Allied Gold Reports Record Q4 Production, Advances Growth Strategy and Completes Key Step Toward Transaction with Zijin Gold
NEWS RELEASE
ALLIED GOLD REPORTS RECORD Q4 PRODUCTION, ADVANCES GROWTH STRATEGY AND COMPLETES KEY STEP TOWARD TRANSACTION WITH ZIJIN GOLD
TORONTO, ON – March 31, 2026 ─ Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) (“Allied” or the “Company”) herein provides its audited financial and operational results for the fourth quarter of 2025. As previously disclosed, the Company produced 117,004 ounces of gold in the fourth quarter and 379,081 ounces for the full-year 2025. Performance was in line with expectations and operating plans, exceeding Q4 guidance and delivering solid momentum heading into 2026. All-in Sustaining Costs (“AISC”)(1) for the quarter improved from the previous period and are estimated at $1,980 per ounce sold, which, together with higher realized gold prices, led to increased margins and cash flows.
FOURTH QUARTER HIGHLIGHTS
Financial Results Highlights
- Earnings:
- Fourth quarter net loss of $23.6 million or $(0.19) per share.
- Fourth quarter adjusted earnings(1) of $69.0 million or $0.56 per share.
- Cash Flows and EBITDA:
- Net cash generated from operating activities for the quarter was $189.3 million.
- Operating cash flows before income tax paid and movements in working capital were a strong inflow of $227.1 million.
- EBITDA(1) and Adjusted EBITDA(1) for the three months ended December 31, 2025, were $138.6 million and $204.6 million, respectively. For the full year, EBITDA(1) was $335.6 million and Adjusted EBITDA(1) was $523.8 million, demonstrating a significant increase compared to the previous year.
- Strong Financial Position: As of December 31, 2025, the Company had cash and cash equivalents of $479.8 million.
Operational Highlights
- Fourth Quarter Production: The Company produced 117,004 ounces of gold in the fourth quarter, bringing total production for 2025 to 379,081 ounces, exceeding the Company’s annual production guidance of above 375,000 ounces. Gold production for the fourth quarter was the highest of the year and was driven mainly by higher grades and increased ore output across all operations.
- Record Quarterly Output: Fourth quarter production represents a 34% increase over the average production of the three previous quarters in 2025 and is the highest quarterly production achieved to date by the Company.
- Performance by Asset:
- At Sadiola, production of 57,191 ounces in the fourth quarter demonstrated the improved operating performance expected to continue in 2026 and beyond. Production was mainly supported by mining transitional and oxide ore from Sadiola Main Pit Stage 5 and oxides from Sekekoto West, which provided higher grades and throughput.
- At Bonikro, production of 33,279 ounces in the fourth quarter was substantially increased from the previous quarter, benefiting from access to higher-grade ore due to the stripping completed earlier in the year.
- At Agbaou, strong production of 26,534 ounces in the fourth quarter was driven by higher throughput and improved mining performance.
- Costs Trending Down: AISC(1) for the quarter reached $1,980 per ounce, continuing the trend of sequential reductions as a result of increased production, mining sequencing and operational improvements. This represents a reduction of approximately 5% over the AISC realized in the third quarter, despite higher royalties driven by higher average gold prices.
- Increased AISC Margins: AISC margins, based on spot sales, increased from $1,370 per ounce of gold sold in the third quarter to approximately $2,160 per ounce of gold sold in the fourth quarter. Compared with the third and second quarters, fourth quarter margins were approximately 58% and 185% higher, respectively.
- Growth Projects: The Sadiola Phase 1 grinding circuit expansion was completed in the fourth quarter, with completion of ancillary systems and ramp-up expected in the first quarter of 2026. Construction activities at the Kurmuk Project progressed well during the fourth quarter, and the project remains on schedule and on budget, with operations expected to commence in mid-2026.
- Exploration: A total of 40,503 metres of exploration drilling in 265 holes were completed over the Company's project areas in Mali, Côte d’Ivoire and Ethiopia during the fourth quarter of 2025. For the year, the Company completed 1,919 exploration and sterilization holes totalling 193,940 metres. This investment towards ongoing programs is designed to maintain current mineral resources, with a continuing short-term bias to define additional oxide gold resources at Sadiola and in Côte d’Ivoire, increase Inferred Mineral Resources and deliver opportunities to further increase the Mineral Resources at all three sites to meet long term Mineral Resource goals. Drilling activities were also carried out to support on-going operations, including sterilization drilling and short-term model validation work.
