Aon Appoints Jo Ann Jenkins to Board of Directors
"We are pleased to welcome Jo Ann Jenkins to Aon's Board of Directors," said Board Chair Lester B. Knight. "Jo Ann's experience leading large nonprofit and public sector organizations will bring new insights to our Board as we look to deliver more value for Aon's clients, colleagues and shareholders."
Jenkins previously served as CEO of AARP, the world's largest nonprofit, nonpartisan membership organization dedicated to social change and helping people 50 and over to improve the quality of their lives. Among her accomplishments at AARP, Jenkins championed the multigenerational workforce, healthy longevity, protecting Social Security and Medicare and lowering the cost of prescription drugs. She led through a spirit of innovation, creating AgeTech and launching a Digital First journey to help AARP better serve its members in the future. Prior to her appointment as CEO, Jenkins served as AARP's COO and before that as president of AARP Foundation. Before joining AARP, Jenkins served at the Library of Congress as COO and Chief of Staff. She has also held a variety of senior roles at the U.S. Department of Agriculture, the U.S. Department of Transportation, and the U.S. Department of Housing and Urban Development.
Jenkins also serves on the board of General Mills and Avnet and has held a variety of board and advisory positions, including with AARP Services, AARP Funds, Colonial Williamsburg Foundation, the Wall Street Journal CEO Council, Kennedy Center National Symphony Orchestra Board of Directors, Stanford School of Medicine Board of Fellows, U.S. Small Business Administration Council on Underserved Communities and Caring for Military Families. Fortune magazine named Jenkins as "One of the World's 50 Greatest Leaders" in 2019 and 2021 and she is the author of the best-selling book, Disrupt Aging: A Bold New Path to Living Your Best Life at Every Age.
"It is exciting to join Aon's Board as the firm accelerates its strategy to help organizations around the world address interconnected risk and people issues in an increasingly complex and uncertain environment," said Jenkins. "I am looking forward to sharing my perspective and working together with Aon's board and executive leadership to unlock further opportunities for the firm's clients to empower their people and protect and grow their businesses."
For more information about Aon's corporate governance practices and Board of Directors, please click here.
Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Through actionable analytic insight, globally integrated Risk Capital and Human Capital expertise, and locally relevant solutions, our colleagues provide clients in over 120 countries with the clarity and confidence to make better risk and people decisions that protect and grow their businesses.
Media Contact
[email protected]
Toll-free (U.S., Canada and Puerto Rico): +1 833 751 8114
International: +1 312 381 3024
SOURCE Aon plc
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
21 minutes ago
- Globe and Mail
Super Group Reports Financial Results for Second Quarter of 2025
Super Group (SGHC) Limited (NYSE: SGHC) ('SGHC', the "Company" or 'Super Group'), the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, today announced its second quarter 2025 unaudited consolidated financial results. Neal Menashe, Chief Executive Officer of Super Group, commented: 'We had a Super first half of 2025, driven by a record-breaking second quarter. The quarter's success was fueled by strong execution across our key markets, a full calendar of global sporting events, increased deposits, high customer retention, and margin expansion. While our decision to exit the U.S. was difficult, we believe that this step demonstrates our commitment to capital efficiency and long-term profitability. With continued focus on scaling our technology globally, Super Group should be even better positioned for sustained, profitable growth.' Alinda van Wyk, Chief Financial Officer of Super Group, stated: 'Q2 marked the strongest quarterly financial performance in Super Group's history, with revenue up 30% year-over-year and Adjusted EBITDA up 78% year-over-year to $157 million, delivering a healthy 27% margin. These results underscore our scalable, cost-efficient operating model and controlled marketing spend. We ended the quarter with $393 million in unrestricted cash and zero debt, and returned $20 million to shareholders, bringing our 12-month capital returns to $166 million. Driven by our continued focus on core markets, we are raising our full-year Adjusted EBITDA guidance and remain confident in delivering long-term value to our shareholders.' Financial Highlights: Revenue increased by 30% to $579.4 million for the second quarter of 2025 from $446.5 million in the same period of the prior year, driven by growth from the Africa, Europe and North America markets partially offset by declines from the LATAM, Middle East and Asia-Pacific markets. Profit before tax was $38.8 million for the second quarter of 2025 and includes a non-cash charge of $63.9 million related to the impairment of Digital Gaming Corporation Limited ("DGC")' iGaming related assets and $22.6 million relating to onerous contracts. By comparison, profit before tax for the second quarter of 2024 was $22.1 million and included a non-cash charge of $39.6 million related to the impairment of DGC's sportsbook assets. Adjusted EBITDA, a non-GAAP financial measure, increased by 78% to $156.7 million for the second quarter of 2025 compared to $88.2 million in the second quarter of 2024. Monthly Active Customers increased by 21% to 5.5 million for the second quarter of 2025 compared to 4.5 million in the second quarter of 2024. Balance Sheet: Total Assets: $1.1 billion; Total Liabilities: $454.4 million; Total Equity: $662.3 million. Cash and cash equivalents was $393.0 million as of June 30, 2025 compared to $388.0 million at December 31, 2024. Dividends of $20.2 million was paid during the quarter, bringing the 12-month capital returns to $166 million. Guidance 2025 Super Group is raising its full-year Group Adjusted EBITDA guidance to $470-$480 million. Ex-U.S. Adjusted EBITDA is now expected to be between $500-$510 million, up from greater than $480 million compared to prior guidance. U.S. Adjusted EBITDA is expected to be a loss of $30 million, excluding one-off cost of U.S. exit. Interim Financial Statements: The Group intends to publish a condensed set of interim accounts for the six months ended June 30, 2025 and comparative period by the end of August 2025, which will include a condensed Statement of Profit or Loss and Other Comprehensive Income, condensed statement of Financial Position, condensed Statement of Changes in Equity, condensed Statement of Cash Flows and relevant notes. Revenue by Geographical Region for the Three Months Ended June 30, 2025 in $ millions: Betway Spin Total Africa and Middle East 225 4 229 Asia-Pacific 9 28 37 Europe 81 28 109 North America 37 162 199 South/Latin America 3 2 5 Total revenue 355 224 579 % % % Africa and Middle East 63 % 2 % 40 % Asia-Pacific 3 % 13 % 6 % Europe 23 % 12 % 19 % North America 10 % 72 % 34 % South/Latin America 1 % 1 % 1 % Revenue by Geographical Region for the Three Months Ended June 30, 2024 in $ millions*: Betway Spin Total Africa and Middle East 164 1 165 Asia-Pacific 7 33 40 Europe 49 23 72 North America 41 120 161 South/Latin America 4 5 9 Total revenue 265 182 447 % % % Africa and Middle East 62 % 1 % 37 % Asia-Pacific 3 % 18 % 9 % Europe 18 % 13 % 16 % North America 15 % 65 % 36 % South/Latin America 2 % 3 % 2 % * The Group has adopted a change in presentation currency from Euros to USD at January 1, 2025. Accordingly, the comparative table has been re-presented retrospectively as outlined under the change in presentation currency note. Revenue by Geographical Region for the Six Months Ended June 30, 2025 in $ millions: Betway Spin Total Africa and Middle East 426 6 432 Asia-Pacific 14 56 70 Europe 151 53 204 North America 76 304 380 South/Latin America 6 4 10 Total revenue 673 423 1,096 % % % Africa and Middle East 63 % 1 % 39 % Asia-Pacific 3 % 13 % 6 % Europe 22 % 13 % 19 % North America 11 % 72 % 35 % South/Latin America 1 % 1 % 1 % Revenue by Geographical Region for the Six Months Ended June 30, 2024 in $ millions: Betway Spin Total Africa and Middle East 316 1 317 Asia-Pacific 16 62 78 Europe 90 43 133 North America 76 238 314 South/Latin America 8 8 16 Total revenue 506 352 858 % % % Africa and Middle East 62 % 0 % 37 % Asia-Pacific 3 % 18 % 9 % Europe 18 % 12 % 15 % North America 15 % 68 % 37 % South/Latin America 2 % 2 % 2 % Revenue by product line for the Three Months Ended June 30, 2025 in $ millions: Betway Spin Total Online casino 1 230 224 454 Sports betting 1 116 — 116 Brand licensing 2 8 — 8 Other 3 1 — 1 Total revenue 355 224 579 Revenue by product line for the Three Months Ended June 30, 2024 in $ millions: Betway Spin Total Online casino 1 166 182 348 Sports betting 1 91 — 91 Brand licensing 2 6 — 6 Other 3 2 — 2 Total revenue 265 182 447 Revenue by product line for the Six Months Ended June 30, 2025 in $ millions: Betway Spin Total Online casino 1 436 423 859 Sports betting 1 222 — 222 Brand licensing 2 12 — 12 Other 3 3 — 3 Total revenue 673 423 1,096 Revenue by product line for the Six Months Ended June 30, 2024 in $ millions *: Betway Spin Total Online casino 1 318 351 669 Sports betting 1 170 — 170 Brand licensing 2 12 — 12 Other 3 6 1 7 Total revenue 506 352 858 1 Sports betting and online casino revenues are not within the scope of IFRS 15 'Revenue from Contracts with Customers' and are treated as derivatives under IFRS 9 'Financial Instruments'. 2 Brand licensing revenues are within the scope of IFRS 15 'Revenue from Contracts with Customers'. 3 Other relates to profit share, royalties and outsource fees from external customers. * The Group has adopted a change in presentation currency from Euros to USD at January 1, 2025. Accordingly, the comparative table has been re-presented retrospectively as outlined under the change in presentation currency note. Non-GAAP Financial Information This press release includes non-GAAP financial information not presented in accordance with the International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board. EBITDA, Adjusted EBITDA, Adjusted EBITDA ex-US, Adjusted EBITDA US are non-GAAP company-specific performance measures that Super Group ("the Group") uses to supplement the Company's results presented in accordance with IFRS. EBITDA is defined as profit before depreciation, amortization, finance income, finance expense and income tax expense. Adjusted EBITDA is EBITDA adjusted for RSU expense, change in fair value of options, unrealized foreign exchange, gain on disposal of business and other adjustments. Adjusted EBITDA ex-US is Adjusted EBITDA relating to the rest of the Group, excluding Digital Gaming Corporation ('DGC'). Adjusted EBITDA US is Adjusted EBITDA relating to DGC. Super Group believes that these non-GAAP measures are useful in evaluating the Company's operating performance as they provide additional perspective on the financial performance of our core business, are similar to measures reported by the Company's public competitors and are regularly used by securities analysts, institutional investors and other interested parties in analyzing operating performance and prospects. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses that are required by IFRS to be recorded in Super Group's financial statements. In order to compensate for these limitations, management presents non-GAAP financial measures together with IFRS results. Non-GAAP measures should be considered in addition to results and guidance prepared in accordance with IFRS, but should not be considered a substitute for, or superior to, IFRS results. Reconciliation tables of the most comparable IFRS financial measure to the non-GAAP financial measures used in this press release, and supplemental materials are included below. Super Group urges investors to review the reconciliation and not to rely on any single financial measure to evaluate its business. In addition, other companies, including companies in our industry, may calculate similarly named non-GAAP measures differently than we do, which limits their usefulness in comparing our financial results with theirs. for the Three Months Ended June 30: Three Months Ended June 30 Six Months Ended June 30 2025 $m 2024 * $m 2025 $m 2024 * $m Profit before taxation 39 22 127 75 Finance income (3 ) (3 ) (5 ) (6 ) Finance expense 2 1 4 3 Depreciation and amortization expense 19 23 37 45 EBITDA 57 43 163 117 Change in fair value of options — — — 14 RSU expense 3 3 9 7 Unrealized foreign exchange 4 2 2 5 Impairment of assets 66 40 66 40 US iGaming closure 23 — 23 — Market closure — — — — Gain on disposal of business — — — (44 ) Other adjustments 1 4 — 5 — Adjusted EBITDA 157 88 268 139 Adjusted EBITDA, ex-US 162 106 283 181 Adjusted EBITDA, US (5 ) (18 ) (15 ) (42 ) 1 Other adjustments in 2025 mainly relates to Sportsbook acquisition related costs. * The Group has adopted a change in presentation currency from Euros to USD at January 1, 2025. Accordingly, the comparative table has been re-presented retrospectively as outlined under the change in presentation currency note. Webcast Details The Company will host a webcast at 7:45 a.m. ET tomorrow to discuss the second quarter 2025 financial results. Participants may access the live webcast and supplemental earnings presentation on the events & presentations page of the Super Group Investor Relations website at: About Super Group (SGHC) Limited Super Group (SGHC) Limited is the holding company for leading global online sports betting and gaming businesses: Betway, a premier online sports betting brand, and Spin, a multi-brand online casino offering. The Group is listed on the New York Stock Exchange (NYSE ticker: SGHC) and is licensed in multiple jurisdictions, with leading positions in key markets throughout Europe, the Americas and Africa. The Group's sports betting and online gaming offerings are underpinned by its scale and leading technology, enabling fast and effective entry into new markets. Its proprietary marketing and data analytics engine empowers it to responsibly provide a unique and personalized customer experience. Super Group has been ranked number 6 in the EGR Power 50 for the last three years. For more information, visit Forward-Looking Statements Certain statements made in this press release are 'forward looking statements' within the meaning of the 'safe harbor' provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, Super Group's intention to pay a dividend, including the expected timing of such dividend, expectations and projections of market opportunity, growth and profitability. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'plan,' 'pipeline,' 'possible,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the ability to implement business plans, forecasts and other expectations, and identify and realize additional opportunities; (ii) changes in the competitive and regulated industries in which Super Group operates; (iii) variations in operating performance across competitors; (iv) changes in laws and regulations affecting Super Group's business; (v) Super Group's inability to meet or exceed its financial projections; (vi) changes in general economic conditions; (vii) changes in domestic and foreign business, market, financial, political and legal conditions, including abrupt or unexpected changes in interest rates or increases in inflation or inflationary expectations and reductions in discretionary consumer spending; (viii) the ability of Super Group's customers to deposit funds in order to participate in Super Group's gaming products; (ix) Super Group's ability, and the ability of Super Group's key executives, certain employees, significant shareholders or other applicable individuals, to comply with regulatory requirements or successfully obtain a license or permit required in a particular regulated jurisdiction, or maintain, renew or expand existing licenses; (x) the effectiveness of technological solutions Super Group has in place to block customers in certain jurisdictions, including jurisdictions where Super Group's business is illegal, or which are sanctioned by countries in which Super Group operates from accessing its offerings; (xi) Super Group's ability to restrict and manage betting limits at the individual customer level based on individual customer profiles and risk level to the enterprise; (xii) Super Group's ability to protect or enforce its intellectual property rights, the confidentiality of its trade secrets and confidential information, or the costs involved in protecting or enforcing Super Group's intellectual property rights and confidential information, and Super Group's ability to obtain new licenses and maintain, renew or expand existing licenses to use the intellectual property of third parties; (xiii) compliance with applicable data protection and privacy laws in Super Group's collection, storage and use, including sharing and international transfers, of personal data; (xiv) failures, errors, defects or disruptions in Super Group's information technology and other systems and platforms; (xv) Super Group's ability to develop new products, services, and solutions, bring them to market in a timely manner, and make enhancements to its platform; (xvi) Super Group's ability to maintain and grow its market share, including its ability to enter new markets and acquire and retain paying customers; (xvii) the success, including win or hold rates, of existing and future online betting and gaming products; (xiii) competition within the broader entertainment industry; (xix) Super Group's reliance on strategic relationships with land based casinos, sports teams, event planners, local licensing partners and advertisers; (xx) events or media coverage relating to, or the popularity of, online betting and gaming industry; (xxi) trading, liability management and pricing risk related to Super Group's participation in the sports betting and gaming industry; (xxii) accessibility to the services of banks, credit card issuers and payment processing services providers due to the nature of Super Group's business; (xxiii) the regulatory approvals related to proposed acquisitions and the integration of the acquired businesses; and (xxiv) other risks and uncertainties indicated from time to time for Super Group including those under the heading 'Risk Factors' in our Annual Report on Form 20-F filed with the SEC on April 3, 2025, and in Super Group's other filings with the SEC. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in other documents filed or that may be filed by Super Group from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Super Group assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Super Group does not give any assurance, representation or warranty that it will achieve its expectations in any specified time frame or at all.
