Allied GOLD Reports Significant Exploration Advancements at Kurmuk
NEWS RELEASE
ALLIED GOLD REPORTS SIGNIFICANT EXPLORATION ADVANCEMENTS AT KURMUK
TORONTO, ON – November 27, 2025 – Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or
the “Company”) is pleased to provide an update on the ongoing exploration and development activities
at its Kurmuk mine in western Ethiopia, highlighting the scale and continuity of mineralized systems within
its highly prospective gold camp and the growth potential and optionality of the Company’s flagship
development asset. This is the second of three planned exploration updates, with a further rele ase
covering Allied’s Côte d’Ivoire assets expected in early 2026, all of which underpin the significant value
and optionality in the Company’s portfolio, already characterized by peer-leading mineral inventories and
production growth.
Kurmuk Exploration Program and Highlights
Kurmuk is a transformational development mine located in western Ethiopia, within the metal-rich
Arabian-Nubian Shield, approximately 500 kilometres from the capital, Addis Ababa. Following the
expected start of operations in mid-2026, Allied is targeting an average production level of approximately
290,000 gold ounces per annum over the first four years and 240,000 gold ounces per annum at industry-
leading All-In Sustaining Costs(1) ("AISC") below $950(2) per ounce, based solely on Mineral Reserves(3), all
of which are expected to increase the Company’s cash flows materially.
With initial Proven and Probable Mineral Reserves (3) of 2.7 million ounces and Measured and Indicated
Mineral Resources (3) of 3.1 million ounces contained within the Ashashire and Dish Mountain deposits,
together with multiple near-mine exploration targets, Allied has undertaken an extensive explora tion
program designed to:
i) extend mine life to a minimum of 15 years, above the almost 11 years currently supported by Mineral
Reserves;
ii) sustain the higher production levels currently expected during the first four years for a much longer
period—ideally across the full mine life. Recent drilling has locally returned gold grades above reserve
grade, with areas of higher-grade material located closer to surface, supporting this potential;
iii) refine resource models and extend mineralization at Ashashire and Dish Mountain ahead of the
anticipated commencement of production in mid-2026; and
iv) leverage the expanded 6.4 Mtpa processing capacity , advancing plans to align mining throughput
with the higher processing capacity, potentially increasing annual production above 300,000 ounces.
This outlook is supported by ongoing work to identify new mineralized zones that would expand the
gold inventory and sources of feed to the mill.
The Company’s five-year exploration goal for Kurmuk is to reach 5 million ounces of Mineral Resources,
representing a sequential target of over 1.5 million ounces of new Mineral Resources in addition to the
current inventory. The objective includes adding at least 0.5 million ounces of new Mineral Resources
within 10 km of the mill, to sustain or exceed the initial gold production levels of approximately 290,000
ounces per annum. Mineral Resources and Mineral Reserves updates will be carried out on a yearly basis
to document the ongoing mineral inventory build-out program, which is expected to be carried out with
similar levels of expenditures to the approximately $8 million committed for the current year.
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The exploration plan considers expanding on the existing Mineral Resources near both the Ashashire and
Dish Mountain deposits, advancing exploration at Tsenge utilizing a combination of geophysical surveys,
trenching and drilling with a focus on higher-grade and advancing exploration at three other prospects in
the property. Significant additional targets located south of Ashashire are expected to support the
maintenance and expansion of current Mineral Resources and Mineral Reserves.
Five-Year and Near-Term Exploration Targets
• Ashashire: three-year target of 300,000+ ounces
• Tsenge: three- to five-year target of 500,000+ ounces
• Dul Mountain: five-year target of 1.0 million+ ounces
• Other Prospects: two-year target of 600,000+ ounces
Drilling Highlights - New Discoveries and Zone Extensions
Between mid-2024 and throughout 2025, activities focused mainly on infill drilling at Dish Mountain to
refine the resource model and extend mineralization around the pit area in anticipation of the
commencement of operations in mid-2026 and on exploration of the Northern Prospects located north
of the processing plant. Concurrently, exploration commenced at the southern end of the approximately
8-km long Tsenge Trend, at the Hiccup Hill and Setota Prospects, as well as at Ashashire to test extensions
at depth with a goal of expanding the pit (see Figure 1). At both Dish Mountain and Tsenge, drilling
continues to intersect lateral and vertical extensions of the deposits, as the limits to the mineralized
system remain open. A significant amount of highly successful trenching was also carried out at Tsenge,
confirming the surface expression of the mineralized lenses. A first-pass drill program, which was
completed over the Urchin Prospect located adjacent to the Ashashire haul road, yielded positive results
and will require a follow-up drill program. Notably, drilling results to date highlight areas of higher gold
grades above reserve grade.