Advancement of Key Growth Initiatives
- Kurmuk: The project is progressing well, with procurement and logistics of critical items substantially completed at yearend. The key focus during the quarter was on logistics for transporting major equipment and materials to the site and ramping up steel and mechanical erection at the crushing circuit and the processing plant. Mining activities at Ashashire and Dish Mountain are progressing according to plan, with the objective of building at least three months worth of ore stockpiles to support the start of operations in mid-2026. Kurmuk continued mechanical activities throughout the first quarter of 2026, progressing the remaining earthworks at the tailings storage facility and haulage road, and advancing piping and electrical installation, other infrastructure, and ancillary facilities. The Ethiopian Electrical Power Company is advancing the power line construction, which is expected to be completed before commissioning. Pre-commissioning activities are planned to begin at the start of the second quarter, with the first gold expected in mid-2026.
- Sadiola Phased Expansion: The Company advanced its Phase 1 expansion at Sadiola in late 2025, commencing fresh ore processing and ramping up the new mill in Q1 2026 alongside supporting infrastructure and power upgrades, with further optimization initiatives underway to improve performance and reduce costs. Ongoing studies have identified the addition of a pre-leach thickener as a key component of future expansion, and engineering has commenced ahead of planned construction in 2026. The Company has adopted a phased, organic growth strategy to expand throughput beyond 9 Mt/y by progressively upgrading the existing plant in stages (7 Mt/y and 8 Mt/y), enabling more efficient capital deployment and risk management while advancing recovery improvements and energy initiatives in parallel. Initial work on the 7 Mt/y expansion is expected to begin in 2026, supported by approximately $200 million of capital, alongside continued development of a staged, scalable energy program incorporating hybrid thermal and solar generation with battery storage to support long-term growth.
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Financing and Corporate Development Highlights
Transaction with Zijin Gold
Having been advised by Zijin Gold International Company Limited ("Zijin Gold") in January that their formal and detailed diligence and internal approval processes had been completed, and that Zijin Gold wished to proceed with a transaction which was in line with the Company's value expectations, the Company engaged in full negotiation on price and terms of a possible transaction. On January 26, 2026, following several weeks of detailed negotiations, the Company announced it had entered into a definitive agreement (the "Arrangement Agreement" or the "Agreement"), pursuant to which Zijin Gold, a public company listed on the Hong Kong Stock Exchange, had agreed to acquire all of the issued and outstanding shares of Allied Gold (the “Transaction”) at a price of C$44 per share (the “Offer Price”) in cash, pursuant to the terms of a court-approved plan of arrangement under the Business Corporations Act (Ontario) (the "Arrangement). The Board determined that the offer immediately achieved fair value realization while mitigating business risks, particularly in highly volatile markets, and Zijin Gold had demonstrated a strong track record of long-term asset stewardship and consequently, there was a suspension of the other strategic opportunities.
The en bloc equity value of the Company, taking into account the implied total value of the assets of the Company and cash on hand, pursuant to the Arrangement is approximately C$5.5 billion based on Allied Gold’s common shares outstanding and the offer price to shareholders, realizing a significant, certain and immediate value for Allied Gold shareholders.
Benefits of the Arrangement:
- The strong fundamental value of Allied Gold, underpinned by two tier-one, generational mines with imminent and significant growth, positioning it as a differentiated asset base, has been validated by the Zijin Gold transaction, and is clearly reflected in the transaction terms.
- Immediate and significant premium of approximately 27% to the 30-day volume-weighted average share price on the TSX prior to the announcement of the transaction.
- Consideration represents an all-time high for Allied's common share price.
- All-cash offer that is not subject to a financing condition and that provides shareholders with immediate liquidity, crystallizing significant and certain value amid extreme volatility in gold prices, and reducing exposure to broader market volatility.
- Strong deal certainty with a highly credible and leading global mining company as purchaser with the financial resources necessary to complete the Arrangement and a demonstrated track record of completed transactions in Canadian capital markets.
