Allied Gold Corp

CDI Complex

Bonikro Mine

The Bonikro Mine is an operating gold mine in Côte d’Ivoire which comprises the Bonikro and Hiré mining licences, and collectively with Agbaou is managed as one business unit referred to as the Côte d’Ivoire Complex. The Bonikro mining licence contains the Bonikro pit, process plant, associated tailings and waste storage, administration, accommodation, workshops and warehouses. The Hiré mining licence contains Akissi-So, Assondji So, Chapelle, Agbalé, Assondji So West, Assondji So Marais and Assondji So South pits, waste storage and mining infrastructure, and is approximately 15 km south east of Bonikro.

Bonikro has produced over 1.51 Moz since production began in 2008. Mining is currently in progress at the Bonikro open pit and the Agbalé open pit at Hiré.

Bonikro is located 100 km by road south of the capital city of Côte d’Ivoire, Yamoussoukro, in the Gôh-Djiboua District of Côte d’Ivoire in West Africa. The commercial centre of Abidjan lies on the coast, 214 km by road a journey of about four hours. Most of the highway from Abidjan is excellent, as it is the road link to the capital at Yamoussoukro.

The majority of personnel are sourced from the local community with senior Ivorian staff typically travelling from Abidjan and expatriate staff flying in and out of Abidjan.

Bonikro has a subequatorial climate characterized by four seasons: a long rainy season from April to July; a short dry season from August to September, a short rainy season from October to November, and a long dry season from December to March. The annual average rainfall is 1,249 mm, with annual totals ranging between 900 mm to 1,600 mm. Bonikro operates year-round with limited safety-related disruptions to open pit operations during short-term, high rainfall events. Average annual temperatures range from 24 o C to 28 o C, with slightly lower temperatures recorded during the wet season. Average annual relative humidity is 82%, with average monthly relative humidity ranging between 70% to 90%.

Bonikro has been operating since 2008 and Allied acquired its interest in the operation during 2019. The Bonikro Mine comprises two mining licences:

•The Bonikro Licence (PE32) encompasses an area of 37.12 km 2, is due for renewal on January 15, 2025 and is held by Bonikro Gold Mine SA (“BGM”), of which Allied owns 89.89%.

•The Hiré Licence (PE44) encompasses an area of 195.5 km 2, is due for renewal on December 17, 2029 and is held by Hiré Gold Mine SA (“HGM”), of which Allied owns 89.80%.

The government of Côte d’Ivoire holds a 10% shareholding in each of BGM and HGM, with a local minority shareholder owning 0.11% of BGM and 0.20% of HGM.

Exploration is ongoing on the Dougbafla (Oumé) exploration licences (PR843 and PR847) which are 100% owned by Allied’s subsidiary, Afrique Gold Exploration SARL. PR843 was renewed on June 10, 2025. PR847 is in the process of being renewed and is still valid according to the Mining Code. A technical study is in progress as for advancing the Oumé Deposits (Dougbafla West, Central and North) towards production.

The surface rights for mining of the Oumé Deposit still need to be purchased.

Economic development parameters are governed by Mining Conventions for the Bonikro and Hiré exploitation permits which are valid until May 2, 2027 and April 6, 2028, respectively. The government revenue royalty orad valorem tax percentage in Côte d’Ivoire is based on a sliding scale dependent on the gold price and is applied on the net revenue from mine sales less deduction of transport costs (free on board) and refining costs (e.g. 4% at $1600/oz and 5% at $2000/oz).

HGM has a royalty agreement with Gold Mining Consulting International Corp for gold production from the Hiré mining licence at 1% of the gross smelter return.

A net smelter return royalty is paid to a joint venture of Elemental Altus Royalties and AlphaStream Capital. The royalty rate is variable based on gold price and is 4.5% when prices are at or above $1,450/oz. The royalty is applicable only to the specifically defined Pushback 5 pit and is capped 560,000 oz. The royalty was originally granted to Newcrest Mining as part of the acquisition cost of the mine prior to Allied ownership.

The Bonikro Stream was put in place in 2019, which applies to the gold production from the Bonikro and Hiré licences, including any future production from the Dougbafla exploration licence. For the first 650 koz of gold production, 6% will be purchased at $400/oz, which reduces to 3.5% for the next 650 koz of gold and 2% thereafter. At December 31, 2025, 585 koz of gold had been produced while the Bonikro Stream has been in place.

History

The Bonikro Mine has produced over 1.5 Moz since start up in 2008, at an average production of 100 koz/y.

Gold mineralization in the general area was historically exploited by artisanal miners. Exploration was intermittently conducted in the greater Hiré and Bonikro area by French, British and Canadian interests since the 1970s and by BHP Minerals from 1988 to 1994. In August 1996, Equigold NL (“Equigold”) carried out a series of soil geochemistry and drilling programs which outlined numerous gold targets, most notably at Bonikro and Dougbafla. Tenure was subsequently secured over Hiré in 1999.

In 2006, Equigold completed a feasibility study on the Bonikro gold deposit. Construction of the mine commenced in May 2007 with the first gold poured on 6 October 2008 following commissioning of the 2.0 Mt/y processing facility. Equigold merged with Lihir Gold Ltd in 2008 and Lihir Gold Ltd was acquired by Newcrest Mining Ltd in September 2010.

Debottlenecking and minor upgrades progressively increased the plant capacity to 2.5 Mt/y. Mine production at Hiré commenced in 2015. In 2017, Newcrest Mining Ltd sold its 89.9% stake in the project to Forbes & Manhattan of Canada, who in turn sold 52% of its interest in the project to Allied in May 2019 and the remaining 48% interest in September 2019.

The deposits that comprise the Bonikro Mine complex lie within the Birimian Baoulé-Mossi Domain, associated with the Oumé-Féttékro greenstone belt. The greenstone belt extends approximately 300 km along strike, parallel to the north-northeast trending regional structural grain. The southern part of the greenstone belt hosts the Bonikro, Hiré, Agbaou and Dougbafla gold deposits.

