Northwire Canada EditionMonday, November 9, 2026
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M&A / Property

Allied Gold Reports Record Q4 Production, Advances Growth Strategy and Completes Key Step Toward Transaction with Zijin Gold

Zijin Gold strikes C$5.5 billion cash deal to swallow Allied Gold at all-time highs

By The Northwire Desk — AI Analysis Mar 31, 2026 · 17:08 AAUC · 43.12 Allied Gold Corporation
Executive Summary

The most recent news (March 31, 2026) confirms that Allied Gold has signed a definitive arrangement agreement to be acquired by Zijin Gold International for C$44.00 per share in cash. This represents a ~27% premium over the 30-day VWAP and values the company at approximately C$5.5 billion. Concurrently, Allied reported record Q4 2025 production of 117,004 oz, exceeding guidance and bringing full-year production to 379,081 oz. The company also provided 2026 guidance of 485,000–575,000 oz, factoring in the mid-2026 startup of the Kurmuk project in Ethiopia.

Material Impact
  • Acquisition Certainty: The news is a "Game Changer" as it provides a definitive exit for shareholders at an all-time high price, removing all operational and jurisdictional risks associated with Mali (Sadiola) and Ethiopia (Kurmuk).
  • Operational Excellence: The record Q4 production (34% above the average of the prior three quarters) validates management's "Phase 1" expansion strategy at Sadiola. AISC margins increased 58% vs Q3, demonstrating significant operating leverage.
  • Growth De-risking: By selling now, Allied avoids the heavy capital expenditure phase for Sadiola Phase 2 and the final ramp-up risks at Kurmuk. The C$44 price crystallizes value that was previously contingent on 2026-2028 execution.
  • Financial Strength: The company ended 2025 with $479.8M in cash, significantly bolstered by the October 2025 equity raise and strong Q4 operating cash flow of $189.3M.
AAUC · Price
Company Overview

Allied Gold is a mid-tier gold producer with a portfolio focused on Africa. - Sadiola (Mali): Flagship asset. Produced 57k oz in Q4 2025. Phase 1 expansion is complete, allowing 60% fresh ore feed. - Kurmuk (Ethiopia): The primary growth engine. Expected to produce ~240k oz/year LOM at AISC <$950/oz. First gold expected mid-2026. - Côte d’Ivoire Complex: Stable production from Bonikro and Agbaou, targeting 180-200k oz/year.

Read the original news release →

More from Allied Gold Corporation

Nov 04, 2026 · 17:24

Allied cut its 2026 production guide and saw AISC creep at the Kurmuk project, defining the latest financial print.

Earnings Oct 29, 2026 · 06:00

Allied’s Kurmuk start-up is delayed as first gold production slips and 2026 output guidance is cut.

Production / Operations Oct 06, 2026 · 07:30

Allied reports strong Kurmuk widths extending known zones, though a C$3.9B producer will not re-rate on one hole.

Drill Results Sep 17, 2026 · 17:00

Allied’s Kurmuk grid and crushing milestone de-risk the project, though first gold remains ahead.

Production / Operations Aug 10, 2026 · 17:00

Allied shares trade at a steep discount to the $44 acquisition offer after the Zijin deal closed at $32.55.

Financings Aug 05, 2026 · 17:00

Allied Gold’s Kurmuk project nears production as Zijin’s $295m stake de-risks growth potential for the Australian miner.

Earnings