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

FOURTH QUARTER HIGHLIGHTS

Financial Results Highlights

• Earnings:
  • Fourth quarter net loss of $10.3 million or $(0.03) per share.
  • Fourth quarter adjusted earnings⁽¹⁾ of $9.5 million or $0.03 per share.
  • Including the attributable earnings from the sale of the Korali-Sud inventory, fourth-quarter adjusted earnings⁽¹⁾ would have been $0.09 per share higher.
• 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. Including the sales of the Korali-Sud inventory would have bolstered the two metrics by $61.5 million.
  • EBITDA⁽¹⁾ and Adjusted EBITDA⁽¹⁾ for the three months ended December 31, 2024, were $50.1 million and $47.3 million, respectively. For the full year, EBITDA⁽¹⁾ was $61.5 million and Adjusted EBITDA⁽¹⁾ was $186.2 million, demonstrating a significant increase compared to the previous year.
• Strong Financial Position: As of December 31, 2024, the Company had cash and cash equivalents of $225.0 million. If the sale of the Korali-Sud inventory was included, the cash and cash equivalent would have been higher by over $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 per ounce improving over the third quarter levels and the Company continued advancing its optimizations and growth projects to realize further improvements to costs.
• 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. Kurmuk is expected to start production by mid-2026, contributing an estimated 175,000 ounces of gold to the latter half of the 2026 forecast.
• 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, and the project is expected to be completed by the fourth quarter of 2025.

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, and meaningfully increasing trading liquidity thereafter.
• Kurmuk Funding Package: The Company completed a $250.0 million Kurmuk funding package comprising a gold stream of $175.0 with Wheaton Precious Metals International Ltd. and a $75.0 million Gold Prepay facility for the Kurmuk development project. The streaming transaction with a partner of the scale and quality of Wheaton validates the inherent value opportunity at Kurmuk. The Gold Prepay facility brings forward cash flows and includes a built-in gold price hedge amidst favourable market prices.
• 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 (Mali state-owned mining company) to pursue potential mining opportunities in the vicinity of Sadiola and other highly prolific areas in Mali. While definitive arrangements have not been concluded at this time, the Company is encouraged with the prospects under evaluation and discussion and with the cooperativeness and ongoing engagement with in-country authorities.

Sustainability, Health and Safety Highlights

• The Company did not report any significant Environmental Incidents for the three months 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 16% increase over the average production of the three previous quarters in 2024 due to mining sequencing and operational improvements.

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 45%/55%.

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 56% higher than in the first quarter of 2025.

OPERATING RESULTS SUMMARY

The mine-site level cost of sales per ounce, cash costs⁽¹⁾, adjusted AISC⁽¹⁾ for 2024 were $1,773, $1,589, and $1,708 per ounce, respectively, reflecting the improved operational performance of the fourth quarter driven by Sadiola and the CDI Complex.

For 2025, the projected mine-site level AISC⁽¹⁾ is expected to be US$1,690 to US$1,790 per ounce, targeting further operational improvements across the operations. At Sadiola, the cost guidance provided reflects the implementation of the previously announced Protocol Agreement with the Government of Mali over the entire year of operations and the commencement of the first phase expansion in the fourth quarter. Bonikro will incur an anticipated $60 million of capital expenditures related to production stripping during 2025, further exposing higher-grade ore and leading to robust free cash flows in the years that follow when the rock movement and stripping ratio meaningfully decreases. As the waste stripping benefits not only 2025 but also the following two years of production, the AISC⁽¹⁾ per ounce sold figure accounts for the allocation of the stripping spend over the ounces it benefits through 2027. Waste stripping at Bonikro during 2026 and 2027 is expected to be negligible.

Similarly, Agbaou will incur an anticipated $25 million of capital expenditures related to production stripping during 2025, which is expected to lead to improved performance in future years. The Company is pursuing opportunities to increase oxide feed from exploration targets located in the Hiré area mentioned above, providing an opportunity to reduce AISC⁽¹⁾.

2024 Operational Results

Sadiola (80% interest), Mali

Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud open pit gold mine (for which the Company's interest changed to 65% on January 8, 2025 in association with the 2023 Mining Code), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola is retained by the Government of Mali.

For the three months ended 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 $1,559 per gold ounce and in line with that previously disclosed. As the Company reports AISC⁽¹⁾ on an ounces-sold basis, rather than ounces produced, costs are highlighted on an adjusted basis, as ounces produced from Korali-Sud were inventoried at Sadiola and sold after year-end. Adjusted AISC⁽¹⁾ 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 Mali. The ounces used in the denominator consider actual sales and the inventoried Korali-Sud ounces.

