Allied Gold次季黃金產量增7% 淨收益3720萬美元 Kurmuk礦8月投產

EX-99.1
2
exh_991.htm
PRESS RELEASE

EdgarFilingEXHIBIT 99.1
Allied Gold Reports Q2 2026 Results, Nears Kurmuk Start-Up and Strengthens Financial Position

 TORONTO, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) (“Allied” or the “Company”) herein provides its financial and operational results for the second quarter of 2026. The Company produced 97,429 ounces of gold in the second quarter of 2026. Performance was in line with expectations and operating plans, representing a 7% increase over the prior year comparative production. All-in Sustaining Costs (“AISC”)(1) for the quarter were $2,192 per ounce sold, in line with expectations. 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.
 SECOND QUARTER HIGHLIGHTS
 Financial Results Highlights
 Earnings: Second quarter net earnings of $37.2 million, or $0.29 per basic share and $0.27 per fully diluted share.
Second quarter adjusted earnings(1) of $55.4 million, or $0.44 per basic share and $0.40 per fully diluted share.
 
Cash Flows and EBITDA: Net cash used in operating activities for the quarter was $67.4 million.
Operating cash flows before income tax paid and movements in working capital were a strong inflow of $133.0 million.
EBITDA(1) and Adjusted EBITDA(1) for the three months ended June 30, 2026, were $165.0 million and $166.9 million, respectively.
 
 Strong Financial Position: As of June 30, 2026, the Company had cash and cash equivalents of $192.2 million. Cash balances are expected to increase through the remainder of the year, supported by reduced capital expenditure at the Kurmuk Mine as development efforts come to an end, and increased production from operating mines and start of production from the Kurmuk Mine. During the second quarter, the amount of $158.9 million was paid for expansionary capital, particularly in relation to development of the Kurmuk Mine, and $129.7 million was paid in cash taxes for the preceding year. Cash taxes were in line with expectations and normally, cash taxes for a preceding year are paid in the second quarter of the following year. Liquidity will be further strengthened by the proceeds from the recently announced $295 million strategic investment by Zijin Gold, as described in the Transaction with Zijin Gold section below.
 Operational Highlights 
 Second Quarter Production: The Company produced 97,429 ounces of gold in the second quarter, in line with plan and annual guidance for its operating mines, and representing a 7% increase over the prior year comparable period.
 Second Quarter Sales: Sales of 93,970 gold ounces, differing slightly from production due to the timing of shipments of production and the sale of end-of-year inventory.
 Performance by Asset: At Sadiola, production of 48,080 ounces in the second quarter was aligned with the production plan. Sequential increases in production are expected over the coming quarters, driven by higher grades and throughput.
At Bonikro, production of 31,471 ounces in the second quarter was substantially higher than the second quarter of the previous year, due to mine sequencing and a standout performance in relation to the production plan.
At Agbaou, production of 17,878 ounces in the second quarter was in line with plan and the mine sequence.
 
 Costs In Line with Plan: AISC(1) of $2,192 per ounce sold on a consolidated basis for the second quarter were in line with plan. The estimated gold price impact on second quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,380, versus gold price assumed in guidance of $4,250, amounts to approximately $20 per ounce. 
Strong AISC Margins: Lower AISC, together with realized gold prices for spot sales of approximately $4,380 per ounce in the second quarter, resulted in strong AISC margins demonstrating the strong operating cash flow generation abilities of the Company.
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 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. 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 the guidance provided in February 2026, and approximately 300,000 gold ounces in 2028, all at industry-leading costs. This is expected to reposition and transform Allied's already strong cash flow generation, leading to increased shareholder returns.
 Advancement of Key Growth Initiatives
 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 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 in the third quarter. As noted above, following the commissioning and ramp-up of the Kurmuk Mine, the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds the guidance provided in February 2026, and approximately 300,000 gold ounces in 2028, all at industry-leading costs.
 Sadiola Next Growth Phase: The Company advanced processing improvements including 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 in the first half of 2027.
 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 cumulative production from 180,000 gold ounces per year to 200,000 gold ounces per year.
 Transaction with Zijin Gold
 On July 29, 2026, the Company announced the termination of its arrangement agreement with Zijin Gold International Company Ltd. ("Zijin Gold"), as the parties determined that the conditions required to complete the transaction were unlikely to be satisfied by the agreed outside date.
 Concurrently, the Company entered into a subscription agreement with Zijin Gold pursuant to which Zijin Gold agreed to invest approximately $295 million (C$417 million) through a non-brokered private placement of approximately 12.8 million common shares at a subscription price of C$32.55 per share. Upon closing, Zijin Gold is expected to own approximately 9.2% of the Company's issued and outstanding common shares and will hold rights to maintain its pro rata ownership interest until such time as it holds below 5%.
 The private placement is subject to customary closing conditions, and is expected to close on or before August 10. The Company has received conditional approval of the Toronto Stock Exchange and approval from the New York Stock Exchange. The proceeds are intended to support the advancement of the Company's growth initiatives, including the completion and ramp-up of the Kurmuk project, the phased expansion of Sadiola, production growth initiatives at the CDI Complex, and ongoing exploration programs.
 Sustainability, Health and Safety Highlights
 The Company did not report any significant Environmental Incidents for the three months ended June 30, 2026.
The Company’s Total Recordable Injury Rate (“TRIR”) for the three months ended June 30, 2026 was 1.46, compared to 1.21 for the 12 months ended December 31, 2025.
The Company reported two Lost Time Injuries, resulting in Lost Time Injury Rate ("LTIR") of 0.29 for the three months ended June 30, 2026, compared to a LTIR of 0.29 for the 12 months ended December 31, 2025.
 
