Allied Gold (AAUC) Q3 2025 earnings summary

Executive summary

• Produced 87,020 ounces of gold in Q3 2025, with stable operations and strong cash generation, positioning for a strong Q4 and continued growth into 2026.

• Advanced Sadiola Phase 1 expansion on schedule for December 2025 completion and Kurmuk development, with first gold targeted for mid-2026.

• Adjusted EBITDA was $109.8M, with net operating cash flow of $181.5M and a cash balance of $262.3M at quarter-end.

• Despite a net loss of $17.9M due to non-cash items, adjusted net earnings were $33.3M ($0.29/share), reflecting core operational profitability.

• Operations remained stable despite geopolitical headlines in Mali, with no significant supply disruptions.

Financial highlights

• Q3 2025 revenue was $305.6M, with adjusted EBITDA of $109.8M and adjusted net earnings per share of $0.29.

• All-in sustaining costs (AISC) were $2,092/oz, down 11% from Q2, with further reductions expected in Q4.

• Cash and cash equivalents stood at $262.3M at quarter-end, with an undrawn $50M credit facility and $134M raised post-quarter via equity offering.

• Gross profit excluding DDA was $130.6M; Q3 2025 EBITDA was $70.8M.

• Q3 2025 cash costs per ounce sold were $1,911.

Outlook and guidance

• Q4 2025 production at Sadiola and Bonikro expected to be up to 40% higher than Q3, with improved costs and higher grades.

• 2025 production guidance is set at over 375,000 ounces, targeting 100,000 ounces per quarter at lower costs, with momentum expected to continue into 2026.

• Kurmuk is on track for first gold by mid-2026, expected to average 290,000 ounces/year for the first four years at AISC below $950/oz.

• Fourth quarter AISC anticipated to decrease further, benefiting from higher production and cost control.

• 2026 guidance to be provided early next year, targeting the high end of 375,000–400,000 ounces per annum.