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AU Q2 2025 Operating Stats: Sukari Boosts Volume, Cost Pressures Remain

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(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

AngloGold Ashanti (AU) reported strong volume growth in Q2-25 driven by the November-24 Centamin acquisition. Group gold production rose 21% year-on-year to 804 koz and H1 output reached 1.524 Moz (+22%). Excluding the new 50%-owned Sukari mine, organic production was broadly flat at 675 koz (+2%). Africa managed operations delivered 472 koz (+50%) led by Geita (+20%) and Obuasi (+31%), while Kibali (non-managed, 45% stake) slipped 9% to 75 koz.

Total cash costs increased 31% to US$985 m and all-in sustaining costs (AISC) rose 29% to US$1.334 bn, reflecting higher input prices, volumes and sustaining capex. Sukari contributed 129 koz at an attractive AISC of US$996/oz, but several mature assets such as Iduapriem, Sunrise Dam and Serra Grande posted AISC above US$2,000/oz. Sustaining capital jumped 28% to US$273 m, with Africa absorbing two-thirds of spending.

Overall, the acquisition has expanded the production base and lifted realised operating leverage, yet elevated cost inflation and mixed mine-level performance temper margin gains.

Positive

  • Group production up 21% YoY to 804 koz; H1 at 1.524 Moz (+22%).
  • Sukari added 129 koz at AISC US$996/oz, enhancing portfolio quality.
  • Geita, Obuasi and Siguiri delivered double-digit volume increases.

Negative

  • Total cash costs rose 31% to US$985 m; AISC up 29% to US$1.334 bn.
  • Kibali production fell 9% YoY while cash cost climbed to US$1,081/oz.
  • Iduapriem, Sunrise Dam and Serra Grande reported AISC above US$2,000/oz.

Insights

TL;DR – Production up 21%, costs up ~30%; Sukari positive, margin pressure persists.

Volume growth is headline-grabbing, but largely acquisition-driven; underlying growth is minimal. Cash cost escalation (+31%) outpaces ounces, eroding margin upside despite a higher realised gold price environment. Sukari’s sub-US$1,000/oz AISC is encouraging and should be accretive once fully integrated. However, high AISC at several legacy mines suggests continued need for portfolio optimisation and disciplined capex allocation. Net impact: modestly positive but not transformational; watch cost trend next quarters.

TL;DR – Acquisition lifts African profile; operational variability raises risk.

The data confirm AU’s strategic pivot toward Tier-1 African assets. Geita and Obuasi show solid underground grades and recovery gains, validating prior reinvestment. Declines at Kibali and steep cost spikes at Iduapriem and Sunrise Dam highlight geological and inflationary headwinds. Sustaining capex up 28% signals heavier reinvestment requirements. Successful ramp-up at Sukari can offset declines elsewhere, but operational discipline will be critical to maintain free-cash-flow.

