Business Context and Reporting Period
Company: AngloGold Ashanti plc
Filing Type: Form 6-K (Earnings Release)
Reporting Period: Three months and full year ended 31 December 2025
Release Date: 20 February 2026
AngloGold Ashanti reported record financial performance for 2025, driven by a 16% increase in gold production, a 45% rise in the average gold price received, and disciplined cost management. The portfolio includes ten operating assets across three continents, with the full-year contribution from the recently acquired Sukari mine (Centamin) significantly boosting output.
Key Financial Metrics (Year Ended 31 Dec 2025)
| Metric | 2025 Value | 2024 Value | Variance |
|---|---|---|---|
| Gold Production (Group) | 3.091 Moz | 2.661 Moz | +16% |
| Average Gold Price Received | $3,468/oz | $2,394/oz | +45% |
| Adjusted EBITDA | $6.294 billion | $2.747 billion | +129% |
| Headline Earnings | $2.725 billion | $0.954 billion | +186% |
| Free Cash Flow | $2.908 billion | $0.956 billion | +204% |
| Total Cash Costs (Group) | $1,242/oz | $1,157/oz | +7% |
| All-In Sustaining Costs (AISC) | $1,709/oz | $1,611/oz | +6% |
| Adjusted Net Cash | $879 million | ($567 million) Net Debt | Improved to Cash |
| Total Liquidity | $4.4 billion | N/A | N/A |
| Dividends Declared (2025) | $1.8 billion (357 cps) | N/A | Record High |
Material Changes vs. Prior Period
- Production Growth: Gold production increased by 16% to 3.091 Moz, primarily due to the first full-year contribution from Sukari (500koz) and operational improvements at Obuasi (+20%), Siguiri (+6%), and Geita (+2%).
- Cost Dynamics: Total cash costs per ounce rose 7% year-on-year. This increase was largely driven by higher royalty costs ($67/oz) resulting from the higher gold price, rather than operational inefficiencies. Managed operations costs were flat in real terms.
- Balance Sheet Strength: The company transitioned from adjusted net debt of $567 million in 2024 to adjusted net cash of $879 million in 2025, despite record dividend payments of $1.8 billion.
- Portfolio Optimization: The company completed the sale of the Serra Grande mine in Brazil (1 Dec 2025) and the Doropo and ABC projects in Côte d'Ivoire to focus on core assets.
Guidance, Outlook, and Risks
2026 Guidance
- Gold Production: Forecast between 2.80 Moz and 3.17 Moz.
- Total Cash Costs: Forecast between $1,315/oz and $1,430/oz (approx. 11% increase vs 2025, split between royalties and inflation).
- AISC: Forecast between $1,780/oz and $1,990/oz.
- Capital Expenditure: Total CapEx forecast at $1.825 billion to $1.975 billion.
Management Commentary
CEO Alberto Calderon highlighted a focus on safety, operational excellence, and consistency. The company achieved record earnings and dividends while maintaining cost discipline. The dividend policy targets a 50% payout of annual free cash flow, with a Q4 2025 interim dividend of $875 million (173 cps) declared.
Risks and Contingencies
- Quebradona Project (Colombia): A temporary renewable natural resources reserve zone was declared over the project area in June 2025, restricting mining activities for three years. The company has lodged an annulment claim.
- Arthur Gold Project: A pre-feasibility study supports a 4.9 Moz reserve, but construction is not expected to start until 2027.
- Operational Disruptions: Geita (Tanzania) experienced production halts due to political unrest; Iduapriem (Ghana) faced a 17-day plant shutdown in Q1 2025.
- Regulatory/Tax: A one-off tax liability settlement of $130 million was paid in Brazil in Q4 2025.
Investor Verification Checklist
- Cost Inflation vs. Royalties: Verify the split of the 7% cash cost increase between inflationary pressures and royalty escalations linked to gold prices.
- Sukari Integration: Confirm the sustainability of Sukari's production levels and cost profile ($783/oz cash cost) as it moves into its second full year.
- Quebradona Status: Monitor the outcome of the legal challenge against the Colombian government's reserve zone declaration.
- Arthur Gold Project Economics: Review the Pre-Feasibility Study details regarding the $3.6 billion capital expenditure and $954/oz AISC estimates.
- Dividend Sustainability: Assess the ability to maintain the 62% free cash flow payout ratio given the 2026 cost guidance increase.