GlobeNewswire·Nov 9, 2026, 5:00 PM ET

Allied Gold Announces First Gold at Kurmuk Mine

AAUC

Allied Gold Corporation announced the first gold pour at its Kurmuk Mine in Ethiopia on November 9, 2026.
Kurmuk is the Company's newest producing mine & its lowest-cost operation.
Management credited the development teams & the Government of Ethiopia for the successful transition from a greenfield site to production.
Remaining power supply infrastructure & the full haulage fleet are expected to be fully operational this month.
The Company anticipates reaching commercial production by the end of 2026 & nameplate capacity early in 2027.
Kurmuk targets 25,000 to 35,000 gold ounces in 2026, increasing to 55,000 to 65,000 ounces in Q1 2027.
Full-year 2027 production is projected at 240,000 to 270,000 gold ounces, with approximately 300,000 ounces targeted for 2028.
Long-term expectations include an average of 300,000 gold ounces per year over the first four years & 240,000 ounces over the mine life.
Consolidated production is expected to rise from 400,000 to 435,000 ounces in 2026 to 615,000 to 670,000 ounces in 2027.
The Company aims for approximately 800,000 gold ounces per year of sustainable production by 2029.
Capital allocation priorities include growth investment, a strong balance sheet, & shareholder returns.
Returns are expected to include a base dividend starting in 2027 & a normal course issuer bid for up to 10% of the public float.
All scientific & technical information was reviewed by Sébastien Bernier, P.Geo, a Qualified Person.
Allied Gold operates four mines across Côte d'Ivoire, Mali, & Ethiopia.
The release includes a cautionary statement regarding forward-looking information & various operational & market risks.

Company: Allied Gold Corporation
Keywords: Toronto Stock Exchange:AAUC, Allied Gold Corporation, Gold, mining, precious metal