Allied Gold

Management prioritized organic growth with staged capex at Sadiola and construction at Kurmuk. 2025 capital was heavily expansionary (360 million dollars) versus sustaining (87 million), which is sensible if execution lowers unit costs and lifts throughput.

Funding combined operating cash, equity (October 2025 raise), and metal streams, reducing reliance on straight debt but introducing future delivery commitments and potential dilution (convertible debentures equivalent to ~6.2 million shares).

We view the approach as pragmatic for a build‑out, yet only moderately shareholder‑friendly given dilution, stream encumbrances, and cyclical risk.