Predictive Discovery Completes Robex Merger, Creating a Larger West African Gold Platform with Growth to 2029

About Predictive Discovery Limited

Predictive Discovery Limited (ASX: PDI) is an Australian-listed gold developer with exposure to West Africa through its Bankan Project. With the completion of the Robex merger, the company has broadened into a larger production and development platform spanning both development-stage and producing assets, while also establishing a stronger presence in Canadian capital markets. PDI is already listed on the ASX and has received approval for listing on the Toronto Stock Exchange, which adds a second major listing venue for the combined group.

The merger materially changes PDI’s scale and positioning

This is a significant step for Predictive Discovery because it changes the company from a single-project-led development story into a broader gold platform with both production and development exposure. Effective from 15 April 2026 in Québec, PDI, through its wholly owned subsidiary, acquired all issued and outstanding Robex shares under a statutory plan of arrangement. As a result, PDI now beneficially owns 100 per cent of Robex, giving it direct control of the enlarged group structure.

That matters because scale can be especially important in gold development. A larger asset base can improve funding flexibility, broaden investor appeal and provide more operational pathways as projects move through construction, commissioning and ramp-up. In this case, the stated production ambition of more than 400,000 ounces per annum by 2029 positions the merged group as a more substantial West African gold company than either business was on a standalone basis.

The production target is based on previously disclosed project assumptions for Bankan and Kiniero. The filing notes that 2029 production reflects estimated output from Bankan of 272,000 ounces, assuming first production begins in April 2028, and estimated Kiniero production of 155,000 ounces. Both companies also confirmed that the material assumptions underpinning those previously disclosed production targets continue to apply and have not materially changed.

Share exchange terms give Robex holders a full scrip outcome

The transaction was completed entirely through shares, with former holders of Robex shares and Robex CDIs entitled to receive 7.862 PDI shares for each Robex security they held immediately prior to completion. In aggregate, PDI issued approximately 2.17 billion shares as consideration. Based on PDI’s closing price of A$0.93 on 15 April 2026, the merger consideration represented an aggregate value of roughly A$2.021 billion, or about A$7.31 per Robex share or CDI.

This structure is important because it preserves cash while giving former Robex investors direct exposure to the upside, risks and long-term value creation potential of the combined company. It also means the merged group now has a substantially larger issued equity base, which may improve trading liquidity and broaden institutional relevance over time.

For legacy Robex shareholders, the practical next step is the conversion process into PDI equity. Former registered holders of Robex shares, other than holders of Robex CDIs, are required to submit the relevant transmittal documents in order to receive their PDI shares. That is an administrative detail, but it matters because it completes the practical transition from Robex ownership into ownership of the merged listed entity.

Canadian market access becomes more important after completion

A further strategic element of the merger is market access. Following completion, PDI became a reporting issuer in each of Canada’s provinces and territories and received approval from the Toronto Stock Exchange for the listing of its shares. Trading of the newly issued PDI shares for former Robex holders is expected to begin on the TSX on 20 April 2026 and on the ASX on 22 April 2026. Robex has also applied to delist its shares from the TSX Venture Exchange, while its CDIs were delisted from the ASX on 15 April 2026.

That dual-market positioning is important because it gives the enlarged group access to a broader investor base across Australia and Canada. Gold companies with African development exposure often benefit from deeper North American mining capital pools, while the ASX remains an important market for natural resources investors. A combined ASX-TSX listed platform may improve visibility, valuation support and future funding flexibility as the projects advance.

The merger also simplifies the corporate structure from an investor perspective. Rather than having two listed entities connected through a merger process, investors will increasingly be dealing with one listed parent company with direct ownership of the merged asset base. Over time, that should make the investment case easier to understand and compare against peers.

The combined platform is built around West African gold growth

The central industrial logic behind the transaction is clear: bring together one major development asset and one producing-development asset into a larger regional gold platform. Predictive Discovery’s Bankan Project and Robex’s Kiniero Project provide the basis for the merged production profile, and together they create a company that can market itself as both a producer and a growth developer in West Africa.

That is strategically meaningful because West African gold remains a region where project scale, operating capability and access to capital can strongly influence long-term value. A larger merged company may be better placed to sequence capital, manage development timelines and engage with a wider pool of investors and counterparties than either business could have done individually.

The transaction also appears to be large enough to reposition PDI in the market. Based on the value of shares issued, the merger consideration sits above A$2 billion, which is substantial in the context of junior and mid-tier gold development. While execution risk remains inherent in gold development, the enlarged balance of scale and production ambition gives the combined business a more prominent standing.

Governance and corporate transition now move into focus

With the merger completed, attention also turns to integration and governance. PDI disclosed that Ian Hobson has resigned as company secretary and Matthew Foy has been appointed company secretary in connection with the transaction. While this is a relatively small governance change, it reflects the broader reality that the business is now entering a new corporate phase shaped by integration, reporting obligations across multiple jurisdictions and the demands of running a larger listed mining group.

The company has also indicated that, as soon as practicable, it will apply for Robex to cease being a reporting issuer under Canadian securities laws. That is part of the post-merger clean-up process and reinforces the move toward a simpler single-parent structure.

The next leg of the story will depend less on transaction mechanics and more on delivery. Investors are likely to focus on how the merged group executes against its project timelines, production targets and funding strategy, and whether the scale benefits of the merger translate into stronger operational and market outcomes.

Outlook

The completion of the Robex merger is a defining event for Predictive Discovery. It creates a larger West African gold company with a production target of more than 400,000 ounces per annum by 2029, expands its market presence into Canada, and gives the group a broader strategic foundation built around Bankan and Kiniero. The transaction itself is now done, but the real investment case will depend on execution from here: integrating the platform, advancing development, and converting combined scale into operating performance and long-term shareholder value.