Allied Gold Corporation (TSX: AAUC) (OTCQX: AAUCF) reports first quarter of 2025 production of 84,040 gold ounces at total cost of sales⁽⁴⁾, cash costs⁽¹⁾ and All-in Sustaining Costs⁽¹⁾ per ounce sold of $1,838, $1,656, and $1,811, respectively. Production and costs were aligned with mine plans, positioning the Company to meet its guidance for the year. Sales of 131,520 gold ounces included 48,939 gold ounces of gold produced from Korali-Sud that were in inventory as at December 31, 2024, and were sold in the first quarter of 2025 as previously disclosed.

FIRST QUARTER HIGHLIGHTS

Financial Results Highlights

• Earnings:
  • First quarter net earnings of $15.1 million or $0.05 per share.
  • First quarter adjusted earnings⁽¹⁾ of $45.1 million or $0.14 per share.
• Cash Flows and EBITDA
  • Net cash generated from operating activities for the quarter was $121.1 million.
  • Operating cash flow before income tax paid and movements in working capital was a strong inflow of $100.8 million.
  • EBITDA⁽¹⁾ and Adjusted EBITDA⁽¹⁾ for the three months ended March 31, 2025, were $103.2 million and $133.8 million, respectively.
• Strong Financial Position: As of March 31, 2025, the Company had cash and cash equivalents of $232.3 million. Subsequent to quarter end, Allied successfully closed on a bought deal public offering for total gross proceeds of $66.8 million, further enhancing the Company’s strong balance sheet.

Operational Highlights

• First Quarter Production: The Company produced 84,040 ounces of gold in the first quarter, in line with expectations, positioning the Company to meet its guidance for the year. As previously guided, production for the year is expected on the basis of 45%/55% for weighting between the first and second half, with the fourth quarter expected to be meaningfully higher than the first three quarters of the year.
• Performance by Asset:
  • At Sadiola, production during the quarter was 45,232 ounces and included significant contributions from the Korali-Sud zone, demonstrating the significant production upside that new oxide orebodies can provide to Sadiola in anticipation of the start of production of the first phase expansion in the fourth quarter.
  • At Bonikro, production was 19,671 ounces driven by stronger throughput and operational improvements.
  • At Agbaou, production was 19,137 ounces driven by higher grades in WP3 Satellite Pit and increased throughput at the process plant, and supported by a strong mining performance and optimizations.
  • This quarter highlights the flexibility of Allied’s Côte d’Ivoire (“CDI”) operations in mining and processing ore and extracting value from various sources within the complex, as stripping activities continue to advance, which will drive the increase in production planned for the second half as previously guided.
• Costs on Track: AISC⁽¹⁾ for the quarter was $1,811 per ounce. Costs for the first quarter tracked in line with or better than budget and annual guidance provided, particularly when taking into consideration that every $100 per ounce increase in the price of gold results in $15 per ounce higher AISC⁽¹⁾, which was guided on a $2,500 per ounce gold basis. Consequently, at a realized price in excess of $2,800 for the first quarter, this impacted AISC⁽¹⁾ by approximately $50 per ounce on a consolidated basis, while at Sadiola it impacted AISC⁽¹⁾ by approximately $65 per ounce.

Advancement of Key Growth Initiatives

• Kurmuk: The Company continues to track well against plan for the Kurmuk Project, having achieved key milestones and progress during the first quarter of 2025. The Company is well-positioned to achieve the goal of commencing production by mid-2026.

At the end of the first quarter, earthworks and structural fills at the plant terrace were near completion. Key areas, including crushing, grinding, and leaching, were handed over to the civil works contractor, which progressed rebar and concrete activities according to plan. Steel fabrication is progressing well, and the mechanical contractor completed its first phase of mobilization and advanced the erection of ancillary structures. Engineering and procurement reached 80% completion in the quarter, and transportation of major equipment to site is underway. Mining pioneering was advanced during the quarter and is ahead of schedule.

For the quarter ended March 31, 2025, $56.2 million was spent on the Kurmuk Project, comprising direct construction capital expenditures and exploration activity.