The Bonikro Deposit gold mineralization occurs as gold-bearing sheeted quartz veins within the faulted Bonikro porphyritic granodiorite intrusion. The intrusion is intersected by a northeast striking shear

zone. The gold mineralization shares several characteristics with intrusion-related gold deposits, but this has likely been overprinted by orogenic-style gold mineralization related to regional structure reactivation. Gold mineralization tends to concentrate along younger faults that locally displace the contacts of the intrusion and within the intrusion. Molybdenum is a common occurrence in the quartz veins.

The Hiré mineralization occurs as multiple brittle structures within a much older granitoid, the Kan River Gneiss. The gold mineralized structures at Akissi-So, Agbalé, Chapelle and Assondji-So occur as narrow tabular quartz-rich lodes muscovite-sericite-chlorite-pyrite alteration. Akissi-So is 1 km long, comprises two discrete en-echelon lodes that strike north-east and dip steeply north-west, extends down dip for 300m and has three offsetting, often gold-bearing, east-west faults along its length. Agbalé is made up of several sub-parallel brittle structures trending in a similar orientation and structural setting as Akissi-So. Chapelle comprises two groups of sub-vertical structures at an acute angle to one another, over 2 km in length and variably up to 2-8 m in width. Strike is east-west or north-north-east. Mineralization is developed along the length of the structures concentrating near and at the intersection of the structures. Assondji-So consists of an intersecting set of NNE-SSW and NE-SW fault zones that extend under the town of Hiré. Additional East-West gold-bearing structures have been delineated by 2025 drilling and are open along strike and dip.

The Oumé mineralization consists of an array of subvertical mineralized veins hosted in a meta-basaltic andesites sequence intruded by dacitic and tonalitic dykes hosted within faults and at the margins of an intrusive that rheologically focused fluid flow. Gold mineralization occurs in strongly altered steep west dipping to vertical (75°) North-East striking (030°) faults, and along the intrusive contacts of the dacitic and tonalitic dykes.

All targets in the Hiré and Bonikro licences were known resources or prospects at the time Allied took control of the exploitation leases. Allied’s exploration initially focused on near mine opportunities and is now expanding to the rest of the land package mainly east of the Chapelle zone, southeast of Assondji So and west along strike of Akissi So and east and west of the Oumé Deposit (formerly known as Dougbafla). Follow-up drilling will also be prioritized over the Ditula Prospect which is located 2 km southwest of the Hiré Mine lease and one of the better oxide gold targets on Allied's Property.

Ongoing drilling at Oumé (also known as the Dougbafla prospects) have led to a reserve of 585,000 ounces of gold in 15.05 million tonnes at a grade of 1.21 g/t. This reflects the exploration strategy to advance the conversion of Inferred Resources at Oumé to better define the mineralization controls and model. Drilling activities will continue at Oumé, including extensional drilling at Oumé North to the northeast where the deposit is still open.

These efforts are part of a broader strategy to extend the strategic mine life in Côte d'Ivoire to over 10 years, aiming for a 2 million ounce reserve that could support annual production of 180,000-200,000 gold ounces at reduced costs. To support this aim, $4.4 million is allocated for total exploration spending at Bonikro in the first half of 2026.

The Bonikro Deposit has been extensively explored, with historical drilling between 1999 and March 2020, comprising of 1,245 holes totaling 118,239 metres. Building on this dataset, Allied Gold has between 2020 and 2021 completed additional resource drilling consisting of 150 (RC) holes for 16,706 metres and 75 diamond‑drill (DD) holes totaling 17,715 metres. Four geotechnical holes have been drilled for 797 metres from December 2023 to January 2024. The use of diamond core holes allowed structural orientations to be obtained which supported and enhanced mineralization and geological interpretations.

On the Oumé license a total of 654 holes for 93,789 m have been drilled by Allied. In detail, 271 diamond holes for 55,050 m and 384 RC and RCD holes for 39,739 m have been completed.

A total 2,056 holes for 151,821 m have been drilled on the Hiré license. In detail, 210 diamond holes for 32 447m, 1 202 RC and RCD holes for 99,982 m and 645 AC/RC holes for 19,391 m have been drilled.

Dry RC sampling involves three-stage riffle splitting of the field samples which are collected over 1 m intervals. A three-stage riffle split provides a representative sample of 2.0 kg to 2.5 kg for laboratory submission and analysis. The cyclone is cleaned at the end of each rod and hole, and the splitter is thoroughly cleaned between samples. Wet samples are left until close to dry and then processed in the splitter, which is cleaned between samples. Wet RC drilling is avoided – once 3m of continuously wet drilling has been intersected the hole is abandoned and finished with a core tail.

The sampling of DD core follows the Allied protocol to preserve the orientation line on the half core that is not sampled; the same side of the core is taken for assay. Generally, 1 m samples were obtained though minimum and maximum sample intervals are 0.5 m and 1.5 m.

Samples are given sequential numbers down any given hole and placed in labelled bags. These are collected from the drill collars, with geology logs entered into the database and delivered to the laboratory.

The preparation process comprises drying, crushing and pulverizing to 85% passing 75 μm. Allied continues to use the sample preparation protocol used at Bonikro and Hiré since 1999. Sample analysis uses a 50 g fire assay with atomic absorption spectroscopy finish, with an appropriate certified reference material sample every 20 samples plus blanks and duplicates.

The laboratories used for sample analysis of the exploration drilling are independent of Allied. Grade control uses bottle roll assays at the Bonikro mill lab and these have been included in the resource, affecting the mined volume of the historic pit.

SGS Ghana Limited (“SGS”) was principally used for sample preparation and assaying up until 2002, then with Transworld Laboratories Companies Inc. used from 2002 to 2004. SGS was then re-engaged until 2013 with Bureau Veritas Laboratories in Côte d’Ivoire used from 2013 to 2019. No umpire laboratory was nominated to undertake check assays over this period.