 OPERATING RESULTS SUMMARYFor three months ended June 30,For six months ended June 30,
  2026 2025 2026 2025
Gold ounces    
Production 97,429 91,017 193,445 175,057
Sales(3) 93,970 81,103 193,848 212,623
Per Gold Ounce Sold    
Total Cost of Sales(4)$2,104$2,294$2,171$2,019
Cash Costs(1)$1,923$2,034$1,988$1,800
AISC(1)$2,192$2,343$2,229$2,014
     
Average revenue per ounce for at-market sales*$4,568$3,000$3,913$2,921
Average market price per ounce$4,506$3,280$4,693$3,067
 *Average revenue per ounce sold differs from average revenue per ounce for at-market sales predominantly due to hedge settlements and sales made under streams. For the second quarter of 2026 and on a year-to-date basis, the impact of hedge settlements was $(411)/ounce and $(532)/ounce, respectively (second quarter of 2025 and second quarter year-to-date 2025 - $(73)/ounce and $(38)/ounce, respectively) and the impact of stream, in-kind dividends and IFRS 15 adjustments was $(81)/per ounce and $(123)/ounce, respectively (second quarter of 2025 and second quarter year-to-date 2025 - $(75)/ounce and $(41)/ounce, respectively).
 Gold production of 97,429 ounces during the three months ended June 30, 2026, compared to 91,017 ounces during the comparative prior period. The increase was predominantly driven by production growth at Bonikro and Agbaou during 2026, resulting from the benefits of stripping work executed in prior quarters, as anticipated.
 Total cost of sales(4) of $2,104 for the three months ended June 30, 2026 compared to $2,294 during the comparative prior period. Cash costs(1) on a per gold ounce sold basis of $1,923 for the three months ended June 30, 2026, compared to $2,034 during the comparative prior period. AISC(1) for the current quarter of $2,192 compared to the comparative period AISC(1) of $2,343 per gold ounce. For the quarter, unit costs per ounce sold on a consolidated basis for the second quarter were in line with plan. The estimated gold price impact on second quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,380, versus gold price assumed in guidance of $4,250, amounts to approximately $20 per ounce.
 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 June 30,
 2026  2025 
Operating  
Ore mined (M tonnes) 1.74  1.55 
Waste mined (M tonnes) 8.09  6.10 
Ore processed (M tonnes) 1.31  1.29 
Gold  
Production (Ounces) 48,080  49,283 
Sales(3)(Ounces) 45,619  43,648 
Feed grade (g/t) 1.37  1.31 
Recovery rate (%) 80.6% 89.1%
Total cost of sales per ounce sold(4)$2,689 $2,493 
Cash costs per ounce sold(1)$2,573 $2,351 
AISC per ounce sold(1)$2,766 $2,471 
Financial(In thousands of US Dollars)  
Revenue$183,024 $138,985 
Cost of sales (excluding DDA) (117,671) (103,175)
Gross profit excluding DDA(1)$65,353 $35,810 
DDA (4,981) (5,635)
Gross Profit$60,372 $30,175 
Capital Expenditures(In thousands of US Dollars)  
Sustaining(1)$3,841 $978 
Expansionary(1) 11,065  20,194 
Exploration(1) —  40 
 For the three months ended June 30, 2026, Sadiola produced 48,080 ounces of gold, compared to the 49,283 ounces produced in the comparative prior year quarter and aligned with the production plan. Production is expected to increase sequentially in the next quarter as a result of increased grades and throughput. Sadiola is in a strong position to meet its production guidance for the year, with further increases expected in the coming quarters, as previously disclosed.
 Total cost of sales(4) and AISC(1) for the quarter were $2,689 and $2,766, respectively, per ounce sold on a consolidated basis for the second quarter were in line with plan. The estimated gold price impact on second quarter AISC(1) as a result of higher royalties due to average gold prices of approximately $4,380, versus gold price assumed in guidance of $4,250, amounts to approximately $20 per ounce. With quarterly production tracking in line with guidance and near-term increases in throughput and feed grade planned for the next quarters, costs for the balance of the year are expected to decline, consistent with the anticipated transition from mining and feeding predominantly oxide ores to a blend dominated by higher-grade fresh mineralization. As part of the quarterly production plan, various blending strategies were progressively deployed to support the implementation of new operational practices, automation improvements, and enhanced process controls aimed at consolidating CIL circuit performance with increased fresh ore feed. As noted above, with the progressive implementation of these initiatives and other operational improvements paired with increased feed grades and throughput, a corresponding reduction of unit costs is expected over subsequent quarters.
 Gold sales for the current quarter differed slightly from production due to the timing of shipments.
 Sadiola Expansion Project
 Processing improvements in the quarter 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 in the first half of 2027. 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.
 Allied concluded in the fourth quarter of 2025 that the best execution strategy for expansion at Sadiola is to progressively optimize, develop, and expand the current processing plant and ancillary infrastructure, rather than to build a new processing plant to treat fresh ore. This organic growth strategy allows for more efficient deployment of capital and management of execution risks, and it enables the same ultimate throughput of over 9 Mt/y of ore processed as defined in the previous studies, but with interim, organic steps at 7 Mt/y and 8 Mt/y. This strategy also enables the recovery improvement project and the energy program to be implemented progressively as throughput capacity expands, thereby improving capital efficiency and returns. During the quarter, the Company advanced processing improvements including 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 in the first half of 2027.
 The Company continues to advance engineering for the 7 Mt/y expansion in anticipation of the start of construction in late 2026, as well as the engineering and design for the subsequent expansion steps. In parallel, Allied continues to advance studies to increase recoveries for fresh ore, including test work and engineering for the flotation and Albion and other processes, as well as undertaking design and execution engineering for the new tailings dam construction and solar farm earthworks.
 Along with the advancement of the growth strategy for Sadiola, the Company is advancing its energy program for the asset and is undertaking a staged and scalable approach, having initially installed additional diesel generators and control systems to support the start of operations of the first phase expansion, followed by the implementation of a hybrid power solution, with the deployment of medium-speed thermal units and a photovoltaic plant with battery energy storage systems (“BESS”) sufficient to meet the power requirements of the Phase 1 expansion at reduced costs and providing the base for a scalable system capable of satisfying the energy needs of the next phase expansion, thereby providing Sadiola with a flexible power solution capable of meeting its ultimate power needs and reducing its emissions, while being self-reliant, efficient and cost-effective.