Form 6-K: How Foreign Companies Report to the SEC →
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of  August 2025
Commission File Number: 001-41815
            AngloGold Ashanti plc           
(Translation of registrant’s name into English)
Third Floor, 5, Hobhouse Court, Suffolk Street
London SW1Y 4HH
        United Kingdom        
6363 S. Fiddlers Green Circle, Suite 1000
Greenwood Village, CO 80111
        United States of America       
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F
or Form 40-F.
Form 20-F ☒      Form 40-F ☐
Enclosure:  AngloGold Ashanti Operating Statistics for the Three Months and Six Months Ended 30
June 2025
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NYSE  I  JSE  I  GSE
Q2 2025
OPERATING STATISTICS
1 AUGUST 2025
MINING TO EMPOWER PEOPLE
AND ADVANCE SOCIETIES
Reporting method
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.
Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures, including, for example, “total cash costs”, “total cash costs per ounce”,
“all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital expenditure” and “non-
sustaining capital expenditure”. 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. Reconciliations from IFRS to Non-GAAP financial measures can be found in
AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, which is available on its website.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
1
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OPERATING STATISTICS  I GOLD PRODUCTION
GOLD PRODUCTION (000 OUNCES)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA: NON-MANAGED JOINT VENTURES
75
82
138
158
Kibali - Attributable 45%(1)
75
82
138
158
AFRICA: MANAGED OPERATIONS
472
315
879
593
Iduapriem
49
66
89
128
Obuasi
71
54
125
108
Siguiri(3)
85
80
165
128
Geita
138
115
254
229
Sukari(3)
129
—
246
—
AUSTRALIA
126
137
261
246
Sunrise Dam
61
64
122
120
Tropicana - Attributable 70%
65
73
139
126
AMERICAS
131
129
246
257
Cerro Vanguardia(3)
47
44
94
86
AngloGold Ashanti Mineração(4)
68
64
126
129
Serra Grande
16
21
26
42
Managed operations
729
581
1,386
1,096
Non-managed joint ventures(1)
75
82
138
158
GROUP (2)
804
663
1,524
1,254
Adjusted to exclude Sukari
Managed operations(5)
600
581
1,140
1,096
Non-managed joint ventures(1)
75
82
138
158
GROUP(2)(5)
675
663
1,278
1,254
(1) Equity-accounted joint venture.
(2) Including equity-accounted non-managed joint ventures
(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.
(4) Includes gold concentrate from the Cuiabá mine sold to third parties in Q2 2024 and H1 2024.
(5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
2
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OPERATING STATISTICS  I GOLD SOLD
GOLD SOLD (000 OUNCES)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA: NON-MANAGED JOINT VENTURES
69
81
135
154
Kibali - Attributable 45%(1)
69
81
135
154
AFRICA: MANAGED OPERATIONS
478
315
896
614
Iduapriem
50
65
90
131
Obuasi
62
55
122
113
Siguiri(3)
88
78
166
130
Geita
141
117
265
240
Sukari(3)
137
—
253
—
AUSTRALIA
124
138
260
253
Sunrise Dam
59
71
119
122
Tropicana - Attributable 70%
65
67
141
131
AMERICAS
130
128
247
266
Cerro Vanguardia(3)
47
42
96
95
AngloGold Ashanti Mineração(4)
67
64
125
130
Serra Grande
16
22
26
41
Managed operations
732
581
1,403
1,133
Non-managed joint ventures(1)
69
81
135
154
GROUP(2)
801
662
1,538
1,287
Adjusted to exclude Sukari
Managed operations(5)
595
581
1,150
1,133
Non-managed joint ventures(1)
69
81
135
154
GROUP(2)(5)
664
662
1,285
1,287
(1) Equity-accounted joint venture.
(2) Including equity-accounted non-managed joint ventures
(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.
(4) Includes gold concentrate from the Cuiabá mine sold to third parties in Q2 2024 and H1 2024.
