AngloGold Ashanti PLC: Q2 2025 Operating Statistics Summary
Business Context and Reporting Period
This Form 6-K filing presents the unaudited operating statistics for AngloGold Ashanti PLC for the quarter and six months ended June 30, 2025. The report covers managed operations (consolidated subsidiaries) and non-managed joint ventures (equity-accounted, primarily Kibali). A significant structural change in the portfolio is the inclusion of the Sukari operation (Egypt), acquired in November 2024 as part of the Centamin acquisition, which is now reported on a consolidated basis.
Key Financial and Operational Metrics
The filing provides detailed Non-GAAP operating statistics. Revenue, profit, cash flow, debt, and liquidity figures are not included in this specific operating statistics enclosure; investors should refer to the full Earnings Release for IFRS financial results.
| Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 |
|---|---|---|---|---|
| Gold Production (000 oz) | 804 | 663 | 1,524 | 1,254 |
| Gold Sold (000 oz) | 801 | 662 | 1,538 | 1,287 |
| Total Cash Costs ($m) | $985 | $753 | $1,866 | $1,452 |
| All-In Sustaining Costs ($m) | $1,334 | $1,033 | $2,543 | $2,045 |
| Sustaining CapEx ($m) | $273 | $214 | $509 | $420 |
| Avg. Gold Price Received ($/oz) | $3,283 (Kibali) | $2,336 (Kibali) | $3,077 (Kibali) | $2,219 (Kibali) |
Note: Average gold price received varies by asset. Group-wide average price is not explicitly aggregated in the summary tables but individual assets show prices ranging from ~$3,054 to ~$3,306 per ounce in Q2 2025.
Material Changes vs. Prior Period
- Production Growth: Group gold production increased by 21% in Q2 2025 (804k oz) compared to Q2 2024 (663k oz). On a like-for-like basis excluding Sukari, production was relatively flat (675k oz vs 663k oz).
- Sukari Contribution: The newly consolidated Sukari mine contributed 129,000 ounces of production and 137,000 ounces sold in Q2 2025, with no comparable prior period data.
- Cost Inflation: Total cash costs rose to $985 million in Q2 2025 from $753 million in Q2 2024. This increase is driven by the inclusion of Sukari costs and higher operational volumes.
- Asset Performance:
- Geita (Tanzania): Production increased to 138k oz (Q2 2025) from 115k oz (Q2 2024).
- Obuasi (Ghana): Production increased to 71k oz from 54k oz.
- Serra Grande (Brazil): Production declined to 16k oz from 21k oz.
- Kibali (DRC): Production decreased to 75k oz from 82k oz.
Outlook, Risks, and Unusual Items
Management Commentary & Unusual Items:
- Sukari Acquisition Impact: The filing notes that sustaining capital expenditure for Sukari may not accurately reflect typical spending patterns due to the short timeframe since the November 2024 acquisition.
- Non-GAAP Measures: The report utilizes Non-GAAP measures (Total Cash Costs, AISC) which should be viewed in addition to IFRS results. Reconciliations are available in the full Earnings Release.
- Operational Risks: While specific forward-looking risks are not detailed in this statistics-only filing, the variance in production across assets (e.g., decline at Serra Grande and Kibali vs. growth at Geita and Obuasi) highlights operational variability.
Guidance: This specific filing does not contain updated financial guidance or outlook statements; it is strictly an operating statistics report.
Key Facts for Investor Verification
- Revenue & Profit: Verify the full Earnings Release for IFRS revenue, net income, and cash flow from operations, as this filing only contains operating statistics and Non-GAAP cost metrics.
- Sukari Integration: Confirm the full financial impact of the Sukari acquisition on the balance sheet and debt levels, as this filing only shows operational output and costs.
- Cost Per Ounce: Review the reconciliation of Total Cash Costs and AISC to IFRS metrics to understand the impact of inventory movements and non-cash items on profitability.
- Gold Price Sensitivity: Note the significant increase in the average gold price received (approx. $3,200+/oz in Q2 2025 vs ~$2,300/oz in Q2 2024), which materially impacts gross margins despite higher costs.