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Source: https://s203.q4cdn.com/846800919/files/doc_financials/2025/q3/Allied-Gold-Results-News-Release-2025-Q3-vF.pdf
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NEWS RELEASE
ALLIED GOLD REPORTS THIRD QUARTER 2025 RESULTS: SOLID PERFORMANCE AND ON TRACK FOR IMPROVED
PRODUCTION
TORONTO, ON – November 5, 2025 ─ Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) reports
its financial and operational results for the third quarter of 2025. The Company produced 87,020 ounces of gold during the
quarter and sold 92,099 ounces of gold during the same period. Production and sales were in line with expectations and
operating plans, which fully support strong fourth quarter production as previously guided. All-in Sustaining Costs ("AISC")(1)
for the period were $2,092 per ounce of gold sold, showing a material improvement from the previous period. As previously
disclosed, the significant planned increase in production in the fourth quarter, along with operational improvements and mine
sequencing, is expected to drive further meaningful cost improvements. Progress on growth projects during the quarter is
aligned with plans, and supports the Company's strategy for achieving significant production growth with reduced costs and
increased margins.
THIRD QUARTER HIGHLIGHTS
Operational Highlights
• Production and Fourth Quarter Expectations: The Company produced 87,020 ounces of gold in the third quarter, in line
with expectations and operating plans, which fully support strong production in the fourth quarter as previously guided.
Gold production for the fourth quarter is expected to be the highest of the year, driven primarily by higher grades, leading
to improved performances at Bonikro and Sadiola and by the completion of the Phase 1 expansion at Sadiola expected
in December. Annual production is expected to be above 375,000 gold ounces which is in line with the Company’s
guidance and consistent with Allied’s broader production outlook from its producing mines of 375,000 to 400,000 ounces
of gold per annum. While formal guidance for 2026 is expected to be provided early in that year, the Company is targeting
annual production from its existing operations at the high end of the outlook range with more consistent quarter-over-
quarter performance. Further, results in the fourth quarter and thereafter are expected to benefit from the continued
improvements the Company has made to its operations, and a series of operational enhancements and strategic
initiatives aimed at delivering materially stronger operations. These include confirmatory drilling of high-grade areas,
continued refinement of block models and grade-control processes, progressive mobilization of new mining equipment
at Sadiola for material improvement of fleet availability and productivity, changes to mine management and hiring
experienced local management including in Mali.
At Bonikro and Agbaou, in Côte d'Ivoire, fourth quarter production will be driven mainly by the stripping completed earlier
this year, which has allowed access to higher-grade areas. Fourth quarter production at Bonikro is expected to increase
by up to 40% compared to the average of the preceding quarters.
At Sadiola, in western Mali, operations are progressing normally and as planned. Operating, logistical and project
development activities are progressing as usual, with inventories of consumables at normal levels. With fourth-quarter
production expected to be up to 40% higher than the average of previous quarters, Sadiola is positioned to meet full-year
guidance and is setting the foundation for stronger production next year. Production is expected to be driven by oxide
ore feed from new zones discovered and developed in 2025, along with processing a higher proportion of higher-grade
fresh ore following the completion of the Phase 1 expansion which continues to advance, in the fourth quarter.
• Gold Sales: Sales exceeded production in the quarter, totalling 92,099 gold ounces, as anticipated and previously guided,
due to the sale early in the third quarter of inventory built up in the second quarter.
NEWS RELEASE
• Costs Improving: Total cost of sales(4) of $2,087, Cash Costs(1) of $1,911, and AISC(1) of $2,092, reported by the Company
on a per ounce sold basis. These figures include royalties linked to higher gold prices and increased waste removal at
Agbaou, which has begun resulting in higher production in the third quarter. AISC (1) for the quarter materially improved
from the second quarter. As previously disclosed, the significant planned increase in production in the fourth quarter,
along with operational improvements and mine sequencing, is expected to drive further meaningful cost improvements.
As described in the Company's annual guidance, every $100 per ounce increase in the price of gold results in $15 per
ounce higher consolidated AISC(1), which was based on a baseline for guidance of $2,500 per ounce, and at an average
market price for royalty calculations of $3,457 per ounce for the third quarter, consolidated AISC(1) was impacted by over
$140 per ounce, with the impact at Sadiola being disproportionately higher due to higher gold-price-driven royalty
percentages and residual contributions from Korali-Sud before being phased out.