(5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
3
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OPERATING STATISTICS  I TOTAL CASH COSTS
TOTAL CASH COSTS* ($m)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA: NON-MANAGED JOINT VENTURES
80
74
165
137
Kibali - Attributable 45%(1)
80
74
165
137
AFRICA: MANAGED OPERATIONS
536
377
1,001
724
Iduapriem
82
66
142
121
Obuasi
92
70
161
137
Siguiri(3)
142
123
263
229
Geita
132
117
250
236
Sukari(3)
88
—
185
—
AUSTRALIA
202
175
398
343
Sunrise Dam
100
81
190
172
Tropicana - Attributable 70%
94
85
191
154
Admin and other
8
9
17
16
AMERICAS
162
129
297
250
Cerro Vanguardia(3)
66
44
123
82
AngloGold Ashanti Mineração
64
57
116
113
Serra Grande
31
27
56
54
Admin and other
1
—
2
1
CORPORATE AND OTHER(4)
5
(1)
5
(1)
Managed operations
905
680
1,701
1,316
Non-managed joint ventures(1)
80
74
165
137
GROUP (2)
985
753
1,866
1,452
Adjusted to exclude Sukari
Managed operations(5)
817
680
1,516
1,316
Non-managed joint ventures(1)
80
74
165
137
GROUP(2)(5)
897
753
1,681
1,452
(1) Equity-accounted joint venture.
(2) Including equity-accounted non-managed joint ventures
(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.
(4) Corporate included non-gold producing managed operations.
(5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
4
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OPERATING STATISTICS  I ALL-IN SUSTAINING COSTS
ALL-IN SUSTAINING COSTS* ($m)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA: NON-MANAGED JOINT VENTURES
93
88
192
165
Kibali - Attributable 45%(1)
93
88
192
165
AFRICA: MANAGED OPERATIONS
745
508
1,400
1,027
Iduapriem
106
95
188
181
Obuasi
119
108
237
216
Siguiri(3)
171
140
304
280
Geita
212
165
401
349
Sukari(3)
137
—
270
—
AUSTRALIA
237
210
459
408
Sunrise Dam
120
111
225
207
Tropicana - Attributable 70%
108
89
216
183
Admin and other
9
9
18
17
AMERICAS
219
191
422
376
Cerro Vanguardia(3)
85
64
162
125
AngloGold Ashanti Mineração
89
87
179
174
Serra Grande
44
39
79
77
Admin and other
1
—
2
1
PROJECTS
1
3
4
4
CORPORATE AND OTHER(4)
39
34
66
65
Managed operations
1,241
945
2,351
1,879
Non-managed joint ventures(1)
93
88
192
165
GROUP(2)
1,334
1,033
2,543
2,045
Adjusted to exclude Sukari
Managed operations(5)
1,104
945
2,081
1,879
Non-managed joint ventures(1)
93
88
192
165
GROUP(2)(5)
1,197
1,033
2,273
2,045
(1) Equity-accounted joint venture.
(2) Including equity-accounted non-managed joint ventures
(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.
(4) Corporate included non-gold producing managed operations.
(5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
5
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OPERATING STATISTICS  I SUSTAINING CAPITAL EXPENDITURE
SUSTAINING CAPITAL EXPENDITURE* ($m)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA: NON-MANAGED JOINT VENTURES
11
18
24
34
Kibali - Attributable 45%(1)
11
18
24
34
AFRICA: MANAGED OPERATIONS
182
120
336
252
Iduapriem
20
29
39
53
Obuasi
41
35
78
69
Siguiri(3)
20
17
31
43
Geita
64
39
119
87
Sukari(3)(4)
37
—
69
—
AUSTRALIA
25
24
44
40
Sunrise Dam
17
13
30
23
Tropicana - Attributable 70%
8
11
14
17
Admin and other
—
—
—
—
AMERICAS
55
50
103
91
Cerro Vanguardia(3)
16
17
31
28
AngloGold Ashanti Mineração
27
24
52
46
Serra Grande
12
9
20
17
PROJECTS
—
2
2
3
Managed operations
262
196
485
386
Non-managed joint ventures(1)
11
18
24
34
GROUP(2)
273
214
509
420
Adjusted to exclude Sukari
Managed operations(5)
225
196
416
386
Non-managed joint ventures(1)
11
18
24
34
GROUP(2)(5)
236
214
440
420
(1) Equity-accounted joint venture.
(2) Including equity-accounted non-managed joint ventures
(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.