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

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

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 (89.89% interest), Côte d'Ivoire

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

Bonikro is contiguous to Agbaou, and together 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 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 $1,550 per gold ounce and in line with that previously disclosed. The stripping of PB5 and PB3 during 2024 and the first part of 2025 is expected to expose higher-grade material for 2026 and 2027. As result of this, Bonikro will incur an anticipated $60 million of capital expenditures related to production stripping during 2025, further exposing higher-grade ore and leading to robust free cash flows in the years that follow when the rock movement and stripping ratio meaningfully decreases. As the waste stripping benefits not only 2025 but also the following two years of production, the AISC per ounce sold figure accounts for the allocation of the stripping spend over the ounces it benefits through 2027. During the fourth quarter, gold sales were slightly higher than production due to timing of production and shipments.

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 9% with the current ore blend. The Company expects to provide updates on these and other optimization initiatives throughout the year.

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 (85% interest), Côte d'Ivoire

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

Agbaou is contiguous to Bonikro, and together 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 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 43% increase compared to the average of the previous three quarters and 215% year-over-year. This performance was supported by mining fleet performance optimization and the implementation of an integrated technical team supporting the CDI Complex. This highlights the flexibility of Allied's CDI operations in mining and processing ore and extracting value from various sources within the complex.

As the mine 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 $2,207 per gold ounce. With the Côte d'Ivoire mines now being with the same contractor, the Company expects synergies and reduction of costs going forward. At Agbaou, expected cost reductions are to be achieved through the normalization of production after the contractor completed changeover, process optimizations, and the normalization of the reliable power supply. The Company is also advancing initiatives to implement a centralized management model for both mines, streamlining processes, optimizing resources, and enhancing service delivery for sustainable growth, and lowering AISC⁽¹⁾. The project is expected to be finalized by mid-2025. Gold sales during the quarter were slightly higher than production due to timing of shipments.

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 West Africa operations. The Company is advancing pioneering mining activities to allow sufficient time for the establishment of access and infrastructure before the rainy season and advance training of mining personnel ahead of the arrival of the main mining fleet. Mining activities will continue through the year and into 2026 with the objective of preparing the mine and building ore stockpiles to support the start of operations. Kurmuk is expected to start production by mid-2026, contributing an estimated 175,000 ounces of gold to the latter half of the 2026 forecast.

For the year ending December 31, 2024, $108.7 million was spent in Ethiopia, comprising $100.3 million of direct construction capital expenditure and the remainder representing other spend such as exploration activity, in-country office costs and capitalized borrowing costs in accordance with IFRS. For 2025, the Company plans to spend $280 million in construction capital expenditures with the remained planned for 2026.

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.

Summary of Capital Expenditures

FINANCIAL SUMMARY AND KEY STATISTICS

Key financial operating statistics for the year ended December 31, 2024 are outlined in the following tables.

Net cash generated from operating activities for the three months ended December 31, 2024 was $49.6 million. This compares to an outflow of $9.2 million in the prior year comparative quarter. Current period cash from operating activities was positively impacted by higher realized gold prices, proceeds from the first construction draw under the stream with Wheaton Precious Metals International Ltd. of $43.75 million, and a $75.0 million Gold Prepay, offset by the aforementioned Korali-Sud production inventoried at Sadiola sold subsequent to year-end. Further, operating cash flows were impacted by the payment associated with the Mali settlement matters discussed during the third quarter. Prior year cash flows were negatively impacted by cash-based transaction costs related to the public listing, which had been accrued during the third quarter of 2023 and paid in the fourth quarter of 2023. Working capital impact for the quarter, as previously disclosed, is related to the Korali-Sud inventory buildup at Sadiola, which results in a working capital outflow, partially offset by increases in accounts payable associated with the costs incurred to produce that inventory.

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 $141.0 million compared with the prior year comparative quarter inflow of $12.1 million. This was due to higher realized gold prices and the proceeds of the first construction payment under the stream with Wheaton Precious Metals International Ltd. and the $75.0 million Gold Prepay. On an adjusted basis, considering inventory from Korali-Sud, operating cash flows before income tax paid and working capital would have represented an even more significant increase over the prior year comparative quarter and increased by a further $61.5 million. Prior year cash flows were negatively impacted by cash-based transaction costs related to the public listing, which had been accrued during the third quarter of 2023 and paid in the fourth quarter of 2023.

ALLIED GOLD
CONSOLIDATED STATEMENT OF LOSS (UNAUDITED)

ALLIED GOLD
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)