Allied Gold to be Acquired by Zijin Gold International in Friendly All-Cash Offer Valued at C$5.5 Billion

The company announced on January 26, 2026, that it has entered into a definitive agreement to be acquired by Zijin Gold International Company Limited in an all-cash transaction valued at approximately C$5.5 billion. The offer price is C$44 per share, representing a 27% premium to the 30-day volume-weighted average price (VWAP) as of January 23, 2026. The transaction is supported by Allied Gold's board and management, who have entered into voting support agreements representing 15.4% of the shares. The deal is subject to approval by at least 66?% of votes cast by shareholders, customary court approvals in Canada, and regulatory approvals including under the Investment Canada Act. A special meeting of shareholders is expected in late February 2026, with closing anticipated in late April 2026. Upon completion, Allied Gold will be delisted from the TSX and NYSE.

This announcement is a definitive, material-positive event that fundamentally changes the investment thesis. The C$44 per share offer provides immediate and certain value, crystallizing the gains from the company's successful operational turnaround and project execution over the past year. The premium is meaningful, and the all-cash nature eliminates commodity and execution risk for shareholders. This transaction validates the world-class quality of Allied Gold's asset portfolio, particularly the Sadiola and Kurmuk projects, which were central to its growth narrative. The announcement follows a series of positive operational updates, including the commencement of Sadiola's Phase 1 expansion and significant exploration success, which had driven the share price to all-time highs. The offer price sits just above the recent trading range, suggesting the board negotiated a full value. The primary risk to materialization is regulatory approval, particularly under the Investment Canada Act for a Chinese acquirer, but the friendly nature and strategic rationale (expansion in Africa for Zijin) support a high probability of completion.

Allied Gold Corporation is a mid-tier gold producer with a portfolio of assets in Africa. Its flagship project is the Sadiola Mine in Mali, a large-scale, long-life operation. - Sadiola: The mine was undergoing a multi-phase expansion. Phase 1, which commenced ore processing in December 2025, was designed to increase fresh ore processing capacity to 5.7 Mtpa, targeting medium-term production of 200,000-230,000 ounces per year. A Phase 2 expansion study was underway, with the potential to lift production to 400,000 ounces per year. - Other Key Assets: - Kurmuk Project (Ethiopia): A development project on track for first gold in mid-2026. It has 2.7 million ounces in reserves and is expected to produce 290,000 oz/year for its first four years at an AISC below $950/oz. - Côte d’Ivoire Complex: Comprises the Bonikro and Agbaou mines, which together produced ~113,000 ounces in Q4 2025. The company was working on mine life extension and optimization initiatives here. The company's strategy was to leverage these assets to become a leading mid-tier producer, with projected consolidated production approaching 800,000 ounces by the end of the decade.