West Africa's New Gold Giant: PDI-Robex Merger Forges 400k oz Producer

QUEBEC and SUBAICO, Australia – April 16, 2026 – A new powerhouse has officially emerged in the West African gold sector. Predictive Discovery Limited (PDI) and Robex Resources Inc. have finalized their merger, creating a formidable, dual-listed gold company with ambitious plans to produce over 400,000 ounces of gold annually by 2029.

The transaction, valued at approximately A$2.02 billion (C$1.98 billion), was completed on April 15, 2026. It combines PDI's world-class Bankan Gold Project with Robex's newly operational Kiniero Gold Mine, both located in Guinea's prolific Siguiri Basin. This strategic consolidation is poised to reshape the regional mining landscape, creating a multi-asset producer with a clear path to significant growth.

Under the terms of the merger, Australia-based PDI acquired all outstanding shares of Canada's Robex. Former Robex shareholders will receive 7.862 PDI ordinary shares for each Robex share they held. The newly combined entity will trade on both the Australian Securities Exchange (ASX) and, starting April 20, the Toronto Stock Exchange (TSX), offering enhanced liquidity and a broader investor base.

A Strategic Union Forged in Gold

The logic behind this merger is a classic case of synergistic partnership, pairing a developer with a near-term producer to de-risk a massive future project. PDI has been the steward of the Bankan Gold Project, widely regarded as one of the most significant gold discoveries in West Africa in the past decade. However, developing a mine of this scale carries a hefty price tag, with Bankan's Definitive Feasibility Study (DFS) from June 2025 estimating upfront capital costs of US$463 million.

This is where Robex enters the picture. Robex successfully brought its Kiniero Gold Mine back into commercial production in February 2026. The cash flow generated from this operating mine provides the newly merged company with a non-dilutive source of funding to construct the much larger Bankan project. This financial synergy was a cornerstone of the deal, providing a clear and secure financing pathway that mitigates the need for substantial additional equity raises or complex project finance debt, a major hurdle for many junior developers.

By combining forces, the new entity leverages Robex's proven mine-building and operational expertise with PDI's exploration success and the sheer scale of the Bankan deposit. The merger transforms PDI from a single-asset developer into a multi-asset, integrated gold company, fast-tracking its transition to producer status while simultaneously unlocking the full potential of its Tier-1 asset.

The Assets: A Tale of Two Guinean Mines

The foundation of this new gold giant rests on two key assets located just 30 kilometers from each other in Guinea, offering tantalizing possibilities for future operational synergies.

The Prize: The Bankan Gold Project
Bankan is the company's future cornerstone. With a defined Mineral Resource of 5.53 million ounces and an Ore Reserve of 2.95 million ounces, it is a project of global significance. The DFS projects an average annual production of approximately 250,000 ounces over a mine life exceeding 12 years. The project's economics are robust, boasting a post-tax Net Present Value (NPV) of US$1.6 billion and an impressive Internal Rate of Return (IRR) of 46%, based on a gold price of US$2,400 per ounce. With environmental approvals already secured and construction scheduled to begin in the second quarter of 2026, Bankan is on a clear trajectory to begin commercial production in 2028.

The Engine: The Kiniero Gold Mine
If Bankan is the prize, Kiniero is the engine that will get the company there. A former producing mine that operated from 2002 to 2014, Kiniero was acquired by Robex in 2022 and has been systematically brought back to life. Having achieved commercial production just two months ago, the mine is set to be a reliable cash generator. The updated Feasibility Study for Kiniero outlines an average annual output of 139,000 ounces over nine years, peaking at 154,000 ounces per year in the first six years. With gold prices currently trading significantly higher than the assumptions used in its feasibility studies, Kiniero's ability to generate strong cash flow is amplified, strengthening the combined company's balance sheet from day one.

Market Impact and Investor Outlook

The completion of this merger marks a significant shift for shareholders of both former companies and for the broader market. With Robex shares now delisted from the TSX Venture Exchange and ASX, former shareholders are becoming part of a much larger, more diversified, and financially robust entity.

The dual listing on the major boards of the ASX and TSX is a critical strategic move. It is expected to significantly enhance the company's capital markets profile, attracting a wider pool of institutional investors in both North America and the Asia-Pacific region who might have been unable to invest in the smaller, separate entities. Following the transaction, existing PDI shareholders own approximately 53.5% of the combined company, with former Robex shareholders holding the remaining 46.5%.

The timing of the merger is also opportune. Gold prices have seen a significant rally, with forecasts from major financial institutions like J.P. Morgan and UBS projecting sustained strength through 2026 and beyond. This favorable commodity price environment provides a powerful tailwind for the new company, enhancing the profitability of the producing Kiniero mine and improving the already strong projected economics of the Bankan development.

Navigating the Path to 400,000 Ounces

With the merger now complete, the new management team's focus shifts squarely to execution. The primary goal is to deliver on the promise of becoming a 400,000+ ounce-per-year producer by 2029.

The roadmap is clear. In the immediate term, the team will focus on optimizing production and cash flow from the Kiniero mine. These funds will be strategically deployed to advance the Bankan project, with construction set to commence shortly. The first major gold pour from Bankan is anticipated in 2028, which will mark the company's transformation into a major gold producer.

The integration of two distinct corporate cultures and operational teams from Australia and Canada will present its own set of challenges, but the strategic alignment and the immense value proposition of the combined assets provide a powerful incentive for a smooth transition. The close proximity of the two main projects in Guinea also presents a unique opportunity to streamline logistics, share technical expertise, and realize operational cost savings over the long term. As the new entity begins its life on two of the world's premier mining exchanges, the market will be watching closely as it works to build West Africa's next great gold mining company.