 Sadiola Exploration
 During the second quarter of 2026, exploratory and resource drilling programs were conducted on the Sadiola licence with a total of 74 holes drilled comprising 10,498 metres utilizing up to five exploration core and RC drill rigs. Resource and exploratory drilling programs continued and were expanded at Tambali North and along the Sadiola Main Deposit during the second quarter.
 At Tambali North, a program was designed to follow-up on historic oxide gold mineralization and test a model that suggests that the Tambali Deposit mineralization continued to the north into the Sadiola Main pit and that historic waste piles, lying above the north-northeast extension of the Tambali North mineralization, are locally gold-bearing. This program initially comprised six short drill lines spaced 200 metres apart. Results to date have been positive and the Company has advanced infill drilling at a 100 metre line spacing at Tambali North. As of the end of the second quarter of 2026, 68 holes, comprising 6,491 metres, had been completed with drilling continuing past the end of the quarter.
 Drilling continued at Sadiola Main during the quarter with 6 drill holes, totalling 4,007 metres. These holes are designed to test the southern strike extensions of the deposit, to test below previous drilling to begin to support an expansion of the reserve pit at depth, to evaluate Sadiola's underground potential and to test for depth extensions to the north-northeast trending structures that cut across the Sadiola Main shear zone. Additional holes are being planned with a goal to demonstrate depth extensions to the northern end of the Sadiola Main Zone and the northeast-trending cross-structures while gathering additional geological data to better define bedding-parallel mineralization across the entire deposit area.
 Induced polarization geophysical surveys continued over the S12 deposit area as part of a survey to test the Sekekoto West mineralized trend. S12 is a high-grade mineralized oxide zone that has been subject to karsting. One goal of the IP survey is to determine if resistivity data can be used to model the karsting and associated karst geological facies to enhance 3D modelling of this high-grade zone.
 For the remainder of 2026, Sadiola will see continued efforts with four to five drills dedicated to continue testing for, and extending, the gold mineralized structures at Sadiola Main, Tambali North, FE2 Trend, Sekekoto Trend, FE3/FE4, TK1, Mandakoto and Kenge. Exploration is focused on both oxide and shallow fresh mineralization. Oxide ore is favoured in the short term as it provides the plant with relatively inexpensive, high-quality ounces. The horizontal and down-dip/down-plunge limits of these systems are still open and as such, expectations of new discoveries and additions to the mineral inventory are high.
 Bonikro (89.89% interest), Côte d’Ivoire
 The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d’Ivoire (“Bonikro” or “Bonikro Mine”). The remaining ownership is split between the Government of Côte d’Ivoire (10%) and a local minority shareholder (0.11%).
 Bonikro is contiguous to Agbaou, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and potential synergies for the future.
 Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation.
 Bonikro Key Performance Information(100% Basis)For three months ended June 30,
 2026  2025 
Operating  
Ore mined (M tonnes) 0.75  0.59 
Waste mined (M tonnes) 1.26  5.05 
Ore processed (M tonnes) 0.62  0.63 
Gold  
Production (Ounces) 31,471  25,775 
Sales (Ounces) 30,120  22,517 
Feed grade (g/t) 1.75  1.26 
Recovery rate (%) 93.8% 95.0%
Total cost of sales per ounce sold(4)$1,496 $1,928 
Cash costs per ounce sold(1)$1,172 $1,384 
AISC per ounce sold(1)$1,409 $1,592 
Financial(In thousands of US Dollars)  
Revenue$111,566 $66,564 
Cost of sales (excluding DDA) (35,672) (31,361)
Gross profit excluding DDA(1)$75,894 $35,203 
DDA (9,400) (12,056)
Gross Profit$66,494 $23,147 
Capital Expenditures(In thousands of US Dollars)  
Sustaining(1)$1,377 $12,877 
Expansionary(1) 19,413  — 
Exploration(1) 1,258  2,292 
 Bonikro produced 31,471 ounces of gold during the three months ended June 30, 2026, compared with 25,775 ounces in the second quarter of the previous year, due to mine sequencing and a standout performance in relation to the production plan. The result was driven by higher feed grades, throughput, and recovery compared with the first quarter, 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, with variations between quarters expected as the mine tracks to its annual guidance targets. 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.
 Bonikro AISC(1) for the second quarter were better than plan and include capitalized stripping at PB5 incurred during 2024 and 2025, which is being amortized in 2026 and 2027. This represents over $140 per ounce of gold sold in the cost structure.
 Bonikro Mine Life Extension
 As previously discussed, the updated integrated production plan for Bonikro incorporates production from Hiré, Oumé, and Bonikro and demonstrates a mine life extension to 2036 based on the 2025 Proven and Probable Mineral Reserves, supporting average production of approximately 120,000 gold ounces per year.
 The Company is completing studies to increase the Bonikro plant’s processing capacity to 3.0–3.2 Mt/y. The expansion is expected to provide additional operating flexibility, support future production opportunities, and facilitate the incorporation of additional mineral inventory from exploration sources across the district. This increase is expected to build on the previously guided and ongoing processing plant throughput upgrades of approximately 0.5 million tonnes of ore per annum, intended to bring forward the processing of low-grade stockpiles at a rate of 15,000 to 20,000 gold ounces per annum, beginning in late 2026 to early 2027.
 In combination with the recently reported extension of mine life for Agbaou based on Proven and Probable Mineral Reserves to 2030, the new integrated Bonikro LOM plan 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 cumulative production from 180,000 gold ounces per year to 200,000 gold ounces per year).
 Hiré Exploration
 In the second quarter of 2026, drilling at Hiré focused on testing for oxides along the eastern extension of the Chapelle orebody. In total 29 holes comprising 3,295 metres were drilled with the bulk of the holes completed with an RC drill.
