Allied Gold Energizes Power Line, Feeds First Ore to the Crushing Circuit as the Kurmuk Mine Progresses Toward Completion of Commissioning and Transitions to Operations

Allied Gold Corporation (AAUC) issued a non-earnings operations update on September 17, 2026, focusing on its Kurmuk Mine in Ethiopia. The company reported that the 88-kilometre, 132-kV power line connecting Kurmuk to the Ethiopian national grid has been commissioned and energized. Power is supplied by Ethiopian Electric Power under a 20-year power purchase agreement at a fixed rate of approximately US$0.04/kWh.

Earlier in the month, the first ore was fed through the commissioned crushing circuit, and the handover from the commissioning team to operations is currently underway. Mining activities are focused on stockpiling ore, with approximately 1.0 million tonnes already stockpiled and a target of nearly 1.5 million tonnes, representing about three months of feed. The initial ore will be sourced from the Dish Mountain and Ashashire open pits, which contain the current 2.7 million ounces of Proven and Probable Reserves. Management expects the first ore to reach the grinding circuit in the coming weeks, with first gold production to follow shortly thereafter.

The release reiterates Kurmuk’s production guidance, projecting a first full year of 240,000–270,000 ounces, followed by approximately 300,000 ounces in the subsequent year. The average production for the first four years is expected to be approximately 290,000 ounces per year, with a long-term average of at least 240,000 ounces per year over an initial strategic 15-year mine life. No new consolidated production, cost, financial, or reserve figures were disclosed in this release.

Allied Gold Corporation (AAUC) released news confirming several key operational milestones at its Kurmuk project, including grid connection, the passage of first ore through crushing, and the commencement of ore stockpiling. The update highlights the availability of reliable, low-cost grid power at US$0.04/kWh, a factor that supports the project’s projected low all-in sustaining costs (AISC).

Despite these developments, the company has not yet achieved first gold production or declared commercial production, nor has it issued new company-wide financial or production guidance. On the day of the release, the stock closed at C$30.07 on September 17, up from C$29.29 on September 16, representing a gain of roughly 2.7%. This price remains below the August 27 closing high of C$33.37.

Allied Gold Corporation (AAUC) is a Canadian-based gold producer listed on the TSX and NYSE. The company operates three producing assets: the Sadiola Mine in Mali, and the Bonikro and Agbaou Mines in Côte d’Ivoire, which together form the Côte d’Ivoire (CDI) Complex. Its key development project, Kurmuk, is located in the Benishangul-Gumuz region of western Ethiopia and is currently commissioning.

Based on the January 2026 acquisition announcement, the company is led by Chairman and CEO Peter Marrone. Allied Gold aspires to become a mid-tier next-generation African gold producer and ultimately a leading senior global gold producer.