Allied GOLD Reports Third Quarter 2025 Results: Solid Performance and ON Track FOR Improved Production
NEWS RELEASE
ALLIED GOLD REPORTS THIRD QUARTER 2025 RESULTS: SOLID PERFORMANCE AND ON TRACK FOR IMPROVED
PRODUCTION
TORONTO, ON – November 5, 2025 ─ Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) reports
its financial and operational results for the third quarter of 2025. The Company produced 87,020 ounces of gold during the
quarter and sold 92,099 ounces of gold during the same period. Production and sales were in line with expectations and
operating plans, which fully support strong fourth quarter production as previously guided. All-in Sustaining Costs ("AISC")(1)
for the period were $2,092 per ounce of gold sold, showing a material improvement from the previous period. As previously
disclosed, the significant planned increase in production in the fourth quarter, along with operational improvements and mine
sequencing, is expected to drive further meaningful cost improv ements. Progress on growth projects during the quarter is
aligned with plans, and supports the Company's strategy for achieving significant production growth with reduced costs and
increased margins.
THIRD QUARTER HIGHLIGHTS
Operational Highlights
• Production and Fourth Quarter Expectations: The Company produced 87,020 ounces of gold in the third quarter, in line
with expectations and operating plans, which fully support strong production in the fourth quarter as previously guided.
Gold production for the fourth quarter is expected to be the highest of the year, driven primarily by higher grades, leading
to improved performances at Bonikro and Sadiola and by the completion of the Phase 1 expansion at Sadiola expected
in December . Annual production is expected to be above 375,000 gold ounces which is in line with the Company’s
guidance and consistent with Allied’s broader production outlook from its producing mines of 375,000 to 400,000 ounces
of gold per annum. While formal guidance for 2026 is expected to be provided early in that year, the Company is targeting
annual production from its existing operations at the high end of the outlook range with more consistent quarter-over-
quarter performance. Further, results in the fourth quarter and thereafter a re expected to benefit from the continued
improvements the Company has made to its operations, and a series of operational enhancements and strategic
initiatives aimed at delivering materially stronger operations. These include confirmatory drilling of hig h-grade areas,
continued refinement of block models and grade-control processes, progressive mobilization of new mining equipment
at Sadiola for material improvement of fleet availability and productivity, changes to mine management and hiring
experienced local management including in Mali.
At Bonikro and Agbaou, in Côte d'Ivoire, fourth quarter production will be driven mainly by the stripping completed earlier
this year, which has allowed access to higher-grade areas. Fourth quarter production at Bonikro is expected to increase
by up to 40% compared to the average of the preceding quarters.
At Sadiola, in western Mali, operations are progressing normally and as planned. Operating, logistical and project
development activities are progressing as usual, with inventories of consumables at normal levels. With fourth-quarter
production expected to be up to 40% higher than the average of previous quarters, Sadiola is positioned to meet full-year
guidance and is setting the foundation for stronger production next year . Production is expected to be driven by oxide
ore feed from new zones discovered and developed in 2025, along with processing a higher proportion of higher-grade
fresh ore following the completion of the Phase 1 expansion which continues to advance, in the fourth quarter .
• Gold Sales: Sales exceeded production in the quarter, totalling 92,099 gold ounces, as anticipated and previously guided,
due to the sale early in the third quarter of inventory built up in the second quarter .
NEWS RELEASE
| 2
• Costs Improving: Total cost of sales(4) of $2,087, Cash Costs(1) of $1,911, and AISC(1) of $2,092, reported by the Company
on a per ounce sold basis. These figures include royalties linked to higher gold prices and increased waste removal at
Agbaou, which has begun resulting in higher production in the third quarter . AISC(1) for the quarter materially improved
from the second quarter . As previously disclosed, the significant planned increase in production in the fourth quarter,
along with operational improvements and mine sequencing, is expected to drive further meaningful cost improvements.
As described in the Company's annual guidance, every $100 per ounce increase in the price of gold results in $15 per
ounce higher consolidated AISC(1), which was based on a baseline for guidance of $2,500 per ounce, and at an average
market price for royalty calculations of $3,457 per ounce for the third quarter, consolidated AISC(1) was impacted by over
$140 per ounce, with the impact at Sadiola being disproportionately highe r due to higher gold -price-driven royalty
percentages and residual contributions from Korali-Sud before being phased out.
