Allied Gold Corporation is a gold mining company operating in Africa through its subsidiaries. It primarily explores for gold and silver deposits. Its flagship asset is the Sadiola gold project, which consists of two mining licenses in the Republic of Mali. Formerly known as Allied Gold Corp Limited and Allied Merger Corporation, the company changed its name to Allied Gold Corporation in September 2023 and is based in Toronto, Canada.
Allied Gold pivots from Zijin takeover to funded growth as Kurmuk nears first gold
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Zijin takeover scrapped, replaced by US$295M strategic investment Allied Gold ended its C$44-per-share takeover by Zijin Gold, but secured a US$295 million investment from Zijin at C$32.55 a share — a premium to market. That cash funds the Kurmuk mine, Sadiola expansion and CDI growth, so the company stays independent and funded.
This is the period's biggest change: the deal that defined AAUC for months is gone, replaced by a new funding source that keeps growth plans alive.
Kurmuk mine moves from construction to production Kurmuk energized its 88-km power line and fed first ore to the crusher, with first gold expected soon. The mine should produce 240,000–270,000 ounces in its first full year, a major step up in output that supports future revenue and cash flow.
Kurmuk is the main growth engine; its commissioning is the clearest new operational milestone driving AAUC's value.
Q2 output solid, but revenue misses estimates Q2 production of 97,429 ounces kept Allied on track for full-year guidance, with strong margins (gold near $4,380/oz vs costs below $2,200/oz). But revenue of $366.2 million missed analyst estimates by $57.8 million, a reminder that results can disappoint even in a strong gold market.
It gives the fair counterweight: operational progress is real, but the quarter's revenue fell short of expectations.
Shareholders back board as company shifts to growth mode At the annual meeting, shareholders approved all items, including 10 directors and KPMG as auditor. With the Zijin takeover off the table, management now focuses on advancing Kurmuk and other projects, aiming to build Allied into a mature mid-tier gold producer.
It shows governance stability and a clear strategic direction after the deal termination, supporting investor confidence.
Allied Gold Energizes Kurmuk Power Line, Feeds First Ore to Crushing Circuit
Allied Gold Corporation said the Kurmuk Mine in Ethiopia has energized its power line to the national grid and fed first ore through the crushing circuit as the project moves toward completing commissioning and transitioning to operations. The 88-kilometre, 132-kV power line and related substations were completed by Ethiopian Electric Power and now supply sufficient power to finish commissioning and advance ramp-up, under a 20-year power purchase agreement at a fixed rate of approximately US$0.04 per kilowatt-hour. Earlier this month first ore was delivered to the commissioned crushing circuit, and the full handover of that circuit from the commissioning team to the operations team is underway, with first ore expected in the grinding circuit in the coming weeks and first gold to follow soon thereafter. Mining continues to advance as planned, with an ore stockpile of approximately one million tonnes established and planned to grow to nearly 1.5 million tonnes, or three months of ore feed ahead of full circuit commissioning, initially from the Dish Mountain and Ashashire open pits. The mine holds 2.7 million ounces of Proven and Probable Mineral Reserves and is expected to produce 240,000 to 270,000 ounces in its first full year and approximately 300,000 ounces the following year, averaging at least 240,000 ounces per year over an initial 15-year mine life.
AAUC · Supply · Positive Kurmuk mine energized its power line and fed first ore to the crushing circuit, advancing commissioning and ramp-up toward first gold.
Ethiopian Electric Power · Supply · Positive Ethiopian Electric Power completed the 88-km, 132-kV power line and substations supplying the Kurmuk mine under a 20-year PPA.
Allied Gold shareholders approve board and auditor as Kurmuk mine nears production
Allied Gold shareholders approved all matters at the annual general meeting, including the election of 10 directors and the appointment of KPMG LLP as auditor. CEO Peter Marrone said the company has a clearer view of its business prospects and intends to continue advancing its plans while improving stakeholder communication and shareholder value. The Kurmuk Mine is expected to enter production soon, which Marrone described as a potentially transformative milestone supporting Allied Gold's position as a mature mid-tier gold producer.
Allied Gold reports Q2 Non-GAAP EPS of $0.44 and revenue of $366.2M, missing estimates by $57.8M
Allied Gold reported second-quarter Non-GAAP earnings per share of $0.44 and revenue of $366.2 million, a 45.3% increase year-over-year but missing analyst estimates by $57.8 million. Net cash used in operating activities was $67.4 million, while operating cash flows before income tax paid and movements in working capital were a strong inflow of $133.0 million. EBITDA and Adjusted EBITDA for the three months ended June 30, 2026, were $165.0 million and $166.9 million, respectively.
Allied Gold says Zijin Gold terminates takeover but secures $295 million investment
Allied Gold announced that its planned C$5.5 billion sale to China's Zijin Gold has been terminated after the companies concluded there was no reasonable likelihood of satisfying closing conditions by the July 29 deadline. Instead, Zijin Gold will make a strategic investment of approximately $295 million in Allied Gold, agreeing to purchase 12.8 million common shares at C$32.55 each, representing a 10% premium to the last closing price. The original deal, announced in January, had Zijin agreeing to acquire Allied for C$44 per share. Separately, Allied Gold reported preliminary second-quarter gold production of 97,429 ounces, bringing half-year production to 193,445 ounces.
AAUC · Capital · Negative Zijin Gold terminated the C$5.5 billion takeover at C$44/share, replacing it with a smaller investment at C$32.55/share, a 26% discount to the original offer.
2259.HK · Capital · Neutral Zijin Gold terminated the acquisition but made a $295 million strategic investment at a premium to market, indicating continued interest but at a lower commitment.
Allied Gold Reports Preliminary Q2 2026 Output of 97,429 Ounces, Expects Kurmuk Mine Start in August
Allied Gold Corporation announced preliminary second-quarter 2026 production of 97,429 gold ounces, bringing first-half output to 193,445 ounces and positioning the company to meet its full-year guidance of 385,000 to 425,000 ounces from producing mines. All-in sustaining costs for the quarter are expected to be below $2,200 per ounce sold, while the realized gold price for spot sales was approximately $4,380 per ounce, supporting strong margins. Cash balances at quarter-end were estimated at $190 million, with the decline from the prior quarter mainly due to growth capital spending on the Kurmuk Mine, which is on track to start operations in August with first gold a few weeks later. The company also reported a more than 60% increase in proven and probable mineral reserves at Agbaou, extending its mine life to 2030, and reiterated that security matters in its host nations are being effectively managed without disruption to operations. Allied Gold will release full second-quarter financial results on August 5, 2026.
AAUC · Capital · Positive Preliminary Q2 output of 97,429 oz, on track for full-year guidance, strong margins with realized gold price ~$4,380/oz vs AISC below $2,200/oz, and cash of $190M.
Ethiopia clears Zijin Mining's $4 billion acquisition of Allied Gold
Ethiopian regulators have approved Zijin Mining's $4 billion acquisition of Allied Gold, according to a Capital Ethiopia report citing unidentified sources. With this approval secured, the parties are expected to close the deal before the extended deadline of July 29. The transaction, valued at approximately C$5.5 billion or C$44 per share in cash, was agreed in January but faced delays partly due to opposition from China's National Development and Reform Commission, which questioned the premium and risks tied to Allied's gold mine in Mali. Allied Gold's ADRs edged 1% higher following the report.
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