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Figure 1: Kurmuk Mine Plan Map
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Select exploration highlights include:
• Dish Mountain: 12.6 m @ 2.93 g/t Au (DMDD774), 16.0 m @ 2.61 g/t Au (DMDD765) and
9.3 m @ 3.35 g/t Au (DMDD752)
• Tsenge – Hiccup Hill: 16.4 m @ 13.0 g/t Au (TSDD041) and 10.0 m @ 5.96 g/t Au (in trench
TSCH012)
• Tsenge – Setota: 10.5 m @ 1.85 g/t Au (TSDD036) and 20.0 m @ 1.11 g/t Au (TSDD036)
• Urchin: 5.0 m @ 3.47 g/t Au (ASRC031) and 4 m @ 10.88 g/t Au (in trench URTR09)
Exploration Progress Highlights by Zone and Target
Dish Mountain and Northern Prospects
• This 1,600 m × 500 m, multi-lens deposit remains open down-dip beyond approximately 300
m and locally laterally
• Recent drilling highlights
Deposit Hole_ID From (m) To (m) Length (m) Grade (g/t Au)
Dish Mountain DMDD765 122.72 139.42 16.70 2.61
Dish Mountain DMDD771 443.60 456.50 12.90 3.02
Dish Mountain DMDD717 18.00 28.38 10.38 3.55
Dish Mountain DMDD774 403.39 415.95 12.56 2.93
Dish Mountain DMDD710 158.22 159.46 1.24 28.90
Dish Mountain DMRCDD036 201.61 205.08 3.47 9.04
Dish Mountain DMDD752 15.00 24.27 9.27 3.35
• See Figure 2 for the Dish Mountain Geology and Drill Plan, Figure 3 for summarized significant
results since mid-year 2024 and Figure 4 for a Dish Mountain Reference Section
Ashashire
• A 1,300 m × 170 m mineralized zone that remains open down-dip below 350 m depth
• Recent holes testing the limits of the deposit have intersected mineralization where expected,
and assay results are pending
• Recognition of hydrothermal breccias that can be modelled and that contain higher-than-
average gold grades, locally strong potassic alteration and elevated levels of tellurium and
silver
• A drill program targeting the depth extent and maximum practical pit depth is in progress and
is expected to continue through most of 2026. A deep-penetrating IP survey is planned in
early 2026 to define the extents of the system and identify extensions to the higher-grade
portions
• With traceable subzones of higher-than-average grades associated with breccias, there is
potential to develop an underground resource
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• See Figure 5 for a plan-view image of Ashashire Geology and Drilling, and Figure 6 for a typical
Ashashire Type Section
Tsenge
• An approximately 8-km-long gold-in-soil anomaly parallel to a regional-scale shear zone with
initial drill testing along only the southern 15% of the trend
• Deep-penetrating geophysical surveys planned as a tool to support target prioritization
• Multiple lenses of gold mineralization intersected with recent best intercepts of 16.4 m @
13.0 g/t Au at Hiccup Hill and 10.5 m @ 1.85 g/t Au at Setota
• A summary of highlighted recent drill intercepts
Prospect Hole_ID From (m) To (m) Length (m) Grade (g/t Au)
Tsenge TSDD041 43.08 59.44 16.36 13.06
Tsenge TSDD031 58.18 65.13 6.95 7.45
Tsenge TSDD037 160.91 169.20 8.31 5.79
Tsenge TSDD034 13.65 29.00 15.35 2.47
Tsenge TSDD043 201.96 208.00 6.04 4.00
Tsenge TSDD036 173.25 195.47 22.22 1.04
Tsenge TSDD036 160.74 171.23 10.49 1.85
• See Figure 7 for a plan view image of the Tsenge Trend, Figure 8 for a close-up of the Hiccup
Hill and Setota sections of the trend, Figure 9 for a cross-section at Hiccup Hill and Figure 10
for a long section of the one of the Hiccup Hill gold lenses
Urchin
• Located 2 km west of Ashashire, adjacent to the Ashashire haul road
• Prospecting, soil sampling, and trenching have outlined a 400-m-long target that returned up
to 9.0 m @ 5.29 g/t Au
• A 2025 drill program comprised seven shallow holes totalling 781 m that returned a best
intercept of 5.0 m @ 3.47 g/t Au from a shallow east-dipping zone. Follow-up drilling is
proposed for 2026
• Figure 11 provides a summary of results to date
Dul Mountain
• Centred 7 km south of the Ashashire Deposit
• An open-ended, strong, > 100 ppb Au, approximately 2.0 by 3.0 km gold-in-soil anomaly that
has only been tested by a few holes and trenches
o Trench intercepts include up to 18 m @ 4.87 g/t Au
• This covers a larger area than the combined Ashashire and Dish Mountain and is expected to
be just as prospective
