Allied Gold

Positives: multi‑asset base, updated reserve life, and clear 2026–2027 guidance provide a forward map, with Q4 2025 performance showing execution momentum.

Negatives: earnings and FCF remain highly sensitive to gold prices, local power reliability (notably for Kurmuk ramp‑up), and jurisdictional/regulatory shifts such as Mali’s code changes that directly affect royalties and AISC. Overall, predictability is moderate‑low for a quality portfolio standard.