Core Points - Perseus Mining Limited's binding offer to acquire Predictive Discovery Limited has been terminated due to a revised Arrangement Agreement received by Predictive from Robex Resources Inc. which matched Perseus's offer [1][2] Group 1 - Perseus Mining's offer was announced on December 3, 2025, and was contingent upon Robex not executing its matching right [2] - The Predictive Board has determined that the revised proposal from Robex is superior, leading to the termination of Perseus's offer [1][2]

Core Viewpoint - Robex Resources Inc. has received a notice from Predictive Discovery Limited indicating that an unsolicited proposal from Perseus Mining Limited is considered a Superior Proposal under their existing Arrangement Agreement [1]. Group 1: Proposal Details - The Arrangement Agreement allows Robex a five business day matching period to propose a matching or superior offer, which started on December 2, 2025, and will end at 11:59 p.m. EST on December 10, 2025 [2]. - The Robex Board of Directors is currently assessing its options in light of this unsolicited proposal [2]. Group 2: Company Commitment - Robex is committed to acting in the best interests of its shareholders and will provide further updates as necessary [3]. - Shareholders are not required to take any action at this time regarding the proposal [3].

Core Viewpoint - Perseus Mining Limited has made a definitive binding offer to acquire all issued shares of Predictive Discovery Limited that it does not already own, positioning the offer as a "Superior Proposal" compared to a prior agreement with Robex Resources Inc [1][2][5]. Offer Details - The offer consists of 0.1360 new Perseus shares for each Predictive share, valuing Predictive shares at A$0.778 based on Perseus's closing price of A$5.72 on December 2, 2025, representing a premium of 24.5% to Predictive's closing price and 34.8% to its 10-day volume weighted average price [2][5]. - Perseus currently holds 17.8% of Predictive's ordinary shares [1][7]. Strategic Rationale - The acquisition is seen as an excellent strategic fit, enhancing Perseus's portfolio quality and expanding its African gold platform [6]. - Perseus aims to de-risk and optimize Predictive's Bankan Gold Project in Guinea, leveraging its experience from similar projects [6]. - The transaction is expected to materially enhance earnings, cash flow, and production, with Bankan projected to add approximately 249,000 ounces to Perseus's existing annual production of 500,000-600,000 ounces [6]. Financial Support - Perseus has offered a binding A$37 million loan facility to Predictive to assist with termination fees under the Robex Agreement and for general working capital [4]. Implementation Conditions - The proposed transaction will be subject to conditions including independent expert approval, regulatory approvals, and a 75% approval from Predictive shareholders at a Scheme Meeting [8]. - The matching right process with Robex has commenced, allowing Robex the opportunity to present a competing proposal until December 10, 2025 [10].

Core Viewpoint - Robex Resources Inc. is moving forward with a special resolution for a statutory plan of arrangement with Predictive Discovery Limited, which will result in Robex becoming an indirect wholly-owned subsidiary of Predictive, with shareholders receiving 8.667 Predictive shares for each Robex share held [2][3][5]. Arrangement Details - The Arrangement involves Acquireco, a subsidiary of Predictive, acquiring all issued and outstanding Robex Shares, with shareholders receiving 8.667 Predictive Shares for each Robex Share held [3][5]. - CHESS Depositary Interests representing Robex Shares will also be cancelled, with holders entitled to the same consideration [4]. Board Recommendation - The Robex Board and the Special Committee unanimously recommend that shareholders vote in favor of the Arrangement, believing it to be in the best interests of the Corporation [6][7][9]. Voting Support - Directors, senior officers, and certain shareholders representing approximately 25.5% of Robex Shares have entered into voting support agreements to vote in favor of the Arrangement [10]. Vote Requirements - The Arrangement requires approval from at least two-thirds (66⅔%) of the votes cast by Robex Shareholders at the Meeting [9]. Meeting Details - The special meeting for Robex Shareholders will be held virtually on December 15, 2025, and shareholders are encouraged to vote in advance [1][11]. Strategic Benefits - The Arrangement aims to combine two significant gold projects in West Africa, enhancing scale, access to capital, and competitiveness [12]. - Cash flows from the Kiniero Project are expected to support the development of the Bankan Project, creating a tier-1 mining hub [12]. - The combined company is anticipated to have a strengthened management team with extensive experience in the region [12]. Fairness Opinions - Fairness opinions from Cormark Securities Inc. and Canaccord Genuity Corp. indicate that the consideration for Robex Shareholders is fair from a financial perspective [12].

