Allied GOLD Announces Preliminary Q4 2025 Operating Results, 2026 Guidance and Mrmr Update; Special Meeting Set FOR March 31
NEWS RELEASE
ALLIED GOLD ANNOUNCES PRELIMINARY Q4 2025 OPERATING RESULTS, 2026 GUIDANCE AND MRMR
UPDATE; SPECIAL MEETING SET FOR MARCH 31
TORONTO, ON – February 18, 2026 ─ Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the
“Company”) herein provides its preliminary operating results for the quarter and year ended December
31, 2025, alongside the Company’s 2026 operating guidance and updates to its Mineral Reserves and
Mineral Resources.
The Company produced 117,004 ounces of gold in the fourth quarter and 379,081 ounces for the full-year
2025. Performance was in line with expectations and operating plans, exceeding Q4 guidance and
delivering solid momentum heading into 2026. All-in Sustaining Costs (“AISC”)(1) for the quarter improved
from the previous period and are estimated at $1,980 per ounce sold, which, together with higher realized
gold prices, led to increased margins and cash flows. As of December 31, 2025, the Company’s cash
balances were approximately $480 million.
Allied successfully replaced mining depletion and added new ounces to its inventory , resulting in a net
increase to its Mineral Reserves. The Company remains focused on extending the mine life and increasing
mineral inventories at Agbaou, Bonikro, and Kurmuk, and increasing oxide mineral inventory at Sadiola to
enhance operational flexibility.
Highlights
• Fourth Quarter Gold Production: The Company produced 117,004 ounces of gold in the fourth
quarter, bringing total production for 2025 to 379,081 ounces , exceeding the Company’s 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 increased ore output across all operations.
• 2026 Guidance: The Company expects to produce between 385,000 and 425,000 ounces of gold in
2026 from its currently producing mines, and between 100,000 and 150,000 ounces of gold from the
Kurmuk Project, which is expected to begin production in mid-2026. The range is driven by different
ramp-up scenarios. The lower end represents a conservative case that assumes stable grid power is
achieved in late Q3 (as opposed to mid -Q2), reflecting exogenous factors outside the Company’s
control. The power utility remains committed to providing sufficient , stable power by mid -Q2;
accordingly, the Company’s objective is to deliver production closer to the midpoint or higher end of
the range. Total production guidance, including contributions from Kurmuk, is expected to be 485,000
to 575,000 ounces of gold. This is consistent with the historical production profile of the Company’s
existing operations of 375,000 to 400,000 ounces, with incremental increases driven by access to
higher grades and ongoing operational improvements and expansions. Consolidated mine-site level
AISC for 2026 is expected to be between $1,750 and $1,900 per ounce of gold sold, based on a gold
price assumption of $4,250 per ounce.
• 2027 Production Outlook: Allied’s operating outlook for 2027 shows a production range between
640,000 and 6 80,000 ounces of gold, reflecting a full year of production from Kurmuk and stable
performance from the rest of the asset portfolio.
- 2 -
• Mineral Reserves and Mineral Resources: As of December 31, 2025, Proven and Probable Mineral
Reserves totalled 11.2 million ounces of gold, contained within 2 47.1 million tonnes at an average
grade of 1.41 g/t. This represents a net year-over-year increase, reflecting the addition of new Mineral
Reserves and the replacement of depletion from 2025 production.
Operational Highlights
• Fourth Quarter Production: Fourth quarter production represented a 34% increase over the average
production achieved during the first three quarters of 2025 . The key drivers for this performance
were:
o Sadiola: Production of 57,191 ounces in the fourth quarter, demonstrating the improved
operating performance expected to continue in 2026 and beyond. Production was mainly
supported by mining transitional and oxide ore from Sadiola Main Pit Stage 5 and oxides from
Sekekoto West, which provided higher grades and throughput.
o Bonikro: Production of 33,279 ounces in the fourth quarter was substantially increased from the
previous quarter, benefiting from access to higher -grade ore due to the stripping completed
earlier in the year.
o Agbaou: Strong production of 26,534 ounces in the fourth quarter was driven by higher
throughput and improved mining performance.