During 2019-2020 samples were delivered to MSA Laboratories in Yamoussoukro. Preparation was via a Boyd crusher-rotary split divider combination, pulverizing the sub-sample in an LM2 pulverizer and analysis by fire assay on 50 g charges with an Atomic Absorption Spectrometry finish. From 2020, Allied changed laboratories from MSA to Bureau Veritas (ISO14001) in Abidjan. In 2023, Allied instigated the use of CRISOS photon assays on 500g charges of crushed sample at the MSA Laboratories Yamoussoukro facility. To date this has only been the case for samples from the Oumé deposit.

Umpire assays are air freighted to ALS Global (ISO17025) in Perth. Umpire samples replicate well the certified reference materials and subset of mineral resource sample values.

Allied has maintained QA/QC management of samples received from Bureau Veritas, MSA and the Bonikro mine laboratories. Database managers review all assays as they arrive from the laboratories to judge their suitability for addition to the database. After the initial validation, assay certificates are imported into the database using Fusion software. Each month, assays received are summarized in a

monthly QAQC report generated by the QAQC Manager. Assay samples are quarantined until fully vetted for QA/QC.

Seven metallurgical testwork programs have been undertaken since the Bonikro process plant was operational. The results have been used to optimize operating conditions for current and future ores.

During 2014 and 2015, recoveries of 94.5% were being achieved from Bonikro at 2.0 Mt/y and 130 µm P80 grind size. Beginning in 2017, the target grind size was increased to 190 µm to increase throughput to 2.5 Mt/y, with recoveries reducing to 87% with the Hiré ores being added to the feed.

Plant performance data was reviewed to assess the achieved recoveries and throughput for comparison with estimated parameters. The key observations are:

•Average throughput was 304 t/h, equivalent to 2.43 Mt/y.

•Grind size P80 averaged 190 µm with high variability in grind size until May 2021, when cyclone improvements were implemented.

•Gold recoveries averaged 89%, with lead nitrate added for Chapelle ores and liquid oxygen supplementing the oxygen plant since November 2021.

The Mineral Resource estimate presented herein are based on block models generated during late 2024 (Bonikro Pit) and 2025 (Hiré and Oumé deposits). The resource estimation work was completed by Ms. Chelsey Protulipac, P.Geo, as a qualified person within the meaning of NI 43-101.

The Mineral Resources have been estimated conforming with CIM Standards and are reported in accordance with NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

The Mineral Resource estimation prepared for the Bonikro Mine Complex consists of estimation of the Bonikro Pit deposit, the four Hiré Deposits (Akissi So, Agbalé, Chapelle and Assondji-So), and the Oumé deposit.

At Bonikro, a three-dimensional litho-structural model was generated in Leapfrog, considering lithology, structure, RQD, mine geology pit maps as well as a map and interpretation prepared by a consultant in 2019. The volcano-sediments (basalt dominant and metasediment dominant terranes) and granodiorite intrusion were modelled, along with faults that locally displace the granodiorite intrusion volume. The use of structural surfaces in Leapfrog, activating the modelled faults, produced a faulted intrusion framework that is a key control to the distribution of the gold mineralization.

For the Hiré deposits, the mineralization was modelled as steeply dipping tabular lodes, considering all exploration and production data, and pit mapping, where available.

At Oumé, a lithology model was developed, with emphasis on modelling the dacitic to tonalite intrusions. A complex mineralization framework was constructed using structural measurements and alteration logging, considering the constraints and orientations of the intrusion contacts.

A weathering profile covering each deposit area was modelled based on core logging and validated with field observations and checking the core photos database. For each deposit, a saprolite

(completely oxidized), a transitional unit, and the upper limit of the fresh rock surface were modelled in 3D and exported as surfaces to code the block model.

For all deposits, domain solids and flagged assay intervals were exported from Leapfrog Geo software, and Datamine Studio RM was used to prepare assay data for geostatistical analysis, construct the block model, estimate metal grades, and tabulate mineral resources. The Geostatistical Software Library (GSLib) suite of software was used for geostatistical analysis, variography, and model validation. The GEOVIA Whittle module was used to generate an optimized pit shell to constrain mineral resources.

Assays were composited to a common support of 2 meters, with typically >=97% of the assay intervals having a length <=2m. Residual lengths were distributed equally among composites within a flagged string of data. Capping was applied to composites, as required, considering probability plots, capping sensitivity analyses, and reviewing the spatial distribution of outliers. Capping was evaluated by domain, on average, at the 99th percentile and with an average metal loss of 5%. Where available, grade control data was included in the informing data, while blastholes were excluded.

A volumetric block model was established with a parent cell size of 10m x 10m x 5m, allowing minimum sub-cells of 0.5m in all directions to honour the geometries of the mineralization domains, lithology and weathering surfaces coded into the block model.

Experimental variograms, each considering only data within a unique domain, were calculated and then modelled using GSLIB suite of tools. The variogram model was used to constrain maximum search neighbourhood distances and anisotropy. Search neighbourhood parameters were established considering the data configuration, parent block, and geostatistical anisotropic ratios. A selection of search neighbourhood sensitivities were run on selected domains to ensure that the parameters were robust and suitable. Three gradually relaxed search passes were established to optimize the estimation at different data spacing configurations.

An Ordinary Kriging algorithm was used to estimate a gold value into each parent block using Datamine Studio RM. The block estimations were validated visually in 3D and on sections and plans compared to the informing data. The estimations were validated statistically by comparing the basic statistics of the naïve and de-clustered composites to that of the estimated grades, by swath analysis, and change of support checks.

Bulk density was encoded into each block, considering both the weathering profile and lithology model, based on specific gravity measurements obtained by using a standard weight in water/weight in air methodology on split drill core. An average density specific to these constraints was applied to these volumes, given the low coefficient of variation of these datasets.

The block models were validated through visual comparison of estimated grades against informing composites on plans, sections, and three-dimensional views, a statistical comparison of estimated block grades to the naïve and de-clustered capped composite population, and volume variance checks. Where available, reconciliation with production annual production data as well as statistical and visual validation against proximal blasthole data.