 Drone magnetic surveying was completed in the second quarter with 5,557.3 metres flown in the quarter. In total, 10,405 linear kilometres of 25- and 50-metre spaced drone magnetic lines were completed over the Oumé and Hire areas. This survey is designed to better define the structural zones that are associated with the gold zones to improve targeting success. As well, a secondary goal of the magnetic survey is to identify additional Bonikro Mine-type porphyritic felsic intrusions, which have been demonstrated to host significant gold zones.
 Oumé Exploration
 Following the successful Oumé exploration program, which resulted in the declaration of initial Proven and Probable Mineral Reserves containing approximately 585,000 ounces of gold, the Company expanded its exploration efforts to test for extensions to the Oumé gold system. In the first quarter of 2026, exploration resumed over the projected eastern extent of the Oumé mineralized system, with 118 holes totalling 5,946 metres. Late in the second quarter, scout drilling also commenced testing targets developed immediately west and southwest of the Oumé deposits at the Dougbafla Junction and #5 targets.
 Agbaou (85% interest), Côte d’Ivoire
 Agbaou is an open pit gold mine, located in the Oumé region of Côte d’Ivoire. The remaining ownership is split between the Government of Côte d’Ivoire (10%) and the SODEMI development agency (5%).
 Agbaou is contiguous to Bonikro, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and significant synergies for the future.
 Agbaou Key Performance Information(100% Basis)For three months ended June 30,
 2026  2025 
Operating  
Ore mined (M tonnes) 0.43  0.41 
Waste mined (M tonnes) 4.46  9.71 
Ore processed (M tonnes) 0.55  0.59 
Gold  
Production (Ounces) 17,878  15,959 
Sales (Ounces) 18,231  14,938 
Feed grade (g/t) 1.10  0.89 
Recovery rate (%) 94.5% 94.7%
Total cost of sales per ounce sold(4)$1,643 $2,267 
Cash costs per ounce sold(1)$1,539 $2,085 
AISC per ounce sold(1)$2,047 $3,104 
Financial(In thousands of US Dollars)  
Revenue$71,708 $46,430 
Cost of sales (excluding DDA) (26,488) (30,366)
Gross profit excluding DDA(1)$45,220 $16,064 
DDA (3,458) (3,495)
Gross Profit$41,762 $12,569 
Capital Expenditures(In thousands of US Dollars)  
Sustaining(1)$6,400 $13,721 
Expansionary(1) —  — 
Exploration(1) 1,723  989 
 Agbaou produced 17,878 ounces of gold during the three months ended June 30, 2026, compared to 15,959 ounces in the corresponding quarter of the previous year and was aligned with the plan. Ore mined and tonnes processed were 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.
 Agbaou AISC(1) for the second quarter were better than plan. Optimization initiatives and operational enhancements are in progress, with Bonikro serving as the benchmark. Agbaou is expected to follow as these measures are implemented and scaled, targeting reduced costs in the next quarters.
 Agbaou Mine Life Extension
 As previously disclosed, the Company updated the Mineral Reserves and Mineral Resources for Agbaou, resulting in a 60% increase in the Proven and Probable Reserves. As a result, the mine life for Agbaou based on Mineral Reserves 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.
 Agbaou Exploration
 At Agbaou, Allied actively pursues opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. During the quarter, 48 holes totalling 7,371 metres were completed with up to five drills operating. These holes tested the down-dip extensions of known gold-bearing ore bodies and new gold zones. This sustained effort, which commenced in July 2025, was completed late in the second quarter, 2026 with 129 holes totalling 30,410 metres drilled. As a result of this program, a new lens of gold mineralization was discovered which has led to a follow-up 30 hole, 5,500 metre drill program which was 55% complete at the end of the quarter.
 Drilling commenced over the Agbaou South target, an area of historic gold intercepts and anomalous gold-in-soil values, late in the second quarter. This seven hole, 1,560 metre initial drill program is expected to be completed in the third quarter.
 Looking forward in 2026, additional drill programs are anticipated in the Agbaou pit for both oxide and fresh mineralization and west of South Sat 3 for oxides.
 Kurmuk 
 The development of the Kurmuk Mine continued to meet key execution milestones during the second quarter and remains on budget and schedule. Commissioning activities have begun and will continue into the third quarter, ahead of the planned start of operations in August. Mining activities continue to advance well, with ore stockpiles being progressively established to support at least three months of plant feed ahead of start-up and ramp-up. Exploration efforts continued to test extensions of known deposits and to develop new mineralized areas, with the objective of defining over 5 million ounces of mineral inventory.
 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 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.
 Along with the advancement of the project and as previously disclosed, the Company completed a review of the capacity of the processing plant in consideration of the ore inventory and the exploration progress at Dish Mountain, Ashashire, Tsenge, and other targets within the mine's prolific land package. Allied made a strategic decision to maximize the operational flexibility for Kurmuk since the start of operations, and is now targeting an average sustaining processing capacity of up to 6.4 Mt/y. This increased flexibility has been incorporated into the project execution plan, with subsequent optimizations to the leaching circuit expected to be deployed in the future years to increase fresh ore recoveries. The enhancements and optimizations are expected to make Kurmuk a stronger, de-risked operation upon commencement of production, providing upside and operational flexibility, aligning with the Company’s long-term strategy of maximizing value at each of the Company's assets.
 Kurmuk Project Exploration
 At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized system remaining open. At Tsenge, near-term exploration is focused on defining the extent of higher-grade zones and updating the mineralization models with a medium-term exploration goal of evaluating the entire 9-kilometre strike length of the gold-in-soil anomalies at Tsenge. A significant amount of highly successful trenching continues to be carried out at Tsenge, confirming the bedrock expression of the mineralized lenses that are coincident and proximal the regional, to the gold-in-soil anomalies aligned along this 9 km long trend. A second-pass drill program completed over the Urchin Prospect, located adjacent to the Ashashire haul road, yielded positive results that will require follow-up drilling.
 For three months endedJune 30, 2026Production GoldOuncesSales GoldOuncesCost of Sales PerGold OunceSoldCash Cost(1)PerGold OunceSoldAISC(1)Per GoldOunce Sold
Sadiola Gold Mine48,08045,619$2,689$2,573$2,766
Bonikro Gold Mine31,47130,120$1,496$1,172$1,409
Agbaou Gold Mine17,87818,231$1,643$1,539$2,047
Total97,42993,970$2,104$1,923$2,192
 
