2023:
$87,201,892), as disclosed in note 9. Exploration and
Evaluation assets written off during the year amounted
to $254,496.
The consolidated entity’s accounting policy in respect of
exploration and evaluation expenditure is outlined in
notes 1(i) and 1(m).
Significant judgement is required:
•
in determining whether facts and circumstances
indicate that the exploration and evaluation assets
should be tested for impairment in accordance with
Australian
Accounting
Standard
AASB
6
-
Exploration for and Evaluation of Mineral Resources
(“AASB 6”); and
•
in determining the treatment of exploration and
evaluation expenditure in accordance with AASB 6,
and the consolidated entity’s accounting policy. In
particular:
o
whether the particular areas of interest meet
the recognition conditions for an asset; and
o
which elements of exploration and evaluation
expenditures qualify for capitalisation for each
area of interest.
Our work included, but was not limited to, the following
procedures:
•
Conducting a detailed review of management’s
assessment of impairment trigger events prepared in
accordance with AASB 6 including:
o
assessing whether the rights to tenure of the
areas of interest remained current at reporting
date as well as confirming that rights to tenure
are expected to be renewed for permits that will
expire in the near future;
o
holding discussions with the Directors and
management as to the status of ongoing
exploration programmes for the areas of
interest, as well as assessing if there was
evidence that a decision had been made to
discontinue activities in any specific areas of
interest; and
o
obtaining and assessing evidence of the
consolidated entity’s future intention for the
areas of interest, including reviewing future
budgeted
expenditure
and
related
work
programmes;
•
considering whether exploration activities for the
areas of interest had reached a stage where a
reasonable assessment of economically recoverable
reserves existed;
•
testing, on a sample basis, exploration and evaluation
expenditure incurred during the year for compliance
with AASB 6 and the consolidated entity’s accounting
policy; and
•
assessing the appropriateness of the related
disclosures in notes 1(i) and 1(m).
Annual Report 2024
89
Overview
Strategic Report
Financial Statements
Additional Information
Share-Based Payments
Why significant
How our audit addressed the key audit matter
As at 30 June 2024 the value of share-based payments
issued totalled $2,066,283 (2023: $3,880,848), as
disclosed in note 14. This amount has been recognised
as a share-based expense in the Consolidated
Statement of Profit or Loss and Other Comprehensive
Income.
The consolidated entity’s accounting judgement and
estimates in respect of share-based payments is
outlined in the note 1(m). Significant judgement is
required in relation to:
• The valuation method used in the model; and
• The assumptions and inputs used within the model.
Our work included, but was not limited to, the following
procedures:
•
Reviewed the company’s valuations of the equity
instruments issued, including:
oassessing the appropriateness of the valuation
method used; and
oassessing the reasonableness of the assumptions
and inputs used within the valuation model.
•
Reviewed
Board
meeting
minutes
and
ASX
announcements as well as enquired of relevant
personnel to ensure all share-based payments had
been recognised;
•
Assessed the allocation and recognition to ensure
these are reasonable; and
•
Assessed the appropriateness of the related
disclosures in notes 1(m) and 14.
Other Information
Those charged with governance are responsible for the other information. The other information comprises the
information included in the consolidated entity’s annual report for the year ended 30 June 2024 but does not include the
financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do not express any form of
assurance conclusion thereon, with the exception of the Remuneration Report.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the financial report or our knowledge obtained in
the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Directors’ for the Financial Report
The Directors of the Company are responsible for the preparation of:-
a)
the financial report (other than the consolidated entity disclosure statement) that gives a true and fair
view in accordance with Australian Accounting Standards and the Corporations Act 2001; and
b)
the consolidated entity disclosure statement that is true and correct in accordance with the Corporations
Act2001; and
for such internal control as the Directors determine is necessary to enable the preparation of:
90
Predictive Discovery Limited
Independent Auditor’s Report
i)
the financial report (other than the consolidated entity disclosure statements) that gives a true and fair view and is
free from material misstatement, whether due to fraud or error; and
ii) the consolidated entity disclosure statement that is true and correct and is free of misstatement, whether due to
fraud or error.
