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AngloGold Ashanti (AU) investor relations material
AngloGold Ashanti Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Achieved record operational and financial performance in Q3 2025, with gold production up 17% year-over-year to 768,000 oz, driven by strong output from Obuasi, Geita, Cuiabá, Kibali, and the addition of Sukari.
Headline earnings surged 185% to $672m, and adjusted EBITDA rose 109% to $1.56bn compared to Q3 2024.
Free cash flow increased 141% year-over-year to $920m, with a robust balance sheet and adjusted net cash of $450m at quarter-end.
Dividend policy revised to a 50% payout of free cash flow, resulting in $460m declared for Q3 and $927m year-to-date, with a 91 US cents per share dividend.
Safety performance improved, with TRIFR down 17% year-over-year to 0.96, outperforming industry averages.
Financial highlights
Free cash flow for the quarter reached $920m, up 141% year-over-year, with a free cash flow margin of 45%.
Adjusted EBITDA increased by 109% to $1.56bn, and headline earnings rose 185% to $672m or 132 US cents per share.
Group total cash costs rose 5% to $1,225/oz; AISC up 6% to $1,720/oz.
Capital expenditure increased 32% to $388m, with sustaining capital up 24% to $281m.
Net cash flow from operating activities was $1.42bn, up 134% year-over-year.
Outlook and guidance
Full-year 2025 guidance for production, costs, and capital spending reaffirmed, with gold production guidance at 2,900–3,225 koz and total cash costs of $1,125–1,225/oz.
Capital expenditure forecasted at $1,620–1,770m, with sustaining capex of $1,085–1,185m.
Production and cash flow expected to be weighted towards Q4 2025, with tier one assets' production share expected to rise.
Ongoing organic growth projects and exploration to extend asset lives and increase production.
Geita mill expansion study timeline?
Update on DRC cash repatriation efforts?
Quebradona project's path forward?
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Next AngloGold Ashanti earnings date
Q4 202519 Feb, 2026
Next AngloGold Ashanti earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
AngloGold Ashanti Limited is an independent, global gold mining company with operations, projects, and exploration activities spread across nine countries on four continents. The company, known for gold mining, also produces silver in Argentina and sulphuric acid in Brazil. With a diverse portfolio, it aims to create value by leveraging its existing assets and expertise in the mining sector. Key projects include the Quebradona project in Colombia, which is set to produce both gold and copper. The company is headquartered in Johannesburg, South Africa, and its shares are listed on the New York Stock Exchange.
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