With the requisite Allied shareholder approval having been obtained on March 31, 2026 and regulatory approvals in progress, the goal remains to close as soon as possible and before the outside date in the Agreement, with the continuing objective of closing at the end of April, subject to the satisfaction of customary closing conditions, including the receipt of all required regulatory approvals and final court approval. Such regulatory approvals are currently underway in multiple jurisdictions, with Zijin Gold and Allied working cooperatively in a sensible and disciplined manner. While broader global geopolitical events and circumstances should not impact the progress of the regulatory process for the transaction, both companies monitor these events and circumstances and regularly discuss possible implications of those events and circumstances. There is no assurance that these events and circumstances will not have an impact on the transaction or timing for approvals nor that such approvals will be received. Both companies continue to demonstrate a strong commitment to complete the transaction. Further, the companies are working on an orderly transition, including site detailed visits, management integration planning, and evaluating further asset optimizations and opportunities aimed at unlocking future value for the asset platform.
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Overnight Marketed Equity Offering
On October 20, 2025, the Company filed a prospectus supplement related to an overnight marketed equity offering. Pursuant to this offering, 7,143,200 common shares were issued at a price of C$27.35 per share for gross proceeds of approximately $139.6 million (CAD$195.3 million) and net proceeds of approximately $134.0 million (CAD$187.4 million).
Sustainability, Health and Safety Highlights
- The Company did not report any significant Environmental Incidents for the three months or year ended December 31, 2025.
- The Company’s Total Recordable Injury Rate was 1.21 for the year ended December 31, 2025.
- The Company reported seven Lost Time Injuries, resulting in Lost Time Injury Rate of 0.29 for the year ended December 31, 2025.
- In terms of Artisanal and Small-Scale Gold Mining (“ASGM”), the Company continued the development of a strategy and an internal detailed situational analysis in Ethiopia. For other countries, a detailed action plan has been developed to understand the context, and the Company has begun the development of a management plan to address the situation.
Operational Results and Outlook
Certain optimizations improved performance throughout 2025, resulting in record production in the fourth quarter of 2025 driven by strong performance at Sadiola and the CDI Complex. Sadiola delivered 57,191 ounces in the fourth quarter, demonstrating improved operating performance driven by higher-grade transitional and oxide ore from Sadiola Main Pit Stage 5 and Sekekoto West. Bonikro produced 33,279 ounces, reflecting a significant quarter-over-quarter increase following earlier stripping that enabled access to higher-grade material. Agbaou achieved a strong production of 26,534 ounces, supported by higher throughput and improved mining performance.
The Company’s key focus for 2026 is to continue implementing its optimization plans to capture incremental production gains and reduce operating costs across its portfolio, thereby increasing margins and cash flows. Alongside this, the Company's key strategic priority is the completion of construction and the commencement of operations at the Kurmuk Project, expected in mid-2026, while continuing exploration efforts to extend mine life, and enhance operational flexibility across its operations.
As previously guided, the Company expects to produce between 385,000 and 425,000 ounces of gold in 2026 from its currently producing mines, and between 100,000 and 150,000 ounces of gold from the Kurmuk Project, which is expected to begin production in mid-2026. The range is driven by different ramp-up scenarios. The lower end represents a conservative case that assumes stable grid power is achieved in late Q3 (as opposed to mid-Q2), reflecting exogenous factors outside the Company’s control. The power utility remains committed to providing sufficient stable power by mid-Q2; accordingly, the Company’s objective is to deliver production closer to the midpoint or higher end of the range. Total production guidance, including contributions from Kurmuk, is expected to be 485,000 to 575,000 ounces of gold. This is consistent with the historical production profile of the Company’s existing operations of 375,000 to 400,000 ounces, with incremental increases driven by access to higher grades and ongoing operational improvements and expansions.
First quarter results are expected to put the Company well on-track towards its annual guidance, and strong EBITDA(1) margins are expected to continue to improve.
