Allied Gold (TSX: AAUC) has released production data for the fourth quarter of 2024. The results are highlighted by the production of 99,632 ounces of gold.
Production during the fourth quarter was in line with quarterly guidance of 98,000 to 102,000 ounces of gold, and represented a 16% increase over the average production level of the prior three quarters. The fourth quarter was a record quarter for Allied in terms of production.
Production during the quarter came from two operating mines. The Sadiola mine saw production of 54,210 ounces of gold, with production largely coming from Korali oxide ore, which is an interim step ahead of the completion of a first phase expansion at the mine. Once the expansion is completed, the mine is expected to produce between 200,000 and 230,000 ounces a year. The remaining production came from the Cote d’Ivoire Complex, where production totaled 45,422 ounces.
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All in sustaining costs during the quarter are expected to be “not more than $1.780 per gold ounce sold” on a preliminary basis.
For the full fiscal year, production totaled 358,091 ounces on a preliminary basis, which breaks down into 193,462 ounces of production at Sadiola, while 164,629 ounces were produced at the Cote d’Ivoire Complex. The company previously had guided to production within a range of 375,000 to 405,000 ounces in 2024, which they reduced to a range of 360,000 to 367,000 with the release of their third quarter results.
Allied is said to have ended the year with a cash balance in excess of $340 million, which includes Korali gold sales immediately following year end.
Full financial results are slated to be released March 26.
Allied Gold last traded at $3.38 on the TSX.
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