Allied Gold第二季收入增45% 黃金產量升7%至9.7萬盎司

EX-99.1
2
alliedgoldmda2026q2.htm
EX-99.1

Document

MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS AND FINANCIAL CONDITION

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026

TABLE OF CONTENTS

1HIGHLIGHTS AND RELEVANT UPDATES4

2CORE BUSINESS, STRATEGY AND OUTLOOK13

3REVIEW OF FINANCIAL RESULTS13

4REVIEW OF OPERATIONS AND MINE PERFORMANCE19

5CONSTRUCTION, DEVELOPMENT AND OTHER CORPORATE INITIATIVES27

6MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES31

7FINANCIAL CONDITION AND LIQUIDITY34

8ECONOMIC TRENDS, BUSINESS RISKS AND UNCERTAINTIES37

9CONTINGENCIES39

10CRITICAL ACCOUNTING POLICIES AND ESTIMATES39

11NON-GAAP FINANCIAL PERFORMANCE MEASURES41

12CAUTIONARY STATEMENTS AND INTERNAL CONTROLS OVER FINANCIAL REPORTING47

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

MANAGEMENT’S DISCUSSION AND ANALYSIS OF OPERATIONS & FINANCIAL CONDITION

This Management’s Discussion and Analysis of Operations and Financial Condition (“MD&A”), authorized for issuance by the Board of Directors of the Company on August 5, 2026, should be read in conjunction with Allied Gold Corporation’s (“Allied” or the “Company”) condensed consolidated interim financial statements for the three and six months ended June 30, 2026 (“Condensed Consolidated Interim Financial Statements”) and the most recently issued annual consolidated financial statements for the year ended December 31, 2025 (“Consolidated Financial Statements”). All figures are in United States Dollars (“US Dollars”) unless otherwise specified. The Condensed Consolidated Interim Financial Statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”, as issued by the International Accounting Standards Board (“IASB”).

The Company has included certain non-GAAP financial performance measures, which the Company believes, that 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 do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar non-GAAP financial performance measures employed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The non-GAAP financial performance measures included in this MD&A, include:

•Cash costs per gold ounce sold (“cash costs”), for which the most directly comparable IFRS measure is cost of sales; 
•All-in sustaining costs (“AISC”) per gold ounce sold, for which the most directly comparable IFRS measure is cost of sales; 
•Gross profit excluding Depreciation, Depletion and Amortization (“DDA”);
•Sustaining, and non-sustaining (expansionary and exploration) capital expenditures; 
•Adjusted Net Earnings (Loss), for which the most directly comparable IFRS measure is Net Earnings (Loss); and
•Earnings before Interest, Taxes, DDA ("EBITDA") and Adjusted EBITDA, for which the most directly comparable IFRS measure is Net Earnings (Loss).

Reconciliations and descriptions associated with the above non-GAAP financial performance measures can be found in Section 11: Non-GAAP Financial Performance Measures in this MD&A. In addition, each non-GAAP financial performance measure in this MD&A has been annotated with a reference to endnote (1), which are provided on the final page of this MD&A.

Cautionary statements regarding forward-looking information, mineral reserves and mineral resources and statements on internal controls over financial reporting can be found in Section 12: Cautionary Statements and Internal Controls Over Financial Reporting in this MD&A.

Additional information relating to the Company, not incorporated as part of this MD&A, including the Annual Information Form of the Resulting Issuer (as defined herein), is available on SEDAR+ at www.sedarplus.com and EDGAR at www.sec.gov. 

 | 3

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

1.    HIGHLIGHTS AND RELEVANT UPDATES

Allied Gold Corporation (“Allied”, “Allied Gold” or the “Company”) is a Canadian-based emerging senior gold producer with a portfolio of three operating gold mines, a significant gold development project, and exploration properties throughout Africa, located in Mali, Côte d’Ivoire, and Ethiopia. Allied plans to continue building on this base through expansion and optimization initiatives at its existing operating assets, the development of new mines, and the advancement of its exploration projects.

Allied is positioned for substantial growth, with a path to increase sustainable production to approximately 800,000 ounces by 2029. This robust growth trajectory, expected to drive a compounded and disproportionate increase in cash flows and profitability, is underpinned by the Company's exploration success and proven track record of reserve replacement and resource growth, notably at both Sadiola and the Côte d'Ivoire mines. Additionally, the Company benefits from low-risk, phased expansion projects that can be implemented quickly, such as the Kurmuk Project in Ethiopia currently under construction, and the Sadiola expansion project.

