ALLIED GOLD ANNOUNCES FOURTH QUARTER AND YEAR-END 2024 RESULTS: ACHIEVING RECORD QUARTERLY PRODUCTION, ADVANCING OPTIMIZATIONS AND GROWTH PROJECTS, AND STRENGTHENING FINANCIAL FLEXIBILITY THROUGH STRATEGIC INITIATIVES
Allied Gold (AAUCF) reported its Q4 and full-year 2024 results, achieving record quarterly production of 99,632 ounces of gold, leading to full-year production of 358,090 ounces, a 4% increase from the previous year. The company reported Q4 costs with total cost of sales at $1,773/oz, cash costs at $1,589/oz, and adjusted AISC at $1,708/oz.
Key financial metrics include a Q4 net loss of $10.3 million (-$0.03/share), adjusted earnings of $9.5 million ($0.03/share), and operating cash flows of $49.6 million. The company held $225 million in cash as of December 31, 2024.
Strategic initiatives included:
- Completion of a $161.6 million equity offering
- Securing a $250 million Kurmuk funding package
- Advancing the Sadiola phased expansion project
- Planning NYSE listing for Q3 2025
For 2025, Allied projects gold production of 375,000-400,000 ounces with AISC guidance of $1,690-$1,790 per ounce.
Allied Gold (AAUCF) ha riportato i risultati del quarto trimestre e dell'intero anno 2024, raggiungendo una produzione trimestrale record di 99.632 once d'oro, portando la produzione totale dell'anno a 358.090 once, con un aumento del 4% rispetto all'anno precedente. L'azienda ha riportato i costi del quarto trimestre con un costo totale di vendita di $1.773/oncia, costi in contante di $1.589/oncia e AISC rettificato di $1.708/oncia.
I principali indicatori finanziari includono una perdita netta nel quarto trimestre di $10,3 milioni (-$0,03/azione), utili rettificati di $9,5 milioni ($0,03/azione) e flussi di cassa operativi di $49,6 milioni. L'azienda deteneva $225 milioni in contante al 31 dicembre 2024.
Le iniziative strategiche includevano:
- Completamento di un'offerta di equity da $161,6 milioni
- Garanzia di un pacchetto di finanziamento Kurmuk da $250 milioni
- Avanzamento del progetto di espansione a fasi di Sadiola
- Pianificazione della quotazione NYSE per il terzo trimestre del 2025
Per il 2025, Allied prevede una produzione d'oro di 375.000-400.000 once con una guida AISC di $1.690-$1.790 per oncia.
Allied Gold (AAUCF) reportó sus resultados del cuarto trimestre y del año completo 2024, logrando una producción trimestral récord de 99,632 onzas de oro, lo que llevó a una producción total del año de 358,090 onzas, un aumento del 4% en comparación con el año anterior. La compañía reportó costos del cuarto trimestre con un costo total de ventas de $1,773/onza, costos en efectivo de $1,589/onza y AISC ajustado de $1,708/onza.
Los principales indicadores financieros incluyen una pérdida neta en el cuarto trimestre de $10.3 millones (-$0.03/acción), ganancias ajustadas de $9.5 millones ($0.03/acción) y flujos de efectivo operativos de $49.6 millones. La compañía tenía $225 millones en efectivo al 31 de diciembre de 2024.
Las iniciativas estratégicas incluyeron:
- Finalización de una oferta de acciones de $161.6 millones
- Aseguramiento de un paquete de financiamiento Kurmuk de $250 millones
- Avance del proyecto de expansión por fases de Sadiola
- Planificación de cotización en NYSE para el tercer trimestre de 2025
Para 2025, Allied proyecta una producción de oro de 375,000-400,000 onzas con una guía AISC de $1,690-$1,790 por onza.
Allied Gold (AAUCF)는 2024년 4분기 및 연간 실적을 발표하며 99,632 온스의 금을 생산하여 분기별 생산 기록을 달성했으며, 연간 총 생산량은 358,090 온스에 달해 전년 대비 4% 증가했습니다. 회사는 4분기 총 매출 원가가 $1,773/온스, 현금 원가가 $1,589/온스, 조정된 AISC가 $1,708/온스라고 보고했습니다.
주요 재무 지표에는 4분기 순손실이 $10.3백만 (-$0.03/주), 조정된 수익이 $9.5백만 ($0.03/주), 운영 현금 흐름이 $49.6백만이 포함됩니다. 회사는 2024년 12월 31일 기준으로 $225백만의 현금을 보유하고 있었습니다.
전략적 이니셔티브에는:
- $161.6백만의 주식 공모 완료
- $250백만의 Kurmuk 자금 패키지 확보
- Sadiola 단계적 확장 프로젝트 진행
- 2025년 3분기 NYSE 상장 계획
2025년을 위해 Allied는 375,000-400,000 온스의 금 생산을 예상하며 AISC 지침은 온스당 $1,690-$1,790입니다.
Allied Gold (AAUCF) a annoncé ses résultats du quatrième trimestre et de l'année complète 2024, atteignant une production trimestrielle record de 99 632 onces d'or, ce qui a conduit à une production totale annuelle de 358 090 onces, soit une augmentation de 4 % par rapport à l'année précédente. L'entreprise a rapporté des coûts pour le quatrième trimestre avec un coût total de vente de 1 773 $/once, des coûts en espèces de 1 589 $/once et un AISC ajusté de 1 708 $/once.
Les principaux indicateurs financiers incluent une perte nette au quatrième trimestre de 10,3 millions de dollars (-0,03 $/action), des bénéfices ajustés de 9,5 millions de dollars (0,03 $/action) et des flux de trésorerie d'exploitation de 49,6 millions de dollars. L'entreprise détenait 225 millions de dollars en espèces au 31 décembre 2024.
Les initiatives stratégiques comprenaient :
- Achèvement d'une offre d'équité de 161,6 millions de dollars
- Sécurisation d'un paquet de financement Kurmuk de 250 millions de dollars
- Avancement du projet d'expansion par phases de Sadiola
- Planification d'une cotation à la NYSE pour le troisième trimestre 2025
Pour 2025, Allied prévoit une production d'or de 375 000 à 400 000 onces avec une orientation AISC de 1 690 à 1 790 $ par once.
Allied Gold (AAUCF) hat die Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht und dabei eine rekordverdächtige vierteljährliche Produktion von 99.632 Unzen Gold erreicht, was zu einer Gesamtjahresproduktion von 358.090 Unzen führte, einem Anstieg von 4% im Vergleich zum Vorjahr. Das Unternehmen berichtete für das vierte Quartal von Gesamtkosten für den Verkauf in Höhe von $1.773/Unze, Bargeldkosten von $1.589/Unze und einem angepassten AISC von $1.708/Unze.
Wichtige Finanzkennzahlen umfassen einen Nettoverlust im vierten Quartal von $10,3 Millionen (-$0,03/Aktie), angepasste Gewinne von $9,5 Millionen ($0,03/Aktie) und operative Cashflows von $49,6 Millionen. Das Unternehmen hielt zum 31. Dezember 2024 $225 Millionen in bar.
Strategische Initiativen umfassten:
- Abschluss einer Aktienemission über $161,6 Millionen
- Sicherung eines Finanzierungspakets von Kurmuk über $250 Millionen
- Fortschritt beim Sadiola-Phasen-Erweiterungsprojekt
- Planung der NYSE-Notierung für das dritte Quartal 2025
Für 2025 prognostiziert Allied eine Goldproduktion von 375.000-400.000 Unzen mit einer AISC-Leitlinie von $1.690-$1.790 pro Unze.
- Record quarterly gold production of 99,632 ounces in Q4 2024
- Full-year production increased 4% to 358,090 ounces
- Strong Q4 operating cash flow of $141.0 million before tax and working capital
- Secured $250 million Kurmuk funding package
- Successfully raised $161.6 million through equity offering
- Q4 2024 net loss of $10.3 million ($0.03 per share)
- High production costs with AISC at $1,708 per ounce
- Administrative delays affected Q4 sales performance
- Significant capital expenditure requirements for expansion projects
Allied also executed a number of strategic transactions during the quarter and subsequent to year-end, creating a fortress balance sheet and further improving the Company's financial flexibility. The Company completed these transactions with high-quality counterparties, achieving a relatively low-cost of capital, while crystallizing value upfront and bridging the gap between market value and inherent value to market participants.
FOURTH QUARTER HIGHLIGHTS
Financial Results Highlights
- Earnings:
- Fourth quarter net loss of
$10.3 million $(0.03) - Fourth quarter adjusted earnings(1) of
$9.5 million $0.03 - Including the attributable earnings from the sale of the Korali-Sud inventory, fourth-quarter adjusted earnings(1) would have been
$0.09
- Fourth quarter net loss of
- Cash Flows and EBITDA:
- Net cash generated from operating activities for the quarter was
$49.6 million - Operating cash flows before income tax paid and movements in working capital were a strong inflow of
$141.0 million $61.5 million - EBITDA(1) and Adjusted EBITDA(1) for the three months ended December 31, 2024, were
$50.1 million $47.3 million $61.5 million $186.2 million
- Net cash generated from operating activities for the quarter was
- Strong Financial Position: As of December 31, 2024, the Company had cash and cash equivalents of
$225.0 million $130 million
Operational Highlights
- Fourth Quarter Production: The Company produced 99,632 ounces of gold in the fourth quarter, in line with the previously issued production guidance of 98,000 to 102,000 ounces. This result was consistent with Allied's previous outlook and guidance that annual production from its producing mines is expected to be 375,000 to 400,000 ounces of gold, with production in the fourth quarter supporting that annualized production range.