Mineral Resources were constrained by a topographic surface updated with December 2025 end-of-month surveys. Mineral Resource classification was based on data quality, geological confidence, drilling density, geostatistical support demonstrating continuity above cut-off grade, and is linked to estimation pass and variogram ranges.

Mineral Resources are reported within an optimized open-pit shell generated using site-specific technical and economic assumptions consistent with Mineral Reserve reporting and a gold price of US$2,300 per ounce.

For the Mineral Reserves estimates of Bonikro (and Hiré), economic parameters were provided by Allied Gold Corp., including the gold price, refining, and royalties. Operating costs were based on the current mining contract and the Budget 2025. Metallurgical recoveries were obtained from Site operations and Budget 2025. For Oumé, economic parameters included mining contract quotation and metallurgical test work completed at Bonikro where the ore is expected to be processed.

The estimates were prepared by Mr. Esteban Chacon Meynard, Chilean Accreditation Commission for Competences in Mineral Resources and Mineral Reserves, as a qualified person within the meaning of NI 43-101, in accordance with CIM Standards and CRIRSCO Standards.

The Mineral Reserve reflects the portion of the Mineral Resource which can be economically extracted by open pit methods, and considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. The Proven Mineral Reserve estimate is the economically mineable portion of the Measured Mineral Resource. The Probable Mineral Reserve is the economically mineable portion of the Indicated Mineral Resource.

Maptek Vulcan and Dassault Systems Whittle mining software were used for reserve evaluation. Based on the configuration of the mineralization, dilution was applied based on a minimum mining width according to mining parameters and then applying 1.0 meter of dilution allowance to the hanging wall and footwall of each of the mineralized domains. Mineable volumes based on this selective mining unit were created using Mineable Shape Optimizer (MSO), then used to generate a diluted sub-celled MSO model. Mineable volumes were created using Mineable Shape Optimizer (MSO), then used to generate a diluted sub-celled MSO model. Pit optimization using the MSO model was carried out using a base gold price of $2,000/oz for Bonikro and Hiré, with the selected pit shells using a revenue factor of 1.00. For Oumé, base gold price of $2300/oz was used for Oumé for pit optimization using a revenue factor of 1.00. Mineral Reserves were reported using cut-off grades informed by a $2,000/oz gold price and vary from 0.46 to 0.69 g/t gold for different ore types due to differences in recoveries, costs for ore processing, and ore haulage.

Allied is not aware of any metallurgical, geotechnical, environmental, permitting, legal, title, taxation, socio-economic, marketing, political, and other relevant issues that could impact the Mineral Resource estimate or the Mineral Reserve estimation at Bonikro. Please also refer to “Description of the Business – Risk Factors – Uncertainty in the Estimation of Mineral Reserves and Mineral Resources”.

The Bonikro, Akissi-So, Agbalé and Chapelle pits are existing operations which are mined using mechanised open pit mining method Caterpillar 6015 and 6030 excavators and Caterpillar 777 haul trucks

(90 t class). The mining operation converted from owner-operated to contract mining in July 2022. A new mining contract was signed in November 2024 with MOTA-ENGIL.

The mining operating methodology used is open cut mining on 10 m benches and flitched off at 4 m increments with a top flitch of 2 m and including the heave from blasting on waste and 2 to 2.5 m in ore.

The pit designs involve extending existing pits within stages. The Bonikro pit is being developed in three stages to provide earlier access to ore, to a final depth of 350 m.

Design pit slopes are based on geotechnical assessments by SRK, Allied and George Orr and Associates as well as historical pit slope behaviour. Haul roads widths are based on Caterpillar 777 trucks with 25 m provided for two-way ramps and 15 m for single lane ramps.

The production schedule is based on mining the Bonikro and Agbalé pits supported with supplementary feed from the Bonikro low grade stockpile. The LOM plan schedules a total material movement of 9.0 Mt of ore and 87.2 Mt of waste for 96.2 Mt total material movement. The average strip ratio (waste t:ore t) is 9.7 over the LOM. Mining continues until 2031, after which the process feed is sourced from low grade stockpiles until early 2032. Overall, the LOM schedule mines about 22 Mt/y of rock in 2026, reducing thereafter as sufficient ore is exposed to deliver 2.5 Mt/y of ore to the Bonikro mill. The processing rate is maintained at 2.5 Mt/y until early 2030 with low grade stockpiles supplementing open pit ore.

The Bonikro process plant is a conventional CIL gold plant constructed in 2008 with a nameplate capacity of 2.0 Mt/y. Debottlenecking in 2017 has resulted in an upgraded capacity to 2.5 Mt/y.

The Bonikro ore can be classed as free milling at a P80 grind size of 190 microns and a high free gold content supporting the inclusion of gravity recovery within the flowsheet. The flowsheet consists of secondary crushing, single stage semi autogenous grinding, gravity recovery, primary leach followed by CIL and pumping the tailings to the TSF. Gravity concentrate is intensively leached in a strong cyanide solution with electrowinning of gold. Loaded carbon is acid washed, eluted and regenerated with gold being electrowon prior to smelting into doré.

The Bonikro Mine has been operating since 2008 and has sufficient support infrastructure to continue to operate at the current production level.

Mine infrastructure at Bonikro comprises the main office block, administration offices, security and medical building, process plant and vehicle workshops, storerooms and an assay laboratory. Mine support facilities have also been established at Hiré to support the satellite mining operation. A 15 km haul road links Hiré to the Bonikro plant.

Power is supplied to a substation at Hiré from the national grid via a 90 kV regional power line from a hydroelectric power station at Taabo Dam, some 23 km to the east of Hiré. The Hiré substation, located adjacent to the Akissi-So Pit, has two outgoing feeders, a 90 kV supply to the Agbaou Mine to the south and a 33 kV supply line to Bonikro plan, running parallel to the Hiré-Bonikro haul road.

