ALLIED GOLD ANNOUNCES PRELIMINARY SECOND QUARTER 2026 OPERATING RESULTS TORONTO, ON – July 29, 202 6 ─ Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) provides its preliminary operating results for the quarter ended
NEWS RELEASE
ALLIED GOLD ANNOUNCES PRELIMINARY SECOND QUARTER 2026 OPERATING RESULTS
TORONTO, ON – July 29, 202 6 ─ Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the
“Company”) provides its preliminary operating results for the quarter ended June 30, 2026, alongside an
update on key operating priorities, transformative development progress and value creation initiatives.
In line with operating plans and guidance, the Company produced 97,429 gold ounces in the second
quarter, and total production for the half year of 193,445 gold ounces. These results reflect continued
momentum heading into the second half of the year, which is planned with increased levels of production
mostly coming from operational improvements and mine sequencing at producing mines and the start -
up of production at its newest operation, the Kurmuk Mine.
All-in Sustaining Costs (“AISC”) (1) for the second quarter are expected to be below $2,200 per ounce of
gold sold as a result of increased production, mine sequencing and operational improvements, supporting
strong margins and cash flows. The realized gold price for spot sales in the second quarter was
approximately $4,380 per ounce of gold sold.
As of the end of the second quarter, cash balances are estimated at $190 million. The difference from the
previous quarter -end cash balance is predominantly attributable to growth capital expenditures,
particularly for the development of the Kurmuk Mine, as well as normal-course and expected tax
payments and working capital movements during the period . Cash balances are expected to increase
through the remainder of the year , supported by the start of operations at the Kurmuk Mine, which is
expected in August . On a p ro forma basis, liquidity will be further strengthened by the proceeds of the
recently announced strategic investment by Zijin Gold.
Continued Growth and Value Creation
During the quarter and since the beginning of the year , the Company has advanced initiatives that have
improved and will continue to improve its production profile, expand mineral inventories, strengthen cash
flow generation and advance its growth projects. The development of the Company’s Kurmuk Mine, with
its start of operations expected in August and first gold following a few weeks thereafter , together with
the ongoing optimization and growth initiatives at Sadiola , the previously announced extension of
Bonikro’s mine life and continued growth in Mineral Reserves and Mineral Resources at the Côte d'Ivoire
(CDI) Complex, continue to support the scale, quality and longevity of the Company’s asset portfolio.
Addressing Certain Commentary Related to Security Matters in Host Nations
With respect to certain commentary including media and other reports referencing security matters in
certain host nations in which Allied operates, the Company reiterates that any such security matters have
been, and continue to be, effectively managed by the host n ations and, with respect to such security
matters more closely associated with the operations of the Company, by the Company, as demonstrated
by the strong operational performance of the Company’s portfolio of assets which have been and continue
to be operated without interruption to supply chains or otherwise. In all respects, business is being
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conducted in the host nations and in local communities within those host nations in the normal course,
and Allied continues with its operational, development, exploration, and growth plans as reflected herein.
Operational Highlights
• During the quarter and since the beginning of the year , the Company has advanced initiatives that
have improved and will continue to improve its production profile, expand mineral inventories,
strengthen cash flow generation, and advance its growth projects. Particularly, the commencement
of production of the Kurmuk Mine in the third quarter of this year and its robust annual production
profile thereafter at industry-leading costs are expected to reposition and transform Allied’s already
strong cash flow generation, leading to increased shareholder returns.
• Second Quarter Production: The Company produced 97,429 gold ounces in the second quarter, in
line with guidance and operating plans, representing a meaningful 7% increase over the comparable
quarter in 2025. Bonikro delivered the strongest contribution, Sadiola improved through the quarter,
and Agbaou continued its planned transition to a higher proportion of fresh ore.
• Tracking Production Guidance: Aggregate production for the first half of 2026 of 193,445 gold ounces
positions Allied well to meet previously provided production guidance relating to its producing mines
of 385,000 to 425,000 gold ounces. As previously disclosed, production from Allied’s producing mines,
particularly at Sadiola, is expected to be weighted toward the second half of the year with sequential
increases in production expected in the upcoming quarters. The Kurmuk Mine will meaningfully
contribute to further growth above this current level once in production.
