Anderson steps into the role from inside the company, having chaired ONAR’s Audit Committee since August 2025; director Howard D. Palefsky assumes the Audit Committee chair; appointment follows the completion days earlier of the largest acquisition in Company history and its up to $15 million financing
Miami, FL, Oct. 06, 2026 (GLOBE NEWSWIRE) — ONAR Holding Corporation (OTCID: ONAR) (“ONAR” or the “Company”), an AI-powered marketing platform, today announced the appointment of Kelly Anderson as Interim Chief Financial Officer, effective October 1, 2026. The appointment comes days after the Company completed its acquisition of Advertise Purple, the largest acquisition in its history, and completed the initial closing of its up to $15 million financing, and it addresses the fourth and final priority the Company set out in its July letter to stockholders: the pursuit of a Nasdaq listing. Anderson’s mandate is the finance side of that pursuit, including uplist readiness, public-company reporting at the combined company’s new scale, and the financial integration of Advertise Purple. The interim designation reflects the assignment rather than any uncertainty: Anderson’s focus is carrying the Company through the listing process and the build-out of an exchange-grade finance organization.
Anderson is not arriving cold. She has served on ONAR’s Board of Directors as Audit Committee Chair since August 2025, through every filing, every acquisition, and every financing of the past year. The Company announced in its Annual Report that it was recruiting a Chief Financial Officer; the Board concluded that the strongest candidate was already at the table, with the advantage that she starts with a working knowledge of the Company’s numbers that no outside hire could match.
Anderson brings more than 25 years of senior finance leadership, including prior service as Chief Financial Officer of publicly traded T3 Motion and of Mavenlink, and Chief Accounting Officer at Fisker Automotive and has overseen more than 400 acquisitions across her career. She is a Certified Public Accountant and the founder of CXO Executive Solutions, an executive services firm specializing in placing senior finance leadership into companies at inflection points.
In connection with the appointment, Anderson stepped down from the Board of Directors and as Audit Committee Chair, and the Board has appointed Howard D. Palefsky as Audit Committee Chair. Palefsky, has served as a director since June 2025 and as Chair of the Company’s Governance and Nominating Committee, he also served as Chairman, President and Chief Executive Officer of Collagen Corporation for nearly two decades and has served on the boards of more than 30 organizations. The transition keeps the Audit Committee chaired by an independent director without interruption.
Anderson will work alongside James Keck, the Company’s Vice President of Finance, who continues to lead day-to-day financial operations, financial planning, and acquisition finance, the function he has built and run through the Company’s last four acquisitions.
“Getting to an exchange is mostly a finance project, and we are now staffing it like one,” said Claude Zdanow, Chief Executive Officer of ONAR. “We said we would recruit a CFO, and we ran a real search. The conclusion we kept reaching is that the person best qualified to carry our numbers to Nasdaq has been chairing our Audit Committee for the past year. Kelly has watched every filing we have made from the oversight side. Now she moves to the execution side, and James and his team get a partner who has done this climb before, more than once.”
“I have had a year inside ONAR’s numbers, and that is exactly why I said yes,” said Kelly Anderson. “This company just completed its largest acquisition, funded it, and moved its oldest debt into alignment with stockholders, all in the same week. What it needs now is the discipline of exchange-grade reporting, and that is work I have done my whole career. I know where we are strong, I know what we have to build, and I know the team I am building it with.”
“Kelly’s deep expertise and seasoned judgment add depth to our financial leadership at a pivotal stage in ONAR’s rapid growth,” said James Keck, Vice President of Finance. “I couldn’t be more excited to work alongside her as we pursue our ambitious plans. I’m proud of the foundation our team has built and energized by the vision we’re building toward together.”
Additional information regarding the appointment, including compensation arrangements, is set forth in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on October 6, 2026.
About ONAR Holding Corporation
ONAR (OTCID: ONAR), pronounced “honor,” is an AI-powered marketing platform. ONAR acquires specialist marketing agencies serving middle-market and growth-stage brands across performance marketing, creative, and commerce, and operates them as one company on shared proprietary technology designed to automate up to 70% of manual agency work. Its technology division, ONAR Labs, develops and houses the Company’s proprietary technology, including ONAR AI, a marketing intelligence platform deployed across the Company’s agencies to improve productivity; Retina AI, a predictive customer intelligence platform; and Cortex, an offline and online sales attribution platform. ONAR continues to expand the platform through disciplined acquisitions, including JUICE, Scale Partner, and Advertise Purple. Learn more at www.onar.com.
Forward-Looking Statements
This press release contains statements that the Company believes to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding the Company’s future financial condition, results of operations, business operations and business prospects, the integration of Advertise Purple, any potential uplisting, and any other potential acquisitions, financings, and debt restructurings, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe,” and similar words and expressions are intended to identify forward-looking statements. These statements reflect the Company’s current expectations, are not guarantees of future performance, and involve known and unknown risks and uncertainties, including the substantial doubt about the Company’s ability to continue as a going concern described in its SEC filings, the Company’s working capital deficit and indebtedness, integration risks, the need for additional financing, market conditions, competition, retention of key personnel, and regulatory changes, any of which could cause actual results to differ materially. Detailed risk factors are included in the Company’s filings with the SEC, including its Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof. The Company assumes no obligation to update these statements except as required by law.
HERZLIYA, Israel, Oct. 06, 2026 (GLOBE NEWSWIRE) — Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX), a global commerce enablement, payments, and loyalty platform, today announced a distribution partnership with Allied Electronics, Inc. to bring Nayax Fuel’s VPOS Media 5 outdoor payment solution to fuel retailers across the United States.
The US fuel market operates at exceptional scale, with convenience stores generating over $450 billion in fuel sales in 2025 and selling an estimated 80% of the fuel Americans buy, according to the National Association of Convenience Stores (NACS). Drivers increasingly pay for that fuel by card, which now represents 81% of transactions at the pump, up from 64% a decade ago. That shift has made modern payment infrastructure at the pump a necessity for US fuel retailers, central to how they serve customers.
This partnership meets that need by bringing Nayax payment infrastructure to US fuel retailers alongside Allied, a partner retailers know and trust. Allied has served the retail petroleum industry since 1978, and its systems, including the NeXGen PRIME forecourt controller, operate at tens of thousands of locations nationwide. Nayax Fuel, a dedicated vertical within the Nayax group, extends that foundation with a comprehensive portfolio spanning payment at the dispenser, forecourt control, and station management, building on the successful integration of OTI PetroSmart and Roseman.
“Allied and Nayax share an important focus on making the forecourt work better for retailers,” said Eli Bar, General Manager, Nayax Fuel. “Allied is one of the most respected names in US fuel retail, and our payment technology and solution give its customers a fuel-specific option built to meet the same high standard.”
“The US fuel industry is moving through a modernization cycle, and operators need both reliable forecourt systems and modern payment solutions at the pump” said Bob Danford, Director of Engineering & Development at Allied Electronics, Inc. “Nayax complements our solutions with a purpose-built payment terminal backed by global payments infrastructure, allowing us to deliver the complete package to retailers together.”
Nayax Fuel will present its fuel retail solutions at the NACS Show, October 7-9, 2026, at the Las Vegas Convention Center. Visitors can find Nayax at booth C6385.
ABOUT NAYAX
Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across multiple channels. As of June 30, 2026, Nayax has 13 global offices, approximately 1,250 employees, connections to more than 80 merchant acquirers and payment method integrations, and is globally recognized as a payment facilitator. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency, effectively and simply. For more information, please visit https://www.nayax.com/
ABOUT ALLIED ELECTRONICS, INC.
When it comes to forecourt integration, no other company has done more for the retail petroleum industry than Allied Electronics, Inc. Allied has provided the major oil, travel plaza, C-store, casino/gaming, and many other markets with new technology for service station automation since 1978.
From a corner store in Tennessee to American military bases overseas, Allied’s core business is supplying best-in-class forecourt solutions. Specifically, Allied Electronics, Inc. proudly manufactures and sells the NeXGen PRIME forecourt controller.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations, such as statements in this press release regarding our financial outlook, future business prospects and the impact of recent acquisitions or partnerships published by the Company. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment; the availability of qualified personnel and the ability to retain such personnel; changes in commodity costs, labor, distribution and other operating costs; our ability to implement our growth strategy; changes in government regulation and tax matters; other factors that may affect our financial condition, liquidity and results of operations; general economic, political, demographic and business conditions in Israel; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 9, 2026 (our “Annual Report”). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
HERZLIYA, Israel, Oct. 06, 2026 (GLOBE NEWSWIRE) — Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX), a global commerce enablement, payments, and loyalty platform, today announced a distribution partnership with Allied Electronics, Inc. to bring Nayax Fuel’s VPOS Media 5 outdoor payment solution to fuel retailers across the United States.
The US fuel market operates at exceptional scale, with convenience stores generating over $450 billion in fuel sales in 2025 and selling an estimated 80% of the fuel Americans buy, according to the National Association of Convenience Stores (NACS). Drivers increasingly pay for that fuel by card, which now represents 81% of transactions at the pump, up from 64% a decade ago. That shift has made modern payment infrastructure at the pump a necessity for US fuel retailers, central to how they serve customers.
This partnership meets that need by bringing Nayax payment infrastructure to US fuel retailers alongside Allied, a partner retailers know and trust. Allied has served the retail petroleum industry since 1978, and its systems, including the NeXGen PRIME forecourt controller, operate at tens of thousands of locations nationwide. Nayax Fuel, a dedicated vertical within the Nayax group, extends that foundation with a comprehensive portfolio spanning payment at the dispenser, forecourt control, and station management, building on the successful integration of OTI PetroSmart and Roseman.
“Allied and Nayax share an important focus on making the forecourt work better for retailers,” said Eli Bar, General Manager, Nayax Fuel. “Allied is one of the most respected names in US fuel retail, and our payment technology and solution give its customers a fuel-specific option built to meet the same high standard.”
“The US fuel industry is moving through a modernization cycle, and operators need both reliable forecourt systems and modern payment solutions at the pump” said Bob Danford, Director of Engineering & Development at Allied Electronics, Inc. “Nayax complements our solutions with a purpose-built payment terminal backed by global payments infrastructure, allowing us to deliver the complete package to retailers together.”
Nayax Fuel will present its fuel retail solutions at the NACS Show, October 7-9, 2026, at the Las Vegas Convention Center. Visitors can find Nayax at booth C6385.
ABOUT NAYAX
Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across multiple channels. As of June 30, 2026, Nayax has 13 global offices, approximately 1,250 employees, connections to more than 80 merchant acquirers and payment method integrations, and is globally recognized as a payment facilitator. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency, effectively and simply. For more information, please visit https://www.nayax.com/
ABOUT ALLIED ELECTRONICS, INC.
When it comes to forecourt integration, no other company has done more for the retail petroleum industry than Allied Electronics, Inc. Allied has provided the major oil, travel plaza, C-store, casino/gaming, and many other markets with new technology for service station automation since 1978.
From a corner store in Tennessee to American military bases overseas, Allied’s core business is supplying best-in-class forecourt solutions. Specifically, Allied Electronics, Inc. proudly manufactures and sells the NeXGen PRIME forecourt controller.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations, such as statements in this press release regarding our financial outlook, future business prospects and the impact of recent acquisitions or partnerships published by the Company. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment; the availability of qualified personnel and the ability to retain such personnel; changes in commodity costs, labor, distribution and other operating costs; our ability to implement our growth strategy; changes in government regulation and tax matters; other factors that may affect our financial condition, liquidity and results of operations; general economic, political, demographic and business conditions in Israel; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 9, 2026 (our “Annual Report”). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
HERZLIYA, Israel, Oct. 06, 2026 (GLOBE NEWSWIRE) — Nayax Ltd. (Nasdaq: NYAX; TASE: NYAX), a global commerce enablement, payments, and loyalty platform, today announced a distribution partnership with Allied Electronics, Inc. to bring Nayax Fuel’s VPOS Media 5 outdoor payment solution to fuel retailers across the United States.
The US fuel market operates at exceptional scale, with convenience stores generating over $450 billion in fuel sales in 2025 and selling an estimated 80% of the fuel Americans buy, according to the National Association of Convenience Stores (NACS). Drivers increasingly pay for that fuel by card, which now represents 81% of transactions at the pump, up from 64% a decade ago. That shift has made modern payment infrastructure at the pump a necessity for US fuel retailers, central to how they serve customers.
This partnership meets that need by bringing Nayax payment infrastructure to US fuel retailers alongside Allied, a partner retailers know and trust. Allied has served the retail petroleum industry since 1978, and its systems, including the NeXGen PRIME forecourt controller, operate at tens of thousands of locations nationwide. Nayax Fuel, a dedicated vertical within the Nayax group, extends that foundation with a comprehensive portfolio spanning payment at the dispenser, forecourt control, and station management, building on the successful integration of OTI PetroSmart and Roseman.
“Allied and Nayax share an important focus on making the forecourt work better for retailers,” said Eli Bar, General Manager, Nayax Fuel. “Allied is one of the most respected names in US fuel retail, and our payment technology and solution give its customers a fuel-specific option built to meet the same high standard.”
“The US fuel industry is moving through a modernization cycle, and operators need both reliable forecourt systems and modern payment solutions at the pump” said Bob Danford, Director of Engineering & Development at Allied Electronics, Inc. “Nayax complements our solutions with a purpose-built payment terminal backed by global payments infrastructure, allowing us to deliver the complete package to retailers together.”
Nayax Fuel will present its fuel retail solutions at the NACS Show, October 7-9, 2026, at the Las Vegas Convention Center. Visitors can find Nayax at booth C6385.
ABOUT NAYAX
Nayax is a global commerce enablement, payments and loyalty platform designed to help merchants scale their business. Nayax offers a complete solution including localized cashless payment acceptance, management suite, and loyalty tools, enabling merchants to conduct commerce anywhere, at any time. With foundations and global leadership in serving unattended retail, Nayax has transformed into a comprehensive solution focused on our customers’ growth across multiple channels. As of June 30, 2026, Nayax has 13 global offices, approximately 1,250 employees, connections to more than 80 merchant acquirers and payment method integrations, and is globally recognized as a payment facilitator. Nayax’s mission is to improve our customers’ revenue potential and operational efficiency, effectively and simply. For more information, please visit https://www.nayax.com/
ABOUT ALLIED ELECTRONICS, INC.
