Allied Gold Corporation (AAUC) Repots Exploration Progress at Kurmuk Mine

​Allied Gold Corporation (NYSE:AAUC) is one of the Best Up and Coming Canadian Stocks to Buy. On November 27, Allied Gold Corporation (NYSE:AAUC) reported significant progress in exploration at the Kurmuk mine in western Ethiopia. The stock price surged more than 8.9% by market close on Friday, November 28.

​Management noted that this is the second of the three planned exploration updates. Kurmuk mine is a significant project for the company with an estimated average production of around 290,000 gold ounces in the first four years and 240,000 ounces annually afterwards. The production at this site is expected to start by mid-2026.

​In addition, Allied Gold Corporation (NYSE:AAUC) posted strong performance during fiscal Q3 2025, announced on November 5. The stock price has surged more than 38% since the release. The company produced 87,020 ounces of gold and sold 92,099 ounces during the quarter. Management noted that the production and sales were in line with the expectations and supports the strong production guidance for the fourth quarter. The production for the fourth quarter is expected to be the highest of the year, driven by higher grades. Management anticipates annual gold production to surpass 375,000 gold ounces.

​Allied Gold Corporation (NYSE:AAUC) is a gold producer operating three producing assets and development projects in Cote d’Ivoire, Mali, and Ethiopia.

While we acknowledge the potential of AAUC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than AAUC and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.