AngloGold Ashanti (AU) Mining Forum Americas 2026 summary

Strategic positioning and portfolio

• Maintains a fit-for-purpose corporate structure with a diversified global portfolio, operating 10 mines across 8 countries and ranking as a top 5 gold producer globally.

• Holds a strong safety record, ranking in the top 3 among ICMM members, and emphasizes continuous improvement in safety protocols.

• Portfolio anchored by low-cost, high-margin Tier 1 assets in Africa, Australia, and the Americas, with significant organic growth potential in Obuasi and Nevada.

• Leadership team is experienced and technically strong, supporting asset optimization from hubs in Denver, Johannesburg, and Perth.

• Decarbonization projects are advancing to meet 2030 environmental targets.

Financial performance and capital allocation

• H1 2026 production reached 1,468koz, with EBITDA up 82% year-on-year to $4.3bn and free cash flow up 102% to $1.9bn.

• Capital expenditure increased 42% year-on-year to $1,016m, focused on brownfield reinvestment and advancing Nevada projects.

• Dividend payout framework delivers over 50% of free cash flow to shareholders, with $949m declared in H1 2026 and a new $2bn share repurchase program approved.

• Net cash position at end of June 2026 was $991m, with a net debt/EBITDA ratio of -0.13:1, reflecting a robust balance sheet.

• Total dividends declared since 2024 exceed $3.0bn, supported by strong cash generation and disciplined capital returns.

Growth projects and operational outlook

• Brownfield growth at Obuasi targets 400koz/year by 2028, with additional surface source opportunities being advanced.

• Greenfield growth in Nevada includes the Arthur Gold Project, with a feasibility study underway and a targeted annual production of 500koz over an initial 9-year mine life.

• Ongoing studies and expansions at Geita, Cuiabá, Sukari, and Siguiri aim to extend mine life, increase throughput, and unlock further resource potential.

• 2026 guidance reaffirms group gold production of 2,800–3,170koz, with all-in sustaining costs and capital expenditure ranges provided for each region.

• Strategic execution focuses on consistent delivery, portfolio optimization, and value-accretive growth, with a visible pipeline of high-return projects.