• Kurmuk Mine Progressing Towards Production: The development of the Kurmuk Mine continued to
advance during the second quarter, with the start of operations expected in August and first gold
following a few weeks thereafter . Key execution milestones continue to be met, and the project
remains on budget and on schedule while advancing commissioning activities. While the Company
targets to maximize production for the partial year of production in 2026 and had previously guided
a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update
on the production expectations for the second half of the year once operations commence in the third
quarter. Following the commissioning and ramp -up of the Kurmuk Mine in the second half of 2026,
the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the
higher end , exceeds previous guidance, and approximately 300,000 gold ounces in 2028, all at
industry-leading costs.
• Sadiola Next Growth Phase: The Company advanced processing improvements includ ing
instrumentation and automation upgrades aimed at improving recovery and reducing costs, together
with the planned addition of a pre -leach thickener during 2026. The thickener is expected to enable
the plant to process more than 90% of fresh ore, improve o perating flexibility, and reduce reagent
consumption in early 2027. The Company continues to advance engineering and early works for the
previously disclosed organic throughput expansion opportunities while maintaining flexibility on
future development alternatives.
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• Mine Life Increased at CDI Complex: Mineral Reserves and Mineral Resources updates for Agbaou
demonstrate an increase of more than 60% over the year-end 2025 estimates, based on Proven and
Probable Mineral Reserves. As a result, mine life for Agbaou based on Proven and Probable Mineral
Reserves only has been extended to 2030 , which, together with the previously disclosed update on
the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex ,
supports the Company’s strategic objective of at least 200,000 gold ounces per year for over 10 years
(thereby also increasing the minimum level of cumulat ive production from 180,000 gold ounces per
year to 200,000 gold ounces per year).
• Cost Improvements: AISC for the second quarter continued to demonstrate sequential reductions as
a result of increased production, min e sequencing and operational improvements, and is expected
to be below $2,200 per ounce of gold sold. The average AISC for the second half of 2026 is expected
to decline meaningfully with the inclusion of low-cost ounces from the Kurmuk Mine.
• Strong AISC Margins: Lower AISC, together with realized gold prices for spot sales of approximately
$4,380 per ounce in the second quarter, is expected to result in strong AISC margins demonstrating
the strong operating cash flow generation abilities of the Company.
• Strong Financial Position: Cash balances as of June 30 were approximately $190 million. The variation
from the previous quarter-end balance is predominantly attributable to growth capital expenditures,
particularly for the development of the Kurmuk Mine, which is advancing toward first production in
the third quarter, as well as normal-course tax payments and working capital movements.
Second Quarter Gold Production
Q1
2026 (oz)
Q2
2026 (oz)
H1
2026 (oz)
Sadiola 44,104 48,080 92,184
CDI Complex 51,912 49,349 101,261
-Bonikro 29,011 31,471 60,482
-Agbaou 22,901 17,878 40,779
Total Gold Production 96,016 97,429 193,445
Asset Highlights
The operating mines produced 97,429 gold ounces in the second quarter and 193,445 gold ounces in the
first half of 2026, well positioning the Company to meet its production guidance from its producing mines.
Bonikro continued its strong performance, Sadiola increased production through the quarter as the Stage
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1 crushing circuit completed its ramp-up, and Agbaou progressed on its planned transition toward a higher
proportion of fresh ore.
The Kurmuk Mine advanced into commissioning activities, with the start of operations expected in August
and first gold following a few weeks thereafter, followed by the production ramp-up in the second half of
the year. Following a partial year of production in 2026, the Company is targeting between 240,000 and
270,000 gold ounces in 2027 , which, at the higher end, exceeds previous guidance, and approximately
300,000 gold ounces in 2028, all at industry-leading costs.
Together, the strong operating results in the first half of the year, the ongoing optimizations and growth
initiatives underpinned by the continued progress at the Kurmuk Mine as it nears production, underpin
the progress and value creation on this transformational year for the Company.
Sadiola (80% interest), Mali
Sadiola produced 48,080 gold ounces in the second quarter of 2026, approximately 9% higher than in the
first quarter. First-half production was 92,184 gold ounces, placing Sadiola in a strong position to meet its
production guidance for the year , with further increases expected in the coming quarters, as previously
disclosed. The improvement in production during the quarter was driven by higher throughput as the
Stage 1 crushing circuit completed its ramp-up and is providing a consistent supply of ore to the mill while
the planned process control upgrades, recovery improvement work and flowsheet optimization continue
to advance.