(4) Due to the short timeframe since the acquisition of Sukari in November 2024, sustaining capital expenditure may not accurately reflect typical spending patterns.
(5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
6
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OPERATING STATISTICS  I  KIBALI
KIBALI(1)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
338
405
665
829
Underground waste
65
59
121
96
Total underground
403
464
786
925
Underground ore mined grade (g/tonne)
5.36
5.61
5.19
5.33
Open pit tonnes mined (000 tonnes):
Open pit ore
623
398
1,016
1,002
Open pit waste
4,393
3,952
8,865
8,035
Total open pit
5,016
4,350
9,881
9,037
Open pit mined grade (g/tonne)
1.45
1.25
1.46
1.35
Tonnes milled/processed (000 tonnes):
Underground operations
335
404
658
820
Open pit operations
612
562
1,219
1,071
Total tonnes milled/processed
947
966
1,877
1,891
Average mill head grade (g/tonne)
2.73
2.95
2.55
2.90
Recovery rate (%)
90.1
89.6
89.9
89.4
Total recovered grade (g/tonne)
2.46
2.64
2.29
2.59
Gold ounces produced oz(000)
75
82
138
158
Gold ounces sold oz(000)
69
81
135
154
Average gold price received*(2) ($/ounce)
3,283
2,336
3,077
2,219
Gold income per segment information ($m)
226
189
417
340
Total cash costs* ($/ounce):
Operating costs
934
790
1,004
764
By-product credits
(5)
(5)
(6)
(5)
Royalties
151
114
195
107
Total cash costs* ($/ounce produced)
1,081
899
1,193
866
Total cash costs* ($m)
80
74
165
137
All-in sustaining costs* ($/ounce):
Total cash costs*
1,081
899
1,193
866
Inventory movements
18
(11)
(6)
(8)
Adjusted for decommissioning, inventory amortisation and other
1
1
1
1
Rehabilitation and other non-cash costs
87
(16)
37
(12)
Lease payment sustaining
20
(2)
11
10
Sustaining exploration and study costs
—
—
—
—
Sustaining capital expenditure
160
214
178
221
All-in sustaining costs* ($/ounce sold)
1,367
1,085
1,414
1,078
All-in sustaining costs* ($m)
93
88
192
165
Capital expenditure ($m):
Sustaining capital expenditure*
11
18
24
34
Non-sustaining capital expenditure*
20
18
40
27
Total capital expenditure
31
36
64
61
(1) On an attributable basis. Kibali  is owned 45% by AngloGold Ashanti.
(2) Average gold price received per ounce* is calculated by dividing the attributable US dollar value of gold income revenue metric by the attributable ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
7
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OPERATING STATISTICS  I  IDUAPRIEM
IDUAPRIEM
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Open pit tonnes mined (000 tonnes):
Open pit ore
570
1,390
1,352
2,654
Open pit waste
8,732
9,219
17,478
18,251
Total open pit
9,302
10,609
18,830
20,905
Open pit mined grade (g/tonne)
1.66
1.58
1.64
1.57
Tonnes milled/processed (000 tonnes):
Open pit operations
1,353
1,335
2,352
2,607
Average mill head grade (g/tonne)
1.14
1.52
1.23
1.53
Recovery rate (%)
94.8
96.5
94.8
96.6
Total recovered grade (g/tonne)
1.13
1.53
1.18
1.53
Gold ounces produced oz(000)
49
66
89
128
Gold ounces sold oz(000)
50
65
90
131
Average gold price received*(1) ($/ounce)
3,277
2,338
3,100
2,204
Gold income per segment information ($m)
164
151
278
289
Total cash costs* ($/ounce):
Operating costs
1,498
895
1,432
833
By-product credits
(2)
(2)
(2)
(2)
Royalties
166
115
155
113
Total cash costs* ($/ounce produced)
1,663
1,008
1,586
943
Total cash costs* ($m)
82
66
142
121
All-in sustaining costs* ($/ounce):
Total cash costs*
1,663
1,008
1,586
943
Inventory movements
15
(8)
(12)
1
Adjusted for decommissioning, inventory amortisation and other
(2)
(1)
(2)
(1)
Rehabilitation and other non-cash costs
22
15
47
14
Lease payment sustaining
22
12
25
12
Sustaining exploration and study costs
13
—
16
—
Sustaining capital expenditure
403
445
440
410
All-in sustaining costs* ($/ounce sold)
2,136
1,471
2,099
1,380
All-in sustaining costs* ($m)
