AAUC · Allied Gold Corporation

Allied Gold's Q1 2026 results demonstrated operational stability with gold production of 96,016 ounces across Sadiola (44,104 oz), Bonikro (29,011 oz), and Agbaou (22,901 oz), meeting plans despite transitional ore blends at Sadiola. Sales exceeded production at 99,878 ounces due to shipment timing and inventory sales. AISC of $2,264/oz reflected higher royalties from average realized prices of $4,775/oz versus guided $4,250/oz, adding ~$80/oz impact, but remained on target. Financially, a GAAP net loss of $58.3M contrasted with strong adjusted earnings of $48.6M, bolstered by $173.3M adjusted EBITDA and $424.2M cash position, supporting growth. Cash generation was robust at $57.3M from operations, with pre-tax/working capital flows at $162.7M. Sadiola's Phase 1 expansion ramped up, enabling fresh ore processing, with pre-leach thickener engineering underway for Q1 2027 commissioning to boost throughput toward 7-9 Mt/y. Kurmuk advanced with equipment logistics, steel erection, EC&I ramp-up, and ore stockpiling for mid-2026 first gold. The Zijin Gold deal, at C$44/share for C$5.5B, offers immediate value realization amid volatility, with approvals secured except regulatory; both parties target timely close. Safety saw TRIR at 1.80 and LTIR at 0.45, with no major environmental incidents. Investors benefit from in-line execution, liquidity, and de-risked growth via acquisition.