 Summary of Capital ExpendituresFor six months ended June 30, 2026 2025 2026 2025 2026 2025 2026 2025
(In thousands of US Dollars)Sustaining(1)Expansionary(1)Exploration(1)Total
Sadiola$4,555$2,087$18,960$23,245$185$153$23,700$25,485
Bonikro 2,279 27,805 19,413 48 3,711 4,266 25,403 32,119
Agbaou 14,845 24,552 — 31 3,103 1,677 17,948 26,260
Kurmuk and Ethiopia — — 167,673 127,446 3,458 — 171,131 127,446
Capitalized borrowings and Other 1 74 26,294 18,402 — — 26,295 18,476
Total$21,680$54,518$232,340$169,172$10,457$6,096$264,477$229,786
 All expenditures associated with Kurmuk for the period are classified as Expansionary in nature, including exploration activities.
 FINANCIAL SUMMARY AND KEY STATISTICS
 Key financial operating statistics for the second quarter 2026 are outlined in the following tables.
 (In thousands of US Dollars, except for shares and per share amounts) (Unaudited)For three months ended June 30,For six months ended June 30,
 2026  2025  2026  2025 
Revenue$366,298 $251,979 $760,408 $598,386 
Cost of sales, excluding depreciation, depletion and amortization ("DDA") (179,831) (164,902) (383,090) (372,694)
Gross profit excluding DDA(1)$186,467 $87,077 $377,318 $225,692 
DDA (17,839) (21,186) (37,762) (40,143)
Gross profit$168,628 $65,891 $339,556 $185,549 
General and administrative expenses$(16,491)$(27,713)$(85,649)$(46,565)
Exploration and evaluation expenses (4,229) (3,810) (7,847) (7,337)
Gain (loss) on revaluation of financial instruments 5,494  (13,971) (32,345) (28,087)
Other losses (6,198) (18,621) (8,725) (17,493)
Net earnings before finance costs and income tax$147,204 $1,776 $204,990 $86,067 
Finance costs (9,659) (2,764) (15,457) (8,074)
Net earnings (loss) before income tax 137,545  (988) 189,533  77,993 
Current income tax expense$(55,257)$(14,560)$(120,092)$(42,260)
Deferred income tax (expense) recovery (32,413) 24  (64,030) (11,320)
Net earnings (loss) for the period$49,875 $(15,524)$5,411 $24,413 
     
