Allied Gold Corporation
Allied Gold is a multi-asset African gold producer. Its flagship Sadiola Gold Mine in Mali (~10Moz M&I / ~7Moz Reserve base) is ramping toward a Phase 1 target of 200,000-230,000oz/year; the company also operates Agbaou and Bonikro in Côte d'Ivoire and the Kurmuk development project in Ethiopia (targeting first gold mid-2026). A planned C$5.5B Zijin Gold acquisition was terminated July 29, 2026; Zijin will instead take a ~9.2% equity stake via a ~US$295M strategic investment expected to close around Aug 10, 2026 -- a separate, real, live transaction from the terminated full acquisition.
Notable vs. Peers
- Jurisdiction risk score of 3/10 is meaningfully riskier than the peer average of 7.8/10.
- Financials score of 8.2/10 is stronger than the peer average of 6.4/10.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Sep 2021 · Ethiopia's Council of Ministers ratified the large-scale gold mining license for the Kurmuk project (Kurmuk Gold Mining Plc). · Source
- Reached — date not disclosed · Sadiola feasibility study completed in 1994 and subsequently approved by the Government of Mali -- the practical equivalent of a construction go-ahead for a pre-internet-era West African gold project; no separately labeled FID release found. Built by the AngloGold/IAMGOLD joint venture decades before Allied Gold acquired Sadiola in 2022; recorded against the mine's own history per this batch's header note. · Source
- Reached — date not disclosed · Construction of Sadiola began in 1995, per the mine's profile. Exact day not found in available primary sourcing. · Source
- Reached — date not disclosed · First gold was poured at Sadiola in December 1996. Exact day not found in available primary sourcing. · Source
- Reached — date not disclosed · Genuinely reached, but no single company-wide commercial-production date exists: Allied Gold's producing assets (Sadiola in Mali; Bonikro and Agbaou in Cote d'Ivoire) each have separate, pre-existing production histories under prior ownership/entities before consolidating under the current corporate structure (formed via reverse takeover 2023-09-07). Allied Gold reported Q2 2026 results (released 2026-08-05) with 97,429 oz gold produced in the quarter (193,445 oz H1 2026) from Sadiola, Bonikro and Agbaou, a current run-rate of 375-400 koz Au/yr per the company's own investor materials, confirming active, ongoing commercial gold production. Its fourth asset, Kurmuk (Ethiopia), had not yet reached production as of Q2 2026 (start-up targeted September 2026) and is NOT part of this claim. Note: Allied Gold has no connection to Centamin plc or the Sukari mine -- Centamin was acquired by AngloGold Ashanti (closed 2024-11-22), a different company; an earlier draft of this research incorrectly assumed otherwise and was corrected before writing. This row was missing entirely prior to 2026-08-21 -- a genuine data gap (row presence is the signal per this model's doc comment), not a stage error; Miner.stage was already correctly PRODUCTION. Same pattern as AEM and the other five gap tickers fixed in this same batch (ABX, NEM, AGI, EQX, BTG). · Source
Milestones are recorded only from a company's own dated disclosure. A milestone with no date shown is one we can confirm was reached but for which no date was disclosed — we don't estimate one. "Not yet reached" means exactly that, not that a date is missing. An "Expected" line likewise only ever reflects the company's own guidance (e.g. a study or permit decision targeted for a stated quarter) — most not-yet-reached milestones have none, and that absence means no such guidance has been disclosed, not that one is overdue.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chairman, Chief Executive Officer and Co-founder of Allied Gold Corporation. 35+ years of mining, business and capital-markets experience. Founded and led Yamana Gold Inc. as Chairman & CEO from 2003 to 2018, building it from a start-up into a major international senior gold producer. Earlier career: EVP & Managing Director, Investment Banking, Canaccord Capital Corporation (2001-2003); partner practising corporate/securities law at Cassels Brock & Blackwell LLP. Put US$30 million of his own money into Allied Gold, taking it public on the TSX via reverse takeover and a US$267 million private placement. Also non-executive Chairman of Challenger Gold Limited (already tracked in this DB).
Chief Financial Officer of Allied Gold Corporation. Master of Finance, University of Toronto; BComm, University of Windsor; CFA charterholder. 20+ years of research-based and financial mining experience. Joined Yamana Gold Inc. (already covered via other AAUC officers this same batch) in Jan 2006, rising through VP Finance & Treasurer (2009), SVP Finance (2016) to Chief Financial Officer (2017), before joining Allied Gold's founding pre-IPO team as one of several former Yamana principals.