A third quarter 2025 update is planned for Kurmuk Mineral Resources, Mineral Reserves and exploration to demonstrate Kurmuk’s potential for extension of mine life, taking advantage of the increased plant capacity. The Company expects Kurmuk to produce an average of 290,000 ounces per year for the first four years and 240,000 ounces per year on average for the mine’s life, with AISC⁽¹⁾ below $950 per ounce.

• Sadiola Phased Expansion: The first phase of expansion at Sadiola broke ground in the fourth quarter of 2024 and advanced on schedule and on budget during the first quarter. Earthworks and structural fill, along with engineering, procurement, and mobilization for mechanical contractors, progressed well during the quarter and in line with the timeline to start production in the fourth quarter of 2025.

Continued investment in the first phase expansion, including planned plant modifications and infrastructure upgrades, is consistent with prior estimates at $70 million in 2025. The first phase plant expansion involves installing additional crushing and grinding capacity in one of the processing plant lines, which will be dedicated to treating fresh ore. These modifications will allow Sadiola to treat up to 60% of fresh rock at a rate of up to 5.7 Mt/y in the modified process plant. With the completion of the first phase expansion, Sadiola is expected to produce between 200,000 and 230,000 ounces of gold per year in the medium term, ahead of the next expansion phase.

The Phase 2 Expansion, planned as a new processing plant to be built beginning in late 2026 and dedicated to processing fresh rock and oxides at a rate of up to 10 Mt per year, targeted to start production in late 2028, is expected to increase production to an average of 400,000 ounces per year for the first four years and 300,000 ounces per year on average for the mine’s life, with AISC⁽¹⁾ expected to decrease to below $1,200 per gold ounce.

Financing and Strategic Initiatives Highlights

Allied successfully executed a number of strategic transactions and initiatives during and subsequent to the first quarter, creating a fortress balance sheet, further improving the Company’s financial flexibility, enhancing trading liquidity and broadening the shareholder base. The transactions include:

• New York Stock Exchange Listing: Allied is pursuing a listing on the New York Stock Exchange and has reserved the ticker symbol “AAUC” in connection with the proposed listing. The Company is advancing its listing application and expects to be listed on the NYSE by mid-June, 2025; however, there can be no assurance that it will receive listing approval from the NYSE to complete such listing. Allied believes that listing on the NYSE will provide the Company with, among other things, access to a broader investor audience, increased sources of potential capital, improved trading liquidity in Allied’s common shares, and increased research coverage from U.S. investment banks. Finally, the listing is expected to provide the opportunity for broader index inclusion.
• Bought Deal Public Offering and Concurrent Block Trade: Subsequent to quarter end, the Company successfully closed on a bought deal public offering and a significant shareholder of the Company completed a concurrent block trade of common shares owned by such shareholder. The offering was for an aggregate of 17,250,000 common shares at a price of C$5.35 per share for aggregate gross proceeds of $66.8 million and net proceeds of $64.0 million.

Enhancing market liquidity remains a key objective for the Company. Over the past 18 months, average daily trading volume—measured over a 20-day period—has increased approximately ninefold. Each of the significant shareholder’s block trade and the Company’s offering are expected to further improve trading liquidity in advance of the Company’s planned listing on the New York Stock Exchange. These transactions also support broader index inclusion and additional investor interest, all of which should help the Company’s share price better reflect the Company’s intrinsic value per share.

The Company intends to use the net proceeds from the offering to fund its optimization and growth initiatives, including advancing studies and engineering work to improve recoveries at Sadiola, supporting exploration and mine life extension studies in Côte d’Ivoire, and conducting additional exploration and development activities across its broader asset portfolio. The proceeds of the offering are expected to assist the Company in accelerating value creation from these assets and activities.

• Sadiola Strategic Arrangements: Among the matters for strategic review in 2024, the Company reviewed its power supply strategy for Sadiola with the objective of increasing its energy self-reliance, reducing its dependence on fossil fuels, and optimizing the asset’s long-term cost structure, while aligning with the State of Mali support of mining companies improving self-generation capacity and putting less demand on the national grid. Allied also sought to improve its regional and national competencies and in-country relationships in support of its growth initiatives and optimize its Mali operations with the ultimate objective of enhancing shareholder value. In this context, the Company considered that one of the potential arrangements would be to create a joint venture at Sadiola that would also support funding its expansion plans.