Earnings (loss) attributable to:    
Shareholders of the Company$37,245 $(25,410)$(21,081)$(10,286)
Non-controlling interests 12,630  9,886  26,492  34,699 
Net earnings (loss) for the period$49,875 $(15,524)$5,411 $24,413 
     
Net earnings (loss) per share attributable to shareholders of the Company    
Basic$0.29 $(0.22)$(0.17)$(0.09)
Diluted$0.27 $(0.22)$(0.17)$(0.09)
 
 (In thousands of US Dollars, except per share amounts)For three months ended June 30,For six months ended June 30,
 2026  2025  2026  2025 
Net Earnings (Loss) attributable to Shareholders of the Company$37,245 $(25,410)$(21,081)$(10,286)
Net Earnings (Loss) attributable to Shareholders of the Company per Share$0.29 $(0.22)$(0.17)$(0.09)
Revaluation of financial instruments (5,494) 13,971  32,345  28,087 
Depreciation of Korali share-based payment for permit —  876  —  4,756 
Foreign exchange 6,261  292  9,688  3,335 
Share-based compensation 1,130  17,170  56,330  21,277 
Other 5,595  16,490  8,215  27,439 
Tax adjustments 10,676  (7,168) 18,515  (13,314)
Total increase to Attributable Net Earnings(2)$18,168 $41,631 $125,093 $71,580 
Total increase to Attributable Net Earnings(2)per share$0.14 $0.37 $0.99 $0.64 
Adjusted Net Earnings(1)$55,413 $16,221 $104,012 $61,294 
Adjusted Net Earnings(1)per Share$0.44 $0.14 $0.83 $0.55 
 
 (In thousands of US Dollars)For three months ended June 30,For six months ended June 30,
  2026  2025  2026  2025 
Operating cash flows before income tax paid and working capital(5)$132,958 $115,975 $295,672 $216,763 
Income tax paid$(129,692)$(14,158)$(140,160)$(22,062)
Settlement of Claim Matters$— $(42,198)$— $(42,198)
Operating cash flows before movements in working capital(5)$3,266 $59,619 $155,512 $152,503 
Working capital movement(5) (70,630) (37,376) (165,581) (8,751)
Net cash (used in) generated from Operating activities$(67,364)$22,243 $(10,069)$143,752 
Net cash used in Investing activities (158,903) (97,357) (268,233) (201,227)
Net cash (used in) generated from Financing activities (888) 62,405  (1,144) 55,347 
Net decrease in cash and cash equivalents$(227,155)$(12,709)$(279,446)$(2,128)
 Net cash used in operating activities for the three months ended June 30, 2026 was $67.4 million. This compares to an inflow of $22.0 million in the prior year comparative quarter. Current period cash was positively impacted by strong gold sales and high realized gold prices. Prior year cash flows were positively impacted by the sale of Korali inventory in the first quarter of 2025 from 2024 which significantly increased sales quantities, while positively impacting working capital due to the sale. Working capital movements reflect normal course fluctuations, primarily driven by the planned buildup of stockpiles, the timing of VAT receivable recoveries, the timing of accounts payable settlements, and the planned ongoing normalization of royalty payables.
 Operating cash flows before income tax paid and movements in working capital for the three months ended June 30, 2026 increased significantly, at an inflow of $133.0 million compared with the prior year comparative quarter inflow of $116.0 million. This was due to higher realized gold prices and quantities.
 As at June 30, 2026, the Company had cash and cash equivalents of $192.2 million, compared with $479.8 million as at December 31, 2025.
 