Allied is committed to developing high-quality mining assets and delivering shareholder value and returns. This is achieved by investing in high-potential generational assets and implementing operational improvements to enhance productivity, reduce costs, and increase cash flows. The aggregate ownership of management and Board members in the Company demonstrates strong alignment with shareholders and a firm commitment to value creation. 

The Company is listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) under the ticker symbol AAUC. In addition, its publicly traded convertible debentures are listed on the TSX, trading in U.S. dollars under the symbol AAUC.DB.U. 

Operational, Earnings and Cash Flows Highlights:

For the three months ended June 30, 2026, unless otherwise noted

•Quarterly consolidated production of 97,429 gold ounces, in line with plan and representing a 7% increase over prior year comparative production, as follows:

For three months ended June 30, 2026
For three months ended June 30, 2025

Sadiola48,080 49,283 
Bonikro31,471 25,775 
Agbaou17,878 15,959 
Consolidated97,429 91,017 

•Bonikro delivered the strongest contribution, Sadiola improved through the quarter, and Agbaou continued its planned transition to a higher proportion of fresh ore. 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 the Company's newest operation, the Kurmuk Mine. 

•The strong cumulative production for the first half of 2026 positions the Company well to meet the production guidance for its producing mines of 385,000 to 425,000 gold ounces. As previously disclosed, production for the operating assets is expected to be slightly weighted toward the second half of the year, with sequential increases in production expected in the upcoming quarters at Sadiola, and CDI Complex production quarterly output driven by mine sequence. This is expected to be a normalized annual production level from the producing assets going forward, and the Kurmuk Mine will meaningfully contribute to further growth above this current level once in production. 

•During the quarter, and since the beginning of the year, the Company has advanced initiatives that have improved and will continue to improve its production profile, expand mineral inventories, strengthen cash flow generation and advance its growth projects. The development of the Company’s Kurmuk Mine, with its start of operations expected in August and first gold following a few weeks thereafter, together with the ongoing optimization and growth initiatives at Sadiola, the previously announced extension of Bonikro’s mine life and continued growth in Mineral Reserves and Mineral Resources at the Côte d'Ivoire Complex, continue to support the scale, quality and longevity of the Company’s asset portfolio. The commencement of production at the Kurmuk Mine in the third quarter of this year, and its robust annual production profile thereafter at industry-
 | 4

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

leading costs, are expected to reposition and transform Allied’s already strong cash flow generation, leading to increased shareholder returns.

•Sales of 93,970 gold ounces, differing slightly from production due to the timing of shipments of production and sale of inventory.

•Total cost of sales(4), cash costs(1) and AISC(1) were $2,104, $1,923, and $2,192, 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.

•Operating highlights by mine for the quarter as follows:

For three months ended
June 30, 2026
Production Gold OuncesSales Gold OuncesCost of Sales Per Gold Ounce SoldCash Cost(1) Per Gold Ounce Sold
AISC(1) Per Gold Ounce Sold

Sadiola Gold Mine48,080 45,619 $2,689 $2,573 $2,766 
Bonikro Gold Mine31,471 30,120 $1,496 $1,172 $1,409 
Agbaou Gold Mine17,878 18,231 $1,643 $1,539 $2,047 
Total97,429 93,970 $2,104 $1,923 $2,192 

•As at June 30, 2026, the Company had cash and cash equivalents of $192.2 million. The Company has immediately available credit of $50.0 million (inclusive of a $10.0 million accordion) under its revolving credit facility, which remains undrawn. The difference from the previous quarter-end cash balance is predominantly attributable to growth capital expenditures, particularly for the development of the Kurmuk Mine, as well as normal-course and expected tax payments and working capital movements during the period. Cash balances are expected to increase through the remainder of the year, supported by the start of operations at the Kurmuk Mine, which is expected in August. On a pro forma basis, liquidity will be further strengthened by the proceeds of the recently announced $295 million strategic investment by Zijin Gold, as described in Transaction with Zijin Gold, within the Financing and Corporate Development Highlights section of this MD&A.

•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. Current period cash was positively impacted by strong gold sales and high realized gold prices. 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. 

