Robex Resources Inc.

Former TSXV-listed West African gold producer, now part of Predictive Discovery / PDI Gold since April 2026. Its Mali open-pit mine, Nampala, is at the end of its disclosed reserve life, running high AISC and a rising strip ratio. The group's new Kiniero mine in Guinea declared commercial production in February 2026.

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Report of 29 Sept 2026 (latest), confidence medium. 2 versions ▾

Listing: TSXV: RBX
Main project: Nampala
Location: Sikasso, Mali
Commodities: Gold
Stage: Production
Tier: Tier 2
Website: robexgold.com (legacy); parent: pdigold.com

Distress

Moderate

Prospect fit

out of 100

Market cap

$325.0M

Cash

—

As of Last audit

Runway

—

Share price, 1 year

+115%

4.73 AUD (PDI.AX)

Company summary

Robex Resources Inc. operated the Nampala open-pit gold mine in Mali and developed the Kiniero Gold Project in Guinea. Kiniero poured first gold on 21 December 2025 and declared commercial production on 11 February 2026 [47][45]. Predictive Discovery Limited (ASX: PDI), which presents as PDI Gold, completed a merger-of-equals acquisition of Robex on or about 15 April 2026 at an announced value of about A$970M. Robex was delisted from the TSXV on 17 April 2026, and PDI's Canadian-listed shares began trading on the TSX on 20 April 2026 [50]. Robex now has no public float. The decision-makers and the equity currency sit at PDI, whose combined portfolio covers Nampala, Kiniero and Bankan in Guinea [33][51].

Nampala's NI 43-101 reserve (effective 30 September 2024) is about 4.0 Mt at 0.93 g/t Au for about 121 koz, Probable. The January 2025 update extended mine life from June 2026 to 31 December 2026, with LOM AISC of about US$1,106/oz [16][43]. Actual 2025 performance was well below that plan:

FY2025 production was 45,429 oz, against guidance of 46,000–48,000 oz [28].
AISC ran around C$2,125–2,555/oz across 2025 quarters [31][40][41].
The strip ratio rose from about 1.5 in 2024 to 2.7 in Q2 2025 and about 3.9 in Q4 2025 (calculated) [31][28].
Q2 2025 head grade was 0.76 g/t, against the 0.93 g/t reserve grade [6].

The Malian fiscal regime was reset by a new mining convention on 27 February 2025. Royalties rose, the state took a 20% stake in Nampala SA, and the Finance Minister requested retrospective application of the ad valorem royalty [25][30]. The group carries a fully drawn US$130M Sprott senior secured facility, secured over substantially all assets [13][5].

At Mining Forum Americas on 28–29 September 2026, PDI described Nampala as generating positive monthly free cash flow. Management cited more than US$25M a year of cash extraction and production of about 40–48 koz a year [51][33]. That language sits uneasily with a disclosed reserve life ending December 2026, and no new reserve or technical report was identified.

Key projects

Project	Location	Stage	Resource or reserve
Nampala Gold Mine gold	Mali	Producing open pit, final disclosed phase (reserve life to 31 Dec 2026)	NI 43-101 (eff. 30 Sep 2024): Probable Reserve: ~4.0 Mt @ 0.93 g/t Au for ~121 koz. Indicated Resource (inclusive): ~8.0 Mt @ 0.94 g/t for ~243 koz [16][43]. LOM update (Jan 2025) economics [16]: ~52 koz/yr. LOM AISC ~US$1,106/oz. Remaining capital + closure ~US$37.8M: capitalized stripping US$31.5M, sustaining US$2.2M, closure/contract termination US$4.06M. Other facts: FY2025 production was 45,429 oz [28]. The state holds 20% of Nampala SA [30]. Exploitation permit PE 2011/17 shows a 21 Mar 2024 expiry but is listed as Active [31].
Kiniero Gold Mine gold	Guinea	Commercial production declared 11 Feb 2026; ramp-up year	Standalone figures not in the research notes. The combined PDI–Robex portfolio is cited at ~9.5 Moz Mineral Resources and ~4.5 Moz Ore Reserves. Kiniero milestones and funding: First gold pour 21 Dec 2025, on schedule and budget per company [47]. First shipment of ~6,336 oz [45]. Funded by the US$130M Sprott facility [12]. Development capex was C$99.2M YTD to June 2025 [31].
Mansounia gold	Guinea	Permitting (mining permit and convention pending at Sept 2025)	Not disclosed in notes The final US$15M Sprott tranche was conditional on the Mansounia mining permit and convention [12]. The facility was fully drawn by 30 June 2026 [13].
Bankan gold	Guinea	PDI development project (pre-merger PDI asset)	Not disclosed in notes Part of the combined PDI portfolio presented in Sept 2026 [33][51].

