Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) provides its preliminary operating results for the quarter ended June 30, 2026, alongside an update on key operating priorities, transformative development progress and value creation initiatives.

In line with operating plans and guidance, the Company produced 97,429 gold ounces in the second quarter, and total production for the half year of 193,445 gold ounces. These results reflect continued momentum heading into the second half of the year, which is planned with increased levels of production mostly coming from operational improvements and mine sequencing at producing mines and the start-up of production at its newest operation, the Kurmuk Mine.

All-in Sustaining Costs⁽¹⁾ for the second quarter are expected to be below $2,200 per ounce of gold sold as a result of increased production, mine sequencing and operational improvements, supporting strong margins and cash flows. The realized gold price for spot sales in the second quarter was approximately $4,380 per ounce of gold sold.

As of the end of the second quarter, cash balances are estimated at $190 million. The difference from the previous quarter-end cash balance is predominantly attributable to growth capital expenditures, particularly for the development of the Kurmuk Mine, as well as normal-course and expected tax payments and working capital movements during the period. Cash balances are expected to increase through the remainder of the year, supported by the start of operations at the Kurmuk Mine, which is expected in August. On a pro forma basis, liquidity will be further strengthened by the proceeds of the recently announced strategic investment by Zijin Gold.

Continued Growth and Value Creation

During the quarter and since the beginning of the year, the Company has advanced initiatives that have improved and will continue to improve its production profile, expand mineral inventories, strengthen cash flow generation and advance its growth projects. The development of the Company’s Kurmuk Mine, with its start of operations expected in August and first gold following a few weeks thereafter, together with the ongoing optimization and growth initiatives at Sadiola, the previously announced extension of Bonikro’s mine life and continued growth in Mineral Reserves and Mineral Resources at the Côte d’Ivoire (CDI) Complex, continue to support the scale, quality and longevity of the Company’s asset portfolio.

Addressing Certain Commentary Related to Security Matters in Host Nations

With respect to certain commentary including media and other reports referencing security matters in certain host nations in which Allied operates, the Company reiterates that any such security matters have been, and continue to be, effectively managed by the host nations and, with respect to such security matters more closely associated with the operations of the Company, by the Company, as demonstrated by the strong operational performance of the Company’s portfolio of assets which have been and continue to be operated without interruption to supply chains or otherwise. In all respects, business is being conducted in the host nations and in local communities within those host nations in the normal course, and Allied continues with its operational, development, exploration, and growth plans as reflected herein.

Operational Highlights

• During the quarter and since the beginning of the year, the Company has advanced initiatives that have improved and will continue to improve its production profile, expand mineral inventories, strengthen cash flow generation, and advance its growth projects. Particularly, the commencement of production of the Kurmuk Mine in the third quarter of this year and its robust annual production profile thereafter at industry-leading costs are expected to reposition and transform Allied’s already strong cash flow generation, leading to increased shareholder returns.

• Second Quarter Production: The Company produced 97,429 gold ounces in the second quarter, in line with guidance and operating plans, representing a meaningful 7% increase over the comparable quarter in 2025. Bonikro delivered the strongest contribution, Sadiola improved through the quarter, and Agbaou continued its planned transition to a higher proportion of fresh ore.

• Tracking Production Guidance: Aggregate production for the first half of 2026 of 193,445 gold ounces positions Allied well to meet previously provided production guidance relating to its producing mines of 385,000 to 425,000 gold ounces. As previously disclosed, production from Allied’s producing mines, particularly at Sadiola, is expected to be weighted toward the second half of the year with sequential increases in production expected in the upcoming quarters. The Kurmuk Mine will meaningfully contribute to further growth above this current level once in production.

• Kurmuk Mine Progressing Towards Production: The development of the Kurmuk Mine continued to advance during the second quarter, with the start of operations expected in August and first gold following a few weeks thereafter. Key execution milestones continue to be met, and the project remains on budget and on schedule while advancing commissioning activities. While the Company targets to maximize production for the partial year of production in 2026 and had previously guided a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on the production expectations for the second half of the year once operations commence in the third quarter. Following the commissioning and ramp-up of the Kurmuk Mine in the second half of 2026, the Company expects to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028, all at industry-leading costs.