- Record Quarterly Output: Fourth quarter production represents a
16% increase over the average production of the three previous quarters in 2024 and is the highest quarterly production achieved to date by the Company. - Performance by Asset:
- At Sadiola, increased production of 54,210 ounces was driven by a full quarter of production from Korali-Sud oxide ore, yielding 45,056 ounces. The Company has previously indicated that Korali-Sud is an interim step pending the completion of the first phase expansion at Sadiola to achieve consistent annual production of 200,000 to 230,000 ounces.
- At the Côte d'Ivoire ("CDI") Complex, total production was 45,422 ounces, continuing the solid performance of the third quarter and bolstered by the strong production of Agbaou with 25,163 ounces during the fourth quarter.
- Costs Trending Down: Adjusted AISC(1) for the quarter reached
$1,708 - Operational Improvements: Throughout 2024 and continuing in the fourth quarter, management made a series of improvements to its operational plans to ensure a materially stronger fourth quarter and to position the Company to achieve its 2025 objectives and beyond, effectively strengthening and de-risking the production platform moving forward.
Advancement of Key Growth Initiatives
- Kurmuk: Earthworks at the plant terrace advanced during the quarter to near completion, while civil works and structural, mechanical, plate, and piping ("SMPP") contractor mobilizations were in progress. Main camp construction, along with engineering and procurement activities, progressed well during the quarter, with the project remaining on track and on budget. As previously guided, construction capital expenditures for 2024 were approximately
$100 million - Sadiola Phased Expansion: As noted above, Korali-Sud serves as a bridge between the current operations at Sadiola and the completion of the first phase expansion, which the Company expects will allow the plant to process up to
60% of higher-grade fresh ore at an increased throughput rate of 5.7Mt/y. The construction activities for this first phase of expansion commenced in the fourth quarter of 2024 and are advancing on schedule and on budget, with earthworks and structural fill progressing well and leading into civil and mechanical activities in the first half of 2025. The remaining investment for the first phase expansion is estimated at approximately$70 million
Financing and Strategic Initiatives Highlights
Allied successfully executed a number of strategic transactions during the quarter and subsequent to year-end, creating a fortress balance sheet and further improving the Company's financial flexibility. The Company completed these transactions with high-quality counterparties, achieving a relatively low-cost of capital, while crystallizing value upfront and bridging the gap between market value and inherent value to market participants. The transactions include:
- Equity Offering: The Company completed an overnight marketed equity offering delivering aggregate gross proceeds of
$161.6 million - Kurmuk Funding Package: The Company completed a
$250.0 million $175.0 $75.0 million - Strategic Arrangements: Since mid-2024, the Company has pursued several asset and corporate strategic arrangements and subsequent to year end, the Company announced one such strategic arrangement with a
United Arab Emirates -based investment fund the private placement portion of which is planned for closing in the next several weeks with the asset-based portions to follow. - Financial Flexibility: The aforementioned initiatives are expected to provide the Company with a fortress balance sheet and financial flexibility to advance its share of the Sadiola phased expansion without relying on operating cash flows following the construction of Kurmuk in 2026. Other operational improvements and production increases are expected to begin generating significant cash flow in the upcoming quarters, providing additional financial flexibility for the Company to balance its allocation of capital and pursue other high return opportunities. This includes further development of its respective CDI Complex mines with the strategic objective of reaching production levels of 180,000 ounces per year for over 10 years at AISC(1) below the industry average. The Company is currently performing a review to advance the opportunities identified in strategic plan to the next phases of definition and planning, including an update on Oumé, which is expected to be completed by year-end along with the advancement of exploration and development targets in the Hiré and Agbaou land packages. Further updates will be provided throughout the year on these initiatives.
- NYSE Listing: Allied is pursuing a listing on the New York Stock Exchange ("NYSE") and it has concluded its introductory call with the NYSE to preview the listing. The NYSE is now engaged in its due diligence process and the ticker symbol "AAUC" has been reserved. The Company is simultaneously preparing its registration statement, listing application and supporting documentation. The Company expects to be listed in the third quarter of 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.
Other Developments
The Company continues advancing discussions with SOREM (
Sustainability, Health and Safety Highlights
- The Company did not report any significant Environmental Incidents for the three months or year ended December 31, 2024.
- The Company's Total Recordable Injury Rate was 1.64 for the year ended December 31,2024.
- The Company reported ten Lost Time Injuries, resulting in Lost Time Injury Rate of 0.63 for the year ended December 31,2024.
- Throughout the year, Allied revised and approved a new sustainability framework, which describes the Company's revised approach to managing sustainability performance.
Operational Results and Outlook
Certain optimizations improved performance throughout 2024, resulting in record production in the fourth quarter of 2024 driven by strong performance at Sadiola and the CDI Complex. At Sadiola, increased production of 54,210 ounces was driven by a full quarter of production from Korali-Sud oxide ore, yielding 45,056 ounces. At the CDI Complex, total production was 45,422 ounces, continuing the solid performance of the third quarter and bolstered by the strong production of Agbaou with 25,163 ounces during the quarter. Fourth quarter production represents a
In 2025, Allied anticipates producing 375,000 to 400,000 ounces of gold, representing a meaningful increase in production year-over-year. Achieving the higher end of this guided range primarily hinges on capturing opportunities to increase oxide ore feed in Agbaou from the Hiré area, which are currently being studied. Similarly to 2024, production in 2025 is expected to be back-half weighted, with a first-half/second-half split of
Due to mine sequencing, production for the first quarter of 2025 is expected to be similar to the comparable period in the prior year, while production in the fourth quarter 2025 is expected to be meaningfully higher than the first three quarters of the year. This will be driven by improvements to feed grades resulting from stripping and sequencing at Bonikro and the ramp-up of the first phase of expansion at Sadiola in the fourth quarter. Production in the fourth quarter of 2025 is expected to be
OPERATING RESULTS SUMMARY
For three months ended December 31, | For years ended December 31, | |||
2024 | 2023 | 2024 | 2023 | |
Gold ounces | ||||
Production | 99,632 | 94,755 | 358,091 | 343,817 |
Sales | 64,769 | 93,073 | 313,455 | 343,085 |
Per Gold Ounce Sold | ||||
Total Cost of Sales(4) | $ 1,773 | $ 1,634 | $ 1,627 | $ 1,600 |
Cash Costs(1) | $ 1,589 | $ 1,398 | $ 1,484 | $ 1,418 |
Adjusted AISC(1) | $ 1,708 | $ 1,593 | $ 1,699 | $ 1,569 |
Average revenue per ounce | $ 2,634 | $ 1,928 | $ 2,327 | $ 1,908 |
Average market price per ounce* | $ 2,663 | $ 1,977 | $ 2,389 | $ 1,943 |
*Average market prices based on the LMBA PM Fix Price |
The mine-site level cost of sales per ounce, cash costs(1), adjusted AISC(1) for 2024 were
For 2025, the projected mine-site level AISC(1) is expected to be
Similarly, Agbaou will incur an anticipated
2024 Operational Results
Production | Cost of Sales Per Gold | Cash Cost(1) Per Gold | Adjusted AISC(1) | |
Sadiola | 193,462 | 1,372 | 1,327 | 1,559 |
Bonikro | 86,755 | 1,654 | 1,272 | 1,550 |
Agbaou | 77,874 | 2,065 | 2,008 | 2,207 |
Total | 358,091 | 1,627 | 1,484 | 1,699 |
Sadiola (
Sadiola comprises the Sadiola (
Sadiola Key Performance Information ( | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Operating | ||||
Ore mined (M tonnes) | 2.44 | 1.20 | 7.17 | 5.02 |
Waste mined (M tonnes) | 6.43 | 8.21 | 24.37 | 25.47 |
Ore processed (M tonnes) | 1.05 | 1.22 | 4.59 | 4.77 |
Gold | ||||
Production (Ounces) | 54,210 | 41,150 | 193,462 | 171,007 |
Sales (Ounces) | 14,619 | 40,863 | 145,285 | 170,664 |
Feed grade (g/t) | 1.67 | 1.34 | 1.46 | 1.26 |
Recovery rate (%) | 93.8 % | 83.5 % | 87.5 % | 88.8 % |
Total cost of sales per ounce sold(4) | $ 1,965 | $ 1,541 | $ 1,372 | $ 1,500 |
Cash costs per ounce sold(1) | $ 1,862 | $ 1,429 | $ 1,327 | $ 1,405 |
Adjusted AISC(1) | $ 1,682 | $ 1,592 | $ 1,559 | $ 1,533 |
Financial (In thousands of US Dollars) | ||||
Revenue | $ 38,792 | $ 80,621 | $ 334,584 | $ 327,613 |
Cost of sales (excluding DDA) | (27,293) | (60,934) | (193,176) | (248,413) |
Gross profit excluding DDA(1) | $ 11,499 | $ 19,687 | $ 141,408 | $ 79,200 |
DDA | (1,433) | (2,044) | (6,183) | (7,556) |
Gross Profit | $ 10,066 | $ 17,643 | $ 135,225 | $ 71,644 |
Capital Expenditures (In thousands of US Dollars) | ||||
Sustaining | $ 3,682 | $ 1,465 | $ 20,064 | $ 7,658 |
Expansionary | 4,666 | 826 | 16,701 | 4,942 |
Exploration | 65 | 428 | 1,200 | 2,266 |
For the three months ended December 31, 2024, Sadiola produced 54,210 ounces of gold, compared to the 41,150 ounces produced in the comparative prior year quarter. Production in the fourth quarter included significant contribution from ore tonnes from the higher-grade Korali-Sud zone, demonstrating the significant production upside that high-grade oxides can provide to Sadiola and that drove 2024 annual production to 193,462 gold ounces. The Company is actively evaluating the future contribution of Korali-Sud and other new sources of oxide ore identified within the Sadiola mining license, and it expects to provide an update on this upside in due course.
