AAUC.TO · 2025-11-27

Allied Gold Reports Significant Exploration Advancements at Kurmuk

Resource Estimates Exploration Programs

NEWS RELEASE

ALLIED GOLD REPORTS SIGNIFICANT EXPLORATION ADVANCEMENTS AT KURMUK

TORONTO, ON – November 27, 2025 – Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) is pleased to provide an update on the ongoing exploration and development activities at its Kurmuk mine in western Ethiopia, highlighting the scale and continuity of mineralized systems within its highly prospective gold camp and the growth potential and optionality of the Company’s flagship development asset. This is the second of three planned exploration updates, with a further release covering Allied’s Côte d’Ivoire assets expected in early 2026, all of which underpin the significant value and optionality in the Company’s portfolio, already characterized by peer-leading mineral inventories and production growth.

Kurmuk Exploration Program and Highlights

Kurmuk is a transformational development mine located in western Ethiopia, within the metal-rich Arabian-Nubian Shield, approximately 500 kilometres from the capital, Addis Ababa. Following the expected start of operations in mid-2026, Allied is targeting an average production level of approximately 290,000 gold ounces per annum over the first four years and 240,000 gold ounces per annum at industryleading All-In Sustaining Costs⁽¹⁾ ("AISC") below $950⁽²⁾ per ounce, based solely on Mineral Reserves⁽³⁾, all of which are expected to increase the Company’s cash flows materially.

With initial Proven and Probable Mineral Reserves⁽³⁾ of 2.7 million ounces and Measured and Indicated Mineral Resources⁽³⁾ of 3.1 million ounces contained within the Ashashire and Dish Mountain deposits, together with multiple near-mine exploration targets, Allied has undertaken an extensive exploration program designed to:

i) extend mine life to a minimum of 15 years, above the almost 11 years currently supported by Mineral Reserves;

ii) sustain the higher production levels currently expected during the first four years for a much longer period—ideally across the full mine life. Recent drilling has locally returned gold grades above reserve grade, with areas of higher-grade material located closer to surface, supporting this potential;

iii) refine resource models and extend mineralization at Ashashire and Dish Mountain ahead of the anticipated commencement of production in mid-2026; and

iv) leverage the expanded 6.4 Mtpa processing capacity, advancing plans to align mining throughput with the higher processing capacity, potentially increasing annual production above 300,000 ounces. This outlook is supported by ongoing work to identify new mineralized zones that would expand the gold inventory and sources of feed to the mill.

The Company’s five-year exploration goal for Kurmuk is to reach 5 million ounces of Mineral Resources, representing a sequential target of over 1.5 million ounces of new Mineral Resources in addition to the current inventory. The objective includes adding at least 0.5 million ounces of new Mineral Resources within 10 km of the mill, to sustain or exceed the initial gold production levels of approximately 290,000 ounces per annum. Mineral Resources and Mineral Reserves updates will be carried out on a yearly basis to document the ongoing mineral inventory build-out program, which is expected to be carried out with similar levels of expenditures to the approximately $8 million committed for the current year.

The exploration plan considers expanding on the existing Mineral Resources near both the Ashashire and Dish Mountain deposits, advancing exploration at Tsenge utilizing a combination of geophysical surveys, trenching and drilling with a focus on higher-grade and advancing exploration at three other prospects in the property. Significant additional targets located south of Ashashire are expected to support the maintenance and expansion of current Mineral Resources and Mineral Reserves.

Five-Year and Near-Term Exploration Targets

Ashashire: three-year target of 300,000⁺ ounces
Tsenge: three- to five-year target of 500,000⁺ ounces
Dul Mountain: five-year target of 1.0 million⁺ ounces
Other Prospects: two-year target of 600,000⁺ ounces

Drilling Highlights - New Discoveries and Zone Extensions

Between mid-2024 and throughout 2025, activities focused mainly on infill drilling at Dish Mountain to refine the resource model and extend mineralization around the pit area in anticipation of the commencement of operations in mid-2026 and on exploration of the Northern Prospects located north of the processing plant. Concurrently, exploration commenced at the southern end of the approximately 8-km long Tsenge Trend, at the Hiccup Hill and Setota Prospects, as well as at Ashashire to test extensions at depth with a goal of expanding the pit (see Figure 1). At both Dish Mountain and Tsenge, drilling continues to intersect lateral and vertical extensions of the deposits, as the limits to the mineralized system remain open. A significant amount of highly successful trenching was also carried out at Tsenge, confirming the surface expression of the mineralized lenses. A first-pass drill program, which was completed over the Urchin Prospect located adjacent to the Ashashire haul road, yielded positive results and will require a follow-up drill program. Notably, drilling results to date highlight areas of higher gold grades above reserve grade.

