Watch for the Zijin private placement close by Aug 10 — that $295M will relieve liquidity pressure. The Kurmuk first-gold announcement in the coming weeks is the next major catalyst.
Price Chart
Executive Summary
Allied Gold reported Q2 2026 results with revenue of $366.3M (up 45% YoY) and net earnings of $37.2M (vs -$25.4M loss in Q2 2025), driven by higher gold prices and production. The Kurmuk mine remains on track for first gold in August, and the company secured a $295M strategic investment from Zijin Gold via a private placement. However, operating cash flow was negative $67.4M due to heavy capex and tax payments, and cash reserves fell sharply to $192.2M from $479.8M at year-end 2025, creating near-term liquidity pressure until the Zijin proceeds close.
Key Facts
- Q2 2026 revenue of $366.3M, up 45% from $252.0M in Q2 2025.
- Net earnings attributable to shareholders of $37.2M ($0.29/share) vs a loss of $25.4M (-$0.22/share) in Q2 2025.
- Gold production of 97,429 oz, up 7% YoY from 91,017 oz.
- AISC of $2,192/oz sold, down from $2,343/oz in Q2 2025.
- Cash and cash equivalents fell to $192.2M from $479.8M at Dec 31, 2025, due to $158.9M in expansionary capex and $129.7M in cash taxes.
- Kurmuk mine start-up expected in August 2026 with first gold weeks later; on budget and schedule.
- Zijin Gold agreed to invest ~$295M via private placement of ~12.8M shares at C$32.55/share, expected to close by Aug 10, 2026.
- Agbaou mine life extended to 2030 based on 60% increase in Proven and Probable Reserves.
- Bonikro production surged 22% YoY to 31,471 oz, driven by higher grades and throughput.
- Adjusted EBITDA of $166.9M, up from $71.7M in Q2 2025.
Financial Impact
Revenue up 45% YoY to $366.3M; net income swing of +$62.7M vs prior-year loss; $295M equity injection from Zijin pending close.
Risk Factors
- Cash burn: cash dropped $287.6M in H1 2026; liquidity tight until Zijin proceeds close.
- Execution risk at Kurmuk ramp-up; any delay or cost overrun would pressure sentiment.
- Mali political risk: Sadiola (80% interest) is in Mali, where government relations and tax regimes are volatile.
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001171843-26-005258 |
| Document: f6k_080526.htm | 0001171843-26-005258 |
| Document: 0001171843-26-005258-index-headers.html | 0001171843-26-005258 |
| Document: 0001171843-26-005258-index.html | 0001171843-26-005258 |
| Document: 0001171843-26-005258.txt | 0001171843-26-005258 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 20d ago | 6-K | $20.19 $19.58 | ▼ −3.02% | ▼ −2.78% | $19.89 (−1.49%) |
Sep 17, 2026 5w ago | 6-K | $22.91 $22.38 | ▼ −2.31% | ▼ −3.86% | $19.89 (−13.18%) |
Aug 5, 2026 11w ago | 6-K | $20.67 $21.78 | ▲ +5.37% | ▲ +4.76% | $19.89 (−3.77%) |
Aug 5, 2026 11w ago | Press Release | $20.67 $21.78 | ▲ +5.37% | ▲ +4.76% | $19.89 (−3.77%) |
Jul 31, 2026 12w ago | 6-K | $18.23 $19.10 | ▲ +4.77% | ▲ +3.35% | $19.89 (+9.11%) |
Jul 29, 2026 12w ago | 6-K | $17.03 $17.84 | ▲ +4.76% | ▲ +3.08% | $19.89 (+16.79%) |
Jul 17, 2026 14w ago | 6-K | $20.82 $20.41 | ▼ −1.97% | ▼ −1.81% | $19.89 (−4.47%) |
May 29, 2026 21w ago | 6-K | $25.55 $25.78 | ▲ +0.90% | ▲ +0.76% | $19.89 (−22.15%) |
May 29, 2026 21w ago | Press Release | $26.17 $25.55 | ▼ −2.37% | ▼ −2.64% | $19.89 (−24.00%) |
May 21, 2026 22w ago | 6-K | $26.55 $27.32 | ▲ +2.90% | ▲ +2.45% | $19.89 (−25.08%) |
US Market Status
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