Cision Canada
an hour ago
- Cision Canada
ALLIED GOLD REPORTS SECOND QUARTER 2025 RESULTS: SOLID PRODUCTION AND PROGRESS ON GROWTH PIPELINE
TORONTO, Aug. 6, 2025 /CNW/ - Allied Gold Corporation (TSX: AAUC) (NYSE: AAUC) ("Allied" or the "Company") reports second quarter of 2025 production of 91,017 gold ounces which aligns with plan, represents an increase of 8.3% from last quarter, and positions the Company to meet its guidance for the year as presented below. SECOND QUARTER HIGHLIGHTS Operational Highlights Production, Costs and Guidance: The Company produced 91,017 ounces of gold in the second quarter, in line with plan, positioning the Company to meet its guidance for the year. In the first half of the year, the Company continued implementing improvements to its operations, and undertook a series of operational enhancements and strategic initiatives aimed at delivering a materially stronger going forward, beginning in the second half of the year. These included confirmatory drilling of high-grade areas, continued refinement of block models and grade-control processes, progressive mobilization of new mining equipment at Sadiola for material improvement of fleet availability and productivity, changes to mine management hiring experienced local management including in Mali, and continued advancing stripping at Bonikro and Agbaou to access higher grade ore in the second half of the year and next, with increased operational flexibility. These initiatives provide further confidence to guidance, with production expected on the basis of 55% in the second half of the year by comparison of 45% in the first half of the year. Third quarter production is anticipated to be comparable to the second quarter, while fourth quarter production is expected to be meaningfully higher at 118,000 to 122,000 ounces, driven mainly by higher grades. The increase in production in the second half of the year, along with operational improvements and mine sequencing, is expected to drive meaningful cost improvements. Sales of 81,103 gold ounces. Timing of final shipments resulted in 9,914 oz of gold production in Q2 that was sold in July for revenue of $30 million that will be recognized in the third quarter. Total cost of sales (4), cash costs (1) and All-in Sustaining Costs ("AISC") (1) per ounce sold of $2,294, $2,034, and $2,343, respectively (which include royalties based on higher gold prices and the amount for increased waste removal at Agbaou which will result in higher production in H2 and next year). The Company expects costs to be in line with annual guidance taking into account higher gold prices on operating costs with the previously disclosed gold price-based royalties. Second half AISC (1) is anticipated to decrease and be approximately $1,850, based on a $3,000 gold price, from the normalization of timing of sales, higher production and the benefit of disproportionate operating and stripping costs in the first half. Further, the ongoing benefits from cost control and reduction programs, the completion and commissioning of Phase 1 along with further upside from potential oxide discoveries at Sadiola which provide relatively inexpensive high-quality ounces, progressive cost improvements quarter-over-quarter are expected. The impact on cash flows is magnified in the fourth quarter, when production is guided to meaningfully increase. Results for the first half of the year and expectations for the second half of the year are summarized as follows: Performance by Asset: At Sadiola, production during the quarter was 49,283 ounces and included continued contributions from the Korali-Sud zone, demonstrating the significant production upside that new oxide orebodies can provide to Sadiola in anticipation of the start of production of the first phase expansion in the fourth quarter. At Bonikro, production was 25,775 ounces driven by higher grade ore mined from PB3, and improved throughput and recovered grade in the process plant. At Agbaou, production was 15,959 ounces. Following a plan for longer term optimization and increases in mine life, the Company prioritized waste removal over ore extraction to manage storm-water inflows into the pit and to secure access to higher-grade ore in the second half of 2025 as well as to support increased operational flexibility and production levels in 2026. While waste movement is expected to continue at similar levels for the remainder of the year, ore feed, gold grades and production are expected to materially increase quarter over quarter, resulting in reduced costs and increased cash flows in the second half of the year. Consequently, annual production for Agbaou, and the benefits in the second half of the year, results in a production expectation at the mid-point of guidance of approximately 83,500 ounces. Expansion of Exploration Success: Due to ongoing exploration successes and proven delivery of results, the Company has committed a further $17 million in exploration spending. Of this total $5.7 million is allocated for Sadiola, as the Company believes it can increase inventory meaningfully, including finding new oxide ounces. At Côte d'Ivoire (CDI) an additional $7.5 million has been allocated to pursue opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. At Kurmuk, an additional $3.7 million was added to the exploration budget to support the Company objective of achieving an inventory of 5 million gold ounces. Total year exploration expenditure is now expected to be approximately $37 million. The Company anticipates providing updates for Sadiola in October, Kurmuk in November and CDI in January of 2026. Financial Results Highlights Earnings: Second quarter net loss of $25.4 million or $(0.22) per share. Second quarter adjusted earnings (1) of $16.2 million or $0.14 per share. Cash Flows and EBITDA Net cash generated from operating activities for the quarter was $22.0 million. Operating cash flow before income tax paid and movements in working capital was a strong inflow of $116.0 million. EBITDA (1) and Adjusted EBITDA (1) for the three months ended June 30, 2025, were $23.0 million and $71.7 million, respectively. Strong Financial Position: As of June 30, 2025, the Company had cash and cash equivalents of $218.6 million. The Company has immediately available credit of $50.0 million (inclusive of a $10.0 million accordion) under its revolving credit facility, which remains undrawn. In addition to available credit, the Company has liquidity available through future draws on the Kurmuk gold stream. Available liquidity, coupled with an anticipated step change in production and commensurate cost reduction for the remainder of the year resulting in additional flexibility from increased cash flows, positions the Company to execute on Kurmuk's remaining capital expenditures. Advancement of Key Growth Initiatives Kurmuk: The Company continues to track well against plan for the Kurmuk Project, both in terms of physical completion and spend, having continued to achieve key milestones and progress during the second quarter of 2025. The Company is well-positioned to achieve the goal of commencing production by mid-2026. Being less than a year away from first production, the Company is advancing technical studies aimed at improving operational confidence and flexibility, including potential increases in plant throughput among other improvements and targeted optimizations. At the end of the second quarter, Engineering and Procurement have achieved approximately 90% progress. Transportation of key equipment is advancing well, with delivery to site of key components such as the Carbon-in-Leach ("CIL") tanks and grinding mills. Structural fills at the plant terrace were completed. Key areas, including crushing, grinding, and leaching, were handed over to the civil works contractor, allowing rebar installation and concrete works. Key bulk earthworks progress outside the process plant area was achieved ahead of the rainy season. Structural, Mechanical, Plate and Piping (SMPP) contractor fabrication is progressing well, and development of the main accommodation camp is nearing completion. Mobilization of the mining fleet is ongoing with the site delivery expected imminently, and mining pioneering was completed during the quarter. For the quarter ended June 30, 2025, $71.3 million was spent on the Kurmuk project, comprising direct construction capital expenditures and exploration activity. The Company remains positioned to achieve the next milestones, which include: Bulk mining activities start in third quarter 2025 Completion of engineering in third quarter 2025 Mechanical erection ramp-up in third quarter 2025 in CIL area CIL area completed in first quarter 2026 Power line completion in first quarter 2026 Commissioning start in second quarter 2026 First gold in second quarter 2026 A November update is planned for Kurmuk Mineral Resources and Mineral Reserves, in relation to the infill drilling effort carried thus far to support the start of mining activities, along with an exploration update on the different targets throughout the property. The Company expects Kurmuk to produce an average of 290,000 ounces per year for the first four years and 240,000 ounces per year on average for the mine's life, with AISC (1) below $950 per ounce. Sadiola Phased Expansion: The first phase of expansion at Sadiola advanced on schedule and on budget during the second quarter. Earthworks, civil works and structural fill, along with engineering and procurement, are progressing well with engineering and procurement essentially complete. The first components of the modular three-stage crushing plant have been shipped to site, and preparatory earthworks in the area have commenced. The mill motor has landed on site, as have the mill components. The first batch of structural steel has arrived on site and erection will commence imminently. Major mechanical equipment, including the cyclones and pumps are en route and will arrive on site for installation during the third quarter. The current third quarter focus will be on installation of structural steel and mechanical equipment allowing for follow-on completion of the electrical, control and instrumentation installation scope and commissioning in the fourth quarter. Continued investment in the first phase expansion, including planned plant modifications and infrastructure upgrades, is consistent with prior estimates at $70 million in 2025. The first phase plant expansion involves installing additional crushing and grinding capacity in one of the processing plant lines, which will be dedicated to treating fresh ore. These modifications will allow Sadiola to treat up to 60% of fresh rock at a rate of up to 5.7 Mt/y in the modified process plant. With the completion of the first phase expansion, Sadiola is expected to produce between 200,000 and 230,000 ounces of gold per year in the medium term, ahead of the next expansion phase. The Phase 2 Expansion, planned as a new processing plant to be built beginning in late 2026 and dedicated to processing fresh rock and oxides at a rate of up to 10 Mt per year, targeted to start production in late 2028, is expected to increase production to an average of 400,000 ounces per year for the first four years and 300,000 ounces per year on average for the mine's life, with AISC (1) expected to decrease to below $1,200 per gold ounce. Strategic Initiatives Highlights Allied executed a number of strategic transactions and initiatives during the second quarter, reinforcing a fortress balance sheet, further improving the Company's financial flexibility, enhancing trading liquidity and broadening the shareholder base. The transactions include: Sadiola Strategic Arrangements In the process of reviewing its power needs and overall power supply strategy, particularly in relation to Sadiola, the Company engaged with several parties over the course of the year, and it previously announced that it was negotiating a broader arrangement that included a power supply agreement and a sale of a portion of the Company's ownership in Sadiola with Ambrosia Investment Holding ("Ambrosia"). Subsequently, the Company also received a proposal from a third party for the purchase of a portion of Sadiola, on comparable terms. While the Company continues discussions relating to possible broader corporate transactions with Ambrosia and others, Allied has determined that selling any portion of Sadiola should not be undertaken at this time, and the pursuit of a power solution for Sadiola should be undertaken independently of broader corporate or asset level transactions. In addition to available independent power solutions being better priced and scaled, there has been considerable advancement with Sadiola that supports considerably greater value. The Company has significantly advanced its analysis of power supply requirements for various expansion scenarios at Sadiola following the Phase 1 expansion. It has made substantial progress in assessing and negotiating the implementation of robust, proven, self-sufficient, pure-power solutions with experienced African power generation specialists. These solutions are tailored to the phased expansion approach at Sadiola, allowing for the progressive implementation of sustainable and reliable off-grid solutions. These pure-power solutions will enable the Company to deploy the optimal renewable energy penetration rate for each stage of the expansion project, improving energy supply reliability at all times, and achieving meaningful medium-term savings over the next five years, while remaining competitive in the longer term compared to the Ambrosia proposal, which had a higher capital intensity associated with a large-scale solar plant covering the requirements of the Phase 1 expansion, that led to meaningfully higher costs of power in the short to medium term. Given the results of this process and the strategic relevance of self-reliant power supply, which has become a stated goal of the government in Mali, the Company has decided to advance the implementation of a self-reliant power generation solution for the site. This enables the Company to pursue an optimal solution for Sadiola, in collaboration with specialized and renowned partners, and where the Company also holds a significant ownership interest in the energy infrastructure. The Company is currently completing negotiations with a select group of companies for the long-term supply of energy to Sadiola. The solutions propose a phased deployment of a combination of off-grid thermal generation and solar-battery energy sources, offering a competitive levelized cost of energy compared to previous studies and the market. Allied expects to settle the framework agreements imminently and complete contract negotiations by the beginning of the fourth quarter of 2025. Amongst the many advantages of this solution, it creates more efficiency than pure solar alone, is cost effective and it is scalable to accommodate the larger expansion of Phase 2, or the incremental expansions between Phases 1 and 2 whose technical studies are being completed. The Company concluded that it is able to execute its development strategy for Sadiola without the need to divest any stake in the asset, retaining ownership and gold-price leverage of a high-quality asset and exploration portfolio that has increased in value since the beginning of the year. Sadiola continues to stand out as a Tier-1 asset, underpinned by a strong operational base, significant mineral reserves and a leading production growth profile. This confidence, and reasons to maintain full ownership of the asset and seek better terms with another power-solution partner, is supported by gold prices being substantially higher than at the time of engagement with the above-mentioned parties which significantly appreciates the value of the asset, the ongoing Phase 1 expansion being well advanced and on track for first gold production this year, improvements in governmental and other similar stakeholder engagements in Mali, a significantly improved and improving business environment in country, improved mine plans and management of the asset, and the advancement of engineering studies to assess the merits of a progressive expansion after Phase 1. This progressive approach targets reduced capital requirements in the medium term, leveraging the existing processing infrastructure. Furthermore, Allied is advancing test-work and engineering studies aimed to meaningfully increase metallurgical recoveries through the implementation of flotation and concentrate leaching as an add-on to the project. In addition to these technical studies and opportunities aimed at unlocking significant value and optionality, Allied has made significant progress on developing new oxide targets near mine, and is actively pursuing their conversion to mineral inventories and potential development, supported by an increased exploration budget and drilling program at Sadiola, focused on near-plant oxide opportunities. As noted, Allied has positioned itself as a reliable partner with the Malian government, being the first company to adopt a new mining protocol in light of the 2023 mining code. The Company continues advancing discussions with SOREM (Mali state-owned mining company) to pursue potential mining opportunities in the vicinity of Sadiola and other highly prolific areas in Mali. While definitive arrangements have not been concluded at this time, the Company is in advanced discussions and is encouraged with the prospects under evaluation and the cooperativeness and ongoing engagement with in-country authorities. With all of these regional, economical and technical factors considered, the Company believes that the implied value of Sadiola has increased significantly during a time coincident with the Company's conclusion that pursuing a self-reliant independent and optimized power solution is a better way to create value. New York Stock Exchange Listing: Allied began trading on the NYSE under the ticker symbol AAUC on June 9, 2025. Allied believes that listing on the NYSE will provide the Company with, among other things, access to a broader