Allied Gold Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Whoever buys today is not buying a gold bet but a deadline. As of the 13F reporting date of March 31, 2026 the implied price was about $31 per share, just below the C$44 offer — the remaining gap is the payment for a permit that has not yet arrived. If completion comes, the gain is small and quick; if it does not, you own a producer with 11.2 million ounces of reserves, but also with capped selling prices to the end of 2026, $1,156.1 million of current liabilities against $748.4 million of current assets, and two host governments that are paid before shareholders. Whoever waits watches exactly three things: does a completion or an extension notice arrive by July 29, 2026? Does the annual general meeting on August 7, 2026 take place? And what is the realized price per ounce in the next interim report once the collars expire? The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Allied Gold is the handover trap in its purest form: the Zijin Gold takeover at C$44 per share is signed, approved by shareholders and a court and free of financing conditions — only the regulatory approvals are missing, the closing originally expected by late April 2026 was still outstanding on July 24, 2026, and the deadline has already moved to July 29, 2026. Behind it sits a producer that grew in 2025 to 379,081 ounces and $1,331.8 million in revenue and still handed shareholders a $51.8 million loss, while taxes, royalties and host governments earned; and that kept only $3,936 of a $4,873 ounce, because collars cap at $3,125 and a stream has paid $400 since 2019. Not investment advice.
Takeover situation
The Zijin Gold cash offer of C$44 per share (about C$5.5 billion) is signed and binding, carries no financing condition and was approved by shareholders on March 31, 2026 and by the Ontario court; the termination fee is C$220 million. What remains open are regulatory approvals: closing was expected by late April 2026, the outside date was extended on May 29, 2026 to July 29, 2026, any further extension requires mutual agreement — and an annual general meeting was called for August 7, 2026 as a precaution.
Operations
Production is growing: 379,081 ounces in 2025 after 358,091 the year before; the fourth quarter of 2025, at 117,004 ounces, was the strongest in company history, and the first quarter of 2026 came in 14 percent above the prior year. Guidance for 2026 is 485,000 to 575,000 ounces at mine-site costs of $1,750 to $1,900 per ounce, with the Kurmuk construction project in Ethiopia due to deliver first gold in mid-2026. Reserves of 11.2 million ounces equate to almost three decades.
Price realization
Of a $4,873 market price per ounce, only $3,936 reached the till in the first quarter of 2026: $646 went to hedge settlements and $193 to streams and in-kind dividends. The December 2024 collars cap at $3,125 and run to the end of 2026 (90,000 ounces open as of March 31, 2026); the 2019 Royal Gold stream allows purchases at $400 per ounce and carries a stated financing component of 24.99 percent. The hedging position sat on the balance sheet as a $174.3 million liability.
Profit split & country risk
Of $237.4 million in 2025 pre-tax earnings, $234.0 million went to taxes, leaving $3.3 million; of that, $55.2 million was attributed to the governments of Mali and Côte d’Ivoire as co-owners, and shareholders were left with a $51.8 million loss. Royalties rose from $55.4 million to $179.4 million. In January 2025 Allied’s interest in the Korali-Sud licence fell from 100 to 65 percent, and Mali demanded 280 kilograms of gold as a dividend advance (fair value $23.9 million).
Balance sheet & disclosure
As of March 31, 2026, $748.4 million of current assets stood against $1,156.1 million of current liabilities; equity attributable to shareholders was $334.6 million and the accumulated deficit $339.1 million. The convertible debentures of $107.3 million face value are carried at $214.6 million fair value. As a Canadian MJDS filer, Allied publishes no audited quarterly reports, and its 40-F contains neither a management report on internal control over financial reporting nor an auditor attestation on it, both because of the transition period for newly public companies.
Worth Noting
Allied Gold reached our research list not through a scanner hit but through the Form 13F-HR of Helikon Investments Ltd (London) as of March 31, 2026: 12,272,202 shares worth $380,929,150, the second-largest of 17 positions and roughly 9.8 percent of all Allied Gold shares. As of December 31, 2025 it was still 16,498,498 shares — the fund sold about a quarter in the first quarter of 2026. A 13F shows only U.S.-listed long positions with a 35- to 45-day lag, excluding short sales and derivatives — a rear-view mirror, not a road map.
