Merger and Acquisition
PDI Gold to take a 9.9% shareholding in Skylark Minerals through an A$5.1M placement investment
Headline consideration
A$5.1M
Approximately, per the Subscription Agreement
Interest acquired
9.9% of Skylark Minerals
Mineral resource
29.0Mt at 1.28g/t Au for 1.20Moz
Inferred, Zaranou Project, as stated by Skylark
Expected completion
Early December 2026
Tranche 2 settlement, subject to Skylark shareholder approval
Summary
PDI Gold Limited has agreed to make a A$5.1M strategic investment for a 9.9% shareholding in Côte d’Ivoire gold explorer Skylark Minerals Limited (ASX: SKM). The investment is part of a A$20M share placement being completed by Skylark. PDI Gold entered into a subscription agreement with Skylark dated 30 October 2026. PDI Gold states it will fund the investment from existing cash reserves and is making it for investment purposes.
Consideration
| Component | Terms |
|---|---|
| Investment amount | Approximately A$5.1M for a 9.9% shareholding in Skylark |
| Placement | A$20M two-tranche share placement by Skylark at an issue price of A$0.24 per share |
| Tranche 1 | Approximately 9.3M shares for A$2.2M, scheduled to settle on 6 November 2026 |
| Tranche 2 | 11.9M shares for A$2.9M, scheduled to settle in early December 2026 |
| Funding | PDI Gold will fund the investment from existing cash reserves |
| Participation rights | For 24 months, Skylark will, subject to the ASX Listing Rules and applicable law, use reasonable endeavours to give PDI Gold advance notice of, and reasonable opportunity to participate in, future equity raisings on terms no less favourable than those offered to other participants, on a pro-rata basis to PDI Gold’s shareholding, subject to certain exceptions |
| Standstill | PDI Gold must not acquire additional shares or increase its interest in Skylark for 24 months, subject to certain exceptions |
| Use of proceeds (Skylark) | Increase Skylark’s Zaranou Project interest from 51% to 90%, conduct further drilling to grow the Mineral Resource at the Zaranou Central area, and conduct earlier stage exploration and drilling at regional prospects and other gold projects in Côte d’Ivoire |
Conditions
- Tranche 2 settlement is subject to Skylark shareholder approval, to be sought at a general meeting scheduled for early December 2026
Timetable
| 30 October 2026 | Date of the Subscription Agreement between PDI Gold and Skylark |
|---|---|
| 6 November 2026 | Tranche 1 scheduled to settle |
| Early December 2026 | Skylark general meeting scheduled to seek shareholder approval for tranche 2 |
| Early December 2026 | Tranche 2 scheduled to settle, subject to Skylark shareholder approval |
Project snapshot
| Item | Detail |
|---|---|
| Zaranou Project Inferred Mineral Resource | 29.0Mt at 1.28g/t Au for 1.20Moz |
| Classification | Inferred |
| Source | Skylark ASX announcement dated 19 October 2026 |
Source: PDI Gold announcement dated 2 November 2026. This page summarises information from the company's public announcement and is provided for general information only. It is not financial product advice, a recommendation or an offer, and it does not take into account any person's objectives, financial situation or needs. Figures and terms are taken from the announcement and may be incomplete or may have changed since publication. Refer to the original announcement for full details. Kamoa Capital has not independently verified the information.
