Allied Gold Corporation produced 96,016 ounces of gold in the first quarter of 2026, a 14% increase from 84,040 ounces in the prior year period, driven primarily by higher output at Bonikro and Agbaou in Cote d’Ivoire following the benefits of stripping work executed in prior quarters that improved ore access and feed quality.
Revenue for the quarter reached $394.1 million, up from $346.4 million in Q1 2025, reflecting a 40% increase in average revenue per ounce as gold prices averaged approximately $4,775 per ounce during the period, well ahead of the $4,250 per ounce assumption embedded in initial 2026 cost guidance, partially offset by a 31,642 ounce decline in sales volumes tied to timing effects from the prior year period.
All-in sustaining costs came in at $2,264 per ounce sold, in line with management expectations despite being elevated relative to the prior year period, with the higher royalty expenses driven by stronger gold prices contributing approximately $80 per ounce to the AISC increase above the original guidance assumption.
Adjusted EBITDA for Q1 2026 reached $173.3 million, operating cash flow before taxes and working capital movements was a strong inflow of $162.7 million, and net cash from operating activities was $57.3 million, all reflecting the company’s material leverage to gold prices at current production levels.
The reported net loss of $58.3 million, or negative $0.47 per share, reflected $37.8 million of non-cash losses on revaluation of financial instruments and $55.2 million of share-based compensation, masking adjusted net earnings of $48.6 million or $0.39 per share, which better represent the underlying cash-generating capacity of the business.
Allied ended the quarter with $424.2 million in cash and cash equivalents and an undrawn $50 million revolving credit facility, providing comfortable liquidity as the company approaches the expected first gold pour at its Kurmuk project in Ethiopia, targeted for mid-2026, which is expected to produce an average of 290,000 ounces per year in its first four years at AISC below $950 per ounce.
The Zijin Gold acquisition, at C$44 per share in cash for a total transaction value of approximately C$5.5 billion, continued to progress through regulatory approvals, with an outside closing date of 29 May 2026 subject to extension by mutual agreement if remaining approvals have not been obtained.
