AngloGold Ashanti PLC: Q1 2026 Operating Summary
Business Context and Reporting Period
This Form 6-K filing reports operating statistics for AngloGold Ashanti plc for the three months ended March 31, 2026. The data covers managed operations (consolidated) and non-managed joint ventures (equity-accounted, specifically Kibali). The filing includes Non-GAAP financial measures such as Total Cash Costs (TCC) and All-In Sustaining Costs (AISC).
Key Financial and Operational Metrics
Production and Sales:
- Group Gold Production: 724,000 ounces (vs. 720,000 in Q1 2025).
- Group Gold Sold: 719,000 ounces (vs. 737,000 in Q1 2025).
- Managed Operations Production: 666,000 ounces (vs. 657,000 in Q1 2025).
- Non-Managed Joint Ventures (Kibali): 58,000 ounces produced (vs. 63,000 in Q1 2025).
Costs and Capital Expenditure (Group Total):
- Total Cash Costs: $1,007 million (vs. $881 million in Q1 2025).
- All-In Sustaining Costs (AISC): $1,405 million (vs. $1,209 million in Q1 2025).
- Sustaining Capital Expenditure: $305 million (vs. $236 million in Q1 2025).
Revenue and Pricing:
- Average Gold Price Received: Varied by mine, ranging from approximately $4,752/oz (AngloGold Ashanti Mineração) to $4,918/oz (Kibali). This represents a significant increase from the ~$2,800–$2,900/oz range in Q1 2025.
- Gold Income: Specific segment revenues are provided (e.g., Geita: $604m; Sukari: $499m; Siguiri: $377m).
Material Changes vs. Prior Period
- Cost Inflation: Group Total Cash Costs increased by 14% ($126 million) and AISC increased by 16% ($196 million) compared to Q1 2025. This is driven by higher operating costs and sustaining capital across most regions, particularly in Africa (Managed Operations TCC rose from $466m to $583m).
- Production Mix: While total group production was flat (+0.6%), managed operations increased production (+1.4%) while Kibali production declined (-8%).
- Asset Disposal: The Serra Grande mine (Americas) was sold on December 1, 2025. Consequently, it contributed zero production and costs in Q1 2026, compared to 10,000 ounces produced and $25 million in cash costs in Q1 2025.
- Price Realization: The average gold price received per ounce more than doubled across all reporting segments compared to Q1 2025, significantly boosting gold income despite cost increases.
Outlook, Risks, and Unusual Items
Management Commentary & Non-GAAP Measures: The filing emphasizes the use of Non-GAAP measures (TCC, AISC) for performance management. Reconciliations to IFRS are referenced as available in the full Earnings Release on the company website.
Operational Highlights:
- Siguiri: Sustaining capital expenditure surged to $31 million from $12 million, and non-sustaining capex was $35 million (vs. $0 prior year), indicating significant investment activity.
- Cerro Vanguardia: Benefited from substantial by-product credits ($1,395/oz), reducing Total Cash Costs per ounce to $602 (down from $1,201 in Q1 2025).
- Sukari: Introduced heap leach operations, with 699,000 tonnes placed in Q1 2026 (vs. 111,000 in Q1 2025).
Risks/Contingencies: The filing does not explicitly detail new risks in this summary text but notes that cost increases are widespread. The reliance on high gold prices to offset rising AISC is a key financial dynamic.
Investor Verification Checklist
- Cost Drivers: Verify the specific drivers behind the 14% increase in Total Cash Costs and 16% increase in AISC, particularly in African managed operations.
- Gold Price Sensitivity: Assess the sustainability of the ~$4,800+ average gold price received, which is significantly higher than the ~$2,850 average in Q1 2025.
- Capex Execution: Review the full Earnings Release for details on the $35 million non-sustaining capex at Siguiri and the $37 million at Sukari.
- IFRS Reconciliation: Obtain the full earnings release to reconcile Non-GAAP AISC/TCC figures to IFRS net income and cash flow from operations.
- Kibali Performance: Investigate the reasons for the 8% production decline at the Kibali joint venture despite stable mining grades.