Allied Gold Pours First Gold At Ethiopia’s Kurmuk Mine, Targets 300,000 Ounces Annual Production By 2028

Allied Gold Corporation (TSX:AAUC, NYSE:AAUC) ("Allied" or the "Company") is pleased to announce that first gold was poured at its Kurmuk Mine ("Kurmuk") in Ethiopia. The achievement of first gold marks a significant milestone for Kurmuk, the Company's newest producing mine and its lowest-cost operation.

Management and the Board of Directors commended the development and operations teams on this achievement, stating: "The project, operations, and in-country teams have done an outstanding job bringing Kurmuk from a greenfield site to its first gold pour. It has been a privilege to see our Ethiopian and international teams working side by side in a spirit of cooperation and collaboration to make this milestone a reality. We also recognize the strong support and collaboration of the Government of Ethiopia in advancing Kurmuk, which is among the first large-scale mechanized mines in the country. This is a landmark development that supports the country’s ambition to establish a modern, large-scale mining industry."

As the installation of the remaining power supply infrastructure completes this month, providing full power thereafter, and the full haulage fleet mobilizes (also expected this month), the Company anticipates a significant ramp-up to reach commercial production by the end of the year and nameplate capacity early in 2027. Recoveries are expected to increase progressively through the end of 2026 and reach design levels by early 2027.

Kurmuk is targeting production of 25,000 to 35,000 gold ounces in 2026, increasing sequentially month over month to 55,000 to 65,000 gold ounces in the first quarter of 2027, 240,000 to 270,000 gold ounces for full-year 2027 and approximately 300,000 gold ounces in 2028. Over the longer term, Kurmuk is expected to average approximately 300,000 gold ounces per year over its first four years and 240,000 gold ounces per year over the life of the mine. With exploration targeting increases in mine life and a focus on higher-grade, near-surface ore, the Company intends to extend the number of years of production at approximately 300,000 gold ounces per year.

Kurmuk is a cornerstone of Allied’s production and cash flow growth, enhancing the scale, quality, and longevity of the Company’s portfolio, and is expected to drive a significant increase in production and free cash flow. Consolidated production is expected to be 400,000 to 435,000 gold ounces in 2026, weighted to the fourth quarter, rising to 615,000 to 670,000 gold ounces in 2027, an increase of approximately 54% over the midpoint of the 2026 outlook and nearly 70% above the Company’s 2025 production. Beyond 2027, the Company is targeting approximately 800,000 gold ounces per year of sustainable production by 2029 driven by Sadiola’s expansion.

As the Company enters a period of significantly increased free cash flow generation, its capital allocation priorities include continued investment in growth, a strong balance sheet and returns to shareholders. Returns are expected to include a base dividend starting in 2027 and a normal course issuer bid for up to 10% of the public float, subject to TSX approval, as previously disclosed.