Predictive Discovery to raise US $32.6M for Bankan Gold Project in Guinea
Predictive Discovery is set to raise US $32.6M for Bankan Gold Project in Guinea. The primary focus of this funding is on advancing the Bankan Gold Project through resource definition and exploration drilling activities.
The Bankan Gold Project in Guinea is an exploration project located in the Siguiri Basin, which is renowned for its gold potential. The project is situated in the northeast part of Guinea, in the Siguiri Prefecture, near the border with Mali.
Funding process
The funds will be raised through a placement, from institutional, professional, and investors. By issuing approximately 263.2 million new shares at A$0.19 each, Predictive Discovery aims to leverage this capital to expand and upgrade the current mineral resource, which stands at 5.38 million ounces.
In addition to resource enhancement, the company plans to aggressively pursue exploration drilling to identify multiple prospective targets. This strategy aligns with the goal of delineating new deposits and maximizing the project’s potential.
Moreover, the raised funds will support key initiatives such as the application process for the exploitation permit and ongoing environmental and social endeavors. These efforts underscore Predictive Discovery’s commitment to responsible and sustainable mining practices.
The placement will also finance the definitive feasibility study (DFS), building upon the findings of the preliminary feasibility study (PFS). The PFS highlighted the project’s robustness, projecting a substantial annual operation and identifying optimization opportunities. The DFS aims to capitalize on these opportunities and further enhance the project’s technical and financial viability.
Andrew Pardey, Managing Director of Predictive Discovery, expressed confidence in the company’s trajectory, emphasizing the transformative impact of the equity raise. With a strong financial footing and strategic objectives in place, Predictive Discovery is poised to realize the full potential of the Bankan Gold Project and contribute to West Africa’s gold mining landscape.