• Quarterly results for 2025 year-to-date are summarized as follows:
Q1 2025 Q2 2025 Q3 2025
Production ounces 84,040 91,017 87,020
AISC(1) $ 1,811 $ 2,343 $ 2,092
• Performance by Asset:
◦ Sadiola: production totalled 42,174 ounces and was in line with plan. Ore feed came primarily from Stage 5 and
Sekekoto West, with Korali-Sud contributing early in the quarter before being phased out. The Company advanced
development of moderate- to high-grade zones including Sekekoto North and Stage 5, which are expected to
contribute to fourth quarter production and carry into 2026. Additional higher-grade oxide ore is expected next year
from Sekekoto North as well as FE4 and FE2.5, where exploration success has accelerated development toward
production.
◦ Bonikro: production amounted to 21,953 ounces and was in line with plan. Higher grades were sourced mainly from
the Stage 3 pit while stripping was advanced at Stage 5. Throughput and recoveries improved following completion
of plant enhancements, increased crusher availability, improved fragmentation, and strengthened maintenance
practices.
◦ Agbaou: strong production of 22,893 ounces represented a 43% increase from the second quarter. Higher grades
from South Sat 3, West Pit 7 and West Pit 2 drove the production improvement while Agbale and Assondji So supplied
additional oxide ore supporting higher throughput and improved plant performance.
Financial Results Highlights
• Earnings:
◦ Third quarter net loss of $17.9 million or $(0.15) per share.
◦ Third quarter adjusted earnings(1) of $33.3 million or $0.29 per share.
• Cash Flows and EBITDA:
◦ Net cash generated from operating activities for the quarter was $181.5 million.
◦ Operating cash flows before income tax paid, government settlements and movements in working capital was a
strong inflow of $196.3 million.
◦ EBITDA(1) and Adjusted EBITDA(1) for the three months ended September 30, 2025, were $70.8 million and $109.8
million, respectively.
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NEWS RELEASE
• Strong Financial Position: As of September 30, 2025, the Company had cash and cash equivalents of $262.3 million. The
$50.0 million revolving-credit facility (including a $10.0 million accordion) remained undrawn. In addition to available
credit, the Company has liquidity available through future draws on the Kurmuk gold stream. Available liquidity, coupled
with an anticipated step change in production and commensurate cost reduction for the remainder of the year resulting
in additional flexibility from increased cash flows, positions the Company to execute on Kurmuk's remaining capital
expenditures, and other capital allocation priorities. Further, subsequent to quarter end, the Company completed an
overnight marketed equity offering, for total net proceeds of $134.0 million, further increasing cash positions.
Advancement of Key Growth Initiatives
Kurmuk: The Kurmuk Project continues to track well against plan, both in terms of physical completion and spend, while
achieving key milestones and progress during the third quarter of 2025.
The project is progressing well, with engineering substantially completed. The key focus during the quarter and the rest of the
year is on logistics for transporting equipment and materials to the site, finishing technical concrete works around the grinding
area, and advancing the mechanical erection at the processing plant site. Mining activities at Ashashire and Dish Mountain,
the two initially planned open pits which account for the current inventory of ounces, are progressing according to plan, with
the objective of building at least three months’ worth of high-grade ore stockpiles to support the start of operations in mid-
2026. Kurmuk will continue advancing mechanical erection throughout the fourth quarter, as well as progressing remaining
earthworks, commencing electrical installation, infrastructure and ancillary facilities. The Ethiopian Electrical Power Company
is progressing the installation of the power line to site, which is expected to be completed in early 2026. Pre-commissioning
activities are planned to start at the beginning of the second quarter, with first gold expected for mid-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 engineering for the project, the Company completed a review of the capacity of the processing
plant in consideration of the ore inventory and the exploration progress at Dish, 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 is being incorporated into the execution of the project, with
subsequent modifications to the leaching circuit expected to be deployed in the future to increase fresh ore recoveries. The
expanded processing capacity is expected to drive a modest increase in capital costs, consistent with consensus estimates on
a capital intensity basis. 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 its assets.
For the quarter ended September 30, 2025, $60.0 million was spent on the Kurmuk project, comprising direct construction
capital expenditures and exploration activity.
Sadiola Phased Expansion: The Phase 1 expansion is advancing according to plan, with significant progress made to the end
of the third quarter and into October on the mill and crushing areas. The Phase 1 expansion is expected to be operational late
in the fourth quarter, which will enable Sadiola to incorporate up to 60% fresh ore into the feed. As fresh ore makes up the
majority of the ore inventory at the mine, and in particular at the Sadiola Main deposit, the completion of Phase 1 not only
allows Sadiola to treat a higher proportion of the abundant higher-grade fresh ore, but it also allows the mine to increase its
efficiency and overall performance, as mining operations can be concentrated in fewer, bulkier areas, and use new oxide areas
as production upside.
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NEWS RELEASE
The Company is also evaluating progressive expansion options for the existing plant following Phase 1, targeting comparable
production levels at lower capital intensity. These s

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