Figure 1: Kurmuk Mine Plan Map

Select exploration highlights include:

Dish Mountain: 12.6 m @ 2.93 g/t Au (DMDD774), 16.0 m @ 2.61 g/t Au (DMDD765) and 9.3 m @ 3.35 g/t Au (DMDD752)
Tsenge – Hiccup Hill: 16.4 m @ 13.0 g/t Au (TSDD041) and 10.0 m @ 5.96 g/t Au (in trench TSCH012)
Tsenge – Setota: 10.5 m @ 1.85 g/t Au (TSDD036) and 20.0 m @ 1.11 g/t Au (TSDD036)
Urchin: 5.0 m @ 3.47 g/t Au (ASRC031) and 4 m @ 10.88 g/t Au (in trench URTR09)

Exploration Progress Highlights by Zone and Target

Dish Mountain and Northern Prospects

This 1,600 m × 500 m, multi-lens deposit remains open down-dip beyond approximately 300 m and locally laterally
Recent drilling highlights


Dish Mountain	DMDD765	122.72	139.42	16.70	2.61
Dish Mountain	DMDD771	443.60	456.50	12.90	3.02
Dish Mountain	DMDD717	18.00	28.38	10.38	3.55
Dish Mountain	DMDD774	403.39	415.95	12.56	2.93
Dish Mountain	DMDD710	158.22	159.46	1.24	28.90
Dish Mountain	DMRCDD036	201.61	205.08	3.47	9.04
Dish Mountain	DMDD752	15.00	24.27	9.27	3.35

See Figure 2 for the Dish Mountain Geology and Drill Plan, Figure 3 for summarized significant results since mid-year 2024 and Figure 4 for a Dish Mountain Reference Section

Ashashire

A 1,300 m × 170 m mineralized zone that remains open down-dip below 350 m depth
Recent holes testing the limits of the deposit have intersected mineralization where expected, and assay results are pending
Recognition of hydrothermal breccias that can be modelled and that contain higher-thanaverage gold grades, locally strong potassic alteration and elevated levels of tellurium and silver
A drill program targeting the depth extent and maximum practical pit depth is in progress and is expected to continue through most of 2026. A deep-penetrating IP survey is planned in early 2026 to define the extents of the system and identify extensions to the higher-grade portions
With traceable subzones of higher-than-average grades associated with breccias, there is potential to develop an underground resource
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See Figure 5 for a plan-view image of Ashashire Geology and Drilling, and Figure 6 for a typical Ashashire Type Section

Tsenge

An approximately 8-km-long gold-in-soil anomaly parallel to a regional-scale shear zone with initial drill testing along only the southern 15% of the trend
Deep-penetrating geophysical surveys planned as a tool to support target prioritization
Multiple lenses of gold mineralization intersected with recent best intercepts of 16.4 m @ 13.0 g/t Au at Hiccup Hill and 10.5 m @ 1.85 g/t Au at Setota
A summary of highlighted recent drill intercepts


Tsenge	TSDD041	43.08	59.44	16.36	13.06
Tsenge	TSDD031	58.18	65.13	6.95	7.45
Tsenge	TSDD037	160.91	169.20	8.31	5.79
Tsenge	TSDD034	13.65	29.00	15.35	2.47
Tsenge	TSDD043	201.96	208.00	6.04	4.00
Tsenge	TSDD036	173.25	195.47	22.22	1.04
Tsenge	TSDD036	160.74	171.23	10.49	1.85

