Perseus Mining Ltd (ASX:PRU, TSX:PRU, OTC:PMNXF) has increased its interest in African gold and West Africa in particular by making a strategic equity interest in Predictive Discovery Ltd (ASX:ASX:PDI, OTC:PDIYF), which holds the Bankan Gold Project in Guinea with an ore reserve of 3.05 million ounces.
The prominent African gold producer, developer and explorer has acquired a relevant interest in 13.82% of the issued shares of Predictive Discovery, an emerging mineral development company listed on the ASX.
3.05-million-ounce reserve
Predictive’s key asset is Bankan, a pre-development project which has a reported probable ore reserve of 57.7 million tonnes at 1.64 g/t gold containing 3.05 million ounces of gold.
In addition to the Predictive share acquisition, Perseus has an economic interest in approximately 3.45% of Predictive shares through cash settled equity swaps.
Perseus’s chairman and CEO Jeff Quartermaine said: “As a deliberate element of our capital management strategy, Perseus continues to assess and, where considered commercially appropriate, deploy our significant reserves of cash and bullion that totalled US$587 million at June 30, 2024, to pursue opportunities that will deliver material growth for our shareholders in coming years.
“Attractive project”
"Predictive’s Bankan Gold Project is an attractive gold development project located in a jurisdiction that has an increasing presence in the gold mining industry.
"We are looking forward to working with the Predictive management team and board to help realise the potential of the Bankan Gold Project.
"Perseus is currently focused on the development of our Nyanzaga Gold Project in Tanzania which we plan to bring into production by Q1 2027, as well as continuing to successfully operate our three existing mines, Yaouré, Sissingué and Edikan, which in FY24 produced a total of 509,977 ounces of gold at a weighted average AISC of US$1,053 per ounce.”
The company said it was not currently in discussions with Predictive and, subject to there being no actual or proposed material change in the shareholding of Predictive, including a change of control proposal, or the actions of Predictive, it had no current intention to acquire control or make a takeover offer.