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.
- All-in sustaining cost of $2,264/oz is 26% higher than the peer producer average of $1,800/oz.
Lifecycle Milestones
Construction Milestones
5 of 5 reached- Sep 2021 · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · Source
- Reached — date not disclosed · 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.
Not in place: grid power.
Not in place: mill. Not yet determined: tailings facility, road access, grid power.
Combined view across 2 projects. Figures below are only combined where the underlying basis genuinely matches -- see the notes under each.
- 25%Kurmuk
- 19 yrsSadiola
- 15 yrsKurmuk
Jurisdiction (40%)3/10
Active jihadist/Tuareg insurgency (Apr 2026 strikes including an attack on Bamako's airport), a military junta tightening direct control over the gold sector, and falling Sadiola production amid export restrictions and audits -- genuine, elevated risk, partly offset by more-stable Côte d'Ivoire operations.
Infrastructure (40%)7.1/10
A confirmed mill, confirmed road access, no confirmed grid power, and a confirmed tailings facility at Sadiola.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Sabodala-Massawa (Endeavour Mining plc), 90 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score:8.6/10
Zijin Gold International Company holds 9.2% (reported 10 Aug 2026) See holders
An operating producer's stake scores 8 at 5%, rising to 10 at 20% (the take-over-bid threshold) and holding there up to 50%.
Weight 25% · 34% here - Distance to a producing mineSub-score:3.7/10
Nearest producing mine: Sabodala-Massawa (Endeavour Mining plc), 90 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 31% here - Lifecycle stageSub-score:5.5/10
Stage: Production
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 20% here - JurisdictionSub-score:3/10
Mali: jurisdiction score 3/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 9% here - CommoditySub-score:10/10
Primary commodity: Gold
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 6% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
Your Rankings
Management Team
Chairman, Chief Executive Officer and Co-founder of Allied Gold Corporation; also Non-Executive Chairman of Challenger Gold Limited. 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.
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; also Senior Advisor - Exploration to Wolfden Resources 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). Career: Exploration Manager, Aur Resources Inc. (2004-2007, acquired by Teck Resources); SVP Exploration, Avion Gold Corporation (2008-2012, acquired by Endeavour Mining Corp.); 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
Allied Gold is an African gold producer whose flagship is the Sadiola mine in Mali (80%, with the Government of Mali holding 20%), alongside the Bonikro and Agbaou mines in Côte d'Ivoire and the Kurmuk project in Ethiopia. Its attributable measured and indicated resources total 13,197,375 oz of gold (2,168,877 oz measured, 11,028,498 oz indicated), inclusive of reserves, plus 1,669,103 oz inferred; Sadiola alone holds 9,557,000 oz on a 100% basis and has a 19-year mine life on current reserves. Kurmuk's December 2022 definitive feasibility study shows an after-tax NPV5% of US$548M and a 25% IRR at US$1,568/oz gold over about 15 years, and first gold there was targeted for August 2026. All-in sustaining cost was US$2,264 per ounce sold in Q1 2026. After a planned C$5.5B acquisition by Zijin Gold was terminated in July 2026, Zijin bought about 9.2% of Allied for US$295M (CAD 416.6M) in a private placement that closed in August 2026.