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Allied Gold Corporation
(TSX:AAUC)
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Rating:60Neutral
Price Target:
C$32.00
▲(9.03% Upside)
Action:Reiterated
Date:08/10/26
The score is primarily supported by improving operating performance and a constructive earnings-call outlook centered on Kurmuk’s near-term start-up and growth pathway, alongside manageable leverage. Offsetting these positives are continued net losses and negative TTM free cash flow, while technicals remain mixed with the stock still below key longer-term moving averages.
Positive Factors
Improving operating profitability
TTM margin improvement and revenue step‑up to ~$1.48B indicate durable operational gains and scale. Strong gross and operating margins boost cash conversion potential, support reinvestment and debt servicing, and provide a structural cushion versus commodity cycles if maintained.
Negative Factors
Negative net income and free cash flow
Persistent net losses and negative TTM free cash flow show below‑the‑line pressures despite operating cash generation. Continued negative FCF raises the risk of additional external financing or dilution to fund capex and expansion, constraining long‑term shareholder returns if not reversed.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving operating profitability
TTM margin improvement and revenue step‑up to ~$1.48B indicate durable operational gains and scale. Strong gross and operating margins boost cash conversion potential, support reinvestment and debt servicing, and provide a structural cushion versus commodity cycles if maintained.
Read all positive factors
Allied Gold Corporation (AAUC) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$4.40B
Dividend YieldN/A
Average Volume (3M)996.43K
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue Growth53.83%
EPS Growth64.41%
CountryCA
Employees2,095
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)-0.52
Shares Outstanding139,347,900
10 Day Avg. Volume1,119,231
30 Day Avg. Volume996,429
Financial Highlights & Ratios
PEG Ratio0.78
Price to Book (P/B)6.47
Price to Sales (P/S)1.98
P/FCF Ratio32.21
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$42.00Price Target Upside43.10% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.47
Revenue Forecast (FY)C$1.95B
Allied Gold Corporation Business Overview & Revenue Model
Company Description
Allied Gold Corp. engages in the development and exploration of gold properties. The firm operates a portfolio of producing assets and development projects located in Côte d'Ivoire, Mali, Ethiopia, and Egypt. It is led by a team of mining executiv...
How the Company Makes Money
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Allied Gold Corporation Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presents a largely constructive growth narrative: solid near-term finances, strong H1 production, and imminent production from Kurmuk that materially increases low-cost ounces. The company has clear plans to reduce costs (solar, process upgrades) and significant resource/reserve bases (Sadiola and Cote d'Ivoire) plus increased exploration funding. Key near-term risks include elevated current AISC (~$2,200/oz), concentrated Q2 cash taxes, and execution/timing risk around Kurmuk ramp-up and grid-power transition. On balance, the positive drivers (Kurmuk start, reserve increases, strong cash flow and pro forma liquidity) outweigh the short-term challenges.Positive Updates
Solid Financial Performance
Adjusted net earnings of $0.44 (per share), operating cash flow of $133 million, and adjusted EBITDA of just under $167 million in Q2. Cash on hand of $192 million at quarter end and pro forma cash of just under $0.5 billion after Zijin investment.
Negative Updates
Relatively High Current AISC
Reported all-in sustaining costs are just under $2,200/oz sold for the period — well above the company's stated future target (~$1,200/oz), implying a required cost reduction of roughly 45% to reach that target.
Read all updates
Q2-2026 Updates
Positive
Negative
Solid Financial Performance
Adjusted net earnings of $0.44 (per share), operating cash flow of $133 million, and adjusted EBITDA of just under $167 million in Q2. Cash on hand of $192 million at quarter end and pro forma cash of just under $0.5 billion after Zijin investment.
