PDI GOLD LIMITED (PDI)
Share Price Analysis and Chart

29/09/2026

1

Buy

$6.20

31.08%

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.

30/09/2026

1

Speculative Buy

$7.00

47.99%

Canaccord Genuity maintains a Speculative Buy rating for PDI Gold with an unchanged $7.00 target price following an updated Mineral Resource and Ore Reserve statement featuring group resources rising to 10.1m ounces and reserves increasing to 4.8m ounces.

The Kiniero project successfully replaced depletion with resources growing to 4.3m ounces and ore reserves expanding 25% to 1.77m ounces, supported by updated resource models and a revised US2,600 per ounce gold price assumption.

Nampala resources increased to 0.30m ounces driven by a US3,400 per ounce gold price assumption reflecting the short remaining mine life, while Bankan saw a 0.49m-ounce shift from underground to open pit categories within its static 5.53m-ounce resource base.

The analyst views the Bankan category shift as foreshadowing potential mine plan changes in future optimised studies, noting current reserves remain based on a conservative US1,800 per ounce gold price.

Heightened government engagement across the Guinean gold sector appears constructive for the business ahead of anticipated permit approvals in the coming quarter, coinciding with the recent corporate name change and 5-for-1 share consolidation.