When it comes to forecourt integration, no other company has done more for the retail petroleum industry than Allied Electronics, Inc. Allied has provided the major oil, travel plaza, C-store, casino/gaming, and many other markets with new technology for service station automation since 1978.
From a corner store in Tennessee to American military bases overseas, Allied’s core business is supplying best-in-class forecourt solutions. Specifically, Allied Electronics, Inc. proudly manufactures and sells the NeXGen PRIME forecourt controller.
FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “estimate” and “potential,” among others. Forward-looking statements include, but are not limited to, statements regarding our intent, belief or current expectations, such as statements in this press release regarding our financial outlook, future business prospects and the impact of recent acquisitions or partnerships published by the Company. Forward-looking statements are based on our management’s beliefs and assumptions and on information currently available to our management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including, but not limited to: our expectations regarding general market conditions, including as a result of global economic trends; changes in consumer tastes and preferences; fluctuations in inflation, interest rate and exchange rates in the global economic environment; the availability of qualified personnel and the ability to retain such personnel; changes in commodity costs, labor, distribution and other operating costs; our ability to implement our growth strategy; changes in government regulation and tax matters; other factors that may affect our financial condition, liquidity and results of operations; general economic, political, demographic and business conditions in Israel; the success of operating initiatives, including advertising and promotional efforts and new product and concept development by us and our competitors; and other risk factors discussed under “Risk Factors” in our annual report on Form 20-F filed with the SEC on March 9, 2026 (our “Annual Report”). The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. The forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These statements are only estimates based upon our current expectations and projections about future events. There are important factors that could cause our actual results, levels of activity, performance or achievements to differ materially from the results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the risks provided under “Risk Factors” in our Annual Report. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Each forward-looking statement speaks only as of the date of the particular statement. Except as required by law, we undertake no obligation to update publicly any forward-looking statements for any reason, to conform these statements to actual results or to changes in our expectations.
TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) — Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) is pleased to provide an update on exploration at the Kurmuk Mine in western Ethiopia, highlighting exploration progress and the expansion of the mineralized zones within this highly prospective 30 km by 50 km gold camp. As commissioning and the start of operations at its Kurmuk Mine advance, with first ore to the grinding circuit expected imminently and first gold expected shortly thereafter, the Company is now focused on extending mine life and identifying additional higher-grade ore zones.
Exploration has initially focused on extensions to the two initial open pits, Ashashire and Dish Mountain, and on advancing nearby targets that could become additional mining areas providing further operational flexibility.
The Kurmuk Mine is planned as a conventional open-pit and agitated leaching operation with a life-of-mine production of at least 240,000 gold ounces per year, averaging approximately 300,000 ounces per year in the initial four years.
Highlights(*)
Ashashire: hole ASDD227 returned 13.86 m at 10.07 g/t Au, 13.77 m at 9.15 g/t Au and 9.22 m at 8.48 g/t Au from the central core of the deposit. The deposit remains open down-dip below 425 m, and recent grades and widths support the potential to define an underground Mineral Resource.
Dish Mountain: drilling returned extensions to known lenses, including 16.1 m at 2.9 g/t Au and 14.4 m at 3.4 g/t Au in hole DMDD788. The deposit remains open laterally and down-dip beyond approximately 300 m.
Hiccup Hill: Resource modelling is progressing at Hiccup Hill, a high-grade zone located on the Tsenge Trend, and 7.5 km south of the plant. As the Kurmuk Mine initially takes advantage of higher-grade mining phases at Ashashire and Dish Mountain, thereby driving higher production in the initial years, an exploration objective has been to find and develop additional sources of higher-grade material to sustain higher production levels for longer. Hiccup Hill represents a potential source of such higher-grade material and is the most advanced among similar high-grade targets along the Tsenge Trend.
Tsenge Trend: drilling results indicate that high-grade zones appear to repeat along its 9 km long trend, with 80.09 m at 1.53 g/t Au at Kiftet (TSDD052), 10.27 m at 3.78 g/t Au at Setota (TSDD066) and 9.0 m at 4.23 g/t Au at Bumblebee (TSRC006). An initial Mineral Resource estimate for Kiftet and Hiccup Hill is expected by the first half of 2027, along with exploration activities to confirm and extend the other high-grade zones along the trend.
Regional targets: drilling at Urchin, adjacent to the Ashashire haul road, returned 3.0 m at 18.52 g/t Au demonstrating the potential in the system to produce high-grade mineralization. A field review is planned for the fourth quarter at Agu and Ahushu, neither of which has been drill-tested previously but both show strong surface mineralization and prospectivity.
___________________________ * Intercepts in this release are reported as drilled lengths at a 0.3 g/t Au cut-off. Estimated true widths vary from 60% to 95% of drilled length, except for the Dul Mountain intercepts, where estimated true widths are unknown, and as otherwise stated for the Western Prospects.
Dish Mountain and Ashashire Growth
Exploration in 2026 has delivered down-dip and strike extensions to the mineralized zones at the Dish Mountain and Ashashire open pits, confirming the potential to expand the current Proven and Probable Mineral Reserves(1) of 2.7 million ounces. Dish Mountain continues to demonstrate incremental resource growth potential, with recent drilling successfully extending known gold-bearing zones and identifying favourable geological targets. The 1,600 m by 500 m deposit remains open at depth and laterally, offering opportunities to further expand the mineralized footprint and pit limits. Ashashire continues to deliver exceptional high-grade gold results, including 13.86 m at 10.07 g/t Au, with higher-grade mineralization extending approximately 750 m along strike below the current pit extents. The deposit remains open at depth and along strike, offering significant exploration upside and strong potential for both open-pit expansions and an underground Mineral Resource. Ongoing drilling and next year’s resource update position both Dish and Ashashire as contributors to future Mineral Resource growth and value creation.
High-grade Zones along the Tsenge Trend
The 9 km Tsenge Trend, which is significantly longer in strike length than either Ashashire or Dish Mountain, is emerging as a significant growth opportunity, with multiple high-grade gold discoveries highlighting substantial resource potential (see Figure 1). As the Kurmuk Mine initially takes advantage of higher-grade mining phases at Ashashire and Dish Mountain, thereby driving higher production in the initial years, these new high-grade zones are aligned with the exploration objective of finding and developing additional sources of higher-grade material to sustain higher production levels for longer. Resource modelling is progressing at the high-grade Hiccup Hill zone, the most advanced among similar high-grade targets along the Tsenge Trend, while positive results at Kiftet, Setota and Bumblebee point to multiple high-grade zones along Tsenge, thereby providing good potential for meaningful additional upside and operational flexibility to help sustain a long-term production profile of 300,000 ounces per year. An initial Mineral Resource estimate for Kiftet and Hiccup Hill is expected by the first half of 2027, along with exploration activities to confirm and extend the other high-grade zones along the trend.
Figure 1: Kurmuk Plan Map
Regional Exploration
During 2026, the Company began advancing work at regional targets at its Kurmuk Mine, obtaining encouraging high-grade results at Urchin and the Western Prospects, while other large, underexplored gold anomalies at Agu, Ahushu and Dul Mountain are planned to be advanced progressively starting in late 2026. Allied believes these targets are highly prospective, and the upcoming work provides opportunities to potentially define material new deposits within trucking distance to the processing plant, expanding the resource base which could potentially support additional mill feed; extend mine life; and support long-term strategic production targets.
Outlook
The focus for exploration at the Kurmuk Mine is evolving from deposit-scale zone definition and extension to nearby priority targets such as Tsenge, which are demonstrating near-term, higher-grade resource discovery potential. Going forward, exploration will continue to prioritize these near-term opportunities with increasing sequential focus on new targets, including Agu, Ahushu and Dul Mountain, along with continued evaluation of Urchin and Western Prospects. While advancing these exploration targets, initial drill target development data will be collected over the new Azali and Agazen targets located in the southern and northern portions of the property (see Figure 10 for location), respectively, and over the eastern half of the property, where limited exploration has been carried out.
Technical Discussion
Since October 2025, 149 holes totalling 28,003 m of drilling have been completed, with a focus on extending known zones at depth and along strike and on exploring new targets. Results are presented below for Dish Mountain and Ashashire, the Tsenge Trend and the regional targets shown in Figure 1.
Dish Mountain and Ashashire Extensions
At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized systems remaining open supporting the potential to expand the current pit limits and define an underground resource, particularly at Ashashire. Drilling continues at the south end of Ashashire and, at Dish Mountain, along the southwest side of the deposit and at deposit-proximal targets.
Dish Mountain
Dish Mountain is a 1,600 m by 500 m, multi-lens deposit that remains open down-dip beyond approximately 300 m and laterally.
Drilling in 2026 returned extensions to known lenses and provided insight into which geological units are preferential hosts for gold mineralization.
Incremental additions to current Mineral Resources are expected. Figure 2 shows the recent intercepts at Dish Mountain and its simplified geology, and Figure 3 shows a reference section.
Selected new drill highlights are presented in the table below.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Dish Mountain
DMDD788
265.8
280.3
14.4
3.4
Dish Mountain
DMDD788
195.6
211.7
16.1
2.9
Dish Mountain
DMDD779
44.72
52.75
8.03
5.4
Dish Mountain
DMDD778
235.0
245.8
10.8
3.1
Dish Mountain
DMDD788
126.6
145.4
18.8
1.5
Dish Mountain
DMDD780
140.4
146.6
6.23
4.5
Dish Mountain
DMDD777
316.3
326.0
9.69
2.5
Figure 2: Dish Mountain Geology and 2026 Drilling
Figure 3: Dish Mountain Reference Section
Ashashire
Ashashire is a 1,300 m by up to 170 m wide collection of mineralized lenses that remains open down-dip below 425 m depth and, to a lesser extent, along strike. To date, Ashashire has returned more higher-grade intercepts than the other exploration targets on the property.
Hole ASDD227 returned three exceptional intercepts from the central core of the deposit: 13.86 m at 10.07 g/t Au, 13.77 m at 9.15 g/t Au and 9.22 m at 8.48 g/t Au. Adjacent holes suggest that higher gold grades can be traced for approximately 750 m along strike (Figures 4 and 5).
The grades and widths returned support the potential to define pit expansions or an underground Mineral Resource.
Flat-plunging hydrothermal breccias that contain higher-than-average gold grades have been modelled. Locally strong potassic alteration and elevated levels of tellurium, silver and molybdenum are noted, suggesting a potential magmatic source for the gold mineralization and a style of mineralization that has not previously been explored or recognized at Kurmuk.
Recent holes targeting the depth extent of the deposit intersected mineralization where expected, with an updated Mineral Resource expected in 2027. Current holes are testing for extensions of the deposit to the south. A summary of recent drill composite highlights is presented in the table below.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ashashire
ASDD227
379.00
392.86
13.86
10.07
Ashashire
ASDD227
395.00
408.77
13.77
9.15
Ashashire
ASDD227
323.07
332.29
9.22
8.48
Ashashire
ASDD248
406.13
421.33
15.20
4.58
Ashashire
ASDD228
315.40
327.94
12.54
4.40
Ashashire
ASDD231
282.45
287.53
5.08
9.78
Ashashire
ASDD231
237.60
261.35
23.75
1.82
Ashashire
ASDD245
301.73
308.76
7.03
5.74
Ashashire
ASDD244
254.72
264.46
9.74
4.04
Ashashire
ASDD236
294.30
298.83
4.53
8.48
Ashashire
ASDD232
402.09
405.00
2.91
12.28
Ashashire
ASDD235
324.81
333.83
9.02
3.89
Ashashire
ASDD245
386.65
398.70
12.05
2.83
Figure 4: Ashashire Plan View, Recent Results
Figure 5: Ashashire Cross-section
Tsenge Trend – High-Grade Zones Being Defined
The Tsenge Trend is a 9 km long gold-in-soil anomaly (Figure 6). Drilling and modelling to date indicate that high-grade zones appear to repeat along the trend. Hiccup Hill, at the south end of the trend, is the most advanced of these zones, with additional strong mineralization identified immediately to the north at Kiftet and Setota and, most recently, at Bumblebee.
Figure 6: Tsenge Trend, Southern Half, Drill and Trench Highlights
Hiccup Hill: Resource modelling is progressing at the high-grade Hiccup Hill area, which is located 7.5 km south of the plant. Recent intercepts include 6.8 m at 7.46 g/t Au (TSDD050) and 8.12 m at 4.21 g/t Au (TSDD047). Drilling continues with the goal of expanding this mineralized zone to the northeast, towards Kiftet and Setota (Figure 7).
Figure 7: Hiccup Hill, Kiftet and Setota Detail Plan Map
Kiftet: the next high-grade target identified lies immediately northeast of Hiccup Hill. Hole TSDD052 returned 80.09 m at 1.53 g/t Au, 27.60 m at 1.32 g/t Au and 6.72 m at 6.75 g/t Au (Figure 8). Five more holes, with a sixth in progress, have been drilled to define the strike and up-dip extent of this zone. The higher-grade portion of this zone has a strike length of up to 120 m with the zone traceable for approximately 300 m. A Mineral Resource for Kiftet and Hiccup Hill is expected to be completed by the first half of 2027.
Figure 8: Kiftet Zone Summary Section
Setota: a new, high-grade zone of mineralization was intersected in hole TSDD066, which returned 40.50 m at 1.17 g/t Au, 10.27 m at 3.78 g/t Au and 1.28 m at 69.77 g/t Au (Figure 9). The mineralization style in this hole is similar to that observed at Kiftet, although the relationship between the two zones remains to be determined. This hole was an 80 m southwest step-up from a previously reported intercept of 10.49 m at 1.85 g/t Au. Setota is an approximately 500 m long zone with locally higher grades and greater widths.
Figure 9: Setota Summary Section
Bumblebee: a new zone of stronger gold mineralization approximately 3.5 km northeast of Hiccup Hill, where hole TSRC006 returned 9.0 m at 4.23 g/t Au. Follow-up drilling has commenced.
Ongoing work: follow-up drilling is being carried out at Setota and Bumblebee Hill. Drilling is focused both on the definition of zones of better mineralization and on continued reverse circulation step-out and infill drilling along the trend. To date, 24 RC holes have been completed, with assays presented for 13 holes. Gold mineralization was intersected in 11 of the 13 holes returned to date.
