Allied Gold (AAUC) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 2025 gold production of 117,004 ounces, with full-year output at 379,081 ounces, exceeding annual guidance and marking the highest quarterly production to date.

• Entered into a definitive agreement for acquisition by Zijin Gold at C$44 per share, representing a 27% premium to the 30-day VWAP and valuing the company at approximately C$5.5 billion.

• Advanced key growth projects, including the Sadiola Phase 1 expansion and Kurmuk Project, both on schedule and on budget, with Kurmuk expected to commence operations in mid-2026.

Financial highlights

• Q4 2025 net loss of $23.6 million ($0.19/share); adjusted earnings of $69.0 million ($0.56/share).

• Q4 EBITDA of $138.6 million and adjusted EBITDA of $204.6 million; full-year EBITDA of $335.6 million and adjusted EBITDA of $523.8 million.

• Q4 operating cash flow before tax and working capital was $227.1 million; net cash from operating activities was $189.3 million.

• Cash and cash equivalents at year-end totaled $479.8 million.

• Q4 AISC improved to $1,980/oz, down 5% sequentially, with AISC margins rising to $2,160/oz.

Outlook and guidance

• 2026 gold production guidance: 385,000–425,000 ounces from existing mines, plus 100,000–150,000 ounces from Kurmuk, for a total of 485,000–575,000 ounces.

• Projected 2026 AISC: $1,750–$1,900/oz; cash costs: $1,550–$1,680/oz, assuming a gold price of $4,250/oz.

• Kurmuk expected to average 290,000 ounces/year for first four years at AISC below $950/oz.