Additionally, exploration is ongoing at Sekekoto West, FE4, FE2.5, S12, and Tambali South to define further near-surface oxide gold mineralization, with the objective of maximizing short-term production and cash flows, and building a growing inventory of Mineral Resources. Lastly, as noted, the Company is considering exploring extensions of the Korali-Sud deposit's sulphide material and the ability to process it in the future.
As of December 31, 2024, 48,939 ounces of gold produced from Korali-Sud oxide ore were in inventory at Sadiola and sold subsequent to year-end. Including those ounces, adjusted Sadiola sales for the quarter would have been in excess of 62,000 ounces, as most of the quarterly activities were undertaken at Korali-Sud. Due to the timing of the sales of the Korali-Sud inventory, a working capital deficit was recorded as of year-end for accounting purposes. This is due to certain payables being deferred pending the sale of the Korali-Sud inventory.
The timing of sales of Korali-Sud gold resulted from necessary administrative processes related to establishing the new operating company for Korali-Sud and transferring its mining license. Although these processes took longer than initially anticipated due to administrative changes introduced by the 2023 Mining Code, the key formalities related to Korali-Sud have been completed.
Adjusted AISC(1) for the year ending December 31, 2024, was
Sadiola Expansion Project and Oxide Targets
Meaningful improvements in production are targeted in the short term through the contribution from high-grade oxide ores from various sources, with the objective to support guided production levels, reduce AISC(1), increase revenue, and provide robust cash flows in 2025 to support development projects across the Company.
The discovery of additional economic oxide mineralization has the potential to improve upon these targets. Exploration activities, resource modelling, and engineering studies are in progress for several areas and new discoveries of oxide ore, including those at S12, Sekekoto West, FE4, FE2.5, among others and the fresh ore targets of Tambali South and Sadiola Main. These developments are a key part of the Company's strategy, allowing for the optimized utilization of existing resources and infrastructure, further contributing to production and cost improvements for the next several years, and providing mine plan flexibility with more areas for mining.
The first phase of expansion at Sadiola commenced in the fourth quarter of 2024 and is advancing on schedule and on budget, with earthworks and structural fill, along with engineering, procurement, and mobilization for mechanical contractors progressing well. Continued investment in the first phase expansion, including planned plant modifications and infrastructure upgrades, is consistent with prior estimates at
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 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
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 and is also 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. This study, supported by the Company's phased investment, seeks to improve the project'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 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 Korali-Sud, Sekekoto West, FE4, FE2.5, 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 on the Sadiola and Korali-Sud mining licences. A total of 129 holes were drilled for 14,812m by five exploration drill rigs. Resource and exploratory drilling programs continued and were expanded at the Sekekoto West and the Tambali deposits, and at the FE2.5 prospect on the Sadiola ML during the quarter. Resource drilling continued at Korali-Sud ML on the northern along strike extension and eastern down-dip mineralization within the Stage 2 pit optimization shell.
At Sekekoto West exploratory drilling grid was extended to the north and north west during the quarter with drillhole intersections demonstrating that the deposit remains open to the north outside of the current pit designs. At FE2.5 prospect infill oxide resource drilling on 25m centres on the central portion of the eastern trend was completed and drillhole intersections were returned for the 300m northern step out which demonstrated continuity. Infill oxide resource drilling is in progress.
At the Tambali deposit, resource drilling of shallow fresh ore was completed on the eastern flank of the deposit, and a geological model defined. Deeper core drilling of the fresh ore mineralization beneath the oxide deposit on 100m section lines is in progress and will be completed in Q1 2025. Drillhole intersections were made demonstrating good continuity of economic mineralization at depth beneath the oxide pits and the presence of economic grade and thicknesses beneath the southern toe of the waste rock dump that is present between the Tambali and Sadiola Main pit.
Bonikro (
The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d'Ivoire ("Bonikro" or "Bonikro Mine"). The remaining ownership is split between the Government of Côte d'Ivoire (
Bonikro is contiguous to Agbaou, and together comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and significant synergies for the future.
Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation.
Bonikro Key Performance Information ( | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Operating | ||||
Ore mined (M tonnes) | 0.59 | 0.94 | 2.98 | 2.20 |
Waste mined (M tonnes) | 3.46 | 3.53 | 13.86 | 17.34 |
Ore processed (M tonnes) | 0.50 | 0.60 | 2.20 | 2.42 |
Gold | ||||
Production (Ounces) | 20,259 | 34,232 | 86,755 | 99,409 |
Sales (Ounces) | 22,979 | 34,328 | 88,776 | 100,294 |
Feed grade (g/t) | 1.42 | 1.87 | 1.33 | 1.38 |
Recovery rate (%) | 92.6 % | 94.2 % | 92.9 % | 91.6 % |
Total cost of sales per ounce sold(4) | $ 1,578 | $ 1,502 | $ 1,654 | $ 1,467 |
Cash costs per ounce sold(1) | $ 1,183 | $ 1,076 | $ 1,272 | $ 1,105 |
AISC per ounce sold(1) | $ 1,543 | $ 1,220 | $ 1,550 | $ 1,221 |
Financial (In thousands of US Dollars) | ||||
Revenue | $ 60,477 | $ 66,186 | $ 206,908 | $ 191,777 |
Cost of sales (excluding DDA) | (27,330) | (37,740) | (113,356) | (112,884) |
Gross profit excluding DDA(1) | $ 33,147 | $ 28,446 | $ 93,552 | $ 78,893 |
DDA | (8,923) | (13,835) | (33,464) | (34,215) |
Gross Profit | $ 24,224 | $ 14,611 | $ 60,088 | $ 44,678 |
Capital Expenditures (In thousands of US Dollars) | ||||
Sustaining | $ 6,031 | $ 1,223 | $ 20,407 | $ 4,592 |
Expansionary | 678 | — | 8,300 | 30,393 |
Exploration | 1,609 | 2,201 | 7,191 | 4,102 |
Bonikro produced 20,259 ounces of gold during the three months ended December 31, 2024, compared with 34,232 ounces produced in the comparable quarter of the previous year. Fourth quarter production was in line with plan, as higher grades in relation to those observed during the first three quarters, were realized during the quarter due to the sequencing of the mine. Improved plant throughput was achieved due to the completion of plant enhancements, increased crusher availability, improved fragmentation, and enhanced maintenance practices which supported a 2024 production level of 86,755 gold ounces.
Adjusted AISC(1) for the year ending December 31, 2024, was
Several additional opportunities to optimize the processing plant are being pursued, including operational and maintenance improvements, comminution circuit optimization, increased gravity gold recovery, and better slurry density and viscosity control practices. Several of these initiatives have already been implemented or are under study, and they are expected to lead to improvements in mill rates, as well as greater predictability of throughput and recoveries. During the second quarter of 2024, the sizing screen panels were modified from 40mm to 35mm, improved the mill rate by nearly
Cost reductions are expected be achieved through the normalization of production with a more reliable power supply along with the ongoing efforts to establish a centralized management model in Côte d'Ivoire, streamlining processes, optimizing resources, and enhancing service delivery for sustainable growth, while lowering AISC(1). These efforts are expected to be finalized by mid-2025. However, as expected and guided, Bonikro's sustaining capital and AISC(1) in the fourth quarter were impacted by capitalized stripping at PB5. As previously noted, the stripping activities carried in the fourth quarter and continuing for most of 2025, will improve production and costs for the next years, as high grade ore will be exposed while significantly lower waste removal will be required. The Company is also advancing studies on the viability of Pushback 6 ("PB6") at Bonikro for future production optionality and flexibility.
