London, Denver, Johannesburg – AngloGold Ashanti announced that its earnings and free cash flow more than doubled year on year in Q2 2025, driven by the average gold price received per ounce(6), continued cost discipline and a 21% increase in gold production, following another strong performance from its managed operations.
The company generated $535m in free cash flow(5) in Q2 2025, a 149% year-on-year increase from $215m in Q2 2024.
The 25% year-on-year rise in gold production from managed operations(1)(2)(3) was supported by strong contributions from Obuasi, in Ghana, and Geita, in Tanzania, and the addition of the Sukari gold mine(2) in Egypt.
The average gold price received per ounce(6) increased to $3,287/oz in Q2 2025, from $2,330/oz in Q2 2024.
The Company maintained its strong safety performance, with a Total Recordable Injury Frequency Rate (“TRIFR”) of 0.80 injuries per million hours worked in Q2 2025, an improvement of 17% year-on-year and well below industry benchmarks.
“This is another strong result that again demonstrates our focus on cost control and the positive momentum we’re building across the business,” said CEO Alberto Calderon. “We’re reaping the benefit of consistent production and cash flow growth, supported by disciplined capital allocation.”
AngloGold Ashanti remains committed to closing the valuation gap with its North American peers by driving continuous improvements in operating performance, enhancing cash conversion, extending mine lives, and maintaining discipline in allocating capital.
The Company actively manages its portfolio, completing the disposal of its Archean-Birimian Contact (ABC) and Doropo projects in Côte d’Ivoire in May, and announcing in June the proposed sale of its Serra Grande mine in Brazil.
AngloGold Ashanti continues to consolidate the Beatty District in Nevada, including the proposed acquisition of Augusta Gold, which will strengthen its position in the most significant emerging gold district in the US and enhance its ability to develop the region under a unified regional plan.
Dividend demonstrates confidence, strong cash flow. An interim dividend of 80 US cents per share was declared for Q2 2025, which includes the minimum quarterly dividend of $63m or 12.5 US cents, with the balance reflecting our decision to pay half of the free cash flow generated for the six months through to 30 June.
While our dividend policy commits to this ‘true up’ payment to 50% of free cash flow annually at year-end, the Company’s board used its discretion to make the payment at the half-year, given the strength of cash flows and its confidence in the outlook.
Russell Indexation to boost liquidity. In June, AngloGold Ashanti was added to the Russell 1000®, Russell 3000®, and Russell Midcap® Indexes following the 2025 FTSE Russell reconstitution.
These inclusions mark another important milestone for the Company since its primary listing on the New York Stock Exchange in late 2023, further enhancing visibility among US institutional investors and access to a deeper pool of capital, driving improvements in liquidity and breadth of ownership.
Balance sheet strengthened by earnings and cash flow. AngloGold Ashanti has continued to strengthen its balance sheet, with Adjusted net debt* down 92% year-on-year to $92m, and the ratio of Adjusted net debt* to Adjusted EBITDA* improving to 0.02x, from 0.62x a year earlier.
The Group ended Q2 2025 with liquidity of $3.4bn, including $2.0bn in cash and cash equivalents. Adjusted EBITDA* increased 111% year-on-year to $1.44bn in Q2 2025, from $684m in Q2 2024.
Headline earnings(4) rose to $639m, or $1.25 per share, in Q2 2025, compared to $255m, or $0.60 per share, in Q2 2024 — an increase of 151% and 108% year-on-year, respectively.
Net cash flow from operations rose 142% to $1.02bn in Q2 2025, from $420m in Q2 2024, boosting free cash flow* for the quarter.
Momentum continued at managed operations(1) Gold production for the Group(1)(2)(3) increased by 21% year-on-year to 804,000oz in Q2 2025, up from 663,000oz in Q2 2024.
This growth reflects the contribution from Sukari and improved performances at key assets, including Obuasi (+31%), Geita (+20%), Cerro Vanguardia (+7%), Cuiabá (+6%) and Siguiri (+6%).
The TRIFR improved 17% year-on-year to a record low of 0.80 injuries per million hours worked in Q2 2025 versus 0.96 in Q2 2024.
Managed operations(1) drove the outperformance for Q2 2025, with gold production up 25% year-on-year to 729,000oz, compared to 581,000oz in Q2 2024.
The increase was partially offset by lower output from non-managed joint ventures (1), which declined 9% year-on-year to 75,000oz, mainly due to lower tonnes processed and lower grades at Kibali.
Production improvements were led by Geita, which continues to deliver consistently strong operating results, and Obuasi, where the ramp-up of underground drift-and-fill mining (UHDF) progressed on schedule, supporting the 21% year-on-year increase in grade.
Siguiri, Cerro Vanguardia, and Cuiabá also posted modest gains. These were partly offset by declines at Iduapriem, Serra Grande and Tropicana, while Sunrise Dam held broadly steady.
Total cash costs* for the Group(1)(2) increased by 8% year-on-year to $1,226/oz in Q2 2025 from $1,137/oz in Q2 2024, while all-in sustaining costs* (AISC) rose 7% to $1,666/oz in Q2 2025 from $1,560/oz in Q2 2024.
For managed operations(1), total cash costs* rose 6% year-on-year to $1,241/oz in Q2 2025 from $1,171/oz in Q2 2024, while AISC rose 4% to $1,694/oz in Q2 2025 from $1,626/oz in Q2 2024.
These increases were driven primarily by a 28% increase in sustaining capital expenditure*, inflationary cost pressures of approximately 5%, and a $60/oz average increase in the overall royalty charge linked to the higher gold price.
These factors were partly offset by higher gold sales volumes. Total capital expenditure for the Group(1)(2) rose to $381m in Q2 2025, up 33% year-on-year from Q2 2024, with sustaining capital expenditure* increasing 28% year-on-year to $273m.
The increase in sustaining capital expenditure* reflects the inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities.
Reaffirming guidance
Full-year 2025 guidance remains unchanged. AngloGold Ashanti remains focused on maintaining gold production and cost guidance for the full year and is executing on its strategic priorities, including enhancing margins, extending mine lives, and maintaining capital discipline.
The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti.
Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
On 22 November 2024, the acquisition of Centamin plc (“Centamin”) was completed. Centamin has been included from the effective date of the acquisition.
Includes gold concentrate from the Cuiabá mine sold to third parties in Q2 2024.
