Allied GOLD Announces Third Quarter 2024 Results: Implementing Operational Improvements, Securing Key Regulatory Approvals, Advancing Development at Kurmuk and Sadiola, and Strengthening Financial Flexibility Through Strategic Initiatives
NEWS RELEASE
ALLIED GOLD ANNOUNCES THIRD QUARTER 2024 RESULTS: IMPLEMENTING OPERATIONAL IMPROVEMENTS, SECURING
KEY REGULATORY APPROVALS, ADVANCING DEVELOPMENT AT KURMUK AND SADIOLA, AND STRENGTHENING FINANCIAL
FLEXIBILITY THROUGH STRATEGIC INITIATIVES
TORONTO, ON – November 7, 2024 ─ Allied Gold Corporation (TSX: AAUC) (OTCQX: AAUCF) (“Allied” or the “Company”) is
herein reporting its financial and operational results for the third quarter of 2024. Third quarter production of 85,147 was
consistent with the first two quarters of 2024 and the comparative quarter of 2023. Year-to-date production of 258,459 was
nearly 10,000 ounces higher than the comparative period of 2023.
Production in the third quarter included minimal contribution from Korali-Sud (previously referred to as Diba) at the Sadiola
mine. Korali -Sud, a higher -grade oxide ore body, was expected to represent a significant component of the Company's
production at Sadiola for 2024 and 2025, displacing some of the lower -grade ore originally planned to be fed through the
plant. It is now expected to represent a significant component of production for the fourth quarter of 2024, continuing through
2025 and early 2026. This is anticipated to improve both production and cost efficiency. In the second quarter, the Company
began operations and stockpiling from Korali -Sud, although operations were suspended early in the third quarter, as the
Company was required to complete the permitting process for Korali -Sud under the new 2023 Mining Code. Now fully
permitted, the Company has begun processing stockpiled material and broader production activities. Korali-Sud is planned as
a bridge between current operations at Sadiola and the completion of the first phase expansion, which will allow the plant to
process more of the fresh ore. This first phase expansion commenced in the fourth quarter of 2024 and is expected to be
completed by the fourth quarter of 2025, which will allow for sustainable production at Sadiola of at least 200,000 ounces
per year . Lastly, the Company continued to drill other areas of oxide mineralization at Sadiola, including Sekekoto West, FE4,
FE2.5 and Tambali South, so that they can serve as backup ore feed for Korali-Sud, as the first phase expansion is completed.
Production exceeded sales of 78,939 ounces in the period due to the timing of shipments in relation to gold pours, particularly
at Korali -Sud. AISC (1) per ounce, which is calculated on an ounce sold versus produced basis, was impacted by certain
expenditures being divided by a lower denominator, which is expected to normalize in the fourth quarter . Total cost of sales,
cash costs(1) and AISC(1) per gold ounce sold were $1,750, $1,514, and $1,811, respectively. For the nine months ended, total
cost of sales, cash costs(1), and AISC(1) on a gold ounce sold basis were $1,635, $1,419, and $1,619, respectively, which better
reflect the Company's costs, compared with elevated costs during the third quarter, which were impacted by administrative
delays related to production at Korali-Sud.
Cost improvements are expected for the remainder of the year . At Sadiola, which will meaningfully impact the consolidated
result, this will be achieved through the increased production resulting from the inclusion of oxide ore from Korali -Sud in
addition to other operational improvements. Further, as expected and guided, Bonikro's sustaining capital and AISC(1) in the
third quarter were impacted by capitalized stripping at PB5. The stripping activities being carried out during the year, and the
expected ramp-up of stripping activities in the fourth quarter, will improve production and costs for the next few years, as
high-grade ore will be exposed while significantly lower waste removal is planned.