What changed since the previous report

12 changes

New: the Q2 2026 quarterly activities report (30 Jul 2026) confirms US$130M Sprott debt outstanding at 30 June 2026 [13]. The previous report relied on the FY2025 filing.
New: the 28–29 Sep 2026 PDI Mining Forum presentation describes Nampala as FCF-positive, with more than US$25M/yr cash extraction and ~40–48 koz/yr [51][33]. This conflicts with the Dec 2026 reserve life and is flagged within the critical issue.
Merger value restated: current notes cite an announced ~A$970M (≈US$630M) [50], versus 'about US$1.5B at close' in the previous report. The discrepancy is unresolved.
Permitting issue changed: the previous report flagged 'exploration permits pending renewal'. Current notes show the Nampala exploitation permit PE 2011/17 with a 21 Mar 2024 expiry listed as Active [31], a more material point.
Mali fiscal issue sharpened: added the 6 May 2025 retrospective royalty request, the 20% state stake in Nampala SA, and quantified royalties (C$6.45M vs C$1.18M) [25][30]. Now categorised as legal/fiscal.
New analytical finding: 2025 guided stripping plus sustaining spend of C$56–64M (≈US$40–46M) exceeds the whole US$37.8M LOM remaining-capital envelope. Sustaining plus stripping is estimated at ~59% of Q2 2025 AISC.
New issue: head grade 0.76 g/t vs reserve grade 0.93 g/t, with implied Q2 2025 recovery ~88% (consistent with the 89% assumption) [6][31][38]. The gap is grade, not recovery.
New data-quality flag: the Q2 2024 comparative likely reflects H1 figures, and AISC currency and Q3 YTD figures conflict across sources.
Dropped items not supported by current notes: the FY2025 operating cash flow of C$22.9M, the Malian credit line (C$12.44M, maturing 30 Apr 2026), the 244.1M share count and the A$120M IPO size. These are now listed as data gaps.
Dropped the MarketBeat C$7.20 post-delisting quote; no price or market cap is reported.
Added the Sept 2025 safety record: 2.04M LTI-free hours at Nampala and ~4.86M at Kiniero [52].
Distress score unchanged at 40. Fit score set at 55 (tail-life and changed decision-maker constraints). A proposal was added targeting PDI with PDI equity.

Recommended engagement

Protect Nampala's final-phase cash and lock in Kiniero's ramp-up: a 5-week two-site diagnostic, then KPI-linked implementation

Proposed fee: $1.9M
Cash and equity: 70% / 30%

Open the proposal

Top issues

12 in total

Critical
Nampala reserve life ends December 2026, with no disclosed decision between extension and closure
High
AISC ~45–65% above the LOM plan, driven mainly by stripping and sustaining spend that overran the plan envelope
High
Mali fiscal and ownership reset, including a retrospective royalty claim
High
Head grade running ~18% below reserve grade, with no disclosed mine-to-mill reconciliation
High
Rising strip ratio and fuel dependency inflate load-and-haul cost and guidance risk

See all issues

Why this company

Case for engaging:

Strong operational pain matching our best-fit profile. Nampala runs AISC ~45–65% above its LOM plan, with stripping and sustaining spend that overran the plan envelope.
The strip ratio climbed to ~3.9 and head grade sits ~18% below reserve grade (inferred).
FY2025 guidance was missed amid fuel constraints.
Kiniero is in its first production year, a classic ramp-up where maintenance, recovery and plan-attainment work pays.
These map directly to our Load & Haul, Mine Planning (dilution and cut-off), Maintenance, Processing and Unit-Cost services, and to our cited results (−15% haul cycle time, +84% availability, SIC and 24-hour plan attainment).

Why the score is held back:

Nampala has only ~3 months of disclosed reserve life, which caps the value of a long engagement unless an extension is real.
Robex no longer exists as a listed decision-making entity. The buyer is PDI, whose leadership and priorities we have not verified, and equity would be PDI stock requiring ASX/TSX process.
Kiniero data are thin in our research.
Mali adds security, fuel and fiscal complexity that we cannot fix.

Distress is moderate and mostly operational and fiscal rather than balance-sheet distress, which suits us.