The existing TSF is a single cell valley-fill facility that has been in operation since 2008 and is approximately 1 km from the Bonikro process plant. The TSF is formed by the main embankment on the north side and saddle dams on the east, west and south sides. Tailings are discharged into the TSF by sub-aerial deposition methods, using a combination of spigots at regularly spaced intervals from the north, east and west embankments, forming a supernatant pond at the South Embankment. The TSF surface area is approximately 200 ha.

The unlined TSF has predominantly been built using downstream construction techniques. Knight Piesold was appointed Engineer of Record in July 2020. In 2021 Knight Piésold updated the dam break assessment which showed a dam failure consequence category of ‘HIGH C’, based on ANCOLD Consequence Category. The most recent annual audit was conducted in December 2023 by Knight Piésold with no material items identified.

A review of tailings geochemistry from the Bonikro TSF was undertaken in 2016 by Graeme Campbell and Associates and confirmed that the tailings were Non-Acid Forming. There were some elevations of molybdenum and fluoride in the decant waters, but these elevations have not been reflected in seepage water which is intercepted in trenches and pumped back to the TSF.

The Bonikro eastern waste dump will be expanded to the west and cover two of the existing water storage dams. A new dam, the Pit Diversion Dam, will be constructed to divert excess water into an adjacent drainage system. Waste geochemical testwork shows low risk of acid formation with the Bonikro waste potentially releasing molybdenum above guideline levels albeit that existing monitoring data shows that the risk is expected to be low.

Permitting and Compliance

Permits are in place for the existing operation.

Key environmental and social management plans are implemented on site, which includes environmental and social management (including monitoring), waste management, local development (developed in collaboration with local development committees (“CDLM”)), mine closure, emergency response, and stakeholder engagement. These plans are supported by various procedures which form part of the HSEC management system.

The Company has established processes for land access or acquisition, and associated compensation. Temporary access for exploration activities is addressed as and when required.

Company contributions to the CDLM are set by the respective Mining Conventions.

The capital cost estimate covers the activities required to enable Bonikro to continue at a production rate of 2.5 Mt/y until the Bonikro Mineral Reserves are depleted.

Total life of mine capital costs for the 6-year mine life are estimated at $77.1 million at ±15% accuracy. The main components of the capital costs cover $12.9 million for TSF raises, $3.9 million per year for general sustaining capital provisions and $41.0 million for mine closure and redundancy

provisions. Exploration costs are excluded from the capital cost as they are to identify future growth, and are not required to support the current Mineral Reserves and Mineral Resources.

Total operating costs for the 6-year mine life is estimated at $1,048 million to a ±15% accuracy.

Mining costs represent 45% of the operating costs and are based on the existing mining contract. Load and haul and drill and blast costs were calculated for the range of materials encountered by bench. Mining costs at $4.91/t rock are relatively high due to the deep mining stages of the Bonikro pit.

Processing costs represent 22% of the operating costs, with fixed costs at $11.5 million per year and average variable costs at $9.98/t. At the target throughput of 2.5 Mt/y, the processing costs are estimated at $15.65/t.

The LOM G&A operating cost estimates are included at $27 million/y based on historical performance, forecast manning, includes regional G&A but excludes corporate allocations.

Royalty costs represent 15% of the operating costs based on existing agreements described under “Property Description, Location and Access”:

•variable government royalty: 4.0% to 5.0% (dependent on gold price)

•Community Development royalty: 0.5%

•Newcrest Bonikro royalty: 4.5%

•Bonikro Stream: 6% at $400/oz, reducing to 3.5% at $400/oz in 2026

•Hiré royalty: 1.0%

Selling costs are estimated at $8.77/oz based on current contracts.

Drilling is ongoing at the Hiré and Oumé prospects. For Hiré, the objective is to extend known mineralization trends along strike and test for an increased inventory of oxides to be fed to Agbaou. These

targets include Chapelle East, Assondji-So, Assondji-So West and Marais and Akissi-So. For Oumé, which covers the Dougbafla claims and prospects and is near the town of Oumé, located 15 km northwest of the Bonikro process plant, exploration continues to explore for extensions to the mineralized zones to the northeast and southwest as well as to continue to upgrade Inferred Mineral Resources into Indicated Mineral Resources.

Agbaou Mine

Agbaou is located 100 km by road south of the capital Yamoussoukro, in the Gôh-Djiboua District of Côte d'Ivoire in West Africa. The commercial centre Abidjan lies on the coast 214 km by road to the southeast, which is a road journey of about four hours. A sealed highway links Abidjan to the regional capital of Divo, a distance of about 180 km. From Divo to Hiré, the 40 km, road surface has recently been upgraded and re-sealed. The area of the Agbaou Mine is 334 km 2. The Agbaou Mine is located 20 km from the Bonikro Mine. The majority of personnel are sourced from the local community with senior Ivorian staff typically travelling from Abidjan and expatriate staff flying in and out of Abidjan.

The area has a subequatorial climate characterized by four seasons: a long rainy season from April to July; a short dry season from August to September, a short rainy season from October to November, and a long dry season from December to March. The annual average rainfall is 1,196 mm, with annual totals between 900 mm to 1,600 mm. Agbaou operates year-round with limited disruption to open pit operations during short-term, high rainfall events. Average annual temperatures range from 24° to 28°C, with slightly lower temperatures recorded during the wet season. Average annual relative humidity is 82%, with average monthly humidity fluctuating between 70% and 90%.

The Agbaou Exploitation Permit (PE 37) was granted on August 1, 2012 and renewed on August 1, 2022 for 10 years by Agbaou Gold Operations SA (“AGO”). Allied owns 85% of AGO, the government of Côte d’Ivoire owns 10% while SODEMI, the State-owned mining development company, owns 5%.

The AGO Mining Convention took effect on March 13, 2013 and was valid until July 31, 2022. An updated Convention is being finalized at the time of reporting. The Ministry of Mines, Petroleum and Energy has confirmed the tax and customs benefits granted in the Convention apply while the renewal process is underway. The Company expects that the following agreed economic development parameters will be re-instated:

•The government revenue royalty orad valorem tax percentage is based on a sliding scale and is applied on the net revenue of gold sales which is 4% from $1,301 to $1,600/oz and 5% above $1,600/oz.

