Capital intensity remains high, evidenced by a CapEx/Revenue ratio that reached 44.4% in 2024Q4, which, combined with a $93.6 million working capital drain in 2026Q1, creates significant pressure on free cash flow generation.
| Cash from Operations | 448.74M | 513.98M | 109.55M | 14.11M | 86.32M |
| Operating CF Margin % | - | 38.59% | 15% | 2.15% | 12.89% |
| Operating CF Growth % | 807.43% | 369.19% | 676.59% | -83.66% | - |
| Net Income | -124.49M | 3.31M | -119.55M | -212.31M | 5.21M |
| Depreciation & Amortization | 75.13M | 72.37M | 48.98M | 53.64M | 53.33M |
| Stock-Based Compensation | 41.92M | 60.24M | 6.54M | 0 | 8.44M |
| Deferred Taxes | 192.89M | 234.05M | 114.19M | -37.67M | 49.11M |
| Other Non-Cash Items | 422.37M | 201.27M | 162.23M | 184.83M | -24.44M |
| Working Capital Changes | -179.07M | -57.26M | -102.84M | 25.6M | -5.32M |
| Change in Receivables | -86.32M | -85.59M | -37.6M | 1.88M | -22.23M |
| Change in Inventory | -84.16M | -12.22M | -102.54M | -26.6M | 3.98M |
| Change in Payables | -3.68M | 0 | 37.3M | 50.32M | 0 |
| Cash from Investing | -434.97M | -432.07M | -193.41M | -97.27M | -40.94M |
| Capital Expenditures | -417.12M | -408.14M | -179.19M | -95.92M | -80.19M |
| CapEx % of Revenue | 30.36% | 30.64% | 24.53% | 14.63% | 11.98% |
| Acquisitions | 0 | 0 | 0 | -2.47M | 0 |
| Investments | - | - | - | - | - |
| Other Investing | -17.85M | -23.93M | -14.21M | 1.13M | 39.25M |
| Cash from Financing | 191.04M | 184.86M | 152.5M | 203.02M | -47.85M |
| Debt Issued (Net) | 0 | -1.86M | 0 | 49.64M | -37.81M |
| Equity Issued (Net) | 205.91M | 206.39M | 162.12M | 155.28M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -14.87M | -19.67M | -9.62M | -1.9M | -10.04M |
| Net Change in Cash | 193.48M | 254.78M | 66.36M | 112.68M | -11.44M |
| Free Cash Flow | 31.89M | 81.91M | -83.86M | -57.98M | 6.13M |
| FCF Margin % | 2.32% | 6.15% | -11.48% | -8.84% | 0.92% |
| FCF Growth % | 187.11% | 197.68% | -44.63% | -1045.38% | - |
| FCF per Share | 0.25 | 0.71 | -0.94 | -0.69 | 0.07 |
| FCF Conversion (FCF/Net Income) | -0.26x | -9.91x | -0.95x | -0.07x | -11.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 |
Jurisdictional and operational volatility
As reported in financial statements, Allied Gold's operating cash flow frequently diverges from net income, with the 2025Q4 period showing a stark OCF/NI ratio of -8.01, indicating that accounting losses are not necessarily reflective of the underlying cash-generating capacity of the company's mining assets.
The persistent disconnect between net income and operating cash flow suggests that significant non-cash charges, likely related to depreciation and merger-related accounting, are obscuring the actual cash performance. Investors should monitor whether this gap narrows as the company moves past its initial integration phase, as the current divergence makes it difficult to assess true operational profitability.
Based on recent SEC filings, Allied Gold's free cash flow trajectory remains highly erratic, swinging from a peak of $93.0 million in 2025Q4 to a deficit of $41.5 million in 2026Q1, highlighting the sensitivity of cash generation to production cycles and heavy capital expenditure requirements.
The inability to maintain consistent positive free cash flow suggests that the company's current operational scale may be insufficient to cover both its aggressive growth investments and ongoing maintenance needs. This volatility warrants further investigation into whether the company can achieve self-sustaining cash flow before its current liquidity buffer is exhausted.
According to the provided data, Allied Gold's capital intensity is substantial, with CapEx/Revenue ratios reaching as high as 44.4% in 2024Q4, reflecting the heavy investment required to sustain production at mature sites while simultaneously funding new development projects like the Kurmuk mine in Ethiopia.
The high level of capital expenditure appears to be a deliberate strategy to extend asset life and drive future growth, yet it places significant pressure on the company's immediate cash position. Analysts should evaluate whether these investments are yielding the expected improvements in ore grades or if they are merely defensive measures to offset declining production at older pits.
As indicated by quarterly data, Allied Gold has experienced significant working capital outflows, including a $93.6 million drain in 2026Q1, which suggests that inventory build-ups or timing differences in receivables are periodically consuming a large portion of the company's operating cash flow.
These fluctuations in working capital appear to be a primary driver of the company's inconsistent cash flow performance, potentially masking the underlying efficiency of the mining operations. Investors should monitor whether these outflows are temporary timing issues or indicative of structural inefficiencies in the supply chain and inventory management processes.
Quick answers to the most common questions about buying AAUC stock.
Allied Gold Corporation (AAUC) generated $514.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Allied Gold Corporation (AAUC) generated $81.9M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Allied Gold Corporation (AAUC) spent $408.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.