Allied Gold

Intangible assets (35/100): Mining rights and accumulated know‑how matter, but are not unique or impregnable relative to peers. Brand is not a differentiator. Switching costs (10/100): Counterparties can source gold elsewhere; no customer lock‑in. Network effects (0/100): Not applicable.

Cost advantage (50/100): Consolidated AISC remains mid‑industry, though trending better; Kurmuk’s targeted sub‑950 dollars/oz and Sadiola optimizations can move the cost curve down if delivered. Efficient scale (55/100): Each orebody is locally scarce, and expansions can deter smaller entrants around those districts.

Weighting these, we view Allied’s moat as mainly resource‑endowment and execution‑based, with durability tied to reserve replacement, power stability in Ethiopia, and political frameworks in Mali and Côte d’Ivoire. Risks include royalty hikes (Mali’s 2023 code impacts) and operating complexity that can erode unit‑cost gains.