In preparing the financial report, the Directors are responsible for assessing the consolidated entity’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the consolidated entity or to cease operations, or have no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Australian
Auditing Standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error
and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of this financial report.
As part of an audit in accordance with Australian Auditing Standards, we exercise professional judgement and maintain
professional scepticism throughout the audit. We also:
•
Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
consolidated entity’s internal control.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the Directors.
•
Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the consolidated entity’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial report or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor’s report. However, future events or conditions may cause the consolidated entity to cease
to continue as a going concern.
•
Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether
the financial report represents the underlying transactions and events in a manner that achieves fair presentation.
•
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the consolidated entity to express an opinion on the group financial report. We are responsible for the
direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.
Annual Report 2024
91
Overview
Strategic Report
Financial Statements
Additional Information
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the
audit of the financial report of the current period and are therefore the key audit matters. We describe these matters in
our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because the adverse consequences
of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on the Remuneration Report
Opinion
We have audited the Remuneration Report included in the Directors’ Report for the year ended 30 June 2024.
In our opinion, the Remuneration Report of Predictive Discovery Limited for the year ended 30 June 2024, complies with
section 300A of the Corporations Act 2001.
Responsibilities
The Directors of the Company are responsible for the preparation and presentation of the Remuneration Report in
accordance with section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration
Report, based on our audit conducted in accordance with Australian Auditing Standards.
PKF PERTH
ALEXANDRA CARVALHO
PARTNER
3 September 2024
PERTH, WESTERN AUSTRALIA
92
Predictive Discovery Limited
Independent Auditor’s Report
Annual Report 2024
93
Overview
Strategic Report
Financial Statements
Additional Information
Additional
Information
Shareholders Information
96
Mineral Tenement Information
101
Corporate Directory
102
94
Predictive Discovery Limited
Overview
Strategic Report
Financial Statements
Additional Information
Annual Report 2024
95
Number and class of all securities on issue
ASX code
Number
Description
PDI
2,350,901,983
Fully paid ordinary shares
PDIAS
2,500,000
Unlisted options exercisable @ $0.291 and expiring on 5-Nov-24
PDIAT
3,000,000
Unlisted options exercisable @ $0.34 and expiring on 3-Jan-25
PDIAU
29,500,000
Unlisted options exercisable @ $0.30 and expiring on 30-Jun-26
PDIAV
4,062,500
Unlisted zero exercise price options expiring on 20-Jul-25
PDIAW
13,250,000
Unlisted zero exercise price options expiring on 20-Jul-27
PDIAX
6,625,000
Unlisted zero exercise price options expiring on 20-Jul-26
PDIAY
57,400,000
2024 LTI Performance Rights
PDIAY
14,350,000
2024 STI Performance Rights
Distribution of securities
PDI (fully paid ordinary shares)
Range
Number of holders
Number of shares
%
1-1,000
178
50,472
0.00%
1,001-5,000
413
1,413,495
0.06%
5,001-10,000
492
3,950,255
0.17%
10,001-100,000
1,306
52,284,146
2.22%
100,001 and over
643
2,293,203,615
97.55%
Total
3,032
2,350,901,983
100.00%
There are 204 shareholders holding less than a marketable parcel of shares in the Company at $0.28 per share.
