Predictive Discovery Limited and Robex Resources Inc. have announced a merger of equals, creating a major mid-tier gold producer in West Africa with combined production expected to exceed 400,000 ounces annually by 2029.
- Merger of equals announced post-quarter, expected to complete by early 2026
- Combined gold production target exceeds 400koz per annum by 2029
- Merged entity holds approximately 9.5Moz in Mineral Resources and 4.5Moz in Ore Reserves
- Bankan Gold Project’s Exploitation Permit in final government review stage
- Robex’s cash flows to significantly de-risk funding for Bankan development
Merger Creates a New West African Gold Leader
In a landmark development for West African mining, Predictive Discovery Limited (ASX, PDI) and Robex Resources Inc. have agreed to merge in a transaction announced in early October 2025. This merger of equals combines two of the region’s most advanced and cost-efficient gold projects, positioning the new entity as a mid-tier producer with a projected output exceeding 400,000 ounces of gold annually by 2029.
The combined portfolio boasts Mineral Resources of approximately 9.5 million ounces and Ore Reserves of around 4.5 million ounces, underscoring the scale and quality of assets now under one roof. The merger is expected to close by December 2025 or early 2026, pending customary approvals.
Strategic Synergies and Funding Advantages
The union leverages Robex’s near-production Kiniero Gold Project in Guinea and the operating Nampala Gold Mine in Mali alongside Predictive’s flagship Bankan Gold Project. Robex’s Kiniero project is on track for first gold production in December 2025, with an average forecast of 139,000 ounces per year over nine years, while Nampala is expected to produce around 46,000 to 47,000 ounces in 2025.
Critically, the merger significantly de-risks funding for Bankan’s development. Cash flows from Kiniero, combined with the exercise of Robex’s in-the-money warrants and options, provide a robust financial foundation to support Bankan’s construction phase. The proximity of Bankan and Kiniero also creates a tier-1 mining hub in Guinea’s Siguiri Basin, enabling operational efficiencies and coordinated exploration strategies.
Progress on Bankan Project and Permitting
Predictive Discovery has advanced execution readiness for the Bankan Project, with a Definitive Feasibility Study completed and a NI 43-101 Technical Report finalized to meet Canadian disclosure standards. The project targets first production in April 2028, with an estimated 272,000 ounces per annum over 12 years.
The Bankan Exploitation Permit application is in the final stage of government review, awaiting final sign-off. Meanwhile, environmental and social management plans continue to develop, including biodiversity monitoring and community initiatives such as school infrastructure and water bore installations.
Leadership and Market Outlook
The combined company will be led by a seasoned management team with proven expertise in West African mining. Andrew Pardey, current CEO and Managing Director of Predictive, will serve as Non-Executive Chairman, while Matthew Wilcox, CEO and Managing Director of Robex, will lead as CEO of the merged entity.
With enhanced scale and a diversified asset base, the new company aims to strengthen its capital markets profile, including a proposed dual listing and potential inclusion in the ASX 200 and VanEck Junior Gold Miners indices. This could pave the way for a re-rating of the company’s share price as it transitions from development to production.
Financial Position and Next Steps
As of 30 September 2025, Predictive Discovery held A$57.6 million in cash with no debt, providing a solid financial footing as it moves toward project execution. The company has commenced formal funding discussions with a range of potential financiers to secure construction capital for Bankan.
Looking ahead, the focus will be on completing the merger, securing the Exploitation Permit, advancing environmental and social commitments, and finalizing financing arrangements. The integration of Robex’s development team is expected to accelerate Bankan’s construction phase, leveraging lessons learned from Kiniero’s build.
Bottom Line?
The merger sets the stage for a new West African gold powerhouse, but investors will watch closely as permitting and financing milestones unfold.
Questions in the middle?
- Will the Bankan Exploitation Permit receive final government approval without delay?
- How will the combined company manage integration risks and operational synergies post-merger?
- What financing terms will be secured to fund Bankan’s construction and how might this impact shareholder value?