Select Tsenge Trend drill hole composites are presented in the following table.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Tsenge – Hiccup Hill
TSDD050
122.68
129.48
6.80
7.46
Tsenge – Hiccup Hill
TSDD047
186.73
194.85
8.12
4.21
Tsenge – Kiftet
TSDD052
137.26
217.35
80.09
1.53
Tsenge – Kiftet
TSDD052
240.40
268.00
27.60
1.32
Tsenge – Kiftet
TSDD052
270.08
276.80
6.72
6.75
Tsenge – Setota
TSDD066
137.10
177.60
40.50
1.17
Tsenge – Setota
TSDD066
180.73
191.00
10.27
3.78
Tsenge – Setota
TSDD066
230.29
231.57
1.28
69.77
Tsenge – Bumblebee
TSRC006
101.00
110.00
9.00
4.23
Other Targets – Regional Exploration
Exploration in 2027 will continue to expand outward from the core deposits to known targets across the property (Figures 1 and 10), with the support of an airborne magnetic survey, permission pending, planned for the fourth quarter of 2026.
Figure 10: Kurmuk Property Soil and Stream Sediment Compilation
Urchin: located 2 km west of Ashashire, adjacent to the Ashashire haul road. Prospecting, soil sampling, and trenching had outlined a 400-metre-long target that returned up to 9.0 metres at 5.29 g/t Au in trenches. A 2026 drill program of 10 shallow holes totalling 1,102 metres returned best intercepts of 3.0 m at 18.52 g/t Au and 5 m at 3.96 g/t Au from a shallow, east-dipping zone (Figure 11).
Western Prospects: three target areas located 1.5 to 3.5 km west of Dish Mountain, the longest with a soil anomaly of approximately 2.5 km. Scout drill testing at the southern portion of the three gold-mineralized trends comprised 25 holes totalling 3,005 m and returned generally narrow intercepts, with the best returning 25.0 m at 1.97 g/t Au (estimated true width 5 m, Figure 12).
Agu and Ahushu: These targets represent 1.0 km to 1.5 km scale gold-in-soil anomalies of greater than 400 ppb gold, located 4 km south and southeast of the Ashashire Deposit. Shallow portions of both targets have been exploited by artisanal miners with neither having been drill-tested. Previous grab samples returned 13.15 g/t Au at Ahushu and 3.37 g/t Au at Agu.
Dul Mountain: an open-ended gold-in-soil anomaly of greater than 100 ppb gold, measuring approximately 2.0 km by 3.0 km and centred 7 km south of the Ashashire Deposit. It has been tested by a few holes and trenches, with trench intercepts up to 18 m at 4.87 g/t Au. The anomaly covers a larger area than the combined Dish Mountain and Ashashire Deposits and is believed to be similarly prospective.
Property scale: Very anomalous Au-in-silt values, with no follow-up to date, lie in the central, south and west portions of the property (Figure 10) with essentially no work completed to date on the eastern half of the property. Follow-up to these regional scale targets will commence in 2027.
Outlook and Next Steps
Gold mineralization requiring follow-up has been intersected at all targets drilled, namely Ashashire, Dish Mountain, Tsenge, Urchin and the Western Prospects. The near-term next steps of the program are summarized below:
Scout and infill drilling along the Tsenge Trend is ongoing and likely to extend into 2027.
Core and reverse circulation drilling is being carried out to test near-surface gold-bearing zones proximal to Dish Mountain.
Drilling is being carried out along the proximal projected strike of the Ashashire trend, with a focus on untested gold-in-soil anomalies.
Induced polarization geophysical surveys capable of imaging to a depth of 400 m are scheduled to start along the Tsenge Trend and over portions of the Ashashire Deposit in late 2026. At Tsenge, the goal is to define larger, stronger zones of sulphidation and quartz veining; at Ashashire, the goal is to define the system’s extents and potentially identify extensions of the higher-grade portions.
Follow-up drilling at Urchin, and trenching and follow-up drilling at the Western Prospects, are proposed for 2027.
Exploration, including drill testing, is expected to be initiated at Agu and Ahushu in 2027, following an initial field review planned for October 2026.
The results to date and near-term planned activities demonstrate progress toward the Company’s five-year exploration objectives for Kurmuk outlined in its November 2025 exploration update, including its objective of growing Mineral Resources to more than 5 Moz. The Company also continues to focus on identifying and developing higher-grade ore sources to increase operational flexibility, sustain higher production levels for longer and support its objective of extending mine life beyond 15 years.
Detailed Drill and Target Data
Detailed exploration results can be found via the following links.
All scientific and technical information in this press release has been reviewed and approved by Don Dudek, P.Geo., Chief Exploration Officer, who is a Qualified Person as defined under National Instrument 43-101.
End Notes
(1)
See Allied Gold’s Mineral Reserve and Mineral Resource estimates and accompanying notes at the end of this press release.
Sampling and QA/QC Procedures
All exploration work at Kurmuk follows industry-standard sampling, assay, and QA/QC protocols. RC samples are collected at one-metre intervals and split using a 75:25 riffle splitter. Diamond core is cut in half and sampled systematically. Quality control samples (certified reference materials, blanks, and field duplicates) are inserted at a ratio of 1:20. A significant amount of the assay sample preparation is carried out at site with overflow samples directed to an ALS sample prep site in Addis Ababa. Samples are ground to 85% passing 75 µm. Re-assays, of an entire batch of 10 to 20 samples, are required when standards return >3SD outside of the expected results and if blanks contain >10x the detection limit.
All assays are performed externally at ALS using a 50 g fire assay. Laboratories are audited annually and maintain high standards of analytical accuracy. Data management and validation are maintained through the Company’s Fusion database platform.
Historic Dul Mountain trenching and drilling were carried out by Golden Star. Golden Star’s work was carried out in the early to mid-1990s, and while referenced in this release, Allied has not validated the assay results, which are only presented herein as added support for the prospectivity of the target. Trenching and drilling carried out over the Western Prospects were completed by AME, and, as with the Golden Star assay results, Allied has not validated these results.
About Allied Gold Corporation
Allied is a Canadian-based gold producer with a significant growth profile and mineral endowment, operating a portfolio of three producing assets and development projects located in Côte d’Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and a proven track record of creating value, Allied is progressing through exploration, construction, and operational enhancements to become a mid-tier, next-generation gold producer in Africa, and ultimately, a leading senior global gold producer.
For further information, please contact:
Allied Gold Corporation Royal Bank Plaza, North Tower 200 Bay Street, Suite 2200, Toronto, ON M5J 2J3 Canada Email: ir@alliedgold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking information” including “future oriented financial information” under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to:
the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met;
the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in Africa;
the Company’s expectations relating to the performance of its mineral properties;
the estimation of Mineral Reserves and Mineral Resources;
the timing and amount of estimated future production;
the estimation of the life of mine of the Company’s projects;
the timing and amount of estimated future capital and operating costs;
the costs and timing of exploration and development activities;
the Company’s expectations regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments;
the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits;
the Company’s community relations in the locations where it operates and the further development of the Company’s social responsibility programs;
the Company’s expectations regarding the payment of any future dividends; and
the Company’s aspirations to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.
Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber attacks; as well as those risk factors discussed or referred to herein.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This press release uses the terms “Measured”, “Indicated” and “Inferred” Mineral Resources as defined in accordance with NI 43-101. United States readers are advised that while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
NOTES ON MINERAL RESERVES AND MINERAL RESOURCES
Mineral Resources are stated effective as at December 31, 2025 and March 31, 2026, and are estimated in accordance with the 2014 CIM Standards and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are stated effective as at December 31, 2025 and March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves:
are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate;
reflect that portion of the Mineral Resources which can be economically extracted by open pit methods;
consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project;
include an allowance for mining dilution and ore loss.
Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 35% of Korali-Sud, 10.1% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete.
The Mineral Resource and Mineral Reserve estimates for each of the Company’s mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below:
Mineral Property
Qualified Person of Mineral Reserves
Qualified Person of Mineral Resources
Sadiola Mine
Esteban Chacon, Ing. Chilean Mining Commission
Alejandro Garrone, MAusIMM (CP)
Korali-Sud Mine
Esteban Chacon, Ing. Chilean Mining Commission
Alejandro Garrone, MAusIMM (CP)
Kurmuk Project
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Bonikro Mine
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Agbaou Mine
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Mineral Reserves (Proven and Probable)
The following table sets forth the Mineral Reserve estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Proven Mineral Reserves
Probable Mineral Reserves
Total Mineral Reserves
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
37,164
1.17
1,400
104,664
1.61
5,411
141,827
1.49
6,811
Korali-Sud Mine
1,658
0.68
36
1,275
1.56
64
2,933
1.06
100
Kurmuk Project
7,893
1.28
324
56,057
1.32
2,382
63,950
1.32
2,706
Bonikro Mine*
6,511
0.88
182
25,754
1.32
1,095
32,266
1.23
1,278
Agbaou Mine*
3,046
1.12
110
6,904
1.34
297
9,950
1.27
407
Total Mineral Reserves
56,272
1.13
2,052
194,654
1.48
9,249
250,926
1.40
11,302
*Bonikro and Agbaou as of March 31, 2026
Notes:
Mineral Reserves are stated effective as at December 31, 2025 or March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101.
Shown on a 100% basis.
Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods.
Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Sadiola Mine:
A base gold price of $2,000/oz was used for the pit optimization, with the selected pit shells using values of $2,000/oz (revenue factor 1.0 for all oxides, north and satellite pits) and $1,700/oz (revenue factor 0.85) for the Sadiola Main fresh rock zone
The cut-off grades used for Mineral Reserves reporting were informed by a $2,000/oz gold price and vary from 0.26 g/t to 0.69 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage
Kurmuk Project:
A base gold price of $1,700/oz was used for the pit optimization, with the selected pit shells using values of $1,530/oz (revenue factor 0.90) for Dish Mountain and $1,300/oz (revenue factor 0.76) for Ashashire
The cut-off grades used for Mineral Reserves reporting were informed by a $1,700/oz gold price and vary from 0.36 g/t to 0.49 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage
Bonikro Mine:
A base gold price of $2,000/oz was used for the pit optimization (revenue factor 1.00)
The cut-off grades vary from 0.46 to 0.57 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage
A base gold price of $2,300/oz was used for the Mineral Reserves for the Oumé Deposit:
Cut-off grades are considered minimum cut-off grades, calculated at 2000 US$/oz, ranging from 0.54 to 0.71 g/t across different ore types due to differences in recoveries, ore processing costs, and ore haulage
Agbaou Mine:
A base gold price of $2,300/oz was used for the pit optimization (revenue factor 1.00)
The cut-off grades vary from 0.37 to 0.48 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage.
Mineral Resources (Measured, Indicated, Inferred)
The following table sets forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Measured Mineral Resources
Indicated Mineral Resources
Total Measured and Indicated
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
49,326
1.06
1,686
158,434
1.55
7,872
207,760
1.43
9,557
Korali-Sud Mine
2,117
0.68
46
5,863
1.11
209
7,980
1.00
256
Kurmuk Project
7,748
1.45
361
64,969
1.44
3,002
72,717
1.44
3,363
Bonikro Mine*
8,099
1.13
294
31,795
1.38
1,411
39,894
1.33
1,705
Agbaou Mine*
4,665
1.29
194
7,269
1.63
382
11,934
1.50
576
Total Mineral Resources (M&I)
71,955
1.11
2,581
269,330
1.50
12,876
340,285
1.41
15,457
*Bonikro and Agbaou as of March 31, 2026
The following table sets forth the Inferred Mineral Resource estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Inferred Mineral Resources
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
45,547
1.13
1,656
Korali-Sud Mine
1,209
1.66
65
Kurmuk Project
4,988
1.35
217
Bonikro Mine*
1,659
1.65
88
Agbaou Mine*
100
2.08
7
Total Mineral Resources (Inferred)
53,503
1.18
2,033
*Bonikro and Agbaou as of March 31, 2026
Notes:
Mineral Resources are estimated in accordance with CIM Standards and NI 43-101.
Shown on a 100% basis.
Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Sadiola and Korali Sud Mineral Resource Estimates range from 0.23 to 0.58 g/t Au cut-off grade, constrained within an US$2,300/oz pit shell and depleted to December 31, 2025
For Bonikro and Hire deposits, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,300/oz gold. For the Oumé deposit, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.37 to 0.48 g/t gold and depleted to March 31, 2026.
For Agbaou Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.36 to 0.46 g/t gold and depleted to March 31, 2026.
The Kurmuk Mineral Resource Estimates range from 0.37 to 0.49 g/t Au cut-off grade and constrained within an US$2,300/oz pit shell and depleted to December 31, 2025
Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Photos accompanying this announcement are available at:
TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) — Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) is pleased to provide an update on exploration at the Kurmuk Mine in western Ethiopia, highlighting exploration progress and the expansion of the mineralized zones within this highly prospective 30 km by 50 km gold camp. As commissioning and the start of operations at its Kurmuk Mine advance, with first ore to the grinding circuit expected imminently and first gold expected shortly thereafter, the Company is now focused on extending mine life and identifying additional higher-grade ore zones.
Exploration has initially focused on extensions to the two initial open pits, Ashashire and Dish Mountain, and on advancing nearby targets that could become additional mining areas providing further operational flexibility.
The Kurmuk Mine is planned as a conventional open-pit and agitated leaching operation with a life-of-mine production of at least 240,000 gold ounces per year, averaging approximately 300,000 ounces per year in the initial four years.
Highlights(*)
Ashashire: hole ASDD227 returned 13.86 m at 10.07 g/t Au, 13.77 m at 9.15 g/t Au and 9.22 m at 8.48 g/t Au from the central core of the deposit. The deposit remains open down-dip below 425 m, and recent grades and widths support the potential to define an underground Mineral Resource.
Dish Mountain: drilling returned extensions to known lenses, including 16.1 m at 2.9 g/t Au and 14.4 m at 3.4 g/t Au in hole DMDD788. The deposit remains open laterally and down-dip beyond approximately 300 m.