Bonikro Exploration
Resource and exploration drilling was conducted during the fourth quarter on the Company's mining licences and exploration licences, with the following drilling activity:
- Hiré Mining License: 163 holes, comprising 9,723 metres
- Oumé Exploration License: 25 holes, comprising 3,958 metres
At the Hiré mine three rigs were active in the area of the Assondji-So ROM pad infilling on 20 metre sectional basis across 400 metre of strike of mineralization. An additional zone of mineralization was delineated to the immediate west of the Assondji-So pit, and drilling programs were designed to test 400 metre of mineralized strike in historical drilling, and this program was in progress at the end of the quarter. Planning was underway to commence drilling at Assondji-So South prospect in the first quarter of 2025, which is sited some 700m to the south east of the Assondji-So pit.
At the Oumé Project, drilling continued at the Dougbafla North prospect and a geological model was confidently defined for this area on the basis of the dedicated core drilling completed on 40 metre sections. A further program to test the southern extension of the Dougbafla North prospect was designed, is in progress at the quarter end, and will be completed during the first quarter of 2025. A program to test the strike of historically drilled mineralization in the central area of the prospect over 1.2 kilometres of mineralized strike between the Dougbafla West and Dougbafla North prospects was designed and commenced, and will be completed in the first quarter of 2025.
During 2024, exploration efforts at Oumé successfully converted a significant amount of Inferred Mineral Resources into Indicated Mineral Resources, with a more refined geological understanding of the mineralization and grade distribution in support of advancing the project to its next phase of development. Moreover, geotechnical and hydrogeological drilling programs are planned for 2025 to support a Pre-Feasibility Study at the site. The results of this study are expected by the end of 2025.
Agbaou (
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 (
Agbaou is contiguous to Bonikro, and together comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities provides optionality and significant synergies.
Agbaou Key Performance Information ( | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Operating | ||||
Ore mined (M tonnes) | 1.06 | 0.44 | 3.13 | 1.45 |
Waste mined (M tonnes) | 8.97 | 5.06 | 28.63 | 19.07 |
Ore processed (M tonnes) | 0.67 | 0.53 | 2.31 | 2.25 |
Gold | ||||
Production (Ounces) | 25,163 | 19,373 | 77,874 | 73,401 |
Sales (Ounces) | 27,171 | 17,882 | 79,394 | 72,127 |
Feed grade (g/t) | 1.26 | 1.17 | 1.12 | 1.05 |
Recovery rate (%) | 94.5 % | 96.2 % | 94.9 % | 95.4 % |
Total cost of sales per ounce sold(4) | $ 1,835 | $ 2,100 | $ 2,065 | $ 2,022 |
Cash costs per ounce sold(1) | $ 1,785 | $ 1,947 | $ 2,008 | $ 1,887 |
AISC per ounce sold(1) | $ 1,910 | $ 2,308 | $ 2,207 | $ 2,138 |
Financial (In thousands of US Dollars) | ||||
Revenue | $ 71,577 | $ 32,866 | $ 188,890 | $ 136,301 |
Cost of sales (excluding DDA) | (47,265) | (34,066) | (155,995) | (142,080) |
Gross profit excluding DDA(1) | $ 24,312 | $ (1,200) | $ 32,895 | $ (5,779) |
DDA | (2,598) | (1,048) | (7,974) | (3,753) |
Gross Profit | $ 21,714 | $ (2,248) | $ 24,921 | $ (9,532) |
Capital Expenditures (In thousands of US Dollars) | ||||
Sustaining | $ 1,418 | $ 2,957 | $ 5,888 | $ 7,225 |
Expansionary | — | — | 7,238 | — |
Exploration | — | — | — | — |
Agbaou produced 25,163 ounces of gold during the three months ended December 31, 2024, compared to 19,373 ounces in the corresponding quarter of the previous year. The increase is related to higher grades and tonnage mined from the WP3 and NPB pits, with oxide contributions from Chapelle and Agbalé pits. This represents a
As the mine progresses through the mining sequence, improvements in stripping ratios, ore mined, and grades have been observed, with expectations for continued enhancements in the upcoming quarters. In particular, the upcoming mining sequence at South Sat 3, Agbalé and WP7 will result in increased grades, contributing to the expected strong second-half production as previously guided. The completion of mining oxides and transitional ore across all pits has led to a shift towards a higher proportion of fresh material mining, contributing to reduced mining rates.
AISC(1) for the year ending December 31, 2024, was
The blend ratio feeding the Agbaou plant remains critical with quality oxide ore, which resulted in accelerating the mining plan of Agbalé Phase 2 into production, which has continuously delivered on grade, and has provided significant flexibility in the first quarter for the Agbaou plant blended ore requirements.
Agbaou Exploration
Resource and exploration drilling was conducted during the fourth quarter on the Company's Agbaou mining licence, with drilling activity of 11 holes comprising 1,131 metres.
At the Agbaou mine, a minor program of infill drilling at North Pit Extension was completed and final assays were returned and demonstrate down dip continuity of a single sulphide mineralized zone to 120 metres below the current pit floor. At quarter-end, two core rigs were moved back into West Pit 3 to conduct infill on the reserve model as a validation test, and this work program will continue into early 2025. A program was started and stopped at the South Sat 3 pit due to constraints on access during active mining. The Company is focused on extending the life of its mines in Côte d'Ivoire through strategic exploration and resource management.
Kurmuk
The Company continues to track well against its plan for the Kurmuk Project, having achieved key milestones and further progressing during the fourth quarter. The Company is well-positioned to commence the processing plant erection in 2025 with the goal to commence production in the second quarter of 2026. Notable updates include:
- Earthworks and structural fills at the plant terrace near completion.
- Civil works and SMPP contractor mobilizations in progress.
- The construction camp was completed during the fourth quarter, and with earthworks for the main camp accommodation underway to satisfy the on-going mobilization needs.
- Several agreements were awarded and commenced mobilization during the fourth quarter, including the SMPP contract, the Civil Works contract, and the main Water Storage Dam contract where clearing and grubbing activities have started.
- Preparations for major equipment delivery are advancing, with ongoing maintenance of the main access road and the delivery of heavy lifting equipment to the site in preparation for mechanical erection.
- Completion of clearing and grubbing activities for the explosive magazine and emulsion facilities.
- The Hazard and Operability review is finalized, with the stability review of the electrical power supply system also completed.
- Upgrades to the Horazab town community centre were advanced, in line with the Company's commitment to continue enhancing community relations.
Further, as previously disclosed, the mining contract for Kurmuk has been awarded to Mota-Engil, which is performing contract mining services at Company's
For the year ending December 31, 2024,
At Kurmuk, work to refine the geological framework of the mineralization in anticipation of the start of mining operations in the next months is ongoing. A detailed litho-structural surface map of Dish Mountain has been generated, utilizing numerous rock exposures uncovered during construction. This information, along with drilling being done to extend mineralization in Dish Mountain, is currently being integrated into the three-dimensional litho-structural model. Infill drilling is progressing well, and by Q3 2025 Allied expects an updated Mineral Resources and Mineral Reserves statement that will further define Proven and Probable Mineral Reserves, Measured and Indicated Mineral Resources. This update will be followed by a revised life of mine plan with a focus on the start of operations and is targeted to de-risk the ramp-up and further improve production levels at Kurmuk, particularly in the first years of operations. Although not expected to be included in the Q3 2025 update, drilling at Tsenqe continues to return encouraging intersections, and the Company anticipates declaring an initial Mineral Resource for this area in late 2025. The Company's objective is to increase and demonstrate a growing mineral inventory at Kurmuk to extend the mine life and take advantage of the increased plant capacity and mine sequencing, the Company is well positioned to target production levels above the current expected range of 240,000 to 290,000 ounces per year.
For three months ended December 31, 2024 | Production Gold | Sales Gold | Cost of Sales Per | Cash Cost(1) Per | Adjusted AISC(1) |
Sadiola Gold Mine | 54,210 | 14,619 | $ 1,965 | $ 1,862 | $ 1,682 |
Bonikro Gold Mine | 20,259 | 22,979 | $ 1,578 | $ 1,183 | $ 1,543 |
Agbaou Gold Mine | 25,163 | 27,171 | $ 1,835 | $ 1,785 | $ 1,910 |
Total | 99,632 | 64,769 | $ 1,773 | $ 1,589 | $ 1,708 |
Summary of Capital Expenditures
For three months ended December 31, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
(In thousands of US Dollars) | Sustaining | Expansionary | Exploration | Total | ||||
Sadiola | $ 3,682 | $ 1,465 | $ 4,666 | $ 826 | $ 65 | $ 428 | $ 8,413 | $ 2,719 |
Bonikro | 6,031 | 1,223 | 678 | — | 1,610 | 2,201 | 8,319 | 3,424 |
Agbaou | 1,418 | 2,957 | — | — | — | — | 1,418 | 2,957 |
— | — | 56,497 | 15,136 | — | 3 | 56,497 | 15,139 | |
Corporate and Other | 145 | 86 | — | — | — | — | 145 | 86 |
Total | $ 11,276 | $ 5,731 | $ 61,841 | $ 15,962 | $ 1,675 | $ 2,632 | $ 74,792 | $ 24,325 |
For years ended December 31, | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
(In thousands of US Dollars) | Sustaining | Expansionary | Exploration | Total | ||||
Sadiola | $ 20,064 | $ 7,658 | $ 16,701 | $ 4,942 | $ 1,200 | $ 2,266 | $ 37,965 | $ 14,866 |
Bonikro | 20,407 | 4,592 | 8,300 | 30,393 | 7,192 | 4,102 | 35,899 | 39,087 |
Agbaou | 5,888 | 7,225 | 7,238 | — | — | — | 13,126 | 7,225 |
— | — | 110,424 | 15,722 | — | 14,044 | 110,424 | 29,766 | |
Corporate and Other | 301 | 253 | — | — | — | 2,992 | 301 | 3,245 |
Total | $ 46,660 | $ 19,728 | $ 142,663 | $ 51,057 | $ 8,392 | $ 23,404 | $ 197,715 | $ 94,189 |
All expenditures associated with Kurmuk for the period are classified as Expansionary in nature, including exploration activities. |
FINANCIAL SUMMARY AND KEY STATISTICS
Key financial operating statistics for the year ended December 31, 2024 are outlined in the following tables.