•Net Earnings Attributable to the Shareholders to the Company (“Attributable Net Earnings”) for the three months ended June 30, 2026 was $37.2 million or $0.29 per share. Management believes that certain adjustments for items that may not be reflective of current and on-going operations are appropriate, and better reflect the underlying economic results. Adjustments include unrealized gains and losses on financial instruments and foreign exchange, along with share-based compensation largely impacted by share price movements and certain tax adjustments. After these adjustments, the Company reports Adjusted Net Earnings(1) of $55.4 million or $0.44 per share. Details of the adjustments can be found in the Summary of Financial Results discussion below.

•EBITDA(1) and Adjusted EBITDA(1) for the for the three months ended June 30, 2026 were $165.0 million and $166.9 million respectively. EBITDA(1) was impacted by unrealized mark-to-market on the Company's convertible debentures. The debentures will either be settled in cash at their face value at maturity, or converted at the pre-determined conversion ratio. The unrealized mark-to-market losses, which reflect fluctuations in the trading value of the publicly listed debentures, did not and will not result in cash outflows upon settlement above face value. Further, EBITDA(1) was impacted by remeasurements of contingent consideration. For consistency of showing underlying economic results, these losses are removed from the calculation of Adjusted EBITDA(1). The Company's strong Adjusted EBITDA(1) demonstrates its strong cash-flow generating ability and continued operational efficiency.

•At Kurmuk, the project continues to target the start of operations in August and first gold following a few weeks thereafter. 
 
 | 5

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

The Project execution continued to progress well during the quarter. Key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities. 
 
While the Company targets to maximize production for the partial year of production in 2026 and had previously guided a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on the production expectations for the second half of the year once operations commence in the third quarter. Following the commissioning and ramp-up of the Kurmuk Mine in the second half of 2026, the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028, all at industry-leading costs.

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.

•At Sadiola, 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.

•As previously disclosed, 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, initially having installed additional state-of-the-art diesel generators and control systems, followed by the implementation of a hybrid power solution, with the deployment of more efficient 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. The systems will then be scaled up to satisfy the energy needs of the next phase expansion, providing Sadiola with a flexible power solution capable of meeting its ultimate power needs, while being self-reliant, efficient and cost-effective. Please refer to the Sadiola Energy Program section for further details. 

•In relation to the exploration program at Côte d’Ivoire, second quarter activities reflect a continuation of the programs initiated in prior periods along with the initiation of work over new exploration targets, with the objective of translating drilling and technical work into tangible mine life extensions and improvements to mine plans. The results to date provide a solid foundation.

At Agbaou, infill drilling, both within and below a $2,300 resource pit shell completed in the first half of 2026, has demonstrated the continuity of the mineralized lenses which has allowed for the conversion of Inferred Mineral Resources to Indicated Mineral Resources as a necessary step to defining new reserves. Updated reserves support the case for extending mine life beyond what is currently defined, with ongoing work aimed at adding additional gold-bearing lenses within and proximal the currently defined resource pit. In parallel, testing of the higher grade portions of select gold-bearing lenses as underground opportunities are being evaluated. Early-stage evaluation and drilling are focused on defining the scale and down-plunge continuity of mineralization, with the objective of establishing a complementary production profile to the open pit. Consequently, the Company announced Mineral Reserves and Mineral Resources updates for Agbaou, demonstrating 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. 

At Bonikro, exploration efforts remain active, with infill and scout drill programs being carried out and planned over the Bonikro West, Oumé and Hiré areas. These areas represent a strategic priority, with ongoing work aimed at both identifying additional targets and drill testing of targets to support growing a pipeline of future development opportunities to support long-term growth.

 | 6

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

•With respect to certain commentary including media and other reports referencing security matters in certain host nations in which Allied operates, the Company reiterates that any such security matters have been, and continue to be, effectively managed by the host nations and, with respect to such security matters more closely associated with the operations of the Company, by the Company, as demonstrated by the strong operational performance of the Company’s portfolio of assets which have been and continue to be operated without interruption to supply chains or otherwise. In all respects, business is being conducted in the host nations and in local communities within those host nations in the normal course, and Allied continues with its operational, development, exploration, and growth plans as reflected herein.

•The Company believes that there is significant value inherent in its assets and prospects and that underlying value is expected to increase throughout the year and thereafter as the Company continues to execute its operational and development objectives and pursue its growth. Management and the Board of Directors fully believe this value proposition and in that context, the Chairman and Vice Chairman of Allied, have advised the Company that as they believe the share price does not fully reflect the Company’s value proposition and prospects, they intend to acquire additional common shares of the Company through open-market purchases subject to prevailing market conditions and regulatory requirements thereby lending support to market stability. 