Issues

Most severe first

CriticalOperational
Nampala reserve life ends December 2026, with no disclosed decision between extension and closure
The last public reserve supports mining only to 31 Dec 2026, about three months from today. Yet PDI is telling investors Nampala produces 40–48 koz a year and extracts more than US$25M a year of cash. No new reserve, technical report or drill results have been identified.
Either the tail is being extended on unpublished work, or the group faces a closure within one quarter. Both cases are high-stakes operating decisions:
- An extension means deciding which pushbacks justify further stripping.
- A closure means contract termination, workforce transition, cyanide/TSF decommissioning, and managing a 20% state partner through it.
The final months are the most capital-intensive and dilution-prone part of any open-pit life.
Evidence and 5 sources
- Reserve 4.0 Mt @ 0.93 g/t, ~121 koz Probable, mine life extended from June 2026 to 31 Dec 2026 [16][43].
- Closure and contract-termination costs of ~US$4.06M [16].
- Sept 2026 presentation: positive monthly free cash flow, >US$25M/yr cash extraction, ~40–48 koz/yr [51][33].
- No new Nampala reserve or drill release identified [28].
[16][43][51][33][28]
HighOperational
AISC ~45–65% above the LOM plan, driven mainly by stripping and sustaining spend that overran the plan envelope
The LOM plan assumed AISC of ~US$1,106/oz. Actual 2025 AISC ran around C$2,125–2,555/oz, or ~US$1,530–1,840/oz, and guidance was loosened twice.
In Q2 2025, sustaining capex (C$8.52M) plus stripping (C$7.85M) totalled C$16.37M. Against 13,104 oz sold, that is ~C$1,250/oz, or about 59% of the C$2,125/oz quarterly AISC (estimate). Royalties add roughly C$500/oz (Q1 2025: C$6.45M on ~12.9 koz produced; estimate).
The 2025 guided spend (analyst inference) far exceeds the LOM plan:
- Revised guidance was sustaining C$30–34M plus stripping C$26–30M, i.e. C$56–64M (≈US$40–46M) for 2025 alone.
- That exceeds the entire remaining capital plus closure envelope of US$37.8M set in Jan 2025 for Sept 2024 through end of life.
- Sustaining capital alone was planned at US$2.2M.
- Possible explanations are definitional differences, scope growth or cost overrun. Any of these is a strong signal that waste-movement cost and sustaining capex are poorly controlled against plan.
Value at stake (estimate): each US$100/oz off AISC on ~45 koz/yr is ~US$4.5M/yr of cash.
Evidence and 7 sources
- LOM AISC ~US$1,106/oz; capitalized stripping US$31.5M, sustaining US$2.2M [16].
- AISC: Q1 2,342/oz [40]; Q2 C$2,125/oz and H1 C$2,228/oz [31]; Q3 YTD ~C$2,318–2,555/oz (sources differ) [41][42][52].
- AISC guidance moved from <C$2,000 to <C$2,400/oz [41].
- Sustaining guidance rose from C$24–28M to C$30–34M; stripping from C$20–24M to C$26–30M [31][41].
- 2024 sustaining C$20.44M and stripping C$17.63M [17].
[16][40][31][41][42][52][17]
HighLegal
Mali fiscal and ownership reset, including a retrospective royalty claim
The 27 Feb 2025 convention raised royalties and revenue-based taxes and gave the state 20% of Nampala SA with governance rights. The 6 May 2025 Finance Minister letter sought retrospective application of the ad valorem royalty, which is a contingent cash liability with no disclosed resolution.
This is not fixable by operational work, but it shrinks the margin on every ounce. That raises the value of every controllable dollar per tonne and makes the state partner a stakeholder in any closure or extension decision.
Evidence and 4 sources
- Q1 2025 royalties C$6.45M vs C$1.18M (+448%) [25].
- Retrospective royalty request dated 6 May 2025 [25].
- State holds 20% of Nampala SA [30].
- Company risk factors cite capital controls and fiscal changes [5].
[25][30][5][1]
HighTechnicalAnalyst inference
Head grade running ~18% below reserve grade, with no disclosed mine-to-mill reconciliation
Q2 2025 head grade was 0.76 g/t against a 0.93 g/t reserve grade. The shortfall may be partly planned, for example low-grade stockpile blending or softer domains. However, no reconciliation of reserve model, grade control and mill has been published.
In a 0.9 g/t oxide/transition pit with a strip ratio near 4, dilution at ore/waste contacts and ore loss are classic drivers. Implied Q2 2025 recovery is ~88%, consistent with the 89% planning assumption, so recovery looks broadly in line; the gap sits in grade.
Value at stake (estimate): +0.05 g/t on ~2.2 Mt/yr milled at 88% recovery ≈ +3,100 oz/yr ≈ US$6.8M/yr at US$2,200/oz.
Evidence and 5 sources
- Q2 2025 head grade 0.76 g/t vs 0.83 g/t in Q2 2024; the production decline was attributed to grade [6].
- Reserve grade 0.93 g/t [16].
- Q2 2025 processed 547,749 t for 11,736 oz produced, implying ~88% recovery [31][6].
- 89% recovery assumption [38].
- FY2025 ore mined 2,224,554 t [28].
[6][16][31][38][28]
HighOperational
Rising strip ratio and fuel dependency inflate load-and-haul cost and guidance risk
The operational strip ratio climbed from ~1.5 in Q2 2024 to 2.7 in Q2 2025 and ~3.89 in Q4 2025 (calculated). The company itself made guidance conditional on reliable fuel access in Mali.
With waste now around 80% of material moved, haul cycle time, payload, queueing and fuel efficiency (litres per tonne) directly set both unit cost and whether the ore release schedule can be met under constrained fuel. Owner vs contractor mix, fleet and availability are not disclosed.
Evidence and 5 sources
- Q2 2025: 1,964,119 t waste, 720,924 t ore, strip 2.7 vs 1.5 [31].
- Q4 2025: 2,016,593 t waste, 518,297 t ore (calculated 3.89) [28].
- Guidance subject to fuel access [29][52].
- Revised 2025 stripping cost C$26–30M ≈ US$18.7–21.6M [41].
[31][28][29][52][41]
HighOperationalAnalyst inference
Kiniero ramp-up is now the group's cash engine and debt-service source, with no public ramp-up KPIs
With Nampala in its tail, Kiniero must carry the US$130M Sprott debt. It declared commercial production only in February 2026, and its throughput, recovery, availability, AISC and 2026 guidance are not in the research notes.
First-year plant and mining ramp-ups routinely under-deliver on recovery, maintenance reliability and plan attainment. Any slippage while Nampala winds down would pressure debt service and guidance credibility at the newly merged PDI.
Evidence and 4 sources
- First gold 21 Dec 2025; full capacity expected early Q1 2026 [47].
- Commercial production 11 Feb 2026; first shipment ~6,336 oz [45].
- Sprott US$130M fully drawn [13].
- 2026 guidance deferred until after the ramp-up [28].
[47][45][13][28]
MediumPermitting
Nampala exploitation permit PE 2011/17: stated expiry 21 March 2024 but listed as Active
The public disclosure does not explain the renewal or legal basis for operating after the stated expiry. Combined with the new convention and 20% state ownership, any extension of Nampala beyond December 2026 depends on permit clarity.
Evidence and 1 source
The June 2025 quarterly permit table lists PE 2011/17 with a 21 Mar 2024 expiry as Active [31].
[31]
MediumOperational
FY2025 guidance missed, and 2026 guidance never issued standalone
Nampala finished at 45,429 oz, about 571 oz (1.2%) below the bottom of guidance, after management said in Q3 it remained on track. AISC guidance was widened mid-year.
This is a small miss, but it came alongside a steady loosening of cost guidance, which erodes credibility at a newly merged group.
Evidence and 3 sources
- FY2025 45,429 oz vs 46,000–48,000 oz guidance [28].
- Q3 statement that Nampala was on track [52].
- 2026 guidance deferred [28][53].
[28][52][53]
MediumFunding
US$130M senior secured debt with undisclosed covenants during the asset transition
The facility is fully drawn and secured on substantially all assets. Rate, amortisation, covenants and maturity are not in the notes.
Debt service begins as Nampala depletes and Kiniero ramps. Net cash of C$63.7M at FY2025 partly reflects restricted proceeds and should not be read as free liquidity. Sprott consent may also be needed for some equity or contractual arrangements.
Evidence and 4 sources
- US$130M outstanding at 30 Jun 2026 [13].
- Facility secured on substantially all assets [5].
- Release conditions and the Mansounia-conditional tranche [12].
- Net cash C$63.7M [1].
[13][5][12][1]
MediumManagementAnalyst inference
Post-merger integration: decision rights, systems and site leadership moving to PDI
Robex's management structure no longer applies after April 2026, and the current executive roster is not verified. Integration of maintenance systems, planning, reporting and the Mali and Guinea site teams typically dilutes site focus in the first 6–12 months.
Evidence and 2 sources
- Merger completed ~15 Apr 2026 and TSXV delisting 17 Apr 2026 [50].
- Government engagement in Mali and Guinea required before completion [44].
[50][44]
LowOtherAnalyst inference
Disclosure inconsistencies obscure true unit costs
There are three inconsistencies in the source extracts:
- The same AISC figures appear as both C$ and US$.
- Q3 2025 YTD AISC appears as both C$2,318/oz and C$2,555/oz.
- The Q2 2024 comparative (1.10 Mt milled for 12,764 oz at 0.83 g/t) implies ~44% recovery. This is likely an H1 2024 figure mislabelled as Q2, so the reported ~50% year-on-year throughput decline is probably an artefact.
The cost base needs to be rebuilt from site data before targets are set.
Evidence and 6 sources
- AISC currency conflict across extracts [31][40].
- Q3 YTD AISC conflict [41][42][52].
- Q2 2024 table: 1,096,821 t processed [31] vs 12,764 oz at 0.83 g/t [6].
[31][40][41][42][52][6]
LowMarket
FX and capital-control exposure in Mali
The company has USD revenues against CFA-denominated local costs. Risk factors cite exchange and capital controls. No specific event has been identified.
Evidence and 2 sources
- Q1 2025 FX loss C$1.73M vs C$0.31M [25].
- Capital-control risk factors [5].
[25][5]

