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Business Context and Reporting Period

Company: AngloGold Ashanti plc
Filing Type: Form 6-K (Earnings Release)
Reporting Period: Three and six months ended June 30, 2026 (Q2 2026)
Release Date: July 31, 2026

AngloGold Ashanti reported strong cash generation in Q2 2026, driven by a 35% year-on-year increase in the average gold price received. The Company reaffirmed its full-year 2026 guidance for production, costs, and capital expenditure. Strategic initiatives include the ramp-up of the Obuasi mine, the development of a new production center in Nevada, and organic growth projects across Tanzania, Guinea, Egypt, and Brazil.

Key Financial Metrics

*Non-GAAP financial measures. Negative values in Net Debt indicate a net cash position.

Material Changes vs. Prior Period

• Profitability Surge: Headline earnings increased 58% year-on-year to $1.01bn, and EBITDA rose 46% to $1.97bn, primarily driven by the higher average gold price ($4,446/oz vs $3,287/oz) and improved profitability.
• Balance Sheet Transformation: The Company reversed its net debt position to a net cash position of $991m at June 30, 2026, compared to net debt of $311m in June 2025. This was achieved through robust free cash flow and a $666m bond buyback completed in April 2026.
• Production Decline: Group gold production decreased 7% year-on-year to 744,000 oz. This was mainly due to the sale of the Serra Grande operation (Dec 2025), lower production at Obuasi following a contractor fatality in April 2026, and planned maintenance.
• Cost Inflation: Total cash costs per ounce rose 21% to $1,480/oz. This increase was predominantly driven by macroeconomic factors ($216/oz impact), including higher royalties, inflation (labor/contractor costs), elevated fuel prices, and foreign exchange headwinds. However, underlying controllable costs were reduced by $20/oz through efficiency programs.

Guidance, Outlook, and Risks

• Guidance: Full-year 2026 guidance for gold production, costs, and capital expenditure remains unchanged. Management expects production to be significantly weighted toward H2 2026, with unit costs trending lower as volumes increase.
• Capital Allocation:
  • Dividends: An interim dividend of 72 US cents per share ($364m) was declared for Q2 2026. H1 2026 total dividends reached $949m.
  • Share Repurchase: Shareholders approved a $2.0bn share repurchase program on July 23, 2026.
• Operational Outlook: The Company is focusing on unlocking value through brownfield opportunities at existing mines (Obuasi, Geita, Sukari, Siguiri, Cuiabá) and advancing Tier One greenfield projects in Nevada (North Bullfrog and Arthur Gold).
• Risks and Contingencies:
  • Operational Disruptions: The Obuasi mine in Ghana faced a stoppage following a contractor fatality in April 2026, impacting Q2 production. Corrective actions are underway.
  • Macroeconomic Factors: Costs remain sensitive to inflation, fuel prices (impacted by US-Iran conflict), and foreign exchange fluctuations (strengthening of AUD, BRL, and GHS).
  • Tax and VAT: Cash taxes more than doubled to $542m in Q2. Significant recoverable VAT balances exist in Tanzania ($184m) and DRC ($77m), impacting cash flow timing.

Investor Verification Checklist

• Production Recovery: Verify the ramp-up of Obuasi production in H2 2026 following the April 2026 incident and the impact on full-year guidance.
• Cost Trajectory: Monitor the ability to offset macro-driven cost increases (fuel, labor, royalties) with the $20/oz underlying cost savings from the Full Asset Potential program.
• Capital Deployment: Track the execution of the approved $2.0bn share repurchase program and the timing of the $666m bond buyback benefits on interest obligations.
• VAT Recovery: Assess the timeline for recovering the $184m VAT balance in Tanzania and $77m in DRC, which affects free cash flow projections.
• North American Projects: Review progress on the North Bullfrog and Arthur Gold projects in Nevada, which are central to the long-term growth strategy.