• Medium- to long-term plans to advance into Mineral Resources
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Western Prospects
• Located 1.5 to 3.5 km west of Dish Mountain
• Three target areas with the longest soil anomaly of approximately 2.5 km
• Trenching has returned up to seven 3-m-wide gold-bearing intervals with a best intercept of
3.0 m @ 8.22 g/t Au
• Scout drill testing expected in 1H 2026
• Figure 13 presents a summary surface plan
Ahushu and Agu Prospects
• Located 2.5 to 5.5 km northeast of Dul Mountain
• Comprise kilometre- to 1.5 km-scale, >400 ppb gold-in-soil anomalies
Detailed Drill and Target Data
Significant drill intercepts, with a 0.5 g/t Au cut-off, since July 2024, are available through the following
link. Estimated true widths vary from 45% to 95% drilled length with the exception of the Dul Mountain
intercepts (on Figure 12) where estimated true widths are unknown. A summary of 2025 drill hole collars
can be found at this link. A summary of the trench results can be found on this link.
Discussion and Next Steps
Since mid-year 2024, 193 holes totalling 39,064 m of drilling have been completed property-wide, focused
on both infill and resource model refinement in anticipation of production, as well as on extending known
zones at depth and along strike and exploring new targets. Significant amounts of gold mineralization
requiring follow-up have been intersected at all targets, namely Dish Mountain, Tsenge, Ashashire, and
Urchin. This ongoing work and new exploration targets highlight the high prospectivity of the land
package. The next steps of the program are summarized below:
• Follow up on near-surface gold-bearing zones proximal to Dish Mountain
• Follow up on Ashashire depth extensions
• A drone magnetic survey is planned over the western half of the property
• IP surveys that can ‘see’ down 400 m are planned along the Tsenge Trend and over
Ashashire
• Step-out drill testing at Setota and scout drilling along the Tsenge Trend is proposed for 1H
2026
• A 2026 Phase 2 drill program is proposed for Urchin
• An initial drill program is planned over the Western Prospects in 2026
Technical Discussion
Allied is establishing a new tier-one gold camp in western Ethiopia, with multiple sources feeding a central,
6.4 million tonne per annum mill. Already supporting a material inventory of Mineral Reserves and
Mineral R esources, the Company deems the likelihood of adding additional mineralization to the
inventory as high, given the number and quality of the existing targets and the results achieved thus far.
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Current Mineral Reserves (3) at Ashashire and Dish Mountain total 2.74 million ounces at 1.41 g/t Au, and
current Measured and Indicated Mineral Resources(3) total 3.12 million ounces at 1.68 g/t Au. An update
to this number is expected in early 2026.
Exploration has identified more than five additional target areas (Tsenge, Dul, Urchin, Western Prospects
and Northern Prospects) with known gold mineralization and associated large-scale gold-in-soil
anomalies, which could, with more work, provide additional Mineral Resources and Mineral Reserves (see
Figure 1 for deposit and target locations). All of these gold zones are associated with topographic highs,
which led to their discovery in first-pass work programs. Allied Gold also plans to complete a drone
magnetic survey over the area and as with most other, more-explored gold belts, expect s to identify
additional exploration target areas and gold zones.
To date, including all historical drilling, approximately 1,427 holes totalling 247,633 metres have been
completed, including 47 geotechnical holes and 44 holes on a massive sulphide target . Since mid-2024,
exploration efforts, comprising 193 holes totalling 39,064 m of drilling, have focused on completing infill
drilling to refine resource models in anticipation of operations, and exploring at five zones : Tsenge,
Ashashire, Dish Mountain, Northern Prospects, and Urchin. The bulk of the new resource target drilling,
6,943 m in 25 holes, was completed over the southern end of the Tsenge Trend at the Hiccup Hill and
Setota targets, where significant amounts of gold mineralization have been intersected.
