ORION MINE FINANCE PROVIDES UPDATE ON ITS BENEFICIAL OWNERSHIP OF COMMON SHARES OF ALLIED GOLD CORPORATION

TORONTO, April 21, 2025 /CNW/ - Orion Mine Finance announced that Orion Mine Finance Fund III LP and OMF Fund III (F) Ltd., entities managed by Orion Mine Finance Management III LLC (the foregoing entities collectively, "Orion"), sold on April 17, 2025 a total of 15,000,000 common shares (each a "Common Share") of Allied Gold Corporation ("Allied Gold") at a price of C$5.35 in cash per Common Share for aggregate gross proceeds of C$80,250,000in a private transaction(the "Transaction"). Pursuant to the Transaction, Orion Mine Finance Fund III LP sold 13,232,240 Common Shares and OMF Fund III (F) Ltd. sold 1,767,760 Common Shares.

Immediately prior to the Transaction, Orion owned 38,142,938 Common Shares and 23,899 unsecured convertible debentures of Allied Gold (the "Debentures") representing approximately 11.6% of the total issued and outstanding Common Shares on a non-diluted basis and 12.7% of the total issued and outstanding Common Shares on a partially-diluted basis (based on 328,887,648 Common Shares being outstanding), assuming the conversion in full of the Debentures beneficially owned by Orion. The Debentures are convertible at Orion's option into Common Shares at any time until September 7, 2028 at a price of US$5.79 per Common Share. Based on the conversion price of US$5.79, the Debentures are convertible into approximately 4,127,633 Common Shares. Following closing of the Transaction, Orion now holds 23,142,938 Common Shares and continues to hold the 23,899 Debentures representing approximately 7% of the total issued and outstanding Common Shares on a non-diluted basis and 8.2% of the total issued and outstanding Common Shares on a partially-diluted basis (assuming the conversion in full of the Debentures beneficially owned by Orion), a decrease in its securityholding percentage of approximately 4.6% on a non-diluted basis and 4.5% on a partially-diluted basis compared to immediately prior to the Transaction (based on 328,887,648 Common Shares being outstanding).

Orion's disposition of Common Shares pursuant to the Transaction was made in the ordinary course of its business operations. Orion has no current plan or intentions which relate to, or would result in, acquiring additional securities of Allied Gold, disposing of securities of Allied Gold, or any of the other actions requiring disclosure under the early warning reporting provisions of applicable securities laws. Depending on market conditions, Orion's view of Allied Gold's prospects and other factors Orion considers relevant, it may acquire securities of Allied Gold from time to time in the future, in the open market or pursuant to privately negotiated transactions, or may sell all or a portion of its securities of Allied Gold.

This news release is being issued under the early warning reporting provisions of applicable securities laws. An early warning report with additional information in respect of the foregoing matters will be filed and made available under the SEDAR+ profile of Allied Gold  at www.sedarplus.com . To obtain a copy of the early warning report, you may also contact Dov Lader, General Counsel of Orion Resource Partners (USA) LP at 212-596-3467. Orion Mine Finance Management III LLC's address is 251 Little Falls Drive, Wilmington, Delaware, USA, 19808. Allied Gold's head office is located at Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2200, Toronto, ON M5J 2J3. Orion's ownership of Common Shares is now below the reporting threshold prescribed by applicable Canadian securities laws.

Forward-Looking Information

Certain statements in the press release are forward-looking statements and are prospective in nature, including statements with respect to Orion's future intentions regarding the securities of Allied Gold. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Such forward-looking statements should therefore be construed in light of such factors, and Orion is not under any obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. 

SOURCE Orion Mine Finance Management III LLC