Allied Gold is a Canadian MJDS filer at the SEC: there is no 10-K and no 10-Q. Audited reporting happens once a year on Form 40-F (for 2025 filed April 1, 2026, auditor KPMG LLP); interim figures are furnished only as an unaudited exhibit to a Form 6-K. Accounting is under IFRS in U.S. dollars. Metric series on this name begin only in the fourth quarter of 2024 — there is no five-year series, and longer histories come exclusively from the 40-F itself.
Valuation figures are dated and evergreen: the implied price of about $31 per share comes from the 13F filing as of March 31, 2026 ($380,929,150 for 12,272,202 shares) and serves as an order of magnitude, not a daily price. The exchange rate of $1.00 = C$1.3706 is the December 31, 2025 rate cited in the 40-F. All takeover-related statements are as of July 24, 2026 — no completion notice had been filed by then.
Stock Watch
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 14.70 $ to 32.00 $ · Last price: 21.50 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Gold
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Allied Gold Corp AAUC | 2.8 | – | 6.9 | 48.9 | 24.7 | 82.4 | 42.9 |
| Newmont Goldcorp Corp NEM | 132.8 | 16.0 | 7.9 | 68.0 | 61.4 | 19.1 | 59.6 |
| Barrick Mining Corporation B | 72.0 | 12.3 | 5.0 | 56.3 | 56.3 | 31.2 | 50.6 |
| AngloGold Ashanti plc AU | 53.3 | 15.0 | 7.8 | 54.8 | 56.1 | 70.8 | 59.1 |
| Coeur Mining Inc CDE | 22.1 | 15.6 | 12.6 | 56.3 | 43.1 | 96.4 | 25.0 |
| Royal Gold Inc RGLD | 21.4 | 30.6 | 16.9 | 86.8 | 63.8 | 44.6 | 34.8 |
| SSR Mining Inc SSRM | 7.5 | 14.0 | 6.6 | 55.0 | 52.5 | 66.6 | 66.1 |
| Aura Minerals Inc. AUGO | 7.4 | 24.9 | 12.5 | 60.0 | 51.4 | 55.1 | 180.7 |
| Osisko Gold Ro OR | 6.9 | 24.7 | 18.8 | 96.9 | 77.0 | 47.5 | 1.5 |
| Median of companies shown | 21.4 | 15.8 | 7.9 | 56.3 | 56.1 | 55.1 | 50.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2022 | 670 | 83 | -7 | -0.09 | 86 | 45 | 659 |
| 2023 | 656 | 43 | -208 | -2.49 | 20 | 381 | 956 |
| 2024 | 730 | 133 | -116 | -1.29 | 110 | 346 | 1,320 |
| 2025 | 1,332 | 365 | -52 | -0.45 | 514 | 408 | 2,124 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.09 | -243.90 | 171 | -4.90 | -6.00 | 53 | -30 |
| 2025: Q1 | 0.12 | 276.50 | 346 | 97.90 | 4.40 | 121 | 17 |
| 2025: Q2 | -0.22 | -328.10 | 252 | 28.80 | -10.10 | 22 | -75 |
| 2025: Q3 | 0.29 | 122.60 | 306 | 61.80 | -5.90 | 181 | 56 |
| 2025: Q4 | -0.19 | -102.60 | 428 | 150.40 | -5.50 | 189 | 93 |
| 2026: Q1 | -0.47 | -487.70 | 389 | 12.20 | -14.80 | 57 | -42 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | – | – | 1,883 | – | 3 |
| 12/31/2027 | – | – | 2,754 | – | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen die vollständige SEC-Berichtslage der Allied Gold Corporation (CIK 0001993344). Allied Gold ist kanadischer MJDS-Filer: Es gibt kein 10-K und kein 10-Q, ausgewertet wurden deshalb der Jahresbericht 40-F für 2025 (eingereicht 01.04.2026) samt seinen Anhängen — geprüfter IFRS-Jahresabschluss, Lagebericht (MD&A) für 2025 und Annual Information Form — sowie der Zwischenbericht zum 31.03.2026 (6-K vom 14.05.2026) mit Lagebericht und Zwischenabschluss. Dokumentierter Negativ-Befund: In keinem der sechs Dokumente kommt „artificial intelligence“, „machine learning“ oder „generative“ auch nur ein einziges Mal vor — weder im Geschäftsteil noch in den Risikofaktoren, weder als Umsatzquelle noch als operativer Einsatz noch als