Read all positive updates
Company Guidance
The company reiterated that it is on track to meet annual guidance from its producing mines after a Q2 of just over 97,000 oz and H1 of ~193,000 oz, with AISC below $2,200/oz; operating cash flow was $133M, adjusted EBITDA ~ $167M, adjusted net earnings $0.44/share, cash of $192M (pro forma ~just under $0.5B after the Zijin investment) and an increased $36M exploration budget. Key growth guidance: Kurmuk is in commissioning (Aug) with production expected in September, forecast at ~240–270k oz (management cites at least 250k oz/yr and a 2027–2030 average nearer 300k oz/yr), AISC expected below $1,200/oz (potentially < $1,000/oz) and >90% of project costs committed; Cote d’Ivoire (Bonikro + Agbaou complex) is targeted at 200,000 oz/yr for at least 10 years (Agbaou P&P reserves +60%); Sadiola carries >10M oz resources (>7M oz P&P) and is being expanded from the current ~200k oz platform toward 250–275k oz (phase in 2029 after 2027–28 construction) and ultimately to a 300–350k oz average (with several years nearer 400k), supported by cost-reduction measures (including a solar/power solution and plant upgrades).Allied Gold Corporation Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
67
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.48B | 1.33B | 730.38M | 655.69M | 669.55M |
| Gross Profit | 645.84M | 506.54M | 220.23M | 106.79M | 129.40M |
| EBITDA | 473.34M | 320.85M | 40.01M | -131.49M | 117.99M |
| Net Income | -61.46M | -51.85M | -115.63M | -208.48M | -7.42M |
Balance Sheet | |||||
| Total Assets | 2.20B | 2.12B | 1.32B | 956.29M | 659.00M |
| Cash, Cash Equivalents and Short-Term Investments | 192.21M | 479.78M | 224.99M | 158.64M | 45.16M |
| Total Debt | 195.44M | 169.77M | 127.58M | 103.46M | 53.53M |
| Total Liabilities | 1.57B | 1.62B | 903.56M | 575.25M | 547.63M |
| Stockholders Equity | 503.04M | 407.61M | 345.76M | 299.91M | 45.31M |
Cash Flow | |||||
| Free Cash Flow | -118.98M | 81.91M | -83.86M | -51.03M | 6.12M |
| Operating Cash Flow | 358.99M | 513.98M | 109.55M | 19.76M | 83.72M |
| Investing Cash Flow | -495.75M | -432.07M | -193.41M | -95.52M | -38.34M |
| Financing Cash Flow | 127.34M | 184.86M | 152.50M | 193.46M | -47.85M |
Allied Gold Corporation Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
86 Outperform | C$4.80B | 12.05 | 46.09% | ― | 49.49% | 73.36% | |
82 Outperform | C$5.85B | 7.02 | 25.62% | 0.84% | 75.86% | 161.88% | |
79 Outperform | C$6.99B | 13.94 | 43.29% | ― | 62.48% | 65.19% | |
79 Outperform | C$5.84B | 6.81 | 30.90% | 1.22% | 42.14% | 767.00% | |
77 Outperform | C$9.10B | 24.39 | 10.25% | ― | 46.87% | 42.18% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | C$4.40B | -43.80 | -15.60% | ― | 53.83% | 64.41% |
* Basic Materials Sector Average
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Allied Gold Corporation
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Allied Gold Corporation Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Allied Gold Shareholders Back Board Slate and Auditor at Annual Meeting
Positive
Aug 7, 2026
Allied Gold Corporation, a Canadian-based gold producer with three operating and development-stage assets across Côte d’Ivoire, Mali, and Ethiopia, is positioning itself as a rapidly growing, next-generation African-focused gold company...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Allied Gold Lifts Q2 Output, Nears Kurmuk Start-Up and Bolsters Balance Sheet
Positive
Aug 5, 2026
Allied Gold reported second-quarter 2026 production of 97,429 ounces of gold, a 7% increase year over year, with all-in sustaining costs of $2,192 per ounce in line with plan. Net earnings reached $37.2 million and adjusted earnings $55.4 million,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.