Opportunities

Nampala tail optimisation (estimate): last-phase capital is the biggest AISC driver (~59% of Q2 2025 AISC). A 10% improvement in waste movement cost via haul cycle time, payload and queue control on ~US$19–22M/yr of stripping spend is worth ~US$2M/yr. Our base-metals client achieved −15% haulage cycle time.
Grade control and dilution (estimate): closing even 0.05 g/t of the ~0.17 g/t head-grade gap to reserve grade on ~2.2 Mt/yr is worth ~3,100 oz/yr, or ~US$6.8M/yr at a conservative US$2,200/oz.
Fuel productivity: litres per tonne moved, idle and queue time, and dispatch discipline directly protect guidance in a fuel-constrained Mali setting that management itself flagged.
Extension vs closure decision support: pit-by-pit cut-off and incremental-strip economics under the new royalty regime, plus a closure-readiness and contract-termination plan. This protects more than US$25M/yr of cash extraction or avoids stranded stripping spend.
Kiniero first-year ramp-up: maintenance strategy, work-order and backlog control, plant OEE and recovery, and mine-plan attainment via the 24-hour plan and SIC for drill & blast. This is the group's debt-service asset.
Unit-cost management and a single KPI dashboard across Nampala and Kiniero, supporting PDI's post-merger integration and credible 2026–27 guidance.
Community and state-partner engagement programme for Nampala's transition, given 20% state ownership and fiscal sensitivity.

Data gaps

Not found in public sources

Current PDI Gold executive team (CEO/MD, COO, CFO), Nampala and Kiniero site GMs, and board.
Any new Nampala reserve, mine-plan extension, or formal closure plan beyond 31 Dec 2026.
Nampala 2026 quarterly production, AISC, grade, strip ratio and recovery; 2026 group guidance.
Kiniero operating data: throughput vs nameplate, recovery, plant availability, AISC, mining fleet and contractor model.
Nampala fleet list, owner vs contractor split, availability and utilisation, fuel consumption per tonne, power source.
Nampala plant nameplate capacity, flowsheet, and measured recovery by ore domain.
AISC bridge by cost line; confirmation of the reporting currency for AISC; reconciliation of the Q3 2025 YTD AISC (C$2,318 vs C$2,555/oz).
Explanation of 2025 sustaining and stripping spend vs the Jan 2025 LOM capital envelope.
Sprott facility terms: rate, amortisation, covenants, maturity, and restrictions on equity or contracts.
Gross cash and restricted cash at FY2025 and 30 Jun 2026; working capital; going-concern note wording.
Status of the retrospective Mali royalty claim and the legal basis for permit PE 2011/17 continuity.
PDI share price, market cap, share count and ASX LR 7.1 placement capacity (live market data unavailable).
Workforce, safety (LTIFR/TRIFR beyond LTI-free hours), water and community data for Nampala.
Nampala latitude and longitude; Robex HQ.

Financial position

Statements as of Last audited: FY2025 statements/MD&A, filed 27 Feb 2026 [1]. Debt from the Q2 2026 quarterly activities report, 30 Jul 2026 [13]. Full 2026 interim statements not available.

