AngloGold Ashanti Q1 31 March 2026 Earnings Release and Dividend Declaration
AngloGold Ashanti delivers record free cash flow* of
An interim dividend for Q1 2026 was declared of
"Our focus remains to control what we can control - managing underlying costs and ensuring safe, predictable operating results,” said CEO Alberto Calderon. “That has again enabled us to deliver record free cash flow* and cash returns to our shareholders, while moving our organic growth projects forward."
AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern
Safety performance and workplace fatality
At Obuasi, following the end of Q1 2026 on 24 April 2026, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.
“We are heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones," said CEO Alberto Calderon. “Safety has always been our first and highest priority and we will ensure we understand the root cause of this incident and apply every lesson learned.”
During Q1 2026, safety remained at the core of continuous improvement efforts. The Total Recordable Injury Frequency Rate (“TRIFR”) at the Company’s managed operations(1) improved to 0.86 injuries per million hours worked in Q1 2026, compared to 0.97 injuries per million hours worked for 2025. While these injury rates remained well below industry averages, the incident at Obuasi underscored the importance of continued vigilance in the face of workplace hazards.
Cash flow supports leading capital allocation
Free cash flow*, the strongest for a single quarter, represented a
EBITDA*(4) increased
In line with the Company’s dividend policy, the base dividend of
The balance sheet continued to strengthen, swinging from
Capitalising on the robust balance sheet and strong liquidity position, on 16 April 2026, the Company bought back approximately
The strategic decision by the Board to approve a proposed
Underlying operational costs down
External pressures from inflation, exchange rates and royalties led to a year-on-year increase in total cash costs per ounce* for the Group(1) to
The Company’s continued focus on its Full Asset Potential programme and rigorous cost discipline held total cash costs per ounce* for managed operations(1) at
Crucially, structural efficiencies delivered through the Full Asset Potential programme reduced underlying, controllable costs by
This disciplined cost management ensured the higher gold price was translated into expanded margins, with the total cash cost margin* for the Group(1) increasing from
Momentum continued at managed operations(1)
Gold production for the Group(1)(2) remained stable, increasing to 724,000oz in Q1 2026, up from 720,000oz (or 710,000oz excluding Serra Grande) in Q1 2025. The result was driven by a solid performance from most managed operations(1)(2), partially offset by lower gold production at Kibali. At managed operations(1)(2), gold production rose
Year-on-year gold production improvements totalling 9koz (or 19koz excluding Serra Grande) were achieved for managed operations(1)(2) in Q1 2026, with higher gold production at Geita (+12koz), Cuiabá (+9koz), Obuasi (+8koz), Iduapriem (+4koz), Cerro Vanguardia (+3koz) and Tropicana (+2koz). These increases were partly offset by lower gold production contributions year-on-year in Q1 2026 from Sunrise Dam (-10koz), Siguiri (-5koz) and Sukari (-4koz), reflecting variations in mine sequencing and planned throughput compared to Q1 2025, alongside lower output from the remainder of the portfolio. The Serra Grande operation in
Total cash costs per ounce* for the Group(1) increased by
The increase in sustaining capital expenditure* reflects deliberate and ongoing investment to advance the Full Asset Potential programme, support asset integrity, and ensure long-term operational resilience, in line with the Company’s strategic priorities.
Total capital expenditure for the Group(1) was
Supply chain update
In response to the ongoing crisis in the
Arthur Gold Project technical report published(5)(6)(7)
During Q1 2026, the Company published the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project in
“The exceptional economics detailed in the pre-feasibility study firmly establish the Arthur Gold Project as the cornerstone of our US growth platform,” said CEO Alberto Calderon. “Generating an after-tax NPV of up to
The project demonstrates highly competitive economics and exceptional leverage to the gold price. At a
The operation is modelled to deliver an average annual production of approximately 500,000oz over an initial 9-year life of mine at a competitive life-of-mine AISC* of
Outlook(7)(8)
Full year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged.