(In thousands of US Dollars, except for shares and per share amounts) | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Revenue | $ 170,846 | $ 179,674 | $ 730,382 | $ 655,691 |
Cost of sales, excluding depreciation, depletion and amortization ("DDA") | (101,888) | (135,180) | (462,527) | (503,377) |
Gross profit excluding depreciation and amortization(1) | $ 68,958 | $ 44,494 | $ 267,855 | $ 152,314 |
DDA | (12,955) | (16,927) | (47,621) | (45,524) |
Gross profit | $ 56,003 | $ 27,567 | $ 220,234 | $ 106,790 |
General and administrative expenses | $ (17,441) | $ (26,782) | $ (63,149) | $ (64,119) |
Exploration and evaluation expenses | (12,600) | — | (23,818) | — |
Gain (loss) on revaluation of call and put options | — | — | — | (21,883) |
Gain (loss) on revaluation of financial instruments and embedded derivatives | 15,553 | (1,034) | 5,836 | (3,087) |
Other losses | (4,325) | (5,986) | (125,193) | (152,858) |
Net earnings (loss) before finance costs and income tax | $ 37,190 | $ (6,235) | $ 13,910 | $ (154,776) |
Finance income (costs) | (6,998) | (13,538) | (19,276) | (30,809) |
Net earnings (loss) before income tax | 30,192 | (19,773) | (5,366) | (185,585) |
Current income tax (expense) recovery | $ (21,996) | $ 4,168 | $ (87,517) | $ (42,942) |
Deferred income tax (expense) recovery | (16,165) | 28,872 | (26,668) | 36,987 |
Net (loss) earnings and total comprehensive (loss) earnings for the year | $ (7,969) | $ 13,267 | $ (119,551) | $ (191,540) |
(Loss) earnings and total comprehensive (loss) earnings attributable to: | ||||
Shareholders of the Company | $ (10,280) | $ 5,445 | $ (115,632) | $ (208,482) |
Non-controlling interests | 2,312 | 7,823 | (3,919) | 16,942 |
Net (loss) earnings and total comprehensive (loss) earnings for the year | $ (7,968) | $ 13,268 | $ (119,551) | $ (191,540) |
Net (loss) earnings per share attributable to shareholders of the Company | ||||
Basic and Diluted | $ (0.03) | $ 0.02 | $ (0.43) | $ (1.03) |
(In thousands of US Dollars, except per share amounts) | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Net (Loss) Earnings attributable to Shareholders of the Company | $ (10,280) | $ 5,445 | $ (115,632) | $ (208,482) |
Net (Loss) Earnings attributable to Shareholders of the Company per Share | $ (0.03) | $ 0.02 | $ (0.43) | $ (1.03) |
(Gain) loss on revaluation of call and put options | — | — | — | 21,883 |
Gain (loss) on revaluation of financial instrument | (15,553) | 1,034 | (5,836) | 3,087 |
Foreign exchange | 204 | 3,853 | 2,670 | 4,223 |
Share-based compensation | 1,655 | 2,012 | 6,611 | 7,265 |
9,354 | 6,498 | 99,372 | 7,343 | |
Tax adjustments | 24,148 | (24,022) | 49,161 | (14,613) |
Total increase (decrease) to Attributable Net Earnings (Loss)(2) | $ 19,808 | $ (10,073) | $ 151,978 | $ 195,855 |
Total increase (decrease) to Attributable Net Earnings (Loss)(2) per share | $ 0.06 | $ (0.04) | $ 0.56 | $ 0.96 |
Adjusted Net Earnings (Loss)(1) | $ 9,528 | $ (4,628) | $ 36,346 | $ (12,627) |
Adjusted Net Earnings (Loss)(1) per Share | $ 0.03 | $ (0.02) | $ 0.14 | $ (0.07) |
(In thousands of US Dollars) | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Operating cash flows before income tax paid and working capital(6) | $ 140,971 | $ 12,119 | $ 321,268 | $ 20,027 |
Income tax paid | (7,077) | (3,774) | (35,696) | (25,413) |
Settlement of Mali Matters | $ (68,000) | $ — | $ (68,000) | $ — |
Operating cash flows before movements in working capital(6) | $ 65,894 | $ 8,345 | $ 217,572 | $ (5,386) |
Working capital movement(6) | (16,252) | (17,562) | (108,026) | 25,142 |
Net cash generated from (used in) Operating activities | $ 49,642 | $ (9,217) | $ 109,546 | $ 19,756 |
Net cash used in Investing activities | (73,690) | (19,928) | (193,405) | (95,515) |
Net cash generated from (used in) Financing activities | 153,410 | (10,118) | 152,495 | 193,458 |
Net increase (decrease) in cash and cash equivalents | $ 129,362 | $ (39,263) | $ 68,636 | $ 117,699 |
Net cash generated from operating activities for the three months ended December 31, 2024 was
Operating cash flows before income tax paid and movements in working capital for the three months ended December 31, 2024 increased significantly, at an inflow of
ALLIED GOLD
CONSOLIDATED STATEMENT OF LOSS (UNAUDITED)
(In thousands of US Dollars except for shares and per share amounts) | For years ended December 31, | |
2024 | 2023 | |
Revenue | $ 730,382 | $ 655,691 |
Cost of sales, excluding depreciation, depletion and amortization ("DDA") | (462,527) | (503,377) |
DDA | (47,621) | (45,524) |
Gross profit | $ 220,234 | $ 106,790 |
General and administrative expenses | $ (63,149) | $ (64,119) |
Exploration and evaluation expenses | (23,818) | — |
Loss on revaluation of call and put options | — | (21,883) |
Gain (loss) on revaluation of financial instruments | 5,836 | (3,087) |
Impairment of exploration and evaluation asset | — | (19,619) |
Other losses | (125,193) | (152,858) |
Net earnings (loss) before finance costs and income tax | $ 13,910 | $ (154,776) |
Finance costs | $ (19,276) | $ (30,809) |
Net loss before income tax | $ (5,366) | $ (185,585) |
Current income tax expense | $ (87,517) | $ (42,942) |
Deferred income tax (expense) recovery | (26,668) | 36,987 |
Net loss for the year | $ (119,551) | $ (191,540) |
(Loss) earnings attributable to: | ||
Shareholders of the Company | $ (115,632) | $ (208,482) |
Non-controlling interests | (3,919) | 16,942 |
Net loss for the year | $ (119,551) | $ (191,540) |
(Loss) earnings per share attributable to shareholders of the Company | ||
Basic and Diluted | $ (0.43) | $ (1.03) |
ALLIED GOLD
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
(In thousands of US Dollars) | For years ended December 31, | |
2024 | 2023 | |
Net inflow (outflow) of cash related to the following activities | ||
Operating | ||
Net loss for the year | $ (119,551) | $ (191,540) |
Income tax expense | 114,185 | 5,955 |
Adjustments for: | ||
Share-based compensation | 6,538 | 7,265 |
DDA | 48,982 | 45,665 |
Loss on disposal of mineral property, plant and equipment | — | 398 |
Impairment of exploration and evaluation asset | — | 19,619 |
Loss on revaluation of call and put options | — | 21,883 |
(Gain) loss on revaluation of financial instruments | (8,201) | 3,087 |
Other losses | 104,923 | 83,867 |
Non-cash revenue from stream arrangements | (15,834) | (9,224) |
Finance costs | 19,276 | 30,809 |
Proceeds from streaming arrangements | 170,950 | 2,243 |
Operating cash flows before income tax paid and movements in working capital | $ 321,268 | $ 20,027 |
Income tax paid | (35,696) | (25,413) |
Settlement of | (68,000) | — |
Operating cash flows before movements in working capital | $ 217,572 | $ (5,386) |
(Increase) decrease in trade receivables, prepayments and other receivables | (39,501) | 1,848 |
Increase in inventories | (107,707) | (26,124) |
Increase in trade and other payables | 39,182 | 49,418 |
Net cash generated from operating activities | $ 109,546 | $ 19,756 |
Investing activities | ||
Payment of contingent consideration | $ — | $ (2,429) |
Purchase of mineral property, plant and equipment | (179,191) | (70,788) |
Borrowing costs capitalized | (7,023) | — |
Capitalized exploration and evaluation | (7,191) | (23,404) |
Received from related parties | — | 1,106 |
Net cash used in investing activities | $ (193,405) | $ (95,515) |
Financing activities | ||
Proceeds from public placement | $ 162,117 | $ 160,001 |
Public placement transaction costs | (9,100) | (7,521) |
Proceeds from convertible debenture | — | 107,279 |