Market cap: —
Cash: —
Debt: $130.0M
Quarterly burn: —
Runway: —
Going concern: Not flagged

Shares outstanding

No verified count in current notes. Robex shares were exchanged into Predictive Discovery (PDI) shares under the April 2026 merger, so Robex has no standalone public float. Third-party pre-merger holders (c. 31 Jan 2026) [14]:

Georges Cohen ~15.0%.
BlackRock ~12.8%.
Eglinton Mining ~6.7%.
Franklin ~4.97%.
ASA Gold ~4.67%.
Taurus ~3.39%.
Schroders ~3.34%.

Recent financing

US$130M Sprott senior secured project facility, fully drawn by 30 Jun 2026 [13]:

US$25M drawn March 2025.
September 2025 amendment: US$30M immediate, US$60M to a debt-proceeds account subject to release conditions, US$15M conditional on the Mansounia permit [12].

Equity:

June 2025 ASX IPO; terms not verified in current notes [1].
2024 warrants accelerated to 18 Oct 2025 after the stock traded above C$3.50 for 10 days [52].

Analyst commentary

Robex is no longer a standalone listed entity. The relevant balance sheet, equity currency and capital-allocation decisions now sit at PDI Gold / Predictive Discovery [50].

FY2025 standalone results [1]:

Revenue rose to C$222.4M (2024: C$158.4M).
Mining operating profit was C$108.3M.
Operating income fell to C$40.0M (2024: C$44.4M).
The net loss widened to C$138.5M (2024: C$12.6M), heavily influenced by non-operating and non-cash items.
Net cash was C$63.7M at year-end (2024: C$5.8M), driven by the IPO, warrant exercises and Sprott drawdowns.

Operating cash flow for 9M-2025 was C$16.46M, versus C$25.5M a year earlier [2]. The rising Mali royalty burden (Q1 2025 royalties C$6.45M vs C$1.18M) and heavy stripping and sustaining spend absorbed the benefit of higher gold prices [25][31].

Gross debt is US$130M of Sprott senior secured debt, secured over substantially all assets [13][5]. Interest rate, amortisation, covenants and maturity are not disclosed in the notes. The net-cash figure reflects timing and restricted debt proceeds, and should not be read as unrestricted liquidity.

No going-concern language was identified, but the auditor note was not retrieved. Burn and runway are not meaningful for a cash-generating producer. PDI management now cites more than US$25M a year of cash extraction from Nampala [51]. The real financial question is whether Nampala's tail cash and Kiniero's ramp-up cash cover Sprott debt service, the Malian fiscal claims and Bankan/Mansounia growth capital.

Robex reports in CAD. Conversions use analyst-assumed rates of ~0.72 USD/CAD and ~0.65 USD/AUD (not sourced): - Net cash C$63.678M ≈ US$45.8M. - FY2025 revenue C$222.431M ≈ US$160.2M. - Mining operating profit C$108.338M ≈ US$78.0M. - Net loss C$138.455M ≈ US$99.7M. - 9M-2025 operating cash flow C$16.46M ≈ US$11.9M. - Merger value A$970M ≈ US$630M. AISC figures are reported in C$ in most extracts (e.g. C$2,228/oz ≈ US$1,604/oz; C$2,555/oz ≈ US$1,840/oz). One extract labels the same figures as US$, so the currency must be verified. Sprott debt and LOM figures are in USD as reported.

Share price

PDI.AX, weekly close, 12 months

Last: 4.73 AUD
52-week low: 2.20
52-week high: 4.91

Filings

Date	Type	Filing and takeaway	Source
2026-07-30	Quarterly activities report	Quarterly Activities Report for Period Ended 30 June 2026 US$130M of Sprott debt outstanding, i.e. the facility is fully drawn. The notes do not include full interim statements or Nampala 2026 operating data.	[13]
2026-02-27	MD&A / Annual financial statements	Management's Discussion & Analysis, 31 Dec 2025 FY2025 results: Revenue C$222.4M. Mining operating profit C$108.3M. Net loss C$138.5M. Net cash C$63.7M. The new Mali convention increased royalties and revenue-based taxes.	[1]
2026-01-30	Quarterly activities report	December 2025 Quarterly Activities Report Nampala results: Q4 production 11,028 oz; FY2025 production 45,429 oz, below 46–48 koz guidance. Q4 ore mined 518,297 t; waste 2,016,593 t (strip ~3.89 calculated). 2026 guidance deferred until after the Kiniero ramp-up.	[28]
2025-11-14	MD&A	Management's Discussion & Analysis, 30 Sept 2025 9M operating cash inflow C$16.46M (9M-2024: C$25.5M). Total liabilities ~C$399.9M.	[2]
2025-11-14	Technical report	Robex Resources: Technical Report Filed alongside the Q3 2025 disclosures. Contents are not summarised in the research notes.	[20]
2025-10-31	Quarterly activities report	September 2025 Quarterly Activities Report Nampala Q3 production 9,774 oz, with guidance maintained subject to fuel access. FY2025 AISC guidance widened to below C$2,400/oz. Sustaining capex raised to C$30–34M and stripping to C$26–30M. Sprott amendment terms disclosed.	[12]
2025-08-13	MD&A	Management's Discussion & Analysis, 30 June 2025 Q2 production 11,736 oz (down 8.1% year on year) was attributed to head grade falling from 0.83 to 0.76 g/t. Gold in circuit was shipped in Q2.	[6]
2025-07-31	Quarterly activities report	June 2025 Quarterly Activities Report Q2 2025 operating data: Ore mined 720,924 t; waste 1,964,119 t; strip 2.7. Processed 547,749 t. H1 AISC C$2,228/oz. Sustaining YTD C$18.07M; stripping YTD C$15.45M. Permit PE 2011/17 shows a 21 Mar 2024 expiry but is listed as Active.	[31]
2025-06-02	Quarterly results / MD&A	Robex Reports Operational and Financial Results for Q1 2025 Q1 production 12,892 oz at AISC 2,342/oz. Mali royalties C$6.45M versus C$1.18M in Q1 2024. The May 2025 Finance Minister letter sought retrospective application of the ad valorem royalty.	[25]
2025-03-31	Annual results	Robex Reports 2024 Financial Results 2024 sustaining capex C$20.44M and stripping C$17.63M. Year-end cash ~C$41.4M and debt ~C$35.7M.	[17]
2025-01-16	Technical study / LOM update (NI 43-101)	Robex Extends Life of Mine for Nampala With Updated Technical Study Reserve ~4.0 Mt @ 0.93 g/t (121 koz), extending mine life to 31 Dec 2026. LOM AISC ~US$1,106/oz. Remaining capital US$37.8M, dominated by US$31.5M of capitalized stripping.	[16]

