Allied Gold (AAUC) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 gold production of 99,632 ounces, supporting annual output of 358,090 ounces and a platform for 375,000–400,000 ounces annually.

• Adjusted AISC for Q4 declined to $1,708/oz, reflecting operational improvements.

• Strategic funding arrangements, including a UAE-based investment and equity/streaming deals, have strengthened the balance sheet and secured capital for Kurmuk and Sadiola expansions.

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

• Advanced key growth projects, notably Kurmuk and Sadiola phased expansion, both on schedule and budget.

Financial highlights

• Q4 2024 revenue was $170.8 million, with adjusted net earnings per share of $0.03; adjusted EPS would have been $0.12 including post-year-end inventory sales.

• Q4 operating cash flow before working capital was $141M, rising to $200M with inventory sales; year-end cash and equivalents were $225M, or $355M including inventory sales.

• Q4 adjusted AISC was $1,708/oz, trending down from previous quarters.

• Q4 EBITDA was $50.1 million; adjusted EBITDA $47.3 million.

• Full-year net loss was $119.6 million; adjusted net earnings $36.3 million.

Outlook and guidance

• 2025 gold production guidance: 375,000–400,000 ounces, with production expected to be back-half weighted (45% H1, 55% H2).

• 2025 AISC projected at $1,690–$1,790/oz; $20M budgeted for exploration, $100M for sustaining CapEx, and $352M for expansionary CapEx.

• Sadiola Phase 1 expansion to complete by Q4 2025; Kurmuk to start production by mid-2026.

• Q4 2025 production expected to be 55–56% higher than Q1 2025.

• 2026 production expected to exceed 600,000 ounces, with significant free cash flow growth.