Allied Gold Corporation

Thank you all for joining us this morning. Before I turn the call over, I need to advise that certain statements made during this call today may contain forward-looking information, and actual results could differ from the conclusions or projections in that forward-looking information, which include but not limited to statements with respect to the estimation of mineral reserves and resources, the timing and amounts of estimated future production, cost of production, capital expenditures, future metal prices, and the cost and timing of the development of new projects. For a complete discussion of the risk, uncertainties, and factors which may lead to actual financial results and performance being different from the estimates contained in the forward-looking statements, please refer to Allied Gold's press release issued last night announcing Q2 2025 operating and financial results. I would like to remind everyone that this conference call is being recorded and will be available for replay later on today. Replay information and the presentation slides accompanying this conference call and webcast are available on Allied Gold's website at alliedgold.com. I will now

turn the call over to Peter Maroney, chairman and CEO.

Operator, thank you very much and thank you to everyone for participating in this call. With me today are members of management, including our head of exploration, Daniel Racine, whom you know who will speak to our operations. Johan is at operations, and so he is available on the call for questions. But Daniel will take the charge relating to the better explanation or at least continuing explanation of production. And Jason LeBlanc is here, our chief financial officer. Let me begin into the presentation. In the first couple of pages of this presentation, we talk a little bit about some of the things that are fundamental to the mining business and often take a little bit more time to complete. Drilling for high grades in Cote d'Ivoire and the Cetiola refining block models, which will continue into the second half of the year and the importance of it. And that allows us to be able to get confidence into higher grade areas for forecasting, certainly better short-term planning, and more reliability and predictability. One of the things that we did in the second quarter was we made a decision to do more stripping, more waste removal at Agfau. We continued with the waste removal at Bonnegrove. And we began certain cost reduction initiatives in Cote d'Ivoire and Cetiola, procurement improvements. What's the objective, though? The objective, particularly with improvements to block models and the waste removal at Agfau, is to access higher grades in the second half of the year and beyond. We've publicly said that we expect production to be weighted in favor of the second half of the year to the tune of 55% to 45%, with a whopping increase in higher production with much lower costs in the fourth quarter. I think it's important to explain a few things that perhaps come out of our MD&N or financial results, but I think it's important to highlight. Our guidance at the beginning of the year did not consider that waste removal at Agfau. That added roughly $850 per ounce to its costs, which would have a large impact on the total production given the order of magnitude, roughly $160 to $180 per ounce. This was an executive decision. We did not have to make that executive decision. But without waste removal, our costs for Agfau would be more in line. However, we developed a plan for Cote d'Ivoire, which includes underground drilling, along with drilling of adjacent areas to our mining tenements. It also includes maximizing production and mitigating costs to pay for that. Waste removal at Agfau provides for roughly 4,500 ounces of increased production this year. And we estimate, based on drilling alone and based on the efforts that we've undertaken so far with some of the waste removal, between 11,000 ounces and 15,000 ounces of increased production next year. Without that, we would be winding down the operation beginning next year. Now, this gives us cash flow and runway to carry out the balance of the program that we've begun, and we will continue to highlight to the end of the year and to the first quarter next year, the increased mine life. The worst-case scenario for any operation, as most of you know, is to shut down or suspend an operation, particularly in the situations where there is daylight improvements and increases in mine life. Let me be blunt. This is a decision that this management made in the second quarter. More precisely, it's a decision that I made. The sacrifice was one quarter's costs in favor of lifeline and longevity. And more to the point, while that waste removal came at a cost, as we disclosed, the reasoning, my reasoning, was that the value of an extra almost 20,000 ounces of production over 18 months, the second half of this year and all of 2026, and that operation by far exceeds the cost. That's in value alone. And then the value of maintaining a continuing operation without suspension and shutdown and what to do with reclamation and closure costs and employees adds to that value. We are now comfortable saying to you that we will be at 180 to 200,000 ounces of production for Cote d'Ivoire in 2026. I anticipate that when we give our guidance at the beginning of the year, we will comfortably tell you that we can get closer to that higher end of production. I want to make one more observation, and that's this. We should have explained two things better. One is the complexity of mining, particularly at these operations. And on that, consider what we refer here as the refinement to the block models. Consider how long it takes to overhaul a block model with all of the