Shareholders Information
(as at 17 September 2024)
96
Predictive Discovery Limited
PDIAS (unlisted options exercisable @ $0.291 and expiring on 5 Nov 24)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
1
2,500,000
100.00%
Total
1
2,500,000
100.00%
PDIAT (unlisted options exercisable @ $0.34 and expiring on 3 Jan 25)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
1
3,000,000
100.00%
Total
1
3,000,000
100.00%
PDIAU (unlisted options exercisable @ $0.30 and expiring on 30 Jun 26)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
13
29,500,000
100.00%
Total
13
29,500,000
100.00%
PDIAV (unlisted zero exercise price options expiring on 20 Jul 25)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
7
4,062,500
100.00%
Total
7
4,062,500
100.00%
Annual Report 2024
97
Overview
Strategic Report
Financial Statements
Additional Information
Shareholders Information
(as at 17 September 2024)
PDIAW (unlisted zero exercise price options expiring on 20 Jul 27)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
7
13,250,000
100.00%
Total
7
13,250,000
100.00%
PDIAX (unlisted zero exercise price options expiring on 20 Jul 26)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
7
6,625,000
100.00%
Total
7
6,625,000
100.00%
PDIAY (2024 LTI Performance Rights)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
6
57,400,000
100.00%
Total
6
57,400,000
100.00%
PDIAY (2024 STI Performance Rights)
Range
Number of holders
Number of securities
%
1-1,000
-
-
-
1,001-5,000
-
-
-
5,001-10,000
-
-
-
10,001-100,000
-
-
-
100,001 and over
6
14,350,000
100.00%
Total
6
14,350,000
100.00%
98
Predictive Discovery Limited
Substantial shareholders (PDI)
PDI’s substantial shareholders as disclosed in notices lodged with the ASX are set out in the table below:
Shareholder (date lodged)
Shares held
% of issued capital
Perseus Mining Limited (06/9/24)
466,814,670
19.86%
BlackRock Group (19/3/24)
312,270,610
15.04%
T.Rowe Price Associates, Inc (08/5/24)
127,117,835
6.12%
Twenty largest shareholders (PDI) as at 17 September 2024
Rank
Shareholder
Shares held
% of issued capital
1
HSBC Custody Nominees (Australia) Limited
534,321,015
22.73
2
J P Morgan Nominees Australia Pty Limited
425,625,681
18.10
3
Argonaut Securities (Nominees) Pty Ltd
324,994,903
13.82
4
Perseus Mining Ltd
141,819,767
6.03
5
Citicorp Nominees Pty Limited
114,270,824
4.86
6
BNP Paribas Noms Pty Ltd
56,129,892
2.39
7
Mr Phillip Richard Perry
50,387,859
2.14
8
Aigle Royal Superannuation Pty Ltd
37,866,667
1.61
9
BNP Paribas Nominees Pty Ltd
28,965,892
1.23
10
Ale Property Investments Pty Ltd
22,500,000
0.96
11
Orimco Resource Investments Pty Ltd
15,565,023
0.66
12
Aigle Royal Superannuation Pty Ltd
14,966,667
0.64
13
Dyspo Pty Limited
14,000,000
0.60
14
UBS Nominees Pty Ltd
13,904,827
0.59
15
P R Perry Nominees Pty Ltd
11,657,895
0.50
16
Equity Trustees Limited
10,009,154
0.43
17
BNP Paribas Nominees Pty Ltd
9,916,573
0.42
18
HSBC Custody Nominees (Australia) Limited
9,761,704
0.42
19
Micjud Pty Ltd
9,226,203
0.39
20
Doulev Pty Ltd
9,076,415
0.39
Total
1,854,966,961
78.90
Annual Report 2024
99
Overview
Strategic Report
Financial Statements
Additional Information
Shareholders Information
(as at 17 September 2024)
Unlisted equity securities
ASX code
Number
Holders
Description
Holders of more than 20%
PDIAS
2,500,000
1 Unlisted options exercisable @ $0.291 and
expiring on 5 Nov 24
Philippe Blackburn (2,500,000 / 100.0%)
PDIAT
3,000,000
1 Unlisted options exercisable @ $0.34 and
expiring on 3 Jan 25
Norman Bailie (3,000,000 / 100.0%)
PDIAU
29,500,000
13 Unlisted options exercisable @ $0.30 and
expiring on 30 Jun 26
None
PDIAV
4,062,500
7 Unlisted zero exercise price options expiring
on 20 Jul 25
Andrew Pardey (1,250,000 / 30.77%)
Pierre Louw (937,500 / 23.08%)
PDIAW
13,250,000
7 Unlisted zero exercise price options expiring
on 20 Jul 27
Andrew Pardey (5,000,000 / 37.74%)
Pierre Louw (3,750,000 / 28.30%)
PDIAX
6,625,000
7 Unlisted zero exercise price options expiring
on 20 Jul 26
Andrew Pardey (2,500,000 / 37.74%)
Pierre Louw (1,875,000 / 28.30%)
PDIAY
57,400,000
6 2024 LTI Performance Rights
Andrew Pardey (15,200,000 / 26.48%)
PDIAY
14,350,000
6 2024 STI Performance Rights
Andrew Pardey (3,800,000 / 26.48%)
Voting rights
Subject to any rights or restrictions for the time being attached to any class or classes of shares, at a general meeting every shareholder
or class of shareholder present in person or by proxy, attorney or representative has one vote on a show of hands and, on a poll, one
vote for each fully paid share which that member holds or represents.
