ALLIED Gold has poured first gold at its Kurmuk mine in Ethiopia, marking another milestone as the company works towards commercial production by the end of the year.
The Toronto- and New York-listed gold producer confirmed last week that Kurmuk had entered production following the commissioning of its processing plant.
In a media statement on Tuesday, Allied said the remaining power supply infrastructure and the full haulage fleet were expected to be in place during November, allowing production to increase ahead of reaching full capacity early in 2027.
Gold recoveries are also expected to improve progressively and reach planned levels early next year.
Kurmuk is expected to produce between 25,000 and 35,000 ounces this year, rising to between 240,000 and 270,000 oz in 2027. Production is forecast to reach 300,000 oz in 2028.
The mine is expected to become Allied's lowest-cost operation and contribute significantly to future cash generation.
Group production is forecast to increase from between 400,000 and 435,000 oz this year to between 615,000 and 670,000 oz in 2027.
Allied is also considering a base dividend from 2027 and a share buyback programme of up to 10% of its public float, subject to Toronto Stock Exchange approval.