These processing improvements include instrumentation and automation upgrades aimed at improving
recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The
thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating
flexibility, and reduce reagent consumption. This work is intended to support a sustainable long -term
operating platform for Sadiola at 200,000 to 230,000 gold ounces per year before further expansion.
The Company continues to advance engineering and early works for the previously disclosed organic
throughput expansion opportunities while maintaining flexibility on future development alternatives.
Work is progressing on the proposed 7 million tonne per y ear step, as well as on the studies to increase
recovery and the construction of a new tailings storage facility, while preserving the longer -term option
to process more than 9 million tonnes per year.
The Company continues to advance the development and preparation of near -surface, medium- to high-
grade oxide zones, including FE4, FE2.5 and Sadiola Main Stage 6, which are expected to contribute to
production in the short and medium term. Exploration also advanced at FE2 North, Tambali North, Sadiola
Main, F3/FE4, TK1, Mandakoto and Kouloukan, with the objective of adding oxide and shallow fresh-rock
mineralization to support future production and mine-life extensions.
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Côte d’Ivoire Complex
The Côte d'Ivoire Complex produced 49,349 gold ounces in the second quarter and 101,261 gold ounces
in the first half of 2026, strongly positioning the mines to meet their cumulative guidance for the year .
The stripping and mine development completed in 2025 continued to provide access to higher-grade ore,
particularly at Bonikro. Operational improvement work is continuing at both sites to sustain production,
improve recovery and reduce costs.
• Bonikro (89.89% interest), Côte d’Ivoire
Bonikro produced 31,471 gold ounces in the second quarter, bringing first -half production to 60,482
gold ounces, slightly ahead of plan. The result was driven by higher feed grades, throughput , and
recovery following access to higher-grade ore in Stage 5, after stripping and mine development were
completed in 2025. Mine sequencing during the second half of 2026 is expected to remain in higher -
grade zones. Processing circuit optimization continues to focus on gravity recovery, circuit efficiency
and slurry control. Waste stripping at Bonikro Main is expected to remain lower than in 2025,
providing increased flexibility for ore mining through 2026 and 2027.
• Agbaou (85% interest), Côte d’Ivoire
Agbaou produced 17,878 gold ounces in the second quarter and 40,779 gold ounces in the first half
of 2026. Production was in line with the plan . Ore mined and tonnes processed were slightly above
plan, and the plant processed a higher proportion of fresh ore than in the first quarter, consistent with
the mine sequence. Continued stripping of the West pits is expected to secure ore access for the
second half of 2026, including access to higher-grade areas. The Company completed the anticipated
update to the Mineral Reserves and Mineral Resources for the mine, resulting in a 60% increase in the
Proven and Probable Reserves. As a result, the mine life for Agbaou based on Mineral Reserves only
has been extended to 2030, which, together with the previously disclosed update on the extension of
the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s
strategic objective of 200,000 gold ounces per year for over 10 years for these assets.
Kurmuk Mine, Ethiopia
The development of the Kurmuk Mine continued to meet key execution milestones during the second
quarter and remains on budget and schedule. Major mechanical equipment installation is complete, with
management now focused on completing the electrical and instrumentation disciplines and completing
operational readiness. The Company is working closely with the Ethiopian Electric Power (“ EEP”) and its
EPC contractor to complete and energize the power line ahead of full commissioning. Commissioning
activities started during the second quarter and are continuing into the third quarter , while exploration
continued to test extensions to known deposits and new mineralized areas.
While the Company targets to maximize production for the partial year of production in 2026 and had
previously guided to a production level between 100,000 and 150,000 gold ounces for the year, it will
provide an update on production expectations for the second half of the year once operations commence
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in the third quarter. Following start -up and a partial year of production in 2026, the Kurmuk Mine is
expected to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds
previous guidance, and approximately 300,000 gold ounces in 2028 . The mine is expected to average
approximately 290,000 gold ounces per year during the first four years and 240,000 gold ounces per year
over the life of the mine, with industry-leading cost performance.
