Allied Gold Corp

Operating Activities

Net cash generated from operating activities for the three months ended September 30, 2026 was $12.3 million. This compares to an inflow of $182.1 million in the comparative prior year period. Prior year net cash generated from operating activities was positively impacted by receipts of $93.8 million related to stream arrangements with no current period comparable. Changes in working capital reflect normal operating fluctuations, primarily related to the planned buildup of stockpiles, the timing of VAT receivable recoveries, and the impact of the payable fluctuations.

Operating cash flows before income tax paid and movements in working capital for the three months ended September 30, 2026 were an inflow of $115.6 million compared with the comparative prior year period inflow of $196.3 million, due to higher realized gold prices and quantities. As aforementioned however, prior year net cash generated from operating activities was positively impacted by receipts of $93.8 million related to stream arrangements with no current period comparable.

Working capital movement(6) for the three months ended September 30, 2026 impacted cash flows by $63.2 million, compared to $2.9 million in the comparative prior year period. Changes in working capital reflect normal operating fluctuations, primarily related to the planned buildup of stockpiles, the timing of VAT receivable recoveries, and the impact of the payable fluctuations.

Net cash generated from operating activities for the nine months ended September 30, 2026 was $2.2 million compared to an inflow of $325.9 million in the comparative prior year period. Prior-year cash flows benefited from the sale of Korali inventory carried over from 2024, which occurred during the first quarter of 2025 and resulted in significantly higher sales volumes and a favourable working capital impact associated with the inventory drawdown. Further prior-year cash flows benefited from proceeds of $137.5 million received under streaming and long-term prepayment arrangements. Working capital impact for the year is related to increases in VAT receivable balances, along with normal course movements in inventory (including stockpiles) and timing of accounts payable.

Operating cash flows before income tax paid, government settlements and movements in working capital for the nine months ended September 30, 2026 increased significantly, at $411.3 million, compared to $409.9 million in the comparative prior year period. The increase was related to higher realized gold prices and quantities.

Working capital movement(6)for the nine months ended September 30, 2026 impacted cash flows by $228.8 million, compared to a negative impact of $8.5 million in the comparative prior year period. Working capital impact for the year is related to increases in VAT receivable balances, along with normal course movements in inventory (including stockpiles) and timing of accounts payable. As previously disclosed, certain positive impacts to working‑capital movements in the fourth quarter of 2025 were released in the first quarter of 2026, reflecting the settlement of various payables, accruals and other balance sheet items. Prior-year cash flows benefited from the sale of Korali inventory carried over from 2024, which occurred during the first quarter of 2025 and resulted in significantly higher sales volumes and a favourable working capital impact associated with the inventory drawdown. Further prior-year cash flows benefited from proceeds of $137.5 million received under streaming and long-term prepayment arrangements.