Geschäftsrisiko (Volltextsuche über die Original-HTML-Dateien, jeweils 0 Treffer). Allied Gold betreibt drei Tagebau-Goldminen in Mali und der Côte d’Ivoire sowie das Bauprojekt Kurmuk in Äthiopien; erwähnte Technikthemen sind Automatisierung und Prozesssteuerung der Aufbereitungsanlage in Sadiola sowie Instrumentierungs-Upgrades — beides ohne jeden KI-Bezug im Filing-Wortlaut. Nach dem Kriterienkatalog bleibt es damit bei „neutral“ (Rang 4, Negativ-Befund dokumentiert). Hinweis für die Fortschreibung: Die Gesellschaft steht seit dem 26.01.2026 unter einem Barangebot von Zijin Gold International (C$44 je Aktie); mit Vollzug der Übernahme entfällt die Börsennotierung und damit die Grundlage für weitere Einstufungen.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 40-F 2026-04-01 · 40-F Exhibit 99.1 (Annual Information Form 2025) 2026-04-01 · 40-F Exhibit (geprüfter Jahresabschluss 2025, IFRS) 2026-04-01 · 40-F Exhibit (Lagebericht/MD&A Geschäftsjahr 2025) 2026-04-01 · 6-K Exhibit 99.1 (Lagebericht/MD&A Q1 2026) 2026-05-14 · 6-K Exhibit 99.2 (Zwischenabschluss zum 31.03.2026) 2026-05-14
Rated on July 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 25.8%
- More than 10% revenue growth is expected for the coming year 57.6%
- Share count grows by less than 3% a year 11.3%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 88.5%
- Gross margin at 40% or higher and without meaningful erosion 38.0%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 310 m net cash
- Operating cash flow covers the profits of the last three years 1,019 m
- Return on capital at 15% or higher, or up versus two years ago 32.2%
- Insiders hold at least 10% or are net buyers 15.9%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% 43.8%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 43.8%
- Net debt < 4x EBIT -0.8x
- EBIT positive, 10Y straight –
- Max. EBIT decline < 50% –
- Return on equity > 15% -12.7%
- ROCE > 15% 32.1%
- Expected return > 10% 48.0%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Allied Gold Corporation, together with its subsidiaries, operates as gold mining company in Africa. It primarily explores gold and silver deposits. The company's flagship project is the Sadiola gold project comprising of 2 mining licenses located in the Republic of Mali. The company was formerly known as Allied Gold Corp Limited & Allied Merger Corporation and changed its name to Allied Gold Corporation in September 2023. Allied Gold Corporation is based in Toronto, Canada.
- Employees
- 2,095
- Headquarters
- Toronto, ON
- Address
- North Tower, Royal Bank Plaza, M5J 2J3 Toronto, Canada
- Phone
- 416 363 4435
- Website
- alliedgold.com
- IPO Date
- 06/09/2025
- ISIN
- CA01921D2041
- Stock Split
- 1:3 on 05/22/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| Peter J. Marrone LL.B. | Chairman & CEO | 1960 |
| Jason LeBlanc C.F.A. | Chief Financial Officer | 1976 |
| Sofia Tsakos LLB, MBA | Chief Legal Officer & Corporate Secretary | 1971 |
| Gerardo Fernandez-Tobar | Chief Development Officer | 1976 |
| Johannes Stoltz | Chief Operating Officer | – |
| Richard C. Campbell | Chief Human Resources Officer | – |
| Gwennael Rene Joseph Guillen | Chief Sustainability Officer | – |
| Don Dudek B.Sc, P.Geo | Chief Exploration Officer | 1960 |
| Sebastien Bernier P.Geo. | Senior Vice President of Technical Services | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.