• Sadiola Next Growth Phase: The Company advanced processing improvements including instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption in early 2027. The Company continues to advance engineering and early works for the previously disclosed organic throughput expansion opportunities while maintaining flexibility on future development alternatives.

• Mine Life Increased at CDI Complex: Mineral Reserves and Mineral Resources updates for Agbaou demonstrate an increase of more than 60% over the year-end 2025 estimates, based on Proven and Probable Mineral Reserves. As a result, mine life for Agbaou based on Proven and Probable Mineral Reserves only has been extended to 2030, which, together with the previously disclosed update on the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of at least 200,000 gold ounces per year for over 10 years (thereby also increasing the minimum level of cumulative production from 180,000 gold ounces per year to 200,000 gold ounces per year).

• Cost Improvements: AISC for the second quarter continued to demonstrate sequential reductions as a result of increased production, mine sequencing and operational improvements, and is expected to be below $2,200 per ounce of gold sold. The average AISC for the second half of 2026 is expected to decline meaningfully with the inclusion of low-cost ounces from the Kurmuk Mine.

• Strong AISC Margins: Lower AISC, together with realized gold prices for spot sales of approximately $4,380 per ounce in the second quarter, is expected to result in strong AISC margins demonstrating the strong operating cash flow generation abilities of the Company.

• Strong Financial Position: Cash balances as of June 30 were approximately $190 million. The variation from the previous quarter-end balance is predominantly attributable to growth capital expenditures, particularly for the development of the Kurmuk Mine, which is advancing toward first production in the third quarter, as well as normal-course tax payments and working capital movements.

Second Quarter Gold Production

Asset Highlights 

The operating mines produced 97,429 gold ounces in the second quarter and 193,445 gold ounces in the first half of 2026, well positioning the Company to meet its production guidance from its producing mines. Bonikro continued its strong performance, Sadiola increased production through the quarter as the Stage 1 crushing circuit completed its ramp-up, and Agbaou progressed on its planned transition toward a higher proportion of fresh ore.

The Kurmuk Mine advanced into commissioning activities, with the start of operations expected in August and first gold following a few weeks thereafter, followed by the production ramp-up in the second half of the year. Following a partial year of production in 2026, the Company is targeting between 240,000 and 270,000 gold ounces in 2027, which, at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028, all at industry-leading costs.

Together, the strong operating results in the first half of the year, the ongoing optimizations and growth initiatives underpinned by the continued progress at the Kurmuk Mine as it nears production, underpin the progress and value creation on this transformational year for the Company.

Sadiola (80% interest), Mali

Sadiola produced 48,080 gold ounces in the second quarter of 2026, approximately 9% higher than in the first quarter. First-half production was 92,184 gold ounces, placing Sadiola in a strong position to meet its production guidance for the year, with further increases expected in the coming quarters, as previously disclosed. The improvement in production during the quarter was driven by higher throughput as the Stage 1 crushing circuit completed its ramp-up and is providing a consistent supply of ore to the mill while the planned process control upgrades, recovery improvement work and flowsheet optimization continue to advance.

These processing improvements include instrumentation and automation upgrades aimed at improving recovery and reducing costs, together with the planned addition of a pre-leach thickener during 2026. The thickener is expected to enable the plant to process more than 90% of fresh ore, improve operating flexibility, and reduce reagent consumption. This work is intended to support a sustainable long-term operating platform for Sadiola at 200,000 to 230,000 gold ounces per year before further expansion.

The Company continues to advance engineering and early works for the previously disclosed organic throughput expansion opportunities while maintaining flexibility on future development alternatives. Work is progressing on the proposed 7 million tonne per year step, as well as on the studies to increase recovery and the construction of a new tailings storage facility, while preserving the longer-term option to process more than 9 million tonnes per year.

The Company continues to advance the development and preparation of near-surface, medium- to high-grade oxide zones, including FE4, FE2.5 and Sadiola Main Stage 6, which are expected to contribute to production in the short and medium term. Exploration also advanced at FE2 North, Tambali North, Sadiola Main, F3/FE4, TK1, Mandakoto and Kouloukan, with the objective of adding oxide and shallow fresh-rock mineralization to support future production and mine-life extensions.

