#Canada #Toronto #Q4 2024 #Allied Gold #Korali-Sud

Allied Gold Corporation's Fourth Quarter and Year-End 2024 Results

Allied Gold Corporation has released its unaudited financial results for the fourth quarter and full year ended December 31, 2024, highlighting a strong operational performance and strategic advancements. The company achieved record quarterly production, marking a significant growth trajectory in its operations.

Record Production Figures

In the fourth quarter of 2024, Allied Gold produced 99,632 ounces of gold, aligning with the company's guidance of 98,000 to 102,000 ounces. This performance represents the highest quarterly output since the company's inception, contributing to a full-year production total of 358,090 ounces, a 4% increase over the previous year. The reported costs of sales per ounce sold came in at $1,773, while the adjusted All-in Sustaining Cost (AISC) for the quarter was $1,708.

The success in production is attributed to strategic operational enhancements and the full contribution from the Korali-Sud oxide ore, yielding 45,056 ounces. This project is considered an essential step for future advancements as it bridges the company's current operations with ongoing expansion efforts at the Sadiola mine.

Strategic Initiatives and Financial Resilience

Throughout 2024, Allied Gold executed several strategic transactions aimed at fortifying its balance sheet. These included a successful equity offering that generated $161.6 million, enhancing liquidity and market presence. Furthermore, the company completed a $250 million funding package for its Kurmuk project, which includes a $175 million gold stream transaction and a $75 million Gold Prepay facility.

Management emphasized the importance of these transactions in enhancing financial flexibility, allowing Allied to facilitate capital allocation for further projects without relying solely on operating cash flows. As of December 31, 2024, the corporation held cash and cash equivalents amounting to $225 million, a figure expected to rise following the recent sale of gold inventory from Korali-Sud.

Operational Improvements and Growth Projects

In addition to the strong financial outcomes, numerous operational improvements were initiated during the year. Notably, the Kurmuk project is on track for its planned production commencement in mid-2026, expected to contribute an estimated 175,000 ounces of gold in 2026. Meanwhile, the Sadiola phased expansion aims to enhance production capabilities by allowing processing of higher-grade ore at increased throughput rates, with expected annual production reaching between 200,000 to 230,000 ounces post-expansion.

Operational benchmarks also include adjustments in production strategies to significantly increase efficiency and reduce costs going into the coming years. The company is proactive in ensuring that its operations remain competitive while adhering to sustainability practices, particularly with a newly revised sustainability framework enacted to manage environmental and social impacts effectively.

Outlook for 2025

Looking ahead into 2025, Allied Gold is optimistic about maintaining or exceeding the production range of 375,000 to 400,000 ounces. This optimism is rooted in anticipated higher output levels, with enhancements in ore feed anticipated from the expansion projects. The company expects production during the fourth quarter of 2025 to surpass all earlier quarters as upgrades and expansions bear fruit, noting a strategic focus on maximizing extraction efficiencies and reducing operational costs.

Overall, Allied Gold's fourth quarter results showcase a strategic blend of record production, strong financial health, and an unwavering commitment to growth, setting a solid foundation for future endeavors in the precious metals sector.