AngloGold Ashanti

AngloGold Ashanti plc (AngloGold Ashanti) is a gold mining company with its registered office in London and its main executive office in Greenwood Village, Colorado. Its ordinary shares trade on the New York Stock Exchange (AU) and the Johannesburg Stock Exchange (ANG). It files Form 20-F and Form 6-K as a foreign private issuer. It runs ten operating assets on three continents: Geita, Obuasi, Iduapriem, Siguiri and Sukari in Africa, the Kibali joint venture in the Democratic Republic of the Congo, Sunrise Dam and Tropicana in Australia, and Cuiabá and Cerro Vanguardia in the Americas.

In 2025, group gold production was 3,091,000 ounces, adjusted EBITDA was $6,294 million and free cash flow was $2.9 billion. At December 31, 2025, the gold Mineral Reserve was 36.5 million ounces. Its growth projects include Arthur and North Bullfrog in Nevada. Alberto Calderon is Chief Executive Officer.

AngloGold Ashanti trades above its intrinsic value because investors pay for the large cash flow that the gold price gives it and for the cash it returns to shareholders, even though it is a miner with rising costs and risks in many countries. All-in sustaining costs rose to $2,170 per ounce in Q3 2026 from $1,720 a year before, and production fell at five of ten assets. A death at Sukari in August 2026, flooding at Iduapriem, a new Guinean rule that requires gold to be refined at home, and a cyber incident in October add doubt about whether it can keep to its plan. It also invests more, with capital spending of $2,000 million to $2,200 million guided for 2027.

For the price to hold, three things must be true. Q4 production must lift the year into the guided 2.80 to 3.17 million ounces, with lower unit costs as Iduapriem, Sukari and Obuasi recover. The growth projects at Geita, Siguiri and Cuiabá ($750 million to $900 million) and North Bullfrog in Nevada must arrive on time and within budget. And free cash flow must keep paying the dividend and the repurchase programme of up to $2.0 billion that shareholders approved in July 2026, while net cash stays at $1.26 billion or more.

The Q4 2026 report in February 2027 with the 2027 outlook, and the North Bullfrog permits, show whether this happens. The gold price also moves the shares, and the company does not control it.

1. Nov 5, 2026Passed

   Q3 2026 results: cash flow and guidanceFree cash flow of $600 million or more, net cash above $1 billion and reaffirmed guidance pass; a cut in guidance fails.Outcome: Free cash flow was $722 million, net cash was $1,256 million and the 2026 guidance was reaffirmed.
2. Q4 2026 · est.Due this quarter

   North Bullfrog permits and Guinea refining ruleFederal and state permits for North Bullfrog and a workable Guinea export arrangement pass; a permit delay or an export stop fails.
3. Feb 19, 2027 · est.Pending

   Q4 2026 results and 2027 outlookFull-year production inside 2.80 to 3.17 million ounces with falling unit costs passes; production below the range fails.
4. May 2027 · est.Pending

   Q1 2027 results: costs and repurchasesAISC below $2,000 per ounce and repurchases under the $2.0 billion programme pass; higher costs and no repurchases fail.

Every passed and failed checkpoint across all picks

• November 5, 2026AngloGold Ashanti reported Q3 2026 results. EBITDA rose 12% to $1,568 million, free cash flow was $722 million, net cash was $1,256 million, and production was 696,000 ounces. It declared an interim dividend of 71 US cents per share, or $361 million, and reaffirmed its 2026 guidance. It also reported the death of a colleague in an underground rockfall at the Sukari mine in August 2026.
• November 3, 2026AngloGold Ashanti's board approved funding for the execution phase of the North Bullfrog project in Nevada, subject to federal and state permits.
• October 20, 2026AngloGold Ashanti completed the purchase of certain Lake Carey tenements near Sunrise Dam from Matsa Resources for A$55 million (US$39 million).

Next earnings

Expected about February 19, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 31, 2026 · au-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed March 26, 2026 · au-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed August 1, 2025 · au-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed April 15, 2025 · au-20241231

Every filing on SEC EDGAR (CIK 1973832)

• The gold price drives cash flow. At about 3 million ounces a year, each $100 per ounce change in the price moves revenue by about $300 million before royalties and taxes, and royalties rise with the price.
• Operations and safety: there were deaths at Sukari in August 2026 and at Obuasi earlier in 2026. Flooding hit Iduapriem, and production fell year on year in Q3 2026 at Iduapriem (43%), Obuasi (26%), Sukari (21%), Tropicana (15%) and Geita (4%).
• Country risk is high. Guinea now requires raw gold to be refined at home, $163 million of the company's share of cash was awaiting repatriation from the Democratic Republic of the Congo at September 30, 2026, and other mines are in Ghana, Tanzania and Egypt.
• Costs are rising. AISC was $2,170 per ounce in Q3 2026 against $1,720 a year before. Price-linked royalties added $81 per ounce and fuel added $33 per ounce in the first nine months.
• Growth projects need permits and money. North Bullfrog needs federal and state permits, the Arthur feasibility study is not finished, and capital spending is guided to rise to $2,000 million to $2,200 million in 2027.
• A cyber incident in October 2026 is still under investigation. The company said that production was not affected.

AngloGold Ashanti funds itself with cash flow, bonds and bank facilities. At September 30, 2026, total borrowings, with leases, were $1,804 million and cash was $3,060 million, so net cash was $1,256 million after $530 million of dividends paid in Q3. Read more

Yield at the current rate

3.1% (current annual rate, at today’s price)

Dividend yield

4.9% (last 12 months, at today’s price of $92.00)

Paid per share

$4.52 in the last 12 months (4 payments)

Current annual rate

$2.88 ($0.72 × 4 a year)

Latest ex-dividend date

August 21, 2026, $0.72 per share

Special payment or a cut. The last 12 months paid at least 25% more than the current annual rate. The company may have paid a special dividend, or it may have cut its dividend.

Dividends per share by year

From 2020 to 2025, the dividend grew by about 87.1% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.