PDI GOLD LIMITED (PDI)
Share Price Analysis and Chart

29/09/2026

1

Buy

$6.20

51.96%

Ord Minnett makes mostly minor changes to commodity price forecasts following a September quarter characterised by stronger energy, coal, precious and most base metal prices, while lithium fell -20%.

The broker remains positive on lithium longer term, lifting CY27 and CY28 price forecasts by 2% and 5%, respectively, supported by electric vehicles, energy storage and renewables demand.

Copper's recent rally is considered vulnerable to reversal, prompting a -6% CY27 price forecast cut, though longer-term fundamentals remain supportive. Aluminium price forecasts are also lowered.

Ord Minnett currently sees more attractive risk-reward across bulk commodities than base metals, particularly iron ore.

For gold stocks under coverage, the broker prefers Buy-rated Capricorn Metals for its asset quality, production growth outlook and valuation.

Unchanged Buy rating for PDI Gold. The target is increased to $6.20 from $5.70. It should be noted PDI had a 5-for-1 share consolidation, approved on 21 August.

This is a summary of research released by Ord Minnett yesterday.

07/10/2026

1

Speculative Buy

$7.00

71.57%

Canaccord Genuity maintains a Speculative Buy rating for PDI Gold with an unchanged $7.00 target price following the release of the September quarter 2026 production update for the Kiniero and Nampala operations.

At Kiniero, the mine produced 46k ounces of gold, falling short of the broker's estimates as a 15% outperformance in mill throughput to 2.3m tonnes was offset by a slippage in grades to 0.69 grams per tonne and lower metallurgical recoveries.

Despite the quarterly miss, year-to-date production of 138k ounces leaves the operation on track to exceed its 2026 guidance, prompting the analyst to lower the full-year production forecast to 184k ounces at an all-in sustaining cost of US$1,247 per ounce.

Canaccord Genuity anticipates the granting of key exploitation permits for Bankan and Mansounia in the coming quarter, supported by a constructive government policy backdrop emphasising formal gold sector development.

Additionally, the analyst notes recent growth drilling at Gobele and Jean confirms the continuity of deep, high-grade sulphide mineralisation beneath existing oxide pits, improving confidence in the scale potential and supporting the strategy to extend the mine life.