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Predictive Discovery raises funds for Bankan Gold Project

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Global Mining Review,

Predictive Discovery Ltd has received firm commitments for a placement to raise AUS$55 million (before costs) from institutional, sophisticated, and professional investors.

The placement was well supported, with significant levels of participation from new domestic and international institutional investors, as well as from existing shareholders. The new institutional shareholders adhere to some of the most stringent ESG investment criteria within the global institutional investor community, further endorsing the company’s approach to its sustainability policies.

Proceeds from the placement will be applied to:

  • Fully fund the 60 000 m diamond (DD) and reverse cycle (RC) drilling program currently underway, which is expected to significantly increase and upgrade the inferred 3.65 million oz (inferred) Bankan gold resource in Guinea, West Africa – this is in addition to the approximately 65 000 m of drilling completed to date.
  • Continue drilling Bankan’s 35 km long north-northwest structural corridor to explore for other multiple ‘NE Bankan-style’ deposits.
  • Complete baseline environmental studies, including stakeholder mapping and engagement (communities, government ministries, regulators, local interest groups, NGOs, etc.); protected area assessment; critical habitat assessment; and dry & wet season surveys (cameras, aerial drone scanning, acoustic, eDNA).
  • Deliver a comprehensive Scoping Study to the Government of Guinea by the end of 2023, which underpins Bankan’s potential to become Guinea’s largest gold mine.
  • Expanding the scale and quality of the resource.
  • Establish Bankan and its surrounding area as West Africa’s premier gold address.

Andrew Pardey, Managing Director, comments:

“The significant demand from investors to take part in the placement underpins the quality of the Bankan Project. The funds raised will allow Predictive to accelerate its comprehensive drilling programme and build further on the 3.65 million oz already discovered, as well as deliver a scoping study which will include our baseline and environmental study results in late 2023. Bankan is potentially one of many significant gold deposits and marks the beginning of our journey in developing Guinea’s Siguiri basin into one of the most exciting new gold addresses in West Africa.”

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