Hiccup Hill: Resource modelling is progressing at Hiccup Hill, a high-grade zone located on the Tsenge Trend, and 7.5 km south of the plant. As the Kurmuk Mine initially takes advantage of higher-grade mining phases at Ashashire and Dish Mountain, thereby driving higher production in the initial years, an exploration objective has been to find and develop additional sources of higher-grade material to sustain higher production levels for longer. Hiccup Hill represents a potential source of such higher-grade material and is the most advanced among similar high-grade targets along the Tsenge Trend.
Tsenge Trend: drilling results indicate that high-grade zones appear to repeat along its 9 km long trend, with 80.09 m at 1.53 g/t Au at Kiftet (TSDD052), 10.27 m at 3.78 g/t Au at Setota (TSDD066) and 9.0 m at 4.23 g/t Au at Bumblebee (TSRC006). An initial Mineral Resource estimate for Kiftet and Hiccup Hill is expected by the first half of 2027, along with exploration activities to confirm and extend the other high-grade zones along the trend.
Regional targets: drilling at Urchin, adjacent to the Ashashire haul road, returned 3.0 m at 18.52 g/t Au demonstrating the potential in the system to produce high-grade mineralization. A field review is planned for the fourth quarter at Agu and Ahushu, neither of which has been drill-tested previously but both show strong surface mineralization and prospectivity.
___________________________ * Intercepts in this release are reported as drilled lengths at a 0.3 g/t Au cut-off. Estimated true widths vary from 60% to 95% of drilled length, except for the Dul Mountain intercepts, where estimated true widths are unknown, and as otherwise stated for the Western Prospects.
Dish Mountain and Ashashire Growth
Exploration in 2026 has delivered down-dip and strike extensions to the mineralized zones at the Dish Mountain and Ashashire open pits, confirming the potential to expand the current Proven and Probable Mineral Reserves(1) of 2.7 million ounces. Dish Mountain continues to demonstrate incremental resource growth potential, with recent drilling successfully extending known gold-bearing zones and identifying favourable geological targets. The 1,600 m by 500 m deposit remains open at depth and laterally, offering opportunities to further expand the mineralized footprint and pit limits. Ashashire continues to deliver exceptional high-grade gold results, including 13.86 m at 10.07 g/t Au, with higher-grade mineralization extending approximately 750 m along strike below the current pit extents. The deposit remains open at depth and along strike, offering significant exploration upside and strong potential for both open-pit expansions and an underground Mineral Resource. Ongoing drilling and next year’s resource update position both Dish and Ashashire as contributors to future Mineral Resource growth and value creation.
High-grade Zones along the Tsenge Trend
The 9 km Tsenge Trend, which is significantly longer in strike length than either Ashashire or Dish Mountain, is emerging as a significant growth opportunity, with multiple high-grade gold discoveries highlighting substantial resource potential (see Figure 1). As the Kurmuk Mine initially takes advantage of higher-grade mining phases at Ashashire and Dish Mountain, thereby driving higher production in the initial years, these new high-grade zones are aligned with the exploration objective of finding and developing additional sources of higher-grade material to sustain higher production levels for longer. Resource modelling is progressing at the high-grade Hiccup Hill zone, the most advanced among similar high-grade targets along the Tsenge Trend, while positive results at Kiftet, Setota and Bumblebee point to multiple high-grade zones along Tsenge, thereby providing good potential for meaningful additional upside and operational flexibility to help sustain a long-term production profile of 300,000 ounces per year. An initial Mineral Resource estimate for Kiftet and Hiccup Hill is expected by the first half of 2027, along with exploration activities to confirm and extend the other high-grade zones along the trend.
Figure 1: Kurmuk Plan Map
Regional Exploration
During 2026, the Company began advancing work at regional targets at its Kurmuk Mine, obtaining encouraging high-grade results at Urchin and the Western Prospects, while other large, underexplored gold anomalies at Agu, Ahushu and Dul Mountain are planned to be advanced progressively starting in late 2026. Allied believes these targets are highly prospective, and the upcoming work provides opportunities to potentially define material new deposits within trucking distance to the processing plant, expanding the resource base which could potentially support additional mill feed; extend mine life; and support long-term strategic production targets.
Outlook
The focus for exploration at the Kurmuk Mine is evolving from deposit-scale zone definition and extension to nearby priority targets such as Tsenge, which are demonstrating near-term, higher-grade resource discovery potential. Going forward, exploration will continue to prioritize these near-term opportunities with increasing sequential focus on new targets, including Agu, Ahushu and Dul Mountain, along with continued evaluation of Urchin and Western Prospects. While advancing these exploration targets, initial drill target development data will be collected over the new Azali and Agazen targets located in the southern and northern portions of the property (see Figure 10 for location), respectively, and over the eastern half of the property, where limited exploration has been carried out.
Technical Discussion
Since October 2025, 149 holes totalling 28,003 m of drilling have been completed, with a focus on extending known zones at depth and along strike and on exploring new targets. Results are presented below for Dish Mountain and Ashashire, the Tsenge Trend and the regional targets shown in Figure 1.
Dish Mountain and Ashashire Extensions
At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized systems remaining open supporting the potential to expand the current pit limits and define an underground resource, particularly at Ashashire. Drilling continues at the south end of Ashashire and, at Dish Mountain, along the southwest side of the deposit and at deposit-proximal targets.
Dish Mountain
Dish Mountain is a 1,600 m by 500 m, multi-lens deposit that remains open down-dip beyond approximately 300 m and laterally.
Drilling in 2026 returned extensions to known lenses and provided insight into which geological units are preferential hosts for gold mineralization.
Incremental additions to current Mineral Resources are expected. Figure 2 shows the recent intercepts at Dish Mountain and its simplified geology, and Figure 3 shows a reference section.
Selected new drill highlights are presented in the table below.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Dish Mountain
DMDD788
265.8
280.3
14.4
3.4
Dish Mountain
DMDD788
195.6
211.7
16.1
2.9
Dish Mountain
DMDD779
44.72
52.75
8.03
5.4
Dish Mountain
DMDD778
235.0
245.8
10.8
3.1
Dish Mountain
DMDD788
126.6
145.4
18.8
1.5
Dish Mountain
DMDD780
140.4
146.6
6.23
4.5
Dish Mountain
DMDD777
316.3
326.0
9.69
2.5
Figure 2: Dish Mountain Geology and 2026 Drilling
Figure 3: Dish Mountain Reference Section
Ashashire
Ashashire is a 1,300 m by up to 170 m wide collection of mineralized lenses that remains open down-dip below 425 m depth and, to a lesser extent, along strike. To date, Ashashire has returned more higher-grade intercepts than the other exploration targets on the property.
Hole ASDD227 returned three exceptional intercepts from the central core of the deposit: 13.86 m at 10.07 g/t Au, 13.77 m at 9.15 g/t Au and 9.22 m at 8.48 g/t Au. Adjacent holes suggest that higher gold grades can be traced for approximately 750 m along strike (Figures 4 and 5).
The grades and widths returned support the potential to define pit expansions or an underground Mineral Resource.
Flat-plunging hydrothermal breccias that contain higher-than-average gold grades have been modelled. Locally strong potassic alteration and elevated levels of tellurium, silver and molybdenum are noted, suggesting a potential magmatic source for the gold mineralization and a style of mineralization that has not previously been explored or recognized at Kurmuk.
Recent holes targeting the depth extent of the deposit intersected mineralization where expected, with an updated Mineral Resource expected in 2027. Current holes are testing for extensions of the deposit to the south. A summary of recent drill composite highlights is presented in the table below.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ashashire
ASDD227
379.00
392.86
13.86
10.07
Ashashire
ASDD227
395.00
408.77
13.77
9.15
Ashashire
ASDD227
323.07
332.29
9.22
8.48
Ashashire
ASDD248
406.13
421.33
15.20
4.58
Ashashire
ASDD228
315.40
327.94
12.54
4.40
Ashashire
ASDD231
282.45
287.53
5.08
9.78
Ashashire
ASDD231
237.60
261.35
23.75
1.82
Ashashire
ASDD245
301.73
308.76
7.03
5.74
Ashashire
ASDD244
254.72
264.46
9.74
4.04
Ashashire
ASDD236
294.30
298.83
4.53
8.48
Ashashire
ASDD232
402.09
405.00
2.91
12.28
Ashashire
ASDD235
324.81
333.83
9.02
3.89
Ashashire
ASDD245
386.65
398.70
12.05
2.83
Figure 4: Ashashire Plan View, Recent Results
Figure 5: Ashashire Cross-section
Tsenge Trend – High-Grade Zones Being Defined
The Tsenge Trend is a 9 km long gold-in-soil anomaly (Figure 6). Drilling and modelling to date indicate that high-grade zones appear to repeat along the trend. Hiccup Hill, at the south end of the trend, is the most advanced of these zones, with additional strong mineralization identified immediately to the north at Kiftet and Setota and, most recently, at Bumblebee.
Figure 6: Tsenge Trend, Southern Half, Drill and Trench Highlights
Hiccup Hill: Resource modelling is progressing at the high-grade Hiccup Hill area, which is located 7.5 km south of the plant. Recent intercepts include 6.8 m at 7.46 g/t Au (TSDD050) and 8.12 m at 4.21 g/t Au (TSDD047). Drilling continues with the goal of expanding this mineralized zone to the northeast, towards Kiftet and Setota (Figure 7).
Figure 7: Hiccup Hill, Kiftet and Setota Detail Plan Map
Kiftet: the next high-grade target identified lies immediately northeast of Hiccup Hill. Hole TSDD052 returned 80.09 m at 1.53 g/t Au, 27.60 m at 1.32 g/t Au and 6.72 m at 6.75 g/t Au (Figure 8). Five more holes, with a sixth in progress, have been drilled to define the strike and up-dip extent of this zone. The higher-grade portion of this zone has a strike length of up to 120 m with the zone traceable for approximately 300 m. A Mineral Resource for Kiftet and Hiccup Hill is expected to be completed by the first half of 2027.
Figure 8: Kiftet Zone Summary Section
Setota: a new, high-grade zone of mineralization was intersected in hole TSDD066, which returned 40.50 m at 1.17 g/t Au, 10.27 m at 3.78 g/t Au and 1.28 m at 69.77 g/t Au (Figure 9). The mineralization style in this hole is similar to that observed at Kiftet, although the relationship between the two zones remains to be determined. This hole was an 80 m southwest step-up from a previously reported intercept of 10.49 m at 1.85 g/t Au. Setota is an approximately 500 m long zone with locally higher grades and greater widths.
Figure 9: Setota Summary Section
Bumblebee: a new zone of stronger gold mineralization approximately 3.5 km northeast of Hiccup Hill, where hole TSRC006 returned 9.0 m at 4.23 g/t Au. Follow-up drilling has commenced.
Ongoing work: follow-up drilling is being carried out at Setota and Bumblebee Hill. Drilling is focused both on the definition of zones of better mineralization and on continued reverse circulation step-out and infill drilling along the trend. To date, 24 RC holes have been completed, with assays presented for 13 holes. Gold mineralization was intersected in 11 of the 13 holes returned to date.
Select Tsenge Trend drill hole composites are presented in the following table.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Tsenge – Hiccup Hill
TSDD050
122.68
129.48
6.80
7.46
Tsenge – Hiccup Hill
TSDD047
186.73
194.85
8.12
4.21
Tsenge – Kiftet
TSDD052
137.26
217.35
80.09
1.53
Tsenge – Kiftet
TSDD052
240.40
268.00
27.60
1.32
Tsenge – Kiftet
TSDD052
270.08
276.80
6.72
6.75
Tsenge – Setota
TSDD066
137.10
177.60
40.50
1.17
Tsenge – Setota
TSDD066
180.73
191.00
10.27
3.78
Tsenge – Setota
TSDD066
230.29
231.57
1.28
69.77
Tsenge – Bumblebee
TSRC006
101.00
110.00
9.00
4.23
Other Targets – Regional Exploration
Exploration in 2027 will continue to expand outward from the core deposits to known targets across the property (Figures 1 and 10), with the support of an airborne magnetic survey, permission pending, planned for the fourth quarter of 2026.
Figure 10: Kurmuk Property Soil and Stream Sediment Compilation
Urchin: located 2 km west of Ashashire, adjacent to the Ashashire haul road. Prospecting, soil sampling, and trenching had outlined a 400-metre-long target that returned up to 9.0 metres at 5.29 g/t Au in trenches. A 2026 drill program of 10 shallow holes totalling 1,102 metres returned best intercepts of 3.0 m at 18.52 g/t Au and 5 m at 3.96 g/t Au from a shallow, east-dipping zone (Figure 11).
Western Prospects: three target areas located 1.5 to 3.5 km west of Dish Mountain, the longest with a soil anomaly of approximately 2.5 km. Scout drill testing at the southern portion of the three gold-mineralized trends comprised 25 holes totalling 3,005 m and returned generally narrow intercepts, with the best returning 25.0 m at 1.97 g/t Au (estimated true width 5 m, Figure 12).
Agu and Ahushu: These targets represent 1.0 km to 1.5 km scale gold-in-soil anomalies of greater than 400 ppb gold, located 4 km south and southeast of the Ashashire Deposit. Shallow portions of both targets have been exploited by artisanal miners with neither having been drill-tested. Previous grab samples returned 13.15 g/t Au at Ahushu and 3.37 g/t Au at Agu.
Dul Mountain: an open-ended gold-in-soil anomaly of greater than 100 ppb gold, measuring approximately 2.0 km by 3.0 km and centred 7 km south of the Ashashire Deposit. It has been tested by a few holes and trenches, with trench intercepts up to 18 m at 4.87 g/t Au. The anomaly covers a larger area than the combined Dish Mountain and Ashashire Deposits and is believed to be similarly prospective.
Property scale: Very anomalous Au-in-silt values, with no follow-up to date, lie in the central, south and west portions of the property (Figure 10) with essentially no work completed to date on the eastern half of the property. Follow-up to these regional scale targets will commence in 2027.
Outlook and Next Steps
Gold mineralization requiring follow-up has been intersected at all targets drilled, namely Ashashire, Dish Mountain, Tsenge, Urchin and the Western Prospects. The near-term next steps of the program are summarized below:
Scout and infill drilling along the Tsenge Trend is ongoing and likely to extend into 2027.
