# alliedgoldmda2025ye Source Brief: https://evesgoldminers.com/research/source-briefs/allied-gold-corporation-alliedgoldmda2025ye-9e22f6a5 Original source: https://www.sec.gov/Archives/edgar/data/1993344/000162828026022512/alliedgoldmda2025ye.htm EGM generated: 2026-09-04 Company: Allied Gold Corporation (AAUC) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # alliedgoldmda2025ye Source: https://www.sec.gov/Archives/edgar/data/1993344/000162828026022512/alliedgoldmda2025ye.htm Fetched: 2026-05-19T13:52:26.122+00:00 Source artifact: 9e22f6a5-572a-400b-a942-9192b0e52902 Normalizer input: text ## Content # alliedgoldmda2025ye EX-99.2 4 alliedgoldmda2025ye.htm EX-99.2 Document MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION FOR THE YEAR ENDED DECEMBER 31, 2025 TABLE OF CONTENTS 1 HIGHLIGHTS AND RELEVANT UPDATES 4 2 CORE BUSINESS, STRATEGY AND OUTLOOK 15 3 REVIEW OF FINANCIAL RESULTS 18 4 REVIEW OF OPERATIONS AND MINE PERFORMANCE 25 5 CONSTRUCTION, DEVELOPMENT AND OTHER CORPORATE INITIATIVES 34 6 MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES 40 7 FINANCIAL CONDITION AND LIQUIDITY 44 8 ECONOMIC TRENDS, BUSINESS RISKS AND UNCERTAINTIES 47 9 CONTINGENCIES 49 10 CRITICAL ACCOUNTING POLICIES AND ESTIMATES 49 11 NON-GAAP FINANCIAL PERFORMANCE MEASURES 50 12 CAUTIONARY STATEMENTS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING 57 ALLIED GOLD MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2025 MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS & FINANCIAL CONDITION This Management’s Discussion and Analysis of Operations and Financial Condition (“MD&A”), authorized for issuance by the Board of Directors of the Company on March 31, 2026, should be read in conjunction with Allied Gold Corporation’s (“Allied” or the “Company”) consolidated financial statements for the year ended December 31, 2025 (“Consolidated Financial Statements”). All figures are in United States Dollars (“US Dollars”) unless otherwise specified. The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”), as issued by the International Accounting Standards Board. The Company has included certain non-GAAP financial performance measures, which the Company believes, that 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 they may not be comparable to similar non-GAAP financial performance measures employed by other companies. The data is 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. The non-GAAP financial performance measures included in this MD&A, include: • Cash costs per gold ounce sold (“cash costs”), for which the most directly comparable IFRS measure is cost of sales; • All-in sustaining costs (“AISC”) per gold ounce sold, for which the most directly comparable IFRS measure is cost of sales; • Gross profit excluding Depreciation, Depletion and Amortization (“DDA”); • Sustaining, and non-sustaining (expansionary and exploration) capital expenditures; • Adjusted Net Earnings (Loss), for which the most directly comparable IFRS measure is Net Earnings (Loss); and • Earnings before Interest, Taxes, DDA ("EBITDA") and Adjusted EBITDA, for which the most directly comparable IFRS measure is Net Earnings (Loss). Reconciliations and descriptions associated with the above non-GAAP financial performance measures can be found in Section 11: Non-GAAP Financial Performance Measures in this MD&A. In addition, each non-GAAP financial performance measure in this MD&A has been annotated with a reference to endnote (1), which are provided on the final page of this MD&A. Cautionary statements regarding forward-looking information, mineral reserves and mineral resources and statements on internal controls over financial reporting can be found in Section 12: Cautionary Statements and Internal Controls Over Financial Reporting in this MD&A. Additional information relating to the Company, not incorporated as part of this MD&A, including the Annual Information Form of the Resulting Issuer (as defined herein), is available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov. | 3 ALLIED GOLD MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2025 1.    HIGHLIGHTS AND RELEVANT UPDATES Allied Gold Corporation (“Allied”, “Allied Gold” or the “Company”) is a Canadian-based emerging senior gold producer with a portfolio of three operating gold mines, a significant gold development project, and exploration properties throughout Africa, located in Mali, Côte d’Ivoire, and Ethiopia. Allied plans to continue building on this base through expansion and optimization initiatives at existing operating mines, development of new mines, advancement of its exploration properties. Allied is positioned for substantial growth, with a path to increase sustainable production to approximately 800,000 ounces by 2029. This robust growth trajectory, expected to drive a compounded and disproportionate increase in cash flows and profitability, is underpinned by the Company's exploration success and proven track record of reserve replacement and resource growth, notably at both Sadiola and the Côte d'Ivoire mines. Additionally, the Company benefits from low-risk, phased expansion projects that can be implemented quickly, such as the Kurmuk Project in Ethiopia currently under construction, and the Sadiola expansion project. Allied is committed to the development of high-quality growth projects and delivering shareholder value and returns. This is achieved through investing in key operational improvements to enhance productivity, reduce costs, and increase cash flows. The aggregate ownership of management and Board members in the Company demonstrates strong alignment with shareholders and a firm commitment to value creation. The Company is listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) under the ticker symbol AAUC. In addition, its publicly traded convertible debentures are listed on the TSX, trading in U.S. dollars under the symbol AAUC.DB.U. Operational, Earnings and Cash Flows Highlights: For the three months ended December 31, 2025, unless otherwise noted • Quarterly production of 117,004 gold ounces, exceeding previously issued quarterly production guidance of 113,000 ounces and annual production guidance of above 375,000 ounces. Gold production for the fourth quarter was the highest of the year and was driven mainly by higher grades and higher ore output across all operations. The implied annualized production corresponding to the strong fourth quarter production is well above the Company's broader production outlook from its producing mines of 375,000 to 400,000 ounces of gold per annum, and demonstrates the growth potential of its operating assets which will be significantly supplemented once its Kurmuk mine is in production later this year. Fourth quarter production represents a 34% increase over the average production achieved during the first three quarters of 2025 and marks the highest quarterly production in the Company’s history. For three months ended December 31, 2025 For three months ended December 31, 2024 Sadiola 57,191  54,210  Bonikro 33,279  20,259  Agbaou 26,534  25,163  Consolidated 117,004   99,632   • Sales of 113,446 gold ounces, in line with production, with minor differences attributable to timing of shipments. • Total cost of sales (4) of $1,942, cash costs (1) of $1,830, and All-in Sustaining Costs (“AISC”) (1) for the quarter of $1,980 per gold ounce. As previously guided, AISC (1) for the fourth quarter continued the trend of material reductions as a result of increased production, mining sequencing and operational improvements. This represents a reduction of over 5% over the AISC realized in the third quarter, despite higher royalties driven by higher average gold prices. The estimated gold price impact on fourth quarter AISC as a result of higher royalties due to average gold prices of approximately $4,145 versus an average of approximately $3,460 in the third quarter amounts to approximately $100 per ounce, implying a substantial gold-price-adjusted reduction in AISC of over $200 per ounce on a quarter-over-quarter basis. These results demonstrate a significant reduction in costs through 2025, net of gold price impacts, which is expected to continue into 2026. Further, as expected and guided, Bonikro's sustaining capital and AISC (1) continued to be impacted by capitalized stripping at PB5. Stripping activities conducted in 2025, will improve production and costs for upcoming years, as high grade ore will be exposed while significantly lower waste removal will be required. | 4 ALLIED GOLD MANAGEMENT'S DISCUSSION AND ANALYSIS For the year ended December 31, 2025 • Operating highlights by mine for the quarter as follows: For three months ended December 31, 2025 Production Gold Ounces Sales Gold Ounces Cost of Sales Per Gold Ounce Sold Cash Cost (1) Per Gold Ounce Sold AISC (1) Per Gold Ounce Sold Sadiola Gold Mine 57,191  55,921  $ 2,131  $ 2,051  $ 2,104  Bonikro Gold Mine 33,279  30,465  $ 1,541  $ 1,402  $ 1,746  Agbaou Gold Mine 26,534  27,060  $ 2,001  $ 1,856  $ 1,987  Total 117,004   113,446   $ 1,942   $ 1,830   $ 1,980   • As at December 31, 2025, the Company had cash and cash equivalents of $479.8 million. The Company has immediately available credit of $50.0 million (inclusive of a $10.0 million accordion) under its revolving credit facility, which remains undrawn. • Net cash generated from operating activities for the quarter was $189.3 million. Operating cash flows before income tax paid, government settlements and movements in working capital were a strong inflow of $227.1 million. Current period cash from operating activities was positively impacted by significantly higher gold sales and higher realized gold prices. Working capital impact for the quarter is related to normal course movements in inventory (including stockpiles) and timing of accounts payable, along with year-end accruals. • Net Loss Attributable to the Shareholders to the Company (“Attributable Net Loss”) for the three months ended December 31, 2025 was $23.6 million or $(0.19) per share. Management believes that certain adjustments for items that may not be reflective of current and on-going operations are appropriate, and better reflect the underlying economic results. Adjustments include unrealized gains and losses on financial instruments and foreign exchange, along with share-based compensation largely impacted by share price movements and certain tax adjustments. After these adjustments, the Company reports Adjusted Net Earnings (1) of $69.0 million or $0.56 per share. Details of the adjustments can be found in the Summary of Financial Results discussion below. • EBITDA (1) and Adjusted EBITDA (1) for the for the three months ended December 31, 2025 were $138.6 million and $204.6 million respectively. EBITDA (1) was impacted by unrealized mark-to-market losses on the Company's convertible debentures. The debentures will either be settled in cash at their face value at maturity, or converted at the pre-determined conversion ratio. The unrealized mark-to-market losses, which reflect fluctuations in the trading value of the publicly listed debentures, did not and will not result in cash outflows upon settlement above face value. Further, EBITDA (1) was impacted by remeasurements of contingent consideration. For consistency of showing underlying ec [Excerpt trimmed for readability. Open the original source for the complete filing or document.]