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Mar 31, 2025
AngloGold Ashanti Q1 2025 Earnings Report
AngloGold Ashanti reported a strong start to Q1 2025, with significant increases in free cash flow, headline earnings, and gold production, driven by the acquisition of Sukari and effective cost management.
Key Takeaways
AngloGold Ashanti plc reported a sevenfold increase in free cash flow and an almost eightfold rise in profit attributable to equity shareholders in Q1 2025 compared to Q1 2024. This performance was underpinned by higher gold production, effective cost management, and a stronger gold price. The Company generated $403 million in free cash flow in Q1 2025, a 607% year-on-year increase.
Gold production increased by 22% year-on-year to 720,000oz, with Sukari contributing 117,000oz in its first full quarter.
Free cash flow surged by 607% to $403 million, reflecting strong operational performance and higher gold prices.
Headline earnings rose by 671% to $447 million, or $0.88 per share, compared to $58 million in Q1 2024.
Adjusted net debt decreased by 60% year-on-year to $525 million, improving the Adjusted net debt to Adjusted EBITDA ratio to 0.15x.
Revenue by Geographic Location
Forward Guidance
AngloGold Ashanti reaffirms its full-year 2025 guidance, expecting gold production between 2.900Moz and 3.225Moz, total cash costs between $1,125/oz and $1,225/oz, AISC between $1,580/oz and $1,705/oz, and total capital expenditure between $1,620m and $1,770m.
Positive Outlook
- Expected gold production between 2.900Moz and 3.225Moz.
- Total cash costs forecast to range between $1,125/oz and $1,225/oz.
- AISC forecast to range between $1,580/oz and $1,705/oz.
- Total capital expenditure expected to be between $1,620m and $1,770m.
- Outlook economic assumptions for 2025 include Brent at $75/bbl.
Challenges Ahead
- Forecasts assume neither operational or labour interruptions or power disruptions.
- Assumes no further changes to asset portfolio and/or operating mines.
- Unknown or unpredictable factors, or factors outside the Company's control, could have material adverse effects.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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