Core and reverse circulation drilling is being carried out to test near-surface gold-bearing zones proximal to Dish Mountain.
Drilling is being carried out along the proximal projected strike of the Ashashire trend, with a focus on untested gold-in-soil anomalies.
Induced polarization geophysical surveys capable of imaging to a depth of 400 m are scheduled to start along the Tsenge Trend and over portions of the Ashashire Deposit in late 2026. At Tsenge, the goal is to define larger, stronger zones of sulphidation and quartz veining; at Ashashire, the goal is to define the system’s extents and potentially identify extensions of the higher-grade portions.
Follow-up drilling at Urchin, and trenching and follow-up drilling at the Western Prospects, are proposed for 2027.
Exploration, including drill testing, is expected to be initiated at Agu and Ahushu in 2027, following an initial field review planned for October 2026.
The results to date and near-term planned activities demonstrate progress toward the Company’s five-year exploration objectives for Kurmuk outlined in its November 2025 exploration update, including its objective of growing Mineral Resources to more than 5 Moz. The Company also continues to focus on identifying and developing higher-grade ore sources to increase operational flexibility, sustain higher production levels for longer and support its objective of extending mine life beyond 15 years.
Detailed Drill and Target Data
Detailed exploration results can be found via the following links.
All scientific and technical information in this press release has been reviewed and approved by Don Dudek, P.Geo., Chief Exploration Officer, who is a Qualified Person as defined under National Instrument 43-101.
End Notes
(1)
See Allied Gold’s Mineral Reserve and Mineral Resource estimates and accompanying notes at the end of this press release.
Sampling and QA/QC Procedures
All exploration work at Kurmuk follows industry-standard sampling, assay, and QA/QC protocols. RC samples are collected at one-metre intervals and split using a 75:25 riffle splitter. Diamond core is cut in half and sampled systematically. Quality control samples (certified reference materials, blanks, and field duplicates) are inserted at a ratio of 1:20. A significant amount of the assay sample preparation is carried out at site with overflow samples directed to an ALS sample prep site in Addis Ababa. Samples are ground to 85% passing 75 µm. Re-assays, of an entire batch of 10 to 20 samples, are required when standards return >3SD outside of the expected results and if blanks contain >10x the detection limit.
All assays are performed externally at ALS using a 50 g fire assay. Laboratories are audited annually and maintain high standards of analytical accuracy. Data management and validation are maintained through the Company’s Fusion database platform.
Historic Dul Mountain trenching and drilling were carried out by Golden Star. Golden Star’s work was carried out in the early to mid-1990s, and while referenced in this release, Allied has not validated the assay results, which are only presented herein as added support for the prospectivity of the target. Trenching and drilling carried out over the Western Prospects were completed by AME, and, as with the Golden Star assay results, Allied has not validated these results.
About Allied Gold Corporation
Allied is a Canadian-based gold producer with a significant growth profile and mineral endowment, operating a portfolio of three producing assets and development projects located in Côte d’Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and a proven track record of creating value, Allied is progressing through exploration, construction, and operational enhancements to become a mid-tier, next-generation gold producer in Africa, and ultimately, a leading senior global gold producer.
For further information, please contact:
Allied Gold Corporation Royal Bank Plaza, North Tower 200 Bay Street, Suite 2200, Toronto, ON M5J 2J3 Canada Email: ir@alliedgold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking information” including “future oriented financial information” under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to:
the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met;
the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in Africa;
the Company’s expectations relating to the performance of its mineral properties;
the estimation of Mineral Reserves and Mineral Resources;
the timing and amount of estimated future production;
the estimation of the life of mine of the Company’s projects;
the timing and amount of estimated future capital and operating costs;
the costs and timing of exploration and development activities;
the Company’s expectations regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments;
the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits;
the Company’s community relations in the locations where it operates and the further development of the Company’s social responsibility programs;
the Company’s expectations regarding the payment of any future dividends; and
the Company’s aspirations to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.
Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber attacks; as well as those risk factors discussed or referred to herein.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This press release uses the terms “Measured”, “Indicated” and “Inferred” Mineral Resources as defined in accordance with NI 43-101. United States readers are advised that while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
NOTES ON MINERAL RESERVES AND MINERAL RESOURCES
Mineral Resources are stated effective as at December 31, 2025 and March 31, 2026, and are estimated in accordance with the 2014 CIM Standards and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are stated effective as at December 31, 2025 and March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves:
are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate;
reflect that portion of the Mineral Resources which can be economically extracted by open pit methods;
consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project;
include an allowance for mining dilution and ore loss.
Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 35% of Korali-Sud, 10.1% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete.
The Mineral Resource and Mineral Reserve estimates for each of the Company’s mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below:
Mineral Property
Qualified Person of Mineral Reserves
Qualified Person of Mineral Resources
Sadiola Mine
Esteban Chacon, Ing. Chilean Mining Commission
Alejandro Garrone, MAusIMM (CP)
Korali-Sud Mine
Esteban Chacon, Ing. Chilean Mining Commission
Alejandro Garrone, MAusIMM (CP)
Kurmuk Project
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Bonikro Mine
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Agbaou Mine
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Mineral Reserves (Proven and Probable)
The following table sets forth the Mineral Reserve estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Proven Mineral Reserves
Probable Mineral Reserves
Total Mineral Reserves
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
37,164
1.17
1,400
104,664
1.61
5,411
141,827
1.49
6,811
Korali-Sud Mine
1,658
0.68
36
1,275
1.56
64
2,933
1.06
100
Kurmuk Project
7,893
1.28
324
56,057
1.32
2,382
63,950
1.32
2,706
Bonikro Mine*
6,511
0.88
182
25,754
1.32
1,095
32,266
1.23
1,278
Agbaou Mine*
3,046
1.12
110
6,904
1.34
297
9,950
1.27
407
Total Mineral Reserves
56,272
1.13
2,052
194,654
1.48
9,249
250,926
1.40
11,302
*Bonikro and Agbaou as of March 31, 2026
Notes:
Mineral Reserves are stated effective as at December 31, 2025 or March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101.
Shown on a 100% basis.
Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods.
Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Sadiola Mine:
A base gold price of $2,000/oz was used for the pit optimization, with the selected pit shells using values of $2,000/oz (revenue factor 1.0 for all oxides, north and satellite pits) and $1,700/oz (revenue factor 0.85) for the Sadiola Main fresh rock zone
The cut-off grades used for Mineral Reserves reporting were informed by a $2,000/oz gold price and vary from 0.26 g/t to 0.69 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage
Kurmuk Project:
A base gold price of $1,700/oz was used for the pit optimization, with the selected pit shells using values of $1,530/oz (revenue factor 0.90) for Dish Mountain and $1,300/oz (revenue factor 0.76) for Ashashire
The cut-off grades used for Mineral Reserves reporting were informed by a $1,700/oz gold price and vary from 0.36 g/t to 0.49 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage
Bonikro Mine:
A base gold price of $2,000/oz was used for the pit optimization (revenue factor 1.00)
The cut-off grades vary from 0.46 to 0.57 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage
A base gold price of $2,300/oz was used for the Mineral Reserves for the Oumé Deposit:
Cut-off grades are considered minimum cut-off grades, calculated at 2000 US$/oz, ranging from 0.54 to 0.71 g/t across different ore types due to differences in recoveries, ore processing costs, and ore haulage
Agbaou Mine:
A base gold price of $2,300/oz was used for the pit optimization (revenue factor 1.00)
The cut-off grades vary from 0.37 to 0.48 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage.
Mineral Resources (Measured, Indicated, Inferred)
The following table sets forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Measured Mineral Resources
Indicated Mineral Resources
Total Measured and Indicated
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
49,326
1.06
1,686
158,434
1.55
7,872
207,760
1.43
9,557
Korali-Sud Mine
2,117
0.68
46
5,863
1.11
209
7,980
1.00
256
Kurmuk Project
7,748
1.45
361
64,969
1.44
3,002
72,717
1.44
3,363
Bonikro Mine*
8,099
1.13
294
31,795
1.38
1,411
39,894
1.33
1,705
Agbaou Mine*
4,665
1.29
194
7,269
1.63
382
11,934
1.50
576
Total Mineral Resources (M&I)
71,955
1.11
2,581
269,330
1.50
12,876
340,285
1.41
15,457
*Bonikro and Agbaou as of March 31, 2026
The following table sets forth the Inferred Mineral Resource estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Inferred Mineral Resources
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
45,547
1.13
1,656
Korali-Sud Mine
1,209
1.66
65
Kurmuk Project
4,988
1.35
217
Bonikro Mine*
1,659
1.65
88
Agbaou Mine*
100
2.08
7
Total Mineral Resources (Inferred)
53,503
1.18
2,033
*Bonikro and Agbaou as of March 31, 2026
Notes:
Mineral Resources are estimated in accordance with CIM Standards and NI 43-101.
Shown on a 100% basis.
Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Sadiola and Korali Sud Mineral Resource Estimates range from 0.23 to 0.58 g/t Au cut-off grade, constrained within an US$2,300/oz pit shell and depleted to December 31, 2025
For Bonikro and Hire deposits, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,300/oz gold. For the Oumé deposit, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.37 to 0.48 g/t gold and depleted to March 31, 2026.
For Agbaou Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.36 to 0.46 g/t gold and depleted to March 31, 2026.
The Kurmuk Mineral Resource Estimates range from 0.37 to 0.49 g/t Au cut-off grade and constrained within an US$2,300/oz pit shell and depleted to December 31, 2025
Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Photos accompanying this announcement are available at:
TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) — Allied Gold Corporation (TSX: AAUC, NYSE: AAUC) (“Allied” or the “Company”) is pleased to provide an update on exploration at the Kurmuk Mine in western Ethiopia, highlighting exploration progress and the expansion of the mineralized zones within this highly prospective 30 km by 50 km gold camp. As commissioning and the start of operations at its Kurmuk Mine advance, with first ore to the grinding circuit expected imminently and first gold expected shortly thereafter, the Company is now focused on extending mine life and identifying additional higher-grade ore zones.
Exploration has initially focused on extensions to the two initial open pits, Ashashire and Dish Mountain, and on advancing nearby targets that could become additional mining areas providing further operational flexibility.
The Kurmuk Mine is planned as a conventional open-pit and agitated leaching operation with a life-of-mine production of at least 240,000 gold ounces per year, averaging approximately 300,000 ounces per year in the initial four years.
Highlights(*)
Ashashire: hole ASDD227 returned 13.86 m at 10.07 g/t Au, 13.77 m at 9.15 g/t Au and 9.22 m at 8.48 g/t Au from the central core of the deposit. The deposit remains open down-dip below 425 m, and recent grades and widths support the potential to define an underground Mineral Resource.
Dish Mountain: drilling returned extensions to known lenses, including 16.1 m at 2.9 g/t Au and 14.4 m at 3.4 g/t Au in hole DMDD788. The deposit remains open laterally and down-dip beyond approximately 300 m.
Hiccup Hill: Resource modelling is progressing at Hiccup Hill, a high-grade zone located on the Tsenge Trend, and 7.5 km south of the plant. As the Kurmuk Mine initially takes advantage of higher-grade mining phases at Ashashire and Dish Mountain, thereby driving higher production in the initial years, an exploration objective has been to find and develop additional sources of higher-grade material to sustain higher production levels for longer. Hiccup Hill represents a potential source of such higher-grade material and is the most advanced among similar high-grade targets along the Tsenge Trend.
Tsenge Trend: drilling results indicate that high-grade zones appear to repeat along its 9 km long trend, with 80.09 m at 1.53 g/t Au at Kiftet (TSDD052), 10.27 m at 3.78 g/t Au at Setota (TSDD066) and 9.0 m at 4.23 g/t Au at Bumblebee (TSRC006). An initial Mineral Resource estimate for Kiftet and Hiccup Hill is expected by the first half of 2027, along with exploration activities to confirm and extend the other high-grade zones along the trend.
Regional targets: drilling at Urchin, adjacent to the Ashashire haul road, returned 3.0 m at 18.52 g/t Au demonstrating the potential in the system to produce high-grade mineralization. A field review is planned for the fourth quarter at Agu and Ahushu, neither of which has been drill-tested previously but both show strong surface mineralization and prospectivity.
___________________________ * Intercepts in this release are reported as drilled lengths at a 0.3 g/t Au cut-off. Estimated true widths vary from 60% to 95% of drilled length, except for the Dul Mountain intercepts, where estimated true widths are unknown, and as otherwise stated for the Western Prospects.
Dish Mountain and Ashashire Growth
Exploration in 2026 has delivered down-dip and strike extensions to the mineralized zones at the Dish Mountain and Ashashire open pits, confirming the potential to expand the current Proven and Probable Mineral Reserves(1) of 2.7 million ounces. Dish Mountain continues to demonstrate incremental resource growth potential, with recent drilling successfully extending known gold-bearing zones and identifying favourable geological targets. The 1,600 m by 500 m deposit remains open at depth and laterally, offering opportunities to further expand the mineralized footprint and pit limits. Ashashire continues to deliver exceptional high-grade gold results, including 13.86 m at 10.07 g/t Au, with higher-grade mineralization extending approximately 750 m along strike below the current pit extents. The deposit remains open at depth and along strike, offering significant exploration upside and strong potential for both open-pit expansions and an underground Mineral Resource. Ongoing drilling and next year’s resource update position both Dish and Ashashire as contributors to future Mineral Resource growth and value creation.
High-grade Zones along the Tsenge Trend
The 9 km Tsenge Trend, which is significantly longer in strike length than either Ashashire or Dish Mountain, is emerging as a significant growth opportunity, with multiple high-grade gold discoveries highlighting substantial resource potential (see Figure 1). As the Kurmuk Mine initially takes advantage of higher-grade mining phases at Ashashire and Dish Mountain, thereby driving higher production in the initial years, these new high-grade zones are aligned with the exploration objective of finding and developing additional sources of higher-grade material to sustain higher production levels for longer. Resource modelling is progressing at the high-grade Hiccup Hill zone, the most advanced among similar high-grade targets along the Tsenge Trend, while positive results at Kiftet, Setota and Bumblebee point to multiple high-grade zones along Tsenge, thereby providing good potential for meaningful additional upside and operational flexibility to help sustain a long-term production profile of 300,000 ounces per year. An initial Mineral Resource estimate for Kiftet and Hiccup Hill is expected by the first half of 2027, along with exploration activities to confirm and extend the other high-grade zones along the trend.