Côte d’Ivoire Complex

The Côte d’Ivoire Complex produced 49,349 gold ounces in the second quarter and 101,261 gold ounces in the first half of 2026, strongly positioning the mines to meet their cumulative guidance for the year. The stripping and mine development completed in 2025 continued to provide access to higher-grade ore, particularly at Bonikro. Operational improvement work is continuing at both sites to sustain production, improve recovery and reduce costs.

• Bonikro (89.89% interest), Côte d’Ivoire

Bonikro produced 31,471 gold ounces in the second quarter, bringing first-half production to 60,482 gold ounces, slightly ahead of plan. The result was driven by higher feed grades, throughput, and recovery following access to higher-grade ore in Stage 5, after stripping and mine development were completed in 2025. Mine sequencing during the second half of 2026 is expected to remain in higher-grade zones. Processing circuit optimization continues to focus on gravity recovery, circuit efficiency and slurry control. Waste stripping at Bonikro Main is expected to remain lower than in 2025, providing increased flexibility for ore mining through 2026 and 2027.

• Agbaou (85% interest), Côte d’Ivoire

Agbaou produced 17,878 gold ounces in the second quarter and 40,779 gold ounces in the first half of 2026. Production was in line with the plan. Ore mined and tonnes processed were slightly above plan, and the plant processed a higher proportion of fresh ore than in the first quarter, consistent with the mine sequence. Continued stripping of the West pits is expected to secure ore access for the second half of 2026, including access to higher-grade areas. The Company completed the anticipated update to the Mineral Reserves and Mineral Resources for the mine, resulting in a 60% increase in the Proven and Probable Reserves. As a result, the mine life for Agbaou based on Mineral Reserves only has been extended to 2030, which, together with the previously disclosed update on the extension of the Bonikro mine life and the ongoing exploration efforts in the CDI Complex, supports the Company’s strategic objective of 200,000 gold ounces per year for over 10 years for these assets.

Kurmuk Mine, Ethiopia

The development of the Kurmuk Mine continued to meet key execution milestones during the second quarter and remains on budget and schedule. Major mechanical equipment installation is complete, with management now focused on completing the electrical and instrumentation disciplines and completing operational readiness. The Company is working closely with the Ethiopian Electric Power (“EEP”) and its EPC contractor to complete and energize the power line ahead of full commissioning. Commissioning activities started during the second quarter and are continuing into the third quarter, while exploration continued to test extensions to known deposits and new mineralized areas.

While the Company targets to maximize production for the partial year of production in 2026 and had previously guided to a production level between 100,000 and 150,000 gold ounces for the year, it will provide an update on production expectations for the second half of the year once operations commence in the third quarter. Following start-up and a partial year of production in 2026, the Kurmuk Mine is expected to produce between 240,000 and 270,000 gold ounces in 2027, which at the higher end, exceeds previous guidance, and approximately 300,000 gold ounces in 2028. The mine is expected to average approximately 290,000 gold ounces per year during the first four years and 240,000 gold ounces per year over the life of the mine, with industry-leading cost performance.

Directors and Management Advisory to the Company of Intention to Purchase Shares

The Company believes that there is significant value inherent in its assets and prospects and that underlying value is expected to increase throughout the year and thereafter as the Company continues to execute its operational and development objectives and pursue its growth. Management and the Board of Directors fully believe this value proposition and in that context, the Chairman and Vice Chairman of Allied, have advised the Company that as they believe the share price does not fully reflect the Company’s value proposition and prospects, they intend to acquire additional common shares of the Company through open-market purchases subject to prevailing market conditions and regulatory requirements thereby lending support to market stability. As previously disclosed, in support of the Strategic Investment, Allied’s Chairman and CEO and the Company’s Vice Chairman have also voluntarily agreed to enter into lock-up agreements for the same period as Zijin Gold’s statutory hold period in connection with the private placement.

About Allied Gold Corporation

Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d’Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold is solidly on the path to becoming a mid-tier next-generation gold producer in Africa and ultimately a leading senior global gold producer.