09:19 AM EST, 01/22/2025 (MT Newswires) -- Allied Gold ( AAUCF ) said Wednesday that it achieved record quarterly gold ouput in the fourth quarter of 2024, boosted by costs "trending down", while flagging it is in discussions with Mali's state-owned mining company SOREM to pursue potential mining opportunities in the vicinity of Sadiola and other areas in Mali. "While definitive arrangements have not been concluded at this time, the company is encouraged with the prospects under evaluation and discussion, and with the cooperativeness and engagement with in-country authorities," it said.

Among Q4 operational highlights, the company said it produced 99,632 ounces of gold, "well in line" with its guidance of 98,000 to 102,000 ounces. It added this result is consistent with Allied's previous outlook and guidance that annual production from its producing mines is expected to be 375,000 to 400,000 ounces of gold, with production this quarter supporting that annualized production range.

Fourth quarter production represents a 16% increase over the average production of the three previous quarters in 2024 and is the highest quarterly production achieved to date.

The miner cited solid production from the Sadiola mine in Mali and the Cote d'Ivoire complex.

On costs, pro-forma All-in Sustaining Costs for the quarter are improved from AISC for the third quarter. AISC is expected to be not more than $1,780 per gold ounce sold pro forma to gold sales from Korali produced in the fourth quarter and sold after the year-end. As the company reports AISC on an ounces sold basis, rather than ounces produced, costs will be shown on a pro-forma basis as the inventory of ounces produced from Korali was sold subsequent to the end of the year due to certain administrative delays.

On its financial position, the company's cash balances, including year-end cash and proceeds from Korali gold sales immediately following year-end, are expected to exceed $340 million

Allied Gold ( AAUCF ) will release its 2025 guidance and outlook on Feb. 20. Detailed disclosure on a by-mine basis will be provided with the fourth quarter financial results on March 26.