• Cost Improvements: As previously guided, AISC for the fourth quarter continued the trend of
sequential reductions as a result of increased production, mining sequencing and operational
improvements, and is expected to be approximately $1,980 per ounce sold. This represents a
reduction of approximately 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 $4,140 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 approximately $200 per ounce on a quarter-over-
quarter basis. Likewise, the average AISC expected for the second half of 2025 amounts to
approximately $1,975 per ounce, including an impact of approximately $125 per ounce due to higher
gold prices in relation to the $3,000 per ounce guidance provided in the second quarter of 2025.
As previously guided, every $100 per ounce increase in the price of gold results in $15 per ounce
higher royalty impact on consolidated AISC, which was based on the 2025 guidance assumption of
$2,500 per ounce. At average realized prices observed in the fourth quarter, consolidated AISC was
impacted by nearly $250 per ounce due to the gold price alone.
• Increased AISC Margins: Preliminary AISC margins, based on spot sales, increased from $1,370 per
ounce of gold sold in the third quarter to approximately $2,160 per ounce of gold sold in the fourth
quarter. Compared with the third and second quarters, fourth quarter margins were approximately
58% and 185% higher, respectively.
• Growth Projects: The Sadiola Phase 1 grinding circuit expansion was completed in the fourth quarter,
with completion of ancillary systems and ramp-up expected in the first quarter of 2026. Construction
activities at the Kurmuk Project progressed well during the fourth quarter, and the project remains
on schedule and on budget, with operations expected to commence in mid-2026.
- 3 -
• Strong Financial Position: Cash balances as of December 31 were approximately $480 million.
Fourth Quarter Gold Production
Q1-Q3
Average (oz)
Q4
2025 (oz)
Q4 vs Q1-Q3
Average
Sadiola 45,563 57,191 25.5%
Bonikro 22,466 33,279 48.1%
Agbaou 19,330 26,534 37.3%
Total Gold Production 87,359 117,004 33.9%
2024 (oz) 2025 (oz)
Year-over-year
Change
Sadiola 193,462 193,880 0.2%
Bonikro 86,755 100,678 16.0%
Agbaou 77,874 84,523 8.5%
Total Gold Production 358,091 379,081 5.9%
Asset Highlights
During the fourth quarter, Allied continued to advance its growth strategy, laying the groundwork for
transformational production growth and enhanced cash flows. Progress included operational and
administrative improvements, execution of the Company's fina ncial strategy, advancement of
construction activities at the Kurmuk Project, and completion of the Sadiola Phase 1 expansion.
Sadiola (80% interest), Mali
Production in the fourth quarter of 2025 was driven by mining higher -grade transitional and oxide ore
from Sadiola main pit (Stage 5) and Sekekoto West, supported by the continued mobilization of new
equipment by the mining contractor and strong performance at the processing plant.
The Company continues to advance the development and preparation of new projects with near -
surface, medium- to high-grade oxide zones, including FE4, FE2.5, and Sadiola Main Stage 6, which are
expected to contribute to gold production in the short and medi um term. Furthermore, FE2 North and
Tambali North extension projects were advanced through ongoing exploration efforts focused on
additional near-surface oxide discoveries. These targets form part of the Company’s 2026 exploration
pipeline and are expected to enhance operational flexibility.
The Phase 1 mill is expected to ramp up in the first quarter of 2026, alongside the completion of ancillary
systems and power -supply upgrades. Further optimizations to the processing circuit, including
- 4 -
instrumentation and automation upgrades, are planned for execution this year. Together, these initiatives
are expected to improve operating conditions, enhance overall processing performance, and reduce
reagent consumption incrementally.
As previously discussed, the Company is advancing studies to define the best strategy for the next phase
of the mine's expansion. The initial conclusion of these studies was that adding a pre-leach thickener to
the circuit allows the plant to process over 90% of the fresh ore in the feed, increasing operational
flexibility and potentially increasing production. Given that a pre-leach thickener is required regardless of
the selected expansion scenario, the Company decided to begin engineering and design in late 2025 to
prepare for construction in 2026.