The Company engaged with possible strategic partners with strong technical and financial capabilities as well as regional and national experience and competencies. Ambrosia Investment Holding (“Ambrosia”), an Emirati entity, was one of these parties and soon became the most advanced in the process. Ambrosia expressed a strong interest in creating an alliance that included power generation and acquiring an indirect interest in Sadiola. On February 25, 2025, the Company announced a strategic partnership with Ambrosia comprising a private placement, the purchase of 50% of Allied’s indirect interest in SEMOS (the operating company that directly owns the Sadiola mine) and related joint venture agreement, and a long-term power supply arrangement to provide power to Sadiola.

On April 11, with the expiry of an extended period of price protection provided by the Toronto Stock Exchange, the Company determined not to proceed with the private placement although Ambrosia indicated, and has continued to indicate, a willingness to continue advanced discussions relating to the joint venture and long-term power supply arrangement for Sadiola. Both Ambrosia and the Company have begun to engage in discussions with Malian authorities relating to these arrangements and those discussions are progressing. While the Company is committed to advancing to conclusion the arrangements with Ambrosia the Company has received a proposal from another party for a similar arrangement that would provide for the purchase of a smaller interest in Sadiola, although otherwise on comparable terms as those in the Ambrosia arrangements. This proposal is not as advanced as the arrangements with Ambrosia although the Company is advancing discussions relating to the proposal. In addition, as the Company continues assessing its power supply strategy, it has expanded the scope of review in light of the Government of Mali’s encouragement to increase energy self-reliance in mining operations. As a result, the Company has begun discussions with the Malian authorities and private power providers for a broader power solution for Sadiola, sponsored by Allied, and in which the Company would be an investor and the purchaser of power under a suitable power purchase agreement.

As the Company evaluates all of these alternatives and opportunities regarding Sadiola, it continues advancing its ongoing optimizations and expansion projects, with the first phase expansion expected to be completed on budget and schedule later this year, and the second phase expansion will follow after that, as noted above.

• Zero-Cost Collar Execution: On May 7, 2025, the Company completed a gold price protection program that ensures a minimum price of $3,048 per ounce and full upside to $4,000 per ounce on gold production of 15,500 ounces per month from June 2025 through to March 2026, equalling a total of 155,000 ounces. Inclusive of already existing gold production under preceding gold price protection through March of 2026, this represents approximately 75% of total production in that period, thereby ensuring higher margins and cash flows as the Company completes the development of Kurmuk.

Other Developments

The Company continues advancing discussions with SOREM (Mali state-owned mining company) to pursue potential mining opportunities in the vicinity of Sadiola and other highly prolific areas in Mali. While definitive arrangements have not been concluded at this time, the Company is encouraged by the prospects under evaluation and discussion and with the cooperativeness and ongoing engagement with in-country authorities.

Sustainability, Health and Safety Highlights

• The Company did not report any significant Environmental Incidents for the three months ended March 31, 2025.
• The Company’s Total Recordable Injury Rate (TRIR) was 0.40 for the quarter, compared to a TRIR of 1.40 in the comparative prior year period.
• The Company reported one Lost Time Injury in the first quarter, resulting in Lost Time Injury Rate of 0.20, compared to a LTIR of 0.29 in the comparative prior year period.

Summary of Operational Results

Gold production of 84,040 ounces during the three months ended March 31, 2025, was in line with expectations, with all mines having strong first-quarter performance. As previously disclosed, production for the year is expected to follow a 45%/55% weighting between the first and second half, with the fourth quarter being the strongest of the year.

The mine-site level cost of sales, cash costs⁽¹⁾, AISC⁽¹⁾ for the quarter ended March 31, 2025 were $1,838, $1,656, and $1,811, all on a per ounce basis. Costs for the first quarter tracked in line with or better than budget and annual guidance provided, particularly when taking into consideration that every $100 per ounce increase in the price of gold results in $15 per ounce higher AISC⁽¹⁾, which was guided on a $2,500 per ounce gold basis. Consequently, at a realized price in excess of $2,800 for the first quarter, this impacted AISC⁽¹⁾ by approximately $50 per ounce on a consolidated basis, while at Sadiola it impacted AISC⁽¹⁾ by approximately $65 per ounce.

