Allied GOLD Announces Management and Board Appointments, and Mining Contracts Awards FOR the Kurmuk Project and Its WEST Africa Operations
NEWS RELEASE
ALLIED GOLD ANNOUNCES MANAGEMENT AND BOARD APPOINTMENTS, AND MINING
CONTRACTS AWARDS FOR THE KURMUK PROJECT AND ITS WEST AFRICA
OPERATIONS
TORONTO, ON – November 7, 2024 ─ Allied Gold Corporation (TSX: AAUC, OTCQX: AAUCF)
("Allied" or the "Company") is pleased to announce a series of changes and developments meant
to improve operational oversight, improve mining operations, advance the Kurmuk project towards
operations and improve corporate governance. These include management and board
appointments, awarding the mining contract for Kurmuk to a reputable international contractor, as
well as consolidating mining activities in Mali and Cote d’Ivoire operations under the same well
experienced and well capitalized contractor . These changes are all positive steps towards
securing the long-term success of the Company.
Management and Board Changes
The Company has appointed Johannes Stoltz as Chief Operating Officer, leveraging his 28 years
of mining experience and deep knowledge of Allied’s operations. Johannes' transition into the role
has been occurring since the beginning of 2024, and he has been primarily responsible for
optimizations and improvements initiated to improve operations from early this year, making
strong progress toward achieving sustainable and predictable production goals starting in the third
quarter. This appointment is part of an organized succession plan that had begun at the beginning
of the year as his predecessor was nearing retirement, and the company having determined that
for its optimizations plan, and having improved its plant functions, a focus on mining was critical
and its head of operations should be a qualified mining engineer.
Allied has strengthened its Board of Directors by adding a new Board Member, Oumar Toguyeni.
Mr. Toguyeni is a highly experienced global mining executive, with over 35 years of mining
expertise. His career has included senior leadership positions at major international mining
companies such as BHP, Alcoa Inc., IAMGOLD Corporation, and he has also recently been
appointed to the Board of Directors of Hummingbird Resources. He very recently joined the board
of that company in connection with the restructuring and recapitalization of the company initiated,
and financially supported, by its largest shareholder. Beginning his career as an exploration
geologist, Mr. Toguyeni has gained extensive experience in Europe, North and South America,
the Caribbean, and particularly in West Africa, where he is based. His executive career includes
senior operational and sustainability positions with direct oversight of West Africa including Mali
the result of which, together with his in country relationships, will assist in ma nagement of and
board oversight over the Company’s in country efforts. Fluent in English and French, he brings a
wealth of international experience and insight to the Board. He is a geologist and also holds a
Master of Business Administration degree.
The Company is further consolidating its management into its head office in Toronto, rationalizing
legacy offices throughout the organization. This includes consolidating positions and centralizing
technical processes including resource modelling, strategic planning, and others in the head
office.
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Mining Contract Awards for Kurmuk and West Africa
After conducting an exhaustive and competitive process, the Company is pleased to announce
its decision to award the Kurmuk mining contract to Mota -Engil Group (“Mota-Engil”), with
preparations underway for mining operations to begin by mid-2025. Mota-Engil, a multinational
engineering and construction leader with nearly 80 years of expertise across Europe, Africa, and
Latin America, bring s significant experience to Kurmuk, supporting pre-production activities
leading to achieve the Company’s goals of first production by mid-2026. This award aligns with
Allied’s decision to advance pioneering activit ies and mining earthworks at an early stage,
allowing sufficient time for mobilization of equipment and establishment of operations well ahead
of the timeframe when mining begins, which will also allow for the early establishment of mining
infrastructure, support facilities and training of personnel.
The appointment of the contractor for the mining services agreement marks a significant
milestone for the Kurmuk Gold Project, which alongside the previously announced power
purchase agreement, help cement and secure Kurmuk’s objectives of achieving production
expected to average 290,000 oz annually over the first five years, and sustaining over 240,000
oz annually over a 10-year mine life at an average AISC(1) below $950 per oz.
As part of its operational improvement strategy, the Company has been evaluating critical
activities and services in its value chain across its producing assets , such as contract mining .
Based on this analysis and the learnings from the competitive tendering process at Kurmuk, the
Company has decided to also award the contract for mining operations in Mali and Cote d’Ivoire
to Mota-Engil, effectively consolidating mining operations for all operating mines and the Kurmuk
project under one high quality mining contractor, as they successfully demonstrated the best
competency, pricing, logistics and financial capacity. In the context of th is award, the Company
also proceeded to facilitate Mota -Engil's purchase of the mining equipment, inventory, spares,
and other materials from the mine contractor operating Allied Gold’s West Africa operations and
concurrently entered into new mine contractor agreements which better align key performance
measures with the objectives of the Co mpany and ensures better planning, management and
operational oversight.
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 execut ives with operational
and development experience and proven success in creating value, Allied Gold is progressing
through exploration, construction and operational enhancements 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]
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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 (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" under applicable Canadian securities legislation. Except for statements of
historical fact relating to the Company, information contained herein constitutes forward -looking information, including, b ut 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 information concerning the Stream Transaction, conditions precedent and the closing thereof, expectations to be fu lly
financed, expected production, exploration, development and expansion plans disc ussed herein being met. Forward -looking
information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statement s
are made, and is inherently subject to a variety of risks and uncertainties and other kno wn 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 o perating in emerging markets, particularly Africa,
including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks an d hazards
to which the Company's operations are subject; the Company's ability t o maintain or increase present level of gold production; the
Company’s ability to execute on its expansion and optimization plans; nature and climatic condition risks; counterparty, credit, liquidity
and interest rate risks and access to financing; the Com pany’s success in executing non -dilutive financing alternatives; 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 lim ited 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 c hains 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 jurisdicti ons;
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 forei gn
jurisdictions; competition in the precious metals mining industry; risks related to the Company's ability to service its d ebt obligations;
fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates) ; 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 jurisdiction s; 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; 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; vulnerability of information systems including cyber at tacks; as well as those risk factors discussed or
referred to herein.
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 res ults 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 u ndertakes 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 fina ncial
and operational performance and the Company's plans and objectives and may not be appropriate for other purposes.