AAUC

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 9:00 a.m. ET Chief Executive Officer - Peter Marrone Management - Gerardo Fernandez Management - Jason LeBlanc Need a quote from a Motley Fool analyst? Email [email protected] Operator: Thank you for standing by. My name is Kathleen, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Allied Gold Second Quarter 2026 Earnings Conference Call. [Operator Instructions] And now I would like to turn the call over to Peter Marrone, CEO. Please go ahead. Peter Marrone: Thank you very much, operator, and thank you to all who are participating on this call. As some of our management is remote and for efficiency and also for the cadence of this call, I will present our formal presentation, but management is available on the call to address any questions. We're happy to be back with these conference calls. And given that we have had a hiatus on these calls, we thought it would be helpful to provide a recap of who we are and what we are and where we are going as part of our quarterly results. We are in Mali, we're in Cote d'Ivoire, and we are in Ethiopia. I begin with a discussion about the jurisdictions in which we operate as there hasn't been much said about these jurisdictions. But again, we hope to give you comfort that these are jurisdictions that are high quality for mining. Mali is prolific, certainly for precious metals mining. We can't think of a jurisdiction in which within several hundred kilometers, there will be a handful of mines that produce between a couple of hundred thousand ounces of production and as much as 0.5 million ounces of production, and it is very supportive of mining, and it has infrastructure for the support of mining. Cote d'Ivoire is new to the mining circle. However, it is one that has advanced very quickly with significant opportunities. And certainly, our Cote d'Ivoire in complex with Bonikro and Agbaou add to the successes in the country relating to mining. And Ethiopia is very new to mining, certainly precious metals mining. We are the first mechanized mine of scale that will be in production in the country, but it is on the bottom end of the Arabian Nubian Shield. Much has been said about the Arabian Nubian Shield and its potential. And here we are with millions of ounces already in inventory and literally on the cusp of the start-up of operations. I begin with the discussion about jurisdictions, mostly as an admonition to the laziness and overpenalization of these jurisdictions, particularly for companies that have Tier 1 assets as we do. But I also want to make sure that it is clear that this is also a recommendation of the value proposition for discerning investors that are comfortable that we, along with many other companies in these jurisdictions, can manage the geopolitical concerns, manage our operations effectively. And in the context of operations, here we are with Sadiola, a Tier 1 generational mine that for 2 decades has been in production, producing more than 8 million ounces in steady state without any interruption. We have a production platform that carries more than 10 million ounces in resources. It's a large mineral inventory with a production platform presently of approximately 200,000 ounces with a plan to take that to closer to 350,000 ounces over the next several years on a sequential basis. Cote d'Ivoire's 2 mines, roughly 17, 18 kilometers apart that we treat as a complex. We are targeting a mine life of 200,000 ounces per year for at least a 10-year period. And in the case of Ethiopia, our next mine, the Kurmuk mine, we expect to produce at least 250,000 ounces per year, and we expect that production to begin this quarter. So let me put a fine point to it. When we say this quarter, we're in commissioning in the month of August. We expect to be in production in the month of September. What I think is the true value proposition here is not just the particular assets, but the fact that we are unique in that we are a mid-tier gold producer, but we are underpinned by high-quality assets and in particular, on the opposite sides of the continent in Mali in the case of Sadiola and in Ethiopia in the case of Kurmuk by 2 Tier 1 generational mines. So a unique mid-tier gold producer with 2 Tier 1 mines in the portfolio. For the second quarter then, we had strong performance that carries the momentum into the second half of the year with higher production expected from operational improvements and, of course, the start-up of Kurmuk. We are on track to achieve annual guidance from our producing mines. The drivers for Sadiola will be higher feed grade and throughput increases. In the case of Bonikro, we're ahead in the sequencing in the first half of the year. So we expect to see the feed grade to a level that is higher in the second half of the year. And the throughput will vary quarter-to-quarter, but production will exceed our annual guidance with a fourth quarter production that exceeds the third quarter and the third quarter slightly better than Q1 and Q2. And Agbaou is now at a steady state of production, and we expect its production to be consistent with the first and second quarter for the second half of the year. And with that, then we expect to see cost improvements on what has already been seen as a cost improvement from Q1 to Q2 and from last year to this year. We are advancing our growth project, which is Kurmuk, that's advancing as planned. As I mentioned a moment ago, we are in commissioning, and we expect that to be in production before the end of this quarter. We have a strong financial position. And while we show in this presentation a pro forma cash balance of just under $0.5 billion after giving effect to the Zijin Gold strategic investment, we do end the quarter with more than $190 million in the treasury, more than sufficient to fund the business of this company. And we have impressive exploration potential with a budget that is $36 million. We just increased the budget for the second half of the year because of the exploration successes that we experienced in the first half of the year. In terms of our operations, just over 97,000 ounces for the second quarter, just over 193,000 ounces for the first half of the year and an all-in sustaining cost that is below $2,200 per ounce sold. In the case of Sadiola, production is expected to increase, as I mentioned, in the second half that is driven by increased feed grade and throughput. We're targeting to meet our annual guidance. Costs are expected to trend down, driven by higher production and lower expenditures. We continue to progress improvements to lower costs, and we're advancing several strategies, one of which will lead to the improvements to costs, which is a power solution that makes us less reliant on older diesel generators, a refresh of those generators, but also applying a solar power solution that will represent a significant portion of power at that operation. In the case of Bonikro in Cote d'Ivoire, our production exceeded our plan for the first half of the year due to higher grades and throughput. We took on a challenge in 2023 and 2024 through 2025 of waste removal and stripping to get to higher-grade material at Bonikro. And we said that by 2026, we would be in a position to be meeting our goals of getting that higher level of production, and we have demonstrated that we have done that. And the same is true for Agbaou, where production is expected to remain constant for the second half of the year, tracking to meet guidance, but at better costs than we've been experiencing in the first half of the year and last year. For the Cote d'Ivoire platform, we've increased mine life that is supported by a new area of mineralization that is now in development. We are advancing further exploration targets. In the case of Agbaou, we've increased proven and probable reserves by 60%. We have advanced our projects to the point whereas initially, we were saying that we expect to get production of 180,000 ounces per year for 10 years, we are now at a point where we can demonstrate that we can get that 10 years of production, but at 200,000 ounces per year. A little bit more on each of the operations. Sadiola, again, a generational asset with significant mine life and mineral endowment. We are in transition from a mine that was reliant on oxide ores to fresh ore. That first phase expansion now allows us to take more than 60%, as much as 70% of fresh ore through that plant. We are advancing a process of control upgrades, pre-leach thickener to increase efficiency and reduce operating costs. I mentioned the solar power strategy to further improve costs. And we have an organic expansion plan that takes us initially to that 200,000 ounces, as I mentioned, which is where we are now, and then to a production level that is expected to be closer to 250,000 to 275,000 ounces and ultimately, to goal of between 300,000 and 350,000 ounces. We are making new oxide discoveries. We are making new discoveries on a platform that's already 10 million ounces of resources, of which more than 7 million ounces is proven and probable reserves. So short term, 200,000 to 230,000 ounces of production, including this year, that will progressively increase within the next 1.5 years, and we average our production of in excess of 300,000 ounces to 350,000 ounces at an average with several years at closer to 400,000 ounces with all-in sustaining costs that are expected to decline significantly, and we estimate in the range of about $1,200 per ounce. So we are transitioning from oxide mine to fresh ore. We're putting automation and processes in place. We're upgrading this operation, this plant that is worthy of the Tier 1 inventory of ounces that we have. And we expect -- just to give a bit more clarity, the next step to be to go to 7 million ounces per year. We're working on the engineering for that is expected to continue through this year. We expect to be in construction on a permanent second stage crushing and larger ball mill that will proceed through 2027 and '28 with the start of production in 2029. So we expect then that by 2029 for several years to follow to be at least at 275,000 ounces per year before we undertake the next modular expansion, 8 million tons and then above that, that drives that production to its ultimate goal of above 200,000 ounces in the average of 350,000 ounces with several years above 400,000 ounces. In the case of Kurmuk, we're in commissioning. We continue that through this quarter. We expect to be in production, as I mentioned, in September. We are progressing as planned. Ore stockpiles are building, and we're ahead of operations. Our project costs are tracking to budget with over 90% of those costs committed as of the end of the second quarter, and we expect to be on budget and on time with this operation. We have made -- this makes meaningful improvements to cash flow. It is a prolific land package that will increase the number of ounces that is inventory. We presently look at 240,000 to 270,000 ounces of production with the average over the next several years, 2027 to 2030, that is closer to 300,000 ounces with all-in sustaining costs that are expected to be below $1,200 per ounce. And indeed, we expect that to be below $1,000 per ounce given the low power costs that we have at this operation. Moving to Cote d'Ivoire. Agbaou and Bonikro, we treat it as a complex. They're roughly 17, 18 kilometers apart. They offer synergies. We have begun a process of optimizations. As I mentioned at the beginning of this call, we are now targeting 200,000 ounces per year from this complex with a production profile of at least 10 years. Now one of the things that drives all of this then is this very significant optionality that we have in the exploration opportunities of the company. I hope I can say that the MD&A provides a fulsome description of what we have done with exploration and what we continue to do. We're happy to address any further questions in our Q&A. But what are our objectives? Well, in the case of Sadiola, we have a possible super pit. We're extending mine life. We're allowing for an increase in production. We're finding more oxide ounces. We're finding more fresh ore. In the case of Cote d'Ivoire, what started as a 2- to 3.5-year mine life has now extended in the case of Bonikro in excess of 10 years, and Agbaou is now already at approximately 6 years, going toward our goal of 200,000 ounces of production for at least a 10-year period. And in the case of Kurmuk, we start with 2 open pits, Dish and Ashashire, but we have many areas of exploration that will represent their own open pits. The objective is to extend mine life to provide operational flexibility with more mining areas and to take advantage of that plant capacity that we said in our earlier calls is in excess of what we need at present time. So in terms of second quarter financial performance, adjusted net earnings of $0.44, operating cash flow of $133 million, adjusted EBITDA of just under $167 million, all-in sustaining costs of just under $2,200 per ounce and cash in the treasury of $192 million and pro forma with the completion of the Zijin transaction, expected to be just shy of $0.5 billion. We are an established mid-tier producer. We have large-scale long-life assets, those generational assets to which I referred. We have a project pipeline that creates a notable, very significant production growth that contributes more handsomely to cash flow growth because all these new ounces are coming in at significantly lower costs. We take a disciplined approach to development and production growth with operational improvements that drive sustainable value creation. So just to conclude the presentation, we are on the cusp of that notable growth. We have strengthened the operational performance of the company. We have delivered and are delivering on our growth projects. We have improved the sustainability framework of the company. We are in a strong financial position. We have increased mine life at Cote d'Ivoire, which was the lowest mine life that we had, but of course, at the other operations as well. And we have further growth initiatives that will be supported by the exploration successes that we are achieving. We're trading at a very attractive valuation. We received an offer to sell the company in January for $44 per share. Today, many months later, we're more advanced and a better company. We have delivered on our plans that improved the company and increase that value. I'm comfortable saying to everyone on this call that we present a unique and strong value proposition. So in terms of upcoming milestones, the start-up of operations at Kurmuk, a further exploration update in the fourth quarter, further advancement and what we will say about the Sadiola next phase expansion by the first quarter of next year. We expect a site visit of our Kurmuk operation for sure in the first quarter of 2027. And we're completing the steps that are required at Sadiola, including the installation of the pre-leach thickener and the power solution, including solar that will improve that operation for the next phase of our modular expansion. And finally, the start-up of operations and ramp-up at Kurmuk. No, I did not make a mistake there. I duplicated the point for a reason where the start-up of operations at Kurmuk, which transforms this company in terms of production and in terms of cash flows. And with that, ladies and gentlemen, let me open the call to questions. Operator: [Operator Instructions] And your first question comes from the line of Ralph Profiti of Stifel. Ralph Profiti: Peter, can I ask about some of your recent experience in Mali on the ability to repatriate capital in and out of the country? And how, if any, has there been influence on sort of in-country capital allocation decisions? Peter Marrone: The in-country capital allocation decisions, Ralph, have been based on prudent business practices and prudent business decisions. It is not the result of restrictions on our ability to repatriate capital. None of that. Again, I'm glad you're asking the question because that goes to the fundamental theme of the quality of jurisdiction. There are no restrictions on repatriating capital. We have flexibility in how we mine. We have a large volume business. Mining is a large volume business. Some of you on the call have heard me say that when you're bringing to site more than 100 fuel tankers per month for our fuel requirements, that's a big volume business. And a big volume business like that cannot function if we were to accept what is said about the country on the headlines. The headlines are not correct. This is a functioning country with functioning businesses and one of those businesses is ours. To answer your specific question, we have no restriction in terms of repatriating of capital, but we have a business plan to invest back into the country -- to invest back into Sadiola to demonstrate that this is a Tier 1 mine. Ralph Profiti: Okay. And as a follow-up, Peter, when I look at the 2027, I guess, preliminary guidance for Kurmuk, it looks to be a very efficient flow sheet with that type of production target. And I'm just wondering what's been your team's experience and what can we expect on their feedback on how long it's going to take to substantially reach long-term target recoveries and things like operating costs, that initial 6 to 9 months of ramp-up, what does that look like in terms of quality and grade of that initial feed into the plant to get us to that target or somewhere near it? Peter Marrone: Ralph, there's nothing unconventional in the design here. It is an open pit. We've opened up the ore. We have stockpiled at surface. We're meeting the grade expectations. We don't see any challenges on recoveries. And while the ramp-up is within that range of 4 to 6 months, we're also blessed with higher grade upfront. One of the reasons why we have not said what we expect the production level to be this year is a positive, not a negative. We expect to produce because of grade, 30,000 ounces per year. That's why in the first handful of years, we have a production platform that is at or close to 300,000 ounces per year, not the average of 240,000 ounces per year. But that also means that if from production in early September to mid-September to late September, we expect to be in that range of early to mid-September. That will make a difference in terms of what the production is for this year, but not to the value and not to the number of ounces of production next year and in the years to follow. So we are blessed with grade that is higher closer to surface, we have a ramp-up that I believe to be on the conservative side. And the result of grade, the result of what we see in recoveries, the result of that gradual ramp-up gives us a high confidence level that we'll meet the production goals that we expect -- that we indicated for next year and the years to follow. Operator: Your next question comes from the line of Luke Bertozzi with CIBC. Luke Bertozzi: Congrats on the quarter, really standout job in Cote d'Ivoire. I just had a question on Kurmuk. Can you provide a bit of an update on how the mining activities are going, in particular, how is it reconciling with the block model? And perhaps if you could give a little bit of details on the grade and quantity of your stockpile. Gerardo Fernandez: Luke, this is Gerardo. Yes, in terms of reconciliation, we're doing really well. We updated that model several months ago in anticipation of the start of operations. We did drilling and we're really pleased with the results in terms of grade control reconciliation. We're tracking well also on the volumes. We have reached the high-grade zones of both Dish and Ashashire, and we're quickly building the stockpile on high grade. We have 3 categories -- or main categories of grade and that we will be using, as Peter was describing for the ramp-up as we are increasing the throughput through the plant. Luke Bertozzi: And then just a follow-up question there. Previously, you guys had identified the State Build transmission line as a key milestone for the start-up time line. Can you comment