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OPERATING RESULTS SUMMARY
For three months ended December 31, For years ended December 31,
2025 2024 2025 2024
| Gold ounces | ||||
|---|---|---|---|---|
| Production | 117,004 | 99,632 | 379,081 | 358,091 |
| Sales(3) | 113,446 | 64,769 | 418,168 | 313,455 |
| Per Gold Ounce Sold | ||||
| Total Cost of Sales(4) | $ 1,942 | $ 1,773 | $ 2,013 | $ 1,627 |
| Cash Costs(1) | $ 1,830 | $ 1,589 | $ 1,847 | $ 1,484 |
| AISC(1) | $ 1,980 | $ 1,987 | $ 2,037 | $ 1,730 |
| Average revenue per ounce sold | $ 3,765 | $ 2,634 | $ 3,242 | $ 2,327 |
| Average market price per ounce | $ 4,135 | $ 2,663 | $ 3,432 | $ 2,389 |
The mine-site level cost of sales per ounce, cash costs(1), AISC(1) in the fourth quarter of 2025 were $1,942, $1,830, and $1,980 per ounce, respectively, reflecting the improved operational performance driven by Sadiola and the CDI Complex.
For 2026, the projected mine-site level cost of sales per ounce, cash costs(1), AISC(1) are expected to be between $1,945-2,160, $1,550-1,680 and $1,750-1,900 per ounce, respectively, based on a gold price assumption of $4,250 per ounce.
2025 Operational Results
Cost of Sales Per Gold Cash Cost(1) Per Gold AISC(1) Per Gold Ounce Production (ounces) Ounce Sold Ounce Sold Sold
| Sadiola | 193,880 | 2,137 | 2,030 | 2,105 |
| Bonikro | 100,678 | 1,786 | 1,436 | 1,678 |
| Agbaou | 84,523 | 1,937 | 1,824 | 2,269 |
Total Gold Production 379,081 2,013 1,847 2,037
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.
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Sadiola Key Performance Information
For three months ended December 31, For years ended December 31, (100% Basis) 2025 2024 2025 2024
| Operating | ||||
|---|---|---|---|---|
| Ore mined (M tonnes) | 2.17 | 2.44 | 6.52 | 7.17 |
| Waste mined (M tonnes) | 8.32 | 6.43 | 27.27 | 24.37 |
| Ore processed (M tonnes) | 1.25 | 1.05 | 4.95 | 4.59 |
| Gold | ||||
| Production (Ounces) | 57,191 | 54,210 | 193,880 | 193,462 |
| Sales(3) (Ounces) | 55,921 | 14,619 | 236,970 | 145,285 |
| Feed grade (g/t) | 1.62 | 1.67 | 1.37 | 1.46 |
| Recovery rate (%) | 86.6 % | 93.8 % | 88.2 % | 87.5 % |
| Total cost of sales per ounce sold(4) | $ 2,131 | $ 1,965 | $ 2,137 | $ 1,372 |
| Cash costs per ounce sold(1) | $ 2,051 | $ 1,862 | $ 2,030 | $ 1,327 |
| AISC per ounce sold(1) | $ 2,104 | $ 2,826 | $ 2,105 | $ 1,580 |
| Financial (In thousands of US Dollars) | ||||
| Revenue | $ 209,274 | $ 38,792 | $ 734,156 | $ 334,584 |
| Cost of sales (excluding DDA) | (115,061) | (27,293) | (466,005) | (193,176) |
| Gross profit excluding DDA(1) | $ 94,213 | $ 11,499 | $ 268,151 | $ 141,408 |
| DDA | (4,095) | (1,433) | (23,029) | (6,183) |
| Gross Profit | $ 90,118 | $ 10,066 | $ 245,122 | $ 135,225 |
| Capital Expenditures (In thousands of US Dollars) | ||||
| Sustaining(1) | $ 69 | $ 3,682 | $ 3,402 | $ 20,064 |
| Expansionary(1) | 14,864 | 4,666 | 62,985 | 16,701 |
| Exploration(1) | 4 | 65 | 365 | 1,200 |
For the three months ended December 31, 2025, Sadiola produced 57,191 ounces of gold, compared to the 54,210 ounces produced in the comparative prior year quarter. Production in the fourth quarter represents record quarterly production for the mine since the Company went public in 2023, demonstrating the improved operating performance expected to continue in 2026 and beyond.
