AngloGold Ashanti (AU) Company Report

Analyst Coverage

Research analysts who have asked questions during AngloGold Ashanti earnings calls.

Adrian Hammond

SBG Securities

4 questions for AU

Also covers: GFI, HMY, SBSW +1 more

Christopher Nicholson

RMB Morgan Stanley

4 questions for AU

Also covers: BCLI

Raj Ray

BMO Capital Markets

4 questions for AU

Also covers: CGAU, GAU, SBSW

Tanya Jakusconek

Scotiabank

4 questions for AU

Also covers: AEM, BVN, EGO +11 more

Adrian Day

Adrian Day Asset Management

3 questions for AU

Also covers: FSM, OR, PAAS

Leroy Mnguni

HSBC

3 questions for AU

Also covers: HMY

Martin Creamer

MiningWeekly

2 questions for AU

Herbert Kharivhe

Investec

1 question for AU

Also covers: SSL

Herbert Kuria

Absa

1 question for AU

Investec Analyst

Investec

1 question for AU

Joshua Wolfson

RBC Capital Markets

1 question for AU

Also covers: AEM, FNV, GFI +7 more

Larry Claasen

REDD Intelligence

1 question for AU

Larry Clarkson

Red Cloud Securities

1 question for AU

Name Withheld

Investec

1 question for AU

Yaameen Gosain

Laurium Capital

1 question for AU

Yamin Gossin

Lorium Capital

1 question for AU

Latest news

Recent press releases and 8-K filings for AU.

Inflection Resources Intercepts High-Grade Gold and Plans Further Drilling

New Projects/Investments

Inflection Resources Ltd. announced the discovery of high-grade gold in drill hole TRNDH032, which returned 3.0 metres grading 7.72 g/t gold from skarn-style alteration in a new target area within the Trangie district, New South Wales, Australia.
This discovery was made under an Exploration Agreement with AngloGold Ashanti Australia Limited.
An expanded drill program of eighty-three air-core drill holes is planned to commence in February on the Trangie project to follow-up on the recent intercept and earlier porphyry gold-copper mineralisation.
Under the earn-in agreement, AngloGold Ashanti can acquire an initial 51% interest in four designated projects by sole funding AUD$7,000,000 on each project within 36 months.

9 hours ago

Press Release

News Commentary on Gold Developers Capitalizing on Market Conditions

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

The gold mining industry is experiencing a "once-in-a-generation window" to build mines, with 97% of gold producers operating with positive margins due to gold prices exceeding $4,400 per ounce against average all-in sustaining costs of $1,600 per ounce.
Lake Victoria Gold is advancing its Tembo Project with high-grade gold mineralization and is finalizing a processing agreement by early 2026.
i-80 Gold Corp. plans a $412 million refurbishment of its Lone Tree Plant, anticipated to be commissioned by the end of 2027, aiming to increase margins by $1,000 to $1,500 per ounce.
McEwen Inc. received approval for its El Gallo Mine extension, with Phase 1 construction starting mid-2026 and first gold pour targeted for mid-2027, requiring $25 million in remaining capital.
Lundin Gold Inc. issued 2026 guidance for its Fruta del Norte mine, targeting 475,000 to 525,000 ounces of gold production at all-in sustaining costs of $1,110 to $1,170 per ounce, and G2 Goldfields Inc. released a PEA for its Oko Gold Project projecting 281,000 ounces annually over 14 years with $1,137 per ounce AISC.

Dec 31, 2025, 12:19 PM

Press Release

AngloGold Ashanti PLC Reports Q3 2025 Operating Statistics

Earnings

M&A

AngloGold Ashanti PLC reported group gold production of 768 thousand ounces in Q3 2025, an increase from 657 thousand ounces in Q3 2024. For the nine months ended September 2025, production was 2,292 thousand ounces, up from 1,911 thousand ounces in the prior year period.
Gold sold by the group also increased, reaching 764 thousand ounces in Q3 2025 compared to 667 thousand ounces in Q3 2024. Year-to-date, gold sold was 2,302 thousand ounces for the nine months ended September 2025, up from 1,954 thousand ounces in the same period of 2024.
Total cash costs for the group rose to $940 million in Q3 2025 from $769 million in Q3 2024, and all-in sustaining costs increased to $1,314 million in Q3 2025 from $1,078 million in Q3 2024.
Sustaining capital expenditure for the group was $281 million in Q3 2025, compared to $227 million in Q3 2024.
The operating statistics for 2025 include the Sukari operation, which was acquired on November 22, 2024, as part of the Centamin acquisition.

Nov 12, 2025, 11:04 AM

6-K

AngloGold Ashanti plc Reports Strong Q3 2025 Results and Reaffirms 2025 Guidance

Earnings

Dividends

M&A

AngloGold Ashanti plc reported a 109% year-on-year increase in Adjusted EBITDA to $1.6bn and a 141% rise in free cash flow to $920m in Q3 2025.
Gold production for the Group grew 17% year-on-year to 768,000oz in Q3 2025, with total cash costs at $1,225/oz and AISC at $1,720/oz.
An interim dividend of 91 US cents per share was declared for Q3 2025, and the company reaffirmed its full-year 2025 guidance.
The company moved to an Adjusted net cash position of $450m as of September 30, 2025.
The acquisition of Augusta Gold Corp. was completed on October 23, 2025, and the proposed sale of the Serra Grande mine is expected to close by year-end 2025.