The Company estimates production in the fourth quarter of 98,000 ounces to 102,000 ounces, making it the highest
production quarter of the year and comfortably corroborating the Company’s position that the production platform of the
Company’s current operations is in the 375,000-400,000 range, as previously disclosed. Mostly, production increases in the
fourth quarter are attributable to more fulsome contributions to production from Korali -Sud which has had a nominal
contribution to production year-to-date. Estimated production for the fourth quarter also accounts for reduced throughput
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when processing ores from Korali-Sud, as a result of clay content in those ores. Presently, ores from Korali-Sud are processed
separately from ores from Sadiola under a tolling arrangement given different ownership of Sadiola and Korali -Sud. The
Company is seeking approval from mining authorities to blend ores from the two deposits thereby optimizing throughput and
production. The foregoing production profile is before any capital programs that will result in a step increase in production,
notably from Kurmuk and the Sadiola expansion.
THIRD QUARTER HIGHLIGHTS
Financial Results
• Third quarter net loss(2) was $108.0 million or $(0.43) per share basic and diluted.
• Adjusted third quarter net earnings (1)(2) of $50.6 million or $0.20 per share basic and diluted, primarily reflecting
adjustments for non -recurring items related to the Mali agreement (discussed below), tax adjustments, and
unrealized losses on the revaluation of financial instruments.
• EBITDA(1) for the three months ended September 30, 2024 was a loss of $69.1 million, an improvement over last year .
• Adjusted EBITDA(1) was $52.1 million representing a significant increase from the prior year comparative period. The
Company's strong Adjusted EBITDA(1) demonstrates its strong cash-flow generating ability and continued operational
efficiency.
• Operating cash flow before income tax paid and movements in working capital was $87.2 million , up significantly
from the comparative prior period.
• Net cash generated from operating activities for the three months ended September 30, 2024 was $72.6 million. This
compares to an inflow of $2.2 million in the prior year comparative quarter . Current period cash from operating
activities was positively imp acted by higher realized gold prices and proceeds of the stream with Triple Flag that
closed during the third quarter . Working capital impact was modest for the quarter, with mostly offsetting decreases
due to the buildup of prepaid balances, VAT, stockpiles and finished goods inventory, and increases due to general
timing of accounts payable.
• Cash and cash equivalents totaled $95.4 million as of September 30, 2024 . Cash balances increased significantly
subsequent to quarter end with gross proceeds of approximately C$221 million received during October .
Operational Improvements and Significant Developments
Throughout 2024 and continuing in the third quarter, management made a series of improvements to its operational
improvement plans to ensure a materially stronger fourth quarter and to position the Company to achieve its 2025 objectives
and beyond, effectively strengthening and de-risking the production platform moving forward. These actions include:
• Mining, Processing, Exploration and Administrative Improvements: The Company has been progressing to an
operationally focused approach to the business and has implemented a series of improvements and optimizations,
that once again support a strong fourth quarter and beyond. These include:
◦ Increases in mining and waste movement to achieve spatial compliance and access higher -grade ores,
resulting in a lower-than-planned cost per ton.
◦ Processing plant optimizations have increased total tonnes milled across all operations throughout the year,
which is expected to continue through the fourth quarter . Notably, operations in Côte d'Ivoire achieved
substantial gains, with third-quarter milling rates up 15% at Agbaou and 39% at Bonikro compared to the
first quarter .
◦ Consolidating and integrating critical activities, such as contract mining services awarded to Mota -Engil, a
leading global mining and construction organization. Consolidating mining services with a well -capitalized
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partner is expected to enhance consistency, reliability, and to improve logistics and supply chain expertise,
including customs and importation.
◦ Exploration initiatives aimed at extending mine life, focusing on expanding the Mineral Reserves of oxide
ore at Sadiola and advancing exploration at several high-quality targets within the Kurmuk project.
• Leadership Strengthened to Drive Operational Performance:
◦ 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 orderly
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 part icularly in West Africa, where he is based. His executive career includes
senior operational and sustainability positions in Mali the result of which, together with his in country
relationships, will assist in management of and board oversight over the Com pany’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.
◦ Adoption of a governance approach aligned with best practices established by public companies,
emphasizing rigorous risk management and sustainability practices.