on the status of that grid power connection today? Peter Marrone: Yes. We mentioned that not as a gating item or as a critical path item. We mentioned it because we have a 20-year power purchase agreement at $0.04 per kilowatt hour. For the benefit of those on the call, that's 1/2 of what one pays in Quebec. It is 1/4 of what one pays in Canada, all of which is hydroelectric power. So we were trying to highlight that this is one of the factors that allows us to be able to get production at the very low cost that we're anticipating. The power line will be up and running for us to be in production. But we want to make sure that it's clear. We need full power by November, not by September. And so we're perfectly on track to be with power by September. So whatever we need by November is not expected to be a gating item, not expected to be a critical path item because we expect to have power in September. We also have backup with power generators. And so the result of all of that is that we do expect to be in production in September. This is not a gating item for us. And we're looking forward to having you and others if your time permits, on our mine tour that we're planning sometime, as I mentioned, in the first quarter. I think this asset will show very well. Operator: And your next question comes from the line of Carey MacRury of Canaccord. Carey MacRury: Peter, just wondering if you can come back to Kurmuk and just if you can talk a little bit about sort of what the major items left are to complete there. Gerardo Fernandez: Carey, it's Gerardo again. Look, we are busy on C1 and advancing C2 and then getting, as you probably saw in the pictures and also wet commissioning some units. So there is some instrumentation on mostly terminals and cable to pull in certain areas. As we are moving through those, we're also advancing the commissioning. So big focus on that. All the ancillary items are finished or substantially finished. I'm talking about the TSF that was finished, water dam finished, main haul road is almost finished. It's usable now, and we have alternative access, as you know. Yes. So all key things are coming together. Crushing will be operational pretty soon. I think it's substantially complete, and we expect to start crushing rock in the next few days, few weeks. Carey MacRury: And then just coming back to grade. I mean you mentioned the 3 categories of grade. Just wondering just for our benefit how you classify high grade at Kurmuk. Unknown Executive: Well, I think we are over 1.5, if I recall correctly, and between 1 and 1.5. If you look at the life of mine profile in the technical report, you will see what grade is available at the beginning and how that changes. We're following that profile. We expect to follow that profile quite closely. Carey MacRury: Okay. Great. And then maybe one for Jason, if he's on the line. You had a big cash tax bill in the quarter. Just wondering how we should think about cash taxes in the back half of the year. Jason LeBlanc: Yes. Q2 is always our big cash payable quarter, Ralph (sic) [ Carey ]. It's just the profile of the jurisdictions that we operate in. So that's 75% of our total cash tax for the year was in Q2. So I don't know, maybe it's $15 million, $20 million per quarter going out here. Peter Marrone: And Jason, our cash taxes were at the level that they were at because we were profitable last year, and so we're paying more taxes for the profitability. Jason LeBlanc: Exactly. Operator: [Operator Instructions] And the next question comes from the line of Mohamed Sidibe of National Bank. Mohamed Sidibe: Maybe just a follow-up on the comment you made on grade, Peter. Did I understand correctly that the potential update on Kurmuk could be actually on the positive due to the higher grades that we could be expecting compared to plan? Or did I misunderstand that? Peter Marrone: What we are saying is that because the production profile on a month-to-month basis because of the higher grade closer to surface at Dish and Ashashire, the 2 initial deposits, it's difficult to say at the end of the year if we expect to produce 80,000 ounces, 100,000 ounces or 120,000 ounces. If we are in production in early September, then 30,000 ounces per month gets us to a point of 120,000 ounces. That's what we were trying to say, nothing more than that. Mohamed Sidibe: Perfect. And then just a follow-up on Kurmuk there. Understanding that the power line is not critical. Should we assume -- I think you noted in your MD&A that the power line should effectively meet the start of the ramp-up at the asset there. But should we assume that you have enough diesel gensets and fuel capacity at site to mitigate any potential delay there? Peter Marrone: We have sufficient supplies for us to be in production this quarter. Mohamed Sidibe: Okay. And final question on your balance sheet following the investment from Zijin. When we're looking at your balance sheet in Q3, how should we think about your capital allocation priorities into 2027? Is this more of a potential acceleration of Phase 2 at Sadiola or maybe initiatives in Ivory Coast? Or is it potentially to free up capital towards some capital return program? But how should we think about this? Peter Marrone: Look, think of it as all of the above. With the balance sheet that we have organically, then the expectation is that cash flows will have to build into cash balances before we're in a position and deploying that capital in 2027 for what we expect to do at Sadiola for 2029 to 2032, as I mentioned, that 275,000 ounces plus production. So we expect to deploy capital, and we will build out the cash balances. And with the excess of cash flows above what we are spending, we would expect -- as we have done before, as we've said before, we are implementing a dividend policy. But the best way to look at the supercharge that comes from this transaction is that the cash balances have built up before we build them up organically. Any prudent Board of Directors will want to build up cash balances and demonstrate cash flow and the sustainability of that cash flow before it will concede to providing a dividend. I'm a big believer in dividends. I'm a big believer, as you know, in the provision of cash returns to investors and dividends are an excellent way to do that, and it attracts the type of investor that we want to have in our business and in our company. So the result of all of that is that we're actually -- this acts as an accelerant to all of that. I cannot say to you that we will advance the projects more quickly because that requires the discipline of making sure that we've done the detailed engineering, as we said in our MD&A, we're doing. Once we've completed that engineering, then we're in a better position to be able to say this is what we intend to do. It's more sustainable. It's more precise. So I don't think that we would be advancing the projects that we have as a result and particularly the Sadiola second phase modular expansion, but it gives us the flexibility to look at other things and one of which, as you mentioned, is cash returns to investors soon. Operator: And there are no further questions at this time. I will now turn the conference back over to Peter Marrone for closing remarks. Peter Marrone: So ladies and gentlemen, my apologies for my voice. I am suffering a little bit of the back end of a cold. But thank you very much for the time. We are happy to be back on these conference calls, and we look forward to further updates throughout the course of the rest of the year. Clearly, the most important, as I mentioned, on the formal presentation being the start-up of operations at Kurmuk. And we do look forward to seeing you with our Q3 conference call and then with the end of the year. Thank you again. Operator: Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect. Before you buy stock in Allied Gold, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Allied Gold wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $403,337!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,334,946!* Now, it’s worth noting Stock Advisor’s total average return is 958% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 12, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Allied Gold (AAUC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Allied Gold Corporation? Here are five stocks we like better. Allied Gold reported solid second-quarter results, including more than 97,000 ounces of production, $133 million in operating cash flow, nearly $167 million in adjusted EBITDA and $192 million in cash. Management expects stronger performance in the second half and remains on track for annual production guidance. The Kurmuk mine in Ethiopia is targeting production in September, with expected annual output of at least 250,000 ounces and all-in sustaining costs below $1,200 per ounce, potentially below $1,000. The mine’s ramp-up is expected to take four to six months. Existing operations are expected to improve, with higher grades and throughput supporting Sadiola, Bonikro and Agbaou. Allied Gold raised its exploration budget to $36 million and said the Zijin investment could eventually support shareholder returns, although near-term priorities remain building cash and funding Sadiola’s expansion. Allied Gold (NYSE:AAUC) reported second-quarter production of more than 97,000 ounces and first-half production of more than 193,000 ounces, while Chairman and CEO Peter Marrone said the company expects stronger operating performance in the second half as grades improve at existing mines and its Kurmuk project in Ethiopia enters production. The company reported adjusted net earnings of $0.44, operating cash flow of $133 million, adjusted EBITDA of nearly $167 million and all-in sustaining costs below $2,200 per ounce sold for the second quarter. Allied Gold ended the quarter with $192 million in cash. Marrone said the company expects to have a pro forma cash balance of just under $500 million after closing Zijin Gold's strategic investment. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Marrone said Allied Gold remains on track to meet annual guidance from its producing mines and has increased its exploration budget to $36 million following exploration results during the first half of the year. The Kurmuk mine in Ethiopia is in commissioning, with production expected to begin in September, according to Marrone. The operation is expected to produce at least 250,000 ounces annually, while the company cited a 240,000- to 270,000-ounce production range and an average closer to 300,000 ounces annually from 2027 through 2030. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Chief Development Officer Gerardo Fernandez said the project was progressing through commissioning activities, including work on crushing and plant systems. He said ancillary infrastructure, including the tailings storage facility and water dam, was finished or substantially finished, while the main haul road was nearly complete and usable. Fernandez said mining reconciliation has been performing well against the updated block model, with the company reaching higher-grade zones at the Dish Mountain and Ashashire deposits. He said Allied Gold was building a stockpile of higher-grade ore and expected to follow the mine's planned grade profile closely. In response to an analyst question, he characterized high-grade material as ore above 1.5 grams per tonne, with another category between 1 and 1.5 grams per tonne. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling Marrone said the mine's ramp-up is expected to take four to six months and that higher-grade material nearer the surface could support production of about 30,000 ounces per month during the early period. He said the timing of September startup would affect the mine's output for 2026, and therefore the company has not provided a specific annual production estimate for Kurmuk. The company expects Kurmuk's all-in sustaining costs to be below $1,200 per ounce and potentially below $1,000 per ounce, citing low expected power costs. Marrone said the grid power line is expected to be available for September production and that the company has backup generators and sufficient supplies to support production this quarter. At the Sadiola mine in Mali, Allied Gold expects second-half production to increase through higher feed grades and greater throughput. Marrone said costs should trend lower as production rises and expenditures decline. The company is also pursuing process-control upgrades, installation of a pre-leach thickener and a power strategy that includes refreshed diesel generators and solar generation. Marrone described Sadiola as a long-life asset transitioning from oxide ore to fresh ore processing. The first phase of the expansion allows the plant to process more than 60% and as much as 70% fresh ore, he said. Allied Gold is targeting near-term production of 200,000 to 230,000 ounces annually before moving toward 250,000 to 275,000 ounces and, ultimately, more than 300,000 ounces annually. The company expects engineering work for Sadiola's next expansion phase to continue through 2026. Marrone said construction of a permanent second-stage crushing circuit and larger ball mill is expected to run through 2027 and 2028, with production from that expansion planned for 2029. He said the company estimates Sadiola's longer-term all-in sustaining costs could decline to about $1,200 per ounce. In Côte d'Ivoire, Allied Gold treats the Bonikro and Agbaou mines as a single complex because the sites are roughly 17 to 18 kilometers apart and offer operating synergies. Bonikro exceeded the company's first-half plan due to higher grades and throughput, according to Marrone. He said production is expected to exceed annual guidance, with fourth-quarter output above third-quarter output. Agbaou is expected to maintain steady production in the second half, with lower costs than those recorded during the first half and last year. Marrone said the company has increased Agbaou's proven and probable reserves by 60% and now targets production of 200,000 ounces annually from the Côte d'Ivoire complex for at least 10 years. Responding to questions about Mali, Marrone said Allied Gold faces no restrictions on repatriating capital from the country. He said capital allocation decisions within Mali have been based on business considerations, including the company's plans to reinvest in Sadiola. Chief Financial Officer Jason LeBlanc said approximately 75% of the company's annual cash taxes were paid in the second quarter, reflecting the tax-payment profile in its operating jurisdictions. He estimated cash tax payments could be about $15 million to $20 million per quarter for the rest of the year. Looking ahead, Marrone said the company intends to build cash balances while funding work at Sadiola and evaluating other opportunities. He said the Zijin investment could accelerate Allied Gold's ability to consider cash returns to shareholders, including through a dividend policy, although he said the board would want to see sustained cash flow and cash balances before implementing such returns. Allied Gold expects to provide a further exploration update in the fourth quarter, discuss additional Sadiola expansion details by the first quarter of next year, and host a Kurmuk site visit during the first quarter of 2027. Allied Gold (NYSE: AAUC) is a publicly listed company that operates in the gold mining sector. The firm's business centers on identifying, acquiring and advancing gold-bearing properties with the objective of creating and operating economically viable mining assets. Allied Gold's activities are typical of junior and mid-tier gold companies, encompassing exploration, resource definition, development planning and the eventual production and sale of gold. Core business activities for Allied Gold include mineral exploration programs to discover and delineate gold resources, feasibility and engineering studies to assess project economics, permitting and mine development work where projects progress to the construction phase, and operational oversight for producing assets. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Allied Gold Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) (“Allied” or the “Company”) herein provides its financial and operational results for the second quarter of 2026. The Company produced 97,429 ounces of gold in the second quarter of 2026. Performance was in line with expectations and operating plans, representing a 7% increase over the prior year comparative production. All-in Sustaining Costs (“AISC”)(1) for the quarter were $2,192 per ounce sold, in line with expectations. These results reflect continued momentum heading into the second half of the year, which is planned with increased levels of production mostly coming from operational improvements and mine sequencing at producing mines and the start-up of production at its newest operation, the Kurmuk Mine. SECOND QUARTER HIGHLIGHTS Financial Results Highlights Earnings: Cash Flows and EBITDA: Strong Financial Position: As of June 30, 2026, the Company had cash and cash equivalents of $192.2 million. Cash balances are expected to increase through the remainder of the year, supported by reduced capital expenditure at the Kurmuk Mine as development efforts come to an end, and increased production from operating mines and start of production from the Kurmuk Mine. During the second quarter, the amount of $158.9 million was paid for expansionary capital, particularly in relation to development of the Kurmuk Mine, and $129.7 million was paid in cash taxes for the preceding year. Cash taxes were in line with expectations and normally, cash taxes for a preceding year are paid in the second quarter of the following year. Liquidity will be further strengthened by the proceeds from the recently announced $295 million strategic investment by Zijin Gold, as described in the Transaction with Zijin Gold section below. Operational Highlights Second Quarter Production: The Company produced 97,429 ounces of gold in the second quarter, in line with plan and annual guidance for its operating mines, and representing a 7% increase over the prior year comparable period. Second Quarter Sales: Sales of 93,970 gold ounces, differing slightly from production due to the timing of shipments of production and the sale of end-of-year inventory. Performance by Asset: Costs In Line with Plan: AISC(1) of $2,192 per ounce sold on a consolidated basis for the second quarter were in line with plan. The estimated gold price impact on second quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,380, versus gold price assumed in guidance of $4,250, amounts to approximately $20 per ounce. Strong AISC Margins: Lower AISC, together with realized gold prices for spot sales of approximately $4,380 per ounce in the second quarter, resulted in strong AISC margins demonstrating the strong operating cash flow generation abilities of the Company. Tracking Production Guidance: Aggregate production for the first half of 2026 of 193,445 gold ounces positions Allied well to meet previously provided production guidance relating to its producing mines of 385,000 to 425,000 gold ounces. As previously disclosed, production from Allied’s producing mines, particularly at Sadiola, is expected to be weighted toward the second half of the year with sequential increases in production expected in the upcoming quarters. The development of the Kurmuk Mine continued to advance during the second quarter, with the start of operations expected in August and first gold following a few weeks thereafter. The Company targets to maximize production for the partial year of production in 2026 and had previously guided a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on the production expectations for the second half of the year once operations commence in the third quarter. Following the commissioning and ramp-up of the Kurmuk Mine in the second half of 2026, the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds the guidance provided in February 2026, and approximately 300,000 gold ounces in 2028, all at