Allied has concluded that the best execution strategy for Phase 2 expansion at Sadiola is to progressively
optimize, develop, and expand the current processing plant and ancillary infrastructure, rather than build
a new processing plant. This organic growth strategy allows for more efficient deployment of capital and
management of execution risks, and it enables the same ultimate throughput of over 9 MT per year of ore
processed defined in the previous feasibility study, but with interim and organic steps at 7 MT and 8 MT
per year. Th is strategy also allows the recovery improvement project and the energy program to be
implemented progressively as throughput capacity expands , for further capital efficiency and returns ,
although with the pending corporate transaction, Zijin Gold International Company Limited (“Zijin Gold”)
will have the option to pursue alternative development plans, including the construction of a larger plant.
For 2026, the Company will advance the engineering and early works required for the 7MT per year step,
together with the studies to increase recoveries, new tailings storage facility construction, solar farm
earthworks and mobilization.
The total capital expenditures for the 7MT per year step of the processing plant are estimated at
approximately $200 million, including engineering and construction of a permanent two-stage crushing
plant and a grinding mill in the second line of the Sadiola plant , which are planned to be developed
between late 2026 and late 2028 . The subsequent 8MT and 9MT per year steps consist of adding a
permanent tertiary crushing circuit and wet plant upgrades, respectively, and could be executed
sequentially or concurrently, along with related expansions to power generation and ancillary facilities.
Côte d’Ivoire Complex
Production from the CDI Complex totalled 59,813 ounces of gold during the fourth quarter, compared to
an average of 41,796 ounces produced during the preceding three quarters. This continued quarter-over-
quarter production improvement throughout the year. The advanced stripping and mine development
performed earlier in the year provided access to higher-grade ore for the fourth quarter, which is expected
to continue into 2026. Additionally, operational improvements are being implemented at both sites to
further increase production and reduce costs.
• Bonikro: Production of 33,279 ounces, a 48% increase over the average of the first three quarters.
• Agbaou: Production of 26,534 ounces, representing a 37% increase compared to the average of the
previous three quarters.
- 5 -
Bonikro (89.89% interest), Côte d’Ivoire
For the fourth quarter, ore feed and grades were in line with the plan, with slightly higher recoveries. For
2026, mine sequencing is expected to remain in higher -grade zones, as previously indicated,
benefiting from mine development completed in 2025. Processing circuit optimization continues, with a
focus on enhancing gravity recovery, circuit efficiency, and slurry control. Power reliability also improved,
contributing to greater plant stability. Compared to 20 25, waste stripping at Bonikro will be lower ,
providing increased flexibility for ore mining. This lower strip ratio is expected to be maintained through
2026 and 2027.
Agbaou (85% interest), Côte d’Ivoire
Production in the last quarter focused on higher-grade fresh ore from the West pits and medium-grade
oxide ore from the South and North pits. Ore mined was in line with plan, consistent with the previously
outlined strategy to advance waste stripping in earlier quarters. This enabled access to higher ore tonnage
and increased throughput at the process plant in the fourth quarter and into 2026. Continued stripping of
the West pits is expected to provide access to ore to support the 2026 production, including securing
access to higher-grade ore in the first quarter of 2026, ahead of the start of the rainy season.
Kurmuk
At Kurmuk, the Company continues to track well against plan, both in terms of physical completion and
spend, while achieving key milestones and progress during the fourth quarter of 2025.
The project is progressing well, with procurement and logistics of critical items substantially completed.
The key focus during the quarter has been on logistics for transporting equipment and materials to the
site and ramping up steel and mechanical erection at the crushing circuit and the processing plant. Mining
activities at Ashashire and Dish Mountain are progressing according to plan, with the objective of building
at least three months’ worth of ore stockpiles to support the start of operations in mid-2026. Kurmuk will
continue mechanical activities throughout the first quarter, progress the remaining earthworks at the
tailings storage facility and haulage road, and advance piping and electrical installation, other
infrastructure, and ancillary facilities. The Ethiopian Electrical Power Company is advancing the power line
construction, which is expected to be completed before commissioning. Pre-commissioning activities are
planned to begin at the start of the second quarter, with the first gold expected in mid-2026.
Along with the advancement of engineering for the project and as previously disclosed, the Company
completed a review of the capacity of the processing plant in consideration of the ore inventory and the
exploration progress at Dish Mountain, 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 per year. This increased flexibility is being incorporated into
the project execution, with subsequent modifications to the leaching circuit expected to be deployed in
the future years to increase fresh ore recoveries. 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.
