Predictive Discovery Limited (ASX: PDI) has locked in a major $69.2 million investment through a strategic private placement with the Lundin Family and Zijin Mining Group. This funding will accelerate the development of the Bankan Gold Project, including its Definitive Feasibility Study (DFS), environmental programs, regional exploration, and early development activities.
Key Highlights
- Lundin Family investment: A$45.1M for a 6.5% stake in PDI
- Zijin Mining investment: A$24.1M for a 3.5% stake in PDI
- Issue price: A$0.265 per share
- Post-raise cash balance: A$98M, fully funding PDI through to a development decision
- No discount to last traded price, with a slight premium to VWAP
Leadership Commentary
Managing Director, Andrew Pardey:
“We are thrilled to welcome the Lundin Family and Zijin as strategic investors. Their support underscores the quality of the Bankan Gold Project and the progress we are making towards building a tier-1 gold mine. With this capital, PDI is well-funded to accelerate development, exploration, and early works.”
Placement Details
- Total shares issued: 261.2 million at A$0.265 each
- Strategic investors:
- Lundin Family: 170.1M shares (A$45.1M investment, 6.5% stake)
- Zijin Mining: 91.1M shares (A$24.1M investment, 3.5% stake)
- Placement structure: Completed in a single tranche under ASX Listing Rule 7.1
Pricing Breakdown
- No discount to last traded price (A$0.265)
- 1.9% premium to 5-day VWAP (A$0.260)
- 4.4% premium to 30-day VWAP
Use of Funds
The $69.2 million raised will be used to fast-track the Bankan Gold Project, including:
✔ Definitive Feasibility Study (DFS) completion
✔ Biodiversity and social programs
✔ Regional exploration to expand the 5.38Moz resource estimate
✔ Early development activities, including front-end engineering, long-lead item orders, and initial earthworks
✔ General working capital
Indicative Timeline
- 4 Feb 2025: Announcement & trading halt lifted
- 7 Feb 2025: Settlement of placement
- 10 Feb 2025: Share allotment & trading begins
Herbert Smith Freehills acted as legal advisor to PDI.
What This Means for PDI
With a $98M pro-forma cash balance, PDI is now fully funded through to a development decision on the Bankan Gold Project. The backing from globally recognised investors like the Lundin Family and Zijin Mining significantly strengthens PDI’s position as it moves towards production.
This investment underscores the Bankan Project’s potential to become a world-class gold mine.