industry-leading costs. This is expected to reposition and transform Allied's already strong cash flow generation, leading to increased shareholder returns. Advancement of Key Growth Initiatives Kurmuk Mine Progressing Towards Production: The development of the Kurmuk Mine continued to advance during the second quarter, with the start of operations expected in August and first gold following a few weeks thereafter. Key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities. While the Company targets to maximize production for the partial year of production in 2026 and had previously guided to a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on production expectations for the second half of the year once operations commence in the third quarter. As noted above, following the commissioning and ramp-up of the Kurmuk Mine, the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds the guidance provided in February 2026, and approximately 300,000 gold ounces in 2028, all at industry-leading costs. Sadiola Next Growth Phase: The Company advanced processing improvements including instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption in the first half of 2027. Mine Life Increased at CDI Complex: Mineral Reserves and Mineral Resources updates for Agbaou demonstrate an increase of more than 60% over the year-end 2025 estimates, based on Proven and Probable Mineral Reserves. As a result, mine life for Agbaou based on Proven and Probable Mineral Reserves only has been extended to 2030, which, together with the previously disclosed update on the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of at least 200,000 gold ounces per year for over 10 years, thereby also increasing the minimum level of cumulative production from 180,000 gold ounces per year to 200,000 gold ounces per year. Transaction with Zijin Gold On July 29, 2026, the Company announced the termination of its arrangement agreement with Zijin Gold International Company Ltd. ("Zijin Gold"), as the parties determined that the conditions required to complete the transaction were unlikely to be satisfied by the agreed outside date. Concurrently, the Company entered into a subscription agreement with Zijin Gold pursuant to which Zijin Gold agreed to invest approximately $295 million (C$417 million) through a non-brokered private placement of approximately 12.8 million common shares at a subscription price of C$32.55 per share. Upon closing, Zijin Gold is expected to own approximately 9.2% of the Company's issued and outstanding common shares and will hold rights to maintain its pro rata ownership interest until such time as it holds below 5%. The private placement is subject to customary closing conditions, and is expected to close on or before August 10. The Company has received conditional approval of the Toronto Stock Exchange and approval from the New York Stock Exchange. The proceeds are intended to support the advancement of the Company's growth initiatives, including the completion and ramp-up of the Kurmuk project, the phased expansion of Sadiola, production growth initiatives at the CDI Complex, and ongoing exploration programs. Sustainability, Health and Safety Highlights The Company did not report any significant Environmental Incidents for the three months ended June 30, 2026. The Company’s Total Recordable Injury Rate (“TRIR”) for the three months ended June 30, 2026 was 1.46, compared to 1.21 for the 12 months ended December 31, 2025. The Company reported two Lost Time Injuries, resulting in Lost Time Injury Rate ("LTIR") of 0.29 for the three months ended June 30, 2026, compared to a LTIR of 0.29 for the 12 months ended December 31, 2025. *Average revenue per ounce sold differs from average revenue per ounce for at-market sales predominantly due to hedge settlements and sales made under streams. For the second quarter of 2026 and on a year-to-date basis, the impact of hedge settlements was $(411)/ounce and $(532)/ounce, respectively (second quarter of 2025 and second quarter year-to-date 2025 - $(73)/ounce and $(38)/ounce, respectively) and the impact of stream, in-kind dividends and IFRS 15 adjustments was $(81)/per ounce and $(123)/ounce, respectively (second quarter of 2025 and second quarter year-to-date 2025 - $(75)/ounce and $(41)/ounce, respectively). Gold production of 97,429 ounces during the three months ended June 30, 2026, compared to 91,017 ounces during the comparative prior period. The increase was predominantly driven by production growth at Bonikro and Agbaou during 2026, resulting from the benefits of stripping work executed in prior quarters, as anticipated. Total cost of sales(4) of $2,104 for the three months ended June 30, 2026 compared to $2,294 during the comparative prior period. Cash costs(1) on a per gold ounce sold basis of $1,923 for the three months ended June 30, 2026, compared to $2,034 during the comparative prior period. AISC(1) for the current quarter of $2,192 compared to the comparative period AISC(1) of $2,343 per gold ounce. For the quarter, unit costs per ounce sold on a consolidated basis for the second quarter were in line with plan. The estimated gold price impact on second quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,380, versus gold price assumed in guidance of $4,250, amounts to approximately $20 per ounce. Sadiola (80% interest), Mali Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud open pit gold mine (65% interest), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola is retained by the Government of Mali. For the three months ended June 30, 2026, Sadiola produced 48,080 ounces of gold, compared to the 49,283 ounces produced in the comparative prior year quarter and aligned with the production plan. Production is expected to increase sequentially in the next quarter as a result of increased grades and throughput. Sadiola is in a strong position to meet its production guidance for the year, with further increases expected in the coming quarters, as previously disclosed. Total cost of sales(4) and AISC(1) for the quarter were $2,689 and $2,766, respectively, per ounce sold on a consolidated basis for the second quarter were in line with plan. The estimated gold price impact on second quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,380, versus gold price assumed in guidance of $4,250, amounts to approximately $20 per ounce. With quarterly production tracking in line with guidance and near-term increases in throughput and feed grade planned for the next quarters, costs for the balance of the year are expected to decline, consistent with the anticipated transition from mining and feeding predominantly oxide ores to a blend dominated by higher-grade fresh mineralization. As part of the quarterly production plan, various blending strategies were progressively deployed to support the implementation of new operational practices, automation improvements, and enhanced process controls aimed at consolidating CIL circuit performance with increased fresh ore feed. As noted above, with the progressive implementation of these initiatives and other operational improvements paired with increased feed grades and throughput, a corresponding reduction of unit costs is expected over subsequent quarters. Gold sales for the current quarter differed slightly from production due to the timing of shipments. Sadiola Expansion Project Processing improvements in the quarter include instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption in the first half of 2027. This work is intended to support a sustainable long-term operating platform for Sadiola at 200,000 to 230,000 gold ounces per year before further expansion. Allied concluded in the fourth quarter of 2025 that the best execution strategy for expansion at Sadiola is to progressively optimize, develop, and expand the current processing plant and ancillary infrastructure, rather than to build a new processing plant to treat fresh ore. This organic growth strategy allows for more efficient deployment of capital and management of execution risks, and it enables the same ultimate throughput of over 9 Mt/y of ore processed as defined in the previous studies, but with interim, organic steps at 7 Mt/y and 8 Mt/y. This strategy also enables the recovery improvement project and the energy program to be implemented progressively as throughput capacity expands, thereby improving capital efficiency and returns. During the quarter, the Company advanced processing improvements including instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption in the first half of 2027. The Company continues to advance engineering for the 7 Mt/y expansion in anticipation of the start of construction in late 2026, as well as the engineering and design for the subsequent expansion steps. In parallel, Allied continues to advance studies to increase recoveries for fresh ore, including test work and engineering for the flotation and Albion and other processes, as well as undertaking design and execution engineering for the new tailings dam construction and solar farm earthworks. Along with the advancement of the growth strategy for Sadiola, the Company is advancing its energy program for the asset and is undertaking a staged and scalable approach, having initially installed additional diesel generators and control systems to support the start of operations of the first phase expansion, followed by the implementation of a hybrid power solution, with the deployment of medium-speed thermal units and a photovoltaic plant with battery energy storage systems (“BESS”) sufficient to meet the power requirements of the Phase 1 expansion at reduced costs and providing the base for a scalable system capable of satisfying the energy needs of the next phase expansion, thereby providing Sadiola with a flexible power solution capable of meeting its ultimate power needs and reducing its emissions, while being self-reliant, efficient and cost-effective. Sadiola Exploration During the second quarter of 2026, exploratory and resource drilling programs were conducted on the Sadiola licence with a total of 74 holes drilled comprising 10,498 metres utilizing up to five exploration core and RC drill rigs. Resource and exploratory drilling programs continued and were expanded at Tambali North and along the Sadiola Main Deposit during the second quarter. At Tambali North, a program was designed to follow-up on historic oxide gold mineralization and test a model that suggests that the Tambali Deposit mineralization continued to the north into the Sadiola Main pit and that historic waste piles, lying above the north-northeast extension of the Tambali North mineralization, are locally gold-bearing. This program initially comprised six short drill lines spaced 200 metres apart. Results to date have been positive and the Company has advanced infill drilling at a 100 metre line spacing at Tambali North. As of the end of the second quarter of 2026, 68 holes, comprising 6,491 metres, had been completed with drilling continuing past the end of the quarter. Drilling continued at Sadiola Main during the quarter with 6 drill holes, totalling 4,007 metres. These holes are designed to test the southern strike extensions of the deposit, to test below previous drilling to begin to support an expansion of the reserve pit at depth, to evaluate Sadiola's underground potential and to test for depth extensions to the north-northeast trending structures that cut across the Sadiola Main shear zone. Additional holes are being planned with a goal to demonstrate depth extensions to the northern end of the Sadiola Main Zone and the northeast-trending cross-structures while gathering additional geological data to better define bedding-parallel mineralization across the entire deposit area. Induced polarization geophysical surveys continued over the S12 deposit area as part of a survey to test the Sekekoto West mineralized trend. S12 is a high-grade mineralized oxide zone that has been subject to karsting. One goal of the IP survey is to determine if resistivity data can be used to model the karsting and associated karst geological facies to enhance 3D modelling of this high-grade zone. For the remainder of 2026, Sadiola will see continued efforts with four to five drills dedicated to continue testing for, and extending, the gold mineralized structures at Sadiola Main, Tambali North, FE2 Trend, Sekekoto Trend, FE3/FE4, TK1, Mandakoto and Kenge. Exploration is focused on both oxide and shallow fresh mineralization. Oxide ore is favoured in the short term as it provides the plant with relatively inexpensive, high-quality ounces. The horizontal and down-dip/down-plunge limits of these systems are still open and as such, expectations of new discoveries and additions to the mineral inventory are high. Bonikro (89.89% interest), Côte d’Ivoire The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d’Ivoire (“Bonikro” or “Bonikro Mine”). The remaining ownership is split between the Government of Côte d’Ivoire (10%) and a local minority shareholder (0.11%). Bonikro is contiguous to Agbaou, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and potential synergies for the future. Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation. Bonikro produced 31,471 ounces of gold during the three months ended June 30, 2026, compared with 25,775 ounces in the second quarter of the previous year, due to mine sequencing and a standout performance in relation to the production plan. The result was driven by higher feed grades, throughput, and recovery compared with the first quarter, following access to higher-grade ore in Stage 5, after stripping and mine development were completed in 2025. Mine sequencing during the second half of 2026 is expected to remain in higher-grade zones, with variations between quarters expected as the mine tracks to its annual guidance targets. Processing circuit optimization continues to focus on gravity recovery, circuit efficiency and slurry control. Waste stripping at Bonikro Main is expected to remain lower than in 2025, providing increased flexibility for ore mining through 2026 and 2027. Bonikro AISC(1) for the second quarter were better than plan and include capitalized stripping at PB5 incurred during 2024 and 2025, which is being amortized in 2026 and 2027. This represents over $140 per ounce of gold sold in the cost structure. Bonikro Mine Life Extension As previously discussed, the updated integrated production plan for Bonikro incorporates production from Hiré, Oumé, and Bonikro and demonstrates a mine life extension to 2036 based on the 2025 Proven and Probable Mineral Reserves, supporting average production of approximately 120,000 gold ounces per year. The Company is completing studies to increase the Bonikro plant’s processing capacity to 3.0–3.2 Mt/y. The expansion is expected to provide additional operating flexibility, support future production opportunities, and facilitate the incorporation of additional mineral inventory from exploration sources across the district. This increase is expected to build on the previously guided and ongoing processing plant throughput upgrades of approximately 0.5 million tonnes of ore per annum, intended to bring forward the processing of low-grade stockpiles at a rate of 15,000 to 20,000 gold ounces per annum, beginning in late 2026 to early 2027. In combination with the recently reported extension of mine life for Agbaou based on Proven and Probable Mineral Reserves to 2030, the new integrated Bonikro LOM plan and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of at least 200,000 gold ounces per year for over 10 years (thereby also increasing the minimum level of cumulative production from 180,000 gold ounces per year to 200,000 gold ounces per year). Hiré Exploration In the second quarter of 2026, drilling at Hiré focused on testing for oxides along the eastern extension of the Chapelle orebody. In total 29 holes comprising 3,295 metres were drilled with the bulk of the holes completed with an RC drill. Drone magnetic surveying was completed in the second quarter with 5,557.3 metres flown in the quarter. In total, 10,405 linear kilometres of 25- and 50-metre spaced drone magnetic lines were completed over the Oumé and Hire areas. This survey is designed to better define the structural zones that are associated with the gold zones to improve targeting success. As well, a secondary goal of the magnetic survey is to identify additional Bonikro Mine-type porphyritic felsic intrusions, which have been demonstrated to host significant gold zones. Oumé Exploration Following the successful Oumé exploration program, which resulted in the declaration of initial Proven and Probable Mineral Reserves containing approximately 585,000 ounces of gold, the Company expanded its exploration efforts to test for extensions to the Oumé gold system. In the first quarter of 2026, exploration resumed over the projected eastern extent of the Oumé mineralized system, with 118 holes totalling 5,946 metres. Late in the second quarter, scout drilling also commenced testing targets developed immediately west and southwest of the Oumé deposits at the Dougbafla Junction and #5 targets. Agbaou (85% interest), Côte d’Ivoire Agbaou is an open pit gold mine, located in the Oumé region of Côte d’Ivoire. The remaining ownership is split between the Government of Côte d’Ivoire (10%) and the SODEMI development agency (5%). Agbaou is contiguous to Bonikro, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and significant synergies for the future. Agbaou produced 17,878 ounces of gold during the three months ended June 30, 2026, compared to 15,959 ounces in the corresponding quarter of the previous year and was aligned with the plan. Ore mined and tonnes processed were above plan, and the plant processed a higher proportion of fresh ore than in the first quarter, consistent with the mine sequence. Continued stripping of the West pits is expected to secure ore access for the second half of 2026, including access to higher-grade areas. Agbaou AISC(1) for the second quarter were better than plan. Optimization initiatives and operational enhancements are in progress, with Bonikro serving as the benchmark. Agbaou is expected to follow as these measures are implemented and scaled, targeting reduced costs in the next quarters. Agbaou Mine Life Extension As previously disclosed, the Company updated the Mineral Reserves and Mineral Resources for Agbaou, resulting in a 60% increase in the Proven and Probable Reserves. As a result, the mine life for Agbaou based on Mineral Reserves has been extended to 2030, which, together with the previously disclosed update on the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of 200,000 gold ounces per year for over 10 years for these assets. Agbaou Exploration At Agbaou, Allied actively pursues opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. During the quarter, 48 holes totalling 7,371 metres were completed with up to five drills operating. These holes tested the down-dip extensions of known gold-bearing ore bodies and new gold zones. This sustained effort, which commenced in July 2025, was completed late in the second quarter, 2026 with 129 holes totalling 30,410 metres drilled. As a result of this program, a new lens of gold mineralization was discovered which has led to a follow-up 30 hole, 5,500 metre drill program which was 55% complete at the end of the quarter. Drilling commenced over the Agbaou South target, an area of historic gold intercepts and anomalous gold-in-soil values, late in the second quarter. This seven hole, 1,560 metre initial drill program is expected to be completed in the third quarter. Looking forward in 2026, additional drill programs are anticipated in the Agbaou pit for both oxide and fresh mineralization and west of South Sat 3 for oxides. Kurmuk The development of the Kurmuk Mine continued to meet key execution milestones during the second quarter and remains on budget and schedule. Commissioning activities have begun and will continue into the third quarter, ahead of the planned start of operations in August. Mining activities continue to advance well, with ore stockpiles being progressively