Allied Gold Surges 10% on Kurmuk Expansion Ambitions
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BTCCSquare news:
Allied Gold Corporation (AAUC) shares jumped nearly 10% to $19.21 after unveiling aggressive expansion plans for its Kurmuk mine in Ethiopia. The project’s Proven and Probable Reserves of 2.7 million ounces anchor near-term production, while management targets 5 million ounces through exploration.
High-grade drilling results and plant capacity upgrades could push annual output beyond 300,000 ounces at sub-$950/oz costs. The mine’s location in the Arabian-Nubian Shield positions it for long-term resource growth, with 0.5 million ounces of new targets already identified within 10km of infrastructure.
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