Name of the Project
Bankan gold project.

Location
Guinea.

Project Owner/s
Predictive Discovery Limited (PDI).

Project Description
A prefeasibility study (PFS) has outlined robust production and financial metrics for the project, confirming its status as one of the most exciting development projects worldwide.

The project has a maiden probable ore reserve estimate of 57.7-million tonnes at 1.64 g/t gold for 3.05-million ounces of contained gold across the project’s NEB openpit, NEB underground and BC openpit areas.

An ore reserve case and an extension case have been developed for the project.

Ore Reserve Case
The production target and forecast financial information are based on indicated mineral resources/probable ore reserves.

The ore reserve case proposes a mine life of 11 years, processing 5.5-million tonnes a year of material for average production of 256 000 oz/y of gold. Total gold production is estimated at 2.82-million ounces, from mill feed of 57.7-million tonnes at 1.64 g/t gold containing 3.05-million ounces of gold.

Extension Case
The production target and forecast financial information comprise, on a contained gold basis, 87.2% indicated mineral resources or probable ore reserves and 12.8% inferred mineral resources.

The extension case produces an average of 269 000 oz/y over 12 years for total production of 3.23-million ounces, from mill feed of 61.5-milllion tonnes at 1.77 g/t gold containing 3.49-million ounces of gold.

Conventional drill, blast, truck and shovel methods will be used for the NEB openpit. The NEB underground orebody will be mined using transverse longhole open stoping with paste fill.

The 5.5-million-tonne-a-year processing plant will use conventional carbon-in-leach technology with upfront gravity recovery.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The ore reserve case delivers a pretax net present value (NPV), at a 5% discount rate, of $848-million and an internal rate of return (IRR) of 30.3% at a gold price of $1 800/oz, with a payback of 1.5 years.

The extension case delivers a pretax NPV, at 5% discount rate, of $998-million and an IRR of 31.3% at a conservative $1 800/oz, with a payback of 1.5 years.

Capital Expenditure
Both cases require upfront capital of about $456-million.

Planned Start/End Date
The project has a two-year construction period.

Latest Developments
The government of Guinea has approved Predictive Discovery’s environment- and social-impact assessment.

Having issued a certificate of environmental compliance, the Ministry of Environment and Sustainable Development, in Guinea, has paved the way for Predictive to apply for a mining licence.

The assessment involved two years of close engagement with the Ministry and associated agencies, particularly as the project is located on the periphery of the Upper Niger National Park.

It also involved extensive social, biophysical and biodiversity baseline studies conducted from 2022.

As part of its application for a mining licence, Predictive has undertaken to relinquish all of the portion of the Bankan permits within the buffer zone of the park, such that no mining activity will be conducted within the buffer zone.

The buffer zone demarcates the protected area closest to the core conservation area of the park.

Predictive has confirmed that all the planned deposits and area for development of the project are outside of the buffer zone; therefore, there is no impact on the company’s PFS, published in April 2024.

In support of its broader conservation efforts during the development phase of Bankan, Predictive will launch a reforestation programme at the outer limit of the proposed mining licence area, closest to the buffer zone of the national park.

The environmental approval marks a critical step in granting of all the necessary permits required to develop Bankan into a Tier 1 gold mine.

Predictive intends to file its application for the mining licence with the Guinea Ministry of Mines and Geology, as well as the Centre for the Promotion and Development of Mines, by January 31, and complete a definitive feasibility study during the second half of 2025.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Predictive Discovery Limited, tel +61 8 9216 1020.