AngloGold Ashanti Rides Gold Wave to Record Profits and Payouts

NEW YORK, NY – February 20, 2026 – Riding a massive wave of soaring gold prices and boosted production, AngloGold Ashanti plc today reported a landmark year, shattering its previous records for cash flow and shareholder returns in 2025. The global gold miner announced a staggering 204% increase in free cash flow to $2.9 billion and declared its highest-ever dividend payout, signaling profound confidence in its financial health and operational strategy.

The stellar results, which saw the company’s adjusted earnings more than double, reflect a potent combination of a bullish gold market, disciplined cost control, and the successful execution of key strategic initiatives, including the integration of major acquisitions.

A Golden Windfall for Shareholders

For investors, 2025 was a year of unprecedented returns. AngloGold Ashanti declared a total dividend of $1.8 billion, representing a generous 62% of its free cash flow for the year. This includes a final Q4 dividend of $875 million, or 173 US cents per share. The record payout underscores a broader industry trend of rewarding shareholders, but AngloGold's performance stands out for its sheer scale of growth.

The company's financial metrics paint a picture of extraordinary profitability. Adjusted EBITDA, a key measure of operating profit, surged 129% to a record $6.3 billion, up from $2.7 billion in 2024. This was mirrored in headline earnings, which climbed 186% to $2.7 billion. This performance not only outpaced many peers in terms of year-over-year growth but also dramatically strengthened the company's balance sheet. AngloGold Ashanti ended the year with an adjusted net cash position of $879 million, a remarkable turnaround from the $567 million in net debt it held at the end of 2024.

Navigating a Bull Market for Gold

The engine behind this financial success was a 45% year-on-year jump in the average gold price the company received, which reached an impressive $3,468 per ounce. This surge was fueled by a cocktail of global economic uncertainty, persistent inflation, and robust central bank buying that made gold a premier safe-haven asset throughout 2025.

While reaping the benefits of a strong market, the company maintained a tight grip on its expenses. "We delivered growth and kept costs flat in real terms, which translated into record earnings, cash flow and dividends,” said CEO Alberto Calderon in a statement. This discipline was crucial as industry-wide pressures mounted.

Total cash costs for the group did rise 7% to $1,242 per ounce, but the company noted this was primarily driven by a $67 per ounce increase in royalty payments directly linked to the higher gold price. When these external factors are accounted for, the company’s managed operations kept costs flat in real terms, a testament to its focus on operational efficiency. All-in sustaining costs (AISC) for the group saw a more modest 6% rise to $1,709 per ounce, a figure that remains competitive in a high-cost environment.

Building for the Future Beyond the Boom

AngloGold Ashanti is actively using its current windfall to secure long-term growth and resilience. The company's strategy of portfolio optimization has paid dividends, with the acquisition of Centamin and its flagship Sukari mine contributing a full year of production for the first time, adding 500,000 ounces. This, combined with improved performance at mines like Obuasi in Ghana, lifted total group production by 16% to 3.1 million ounces.

Simultaneously, the company has bolstered its future prospects through significant exploration success. For the ninth consecutive year, it increased its gold Mineral Reserve before depletion. The total group reserve now stands at 36.5 million ounces, a 17% increase from the previous year.

The crown jewel of this exploration effort is the newly unveiled Arthur Gold Project in Nevada. The company declared a first-time Mineral Reserve of 4.9 million ounces for the project's Merlin deposit. A pre-feasibility study paints a picture of a potential Tier One asset, forecasting an average annual production of 500,000 ounces over an initial nine-year mine life. With an estimated all-in sustaining cost of just $954 per ounce, the project promises high-margin production, though it comes with a significant projected capital cost of $3.6 billion. This major investment in a stable jurisdiction like the United States signals a clear path for future organic growth.

A Model for Responsible and Safe Mining

Alongside its financial triumphs, AngloGold Ashanti emphasized its commitment to sustainability and safety. The company reported its best-ever safety performance, with a Total Recordable Injury Frequency Rate (TRIFR) of 0.97 injuries per million hours worked. This figure is less than half the 2024 average of 2.29 reported by the International Council on Metals and Minerals (ICMM), positioning the company as an industry leader in worker safety.

The financial boom also translated into tangible benefits for the countries where the company operates. AngloGold Ashanti paid a massive $2.66 billion to host governments in the form of taxes, royalties, and other contributions, more than double the amount paid in 2024. This reinforces the company’s role as a major economic partner in its host communities and is a key component of maintaining its social license to operate. This commitment to ESG principles is further reflected in its S&P Global ESG Score of 65, a strong rating within the metals and mining sector.

Looking ahead to 2026, the company anticipates gold production to be between 2.80 million and 3.17 million ounces. It has flagged an expected rise in costs, with about half of the increase again attributed to higher royalty payments in a strong gold price environment, while also earmarking significant capital for advancing the Arthur Gold Project and other life-extending initiatives across its portfolio.