Figure 1: Kurmuk Plan Map
Regional Exploration
During 2026, the Company began advancing work at regional targets at its Kurmuk Mine, obtaining encouraging high-grade results at Urchin and the Western Prospects, while other large, underexplored gold anomalies at Agu, Ahushu and Dul Mountain are planned to be advanced progressively starting in late 2026. Allied believes these targets are highly prospective, and the upcoming work provides opportunities to potentially define material new deposits within trucking distance to the processing plant, expanding the resource base which could potentially support additional mill feed; extend mine life; and support long-term strategic production targets.
Outlook
The focus for exploration at the Kurmuk Mine is evolving from deposit-scale zone definition and extension to nearby priority targets such as Tsenge, which are demonstrating near-term, higher-grade resource discovery potential. Going forward, exploration will continue to prioritize these near-term opportunities with increasing sequential focus on new targets, including Agu, Ahushu and Dul Mountain, along with continued evaluation of Urchin and Western Prospects. While advancing these exploration targets, initial drill target development data will be collected over the new Azali and Agazen targets located in the southern and northern portions of the property (see Figure 10 for location), respectively, and over the eastern half of the property, where limited exploration has been carried out.
Technical Discussion
Since October 2025, 149 holes totalling 28,003 m of drilling have been completed, with a focus on extending known zones at depth and along strike and on exploring new targets. Results are presented below for Dish Mountain and Ashashire, the Tsenge Trend and the regional targets shown in Figure 1.
Dish Mountain and Ashashire Extensions
At both Dish Mountain and Ashashire, drilling continues to intersect lateral and vertical extensions of the deposits, with the limits of the mineralized systems remaining open supporting the potential to expand the current pit limits and define an underground resource, particularly at Ashashire. Drilling continues at the south end of Ashashire and, at Dish Mountain, along the southwest side of the deposit and at deposit-proximal targets.
Dish Mountain
Dish Mountain is a 1,600 m by 500 m, multi-lens deposit that remains open down-dip beyond approximately 300 m and laterally.
Drilling in 2026 returned extensions to known lenses and provided insight into which geological units are preferential hosts for gold mineralization.
Incremental additions to current Mineral Resources are expected. Figure 2 shows the recent intercepts at Dish Mountain and its simplified geology, and Figure 3 shows a reference section.
Selected new drill highlights are presented in the table below.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Dish Mountain
DMDD788
265.8
280.3
14.4
3.4
Dish Mountain
DMDD788
195.6
211.7
16.1
2.9
Dish Mountain
DMDD779
44.72
52.75
8.03
5.4
Dish Mountain
DMDD778
235.0
245.8
10.8
3.1
Dish Mountain
DMDD788
126.6
145.4
18.8
1.5
Dish Mountain
DMDD780
140.4
146.6
6.23
4.5
Dish Mountain
DMDD777
316.3
326.0
9.69
2.5
Figure 2: Dish Mountain Geology and 2026 Drilling
Figure 3: Dish Mountain Reference Section
Ashashire
Ashashire is a 1,300 m by up to 170 m wide collection of mineralized lenses that remains open down-dip below 425 m depth and, to a lesser extent, along strike. To date, Ashashire has returned more higher-grade intercepts than the other exploration targets on the property.
Hole ASDD227 returned three exceptional intercepts from the central core of the deposit: 13.86 m at 10.07 g/t Au, 13.77 m at 9.15 g/t Au and 9.22 m at 8.48 g/t Au. Adjacent holes suggest that higher gold grades can be traced for approximately 750 m along strike (Figures 4 and 5).
The grades and widths returned support the potential to define pit expansions or an underground Mineral Resource.
Flat-plunging hydrothermal breccias that contain higher-than-average gold grades have been modelled. Locally strong potassic alteration and elevated levels of tellurium, silver and molybdenum are noted, suggesting a potential magmatic source for the gold mineralization and a style of mineralization that has not previously been explored or recognized at Kurmuk.
Recent holes targeting the depth extent of the deposit intersected mineralization where expected, with an updated Mineral Resource expected in 2027. Current holes are testing for extensions of the deposit to the south. A summary of recent drill composite highlights is presented in the table below.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Ashashire
ASDD227
379.00
392.86
13.86
10.07
Ashashire
ASDD227
395.00
408.77
13.77
9.15
Ashashire
ASDD227
323.07
332.29
9.22
8.48
Ashashire
ASDD248
406.13
421.33
15.20
4.58
Ashashire
ASDD228
315.40
327.94
12.54
4.40
Ashashire
ASDD231
282.45
287.53
5.08
9.78
Ashashire
ASDD231
237.60
261.35
23.75
1.82
Ashashire
ASDD245
301.73
308.76
7.03
5.74
Ashashire
ASDD244
254.72
264.46
9.74
4.04
Ashashire
ASDD236
294.30
298.83
4.53
8.48
Ashashire
ASDD232
402.09
405.00
2.91
12.28
Ashashire
ASDD235
324.81
333.83
9.02
3.89
Ashashire
ASDD245
386.65
398.70
12.05
2.83
Figure 4: Ashashire Plan View, Recent Results
Figure 5: Ashashire Cross-section
Tsenge Trend – High-Grade Zones Being Defined
The Tsenge Trend is a 9 km long gold-in-soil anomaly (Figure 6). Drilling and modelling to date indicate that high-grade zones appear to repeat along the trend. Hiccup Hill, at the south end of the trend, is the most advanced of these zones, with additional strong mineralization identified immediately to the north at Kiftet and Setota and, most recently, at Bumblebee.
Figure 6: Tsenge Trend, Southern Half, Drill and Trench Highlights
Hiccup Hill: Resource modelling is progressing at the high-grade Hiccup Hill area, which is located 7.5 km south of the plant. Recent intercepts include 6.8 m at 7.46 g/t Au (TSDD050) and 8.12 m at 4.21 g/t Au (TSDD047). Drilling continues with the goal of expanding this mineralized zone to the northeast, towards Kiftet and Setota (Figure 7).
Figure 7: Hiccup Hill, Kiftet and Setota Detail Plan Map
Kiftet: the next high-grade target identified lies immediately northeast of Hiccup Hill. Hole TSDD052 returned 80.09 m at 1.53 g/t Au, 27.60 m at 1.32 g/t Au and 6.72 m at 6.75 g/t Au (Figure 8). Five more holes, with a sixth in progress, have been drilled to define the strike and up-dip extent of this zone. The higher-grade portion of this zone has a strike length of up to 120 m with the zone traceable for approximately 300 m. A Mineral Resource for Kiftet and Hiccup Hill is expected to be completed by the first half of 2027.
Figure 8: Kiftet Zone Summary Section
Setota: a new, high-grade zone of mineralization was intersected in hole TSDD066, which returned 40.50 m at 1.17 g/t Au, 10.27 m at 3.78 g/t Au and 1.28 m at 69.77 g/t Au (Figure 9). The mineralization style in this hole is similar to that observed at Kiftet, although the relationship between the two zones remains to be determined. This hole was an 80 m southwest step-up from a previously reported intercept of 10.49 m at 1.85 g/t Au. Setota is an approximately 500 m long zone with locally higher grades and greater widths.
Figure 9: Setota Summary Section
Bumblebee: a new zone of stronger gold mineralization approximately 3.5 km northeast of Hiccup Hill, where hole TSRC006 returned 9.0 m at 4.23 g/t Au. Follow-up drilling has commenced.
Ongoing work: follow-up drilling is being carried out at Setota and Bumblebee Hill. Drilling is focused both on the definition of zones of better mineralization and on continued reverse circulation step-out and infill drilling along the trend. To date, 24 RC holes have been completed, with assays presented for 13 holes. Gold mineralization was intersected in 11 of the 13 holes returned to date.
Select Tsenge Trend drill hole composites are presented in the following table.
Prospect
Hole ID
From (m)
To (m)
Length (m)
Au (g/t)
Tsenge – Hiccup Hill
TSDD050
122.68
129.48
6.80
7.46
Tsenge – Hiccup Hill
TSDD047
186.73
194.85
8.12
4.21
Tsenge – Kiftet
TSDD052
137.26
217.35
80.09
1.53
Tsenge – Kiftet
TSDD052
240.40
268.00
27.60
1.32
Tsenge – Kiftet
TSDD052
270.08
276.80
6.72
6.75
Tsenge – Setota
TSDD066
137.10
177.60
40.50
1.17
Tsenge – Setota
TSDD066
180.73
191.00
10.27
3.78
Tsenge – Setota
TSDD066
230.29
231.57
1.28
69.77
Tsenge – Bumblebee
TSRC006
101.00
110.00
9.00
4.23
Other Targets – Regional Exploration
Exploration in 2027 will continue to expand outward from the core deposits to known targets across the property (Figures 1 and 10), with the support of an airborne magnetic survey, permission pending, planned for the fourth quarter of 2026.
Figure 10: Kurmuk Property Soil and Stream Sediment Compilation
Urchin: located 2 km west of Ashashire, adjacent to the Ashashire haul road. Prospecting, soil sampling, and trenching had outlined a 400-metre-long target that returned up to 9.0 metres at 5.29 g/t Au in trenches. A 2026 drill program of 10 shallow holes totalling 1,102 metres returned best intercepts of 3.0 m at 18.52 g/t Au and 5 m at 3.96 g/t Au from a shallow, east-dipping zone (Figure 11).
Western Prospects: three target areas located 1.5 to 3.5 km west of Dish Mountain, the longest with a soil anomaly of approximately 2.5 km. Scout drill testing at the southern portion of the three gold-mineralized trends comprised 25 holes totalling 3,005 m and returned generally narrow intercepts, with the best returning 25.0 m at 1.97 g/t Au (estimated true width 5 m, Figure 12).
Agu and Ahushu: These targets represent 1.0 km to 1.5 km scale gold-in-soil anomalies of greater than 400 ppb gold, located 4 km south and southeast of the Ashashire Deposit. Shallow portions of both targets have been exploited by artisanal miners with neither having been drill-tested. Previous grab samples returned 13.15 g/t Au at Ahushu and 3.37 g/t Au at Agu.
Dul Mountain: an open-ended gold-in-soil anomaly of greater than 100 ppb gold, measuring approximately 2.0 km by 3.0 km and centred 7 km south of the Ashashire Deposit. It has been tested by a few holes and trenches, with trench intercepts up to 18 m at 4.87 g/t Au. The anomaly covers a larger area than the combined Dish Mountain and Ashashire Deposits and is believed to be similarly prospective.
Property scale: Very anomalous Au-in-silt values, with no follow-up to date, lie in the central, south and west portions of the property (Figure 10) with essentially no work completed to date on the eastern half of the property. Follow-up to these regional scale targets will commence in 2027.
Outlook and Next Steps
Gold mineralization requiring follow-up has been intersected at all targets drilled, namely Ashashire, Dish Mountain, Tsenge, Urchin and the Western Prospects. The near-term next steps of the program are summarized below:
Scout and infill drilling along the Tsenge Trend is ongoing and likely to extend into 2027.
Core and reverse circulation drilling is being carried out to test near-surface gold-bearing zones proximal to Dish Mountain.
Drilling is being carried out along the proximal projected strike of the Ashashire trend, with a focus on untested gold-in-soil anomalies.
Induced polarization geophysical surveys capable of imaging to a depth of 400 m are scheduled to start along the Tsenge Trend and over portions of the Ashashire Deposit in late 2026. At Tsenge, the goal is to define larger, stronger zones of sulphidation and quartz veining; at Ashashire, the goal is to define the system’s extents and potentially identify extensions of the higher-grade portions.
Follow-up drilling at Urchin, and trenching and follow-up drilling at the Western Prospects, are proposed for 2027.
Exploration, including drill testing, is expected to be initiated at Agu and Ahushu in 2027, following an initial field review planned for October 2026.
The results to date and near-term planned activities demonstrate progress toward the Company’s five-year exploration objectives for Kurmuk outlined in its November 2025 exploration update, including its objective of growing Mineral Resources to more than 5 Moz. The Company also continues to focus on identifying and developing higher-grade ore sources to increase operational flexibility, sustain higher production levels for longer and support its objective of extending mine life beyond 15 years.
Detailed Drill and Target Data
Detailed exploration results can be found via the following links.
All scientific and technical information in this press release has been reviewed and approved by Don Dudek, P.Geo., Chief Exploration Officer, who is a Qualified Person as defined under National Instrument 43-101.
End Notes
(1)
See Allied Gold’s Mineral Reserve and Mineral Resource estimates and accompanying notes at the end of this press release.
Sampling and QA/QC Procedures
All exploration work at Kurmuk follows industry-standard sampling, assay, and QA/QC protocols. RC samples are collected at one-metre intervals and split using a 75:25 riffle splitter. Diamond core is cut in half and sampled systematically. Quality control samples (certified reference materials, blanks, and field duplicates) are inserted at a ratio of 1:20. A significant amount of the assay sample preparation is carried out at site with overflow samples directed to an ALS sample prep site in Addis Ababa. Samples are ground to 85% passing 75 µm. Re-assays, of an entire batch of 10 to 20 samples, are required when standards return >3SD outside of the expected results and if blanks contain >10x the detection limit.
All assays are performed externally at ALS using a 50 g fire assay. Laboratories are audited annually and maintain high standards of analytical accuracy. Data management and validation are maintained through the Company’s Fusion database platform.
Historic Dul Mountain trenching and drilling were carried out by Golden Star. Golden Star’s work was carried out in the early to mid-1990s, and while referenced in this release, Allied has not validated the assay results, which are only presented herein as added support for the prospectivity of the target. Trenching and drilling carried out over the Western Prospects were completed by AME, and, as with the Golden Star assay results, Allied has not validated these results.
About Allied Gold Corporation
Allied is a Canadian-based gold producer with a significant growth profile and mineral endowment, operating a portfolio of three producing assets and development projects located in Côte d’Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and a proven track record of creating value, Allied is progressing through exploration, construction, and operational enhancements to become a mid-tier, next-generation gold producer in Africa, and ultimately, a leading senior global gold producer.
