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Sep 30, 2025
AngloGold Ashanti Q3 2025 Earnings Report
AngloGold Ashanti posted strong Q3 2025 results with significant improvements in profitability, free cash flow, and production.
Key Takeaways
The company delivered record free cash flow of $920 million and a 109% YoY increase in adjusted EBITDA. Gold production rose 17% to 768,000 ounces, with contributions from new and existing assets. Strong cost control and higher gold prices drove a notable increase in net income and headline earnings.
Free cash flow surged 141% YoY to $920 million, driven by higher gold prices and disciplined cost control
Adjusted EBITDA jumped 109% YoY to $1.56 billion
Gold production increased 17% YoY to 768,000oz, with strong contributions from Obuasi, Geita, Cuiabá, Kibali, and Sukari
Declared interim dividend of $460 million (91 US cents/share), half of quarterly free cash flow
Forward Guidance
AngloGold Ashanti reaffirmed its full-year 2025 guidance, supported by strong performance, increased production, and strategic reinvestments.
Positive Outlook
- Full-year 2025 guidance reaffirmed
- Strong contributions expected from Obuasi, Geita, and Sukari
- Continued investment in Mineral Reserve development to extend mine life
- Feasibility study underway for mill expansion at Geita targeting 600,000oz/year
- Beatty District consolidation in Nevada enhances long-term growth potential
Challenges Ahead
- Cost inflation pressures around 5% continue to affect operations
- AISC increased due to higher sustaining capital and royalty payments
- Output from Australia and Siguiri declined, partly offsetting gains
- Royalty costs rose due to gold price increase
Historical Earnings Impact
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Avg. Return Before/After Earnings
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