Production was mainly supported by mining transitional and oxide ore from Sadiola Main Pit Stage 5 and oxides from Sekekoto, which provided higher grades and throughput. Strong production in the fourth quarter of 2025 was further supported by the continued mobilization of new equipment by the mining contractor and strong performance at the processing plant. Following continued mobilization of additional equipment by the mining contractor in the fourth quarter, further equipment additions were observed during the first quarter of 2026. Instrumentation upgrades at the process plant were commissioned and at full capacity starting mid-February 2026. In the interim, optimization initiatives implemented throughout 2025, including increased mining and processing of oxide ore and improved operational efficiency on the existing process plant circuit, resulted in throughput consistently exceeding the pre-automation baseline. This delivered a cumulative increase of approximately 361,000 tonnes for the year, which occurred primarily in the fourth quarter. These outcomes reflect stronger process control, improved instrumentation reliability, and a more stable operating regime.
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The Company continues to advance the development and preparation of new projects with near-surface, medium- to highgrade oxide zones, including FE4, FE2.5, and Sadiola Main Stage 6, which are expected to contribute to gold production in the short and medium term. Furthermore, FE2 North and Tambali North extension projects were brought forward through ongoing exploration efforts to identify additional near-surface oxide discoveries. These targets form part of the Company’s 2026 high-grade exploration pipeline and are expected to enhance operational flexibility and potentially boost production in 2026 and beyond.
With rising mining volumes, improved fresh-ore preparation, and active improvement programs, Sadiola is well positioned to stabilize production and sustain stronger margins over the medium term.
As previously discussed, the Company is advancing studies to define the best strategy for the next phase of the mine's expansion. Please refer to Sadiola Expansion Project below for further details. 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 installing additional state-of-the-art diesel generators and control systems, followed by the implementation of a hybrid power solution sufficient to meet the power requirements of the Phase 1 expansion at reduced costs. Please refer to Sadiola Energy Program below.
Total cost of sales(4) and AISC(1) for the quarter were $2,131 and $2,104, respectively, per gold ounce. As previously guided, AISC(1) for the fourth quarter continued the trend of material reductions as a result of increased production, mining sequencing and operational improvements. This represents a reduction from the third quarter, despite higher royalties driven by higher average gold prices. The estimated gold price impact on fourth quarter AISC as a result of higher royalties due to average gold prices of approximately $4,145 versus an average of approximately $3,460 in the third quarter amounts to over $100 per ounce, implying a substantial gold-price-adjusted reduction in AISC on a quarter-over-quarter basis.
Gold sales for the current quarter were mostly in line with production, with small differences attributable to timing of shipments.
Sadiola Expansion Project
Over the last several years, the Company has been advancing a strategy of optimization and expansion at the Sadiola Gold Mine. Initial efforts focused on stabilizing the operation, primarily related to the existing processing capacity of mostly oxide ores, followed by a phased expansion to process fresh ores. The objective is to increase production and cash flows in both the short and long term.
On December 21, 2025, the Company announced that it commenced operations and began processing ore through the fresh ore comminution circuit installed pursuant to the Phase 1 expansion at Sadiola, marking a significant milestone in the transformational growth strategy for this long-life asset. The Phase 1 expansion is aimed at increasing production, reducing costs and materially increasing cash flows through a phased expansion approach. The Phase 1 mill ramped up in the first quarter of 2026, alongside the completion of ancillary systems and power-supply upgrades. Further optimizations to the processing circuit, including instrumentation and automation upgrades, are planned for execution this year. Together, these initiatives are expected to improve operating performance, enhance overall processing rates, and reduce reagent consumption incrementally.
The Company has been advancing studies to define the best strategy for the next phase of the mine's expansion. The initial conclusion of these studies was that adding a pre-leach thickener to the circuit allows the plant to process over 90% of the fresh ore in the feed, increasing operational flexibility and potentially increasing production. Given that a pre-leach thickener is required regardless of the selected expansion scenario, the Company decided to begin engineering and design in late 2025 to prepare for construction in 2026.
