Allied Gold Corporation provided an update on the ongoing exploration and development activities at its Kurmuk Project in Ethiopia. Significant exploration results continue to support the high probability of Mineral Reserves and Mineral Resource growth, indicating substantial upside potential. The project, which remains on track for first production in mid-2026, continues to make significant strides in both project execution and exploration activities aimed at increasing mineral inventories, extending mine life, and enhancing overall value and future returns to shareholders.

Recent significant exploration results at both Dish Mountain and Tsenge confirm the high prospectivity previously reported for the property and these near-mine targets. These results support the Company's objective to deliver significant Mineral Reserves and Mineral Resource growth from areas that can extend and improve Kurmuk's initial mine life and production profile. This, in turn, helps to achieve the Company's strategic goals, including reaching a minimum of five million ounces of gold in mineral inventories at the project.

Cumulative exploration results at the Tsenge Project highlight the potential for significant additional economic mineralization within the project area, reinforcing Allied's vision that Kurmuk and the surrounding 1,269 km2 of exploration leases represent the potential for a new gold mineral province in Western Ethiopia. Key project advancements in recent months build upon the planning and preparation activities started in late 2023. These include the progress of the Engineering, Procurement and Construction Management ("EPCM") Early Works contract under DRA Global Limited ("DRA"), the ongoing procurement of long-lead items and services, including the ball mill in addition to the already owned SAG mill, and the tendering process for contract mining and bulk earthworks, among others.

Exploration Update: The exploration effort at Kurmuk continues to define significant gold intersections in near-surface mineralization, with the objective of increasing mine life and providing optionality for near-term opportunities that could represent improvements to the LOM plan. Currently, the 2.74 million oz of Mineral Reserves are contained entirely in the Dish Mountain and Ashashire pits. This update covers the progress of a program aimed at confirming extensions at the Dish Mountain deposit and provides an update on the Tsenge Prospect activities, where the Company released its maiden discovery in 2023 after beginning scout drilling earlier 2023.

Dish Mountain Extensions: Additional diamond drilling at the Dish Mountain Deposit has highlighted the potential for further economic mineralization from extensions to the current orebody, which contains 1.3 million oz of Mineral Reserves within 32.7 Mt at a grade of 1.24 g/t Au, both along strike and on the flanks of the deposit. The location of 16 holes, totaling approximately 4,612 meters of core drilled in late 2023. These holes intersected mineralization beneath and adjacent to the $1,500/oz reserve pit design and the $1,800/oz resource pit optimization shell.

Tsenge Exploration Update: The Tsenge gold prospect is located within the Proterozoic Kurmuk Greenstone Belt, part of the Western Ethiopian Greenstone Belt. It is positioned along strike from the Ashashire Gold Deposit and approximately 6 km southeast of the planned Kurmuk Project processing plant. Since 2022, Allied has undertaken extensive prospecting at Tsenge, involving soil sampling, geological mapping, and channel sampling, along with the initiation of scout diamond core drilling consisting of 124 diamond core holes to thoroughly test the area.

The aim is to extend mineralization, confirm high-grade sources of mineralization, and ultimately increase the economic potential of the project. Allied has drilled 24 diamond drill holes in the proposed program of 124 holes, on an initial 200 m spacing. Assays have been received for 12 of the 24 drilled holes.

Notable intersections from TSDD013 include 3.0 m at 3.76 g/t Au from 95.2 m (true thickness 2.6 m), 9.7 m at 4.92 g/t Au from 100.9 m (true thickness 8.6 m), 4.1 m at 4.27 g/t Au from 122.7 m (true thickness 3.61 m), 8.6 m at 7.73 g/t Au from 133.4 m (true thickness 7.6 m), and 6.2 m at 6.90 g/t Au from 183.9 m (true thickness 5.0 m).