Core Insights - Robex Resources Inc. is progressing well with the Kiniero Gold Project in Guinea, on track for first gold pour in Q4 2025, while also maintaining operations at the Nampala Gold Mine in Mali despite challenging conditions [1][5][7] Group 1: Kiniero Gold Project Development - Mining operations have commenced at the Kiniero Gold Project, with ore delivery to the run-of-mine (ROM) pad and construction progressing across all major areas [3][5] - Key milestones achieved include completion of critical concrete works, advancement of CIL tank installation, and significant progress on the SAG mill and tailings storage facility [4][12] - The project has recorded over 4.86 million lost time injury (LTI)-free hours, reflecting a strong safety performance [7][19] Group 2: Financial and Operational Highlights - Robex raised C$148.2 million through the acceleration of warrant expiry, strengthening its balance sheet and demonstrating investor confidence [7][37] - The company amended its US$130 million senior facility with Sprott, unlocking up to US$90 million for Kiniero development [7][28] - Nampala produced 9,774 ounces of gold in the September 2025 quarter, with year-to-date production totaling 34,401 ounces at an all-in sustaining cost (AISC) of C$2,555 per ounce [24][34] Group 3: Community Engagement and CSR Initiatives - Robex has maintained strong engagement with local communities, completing the construction of four community centers and upgrading local schools [15][19] - The company has also improved local healthcare services and supported education and community development initiatives [19][24] Group 4: Exploration and Future Plans - Robex initiated a 20,000-meter reverse circulation drilling program at the Sabali South deposit to expand resources, with diamond drilling planned for other deposits [7][30] - Strategic planning for 2026 exploration programs is underway, focusing on budgeting and target generation across Guinea and Mali [7][30]

Core Viewpoint - The merger between Predictive Discovery and Robex Resources aims to create a significant player in the African gold production sector, positioning the combined entity as the largest gold producer in Guinea and a mid-tier producer across Africa [1]. Group 1: Transaction Highlights - The merger is characterized as a strategic combination that enhances the operational scale and market presence of both companies [1]. - The transaction is expected to yield substantial benefits for shareholders and stakeholders involved in both Predictive Discovery and Robex Resources [2]. Group 2: Strategic Rationale - The merger is designed to leverage synergies between the two companies, potentially leading to improved efficiencies and increased production capabilities [2]. - The combined entity is anticipated to capitalize on the growing demand for gold, particularly in the African market [1].

Summary of the Conference Call Industry and Companies Involved - **Industry**: Gold Mining - **Companies**: Predictive Discovery Limited and Robex Resources Inc. Key Points and Arguments 1. **Merger Overview**: The proposed merger will create Guinea's largest gold producer and a significant mid-tier producer in Africa, combining the strengths of both companies [2][3][7] 2. **Resource Base**: The merged entity will have a pro forma resource base of over 9 million ounces and an annualized gold production of over 400,000 ounces by 2029 [3][9] 3. **Cost Efficiency**: The combined all-in sustaining costs are projected at $1,070 per ounce, positioning the company within the lowest quartile of African producers [10][11] 4. **Market Capitalization**: The initial combined market capitalization is estimated to exceed $2.3 billion Australian dollars, enhancing the capital market profile of the merged company [5][6] 5. **Shareholder Structure**: The merger will be an all-share transaction, with Predictive Discovery Limited shareholders owning 51% and Robex Resources Inc. shareholders owning 49% [6][7] 6. **Operational Synergies**: The merger is expected to create significant operational synergies, including cost savings and enhanced exploration capabilities [13][15] 7. **Cash Flow Generation**: Robex's Nampala Gold Mine in Mali is already generating cash flow, which will support the financing of the Bancan project [12][26] 8. **Construction Timeline**: Kaneoro is expected to commence gold production by December 2023, while Bancan is scheduled to start production in the second half of 2028 [8][9] 9. **Regulatory Approvals**: The merger requires approval from Robex shareholders and regulatory bodies, with a general meeting scheduled for later this year [6][36] 10. **Leadership Structure**: The board of the merged company will consist of seven directors, with a balanced representation from both companies [7][16] Additional Important Content 1. **Exploration Potential**: The merger will consolidate two significant gold mines in the Siguri Basin, which is noted for its exploration potential [8][10] 2. **Community Impact**: The merger aims to drive economic growth in Guinea, enhance local skills, and build lasting partnerships with local communities [29][18] 3. **Market Positioning**: The combined entity is expected to be eligible for inclusion in multiple market indices, which could enhance its market valuation [17][29] 4. **Environmental and Community Engagement**: The merged company plans to coordinate environmental efforts and maximize local content across operations [15][18] 5. **Future Growth**: The merger is positioned as a pathway to becoming one of West Africa's leading gold producers, with a focus on sustainable growth and community benefits [29][18]

Merger of Equals to Establish Guinea's Leading Gold Producer ASX:PDI; ASX: RXR; TSX -V: RBX Investor Presentation October 2025 1 Forward Looking Statements, Disclaimer and Compliance Forward Looking Statements and Important Notice. This investor presentation is dated 6 October 2025 and has been prepared jointly by Predictive Discovery Limited (ASX: PDI) (PDI) and Robex Resources Inc. (TSX-V: RBX), with CHESS Depositary Interests (CDIs) quoted on the ASX (ASX: RXR) (Robex) based on information available to t ...

