Key Takeaways
- 01 Revenue rose 30% to US$282.9 million, even though gold poured fell 17%.
- 02 Kiniero carried the quarter, while Nampala revenue fell 47%.
- 03 2026 guidance is unchanged, and Bankan spending is funded from cash and operating cash flow.
PDI Gold Limited (ASX: PDI) poured less gold in the September 2026 quarter, yet earned more money. Sales volumes made the difference.
The PDI Gold quarterly results show revenue of US$282.9 million, up 30% on the June quarter. According to the Company’s September Quarterly Activities Presentation dated 30 October 2026, 2026 guidance remains unchanged.
Lower Pour and Higher Sales Reshape the Quarter
PDI Gold production totalled 52,865 ounces, down 17% from 64,026 ounces in the June quarter. Management said the fall matched expectations and reflected the wet season.
PDI Gold gold sales rose 37% to 66,928 ounces. Bullion poured in June was sold in September, which lifted Kiniero sales by 59%. The realised price slipped 5% to US$4,227 per ounce, but higher volumes more than offset it.
| Metric | Sep 2026 quarter | Jun 2026 quarter | Change |
| Gold poured (oz) | 52,865 | 64,026 | Down 17% |
| Gold sales (oz) | 66,928 | 48,924 | Up 37% |
| Realised price (US$/oz) | 4,227 | 4,441 | Down 5% |
| Revenue (US$ million) | 282.9 | 217.3 | Up 30% |
| All-in sustaining cost (US$/oz) | 1,390 | 1,408 | Down 1% |
| Cash and bullion (US$ million) | 404.6 | 364.3 | Up 11% |
Kiniero Carries the Group While Nampala Lags
Kiniero Revenue Jumps Despite a Lower Head Grade
Kiniero’s mill ran harder on weaker feed. Grade fell to 0.69 g/t from 0.86 g/t as stockpiles filled the gap left by lower mining. Recovery dipped to 88.3%, yet the plant still processed 3% more material, at 2.28 million tonnes.
Nampala Absorbs a Shipment Delay and Heavy Stripping
Nampala revenue fell 47% to US$24.8 million. Gold sales dropped 45% to 5,779 ounces, and a further 2,712 ounces shipped in October.
All-in sustaining cost (AISC) climbed to US$2,914 per ounce from US$1,974. The Company pointed to the deferred shipment, lower mill throughput and heavier stripping. Mining focused on waste removal to open access to future ore zones.
| Metric | Kiniero | Nampala |
| Gold poured (oz) | 45,599 | 7,266 |
| Gold sales (oz) | 61,149 | 5,779 |
| Revenue (US$ million) | 258.1 | 24.8 |
| AISC (US$/oz) | 1,246 | 2,914 |
| Head grade (g/t) | 0.69 | 0.63 |
| Recovery | 88.3% | 87.0% |
Cash Generation Funds Bankan and a Strategic Stake
The Company reported a strong cash picture for the quarter.
- Cash margin from operations was US$176 million, supported by record quarterly sales.
- Free cash flow reached US$128 million.
- Capital expenditure totalled US$43 million, including US$18 million of Bankan down payments.
- The Company paid US$10 million for an 11.6% stake in Awalé Resources (TSXV: ARIC) on 29 Jul 2026.
- Financing outflows included US$18 million to the Sprott facility and US$5 million of dividends to the Mali Government for Nampala.
Awalé’s Odienne Project in Cote d’Ivoire hosts a maiden inferred resource of 1.71 million ounces gold equivalent. The Company said the stake was funded from cash on hand and does not affect Bankan funding.
Bankan Gold Project Engineering Moves Toward a 2027 Milestone
With the Bankan Gold Project’s DFS, the Company plans on producing 250,000 ounces per across 12 years of mine life. Group-wide gold production for 2029 is estimated at 400,000+ ounces per year.
- Plant engineering is about 20% complete, with completion due in Q2 2027.
- Mechanical equipment procurement is substantially complete.
- The first mill package is due in Dec 2026.
- The first power station delivery is due in Q2 2027.
- Power station detailed design has been awarded and the layout finalised.
- Funding comes from existing cash reserves and operating cash flows.
Figure 1: Crew members review plans beside plant equipment as detailed engineering and procurement continue. [Courtesy: PDI Gold]
Share Price Performance
| Measure | Data |
| Last price | A$4.215 per share |
| Market capitalisation | A$4.15 billion |
| 52-week range | A$2.625 to A$5.225 |
Guidance Holds as Kiniero Offsets a Weaker Nampala
| 2026 guidance | Group | Kiniero | Nampala |
| Gold poured (ounces) | 198,000 to 220,000 | 157,000 to 174,000 | 41,000 to 46,000 |
| AISC (US$ per ounce) | 1,300 to 1,500 | 1,100 to 1,300 | 2,000 to 2,200 |
Impact on production: the Company expects Kiniero outperformance to offset lower Nampala output. Year to date, 165,068 ounces have been poured.
Impact on Bankan: spending draws on existing cash and operating cash flows. Delivery therefore leans on continued Kiniero cash generation.
Company performance is assessed by examining price volatility of commodities, weather, cost and political risk within the Guinean, Malian and Ivorian regions. Performance assessments also take into account operating factors and prevailing market conditions.
Mining Herald will watch the December mill delivery and the next quarterly update for signs that sales momentum holds.
ALSO READ: Sandfire Resources Q1 FY27: Copper Output and Growth Outlook
FAQs
Q1. How much gold did PDI Gold pour in the September 2026 quarter?
Ans. It poured 52,865 ounces, down 17% from the June quarter.
Q2. Why did gold sales rise?
Ans. Bullion poured in June was sold in September, lifting Kiniero sales by 59%.
Q3. Did PDI Gold change its 2026 guidance?
Ans. No. It maintained 198,000 to 220,000 ounces and Group AISC of US$1,300 to US$1,500 per ounce.
Q4. How is the Bankan Gold Project funded?
Ans. It is funded from existing cash reserves and operating cash flows.
Disclaimer
This article is intended for informational purposes only. If you pay attention to the Western Canada critical minerals sector as an investor, then all the data in the content is from third-party sources. Please check out the complete share price and market data info. Investing carries a high risk, and you should only invest at your own risk. Mining Herald has no involvement in the above-listed companies.
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About the author
Jonathon Brown
Jonathon Brown began his career as a broadcaster, working across markets in British Columbia before moving into financial journalism. Since 2017, he has specialised in stock market reporting, covering emerging companies across the healthcare, technology, mining and consumer sectors. He brings more than 15 years' experience to his reporting. A graduate of Vancouver Island University and the British Columbia Institute of Technology, Jonathon is focused on delivering clear, balanced reporting for investors.
