AngloGold Ashanti PLC: Q2 2026 Operating Summary
Business Context and Reporting Period
This Form 6-K filing reports the unaudited operating statistics for AngloGold Ashanti PLC for the quarter and six months ended June 30, 2026. The company operates gold mines across Africa, Australia, and the Americas. Reporting distinguishes between "managed operations" (consolidated subsidiaries) and "non-managed joint ventures" (equity-accounted, primarily Kibali).
Key Financial and Operational Metrics
Production and Sales (Q2 2026 vs. Q2 2025):
- Group Gold Production: 744,000 ounces (down from 804,000 ounces).
- Group Gold Sold: 753,000 ounces (down from 801,000 ounces).
- Managed Operations Production: 668,000 ounces (down from 729,000 ounces).
- Non-Managed Joint Ventures (Kibali): 76,000 ounces (up from 75,000 ounces).
Costs and Pricing (Q2 2026):
- Total Cash Costs (Group): $1,100 million ($1,465/oz produced).
- All-In Sustaining Costs (AISC) (Group): $1,535 million ($2,038/oz sold).
- Sustaining Capital Expenditure (Group): $332 million.
- Average Gold Price Received: Varied by asset, ranging from approximately $4,269/oz (AngloGold Ashanti Mineração) to $4,515/oz (Sukari).
Material Changes vs. Prior Period
Production Decline: Group production decreased by 7.5% year-over-year in Q2 2026. Managed operations saw a decline of 8.4%, driven by lower output at Obuasi (-32%), Geita (-16%), and Sunrise Dam (-20%).
Cost Inflation: Total cash costs for managed operations increased by 9.7% to $993 million, and AISC increased by 14.0% to $1,414 million. This increase is attributed to higher operating costs, royalties, and sustaining capital expenditure across multiple assets.
Asset Disposal: Serra Grande (Americas) was sold on December 1, 2025, and is excluded from 2026 results, contributing to the year-over-year variance in the Americas segment.
Price Realization: The average gold price received increased significantly across all assets compared to Q2 2025, reflecting higher market gold prices (e.g., Kibali average price rose from $3,283 to $4,430 per ounce).
Outlook, Risks, and Unusual Items
Non-GAAP Measures: The filing utilizes Non-GAAP measures including Total Cash Costs and AISC. Reconciliations to IFRS are available in the separate Q2 2026 Earnings Release.
Operational Risks: Significant cost increases at Iduapriem (AISC $3,013/oz) and Obuasi (AISC $2,980/oz) highlight operational challenges in Ghana. High sustaining capital expenditure at Sukari ($512/oz) and Iduapriem ($777/oz) indicates heavy investment requirements to maintain production.
Unusual Items: AngloGold Ashanti Mineração results include gold concentrate from the Cuiabá mine sold to third parties in H1 2026.
Investor Verification Checklist
- Cost Drivers: Verify the specific operational causes for the sharp increase in AISC at Iduapriem and Obuasi.
- Production Guidance: Confirm if the production decline at Geita and Sunrise Dam is expected to persist in H2 2026.
- Capital Allocation: Review the full Q2 2026 Earnings Release for details on non-sustaining capital expenditure and project pipelines.
- Gold Price Sensitivity: Assess the impact of the elevated gold price realization on future cash flow projections versus the increased cost base.
- IFRS Reconciliation: Obtain the full earnings release to reconcile Non-GAAP AISC to reported net income and cash flow from operations.