See Figure 7 for a plan view image of the Tsenge Trend, Figure 8 for a close-up of the Hiccup Hill and Setota sections of the trend, Figure 9 for a cross-section at Hiccup Hill and Figure 10 for a long section of the one of the Hiccup Hill gold lenses

Urchin

Located 2 km west of Ashashire, adjacent to the Ashashire haul road
Prospecting, soil sampling, and trenching have outlined a 400-m-long target that returned up to 9.0 m @ 5.29 g/t Au
A 2025 drill program comprised seven shallow holes totalling 781 m that returned a best intercept of 5.0 m @ 3.47 g/t Au from a shallow east-dipping zone. Follow-up drilling is proposed for 2026
Figure 11 provides a summary of results to date

Dul Mountain

Centred 7 km south of the Ashashire Deposit
An open-ended, strong, > 100 ppb Au, approximately 2.0 by 3.0 km gold-in-soil anomaly that has only been tested by a few holes and trenches
- Trench intercepts include up to 18 m @ 4.87 g/t Au
This covers a larger area than the combined Ashashire and Dish Mountain and is expected to be just as prospective
Medium- to long-term plans to advance into Mineral Resources
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Western Prospects

Located 1.5 to 3.5 km west of Dish Mountain
Three target areas with the longest soil anomaly of approximately 2.5 km
Trenching has returned up to seven 3-m-wide gold-bearing intervals with a best intercept of 3.0 m @ 8.22 g/t Au
Scout drill testing expected in 1H 2026
Figure 13 presents a summary surface plan

Ahushu and Agu Prospects

Located 2.5 to 5.5 km northeast of Dul Mountain
Comprise kilometre- to 1.5 km-scale, >400 ppb gold-in-soil anomalies

Detailed Drill and Target Data

Significant drill intercepts, with a 0.5 g/t Au cut-off, since July 2024, are available through the following link. Estimated true widths vary from 45% to 95% drilled length with the exception of the Dul Mountain intercepts (on Figure 12) where estimated true widths are unknown. A summary of 2025 drill hole collars can be found at this link. A summary of the trench results can be found on this link.

Discussion and Next Steps

Since mid-year 2024, 193 holes totalling 39,064 m of drilling have been completed property-wide, focused on both infill and resource model refinement in anticipation of production, as well as on extending known zones at depth and along strike and exploring new targets. Significant amounts of gold mineralization requiring follow-up have been intersected at all targets, namely Dish Mountain, Tsenge, Ashashire, and Urchin. This ongoing work and new exploration targets highlight the high prospectivity of the land package. The next steps of the program are summarized below:

Follow up on near-surface gold-bearing zones proximal to Dish Mountain
Follow up on Ashashire depth extensions
A drone magnetic survey is planned over the western half of the property
IP surveys that can ‘see’ down 400 m are planned along the Tsenge Trend and over Ashashire
Step-out drill testing at Setota and scout drilling along the Tsenge Trend is proposed for 1H 2026
A 2026 Phase 2 drill program is proposed for Urchin
An initial drill program is planned over the Western Prospects in 2026

Technical Discussion

Allied is establishing a new tier-one gold camp in western Ethiopia, with multiple sources feeding a central, 6.4 million tonne per annum mill. Already supporting a material inventory of Mineral Reserves and Mineral Resources, the Company deems the likelihood of adding additional mineralization to the inventory as high, given the number and quality of the existing targets and the results achieved thus far.

Current Mineral Reserves⁽³⁾ at Ashashire and Dish Mountain total 2.74 million ounces at 1.41 g/t Au, and current Measured and Indicated Mineral Resources⁽³⁾ total 3.12 million ounces at 1.68 g/t Au. An update to this number is expected in early 2026.

Exploration has identified more than five additional target areas (Tsenge, Dul, Urchin, Western Prospects and Northern Prospects) with known gold mineralization and associated large-scale gold-in-soil anomalies, which could, with more work, provide additional Mineral Resources and Mineral Reserves (see Figure 1 for deposit and target locations). All of these gold zones are associated with topographic highs, which led to their discovery in first-pass work programs. Allied Gold also plans to complete a drone magnetic survey over the area and as with most other, more-explored gold belts, expects to identify additional exploration target areas and gold zones.