Nov 12, 2025, 11:01 AM

6-K

AngloGold Ashanti Reports Strong Q3 2025 Financial and Operational Results

Earnings

Guidance Update

Dividends

AngloGold Ashanti's group gold production for Q3 2025 increased by 17% year-over-year to 768,000 ounces.
The company reported a 141% surge in free cash flow to $920 million and a 185% rise in headline earnings to $672 million for Q3 2025, compared to Q3 2024.
Adjusted EBITDA grew 109% to $1,556 million in Q3 2025, driven by a 40% increase in the average gold price received to $3,490/oz.
AngloGold Ashanti transitioned from an adjusted net debt of $906 million in Q3 2024 to an adjusted net cash position of $450 million in Q3 2025.
The company reaffirmed its full-year 2025 guidance, projecting group gold production between 2,900 and 3,225 thousand ounces and total cash costs between $1,125 and $1,225 per ounce.

Nov 11, 2025, 5:30 PM

Presentation

AngloGold Ashanti Reports Strong Q3 2025 Financial Results and Operational Progress

Earnings

Dividends

New Projects/Investments

AngloGold Ashanti reported a strong Q3 2025 with free cash flow of almost $1 billion, a 141% increase, and headline earnings up 185%. The company achieved an adjusted net cash position of $450 million.
The company maintained strong cost control, with total cash cost for managed operations year-to-date up only 3%, despite macro factors including inflation and royalties totaling 9%.
AngloGold Ashanti declared a Q3 dividend of $460 million, matching the first six months of the year, and maintains a policy of paying out 50% of free cash flow annually.
Operational highlights include tier one assets contributing over 70% of production and 80% of reserves. The company is investing $50 million plus $15 million annually in exploration at Geita to grow reserves by 60% and extend its mine life to 10 years or more, with a planned $100 million mill expansion to increase production by 20% to 600,000 ounces.
The Nevada Arthur complex, with a resource of approximately 16 million ounces, is undergoing a pre-feasibility study, with results anticipated in February 2026.

Nov 11, 2025, 2:00 PM

Transcript

AngloGold Ashanti Reports Strong Q3 2025 Results and Strategic Growth Initiatives

Earnings

Dividends

New Projects/Investments

AngloGold Ashanti reported a strong Q3 2025, with free cash flow of almost $1 billion, adjusted EBITDA growth of 109%, and headline earnings up 185%.
The company achieved its strongest balance sheet ever with an adjusted net cash position of $450 million and declared a Q3 dividend of $460 million, matching the first half of the year.
Production increased 17% year-on-year, while total cash costs for managed operations rose only 3% year-to-date despite inflationary pressures.
Strategic investments include $50 million plus $15 million annually for exploration at Geita to increase reserves by ~60% and extend mine life to 10+ years, with a potential $100 million mill expansion to boost production by 20% to 600,000 oz.
The Nevada Arthur complex, holding a resource of ~16 million oz, is undergoing a pre-feasibility study, with results anticipated in February 2026.

Nov 11, 2025, 2:00 PM

Transcript

AngloGold Ashanti Reports Strong Q3 2025 Results with Record Free Cash Flow and Dividend Declaration

Earnings

Dividends

New Projects/Investments

AngloGold Ashanti reported a strong Q3 2025, achieving almost $1 billion in free cash flow, a 109% increase in adjusted EBITDA, and 185% growth in headline earnings.
The company declared a $460 million dividend for Q3 2025 and ended the quarter with an adjusted net cash position of $450 million.
Operational costs remained well-controlled, with total cash cost for managed operations up only 3% year-to-date, despite a 4.7% realized inflation rate.
Strategic growth initiatives include an additional $15 million per year for exploration at Geita, targeting a 60% increase in reserves and a potential 20% production boost to 600,000 ounces via a $100 million mill expansion.
Tier one assets now contribute over 70% of production and 80% of reserves, with the sale of Sierra Grande expected to finalize by year-end to enhance focus.

Nov 11, 2025, 2:00 PM

Transcript

AngloGold Ashanti Reports Strong Q3 2025 Results with Record Free Cash Flow and Advancing Growth Projects

Earnings

Dividends

New Projects/Investments

AngloGold Ashanti reported a strong Q3 2025, with free cash flow of almost $1 billion, adjusted EBITDA growth of 109%, and headline earnings up 185%. The company achieved an adjusted net cash position of $450 million, marking its strongest balance sheet ever.
The company declared a Q3 dividend of $460 million, matching the first six months of the year, and maintains a policy of paying out 50% of free cash flow annually.
Operational performance saw production increase 17% year-on-year, with total cash costs for managed operations up only 3% year-to-date despite macro factors impacting costs by 9%.
AngloGold Ashanti is advancing significant growth projects, including a $50 million exploration investment at Geita to increase reserves by 60% and a conceptual $100 million mill expansion to boost production by 20% to 600,000 ounces. The Nevada Arthur complex holds a resource of around 16 million ounces, with pre-feasibility study results expected in February next year.

Nov 11, 2025, 2:00 PM

Transcript

AngloGold Ashanti Terminates Option Agreement for Latin Metals' Organullo Gold Project

New Projects/Investments

M&A

AngloGold Argentina Exploraciones S.A. has provided Latin Metals Inc. with notice to terminate its option agreement for an up to 80% interest in the Organullo, Ana Maria, and Trigal properties.
The notice was dated October 29, 2025, with the termination becoming effective on January 27, 2026.
AngloGold's decision to withdraw is due to a change in its global Greenfields Exploration strategy, rather than technical issues with the Organullo project.
During the option period, AngloGold invested approximately US $3.3 million in exploration and permitting activities for the project.
Latin Metals' President and CEO, Keith Henderson, noted that the 100%-owned Organullo project remains drill-permitted, and the company is confident in attracting a new partner, especially with 2025 gold prices exceeding US$4,000 per ounce.