Allied Gold

Liquidity is strong (cash ~480 million dollars at Dec 31, 2025), providing runway for ramp‑ups. Reported 2025 CFO of 514 million dollars is robust, but includes 181 million dollars of stream proceeds recognized in operating cash flow under IFRS; after normalizing and funding sustaining capital, owner FCF is closer to 246 million dollars.

Obligations include current borrowings of ~154 million dollars, deferred revenue from streaming agreements of ~396.8 million dollars, and meaningful derivative liabilities tied to hedging, which add complexity to the capital structure.

On balance, solvency looks adequate, but with non‑traditional liabilities that reduce flexibility if gold prices weaken.