investor audience, increased sources of potential capital, improved trading liquidity in Allied's common shares, and increased research coverage from U.S. investment banks. Finally, the listing is expected to provide the opportunity for broader index inclusion. Common Share Consolidation: In May of 2025, and in connection with the Company's application to list its common shares on the NYSE, the Company completed a share consolidation on the basis of one post-consolidation common share for every three pre-consolidation common shares outstanding. Bought Deal Public Offering and Concurrent Block Trade: During the quarter, in April of 2025, the Company successfully closed on a bought deal public offering, and a significant shareholder of the Company completed a concurrent block trade transaction of common shares owned by such shareholder. The offering was for an aggregate of 17,250,000 common shares at a price of C$5.35 per share (on a pre-consolidation basis) for aggregate gross proceeds of $66.8 million and net proceeds of $61.9 million. Enhancing market liquidity remains a key objective for the Company. Over the past 18 months, average daily trading volume, measured over a 20-day period, has increased approximately ninefold. The significant shareholder's block trade and the Company's offering further improved trading liquidity in advance of the Company's listing on the New York Stock Exchange. These transactions also support broader index inclusion and additional investor interest, all of which should help the Company's share price better reflect the Company's intrinsic value per share. The Company intends to use the net proceeds from the offering to fund its optimization and growth initiatives, including advancing studies and engineering work to improve recoveries at Sadiola, supporting exploration and mine life extension studies in Côte d'Ivoire, and conducting additional exploration and development activities across its broader asset portfolio. The proceeds of the offering are expected to assist the Company in accelerating value creation from these assets and associated activities. Zero-Cost Collar Execution: On May 7, 2025, the Company completed a gold price protection program that ensures a minimum price of $3,048 per ounce and full upside to $4,000 per ounce on gold production of 15,500 ounces per month from June 2025 through to March 2026, equalling a total of 155,000 ounces. Inclusive of already existing gold production under preceding gold price protection through March of 2026, this represents approximately 75% of total production in that period, thereby ensuring higher margins and cash flows as the Company completes the development of Kurmuk. Sustainability, Health and Safety Highlights The Company did not report any significant Environmental Incidents for the three months ended on June 30, 2025. The Company's Total Recordable Injury Rate (TRIR) was 0.87, compared to a TRIR of 1.08 in the comparative prior year quarter. In terms of Lost Time Injuries ("LTI"), the Company reported two LTI for the three months ended June 30, 2025, compared to two LTI in the comparative prior year quarter, which results in a Company Lost Time Injury rate ("LTIR") for the three months ended June 30, 2025 of 0.35, compared to a LTIR of 0.54 in the comparative prior year quarter. Summary of Operational Results *Average market prices based on the LBMA PM Fix Price Gold production of 91,017 ounces during the three months ended June 30, 2025, was in line with expectations and driven by strong performance at Bonikro and Sadiola. As previously disclosed, production for the year is expected to follow a 45%/55% weighting between the first and second half, with the fourth quarter being the strongest of the year. Total cost of sales (4) on a per gold ounce sold basis of $2,294 for the three months ended June 30, 2025. Cash costs (1) on a per gold ounce sold basis of $2,034 for the three months ended June 30, 2025. AISC (1) on a per ounce gold sold basis for the current quarter of $2,343. As described in the Company's annual guidance, every $100 per ounce increase in the price of gold results in $15 per ounce higher consolidated AISC (1), which was based on a baseline for guidance of $2,500 per ounce, and at an average realized price in excess of $3,250 per ounce for the second quarter, consolidated AISC (1) was impacted by over $100 per ounce, impacting all mines, but disproportionately higher at Sadiola where gold price alone resulted in a $250 per ounce increase. At Bonikro, all unitary costs metrics were in line with plan. At Agbaou, following a plan for longer term optimization and increases in mine life, the Company prioritized waste removal over ore extraction to manage storm-water inflows into the pit and to secure access to higher-grade ore in the second half of 2025 as well as to support increased operational flexibility and production levels in 2026. Stripping costs in the second quarter, in the amount of $13.2 million, had a large impact on AISC (1) over the 14,938 ounces sold. Mine sequencing and the increase in stripping resulted in approximately $850 more AISC (1) per ounce in relation to the first quarter of 2025. While waste movement is expected to continue at similar levels for the remainder of the year, ore feed, gold grades and production are expected to materially increase quarter over quarter, resulting in reduced costs and increased cash flows in the second half of the year. Consequently, annual production for Agbaou, and the benefits in the second half of the year, results in a production expectation at the mid-point of guidance of approximately 83,500 ounces. In addition to operational factors, increased waste removal in 2025 allows for less reliance on short-term resource conversion to support production levels in 2026, creating a bridge to focus additional exploration spending at Agbaou on more transformational targets aimed at adding ounces and with an objective to increase mine life at Agbaou by four to six years, with the completion of the first stage exploration program in 2026. Production in 2026 is expected to further increase from the current year. At Sadiola, as previously disclosed, the 2023 mining code is expected to impact costs by approximately $240 to $300 per ounce, with Korali-Sud attracting further government and third-party royalty burdens of an additional $200 per ounce, as it is subject to the full impact of the 2023 mining code without derogation of royalties. With continued contributions from Korali-Sud during the quarter, costs were impacted commensurately. Sadiola costs in the first quarter of 2025 were positively impacted by the sale of significant levels of Korali inventory from 2024. Had those ounces not been sold in the first quarter of 2025, Sadiola AISC (1) would have been approximately $2,150. As such, the change in costs in the second quarter over the first quarter is predominantly from the higher gold price and its impact on royalties. When compared to the prior year comparative quarter, increased gold prices and the 2023 mining code have resulted in an impact of approximately $600 per ounce in the Sadiola structure year-over-year. Gold sales (8) of 81,103 ounces for the quarter ended June 30, 2025 compared to 84,611 ounces sold in the comparative quarter. Gold sales differed from production due to the timing of gold pours and final shipments before quarter end. The resulting build-up in finished goods inventory has been sold in July. Average revenue per ounce generally diverges modestly from the average market price due to the impact of ounces delivered under the streams. Sadiola comprises the Sadiola (80% interest) open pit gold mine, located in the Kayes region of Mali, as well as the Korali-Sud open pit gold mine (65% interest), 15 kilometres south of the processing plant at Sadiola. The remaining ownership in Sadiola is retained by the Government of Mali. For the three months ended June 30, 2025, Sadiola produced 49,283 ounces of gold. Production in the quarter was in line with plan and annual guidance, and includes the continued contribution from Korali-Sud high-grade oxide ore, as well as its fresh ore, through co-processing of Sadiola and Korali ores. Co-processing started on May 6, 2025 and is expected to continue into the third quarter of 2025. This initiative maximizes production, with clay content from Korali-Sud being mitigated by ore coming from Sadiola. Production is now fully supported by active pit mining, ending reliance on stockpiles, while unlocking improved grade control and mine-to-mill predictability, which sets a stronger base for long-term cost management. The Company is actively evaluating the future contribution of Korali-Sud and other new sources of oxide ore identified within the Sadiola mining licence with an update expected to be provided in due course. Oxide ore is favoured in the short term as it provides the plant with relatively inexpensive, high quality ounces. Instrumentation upgrades to the process-plant are progressing with improvements in throughput, delivering an additional 171,000 tonnes from January through to May, resulting in over 5,900 more recovered ounces during the this period in relation to plan. Further savings in elution reagent costs are expected, driven by a reassessment of reagent-rate value calculations. Additional improvements include optimization of the regrind mill cyclone performance, and an upgrade to the feed-pump capacity at the processing plant. Once completed, further gains in throughput and recovery are expected. Commissioning of the Phase 1 process plant upgrade will supplement the ongoing instrumentation upgrade efforts. At Sadiola, as previously disclosed, the 2023 mining code is expected to impact costs by approximately $240 to $300 per ounce, with Korali-Sud attracting further government and third-party royalty burdens of an additional $200 per ounce, as it is subject to the full impact of the 2023 mining code without derogation of royalties. With continued contributions from Korali-Sud during the quarter, costs were impacted commensurately. Sadiola costs in the first quarter of 2025 were positively impacted by the sale of significant levels of Korali inventory from 2024. Had those ounces not been sold in the first quarter of 2025, Sadiola AISC (1) would have been approximately $2,150. As such, the change in costs in the second quarter over the first quarter is predominantly from the higher gold price and its impact on royalties. AISC (1) for the quarter was $2,471 per gold ounce. As described in the Company's annual guidance, every $100 per ounce increase in the price of gold results in $15 per ounce higher consolidated AISC (1), which was based on a baseline for guidance of $2,500 per ounce, and at an average realized price in excess of $3,250 per ounce for the second quarter, consolidated AISC (1) was impacted by over $100 per ounce, impacting all mines, but disproportionately higher at Sadiola where gold price alone resulted in a $250 per ounce increase. Sadiola Expansion Project and Korali-Sud The first phase of expansion at Sadiola broke ground in the fourth quarter of 2024 and advanced on schedule and on budget during the second quarter. Earthworks, civil works and structural fill, along with engineering and procurement, are progressing well with engineering and procurement essentially complete. The first components of the modular three-stage crushing plant have been shipped to site, and preparatory earthworks in the area have commenced. The mill motor has landed on site, as have the mill components. The first batch of structural steel has arrived on site and erection will commence imminently. Major mechanical equipment, including the cyclones and pumps are en route and will arrive on site for installation during the third quarter. The current third quarter focus will be on installation of structural steel and mechanical equipment allowing for follow-on completion of the electrical, control and instrumentation installation, and commissioning in the fourth quarter. Continued investment in the first phase expansion, including planned plant modifications and infrastructure upgrades, is consistent with prior estimates at $70 million in 2025. The first phase plant expansion involves installing additional crushing and grinding capacity in one of the processing plant lines, which will be dedicated to treating fresh ore. These modifications will allow Sadiola to treat up to 60% of fresh rock at a rate of up to 5.7 Mt/y in the modified process plant starting during the fourth quarter of 2025. With the completion of plant modifications in the first phase, Sadiola is expected to stabilize and produce between 200,000 and 230,000 ounces of gold per year in the medium term, ahead of the next phase of expansion. The Phase 2 Expansion, planned as a new processing plant with planned project commencement in late 2026 and dedicated to processing fresh rock and oxides at a rate of up to 10 Mt per year, targeted to start production in late 2028, is expected to increase production to an average of 400,000 ounces per year for the first four years and 300,000 ounces per year on average for the mine's life, with AISC (1) expected to decrease to below $1,200 per gold ounce. Further, the Company is conducting engineering studies to determine the optimal path for a progressive, phased expansion of the existing plant beyond the year 2025, with the objective to target similar ultimate production levels at improved capital intensity. This will be achieved by advancing opportunities for optimization of the Sadiola Gold Mine Expansion Projects, including metallurgical test work and a pre-feasibility study to potentially increase recoveries by over 10 percentage points through the use of flotation and concentrate leaching. The progressive expansion would facilitate treatment of Fresh Ores, potentially reducing the requirements for a future single, major capital expenditure and accelerating gold production through increased plant throughput. These studies, supported by the Company's phased investment, seek to improve Sadiola's financial performance significantly. With this long-term and value-focused strategy, the Company is well-positioned to affirm that the advancement of the Sadiola Gold Mine Project is proceeding as planned, reinforcing Allied's commitment to operational excellence and long-term value creation. Sadiola Exploration Since acquiring the Sadiola Project in 2021, Allied has identified over 15 million tonnes of economic oxide mineralization within the near-mine footprint, significantly enhancing the oxide resource base critical for the existing and planned processing infrastructure. Ongoing exploration activities at Sekekoto West, FE4, FE2 Trend and Tambali South are crucial to Allied's strategy to leverage the existing resources and infrastructure to maximize production and cash flows in the short term. During the quarter, exploratory and resource drilling programs were conducted on the Sadiola licence. A total of 273 holes were drilled totalling 24,627 metres by five exploration drill rigs. Resource and exploratory drilling programs continued and were expanded at the Sekekoto West, Tambali and FE4 deposits, and at the FE2.5 prospect during the quarter. A sterilization drill program over a proposed new tailings storage facility, to the east of Sadiola Mine continued and is expected to be completed in the third quarter. Exploratory drilling at Sekekoto West deposit was extended to the north during the quarter with drillhole intersections demonstrating that the deposit remains open 500 metres to the north outside of the current pit designs. Further drilling is planned to continue testing for strike extensions of this mineralized trend to the north and south. At the Tambali deposit, deeper core drilling of the fresh rock mineralization is being carried out on 100 metre section lines with a goal to be completed in the third quarter of 2025. Drillhole intersections demonstrate good continuity of economic mineralization to 320 metres depth. An updated geological model completed in the second quarter will provide guidance for further drill testing of this deposit in subsequent programs. At FE4, a 199-hole drill program, now 29% completed, is being carried out to both upgrade inferred mineral resources to Indicated and test for extensions to the known mineralization. Results to date have been encouraging. Drilling continued to the north of the 1.1 kilometre-long FE2.5 oxide gold prospect and extended oxide gold mineralization for another 1.1 kilometres further north to the south end of the historic 1.2 kilometre long FE2 pit. Oxide gold mineralization has now been followed, more or less continuously for 3.4 kilometres and is open to the north and, less so, to the south. Drilling will continue to test this limestone/clastic sediment trend with wide-spaced holes for another 2 kilometres to the north of the FE2 pit with a goal to exhibit potential for shallow oxide gold resources along the entire 5.5 kilometre long trend. Once the scope of the mineralization is defined, a systematic program of resource conversion will be carried out as required. Further, Sadiola will also see continued efforts with five drills dedicated to continue testing for and extending the gold mineralized structures at Sadiola Main, Tambali, FE2 Trend, Sekekoto Trend and FE4 with a further budget of $5.7 million. The exploration is focused on both oxide and fresh mineralization with a preference for oxide gold mineralization in the near term. Oxide ore is favoured in the short term as it provides the plant with relatively inexpensive, high quality ounces. The horizontal and down-dip/down-plunge limits of these systems have not been defined yet and expectations of ongoing discovery/additions are high. A sixth drill will begin to follow up on other mineralized structures/ideas over the property area. Bonikro (89.89% interest), Côte d'Ivoire The Bonikro gold mine is an open pit gold mine located in the Oumé region of Côte d'Ivoire ("Bonikro" or "Bonikro Mine"). The remaining ownership is split between the Government of