 ALLIED GOLDCONDENSED CONSOLIDATED INTERIM STATEMENT OF EARNINGS (LOSS) (UNAUDITED)(In thousands of US Dollars except for shares and per share amounts) (Unaudited)For three months ended June 30,For six months ended June 30,
 2026  2025  2026  2025 
Revenue$366,298 $251,979 $760,408 $598,386 
Cost of sales, excluding depreciation, depletion and amortization ("DDA") (179,831) (164,902) (383,090) (372,694)
DDA (17,839) (21,186) (37,762) (40,143)
Gross profit$168,628 $65,891 $339,556 $185,549 
General and administrative expenses$(16,491)$(27,713)$(85,649)$(46,565)
Exploration and evaluation expenses (4,229) (3,810) (7,847) (7,337)
Gain (loss) on revaluation of financial instruments 5,494  (13,971) (32,345) (28,087)
Other losses (6,198) (18,621) (8,725) (17,493)
Net earnings before finance costs and income tax$147,204 $1,776 $204,990 $86,067 
Finance costs$(9,659)$(2,764)$(15,457)$(8,074)
Net earnings (loss) before income tax$137,545 $(988)$189,533 $77,993 
Current income tax expense$(55,257)$(14,560)$(120,092)$(42,260)
Deferred income tax (expense) recovery (32,413) 24  (64,030) (11,320)
Net earnings (loss) for the period$49,875 $(15,524)$5,411 $24,413 
     
Earnings (loss) attributable to:    
Shareholders of the Company$37,245 $(25,410)$(21,081)$(10,286)
Non-controlling interests 12,630  9,886  26,492  34,699 
Net earnings (loss) for the period$49,875 $(15,524)$5,411 $24,413 
     
Earnings (loss) per share attributable to shareholders of the Company    
Basic$0.29 $(0.22)$(0.17)$(0.09)
Diluted$0.27 $(0.22)$(0.17)$(0.09)
 
 
 ALLIED GOLDCONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS (UNAUDITED)(In thousands of US Dollars) (Unaudited)For three months ended June 30,For six months ended June 30,
 2026  2025  2026  2025 
Net inflow (outflow) of cash related to the following activities    
Operating    
Net earnings (loss) for the period$49,875 $(15,524)$5,411 $24,413 
Income tax expense 87,670  14,536  184,122  53,580 
Adjustments for:    
Share-based expense (22,952) 17,170  32,248  21,277 
DDA 17,938  22,103  37,960  41,213 
(Gain) loss on revaluation of financial instruments (7,446) 16,337  26,126  30,453 
Other losses 1,371  16,507  3,898  4,269 
Non-cash revenue from stream arrangements (3,157) (1,668) (9,550) (10,266)
Finance costs 9,659  2,764  15,457  8,074 
Proceeds from streaming arrangements —  43,750  —  43,750 
Operating cash flows before income tax paid, government settlements and movements in working capital$132,958 $115,975 $295,672 $216,763 
Income tax paid (129,692) (14,158) (140,160) (22,062)
Settlement of Mali matters —  (42,198) —  (42,198)
Operating cash flows before movements in working capital$3,266 $59,619 $155,512 $152,503 
Increase in trade receivables, prepayments and other receivables (19,065) (8,026) (42,798) (30,616)
(Increase) decrease in inventories (56,973) (14,602) (79,355) 34,959 
Increase (decrease) in trade and other payables 5,408  (14,748) (43,428) (13,094)
Net cash (used in) generated from operating activities$(67,364)$22,243 $(10,069)$143,752 
Investing activities    
Additions of mineral property, plant and equipment (153,631) (93,502) (253,267) (190,590)
Borrowing costs capitalized —  —  (4,694) (4,694)
Capitalized exploration and evaluation (5,272) (3,855) (10,272) (5,943)
Net cash used in investing activities$(158,903)$(97,357)$(268,233)$(201,227)
Financing activities    
Proceeds from offerings$— $66,784 $— $66,784 
Offering transaction costs —  (4,896) —  (4,896)
Dividend paid to NCI —  —  —  (6,677)
Repayment of lease principal (547) (258) (1,088) (639)
Other interest received or finance costs (paid) (341) 775  (56) 775 
Net cash (used in) generated from financing activities$(888)$62,405 $(1,144)$55,347 
Net decrease in cash and cash equivalents$(227,155)$(12,709)$(279,446)$(2,128)
Cash and cash equivalents at beginning of period 424,200  232,250  479,777  224,994 
Effect of foreign exchange rate changes (4,839) (898) (8,125) (4,223)
Cash and cash equivalents, end of the period$192,206 $218,643 $192,206 $218,643 
 