For further information, please contact:
Allied Gold Corporation Royal Bank Plaza, North Tower 200 Bay Street, Suite 2200, Toronto, ON M5J 2J3 Canada Email: ir@alliedgold.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
This press release contains “forward-looking information” including “future oriented financial information” under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company’s strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as “plan”, “expect”, “budget”, “target”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or negative versions thereof, or statements that certain events or conditions “may”, “will”, “should”, “would” or “could” occur. In particular, forward-looking information included in this press release includes, without limitation, statements with respect to:
the Company’s expectations in connection with the production and exploration, development and expansion plans at the Company’s projects discussed herein being met;
the Company’s plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d’Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in Africa;
the Company’s expectations relating to the performance of its mineral properties;
the estimation of Mineral Reserves and Mineral Resources;
the timing and amount of estimated future production;
the estimation of the life of mine of the Company’s projects;
the timing and amount of estimated future capital and operating costs;
the costs and timing of exploration and development activities;
the Company’s expectations regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments;
the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits;
the Company’s community relations in the locations where it operates and the further development of the Company’s social responsibility programs;
the Company’s expectations regarding the payment of any future dividends; and
the Company’s aspirations to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer.
Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company’s dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company’s operations are subject; the Company’s ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company’s ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company’s future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company’s operations; reliance on the Company’s existing infrastructure and supply chains at the Company’s operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company’s operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company’s compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company’s ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company’s investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company’s results of operations and market price of common shares; risks associated with financial projections; force majeure events; the Company’s plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company’s dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company’s disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber attacks; as well as those risk factors discussed or referred to herein.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company’s expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company’s plans and objectives and may not be appropriate for other purposes.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES
This press release uses the terms “Measured”, “Indicated” and “Inferred” Mineral Resources as defined in accordance with NI 43-101. United States readers are advised that while such terms are recognized and required by Canadian securities laws, the United States Securities and Exchange Commission does not recognize them. Under United States standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve calculation is made. United States readers are cautioned not to assume that all or any part of the mineral deposits in these categories will ever be converted into reserves. In addition, “Inferred Resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Resource will ever be upgraded to a higher category. United States readers are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists or is economically or legally mineable.
CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES
This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the “SEC”). For example, the terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the “CIM”) – CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the “CIM Standards”). These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements.
NOTES ON MINERAL RESERVES AND MINERAL RESOURCES
Mineral Resources are stated effective as at December 31, 2025 and March 31, 2026, and are estimated in accordance with the 2014 CIM Standards and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are stated effective as at December 31, 2025 and March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves:
are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate;
reflect that portion of the Mineral Resources which can be economically extracted by open pit methods;
consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project;
include an allowance for mining dilution and ore loss.
Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 35% of Korali-Sud, 10.1% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete.
The Mineral Resource and Mineral Reserve estimates for each of the Company’s mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below:
Mineral Property
Qualified Person of Mineral Reserves
Qualified Person of Mineral Resources
Sadiola Mine
Esteban Chacon, Ing. Chilean Mining Commission
Alejandro Garrone, MAusIMM (CP)
Korali-Sud Mine
Esteban Chacon, Ing. Chilean Mining Commission
Alejandro Garrone, MAusIMM (CP)
Kurmuk Project
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Bonikro Mine
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Agbaou Mine
Esteban Chacon, Ing. Chilean Mining Commission
Chelsey Protulipac, P.Geo
Mineral Reserves (Proven and Probable)
The following table sets forth the Mineral Reserve estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Proven Mineral Reserves
Probable Mineral Reserves
Total Mineral Reserves
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
37,164
1.17
1,400
104,664
1.61
5,411
141,827
1.49
6,811
Korali-Sud Mine
1,658
0.68
36
1,275
1.56
64
2,933
1.06
100
Kurmuk Project
7,893
1.28
324
56,057
1.32
2,382
63,950
1.32
2,706
Bonikro Mine*
6,511
0.88
182
25,754
1.32
1,095
32,266
1.23
1,278
Agbaou Mine*
3,046
1.12
110
6,904
1.34
297
9,950
1.27
407
Total Mineral Reserves
56,272
1.13
2,052
194,654
1.48
9,249
250,926
1.40
11,302
*Bonikro and Agbaou as of March 31, 2026
Notes:
Mineral Reserves are stated effective as at December 31, 2025 or March 31, 2026 and estimated in accordance with CIM Standards and NI 43-101.
Shown on a 100% basis.
Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods.
Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Sadiola Mine:
A base gold price of $2,000/oz was used for the pit optimization, with the selected pit shells using values of $2,000/oz (revenue factor 1.0 for all oxides, north and satellite pits) and $1,700/oz (revenue factor 0.85) for the Sadiola Main fresh rock zone
The cut-off grades used for Mineral Reserves reporting were informed by a $2,000/oz gold price and vary from 0.26 g/t to 0.69 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage
Kurmuk Project:
A base gold price of $1,700/oz was used for the pit optimization, with the selected pit shells using values of $1,530/oz (revenue factor 0.90) for Dish Mountain and $1,300/oz (revenue factor 0.76) for Ashashire
The cut-off grades used for Mineral Reserves reporting were informed by a $1,700/oz gold price and vary from 0.36 g/t to 0.49 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage
Bonikro Mine:
A base gold price of $2,000/oz was used for the pit optimization (revenue factor 1.00)
The cut-off grades vary from 0.46 to 0.57 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage
A base gold price of $2,300/oz was used for the Mineral Reserves for the Oumé Deposit:
Cut-off grades are considered minimum cut-off grades, calculated at 2000 US$/oz, ranging from 0.54 to 0.71 g/t across different ore types due to differences in recoveries, ore processing costs, and ore haulage
Agbaou Mine:
A base gold price of $2,300/oz was used for the pit optimization (revenue factor 1.00)
The cut-off grades vary from 0.37 to 0.48 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage.
Mineral Resources (Measured, Indicated, Inferred)
The following table sets forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Measured Mineral Resources
Indicated Mineral Resources
Total Measured and Indicated
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
49,326
1.06
1,686
158,434
1.55
7,872
207,760
1.43
9,557
Korali-Sud Mine
2,117
0.68
46
5,863
1.11
209
7,980
1.00
256
Kurmuk Project
7,748
1.45
361
64,969
1.44
3,002
72,717
1.44
3,363
Bonikro Mine*
8,099
1.13
294
31,795
1.38
1,411
39,894
1.33
1,705
Agbaou Mine*
4,665
1.29
194
7,269
1.63
382
11,934
1.50
576
Total Mineral Resources (M&I)
71,955
1.11
2,581
269,330
1.50
12,876
340,285
1.41
15,457
*Bonikro and Agbaou as of March 31, 2026
The following table sets forth the Inferred Mineral Resource estimates for the Company’s mineral properties at December 31, 2025, unless otherwise noted.
Inferred Mineral Resources
Tonnes (kt)
Grade (g/t)
Content (k ounces)
Sadiola Mine
45,547
1.13
1,656
Korali-Sud Mine
1,209
1.66
65
Kurmuk Project
4,988
1.35
217
Bonikro Mine*
1,659
1.65
88
Agbaou Mine*
100
2.08
7
Total Mineral Resources (Inferred)
53,503
1.18
2,033
*Bonikro and Agbaou as of March 31, 2026
Notes:
Mineral Resources are estimated in accordance with CIM Standards and NI 43-101.
Shown on a 100% basis.
Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The Sadiola and Korali Sud Mineral Resource Estimates range from 0.23 to 0.58 g/t Au cut-off grade, constrained within an US$2,300/oz pit shell and depleted to December 31, 2025
For Bonikro and Hire deposits, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,300/oz gold. For the Oumé deposit, Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.37 to 0.48 g/t gold and depleted to March 31, 2026.
For Agbaou Mineral Resources were constrained to an optimized pit shell using a price assumption of US$2,400/oz gold. Cut-off grades varied by material type considering mining and processing costs, and open pit cut-off grades range from 0.36 to 0.46 g/t gold and depleted to March 31, 2026.
The Kurmuk Mineral Resource Estimates range from 0.37 to 0.49 g/t Au cut-off grade and constrained within an US$2,300/oz pit shell and depleted to December 31, 2025
Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023 , the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at www.sedarplus.ca.
Photos accompanying this announcement are available at:
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (the “Company” or “NowVertical“) is pleased to announce the appointment of Andre Garber as Chief Executive Officer of the Company, following his appointment as Interim Chief Executive Officer in June 2026. The Company is also pleased to announce that it engaged Clarus Securities Inc. as sole agent and bookrunner (the “Agent“), in connection with a “best efforts” brokered private placement for aggregate gross proceeds of up to $15,100,000 (the “Offering”).
After conducting an executive search and assessing Mr. Garber’s past performance and contributions as Interim Chief Executive Officer and his in depth knowledge of the Company’s business and operations having previously served as the Company’s Chief Development Officer, the board of directors of the Company determined that Mr. Garber is the right person to serve as Chief Executive Officer and is uniquely positioned to lead the Company going forward.
In addition, the Company has engaged the Agent in connection with the Offering pursuant to which the Company will offer for sale up to (i) 42,500,000 units of the Company (each, a “Unit“), at a price of $0.12 per Unit, for gross proceeds of up to $5,100,000, and (ii) 10,000 convertible debenture units of the Company (the “Convertible Debenture Units“) for gross proceeds of up to $10,000,000.
VRG Capital, a Toronto-based group of family offices, will form the lead investors in the Offering.
Elaine Kunda, Chair of NowVertical commented “When the Board considered NowVertical’s capital needs for its next stage of growth, we were focused on finding long-term investors who could bring both capital and experience. VRG Capital and its associates have a strong track record of investing in and supporting growing companies, together with the long-term perspective we were looking for. This financing gives NowVertical greater capacity to invest in the business, and we are pleased to welcome Kingsley Ward and his team as investors in the Company’s next chapter.”
“Having VRG Capital lead this financing is a tremendous vote of confidence in NowVertical and in the direction we have set. VRG’s track record of building and backing strong companies speaks for itself, and we greatly appreciate the support of our vision shown by Kingsley Ward and his experienced team. We are excited about what this transaction could unlock for the Company and its shareholders,” said Andre Garber, Chief Executive Officer of NowVertical.
“For more than forty years, VRG Capital has backed strong operators and supported them in building successful businesses. NowVertical is exactly the kind of opportunity we look for, led by exactly the kind of management team we look to back. Leading this financing reflects our confidence in Andre, his team, and their strategy. We look forward to standing behind this exceptional team for the long-term,” said Kingsley Ward of VRG Capital.
Each Unit will be comprised of one Class A Subordinate Voting Share in the capital of the Company (each, a “Common Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Unit Warrant“). Each Unit Warrant will entitle the holder to acquire one (1) Common Share at a price of $0.20 for 24 months following the Closing Date (as defined below).
Each Convertible Debenture Unit will be comprised of $1,000 principal amount of 10% senior unsecured convertible debentures (the “Convertible Debentures“) of the Company and 2,500 Common Share purchase warrants (each, a “Debenture Warrant“). The Convertible Debentures shall mature on the date that is 36 months following the Closing Date and shall be convertible into Common Shares, at the holders’ option, at a price of $0.20 per Common Share. Each Debenture Warrant will entitle the holder to acquire one (1) Common Share at a price of $0.25 for 36 months following the Closing Date. The Company shall have the right to satisfy the payment of interest payable either in cash or Common Shares at a price equal to the Market Price (as defined under the policies of the TSX Venture Exchange (the “TSXV“)) as at the date the interest becomes due and payable, or the market price of the Common Shares on any other Canadian stock exchange on which the Common Shares are principally traded, prior to maturity. The Company intends to use the net proceeds of the Offering to strengthen its balance sheet, support the execution of its growth strategy and for working capital and general corporate purposes. The Offering will be offered to purchasers in all the provinces of Canada pursuant to the prospectus exemptions available under National Instrument 45-106 – Prospectus Exemptions.
In consideration for the Agent’s services, the Company will pay to the Agent a cash commission equal to 5.0% of the gross proceeds from the sale of the Units, except for sales to purchasers on a president’s list (the “President’s List”) of up to $1,000,000 on which the Company will pay a reduced cash commission of 2.5% of the gross proceeds received from those persons on the President’s List, all of which shall be payable upon the closing of the Offering. As additional compensation, the Company will issue to the Agent non-transferable broker warrants (the “Broker Warrants”) equal to 7.0% of the number of Units sold except those sold to the President’s List, pursuant to the Offering. Each Broker Warrant shall be exercisable to acquire one Unit at a price of $0.12 per Unit for a period of 24 months from the Closing Date. The Company shall pay to the Agent a commission equal to 5.0% of the gross proceeds from the sale of the Convertible Debenture Units.
Closing of the Offering is expected to take place on or about October 15, 2026 (the “Closing Date“), and is subject to certain conditions including, but not limited to, all necessary approvals of the TSXV. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the Closing Date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. No securities may be offered or sold to, or for the account or benefit of persons in the United States or to any U.S. persons or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act, and any applicable state securities laws or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom. “United States” and “U.S. persons” shall have the meaning given to them in Regulation S under the U.S. Securities Act.
About NowVertical Group Inc.
NowVertical is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services, the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-infused first-party and third-party technologies. The Company’s scalable AI-infused delivery model enables the business to efficiently deliver data, analytics and AI solutions and services across industries and geographies.
Cautionary Statements
This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws which reflect the Company’s current expectations regarding future events. All statements in this news release that are not purely historical statements of fact are forward-looking statements, including statements with respect to the Offering, including the intended use of proceeds, the expected Closing Date, and the approval of the TSXV with respect to the Offering and the Company’s future business plans. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements in this new release are based on various assumptions, including that the TSXV will approve the Offering, assumptions with respect to the closing of the Offering and that the risk factors referred to below, collectively, do not have a material impact on the Company’s business, operations, revenues and/or results. Forward-looking statements are often, but not always, identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, but are not limited to, that the Offering will not close on the anticipated timeline or at all on the anticipated terms; delays in obtaining TSXV approval for the Offering; risks related to the global economic, market and business conditions; governmental and regulatory requirements and actions by governmental and quasi-governmental authorities; risks related to artificial intelligence (AI) and those risks discussed under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis and its other disclosure documents filed on its SEDAR+ profile at www.sedarplus.com. Forward-looking statements are provided for the purpose of providing information about management’s expectations, beliefs and plans relating to the future and are not guarantees of future performance and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
All of the forward-looking statements contained in this news release are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that the Company anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Company’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and the Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Further Information For further details about NowVertical, please visit www.nowvertical.com or contact:
NowVertical Group Inc. Andre Garber Chief Executive Officer Telephone: 647-947-0223 Email: IR@nowvertical.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (the “Company” or “NowVertical“) is pleased to announce the appointment of Andre Garber as Chief Executive Officer of the Company, following his appointment as Interim Chief Executive Officer in June 2026. The Company is also pleased to announce that it engaged Clarus Securities Inc. as sole agent and bookrunner (the “Agent“), in connection with a “best efforts” brokered private placement for aggregate gross proceeds of up to $15,100,000 (the “Offering”).