Côte d'Ivoire (10%) and a local minority shareholder (0.11%). Bonikro is contiguous to Agbaou, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. The combined milling capacity and existing infrastructure including water supply dams, tailings storage facilities, access and site roads, power supply and accommodation facilities, provide optionality and significant synergies. Bonikro comprises two separate mining licences (the Bonikro Licence and Hiré Licence), although integrated as a single operation. Bonikro produced 25,775 ounces of gold during the three months ended June 30, 2025, in line with plan and annual guidance. The strong production was driven by higher grade ore mined from PB3, and improved throughput and recovered grade in the process plant. Improved plant throughput was achieved with the completion of plant enhancements, increased crusher availability, improved fragmentation, and enhanced maintenance practices. Bonikro remained on plan in the quarter, benefiting from mine sequencing into higher-grade zones and stable plant performance. Throughput improved following enhancements to the comminution circuit, including screen panel modifications that lifted mill rates by nearly 9%. Gains were also supported by better crusher availability and proactive maintenance routines. The ongoing stripping campaign at PB3 and PB5 in the first half of the year positions the Company on track to expose higher-grade material for the last quarter of 2025, as well as the following years, with minimal waste stripping expected during 2026 and 2027. This mining sequencing at Bonikro, for an anticipated $60 million of capital expenditures related to production stripping during 2025, will lead to robust free cash flows, as the stripping ratio decreases and it further exposes higher-grade ore. As the waste stripping benefits not only 2025 but also the following two years of production, the AISC (1) per ounce sold figure accounts for the allocation of the stripping spend over the ounces it benefits through 2027. The Company has now succeeded in implementing a centralized management model for both mines in CDI, streamlining processes, optimizing resources, and enhancing service delivery for sustainable growth, and lowering AISC (1). The Company anticipates waste stripping in the third quarter at similar levels than that completed during the second quarter, after which Bonikro PB5 be able to provide higher-grade ore for the remaining years of its current life. Costs for the period were in line with plan. Gold sales differed from production due to the timing of gold pours and final shipments before quarter end. The resulting build-up in finished goods inventory has been sold in July. Hiré and Oumé Exploration Resource and exploration drilling was conducted during the quarter on the Company's mining licences and exploration licences. At the Hiré mine, three rigs defined relatively narrow lenses of oxide gold mineralization traceable for 550 metres and 1,100 metres at the Assondji-So Marais and Assondji-So South areas, respectively. Both of these zones lie within the southwest part of the compensation area with mineralization expected to extend to the west outside of the permitted area. Work to further extend the Assondji So South mineralization, to the southwest, is expected to begin in the third quarter. Scout drilling also started immediately south of the Assondji So pit over an area of historic artisanal workings. This work is expected to continue into the third quarter. A program is also planned to commence in the third quarter to test the underground potential of the gold mineralization below the Akissi So pit. Oumé Exploration At the Oumé Project, drilling to convert Inferred mineral resources to Indicated mineral resources was completed at the Dougbafla North prospect with some holes designed to extend the zone across strike and to depth. Drilling resumed over the Dougbafla West deposit with a goal to infill and extend the mineralized lenses with drilling continuing into the third quarter. Exploration work plans have been proposed to the east of the Dougbafla Central zone and SW of the Dougbafla West Prospect as the limits of the Oumé mineralized systems have not been defined yet. One of the goals of the step out drilling is to identify additional felsic intrusions along the shear corridor where wider mineralized zones would be expected. Agbaou (85% interest), Côte d'Ivoire Agbaou is an open pit gold mine, located in the Oumé region of Côte d'Ivoire. The remaining ownership is split between the Government of Côte d'Ivoire (10%) and the SODEMI development agency (5%). Agbaou is contiguous to Bonikro, and together they comprise the CDI Complex, with the two processing plants located only 20 km from each other. Agbaou produced 15,959 ounces of gold during the three months ended June 30, 2025, and aligned with the revised mine sequence. Production in the quarter was the result of higher oxide grade mined in the Agbale pit and treated at Agbaou. This allowed for increased throughput in the process plant. The performance was supported by mining fleet performance optimization and the implementation of enhanced short-interval controls. At Agbaou, the Company prioritized waste removal over ore extraction to manage storm-water inflows into the pit and to secure access to higher-grade ore in the second half of 2025 as well as to support increased operational flexibility and production levels in 2026. Stripping spend in the second quarter, which amounted to $17.9 million, had a large impact on AISC (1) over the 14,938 ounces sold. While waste movement is expected to continue at similar levels for the remainder of the year, ore feed, gold grades and production are expected to materially increase quarter over quarter, resulting in reduced costs and increased cash flows in the second half of the year. In addition to operational factors, increased waste removal in 2025 allows for less reliance on short-term resource conversion to support production levels in 2026, creating a bridge to focus additional exploration spending at Agbaou on more transformational targets aimed to add ounces and with an objective to increase mine life at Agbaou by four to six years, with the completion of the first stage exploration program in 2026. Production in 2026 is expected to further increase from the current year. The Company has now succeeded in implementing a centralized management model for both mines in CDI, streamlining processes, optimizing resources, and enhancing service delivery for sustainable growth, and lowering AISC (1). The benefits of the centralized contractor model and the Hub-and-Spoke structure implemented are becoming more evident, enabling improved agility in managing shared resources and coordinating recovery efforts across sites. These enablers will be further embedded in the coming months as the Company transitions from initiation to full execution. Looking ahead, execution discipline will remain central to delivering value in the second half. With deeper integration of the Hub-and-Spoke model, continued focus on plant optimization, and improved mining flexibility. Costs for the second quarter, as anticipated, reflect the significant increase in stripping at WP 7, which will benefit access to oxide ore in the later part of 2025, partially offset by the successful implementation of a centralized management model. This is expected to result in higher production at lower costs for the remainder of 2025, as second half of the year sustaining capital significant decreases in the third quarter, and is minimal in the fourth quarter. Gold sales differed from production due to the timing of gold pours and final shipments before quarter end. The resulting build-up in finished goods inventory has been sold in July. Agbaou Exploration Allied is actively pursuing opportunities to extend the mine life by increasing Mineral Reserves through sustained drilling and other exploration efforts. In the second quarter of 2025, with a further budget of $7.5 million for the year, the Company launched a focused initiative comprising two strategic projects aimed at accelerating this objective. The first project targets the Agbaou West and East pits, with the goal of upgrading Inferred Mineral Resources to Indicated Mineral Resources to test for down dip extensions of known mineralization and to test for new lenses. The drilling campaign, structured in three phases, commenced in July, 2025, and is scheduled for completion in the first half of 2026. The program's goal is to add several more years to mine life. The second project focuses on the Hire-Akissi So target, where the Company is working to confirm the presence of an underground mineable resource at grades ranging from 3 to 4 g/t of gold. This two-phase drilling program also commenced in July 2025, and is expected to conclude by late first quarter of 2026. Allied anticipates reporting progress on these initiatives by delivering a program status update in the second quarter of 2026. Up to seven core drills will be devoted to these two programs with one other RC drill dedicated to testing new targets. Kurmuk, (100% interest (7)), Ethiopia The Company continues to track well against plan for the Kurmuk Project, both in terms of physical completion and spend, having achieved key milestones and progress during the second quarter of 2025. The Company remains positioned to achieve the next milestones, which include: Bulk mining activities start in third quarter 2025, Completion of engineering in third quarter 2025, Mechanical erection ramp-up in third quarter 2025 in CIL area, CIL area completed in first quarter 2026, Power line completion in first quarter 2026, Commissioning start in second quarter 2026, First gold in second quarter 2026. Being less than a year away from first production, the Company is advancing technical studies aimed at improving operational confidence and flexibility, including potential increases in plant throughput among other improvements and targeted optimizations. The Company is also advancing a detailed review of the remaining aspects of the project, including project supply chain and logistics. Notable quarterly updates include: Engineering and Procurement have achieved approximately 90% progress. Transportation of key equipment is advancing well, with delivery to site of key components such as the Carbon-in-Leach ("CIL") tanks and grinding mills. Structural fills at the plant terrace were completed. Critical areas including crushing, grinding, and CIL were handed over to the civil contractor, allowing rebar installation and concrete works: Foundation work for all CIL tanks and thickeners is complete and handed over to the Structural, Mechanical, Plate and Piping ("SMPP") contractor. Concrete casting for both the SAG and Ball mill has been finalized, marking a key milestone in plant infrastructure readiness. Works are progressing on the primary crusher, stockpile tunnel, process water tanks, and reagents facilities in line with the schedule. Key bulk earthworks progress outside the process plant area was achieved ahead of the rainy season, including: Substantial completion of the water storage dam, a critical milestone for water capture ahead of the wet season. The construction of the explosives magazine facilities is progressing as planned, with work on track to support the scheduled arrival of the first explosives on site. The construction of the airstrip has been completed, marking a key logistics, safety and security milestone for the project. SMPP contractor fabrication is progressing well, and site mobilization is advancing through a phased approach focused on erecting the permanent camp ancillary facilities. Development of the main accommodation camp is nearing completion, with key support facilities including a 1,200-person kitchen, administration building, clinic, and laundry being actively managed to accommodate the project's expanding workforce and mobilization needs. Mobilization of the mining fleet is ongoing with the site delivery expected imminently. Meanwhile, the Company completed pioneering mining activities for the establishment of access and infrastructure. Mining activities will continue throughout the year and into 2026, with the objective of preparing the mine and building ore stockpiles to support the commissioning stage and the start of operations. Kurmuk is expected to produce first gold by mid-2026, contributing an estimated 175,000 ounces of gold in the second half of 2026. On a year-to-date basis, $127.4 million has been spent on the Kurmuk Project, comprising direct construction capital expenditures and exploration activity, with $71.3 million spent in the quarter. A November update is planned for Kurmuk Mineral Resources and Mineral Reserves, in relation to the infill drilling effort carried thus far to support the start of mining activities, along with an exploration update on the different targets throughout the property. Operational Summary FINANCIAL SUMMARY AND KEY STATISTICS Key financial operating statistics for the second quarter 2025 are outlined in the following tables. (In thousands of US Dollars, except for shares and per share amounts) (Unaudited) For three months ended June 30, For six months ended June 30, 2025 2024 2025 2024 Revenue $ 251,979 $ 195,614 $ 598,386 $ 370,681 Cost of sales, excluding depreciation, depletion and amortization ("DDA") (164,902) (115,485) (372,694) (237,001) Gross profit excluding DDA (1) $ 87,077 $ 80,129 $ 225,692 $ 133,680 DDA (21,186) (12,358) (40,143) (23,460) Gross profit $ 65,891 $ 67,771 $ 185,549 $ 110,220 General and administrative expenses $ (27,713) $ (15,240) $ (46,565) $ (29,401) Exploration and evaluation expenses (3,810) (3,054) (7,337) (7,884) Loss on revaluation of financial instruments and embedded derivatives (13,971) (2,099) (28,087) (3,882) Other losses (18,621) (4,214) (17,493) (7,629) Net earnings before finance costs and income tax $ 1,776 $ 43,164 $ 86,067 $ 61,424 Finance costs (2,764) (7,082) (8,074) (12,719) Net (loss) earnings before income tax (988) 36,082 77,993 48,705 Current income tax expense $ (14,560) $ (18,894) $ (42,260) $ (27,380) Deferred income tax recovery (expense) 24 (769) (11,320) (5,748) Net (loss) earnings $ (15,524) $ 16,419 $ 24,413 $ 15,577 (Loss) earnings attributable to: Shareholders of the Company $ (25,410) $ 8,298 $ (10,286) $ 2,613 Non-controlling interests 9,886 8,121 34,699 12,964 Net (loss) earnings for the period $ (15,524) $ 16,419 $ 24,413 $ 15,577 Net (loss) earnings per share attributable to shareholders of the Company Basic $ (0.22) $ 0.10 $ (0.09) $ 0.03 Diluted $ (0.22) $ 0.09 $ (0.09) $ 0.03 (In thousands of US Dollars, except per share amounts) For three months ended June 30, For six months ended June 30, 2025 2024 2025 2024 Net (Loss) Earnings attributable to Shareholders of the Company $ (25,410) $ 8,298 $ (10,286) $ 2,613 Net (Loss) Earnings attributable to Shareholders of the Company per Share $ (0.22) $ split presentation to basic/diluted $ (0.09) $ 0.03 Loss on revaluation of financial instrument 13,971 2,099 28,087 3,882 Depreciation of Korali share-based payment for permit 876 — 4,756 — Foreign exchange 292 568 3,335 832 Share-based expense 17,170 2,011 21,277 4,138 Other Adjustments * 16,490 (3,148) 27,439 (1,066) Tax adjustments (7,168) 1,805 (13,314) 2,159 Total increase to Attributable Net Earnings (2) $ 41,631 $ 3,335 $ 71,580 $ 9,945 Total increase to Attributable Net Earnings (2) per share $ 0.37 $ 0.04 $ 0.64 $ 0.12 Adjusted Net Earnings (1) $ 16,221 $ 11,633 $ 61,294 $ 12,558 Adjusted Net Earnings (1) per Share $ 0.14 $ 0.14 $ 0.55 $ 0.15 * Comprises contingencies and other legal matter costs of $5.6 million for the second quarter ($9.9 million year-to-date) and corporate development and transaction related costs of $9.2 million for the second quarter ( $10.2 million year-to-date), along with other items that are individually insignificant. Second Quarter 2025 Conference Call The Company will host a conference call and webcast on Thursday, August 7, 2025 at 9:00 a.m. ET. The webcast replay will be available shortly after the conclusion of the call. Qualified Persons Except as otherwise disclosed, all scientific and technical information contained in this press release has been reviewed and approved by Sébastien Bernier, (Senior Vice President, Technical Services). Mr. Bernier is an employee of Allied and a "Qualified Person" as defined by Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). About Allied Gold Corporation Allied Gold is a Canadian-based gold producer with a significant growth profile and mineral endowment which operates a portfolio of three producing assets and development projects located in Côte d'Ivoire, Mali, and Ethiopia. Led by a team of mining executives with operational and development experience and proven success in creating value, Allied Gold aspires to become a mid-tier next generation gold producer in Africa and ultimately a leading senior global gold producer. NON-GAAP FINANCIAL PERFORMANCE MEASURES The Company has included certain non-GAAP financial performance measures and ratios to supplement its Condensed Consolidated Interim Financial Statements, which are presented in accordance with IFRS, including the following: Cash costs per gold ounce sold; AISC per gold ounce sold; Gross profit excluding DA; Sustaining, Expansionary and Exploration Capital Expenditures; Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share; and EBITDA and Adjusted EBITDA. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. Non-GAAP financial performance measures, including cash costs, AISC, Gross profit excluding DA, Sustaining, Expansionary and Exploration Capital Expenditures, Adjusted Net Earnings (Loss), Adjusted Net Earnings (Loss) per Share, EBITDA and Adjusted EBITDA, do not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies. Non-GAAP financial performance measures are intended to provide additional information, and should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS and are not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Management's determination of the components of non-GAAP financial performance measures and other financial measures are evaluated on a periodic basis, influenced by new items and transactions, a review of investor uses and new regulations as applicable. Any changes to the measures are described and retrospectively applied, as applicable. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. The measures of cash costs and AISC, along with revenue from sales, are considered to be key indicators of a Company's ability to generate operating earnings and cash flows from its mining operations. This data is furnished to provide additional information and is a non-GAAP financial performance measure. CASH COSTS PER GOLD OUNCE SOLD Cash costs (1) include mine site operating costs such as mining, processing, administration, production taxes and royalties which are not based on sales or taxable income calculations. Cash costs exclude DDA, exploration costs, accretion and amortization of reclamation and remediation, and capital, development and exploration spend. Cash costs include only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. The Company discloses cash costs because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows for use in investing and other activities. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS and, therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. Cash costs are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. AISC PER GOLD OUNCE SOLD AISC figures are calculated generally in accordance with a standard developed by the World Gold Council ("WGC"), a non-regulatory, market development organization for the gold industry. Adoption of the standard is voluntary, and the standard is an attempt to create uniformity and a standard amongst the industry and those that adopt it. Nonetheless, the cost measures presented herein may not be comparable to other similarly titled measures of other companies. The Company is not a member of the WGC at this time. AISC include cash costs (as defined above), mine sustaining capital expenditures (including stripping), sustaining mine-site exploration and evaluation expensed and capitalized, and accretion and amortization of reclamation and remediation. AISC exclude capital expenditures attributable to projects or mine expansions, exploration and evaluation costs attributable to growth projects, DA, income tax payments, borrowing costs and dividend payments. AISC includes only items directly related to each mine site, and do not include any cost associated with the general corporate overhead structure. As a result, Total AISC represent the weighted average of the three operating mines, and not a consolidated total for the Company. Consequently, this measure is not representative of all of the Company's cash expenditures. Sustaining capital expenditures are expenditures that do not increase annual gold ounce production at a mine site and excludes all expenditures at the Company's development projects as well as certain expenditures at the Company's operating sites that are deemed expansionary in nature, such as the Sadiola Phased Expansion, the construction and development of Kurmuk and the PB5 pushback at Bonikro. Exploration capital expenditures represent exploration spend that has met criteria for capitalization under IFRS. The Company discloses AISC, as it believes that the measure provides useful information and assists investors in understanding total sustaining expenditures of producing and selling gold from current operations, and evaluating the Company's operating performance and its ability to generate cash flow. The most directly comparable IFRS measure is cost of sales. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. AISC are computed on a weighted average basis, with the aforementioned costs, net of by-product revenue credits from sales of silver, being the numerator in the calculation, divided by gold ounces sold. The following tables provide detailed reconciliations from total costs of sales to cash costs and AISC. Subtotals and per unit measures may not calculate based on amounts presented in the following tables due to rounding. (In thousands of US Dollars, unless otherwise noted) For three months ended June 30, 2025 For three months ended June 30, 2024 Bonikro Agbaou Sadiola Total Bonikro Agbaou Sadiola Total Cost of Sales, excluding DDA $ 31,361 $ 30,366 $ 103,175 $ 164,902 $ 24,497 $ 31,330 $ 59,658 $ 115,485 DDA 12,056 3,495 5,635 21,186 9,830 1,126 1,402 12,358 Cost of Sales $ 43,417 $ 33,861 $ 108,810 $ 186,088 $ 34,327 $ 32,456 $ 61,060 $ 127,843 Cash Cost Adjustments DDA $ (12,056) $ (3,495) $ (5,635) $ (21,186) $ (9,830) $ (1,126) $ (1,402) $ (12,358) Agbaou Contingent Consideration — 828 — 828 — 36 — 36 Silver by-Product credit (192) (42) (559) (793) (87) (48) (127) (262) Total Cash Costs (1) $ 31,169 $ 31,152 $ 102,616 $ 164,937 $ 24,410 $ 31,318 $ 59,531 $ 115,259 AISC (1) Adjustments Reclamation & Remediation Accretion $ 137 $ 156 $ 419 $ 712 $ 218 $ 318 $ 561 $ 1,097 Exploration Capital 969 989 40 1,998 2,090 — — 2,090 Exploration Expenses 26 23 3,789 3,838 213 2,254 587 3,054 Sustaining Capital Expenditures 3,228 13,720 979 17,927 2,559 1,269 1,998 5,826 IFRS 16 Lease Adjustments 322 322 — 644 — 30 — 30 Total AISC (1) $ 35,851 $ 46,362 $ 107,843 $ 190,056 $ 29,490 $ 35,189 $ 62,677 $ 127,356 Gold Ounces Sold 22,517 14,938 43,648 81,103 19,036 15,066 50,509 84,611 Cost of Sales per Gold Ounce Sold $ 1,928 $ 2,267 $ 2,493 $ 2,294 $ 1,803 $ 2,154 $ 1,209 $ 1,511 Cash Cost (1) per Gold Ounce Sold $ 1,384 $ 2,085 $ 2,351 $ 2,034 $ 1,282 $ 2,079 $ 1,179 $ 1,362 AISC (1) per Gold Ounce Sold $ 1,592 $ 3,104 $ 2,471 $ 2,343 $ 1,549 $ 2,336 $ 1,241 $ 1,505 (In thousands of US Dollars, unless otherwise noted) For six months ended June 30, 2025 For six months ended June 30, 2024 Bonikro Agbaou Sadiola Total Bonikro Agbaou Sadiola Total Cost of Sales, excluding DDA $ 60,579 $ 56,524 $ 255,591 $ 372,694 $ 57,577 $ 67,077 $ 112,347 $ 237,001 DDA 18,855 5,278 16,010 40,143 16,636 3,460 3,364 23,460 Cost of Sales $ 79,434 $ 61,802 $ 271,601 $ 412,837 $ 74,213 $ 70,537 $ 115,711 $ 260,461 Cash Cost Adjustments DDA $ (18,855) $ (5,278) $ (16,010) $ (40,143) $ (16,636) $ (3,460) $ (3,364) $ (23,460) Cost of production of ounces distributed as dividend-in-kind — — 9,135 9,135 — — — — Agbaou Contingent Consideration — 1,947 — 1,947 — 719 — 719 Silver by-Product credit (329) (113) (607) (1,049) (201) (92) (227) (520) Total Cash Costs (1) $ 60,250 $ 58,358 $ 264,119 $ 382,727 $ 57,376 $ 67,704 $ 112,120 $ 237,200 AISC (1) Adjustments to Total Cash Costs (1) noted above Reclamation & Remediation Accretion $ 275 $ 312 $ 837 $ 1,424 $ 436 $ 636 $ 1,121 $ 2,193 Exploration Capital 1,644 1,677 153 3,474 3,740 — — 3,740 Exploration Expenses 472 259 6,221 6,952 387 4,871 2,626 7,884 Sustaining Capital Expenditures 5,680 24,552 2,087 32,319 7,585 2,215 2,468 12,268 IFRS 16 Lease Adjustments 644 644 — 1,288 — 56 — 56 Total AISC (1) $ 68,965 $ 85,802 $ 273,417 $ 428,184 $ 69,524 $ 75,482 $ 118,335 $ 263,341 Gold Ounces Sold (8) 43,441 33,501 135,681 212,623 40,340 34,030 95,377 169,747 Gold Ounces Sold excluding ounces distributed as dividend-in-kind 43,441 33,501 127,526 204,468 40,340 34,030 95,377 169,747 Cost of Sales per Gold Ounce Sold $ 1,829 $ 1,845 $ 2,130 $ 2,019 $ 1,840 $ 2,073 $ 1,213 $ 1,534 Cash Cost (1) per Gold Ounce Sold $ 1,387 $ 1,742 $ 1,947 $ 1,800 $ 1,422 $ 1,990 $ 1,176 $ 1,397 AISC (1) per Gold Ounce Sold $ 1,588 $ 2,561 $ 2,015 $ 2,014 $ 1,723 $ 2,218 $ 1,241 $ 1,551 GROSS PROFIT EXCLUDING DDA The Company uses the financial measure "Gross Profit excluding DDA" to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance. Gross profit excluding DDA is calculated as Gross Profit plus DDA. The Company discloses Gross Profit excluding DDA because it understands that certain investors use this information to determine the Company's ability to generate earnings and cash flows. The Company believes that conventional measures of performance prepared in accordance with IFRS do not fully illustrate the ability of its operating mines to generate cash flows. The most directly comparable IFRS measure is Gross Profit. As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. The reconciliation of Gross Profit to Gross Profit Excluding DDA can be found on pages 9, 12, and 14 of this press release. ADJUSTED NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) PER SHARE The Company uses the non-GAAP financial measures "Adjusted Net Earnings (Loss)" and the non-GAAP ratio "Adjusted Net Earnings (Loss) per share" to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance. Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share are calculated as Net Earnings (Loss) attributable to Shareholders of the Company, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements. Gains (losses) related to the reverse takeover transaction events and other items, Gains (losses) on the revaluation of historical call and put options, Unrealized Gains (losses) on financial instruments and embedded derivatives, Write-offs (reversals) on mineral interest, exploration and evaluation and other assets, Gains (losses) on sale of assets, Unrealized foreign exchange gains (losses), Share-based (expense), Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items, Deferred income tax recovery (expense) on the translation of foreign currency inter-corporate debt, One-time tax adjustments to historical deferred income tax balances relating to changes in enacted tax rates, Non-recurring expenditures or provisions, Any other non-recurring adjustments and the tax impact of any of these adjustments calculated at the statutory effective rate for the same jurisdiction as the adjustment. Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance. Management uses these measures for internal valuation of the core mining performance for the period and to assist with planning and forecasting of future operations. Management believes that the presentation of Adjusted Net Earnings (Loss) and Adjusted Net Earnings (Loss) per share provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company's profitability from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted Net Earnings (Loss) (1) and Adjusted Net Earnings (Loss) (1) per share, which are otherwise included in the determination of Net Earnings (Loss) and Net Earnings (Loss) per share prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company's past financial performance or the future prospects and may hinder a comparison of its period-to-period profitability. The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. The reconciliation of Net (Loss) Earnings to attributable to Shareholders of the Company to Adjusted Net Earnings can be found on page 13 of this press release and in the Company's MD&A in Section 1: Highlights and Relevant Updates, under the Summary of Financial Results. EBITDA AND ADJUSTED EBITDA The Company uses the financial measures "EBITDA" and "Adjusted EBITDA" to supplement information in its financial statements. The Company believes that in addition to conventional measures prepared in accordance with IFRS, the Company and certain investors and analysts use this information to evaluate the Company's performance. EBITDA is calculated as Net Earnings (Loss), plus Finance Costs, DDA, Current income tax expense and Deferred income tax expense. Adjusted EBITDA calculated is further calculated as EBITDA, excluding non-recurring items, items not related to a particular periods and/or not directly related to the core mining business such as the following, with notation of Gains (Losses) as they would show up on the financial statements. Gains (losses) on the revaluation of historical call and put options, Unrealized Gains (losses) on financial instruments and embedded derivatives, Write-offs (reversals) on mineral interest, exploration and evaluation and other assets, Gains (losses) on sale of assets, Unrealized foreign exchange gains (losses), Share-based (expense), Unrealized foreign exchange gains (losses) related to revaluation of deferred income tax asset and liability on non-monetary items, Non-recurring provisions, Non-recurring adjustments from unusual events or circumstances are reviewed from time to time based on materiality and the nature of the event or circumstance. Management uses these measures for internal valuation of the cash flow generation ability of the period and to assist with planning and forecasting of future operations. Management believes that the presentation of EBITDA and Adjusted EBITDA provide useful information to investors because they exclude non-recurring items, items not related to or not indicative of current or future periods' results and/or not directly related to the core mining business and are a better indication of the Company's cash flow from operations as evaluated by internal management and the board of directors. The items excluded from the computation of Adjusted EBITDA, which are otherwise included in the determination of Net Earnings (Loss) prepared in accordance with IFRS, are items that the Company does not consider to be meaningful in evaluating the Company's past financial performance or the future prospects and may hinder a comparison of its period-to-period performance comparisons. The most directly comparable IFRS measure is Net Earnings (Loss). As aforementioned, this non-GAAP measure does not have any standardized meaning prescribed under IFRS, and therefore may not be comparable to similar measures employed by other companies, should not be considered in isolation as a substitute for measures of performance prepared in accordance with IFRS, and is not necessarily indicative of operating costs, operating earnings or cash flows presented under IFRS. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This press release contains "forward-looking information" including "future oriented financial information" and "financial outlook" under applicable Canadian securities legislation. Except for statements of historical fact relating to the Company, information contained herein constitutes forward-looking information, including, but not limited to, any information as to the Company's strategy, objectives, plans or future financial or operating performance. Forward-looking statements are characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words or negative versions thereof, or statements that certain events or conditions "may", "will", "should", "would" or "could" occur. In particular, forward looking information included in this press release includes, without limitation, statements with respect to: current production positioning the Company to meet its guidance for the year as presented herein; the Company's expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met and within the expected timelines indicated; current available liquidity, coupled with an anticipated step change in production and commensurate cost reduction for the remainder of the year resulting in additional flexibility from increased cash flows, positioning the Company to execute on Kurmuk's remaining capital expenditures; the series of operational enhancements and strategic initiatives undertaken by the Company aimed at delivering a materially stronger second half of the year, and expectations in connection with the second half of the year; the Company's plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d'Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in Africa; the Company's expectations with respect to settling framework agreements and completing detailed contract negotiations for power supply solutions at Sadiola by the beginning of the fourth quarter of 2025; the Company's expectations relating to the performance of its mineral properties; the estimation of Mineral Reserves and Mineral Resources; the conversion of Mineral Resources to Mineral Reserves; the Company's expectation that its recent NYSE listing will provide it with, among other things, access to a broader investor audience, increased sources of potential capital, improved trading liquidity in its common shares, increased research coverage from U.S. investment banks, and the opportunity for broader index inclusion; the timing and amount of estimated future production; the estimation of the life of mine of the Company's projects; the timing and amount of estimated future capital and operating costs; the costs and timing of exploration and development activities; the Company's expectation regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments; the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits; and the Company's community relations in the locations where it operates. the Company's expectations in connection with the production and exploration, development and expansion plans at the Company's projects discussed herein being met; the Company's plans to continue building on its base of significant gold production, development-stage properties, exploration properties and land positions in Mali, Côte d'Ivoire and Ethiopia through optimization initiatives at existing operating mines, development of new mines, the advancement of its exploration properties and, at times, by targeting other consolidation opportunities with a primary focus in Africa; the Company's expectations relating to the performance of its mineral properties; the estimation of Mineral Reserves and Mineral Resources; the conversion of Mineral Resources to Mineral Reserves; the Company's expectations in connection with its strategic partnership transaction with Ambrosia Investment Holding L.L.C-S.P.C; the Company's expectations in connection with pursuing a listing on NYSE and the benefits thereof; the timing and amount of estimated future production; the estimation of the life of mine of the Company's projects; the timing and amount of estimated future capital and operating costs; the costs and timing of exploration and development activities; the Company's expectation regarding the timing of feasibility or pre-feasibility studies, conceptual studies or environmental impact assessments; the effect of government regulations (or changes thereto) with respect to restrictions on production, export controls, income taxes, expropriation of property, repatriation of profits, environmental legislation, land use, water use, land claims of local people, mine safety and receipt of necessary permits; the Company's community relations in the locations where it operates and the further development of the Company's social responsibility programs; and the Company's expectations regarding the payment of any future dividends. Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and is inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the Company's dependence on products produced from its key mining assets; fluctuating price of gold; risks relating to the exploration, development and operation of mineral properties, including but not limited to adverse environmental and climatic conditions, unusual and unexpected geologic conditions and equipment failures; risks relating to operating in emerging markets, particularly Africa, including risk of government expropriation or nationalization of mining operations; health, safety and environmental risks and hazards to which the Company's operations are subject; the Company's ability to maintain or increase present level of gold production; nature and climatic condition risks; counterparty, credit, liquidity and interest rate risks and access to financing; cost and availability of commodities; increases in costs of production, such as fuel, steel, power, labour and other consumables; risks associated with infectious diseases; uncertainty in the estimation of Mineral Reserves and Mineral Resources; the Company's ability to replace and expand Mineral Resources and Mineral Reserves, as applicable, at its mines; factors that may affect the Company's future production estimates, including but not limited to the quality of ore, production costs, infrastructure and availability of workforce and equipment; risks relating to partial ownerships and/or joint ventures at the Company's operations; reliance on the Company's existing infrastructure and supply chains at the Company's operating mines; risks relating to the acquisition, holding and renewal of title to mining rights and permits, and changes to the mining legislative and regulatory regimes in the Company's operating jurisdictions; limitations on insurance coverage; risks relating to illegal and artisanal mining; the Company's compliance with anti-corruption laws; risks relating to the development, construction and start-up of new mines, including but not limited to the availability and performance of contractors and suppliers, the receipt of required governmental approvals and permits, and cost overruns; risks relating to acquisitions and divestures; title disputes or claims; risks relating to the termination of mining rights; risks relating to security and human rights; risks associated with processing and metallurgical recoveries; risks related to enforcing legal rights in foreign jurisdictions; competition in the precious metals mining industry; risks related to the Company's ability to service its debt obligations; fluctuating currency exchange rates (including the US Dollar, Euro, West African CFA Franc and Ethiopian Birr exchange rates); the values of assets and liabilities based on projected future conditions and potential impairment charges; risks related to shareholder activism; timing and possible outcome of pending and outstanding litigation and labour disputes; risks related to the Company's investments and use of derivatives; taxation risks; scrutiny from non-governmental organizations; labour and employment relations; risks related to third-party contractor arrangements; repatriation of funds from foreign subsidiaries; community relations; risks related to relying on local advisors and consultants in foreign jurisdictions; the impact of global financial, economic and political conditions, global liquidity, interest rates, inflation and other factors on the Company's results of operations and market price of common shares; risks associated with potential strategic partnerships in the future; risks associated with financial projections; force majeure events; the Company's plans with respect to dividend payment; transactions that may result in dilution to common shares; future sales of common shares by existing shareholders; the Company's dependence on key management personnel and executives; possible conflicts of interest of directors and officers of the Company; the reliability of the Company's disclosure and internal controls; compliance with international ESG disclosure standards and best practices; vulnerability of information systems including cyber attacks; as well as those risk factors discussed or referred to herein and in the Company's annual information form, management discussion and analysis and other public disclosure available under the Company's profile at Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that could cause actions, events or results to not be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's expected financial and operational performance and results as at and for the periods ended on the dates presented in the Company's plans and objectives and may not be appropriate for other purposes. CAUTIONARY NOTE TO U.S. INVESTORS REGARDING MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ in certain material respects from the disclosure requirements promulgated by the Securities and Exchange Commission (the "SEC"). For example, the terms "mineral reserve", "proven mineral reserve", "probable mineral reserve", "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended. These definitions differ from the definitions in the disclosure requirements promulgated by SEC. Accordingly, information contained in this press release may not be comparable to similar information made public by U.S. companies reporting pursuant to SEC disclosure requirements. NOTES ON MINERAL RESERVES AND MINERAL RESOURCES Mineral Resources are stated effective as at December 31, 2024, reported at a 0.5 g/t cut-off grade, constrained within an $1,800/ounce pit shell and estimated in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves ("CIM Standards") and 43-101. Where Mineral Resources are stated alongside Mineral Reserves, those Mineral Resources are inclusive of, and not in addition to, the stated Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Reserves are stated effective as at December 31, 2024 and estimated in accordance with CIM Standards and NI 43-101. The Mineral Reserves: are inclusive of the Mineral Resources which were converted in line with the material classifications based on the level of confidence within the Mineral Resource estimate; reflect that portion of the Mineral Resources which can be economically extracted by open pit methods; consider the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project; include an allowance for mining dilution and ore loss. Mineral Reserve and Mineral Resource estimates are shown on a 100% basis. Designated government entities and national minority shareholders hold the following interests in each of the mines: 20% of Sadiola, 10.11% of Bonikro and 15% of Agbaou. Only a portion of the government interests are carried. The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters into commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete. The Mineral Resource and Mineral Reserve estimates for each of the Company's mineral properties have been approved by the qualified persons within the meaning of NI 43-101 as set forth below: Mineral Property Qualified Person of Mineral Resources Qualified Person of Mineral Reserves Sadiola Mine Shane Fieldgate Steve Craig Korali-Sud Mine Phillip Schiemer Steve Craig Kurmuk Project Phillip Schiemer Steve Craig Bonikro Mine Phillip Schiemer Esteban Chacon Agbaou Mine Phillip Schiemer Esteban Chacon Mineral Reserves (Proven and Probable) The following table sets forth the Mineral Reserve estimates for the Company's mineral properties at December 31, 2024. Proven Mineral Reserves Probable Mineral Reserves Total Mineral Reserves Tonnes (kt) Grade (g/t) Content (k ounces) Tonnes (kt) Grade (g/t) Content (k ounces) Tonnes (kt) Grade (g/t) Content (k ounces) Sadiola Mine 18,427 0.50 295 131,232 1.59 6,702 149,659 1.45 6,997 Korali-Sud Mine 1,151 0.70 26 4,188 1.23 166 5,340 1.12 192 Kurmuk Project 21,864 1.51 1,063 38,670 1.35 1,678 60,534 1.41 2,742 Bonikro Mine 6,021 0.76 147 5,961 1.55 297 11,982 1.15 444 Agbaou Mine 2,241 1.66 115 7,250 1.47 343 9,491 1.53 458 Total Mineral Reserves 49,704 1.03 1,645 187,302 1.53 9,187 237,006 1.42 10,832 Note: Rounding of numbers may lead to discrepancies when summing columns or rows. Notes: Mineral Reserves are stated effective as at December 31, 2024 and estimated in accordance with CIM Standards and NI 43-101. Shown on a 100% basis. Reflects that portion of the Mineral Resource which can be economically extracted by open pit methods. Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at Sadiola Mine and Korali-Sud Mines: Includes an allowance for mining dilution at 8% and ore loss at 3% A base gold price of $1700/oz was used for the pit optimization with US$1,800/oz for Korali Sud The cut-off grades used for Mineral Reserves reporting were informed by a $1700/oz gold price and vary from 0.31 g/t to 0.78 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. Kurmuk Project: Includes an allowance for mining dilution at 18% and ore loss at 2% A base gold price of $1500/oz was used for the pit optimization, with the selected pit shells using values of $1320/oz (revenue factor 0.88) for Ashashire and $1440/oz (revenue factor 0.96) for Dish Mountain. The cut-off grades used for Mineral Reserves reporting were informed by a $1500/oz gold price and vary from 0.30 g/t to 0.45 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. Bonikro Mine: Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore loss at 1% A base gold price of $1800/oz was used for the Mineral Reserves for the Bonikro pit: With the selected pit shell using a value of $1800/oz (revenue factor 1.00). Cut-off grades vary from 0.57 to 0.63 g/t Au for different ore types due to differences in recoveries, costs for ore processing and ore haulage. A base gold price of $1800/oz was used for the Mineral Reserves for the Agbalé pit: With the selected pit shell using a value of $1800/oz (revenue factor 1.00). Cut-off grades vary from 0.67 to 0.78 g/t Au for different ore types to the Agbaou processing plant due to differences in recoveries, costs for ore processing and ore haulage Agbaou Mine: Includes an allowance for mining dilution of 1m on either side of the mineralized unit and ore at 1% A base gold price of $1800/oz was used for the Mineral Reserves for the: Pit designs (revenue factor 1.00) Cut-off grades which range from 0.41 to 0.63 g/t for different ore types due to differences in recoveries, costs for ore processing and ore haulage. Mineral Resources (Measured, Indicated, Inferred) The following table set forth the Measured and Indicated Mineral Resource estimates (inclusive of Mineral Reserves) and for the Company's mineral properties at December 31, 2024. Measured Mineral Resources Indicated Mineral Resources Total Measured and Indicated Tonnes (kt) Grade (g/t) Content (k ounces) Tonnes (kt) Grade (g/t) Content (k ounces) Tonnes (kt) Grade (g/t) Content (k ounces) Sadiola Mine 19,833 0.55 349 192,248 1.55 9,610 212,081 1.46 9,958 Korali-Sud Mine 1,194 0.73 28 6,411 1.29 266 7,605 1.20 294 Kurmuk Project 20,472 1.74 1,148 37,439 1.64 1,972 57,911 1.68 3,120 Bonikro Mine 9,649 1.08 336 30,565 1.37 1,345 40,214 1.30 1,681 Agbaou Mine 1,748 2.29 129 7,579 2.06 502 9,327 2.10 631 Total Mineral Resources (M&I) 52,896 1.17 1,990 274,242 1.55 13,694 327,137 1.49 15,684 Note: Rounding of numbers may lead to discrepancies when summing columns or rows. The following table set forth the Inferred Mineral Resource estimates and for the Company's mineral properties at December 31, 2024. Inferred Mineral Resources Tonnes (kt) Grade (g/t) Content (k ounces) Sadiola Mine 14,271 1.08 496 Korali-Sud Mine 316 0.73 7 Kurmuk Project 5,980 1.62 311 Bonikro Mine 11,129 1.33 474 Agbaou Mine 1,986 2.35 150 Total Mineral Resources (Inferred) 33,683 1.33 1,439 Note: Rounding of numbers may lead to discrepancies when summing columns or rows. Notes: Mineral Resources are estimated in accordance with CIM Standards and NI 43-101. Shown on a 100% basis. Are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Sadiola, Korali Sud, Bonikro, and Agbaou Mineral Resource Estimates are listed at 0.5 g/t Au cut-off grade, constrained within an US$2000/oz pit shell and depleted to December 31, 2024 The Kurmuk Mineral Resource Estimate is listed at 0.5 g/t Au cut-off grade, constrained within an US$1800/oz pit shell. Rounding of numbers may lead to discrepancies when summing columns Considers the modifying factors and other parameters, including but not limited to the mining, metallurgical, social, environmental, statutory and financial aspects of the project. Readers are referred to the Sadiola Mine technical report dated June 12, 2023, the Kurmuk Project technical report dated June 9, 2023, the Bonikro Mine technical report dated July 5, 2023 and the Agbaou Mine technical report dated July 5, 2023, all available on SEDAR+ at ENDNOTES (1) This is a non-GAAP financial performance measure. A cautionary note regarding non-GAAP financial performance measures, along with detailed reconciliations and descriptions, can be found in the Non-GAAP Financial Performance Measures section. (2) Adjustments to net earnings are those attributable to the Shareholders of the Company. (3) Net working capital is defined as the excess of current assets over current liabilities. Current liabilities for the purpose of the net working capital calculation exclude the borrowings associated with the Convertible Debenture, which is classified as current as per IAS 1. Holders can convert at any time, but a conversion would not result in a cash outlay for the Company as it would be settled in shares. (4) Historically, Cost of sales was presented inclusive of DDA. Cost of sales is the sum of mine production costs, royalties, and refining cost, while DDA refers to the sum of DDA of mining interests. Starting in the prior year, these figures appear on the face of the Consolidated Financial Statements. The metric "Total cost of sales per ounce sold" is defined as Cost of sales inclusive of DDA, divided by ounces sold. (5) Each stock option is exercisable into one common share of the Company, upon vesting. Restricted and Deferred share units are fully vested and redeemable into one common share of the Company. (6) Working Capital movement refers to the sum of a. (Increase) / decrease in trade and other receivables b. (Increase) / decrease in inventories c. Increase / (decrease) in trade and other payables (7) The Government of Ethiopia is entitled to a 7% equity participation in Kurmuk once the mine enters commercial production and certain governmental commitments such as public road upgrades and installation of a power line are complete. (8) Included in gold ounces sold for the six months ended June 30, 2025 are 8,155 ounces from Korali-Sud not included in revenue, as they were distributed to the Government of Mali as an advance dividend-in-kind at prevailing market prices. (9) Cost of Sales per Gold Ounces Sold is determined based on ounces considered revenue not including those advanced as a dividend-in-kind, while Cash Costs(1) and AISC(1) are determined based on total sales of gold ounces, including the ounces advanced as a dividend-in-kind, along with the costs of production associated with those ounces. Cost of Sales per Gold Ounces Sold is determined based on ounces considered revenue not including those advanced as a dividend-in-kind, while Cash Costs (1) and AISC (1) are determined based on total sales of gold ounces, including the ounces advanced as a dividend-in-kind, along with the costs of production associated with those ounces. SOURCE Allied Gold Corporation For further information, please contact: Allied Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2200, Toronto, Ontario M5J 2J3 Canada, Email: [email protected]
Globe and Mail
an hour ago
- Globe and Mail
Carriage Services Announces Second Quarter 2025 Results, Strategic Acquisitions, and Raises Full-Year 2025 Outlook
