AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA”, the “Company” or the “Group”) delivered $722m in free cash flow* in Q3 2026, reflecting the underlying cash-generation capacity of its global portfolio to self-fund strategic reinvestment while maintaining sector-leading shareholder returns.
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Safety performance
AngloGold Ashanti reports with deep sadness the death of a colleague due to an underground rockfall at the Sukari underground mine in August 2026. The Company’s Board of Directors (“Board”) and leadership team extend their sincere condolences to the family, friends, and co-workers.
Operations were suspended immediately to investigate alongside authorities and review critical risk procedures with all site teams. Operations have since resumed, with key learnings being implemented across the Group.
Operating performance
With year-to-date gold production for the Group(1)(2) of 2,164,000oz, AngloGold Ashanti confirms full-year output tracking to achieve annual guidance(6).
Through a planned period of intensive reinvestment in growth and mine life extension projects, as well as scheduled mine sequencing, AngloGold Ashanti generated $722m in free cash flow*, lifted net cash*(5) to $1.26bn, and supported an interim dividend for Q3 2026 of $361m.
“Our Q3 2026 performance highlights AngloGold Ashanti’s structural quality and free cash flow* generation,” said CEO Alberto Calderon. “We remain focused on operational predictability, balance sheet resilience, and delivering on our commitments.”
The operational catalysts that are expected to unlock a strong Q4 2026 are already active across the Company’s assets. Dewatering at Iduapriem following flooding from a neighbouring mine earlier this year, has restored full access to high-grade mining blocks; open-pit waste-stripping at Sukari is unlocking higher-grade ore and underground stopes at Obuasi are returning to their operational ramp-up following a fatality earlier this year.
“We are well positioned to deliver a strong final quarter to achieve our full-year gold production targets while advancing our long-term, high-margin pipeline in Nevada and our brownfield assets,” said CEO Alberto Calderon.
Cash conversion, balance sheet strength
The strong financial result translated into improved balance sheet strength. EBITDA*(5) for Q3 2026 rose 12% year-on-year to $1,568m, from $1,400m(3) for Q3 2025, supported by the increase in the average gold price received per ounce*(1) for the Group to $4,239/oz, from $3,490/oz(3) in Q3 2025.
Free cash flow* of $722m was achieved in Q3 2026, compared with $920m(3) in Q3 2025, as tax payments increased year-on-year in line with improved profitability and the Company increased investment in safe, sustainable production and a portfolio of organic growth projects. Free cash flow* was impacted in Q3 2026 mainly by lower ounces sold as well as:
- A planned 45% increase in total capital expenditure to $497m in Q3 2026, funding critical waste stripping campaigns, fleet upgrades, and the continued advancement of the North Bullfrog and Arthur Gold Projects in Nevada.
- A year-on-year increase in net cash taxes paid to $174m in Q3 2026, from $75m(3) in Q3 2025.
- A working capital absorption mainly from lower payables and higher receivables, and higher operating costs.
The Group ended Q3 2026 in a net cash*(5) position of $1,256m, with overall liquidity of around $4.5bn, providing substantial headroom to fund organic growth.
Sector-leading returns
Reflecting the continued robust cash flow generation, the Board declared an interim dividend of $361m, or 71 US cents per share for Q3 2026. This brings total dividends declared year-to-date to $1,310m, or 259 US cents per share.
Guidance reaffirmed(6)
Full-year gold production guidance of 2,800,000oz to 3,170,000oz is reaffirmed.
Gold production for the Group(1)(2) of 696,000oz in Q3 2026 reflected anticipated grade sequencing across key open pits and short-term operating challenges that have since normalised. Five assets expanded production year-on-year compared with Q3 2025, led by Siguiri (+49%), Sunrise Dam (+6%), Kibali (+6%), Cuiabá (+4%), and Cerro Vanguardia (+2%), reinforcing the benefits of the Group’s diversified portfolio. Year-on-year production decreases were recorded at Tropicana, as anticipated (-15%), Iduapriem (-43%), Obuasi (-26%), Sukari (-21%), and Geita (-4%) in Q3 2026.
Total cash costs per ounce* for Q3 2026 were $1,534/oz, versus $1,480/oz in Q2 2026 and $1,225/oz in Q3 2025. AISC per ounce* for Q3 2026 were $2,170/oz from $1,720/oz in Q3 2025, with most of the increase stemming from exogenous market-related factors. This performance also reflects planned annual sustaining capital expenditure* and volume-sensitive fixed cost absorption during the lowest-production quarter of the year.
Exogenous, market-driven factors accounted for $189/oz (61%) of the year-on-year increase in total cash costs per ounce* in Q3 2026, and $201/oz (83%) of the year-on-year increase across the first nine months of 2026. These external factors reflect, among other things:
- Price-linked royalties: Average gold price received per ounce*(1) of $4,518/oz for year-to-date (“YTD”) Sep 2026, generated a royalty impact of +$81/oz across the cost base compared to YTD Sep 2025.
