# PDI Gold (PDI.AU)

Canonical: https://gigainvestors.com/s/PDI.AU

Analysis as of: 2026-10-16T07:39:38.355Z. Financial observations: FY2012–FY2026.

Listing currency: AUD. Reporting currency: AUD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: AUD 3.99 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 10

- Operating margin variation: 2.32×

Chart: Operating margin; fiscal year observations.

- FY2017: -12.88×

- FY2018: -62.27×

- FY2019: -29.89×

- FY2020: -226.05×

- FY2021: -281.76×

- FY2022: -2,570.10×

- FY2023: -17.49×

- FY2024: -44.46×

- FY2025: -5.88×

- FY2026: -0.28×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -22.1%

- ROIC, second-lowest year: -32.7%

- Typical minus recent gross margin: -20.3 pp

- Typical gross margin (annual median): -7.5%

- Recent gross margin (lower of latest and 3-year median): 12.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1138.1%

- ROIC including acquisitions, ten-year median: -43.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: -31.4%

- FY2018: -35.0%

- FY2019: -32.7%

- FY2020: -29.7%

- FY2021: -24.7%

- FY2022: -19.5%

- FY2023: -10.4%

- FY2024: -5.1%

- FY2025: -6.3%

- FY2026: -3.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: AUD -95M

- Net income, five-year total: AUD -111M

- Return on incremental invested capital: -48.4%

- Working capital / revenue, annual change: -619.1 pp

- Working capital / revenue, change between three-year averages: -274.9 pp

- Working capital / revenue, final three-year average: -668.9%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: AUD -10M

- FY2023: AUD -11M

- FY2024: AUD -44M

- FY2025: AUD -13M

- FY2026: AUD -16M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -32.7% vs -5.1%

- Per-share earnings: -0.08 to -0.03 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 37.5%

- Ordinary dilution, 5-year annual growth: 27.1%

- Market cap gain: AUD 438M

- Cumulative retained earnings: AUD -94M

- Diluted shares, 10-year annual growth: 37.5%

- Diluted shares, 5-year annual growth: 27.1%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value change: AUD 0.05

- Per-share value, starting three-year median: AUD -0.08

- Per-share value, ending three-year median: AUD -0.03

- Buybacks concentrated in cheaper years (correlation): -0.38

- Average buyback yield: 9.3%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: AUD 0

- Cumulative net income, 10 years: AUD -126M

- ROIC, first three-year median: -32.7%

- ROIC, last three-year median: -5.1%

Chart: Earnings per share; fiscal year observations.

- FY2017: AUD -0.08

- FY2018: AUD -0.03

- FY2019: AUD -0.02

- FY2020: AUD -0.01

- FY2021: AUD -0.03

- FY2022: AUD -0.04

- FY2023: AUD -0.03

- FY2024: AUD -0.02

- FY2025: AUD -0.03

- FY2026: AUD -0.11

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -30.9%

- FY2018: 50.1%

- FY2019: 1.7%

- FY2020: 11.6%

- FY2021: 19.8%

- FY2022: 16.6%

- FY2023: 34.2%

- FY2024: -2.0%

- FY2025: -1.9%

- FY2026: -3.6%

## Holders

## Price story

Up 1598% since Oct 2023 · sales +9249.2%

Story as of 2026-10-16T10:00:10.918Z; price observation 2026-10-15.

### Sales · FY2025–2026

sales +9249.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: AUD 106K 

- FY2018: AUD 22K 

- FY2019: AUD 37K 

- FY2020: AUD 7K 

- FY2021: AUD 15K 

- FY2022: AUD 3K 

- FY2023: AUD 633K 

- FY2024: AUD 171K 

- FY2025: AUD 2.2M 

- FY2026: AUD 203M 

### Gross margin · FY2026

gross margin 12.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 65.3% 

- FY2018: 33.2% 

- FY2019: 93.6% 

- FY2026: 12.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in gold; annual sales are AUD 202.9 million.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); FY2026: revenue 202855000; grossProfit 25842000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PDI.AU: PDI Gold Limited engages in the exploration, development, mining, and processing of gold deposits in West Africa. The company's flagship property is the Kiniéro Gold Mine, which covers an area of 398 square kilometers located in Guinea, West Africa. It also sells refined gold. The company was formerly known as Predictive Discovery Limited and changed its name to PDI Gold Limited in August 2026. The company was incorporated in 2007 and is based in South Perth, Australia.

### Why customers stay

It lost 22.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); FY2024: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); FY2025: grossProfit / revenue = -27.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); FY2026: grossProfit / revenue = 12.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); 10-year return on capital observations [[2017,-0.31359276712845807],[2018,-0.3499011993071087],[2019,-0.3267057989910078],[2020,-0.29738985401323065],[2021,-0.24679879432647125],[2022,-0.19514751779182388],[2023,-0.10374960889800881],[2024,-0.05097658010236074],[2025,-0.0632307423938421],[2026,-0.032481707982963855]]; median -0.22097315605914758. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); Dividend observations: [[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 24.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PDI.AU SharesStats.PercentInsiders = 24.441 percentage points; cache date 2026-10-16.

### What the price says

The price is 12.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:38.355Z); Closing price 3.99 AUD; reporting-to-trading FX 1; FY2026 annual sales per share 0.31285037684547873; price multiple 12.75370047570925. FY2026 cash earnings/share -0.025340487254186788. Closing-price date 2026-10-15.