- 6 -
2026 Guidance
In 2026, Allied anticipates producing 485,000 to 575,000 ounces of gold , representing a meaningful
increase in production year-over-year, mostly due to the contribution from Kurmuk in the second half of
the year. Achieving the mid to high end of this guided range primarily hinges on capturing opportunities
to feed additional oxide ore at Sadiola, and at Kurmuk, having access to full power from the grid by mid-
Q2 in order to ramp up and stabilize plant operations efficiently and feed ore from the high-grade
stockpiles.
(000s oz)
2025
Actual 2026 Guidance
Sadiola 193,880 200,000 – 230,000
Bonikro 100,678 105,000 – 110,000
Agbaou 84,523 80,000 – 85,000
Kurmuk - 100,000 – 150,000
Total Gold Production 379,081 485,000 – 575,000
Allied's key focus for 202 6 is to continue implementing its optimization plans to capture incremental
production gains and reduce operating costs across its portfolio, thereby increasing margins and cash
flows. Alongside this, the Company's key strategic priority is the completion of the construction activities
and the operations startup at Kurmuk in mid-2026, while also continuing its exploration efforts to extend
mine life and increase operational flexibility at all its sites.
Certain optimizations, stripping and mine sequencing improved performance throughout 2025, resulting
in higher production in the fourth quarter as previously noted . In turn, p roduction in 2026 from the
existing operations is expected to be relatively stable throughout the year, with all of Kurmuk’s production
occurring in the second half.
Sadiola’s production considers the treatment of oxide and fresh ore through the recently upgraded
grinding circuit, and achieving the high end of the production range hinges on confirming and developing
potential high-grade oxide targets to supplement the mill feed. As noted before, Kurmuk is expected to
start production by mid-2026, contributing between 100,000 and 150,000 ounces of gold in the second
half of the year . The range is driven by different ramp-up scenarios . The lower end represents a
conservative case that assumes stable grid power is achieved in late Q3 (as opposed to mid-Q2), reflecting
exogenous factors outside the Company’s control. The power utility remains committed to providing
sufficient stable power by mid-Q2; accordingly, the Company’s objective is to deliver production closer to
the midpoint or higher end of the range.
Allied’s operating outlook for 2027 shows a production range between 640,000 and 680,000 ounces of
gold, reflecting a full year of production from Kurmuk and stable performance from the rest of the asset
portfolio.
Regarding costs, the projected mine-site level AISC for 2026 is expected to be $1,750-$1,900 per ounce,
reflecting a gold price assumption of $4,250 per ounce and its corresponding impact on royalties,
improvements at current operations and the expected contribution of lower -cost production from
Kurmuk.
- 7 -
(US$/oz sold)
2026 Cash
Costs(1)
2026 Mine-Site
AISC(1)
Sadiola 2,090–2,190 2,190–2,300
Bonikro 1,440–1,510 1,750–1,840
Agbaou 1,750–1,840 2,200–2,320
Kurmuk 750–950 900–1,100
Total 1,550–1,680 1,750–1,900
Every $100 per ounce increase in the price of gold is expected to result in $15 per ounce higher AISC on a
consolidated basis, primarily due to certain royalties based on gold price . Given the Ad-Valorem tax at
Sadiola, this gold price impact is proportionally higher. Guidance AISC is defined at a gold price of $4,250
per ounce and considering that in 2025, the average realized gold price was $3,355 per ounce, the gold
price related impact on AISC in the 2026 guidance is estimated at approximately $135 per ounce on a
consolidated basis, and at approximately $160 per ounce for Sadiola.
The following table presents expansionary capital, sustaining capital, and exploration spend expectations
by mine and company-level for 2026:
(US$ millions)
Expansionary
Capital(3)
Sustaining
Capital(3)
Total
Exploration
Sadiola 105 5 6
Bonikro 38 13 5
Agbaou - 38 4
Kurmuk 240 35 5
Total 383 91 20
Sadiola capital expenditures include the pre -leach thickener implementation, instrumentation and
automation upgrades, engineering and start of construction for the 7MT per year step of Phase 2, as
discussed above, and the advancement of the solar farm and construction of the new taili ngs facility.