Chief Operating Officer of Allied Gold Corporation, in the role since the beginning of 2024. Dual-qualified in mining and mechanical engineering, BSc Mining Engineering, Montanuniversitat Leoben. 28 years of mining experience. Career: Head of Operations, Vedanta Zinc International (2018-2021); Director of Operations, Kenmare Moma Processing (2020-2022); executive roles, Orion Minerals (2022-2023); VP of Operations, Africa, Allied Gold (2023), before COO.
Chief Development Officer of Allied Gold Corporation. MBA (Nevada, USA); Civil Mining Engineering and BSc Engineering, University of Chile. Career at Yamana Gold Inc. (already covered via other AAUC officers this same batch): Projects Head, Mine Planning and Operations (2000-2006), then Senior Vice President, Corporate Development (2006-2022) in several leadership positions across operations, strategic planning and project development, before joining Allied Gold's founding pre-IPO team. Also strategic advisor to Adventus Mining Corporation and a director of Silver Mountain Resources (since 2024).
Chief Exploration Officer of Allied Gold Corporation. Geologist, BSc Geology (Honours), University of Saskatchewan, 40+ years of experience, the last 16+ years focused on West African gold exploration and development (Mali, Ethiopia). An unusually clean run of real, completed exits: Exploration Manager, Aur Resources Inc. (2004-2007, acquired by Teck Resources); SVP Exploration, Avion Gold Corporation (2008-2012, acquired by Endeavour Mining Corp., already tracked in this DB, EDVMF); SVP Technical Services, Endeavour Mining Corp. (2012-2016); President & CEO, Savary Gold Corp. (2016-2019, sold to Semafo Inc.); key member of the due-diligence team on Allied Gold's assets before its public offering. Also held VP Exploration, Wolfden Resources and Technical Director, Desert Gold Ventures roles.
Chief Legal Officer and Corporate Secretary of Allied Gold Corporation, based in Perth, Western Australia. Honours BA (Economics and Political Science), University of Toronto; MBA (Finance), University of Windsor; LLB, University of Windsor; Member, The Law Society of Upper Canada (now Ontario). Career at Yamana Gold Inc. (already covered via other AAUC officers this same batch): VP Corporate Counsel (Dec 2007), Corporate Secretary (Nov 2009), Senior Vice President, General Counsel (Jun 2010), before joining Allied Gold's founding pre-IPO team. Earlier career: partner practising securities law at a national law firm, mining-sector focus.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
Zijin Gold International closed a C$416.6 million cash investment in Allied Gold on 10 Aug 2026 -- 12.8 million shares at C$32.55 -- taking about 9.2% and negotiating rights to top up and keep that share in future raises. The context strengthens it: Zijin's agreement to buy Allied outright was terminated on 29 July 2026, and twelve days later it chose to put C$417M in anyway, which is a producer's verdict delivered after full due diligence. Helikon Investments, a concentrated fund, holds a further 9.75% as at 31 Mar 2026. The Goldman Sachs Group separately discloses a real 7.8% stake -- a sizeable generalist bank-affiliated position, not a resource-sector conviction bet. Institutional ownership is 67.9%.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
Kurmuk Gold Project (Oromia/Benishangul-Gumuz, Ethiopia) -- Allied Gold's second production-stage mine, distinct from the Sadiola operation that is this miner's named project. A combined-pit Definitive Feasibility Study (DRA Global, Dec 2022) reported an after-tax NPV5% of ~US$548 million and IRR of ~25% at a US$1,568/oz base-case gold price (rising to ~US$951 million NPV8%% / 79% IRR at US$3,000/oz in the same study's price-sensitivity case). ~US$500 million total capital investment across two development phases, targeting a mine life of ~15 years (240,000-290,000 oz/yr in the first 5-10 years). First gold was targeted for August 2026 per the company's Q2 2026 results release. dcfNpvUsd/irrPct/mineLifeYears are deliberately NOT written to this miner's scored fields: this study values Kurmuk alone, a second mine not reflected in Miner.projectName (Sadiola) -- writing it into company-level fields would misrepresent one growth project's economics as the whole company's. Figures corroborated across DRA Global's own project page and Hannam Partners equity research (secondary coverage); the primary Dec 2022 FS press release/technical report PDF could not be text-extracted in this pass.