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Allied concluded in the fourth quarter 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 build a new processing plant. 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 defined in the previous feasibility study, but with interim and organic steps at 7 Mt/y and 8 Mt/y. This strategy also allows the recovery improvement project and the energy program to be implemented progressively as throughput capacity expands, for further capital efficiency and returns. For 2026, the Company will advance the engineering and early works required for the 7 Mt/y step, together with the studies to increase recoveries, new tailings dam construction and solar farm earthworks and mobilization.
Sadiola Energy Program
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 installing 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.
Sadiola Exploration
Since acquiring the Sadiola Project in 2021, Allied has identified over 15 million tonnes of economic oxide mineralization within the near-mine footprint, significantly enhancing the oxide resource base critical for the existing and planned processing infrastructure. Ongoing exploration activities at Sadiola Main, Tambali, Sekekoto West, FE3/4, FE2 Trend and TK1 support Allied's strategy to leverage the existing resources, known mineralization trends and infrastructure to maximize production and cash flows in the short to medium term.
On October 29, 2025, Allied presented results of the exploration programs carried out over the Sadiola property during 2025. The Company’s five-year exploration goal for Sadiola is to reach over 14 million ounces of Mineral Resources, representing a sequential target of over 3.5 million ounces of new Mineral Resources in addition to the current inventory. The objective includes adding approximately 1.0 million ounces of new oxide, which, in turn, supports Sadiola’s medium-term and longterm expansion strategy, providing upside and optionality. Exploration drilling has intersected significant new zones and extensions at Sekekoto West/S12, Tambali, FE2 Trend, and FE3/4 Trend with Sekekoto West and the southern part of the FE2 Trend (FE2.5) potentially providing short-term, new and more proximal high-grade oxide resources for the Sadiola mill as mining at Korali Sud winds down. Mineralization remains open along strike and at depth across all four target areas. Select highlights from the news release (see Allied Gold's press release dated October 29, 2025 available at alliedgold.com for full details) include:
- Sekekoto West/S12: 33.0 metres @ 15.23 g/t Au (SARC 1699) and 25.0 metres @ 11.90 g/t Au (SARC1695)
- Tambali: 12.6 metres @ 18.87 g/t Au (SADD181) and 6.7 metres @ 8.74 g/t Au (SADD264)
- FE2 Trend: 3.0 metres @ 28.19 g/t Au (SARC2318) and 8.0 metres @ 6.55 g/t Au (SARC2321)
- FE3/4 Trend: 18.0 metres @ 10.68 g/t Au (SARC1957) and 20.0 metres @ 5.53 g/t Au (SARC1948)
In 2026, Sadiola will see continued efforts with five drills dedicated to continue testing for, and extending, the gold mineralized structures at Sadiola Main, Tambali, FE2 Trend, Sekekoto Trend, FE3/FE4, TK1, Mandakoto and Kouloukan with an initial 2026 budget of $6.2 million. The exploration is focused on both oxide and shallow fresh mineralization with a preference for oxide gold mineralization in the near term. Oxide ore is favored 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 ongoing discovery/additions are high.
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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 comprise the CDI Complex, with the two processing plants located only 20 km
Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation.
Bonikro Key Performance Information For three months ended December 31, For years ended December 31, (100% Basis)
2025 2024 2025 2024
| Operating | ||||
|---|---|---|---|---|
| Ore mined (M tonnes) | 0.62 | 0.59 | 2.29 | 2.98 |
| Waste mined (M tonnes) | 5.06 | 3.46 | 21.86 | 13.86 |
| Ore processed (M tonnes) | 0.64 | 0.50 | 2.58 | 2.20 |
| Gold | ||||
| Production (Ounces) | 33,279 | 20,259 | 100,678 | 86,755 |
| Sales (Ounces) | 30,465 | 22,979 | 97,436 | 88,776 |
| Feed grade (g/t) | 1.72 | 1.42 | 1.28 | 1.33 |
| Recovery rate (%) | 94.7 % | 92.6 % | 94.2 % | 92.9 % |
| Total cost of sales per ounce sold(4) | $ 1,541 | $ 1,578 | $ 1,786 | $ 1,654 |
| Cash costs per ounce sold(1) | $ 1,402 | $ 1,183 | $ 1,436 | $ 1,272 |
| AISC per ounce sold(1) | $ 1,746 | $ 1,543 | $ 1,678 | $ 1,550 |
| Financial (In thousands of US Dollars) | ||||
| Revenue | $ 115,623 | $ 60,477 | $ 319,423 | $ 206,908 |
| Cost of sales (excluding DDA) | (42,969) | (27,330) | (140,712) | (113,356) |
