London, Denver, Johannesburg// – AngloGold Ashanti plc’s third quarter free cash flow rose 141% year-on-year to a record $920m as continued cost discipline helped capture the benefits of a higher gold price.
A quarterly dividend of $460m was declared, taking the dividends declared this year to $927m.
Annual guidance for 2025 was reaffirmed.
Group(1)(2)(3) gold production rose 17% in Q3 2025 compared to Q3 2024.
Strong contributions were made by Obuasi (Ghana), Geita (Tanzania), Cuiabá (Brazil), Kibali (DRC) and the addition of Sukari(2) (Egypt) to our portfolio.
The average gold price received per ounce*(6) increased to $3,490/oz in Q3 2025, from $2,486/oz in Q3 2024.
“This is another record quarter for cash generation and another healthy dividend declaration,” said CEO Alberto Calderon. “Cash costs again stayed flat in real terms, which means we can capture these stronger margins and show capital discipline by passing the benefit on to shareholders.”
A 40% increase in the average gold price received per ounce*(6) in Q3 2025 compared to Q3 2024 translated into a 94% rise in cash generated from operations, reflecting strong price pass-through and cost discipline.
Balance sheet strengthened by earnings and cash flow Free cash flow*(5) rose to $920m in Q3 2025, from $381m in Q3 2024.
AngloGold Ashanti has continued to strengthen its balance sheet, moving from an Adjusted net debt* position into an Adjusted net cash* position of $450m at 30 September 2025.
The Group ended Q3 2025 with liquidity of $3.9bn, including $2.5bn in cash and cash equivalents. Adjusted EBITDA* increased 109% year-on-year to $1.6bn in Q3 2025, from $746m in Q3 2024.
Headline earnings (4) rose to $672m, or $1.32 per share, in Q3 2025, compared to $236m, or $0.56 per share, in Q3 2024 — an increase of 185% and 136% year-on-year, respectively.
Net cash flow from operations rose 134% to $1.4bn in Q3 2025, from $606m in Q3 2024, boosting free cash flow* for the quarter.
Dividend demonstrates confidence, strong cash flow
An interim dividend of 91 US cents per share was declared for Q3 2025, which includes the minimum quarterly dividend of $63m or 12.5 US cents, with the balance reflecting the decision to pay half of free cash flow* generated for the three months ended 30 September 2025.
While AngloGold Ashanti’s dividend policy commits to this ‘true up’ payment to 50% of free cash flow* annually at year-end, the Board used its discretion to make the payment at the quarter given the strength of cash flows and its confidence in the outlook for the balance of the year.
The Company maintained its strong safety performance, with a Total Recordable Injury Frequency Rate (“TRIFR”) of 0.96 injuries per million hours worked in Q3 2025, well below industry benchmarks. Momentum continued at managed operations (1) Gold production for the Group (1)(2)(3) increased by 17% year-on-year to 768,000oz in Q3 2025, up from 657,000oz in Q3 2024.
This growth reflects the contribution from Sukari and improved performances at key assets, including Obuasi (+30%), Kibali (+21%), Geita (+6%), and Cuiabá (+6%). Managed operations (1) saw gold production up 16% year-on-year to 682,000oz in Q3 2025, compared to 586,000oz in Q3 2024.
The increase, driven by Sukari’s inclusion and the continued ramp-up at Obuasi, was partially offset by lower output from Australia and Siguiri.
Non-managed joint ventures (1), namely Kibali, recorded a year-on-year increase in gold production to 86,000oz in Q3 2025 from 71,000oz in Q3 2024 mainly due to higher grades mined.