•A community development fund royalty of 0.5% on the net revenue of gold sales for community development projects in nearby communities.

•A 25% corporate tax rate with standard deductions, including operating expenditure, royalties, selling costs and capital costs.

A net smelter royalty is paid to Triple Flag Precious Metals Corp. The royalty rate is variable based on gold price, and is 2.5% when prices are at or above $1,400/oz. The royalty is capped at $50 million total payment. The royalty was originally granted to Endeavour as part of the acquisition cost of the mine.

The surface rights have been purchased and are sufficient for most of the proposed development and extraction of the Mineral Reserve. Costs for additional surface rights are included for waste storage and the mining of a pit stage.

History

The discovery of bedrock gold mineralization at Agbaou was made in the late 1980s. Significant exploration work was undertaken between 1994 and 2000 that included geochemical sampling, geophysics, RAB, RC and diamond drilling. Further exploration drilling programs were initiated from 2003 to 2011.

Endeavour acquired Agbaou in 2010 and commenced production in 2013 with commercial production achieved in January 2014. Allied purchased Endeavour’s interest in Agbaou on March 1, 2021. The operation has produced over 1.54 Moz of gold, at an average production rate of about 137 koz/y.

The Agbaou deposit lies within the Birimian Baoulé-Mossi Domain, associated with the Oumé-Féttékro greenstone belt. The deposit is associated with folded greenschist facies mafic meta-volcanics and sediments. Mineralization concentrates locally along the north and south limbs of thrusted fold hinges.

Gold mineralization is hosted in corridors of quartz veins that occur along two primary, elongated zones following the trace of the two thrust faults that control the distribution of the lodes. Within the lodes, a range of vein types are observed along these corridors, including breccias and boudinage, sometimes described as “mottled”, and with gold associated with sericite and carbonate alteration and varying amounts of sulfides (dominantly pyrite and pyrrhotite). Local flexures along the thrust and deformation zones are associated with higher grade mineralization.

From 2003, Etruscan Resources completed soil geochemistry and identified gold-in-soil anomalies at four targets: Agbaou, Agbaou Sud, Zeiga, Zehiri and Niafouta. Agbaou was subsequently drill tested and developed into a mining operation.

The Agbaou Deposit comprises in excess of 50 separate gold-bearing lenses that for the most part are open down dip/plunge, below the existing pits, which are commonly limited due to a dearth of deeper drilling versus the lack of deemed economic gold mineralization.

In 2025, exploration embarked on an approximately 35,000 m drill program to both convert ~200,000 ounces of Inferred Mineral Resources to Indicated Mineral Resources and extend those same zones to depth. As of year-end 2025, this program was 52% complete with an end of Q1, 2026 targeted completion date for the drilling and an end of Q2, 2026 updated resource estimate. Replacement of Mineral Resources provides an inventory for future Mineral Reserves development. Allied’s exploration is currently focused on areas in and around the Agbaou open pits to extend mineralization beneath and between the existing pits and into the surrounding property area, with the objective of further increasing mine life. In 2026, drilling is planned to test the Agbaou South Target and soil sampling is being carried out over the Agbaou West area.

A total of 1,119 holes for 159,729 m have been drilled at Agbaou by Allied. In detail 295 diamond holes for 60,300 m and 826 RC and RCD holes for 99,492 m have been drilled.

Dry RC sampling involves three-stage riffle splitting of the drill samples which are collected over 1 m intervals. A three-stage riffle split provides a representative 2.0 kg to 2.5 kg sample for laboratory submission and analysis. The cyclone is cleaned at the end of each rod and hole, and the splitter is thoroughly cleaned between samples. Wet samples are left until mostly dry and the splitter is cleaned between samples. Allied stops RC drilling upon 3 continuous metres of wet samples and the hole is tailed with core.

The sampling of DD core follows a detailed protocol to preserve the orientation line on the half core that is not sampled; the other side of the core is taken for assay. Generally, 1 m samples were obtained, although minimum and maximum sample intervals are 0.62 m and 1.2 m respectively were collected from earlier core holes.

Samples are given sequential numbers down any given hole and placed in labelled bags. These are collected from the drill site, with geology logs entered into the Fusion database. Samples are delivered to the independent Bureau Veritas laboratory in Abidjan (ISO45001).

The sample preparation process comprises drying, crushing through a Boyd jaw crusher with an RSD and pulverized to 85% passing 75 μm. Sample analysis is by a 50 g fire assay with an AAS finish. An appropriate QA/QC sample is inserted every 20 samples (standard, blank, coarse RC duplicate and a pulp duplicate).

The Bureau Veritas laboratory in Abidjan was also used by Endeavour with select samples sent to an umpire laboratory. Allied has continued to use Bureau Veritas Abidjan with umpire assays air freighted to ALS Global (ISO17025) in Perth, Australia. Umpire samples replicate well with the standards.

Several metallurgical testwork programs have been carried out on the Agbaou ores during pre-production and operations to optimize conditions. In 2022 a metallurgical testwork program was carried out to inform the LOM planning.

A review of the plant performance showed:

•Gold recoveries averaged 94% with tailings grades generally below 0.15 g/t, indicating free milling ore in oxide, transition and fresh ore types.

•Increasing proportions of fresh ore in the feed blend have had minimal impact on gold recovery.

•Fresh ores exhibit harder characteristics, requiring more milling energy and therefore throughputs decline with higher proportion of fresh ore in feed.

•Throughput rates vary between 2.6 Mt/y at 50% oxide feed to 3.3 Mt/y at 100% oxide feed.

The Mineral Resource estimate presented herein are based on block models generated in 2025. The mineralization modelling and resource estimation work was directly supervised by Ms. Chelsey Protulipac, P.Geo, as a qualified person within the meaning of NI 43-101.

