AngloGold Ashanti PLC AU and Wheaton Precious Metals Corp. WPM are two established names in the global gold mining industry, each with a diversified portfolio of assets across multiple regions. Both AU and WPM are gaining from the surge in gold prices.
Gold prices are benefiting from safe-haven demand, heightened geopolitical risks and trade tensions. The prices of gold are currently trading near $4,775 per ounce. The yellow metal has advanced 47.2% in a year.
For investors seeking to ride this momentum, the question is: which stock offers better value? Let us examine the fundamentals, growth prospects and challenges for AngloGold Ashanti and Wheaton Precious Metals.
The Case for AU
AngloGold Ashanti, headquartered in Greenwood Village, CO, has operations in Argentina, Australia, Brazil, the Democratic Republic of the Congo, Egypt, Ghana, Guinea and Tanzania. In October 2025, it bolstered its asset base with the acquisition of Augusta Gold Corp. This addition expands AU’s footprint in the Beatty District of Nevada through the acquisition of the Reward and Bullfrog properties.
The company is advancing its North Bullfrog and Arthur Gold Projects in southern Nevada, near the town of Beatty. AngloGold Ashanti expects the Arthur Gold Project to be a central pillar of its strategy to build a world-class, long-life production platform in the United States. A recent Technical Report Summary on the project identifies it as a Tier-One gold deposit with potential for further growth in southern Nevada’s Beatty Mining District.
AngloGold Ashanti also expanded its portfolio in November 2024 with the acquisition of Egyptian gold producer Centamin, adding the large-scale, long-life Sukari mine, which has the potential to produce 500,000 ounces annually. The Sukari mine produced a record 500,000 ounces of gold in 2025, positioning itself as a Tier 1 asset for the company.
AU’s adjusted EBITDA surged 129% year over year in 2025 to a record $6.3 billion. This was driven by a 16% year-over-year increase in gold production in the year and higher metal prices. The upside in gold production was attributed to the contributions from the recently acquired Sukari mine and the solid performances of Obuasi, Siguiri, Geita, Cerro Vanguardia and Cuiabá.
Gold production for 2026 is projected at 2.80-3.17 million ounces, suggesting a year-over-year dip of 3% at the mid-point. Higher costs are also expected to weigh on the company’s performance in 2026.
The company has been facing headwinds from higher operating costs for the last few quarters due to inflationary cost pressures from increased labor and mining contractor costs. However, the impacts of these elevated costs on its earnings were offset by higher sales volumes and prices.
AngloGold Ashanti generated a record $2.9 billion in free cash flow in 2025, a 204% year-over-year whopping rise. The company ended the year with $4.4 billion in liquidity, including cash and cash equivalents of $2.9 billion.
AU remains focused on its Full Asset Potential program to offset the inflationary impacts. AngloGold Ashanti’s significant exploration success over the past five years has added 23.1 million ounces to its gold mineral reserve (including acquisitions and before accounting for depletion). At the end of Dec. 31, 2025, the company’s gold mineral reserve was 36.5 million ounces, marking the ninth consecutive year of annual increase in gold mineral reserve.
The Case for WPM
Wheaton Precious Metals is poised to gain from its diversified portfolio of high-quality, long-life assets. The company continues to add streams, which lead to immediate production, as well as medium and long-term growth, to its portfolio of assets.
Recently, the company announced that it signed an agreement with KGL Resources Limited for the gold and silver streams produced at Australia’s Jervois Project. This marks the Wheaton Precious Metals’ first streaming transaction in Australia, which is one of the top mining jurisdictions in the world.
Wheaton Precious Metals’ 2025 gold-equivalent production came in at 689,864 ounces, marking an 8.6% year-over-year increase and surpassing the company’s guidance of 600,000-670,000 ounces. The upside was driven by a solid performance at Salobo due to higher gold grades. Recoveries, higher throughput and grades at Peñasquito, and higher grades at Constancia aided the improvement. The gains were partially offset by lower production from Goose and Mineral Park due to slower ramp-up progress.
Wheaton Precious Metals reported average cash costs of $597 per GEO in the fourth quarter of 2025, which marked an increase from $444 per GEO in the prior-year quarter. The cash operating margin in the quarter increased 76% to $3,941 per GEO.
Wheaton Precious Metals had $1.15 billion of cash in hand at the end of 2025 compared with $0.82 billion at the end of 2024. The company reported a record operating cash flow of $1.9 billion in 2025 compared with $1.03 billion in 2024.
The company reported record annual dividends of 66 cents per share for 2025. Backed by a strong 2025 performance, WPM raised its first-quarter 2026 dividend by 19.5 cents, marking an increase of 18% from the fourth quarter.
WPM expects 2026 production of 860,000-940,000 GEOs, marking a year-over-year increase of 30.5% at the mid-point. Along with higher gold and silver prices, the upside will be driven by 70,000 GEOs at Antamina. Newly operating assets like Blackwater, Mineral Park, Fenix, Hemlo, Goose and Platreef will aid growth. Lower production from Constancia following the depletion of the Pampacancha pit in late December 2025 will partially offset the gains.
Wheaton Precious Metals expects production to increase 50% to 1,200,000 GEOs by 2030. Along with other projects, the company expects Salobo to be a significant growth driver.
How Do Estimates Compare for AU & WPM?
The Zacks Consensus Estimate for AngloGold Ashanti’s 2026 earnings is pegged at $8.78 per share, indicating a year-over-year upsurge of 63.5%. The estimates for 2026 have been trending north over the past 60 days.
The Zacks Consensus Estimate for Wheaton Precious Metals’ 2026 earnings is pegged at $4.51 per share, indicating a year-over-year jump of 48.8%. The estimates for 2026 have been trending north over the past 60 days.
AU & WPM: Price Performance & Valuation Comparisons
In the past year, the AU stock has skyrocketed 168.4%, whereas WPM has climbed 77.1%.
WPM is currently trading at a forward 12-month earnings multiple of 32.74X, lower than its five-year median. AU is currently trading at a forward 12-month earnings multiple of 12.43X, lower than its five-year median.
AU or WPM: Which Is the Better Pick?
Both AngloGold Ashanti and Wheaton Precious Metals are well-positioned to benefit from the ongoing rally in gold prices, along with their efforts to grow their production capabilities.
AngloGold Ashanti has delivered a stronger one-year price performance than WPM. In addition, AU’s lower valuation compared with WPM gives it an edge. Given these factors, AU appears to be a more compelling investment choice right now. Both companies carry a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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This article originally published on Zacks Investment Research (zacks.com).