• Quarterly results for 2025 year-to-date are summarized as follows:
Q1 2025 Q2 2025 Q3 2025
Production ounces 84,040 91,017 87,020
AISC(1) $ 1,811 $ 2,343 $ 2,092
• Performance by Asset:
◦ Sadiola: production totalled 42,174 ounces and was in line with plan. Ore feed came primarily from Stage 5 and
Sekekoto West, with Korali-Sud contributing early in the quarter before being phased out. The Company advanced
development of moderate - to high -grade zones including Sekekoto North and Stage 5, which are expected to
contribute to fourth quarter production and carry into 2026. Additional higher-grade oxide ore is expected next year
from Sekekoto North as well as FE4 and FE2.5, where exploration success has accelerated development toward
production.
◦ Bonikro: production amounted to 21,953 ounces and was in line with plan. Higher grades were sourced mainly from
the Stage 3 pit while stripping was advanced at Stage 5. Throughput and recoveries improved following completion
of plant enhancements, increased crusher availability, improved fragmentation, an d strengthened maintenance
practices.
◦ Agbaou: strong production of 22,893 ounces represented a 43% increase from the second quarter . Higher grades
from South Sat 3, West Pit 7 and West Pit 2 drove the production improvement while Agbale and Assondji So supplied
additional oxide ore supporting higher throughput and improved plant performance.
Financial Results Highlights
• Earnings:
◦ Third quarter net loss of $17.9 million or $(0.15) per share.
◦ Third quarter adjusted earnings(1) of $33.3 million or $0.29 per share.
• Cash Flows and EBITDA:
◦ Net cash generated from operating activities for the quarter was $181.5 million.
◦ Operating cash flows before income tax paid, government settlements and movements in working capital was a
strong inflow of $196.3 million.
◦ EBITDA(1) and Adjusted EBITDA(1) for the three months ended September 30, 2025, were $70.8 million and $109.8
million, respectively.
NEWS RELEASE
| 3
• Strong Financial Position: As of September 30, 2025, the Company had cash and cash equivalents of $262.3 million. The
$50.0 million revolving-credit facility (including a $10.0 million accordion) remained undrawn. In addition to available
credit, the Company has liquidity available through future draws on the Kurmuk gold stream. Available liquidity, coupled
with an anticipated step change in production and commensurate cost reduction for the remainder of the year resulting
in additional flexibility from inc reased cash flows, positions the Company to execute on Kurmuk's remaining capital
expenditures, and other capital allocation priorities. Further, subsequent to quarter end, the Company completed an
overnight marketed equity offering, for total net proceeds of $134.0 million, further increasing cash positions.
Advancement of Key Growth Initiatives
Kurmuk: The Kurmuk Project continues to track well against plan, both in terms of physical completion and spend, while
achieving key milestones and progress during the third quarter of 2025.
The project is progressing well, with engineering substantially completed. The key focus during the quarter and the rest of the
year is on logistics for transporting equipment and materials to the site, finishing technical concrete works around the grinding
area, and advancing the mechanical erection at the processing plant site. Mining activities at Ashashire and Dish Mountain,
the two initially planned open pits which account for the current inventory of ounces, are progressing according to plan, with
the objective of building at least three months’ worth of high-grade ore stockpiles to support the start of operations in mid-
2026. Kurmuk will continue advancing mechanical erection throughout the fourth quarter, as well as progressing remaining
earthworks, commencing electrical installation, infrastructure and ancillary facilities. The Ethiopian Electrical Power Company
is progressing the installation of the power line to site, which is expected to be completed in early 2026. Pre-commissioning
activities are planned to start at the beginning of the second quarter, with first gold expected for mid -2026. The Company
expects Kurmuk to produce an average of 290,000 ounces per year for the first four years and 240,000 ounces per year on
average for the mine’s life, with AISC(1) below $950 per ounce.
Along with the advancement of engineering for the project, the Company completed a review of the capacity of the processing
plant in consideration of the ore inventory and the exploration progress at Dish, 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/y. This increased flexibility is being incorporated into the execution of the project, wi th
subsequent modifications to the leaching circuit expected to be deployed in the future to increase fresh ore recoveries. The
expanded processing capacity is expected to drive a modest increase in capital costs, consistent with consensus estimates on
a capital intensity basis. 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.
For the quarter ended September 30, 2025, $60.0 million was spent on the Kurmuk project, comprising direct construction
capital expenditures and exploration activity.
