Allied Gold Corp (AAUC)

Price$23.75Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth potential is offset by weak recent cash conversion.

Using roughly 139 million post-placement shares, the observed price implies about $3.35 billion of equity value. June cash was $192 million and borrowings $165 million; adding Zijin’s $295 million investment gives roughly $322 million of pro forma net cash before other liabilities. First-half adjusted EBITDA—earnings before interest, tax, depreciation and selected adjustments—was $340 million, or about $680 million annualized, implying roughly 4.5 times on this simplified basis. Yet the equity value is about 32 times 2025 free cash flow, so the evidence supports Fair-priced rather than clearly cheap. alliedgold.com+2SEC+2 Pasted text

Big pictureProfitability improved sharply, but heavy project spending still absorbs most of the operating cash generated.

Supplied SEC-derived history shows 2025 revenue of $1.33 billion, up 82%, and gross profit of $507 million, while operating cash flow reached $514 million. Capital spending was $408 million, so cash left after operating cash flow minus capital expenditure was only about $106 million. In the first half of 2026, operating cash flow was negative $10 million after $140 million of cash taxes and $166 million of working-capital outflows; investing activities then used another $268 million, largely for mine development. Durable free cash flow—cash left after running and investing in the business—remains unproven. alliedgold.com+1 Pasted text

Business strengthA larger cash cushion and rising production improve resilience, though shareholder dilution has been substantial.

At the end of 2025, net cash was about $310 million, up from $113 million, but cash fell to $192 million by June 2026 as Kurmuk construction accelerated. The completed Zijin placement added about $295 million of gross proceeds, restoring liquidity for Kurmuk, Sadiola and Côte d’Ivoire growth. The trade-off is dilution: supplied year-end shares rose 13.8% in 2025, and another 12.8 million shares were issued to Zijin, taking the share base to roughly 27% above 2024. Capital allocation has therefore favored expansion over buybacks or dividends. alliedgold.com+1 Pasted text

What could change the storyKurmuk execution and gold prices will decide whether today’s valuation becomes cheap or proves demanding.

Kurmuk is the main swing factor. Management expects 240,000-270,000 ounces there in 2027 and about 300,000 in 2028; it previously targeted all-in sustaining costs below $950 an ounce, versus $2,192 across existing operations in Q2 2026. Gold was around $4,419 an ounce on September 4, close to Allied’s $4,380 Q2 realized price, so current margins are unusually rich. Successful ramp-up with sustained gold prices could make today’s valuation look cheap. A delayed ramp-up, a large gold-price reversal, or renewed host-country risk could weaken the case. Reuters+3alliedgold.com+3alliedgold.com+3

AI: News

Zijin takeover collapsesThe planned Zijin takeover collapsed, removing a large takeover premium even as a smaller strategic investment remained.

On July 29, Zijin and Allied ended the C$5.5 billion all-cash deal that had offered C$44 per share, saying completion conditions were unlikely to be met. Reuters reported Allied’s U.S.-listed shares fell nearly 15% in premarket trading; the full session later closed about 18% lower. The same announcement replaced the takeover with a $295 million strategic investment. The price drop is plausibly tied to removal of the takeover premium, although broader gold and market moves cannot be fully separated. Reuters+1

Q2 improves sharplySecond-quarter operations improved and Kurmuk stayed on schedule, supporting expectations for a much larger production base.

On August 5, Allied reported Q2 production of 97,429 ounces, up 7% year over year, with all-in sustaining cost of $2,192 per ounce. Attributable net earnings were $37.2 million and adjusted earnings were $55.4 million. The company also said Kurmuk remained on budget and schedule, with operations expected in August and 240,000-270,000 ounces targeted for 2027. U.S. shares rose about 5% the next session, though timing alone cannot prove the results caused the move. alliedgold.com+1

Zijin funding closesZijin’s investment closed, strengthening project funding but adding meaningful dilution for existing shareholders.

On August 10, Zijin completed the private placement, buying 12.8 million new shares at C$32.55 each for C$416.64 million, about $295 million. Zijin ended with roughly 9.2% ownership and rights to maintain its stake. The cash materially improves funding for Kurmuk, Sadiola and Côte d’Ivoire growth, reducing near-term financing pressure. Existing holders were diluted, however, because the new shares increased the share count by roughly one-tenth compared with the pre-placement base. SEC

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Revenue

2022

2023

2024

2025

Net income

2022

2023

2024

2025

Free cash flow

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Total cash / debt

CashTotal debt

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2025

Financial statements

	2025	2024	2023	2022
Revenue	$1.33B	$730.4M	$655.7M	$669.6M
Gross profit	$506.5M	$220.2M	$106.8M	$129.4M
Gross margin	38.03%	30.15%	16.29%	19.33%
Operating expenses	$141.6M	$91.4M	$64.1M	$46.6M
Operating income	$364.9M	$128.9M	$42.7M	$82.8M
Operating margin	27.40%	17.65%	6.51%	12.37%
EBITDA	$320.8M	$40.0M	−$131.5M	$118.0M
EBITDA margin	24.09%	5.48%	−20.05%	17.62%
Net income	$3.3M	−$119.6M	−$208.5M	−$7.4M
Net profit margin	0.25%	−16.37%	−31.80%	−1.11%
Basic EPSper basic share	-$0.45	-$1.29	-$3.09	-$0.09
Diluted EPSper diluted share	-$0.45	-$1.29	-$3.09	-$0.09

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

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Top 20 reported holders of AAUC
Holder	Shares held
Helikon Investments Ltd	11.56M
FIL Ltd	7.48M
MILLENNIUM MANAGEMENT LLC	4.44M
BANK OF AMERICA CORP /DE/	4.11M
Boston Partners	3.91M
MORGAN STANLEY	3.01M
VANGUARD CAPITAL MANAGEMENT LLC	2.75M
ALLIANCEBERNSTEIN L.P.	2.59M
VAN ECK ASSOCIATES CORP	2.32M
LMR Partners LLP	2.29M
Magnetar Financial LLC	2.11M
Man Group plc	1.83M
BANK OF MONTREAL /CAN/	1.83M
TORONTO DOMINION BANK	1.64M
TWO SIGMA INVESTMENTS, LP	1.54M
Condire Management, LP	1.39M
Sand Grove Capital Management LLP	1.35M
ODDO BHF ASSET MANAGEMENT SAS	1.31M
NORGES BANK	1.25M
Grantham, Mayo, Van Otterloo & Co. LLC	1.15M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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