Allied Gold (AAUC) Q3 2024 earnings summary

Executive summary

• Q3 2024 gold production reached 85,147 oz, consistent with prior quarters; YTD production up nearly 10,000 oz year-over-year to 258,459 oz.

• Operational improvements, leadership changes, and regulatory approvals advanced efficiency and future growth.

• Strategic agreements and protocol alignment in Mali, Côte d'Ivoire, and Ethiopia enhanced regulatory stability, power reliability, and cost structure.

• Sadiola phase one expansion and Kurmuk project are progressing on schedule, supporting long-term production growth into 2026.

• Strategic financing initiatives, including equity raises and streaming deals, enhanced liquidity for growth.

Financial highlights

• Q3 2024 revenue was $188.9 million, up from $176.7 million in Q3 2023; gross profit (excl. D&A) was $66.3 million, up 56% year-over-year.

• Adjusted net earnings per share were $0.20, compared to $0.01 in Q3 2023; net loss was $108.0 million due to non-cash and other adjustments.

• Operating cash flow before tax and working capital was $87.2 million; cash and equivalents at quarter-end were $95.4 million, rising to $257 million post-financing.

• Q3 AISC per gold ounce sold was $1,811, impacted by lower sales denominator; YTD AISC was $1,619.

• Q3 CapEx and exploration spend totaled $54 million, mainly for Kurmuk expansion; sustaining capital was $17.2 million.

Outlook and guidance

• Q4 2024 production expected at 98,000–102,000 oz, the highest quarter of the year.

• Full-year 2024 production guidance raised to 360,000–367,000 oz, with annualized run rate of 375,000–400,000 oz.

• Sadiola Q4 grades forecasted at 1.7 g/t, blending Sadiola and Korali-Sud ores; full-year Korali-Sud contribution expected as a bridge to Sadiola expansion.

• Kurmuk project remains on track for first production in mid-2026; Sadiola Phase 1 expansion to complete in H2 2025.

• AISC for 2025 expected to be modestly higher due to new Mali mining law and royalties, partially offset by higher production.