PDI’s Bankan Gold project remains one of West Africa’s largest and highest-quality undeveloped gold projects. PDI continues to progress the project through its DFS studies, with the last key derisking event being a receipt of its Exploitation Permit, which we expect in 2HFY25. Vindication of the asset quality is evident with three major gold producers having taken a strategic position in the project. Perseus Mining (ASX:PRU, BUY, PT: $4.30) has seen its shareholding diluted down to 17.9% after the recent equity placement, which brought on the Lundin Group and Zijin Mining as 5.4% and 3.5% shareholders, respectively. Spot gold price increases lift our price target from $0.57 to $0.65 with a speculative buy maintained. Ongoing M&A interest in the Bankan gold project should support PDI’s share price as the project approaches FID later this calendar year.
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