Convertible debenture transaction costs | — | (5,339) |
Dividend paid to NCI | — | (1,866) |
Proceeds from loans | — | 9,880 |
Repayment of loans | — | (63,072) |
Finance costs paid | (2,347) | (5,301) |
Other interest received or finance costs (paid) | 1,825 | (603) |
Net cash generated from financing activities | $ 152,495 | $ 193,458 |
Net increase in cash and cash equivalents | $ 68,636 | $ 117,699 |
Cash and cash equivalents at beginning of year | 158,638 | 45,163 |
Effect of foreign exchange rate changes | (2,280) | (4,224) |
Cash and cash equivalents, end of the year | $ 224,994 | $ 158,638 |
ALLIED GOLD
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
(In thousands of US dollars) | As at December 31, 2024 | As at December 31, 2023 |
Assets | ||
Current assets | ||
Cash and cash equivalents | $ 224,994 | $ 158,638 |
Trade receivables, prepayments, and other receivables | 59,433 | 45,035 |
Inventories | 164,859 | 88,612 |
Total current assets | $ 449,286 | $ 292,285 |
Non-current assets | ||
Mineral property, plant and equipment | $ 795,645 | $ 600,560 |
Trade receivables, prepayments and other receivables | 4,355 | 9,456 |
Deferred tax assets | 21,656 | 36,146 |
Inventories | 42,418 | 10,958 |
Restricted cash | 6,494 | 6,881 |
Total non-current assets | $ 870,568 | $ 664,001 |
Total assets | $ 1,319,854 | $ 956,286 |
Liabilities and Total Equity | ||
Current liabilities | ||
Trade and other payables | $ 250,302 | $ 181,904 |
Income tax payable | 72,060 | 28,275 |
Provisions | 15,115 | 9,939 |
Deferred and contingent consideration | 7,415 | 28,917 |
Borrowings | 96,356 | 103,457 |
Deferred revenue | 40,878 | 2,132 |
Lease obligations and other liabilities | 2,877 | 591 |
Total current liabilities | $ 485,003 | $ 355,215 |
Non-current liabilities | ||
Provision for reclamation and closure costs | 126,803 | 108,452 |
Deferred tax liability | 15,305 | 3,128 |
Deferred and contingent consideration | 83,563 | 82,687 |
Deferred revenue | 164,540 | 16,529 |
Lease obligations and other liabilities | 28,343 | 9,241 |
Total non-current liabilities | $ 418,554 | $ 220,037 |
Total liabilities | $ 903,557 | $ 575,252 |
Equity | ||
Share capital | $ 587,119 | $ 418,649 |
Retained earnings (deficit) | (236,794) | (121,162) |
Comprehensive (loss) earnings | (13,052) | — |
Share-based payments reserve | 8,492 | 2,419 |
Total equity attributable to shareholders of the Company | $ 345,765 | $ 299,906 |
Non-controlling interests | 70,532 | 81,128 |
Total equity | $ 416,297 | $ 381,034 |
Total liabilities and shareholders' equity | $ 1,319,854 | $ 956,286 |
Fourth Quarter 2024 Conference Call
The Company will host a conference call and webcast on Thursday, March 27, 2025 at 9:00 a.m. ET.
Toll-free dial-in number (
Local dial-in number: 416-340-2217
Toll Free (
Participant passcode: 1321581#
Webcast: https://alliedgold.com/investors/presentations
Conference Call Replay
Toll-free dial-in number (
Local dial-in number: 905-694-9451
Passcode: 4945783#
The conference call replay will be available from 12:00 p.m. EST on March 27, 2025, until 11:59 p.m. ET on April 25, 2025.
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 ("NI 43-101").
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,
END NOTES
(1) | This is a non-GAAP financial performance measure and ratio. Refer to the Non-GAAP Financial Performance Measures section at the end of this news release. |
(2) | Net earnings and adjustments to net earnings represent amounts attributable to Allied Corporate equity holders. |
(3) | The Government of |
(4) | Calculated on a 1,000,000 exposure-hour basis. |
(5) | Historically, Cost of sales was presented inclusive of DA. Cost of sales is the sum of mine production costs, royalties, and refining cost, while DA refers to the sum of depreciation and amortization of mining interests. Starting in the prior year, these figures appear on the face of the Consolidated Financial Statements. The metric "Total cost of sales per ounce sold" is defined as Cost of sales inclusive of DA, divided by ounces sold. |
NON-GAAP FINANCIAL PERFORMANCE MEASURES
The Company has included certain non-GAAP financial performance measures and ratios to supplement its Consolidated Financial Statements, which are presented in accordance with IFRS, including the following:
- Cash costs per gold ounce sold;
- AISC per gold ounce sold and Adjusted AISC
- Gross profit excluding DA;
- Sustaining, Expansionary and Exploration Capital Expenditures;
- Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share; and
- EBITDA and Adjusted EBITDA
The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company.
Non-GAAP financial performance measures, including cash costs, AISC, Adjusted AISC, Gross profit excluding DA, Sustaining, Expansionary and Exploration Capital Expenditures, Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share, EBITDA and Adjusted EBITDA, do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
Management's determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are described and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.
The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a Company's ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure.
CASH COSTS PER GOLD OUNCE SOLD
Cash costs(1) include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude DDA, exploration costs, accretion and amortization of reclamation and remediation, and capital, development and exploration spend. Cash costs include only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure.
The Company discloses cash costs because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS and, therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
Cash costs are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold.
AISC PER GOLD OUNCE SOLD
AISC figures are calculated generally in accordance with a standard developed by the World Gold Council ("WGC"), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies. The Company is not a member of the WGC at this time.
AISC include cash costs (as defined above), mine sustaining capital expenditures (including stripping), sustaining mine-site exploration and evaluation expensed and capitalized, and accretion and amortization of reclamation and remediation. AISC exclude capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, DA, income tax payments, borrowing costs and dividend payments. AISC includes only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. As a result, Total AISC represent the weighted average of the three operating mines, and not a consolidated total for the Company. Consequently, this measure is not representative of all of the Company's cash expenditures.
Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature, such as the Sadiola Phased Expansion, the construction and development of Kurmuk and the PB5 pushback at Bonikro. Exploration capital expenditures represent exploration spend that has met criteria for capitalization under IFRS.
The Company discloses AISC, as it believes that the measure provides useful information and assists investors in understanding total sustaining expenditures of producing and selling gold from current operations, and evaluating the Company's operating performance and its ability to generate cash flow. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
AISC are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold.
The following tables provide detailed reconciliations from total costs of sales to cash costs and AISC. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding.