Core Points - Predictive Discovery Limited (PDI) and Robex Resources Inc. have entered into a definitive agreement for a merger of equals, where PDI will acquire all issued and outstanding Robex shares [2][3] - The combined company will remain listed on the Australian Securities Exchange (ASX) and will apply for a listing on the TSX Venture Exchange (TSX-V) [2] Transaction Details - Under the agreement, Robex shareholders will receive 8.667 PDI shares for each Robex share held [4] - PDI expects to issue approximately 2,115 million PDI shares to Robex shareholders, with the potential for an additional 497 million shares based on the conversion of Robex's convertible securities [5] - The combined company will have an estimated market capitalization of A$2,350 million (C$2,168 million) on a fully diluted basis [5] Strategic Rationale - The merger aims to create West Africa's next mid-tier gold producer, with combined production expected to exceed 400,000 ounces per annum by 2029 [6] - The combined mineral resources are approximately 9.5 million ounces of gold, with ore reserves of about 4.5 million ounces [6] - The transaction is expected to enhance economic growth in Guinea and strengthen local partnerships [6] Management and Leadership - The combined company will be led by Andrew Pardey as Non-Executive Chairman and Matthew Wilcox as CEO and Managing Director [7][10] - The management team is noted for its proven track record in developing and operating mining projects in Africa [11] Production and Development - PDI's Bankan Project in Guinea is expected to produce approximately 250,000 ounces per annum over 12 years, while Robex's Kiniero Project is on track for first gold production in December 2025, with an average production of 139,000 ounces per annum over 9 years [8][9] - The merger will leverage cash flows from Robex's Kiniero Project to fund the development of PDI's Bankan Project [11] Voting Support and Approvals - Key shareholders of Robex, owning approximately 25.5% of shares, have entered into voting support agreements in favor of the transaction [16][17] - The transaction requires approval from the Superior Court of Québec and at least 66⅔% of Robex shareholders at a special meeting [12] Fairness Opinions - Fairness opinions have been provided to the Robex Board, indicating that the transaction consideration is fair from a financial perspective [20][21] Advisors - PDI has engaged BMO Capital Markets and SCP Resource Finance LP as financial advisors, while Robex has engaged Canaccord Genuity as its financial advisor [23][24]

Core Viewpoint - Predictive Discovery Limited (PDI) and Robex Resources Inc. have announced a merger of equals, where PDI will acquire all outstanding shares of Robex, creating a combined company focused on gold production in West Africa [2][3]. Transaction Highlights - The merger will be executed through a statutory plan of arrangement under the Business Corporations Act (Quebec) [3]. - Robex shareholders will receive 8.667 PDI Shares for each Robex Share held [4]. - Approximately 2,115 million PDI Shares are expected to be issued to Robex shareholders, with an additional potential issuance of 497 million shares from convertible securities [5]. - Post-transaction, existing PDI shareholders will own approximately 51% and former Robex shareholders will own about 49% of the combined company [6]. Strategic Rationale - The merger aims to create West Africa's next mid-tier gold producer, with combined production expected to exceed 400,000 ounces per annum by 2029 [7]. - The combined company will have approximately 9.5 million ounces of gold in Mineral Resources and 4.5 million ounces in Ore Reserves, with significant exploration potential [7]. - The merger is expected to enhance economic growth in Guinea and strengthen local partnerships [7]. - Development funding for PDI's Bankan project will be de-risked by leveraging cash flows from Robex's Kiniero project [7]. Management and Leadership - The combined leadership team will be led by Andrew Pardey as Non-Executive Chairman and Matthew Wilcox as CEO and Managing Director [7][9]. - The management team possesses a proven track record in developing and operating mining projects in Africa [12]. Financial and Operational Advantages - The merger is expected to enhance the capital markets profile of the combined company, potentially leading to a share price re-rate [12]. - The proximity of the Bankan and Kiniero projects creates a tier-1 mining hub, allowing for coordinated development and exploration strategies [12]. Voting Support and Approvals - Key shareholders of Robex, owning approximately 25.5% of shares, have entered into voting support agreements in favor of the merger [18][19]. - The transaction requires approval from the Superior Court of Québec and a two-thirds majority from Robex shareholders [14]. Fairness Opinions - Fairness opinions have been provided to the Robex Board, confirming that the transaction consideration is fair from a financial perspective [23]. Advisors - PDI has engaged multiple financial and legal advisors for the transaction, including BMO Capital Markets and Fasken Martineau DuMoulin LLP [25]. - Robex has also appointed financial and legal advisors, including Canaccord Genuity and Peloton Legal Pty Ltd [26]. Conclusion - The merger between PDI and Robex represents a significant strategic move in the gold mining sector in West Africa, aiming to create a more competitive and resource-rich entity poised for growth and development in the region [11][12].