The Mineral Resources have been estimated in accordance with the CIM Standards and are reported in accordance with NI 43-101. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

The Mineral Resource estimation prepared for Agbaou is comprised of discrete rotated block models for the main trend (Agbaou North and Agbaou South) and Agbaou West.

A property scale three-dimensional litho-structural model was generated in Leapfrog, largely considering regional geological mapping and limited pit maps generated by consultants. As the majority of the subsurface dataset is limited to reverse-circulation drilling with limited diamond core, the utility of the chip logs to interpret lithology and structure is relatively limited.

A weathering profile covering each deposit area was modelled based on chip logging and validated with field observations. A saprolite (completely oxidized), a transitional weathered unit consisting of pervasive iron oxide staining, poor rock quality but not completely oxidized rock, and the upper limit of the fresh rock surface were modelled in 3D and exported as surfaces to code the block model.

The domain solids and flagged assay intervals were exported from Leapfrog Geo software, and Datamine Studio RM was used to prepare assay data for geostatistical analysis, construct the block model, estimate metal grades, and tabulate mineral resources. The Geostatistical Software Library (GSLib) suite of software was used for geostatistical analysis, variography, and model validation. The GEOVIA Whittle module was used to generate an optimized pit shell to constrain mineral resources.

Assays were composited to a common support of 2 meters, with >=98% of the assay intervals having a length <=2m. Residual lengths were distributed equally among composites within a flagged string of data. Capping was applied to composites, as required, considering probability plots, capping sensitivity analyses, and reviewing the spatial distribution of outliers. Capping was evaluated by domain, on average, at the 99th percentile and with an average metal loss of 5%. Where available, grade control data was included in the informing data. Unsampled intervals were managed based on campaign.

Unsampled grade control intervals were excluded, as were intervals from non-geological holes, all other unsampled intervals had a grade of 0 applied.

A volumetric block model was established with a parent cell size of 10m x 10m x 5m, allowing minimum sub-cells of 1m in all directions to honour the geometries of the mineralization domains, lithology and weathering surfaces coded into the block model.

Experimental variograms, each considering only data within a unique domain, were calculated and then modelled using GSLIB suite of tools. The variogram model was used to constrain maximum search neighbourhood distances and anisotropy. Search neighbourhood parameters were established considering the data configuration, parent block, and geostatistical anisotropic ratios. A selection of search neighbourhood sensitivities were run on selected domains to ensure that the parameters were robust and suitable. Three gradually relaxed search passes were established to optimize the estimation at different data spacing configurations.

An Ordinary Kriging algorithm was used to estimate a gold value into each parent block using Datamine Studio RM. The block estimations were validated visually in 3D and on sections and plans compared to the informing data.

Bulk density was encoded into each block, considering both the weathering profile and lithology model, based on specific gravity measurements obtained by using a standard weight in water/weight in air methodology on split drill core. An average density specific to these constraints was applied to these volumes and validated with tonnage factors applied at the operation.

The block models were validated through visual comparison of estimated grades against informing composites on plans, sections, and three-dimensional views, a statistical comparison of estimated block grades to the naïve and de-clustered capped composite population, and volume variance checks. Additionally, the model was reconciled against the annual production mill data with excellent agreement.

Mineral Resources were constrained by a topographic surface updated with December 2025 end-of-month surveys. Mineral Resource classification was based on data quality, geological confidence, drilling density, geostatistical support demonstrating continuity above cut-off grade, and is linked to estimation pass and variogram ranges.

Mineral Resources are reported within an optimized open-pit shell generated using site-specific technical and economic assumptions consistent with Mineral Reserve reporting and a gold price of US$2,300 per ounce.

For the Mineral Reserves estimates of Agbaou, economic parameters were provided by Allied Gold Corp., including the gold price, refining, and royalties. Operating costs were based on the current mining contract and the Budget 2025. Metallurgical recoveries were obtained from Site operations and Budget 2025.

The estimates were prepared by Mr. Esteban Chacon Meynard, Chilean Accreditation Commission for Competences in Mineral Resources and Mineral Reserves, as a qualified person within the meaning of NI 43-101, in accordance with CIM Standards and CRIRSCO Standards.

The Mineral Reserve reflects the portion of the Mineral Resource which can be economically extracted by open pit methods, and considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. The Proven Mineral Reserve estimate is the economically mineable portion of the Measured Mineral Resource. The Probable Mineral Reserve is the economically mineable portion of the Indicated Mineral Resource.

For reserves evaluation, Maptek Vulcan and Dassault Systems Whittle mining software were used. Based on the configuration of the mineralization, dilution was applied based on a minimum mining width according to mining parameters and then applying 1.0 meter of dilution allowance to the hanging wall and footwall of each of the mineralized lodes. Mineable volumes based on this selective mining unit were created using Mineable Shape Optimizer (MSO), then used to generate a diluted sub-celled MSO model. Pit optimization using the MSO model was carried out using a base gold price of $2,000/oz was used for the pit optimization, with the selected pit shells using a revenue factor of 1.00. Mineral Reserves were reported using cut-off grades informed by a $2,000/oz gold price and vary from 0.43 to 0.55 g/t gold for different ore types due to differences in recoveries, costs for ore processing, and ore haulage.

Allied is not aware of any metallurgical, geotechnical, environmental, permitting, legal, title, taxation, socio-economic, marketing, political, and other relevant issues that could impact the Mineral Resource estimate or the Mineral Reserve estimation at Agbaou. Please also refer to “Description of the Business – Risk Factors – Uncertainty in the Estimation of Mineral Reserves and Mineral Resources”.

Design pit slopes are based on geotechnical assessments by Golder, SRK, Allied and George, Orr and Associates as well as historical pit slope behaviour. Haul roads widths are based on Caterpillar 777 trucks with 25 m provided for two-way ramps and 14 m for single lane ramps.