106
95
188
181
Capital expenditure ($m):
Sustaining capital expenditure*
20
29
39
53
Non-sustaining capital expenditure*
17
12
33
17
Total capital expenditure
37
41
72
70
(1) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
8
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OPERATING STATISTICS  I  OBUASI
OBUASI
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
339
284
618
539
Underground waste
198
180
370
348
Total underground
537
464
988
887
Underground ore mined grade (g/tonne)
6.47
5.82
6.20
6.22
Tonnes milled/processed (000 tonnes):
Underground operations
355
291
636
564
Supplemental tailings
—
39
—
89
Total tonnes milled/processed
355
330
636
653
Average mill head grade (g/tonne)
6.90
6.02
7.09
6.04
Recovery rate (%)
90.2
84.2
89.3
84.5
Total recovered grade (g/tonne)
6.21
5.12
6.09
5.13
Gold ounces produced oz(000)
71
54
125
108
Gold ounces sold oz(000)
62
55
122
113
Average gold price received*(1) ($/ounce)
3,302
2,334
3,089
2,203
Gold income per segment information ($m)
205
129
376
249
Total cash costs* ($/ounce):
Operating costs
1,160
1,170
1,146
1,155
By-product credits
(6)
(2)
(4)
(2)
Royalties
145
119
151
116
Total cash costs* ($/ounce produced)
1,299
1,287
1,293
1,269
Total cash costs* ($m)
92
70
161
137
All-in sustaining costs* ($/ounce):
Total cash costs*
1,299
1,287
1,293
1,269
Inventory movements
(64)
3
(14)
(2)
Adjusted for decommissioning, inventory amortisation and other
(2)
(2)
(2)
(2)
Rehabilitation and other non-cash costs
21
19
28
32
Lease payment sustaining
—
—
—
—
Sustaining exploration and study costs
—
10
1
8
Sustaining capital expenditure
664
637
639
604
All-in sustaining costs* ($/ounce sold)
1,918
1,955
1,945
1,910
All-in sustaining costs* ($m)
119
108
237
216
Capital expenditure ($m):
Sustaining capital expenditure*
41
35
78
69
Non-sustaining capital expenditure*
5
12
10
20
Total capital expenditure
46
47
88
89
(1) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
9
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OPERATING STATISTICS  I  SIGUIRI
SIGUIRI(1)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Open pit tonnes mined (000 tonnes):
Open pit ore
1,763
1,579
3,285
2,628
Open pit waste
6,670
6,855
13,040
11,407
Total open pit
8,433
8,434
16,325
14,035
Open pit mined grade (g/tonne)
1.32
1.33
1.31
1.31
Tonnes milled/processed (000 tonnes):
Open pit operations
3,159
2,960
6,106
5,412
Average mill head grade (g/tonne)
0.93
0.96
0.93
0.92
Recovery rate (%)
90.4
87.1
90.7
79.6
Total recovered grade (g/tonne)
0.84
0.84
0.84
0.74
Gold ounces produced oz(000)
85
80
165
128
Gold ounces sold oz(000)
88
78
166
130
Average gold price received*(2) ($/ounce)
3,286
2,338
3,086
2,231
Gold income per segment information ($m)
290
182
511
291
Total cash costs* ($/ounce):
Operating costs
1,425
1,436
1,379
1,680
By-product credits
(1)
(1)
(1)
(3)
Royalties
239
114
217
114
Total cash costs* ($/ounce produced)
1,663
1,550
1,595
1,791
Total cash costs* ($m)
142
123
263
229
All-in sustaining costs* ($/ounce):
Total cash costs*
1,663
1,550
1,595
1,791
Inventory movements
(12)
(8)
5
(2)
Adjusted for decommissioning, inventory amortisation and other
—
—
—
—
Rehabilitation and other non-cash costs
16
15
13
16
Lease payment sustaining
15
1
16
1
Sustaining exploration and study costs
31
11
23
13
Sustaining capital expenditure
215
228
186
325
All-in sustaining costs* ($/ounce sold)
1,928
1,796
1,837
2,144
All-in sustaining costs* ($m)
171
140
304
280
Capital expenditure ($m):
Sustaining capital expenditure*
20
17
31
43
Non-sustaining capital expenditure*
—
1
1
—
Total capital expenditure
20
18
32
43
(1) On a consolidated basis. Siguiri is owned 85% by AngloGold Ashanti.
(2) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
* Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
10
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OPERATING STATISTICS  I  GEITA
GEITA
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
690
658
1,416
1,348
Underground waste
352
332
714
629
Total underground
1,042
990
2,130
1,977
Underground ore mined grade (g/tonne)
3.57
3.95
3.92
4.02
Open pit tonnes mined (000 tonnes):
Open pit ore
1,164
965
2,142
1,495
Open pit waste
5,676
5,469
11,523
11,001
Total open pit
6,840
6,434
13,665
12,496
Open pit mined grade (g/tonne)
1.90
1.43
1.77
1.45
Tonnes milled/processed (000 tonnes):
Underground operations
646
638
1,251
1,267
Open pit operations
667
724
1,188
1,339
Total tonnes milled/processed
1,313
1,362
2,439
2,606
Average mill head grade (g/tonne)
3.61
2.89
3.58
3.00
Recovery rate (%)
90.5
91.1
90.5
91.1
Total recovered grade (g/tonne)
3.27
2.63
3.24
2.73
Gold ounces produced oz(000)
138
115
254
229
Gold ounces sold oz(000)
141
117
265
240
Average gold price received*(1) ($/ounce)
3,306
2,335
3,120
2,212
Gold income per segment information ($m)
466
274
828
530
Total cash costs* ($/ounce):
Operating costs
782
881
808
898
By-product credits
(7)
(5)
(7)
(4)
Royalties
179
143
183
139
Total cash costs* ($/ounce produced)
955
1,019
985
1,032
Total cash costs* ($m)
132
117
250
236
All-in sustaining costs* ($/ounce):
Total cash costs*
955
1,019
985
1,032
Inventory movements
13
4
8
(3)
Adjusted for decommissioning, inventory amortisation and other
(2)
(3)
(2)
(3)
Rehabilitation and other non-cash costs
24
12
13
6
Lease payment sustaining
38
33
42
44
Sustaining exploration and study costs
21
12
18
19
Sustaining capital expenditure
455
328
448
364
All-in sustaining costs* ($/ounce sold)
1,503
1,405
1,512
1,459
All-in sustaining costs* ($m)
212
165
401
349
Capital expenditure ($m):
Sustaining capital expenditure*
64
39
119
87
Non-sustaining capital expenditure*
5
2
10
5
Total capital expenditure
69
41
129
92
(1) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
11
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OPERATING STATISTICS  I  SUKARI
SUKARI(1)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
279
—
554
—
Underground waste
220
—
401
—
Total underground
499
—
955
—
Underground ore mined grade (g/tonne)
3.89
—
4.23
—
Open pit tonnes mined (000 tonnes):
Open pit ore
2,638
—
5,612
—
Open pit waste
21,302
—
40,054
—
Total open pit
23,940
—
45,666
—
Open pit mined grade (g/tonne)
1.17
—
1.08
—
Heap leach tonnes mined (000 tonnes):
Heap leach ore mined
79
—
190
—
Heap leach recovered grade (g/tonne)
0.28
—
0.34
—
Tonnes milled/processed (000 tonnes):
Underground operations
267
—
539
—
Open pit operations
2,799
—
5,233
—
Total tonnes milled/processed
3,066
—
5,772
—
Heap leach placed
79
—
190
—
Average mill head grade (g/tonne)
1.40
—
1.40
—
Recovery rate (%)
88.8
—
89.0
—
Total recovered grade (g/tonne)
1.27
—
1.28
—
Gold ounces produced oz(000)
129
—
246
—
Gold ounces sold oz(000)
137
—
253
—
Average gold price received*(2) ($/ounce)
3,293
—
3,085
—
Gold income per segment information ($m)
451
—
780
—
Total cash costs* ($/ounce):
Operating costs
582
—
660
—
By-product credits
(6)
—
(6)
—
Royalties
105
—
95
—
Total cash costs* ($/ounce produced)
681
—
750
—
Total cash costs* ($m)
88
—
185
—
All-in sustaining costs* ($/ounce):
Total cash costs*
681
—
750
—
Inventory movements
24
—
30
—
Rehabilitation and other non-cash costs
13
—
7
—
Lease payment sustaining
8
—
6
—
Sustaining capital expenditure(3)
271
—
274
—
All-in sustaining costs* ($/ounce sold)(3)
996
—
1,068
—
All-in sustaining costs* ($m)(3)
137
—
270
—
Capital expenditure ($m):
Sustaining capital expenditure*(3)
37
—
69
—
Non-sustaining capital expenditure*
29
—
56
—
Total capital expenditure(3)
66
—
125
—