Sadiola Phased Expansion: The Phase 1 expansion is advancing according to plan, with significant progress made to the end
of the third quarter and into October on the mill and crushing areas. The Phase 1 expansion is expected to be operational late
in the fourth quarter, which will enable Sadiola to incorporate up to 60% fresh ore into the feed. As fresh ore makes up the
majority of the ore inventory at the mine, and in particular at the Sadiola Main deposit, the completion of Phase 1 not only
allows Sadiola to treat a higher proportion of the abundant higher-grade fresh ore, but it also allows the mine to increase its
efficiency and overall performance, as mining operations can be concentrated in fewer, bulkier areas, and use new oxide areas
as production upside.
NEWS RELEASE
| 4
The Company is also evaluating progressive expansion options for the existing plant following Phase 1, targeting comparable
production levels at lower capital intensity. These studies indicated that adding a pre-leach thickener to the circuit can allow
the plant to process up to 90% of the fresh ore in the feed, significantly increasing operational flexibility and the opportunity
to boost production and reduce costs. Given that a pre-leach thickener is required regardless of the future expansion scenario
selected, the Company decided to start its engineering and design in the third quarter and is planning for its construction in
2026, along with other minor quick-return improvements to the processing circuit.
Exploration
During Q3 2025, 46,686 metres of drilling in 428 holes were completed across Mali, Côte d’Ivoire and Ethiopia. The program
aims to both replace and grow mineral inventories with low discovery costs, extending mine life, and enhancing operational
flexibility with the aim of increasing production and margins.
At Sadiola, exploration drilling has intersected significant new zones and extensions at Sekekoto West/S12, Tambali, FE2 Trend,
and FE3/4 Trend with Sekekoto West and the southern part of the FE2 Trend (FE2.5) potentially providing short -term, new
and more proximal high and medium-grade oxide resources for the Sadiola mill as mining at Korali Sud winds down. Details
on these zones can be found in the October 29, 2025 Press Release " Allied Gold Reports Exploration Results at Sadiola
Demonstrating Continued Discovery In A World-Class Mineralized System" available on SEDAR+ at www.sedarplus.ca and on
the Company’s website at https://alliedgold.com. Mineralization remains open along strike and at depth across all four target
areas.
Progress for Côte d’Ivoire and Ethiopia is discussed below, and an exploration update for Kurmuk is planned later in November
and an update for CDI scheduled for January 2026.
Equity Offering
Subsequent to quarter end, on October 20, 2025, the Company filed a prospectus supplement related to an overnight
marketed equity offering. Pursuant to this offering, 7,143,200 common shares were issued at a price of C$27.35 per share
for gross proceeds of approximately $139.6 million (CAD$195.3 million) and net proceeds of approximately $134.0 million
(CAD$187.4 million) further increasing financial flexibility and positioning the Company to accelerate the pursuit of value
creation across its portfolio.
For further details related to the offering please refer to the prospectus supplement dated October 20, 2025, and the
accompanying base shelf prospectus dated October 1, 2024, available on SEDAR+ at www.sedarplus.ca.
Sustainability, Health and Safety Highlights
• The Company did not report any significant Environmental Incidents for the three months ended on September 30, 2025.
• The Company’s Total Recordable Injury Rate (TRIR) was 1.87, compared to a TRIR of 2.50 in the comparative prior year
quarter .
• In terms of Lost Time Injuries (“LTI”), the Company reported one LTI for the three months ended September 30, 2025,
compared to three LTI in the comparative prior year quarter, which results in a Company Lost Time Injury rate (“LTIR”) for
the three months ended September 30, 2025 of 0.16, compared to a LTIR of 0.75 in the comparative prior year quarter .
| 5
Summary of Operational Results
For three months
ended March 31
For three months
ended June 30,
For three months
ended September
30,
2025 2025 2025
Gold ounces
Production 84,040 91,017 87,020
Sales(8) 131,520 81,103 92,099
Per Gold Ounce Sold
Total Cost of Sales(4) $ 1,838 $ 2,294 $ 2,087
Cash Costs(1) $ 1,656 $ 2,034 $ 1,911
AISC(1) $ 1,811 $ 2,343 $ 2,092
Average revenue per ounce $ 2,814 $ 3,098 $ 3,310
Average market price per ounce $ 2,860 $ 3,280 $ 3,457
Gold production of 87,020 ounces during the three months ended September 30, 2025, compared to 85,147 ounces during
the comparative prior period. The increase was predominantly driven by strong performance at Sadiola and Agbaou in relation
to the comparative prior year period.
Total cost of sales(4) on a per gold ounce sold basis of $2,087 for the three months ended September 30, 2025 compared to
$1,729 during the comparative prior period. Cash Costs(1) on a per gold ounce sold basis of $1,911 for the three months ended
September 30, 2025, compared to $1,587 during the comparative prior period. AISC(1) on a per ounce gold sold basis for the
current quarter of $2,092 compared to $1,867. AISC (1) for the quarter materially improved from the second quarter . As
previously disclosed, t he significant planned increase in production in the fourth quarter, along with operational
improvements and mine sequencing, is expected to drive further meaningful cost improvements.