Further, during the first quarter, to take advantage of higher gold prices and an objective to maximize gross margin and cash flow, the Company deliberately mined more ounces at Korali-Sud, despite the higher government and third-party royalty burden compared with Sadiola of an additional cost of $200 per ounce, to achieve higher overall production ounces and financial metrics. In the quarter, Korali-Sud grade was over 1.5 g/t, where Sadiola was roughly 1.0 g/t, and therefore, by maximizing tonnes from Korali-Sud, the Company obtained more ounces and higher absolute gross margins, rather than producing fewer ounces from Sadiola at a lower royalty burden. As previously disclosed, the 2023 mining code is expected to impact costs at Sadiola by approximately $240/oz to $300/oz, and at Korali-Sud, the cost exceeds this range given that it is a new mining operation and is subject to the full impact of the 2023 mining code without derogations of royalties, unlike production from Sadiola proper. Korali-Sud ore is a bridge to sustained higher production at better costs while the Company continues to explore and develop new oxide discoveries in the Sadiola permit area and completes the Phase 1 expansion later this year. Beginning in the third quarter, production is expected to shift from Korali-Sud to ore sources at Sadiola, including the newly discovered Sekekoto West oxide deposit. In the fourth quarter, the first phase expansion is expected to ramp up, the result of which will be that production is expected to stabilize at a level of 200,000-230,000 ounces per year. The Company’s guidance on production and costs for Sadiola remains unchanged.

Gold sales⁽⁸⁾ of 131,520 ounces for the quarter ended March 31, 2025 compared to 85,136 ounces sold in the comparative quarter. The variance is predominantly due to Korali-Sud gold production at Sadiola from the fourth quarter, sold during the first quarter, as previously disclosed.

Average revenue per ounce generally diverges modestly from the average market price due to the impact of ounces delivered under the streams.

Sadiola (80% interest), Mali

Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud open pit gold mine (65% interest), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola is retained by the Government of Mali.

For the three months ended March 31, 2025, Sadiola produced 45,232 ounces. Production in the first quarter continued to include a significant contribution from ore tonnes from the higher-grade Korali-Sud zone, demonstrating the production upside that high-grade oxides can provide to Sadiola. As previously disclosed, Korali-Sud is a bridge to sustained higher production at better costs while the Company continues to explore and develop new oxide discoveries in the Sadiola permit area and completes the Phase 1 expansion later this year. Beginning in the third quarter, production is expected to shift from Korali Sud to ore sources at Sadiola, including the newly discovered Sekekoto West oxide deposit.

Process plant instrumentation upgrades have progressed well in the first quarter of 2025 with improvements resulting in an increase in throughput of an additional 20,000 tonnes during the quarter. Further enhancements to the process plant automation are planned to deliver improvements in reagent consumption and ultimately drive cost reductions. The process plant instrumentation upgrades will be further augmented with the implementation of the Phase 1 expansion.

As noted above, during the first quarter, to take advantage of higher gold prices and an objective to maximize gross margin and cash flow, the Company deliberately mined more ounces at Korali-Sud, despite the higher government and third-party royalty burden compared with Sadiola of an additional cost of $200 per ounce, to achieve higher overall production ounces and financial metrics. In the quarter, Korali-Sud grade was over 1.5 g/t, where Sadiola was roughly 1.0 g/t, and therefore, by maximizing tonnes from Korali-Sud, the Company obtained more ounces and higher absolute gross margins, rather than producing fewer ounces from Sadiola at a lower royalty burden. As previously disclosed, the 2023 mining code is expected to impact costs at Sadiola by approximately $240/oz to $300/oz, and at Korali-Sud, the cost exceeds this range given that it is a new mining operation and is subject to the full impact of the 2023 mining code without derogations of royalties, unlike production from Sadiola proper. Korali-Sud ore is a bridge to sustained higher production at better costs while the Company continues to explore and develop new oxide discoveries in the Sadiola permit area and completes the Phase 1 expansion later this year. Beginning in the third quarter, production is expected to shift from Korali-Sud to ore sources at Sadiola, including the newly discovered Sekekoto West oxide deposit. In the fourth quarter, the first phase expansion is expected to ramp up, the result of which will be that production is expected to stabilize at a level of 200,000-230,000 ounces per year. The Company’s guidance on production and costs for Sadiola remains unchanged.

