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Allied Gold Announces Third Quarter 2023 Results: Marking A New Era As A Public Company And The Start of Asset Optimizations And Robust, Fully Funded Growth Initiatives Across Its Portfolio
TORONTO, Nov. 9, 2023 /CNW/ - Allied Gold Corporation (TSX: AAUC) ("Allied" or the "Company") is herein reporting its financial and operational results for the
About this update from Allied Gold Corporation
[{"type":"text","content":" TORONTO, Nov. 9, 2023 /CNW/ - Allied Gold Corporation (TSX: AAUC) (\"Allied\" or the \"Company\") is herein reporting its financial and operational results for the third quarter of 2023. Production totaled 84,473 gold ounces (\"oz\") with sales of 91,164 oz at total cost of sales, cash costs(1) and all-in sustaining costs (\"AISC\")(1) per gold ounce sold of $1,593, $1,424, and $1,546, respectively. The current quarter marked a significant transformation and evolution of Allied's corporate structure, as the Company completed its public listing and begins executing its operational optimization and growth strategy. This growth strategy, which is underpinned by fully permitted and shovel-ready projects, will be developed in a sequenced and phased approach to optimize capital spend while delivering a compounded increase in cash flow and profitability. The Company expects the fourth quarter to show sequential improvement over the current period, which was impacted by expenses related to the business combination and the ongoing transformation. Notably, the current management team assumed their positions during the final month of the third quarter, making the upcoming quarter the first full period under new leadership. Despite these transitional challenges, as anticipated, a progressive increase in the number of ounces produced has occurred year-to-date. Production in the first quarter was 78,617 oz, after which several efforts were undertaken to stabilize and normalize production in the second and third quarters in a range of 84,000-86,000 oz, and the Company expects the strongest quarter of the year in the fourth quarter at over 100,000 oz. With this, the Company expects that annual production will be in the range of 350,000 to 360,000 oz, as previously disclosed. Mostly, the ability of the Company to reach the higher end of the range depends on the performance at Agbaou, which is undergoing an operational review and transformation. Initiatives have been undertaken to improve the shorter and longer-term performance of Agbaou, and certain steps to improve long term performance and value, such as contract mining management, process optimizations and life of mine planning are being actioned on. These initiatives are expected to impact short-term production but bring significant benefit to the long-term performance and susta...