As described in the Company's annual guidance, every $100 per ounce increase in the price of gold results in $15 per ounce
higher consolidated AISC(1), which was based on a baseline for guidance of $2,500 per ounce, and at an average market price
for royalty calculations of $3,457 per ounce for the third quarter, consolidated AISC(1) was impacted by over $140 per ounce,
with the impact at Sadiola being disproportionately higher due to higher gold-price-driven royalty percentages and residual
contributions from Korali-Sud before being phased out.
At Agbaou, costs benefited from increased production, a result of securing access to higher-grade ore with the prioritization
of waste removal earlier in the year and into the third quarter . This strategy further allows higher grades and increased
production in the last quarter of 2025, and supports increased operational flexibility and production levels in 2026. Costs in
the third quarter at Agbaou associated with waste removal were significantly lower than in the second quarter,
notwithstanding the contin ued activities. While waste movement is expected to continue, ore feed, gold grades and
production are expected to materially increase resulting in reduced costs and increased cash flows. In addition to operational
factors, increased waste removal in 2025 allows for less reliance on short -term resource conversion to support production
levels in 2026, creating a bridge to focus additional exploration spending at Agbaou on more transformational targets aimed
at adding ounces and with an objective to increase mine life at Agbaou by four to six years, with the completion of the first
stage exploration program in 2026. Production in 2026 is expected to further increase from the current year . Costs at Bonikro
were also in line with expectations. At Sadiola, as previously disclosed, the 2023 mining code is expected to impact costs by
| 6
approximately $240 to $300 per ounce, with Korali-Sud attracting further government and third-party royalty burdens of an
additional $200 per ounce, as it is subject to the full impact of the 2023 mining code without derogation of royalties. With
residual contributions from Korali-Sud during the quarter, costs were impacted commensurately. When compared to the prior
year comparative quarter, increased gold prices and the 2023 mining code have resulted in an impact of nearly $500 per ounce
in the Sadiola structure year-over-year .
Fourth quarter AISC(1) is anticipated to decrease, notwithstanding an increase in gold price-based royalties due to higher gold
prices. Mostly, the decreases in AISC(1) are expected to stem from increased production and the benefit of disproportionate
operating and waste removal costs in the first nine months of the year . Further, the ongoing benefits from cost control and
reduction programs, the completion of Phase 1, which will contribute to production in the fourth quarter, along with further
upside from potential oxide discoveries at Sadiola which provide relatively inexpensive high-quality ounces, are expected to
drive continued quarter-over-quarter AISC(1) improvements. The impact on cash flows is expected to be magnified in the
fourth quarter, when production is expected to meaningfully increase. Further, the higher grades at Agbaou and the Phase 1
completion at Sadiola, which will allow higher contribution of fresh ore and increased operational flexibility, will carry on to
benefit the first quarter of 2026 and beyond.
Gold sales totalled 92,099 ounces for three months ended September 30, 2025 compared to 78,939 ounces sold in the
comparative period. Gold sales were higher than production in the quarter, as anticipated and previously guided, due to the
sale in the third quarter of built-up inventory from the second quarter .
Gold production was 262,077 ounces during the nine months ended September 30, 2025, in line with the 258,459 ounces in
the comparative period. As previously disclosed, production for the year is expected to follow a 45%/55% weighting between
the first and second half, with the fourth quarter being the strongest of the year .
| 7
Sadiola (80% interest), Mali
Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud
open pit gold mine (65% interest), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola
is retained by the Government of Mali.
Sadiola Key Performance Information
(100% Basis)
For three months ended
September 30,
2025
Operating
Ore mined (M tonnes) 0.82
Waste mined (M tonnes) 6.79
Ore processed (M tonnes) 1.24
Gold
Production (Ounces) 42,174
Sales(8) (Ounces) 45,368
Feed grade (g/t) 1.20
Recovery rate (%) 88.3 %
Total cost of sales per ounce sold(4) $ 2,166
Cash costs per ounce sold(1) $ 2,092
AISC per ounce sold(1) $ 2,224
Financial (In thousands of US Dollars)
Revenue $ 151,452
Cost of sales (excluding DDA) (95,353)
Gross profit excluding DDA(1) $ 56,099
DDA (2,924)
Gross Profit $ 53,175
Capital Expenditures (In thousands of US Dollars)
Sustaining $ 1,246
Expansionary 24,876
Exploration 208
For the three months ended September 30, 2025, Sadiola produced 42,174 ounces of gold. Production in the third quarter
was largely in line with plan and was supported by fresh and oxide ore mined from Sadiola Stage 5, FE4, Sekekoto West and
Korali-Sud before being phased out. Korali-Sud served as a bridge between the current operations at Sadiola and the
completion of Phase 1 expansion, which the Company expects will allow the plant to process up to 60% of higher-grade
fresh ore at an increased throughput rate of 5.7Mt/y, with construction advancing on schedule and on budget. The Phase 1
expansion is expected to ramp up late in the fourth quarter, stabilizing production at an annualized rate of over 200,000
ounces, with further details noted below.