established to support at least three months of plant feed ahead of start-up and ramp-up. Exploration efforts continued to test extensions of known deposits and to develop new mineralized areas, with the objective of defining over 5 million ounces of mineral inventory. While the Company targets to maximize production for the partial year of production in 2026 and had previously guided to a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on production expectations for the second half of the year once operations commence in the third quarter. Following start-up and a partial year of production in 2026, the Kurmuk Mine is expected to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028. The mine is expected to average approximately 290,000 gold ounces per year during the first four years and 240,000 gold ounces per year over the life of the mine, with industry-leading cost performance. Along with the advancement of the project and as previously disclosed, the Company completed a review of the capacity of the processing plant in consideration of the ore inventory and the exploration progress at Dish Mountain, Ashashire, Tsenge, and other targets within the mine's prolific land package. Allied made a strategic decision to maximize the operational flexibility for Kurmuk since the start of operations, and is now targeting an average sustaining processing capacity of up to 6.4 Mt/y. This increased flexibility has been incorporated into the project execution plan, with subsequent optimizations to the leaching circuit expected to be deployed in the future years to increase fresh ore recoveries. The enhancements and optimizations are expected to make Kurmuk a stronger, de-risked operation upon commencement of production, providing upside and operational flexibility, aligning with the Company’s long-term strategy of maximizing value at each of the Company's assets. Kurmuk Project Exploration At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized system remaining open. At Tsenge, near-term exploration is focused on defining the extent of higher-grade zones and updating the mineralization models with a medium-term exploration goal of evaluating the entire 9-kilometre strike length of the gold-in-soil anomalies at Tsenge. A significant amount of highly successful trenching continues to be carried out at Tsenge, confirming the bedrock expression of the mineralized lenses that are coincident and proximal the regional, to the gold-in-soil anomalies aligned along this 9 km long trend. A second-pass drill program completed over the Urchin Prospect, located adjacent to the Ashashire haul road, yielded positive results that will require follow-up drilling. All expenditures associated with Kurmuk for the period are classified as Expansionary in nature, including exploration activities. FINANCIAL SUMMARY AND KEY STATISTICS Key financial operating statistics for the second quarter 2026 are outlined in the following tables. Net cash used in operating activities for the three months ended June 30, 2026 was $67.4 million. This compares to an inflow of $22.0 million in the prior year comparative quarter. Current period cash was positively impacted by strong gold sales and high realized gold prices. Prior year cash flows were positively impacted by the sale of Korali inventory in the first quarter of 2025 from 2024 which significantly increased sales quantities, while positively impacting working capital due to the sale. Working capital movements reflect normal course fluctuations, primarily driven by the planned buildup of stockpiles, the timing of VAT receivable recoveries, the timing of accounts payable settlements, and the planned ongoing normalization of royalty payables. Operating cash flows before income tax paid and movements in working capital for the three months ended June 30, 2026 increased significantly, at an inflow of $133.0 million compared with the prior year comparative quarter inflow of $116.0 million. This was due to higher realized gold prices and quantities. As at June 30, 2026, the Company had cash and cash equivalents of $192.2 million, compared with $479.8 million as at December 31, 2025. Qualified Persons Except as otherwise disclosed, all scientific and technical information contained in this press release has been reviewed and approved by Sébastien Bernier, P.Geo (Senior Vice President, Technical Services). Mr. Bernier is an employee of Allied and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). About Allied Gold Corporation Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d'Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer. For further information, please contact: Allied Gold CorporationRoyal Bank Plaza, North Tower200 Bay Street, Suite 2200Toronto, Ontario M5J 2J3 Canada Email: [email protected] END NOTES (1)   This is a non-GAAP financial performance measure and ratio. Refer to the Non-GAAP Financial Performance Measures section below in this news release.(2)   Net earnings and adjustments to net earnings represent amounts attributable to Allied Corporate equity holders.(3)   Included in gold ounces sold for the three months ended March 31, 2025 are 8,155 ounces from Korali-Sud not included in revenue, as they were distributed to the Government of Mali as an advance dividend-in-kind at prevailing market prices.(4)   Historically, Cost of sales was presented inclusive of DA. Cost of sales is the sum of mine production costs, royalties, and refining cost, while DA refers to the sum of depreciation and amortization of mining interests. Starting in the prior year, these figures appear on the face of the Consolidated Financial Statements. The metric “Total cost of sales per ounce sold” is defined as Cost of sales inclusive of DA, divided by ounces sold.(5)   Working Capital movement refers to the sum of                a. (Increase) / decrease in trade and other receivables        b. (Increase) / decrease in inventories        c. Increase / (decrease) in trade and other payables NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain non-GAAP financial performance measures and ratios to supplement its Condensed Consolidated Interim Financial Statements, which are presented in accordance with IFRS, including the following: Cash costs per gold ounce sold; AISC per gold ounce sold; Gross profit excluding DDA; Sustaining, Expansionary and Exploration Capital Expenditures; Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share; and EBITDA and Adjusted EBITDA The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures, including cash costs, AISC, Adjusted AISC, Gross profit excluding DA, Sustaining, Expansionary and Exploration Capital Expenditures, Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share, EBITDA and Adjusted EBITDA, do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Management’s determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are described and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a Company’s ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure. CASH COSTS PER GOLD OUNCE SOLD Cash costs(1) include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude DDA, exploration costs, accretion and amortization of reclamation and remediation, and capital, development and exploration spend. Cash costs include only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. The Company discloses cash costs because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS and, therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Cash costs are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. AISC PER GOLD OUNCE SOLD AISC figures are calculated generally in accordance with a standard developed by the World Gold Council (“WGC”), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies. The Company is not a member of the WGC at this time. AISC include cash costs (as defined above), mine sustaining capital expenditures (including stripping), sustaining mine-site exploration and evaluation expensed and capitalized, and accretion and amortization of reclamation and remediation. AISC exclude capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, DA, income tax payments, borrowing costs and dividend payments. AISC includes only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. As a result, Total AISC represent the weighted average of the three operating mines, and not a consolidated total for the Company. Consequently, this measure is not representative of all of the Company’s cash expenditures. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature, such as the Sadiola Phased Expansion and the construction and development of Kurmuk. Exploration capital expenditures represent exploration spend that has met criteria for capitalization under IFRS. The Company discloses AISC, as it believes that the measure provides useful information and assists investors in understanding total sustaining expenditures of producing and selling gold from current operations, and evaluating the Company’s operating performance and its ability to generate cash flow. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. AISC are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. The following tables provide detailed reconciliations from total costs of sales to cash costs and AISC. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. GROSS PROFIT EXCLUDING DDA The Company uses the financial measure “Gross Profit excluding DDA” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. Gross profit excluding DDA is calculated as Gross Profit plus DDA. The Company discloses Gross Profit excluding DDA because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is Gross Profit. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. The reconciliation of Gross Profit to Gross Profit Excluding DDA can be found on pages 4, 7, and 9 of this press release. ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) PER SHARE The Company uses the non-GAAP financial measures “Adjusted Net Earnings (Loss)” and the non-GAAP ratio “Adjusted Net Earnings (Loss) per share” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are calculated as Net Earnings (Loss) attributable to Shareholders of the Company, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements. Gains (losses) related to the reverse takeover transaction events and other items, Gains (losses) on the revaluation of historical call and put options, Unrealized Gains (losses) on financial instruments and embedded derivatives, Write-offs (reversals) on mineral interest, exploration and evaluation and other assets, Gains (losses) on sale of assets, Unrealized foreign exchange gains (losses), Share-based (expense) and other share-based compensation, Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items, Deferred income tax recovery (expense) on the translation of foreign currency inter-corporate debt, One-time tax adjustments to historical deferred income tax balances relating to changes in enacted tax rates, Non-recurring provisions, Any other non-recurring adjustments and the tax impact of any of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment. Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance. Management uses these measures for internal valuation of the core mining performance for the period and to assist with planning and forecasting of future operations. Management believes that the presentation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company’s profitability from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted Net Earnings (Loss)(1) and Adjusted Net Earnings (Loss)(1) per share, which are otherwise included in the determination of Net Earnings (Loss) and Net Earnings (Loss) per share prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company’s past financial performance or the future prospects and may hinder a comparison of its period-to-period profitability. The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. The reconciliation of Net Earnings (Loss) to attributable to Shareholders of the Company to Adjusted Net Earnings can be found on page 13 of this press release and in the Company's MD&A in Section 1: Highlights and Relevant Updates, under the Summary of Financial Results. EBITDA AND ADJUSTED EBITDA The Company uses the financial measures “EBITDA” and "Adjusted EBITDA” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. EBITDA is calculated as Net Earnings (Loss), plus Finance Costs, DDA, Current income tax expense and Deferred income tax expense. Adjusted EBITDA calculated is further calculated as EBITDA, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements. Gains (losses) on the revaluation of historical call and put options, Unrealized Gains (losses) on financial instruments and embedded derivatives, Write-offs (reversals) on mineral interest, exploration and evaluation and other assets, Gains (losses) on sale of assets, Unrealized foreign exchange gains (losses), Share-based (expense) and other share-based compensation, Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items, Non-recurring provisions, Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance. Management uses these measures for internal valuation of the cash flow generation ability of the period and to assist with planning and forecasting of future operations. Management believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company’s cash flow from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted EBITDA, which are otherwise included in the determination of Net Earnings (Loss) prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company’s past financial performance or the future prospects and may hinder a comparison of its period-to-period performance comparisons. The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release contains “forward-looking information” including "future oriented financial information" and "financial outlook" under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to: the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met; the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties the Company’s expectations relating to the performance of its mineral properties, including improved operating performance expected to continue in 2026 and beyond; Kurmuk start up and first gold expected in August; progress and expectations with respect to the Company's expansion plans at Sadiola; the estimation of Mineral Reserves and Mineral Resources; the conversion of Mineral Resources to Mineral Reserves; opportunities to further increase the Mineral Resources in Mali, Côte d'Ivoire and Ethiopia to meet long term resource goals; continued implementation of its optimization plans to capture incremental production gains and reduce operating costs across its portfolio, thereby increasing margins and cash flows; continuing exploration efforts to extend mine life, and enhance operational flexibility across its operations; the timing and amount of estimated future production in 2026 and beyond; the Company’s exploration plans for its mineral properties; the estimation of the life of mine of the Company’s projects; the timing and amount of estimated future capital and operating costs; the costs and timing of exploration and development activities; the proposed private placement with Zijin Gold, including the timing and expectations in connection with completion; and the Company’s expectation regarding the timing of mining studies; Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with completing the private placement with Zijin Gold on the timeline expected or at all; risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber-attacks; as well as those risk factors discussed or referred to herein and in the Company's most recent Annual Information Form, annual report on Form 40-F and management’s discussion and analysis and other public disclosure available under the Company's profile at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. NOTES ON MINERAL RESERVES AND MINERAL RESOURCES Mineral Resources are stated effective as at December 31, 2025 and March 31, 2026, and are estimated in accordance with the 2014 CIM Standards and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Reserves are stated effective as at December 31, 2025 and March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves: are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate; reflect that portion of the Mineral Resources which can be economically extracted by open pit methods; consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project; include an allowance for mining dilution and ore loss. Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 35% of Korali-Sud, 10.1% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete. The Mineral Resource and Mineral Reserve estimates for each of the Company’s mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below: Mineral Reserves (Proven and Probable) The following table sets forth the Mineral Reserve estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted. *Bonikro and Agbaou as of March 31, 2026 Notes: Mineral Reserves are stated effective as at December 31, 2025 or March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101. Shown on a 100% basis. Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods. Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca. Sadiola Mine: A base gold price of $2,000/oz was used for the pit optimization, with the selected pit shells using values of $2,000/oz (revenue factor 1.0 for all oxides, north and satellite pits) and $1,700/oz (revenue factor 0.85) for the Sadiola Main fresh rock zone The cut-off grades used for Mineral Reserves reporting were informed by a $2,000/oz gold price and vary from 0.26 g/t to 0.69 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage Kurmuk Project: A base gold price of $1,700/oz was used for the pit optimization, with the selected pit shells using values of $1,530/oz (revenue factor 0.90) for Dish Mountain and $1,300/oz (revenue factor 0.76) for Ashashire The cut-off grades used for Mineral Reserves reporting were informed by a $1,700/oz gold price and vary from 0.36 g/t to 0.49 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage Bonikro Mine: A base gold price of $2,000/oz was used for the pit optimization (revenue factor 1.00) The cut-off grades vary from 0.46 to 0.57 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage A base gold price of $2,300/oz was used for the Mineral Reserves for the Oumé Deposit: Cut-off grades are considered minimum cut-off grades, calculated at 2000 US$/oz, ranging from 0.54 to 0.71 g/t across different ore types due to differences in recoveries, ore processing costs, and ore haulage Agbaou Mine: A base gold price of $2,300/oz was used for the pit optimization (revenue factor 1.00) The cut-off grades vary from 0.37 to 0.48 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage Mineral Resources (Measured, Indicated, Inferred) The following table set forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) and for the Company’s mineral properties at December 31, 2025, unless otherwise noted. *Bonikro and Agbaou as of March 31, 2026 The following table set forth the Inferred Mineral Resource estimates and for the Company’s mineral properties at December 31, 2025, unless otherwise noted. *Bonikro and Agbaou as of March 31, 2026 Notes: Mineral Resources are estimated in accordance with CIM Standards and NI 43-101. Shown on a 100% basis. Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Sadiola and Korali Sud Mineral Resource Estimates range from 0.23 to 0.58 g/t Au cut-off grade, constrained within an US$2,300/oz pit shell and depleted to December 31, 2025 For Bonikro and Hire deposits, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,300/oz gold. For the Oumé deposit, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.37 to 0.48 g/t gold and depleted to March 31, 2026. For Agbaou Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.36 to 0.46 g/t gold and depleted to March 31, 2026. The Kurmuk Mineral Resource Estimates range from 0.37 to 0.49 g/t Au cut-off grade and constrained within an US$2,300/oz pit shell and depleted to December 31, 2025 Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.