Across the property, g old mineralization is hosted in quartz –carbonate–pyrite veins associated with
sheared lithological contacts and concentrated within areas of linear extension. Pyrite varies from fine-
grained to coarse-grained, with centimetre-sized crystals at Ashashire. Multiple occurrences of visible
gold, usually in association with strongly altered zones, have been noted at Dish Mountain, Ashashire, and
Hiccup Hill. Dominant alteration minerals include carbonate, sericite, albite , and locally fuchs ite and
potassium feldspar.
The following sections present additional detail for the 2025 target areas and other priority target areas
that will be followed up. Plan maps presented herein predominantly show select drill results from after
the resource cut-off date, with the exception of Ashashire (2025 assay pending), Dul Mountain, which
displays historic drill and trench results , and Western Prospects , which display historic trench results.
Assay composites added to the figures focus on stronger intercepts to showcase some of the bet ter
mineralized intervals.
Dish Mountain Deposit and Northern Prospects
A significant amount of drilling, approximately 160,983 m in 915 holes (see Figure 2), and some trenching
has been carried out over this area primarily to define the existing mineral inventory. Since mid-year 2024,
55 holes totalling 12,332 m were completed. This work both validated and extended the gold -bearing
lenses supporting a short to medium term goal to increase Mineral Resources proximal to the currently
designed pit.
Trenching has proven to be an effective tool to lock down the surface location of the mineralized zones
and add additional grade data points. One approximately 1-km-long trench was completed around Dish
Mountain, with most trench intercepts correlating with the known wire frames and a few trench results
suggesting extensions to the gold zones. A summary of the better results in trench 3 are presented below.
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Deposit Trench_ID From (m) To (m) Width (m) Grade (g/t Au)
Dish Mountain DMCH003 947.00 970.00 23.00 2.22
Dish Mountain DMCH003 76.00 95.00 19.00 2.58
Dish Mountain DMCH003 736.00 739.00 3.00 9.62
Dish Mountain DMCH003 118.00 123.00 5.00 3.87
Dish Mountain DMCH003 786.00 805.00 19.00 0.99
Dish Mountain DMCH003 127.00 132.00 5.00 1.94
Dish Mountain DMCH003 103.00 115.00 12.00 0.78
As noted above, drilling has both validated and extended the Dish Mountain mineralized zones. A
summary of the ten better results is presented in the table below.
Deposit Hole_ID From (m) To (m) Length (m) Grade (g/t Au)
Dish Mountain DMDD765 122.72 139.42 16.70 2.61
Dish Mountain DMDD771 443.60 456.50 12.90 3.02
Dish Mountain DMDD717 18.00 28.38 10.38 3.55
Dish Mountain DMDD774 403.39 415.95 12.56 2.93
Dish Mountain DMDD710 158.22 159.46 1.24 28.90
Dish Mountain DMRCDD036 201.61 205.08 3.47 9.04
Dish Mountain DMDD752 15.00 24.27 9.27 3.35
Dish Mountain DMDD748 441.35 452.27 10.92 2.56
Dish Mountain DMDD742 39.80 49.95 10.15 2.63
Dish Mountain DMDD768 11.00 18.00 7.00 3.81
In conjunction with exploration along geological strike to the northeast over the Northern Prospects ,
drilling has encountered significant amounts of gold mineralization that is expected to add to the Dish
Mountain Mineral Resources over the short term. A summary of some of the significant results over this
area are presented below.
Prospect Hole_ID From (m) To (m) Length (m) Grade (g/t Au)
Northern Prospects DMRC261 128.00 143.00 15.00 2.30
Northern Prospects DMRC245 48.00 50.00 2.00 11.58
Northern Prospects DMRC281 35.00 40.00 5.00 4.49
Northern Prospects DMRC274 34.00 37.00 3.00 5.87
Northern Prospects DMRC294 86.00 88.00 2.00 8.79
Northern Prospects DMRC262 70.00 83.00 13.00 1.21
Northern Prospects DMRC234 0.00 7.00 7.00 2.23
Northern Prospects DMRC283 71.00 77.00 6.00 2.58
Gold mineralization at Dish Mountain is defined by soil geochemistry, surface trenching, and drilling,
extending over an area of approximately 4,500 × 1,000 m. This footprint includes the main Dish Mountain
Deposit and the Northern Prospects, which together define the broader mineralized system.