Allied Gold Begins Production at Kurmuk Mine in Ethiopia

Allied Gold Corporation announced the first gold pour at its Kurmuk Mine in Ethiopia on November 9, 2026. The mine represents the company's newest and lowest-cost operation. Allied Gold expects to reach commercial production by the end of 2026 and full nameplate capacity by early 2027, following the mobilization of its haulage fleet and the completion of power supply infrastructure this month.

The company targets production of 25,000 to 35,000 gold ounces from Kurmuk in 2026, scaling to approximately 300,000 ounces per year by 2028. Combined with an expansion at the Sadiola mine in Mali, Allied Gold aims for a total consolidated production of 800,000 gold ounces per year by 2029.

This operational milestone follows a failed $4-billion takeover bid by Zijin Gold earlier this year, which collapsed after Chinese regulators denied approval. Although the acquisition failed, Zijin Gold retains a 9.2% stake in Allied Gold. The company used proceeds from that investment to fund the Kurmuk ramp-up and other African operations in Côte d’Ivoire.

Allied Gold plans to use the resulting increase in free cash flow for growth investments and balance sheet strengthening. The company is considering repurchasing up to 10% of its public float and introducing a base dividend starting in 2027.