HOUSTON, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Carriage Services, Inc. (NYSE: CSV) today announced its financial results for the second quarter ended June 30, 2025. Company Highlights: GAAP net income growth of $5.5 million, or 85.7%, over the prior year quarter; GAAP diluted EPS of $0.74 and adjusted diluted EPS of $0.74, compared to $0.40 and $0.63 in the prior year quarter, a growth of 85.0% and 17.5%, respectively; Total funeral consolidated revenue increased $1.7 million or 2.6% over the prior year quarter, driven by an increase in consolidated funeral average revenue per contract of 1.4%; Total consolidated revenue for the six months ended June 30, 2025, grew $3.4 million, driven by a $4.4 million increase in consolidated funeral revenue that was slightly offset by a decline in consolidated cemetery revenue of $1.0 million; The Company is excited to announce our return to growth through acquisitions as we are under contract to acquire strategic businesses that generated revenue in excess of $15 million last year, with closings scheduled for later this quarter; and Leverage ratio lowered to 4.2x from 4.6x at the same period last year, as the Company paid down $7.1 million of debt on its credit facility during the second quarter. Carlos Quezada, Vice Chairman and CEO, stated, 'We are pleased with our second quarter performance, which delivered an impressive GAAP net income growth of $5.5 million, or 85.7%, over the prior year quarter. Our GAAP diluted EPS reached $0.74, and adjusted diluted EPS of $0.74, compared to $0.40 and $0.63 in the prior quarter, reflecting growth of 85.0% and 17.5%, respectively. Despite the revenue impact of our first quarter divestitures, total revenue remained flat due to the impact of our organic growth strategies. Excluding the impact of divestitures, revenue increased $1.8 million, or 1.7%. After over two years of disciplined capital allocation, where we were able to pay just over $100 million of debt, we are excited to announce that we are under contract to acquire new businesses, which we anticipate will close this quarter. Combined, these premier locations served more than 2,600 families and generated more than $15 million in revenue last year. We are excited to return to our long-term strategy of adding shareholder value through high-quality acquisitions. Therefore, we are updating our full-year guidance to reflect our current performance trends, as well as divestitures and acquisitions that will impact the second half of the year,' concluded Mr. Quezada. FINANCIAL HIGHLIGHTS Three months ended June 30, Six months ended June 30, (in millions, except volume, average, margins, and EPS) 2025 2024 2025 2024 GAAP Metrics: Total revenue $ 102.1 $ 102.3 $ 209.2 $ 205.8 Operating income $ 24.0 $ 18.4 $ 55.6 $ 37.8 Operating income margin 23.5 % 18.0 % 26.6 % 18.4 % Net income $ 11.7 $ 6.3 $ 32.7 $ 13.2 Diluted EPS $ 0.74 $ 0.40 $ 2.07 $ 0.85 Cash provided by operating activities $ 8.1 $ 2.2 $ 21.9 $ 21.9 Cemetery Consolidated Metrics: Preneed interment rights (property) sold 4,016 4,179 7,252 7,616 Average price per preneed interment right sold $ 5,871 $ 5,908 $ 5,669 $ 5,430 Funeral Consolidated Metrics: Funeral contracts 10,589 10,679 22,761 22,770 Average revenue per funeral contract (1) $ 5,626 $ 5,549 $ 5,671 $ 5,565 Burial rate 31.4 % 32.0 % 32.4 % 32.9 % Cremation rate 61.6 % 59.7 % 60.9 % 59.3 % Non-GAAP Metrics (2): Adjusted consolidated EBITDA $ 32,262 $ 32,604 $ 65,210 $ 66,205 Adjusted consolidated EBITDA margin 31.6 % 31.9 % 31.2 % 32.2 % Adjusted diluted EPS $ 0.74 $ 0.63 $ 1.70 $ 1.38 Adjusted free cash flow $ 6.9 $ (0.3) $ 20.3 $ 18.2 Cemetery Operating Metrics (3): Preneed interment rights (property) sold 4,016 4,025 7,116 7,269 Average price per preneed interment right sold $ 5,871 $ 6,013 $ 5,705 $ 5,554 Funeral Operating Metrics (4): Funeral contracts 10,589 10,533 22,644 22,306 Average revenue per funeral contract (1) $ 5,626 $ 5,578 $ 5,682 $ 5,595 Burial rate 31.4 % 32.0 % 32.4 % 32.7 % Cremation rate 61.6 % 59.9 % 61.0 % 59.6 % (1) Excludes preneed interest earnings reflected in financial revenue. (2) We present both GAAP and non-GAAP measures to provide investors with additional information and to allow for the increased comparability of our ongoing performance from period to period. The most comparable GAAP measures to the Non-GAAP measures presented in this table can be found in the Reconciliation of Non-GAAP Financial Measures section of this press release. (3) Metrics calculated using cemetery operating results (excluding impact from divestitures and acquisitions). (4) Metrics calculated using funeral operating results (excluding impact from divestitures and acquisitions). Total revenue for the three months ended June 30, 2025 decreased $0.2 million compared to the three months ended June 30, 2024. We experienced a 3.9% decrease in the consolidated number of preneed interment rights (property) sold and a 0.6% decrease in the consolidated average price per preneed interment right sold. Additionally, we experienced a 1.4% increase in the consolidated average revenue per funeral contract, as well as a 0.8% decrease in consolidated funeral contract volume. Net income for the three months ended June 30, 2025 increased $5.5 million compared to the three months ended June 30, 2024. We experienced a $6.7 million decrease in general, administrative, and other expenses, and a $1.3 million decrease in interest expense; partially offset by a $1.1 million decrease in gross profit contribution from our businesses and a $0.9 million increase in income tax expense. Total revenue for the six months ended June 30, 2025 increased $3.4 million compared to the six months ended June 30, 2024. We experienced a 4.4% increase in the consolidated average price per preneed interment right sold, which was partially offset by a 4.8% decrease in the consolidated number of preneed interment rights (property) sold. Additionally, we experienced a 1.9% increase in the consolidated average revenue per funeral contract. Consolidated funeral contract volume remained flat. Net income for the six months ended June 30, 2025 increased $19.4 million compared to the six months ended June 30, 2024. We experienced a $9.3 million increase in (gain) loss on sale of divestitures and real property, a $10.9 million decrease in general, administrative, and other expenses, and a $2.7 million decrease in interest expense; partially offset by a $2.5 million increase in income tax expense and a $0.5 million decrease in gross profit contribution from our businesses. Revised 2025 Outlook (1) Previous 2025 Outlook (1) (in millions – except per share amounts) Total revenue $410 – $420 $400 – $410 Adjusted consolidated EBITDA (2) $129 – $134 $128 – $133 Adjusted diluted EPS (2) $3.15 – $3.35 $3.10 – $3.30 Adjusted free cash flow (2)(3) $40 – $50 $40 – $50 (1) Includes the expected revenue impact of acquisitions and divestitures of certain non-core assets. (2) Adjusted consolidated EBITDA, adjusted diluted EPS, and adjusted free cash flow are non-GAAP financial measures. We normally reconcile these non-GAAP financial measures from operating income, diluted earnings per share, and cash provided by operating activities; however, these measures calculated in accordance with GAAP are not currently accessible on a forward-looking basis. Our outlook for 2025 excludes the following: Gains or losses associated with divestitures, acquisition costs, severance and separation costs, impairment of goodwill, intangibles, and property, plant, and equipment, special vendor incentives, potential tax reserve adjustments and IRS payments and/or refunds, and other special items. The foregoing items could materially impact our forward-looking diluted earnings per share and/or our net cash provided by operating activities calculated in accordance with GAAP. (3) Includes the expected impact of total capital expenditures (growth and maintenance). Carriage Services has scheduled a conference call for tomorrow, August 7, 2025 at 8:00 a.m. Central Time. To participate in the call, please dial 888-254-3590 (Conference ID – 6237081) or to listen live over the internet via webcast click link. An audio archive of the call will be available on demand via the Company's website at Carriage Services is a leading provider of funeral and cemetery services and merchandise in the United States. Carriage operated 159 funeral homes in 25 states and 28 cemeteries in 10 states as of June 30, 2025. It is dedicated to delivering premier experiences through innovation, partnership, and elevated service. For any investor relations questions, please email InvestorRelations@ (in thousands – except per share amounts) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Funeral operating revenue $ 59,572 $ 58,753 $ 128,662 $ 124,801 Cemetery operating revenue 33,450 33,644 61,388 60,049 Financial revenue 8,224 6,921 15,580 13,664 Ancillary revenue 904 1,082 1,936 2,329 Divested revenue (3) 1,918 1,650 4,968 Total revenue $ 102,147 $ 102,318 $ 209,216 $ 205,811 Funeral operating EBITDA $ 22,030 $ 23,220 $ 51,570 $ 50,569 Funeral operating EBITDA margin 37.0 % 39.5 % 40.1 % 40.5 % Cemetery operating EBITDA 15,003 16,712 26,368 28,247 Cemetery operating EBITDA margin 44.9 % 49.7 % 43.0 % 47.0 % Financial EBITDA 7,610 6,385 14,165 12,715 Financial EBITDA margin 92.5 % 92.3 % 90.9 % 93.1 % Ancillary EBITDA 32 192 220 365 Ancillary EBITDA margin 3.5 % 17.7 % 11.4 % 15.7 % Divested EBITDA 49 694 628 1,634 Divested EBITDA margin (1633.3)% 36.2 % 38.1 % 32.9 % Total field EBITDA $ 44,724 $ 47,203 $ 92,951 $ 93,530 Total field EBITDA margin 43.8 % 46.1 % 44.4 % 45.4 % Total overhead $ 12,462 $ 20,425 $ 27,741 $ 39,781 Overhead as a percentage of revenue 12.2 % 20.0 % 13.3 % 19.3 % Consolidated EBITDA $ 32,262 $ 26,778 $ 65,210 $ 53,749 Consolidated EBITDA margin 31.6 % 26.2 % 31.2 % 26.1 % Other expenses and interest Depreciation & amortization $ 6,173 $ 6,204 $ 11,574 $ 11,664 Non-cash stock compensation 2,092 2,182 3,845 2,671 Interest expense 7,034 8,324 14,332 17,036 Other 106 (391) (7,652) 1,197 Pretax income $ 16,857 $ 10,459 $ 43,111 $ 21,181 Net tax expense 5,118 4,200 10,446 7,949 Net income $ 11,739 $ 6,259 $ 32,665 $ 13,232 Special items (1) $ 12 $ 5,417 $ (8,217) $ 12,212 Tax on special items 4 1,825 (2,432) 4,054 Adjusted net income $ 11,747 $ 9,851 $ 26,880 $ 21,390 Adjusted net income margin 11.5 % 9.6 % 12.8 % 10.4 % Adjusted basic earnings per share $ 0.75 $ 0.65 $ 1.72 $ 1.42 Adjusted diluted earnings per share $ 0.74 $ 0.63 $ 1.70 $ 1.38 GAAP basic earnings per share $ 0.75 $ 0.41 $ 2.09 $ 0.87 GAAP diluted earnings per share $ 0.74 $ 0.40 $ 2.07 $ 0.85 Weighted average shares o/s – basic 15,458 14,965 15,352 14,920 Weighted average shares o/s – diluted 15,653 15,403 15,528 15,356 Reconciliation of Consolidated EBITDA to Adjusted consolidated EBITDA Consolidated EBITDA $ 32,262 $ 26,778 $ 65,210 $ 53,749 Special items (1) — 5,826 — 12,456 Adjusted consolidated EBITDA margin 31.6 % 31.9 % 31.2 % 32.2 % (1) A detail of our Special items presented in this table can be found in the Reconciliation of Non-GAAP Financial Measures section of this press release. CARRIAGE SERVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEET (unaudited and in thousands) June 30, 2025 December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 1,398 $ 1,165 Accounts receivable, net 34,830 30,193 Inventories 7,580 7,920 Prepaid and other current assets 7,454 4,123 Current assets held for sale 61 1,135 Total current assets 51,323 44,536 Preneed cemetery trust investments 99,908 98,120 Preneed funeral trust investments 108,167 106,219 Preneed cemetery receivables, net 56,717 50,958 Receivables from preneed funeral trusts, net 22,024 22,372 Property, plant, and equipment, net 271,445 273,004 Cemetery property, net 110,574 109,576 Goodwill 410,703 414,859 Intangible and other non-current assets, net 40,382 40,427 Operating lease right-of-use assets 14,268 14,953 Cemetery perpetual care trust investments 86,744 85,103 Non-current assets held for sale 3,459 19,453 Total assets $ 1,275,714 $ 1,279,580 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of debt and lease obligations $ 4,745 $ 3,914 Accounts payable 16,691 15,427 Accrued and other liabilities 26,897 38,460 Current liabilities held for sale 130 240 Total current liabilities 48,463 58,041 Acquisition debt, net of current portion 4,817 4,895 Long-term liabilities held for sale 1,743 13,842 Credit facility 111,458 135,382 Senior notes 396,954 396,597 Obligations under finance leases, net of current portion 8,908 6,045 Obligations under operating leases, net of current portion 12,923 14,035 Deferred preneed cemetery revenue 64,379 61,767 Deferred preneed funeral revenue 39,437 39,261 Deferred tax liability 54,693 51,429 Other long-term liabilities 1,334 1,179 Deferred preneed cemetery receipts held in trust 99,908 98,120 Deferred preneed funeral receipts held in trust 108,167 106,219 Care trusts' corpus 87,110 84,218 Total liabilities 1,040,294 1,071,030 Commitments and contingencies: Stockholders' equity: Common stock 273 269 Additional paid-in capital 238,026 243,825 Retained earnings 275,874 243,209 Treasury stock (278,753) (278,753) Total stockholders' equity 235,420 208,550 Total liabilities and stockholders' equity $ 1,275,714 $ 1,279,580 CARRIAGE SERVICES, INC. (unaudited and in thousands, except per share data) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Revenue: Service revenue $ 46,510 $ 44,433 $ 99,520 $ 94,132 Property and merchandise revenue 46,513 49,590 92,099 95,092 Other revenue 9,124 8,295 17,597 16,587 102,147 102,318 209,216 205,811 Field costs and expenses: Cost of service 23,787 21,672 48,364 45,380 Cost of merchandise 32,156 31,981 64,765 63,931 Cemetery property amortization 2,241 2,560 4,069 4,316 Field depreciation expense 3,288 3,405 6,610 6,872 Regional and unallocated funeral and cemetery costs 3,260 4,245 8,495 8,087 Other expenses 1,480 1,462 3,136 2,970 66,212 65,325 135,439 131,556 Gross profit 35,935 36,993 73,777 74,255 Corporate costs and expenses: General, administrative, and other 11,938 18,601 23,986 34,841 Net (gain) loss on divestitures, disposals, and impairments charges (1) 23 (5,771) 1,568 Operating income 23,998 18,369 55,562 37,846 Interest expense 7,034 8,324 14,332 17,036 Net gain on property damage, net of insurance claims — (417) — (417) Other, net 107 3 (1,881) 46 Income before income taxes 16,857 10,459 43,111 21,181 Expense for income taxes 5,260 3,513 13,451 7,032 (Benefit) expense related to discrete income tax items (142) 687 (3,005) 917 Total expense for income taxes 5,118 4,200 10,446 7,949 Net income $ 11,739 $ 6,259 $ 32,665 $ 13,232 Basic earnings per common share: $ 0.75 $ 0.41 $ 2.09 $ 0.87 Diluted earnings per common share: $ 0.74 $ 0.40 $ 2.07 $ 0.85 Dividends declared per common share: $ 0.1125 $ 0.1125 $ 0.2250 $ 0.2250 Weighted average number of common and common equivalent shares outstanding: Basic 15,458 14,965 15,352 14,920 (unaudited and in thousands) Six months ended June 30, 2025 2024 Cash flows from operating activities: Net income $ 32,665 $ 13,232 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 11,574 11,664 Provision for credit losses 1,973 1,447 Stock-based compensation expense 3,845 2,671 Deferred income tax (benefit) expense 3,264 (1,477) Amortization of intangibles 660 669 Amortization of debt issuance costs 255 352 Amortization and accretion of debt 278 266 Net (gain) loss on divestitures, disposals, and impairment charges (5,771) 1,568 Net gain on property damage, net of insurance claims — (417) Gain on sale of excess real property (1,993) — Changes in operating assets and liabilities that provided (used) cash: Accounts and preneed receivables (11,430) (13,939) Inventories, prepaid, and other current assets (3,136) 1,224 Intangible and other non-current assets (1,117) (2,339) Preneed funeral and cemetery trust investments (4,281) (9,523) Accounts payable (2,245) 3,084 Accrued and other liabilities (10,458) (3,999) Deferred preneed funeral and cemetery revenue 1,941 7,064 Deferred preneed funeral and cemetery receipts held in trust 5,853 10,313 Net cash provided by operating activities 21,877 21,860 Cash flows from investing activities: Proceeds from divestitures and sale of other assets 18,822 11,174 Proceeds from insurance claims — 314 Capital expenditures (6,009) (7,096) Net cash provided by investing activities 12,813 4,392 Cash flows from financing activities: Borrowings from the credit facility 24,600 24,800 Payments against the credit facility (48,700) (48,900) Payments on acquisition debt and obligations under finance leases (221) (305) Proceeds from the exercise of stock options and employee stock purchase plan contributions 983 1,942 Taxes paid on restricted stock, performance award vestings, and exercise of stock options (7,631) (419) Dividends paid on common stock (3,488) (3,390) Net cash used in financing activities (34,457) (26,272) Net increase (decrease) in cash and cash equivalents 233 (20) Cash and cash equivalents at beginning of period 1,165 1,523 Cash and cash equivalents at end of period $ 1,398 $ 1,503 NON-GAAP FINANCIAL MEASURES This earnings release uses Non-GAAP financial measures to present the financial performance of the Company. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the Company's reported operating results or cash flow from operations or any other measure of performance as determined in accordance with GAAP. We believe the Non-GAAP results are useful to investors to compare our results to previous periods, to provide insight into the underlying long-term performance trends in our business and to provide the opportunity to differentiate ourselves as the best consolidation platform in the industry against the performance of other funeral and cemetery companies. Reconciliations of the Non-GAAP financial measures to GAAP measures are also provided in this earnings release. The Non-GAAP financial measures used in this earnings release and the definitions of them used by the Company for our internal management purposes in this earnings release are described below. Special items are defined as charges or credits included in our GAAP financial statements that can vary from period to period and are not reflective of costs incurred in the ordinary course of our operations. The tax adjustment related to certain discrete items is not tax effected, all other special items are taxed at the operating tax rate. Adjusted net income is defined as net income after adjustments for special items that we believe do not directly reflect our core operations and may not be indicative of our normal business operations. Adjusted net income margin is defined as adjusted net income as a percentage of total revenue. Consolidated EBITDA is defined as operating income, plus depreciation and amortization expense, non-cash stock compensation and net loss on divestitures, disposals, and impairment charges. Consolidated EBITDA margin is defined as consolidated EBITDA as a percentage of total revenue. Adjusted consolidated EBITDA is defined as consolidated EBITDA after adjustments for severance and separation costs and other special items. Adjusted consolidated EBITDA margin is defined as adjusted consolidated EBITDA as a percentage of total revenue. Adjusted free cash flow is defined as cash provided by operating activities, adjusted by special items as deemed necessary, less cash for capital expenditures, which include cemetery property development costs, facility repairs and improvements, equipment, furniture, and vehicle purchases. Adjusted free cash flow margin is defined as adjusted free cash flow as a percentage of total revenue. Funeral operating EBITDA is defined as funeral gross profit, plus depreciation and amortization and regional and unallocated costs, less financial EBITDA, ancillary EBITDA, and divested EBITDA related to the funeral home segment. Funeral operating EBITDA margin is defined as funeral operating EBITDA as a percentage of funeral operating revenue. Cemetery operating EBITDA is defined as cemetery gross profit, plus depreciation and amortization and regional and unallocated costs, less financial EBITDA and divested EBITDA related to the cemetery segment. Cemetery operating EBITDA margin is defined as cemetery operating EBITDA as a percentage of cemetery operating revenue. Preneed cemetery sales is defined as cemetery property, merchandise, and services sold prior to death. Financial EBITDA is defined as financial revenue, less the related expenses. Financial revenue and the related expenses are presented within Other revenue and Other expenses, respectively, on the Consolidated Statement of Operations. Financial EBITDA margin is defined as financial EBITDA as a percentage of financial revenue. Ancillary revenue is defined as revenues from our ancillary businesses, which include a flower shop, a monument business, a pet cremation business and our online cremation businesses. Ancillary revenue and the related expenses are presented within Other revenue and Other expenses, respectively, on the Consolidated Statement of Operations. Ancillary EBITDA is defined as ancillary revenue, less expenses related to our ancillary businesses noted above. Ancillary EBITDA margin is defined as ancillary EBITDA as a percentage of ancillary revenue. Divested revenue is defined as revenues from certain funeral home and cemetery businesses that we have divested. Divested EBITDA is defined as divested revenue, less field level and financial expenses related to the divested businesses noted above. Divested EBITDA margin is defined as divested EBITDA as a percentage of divested revenue. Overhead expenses are defined as regional and unallocated funeral and cemetery costs and general, administrative, and other costs, excluding home office depreciation and non-cash stock compensation. Adjusted basic earnings per share (EPS) is defined as GAAP basic earnings per share, adjusted for special items. Adjusted diluted earnings per share (EPS) is defined as GAAP diluted earnings per share, adjusted for special items. Funeral Operating EBITDA and Cemetery Operating EBITDA Our operations are reported in two business segments: Funeral Home operations and Cemetery operations. Our operating level results highlight trends in volumes, revenue, operating EBITDA (the individual business' cash earning power/locally controllable business profit), and operating EBITDA margin (the individual business' controllable profit margin). Funeral operating EBITDA and cemetery operating EBITDA are defined above. Funeral and cemetery gross profit is defined as revenue less 'field costs and expenses' — a line item encompassing these areas of costs: i) funeral and cemetery field costs, ii) field depreciation and amortization expense, and iii) regional and unallocated funeral and cemetery costs. Funeral and cemetery field costs include cost of service, funeral and cemetery merchandise costs, operating expenses, labor, and other related expenses incurred at the business level. Regional and unallocated funeral and cemetery costs presented in our GAAP statement consist primarily of salaries and benefits of our regional leadership, incentive compensation opportunity to our field employees, and other related costs for field infrastructure. These costs, while necessary to operate our businesses as currently operated within our unique, decentralized platform, are not controllable operating expenses at the field level as the composition, structure and function of these costs are determined by executive leadership in the Houston Support Center. These costs are components of our overall overhead platform presented within consolidated EBITDA and adjusted consolidated EBITDA. We do not directly or indirectly 'push down' any of these expenses to the individual business' field level margins. We believe that our 'regional and unallocated funeral and cemetery costs' are necessary to support our decentralized, high performance culture operating framework, and as such, are included in consolidated EBITDA and adjusted consolidated EBITDA, which more accurately reflects the cash earning power of the Company as an operating and consolidation platform. Usefulness and Limitations of These Measures When used in conjunction with GAAP financial measures, our total EBITDA, consolidated EBITDA and adjusted consolidated EBITDA are supplemental measures of operating performance that we believe are useful measures to facilitate comparisons to our historical consolidated and business level performance and operating results. We believe our presentation of adjusted consolidated EBITDA, a key metric used internally by our management, provides investors with a supplemental view of our operating performance that facilitates analysis and comparisons of our ongoing business operations because it excludes items that may not be indicative of our ongoing operating performance. Our total field EBITDA, consolidated EBITDA and adjusted consolidated EBITDA are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. Our presentation is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. Funeral operating EBITDA, cemetery operating EBITDA, financial EBITDA, ancillary EBITDA and divested EBITDA are not consolidated measures of profitability. Our total field EBITDA excludes certain costs presented in our GAAP statement that we do not allocate to the individual business' field level margins, as noted above. Consolidated EBITDA excludes certain items that we believe do not directly reflect our core operations and may not be indicative of our normal business operations. A reconciliation to operating income, the most directly comparable GAAP measure, is set forth below. Therefore, these measures may not provide a complete understanding of our performance and should be reviewed in conjunction with our GAAP financial measures. We strongly encourage investors to review the Company's consolidated financial statements and publicly filed reports in their entirety and not rely on any single financial measure. The Non-GAAP financial measures are presented for additional information and are reconciled to their most comparable GAAP measures, all of which are reflected in the tables below. three and six months ended June 30, 2025 and 2024: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Operating income $ 23,998 $ 18,369 $ 55,562 $ 37,846 Depreciation & amortization 6,173 6,204 11,574 11,664 Non-cash stock compensation 2,092 2,182 3,845 2,671 Net (gain) loss on divestitures, disposals, and impairment charges (1) 23 (5,771) 1,568 Consolidated EBITDA $ 32,262 $ 26,778 $ 65,210 $ 53,749 Adjusted for: Severance and separation costs (1) $ — $ 771 $ — $ 6,228 Other special items (2) — 5,055 — 6,228 Adjusted consolidated EBITDA $ 32,262 $ 32,604 $ 65,210 $ 66,205 Total revenue $ 102,147 $ 102,318 $ 209,216 $ 205,811 Operating income margin 23.5 % 18.0 % 26.6 % 18.4 % Adjusted consolidated EBITDA margin 31.6 % 31.9 % 31.2 % 32.2 % (1) Primarily represents the severance and performance award settlement expense recognized during the first quarter of 2024 for our former Executive Chairman of the Board per his Transition Agreement which was effective February 22, 2024 and severance expense recognized during the second quarter of 2024 for our former Chief Financial Officer per his Release and Separation Agreement which was effective July 1, 2024. (2) Represents expenses related to the review of strategic alternatives. Special items affecting Adjusted net income (in thousands) for the three and six months ended June 30, 2025 and 2024: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Severance and separation costs (1) $ — $ 771 $ — $ 6,228 Equity award cancellation (2) — — — (1,336) Net (gain) loss on divestitures and sale of real estate (3) 12 8 (7,913) 1,509 Impairment of goodwill, intangibles, and PPE — — 117 — (Gain) loss on property damage, net of insurance claims (4) — (417) — (417) Tax adjustment related to certain discrete items — — (421) — Other special items (5) — 5,055 — 6,228 Total $ 12 $ 5,417 $ (8,217) $ 12,212 (1) Primarily represents the severance and performance award settlement expense recognized during the first quarter of 2024 for our former Executive Chairman of the Board per his Transition Agreement which was effective February 22, 2024 and severance expense recognized during the second quarter of 2024 for our former Chief Financial Officer per his Release and Separation Agreement which was effective July 1, 2024. (2) Primarily represents the stock compensation benefit recognized during the first quarter of 2024 for equity awards cancelled for our former Executive Chairman of the Board per his Transition Agreement, which was effective February 22, 2024. (3) Represents the net gain or loss recognized for the sale of businesses and real estate during the periods presented. (4) Represents the loss on property damage, net of insurance claims for property damaged by Hurricane Ian during the third quarter of 2022 and a fire that occurred during first quarter of 2023. (5) Represents expenses related to the review of strategic alternatives. three and six months ended June 30, 2025 and 2024: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 GAAP basic earnings per share $ 0.75 $ 0.41 $ 2.09 $ 0.87 Special items — 0.24 (0.37) 0.55 Adjusted basic earnings per share $ 0.75 $ 0.65 $ 1.72 $ 1.42 Reconciliation of GAAP diluted earnings per share to Adjusted diluted earnings per share for the three and six months ended June 30, 2025 and 2024: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 GAAP diluted earnings per share $ 0.74 $ 0.40 $ 2.07 $ 0.85 Special items — 0.23 (0.37) 0.53 Adjusted diluted earnings per share $ 0.74 $ 0.63 $ 1.70 $ 1.38 Reconciliation of Cash provided by operating activities to Adjusted free cash flow (in thousands) for the three and six months ended June 30, 2025 and 2024: Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 Cash provided by operating activities $ 8,085 $ 2,157 $ 21,877 $ 21,860 Cash used for capital expenditures (2,846) (3,545) (6,009) (7,096) Free cash flow $ 5,239 $ (1,388) $ 15,868 $ 14,764 Plus: incremental special items: Severance and separation costs (1) 411 1,049 1,885 2,260 Other special items (2) 1,250 — 2,500 1,173 Adjusted free cash flow $ 6,900 $ (339) $ 20,253 $ 18,197 (1) Primarily represents the cash paid to our former Executive Chairman of the Board per his Transition Agreement which was effective February 22, 2024 and cash paid to our former Chief Financial Officer per his Release and Separation Agreement which was effective July 1, 2024. (2) Represents cash paid for professional services related to the review of strategic alternatives. CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and contains certain statements and information that may constitute forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements made herein or elsewhere by us, or on our behalf, other than statements of historical information, should be deemed to be forward-looking statements, which include, but are not limited to, statements regarding any projections of earnings, revenue, cash flow, investment returns, capital allocation, debt levels, equity performance, death rates, market share growth, cost inflation, overhead, preneed sales or other financial items; any statements of the plans, strategies, objectives and timing of management for future operations or financing activities, including, but not limited to, capital allocation, organizational performance, execution of our strategic objectives and growth strategy, planned acquisitions and divestitures, technology improvements, product development, the ability to obtain credit or financing, anticipated integration, performance and other benefits of recently completed and anticipated acquisitions, and cost management and debt reductions; any statements of the plans, timing and objectives of management for acquisition and divestiture activities; any statements regarding future economic conditions and market conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing and are based on our current expectations and beliefs concerning future developments and their potential effect on us. Words such as 'may', 'will', 'estimate', 'intend', 'believe', 'expect', 'seek', 'project', 'forecast', 'foresee', 'should', 'would', 'could', 'plan', 'anticipate' and other similar words may be used to identify forward-looking statements; however, the absence of these words does not mean that the statements are not forward-looking. While we believe these assumptions concerning future events are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenue and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions or divestitures, except where specifically noted. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include but are not limited to: our ability to find and retain skilled personnel; the effects of our talent recruitment efforts, incentive and compensation plans and programs, including such effects on our Standards Operating Model and the Company's operational and financial performance; our ability to execute our strategic objectives and growth strategy, if at all; the potential adverse effects on the Company's business, financial and equity performance if management fails to meet the expectations of its strategic objectives and growth plan; the execution of our Standards Operating and strategic acquisition frameworks; the effects of competition; changes in the number of deaths in our markets, which are not predictable from market to market or over the short term; changes in consumer preferences and our ability to adapt to or meet those changes; our ability to generate preneed sales, including implementing our cemetery portfolio sales strategy, product development and optimization plans; the investment performance of our funeral and cemetery trust funds; fluctuations in interest rates, including, but not limited to, the effects of increased borrowing costs under our Credit Facility and our ability to minimize such costs, if at all; the effects of inflation on our operational and financial performance, including the increased overall costs for our goods and services, the impact on customer preferences as a result of changes in discretionary income, and our ability, if at all, to mitigate such effects; our ability to obtain debt or equity financing on satisfactory terms to fund additional acquisitions, expansion projects, working capital requirements and the repayment or refinancing of indebtedness; our ability to meet the timing, objectives and expectations related to our capital allocation framework, including our forecasted rates of return, planned uses of free cash flow and future capital allocation, including debt repayment plans, internal growth projects, potential strategic acquisitions, dividend increases, or share repurchases; our ability to meet the projected financial and performance guidance to our full year outlook, if at all; the timely and full payment of death benefits related to preneed funeral contracts funded through life insurance contracts; the financial condition of third-party insurance companies that fund our preneed funeral contracts; increased or unanticipated costs, such as merchandise, goods, insurance or taxes, and our ability to mitigate or minimize such costs, if at all; our level of indebtedness and the cash required to service our indebtedness; changes in federal income tax laws and regulations and the implementation and interpretation of these laws and regulations by the Internal Revenue Service; effects of the application of other applicable laws and regulations, including changes in such regulations or the interpretation thereof; the potential impact of epidemics and pandemics, including any new or emerging public health threats, on customer preferences and on our business; government, social, business and other actions that have been and will be taken in response to pandemics and epidemics, including potential responses to any new or emerging public health threats; effects and expense of litigation; consolidation in the funeral and cemetery industry; our ability to identify and consummate strategic acquisitions on commercially reasonable terms and on a timely basis, if at all, and successfully integrate acquired businesses with our existing businesses, including expected performance and financial improvements related thereto; our ability to successfully complete any non-core asset divestitures on commercially reasonable terms and on a timely basis, if at all, and the impact of any such divestitures on our Company, including any financial, operational, tax or other similar impacts related thereto; the effects of any imposition or changes in tariffs or trade agreements including, but not limited to, any increased inflationary pressures on the economy or costs for our goods, and our ability, if at all, to mitigate such effects; economic, financial and stock market fluctuations; interruptions or security lapses of our information technology, including any cybersecurity or ransomware incidents; adverse developments affecting the financial services industry; acts of war or terrorists acts and the governmental or military response to such acts; our failure to maintain effective control over financial reporting; and other factors and uncertainties inherent in the funeral and cemetery industry. For additional information regarding known material factors that could cause our actual results to differ from our projected results, please see 'Risk Factors' in our Annual Report on Form 10-K for the year ended December 31, 2024, and in other filings with the SEC, available at Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of the applicable communication and we undertake no obligation to publicly update or revise any forward-looking statements except to the extent required by applicable law.