AISC⁽¹⁾ for the quarter was $1,799 per gold ounce. Costs for the first quarter tracked in line with or better than budget and annual guidance provided, particularly when taking into consideration that every $100 per ounce increase in the price of gold results in $15 per ounce higher AISC⁽¹⁾, which was guided on a $2,500 per ounce gold basis. Consequently, at a realized price in excess of $2,800 for the first quarter, this impacted AISC⁽¹⁾ by approximately $50 per ounce on a consolidated basis, while at Sadiola it impacted AISC⁽¹⁾ by approximately $65 per ounce.

Gold sales for the current quarter were higher than production, as a result of the Korali-Sud ounces inventoried at year-end at Sadiola which were sold in the first quarter.

Sadiola Expansion Project and Korali-Sud

The first phase of expansion at Sadiola broke ground in the fourth quarter of 2024 and advanced on schedule and on budget during the first quarter. Earthworks and structural fill, along with engineering, procurement, and mobilization for mechanical contractors are progressing well. Continued investment in the first phase expansion, including planned plant modifications and infrastructure upgrades, is consistent with prior estimates at $70 million in 2025. The first phase plant expansion involves installing additional crushing and grinding capacity in one of the processing plant lines, which will be dedicated to treating fresh ore. These modifications will allow Sadiola to treat up to 60% of fresh rock at a rate of up to 5.7 Mt/y in the modified process plant starting during the fourth quarter of 2025. With the completion of plant modifications in the first phase, Sadiola is expected to produce between 200,000 and 230,000 ounces of gold per year in the medium term, ahead of the next phase of expansion. The Phase 2 Expansion, planned as a new processing plant to be built beginning in late 2026 and dedicated to processing fresh rock and oxides at a rate of up to 10 Mt per year, targeted to start production in late 2028, is expected to increase production to an average of 400,000 ounces per year for the first four years and 300,000 ounces per year on average for the mine’s life, with AISC⁽¹⁾ expected to decrease to below $1,200 per gold ounce.

Further, the Company is investigating the merits of a more progressive expansion of the existing plant beyond the year 2025, with the objective to target similar ultimate production levels at improved capital intensity. This will be achieved by advancing opportunities for optimization of the Sadiola Gold Mine Expansion Projects, including metallurgical test work and a pre-feasibility study to potentially increase recoveries by over 10 percentage points through the use of flotation and concentrate leaching. The progressive expansion would facilitate treatment of Fresh Ores, potentially reducing the requirements for a future single, major capital expenditure and accelerating gold production through increased plant throughput. These studies, supported by the Company’s phased investment, seek to improve Sadiola’s financial performance significantly. With this long-term and value-focused strategy, the Company is well-positioned to affirm that the advancement of the Sadiola Gold Mine Project is proceeding as planned, reinforcing Allied’s commitment to operational excellence and long-term value creation.

Sadiola Exploration

Since acquiring the Sadiola Project in 2021, Allied has identified over 15 million tonnes of economic oxide mineralization within the near-mine footprint, significantly enhancing the oxide resource base critical for the existing and planned processing infrastructure. Ongoing exploration activities at Sekekoto West, FE4, FE2 Trend and Tambali South are crucial to Allied’s strategy to leverage the existing resources and infrastructure to maximize production and cash flows in the short term.

During the quarter, exploratory and resource drilling programs were conducted at Sadiola and Korali Sud. Resource and exploratory drilling programs continued at Sekekoto West, Tambali deposits, and at FE2.5. Resource drilling was completed at the Diba deposit at Korali Sud along with the northern strike and eastern down-dip extensions.

