West African Gold Giant Forged in High-Stakes M&A Battle

QUEBEC CITY, QC – December 11, 2025 – In the high-stakes world of global resource extraction, mergers are rarely straightforward. The path to creating a new West African gold powerhouse through the union of Canada's Robex Resources and Australia's Predictive Discovery has proven to be a masterclass in strategic maneuvering, culminating in a revised deal that underscores the intense competition for premier mining assets.

Robex announced today that it has amended its arrangement agreement with Predictive Discovery, sweetening the terms for its shareholders and postponing a crucial vote to December 30, 2025. While a delay might typically signal trouble, in this case, it marks the successful defense against a rival bid and the final step toward consolidating two of Guinea's most promising gold projects into a single, formidable entity. The move goes beyond a simple corporate transaction; it's a strategic realignment set to reshape the region's gold mining landscape.

The Art of the Deal: How a Rival Bid Remade a Merger

The journey to this amended agreement was a dramatic, fast-paced affair that played out over mere weeks. The original merger, announced in early October, proposed a straightforward acquisition of Robex by Predictive. However, the landscape shifted abruptly on December 3rd when Perseus Mining, another major player in the region, launched an unsolicited A$2.1 billion bid for Predictive Discovery, which Predictive's board initially deemed a "superior proposal."

This move forced Robex into a critical decision: walk away or fight for a deal its leadership clearly saw as transformational. The company was given just one week to counter. The result, announced today, is a testament to the perceived long-term value of the combination.

Under the amended terms, Robex shareholders will receive 7.862 Predictive shares for each Robex share, a slight adjustment from the original 8.667. This revision shifts the final ownership structure, with former Robex shareholders now set to own 46.5% of the combined company. While this represents a smaller slice of the pie, the context is crucial. The revised deal was enough to convince Predictive's board and its major shareholders to abandon the Perseus offer, citing greater long-term value and higher execution certainty with the Robex merger. In a decisive move, Perseus has since withdrawn its bid, clearing the path for the Robex-Predictive union.

The unanimous backing from Robex's Board and Special Committee, fortified by updated fairness opinions, sends a powerful message. Directors and major shareholders, collectively holding nearly 24% of Robex shares, have locked in their support through new voting agreements, signaling unified confidence in the revised transaction's strategic and financial merits.

Forging a West African Gold Champion

Beyond the boardroom drama, the true significance of this merger lies in the geology and geography of West Africa. The deal combines two of the region's largest and most advanced gold projects: Robex's Kiniero project and Predictive's massive Bankan project. Crucially, these assets are located just 30 kilometers apart in Guinea's prolific Siguiri Basin, creating the foundation for what the companies are calling a "tier-1 gold mining hub."

The scale is immense. The merged entity will control combined mineral resources of approximately 9.5 million ounces of gold, with a clear path to becoming a major producer. Projections target an annual output exceeding 400,000 ounces by 2029, a figure that would place the company firmly in the upper echelons of West African gold producers.

"This combination creates a stronger company with near-term cash flow from Kiniero and Bankan, project synergies, and access to a world-class mine building team with very recent construction experience in Guinea," commented Matthew Wilcox, CEO of Robex, in the official announcement. His statement highlights the core logic: combining assets to build a company greater than the sum of its parts.

The Blueprint for Growth and De-Risking

The strategic brilliance of this merger extends into its financial architecture. The two key projects, Kiniero and Bankan, are at different stages of development, creating a powerful operational and financial synergy that significantly de-risks the path to growth.

Robex’s Kiniero project is already under construction, with its first gold pour anticipated by the end of 2025. With a projected output of 139,000 ounces per year at a low all-in sustaining cost (AISC) of US$1,066/oz, Kiniero is set to become a reliable cash-flow engine in the near term.

This impending cash flow is the key to unlocking the full potential of Predictive's Bankan project—a world-class discovery with a staggering 5.5 million-ounce resource. While Bankan boasts exceptional economics, including a projected 250,000-ounce annual production and a 46% internal rate of return, its development requires significant capital. By leveraging the cash flow from the nearby Kiniero operation, the combined company can fund Bankan's construction with less reliance on external financing, mitigating a major hurdle for large-scale mining developments.

This multi-asset profile not only provides financial flexibility but also enhances the company's appeal to the broader market. The increased scale, asset diversification, and strong growth pipeline position the new entity for potential inclusion in major market indices like the ASX 200 and the GDXJ gold miners ETF. Such an inclusion would dramatically increase its trading liquidity and visibility, attracting a wider base of institutional investors and potentially triggering a significant share price re-rating.

Navigating the Golden Continent

The decision to concentrate this new powerhouse in Guinea is also a calculated geopolitical move. While West Africa is rich in resources, the operating environment varies significantly from country to country. Neighboring Mali, where Robex also operates its Nampala project, recently enacted a new mining code that significantly increases state ownership rights, creating uncertainty for foreign miners.

In contrast, Guinea has cultivated a more stable and predictable regulatory environment, actively encouraging investment in its mining sector. Predictive has noted the strong backing it has received from the Guinean government for its Bankan project. By creating a major hub in Guinea, the merged company is anchoring its future in a jurisdiction that appears committed to long-term resource development.

The final approval now rests with Robex shareholders, who will cast their votes at the postponed special meeting on December 30. Having successfully navigated a competitive bidding war and secured a deal that promises enhanced scale, financial strength, and a clear path to becoming a dominant regional producer, the board's unanimous recommendation provides a powerful tailwind as the vote approaches.