| Gross profit excluding DDA(1) | $ 72,654 | $ 33,147 | $ 178,711 | $ 93,552 |
| DDA | (3,985) | (8,923) | (33,284) | (33,464) |
| Gross Profit | $ 68,669 | $ 24,224 | $ 145,427 | $ 60,088 |
| Capital Expenditures (In thousands of US Dollars) | ||||
| Sustaining(1) | $ 12,448 | $ 6,031 | $ 52,407 | $ 20,407 |
| Expansionary(1) | — | 678 | 48 | 8,300 |
| Exploration(1) | 3,168 | 1,609 | 10,019 | 7,191 |
Bonikro produced 33,279 ounces of gold during the three months ended December 31, 2025, compared with 20,259 ounces produced in the comparable quarter of the previous year. For the fourth quarter, ore feed and grades were in line with plan, with slightly higher recoveries. Production in the fourth quarter was substantially increased from the previous quarter, benefiting from access to higher-grade ore due to the stripping completed earlier in the year. This performance builds on the
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operational improvements demonstrated throughout the year and is expected to continue into 2026, driven by the benefits of completing the stripping of pushback 5 in 2025, as well as other operational improvements.
For costs, as expected and guided, Bonikro's sustaining capital and AISC(1) continued to be impacted by capitalized stripping at PB5. Stripping activities conducted in 2025, will improve production and costs for upcoming years, as high grade ore will be exposed while significantly lower waste removal will be required.
Hiré Exploration
In the fourth quarter, drilling at Hiré focused on testing for oxides along the eastern extension of the Chapelle orebody and sterilization drilling to extend a waste dump near the Agbale open pit. In total 36 holes comprising 3,701.4 metres were drilled with the bulk of the holes completed with an RC drill.
Oumé Exploration
No exploration drilling was conducted over the Oumé area at the northern end of the Properties during the quarter. However, 27 geotech and hydro geology holes totalling 3,240.5 metres were completed in support of Mineral Resource and Mineral Reserve estimation studies. Prospecting and mapping were advanced over the Oumé area in Q4, with a focus on gathering data over specific Au-in-soil anomalies, interpreted structures and induced polarization anomalies with a goal to test at least 5 new target areas in the first half of 2026.
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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 comprise the CDI Complex, with the two processing plants located only 20 km
Agbaou Key Performance Information For three months ended December 31, For years ended December 31, (100% Basis)
2025 2024 2025 2024
| Operating | ||||
|---|---|---|---|---|
| Ore mined (M tonnes) | 1.01 | 1.06 | 2.77 | 3.13 |
| Waste mined (M tonnes) | 8.78 | 8.97 | 38.24 | 28.63 |
| Ore processed (M tonnes) | 0.64 | 0.67 | 2.42 | 2.31 |
| Gold | ||||
| Production (Ounces) | 26,534 | 25,163 | 84,523 | 77,874 |
| Sales (Ounces) | 27,060 | 27,171 | 83,762 | 79,394 |
| Feed grade (g/t) | 1.32 | 1.26 | 1.12 | 1.12 |
| Recovery rate (%) | 94.5 % | 94.5 % | 94.8 % | 94.9 % |
| Total cost of sales per ounce sold(4) | $ 2,001 | $ 1,835 | $ 1,937 | $ 2,065 |
| Cash costs per ounce sold(1) | $ 1,856 | $ 1,785 | $ 1,824 | $ 2,008 |
| AISC per ounce sold(1) | $ 1,987 | $ 1,910 | $ 2,269 | $ 2,207 |
| Financial (In thousands of US Dollars) | ||||
| Revenue | $ 102,923 | $ 71,577 | $ 278,245 | $ 188,890 |
| Cost of sales (excluding DDA) | (47,788) | (47,265) | (146,822) | (155,995) |
| Gross profit excluding DDA(1) | $ 55,135 | $ 24,312 | $ 131,423 | $ 32,895 |
| DDA | (6,360) | (2,598) | (15,430) | (7,974) |
| Gross Profit | $ 48,775 | $ 21,714 | $ 115,993 | $ 24,921 |
| Capital Expenditures (In thousands of US Dollars) | ||||
| Sustaining(1) | $ 1,555 | $ 1,418 | $ 30,791 | $ 5,888 |
| Expansionary(1) | — | — | 284 | 7,238 |
| Exploration(1) | 1,521 | — | 4,160 | — |
Agbaou produced 26,534 ounces of gold during the three months ended December 31, 2025, compared to 25,163 ounces in the corresponding quarter of the previous year. Production in the fourth quarter focused on higher-grade fresh ore from the West pits and medium-grade oxide ore from the South and North pits. Ore mined was in line with plan, consistent with the previously outlined strategy to advance waste stripping in earlier quarters. This enabled access to higher ore tonnage and increased throughput at the process plant in the fourth quarter and into 2026. Continued stripping of the West pits is expected to provide access to ore to support the 2026 production, including securing access to higher-grade ore in the first quarter of 2026, ahead of the start of the rainy season.
