AngloGold Ashanti (AU) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered record operational and financial performance, with gold production up 22% year-over-year to 720,000 ounces, driven by Sukari's first full-quarter contribution and improvements at Siguiri and Tropicana.

• Free cash flow surged 607% year-over-year to $403 million, headline earnings increased 671% to $447 million, and adjusted EBITDA rose 168% to $1.12 billion.

• Managed operations drove results, with production up 28% year-over-year and cost reductions achieved despite inflationary pressures.

• The company maintained a robust balance sheet with strong liquidity, reduced adjusted net debt, and reaffirmed full-year guidance on all metrics.

• Portfolio optimization continued with the sale of Doropo and ABC Projects and the acquisition of the Mansala Project in Guinea.

Financial highlights

• Adjusted EBITDA up 158% year-over-year to $1.12 billion; free cash flow at $403 million, seven times prior year; headline earnings up 671% to $447 million.

• Net cash from operating activities increased 188% to $725 million; capital expenditure rose 27% to $336 million.

• Group total cash costs were $1,223/oz, within guidance; managed operations' cash costs fell 2% to $1,213/oz.

• All-in sustaining costs (AISC) for managed operations declined 2% to $1,657/oz; group AISC up 1% to $1,640/oz.

• Adjusted net debt fell 60% year-over-year to $525 million; net debt-to-EBITDA at 0.15x, the lowest in over a decade.

Outlook and guidance

• 2025 gold production forecast: 2.9Moz–3.225Moz; total cash cost per ounce: $1,125–$1,225; AISC: $1,580–$1,705/oz; capital expenditure: $1,620m–$1,770m.

• Guidance assumes no major operational or labor interruptions and a stable asset portfolio.

• Capital expenditure and sustaining business capital spend are progressing as planned, with no major swings anticipated.

• North Bullfrog project production expected around 2028, with Arthur Gold PFS and reserve declaration targeted by year-end.

• Focus remains on margin growth, cost competitiveness, and portfolio optimization.