AngloGold Ashanti (AU) Q2 2025 earnings summary

Executive summary

• Gold production rose up to 25% year-on-year in Q2 2025, reaching as high as 804,000oz, with strong contributions from Obuasi, Geita, and Sukari.

• Free cash flow surged 149% year-on-year to $535 million, and adjusted net debt fell 92% to $92 million, reflecting robust cash generation and disciplined capital allocation.

• Safety performance improved, with TRIR down 17% year-on-year to 0.8, ranking among top 3 ICMM members and marking the lowest ever.

• Strategic asset management included the sale of non-core assets and the acquisition of Augusta Gold, consolidating the Nevada district.

• Record dividend of $406 million declared, reflecting strong cash flows and board confidence in future performance.

Financial highlights

• Adjusted EBITDA increased 111% year-on-year to $1.44 billion; headline earnings up 151% to $639 million; basic earnings up to $669 million.

• Net cash flow from operations up 142% to just over $1 billion; free cash flow at $535 million, up from $215 million in Q2 2024.

• Group total cash costs were $1,226–$1,266/oz in Q2, up 8% year-on-year, mainly due to inflation and royalties.

• Group AISC rose 7% year-on-year to $1,666/oz; managed operations AISC up 4% to $1,694/oz.

• Liquidity at $3.4 billion, including $2 billion in cash and equivalents.

Outlook and guidance

• 2025 guidance reaffirmed for gold production, costs, and capital spending, with production expected to be slightly second half-weighted.

• 2025–2026 gold production guidance: 2,900–3,225koz annually; all-in sustaining costs: $1,580–$1,705/oz.

• Capital allocation options, including share or debt buybacks, will be evaluated at year-end.

• Ongoing focus on sustaining operational improvements, maximizing cash conversion, and extending mine life.

• Guidance assumes no major operational disruptions; inflation and market volatility remain key variables.