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Costs for the fourth quarter, as anticipated, began decreasing, as the waste removal at WP 7 until the third quarter, benefited access to oxide ore in the fourth quarter of 2025 which had significantly less stripping, along with the successful implementation of a centralized management model.
The Company has now succeeded in implementing a centralized management model for both mines in CDI, streamlining processes, optimizing resources, and enhancing service delivery for sustainable growth, and lowering AISC(1). The benefits of the centralized contractor model and the Hub-and-Spoke structure implemented are becoming more evident, enabling improved agility in managing shared resources and coordinating recovery efforts across sites. These enablers will be further embedded in the coming months as the Company transitions from initiation to full execution. Looking ahead, execution discipline will remain central to delivering value in the second half. With deeper integration of the Hub-and-Spoke model, continued focus on plant optimization, and improved mining flexibility.
In addition to operational factors, the increased waste removal in 2025 allows for less reliance on short-term resource conversion to support production levels in 2026, creating a bridge to focus additional exploration spending at Agbaou on more transformational targets aimed to add ounces and with an objective to increase mine life at Agbaou by four to six years, with the completion of the first stage exploration program in 2026.
Agbaou Exploration
Allied is actively pursuing opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. In the fourth quarter of 2025, Allied completed 49 holes totalling 9,883.2 metres with up to five drills operating. These holes tested the down-dip extensions of known gold-bearing ore bodies and in one case, testing of a new gold zone. This sustained effort, which commenced in July 2025, comprises a minimum of 166 holes totalling 35,072 metres with a goal of adding several more years of mine life. This work program is approximately 52% completed and scheduled to finish near the end of the first quarter of 2026.
Looking forward to 2026, testing of the known zones to depth will continue along with testing for oxide gold zones along strike of known deposits and new targets outside of the compensation boundaries.
Kurmuk
The Company continues to track well against plan, both in terms of physical completion and spend, while achieving key milestones and progress during the fourth quarter of 2025.
The project is progressing well, with procurement and logistics of critical items substantially completed at year-end. The key focus during the quarter was on logistics for transporting equipment and materials to the site and ramping up steel and mechanical erection at the crushing circuit and the processing plant. Mining activities at Ashashire and Dish Mountain are progressing according to plan, with the objective of building at least three months worth of ore stockpiles to support the start of operations in mid-2026. Kurmuk continued mechanical activities throughout the first quarter, progressing the remaining earthworks at the tailings storage facility and haulage road, and advancing piping and electrical installation, other infrastructure, and ancillary facilities. The Ethiopian Electrical Power Company is advancing the power line construction, which is expected to be completed before commissioning. Pre-commissioning activities are planned to begin at the start of the second quarter, with the first gold expected in mid-2026.
The key focus during the first quarter 2026 and the rest of the year is the completion and close-out of all remaining engineering and procurement activities, with particular emphasis on finalizing outstanding fabrication works and concluding all logistics arrangements for the transport of equipment, materials, and other long-lead items to site. This includes managing international and local supply chains, final inspections, expediting of critical items, and coordination of delivery schedules to align with site readiness and construction sequencing. Mobilization of the electrical, control and instrumentation contractor
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