Allied Gold Corporation (TSX: AAUC) posted a mixed opening to 2026 on Thursday, reporting a first quarter net loss alongside stronger production and a sizeable cash build, even as the company moves closer to closing its takeover by Zijin Gold International.
The miner booked a net loss of $58.3 million, or $0.47 per share, for the three months ended March 31. On an adjusted basis, earnings came in at $48.6 million, or $0.39 per share, reflecting items management considers non-recurring.
Adjusted EBITDA reached $173.3 million for the period.
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Cash flow was the more flattering line. Operating activities generated $57.3 million in the quarter, while operating cash flow before income taxes paid and working capital movements landed at $162.7 million. Quarter end cash and equivalents stood at $424.2 million, down modestly from $479.8 million at the close of 2025.
READ: Allied Gold To Be Acquired By Zijin Gold For C$5.5 Billion
Gold output totalled 96,016 ounces in the first quarter, up 14% year over year and described by the company as in line with expectations and operating plans. The figure represents a step down from the record 117,004 ounces produced in the fourth quarter of 2025, a quarter that itself ran 34% above the average of the preceding three.
All-in sustaining costs for the quarter were $2,264 per ounce sold, also described as in line with plan. That marks a step up from the $1,980 per ounce reported in the fourth quarter of 2025, when higher gold prices and improved operational performance had pushed AISC margins to roughly $2,160 per ounce.
The Zijin transaction meanwhile continues to advance in parallel. The arrangement, valued at roughly C$5.5 billion, or $44 per share, carries an outside closing date of May 29, 2026, subject to extension. The transaction has been approved by both shareholders and the courts, while regulatory approvals are pending.
Allied and Zijin are said to remain in continuous dialogue on transition planning and are working with regulators in multiple jurisdictions to clear the final approvals.
Allied Gold last traded at $40.20 on the TSX.
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