Proposal

Protect Nampala's final-phase cash and lock in Kiniero's ramp-up: a 5-week two-site diagnostic, then KPI-linked implementation

PDI now owns two West African gold operations at opposite ends of their lives. Nampala is in its capital-heavy final phase. The 2025 guided stripping and sustaining spend was ~US$40–46M, which by itself exceeds the whole US$37.8M remaining-capital envelope in the January 2025 LOM plan. AISC ran ~US$1,530–1,840/oz against a US$1,106/oz plan, the strip ratio rose to ~3.9, and Q2 2025 head grade was 0.76 g/t against a 0.93 g/t reserve. Kiniero, meanwhile, must carry US$130M of Sprott debt in its first production year.

We propose a 5-week, fixed-fee diagnostic across both sites. For Nampala it would quantify:

Waste-movement cost per tonne and haul-cycle losses.
Fuel litres per tonne.
Mine-to-mill grade reconciliation and dilution.
The incremental economics of each remaining pushback under the new royalty regime.

For Kiniero it would benchmark:

Plant availability, throughput and recovery against design.
Maintenance backlog and planned/unplanned ratio.
Mine-plan attainment.

Implementation would follow over 3–6 months with daily on-site coaching, using our Mine Scheduler, SIC for drill & blast and 24-hour plan tools. Part of our fee would be paid in PDI equity that vests only on measured KPI gains.

Indicative value at stake at Nampala alone (estimates, conservative US$2,200/oz): each US$100/oz AISC reduction is worth ~US$4.5M/yr, and +0.05 g/t head grade ~US$6.8M/yr.

Problems we solve

AISC far above LOM plan, with stripping and sustaining capex (~59% of Q2 2025 AISC) overrunning the plan envelope
Strip ratio rising to ~3.9:1 under fuel constraints: haul cycle time, payload, queueing and litres per tonne
Head grade ~18% below reserve grade with no mine-to-mill reconciliation (dilution and ore loss at contacts)
End-of-reserve-life decision at Nampala (Dec 2026): incremental pushback economics under the higher Mali royalty, and closure readiness
Kiniero first-year ramp-up risk: plant OEE and recovery, maintenance reliability, plan attainment, while supporting US$130M debt service
Unreliable cost visibility (currency and period inconsistencies) undermining 2026–27 guidance credibility at the merged group

Scope of work

4 workstreams

Workstream	What we do	Timing
Phase 1: Two-site diagnostic	Nampala: Time-and-motion and dispatch data review of load & haul (cycle time, payload, queue/idle, fuel litres per tonne). Drill & blast pattern compliance and fragmentation. Grade reconciliation (reserve model, grade control, mill feed) and dilution audit. AISC bridge rebuilt by cost line. Pushback-by-pushback incremental economics. Kiniero: Plant OEE and recovery vs design, P80, maintenance backlog and work-order health, mine-plan attainment. Output: a quantified, ranked value case and KPI baselines agreed with site and corporate finance.	Weeks 1–5
Phase 2A: Nampala final-phase cash protection	Actions: Haul road and dispatch optimisation; pre-spotting and double-sided loading. Queue management and a fuel-efficiency programme. SIC for drill & blast. Grade-control and ore/waste contact discipline to cut dilution. 24-hour plan tool for ore-release attainment. Contractor rate and performance management. Closure-readiness and contract-termination planning, or an optimised extension schedule if the incremental economics support it.	Months 2–4 (aligned to the remaining mine life or extension)
Phase 2B: Kiniero ramp-up stabilisation	Actions: Maintenance management: wrench time, planned-work ratio, ready backlog, kitting, critical spares. Plant OEE, recovery improvement, and shutdown management. Mine Scheduler and short-term planning for plan attainment. Supply-chain lead-time reduction for Guinea logistics. Field coaching of supervisors so gains stick.	Months 2–7
Cross-functional: Unit-cost and performance management	A single KPI dashboard across both sites (AISC bridge, $/t moved, $/t milled, recovery, availability), root-cause and escalation routines, and budget and guidance support for PDI corporate. Includes a state-partner and community engagement plan for Nampala's transition.	Months 1–7

Commercial terms

$1.9M

Cash, 70%

US$1.33M cash in total:

US$300k fixed fee for the 5-week diagnostic, payable 50% on start and 50% on the diagnostic readout.
~US$1.03M in monthly fees across implementation (Phase 2A and 2B), with a 10% holdback payable on KPI verification.