• Securing Fiscal and Regulatory Framework in Mali: During the third quarter, the Company entered into a definitive
protocol agreement (the “Agreement”) with the Government of Mali (the “State”), providing for renewal of the
exploitation permit for Sadiola, advancement of the nearby Korali-Sud property including the issuance of a definitive
exploitation permit for large -scale mining and processing of mined ore at the Sadiola plant, and the fiscal and
regulatory framework for the phased expansion of the operations. Subsequent to the Agreement, other producers
in the country reached similar arrangements with the State. The Agreement establishes a strong foundation for
certainty and consistency, and leads to the Company continuing to operate in -country and able t o pursue growth
plans that result in stronger production and cash flow. The Agreement provides several benefits for the Company,
setting the stage for advancing the Company's operational and expansion plans:
◦ Permit Renewals: The Exploitation Permit for the Sadiola Gold Mine has been renewed for ten years, and
allows for further renewals after the initial ten -year term until all Mineral Reserves are depleted. This
renewal enables operational continuity and supports the Company's phased expansion plan, which provide
for the realization of Sadiola’s inherent value.
◦ Fiscal and Regulatory Stability: The Agreement provides fiscal and regulatory stability, in which royalties
align with the new mining code, although also provides for derogations from certain royalties. The
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derogations have substantial financial value, as compared to the mining code itself. In addition, the
Company's ownership of Sadiola remains at 80%, with the State owning a carried 20% (the State's ownership
of Korali-Sud will be increased to 35% whereas t he Company will retain 65%) and maintain rights to fiscal
stability, mediation and arbitration. As the Company was the first to complete negotiations and discussions
culminating in the Agreement, the Company also secured a most-favoured-nations right which allows for it
to claim any right or benefit settled with other companies operating in -country. This framework supports
the phased expansion at Sadiola, fostering increased production and cash flow and creating a foundation
for optimization projects to enhance recoveries and throughput.
◦ Approval of Korali -Sud: Korali-Sud represents significant value and offers near -term production and cash
flow, advancing strategic goals at Sadiola.
◦ Potential Upside through Joint Ventures: The Company believes that entering into the Agreement has certain
qualitative benefits which include increased goodwill which applies, in addition to other areas, to the pursuit
of other in -country mining opportunities with the recently formed State minin g company. These include
nearby deposits which would benefit Sadiola.
◦ Tax Stability: Under the Agreement, Mali has agreed to abandon all outstanding claims related to the
Company’s customs, income and other tax matters up to the date of the Agreement, offering a clean slate
for tax-related matters moving forward.
• Kurmuk Progress: During the quarter, Allied continued the advancement of the Kurmuk Gold Project, progressing
earthworks, camp construction, and supply chain activities according to schedule, including key agreements aimed
at securing cost-effective operations. A signed 20 -year Power Purchase Agreement with Ethiopian Electric Power
ensures sustainable energy for Kurmuk at a fixed rate of US$0.04 per kWh, positioning it as one of the lowest -cost
operations globally. Additionally, following a broad and competitive process, Allied selected Mota-Engil Group as its
mining contractor, with preparations underway for mining operations to begin mid-2025. Mota-Engil, a multinational
engineering and construction leader with nearly 80 years of expertise across Europe, Africa, and Latin America, will
bring vital experience to Kurmuk, supporting commercial production goals by mid -2026. This selection aligns with
Allied’s strategic assessment of its West African operations and the performance of existing mining contractors on-
site. Year-to-date, $47.6 million has been invested in the project, excluding capitalized borrowing interest under IFRS.
Fourth-quarter expenditures are expected to increase as construction activities continue to ramp -up. The project
remains on track on physical progress, however 2024 capital expenditures are now expected to be approximately
$100 million excluding capitalized interest, below the original estimate of $155 million. The difference is mostly the
result of detailed and optimized execution pla nning, favorable contract negotiations which lowered upfront
payments, preference for local contractor deployment with lower mobilization costs, and optimization of certain
earthworks. Some of these payments have been deferred into the first half of 2025, and consequently, the project
remains on budget.
• Executing Financial Strategy: Allied continued to enhance financial flexibility to support growth plans this quarter
through an overnight public offering for C$221 million and a $53 million gold streaming agreement with Triple Flag
Precious Metals Corp. The Company is also in advanced discussions for a $150-$175 million gold stream on Kurmuk,
covering approximately 6%-7% of its production, with a step-down to 4%-5%, and a $75 million gold prepay package.