After conducting an executive search and assessing Mr. Garber’s past performance and contributions as Interim Chief Executive Officer and his in depth knowledge of the Company’s business and operations having previously served as the Company’s Chief Development Officer, the board of directors of the Company determined that Mr. Garber is the right person to serve as Chief Executive Officer and is uniquely positioned to lead the Company going forward.
In addition, the Company has engaged the Agent in connection with the Offering pursuant to which the Company will offer for sale up to (i) 42,500,000 units of the Company (each, a “Unit“), at a price of $0.12 per Unit, for gross proceeds of up to $5,100,000, and (ii) 10,000 convertible debenture units of the Company (the “Convertible Debenture Units“) for gross proceeds of up to $10,000,000.
VRG Capital, a Toronto-based group of family offices, will form the lead investors in the Offering.
Elaine Kunda, Chair of NowVertical commented “When the Board considered NowVertical’s capital needs for its next stage of growth, we were focused on finding long-term investors who could bring both capital and experience. VRG Capital and its associates have a strong track record of investing in and supporting growing companies, together with the long-term perspective we were looking for. This financing gives NowVertical greater capacity to invest in the business, and we are pleased to welcome Kingsley Ward and his team as investors in the Company’s next chapter.”
“Having VRG Capital lead this financing is a tremendous vote of confidence in NowVertical and in the direction we have set. VRG’s track record of building and backing strong companies speaks for itself, and we greatly appreciate the support of our vision shown by Kingsley Ward and his experienced team. We are excited about what this transaction could unlock for the Company and its shareholders,” said Andre Garber, Chief Executive Officer of NowVertical.
“For more than forty years, VRG Capital has backed strong operators and supported them in building successful businesses. NowVertical is exactly the kind of opportunity we look for, led by exactly the kind of management team we look to back. Leading this financing reflects our confidence in Andre, his team, and their strategy. We look forward to standing behind this exceptional team for the long-term,” said Kingsley Ward of VRG Capital.
Each Unit will be comprised of one Class A Subordinate Voting Share in the capital of the Company (each, a “Common Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Unit Warrant“). Each Unit Warrant will entitle the holder to acquire one (1) Common Share at a price of $0.20 for 24 months following the Closing Date (as defined below).
Each Convertible Debenture Unit will be comprised of $1,000 principal amount of 10% senior unsecured convertible debentures (the “Convertible Debentures“) of the Company and 2,500 Common Share purchase warrants (each, a “Debenture Warrant“). The Convertible Debentures shall mature on the date that is 36 months following the Closing Date and shall be convertible into Common Shares, at the holders’ option, at a price of $0.20 per Common Share. Each Debenture Warrant will entitle the holder to acquire one (1) Common Share at a price of $0.25 for 36 months following the Closing Date. The Company shall have the right to satisfy the payment of interest payable either in cash or Common Shares at a price equal to the Market Price (as defined under the policies of the TSX Venture Exchange (the “TSXV“)) as at the date the interest becomes due and payable, or the market price of the Common Shares on any other Canadian stock exchange on which the Common Shares are principally traded, prior to maturity. The Company intends to use the net proceeds of the Offering to strengthen its balance sheet, support the execution of its growth strategy and for working capital and general corporate purposes. The Offering will be offered to purchasers in all the provinces of Canada pursuant to the prospectus exemptions available under National Instrument 45-106 – Prospectus Exemptions.
In consideration for the Agent’s services, the Company will pay to the Agent a cash commission equal to 5.0% of the gross proceeds from the sale of the Units, except for sales to purchasers on a president’s list (the “President’s List”) of up to $1,000,000 on which the Company will pay a reduced cash commission of 2.5% of the gross proceeds received from those persons on the President’s List, all of which shall be payable upon the closing of the Offering. As additional compensation, the Company will issue to the Agent non-transferable broker warrants (the “Broker Warrants”) equal to 7.0% of the number of Units sold except those sold to the President’s List, pursuant to the Offering. Each Broker Warrant shall be exercisable to acquire one Unit at a price of $0.12 per Unit for a period of 24 months from the Closing Date. The Company shall pay to the Agent a commission equal to 5.0% of the gross proceeds from the sale of the Convertible Debenture Units.
Closing of the Offering is expected to take place on or about October 15, 2026 (the “Closing Date“), and is subject to certain conditions including, but not limited to, all necessary approvals of the TSXV. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the Closing Date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. No securities may be offered or sold to, or for the account or benefit of persons in the United States or to any U.S. persons or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act, and any applicable state securities laws or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom. “United States” and “U.S. persons” shall have the meaning given to them in Regulation S under the U.S. Securities Act.
About NowVertical Group Inc.
NowVertical is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services, the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-infused first-party and third-party technologies. The Company’s scalable AI-infused delivery model enables the business to efficiently deliver data, analytics and AI solutions and services across industries and geographies.
Cautionary Statements
This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws which reflect the Company’s current expectations regarding future events. All statements in this news release that are not purely historical statements of fact are forward-looking statements, including statements with respect to the Offering, including the intended use of proceeds, the expected Closing Date, and the approval of the TSXV with respect to the Offering and the Company’s future business plans. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements in this new release are based on various assumptions, including that the TSXV will approve the Offering, assumptions with respect to the closing of the Offering and that the risk factors referred to below, collectively, do not have a material impact on the Company’s business, operations, revenues and/or results. Forward-looking statements are often, but not always, identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, but are not limited to, that the Offering will not close on the anticipated timeline or at all on the anticipated terms; delays in obtaining TSXV approval for the Offering; risks related to the global economic, market and business conditions; governmental and regulatory requirements and actions by governmental and quasi-governmental authorities; risks related to artificial intelligence (AI) and those risks discussed under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis and its other disclosure documents filed on its SEDAR+ profile at www.sedarplus.com. Forward-looking statements are provided for the purpose of providing information about management’s expectations, beliefs and plans relating to the future and are not guarantees of future performance and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
All of the forward-looking statements contained in this news release are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that the Company anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Company’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and the Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Further Information For further details about NowVertical, please visit www.nowvertical.com or contact:
NowVertical Group Inc. Andre Garber Chief Executive Officer Telephone: 647-947-0223 Email: IR@nowvertical.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 06, 2026 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (the “Company” or “NowVertical“) is pleased to announce the appointment of Andre Garber as Chief Executive Officer of the Company, following his appointment as Interim Chief Executive Officer in June 2026. The Company is also pleased to announce that it engaged Clarus Securities Inc. as sole agent and bookrunner (the “Agent“), in connection with a “best efforts” brokered private placement for aggregate gross proceeds of up to $15,100,000 (the “Offering”).
After conducting an executive search and assessing Mr. Garber’s past performance and contributions as Interim Chief Executive Officer and his in depth knowledge of the Company’s business and operations having previously served as the Company’s Chief Development Officer, the board of directors of the Company determined that Mr. Garber is the right person to serve as Chief Executive Officer and is uniquely positioned to lead the Company going forward.
In addition, the Company has engaged the Agent in connection with the Offering pursuant to which the Company will offer for sale up to (i) 42,500,000 units of the Company (each, a “Unit“), at a price of $0.12 per Unit, for gross proceeds of up to $5,100,000, and (ii) 10,000 convertible debenture units of the Company (the “Convertible Debenture Units“) for gross proceeds of up to $10,000,000.
VRG Capital, a Toronto-based group of family offices, will form the lead investors in the Offering.
Elaine Kunda, Chair of NowVertical commented “When the Board considered NowVertical’s capital needs for its next stage of growth, we were focused on finding long-term investors who could bring both capital and experience. VRG Capital and its associates have a strong track record of investing in and supporting growing companies, together with the long-term perspective we were looking for. This financing gives NowVertical greater capacity to invest in the business, and we are pleased to welcome Kingsley Ward and his team as investors in the Company’s next chapter.”
“Having VRG Capital lead this financing is a tremendous vote of confidence in NowVertical and in the direction we have set. VRG’s track record of building and backing strong companies speaks for itself, and we greatly appreciate the support of our vision shown by Kingsley Ward and his experienced team. We are excited about what this transaction could unlock for the Company and its shareholders,” said Andre Garber, Chief Executive Officer of NowVertical.
“For more than forty years, VRG Capital has backed strong operators and supported them in building successful businesses. NowVertical is exactly the kind of opportunity we look for, led by exactly the kind of management team we look to back. Leading this financing reflects our confidence in Andre, his team, and their strategy. We look forward to standing behind this exceptional team for the long-term,” said Kingsley Ward of VRG Capital.
Each Unit will be comprised of one Class A Subordinate Voting Share in the capital of the Company (each, a “Common Share“) and one half of one Common Share purchase warrant (each whole warrant, a “Unit Warrant“). Each Unit Warrant will entitle the holder to acquire one (1) Common Share at a price of $0.20 for 24 months following the Closing Date (as defined below).
Each Convertible Debenture Unit will be comprised of $1,000 principal amount of 10% senior unsecured convertible debentures (the “Convertible Debentures“) of the Company and 2,500 Common Share purchase warrants (each, a “Debenture Warrant“). The Convertible Debentures shall mature on the date that is 36 months following the Closing Date and shall be convertible into Common Shares, at the holders’ option, at a price of $0.20 per Common Share. Each Debenture Warrant will entitle the holder to acquire one (1) Common Share at a price of $0.25 for 36 months following the Closing Date. The Company shall have the right to satisfy the payment of interest payable either in cash or Common Shares at a price equal to the Market Price (as defined under the policies of the TSX Venture Exchange (the “TSXV“)) as at the date the interest becomes due and payable, or the market price of the Common Shares on any other Canadian stock exchange on which the Common Shares are principally traded, prior to maturity. The Company intends to use the net proceeds of the Offering to strengthen its balance sheet, support the execution of its growth strategy and for working capital and general corporate purposes. The Offering will be offered to purchasers in all the provinces of Canada pursuant to the prospectus exemptions available under National Instrument 45-106 – Prospectus Exemptions.
In consideration for the Agent’s services, the Company will pay to the Agent a cash commission equal to 5.0% of the gross proceeds from the sale of the Units, except for sales to purchasers on a president’s list (the “President’s List”) of up to $1,000,000 on which the Company will pay a reduced cash commission of 2.5% of the gross proceeds received from those persons on the President’s List, all of which shall be payable upon the closing of the Offering. As additional compensation, the Company will issue to the Agent non-transferable broker warrants (the “Broker Warrants”) equal to 7.0% of the number of Units sold except those sold to the President’s List, pursuant to the Offering. Each Broker Warrant shall be exercisable to acquire one Unit at a price of $0.12 per Unit for a period of 24 months from the Closing Date. The Company shall pay to the Agent a commission equal to 5.0% of the gross proceeds from the sale of the Convertible Debenture Units.
Closing of the Offering is expected to take place on or about October 15, 2026 (the “Closing Date“), and is subject to certain conditions including, but not limited to, all necessary approvals of the TSXV. All securities issued under the Offering will be subject to a hold period expiring four months and one day from the Closing Date.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. No securities may be offered or sold to, or for the account or benefit of persons in the United States or to any U.S. persons or in any other jurisdiction in which such offer or sale would be unlawful absent registration under the U.S. Securities Act, and any applicable state securities laws or an exemption therefrom or qualification under the securities laws of such other jurisdiction or an exemption therefrom. “United States” and “U.S. persons” shall have the meaning given to them in Regulation S under the U.S. Securities Act.
About NowVertical Group Inc.
NowVertical is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services, the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-infused first-party and third-party technologies. The Company’s scalable AI-infused delivery model enables the business to efficiently deliver data, analytics and AI solutions and services across industries and geographies.
Cautionary Statements
This news release may contain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities laws which reflect the Company’s current expectations regarding future events. All statements in this news release that are not purely historical statements of fact are forward-looking statements, including statements with respect to the Offering, including the intended use of proceeds, the expected Closing Date, and the approval of the TSXV with respect to the Offering and the Company’s future business plans. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements in this new release are based on various assumptions, including that the TSXV will approve the Offering, assumptions with respect to the closing of the Offering and that the risk factors referred to below, collectively, do not have a material impact on the Company’s business, operations, revenues and/or results. Forward-looking statements are often, but not always, identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements. Such risks include, but are not limited to, that the Offering will not close on the anticipated timeline or at all on the anticipated terms; delays in obtaining TSXV approval for the Offering; risks related to the global economic, market and business conditions; governmental and regulatory requirements and actions by governmental and quasi-governmental authorities; risks related to artificial intelligence (AI) and those risks discussed under the heading “Risks and Uncertainties” in the Company’s most recent Management’s Discussion and Analysis and its other disclosure documents filed on its SEDAR+ profile at www.sedarplus.com. Forward-looking statements are provided for the purpose of providing information about management’s expectations, beliefs and plans relating to the future and are not guarantees of future performance and undue reliance should not be placed thereon, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
All of the forward-looking statements contained in this news release are qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that the Company anticipates will be realized or, even if substantially realized, that they will have the expected consequences or effects on the Company’s business, financial condition or results of operation. Unless otherwise noted or the context otherwise indicates, the forward-looking statements contained herein are provided as of the date hereof, and the Company does not intend, and does not assume any obligation, to update the forward-looking statements except as otherwise required by applicable law.
Further Information For further details about NowVertical, please visit www.nowvertical.com or contact:
NowVertical Group Inc. Andre Garber Chief Executive Officer Telephone: 647-947-0223 Email: IR@nowvertical.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