Financing and Corporate Development Highlights:

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, 2026. 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.

 | 7

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

Sustainability, Health and Safety Highlights:

Sustainability:

The Company's sustainability framework includes principles and expectations which are to be implemented to build a common understanding and approach to sustainability performance. The frameworks has the objective of enhancing the integration of sustainability within the Company’s strategy, operational processes, and culture.

During the second quarter of 2026, the Company continued to support the development of its sustainability culture with the preparation of the sustainability report as well as the implementation of its 2026 annual plan, both at corporate and at its sites.

Health and Safety:

All rates are calculated on a 1,000,000 exposure-hour basis.

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 year ended December 31, 2025.

The Company’s TRIR for the six months ended June 30, 2026 was 1.63, compared to a TRIR of 1.21 for the year ended December 31, 2025.

In terms of Lost Time Injuries (“LTI”), the Company reported two LTI for the three months ended June 30, 2026, which results in a Company Lost Time Injury rate (“LTIR”) for the three months ended June 30, 2026 of 0.29, compared to a LTIR of 0.29 for the 12 months ended December 31, 2025.

For the six months ended June 30, 2026, the Company reported five LTI, compared to three LTI in the comparative prior year period, which results in a LTIR of 0.37, compared to a LTIR of 0.29 for the 12 months ended December 31, 2025.

Environment and Social:

The Company did not report any significant Environmental Incidents for the three and six months ended June 30, 2026. 

The Company did not report any significant Social Incidents for the three and six months ended June 30, 2026.

 Summary of Operational Results

For three months ended June 30,
For six months ended June 30,

2026
2025
2026
2025

Gold ounces
Production97,429 91,017 193,445 175,057 
Sales(8)
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*$4,382 $3,246 4,568 3,000 

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.
 | 8

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

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. 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.

Gold sales(8) of 93,970 ounces for three months ended June 30, 2026 compared to 81,103 ounces sold in the comparative period quarter, commensurate with the increase in production and timing of sales in the comparative quarter.

Gold production was 193,445 ounces during the six months ended June 30, 2026, compared to 175,057 ounces in the comparative 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 $2,171 for the year, compared to $2,019 in the comparative prior year. Cash costs(1) on a gold ounce sold basis were $1,988 for the six months ended June 30, 2026, compared to $1,800 in the comparative prior year. AISC(1) for the year was $2,229 compared to $2,014 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.

Gold sales(8) of 193,848 ounces for year ended June 30, 2026 compared to 212,623 ounces sold in the comparative year. The variance in sales ounces is associated with the comparative prior year period, which was positively impacted by Korali-Sud gold production for the fourth quarter of 2024 being sold early in 2025, as previously disclosed.

 | 9

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

Summary of Financial Results:

(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 interests12,630 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)

Attributable Net Earnings for the three months ended June 30, 2026 was $37.2 million, compared to an Attributable Net Loss of $25.4 million in the comparative prior year quarter. Management believes that certain adjustments for items that may not be reflective of current and on-going operations are appropriate, and better reflect the underlying economic results. Adjustments include unrealized gains and losses on financial instruments and foreign exchange, along with share-based compensation largely impacted by share price movements and certain tax adjustments. After these adjustments, the Company reports Adjusted Net Earnings(1) of $55.4 million for the current quarter, compared to Adjusted Net Earnings(1) of $16.2 million in the comparative prior year quarter. 

EBITDA(1) and Adjusted EBITDA(1) for the three months ended June 30, 2026 were $165.0 million and $166.9 million respectively, compared to earnings of $23.0 million and $71.7 million for the prior year comparative period. EBITDA(1) was impacted by unrealized mark-to-market on the Company's convertible debentures. The debentures will either be settled in cash at their face value at maturity, or converted at the pre-determined conversion ratio. The unrealized mark-to-market losses, which reflect fluctuations in the trading value of the publicly listed debentures, did not and will not result in cash outflows upon settlement above face value. Further, EBITDA(1) was impacted by remeasurements of contingent consideration. For consistency of showing underlying economic results, these losses are removed from the calculation of Adjusted EBITDA(1). The Company's strong Adjusted EBITDA(1) demonstrates its strong cash-flow generating ability and continued operational efficiency. 

 | 10

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

Attributable Net Loss for the six months ended June 30, 2026 was $21.1 million, compared to an Attributable Net Loss $10.3 million in the comparative prior year period. After the adjustments noted below, the Company reports an Adjusted Net Earnings(1) of $104.0 million for the current period, compared to Adjusted Net Earnings(1) of $61.3 million in the comparative prior year period. 