Directors and Management Advisory to the Company of Intention to Purchase Shares
The Company believes that there is significant value inherent in its assets and prospects and that
underlying value is expected to increase throughout the year and thereafter as the Company continues to
execute its operational and development objectives and pursue its growth. Management and the Board
of Directors fully believe this value proposition and in that context, the Chairman and Vice Chairman of
Allied, have advised the Company that as they believe the share price does not fully reflect the Company’s
value proposition and prospects, they intend to acquire additional common shares of the Company
through open -market purchases subject to prevailing market conditions and regulatory requirements
thereby lending support to market stability. As previously disclosed, i n support of the Strategic
Investment, Allied's Chairman and CEO and the Company's Vice Chairman have also voluntarily agreed to
enter into lock-up agreements for the same period as Zijin Gold’s statutory hold period in connection with
the private placement.
Second Quarter 2026 Financial Results
Allied Gold will release its second quarter 2026 operational and financial results after market close on
Wednesday, August 5, 2026. The Company will then host a conference call and webcast to review the
results on Thursday, August 6, 2026, at 9:00 a.m. ET.
Second Quarter 2026 Conference Call
Toll-free dial-in number (Canada/US): 1-800-715-9871
Toll Free (UK): +44-800-260-6466
Participant passcode: 3563814
Webcast: https://alliedgold.com/investors/presentations/
The webcast replay will be available shortly after the call ends.
Annual General Meeting
Allied Gold will host its virtual Annual General Meeting on August 7, 2026, at 11:00 a.m. ET. A live audio
webcast of the meeting will be available on the Company’s website.
Webcast: https://alliedgold.com/investors/presentations/
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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 executives with operational and development experience and
proven success in creating value, Allied Gold is solidly on the path to becoming 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]
END NOTES
(1) This is a non-GAAP financial performance measure. Refer to the Non-GAAP Financial Performance Measures
section at the end of this news release. Please see also Management Discussion and Analysis of Operations
and Financial Condition for the year ended December 31, 2024 and the nine months ended September 30,
2025.
(2) 2026 AISC and cash costs are based on various assumptions and estimates including production volumes, gold
price assumptions, foreign currency rates and operating costs.
(3) Sustaining capital and expansionary capital are non-GAAP financial measures.
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 ( Senior 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” including “future-oriented financial information” under applicable Canadian securities
legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forwa rd-looking
information, including, but not limited to, any inf ormation 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”, “estima te” 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:
• the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’ s
projects discussed herein being met;
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• the Company’s expectations for the start of production at the Kurmuk Mine in the third quarter;
• the Company’s plans to continue building on its base of significant gold production, development -stage properties, exploration
properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mine s,
development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation
opportunities with a primary focus in Africa;
• the Company’s expectations relating to the performance of its mineral properties;
• the estimation of Mineral Reserves and Mineral Resources;
• the timing and amount of estimated future production;
• the estimation of the life of mine of the Company’s projects;
• the timing and amount of estimated future capital and operating costs;
• the costs and timing of exploration and development activities;
• the Company’s expectations regarding the timing of feasibility or pre -feasibility studies, conceptual studies or environmental impact
assessments;
• the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes,
expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local pe ople, mine
safety and receipt of necessary permits;
• the Company’s community relations in the locations where it operates and the further development of the Company’s social
responsibility programs;
• the Company’s expectations regarding the payment of any future dividends;
• the Company’s aspirations to become a mid -tier next-generation gold producer in Africa and ultimately a leading senior global gold
producer; and
• the completion of the private placement.
Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the
statements are made, and is inherently subject to a variety of risks and uncertainties and other known 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, deve lopment and
operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual an d unexpected geologic
conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation
or nationalization of mining operations; health, safety and environmental risks and ha zards to which the Company’s operations are subject; the
Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and
interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour
and other consumables; risks associated with completing the private placement; 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 limited to the quality of ore,
production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joi nt ventures at the
Company’s operations; reliance on the Company’s existing infrastructure and supply chains 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 regulat ory regimes in the
Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Com pany’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 t o 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 foreign jurisdictio ns; competition in the
precious metals mining indu stry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates
(including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabiliti es based on projected
future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pen ding and
outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxati on 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 jurisdictions; 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; the Company’s plans with respect to dividend
payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; t he Company’s
dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability
of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of
information systems including cyber attacks; as well as those risk factors discussed or referred to herein and in the Company’s most recent Annual
Information Form , annual report on Form 40 -F and management’s discussion and analysis and other public disclosure available under the
Company’s profile at www.sedarplus.ca and www.sec.gov.
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