Allied Gold Corporation Reports Fourth Quarter 2024 Results
TORONTO, March 26, 2025 /PRNewswire/ - Allied Gold Corporation (TSX: AAUC) (OTCQX: AAUCF) ("Allied" or the "Company") is herein reporting its unaudited financial and operational results for the fourth quarter of 2024. Fourth quarter production of 99,632 ounces of gold was in line with the Company's previous guidance of 98,000 ounces to 102,000 ounces and is the highest production by quarter of the year and since the Company was taken public. This strong performance resulted in a full-year production of 358,090 ounces, 4% higher than the previous year.
The total cost of sales, cash costs, and adjusted All-in Sustaining Costs ("AISC") per ounce were $1,773, $1,589, and $1,708, respectively. As previously disclosed, production during the quarter exceeded sales as production from Korali-Sud was kept in inventory at Sadiola as of December 31, 2024, due to in-country administrative delays. This Korali-Sud inventory of 48,939 ounces was sold subsequent to year-end, and had these administrative delays not occurred, sales during the fourth quarter would have been higher by those ounces.
Fourth Quarter Highlights
Financial Results Highlights
Operational Highlights
Advancement of Key Growth Initiatives
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:
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
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.
Operating Results Summary
For three months ended December 31:
| Gold Ounces |
Production |
Sales |
Total Cost of Sales |
Cash Costs |
Adjusted AISC |
| 2024 |
99,632 |
64,769 |
$1,773 |
$1,589 |
$1,708 |
Financial Summary
For the year ending December 31, 2024, Allied Gold reported significant financial improvements and operational successes. A full financial summary can be obtained from the detailed tables included in the report.
About Allied Gold Corporation
Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d'Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.
