Allied Gold Corp (AAUC)
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Allied Gold mines gold in Mali, Côte d’Ivoire and soon in Ethiopia — in the most expensive gold year on record. Its 2025 books still show a $51.8 million loss, and it lands entirely on the shareholders: the host governments, as co-owners of the mines, earned $55.2 million in the same year. In the first quarter of 2026 the average market price was $4,873 per ounce; $3,936 reached the till, because hedges and pre-sales shear off the peak. And above all of it, since January 26, 2026, sits a cash offer from Zijin Gold at C$44 per share — roughly C$5.5 billion for the whole company. Shareholders and the court have said yes, closing was expected by late April, and the deadline has already been pushed to July 29, 2026. No investment advice — just the question of what a share price actually measures once it hangs on a regulator’s signature.
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AI Rating
NeutralGeprüft 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$44 je Aktie); mit Vollzug der Übernahme entfällt die Börsennotierung und damit die Grundlage für weitere Einstufungen.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 40-F 2026-04-01 · 40-F Exhibit 99.1 (Annual Information Form 2025) 2026-04-01 · 40-F Exhibit (geprüfter Jahresabschluss 2025, IFRS) 2026-04-01 · 40-F Exhibit (Lagebericht/MD&A Geschäftsjahr 2025) 2026-04-01 · 6-K Exhibit 99.1 (Lagebericht/MD&A Q1 2026) 2026-05-14 · 6-K Exhibit 99.2 (Zwischenabschluss zum 31.03.2026) 2026-05-14
Rated on July 24, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($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 |
- 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.
Assessment: Opportunities & Risks
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.
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.
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.
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).
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.
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.
- 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.
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.
| IPO Year | 2025 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 24, 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.