TORONTO, July 29, 2026 (GLOBE NEWSWIRE) -- Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) provides its preliminary operating results for the quarter ended June 30, 2026, alongside an update on key operating priorities, transformative development progress and value creation initiatives. In line with operating plans and guidance, the Company produced 97,429 gold ounces in the second quarter, and total production for the half year of 193,445 gold ounces. These results reflect continued momentum heading into the second half of the year, which is planned with increased levels of production mostly coming from operational improvements and mine sequencing at producing mines and the start-up of production at its newest operation, the Kurmuk Mine. All-in Sustaining Costs (“AISC”)(1) for the second quarter are expected to be below $2,200 per ounce of gold sold as a result of increased production, mine sequencing and operational improvements, supporting strong margins and cash flows. The realized gold price for spot sales in the second quarter was approximately $4,380 per ounce of gold sold. As of the end of the second quarter, cash balances are estimated at $190 million. The difference from the previous quarter-end cash balance is predominantly attributable to growth capital expenditures, particularly for the development of the Kurmuk Mine, as well as normal-course and expected tax payments and working capital movements during the period. Cash balances are expected to increase through the remainder of the year, supported by the start of operations at the Kurmuk Mine, which is expected in August. On a pro forma basis, liquidity will be further strengthened by the proceeds of the recently announced strategic investment by Zijin Gold. Continued Growth and Value Creation During the quarter and since the beginning of the year, the Company has advanced initiatives that have improved and will continue to improve its production profile, expand mineral inventories, strengthen cash flow generation and advance its growth projects. The development of the Company’s Kurmuk Mine, with its start of operations expected in August and first gold following a few weeks thereafter, together with the ongoing optimization and growth initiatives at Sadiola, the previously announced extension of Bonikro’s mine life and continued growth in Mineral Reserves and Mineral Resources at the Côte d'Ivoire (CDI) Complex, continue to support the scale, quality and longevity of the Company’s asset portfolio. Addressing Certain Commentary Related to Security Matters in Host Nations With respect to certain commentary including media and other reports referencing security matters in certain host nations in which Allied operates, the Company reiterates that any such security matters have been, and continue to be, effectively managed by the host nations and, with respect to such security matters more closely associated with the operations of the Company, by the Company, as demonstrated by the strong operational performance of the Company’s portfolio of assets which have been and continue to be operated without interruption to supply chains or otherwise. In all respects, business is being conducted in the host nations and in local communities within those host nations in the normal course, and Allied continues with its operational, development, exploration, and growth plans as reflected herein. Operational Highlights During the quarter and since the beginning of the year, the Company has advanced initiatives that have improved and will continue to improve its production profile, expand mineral inventories, strengthen cash flow generation, and advance its growth projects. Particularly, the commencement of production of the Kurmuk Mine in the third quarter of this year and its robust annual production profile thereafter at industry-leading costs are expected to reposition and transform Allied’s already strong cash flow generation, leading to increased shareholder returns. Second Quarter Production: The Company produced 97,429 gold ounces in the second quarter, in line with guidance and operating plans, representing a meaningful 7% increase over the comparable quarter in 2025. Bonikro delivered the strongest contribution, Sadiola improved through the quarter, and Agbaou continued its planned transition to a higher proportion of fresh ore. Tracking Production Guidance: Aggregate production for the first half of 2026 of 193,445 gold ounces positions Allied well to meet previously provided production guidance relating to its producing mines of 385,000 to 425,000 gold ounces. As previously disclosed, production from Allied’s producing mines, particularly at Sadiola, is expected to be weighted toward the second half of the year with sequential increases in production expected in the upcoming quarters. The Kurmuk Mine will meaningfully contribute to further growth above this current level once in production. Kurmuk Mine Progressing Towards Production: The development of the Kurmuk Mine continued to advance during the second quarter, with the start of operations expected in August and first gold following a few weeks thereafter. Key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities. While the Company targets to maximize production for the partial year of production in 2026 and had previously guided a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on the production expectations for the second half of the year once operations commence in the third quarter. Following the commissioning and ramp-up of the Kurmuk Mine in the second half of 2026, the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028, all at industry-leading costs. Sadiola Next Growth Phase: The Company advanced processing improvements including instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption in early 2027. The Company continues to advance engineering and early works for the previously disclosed organic throughput expansion opportunities while maintaining flexibility on future development alternatives. Mine Life Increased at CDI Complex: Mineral Reserves and Mineral Resources updates for Agbaou demonstrate an increase of more than 60% over the year-end 2025 estimates, based on Proven and Probable Mineral Reserves. As a result, mine life for Agbaou based on Proven and Probable Mineral Reserves only has been extended to 2030, which, together with the previously disclosed update on the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of at least 200,000 gold ounces per year for over 10 years (thereby also increasing the minimum level of cumulative production from 180,000 gold ounces per year to 200,000 gold ounces per year). Cost Improvements: AISC for the second quarter continued to demonstrate sequential reductions as a result of increased production, mine sequencing and operational improvements, and is expected to be below $2,200 per ounce of gold sold. The average AISC for the second half of 2026 is expected to decline meaningfully with the inclusion of low-cost ounces from the Kurmuk Mine. Strong AISC Margins: Lower AISC, together with realized gold prices for spot sales of approximately $4,380 per ounce in the second quarter, is expected to result in strong AISC margins demonstrating the strong operating cash flow generation abilities of the Company. Strong Financial Position: Cash balances as of June 30 were approximately $190 million. The variation from the previous quarter-end balance is predominantly attributable to growth capital expenditures, particularly for the development of the Kurmuk Mine, which is advancing toward first production in the third quarter, as well as normal-course tax payments and working capital movements. Second Quarter Gold Production Asset Highlights The operating mines produced 97,429 gold ounces in the second quarter and 193,445 gold ounces in the first half of 2026, well positioning the Company to meet its production guidance from its producing mines. Bonikro continued its strong performance, Sadiola increased production through the quarter as the Stage 1 crushing circuit completed its ramp-up, and Agbaou progressed on its planned transition toward a higher proportion of fresh ore. The Kurmuk Mine advanced into commissioning activities, with the start of operations expected in August and first gold following a few weeks thereafter, followed by the production ramp-up in the second half of the year. Following a partial year of production in 2026, the Company is targeting between 240,000 and 270,000 gold ounces in 2027, which, at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028, all at industry-leading costs. Together, the strong operating results in the first half of the year, the ongoing optimizations and growth initiatives underpinned by the continued progress at the Kurmuk Mine as it nears production, underpin the progress and value creation on this transformational year for the Company. Sadiola (80% interest), Mali Sadiola produced 48,080 gold ounces in the second quarter of 2026, approximately 9% higher than in the first quarter. First-half production was 92,184 gold ounces, placing Sadiola in a strong position to meet its production guidance for the year, with further increases expected in the coming quarters, as previously disclosed. The improvement in production during the quarter was driven by higher throughput as the Stage 1 crushing circuit completed its ramp-up and is providing a consistent supply of ore to the mill while the planned process control upgrades, recovery improvement work and flowsheet optimization continue to advance. These processing improvements include instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption. This work is intended to support a sustainable long-term operating platform for Sadiola at 200,000 to 230,000 gold ounces per year before further expansion. The Company continues to advance engineering and early works for the previously disclosed organic throughput expansion opportunities while maintaining flexibility on future development alternatives. Work is progressing on the proposed 7 million tonne per year step, as well as on the studies to increase recovery and the construction of a new tailings storage facility, while preserving the longer-term option to process more than 9 million tonnes per year. The Company continues to advance the development and preparation of near-surface, medium- to high-grade oxide zones, including FE4, FE2.5 and Sadiola Main Stage 6, which are expected to contribute to production in the short and medium term. Exploration also advanced at FE2 North, Tambali North, Sadiola Main, F3/FE4, TK1, Mandakoto and Kouloukan, with the objective of adding oxide and shallow fresh-rock mineralization to support future production and mine-life extensions. Côte d’Ivoire Complex The Côte d'Ivoire Complex produced 49,349 gold ounces in the second quarter and 101,261 gold ounces in the first half of 2026, strongly positioning the mines to meet their cumulative guidance for the year. The stripping and mine development completed in 2025 continued to provide access to higher-grade ore, particularly at Bonikro. Operational improvement work is continuing at both sites to sustain production, improve recovery and reduce costs. Bonikro (89.89% interest), Côte d’Ivoire Bonikro produced 31,471 gold ounces in the second quarter, bringing first-half production to 60,482 gold ounces, slightly ahead of plan. The result was driven by higher feed grades, throughput, and recovery following access to higher-grade ore in Stage 5, after stripping and mine development were completed in 2025. Mine sequencing during the second half of 2026 is expected to remain in higher-grade zones. Processing circuit optimization continues to focus on gravity recovery, circuit efficiency and slurry control. Waste stripping at Bonikro Main is expected to remain lower than in 2025, providing increased flexibility for ore mining through 2026 and 2027. Agbaou (85% interest), Côte d’Ivoire Agbaou produced 17,878 gold ounces in the second quarter and 40,779 gold ounces in the first half of 2026. Production was in line with the plan. Ore mined and tonnes processed were slightly above plan, and the plant processed a higher proportion of fresh ore than in the first quarter, consistent with the mine sequence. Continued stripping of the West pits is expected to secure ore access for the second half of 2026, including access to higher-grade areas. The Company completed the anticipated update to the Mineral Reserves and Mineral Resources for the mine, resulting in a 60% increase in the Proven and Probable Reserves. As a result, the mine life for Agbaou based on Mineral Reserves only has been extended to 2030, which, together with the previously disclosed update on the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of 200,000 gold ounces per year for over 10 years for these assets. Kurmuk Mine, Ethiopia The development of the Kurmuk Mine continued to meet key execution milestones during the second quarter and remains on budget and schedule. Major mechanical equipment installation is complete, with management now focused on completing the electrical and instrumentation disciplines and completing operational readiness. The Company is working closely with the Ethiopian Electric Power (“EEP”) and its EPC contractor to complete and energize the power line ahead of full commissioning. Commissioning activities started during the second quarter and are continuing into the third quarter, while exploration continued to test extensions to known deposits and new mineralized areas. While the Company targets to maximize production for the partial year of production in 2026 and had previously guided to a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on production expectations for the second half of the year once operations commence in the third quarter. Following start-up and a partial year of production in 2026, the Kurmuk Mine is expected to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028. The mine is expected to average approximately 290,000 gold ounces per year during the first four years and 240,000 gold ounces per year over the life of the mine, with industry-leading cost performance. Directors and Management Advisory to the Company of Intention to Purchase Shares The Company believes that there is significant value inherent in its assets and prospects and that underlying value is expected to increase throughout the year and thereafter as the Company continues to execute its operational and development objectives and pursue its growth. Management and the Board of Directors fully believe this value proposition and in that context, the Chairman and Vice Chairman of Allied, have advised the Company that as they believe the share price does not fully reflect the Company’s value proposition and prospects, they intend to acquire additional common shares of the Company through open-market purchases subject to prevailing market conditions and regulatory requirements thereby lending support to market stability. As previously disclosed, in support of the Strategic Investment, Allied's Chairman and CEO and the Company's Vice Chairman have also voluntarily agreed to enter into lock-up agreements for the same period as Zijin Gold’s statutory hold period in connection with the private placement. Second Quarter 2026 Financial Results Allied Gold will release its second quarter 2026 operational and financial results after market close on Wednesday, August 5, 2026. The Company will then host a conference call and webcast to review the results on Thursday, August 6, 2026, at 9:00 a.m. ET. Second Quarter 2026 Conference Call The webcast replay will be available shortly after the call ends. Annual General Meeting Allied Gold will host its virtual Annual General Meeting on August 7, 2026, at 11:00 a.m. ET. A live audio webcast of the meeting will be available on the Company’s website. About Allied Gold Corporation Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d'Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold is solidly on the path to becoming a mid-tier next-generation gold producer in Africa and ultimately a leading senior global gold producer. For further information, please contact: Allied Gold CorporationRoyal Bank Plaza, North Tower200 Bay Street, Suite 2200Toronto, Ontario M5J 2J3 Canada Email: [email protected] END NOTES Qualified Persons Except as otherwise disclosed, all scientific and technical information contained in this press release has been reviewed and approved by Sébastien Bernier, P.Geo (Senior Vice President, Technical Services). Mr. Bernier is an employee of Allied and a “Qualified Person” as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS This press release contains “forward-looking information” including “future-oriented financial information” under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to: the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met; the Company’s expectations for the start of production at the Kurmuk Mine in the third quarter; the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in Africa; the Company’s expectations relating to the performance of its mineral properties; the estimation of Mineral Reserves and Mineral Resources; the timing and amount of estimated future production; the estimation of the life of mine of the Company’s projects; the timing and amount of estimated future capital and operating costs; the costs and timing of exploration and development activities; the Company’s expectations regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments; the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits; the Company’s community relations in the locations where it operates and the further development of the Company’s social responsibility programs; the Company’s expectations regarding the payment of any future dividends; the Company’s aspirations to become a mid-tier next-generation gold producer in Africa and ultimately a leading senior global gold producer; and the completion of the private placement. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with completing the private placement; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber attacks; as well as those risk factors discussed or referred to herein and in the Company’s most recent Annual Information Form, annual report on Form 40-F and management’s discussion and analysis and other public disclosure available under the Company’s profile at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. CAUTIONARY STATEMENT REGARDING NON-GAAP MEASURES The Company has included certain non-GAAP financial performance measures and ratios to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following: Cash costs per gold ounce sold; AISC per gold ounce sold; and The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Management’s determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are duly noted and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a company’s ability to generate operating earnings and cash flows from its mining operations. CASH COSTS PER GOLD OUNCE SOLD Cash costs include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude depreciation and amortization (“DA”), exploration costs, accretion and amortization of reclamation and remediation, and capital, development and exploration spend. Cash costs include only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. The Company discloses cash costs because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is cost of sales, excluding DA. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Cash costs are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. AISC PER GOLD OUNCE SOLD AISC figures are calculated generally in accordance with a standard developed by the World Gold Council (“WGC”), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies. The Company is not a member of the WGC at this time. AISC includes cash costs (as defined above), mine sustaining capital expenditures (including stripping), sustaining mine-site exploration and evaluation expensed and capitalized, and accretion and amortization of reclamation and remediation. AISC excludes capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, DA, income tax payments, borrowing costs and dividend payments. AISC includes only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. As a result, Total mine-site AISC represents a weighted average of the Company’s operating assets in the applicable period, and not a consolidated total for the Company. Consequently, this measure is not representative of all of the Company’s cash expenditures. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and exclude all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature, such as the Sadiola Phased Expansion, the construction and development of the Kurmuk Mine and the PB5 pushback at Bonikro. Exploration capital expenditures represent exploration spend that has met criteria for capitalization under IFRS. The Company discloses AISC as it believes that the measure provides useful information and assists investors in understanding total sustaining expenditures of producing and selling gold from current operations, and evaluating the Company’s operating performance and its ability to generate cash flow. The most directly comparable IFRS measure is cost of sales, excluding DA. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. AISC is computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. CDI Complex Mineral Reserves at March 31, 2026 Notes: Mineral Reserves are stated effective as of March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101 Shown on a 100% basis Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project Bonikro Mine: Includes an allowance for mining dilution at 1.0 m by side of mineralization A base gold price of $2,000/oz was used for the Mineral Reserves for the Bonikro pit: Mineral Reserves are based on the selected pit shell using a value of $2,000/oz (revenue factor 1) Cut-off grades vary from 0.46 to 0.57 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage Agbaou Mine: Includes an allowance for mining dilution at 1.0 m by side of mineralization A base gold price of $2,300/oz was used for the Mineral Reserves Cut-off grades range from 0.37 to 0.48 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage Oumé Deposit: Includes an allowance for mining dilution at 1.0 m by side of mineralization A base gold price of $2,300/oz was used for the Mineral Reserves Cut-off grades are considered minimum cogs, calculated at 2000 US$/oz, ranging from 0.54 to 0.71 g/t across different ore types due to differences in recoveries, ore processing costs, and ore haulage CDI Complex Mineral Resources at March 31, 2026 CDI Complex Inferred Mineral Resources at March 31, 2026 Notes: For Bonikro and Hire deposits, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2300/oz gold. For Agbaou and Oumé deposits, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.37-0.48 g/t gold for Bonikro and Oumé, and 0.36-0.46 g/t gold for Agbaou. Mineral Resource estimates are shown on a 100% basis All Mineral Resources have been estimated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101 The Measured and Indicated Mineral Resource estimates are inclusive of those Mineral Resource estimates modified to produce the Mineral Reserve estimates Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability Mineral Resources are reported as of March 31, 2026 Refer to the following NI 43-101 Technical Report for further information and background on the development of the Mineral Resources and Mineral Reserves: Bonikro: NI 43-101 Technical Report for the Bonikro Gold Project, Republic of Côte d’Ivoire, 5 July 2023 Rounding of number may lead to discrepancies when summing columns

Allied Gold Corporation (NYSE:AAUC) is one of the 8 Best Debt Free Gold Stocks to Buy. On May 14, 2026, Allied Gold Corporation (NYSE:AAUC) reported financial and operational results for the first quarter of 2026. The company produced 96,016 ounces of gold during the quarter, representing a 14% increase from the prior-year period and broadly in line with operating plans and annual guidance. Consolidated all-in sustaining costs came in at $2,264 per ounce sold, consistent with expectations. For the quarter, Allied Gold reported a net loss of $58.3M, or $(0.47) per share, while adjusted earnings totaled $48.6M, or $0.39 per share. Net cash generated from operating activities reached $57.3M during the quarter, while operating cash flow before income taxes and working capital movements totaled $162.7M. EBITDA and adjusted EBITDA were $77.7M and $173.3M, respectively. As of March 31, 2026, Allied Gold held cash and cash equivalents of $424.2M. Operationally, the company sold 99,878 ounces of gold during the quarter, slightly above production levels due to shipment timing and sales of year-end inventory. At the Sadiola mine, production totaled 44,104 ounces and remained aligned with operational plans, with management expecting sequential production increases later in the year, supported by improved grades and throughput. Bonikro produced 29,011 ounces during the quarter, significantly above the prior-year period due to mine sequencing and stronger operational performance. Agbaou produced 22,901 ounces, supported by higher throughput and performance in line with expectations. The company said first-quarter all-in sustaining costs were affected by higher royalty expenses tied to elevated gold prices. Allied Gold estimated that gold prices averaged approximately $4,775 per ounce during the quarter, versus the $4,250 per ounce assumption used in its initial cost guidance, which increased AISC by roughly $80 per ounce. Allied Gold also said exploration activities during the quarter continued to focus on extending mine life and improving mine plans. The company expects to provide an update on CDI by mid-2026 and further updates on Sadiola and Kurmuk during the second half of 2026. Allied Gold Corporation (NYSE:AAUC) operates gold mining assets across Africa and primarily explores for gold and silver deposits. While we acknowledge the potential of AAUC as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 33 Stocks That Should Double in 3 Years and Cathie Wood 2026 Portfolio: 10 Best Stocks to Buy. Disclosure: None. Follow Insider Monkey on Google News.

TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) (“Allied” or the “Company”) herein provides its financial and operational results for the first quarter of 2026. The Company produced 96,016 ounces of gold in the first quarter of 2026. Performance was in line with expectations and operating plans, representing a 14% increase over the prior year's first quarter production. All-in Sustaining Costs (“AISC”)(1) for the quarter were $2,264 per ounce sold, in line with expectations. FIRST QUARTER HIGHLIGHTS Financial Results Highlights Earnings: First quarter net loss of $58.3 million or $(0.47) per share. First quarter adjusted earnings(1) of $48.6 million or $0.39 per share. Cash Flows and EBITDA: Net cash generated from operating activities for the quarter was $57.3 million. Operating cash flows before income tax paid and movements in working capital were a strong inflow of $162.7 million. EBITDA(1) and Adjusted EBITDA(1) for the three months ended March 31, 2026, were $77.7 million and $173.3 million, respectively. Strong Financial Position: As of March 31, 2026, the Company had cash and cash equivalents of $424.2 million. Operational Highlights First Quarter Production: The Company produced 96,016 ounces of gold in the first quarter, in line with plan and annual guidance for its operating mines, and representing a 14% increase over the prior year comparable period. First Quarter Sales: Sales of 99,878 gold ounces, slightly higher than production due to the timing of shipments of production and the sale of end-of-year inventory. Performance by Asset: At Sadiola, production of 44,104 ounces in the first quarter was aligned with the production plan. Sequential increases in production are expected in the next quarters, driven by higher grades and throughput. At Bonikro, production of 29,011 ounces in the first quarter was substantially higher than the first quarter of the previous year, due to mine sequencing and a standout performance in relation to the production plan. At Agbaou, production of 22,901 ounces in the first quarter was in line with the plan and driven by higher throughput. Costs In Line with Plan: AISC(1) of $2,264 per gold ounce sold on a consolidated basis for the first quarter were in line with plan. The estimated impact on the first quarter AISC(1) as a result of higher royalties due to higher average gold prices of approximately $4,775 per ounce versus initial cost guidance at $4,250 per ounce amounts to approximately $80 per ounce. Exploration: First quarter activities reflect a continuation of the programs initiated in prior periods, with the objective of translating drilling and technical work into tangible mine life extensions and improvements to mine plans. The results to date provide a solid foundation, and the expectation is to provide an update for CDI by mid-year and for Sadiola and Kurmuk in the second half of 2026. Advancement of Key Growth Initiatives Kurmuk: The project execution is progressing well, with the key focus during the quarter being on the logistics for the remaining equipment and materials to the site, the continued advancement of steel and mechanical erection activities, as well as the ramp-up of the electrical, control and instrumentation (“EC&I”) contractor, including the installation of medium-voltage cable, electrical-racking and lighting placement. Mining activities continue to advance toward building at least three months' worth of ore stockpiles to support the start of operations in mid-2026. The Ethiopian Electrical Power Company is advancing the power line construction, which is expected to be completed before commissioning. Pre-commissioning activities are planned to begin during the second quarter, with the first gold expected in mid-2026. Sadiola Phased Expansion: On December 21, 2025, the Company announced that it began processing ore through the new fresh-ore comminution circuit installed as part of the Phase 1 expansion, marking a significant milestone in the transformational growth strategy for this long-life asset. The Phase 1 expansion is the first step in the Company’s strategy to increase production, reduce costs, and materially increase cash flows through a progressive expansion approach. The Phase 1 mill ramped up in the first quarter of 2026, alongside the completion of ancillary systems and power-supply upgrades. Further optimizations to the processing circuit, including instrumentation and automation upgrades, are advancing this year. Together, these initiatives are expected to improve operating performance, enhance overall processing rates, and reduce operating costs. As previously disclosed, the Company decided to begin the engineering and design work for a pre-leach thickener in late 2025 in order to improve the operational flexibility and the capacity to treat fresh ore. Project execution activities began in the first quarter, with the aim of fully commissioning this addition to the circuit in the first quarter of 2027. Transaction with Zijin Gold The Company is advancing the transaction with Zijin Gold International Company Limited ("Zijin Gold") after entering into a definitive agreement (the "Arrangement Agreement" or the "Agreement") as previously disclosed. Zijin Gold, a public company listed on the Hong Kong Stock Exchange, agreed to acquire all of the issued and outstanding shares of Allied Gold at a price of C$44 per share (the “Offer Price”) in cash, pursuant to the terms of a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement"). The Company's Board of Directors determined that the Arrangement immediately achieved fair value realization while mitigating business risks, particularly in highly volatile markets, and Zijin Gold had demonstrated a strong track record of long-term asset stewardship and consequently, there was a suspension of the other strategic opportunities. The transaction value of the Arrangement is approximately C$5.5 billion, realizing a significant, certain and immediate value for Allied Gold shareholders. Further details on the benefits of the Arrangement can be found in the Company's previous public disclosure filed on SEDAR+. As previously disclosed, all requisite shareholder and court approvals have been obtained. The Company and Zijin Gold are in continuous dialogue, planning for an orderly transition on completion of the Arrangement. Both companies continue to engage diligently and cooperatively with regulatory bodies pursuant to previously filed applications for regulatory approvals necessary to complete the Arrangement with the objective of closing in a timely manner within the timeframe set out in the Arrangement Agreement. The Arrangement Agreement provides for an outside date for closing of May 29, 2026, subject to extension by the parties if by that date any regulatory approvals or other conditions precedent are still in progress. Both companies continue to demonstrate a strong commitment to complete the transaction in accordance with the Arrangement Agreement. Sustainability, Health and Safety Highlights The Company did not report any significant Environmental Incidents for the three months ended March 31, 2026. The Company’s Total Recordable Injury Rate (“TRIR”) for the three months ended March 31, 2026 was 1.80, compared to 1.21 for the 12 months ended December 31, 2025. The Company reported three Lost Time Injuries, resulting in Lost Time Injury Rate (LTIR) of 0.45 for the three months ended March 31, 2026, compared to a LTIR of 0.29 for the 12 months ended December 31, 2025. OPERATING RESULTS SUMMARY *Average revenue per ounce sold differs from average revenue per ounce for at-market sales predominantly due to hedge settlements and sales made under streams. For the first quarter, the impact of hedge settlements was $646/ounce (first quarter of 2025 - $18/ounce) and the impact of stream, in-kind dividends and IFRS 15 adjustments was $193/per ounce (first quarter of 2025 - $15/ounce). Gold production of 96,016 ounces during the three months ended March 31, 2026, compared to 84,040 ounces during the comparative prior period. The increase was predominantly driven by production growth at Bonikro and Agbaou in the first quarter of 2026, resulting from the benefits of stripping work executed in prior quarters, as anticipated. Total cost of sales(4) of $2,235 for the three months ended March 31, 2026 compared to $1,838 during the comparative prior period. Cash costs(1) on a per gold ounce sold basis of $2,048 for the three months ended March 31, 2026, compared to $1,656 during the comparative prior period. AISC(1) for the current quarter of $2,264 compared to the comparative period AISC(1) of $1,811 per gold ounce. For the quarter, unit costs per ounce sold on a consolidated basis for the first quarter, and were in line with plan. The estimated gold price impact on first quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,775 versus initial cost guidance at $4,250 amounts to approximately $80 per ounce. Sadiola (80% interest), Mali Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud open pit gold mine (65% interest), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola is retained by the Government of Mali. For the three months ended March 31, 2026, Sadiola produced 44,104 ounces of gold, compared to the 45,232 ounces produced in the comparative prior year quarter and aligned with the production plan. Production is expected to increase sequentially in the next quarter as result of increased grades and throughput. Sadiola remains on track to deliver in excess of 200,000 ounces of production. Production in the first quarter of 2026 reflects the feed of transitional ore and oxide material from the Sadiola main pit and Sekekoto, supplemented by other oxide opportunities identified in late 2025. In parallel, the Phase 1 plant ramp-up progressed throughout the quarter, supported by the installation of new mill liners, instrumentation upgrades, improved process control, and other optimization initiatives. With the continued ramp-up of mining capacity, ongoing processing optimization initiatives, and the flexibility to treat increased volumes of fresh ore, the operation is entering a phase of greater consistency and efficiency. These improvements are expected to translate into stronger throughput, improved feed grades and enhanced margin performance through the remainder of 2026. Total cost of sales(4) and AISC(1) for the quarter were $2,647 and $2,642, respectively, per ounce sold on a consolidated basis for the first quarter, and were in line with plan. The estimated gold price impact on first quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,775 versus initial cost guidance at $4,250 amounts to approximately $80 per ounce. With quarterly production tracking in line with guidance and near-term increases in throughput and feed grade planned for the next quarters, costs for the balance of the year are expected to decline, consistent with the anticipated transition from mining and feeding predominantly oxide ores to a blend dominated by higher-grade fresh mineralization. As part of the quarterly production plan, various blending strategies were progressively deployed to support the implementation of new operational practices, automation improvements, and enhanced process controls aimed at consolidating CIL circuit performance with increased fresh ore feed. This required increased ore rehandling and related expenditures during the quarter, compared to previous periods, which is expected to materially decrease going forward. Furthermore, the output of the Stage 1 crushing plant is expected to increase in the next quarter, allowing Sadiola to minimize reliance on contract crushing and rehandling, thereby reducing operating costs. As noted above, with the progressive implementation of these initiatives and other operational improvements paired with increased feed grades and throughput, a corresponding reduction of unit costs is expected over subsequent quarters. Gold sales for the current quarter were slightly higher than production, with small differences attributable to the timing of shipments. As disclosed in the Company's press release dated April 28, 2026, in light of recent events in Mali involving the conflicts between government and insurgent groups, the Company continues to monitor the situation and take precautions to ensure the safety and wellbeing of persons employed by the Company in the country. Sadiola Expansion Project As previously disclosed, the Company decided to begin engineering and design work for a pre-leach thickener in late 2025 in order to improve the operational flexibility and the capacity to treat fresh ore. Project execution activities began in the first quarter, with the aim of fully commissioning this addition to the circuit in the first quarter of 2027. Allied concluded in the fourth quarter of 2025 that the best execution strategy for expansion at Sadiola is to progressively optimize, develop, and expand the current processing plant and ancillary infrastructure, rather than to build a new processing plant to treat fresh ore. This organic growth strategy allows for more efficient deployment of capital and management of execution risks, and it enables the same ultimate throughput of over 9 Mt/y of ore processed as defined in the previous studies, but with interim, organic steps at 7 Mt/y and 8 Mt/y. This strategy also enables the recovery improvement project and the energy program to be implemented progressively as throughput capacity expands, thereby improving capital efficiency and returns. For 2026, the Company will advance the engineering to a feasibility study level, as well as detailed engineering of the early works required for the 7 Mt/y step. In addition to this, Allied will continue advancing studies to increase recoveries for fresh ore, including test work and engineering for the Albion process, as well as new tailings dam construction, solar farm earthworks and mobilization, and further upgrades to the plant instrumentation and control systems. Sadiola Energy Program Along with the advancement of the growth strategy for Sadiola, the Company is advancing its energy program for the asset and is undertaking a staged and scalable approach, having initially installed additional diesel generators and control systems to support the start of operations of the first phase expansion, followed by the implementation of a hybrid power solution, with the deployment of medium-speed thermal units and a photovoltaic plant with battery energy storage systems (“BESS”) sufficient to meet the power requirements of the Phase 1 expansion at reduced costs and providing the base for a scalable system capable of satisfying the energy needs of the next phase expansion, thereby providing Sadiola with a flexible power solution capable of meeting its ultimate power needs and reducing its emissions, while being self-reliant, efficient and cost-effective. Sadiola Exploration During the first quarter of 2026, exploratory and resource drilling programs were conducted on the Sadiola license with a total of 138 holes drilled comprising 19,174 metres utilizing five exploration core and RC drill rigs. Resource and exploratory drilling programs continued and were expanded at Tambali and along the FE2 Trend during the first quarter. At Tambali North, a program was designed to follow-up on historic oxide gold mineralization and test a model that suggests that the Tambali Deposit mineralization continued to the north into the Sadiola Main pit. This program initially comprised six short drill lines spaced 200 metres apart. Results to date have been positive and the Company will advance infill drilling at a 100-metre line spacing at Tambali North. As of the end of the first quarter of 2026, 83 holes, comprising 9,375 metres, had been completed with drilling continuing past the end of the quarter. Drilling continued at Sadiola Main during the quarter with 10 drill holes, totalling 7,975 metres. These holes are designed to test the southern strike extensions of the deposit and to test below previous drilling to begin to support an expansion of the reserve pit at depth and to evaluate Sadiola's underground potential. Additional holes are being planned with a goal to demonstrate depth extensions to the northern end of the Sadiola Main Zone and the northeast-trending cross-structures while gathering additional geological data to define bedding-parallel mineralization across the entire deposit area. Drilling was completed at the north end of the FE2 Trend with 16 infill holes totalling 1,566 metres completed at FE2N and 24 RC holes totalling 2,552 metres completed at FE1 (located at the north end of the FE2 Trend). Next steps will be determined after a review of all of the results from these two target areas. Drilling tested a 2.3-kilometre limestone/clastic sediment contact with wide-spaced drill fences that is open to the north with a goal to exhibit short-term potential for shallow oxide gold resources. Induced polarization geophysical surveys commenced over the S12 deposit area as part of a survey to test the Sekekoto West mineralized trend. S12 is a high-grade mineralized zone that has been subject to karsting, and one goal of the IP survey is to model the karsting and associated karst geological facies to support 3D modelling of this high-grade zone. For the remainder of 2026, Sadiola will see continued efforts with four to five drills dedicated to continue testing for, and extending, the gold mineralized structures at Sadiola Main, Tambali North, FE2 Trend, Sekekoto Trend, FE3/FE4, TK1, Mandakoto and Kouloukan. The exploration is focused on both oxide and shallow fresh mineralization with a preference for oxide gold mineralization in the near term. Oxide ore is favoured in the short term as it provides the plant with relatively inexpensive, high-quality ounces. The horizontal and down-dip/down-plunge limits of these systems are still open and as such, expectations of new discoveries and additions to the mineral inventory are high. Bonikro (89.89% interest), Côte d’Ivoire The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d’Ivoire (“Bonikro” or “Bonikro Mine”). The remaining ownership is split between the Government of Côte d’Ivoire (10%) and a local minority shareholder (0.11%). Bonikro is contiguous to Agbaou, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and potential synergies for the future. Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation. Bonikro produced 29,011 ounces of gold during the three months ended March 31, 2026, compared with 19,671 ounces produced in the comparable quarter of the previous year. For the first quarter, ore mined and total material mined were higher than plan, with higher grades obtained due to slight optimizations to the mining sequence. Bonikro AISC(1) for the first quarter were in line with plan and include capitalized stripping at PB5 incurred during 2024 and 2025, which is being amortized in 2026 and 2027. This represents approximately $135 per ounce of gold sold in the cost structure. Hiré Exploration In the first quarter of 2026, drilling at Hiré focused on testing for oxides along the eastern extension of the Chapelle orebody and two more holes into the west end of the Akissi So Deposit. In total 32 holes comprising 3,315 metres were drilled with the bulk of the holes completed with an RC drill. Drone magnetic surveying commenced in the first quarter with a plan to cover the northern part of the property package including the area north and east of the Bonikro Mine to the northernmost extents of the property. This survey is designed to better define the structural zones that are associated with the gold zones to improve targeting success. As well, a secondary goal of the magnetic survey is to identify additional Bonikro Mine-type porphyritic felsic intrusions, which have been demonstrated to host significant gold zones. Oumé Exploration Following the successful Oumé exploration program, which resulted in the declaration of initial Proven and Probable Mineral Reserves containing approximately 585,000 ounces of gold, Allied expanded its exploration efforts to test for extensions to the Oumé gold system. In the first quarter of 2026, exploration resumed over the projected eastern extent of the Oumé mineralized system, with 86 holes totalling 2,679 metres completed. Wide-spaced drill fences were designed to follow-up Au-in-soil anomalies, historic drill results, prospecting sample results and geological mapping. Approximately 233 scout holes are planned in this first pass program with additional holes pending results. Additional holes planned to test the southwestern extent of the mineralized system are scheduled for later in the second and third quarters of 2026. Agbaou (85% interest), Côte d’Ivoire Agbaou is an open pit gold mine, located in the Oumé region of Côte d’Ivoire. The remaining ownership is split between the Government of Côte d’Ivoire (10%) and the SODEMI development agency (5%). Agbaou is contiguous to Bonikro, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and significant synergies for the future. Agbaou produced 22,901 ounces of gold during the three months ended March 31, 2026, compared to 19,137 ounces in the corresponding quarter of the previous year and was aligned with the plan. Production in the first quarter focused primarily on ore from sources in the North extension area. Waste stripping in WP8 is underway with target access to higher-grade ore in the second quarter. Agbaou AISC(1) for the first quarter were in line with plan. Optimization initiatives and operational enhancements are in progress, with Bonikro serving as the benchmark. Agbaou is expected to follow as these measures are implemented and scaled, targeting reduced costs in the next quarters. In addition to operational factors, the waste removal performed in 2025 allows for less reliance on short-term mineral resource conversion to support production levels in 2026, creating a bridge to focus additional exploration spending at Agbaou on more transformational targets aimed to add ounces and with an objective to increase mine life at Agbaou by four to six years, with the completion of the first stage exploration program in 2026. Agbaou Exploration At Agbaou, Allied is actively pursuing opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. In the first quarter of 2026, Allied completed 45 holes totalling 9,014 metres