 ALLIED GOLDCONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)(In thousands of US dollars) (Unaudited)As at June 30, 2026As at December 31, 2025
Assets  
Current assets  
Cash and cash equivalents$192,206 $479,777 
Trade receivables, prepayments, and other receivables 162,777  117,093 
Derivative financial asset 3,103  26,703 
Inventories 198,623  140,136 
Total current assets$556,709 $763,709 
Non-current assets  
Mineral property, plant and equipment$1,491,394 $1,240,630 
Trade receivables, prepayments and other receivables 46,638  28,798 
Deferred tax assets 131  3,377 
Inventories 90,925  70,056 
Restricted cash 15,546  17,109 
Total non-current assets$1,644,634 $1,359,970 
Total assets$2,201,343 $2,123,679 
   
Liabilities and Total Equity  
Current liabilities  
Trade and other payables$391,392 $373,193 
Derivative financial liability 55,559  167,260 
Income tax payable 155,580  177,122 
Provisions 10,307  16,134 
Deferred and contingent consideration 30,121  30,117 
Borrowings 165,050  154,312 
Deferred revenue 113,038  67,427 
Lease obligations 7,213  2,999 
Total current liabilities$928,260 $988,564 
Non-current liabilities  
Provision for reclamation and closure costs 189,181  187,623 
Deferred tax liability 116,893  56,071 
Deferred and contingent consideration 46,403  44,906 
Deferred revenue 270,830  329,373 
Lease obligations 23,172  12,463 
Total non-current liabilities$646,479 $630,436 
Total liabilities$1,574,739 $1,619,000 
   
Equity  
Share capital$832,999 $813,355 
Retained earnings (deficit) (301,887) (280,806)
Accumulated OCI (55,156) (155,854)
Share-based payments reserve 27,086  30,914 
Total equity attributable to shareholders of the Company$503,042 $407,609 
Non-controlling interests 123,562  97,070 
Total equity$626,604 $504,679 
Total liabilities and shareholders' equity$2,201,343 $2,123,679 
 
 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 (“NI 43-101”).
 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 aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.
 For further information, please contact:
 Allied Gold CorporationRoyal Bank Plaza, North Tower200 Bay Street, Suite 2200Toronto, Ontario M5J 2J3 Canada
 Email: [email protected]
 END NOTES
 (1)   This is a non-GAAP financial performance measure and ratio. Refer to the Non-GAAP Financial Performance Measures section below in this news release.(2)   Net earnings and adjustments to net earnings represent amounts attributable to Allied Corporate equity holders.(3)   Included in gold ounces sold for the three months ended March 31, 2025 are 8,155 ounces from Korali-Sud not included in revenue, as they were distributed to the Government of Mali as an advance dividend-in-kind at prevailing market prices.(4)   Historically, Cost of sales was presented inclusive of DA. Cost of sales is the sum of mine production costs, royalties, and refining cost, while DA refers to the sum of depreciation and amortization of mining interests. Starting in the prior year, these figures appear on the face of the Consolidated Financial Statements. The metric “Total cost of sales per ounce sold” is defined as Cost of sales inclusive of DA, divided by ounces sold.(5)   Working Capital movement refers to the sum of                a. (Increase) / decrease in trade and other receivables        b. (Increase) / decrease in inventories        c. Increase / (decrease) in trade and other payables
 NON-GAAP FINANCIAL PERFORMANCE MEASURES
 The Company has included certain non-GAAP financial performance measures and ratios to supplement its Condensed Consolidated Interim Financial Statements, which are presented in accordance with IFRS, including the following:
 Cash costs per gold ounce sold;
AISC per gold ounce sold;
Gross profit excluding DDA;
Sustaining, Expansionary and Exploration Capital Expenditures;
Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share; and
EBITDA and Adjusted EBITDA
 The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.
 Non-GAAP financial performance measures, including cash costs, AISC, Adjusted AISC, Gross profit excluding DA, Sustaining, Expansionary and Exploration Capital Expenditures, Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share, EBITDA and Adjusted EBITDA, do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
 Management’s determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are described and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.
 The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a Company’s ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure.
 CASH COSTS PER GOLD OUNCE SOLD
 Cash costs(1) include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude DDA, exploration costs, accret