To date, including all historical drilling, approximately 1,427 holes totalling 247,633 metres have been completed, including 47 geotechnical holes and 44 holes on a massive sulphide target. Since mid-2024, exploration efforts, comprising 193 holes totalling 39,064 m of drilling, have focused on completing infill drilling to refine resource models in anticipation of operations, and exploring at five zones: Tsenge, Ashashire, Dish Mountain, Northern Prospects, and Urchin. The bulk of the new resource target drilling, 6,943 m in 25 holes, was completed over the southern end of the Tsenge Trend at the Hiccup Hill and Setota targets, where significant amounts of gold mineralization have been intersected.

Across the property, gold mineralization is hosted in quartz–carbonate–pyrite veins associated with sheared lithological contacts and concentrated within areas of linear extension. Pyrite varies from finegrained to coarse-grained, with centimetre-sized crystals at Ashashire. Multiple occurrences of visible gold, usually in association with strongly altered zones, have been noted at Dish Mountain, Ashashire, and Hiccup Hill. Dominant alteration minerals include carbonate, sericite, albite, and locally fuchsite and potassium feldspar.

The following sections present additional detail for the 2025 target areas and other priority target areas that will be followed up. Plan maps presented herein predominantly show select drill results from after the resource cut-off date, with the exception of Ashashire (2025 assay pending), Dul Mountain, which displays historic drill and trench results, and Western Prospects, which display historic trench results. Assay composites added to the figures focus on stronger intercepts to showcase some of the better mineralized intervals.

Dish Mountain Deposit and Northern Prospects

A significant amount of drilling, approximately 160,983 m in 915 holes (see Figure 2), and some trenching has been carried out over this area primarily to define the existing mineral inventory. Since mid-year 2024, 55 holes totalling 12,332 m were completed. This work both validated and extended the gold-bearing lenses supporting a short to medium term goal to increase Mineral Resources proximal to the currently designed pit.

Trenching has proven to be an effective tool to lock down the surface location of the mineralized zones and add additional grade data points. One approximately 1-km-long trench was completed around Dish Mountain, with most trench intercepts correlating with the known wire frames and a few trench results suggesting extensions to the gold zones. A summary of the better results in trench 3 are presented below.


Dish Mountain	DMCH003	947.00	970.00	23.00	2.22
Dish Mountain	DMCH003	76.00	95.00	19.00	2.58
Dish Mountain	DMCH003	736.00	739.00	3.00	9.62
Dish Mountain	DMCH003	118.00	123.00	5.00	3.87
Dish Mountain	DMCH003	786.00	805.00	19.00	0.99
Dish Mountain	DMCH003	127.00	132.00	5.00	1.94
Dish Mountain	DMCH003	103.00	115.00	12.00	0.78

As noted above, drilling has both validated and extended the Dish Mountain mineralized zones. A summary of the ten better results is presented in the table below.

		From (m)	To (m)
Dish Mountain	DMDD765	122.72	139.42	16.70	2.61
Dish Mountain	DMDD771	443.60	456.50	12.90	3.02
Dish Mountain	DMDD717	18.00	28.38	10.38	3.55
Dish Mountain	DMDD774	403.39	415.95	12.56	2.93
Dish Mountain	DMDD710	158.22	159.46	1.24	28.90
Dish Mountain	DMRCDD036	201.61	205.08	3.47	9.04
Dish Mountain	DMDD752	15.00	24.27	9.27	3.35
Dish Mountain	DMDD748	441.35	452.27	10.92	2.56
Dish Mountain	DMDD742	39.80	49.95	10.15	2.63
Dish Mountain	DMDD768	11.00	18.00	7.00	3.81

In conjunction with exploration along geological strike to the northeast over the Northern Prospects, drilling has encountered significant amounts of gold mineralization that is expected to add to the Dish Mountain Mineral Resources over the short term. A summary of some of the significant results over this area are presented below.