EBITDA(1) and Adjusted EBITDA(1) for the for the six months ended June 30, 2026 were $242.8 million and $340.2 million respectively, compared to $126.2 million and $205.6 million in the comparative prior year period. EBITDA(1) was impacted by unrealized mark-to-market on the Company's convertible debentures. The debentures will either be settled in cash at their face value at maturity, or converted at the pre-determined conversion ratio. The unrealized mark-to-market losses, which reflect fluctuations in the trading value of the publicly listed debentures, did not and will not result in cash outflows upon settlement above face value. Further, EBITDA(1) was impacted by remeasurements of contingent consideration. For consistency of showing underlying economic results, these losses are removed from the calculation of Adjusted EBITDA(1). The Company's strong Adjusted EBITDA(1) demonstrates its strong cash-flow generating ability and continued operational efficiency.

Further details on Adjusted Net Earnings(1) can be found in the table that follows, while details on EBITDA(1) and Adjusted EBITDA(1) can be found in Section 11: Non-GAAP Financial Performance Measures.

(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 exchange6,261 292 9,688 3,335 
Share-based compensation1,130 17,170 56,330 21,277 
Other5,595 16,490 8,215 27,439 
Tax adjustments10,676 (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 

The current period was impacted by revaluations of financial instruments and the mark-to-market of the Company's publicly traded debt, foreign exchange, shared-based compensation, along with tax adjustments. Earnings for the prior year were impacted by similar matters. 

The Company did not pay any dividends or have distributions to shareholders during the three or six months ended June 30, 2026 or 2025.

(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(6)
$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(6)
$3,266 $59,619 $155,512 $152,503 
Working capital movement(6)
(70,630)(37,376)(165,581)(8,751)

 | 11

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

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. 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. 

Net cash used in operating activities for the six months ended June 30, 2026 of $10.1 million compared to an inflow of $143.1 million in the prior year comparative period. Current period cash from operating activities was positively impacted by higher realized gold prices and quantities. 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 impact for the year is related to increases in VAT receivable balances, along with normal course movements in inventory (including stockpiles) and timing of accounts payable.

Operating cash flows before income tax paid, government settlements and movements in working capital for the six months ended June 30, 2026 increased significantly, at $295.7 million, compared to $216.8 million in the prior year comparative period. Current year cash flows benefit from significantly higher 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.

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.

 | 12

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

Summary of Capital Expenditures

For three months ended June 30,
20262025202620252026202520262025
(In thousands of US Dollars)Sustaining(1)
Expansionary(1)
Exploration(1)
Total
Sadiola$3,841 $978 $11,065 $20,194 $— $40 $14,906 $21,212 
Bonikro1,377 12,877 19,413 — 1,258 2,291 22,048 15,168 
Agbaou6,400 13,721 — — 1,723 1,677 8,123 15,398 
Kurmuk and Ethiopia— — 85,398 71,285 2,290 — 87,688 71,285 
Corporate and Other1 — 13,234 10,236 — — 13,235 10,236 
Total$11,619 $27,576 $129,110 $101,715 $5,271 $4,008 $146,000 $133,299 

For six months ended June 30,
20262025202620252026202520262025
(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 
Bonikro2,279 27,805 19,413 48 3,711 4,266 25,403 32,119 
Agbaou14,845 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 Other1 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 Ethiopia and Kurmuk for the period are classified as Expansionary in nature, including project costs and office costs but excluding capitalized borrowing costs under IFRS and VAT recoverable. Exploration activities in the current year have been disclosed separately. All IFRS capitalized borrowing costs are disclosed under Capitalized borrowings and Other.

2.    CORE BUSINESS, STRATEGY AND OUTLOOK

Allied Gold is a Canadian-based emerging senior gold producer with a portfolio of three operating gold mines, a significant gold development project, and exploration properties throughout Africa, located in Mali, Côte d’Ivoire, and Ethiopia. Allied plans to continue building on this base through expansion and optimization initiatives at its existing operating assets, the development of new mines, and the advancement of its exploration projects.

