Allied Gold (AAUC) Q2 2025 earnings summary

Executive summary

• Q2 production reached 91,017 oz, up 8.3% sequentially, aligning with annual guidance and driven by operational improvements and strategic initiatives across assets.

• Major growth projects, including Kurmuk development and Sadiola Phase 1 expansion, advanced on schedule and on budget, with first gold at Kurmuk expected by mid-2026.

• Completed NYSE listing, share consolidation, and bought deal financing, improving liquidity and index eligibility.

• Released 2024 sustainability report, confirming commitment to sustainable mining practices and improved TRIR to 0.87.

• Liquidity remains strong with $218.6M–$219M in cash and equivalents, undrawn $50M credit facility, and additional liquidity from the Kurmuk gold stream.

Financial highlights

• Q2 2025 production was 91,017 oz, AISC $2,343/oz, adjusted EBITDA $71.7M, and revenue $252.0M.

• Adjusted net earnings per share were $0.14; net cash from operating activities was $22.0M.

• Cash and cash equivalents stood at $218.6M–$219M at quarter-end.

• Q2 average realized gold price exceeded $3,250/oz, increasing AISC by over $100/oz due to royalty structure.

• Zero-cost collar program protects 75% of production at a minimum $3,048/oz through March 2026.

Outlook and guidance

• H2 2025 production expected at 210,000 oz, with Q4 output projected at 118,000–122,000 oz; full-year guidance reaffirmed.

• AISC forecast to average ~$1,850/oz in H2 at a $3,000/oz gold price, with a $15–$20/oz increase in AISC for every $100/oz rise in gold price.

• 2025 production forecast at ~600,000 oz with improved costs and EBITDA.

• Kurmuk commissioning expected in April 2026, with first gold in June and 175,000 oz production for the partial year; long-term target 290,000 oz/year at AISC below $950/oz.

• Sadiola Phase 1 expansion to be completed in Q4 2025, increasing output to 200,000–230,000 oz/year.