These initiatives validate significant opportunities across the asset portfolio and demonstrate Allied's ability to attract
substantial investment at a low cost of capital, enhancing financial flexibility and accelerating cash flows.
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Operational Results and Outlook
As previously disclosed, production is expected to be back-end weighted, with quarter-over-quarter variances driven by mine
sequencing, access to higher grades per the mining plan, and the implementation of operational improvements. Third-quarter
results and year-to-date production were impacted by temporary suspension related to permitting in accessing higher-grade
ore at the Korali-Sud (Diba) property, as well as previously disclosed power issues in Côte d'Ivoire.
For three months ended September 30, For nine months ended September 30, YTD Percentage
2024 2023 2024 2023 Improvement
Gold Ounces
Produced 85,147 84,473 258,459 249,062 4 %
• Fourth Quarter Expectations:
◦ The Company expects production in the fourth quarter of 98,000-102,000 oz, making it the highest
production quarter of the year .
◦ Run-rate production is expected to comfortably support the Company’s platform within the 375,000 –
400,000 oz range, as previously disclosed, even before the impact of capital programs anticipated to drive a
step increase in production, particularly from Kurmuk and the Sadiola expansion.
• 2024 Production Expectations:
◦ Full-year production is expected to be 360,000–367,000 oz, an increase of approximately 20,000 oz at the
midpoint, or over 5% from 2023 production levels.
• Cost Expectations:
◦ Costs for the first half of the year were in line with expectations, and with anticipated strong production in
the second half, full-year costs were initially projected within the guided range.
◦ However, challenges encountered during the third quarter, along with the updated full -year production
expectation and anticipated effects of Mali’s 2023 Mining Code, are expected to increase full -year AISC(1)
costs by approximately $200 per oz relative to prior expectations.
◦ Expenses are expected to continue trending lower through the remainder of the year, with quarter -over-
quarter savings and improvements anticipated alongside a significant increase in fourth quarter production.
As costs decrease and production rises, the pe r-ounce cost of general and administrative expenses is
projected to decline at an even greater rate.
Advancement of Key Growth Initiatives
Kurmuk Development
The Company continues to make substantial progress on the Kurmuk Project, achieving key milestones to date, including:
• Successful completion of early works and project setup
• Completion and filling of the construction water dam
• Substantial completion of key engineering packages
• Procurement of major services and critical equipment
• Final negotiations of key construction contracts in preparation for the fourth-quarter construction ramp-up
• Establishment of the starter camp and advanced construction of the main camp
• Initiation and steady progress on plant site and general facility earthworks
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The mining contract for Kurmuk has been awarded to Mota-Engil, a Portuguese-based engineering and construction company
with demonstrated competency and robust financial capacity, following a comprehensive tendering process conducted by the
Company. The award will advance pioneering earthworks at an early stage, allow sufficient time for the importation and
mobilization of equipment well ahead of the timeframe when mining will begin, and also allow for the early establishment of
infrastructure, support and training of personnel.
Year-to-date, $53.9 million has been invested in the project, including capitalized borrowing interest under IFRS, or $47.6
million excluding interest. Fourth-quarter expenditures are expected to rise, primarily supporting:
• Further progress on earthworks, including main water dam excavations
• Ramp-up of concrete, batch plant, and civil activities
• Start of steel fabrication and other construction activities
• Advancement of main camp construction
• Procurement of other services and supplies
The Company remains on track with the physical progress of the Kurmuk Project; however, capital expenditures are lower
than the original estimate for the year . Full-year direct project cash flow spending (excluding capitalized interest) is now
expected to be approximately $100 million, compared to the original estimate of $155 million. This difference is primarily due
to detailed and optimized execution planning, favorable contract negotiations with local contractors that reduced upfront
payment requirements, a higher proportion of local contractor deployment with lower mobilization costs, and a redesign of
certain earthworks, which reduced quantities and related schedule. Some of these payments have been deferred to the first
half of 2025, and consequently, the project remains on budget.