Allied’s principal mining properties comprise the Sadiola gold mine in the Kayes Region of West Mali (80% ownership), which includes the Korali-Sud open pit gold mine (65% ownership), the Bonikro (89.89% ownership) and Agbaou (85% ownership) gold mines in Côte d’Ivoire, and the Kurmuk gold development project in Ethiopia (100% ownership(7)). 

Allied is positioned for substantial growth, with a path to increase sustainable production to approximately 800,000 ounces by 2029. This robust growth trajectory, expected to drive a compounded and disproportionate increase in cash flows and profitability, is underpinned by the Company's exploration success and proven track record of reserve replacement and resource growth, notably at both Sadiola and the Côte d'Ivoire mines. Additionally, the Company benefits from low-risk, phased expansion projects that can be implemented quickly, such as the Kurmuk Project in Ethiopia currently under construction, and the Sadiola expansion project.

The Company is listed on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (“NYSE”) under the ticker symbol AAUC. In addition, its publicly traded convertible debentures are listed on the TSX, trading in U.S. dollars under the symbol AAUC.DB.U. 

 | 13

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

3.    REVIEW OF FINANCIAL RESULTS

For the three months ended June 30, 2026

Revenue

Revenue of $366.3 million for the three months ended June 30, 2026, compared to $252.0 million in the comparative prior year period. The significant change in revenue was driven by an increase in average revenue per ounce of 26% as a result of higher gold prices versus the comparative period, and an increase in sales quantities of 12,867 ounces, or 16%.

The average realized gold price during the period, net of the impact of sales under the streaming arrangements and the settlement of gold collars, was $792/ounce higher, at $3,890/ounce compared to $3,098/ounce in the comparative prior period quarter. 

Cost of sales, excluding DDA

Cost of sales, excluding DDA, of $179.8 million for the three months ended June 30, 2026, compared to $164.9 million in 2025. The increase in Cost of Sales, excluding DDA was predominantly impacted by an increase in sales quantities of 12,867 ounces, or 16%, along with the anticipated and guided costs of production for the current year in relation to those from the prior year. Further, and importantly, current period costs were impacted by the increase in royalties associated with significantly higher gold prices. 

DDA

Total DDA(4) of $17.8 million for the three months ended June 30, 2026, was lower than the $21.2 million in the comparative prior year quarter. The decrease is mostly attributable to the definitive protocol agreement signed with the Government of Mali during the third quarter of 2024, where the Company’s Korali-Sud mine and related assets were transferred to a new entity, Korali S.A., incorporated on January 8, 2025, and 35% of the ownership interests in the new entity were issued to the Government of Mali. The issuance of subsidiary shares is considered a share-based payment in exchange for the issuance of a definitive exploitation permit for large-scale mining and processing of ore mined at Korali at the Sadiola Plant, which is valued with reference to the fair value of the subsidiary shares granted. $7.3 million of the cost capitalized to the Korali mine was depreciated during the quarter ended June 30, 2025. The Company’s assets subject to DDA include a substantial amount of mining interests and PP&E, that are based on purchase price accounting and fair values from the mine acquisitions. This was partially offset by increases related to deferred stripping capitalized during 2025 and their amortization starting in the first quarter of 2026, particularly at Bonikro and Agbaou. 

The Company’s assets subject to DDA include a substantial amount of mining interests and PP&E, that are based on purchase price accounting and fair values from the mine acquisitions.

General and administrative expenses

Administrative expenses include costs related to the overall management of the business that are not part of direct mine operating costs. 

For the three months ended June 30, 2026, administrative expenses excluding share-based expenses were $15.4 million, compared to $10.5 million in the comparative prior year quarter. 

Share-based expense is impacted by volatility and share price performance, resulting in a mark-to-market and amortization of outstanding units, although these expenses are not cash in the period, and are paid or issued based on future vesting and performance. As the Company’s stock is higher in relation to the comparative period, along with the normal course issuance of units during the year, stock-based compensation increased accordingly.