with up to five drills operating. These holes tested the down-dip extensions of known gold-bearing ore bodies and new gold zones. This sustained effort, which commenced in July 2025, comprises a minimum of 162 holes totalling 33,400 metres with a goal of adding to mine life. This work program is approximately 84% completed and scheduled to finish early in the second quarter of 2026. Modelling and resource estimation, in advance of updated Mineral Reserves, are in progress at the WP7 Agbaou Pit, which was the largest of the mineralized areas being subject to infill drilling with a goal to convert Inferred Mineral Resources to Indicated Mineral Resources. An updated mineral resource estimate will be completed after all assays have been received and interpreted, likely near mid-year 2026. Looking forward in 2026, continued testing of the known zones to depth will continue along with testing for oxide gold zones along strike of known deposits and new targets outside of the compensation boundaries. Kurmuk The project continues to track well against plan, both in terms of physical completion and spend, while achieving key milestones and progress during the first quarter of 2026. The project execution is progressing well, with the key focus during the quarter being on the logistics for the remaining equipment and materials to the site, the continued advancement of steel and mechanical erection activities, as well as the ramp-up of the electrical, control and instrumentation (“EC&I”) contractor, including the installation of medium-voltage cable, electrical-racking and lighting placement. Mining activities continue to advance toward building at least three months' worth of ore stockpiles to support the start of operations in mid-2026. The Ethiopian Electrical Power Company is advancing the power line construction, which is expected to be completed before commissioning. Pre-commissioning activities are planned to begin during the second quarter, with the first gold expected in mid-2026. The key focus beyond the first quarter, and for the remainder of the project to first gold in mid-2026 is on construction completion and operational readiness. All remaining mechanical and electrical equipment is expected on site during the second quarter, and the earthworks and civil contractor is expected to commence demobilization. Construction handovers are due to commence in the second quarter, with pre-commissioning activities commencing thereafter in the quarter. The tailings storage facility and haul road are due for completion towards the end of the second quarter. Mining activities are expected to continue to ramp up in line with the production schedule, supporting the build-up of run-of-mine stockpiles and ensuring operational readiness for plant commissioning. The crushing circuit remains on track for early completion, which is critical to ensuring sufficient ore availability to support the targeted mid-year first gold milestone. Focus will be placed on achieving mechanical completion, testing, and handover of the crushing facilities to enable timely integration into the overall commissioning sequence. Beyond the first gold expected for mid-year and a partial production year in 2026, the Company expects Kurmuk to produce an average of 290,000 ounces per year for the first four years and 240,000 ounces per year on average for the mine’s life, with AISC(1) below $950 per ounce. Along with the advancement of the project and as previously disclosed, the Company completed a review of the capacity of the processing plant in consideration of the ore inventory and the exploration progress at Dish Mountain, Ashashire and Tsenge. Allied made a strategic decision to maximize the operational flexibility for Kurmuk since the start of operations, and is now targeting an average processing capacity of up to 6.4 Mt/y. This increased flexibility has been incorporated into the project execution plan, with subsequent optimizations to the leaching circuit expected to be deployed in the future years to increase fresh ore recoveries. The enhancements and optimizations are expected to make Kurmuk a stronger, de-risked operation upon commencement of production, providing upside and operational flexibility, aligning with the Company’s long-term strategy of maximizing value at each of the Company's assets. Kurmuk Project Exploration At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized system remaining open. At Tsenge, near-term exploration is focused on defining the extent of higher-grade zones and updating the mineralization models with a medium-term exploration goal of evaluating the entire 9-kilometre strike length of the gold-in-soil anomalies at Tsenge. A significant amount of highly successful trenching continues to be carried out at Tsenge, confirming the bedrock expression of the mineralized lenses that are coincident and proximal to the gold-in-soil anomalies aligned along this 9 km long trend. A second-pass drill program completed over the Urchin Prospect, located adjacent to the Ashashire haul road, yielded positive results that will require follow-up drilling. Summary of Capital Expenditures All expenditures associated with Kurmuk for the period are classified as Expansionary in nature, including exploration activities. FINANCIAL SUMMARY AND KEY STATISTICS Key financial operating statistics for the first quarter 2026 are outlined in the following tables. Net cash generated from operating activities for the three months ended March 31, 2026 was $57.3 million. This compares to $121.1 million in the prior year comparative quarter. Current period cash was positively impacted by strong gold sales and record high realized gold prices. Prior year cash flows were positively impacted by the sale of Korali inventory in the first quarter of 2025 from 2024 which significantly increased sales quantities, while positively impacting working capital due to the sale. Working capital impact for the first quarter is related to normal course movements in inventory (including stockpiles), timing of accounts payable, and payment of year-end accruals. Operating cash flows before income tax paid and movements in working capital for the three months ended March 31, 2026 increased significantly, at an inflow of $162.7 million compared with the prior year comparative quarter inflow of $100.8 million. This was due to higher realized gold prices. The impact of higher prices was partially offset by lower ounces sold in the current period in association with the sale of Korali inventory in the first quarter of 2025. As at March 31, 2026, the Company had cash and cash equivalents of $424.2 million, compared with $479.8 million as at December 31, 2025. ALLIED GOLD CONDENSED CONSOLIDATED INTERIM STATEMENT OF (LOSS) EARNINGS (UNAUDITED) ALLIED GOLD CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED) ALLIED GOLD CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED) Qualified Persons Except as otherwise disclosed, all scientific and technical information contained in this press release has been reviewed and approved by Sébastien Bernier, P.Geo (Senior Vice President, Technical Services). Mr. Bernier is an employee of Allied and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). About Allied Gold Corporation Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d'Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer. For further information, please contact: Allied Gold Corporation Royal Bank Plaza, North Tower 200 Bay Street, Suite 2200 Toronto, Ontario M5J 2J3 Canada Email: [email protected] END NOTES NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain non-GAAP financial performance measures and ratios to supplement its Condensed Consolidated Interim Financial Statements, which are presented in accordance with IFRS, including the following: Cash costs per gold ounce sold; AISC per gold ounce sold; Gross profit excluding DDA; Sustaining, Expansionary and Exploration Capital Expenditures; Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share; and EBITDA and Adjusted EBITDA The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures, including cash costs, AISC, Adjusted AISC, Gross profit excluding DA, Sustaining, Expansionary and Exploration Capital Expenditures, Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share, EBITDA and Adjusted EBITDA, do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Management’s determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are described and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a Company’s ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure. CASH COSTS PER GOLD OUNCE SOLD Cash costs(1) include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude DDA, exploration costs, accretion and amortization of reclamation and remediation, and capital, development and exploration spend. Cash costs include only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. The Company discloses cash costs because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS and, therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Cash costs are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. AISC PER GOLD OUNCE SOLD AISC figures are calculated generally in accordance with a standard developed by the World Gold Council (“WGC”), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies. The Company is not a member of the WGC at this time. AISC include cash costs (as defined above), mine sustaining capital expenditures (including stripping), sustaining mine-site exploration and evaluation expensed and capitalized, and accretion and amortization of reclamation and remediation. AISC exclude capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, DA, income tax payments, borrowing costs and dividend payments. AISC includes only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. As a result, Total AISC represent the weighted average of the three operating mines, and not a consolidated total for the Company. Consequently, this measure is not representative of all of the Company’s cash expenditures. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company’s development projects as well as certain expenditures at the Company’s operating sites that are deemed expansionary in nature, such as the Sadiola Phased Expansion and the construction and development of Kurmuk. Exploration capital expenditures represent exploration spend that has met criteria for capitalization under IFRS. The Company discloses AISC, as it believes that the measure provides useful information and assists investors in understanding total sustaining expenditures of producing and selling gold from current operations, and evaluating the Company’s operating performance and its ability to generate cash flow. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. AISC are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. The following tables provide detailed reconciliations from total costs of sales to cash costs and AISC. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. GROSS PROFIT EXCLUDING DDA The Company uses the financial measure “Gross Profit excluding DDA” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. Gross profit excluding DDA is calculated as Gross Profit plus DDA. The Company discloses Gross Profit excluding DDA because it understands that certain investors use this information to determine the Company’s ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is Gross Profit. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. The reconciliation of Gross Profit to Gross Profit Excluding DDA can be found on pages 4, 7, and 9 of this press release. ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) PER SHARE The Company uses the non-GAAP financial measures “Adjusted Net Earnings (Loss)” and the non-GAAP ratio “Adjusted Net Earnings (Loss) per share” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are calculated as Net Earnings (Loss) attributable to Shareholders of the Company, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements. Gains (losses) related to the reverse takeover transaction events and other items, Gains (losses) on the revaluation of historical call and put options, Unrealized Gains (losses) on financial instruments and embedded derivatives, Write-offs (reversals) on mineral interest, exploration and evaluation and other assets, Gains (losses) on sale of assets, Unrealized foreign exchange gains (losses), Share-based (expense) and other share-based compensation, Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items, Deferred income tax recovery (expense) on the translation of foreign currency inter-corporate debt, One-time tax adjustments to historical deferred income tax balances relating to changes in enacted tax rates, Non-recurring provisions, Any other non-recurring adjustments and the tax impact of any of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment. Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance. Management uses these measures for internal valuation of the core mining performance for the period and to assist with planning and forecasting of future operations. Management believes that the presentation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company’s profitability from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted Net Earnings (Loss)(1) and Adjusted Net Earnings (Loss)(1) per share, which are otherwise included in the determination of Net Earnings (Loss) and Net Earnings (Loss) per share prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company’s past financial performance or the future prospects and may hinder a comparison of its period-to-period profitability. The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. The reconciliation of Net (Loss) Earnings to attributable to Shareholders of the Company to Adjusted Net Earnings can be found on page 13 of this press release and in the Company's MD&A in Section 1: Highlights and Relevant Updates, under the Summary of Financial Results. EBITDA AND ADJUSTED EBITDA The Company uses the financial measures “EBITDA” and "Adjusted EBITDA” to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company’s performance. EBITDA is calculated as Net Earnings (Loss), plus Finance Costs, DDA, Current income tax expense and Deferred income tax expense. Adjusted EBITDA calculated is further calculated as EBITDA, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements. Gains (losses) on the revaluation of historical call and put options, Unrealized Gains (losses) on financial instruments and embedded derivatives, Write-offs (reversals) on mineral interest, exploration and evaluation and other assets, Gains (losses) on sale of assets, Unrealized foreign exchange gains (losses), Share-based (expense) and other share-based compensation, Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items, Non-recurring provisions, Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance. Management uses these measures for internal valuation of the cash flow generation ability of the period and to assist with planning and forecasting of future operations. Management believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company’s cash flow from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted EBITDA, which are otherwise included in the determination of Net Earnings (Loss) prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company’s past financial performance or the future prospects and may hinder a comparison of its period-to-period performance comparisons. The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release contains “forward-looking information” including "future oriented financial information" and "financial outlook" under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to: the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met; the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties the Company’s expectations relating to the performance of its mineral properties, including improved operating performance expected to continue in 2026 and beyond; Kurmuk remaining on schedule and on budget, with operations expected to commence in mid-2026; the Ethiopian Electrical Power Company advancing power line construction, which is expected to be completed before commissioning at Kurmuk, with pre-commissioning activities planned to begin at the start of the second quarter, with the first gold expected in mid-2026; progress and expectations with respect to the Company's expansion plans at Sadiola; the estimation of Mineral Reserves and Mineral Resources; the conversion of Mineral Resources to Mineral Reserves; opportunities to further increase the Mineral Resources in Mali, Côte d'Ivoire and Ethiopia to meet long term resource goals; the Company’s key focus for 2026 is to continue implementing its optimization plans to capture incremental production gains and reduce operating costs across its portfolio, thereby increasing margins and cash flows; the Company's key strategic priority to complete construction and the commencement of operations at the Kurmuk Project, expected in mid-2026, while continuing exploration efforts to extend mine life, and enhance operational flexibility across its operations; the timing and amount of estimated future production in 2026 and beyond; the Company’s exploration plans and proposed budget for its mineral properties; the estimation of the life of mine of the Company’s projects; the timing and amount of estimated future capital and operating costs; the costs and timing of exploration and development activities; the Arrangement with Zijin Gold, including the benefits, timing and expectations in connection with completion and an orderly transition of the Company; the Company’s expectation regarding the timing of mining studies; Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with obtaining all remaining regulatory approvals to complete the Arrangement with Zijin Gold; in a timely manner or at all, risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber-attacks; as well as those risk factors discussed or referred to herein and in the Company's most recent Annual Information Form, annual report on Form 40-F and management’s discussion and analysis and other public disclosure available under the Company's profile at www.sedarplus.ca and www.sec.gov. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. NOTES ON MINERAL RESERVES AND MINERAL RESOURCES Mineral Resources are stated effective as at December 31, 2025, reported at a 0.5 g/t cut-off grade, constrained within an $1,800/ounce pit shell and estimated in accordance with the 2014 CIM Standards and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Reserves are stated effective as at December 31, 2025 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves: are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate; reflect that portion of the Mineral Resources which can be economically extracted by open pit methods; consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project; include an allowance for mining dilution and ore loss. Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 35% of Korali-Sud, 10.1% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete. The Mineral Resource and Mineral Reserve estimates for each of the Company’s mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below: Mineral Reserves (Proven and Probable) The following table sets forth the Mineral Reserve estimates for the Company’s mineral properties at December 31, 2025. Notes: Mineral Reserves are stated effective as at December 31, 2024 and estimated in accordance with CIM Standards and NI 43-101. Shown on a 100% basis. Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods. Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca. Sadiola Mine: Includes an allowance for mining dilution at 8% and ore loss at 3% A base gold price of $1700/oz was used for the pit optimization with $1800/oz for Korali Sud The cut-off grades used for Mineral Reserves reporting were informed by a $1700/oz gold price and vary from 0.31 g/t to 0.78 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. Kurmuk Project: Includes an allowance for mining dilution at 18% and ore loss at 2% A base gold price of $1500/oz was used for the pit optimization, with the selected pit shells using values of $1320/oz (revenue factor 0.88) for Ashashire and $1440/oz (revenue factor 0.96) for Dish Mountain. The cut-off grades used for Mineral Reserves reporting were informed by a $1500/oz gold price and vary from 0.30 g/t to 0.45 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. Bonikro Mine: Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore loss at 1% A base gold price of $1800/oz was used for the Mineral Reserves for the Bonikro pit: With the selected pit shell using a value of $1800/oz (revenue factor 1.00). Cut-off grades vary from 0.57 to 0.63 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage. A base gold price of $1800/oz was used for the Mineral Reserves for the Agbalé pit: With the selected pit shell using a value of $1800/oz (revenue factor 1.00). Cut-off grades vary from 0.67 to 0.78 g/t Au for different ore types to the Agbaou processing plant due to differences in recoveries, costs for ore processing and ore haulage Agbaou Mine: Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore at 1% A base gold price of $1800/oz was used for the Mineral Reserves for the: Pit designs (revenue factor 1.00) Cut-off grades which range from 0.41 to 0.63 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. Mineral Resources (Measured, Indicated, Inferred) The following table set forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) and for the Company’s mineral properties at December 31, 2025. The following table set forth the Inferred Mineral Resource estimates and for the Company’s mineral properties at December 31, 2025. Notes: Mineral Resources are estimated in accordance with CIM Standards and NI 43-101. Shown on a 100% basis. Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Sadiola, Korali Sud, Bonikro, and Agbaou Mineral Resource Estimates are listed at 0.5 g/t Au cut-off grade, constrained within an $2000/oz pit shell and depleted to 31 December 2024 The Kurmuk Mineral Resource Estimate is listed at 0.5 g/t Au cut-off grade, constrained within an $1800/oz pit shell. Rounding of numbers may lead to discrepancies when summing columns Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.