The Kurmuk Project’s development plan involves a total capital investment of approximately $500 million. Anticipated
production is expected to average 290,000 oz annually over the first five years, sustaining over 240,000 oz annually over a 10-
year mine life at an AISC(1) of $950 per oz. The recently awarded mining contract to Mota-Engil, which provided competitive
rates consistent with the Feasibility Study, along with the previously announced Power Purchase Agreement with Ethiopian
Electric Power, further supports the project’s economics by securing an experienced and reputable mining contractor and
reliable, affordable hydroelectric power . Grid connection is expected ahead of the first production in mid-2026.
Exploration efforts have also been positive, particularly at the Tsenge gold prospect, confirming high prospectivity and
reinforcing Allied’s goal of significant Mineral Resource growth. These advancements underscore Allied's commitment to
establishing Kurmuk as a major gold mineral province in Western Ethiopia.
With Kurmuk fully permitted, licensed, and progressing on plan and on budget, the Company remains well -positioned to
achieve first production in mid -2026, delivering long -term value to stakeholders. Continued updates will be provided as
construction and exploration activities advance in line with the project’s objectives.
Sadiola Protocol Agreement and Phased Expansion
During the third quarter, the Company entered into a definitive protocol agreement (the “Agreement”) with the Government
of Mali (the “State”), providing for renewal of the exploitation permit for Sadiola, advancement of the nearby Korali -Sud
property including the issuance of a definitive exploitation permit for large-scale mining and processing of mined ore at the
Sadiola plant, and the fiscal and regulatory framework for the phased expansion of the operations. Subsequent to the
Agreement, other producers in the country reached similar arrangements with the State. The Agreement establishes a strong
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foundation for certainty and consistency, and leads to the Company continuing to operate in -country and able to pursue
growth plans that result in stronger production and cash flow.
The Agreement also provides for certain payments to the State. On October 12, 2024 the Company made an initial upfront
payment, and the Company intends to make an additional and final payment by March 31, 2025 from cash flows. In addition,
the Company also settled certain tax and other obligations. In accordance with accounting standards, all amounts were
expensed during the quarter . The aforementioned items resulted in an impact to current income tax expense of $33.7 million,
and $81.9 million to other losses. Lastly, part of the Company's business plan, and reflected in the Agreement, is the Company
undertaking to proceed with the phased expansion at Sadiola.
Present efforts have focused on increasing the inventory of oxide and fresh ores, significantly optimizing mining and
processing, conducting several technical studies on processing fresh ores through existing facilities, and planning the
development of a new plant for processing fresh ore exclusively. This includes implementing enhancements to existing
facilities to benefit both the current plant and the planned new plant.
Meaningful improvements in production are targeted in the short term through the contribution from high-grade oxide ores
from various sources, with the objective to support production levels between 200,000 and 230,000 ounces per year in the
next two years, reduce AISC(1), increase revenue, and provide robust cash flows in 2024 and 2025 to support development
projects across the Company.
The discovery of additional economic oxide mineralization has the potential to improve upon these targets. Exploration
activities, resource modeling, and engineering studies are in progress for several areas and new discoveries of oxide ore,
including those at S12, Sekekoto West, FE4, and Tambali South, among others. These developments are a key part of the
Company's strategy, allowing for the optimized utilization of existing resources and infrastructure, further contributing to
production and cost improvements for the next several years, and providing mine plan flexibility with more areas for mining.
The aforementioned approach will enable the mine to continue producing at elevated levels while incurring lower near-term
capital costs. Following this period, with the commissioning of the Phase 1 Expansion, the Sadiola Gold Mine is expected to
support an average production level between 200,000 and 230,000 ounces per year through 2028, although by processing
more fresh ore with higher grades and lower recoveries. This strategy not only optimizes the use of existing Mineral Resources
but also aligns with our commitment to extend the life of the mine and enhance its profitability.