Agbaou will incur an anticipated $ 38 million in capital expenditures for production stripping , aimed at
exposing ore for 2026 and future years. At Bonikro, expansionary expenditures include plant throughput
expansions and optimizations aimed at increasing future production, along with tailings storage facility
expansion and advancement of the Oumé project. Expansionary capital expenditures for Kurmuk are tied
to the completion of the project scope, with additional funding for post -project initiatives, including
expansion of warehousing capacity in the country, satellite deposits development, community projects,
and process plant optimization for future years, while sustaining costs relate to open-pit waste stripping.
Approximately 70% of the Company’s expected exploration spend is capital in nature.
Overall, these developments across Allied's portfolio, from enhanced production and cost efficiencies at
its operating assets, to the exploration success and the advancement of Kurmuk towards production,
collectively support the significant turnaround and transformational growth achieved since the Company
went public in late 2023.
- 8 -
Mineral Reserves and Mineral Resources Update
Allied’s near-term guidance and longer-term outlook are underpinned by its Mineral Reserves and Mineral
Resources, which support the reliability and sustainability of the Company’s production platform while
providing flexibility to enhance near -term produc tion and cash flows from high -yield, near -mine
opportunities. During the year, Allied completed a comprehensive review of all its resource models and
mining design parameters, incorporating new exploration and production information, standardized
geological modelling processes and mining design assumptions, particularly with respect to mining
selectivity and dilution. These adjustments were intended to strengthen ore control practices and improve
short-term operational predictability. Allied remains confide nt that ongoing exploration efforts will
continue to grow mineral inventories, with the objective of delivering additional growth during 2026.
As of December 31, 2025, Proven and Probable Mineral Reserves totalled 11.2 million ounces of gold,
contained within 247.1 million tonnes at an average grade of 1.41 g/t. This represents a slight year-over-
year increase, reflecting the addition of new Mineral Reserves, offset by depletion from 2025 production
and updates to economic and design assumptions. Measured and Indicated Mineral Resources totalled
15.3 million ounces of gold, contained within 336.7 million tonnes at an average grade of 1.41 g/t,
compared to 15.7 million ounces reported at the end of 2024. The modest decrease is primarily
attributable to the recategorization of some Indicated Mineral Resources to Inferred Mineral Resources,
which increased to 2.1 million ounces (from 1.4 million ounce s in 2024) contained within 54.2 million
tonnes at a grade of 1.20 g/t at year-end 2025, reflecting the Company’s progress on increasing its mineral
inventories.
At Sadiola, newly discovered oxide mineralization at Sekekoto West – North Extension and FE2.5 has been
incorporated into the 2026 mine plan, with a portion successfully converted to Mineral Reserves. To the
southwest of Sadiola Main, the Tambali South zone continues to demonstrate strong potential at depth
and along strike to the north. Additional mineralization discovered in 2025 has been included in the
current update. An ongoing infill drilling program, together with geotechnical and hydrogeological
investigations, is expected to support the conversion of additional Tambali South Mineral Resources to
Mineral Reserves in 2026.
At Bonikro, additional Mineral Reserves were attributable to the inclusion of Phase 6, which also
significantly extends mine life. Furthermore, at Oumé, exploration success and supporting technical
studies resulted in the maiden declaration of Mineral Reserves, confirming the long-term growth potential
of Allied’s Côte d’Ivoire asset base.
At Agbaou, mining design parameters were refined, supported by additional geotechnical drilling, to
improve operational efficiency and reduce dilution. The mining sequence was optimized to better balance
waste-stripping pushback intensity. Furthermore, additional deep drilling, initially focused below west pit
7, confirmed the geometry, width, and grade continuity of the mineralized structures currently being
mined, significantly de-risking the mine plan over the budget period and supporting a goal of furth er
increasing Mineral Reserves.
At Kurmuk, work to refine the geological framework of the mineralization ahead of the start of operations
is complete. This included developing a detailed litho-structural surface map of Dish Mountain, leveraging
numerous rock exposures made available duri ng pioneering and mining activities. Furthermore, the
updated Mineral Resource models for Dish Mountain and Ashashire were generated to incorporate