## Monthly share-price history (AUD per share)

- 2016-10: AUD 0.01 per share

- 2016-11: AUD 0.01 per share

- 2016-12: AUD 0.01 per share

- 2017-01: AUD 0.01 per share

- 2017-02: AUD 0.01 per share

- 2017-03: AUD 0.01 per share

- 2017-04: AUD 0.01 per share

- 2017-05: AUD 0.08 per share

- 2017-06: AUD 0.07 per share

- 2017-07: AUD 0.07 per share

- 2017-08: AUD 0.07 per share

- 2017-09: AUD 0.06 per share

- 2017-10: AUD 0.05 per share

- 2017-11: AUD 0.04 per share

- 2017-12: AUD 0.04 per share

- 2018-01: AUD 0.04 per share

- 2018-02: AUD 0.03 per share

- 2018-03: AUD 0.03 per share

- 2018-04: AUD 0.03 per share

- 2018-05: AUD 0.02 per share

- 2018-06: AUD 0.02 per share

- 2018-07: AUD 0.03 per share

- 2018-08: AUD 0.02 per share

- 2018-09: AUD 0.01 per share

- 2018-10: AUD 0.02 per share

- 2018-11: AUD 0.01 per share

- 2018-12: AUD 0.01 per share

- 2019-01: AUD 0.01 per share

- 2019-02: AUD 0.01 per share

- 2019-03: AUD 0.01 per share

- 2019-04: AUD 0.01 per share

- 2019-05: AUD 0.01 per share

- 2019-06: AUD 0.01 per share

- 2019-07: AUD 0.01 per share

- 2019-08: AUD 0.01 per share

- 2019-09: AUD 0.01 per share

- 2019-10: AUD 0.01 per share

- 2019-11: AUD 0.01 per share

- 2019-12: AUD 0.01 per share

- 2020-01: AUD 0.01 per share

- 2020-02: AUD 0.01 per share

- 2020-03: AUD 0.01 per share

- 2020-04: AUD 0.07 per share

- 2020-05: AUD 0.11 per share

- 2020-06: AUD 0.09 per share

- 2020-07: AUD 0.08 per share

- 2020-08: AUD 0.07 per share

- 2020-09: AUD 0.07 per share

- 2020-10: AUD 0.06 per share

- 2020-11: AUD 0.06 per share

- 2020-12: AUD 0.06 per share

- 2021-01: AUD 0.07 per share

- 2021-02: AUD 0.06 per share

- 2021-03: AUD 0.08 per share

- 2021-04: AUD 0.09 per share

- 2021-05: AUD 0.10 per share

- 2021-06: AUD 0.08 per share

- 2021-07: AUD 0.15 per share

- 2021-08: AUD 0.14 per share

- 2021-09: AUD 0.24 per share

- 2021-10: AUD 0.19 per share

- 2021-11: AUD 0.24 per share

- 2021-12: AUD 0.26 per share

- 2022-01: AUD 0.22 per share

- 2022-02: AUD 0.21 per share

- 2022-03: AUD 0.21 per share

- 2022-04: AUD 0.25 per share

- 2022-05: AUD 0.20 per share

- 2022-06: AUD 0.20 per share

- 2022-07: AUD 0.24 per share

- 2022-08: AUD 0.21 per share

- 2022-09: AUD 0.19 per share

- 2022-10: AUD 0.15 per share

- 2022-11: AUD 0.21 per share

- 2022-12: AUD 0.18 per share

- 2023-01: AUD 0.19 per share

- 2023-02: AUD 0.17 per share

- 2023-03: AUD 0.17 per share

- 2023-04: AUD 0.18 per share

- 2023-05: AUD 0.16 per share

- 2023-06: AUD 0.17 per share

- 2023-07: AUD 0.17 per share

- 2023-08: AUD 0.22 per share

- 2023-09: AUD 0.19 per share

- 2023-10: AUD 0.24 per share

- 2023-11: AUD 0.24 per share

- 2023-12: AUD 0.21 per share

- 2024-01: AUD 0.21 per share

- 2024-02: AUD 0.20 per share

- 2024-03: AUD 0.23 per share

- 2024-04: AUD 0.21 per share

- 2024-05: AUD 0.20 per share

- 2024-06: AUD 0.18 per share

- 2024-07: AUD 0.18 per share

- 2024-08: AUD 0.23 per share

- 2024-09: AUD 0.26 per share

- 2024-10: AUD 0.28 per share

- 2024-11: AUD 0.25 per share

- 2024-12: AUD 0.23 per share

- 2025-01: AUD 0.27 per share

- 2025-02: AUD 0.34 per share

- 2025-03: AUD 0.38 per share

- 2025-04: AUD 0.37 per share

- 2025-05: AUD 0.39 per share

- 2025-06: AUD 0.39 per share

- 2025-07: AUD 0.43 per share

- 2025-08: AUD 0.47 per share

- 2025-09: AUD 0.44 per share

- 2025-10: AUD 0.57 per share

- 2025-11: AUD 0.64 per share

- 2025-12: AUD 0.74 per share

- 2026-01: AUD 0.85 per share

- 2026-02: AUD 0.98 per share

- 2026-03: AUD 0.75 per share

- 2026-04: AUD 0.93 per share

- 2026-05: AUD 0.74 per share

- 2026-06: AUD 0.68 per share

- 2026-07: AUD 0.67 per share

- 2026-08: AUD 4.19 per share

- 2026-09: AUD 4.88 per share

- 2026-10: AUD 4.35 per share

## Annual estimated value (AUD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:45:13.491Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.