drilling and informational data that relates to the operation on so many deposits at current and planned mining areas. It's not just one open pit. It's several areas of mining, particularly at Sadiola and Cote d'Ivoire. I give that just as an example. I'm not defending poor behavior. What we could have done is we could have gone faster. But the decision that was made, the executive decision, my decision was to take time to get it right. The other is that we are heavily weighted in the second half of the year. And in the second half of the year, we expect to get higher grades. Operational flexibility at Sadiola, consider that we can process more of the fresh ore, which is in ample abundance by comparison to the oxides. And just to give you an indication, in July, our production is in line with our budget. We expect to produce, as we've guided, roughly 91,000 ounces in the third quarter, comparable to the second quarter. But our costs are coming in at considerably improved levels. Agbou is already $1,000 below the Q2 level. Bonnacro is roughly $1,800 per ounce. And that will trend down through the year, through the rest of the quarter. And Sadiola is at about $400 to $500 better than what we delivered in the second quarter. So in July, we're producing gold at approximately $2,000 to $2,100 per ounce. And we expect that that will continue to trend down for the balance of the quarter, and certainly into Q4. Mobilization of new mining equipment, again, critical. The mines that we have in this company were delivered with a former mine contractor. When the new mine contractor took over, it was with the historical mining equipment. And it was coming to its last legs. We were bandaging that equipment. We now have new mine fleets, much of which has arrived. And that improvement means that we have fleet availability. That gives us the confidence to be able to tell you that that second quarter and into 2026 will have higher throughput, operational flexibility. And that will lead to improvements to operations as well. Exploration. We've been getting some significant feedback on what's happening on the exploration side. And let me begin with the punchline. We've increased our exploration budget from $20 million to $37 million. We're confident in our balance sheet, confident enough that we can spend another $17 million. It's performance-based on our three operations. We are targeting an increase of mine life at Agbou, as I mentioned before, by a pit expansion, high-grade underground prospects, and targets that are outside of the compensation area. Oomei is at development north of Bonnecro, where we're seeing significant increases in resources that will extend its mine life. We're targeting a large increase in Sadiola of total inventory, but just as importantly, we've made discovery of new oxide ounces. And those new oxide ounces will provide further flexibility on operations, and also improvements to production and to costs. At Cremac, we achieved our project milestones for the second quarter, and equipment is being delivered to site. And we expect to advance the resource model later this year. Daniel will speak to the operations, he will speak to Cremac and go into some of the detail, but I will give you the high level. In terms of the high level, these are the important milestones. Substantial mechanical completion by the end of the year, the power line before the end of the first quarter, mining and sequencing, which we've already begun, and we expect to have at least four months of stockpile at surface by the time we start operations. And some of that stockpile will be much higher grade. We don't wanna process that high grade material as we commission the plan from April through to the end of the second quarter next year. And production, production starting formally in June next year. So we're on track to be able to deliver that for the partial year next year, 175,000 ounces of production. At Sadiola, we're near complete on the phase one expansion. And as I mentioned, that will give us increased operational flexibility because we can process more of that abundance of fresh ore through that plant. And in terms of the long-term, we've always talked about the second phase expansion, but we're now looking at the opportunities for us to do an incremental expansion that would allow us to get to a comparable production level as phase two without having to spend that full $400 million for that larger plant. And we'll have more to say on that by the end of this year as we complete our technical studies. I wanna make a few other observations that relate to Mali. And these are important points in my view. The environment in the country has significantly improved. There is a better geopolitical environment. There's more support for mining investment and for private investment. We've had improvements to the asset from a geological point of view with exploration, as I mentioned, with optimization and improvements of the asset and with that phase one expansion now nearer to completion. So the result of all of that is that it led us to a further point, which is that we decided that we were in a far better position to deliver value to shareholders by taking a progressive self-reliant approach relating to power and not looking at corporate transactions that would mitigate our engagement in and our ownership of that asset. We listed on the New York Stock Exchange, we completed a share consolidation and we reduced the holdings of some of the larger shareholders through secondary trades. The result of all of that is that we have significantly advanced from a market point of view as well. And that is just to give you a summary of some of the things that we've undertaken through to the second quarter this year. And with that, please let me pass it to