Corporate governance statement
The 2024 Corporate Governance statement of Predictive Discovery Limited is available on the Company’s website at https://www.
predictivediscovery.com/information-for-investors/#corporate-governance
100
Predictive Discovery Limited
Mineral Tenement Information
Name
Number
Location
Area
(sq. km)
PDI equity
Kaninko (Bankan)
Exploration Permit
Arrete A/2019/5784/MMG
Guinea
98
100%
Saman (Bankan)
Exploration Permit
Arrete A/2020/1835/MMG
Guinea
100
100%
Bokoro (Bankan)
Exploration Permit
Arrete A/2020/2561/MMG
Guinea
100
100%
Argo (Bankan)
Exploration Permit
Arrete A/2018/7628/MMG
Guinea
58
Right to earn 90% during the exploration
phase and acquire the remaining 10% on
a decision to mine
Koundian 1
Exploration Permit
Arrete A/2017/3598/MMG
Guinea
85
Right to earn 90% during the exploration
phase and acquire the remaining 10% on
a decision to mine
Koundian 2
Exploration Permit
Arrete A/2019/3189/MMG
Guinea
100
Koundian 3
Exploration Permit
Arrete A/2020/1051/MMG
Guinea
63
Koundian 4
Exploration Permit
Arrete A/2020/1052/MMG
Guinea
55
Nonta
Exploration Permit
Arrete A/2019/1161/MMG
Guinea
100
100%
Paramangui 1
Exploration Permit
Arrete A/2020/1836/MMG
Guinea
99
Right to earn 80% during the exploration
phase
Paramangui 2
Exploration Permit
Arrete A/2020/1837/MMG
Guinea
98
Bocanda North
Mining Exploration Permit No. 844
Cote D’Ivoire
368
20% (Wia Gold Ltd 80%)
Issia
Mining Exploration Permit No. 880
Cote D’Ivoire
375
Wendene
Mining Exploration Permit No. 572
Cote D’Ivoire
400
Rights to bonus payments on production
Dabakala
Mining Exploration Permit
Application
Cote D’Ivoire
400
Cape Clear
EL 5434
Victoria, Australia
63
12.5%, reducing to 5%
Annual Report 2024
101
Overview
Strategic Report
Financial Statements
Additional Information
Directors
Mr Simon Jackson
Non-Executive Chairman
Mr Andrew Pardey
Managing Director
Ms Sandra Bates
Executive Director
Mr Steven Michael
Non-Executive Director
Mr Alberto Lavendeira
Non-Executive Director
Company Secretary
Mr Ian Hobson
Registered Office
Suite 8
110 Hay Street
SUBIACO WA 6000
Telephone: +61 8 9216 1000
Email: info@predictivediscovery.com
Website: www.predictivediscovery.com
Postal Address
PO Box 1710
WEST PERTH WA 6872
Auditor
PKF Perth
Dynons Plaza
Level 8, 905 Hay Street
PERTH WA 6000
Share Registry
Computershare Pty Ltd
Level 17, 221 St Georges Terrace
PERTH WA 6000
Telephone: 1300 850 505
Website: www.computershare.com/au
ASX Code
PDI
Corporate Directory
102
Predictive Discovery Limited
Predictive Discovery Limited
Suite 8, 110 Hay Street
WEST PERTH, WA 6005
T +61 8 9216 1000
W predictivediscovery.com.au
E info@predictivediscovery.com
ABN 11 127 871 877
ASX: PDI