Project pre-construction activities for the Phase 1 Expansion are progressing well, and with the Agreement now in place,
formal modifications to the existing plant are expected to begin in the fourth quarter and extend into 2025. Allied expects to
invest approximately $65 million through 2025 in this first phase of the Sadiola expansion. The updated engineering study for
this phase has reconfirmed the design to treat up to 60% of fresh rock at a rate of up to 5.7 Mt/y in the existing process plant.
With the completion of plant modifications in Phase 1, contributions of oxide ore from Korali -Sud and other recently
discovered oxide deposits within the Sadiola mining license area, Sadiola is expected to produce up to 230,000 ounces of gold
per year in the period before the new plant—contemplated in Phase 2—becomes operational. Upgrades in infrastructure to
prepare the site for the next phase of investment will also be advanced during the Phase 1 Expansion.
The Phase 2 Expansion, planned as a new processing plant to be built beginning in late 2026 and dedicated to processing fresh
rock and oxides at a rate of up to 10 Mt per year, targeted to start in the second-half of 2028, is expected to increase production
to an average of 400,000 ounces per year for the first four years and 300,000 ounces per year on average for the mine's 19-
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year life, with AISC(1) expected to decrease to below $1,000 per gold ounce. Capital expenditures for this phase are estimated
to be approximately $400 million inclusive of infrastructure upgrades.
While the investment in the Sadiola Gold Mine Expansion Project is delineated in phases for planning purposes, it is critical to
recognize that these phases are part of an integrated development effort aimed at significantly increasing the Sadiola Gold
Mine's production, enhancing its profitability and longevity, and reaffirming the commitment to the Company's stakeholders.
This is demonstrated by the over $127 million invested in the Sadiola Gold Mine to date, which has allowed for a material
increase in p roduction and Mineral Reserves and advance the project to the execution phase, the planned expenditure of
$100 million between 2024 and 2025, and over $350 million expected to be spent from 2026 to 2028 by which time both the
modified existing plant and new plant will be commissioned and functioning.
Further, the Company is investigating the merits of a more progressive expansion of the existing plant beyond the year 2025,
with the objective to target similar ultimate production levels at improved capital intensity.
The Company is also advancing opportunities for optimization of the Sadiola Gold Mine Expansion Projects, including
metallurgical test work and a pre-feasibility study to potentially increase recoveries by over 10 percentage points through the
use of flotation and concentrate leaching. This study, supported by the Company's phased investment, seeks to improve the
project's financial performance significantly. With this long-term and value-focused strategy, the Company is well-positioned
to affirm that the advancement of the Sadiola Gold Mine Project is proceeding as planned, reinforcing Allied's commitment
to operational excellence and long-term value creation.
Financing Strategy
The Company’s ability to unlock significant value from its expanding mineral inventory is supported by the financial flexibility
needed to fund optimizations and growth initiatives. While Allied expects to finance much of this through cash flows based
on recent gold prices, it is strategically enhancing its capital structure with a combination of financing options.
Recently, Allied raised approximately C$221 million through an overnight public offering and over-allotment, with proceeds
directed toward optimizing Sadiola’s operations and advancing the Kurmuk construction project. This equity issuance not only
increases trading liquidity and broadens Allied’s investor base—enhancing its eligibility for greater index inclusion with only
modest dilution—but also reduces the Company’s dependency on cash flows. This flexibility allows Allied to focus on long -
term shareholder value through growth and asset improvements, including extended mine life at Agbaou and expanded
Sadiola operations.
Allied’s recent US$53 million streaming agreement with Triple Flag Precious Metals on Agbaou and Bonikro further supports
its strategy of securing capital at a competitive cost, with minimal shareholder dilution. Building on this success, Allied i s
finalizing a $225-$250 million Kurmuk funding package, comprising a gold stream and prepay facility, to advance development
of the Kurmuk project. Expected to close by the end of 2024, this package reflects Kurmuk’s strong geological potential and
has attracted significant market interest.
The prepay facility will accelerate cash flows with a built -in gold price hedge, supporting Kurmuk’s anticipated mid -2026
construction timeline and balancing capital requirements. Allied’s strengthened financial position also provides flexibility to
reinvest operational cash flows into potential Sadiola expansions, maximizing asset value and shareholder returns.