Allied reports first gold pour at Kurmuk mine in Ethiopia

Allied Gold Corp. [AAUC-TSX, AAUC-NYSE] has confirmed the first gold pour at its Kurmuk mine in Ethiopia. The company said the achievement marks a significant milestone for Kurmuk as its newest producing mine and lowest cost operation. “The project, operations and in-country teams have done an outstanding job bringing Kurmuk from a greenfield site to its first gold pour,” the company said in a press release. “We also recognise the strong support and collaboration of the government of Ethiopia in advancing Kurmuk, which is among the first large-scale mechanised mines in the country,’’ the company said. “This is a landmark development that supports the country’s ambition to establish a modern, large-scale mining industry.’’

On Tuesday, Allied Gold shares rose 1.9% or 61 cents to $33.15. The shares trade in a 52-week range of $43.77 and $21.94.

Allied Gold was in the news recently when it announced the closing of a previously announced strategic investment by Hong Kong Stock Exchange-listed Zijin Gold International Co. Ltd. by way of a non-brokered private placement of 12.8 million common shares priced at $32.55 each for aggregate proceeds of $416.6 million.  With the closing of the strategic investment, Zijin Gold holds approximately 9.2% of the issued and outstanding shares of Allied Gold.

The financing was completed after a previously announced arrangement that would have seen the company being acquired by Zijin Gold was terminated. The deal, announced in January, 2026, was valued at $5.5 billion or $44 per share.

Allied is a Canadian gold producer. It operates a portfolio of three producing assets and development projects located in Cote d’Ivoire, Mali and Ethiopia. Allied has said it aspires to become a mid-tier next-generation gold producer in Africa and ultimately, a leading senior global gold producer.

The net proceeds of the strategic investment by Zijin were expected to be used for continued advancement of Allied’s growth initiatives, including operational optimizations, the completion of the ramp-up of the Kurmuk mine, the phased expansion of the Sadiola mine in Mali, production increases at the Cote d’Ivoire (CDI) Complex and exploration efforts across the company’s portfolio. The CDI Complex includes the Agbaou  and Boniko mines.

Kurmuk is a transformational development mine located within the metal-rich Arabian Nubian Shield, approximately 500 kilometres from the capital, Addis Ababa. Allied is targeting an annual production level of approximately 290,000 ounces of gold in the first five years and 240,000 ounces over a 10-year mine life. All-in sustaining costs are expected to be below US$950 per ounce.

Earlier this year, the company has also announced the start of ore processing at the Phase 1.0 expansion at the Sadiola mine in Mali where Allied is focusing on exploration and development of high-grade oxide deposits to maximize low-cost oxide feed and boost near term production and cash flows.