- Energy pricing lags: The pass-through impacts on fuel from market-driven increases in global crude oil increased the cost base by +$33/oz for YTD Sep 2026 compared to YTD Sep 2025.
Unlocking organic growth and long-term value
AngloGold Ashanti has identified targeted, capital efficient brownfield expansions across its portfolio. These projects – at Geita, Siguiri, and Cuiabá, as well as the ongoing ramp-up at Obuasi – are designed to leverage existing infrastructure and operational footprints to reduce execution risk and optimise capital intensity.
Total forecast capital expenditure for the growth projects at Geita, Siguiri and Cuiabá is estimated at $750m to $900m over a 3 year period, which is projected to provide incremental production from a 2025 base of 300,000oz – 450,000oz by the end of the decade. At steady state, these projects are expected to maintain or improve real operational costs.
In Nevada, the Arthur Gold Project Feasibility Study and North Bullfrog permitting activities are advancing on schedule, with the aim to establish the Company’s next Tier One production centre in a premier mining jurisdiction. On 3 November 2026, the Board approved funding for the execution phase of the North Bullfrog project, subject to receipt of federal and state-level permits.
“We have world-class, Tier One growth advancing in Nevada, and near-term upside within our existing operations,” said CEO Alberto Calderon. “These are high-return, capital efficient projects at our operating mines that are expected to provide high-margin ounces and unlock further value from our portfolio.”
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(1) |
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The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti.
Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. |
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(2) |
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Includes gold concentrate from the Cuiabá mine sold to third parties. |
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(3) |
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Includes the results of Serra Grande operation to the date of disposal on 1 December 2025. |
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(4) |
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The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE).
These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures. |
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(5) |
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To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio (leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change. |
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(6) |
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Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti’s external auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with AngloGold Ashanti’s business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025 filed with the SEC. |
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* |
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Refer to “Non-GAAP disclosure” in the Full Announcement for definitions and reconciliations. |
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Group Financial and Operating Key Statistics |
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Key statistics |
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Quarter |
Quarter |
Nine |
Nine |
|
|
|
ended |
ended |
ended |
ended |
||
|
|
Sep |
Sep |
Sep |
Sep |
||
|
US Dollar millions, except as otherwise noted |
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2026 |
2025 |
2026 |
2025 |
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Operating review |
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Gold |
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|
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Produced – Group(1)(2)(3) |
– oz (000) |
696 |
768 |
2,164 |
2,292 |
|
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Produced – Managed operations(1)(2)(3) |
– oz (000) |
605 |
682 |
1,939 |
2,068 |
|
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Produced – Non-managed joint ventures(1) |
– oz (000) |
91 |
86 |
225 |
224 |
|
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|
|
|
|
|
|
|
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Sold – Group(1)(2)(3) |
– oz (000) |
697 |
764 |
2,168 |
2,302 |
|
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Sold – Managed operations(1)(2)(3) |
– oz (000) |
604 |
680 |
1,935 |
2,083 |
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Sold – Non-managed joint ventures(1) |
– oz (000) |
93 |
84 |
233 |
219 |
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|
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Financial review |
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|
|
|
|
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Gold income |
– $m |
2,559 |
2,373 |
8,747 |
6,707 |
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Cost of sales – Group(1) |
– $m |
1,456 |
1,348 |
4,400 |
3,933 |
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Cost of sales – Managed operations(1) |
– $m |
1,316 |
1,225 |
4,010 |
3,597 |
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Cost of sales – Non-managed joint ventures(1) |
– $m |
140 |
123 |
390 |
336 |
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Total operating costs |
– $m |
1,025 |
894 |
3,087 |
2,669 |
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Gross profit |
– $m |
1,303 |
1,192 |
4,949 |
3,228 |
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|
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Average gold price received per ounce* – Group(1) |
– $/oz |
4,239 |
3,490 |
4,518 |
3,222 |
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Average gold price received per ounce* – Managed operations(1) |
– $/oz |
4,238 |
3,488 |
4,520 |
3,220 |
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Average gold price received per ounce* – Non-managed joint ventures(1) |
– $/oz |
4,248 |
3,502 |
4,503 |
3,240 |
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All-in sustaining costs per ounce* – Group(1) |
– $/oz |
2,170 |
1,720 |
2,053 |
1,676 |
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All-in sustaining costs per ounce* – Managed operations(1) |
– $/oz |
2,273 |
1,766 |
2,104 |
1,706 |
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All-in sustaining costs per ounce* – Non-managed joint ventures(1) |
– $/oz |
1,497 |
1,355 |
1,628 |
1,392 |
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Total cash costs per ounce* – Group(1) |
– $/oz |
1,534 |
1,225 |
1,467 |
1,224 |
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Total cash costs per ounce* – Managed operations(1) |
– $/oz |
1,597 |
1,244 |
1,483 |
1,233 |
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Total cash costs per ounce* – Non-managed joint ventures(1) |
– $/oz |
1,117 |
1,068 |
1,334 |
1,145 |
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|
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Profit for the period |
– $m |
927 |
815 |
4,871 |
2,832 |
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EBITDA*(5) |
– $m |
1,568 |
1,400 |
5,833 |
3,749 |
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Total borrowings |