As the Canadian market navigates through a period of economic uncertainty, with retail sales showing mixed signals and central banks maintaining a cautious stance on interest rates, investors are increasingly focused on companies that demonstrate robust earnings growth. In this environment, stocks with high insider ownership can be particularly appealing as they often indicate management's confidence in the company's future prospects and alignment with shareholder interests. Click here to see the full list of 49 stocks from our Fast Growing TSX Companies With High Insider Ownership screener. Let's review some notable picks from our screened stocks. Simply Wall St Growth Rating: ★★★★★☆ Overview: Colliers International Group Inc. offers commercial real estate, engineering, and investment management solutions across various regions including the United States, Canada, Europe, and Asia with a market cap of CA$7.64 billion. Operations: The company's revenue is primarily derived from Commercial Real Estate ($3.29 billion), Engineering ($1.73 billion), and Investment Management ($532.27 million) segments. Insider Ownership: 14.2% Earnings Growth Forecast: 34.3% p.a. Colliers International Group, a prominent player in commercial real estate services, is trading at a significant discount to its estimated fair value. The company forecasts robust earnings growth of 34.3% annually, outpacing the Canadian market's average. Despite lower profit margins compared to last year, insider confidence remains strong with substantial recent share purchases and no significant sales. Recent executive appointments aim to bolster long-term growth strategies across diverse sectors and enhance global operations. Dive into the specifics of Colliers International Group here with our thorough growth forecast report. In light of our recent valuation report, it seems possible that Colliers International Group is trading behind its estimated value. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Kits Eyecare Ltd. operates a digital eyecare platform in the United States and Canada, with a market cap of CA$497.57 million. Operations: The company's revenue is primarily derived from the sale of eyewear products, totaling CA$202.46 million. Insider Ownership: 26% Earnings Growth Forecast: 50.5% p.a. Kits Eyecare is positioned for growth with substantial insider ownership supporting its strategic initiatives. Recent executive promotions, including Ibrahim Kamar as CFO and Tai Silvey as President, aim to enhance operational efficiency and drive expansion. The company's revenue is forecast to grow faster than the Canadian market at 17.4% annually, while earnings are expected to increase significantly by 50.5% per year. Despite recent insider selling, Kits remains undervalued by 30.2%, according to analyst estimates. Unlock comprehensive insights into our analysis of Kits Eyecare stock in this growth report. According our valuation report, there's an indication that Kits Eyecare's share price might be on the cheaper side. Simply Wall St Growth Rating: ★★★★★☆ Overview: VersaBank offers a range of banking products and services in Canada and the United States, with a market capitalization of CA$806.55 million. Operations: The company's revenue segments include CA$2.39 million from Digital Meteor, CA$17.71 million from Digital Banking in the USA, CA$103.30 million from Digital Banking in Canada, and CA$7.23 million from DRTC, which focuses on cybersecurity services and banking and financial technology development. Insider Ownership: 11.1% Earnings Growth Forecast: 53.3% p.a. VersaBank demonstrates robust growth potential with significant insider ownership and no substantial insider selling in the past three months. The bank's revenue is forecast to grow at 24.4% annually, outpacing the Canadian market, while earnings are expected to increase by 53.3% per year. Recent developments include a share repurchase program and collaboration with Stablecorp on QCAD deposits, enhancing its digital asset services. Trading slightly below fair value, VersaBank remains strategically positioned for future expansion. Click here and access our complete growth analysis report to understand the dynamics of VersaBank. Our valuation report unveils the possibility VersaBank's shares may be trading at a premium. Delve into our full catalog of 49 Fast Growing TSX Companies With High Insider Ownership here. Ready For A Different Approach? The end of cancer? These 31 emerging AI stocks are developing tech that will allow early idenification of life changing disesaes like cancer and Alzheimer's. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years. Companies discussed in this article include TSX:CIGI TSX:KITS and TSX:VBNK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

As the Canadian market navigates a complex landscape of steady interest rates and fluctuating energy prices, investors are turning their attention to the earnings outlook, which remains a key focal point amid resilient economic fundamentals. In this environment, growth companies with high insider ownership can be particularly appealing, as they often signal strong confidence from those closest to the business while potentially offering robust earnings growth prospects. Click here to see the full list of 48 stocks from our Fast Growing TSX Companies With High Insider Ownership screener. Let's take a closer look at a couple of our picks from the screened companies. Simply Wall St Growth Rating: ★★★★★☆ Overview: Anaergia Inc. operates in the renewable energy sector, offering waste-to-resource solutions across various regions including Italy, North America, Europe, the Middle East and Africa, and the Asia Pacific, with a market cap of CA$509.48 million. Operations: The company's revenue is derived from three main segments: O&M Services at CA$20.04 million, Capital Sales at CA$148.51 million, and Build, Own, and Operate at CA$11.63 million. Insider Ownership: 25.9% Earnings Growth Forecast: 78.7% p.a. Anaergia is positioned as a growth company with significant insider ownership, trading at 69.5% below its estimated fair value and expected to achieve profitability within three years. Revenue is forecast to grow at 24.7% annually, outpacing the Canadian market. Recent developments include a CAD 8 million contract for an anaerobic digestion facility in Minnesota and a EUR50 million initiative at Eni's Gela biorefinery, enhancing its competitive position in renewable energy sectors. Click here to discover the nuances of Anaergia with our detailed analytical future growth report. Our valuation report unveils the possibility Anaergia's shares may be trading at a discount. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Obsidian Energy Ltd. is involved in the exploration, development, and production of oil and natural gas in Western Canada with a market cap of CA$1.25 billion. Operations: The company's revenue is primarily derived from its oil and gas exploration and production segment, which generated CA$540.80 million. Insider Ownership: 10.3% Earnings Growth Forecast: 51.3% p.a. Obsidian Energy, with substantial insider ownership, is trading at 75.2% below its estimated fair value. Despite a decline in 2025 revenue to C$571.3 million, the company achieved profitability with net income of C$35.2 million and forecasts significant earnings growth of 51.3% annually over the next three years, outpacing market averages. Recent developments include reaffirmed production guidance and a share buyback program targeting up to 10% of outstanding shares by March 2027. Take a closer look at Obsidian Energy's potential here in our earnings growth report. Our expertly prepared valuation report Obsidian Energy implies its share price may be too high. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Savaria Corporation offers accessibility solutions for the elderly and physically challenged across Canada, the United States, Europe, and other international markets, with a market cap of CA$2.16 billion. Operations: The company's revenue segments include Patient Care, generating CA$203.19 million, and Accessibility (including Adapted Vehicles), contributing CA$710.34 million. Insider Ownership: 17.6% Earnings Growth Forecast: 23.2% p.a. Savaria Corporation demonstrates strong insider confidence with substantial recent insider buying and no significant selling. The company reported impressive earnings growth of 41.8% last year, with future earnings projected to grow at 23.2% annually, surpassing the Canadian market average. Though revenue growth is slower at 6.3%, it remains above market expectations. Trading at 32.5% below its estimated fair value, Savaria also offers a steady dividend yield of 1.87%. Click here and access our complete growth analysis report to understand the dynamics of Savaria. In light of our recent valuation report, it seems possible that Savaria is trading behind its estimated value. Get an in-depth perspective on all 48 Fast Growing TSX Companies With High Insider Ownership by using our screener here. Searching for a Fresh Perspective? The latest GPUs need a type of rare earth metal called Terbium and there are only 32 companies in the world exploring or producing it. Find the list for free. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years. Companies discussed in this article include TSX:ANRG TSX:OBE and TSX:SIS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

As the Canadian market navigates the complexities of inflation and fluctuating energy prices, investors are keenly observing how these factors impact household spending and economic growth. In this environment, stocks with high insider ownership can be particularly appealing, as they often signal strong confidence from those closest to the company's operations. Click here to see the full list of 46 stocks from our Fast Growing TSX Companies With High Insider Ownership screener. Let's review some notable picks from our screened stocks. Simply Wall St Growth Rating: ★★★★★☆ Overview: Anaergia Inc. and its subsidiaries offer solutions for generating renewable energy and converting waste to resources across various regions including Italy, North America, Europe, the Middle East and Africa, and the Asia Pacific, with a market cap of CA$468.02 million. Operations: Anaergia's revenue is derived from providing renewable energy solutions and waste-to-resource conversion services across regions such as Italy, North America, Europe, the Middle East and Africa, and the Asia Pacific. Insider Ownership: 26.2% Earnings Growth Forecast: 78.7% p.a. Anaergia's growth prospects are bolstered by its expected revenue increase of 23.7% per year, surpassing the Canadian market average. The company reported significant sales growth to C$180.19 million in 2025, transitioning from a net loss to a net income of C$6.96 million. Anaergia's strategic positioning is strengthened by its involvement in California's RNG procurement program and a major contract with Eni for sustainable fuel production, enhancing its role in the global energy transition. Click here to discover the nuances of Anaergia with our detailed analytical future growth report. According our valuation report, there's an indication that Anaergia's share price might be on the expensive side. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Obsidian Energy Ltd. is involved in the exploration, development, and production of oil and natural gas in Western Canada, with a market capitalization of CA$862.88 million. Operations: The company generates revenue of CA$540.80 million from its oil and gas exploration and production activities in Western Canada. Insider Ownership: 10.3% Earnings Growth Forecast: 24.9% p.a. Obsidian Energy's growth outlook is supported by its forecasted annual earnings increase of 24.9%, outpacing the Canadian market. Despite a decline in 2025 revenue to C$571.3 million, the company achieved profitability with net income of C$35.2 million from a previous loss. A recent share repurchase program aims to enhance shareholder value by buying back up to 10% of outstanding shares, although insider trading activity has shown more selling than buying recently. Unlock comprehensive insights into our analysis of Obsidian Energy stock in this growth report. In light of our recent valuation report, it seems possible that Obsidian Energy is trading beyond its estimated value. Simply Wall St Growth Rating: ★★★★☆☆ Overview: Savaria Corporation offers accessibility solutions for the elderly and physically challenged across Canada, the United States, Europe, and internationally, with a market cap of CA$1.88 billion. Operations: The company's revenue is derived from two main segments: Patient Care, contributing CA$203.19 million, and Accessibility (including Adapted Vehicles), generating CA$710.34 million. Insider Ownership: 17% Earnings Growth Forecast: 21% p.a. Savaria's growth potential is underscored by its forecasted annual earnings increase of 21%, surpassing the Canadian market. The company reported a revenue rise to C$913.53 million and net income growth to C$68.77 million in 2025, reflecting strong performance. Insider activity has shown substantial buying over the past three months, indicating confidence in future prospects. Trading at a discount to its estimated fair value further enhances its appeal among investors seeking growth opportunities with insider alignment. Click here and access our complete growth analysis report to understand the dynamics of Savaria. Our expertly prepared valuation report Savaria implies its share price may be lower than expected. Navigate through the entire inventory of 46 Fast Growing TSX Companies With High Insider Ownership here. Seeking Other Investments? Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.The analysis only considers stock directly held by insiders. It does not include indirectly owned stock through other vehicles such as corporate and/or trust entities. All forecast revenue and earnings growth rates quoted are in terms of annualised (per annum) growth rates over 1-3 years. Companies discussed in this article include TSX:ANRG TSX:OBE and TSX:SIS. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]