The Agbaou pits are mined using contractor Komatsu PC2000 (210 t), Caterpillar 6015 (150 t) excavators, and Caterpillar 777 (90 t) haul trucks. The mining operating methodology is open cut mining on 10 m benches and flitched off at 2.5 m increments including the heave from blasting. Waste is taken to the designated waste dumps adjacent to each of the pit stages. Later in the mine life waste stripping will use 3.3 m flitches to maximize extraction of the waste.

The production schedule is balanced to mine approximately 20.8 Mt/y of rock in 2026-2028, with mining currently forecast to be complete in 2028.

The Agbaou process plant is a conventional CIL gold plant constructed in 2013 with 2.2 Mt/y realized from the treatment of oxide ore. In 2016 a plant expansion was carried out to increase production from the harder fresh ore. From 2018 to 2021 the plant was operating at an average 2.65 Mt/y (354 t/h) on blended feed (67% oxide and 33% fresh). In 2022 the plant treated 2.56 Mt (333 t/h) on a blended feed containing 22% fresh ore. DRA have completed an optional analysis study to further milling capacity to 350 t/h with a twin-stream comminution 100 t/h capable of milling harder rock, with improved process controls, which will help to shift the SAG mill power and weight towards its high limit and maximize the SAG mill feed.

The Agbaou ore can be classed as free milling with P80 grind size of 75 microns and a high free gold content. The flowsheet consists of secondary crushing, two stage grinding, gravity recovery and CIL. Gravity concentrate is intensively leached in a strong cyanide solution with electrowinning of gold. Loaded carbon is acid washed, eluted and regenerated with gold being electrowon prior to smelting into doré.

The Agbaou Mine has been operating since 2013 and has sufficient supporting infrastructure to continue operating at the current production level. Existing infrastructure includes a water supply dam, mining services area, administration buildings, workshops, warehouses, laboratory and security.

The accommodation camp is approximately 2.7 km by road north of the process plant and has a capacity of 128 beds. The majority of the site personnel are Ivorian and live locally.

The site is connected to the Ivorian national electrical grid by a 15 km, 90 kV electrical transmission line from the Hiré substation.

Tailings Storage Facility

The TSF is a valley storage located 1 km north of the process plant site and comprises four multi-zoned earth filled embankments. The TSF has an underdrainage system and an emergency spillway on the eastern embankment.

Tailings are discharged into the TSF by sub-aerial deposition methods, using a combination of spigots at regularly spaced intervals from the south, east and west embankments, forming a supernatant pond at the north embankment. The TSF surface area is approximately 130 ha.

The unlined TSF has been built using downstream construction techniques. Knight Piésold, the Engineer of Record, has been involved with the TSF since project commencement. In March 2023 Knight Piésold updated the dam break assessment which showed a dam failure consequence category of ‘HIGH B’, based on ANCOLD Consequence Category and ‘very high’ under GISTM. The most recent annual audit was conducted in February 2026 by Knight Piésold with no material items identified from the dam safety inspection. The annual audit report is being finalized by Knight Piésold and is expected to be issued by the end of April 2026.

Waste Rock Dumps

Waste dumps are established in proximity to the existing pits. New waste dump sites have been identified with additional sterilization drilling required to confirm future locations. As a result of being constrained by the compensation boundary (surface rights), previous owners of the Agbaou operation elected to back-fill two pits with waste.

Waste geochemical testwork shows some potential for generation of acidic drainage but generally the neutralization potential of the samples was sufficient to mitigate this risk.

Permitting and Compliance

Permits are in place for the existing operation and the permitting process for further lifts of the existing TSF have commenced.

AGO has several key environmental and social plans implemented on site, which includes environmental and social management (including monitoring), waste management, local development (developed in collaboration with local CDLM, mine closure, emergency response, and stakeholder engagement). These plans are supported by various procedures which form part of the HSEC management system.

Company contributions to the CDLM are set by the respective Mining Convention.

The capital cost estimate was developed to cover the activities required for the Agbaou operation to continue at a production rate of 1.6 Mt/y until the Mineral Reserves are depleted.

Total life of mine capital costs for the mine life are estimated at $63.6 million (at ±15% accuracy) as summarized in the table below. The main components of the capital costs cover $3.3 million of TSF raises, $28.2 million for general infrastructure, mining and plant; and $32.1 million for mine closure and redundancy provisions, before accounting for $6.2 million of mine closure (escrow) credits.

Total operating costs for the mine life are estimated at $435.5 million, as summarized in the table below. Mining costs represent 52% of the operating costs and are based on the existing mining contract. Load and haul and drill and blast metrics were calculated for the range of materials encountered and were developed per bench for each of the deposits for use in the pit optimizations and mining schedules.

LOM mining costs are equivalent to $3.63/t rock as compared to $2.70/t rock for 2025; the higher mining costs are reflective of mining deeper parts of the orebody which incurs higher costs.

Processing costs represent 18% of the operating costs and are based on historical performance and 2025 pricing. Variable (reagents and consumables and power) contribute 71% of the process plant costs with 29% fixed which includes labour (17%), maintenance (12%). LOM processing costs at $16.07/t are higher than the 2025 costs at $10.6/t as more fresh ore will be treated over the remaining mine life.

The annual G&A operating cost estimate of $18 million/y is based on historical performance, forecast manning, maintenance schedules and excludes corporate allocations.

Royalty costs represent approximately 8.50% of the operating costs pursuant to existing agreements:

•Variable government royalty of 4.0% to 5.0% (dependent on gold price).

•Community Development royalty of 0.5%.

•Endeavour royalty of 2.5% (now owned by Triple Flag Precious Metals).

Selling costs are estimated at $8.37/oz based on current contracts.

The Company is continuing to advance exploration activities to increase the mine life of Agbaou and is working on cost optimizations and the integration of Agbaou into one business unit with Bonikro.

Tripartite Toll Treat Agreement

A tripartite toll treatment agreement was approved in October 2023 to process ore from the three mineral endowments, Agbaou, Hiré and Bonikro between the Bonikro and Agbaou process plants.