– $m |
1,804 |
2,301 |
1,804 |
2,301 |
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Net cash*(5) |
– $m |
1,256 |
231 |
1,256 |
231 |
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|
|
|
|
|
|
|
|
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Profit attributable to equity shareholders |
– $m |
787 |
669 |
3,070 |
1,781 |
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|
|
– US cents/share |
154 |
132 |
603 |
350 |
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Headline earnings(4) |
– $m |
790 |
672 |
3,085 |
1,759 |
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|
|
– US cents/share |
155 |
132 |
606 |
346 |
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Net cash inflow from operating activities |
– $m |
1,380 |
1,419 |
4,521 |
3,162 |
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Free cash flow* |
– $m |
722 |
920 |
2,617 |
1,858 |
|
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Capital expenditure – Group(1) |
– $m |
563 |
388 |
1,579 |
1,105 |
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Capital expenditure – Managed operations(1) |
– $m |
497 |
342 |
1,412 |
995 |
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Capital expenditure – Non-managed joint ventures(1) |
– $m |
66 |
46 |
167 |
110 |
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(1) |
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The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. |
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(2) |
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Includes gold concentrate from the Cuiabá mine sold to third parties. |
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(3) |
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Includes gold production and gold sold for the Serra Grande operation, which was sold on 1 December 2025, comprising (i) gold produced and gold sold of 15,000oz for Q3 2025 and (ii) gold produced of 42,000oz and gold sold of 41,000oz for YTD Sep 2025. |
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(4) |
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The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures. |
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(5) |
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To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio (leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change. |
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* |
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Refer to “Non-GAAP disclosure” in the Full Announcement for definitions and reconciliations. |
| $ represents US Dollar, unless otherwise stated. | ||
| Rounding of figures may result in computational discrepancies. | ||
AngloGold Ashanti plc today announces an interim dividend for the three months ended 30 September 2026 of 71 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.
To holders of ordinary shares on the New York Stock Exchange (NYSE)
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2026 |
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Ex-dividend on NYSE |
Friday, 27 November |
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Record date |
Friday, 27 November |
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Payment date |
Friday, 11 December |
To holders of ordinary shares on the South African Register
Additional information for South African resident shareholders of AngloGold Ashanti:
Shareholders registered on the South African section of the register are advised that the distribution of 71 US cents per ordinary share will be converted to South African rands at the applicable exchange rate.
In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows:
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2026 |
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Declaration date |
Thursday, 5 November |
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Currency conversion rate for South African rands announcement date |
Friday, 20 November |
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Last date to trade ordinary shares cum dividend |
Tuesday, 24 November |
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Ordinary shares trade ex-dividend |
Wednesday, 25 November |
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Record date |
Friday, 27 November |
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Payment date |
Friday, 11 December |
Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP (as defined below) or broker.
To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 25 November 2026 and Friday, 27 November 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 20 November 2026 and Friday, 27 November 2026, both days inclusive.
Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 20 November 2026.
To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD
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2026 |
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Currency conversion date |
Friday, 20 November |
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Last date to trade and to register shares cum dividend |
Tuesday, 24 November |
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Shares trade ex-dividend |
Wednesday, 25 November |
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Record date |
Friday, 27 November |
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Approximate payment date of dividend |
Friday, 11 December |
To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share
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2026 |
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Currency conversion date |
Friday, 20 November |
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Last date to trade and to register GhDSs cum dividend |
Tuesday, 24 November |
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GhDSs trade ex-dividend |
Wednesday, 25 November |
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Record date |
Friday, 27 November |
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Approximate payment date of dividend |
Friday, 11 December |
Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 71 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/ ¢11.6600, the gross dividend payable per share, is equivalent to ca. ¢8.27860 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
Entitlement to interim dividends
A “Shareholder of Record” is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A “Beneficial Owner” is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant (“CSDP”), Shareholder of Record or other agent (sometimes referred to as holding shares “in street name”).
Johannesburg, South Africa
5 November 2026
JSE Sponsor: The Standard Bank of South Africa Limited
Forward-looking statements
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserve net of depletion from production and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration, development and production projects as well as growth projects, the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.
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Website: www.anglogoldashanti.com |
September 2026 |
Published 5 November 2026 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20261104722018/en/
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