Allied Gold (AAUC) Q1 2025 earnings summary

Executive summary

• Achieved Q1 2025 gold production of 84,040 ounces, slightly above plan and in line with guidance, with operational improvements and project advancements at Kurmuk and Sadiola on schedule and budget.

• Ended the quarter with a strong cash balance of $232.3 million, further strengthened by an equity offering in April raising $66.8 million (C$92.3 million).

• Implemented a gold price protection program covering 155,000 oz from June 2025 to March 2026, with a floor of $3,048/oz and ceiling of $4,000/oz.

• Progressing toward a New York Stock Exchange listing by mid-June 2025 to enhance liquidity and index eligibility.

• Leadership enhancements include a new Chief Exploration Officer and strengthened technical teams.

Financial highlights

• Q1 2025 revenue was $346.4 million, up from $175.1 million in Q1 2024.

• Adjusted EBITDA was $133.8 million, with operating cash flow of $121.1 million and margin of 38.6%.

• Adjusted net earnings were $45.1 million ($0.14/share), up from $0.9 million in Q1 2024.

• All-in sustaining cost (AISC) for the quarter was $1,811/oz sold; cash costs were $1,656/oz.

• Average realized gold price was $2,814/oz.

Outlook and guidance

• Annual production guidance maintained at 375,000–400,000 oz, with AISC between $1,619 and $1,790/oz and cash costs of $1,540–$1,620/oz.

• Q4 expected to be the strongest quarter, with production weighted 45%/55% between H1 and H2, driven by Sadiola expansion and higher grades at Bonikro.

• Kurmuk project on schedule for mid-2026 production start; Sadiola Phase 1 expansion to begin production in Q4 2025.

• Sadiola expected to stabilize at 200,000–230,000 oz/year post-expansion; Phase 2 aims for 400,000 oz/year for four years, then 300,000 oz/year.

• Kurmuk expected to average 290,000 oz/year (first four years) at AISC below $950/oz.