(1) |
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. |
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Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. |
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(2) |
Includes gold concentrate from the Cuiabá mine sold to third parties. |
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(3) |
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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(4) |
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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(5) |
The Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project is filed as an exhibit to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025 as filed with the SEC on 26 March 2026. |
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(6) |
The Arthur Gold Project Mineral Reserve estimate is presented as at 31 December 2025, unless otherwise stated, and economic estimates presented are calculated based on the Mineral Reserve declared in the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project only, exclusive of Mineral Resource. For further information, see the Company’s news release “AngloGold Ashanti Builds on Award-Winning Discovery, Advancing Arthur Gold Project in |
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(7) |
The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP forward-looking information or financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, 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, and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. |
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(8) |
Outlook economic assumptions for 2026 guidance are as follows: |
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* |
Refer to “Non-GAAP disclosure” in the full announcement for definitions and reconciliations. |
Key statistics |
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Quarter |
Quarter |
|
ended |
ended |
|
|
Mar |
Mar |
|
US Dollar millions, except as otherwise noted |
|
2026 |
2025 |
Operating review |
|
|
|
Gold |
|
|
|
Produced - Group(1)(2)(3) |
- oz (000) |
724 |
720 |
Produced - Managed operations(1)(2)(3) |
- oz (000) |
666 |
657 |
Produced - Non-managed joint ventures(1) |
- oz (000) |
58 |
63 |
Sold - Group(1)(2)(3) |
- oz (000) |
719 |
737 |
Sold - Managed operations(1)(2)(3) |
- oz (000) |
650 |
670 |
Sold - Non-managed joint ventures(1) |
- oz (000) |
69 |
67 |
Financial review |
|
|
|
Gold income |
- $m |
3,154 |
1,927 |
Cost of sales - Group(1) |
- $m |
1,416 |
1,230 |
Cost of sales - Managed operations(1) |
- $m |
1,293 |
1,124 |
Cost of sales - Non-managed joint ventures(1) |
- $m |
123 |
106 |
Total operating costs |
- $m |
999 |
833 |
Gross profit |
- $m |
1,943 |
839 |
Average gold price received per ounce* - Group(1) |
- $/oz |
4,863 |
2,874 |
Average gold price received per ounce* - Managed operations(1) |
- $/oz |
4,857 |
2,875 |
Average gold price received per ounce* - Non-managed joint ventures(1) |
- $/oz |
4,918 |
2,865 |
All-in sustaining costs per ounce* - Group(1) |
- $/oz |
1,955 |
1,640 |
All-in sustaining costs per ounce* - Managed operations(1) |
- $/oz |
1,980 |
1,657 |
All-in sustaining costs per ounce* - Non-managed joint ventures(1) |
- $/oz |
1,719 |
1,463 |
All-in costs per ounce* - Group(1)(2) |
- $/oz |
2,291 |
1,863 |
All-in costs per ounce* - Managed operations(1)(2) |
- $/oz |
2,303 |
1,865 |
All-in costs per ounce* - Non-managed joint ventures(1) |
- $/oz |
2,173 |
1,849 |
Total cash costs per ounce* - Group(1) |
- $/oz |
1,391 |
1,223 |
Total cash costs per ounce* - Managed operations(1) |
- $/oz |
1,377 |
1,213 |
Total cash costs per ounce* - Non-managed joint ventures(1) |
- $/oz |
1,554 |
1,325 |
Profit for the period |
- $m |
1,462 |
542 |
EBITDA*(5) |
- $m |
2,291 |
996 |
Total borrowings |
- $m |
2,257 |
2,213 |
Net debt (cash)*(5) |
- $m |
(868) |
755 |
Profit attributable to equity shareholders |
- $m |
1,281 |
443 |
|
- US cents/share |
252 |
88 |
Headline earnings(4) |
- $m |
1,285 |
447 |
|
- US cents/share |
252 |
88 |
Net cash inflow from operating activities |
- $m |
1,709 |
725 |
Free cash flow* |
- $m |
1,169 |
403 |
Capital expenditure - Group(1) |
- $m |
467 |
336 |
Capital expenditure - Managed operations(1) |
- $m |
428 |
303 |
Capital expenditure - Non-managed joint ventures(1) |
- $m |
39 |
33 |
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(1) 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) Includes gold concentrate from the Cuiabá mine sold to third parties. |
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(3) Includes Q1 2025 gold production and gold sold of 10,000oz for the Serra Grande operation, which was sold on 1 December 2025. |
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(4) 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) 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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* Refer to “Non-GAAP disclosure” for definitions and reconciliations. |
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$ represents US Dollar, unless otherwise stated. |
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Rounding of figures may result in computational discrepancies. |
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AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2026 of 116 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)
2026 |
|
Ex-dividend on NYSE |
Friday, 29 May |
Record date |
Friday, 29 May |
Payment date |
Friday, 12 June |
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 116 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:
2026 |
|
Declaration date |
Friday, 8 May |
Currency conversion rate for South African rands announcement date |
Friday, 22 May |
Last date to trade ordinary shares cum dividend |
Tuesday, 26 May |
Ordinary shares trade ex-dividend |
Wednesday, 27 May |
Record date |
Friday, 29 May |
Payment date |
Friday, 12 June |
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, 27 May 2026 and Friday, 29 May 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 22 May 2026 and Friday, 29 May 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, 22 May 2026.
To Beneficial Owners on the
2026 |
|
Currency conversion date |
Friday, 22 May |
Last date to trade and to register shares cum dividend |
Tuesday, 26 May |
Shares trade ex-dividend |
Wednesday, 27 May |
Record date |
Friday, 29 May |
Approximate payment date of dividend |
Friday, 12 June |
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
2026 |
|
Currency conversion date |
Friday, 22 May |
Last date to trade and to register GhDSs cum dividend |
Tuesday, 26 May |
GhDSs trade ex-dividend |
Wednesday, 27 May |
Record date |
Friday, 29 May |
Approximate payment date of dividend |
Friday, 12 June |
Beneficial owners on the
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”).
AngloGold Ashanti plc
(Incorporated in
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
8 May 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 Reserves 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 and production projects and 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.
Website: www.anglogoldashanti.com March 2026 Published 8 May 2026
View source version on businesswire.com: https://www.businesswire.com/news/home/20260508397177/en/
Media
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
General inquiries media@anglogoldashanti.com
Investors
Yatish Chowthee: (+)27 11 637 6273 | (+)27 78 364 2080 | yrchowthee@aga.gold
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
Source: AngloGold Ashanti plc