| 8
The Company has advanced development of new moderate- to high-grade zones including Sekekoto North and Stage 5, which
are expected to contribute to fourth quarter production and carry into next year . Contributions of higher-grade oxide ore next
year are al so expected from Sekekoto North, along with FE4 and FE2.5 where exploration efforts have delineated new
resources and accelerated their development toward production.
Following continued mobilization of additional equipment by the mining contractor in the third quarter, further equipment
additions are planned for the fourth quarter . Although the mining contractor has experienced certain delays with the delivery
of new mining equipment during the quarter due to logistical issues, resulting in extended use of older equipment with lower
mechanical availability, it has deployed rental equipment to mitigate impacts and support production targets in the fourth
quarter and into 2026 as new equipment is delivered to the site before the end of the year .
Instrumentation upgrades at the process plant have delivered measurable improvements in performance. Between January
and September 2025, throughput increased by 267,000 tonnes through enhanced control systems, refined instrumentation,
and improved process stability. Complementary technical upgrades, such as increased capacity of the regrind mill cyclone feed
pump, are underway to support sustained higher throughput and recovery rates. The Phase 1 process plant upgrade, which
will contribute to production in the fourth quarter, will consolidate these improvements, reinforcing both efficiency and
output potential. In the fourth quarter, a new pebble crusher will allow for an increase in the proportion of fresh ore in th e
feed blend, uplift feed grade, and boost gold production in the fourth quarter in anticipation of the completion of the Phase
1 expansion.
To capitalize on these operational gains and strengthen cash flow, a comprehensive performance and cost-control program
has been launched across Sadiola. Over 60 targeted initiatives are currently in progress, focusing on contractor optimization,
equipment productivity, feed strategy, energy efficiency, and workforce structure. These initiatives are expected to yield
partial cost reductions in Q4, with more structural and sustainable savings anticipated from 2026 onward. With rising mining
volumes, improved fresh-ore preparation, and active improvement programs, Sadiola is well positioned to stabilize production
and sustain stronger margins over the medium term.
Along with the advancement of the growth strategy for Sadiola, the Company is advancing its energy program (see "Sadiola
Energy Program.") This upgrade will ensure Sadiola can sustain the ounce profile until the full plant expansion is complete.
Despite some reported disruptions to fuel supplies in certain parts of the country, activities at Sadiola continue normally, with
no impacts on operations. Further, additional fuel storage capacity has recently been added to Sadiola as part of the Phase 1
expansion.
As described in the Company's annual guidance, every $100 per ounce increase in the price of gold results in $15 per ounce
higher consolidated AISC(1), which was based on a baseline for guidance of $2,500 per ounce, and at an average market price
for royalty calculations of $3,457 per ounce for the third quarter, consolidated AISC(1) was impacted by over $140 per ounce,
with the impact at Sadiola being disproportionately higher due to higher gold-price-driven royalty percentages and residual
contributions from Korali-Sud before being phased out. At Sadiola, as previously disclosed, the 2023 mining code is expected
to impact costs by approximately $240 to $300 per ounce, with Korali -Sud attracting further government and third -party
royalty burdens of an additional $200 per ounce, as it is subject to the full impact of the 2023 mining code without derogation
of royalties. With residual contributions from Korali -Sud during the quarter, costs were impacted commensurately. When
compared to the prior year comparative quarter, increased gold prices and the 2023 mining code have resulted in an impact
of nearly $500 per ounce in the Sadiola structure year-over-year .
Fourth quarter AISC(1) is anticipated to decrease, notwithstanding an increase in gold price-based royalties due to higher gold
prices. Mostly, the decreases are expected from increased production and progressive cost improvements quarter -over-
quarter . The impact on cash flows is magnified in the fourth quarter, when production is expected to meaningfully increase.