(In thousands of US Dollars, unless otherwise noted) | For three months ended December 31, 2024 | For three months ended December 31, 2023 | ||||||
Bonikro | Agbaou | Sadiola | Total | Bonikro | Agbaou | Sadiola | Total | |
Cost of Sales, excluding DDA | $ 27,330 | $ 47,265 | $ 27,293 | $ 101,888 | $ 37,740 | $ 36,506 | $ 60,934 | $ 135,180 |
DDA | 8,923 | 2,598 | 1,433 | 12,954 | 13,835 | 1,048 | 2,044 | 16,927 |
Cost of Sales | $ 36,253 | $ 49,863 | $ 28,726 | $ 114,842 | $ 51,575 | $ 37,554 | $ 62,978 | $ 152,107 |
Cash Cost Adjustments | ||||||||
DDA | $ (8,923) | $ (2,598) | $ (1,433) | $ (12,954) | $ (13,835) | $ (1,048) | $ (2,044) | $ (16,927) |
Exploration Spend in Cost of Sales | — | — | — | — | (689) | (2,226) | (2,441) | (5,356) |
Agbaou Contingent Consideration | — | 1,293 | — | 1,293 | — | 570 | — | 570 |
Silver by-Product credit | (151) | (50) | (71) | (272) | (110) | (32) | (101) | (243) |
Total Cash Costs(1) | $ 27,179 | $ 48,508 | $ 27,222 | $ 102,909 | $ 36,941 | $ 34,818 | $ 58,392 | $ 130,151 |
AISC(1) Adjustments | ||||||||
Reclamation & Remediation Accretion | $ 218 | $ 318 | $ 560 | $ 1,096 | $ 836 | $ 1,244 | $ 2,337 | $ 4,417 |
Exploration Capital | — | — | 65 | 65 | 2,201 | — | 428 | 2,629 |
Exploration Expenses | 1,707 | 1,331 | 9,791 | 12,829 | 689 | 2,226 | 2,441 | 5,356 |
Sustaining Capital Expenditures | 6,031 | 1,418 | 3,682 | 11,131 | 1,223 | 2,957 | 1,465 | 5,645 |
IFRS 16 Lease Adjustments | 322 | 322 | — | 644 | — | 28 | — | 28 |
Total AISC(1) | $ 35,457 | $ 51,897 | $ 41,320 | $ 128,674 | $ 41,890 | $ 41,273 | $ 65,063 | $ 148,226 |
Gold Ounces Sold | 22,979 | 27,171 | 14,619 | 64,769 | 34,328 | 17,882 | 40,863 | 93,073 |
Cost of Sales per Gold Ounce Sold | $ 1,578 | $ 1,835 | $ 1,965 | $ 1,773 | $ 1,502 | $ 2,100 | $ 1,541 | $ 1,634 |
Cash Cost(1) per Gold Ounce Sold | $ 1,183 | $ 1,785 | $ 1,862 | $ 1,589 | $ 1,076 | $ 1,947 | $ 1,429 | $ 1,398 |
AISC(1) per Gold Ounce Sold | Refer to Adjusted Table Below | $ 1,220 | $ 2,308 | $ 1,592 | $ 1,593 | |||
(In thousands of US Dollars, unless otherwise noted) | For year ended December 31, 2024 | For year ended December 31, 2023 | ||||||
Bonikro | Agbaou | Sadiola | Total | Bonikro | Agbaou | Sadiola | Total | |
Cost of Sales, excluding DDA | $ 113,356 | $ 155,995 | $ 193,176 | $ 462,527 | $ 112,884 | $ 142,080 | $ 248,413 | $ 503,377 |
DDA | 33,464 | 7,974 | 6,183 | 47,621 | 34,215 | 3,753 | 7,556 | 45,524 |
Cost of Sales | $ 146,820 | $ 163,969 | $ 199,359 | $ 510,148 | $ 147,099 | $ 145,833 | $ 255,969 | $ 548,901 |
Cash Cost Adjustments | ||||||||
DDA | $ (33,464) | $ (7,974) | $ (6,183) | $ (47,621) | $ (34,215) | $ (3,753) | $ (7,556) | $ (45,524) |
Exploration Spend in Cost of Sales | — | — | — | — | (1,598) | (8,795) | (8,371) | (18,764) |
Agbaou Contingent Consideration | — | 3,635 | — | 3,635 | — | 3,000 | — | 3,000 |
Silver by-Product credit | (474) | (181) | (357) | (1,012) | (460) | (168) | (332) | (960) |
Total Cash Costs(1) | $ 112,882 | $ 159,449 | $ 192,819 | $ 465,150 | $ 110,826 | $ 136,117 | $ 239,710 | $ 486,653 |
AISC(1) Adjustments to Total Cash Costs(1) noted above | ||||||||
Reclamation & Remediation Accretion | $ 873 | $ 1,273 | $ 2,241 | $ 4,387 | $ 1,350 | $ 1,968 | $ 3,694 | $ 7,012 |
Exploration Capital | — | — | 1,200 | 1,200 | 4,102 | — | 2,266 | 6,368 |
Exploration Expenses | 2,680 | 7,840 | 13,298 | 23,818 | 1,598 | 8,795 | 8,371 | 18,764 |
Sustaining Capital Expenditures | 20,407 | 5,888 | 20,064 | 46,359 | 4,592 | 7,225 | 7,658 | 19,475 |
IFRS 16 Lease Adjustments | 751 | 751 | — | 1,502 | — | 111 | — | 111 |
Total AISC(1) | $ 137,593 | $ 175,201 | $ 229,622 | $ 542,416 | $ 122,468 | $ 154,216 | $ 261,699 | $ 538,383 |
Gold Ounces Sold | 88,776 | 79,394 | 145,285 | 313,455 | 100,294 | 72,127 | 170,664 | 343,085 |
Cost of Sales per Gold Ounce Sold | $ 1,654 | $ 2,065 | $ 1,372 | $ 1,627 | $ 1,467 | $ 2,022 | $ 1,500 | $ 1,600 |
Cash Cost(1) per Gold Ounce Sold | $ 1,272 | $ 2,008 | $ 1,327 | $ 1,484 | $ 1,105 | $ 1,887 | $ 1,405 | $ 1,418 |
AISC(1) per Gold Ounce Sold | Refer to Adjusted Table Below | $ 1,221 | $ 2,138 | $ 1,533 | $ 1,569 | |||
Adjusted AISC
As the Company reports AISC on an ounces-sold basis, rather than ounces produced, costs are highlighted on an adjusted basis, as ounces produced from Korali-Sud of 48,939 were inventoried at Sadiola at the end of the year, due to certain administrative delays.
Adjusted AISC considers the cost of production of Korali-Sud ounces, as well as royalties and duties payable on sale and export, taking into consideration the 2023 Mining Code in
The ounces used in the denominator consider actual sales and the inventoried Korali-Sud ounces.
(In thousands of US Dollars, unless otherwise noted) | For three months ended December 31, 2024 | For year ended December 31, 2024 | ||||||
Bonikro | Agbaou | Sadiola | Total | Bonikro | Agbaou | Sadiola | Total | |
Total AISC(1) | $ 35,457 | $ 51,897 | $ 41,320 | $ 128,674 | $ 137,593 | $ 175,201 | $ 229,622 | $ 542,416 |
Inventory Cost | — | — | 53,836 | 53,836 | — | — | 53,836 | 53,836 |
Royalties and Costs to Sell Inventory | — | — | 19,285 | 19,285 | — | — | 19,285 | 19,285 |
Other Adjustments | — | — | (7,536) | (7,536) | — | — | — | — |
Adjusted AISC(1) | $ 35,457 | $ 51,897 | $ 106,905 | $ 194,259 | $ 137,593 | $ 175,201 | $ 302,743 | $ 615,537 |
Gold Ounces Sold | 22,979 | 27,171 | 14,619 | 64,769 | 88,776 | 79,394 | 145,285 | 313,455 |
Adjusted Ounces Sold (Korali) | — | — | 48,939 | 48,939 | — | — | 48,939 | 48,939 |
Adjusted Gold Ounces | 22,979 | 27,171 | 63,558 | 113,708 | 88,776 | 79,394 | 194,224 | 362,394 |
Adjusted AISC(1) per ounce | $ 1,543 | $ 1,910 | $ 1,682 | $ 1,708 | $ 1,550 | $ 2,207 | $ 1,559 | $ 1,699 |
Note: There are no prior year comparatives. |
GROSS PROFIT EXCLUDING DDA
The Company uses the financial measure "Gross Profit excluding DDA" to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance.
Gross profit excluding DDA is calculated as Gross Profit plus DDA.
The Company discloses Gross Profit excluding DDA because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is Gross Profit. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
The reconciliation of Gross Profit to Gross Profit Excluding DDA can be found on pages 6, 9, and 11 of this press release.
ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) PER SHARE
The Company uses the non-GAAP financial measures "Adjusted Net Earnings (Loss)" and the non-GAAP ratio "Adjusted Net Earnings (Loss) per share" to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance.
Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are calculated as Net Earnings (Loss) attributable to Shareholders of the Company, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements.
- Gains (losses) related to the reverse takeover transaction events and other items,
- Gains (losses) on the revaluation of historical call and put options,
- Unrealized Gains (losses) on financial instruments and embedded derivatives,
- Write-offs (reversals) on mineral interest, exploration and evaluation and other assets,
- Gains (losses) on sale of assets,
- Unrealized foreign exchange gains (losses),
- Share-based (expense) and other share-based compensation,
- Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items,
- Deferred income tax recovery (expense) on the translation of foreign currency inter-corporate debt,
- One-time tax adjustments to historical deferred income tax balances relating to changes in enacted tax rates,
- Non-recurring provisions,
- Any other non-recurring adjustments and the tax impact of any of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment.
Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance.
Management uses these measures for internal valuation of the core mining performance for the period and to assist with planning and forecasting of future operations. Management believes that the presentation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company's profitability from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted Net Earnings (Loss)(1) and Adjusted Net Earnings (Loss)(1) per share, which are otherwise included in the determination of Net Earnings (Loss) and Net Earnings (Loss) per share prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company's past financial performance or the future prospects and may hinder a comparison of its period-to-period profitability.
The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
The reconciliation of Net (Loss) Earnings to attributable to Shareholders of the Company to Adjusted Net Earnings (Loss) can be found on page 13 of this press release and in the Company's MD&A in Section 1: Highlights and Relevant Updates, under the Summary of Financial Results.
EBITDA AND ADJUSTED EBITDA
The Company uses the financial measures "EBITDA" and "Adjusted EBITDA" to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance.
EBITDA is calculated as Net Earnings (Loss), plus Finance Costs, DDA, Current income tax expense and Deferred income tax expense. Adjusted EBITDA calculated is further calculated as EBITDA, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements.
- Gains (losses) on the revaluation of historical call and put options,
- Unrealized Gains (losses) on financial instruments and embedded derivatives,
- Write-offs (reversals) on mineral interest, exploration and evaluation and other assets,
- Gains (losses) on sale of assets,
- Unrealized foreign exchange gains (losses),
- Share-based (expense) and other share-based compensation,
- Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items,
- Non-recurring provisions,
- Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance.
Management uses these measures for internal valuation of the cash flow generation ability of the period and to assist with planning and forecasting of future operations. Management believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company's cash flow from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted EBITDA, which are otherwise included in the determination of Net Earnings (Loss) prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company's past financial performance or the future prospects and may hinder a comparison of its period-to-period performance comparisons.