Exploratory drilling at Sekekoto West was extended to the north and northwest during the quarter, with drillhole intersections demonstrating that the deposit remains open to the north outside of the current pit designs. At FE2.5, infill oxide resource drilling was completed on 25-metre centres on the central portion of the eastern trend with drillhole intersections demonstrating continuity. This deposit remains open to the north where the favourable geological contact will be tested for a further 1.1 kilometres to the crest of the historic FE2 pit.

At the Tambali deposit, deeper core drilling of the fresh rock mineralization, beneath the oxide deposit, is being carried out on 100-metre section lines with a goal to be completed in the second quarter of 2025. Drillhole intersections demonstrate good continuity of economic mineralization at depth. An updated geological model is in progress to be completed in Q2, which will guide resource estimation and conversion to reserves during the later portion of the year.

Bonikro (89.89% interest), Côte d’Ivoire

The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d’Ivoire. The remaining ownership is split between the Government of Côte d’Ivoire (10%) and a local minority shareholder (0.11%).

Bonikro is contiguous to Agbaou, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other.

Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation.

For the three months ended March 31, 2025, Bonikro produced 19,671 ounces, driven by increased throughput, as the focus remains on better ore fragmentation and increased crushed material availability.

The stripping of PB5 and PB3 during the first half of 2025 will expose higher-grade material for the second half of 2025, and full years 2026 and 2027. As a result of this, Bonikro will incur an anticipated $60 million of capital expenditures related to production stripping during 2025, further exposing higher-grade ore and leading to robust free cash flows in the years that follow when the rock movement and stripping ratio meaningfully decrease. As the waste stripping benefits not only 2025 but also the following two years of production, the AISC⁽¹⁾ per Ounce Sold figure accounts for the allocation of the stripping spend over the ounces it benefits through 2027. Waste stripping at Bonikro during 2026 and 2027 is expected to be negligible. The waste stripping in Bonikro will reduce as PB5 and PB3 mature and additional ore becomes available. Significant improvements have been made to mining productivity through maximizing operating hours, which will further be augmented with the introduction of new equipment from the mining contractor during the second quarter of 2025.

The Company remains on track in advancing initiatives to implement a centralized management model for both mines in CDI, streamlining processes, optimizing resources, and enhancing service delivery for sustainable growth, and lowering AISC⁽¹⁾. These efforts are expected to be finalized by mid-2025.

For the three months ended March 31, 2025, gold sales were slightly higher than production, due to timing of sales.

Bonikro Exploration

Resource and exploration drilling was conducted during the quarter on the Company’s mining licences and exploration licences.

At the Hiré Assondji-So ROM pad, drilling defined 600 metres of additional continuous mineralization. Further step-outs to the west of the permitted mining area are planned for the second quarter. A second trend of mineralization was delineated immediately west of the Assondji-So pit at Marais, and at quarter end, an open-ended, 230 metres of strike of mineralization had been defined on 20-metre drill sections. Drilling commenced at Assondji-So South with three rigs at the end of the quarter.

Oumé Exploration

At the Oumé Project, north of Bonikro, drilling continued at Dougbafla North with further step out drilling and a 20-metre infill reverse circulation program has begun. Drilling over 1.2 kilometres of strike at Dougbafla Central, which lies between Dougbafla West and Dougbafla North, was completed with drillhole intersections demonstrating continuity of shear-hosted mineralization over the trend which remains open to the northeast for another kilometre.

Agbaou (85% interest), Côte d’Ivoire

Agbaou is an open pit gold mine, located in the Oumé region of Côte d’Ivoire. The remaining ownership is split between the Government of Côte d’Ivoire (10%) and the SODEMI development agency (5%).

Agbaou is contiguous to Bonikro, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other.

For the three months ended March 31, 2025 Agbaou produced 19,137 ounces.

Driven by higher grades achieved in WP3 Satellite Pit and improved throughput achieved in the process plant. This performance was supported by mining fleet performance optimization and the implementation of additional short-interval controls. This highlights the flexibility of Allied’s CDI operations in mining and processing ore and extracting value from various sources within the complex.

