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    Allied Gold (TSX:AAUC) Moves Kurmuk Closer To Production Following Fresh Undervalued View

    Simply Wall St·09/21/2026 01:22:34
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    Allied Gold (TSX:AAUC) just moved its Kurmuk Mine in Ethiopia closer to full operation, with grid power now online and first ore already running through the crushing circuit.

    The stock’s latest move comes after a mixed stretch for Allied Gold investors, with a 1-day share price return of 7.42% at CA$32.30, a 90-day share price decline of 11.60%, and a 1-year total shareholder return of 49.12% that suggests longer term momentum remains in place.

    Scan beyond Allied Gold and see how other producers are positioned for their next ramp up with our curated list of 36 elite gold producer stocks in similar stages of progress.

    So is this latest jump in Allied Gold a clear reflection of progress at Kurmuk, or simply a shift in sentiment around a high beta miner, and what does the current price indicate about valuation now?

    Most Popular Narrative: 23% Undervalued

    Allied Gold’s most followed valuation storyline pegs fair value around CA$41.70 a share, which sits well above the last close at CA$32.30. This places the Kurmuk progress into a much broader cash flow and balance sheet context.

    Bullish analysts highlight the proposed Zijin investment of about $295m to $417m as a key support for Allied Gold's balance sheet, which they see as important for funding project commitments and reducing financing uncertainty.

    Several upgrades to Buy or Outperform ratings signal increased confidence that Allied Gold's current share price does not fully reflect its asset base and projected cash flow profile, in their view.

    See why 25 investors see Allied Gold as 23% undervalued.

    Result: Fair Value of CA$41.70 (UNDERVALUED)

    Still, the Allied Gold story carries real pressure points, including elevated all in sustaining costs and concentrated exposure to West African jurisdictions that could disrupt operations.

    Find out about the key risks to this Allied Gold narrative.

    Next Steps

    If the mixed sentiment around Allied Gold leaves you on the fence, move quickly from headline to hard numbers and weigh both sides of the story for yourself. To see the balance between pressure points and potential upside, take a closer look at the 4 key rewards and 2 important warning signs.

    Looking for more investment ideas beyond Allied Gold?

    If Allied Gold has your attention, do not stop there. Use the Simply Wall Street Screener to surface fresh opportunities that fit your own risk and return preferences.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.