PDI Gold has reported its first consolidated Mineral Resource and Ore Reserve statement since merging with Robex, lifting total resources to 10.1Moz and reserves to 4.8Moz. The headline growth came from the merger and a larger Kiniéro reserve, although Bankan’s development remains dependent on Guinea granting its exploitation permit.
- 10.1Moz of total Mineral Resources, including 6.9Moz Indicated and 3.2Moz Inferred
- 4.8Moz of Probable Ore Reserves across Bankan, Kiniéro and Nampala
- Kiniéro Ore Reserves rise 25% to 1.77Moz after drilling and higher gold assumptions
- Robex merger adds 3.99Moz of resources and 1.54Moz of reserves
- Bankan remains unchanged and awaits an exploitation permit in Guinea
Consolidated Gold Inventory Reaches 10.1Moz
PDI Gold Limited (ASX:PDI, TSX:PDI) has put a much larger gold inventory on the books after its merger with Robex Resources, reporting 263.8 million tonnes of total Mineral Resources containing 10.1 million ounces of gold. That comprises 176.0 million tonnes of Indicated Resources at 1.22 grams per tonne for 6.9Moz, plus 87.8 million tonnes of Inferred Resources at 1.14g/t for 3.2Moz.
Probable Ore Reserves total 110.9 million tonnes at 1.34g/t for 4.8Moz. Mineral Resources are reported inclusive of Ore Reserves, so the two figures should not be added together as separate ounces. The company said the merger contributed 3.99Moz of resources and 1.54Moz of reserves to the consolidated position.
Kiniéro Provides the Main Operating Lift
The most meaningful organic movement came at the Kiniéro Gold Mine in Guinea, where Ore Reserves rose 25% from 1.415Moz to 1.77Moz. Updated models for SGA, SGD and Jean, incorporating resource-definition drilling, added 191koz; higher economic assumptions contributed another 248koz, partly offset by 105koz of depletion from mining and processing.
Kiniéro’s Mineral Resources increased by about 550koz to 4.28Moz, with the company pointing to model updates, stockpile changes and a gold-price assumption raised from US$2,200 an ounce to US$2,600 an ounce. The reserve estimate uses US$2,200 an ounce. That gap matters: some of the resource growth reflects a more favourable price deck rather than drilling alone.
Bankan Retains 2.95Moz Reserve
Bankan remains the largest development asset, with unchanged Probable Ore Reserves of 51.6 million tonnes at 1.78g/t for 2.95Moz. Its inventory combines 1.95Moz of open-pit reserves with 1.00Moz from an underground operation, while the wider project resource includes 4.14Moz of Indicated open-pit resources and 1.38Moz of Inferred gold.
The numbers are substantial, but they are not yet a construction licence. Bankan’s exploitation permit application, submitted in January 2025, remains under review and awaits approval by presidential decree. PDI Gold says the technical and administrative steps are complete, while also acknowledging that the timing and outcome sit outside its control.
Nampala Inventory Narrows as Mine Life Shortens
Nampala contributes 298koz of Mineral Resources and 65koz of Probable Ore Reserves after depletion. The reserve estimate excludes fresh rock, applies a 15% reduction to mined grades based on geology-to-mill reconciliation, and assumes a US$3,000/oz gold price because the operation has a short remaining mine life. Depletion removed 94koz, while model updates and economic factors added 8koz and 30koz respectively.
Managing Director and CEO Matthew Wilcox said the company plans an “aggressive drilling program” across Kiniéro and Bankan to replace depletion and expand the resource and reserve base. The immediate test will be whether future drilling converts the substantial Inferred component into mineable categories without relying so heavily on higher gold-price assumptions.
Bottom Line?
The merger has delivered scale, but the next leg of value depends on converting resources through drilling while securing the permits needed to develop Bankan and parts of Kiniéro.
Questions in the middle?
- How quickly will Guinea grant the Bankan exploitation permit, and will its timing affect the construction schedule?
- Can planned drilling replace depletion and convert Kiniéro’s Inferred Resources into reserves at comparable grades?
- How sensitive are the expanded inventories to lower gold prices, operating costs, recoveries and Nampala’s remaining mine-life risks?