Equity, 30%

US$570k in PDI Gold ordinary shares or performance rights, issued at the 5-day VWAP before each vesting date. Tranches:

1/3 on verified Nampala waste-movement cost reduction of at least 8% in $/t moved vs baseline.
1/3 on Nampala head-grade/mine call factor improvement vs the agreed baseline, or on closure-plan delivery on schedule if mining ends.
1/3 on Kiniero plant availability/recovery reaching agreed targets for 3 consecutive months.

We would accept a voluntary 12-month escrow.

Structure notes

Why 70/30 rather than our default 60/40: PDI is a two-asset producer of ~A$970M scale with more than US$25M/yr of Nampala cash extraction. It is not cash-constrained, so a heavier equity weighting is neither necessary nor, likely, attractive to the board. The equity is kept as alignment rather than financing.

Issuance requirements:

Issuance under ASX Listing Rule 7.1 placement capacity, or shareholder approval if capacity is constrained.
TSX notification and approval for the Canadian listing, with a 4-month Canadian hold period where applicable.

Consents: the Sprott facility's negative covenants to be checked for any restriction on consultant equity or KPI-linked obligations, and lender consent obtained if required. The Mali state partner is not affected, as issuance is at PDI parent level.

KPI baselines are fixed in the diagnostic and verified jointly with PDI finance. Nampala scope flexes down automatically if the mine closes in December 2026.

Why now and next steps

Nampala's disclosed reserve runs out on 31 December 2026, and its final months carry the heaviest strip and highest dilution risk. Every week of delay forgoes savings on a tail that PDI says is worth more than US$25M/yr in cash. The extension-or-closure call has to be made on reconciled numbers, not 2025 guidance that moved twice.

Kiniero is in its first production year, when maintenance and plant habits set in. Sprott debt service leans on it as Nampala winds down. And PDI is five months into integration and has yet to publish credible combined 2026–27 guidance, which is the window when an operator-led diagnostic is most useful and least disruptive.

1.Confirm the current PDI CEO/MD and COO names and site GMs, and obtain an introduction through the PDI IR/corporate office.
2.Send the email below and request a 45-minute call with the COO and CFO focused on Nampala's final-phase plan and the Kiniero ramp-up.
3.Under NDA, request data for a 2-day desk review: dispatch/fleet data, grade-control reconciliations, the 2026 AISC bridge and Kiniero plant/maintenance KPIs.
4.Agree diagnostic scope, KPI baselines and fixed fee; start on site within 3 weeks, Nampala first given the timeline.
5.Readout at week 5 with a costed implementation plan, then finalise equity mechanics with PDI company secretary and legal (ASX LR 7.1 capacity, TSX, Sprott covenants).

Outreach email

Subject: Nampala final phase and Kiniero ramp-up – operator view

Dear [CEO name – PDI Gold, to be confirmed],

Congratulations on completing the Robex merger and bringing Kiniero into commercial production.

I'm writing from YCP Unison. We are former mine GMs and COOs who work on site with operating teams, across 400+ projects in 31 countries.

Three things stand out to us from the public numbers at Nampala:
- 2025 AISC ran roughly US$1,500–1,800/oz against a US$1,106/oz LOM plan.
- The strip ratio climbed to about 3.9:1.
- Head grade was 0.76 g/t in Q2 2025 against a 0.93 g/t reserve.

With stripping and sustaining capital making up most of AISC, the final-phase cash you cited (more than US$25M a year) is highly sensitive to haul cycle time, fuel use per tonne and dilution. On a conservative gold price, each US$100/oz off AISC is worth about US$4.5M a year, and each 0.05 g/t of head grade about US$6.8M a year. At the same time, Kiniero's first year will set the reliability and recovery habits that carry the Sprott debt.

We'd propose a 5-week, fixed-fee diagnostic across both sites. It would rebuild the AISC bridge, reconcile grade from model to mill, test the economics of each remaining Nampala pushback, and benchmark Kiniero plant and maintenance performance against design. Implementation would follow only if the numbers justify it, with part of our fee in PDI equity that vests on measured KPI gains. Elsewhere we have cut haulage cycle time by 15% and lifted equipment availability by 84%.

Would you or your COO have 30–45 minutes in the next two weeks?