Northern Prospects	DMRC261	128.00	143.00	15.00	2.30
Northern Prospects	DMRC245	48.00	50.00	2.00	11.58
Northern Prospects	DMRC281	35.00	40.00	5.00	4.49
Northern Prospects	DMRC274	34.00	37.00	3.00	5.87
Northern Prospects	DMRC294	86.00	88.00	2.00	8.79
Northern Prospects	DMRC262	70.00	83.00	13.00	1.21
Northern Prospects	DMRC234	0.00	7.00	7.00	2.23
Northern Prospects	DMRC283	71.00	77.00	6.00	2.58

Gold mineralization at Dish Mountain is defined by soil geochemistry, surface trenching, and drilling, extending over an area of approximately 4,500 × 1,000 m. This footprint includes the main Dish Mountain Deposit and the Northern Prospects, which together define the broader mineralized system.

The Dish Mountain deposit is an orogenic-type gold system located within the greenschist-facies volcanosedimentary Dish Mountain belt, adjacent to the high-strain contact with a granite-gneiss block and proximal to a major flexure in the belt.

The deposit is geologically centred around a NE–SW trending clastic sediment–chert sequence comprising a series of folded, NW-dipping, structurally intercalated mafic–intermediate and felsic volcanics, volcaniclastic rocks, clastic metasediments, chert–jasper units, and minor volumes of ultramafic talc– carbonate schists.

The main deposit comprises a stack of discrete, NW-dipping, contact-controlled reverse shear zones forming along high-strain lithological contacts of a SW plunging fold structure. A well-developed, southwest-plunging lineation which developed during shearing plays a significant part in how the extensional veins formed. Vein geometries include NW-dipping shear-parallel veins and shallow NEdipping extensional ladder-type veins, which formed orthogonal to the SW-plunging stretching lineation. This structural relationship has led to high volumes of extensional and stockwork-style veins within the cherts and adjacent clastic sedimentary rocks, which form the higher-grade core of the deposit.

Gold mineralization is hosted in and proximal to quartz–carbonate–pyrite veins localized along sheared lithological contacts, concentrated within areas of linear extension within the metavolcanic–sedimentary sequence. A proximal alteration assemblage of dolomite–muscovite–pyrite transitions to a distal chlorite– muscovite–pyrite phase, with a broader carbonate–chlorite–epidote halo.

A close-up image of the Dish Mountain area is presented in Figure 3 showing the collars for the 2025 holes, the intersection of the mineralized lenses at surface, the extent of the gold-in-soil anomalies, and the area of most intense lineation and coincident extensional veining. A summary type section through Dish Mountain is presented in Figure 4.

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Figure 2: Dish Mountain Area Drilling and Summary Geology

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Current drilling is focused on testing pit-proximal new zones and near-surface extensions of modelled mineralization, with the goals of expanding the Mineral Resources and enlarging the current pit limits.

Figure 3: Summary of 2025 Dish Mountain Drilling

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Figure 4: Dish Mountain Deposit Type Section with Select 2025 Drill Intercepts

Ashashire Deposit

The 1,300 m x 170 m Ashashire Deposit, which outcrops along an approximately 120-m-high ridge, has been tested to a depth of 380 m with 278 holes totalling 53,681 m (see Figure 5). From mid-2024, five holes totalling 1,882 m have been completed. Drilling resumed in 2025 with a drill program designed to extend the gold-bearing zones at depth. Recent holes testing the limits of the deposit have intersected good-looking, typical Ashashire-type mineralization where expected.

The Ashashire Deposit lies along a greater than 20-km-long structural zone that hosts the Tsenge Prospect to the north and Dul Mountain Prospect to the south. Ashashire is a simpler deposit to model, which is reflected in the relatively modest amount of drilling required to define it compared to the Dish Mountain deposit. The deposit dips steeply east at the surface and rotates to west-dipping at depth (see Figure 6) and is open to depth below 350 m. This rotation of the dip from east to west also occurs at the Hiccup Hill target and appears to have a flat plunge.

The deposit is geologically centred over a NNE–SSW trending clastic sediment sequence that forms a series of steep, ovoid hills with connective ridges (maximum elevation 1050 m RL) rising above surrounding metavolcanics. The landscape is dissected by narrow NW–SE trending river valleys and prominent escarpments. The Ashashire Deposit comprises a mixture of structurally controlled layer-parallel and extensional style mineralization in a mixed granite-sediment-mafic volcanic package.

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