Predictive Discovery (ASX:PDI) share price rockets 13% following investor update

Iluka share price 3D white rocket and black arrows pointing upwards

The benchmark S&P/ASX 200 index (ASX: XJO) closed 0.55% in the red at 7238.6 points, in continuation with its 3-month downtrend.

Despite the broad market’s weakness today, the ASX gold basket outperformed, with the S&P/ASX All Ordinaries Gold Index (XGD) booking a 2.6% gain.

The Predictive Discovery Ltd (ASX: PDI) share price also soared into the green today and finished the session 15% higher at 26.5 cents apiece.

Predictive also released the details of an upcoming investor update to the market earlier. Here’s what we know.

Investor briefing scheduled

Predictive Discovery advised that the company’s managing director Paul Roberts, will provide a 30 minute overview of the company’s “recently released maiden resource estimate (MRE)” at its Bankan Gold Project.

The company had previously updated investors on the 3.65 million ounce MRE for the gold project located in Guinea’s Siguiri Basin last week.

As a result of that update, the total mineral resource at its Bankan sites now comes in at almost 73 million tonnes, at 1.56g/t Au for 3.65 million ounces of gold.

This is a rapid growth schedule for the Guinea-based project, that was first defined only some 18 months ago.

At the time of the announcement, Roberts commented that “this is just the beginning of the Bankan gold discovery story”.

As part of the investor briefing, scheduled for 8 October, Roberts will lead an update on the scoping study level metallurgical work the company is doing.

Attendees will also see a broad overview of the operations at Bankan, what’s been done to date, and the company’s “planned exploration activities and plans for further technical studies”.

Investors appeared to have been chasing Predictive Discovery shares today, which opened the session at 23.5 cents.

At one point during the day, the Predictive Discovery share price was changing hands at an intraday high of 27 cents apiece. It is unclear if the investor update sparked any buying.

Strengths in the broader ASX gold index appear to have also helped the company’s popularity to reach these gains.

Predictive Discovery share price snapshot

The Predictive Discovery share price has claimed a return of over 334% this year to date, extending its gain in the past 12 months to well over 307%.

It’s rallied 100% in the last month and gained a further 60% this week.

Each of these results is well ahead of the broad index’s return of approximately 25% this past 12 months.

The post Predictive Discovery (ASX:PDI) share price rockets 13% following investor update appeared first on The Motley Fool Australia.

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The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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