Kind regards,
[Partner name]
YCP Unison – for miners, by miners

Sources

Every citation in this report links here by number

#	Title	Website	Date
1	Robex Resources : Management's Discussions & Analysis (31 Dec 2025)	marketscreener.com	2026-02-27
2	Robex Resources : Management's Discussion & Analysis (30 Sept 2025)	marketscreener.com	2025-11-14
3	Robex Resources, 16 June 2025	bpd-space.nyc3.cdn.digitaloceanspaces.com	—
4	Robex Resources, 31 March 2025	bpd-space.nyc3.cdn.digitaloceanspaces.com	—
5	[PDF] robex resources inc. - HotCopper	newsfile.futunn.com	—
6	Robex Resources : Management's Discussion & Analysis (30 June 2025)	marketscreener.com	2025-08-13
7	Robex Resources (RSRBF) Stock Price & Overview	stockanalysis.com	—
8	robex.atta.ch › en › investorsRobex resources - Financial and other documents	robex.atta.ch	—
9	[PDF] Investor Presentation - ASX	announcements.asx.com.au	—
10	December 2025 Quarterly Activities Report	mining.com	2024-04-11
11	RBX - Robex Resources Inc. Stock	fintel.io	2025-05-16
12	September 2025 Quarterly Activities Report - GlobeNewswire	globenewswire.com	2025-10-31
13	Quarterly Activities Report for Period Ended 30 June 2026	globenewswire.com	2026-07-30
14	Robex Resources Inc. Insider Trading & Ownership Structure - Simply Wall St	simplywall.st	2026-01-31
15	Robex Resources Inc Stock Price Today \| TSXV: RBX Live	investing.com	2025-12-31
16	[PDF] Robex Extends Life of Mine for Nampala Gold Mine With Updated ...	robexgold.com	—
17	Robex Reports 2024 Financial Results	sedarplus.ca	—
18	Robex Resources extends life of Nampala gold mine in ...	mining.com	2025-01-17
19	ASX: RXR \| TSX-V: RBX	wcsecure.weblink.com.au	—
20	Robex Resources : Technical Report \| MarketScreener India	in.marketscreener.com	2025-11-14
21	[PDF] MD&A YE 2024 English (FINAL)	robexgold.com	—
22	West Africa's Next Gold Producer	robexgold.com	—
23	[PDF] West Africa's Next Gold Producer	robexgold.com	—
24	PREDICTIVE DISCOVERY & ROBEX ANNOUNCE MERGER OF EQUALS	wcsecure.weblink.com.au	—
25	MD&A Q1-2025 English FINAL - robexgold.com	robexgold.com	—
26	Robex Reports Operational and Financial Results for Q1 2025	robexgold.com	—
27	Mise à jour de la stratégie d'entreprise	robexgold.com	2024-10-01
28	December 2025 Quarterly Activities Report	globenewswire.com	2026-01-30
29	September 2025 Quarterly Activities Report - AAP	aap.com.au	2025-10-31
30	Robex Resources Inc. \| Globenewswire	via.ritzau.dk	2025-04-11
31	June 2025 Quarterly Activities Report	aapnews.aap.com.au	2025-07-31
32	L'étude de faisabilité actualisée de Kiniéro révèle une augmentation de +46 %	sedarplus.ca	—
33	PDI Gold Limited (PDI:CA) Presents at Mining Forum Americas 2026 Transcript	seekingalpha.com	2026-09-29
34	View Issuer Profile - Sedar	sedarplus.ca	—
35	RSRBF: Robex Resources Inc. Latest Stock Price ... - Stocktwits	stocktwits.com	2026-09-24
36	Robex Resources (RBX) Stock Price, News & Analysis	marketbeat.com	2026-09-28
37	View Issuer Profile - Sedar+	sedarplus.ca	—
38	Robex Resources Inc. \| Globenewswire	via.ritzau.dk	2026-04-21
39	June Quarter - pdigold.com	pdigold.com	—
40	Robex Reports Operational and Financial Results for Q1	globenewswire.com	2025-06-02
41	September 2025 Quarterly Activities Report - Stock Titan	stocktitan.net	2025-10-31
42	September 2025 Quarterly Activities Report - Markets data	markets.ft.com	2025-10-31
43	Robex Extends Life of Mine for Nampala Gold Mine With Updated Technical Study	finance.yahoo.com	2025-01-16
44	PDI & Robex Merger Proceeding to Implementation	nasdaq.com	2026-04-08
45	Robex Achieves Commercial Production at the Kiniero Gold Project	stockwatch.com	2026-02-11
46	Vierteljährlicher Tätigkeitsbericht Dezember 2025	live.deutsche-boerse.com	2026-02-01
47	Robex Pours First Gold at Kiniéro on Schedule and Budget	ca.finance.yahoo.com	2025-12-21
48	Robex Resources (TSXV:RBX) - Stock Analysis - Simply Wall St	simplywall.st	2026-02-25
49	Latest RSRBF News - Robex Resources Inc. Files Management Info...	stocktitan.net	2025-11-14
50	Predictive Discovery Limited completed the acquisition of ...	in.marketscreener.com	2026-04-16
51	PDI Gold at Mining Forum Americas 2026: low costs, big ...	investing.com	2026-09-28
52	Robex Resources Inc. \| Globenewswire - Via Ritzau	via.ritzau.dk	2026-09-17
53	Rapport trimestriel des activités de décembre 2025	markets.ft.com	2026-02-01
54	ROBEX RESOURCES INC Common Stock (RSRBF) - Robinhood	robinhood.com	2026-09-29
55	Robex Resources Inc. (RSRBF) Profile, Company FAQs ...	stocktwits.com	2026-09-14
56	PDI Gold at Mining Forum Americas 2026: low costs, big growth By Investing.com	ca.investing.com	2026-09-28

Robex Resources Inc.

Company summary

Key projects

What changed since the previous report

Issues

Nampala reserve life ends December 2026, with no disclosed decision between extension and closure

AISC ~45–65% above the LOM plan, driven mainly by stripping and sustaining spend that overran the plan envelope

Mali fiscal and ownership reset, including a retrospective royalty claim

Head grade running ~18% below reserve grade, with no disclosed mine-to-mill reconciliation

Rising strip ratio and fuel dependency inflate load-and-haul cost and guidance risk

Kiniero ramp-up is now the group's cash engine and debt-service source, with no public ramp-up KPIs

Nampala exploitation permit PE 2011/17: stated expiry 21 March 2024 but listed as Active

FY2025 guidance missed, and 2026 guidance never issued standalone

US$130M senior secured debt with undisclosed covenants during the asset transition

Post-merger integration: decision rights, systems and site leadership moving to PDI

Disclosure inconsistencies obscure true unit costs

FX and capital-control exposure in Mali

Financial position

Share price

Filings

Proposal

Protect Nampala's final-phase cash and lock in Kiniero's ramp-up: a 5-week two-site diagnostic, then KPI-linked implementation

Problems we solve

Scope of work

Commercial terms

Why now and next steps

Management and board

Recent news

Sources