Nice to have that grab for freebies stopped in its tracks, mind you, I think it should have been nipped in the bud before the questionable proposal went public. Be interesting to know the inside story on why/how it got wings in the first place. Anyway, all good & nice summary below, thanks to mining dot com.
Guinea-focused gold explorer Predictive Discovery (ASX:PDI) has dropped its plans to issue options to directors following consultation with shareholders.
The company was proposing to issue 10 million options to non-executive Chairman Simon Jackson and non-executive directors Alberto Lavandeira and Steven Michael at a shareholder meeting next Monday 29 July.
Options allow the holder to buy additional shares in the company at a set price within a certain timeframe.
After speaking with shareholders, Predictive has withdrawn the resolution relating to the issue of options and is also undertaking a review of the relevant non-executive director remuneration.
Predictive, which has a market capitalisation of $445.9 million, paid $161,000 in director fees in the March 2024 quarter and $132,000 in the prior December 2023 quarter.
The company is advancing its Bankan Gold Project in the Siguiri Basin of Guinea which hosts a resource of 5.38 million ounces and a reserve of 3.05 million ounces.
Predictive has completed and submitted an Environmental and Social Impact Assessment, as well as completed a Pre-Feasibility Study, to pave the way for securing an exploitation permit in the second half of 2024.
The company is currently undertaking a Definitive Feasibility Study.
The PFS envisages Bankan will produce an average of 269,000 ounces of gold each year for 12 years.
This is expected to give the operation a post-tax net present value of US$1.4 billion ($2.1 billion) and internal rate of return of 42%, with a payback period of two years at a US$2,300 per ounce gold price.
(20min delay)