The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS.
(In thousands of US Dollars) | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
Net (Loss) Earnings | $ (7,969) | $ 13,268 | $ (119,551) | $ (191,540) |
Finance (income) costs, net | $ 6,998 | $ 13,538 | $ 19,276 | $ 30,809 |
DDA | 12,955 | 16,927 | 47,621 | 45,524 |
Current income tax expense | 21,996 | (4,168) | 87,517 | 42,942 |
Deferred income tax (expense) recovery | 16,165 | (28,872) | 26,668 | (36,987) |
EBITDA(1) | $ 50,145 | $ 10,693 | $ 61,531 | $ (109,252) |
(In thousands of US Dollars) | For three months ended December 31, | For years ended December 31, | ||
2024 | 2023 | 2024 | 2023 | |
EBITDA(1) | $ 50,145 | $ 10,693 | $ 61,531 | $ (109,252) |
Transaction related costs | — | 552 | — | 147,048 |
(Gain) loss on revaluation of call and put options | — | — | — | 21,883 |
Gain (loss) on revaluation of financial instrument | (15,553) | 1,034 | (5,836) | 3,087 |
Impairment of exploration and evaluation asset | — | — | — | 19,619 |
Foreign exchange | 204 | 3,853 | 2,670 | 4,223 |
Share-based compensation | 1,655 | 2,012 | 6,611 | 7,265 |
10,861 | 6,498 | 121,193 | 7,343 | |
Adjusted EBITDA(1) | $ 47,312 | $ 24,642 | $ 186,169 | $ 101,216 |
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains "forward-looking information" including "future oriented financial information" and "financial outlook" under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company's strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words or negative versions thereof, or statements that certain events or conditions "may", "will", "should", "would" or "could" occur. In particular, forward looking information included in this press release includes, without limitation, statements with respect to:
- the Company's expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met;
- the Company's plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in
Mali , Côte d'Ivoire andEthiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus inAfrica ; - the Company's expectations relating to the performance of its mineral properties;
- the estimation of Mineral Reserves and Mineral Resources;
- the conversion of Mineral Resources to Mineral Reserves;
- the Company's expectations in connection with its strategic partnership transaction with Abrosia Investment Holding L.L.C-S.P.C;
- the Company's expectations in connection with pursuing a listing on NYSE and the benefits thereof;
- the timing and amount of estimated future production;
- the estimation of the life of mine of the Company's projects;
- the timing and amount of estimated future capital and operating costs;
- the costs and timing of exploration and development activities;
- the Company's expectation regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments;
- the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits;
- the Company's community relations in the locations where it operates and the further development of the Company's social responsibility programs; and
- the Company's expectations regarding the payment of any future dividends.
Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company's dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
This press release has been prepared in accordance with the requirements of the securities laws in effect in
NOTES ON MINERAL RESERVES AND MINERAL RESOURCES
Mineral Resources are stated effective as at December 31, 2024, reported at a 0.5 g/t cut-off grade, constrained within an
Mineral Reserves are stated effective as at December 31, 2024 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves:
- are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate;
- reflect that portion of the Mineral Resources which can be economically extracted by open pit methods;
- consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project;
- include an allowance for mining dilution and ore loss.
Mineral Reserve and Mineral Resource estimates are shown on a
The Mineral Resource and Mineral Reserve estimates for each of the Company's mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below:
Mineral Property | Qualified Person of Mineral Resources | Qualified Person of Mineral Reserves |
Sadiola Mine | Shane Fieldgate | Steve Craig |
Korali-Sud Mine | Phillip Schiemer | Steve Craig |
Kurmuk Project | Phillip Schiemer | Steve Craig |
Bonikro Mine | Phillip Schiemer | Esteban Chacon |
Agbaou Mine | Phillip Schiemer | Esteban Chacon |
Mineral Reserves (Proven and Probable)
The following table sets forth the Mineral Reserve estimates for the Company's mineral properties at December 31, 2024.
Proven Mineral Reserves | Probable Mineral Reserves | Total Mineral Reserves | |||||||
Tonnes | Grade | Content | Tonnes | Grade | Content | Tonnes | Grade | Content | |
Sadiola Mine | 18,427 | 0.50 | 295 | 131,232 | 1.59 | 6,702 | 149,659 | 1.45 | 6,997 |
Kurmuk Project | 21,864 | 1.51 | 1,063 | 38,670 | 1.35 | 1,678 | 60,534 | 1.41 | 3,741 |
Bonikro Mine | 6,021 | 0.76 | 147 | 5,961 | 1.55 | 297 | 11,982 | 1.15 | 1,444 |
Agbaou Mine | 2,241 | 1.66 | 115 | 7,250 | 1.47 | 343 | 9,491 | 1.53 | 1,458 |
Total Mineral Reserves | 47,553 | 1.03 | 3,620 | 183,113 | 1.53 | 10,020 | 230,666 | 1.42 | 12,640 |
Notes:
- Mineral Reserves are stated effective as at December 31, 2024 and estimated in accordance with CIM Standards and NI 43-101.
- Shown on a
100% basis. - Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods.
- Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Sadiola Mine:
- Includes an allowance for mining dilution at
8% and ore loss at3% - A base gold price of
$170 0$180 0 - The cut-off grades used for Mineral Reserves reporting were informed by a
$170 0
Kurmuk Project:
- Includes an allowance for mining dilution at
18% and ore loss at2% - A base gold price of
$150 0$132 0$144 0 - The cut-off grades used for Mineral Reserves reporting were informed by a
$150 0
Bonikro Mine:
- Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore loss at
1% - A base gold price of
$180 0- With the selected pit shell using a value of
$180 0 - Cut-off grades vary from 0.57 to 0.63 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage.
- With the selected pit shell using a value of
- A base gold price of
$180 0- With the selected pit shell using a value of
$180 0 - Cut-off grades vary from 0.67 to 0.78 g/t Au for different ore types to the Agbaou processing plant due to differences in recoveries, costs for ore processing and ore haulage
- With the selected pit shell using a value of
Agbaou Mine:
- Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore at
1% - A base gold price of
$180 0- Pit designs (revenue factor 1.00)
- Cut-off grades which range from 0.41 to 0.63 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage.
Mineral Resources (Measured, Indicated, Inferred)
The following table set forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) and for the Company's mineral properties at December 31, 2024.
Measured Mineral Resources | Indicated Mineral Resources | Total Measured and Indicated | |||||||
Tonnes | Grade | Content | Tonnes | Grade | Content | Tonnes | Grade | Content | |
Sadiola Mine | 19,833 | 0.55 | 349 | 192,248 | 1.55 | 9,610 | 212,081 | 1.46 | 10,959 |
Kurmuk Project | 20,472 | 1.74 | 1,148 | 37,439 | 1.64 | 1,972 | 57,911 | 1.68 | 3,120 |
Bonikro Mine | 9,649 | 1.08 | 336 | 30,565 | 1.37 | 1,345 | 40,214 | 1.30 | 1,681 |
Agbaou Mine | 1,748 | 2.29 | 129 | 7,579 | 2.06 | 502 | 9,327 | 2.10 | 631 |
Total Mineral Resources (M&I) | 52,702 | 1.17 | 1,962 | 268,831 | 1.55 | 13,429 | 320,533 | 1.49 | 16,391 |
The following table set forth the Inferred Mineral Resource estimates and for the Company's mineral properties at December 31, 2024.
Inferred Mineral Resources | |||
Tonnes | Grade | Content | |
Sadiola Mine | 14,271 | 1.08 | 496 |
Kurmuk Project | 5,980 | 1.62 | 311 |
Bonikro Mine | 11,129 | 1.33 | 474 |
Agbaou Mine | 1,986 | 2.35 | 150 |
Total Mineral Resources (Inferred) | 33,366 | 1.33 | 1,431 |
Notes:
- Mineral Resources are estimated in accordance with CIM Standards and NI 43-101.
- Shown on a
100% basis. - Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The Sadiola, Korali Sud, Bonikro, and Agbaou Mineral Resource Estimates are listed at 0.5 g/t Au cut-off grade, constrained within an US
$200 0/oz pit shell and depleted to 31 December 2024 - The Kurmuk Mineral Resource Estimate is listed at 0.5 g/t Au cut-off grade, constrained within an
US /oz pit shell.$180 0 - Rounding of numbers may lead to discrepancies when summing columns
- Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
View original content to download multimedia:https://www.prnewswire.com/news-releases/allied-gold-announces-fourth-quarter-and-year-end-2024-results-achieving-record-quarterly-production-advancing-optimizations-and-growth-projects-and-strengthening-financial-flexibility-through-strategic-initiatives-302412613.html
SOURCE Allied Gold Corporation
FAQ
What was Allied Gold's (AAUCF) gold production in Q4 2024?
What are Allied Gold's (AAUCF) production targets for 2025?
What is the status of AAUCF's NYSE listing plans?
How much funding did Allied Gold (AAUCF) secure for the Kurmuk project?
What are Allied Gold's (AAUCF) projected costs for 2025?
