AAUC · Allied Gold Corporation

Allied Gold's Q1 2026 results reflect a period of operational execution and strategic advancement. Consolidated gold production of 96,016 ounces increased 14% year-over-year, driven by strong performance at Bonikro (29,011 oz vs. 19,671 oz) and Agbaou (22,901 oz vs. 19,137 oz), while Sadiola contributed 44,104 oz, slightly below the prior year's 45,232 oz. Revenue rose to $394.1 million from $346.4 million, supported by record realized gold prices averaging approximately $4,775/oz. Gross profit improved to $170.9 million from $119.7 million, with cost of sales per ounce at $2,235, cash costs at $2,048, and AISC at $2,264. The net loss attributable to shareholders of $58.3 million ($0.47 per share) was primarily due to unrealized mark-to-market losses on convertible debentures and remeasurement of contingent consideration, which management excludes to arrive at adjusted net earnings of $48.6 million ($0.39 per share). Adjusted EBITDA of $173.3 million underscores strong cash generation. Operationally, Bonikro outperformed following two years of elevated stripping, while Agbaou is expected to follow a similar cost reduction trajectory. Sadiola's costs are anticipated to decline as fresh ore feed increases and the new crushing plant ramps up. The Kurmuk project in Ethiopia remains on schedule for first gold in mid-2026, with processing capacity expanded to 6.4 Mt/y. The Zijin Gold acquisition at C$44 per share is progressing through regulatory approvals, with an outside closing date of May 29, 2026. The company ended the quarter with $424.2 million in cash and an undrawn $50 million credit facility.