Allied Gold (AAUC) Q3 2026 earnings summary

Executive summary

• Q3 production was 91,195 oz, up 5% YoY; Côte d’Ivoire operations performed strongly, and Kurmuk began production after quarter-end following Q3 commissioning.

• Q4 is expected to be the highest-production quarter of 2026, supported by Kurmuk’s initial output, stronger Sadiola production and continued Côte d’Ivoire Complex performance.

• Production is forecast to rise to 615,000–670,000 oz in 2027, with a target of ~800,000 oz annually by 2029.

Financial highlights

• Revenue was US$358.1M vs. US$305.6M YoY; gross profit was US$134.5M vs. US$113.4M.

• Net earnings attributable to shareholders were US$29.1M, or US$0.22 basic and US$0.20 diluted per share; adjusted net earnings were US$49.3M, or US$0.37 per share.

• EBITDA was US$121.0M and adjusted EBITDA was US$139.8M, up from US$109.8M a year earlier.

• Net cash from operating activities was US$12.3M; operating cash flow before taxes, claim settlements and working capital was US$115.6M. Quarter-end cash was US$379.1M and liquidity was US$429.1M.

Outlook and guidance

• 2026 production guidance remains 400,000–435,000 oz, including 375,000–400,000 oz from operating mines and 25,000–35,000 oz from Kurmuk; Q4 is expected to be the year’s strongest quarter.

• 2027 production is forecast at 615,000–670,000 oz, including 240,000–270,000 oz from Kurmuk; Kurmuk is expected to produce ~300,000 oz in 2028.

• Kurmuk targets 55,000–65,000 oz in Q1 2027 and commercial production by year-end 2026; nameplate capacity is targeted early in 2027.

• Portfolio production target is ~800,000 oz annually by 2029, supported by Kurmuk, Sadiola expansion and Côte d’Ivoire Complex growth.

• Sadiola’s expansion targets 7 Mt/y capacity in H1 2029, with a subsequent 9 Mt/y phase; an updated feasibility study and capital estimate are expected in early 2027.