As the mine is progressing through the mining sequence, improvements in ore mined, and grades have been observed. Stripping ratios were slightly higher as the focus remains on WP7 to strip waste. WP7 stripping has shown exceptional progress in the first quarter of 2025, and the focus will be to add more resources to this pivotal mining area to secure the continuous ore availability at better grades in the second half of 2025 and the first half of 2026. Waste stripping at Agbale was advanced in the first quarter and will provide access to higher-grade ore for the remainder of the year, which will be fed to the Agbaou mill.

With the Côte d’Ivoire mines now being operated by the same mining contractor, the Company is realizing synergies and expects costs to decline going forward.

The Company remains on track in advancing initiatives to implement a centralized management model for both mines in CDI, streamlining processes, optimizing resources, enhancing service delivery for sustainable growth, with the objective of lowering AISC⁽¹⁾. These efforts are expected to be finalized by mid-2025.

Gold sales for the three months ended March 31, 2025 were slightly lower than production due to timing of shipments.

Agbaou Exploration

At Agbaou, as part of the strategy to improve grade reconciliation and operational performance previously disclosed, confirmatory drilling was advanced at West Pit 3, which delivered positive results confirming the model. Additional infill holes will be completed to add further confidence in the grade and widths of the mineralized structures ahead of mining. Further confirmatory drilling will be conducted in the second quarter. Exploratory drilling was conducted within the South Sat 3 pit and to the western side of the mine area along strike from South Sat 2, where drillhole intersections were made on 120 metre spaced drill fences within oxide; this area is planned for follow-up infill drilling in the second quarter.

Kurmuk, (100% interest⁽⁷⁾), Ethiopia

The Company continues to track well against plan for the Kurmuk Project, having achieved key milestones and progress during the first quarter of 2025. The Company is well-positioned to achieve the goal of commencing production by mid-2026. Notable updates include:

• Over one million man-hours were achieved without a Lost Time Injury this quarter, reflecting the project’s commitment to safe execution.
• Engineering and Procurement reached approximately 80% progress, and transportation of major equipment to site is underway.
• Earthworks and structural fills at the plant terrace neared completion during the quarter. Key areas, including crushing, grinding and leaching, were handed over to the civil works contractor, which progressed rebar and concrete activities according to plan.
• Significant bulk earthworks progress outside the plant area was achieved ahead of the rainy season, including the water storage dam, the tailings starter dam wall, and the airstrip.
• Structural, Mechanical, Plate and Piping (SMPP) contractor fabrication is progressing well, and site mobilization is progressing through a phased approach focusing on erecting the camp ancillary structures.
• Preparations for major equipment deliveries are progressing. Maintenance of the main access road continues, and heavy lifting equipment has been delivered to site in readiness for mechanical erection activities.

Further, as previously disclosed, the mining contract for Kurmuk has been awarded to Mota-Engil, which is performing contract mining services at the Company’s West Africa operations. The Company is advancing pioneering mining activities to allow sufficient time for the establishment of access and of infrastructure, before the rainy season, and advance training of mining personnel ahead of the arrival of the main mining fleet. Mining activities will continue through the year and into 2026 with the objective of preparing the mine and building ore stockpiles to support the commissioning stage and start of operations.

For the quarter ended March 31, 2025, $56.2 million was spent on the Kurmuk Project, comprising direct construction capital expenditures and exploration activity.

Lastly, a third quarter update in 2025 is planned for Kurmuk Mineral Resources, Mineral Reserves and exploration, to demonstrate Kurmuk’s potential for extension of mine life, taking advantage of the increased plant capacity. The Company expects Kurmuk to produce 175,000 ounces of gold in the latter half of 2026, an average of 290,000 ounces per year for the first four years and 240,000 ounces per year on average for the mine’s life, with AISC⁽¹⁾ below $950 per ounce.

Operational Summary

FINANCIAL SUMMARY AND KEY STATISTICS

Key financial operating statistics for the first quarter 2025 are outlined in the following tables.

Qualified Persons

Except as otherwise disclosed, all scientific and technical information contained in this press release has been reviewed and approved by Sébastien Bernier, P.Geo (Senior Vice President, Technical Services). Mr. Bernier is an employee of Allied and a “Qualified Person” as defined by Canadian Securities Administrators’ National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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 aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.