As costs further decrease, and production increases, the per ounce cost of general and administrative expenses will decrease more than commensurately. The Company is establishing an administrative construct that supports growth from 375,000 ounces, to the significantly higher near-term production plan. Ultimately this will support a production platform of over one million ounces, targeting five to seven mines, without the requirement for additional significant overhead support, and costs decreasing meaningfully on a per ounce basis. Further, certain expenditures were incurred in different comparative prior year periods, resulting in expenditure volatility between quarters. 

 | 14

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

Exploration expenses

Exploration expenses relate to exploration campaigns carried out at each site, described in detail within this MD&A. 

Gain (Loss) on revaluation of financial instruments

The result for the three months ended June 30, 2026 relates to the following items, with the most significant components of the current period result being related to the convertible debt valuation, revaluation of gold call options and deferred consideration.

•The revaluation of the convertible debenture and its associated unrealized mark-to-market impact, resulting in a gain due to a decrease in the observable market price of the debenture. The debentures will be either settled in cash at their face value or converted based on the predetermined conversion ratio. The unrealized mark-to-market losses, which reflect fluctuations in the trading value of the publicly listed debentures, did not and will not result in cash outflows upon settlement above face value. 
•Revaluation of the gold call options.
•The revaluation of the contingent consideration to Agbaou, predominantly associated with higher consensus market prices.
•Then, to a smaller extent and not individually significant:
◦A portion of sales from the Bonikro Mine are subject to an offtake sales agreement. Pricing for this gold is based on a Quotational Period of six days and a loss is recorded in earnings as incurred, and
◦the revaluation of contingent consideration on the expected Net Smelter Return “NSR” royalty obligation that was part of the acquisition of the Agbaou Mine. The contingent consideration is revalued on each balance sheet date to include the latest life of mine production estimates and expected future gold prices.

Other losses

Other loss for the three months ended June 30, 2026 was $6.2 million, compared to a loss of $18.6 million in the comparative prior year quarter. 

Other losses for the current period are not significant and have no individually significant components. Other losses in the prior period, predominantly impacted by corporate development activities and transaction related costs, including those associated with efforts relating to, or that led to, establishing a comprehensive and complete self-reliant power solution at Sadiola, along with contingencies and other legal matters.

Finance costs

Finance costs of $9.7 million for the three months ended June 30, 2026 were comparable to the finance costs of $2.8 million in the prior year comparative quarter. The costs comprise three major categories, as follows:

•Interest on Borrowings. Interest expense was $2.3 million, compared to $2.3 million in the comparative prior year quarter. Interest is related to the convertible debentures issued on September 7, 2023. Details on the Company’s borrowings can be found in the Financial Condition and Liquidity section of this MD&A.
•During the period, the Company capitalized interest of $13.2 million, associated with the construction of the Kurmuk project compared to $8.3 million in the comparative prior period, due to additional expenditures incurred and their impact on the calculation.
•Other Non-Cash Finance Cost was $14.3 million compared to $8.4 million in the comparative prior quarter. These non-cash charges relate to accretion of asset retirement obligation liabilities, accretion of deferred consideration, and the calculated interest charge on the stream agreements (refer to the Condensed Consolidated Interim Financial Statements for further details).
•Current period costs included a loss of $6.3 million in foreign currency ($0.3 million loss in the prior year comparative period).

Income tax expense

Income tax expense was $87.7 million for the three months ended June 30, 2026 and reflects a current income tax expense of $55.3 million and a deferred income tax expense of $32.4 million. This compares to a total tax expense in the prior year comparative quarter of $14.5 million, with current income tax expense of $14.6 million and a deferred income tax recovery of $— million. The increase in income tax is related to the increase in revenue and unrealized foreign exchange.

 | 15

ALLIED GOLD
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the three and six months ended June 30, 2026

The effective tax rate is subject to a number of factors including the source of income between different countries, different tax rates in the various jurisdictions, the recognition of deferred tax assets when applicable, foreign currency exchange movements, changes in tax laws and the impact of specific transactions and assessments. The high effective tax rate is the result of the tax impact of costs incurred in non-taxable jurisdictions which include general and administrative expenses, borrowing costs, hedging mark-to-market and other non-operational expenses, while the underlying operations recorded income before tax. The effective tax rate on operations was approximately 39.9%, which is more in line with statutory rates.

The Company operates in the following tax jurisdictions: Côte d’Ivoire, where the statutory tax rate is 25%; Mali, where the statutory tax rate is 30%; Ethiopia where the statutory tax rate is 25%; and Canada, where the combined federal and provincial statutory tax rate is 26.5%. The Company does not anticipate the statutory tax rates to change in