(1) On a consolidated basis. Sukari is owned 50% by AngloGold Ashanti.
(2) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
(3) Due to the short timeframe since the acquisition of Sukari in November 2024 , sustaining capital expenditure* may not accurately reflect typical spending patterns.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
12
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OPERATING STATISTICS  I  SUNRISE DAM
SUNRISE DAM
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
601
667
1,243
1,308
Underground waste
194
192
417
357
Total underground
795
859
1,660
1,665
Underground ore mined grade (g/tonne)
2.43
3.26
2.40
2.94
Open pit tonnes mined (000 tonnes):
Open pit ore
61
24
77
24
Open pit waste
2,481
2,600
4,521
5,205
Total open pit
2,542
2,624
4,598
5,229
Open pit mined grade (g/tonne)
0.94
1.35
1.15
1.35
Tonnes milled/processed (000 tonnes):
Underground operations
593
578
1,233
1,226
Open pit operations
356
414
664
739
Total tonnes milled/processed
949
992
1,897
1,965
Average mill head grade (g/tonne)
2.18
2.46
2.17
2.29
Recovery rate (%)
89.9
84.6
88.9
83.3
Total recovered grade (g/tonne)
1.99
2.02
2.00
1.90
Gold ounces produced oz(000)
61
64
122
120
Gold ounces sold oz(000)
59
71
119
122
Average gold price received*(1) ($/ounce)
3,288
2,341
3,070
2,226
Gold income per segment information ($m)
196
167
366
272
Total cash costs* ($/ounce):
Operating costs
1,565
1,204
1,491
1,385
By-product credits
(8)
(6)
(8)
(6)
Royalties
87
66
79
57
Total cash costs* ($/ounce produced)
1,644
1,264
1,561
1,436
Total cash costs* ($m)
100
81
190
172
All-in sustaining costs* ($/ounce):
Total cash costs*
1,644
1,264
1,561
1,436
Inventory movements
2
42
(1)
2
Adjusted for decommissioning, inventory amortisation and other
4
(4)
4
(4)
Rehabilitation and other non-cash costs
3
4
2
2
Lease payment sustaining
64
61
63
71
Sustaining exploration and study costs
3
3
3
2
Sustaining capital expenditure
290
189
256
185
All-in sustaining costs* ($/ounce sold)
2,010
1,559
1,889
1,695
All-in sustaining costs* ($m)
120
111
225
207
Capital expenditure ($m):
Sustaining capital expenditure*
17
13
30
23
Non-sustaining capital expenditure*
—
—
—
—
Total capital expenditure
17
13
30
23
(1) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
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OPERATING STATISTICS  I  TROPICANA
TROPICANA(1)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
339
319
642
594
Underground waste
133
102
273
189
Total underground
472
421
915
783
Underground ore mined grade (g/tonne)
3.00
3.06
3.07
3.26
Open pit tonnes mined (000 tonnes):
Open pit ore
575
503
1,253
725
Open pit waste
8,303
8,218
15,294
17,693
Total open pit
8,878
8,721
16,547
18,418
Open pit mined grade (g/tonne)
1.13
1.68
1.26
1.46
Tonnes milled/processed (000 tonnes):
Underground operations
354
341
642
586
Open pit operations
1,287
1,247
2,529
2,372
Total tonnes milled/processed
1,641
1,588
3,171
2,958
Average mill head grade (g/tonne)
1.37
1.57
1.51
1.47
Recovery rate (%)
90.5
89.7
90.7
90.0
Total recovered grade (g/tonne)
1.24
1.43
1.36
1.33
Gold ounces produced oz(000)
65
73
139
126
Gold ounces sold oz(000)
65
67
141
131
Average gold price received*(2) ($/ounce)
3,290
2,340
3,054
2,203
Gold income per segment information ($m)
213
157
431
289
Total cash costs* ($/ounce):
Operating costs
1,375
1,123
1,311
1,175
By-product credits
(14)
(10)
(13)
(10)
Royalties
82
54
77
56
Total cash costs* ($/ounce produced)
1,442
1,168
1,376
1,221
Total cash costs* ($m)
94
85
191
154
All-in sustaining costs* ($/ounce):
Total cash costs*
1,442
1,168
1,376
1,221
Inventory movements
14
(23)
(16)
7
Adjusted for decommissioning, inventory amortisation and other
1
2
1
1
Rehabilitation and other non-cash costs
7
(8)
3
(3)
Lease payment sustaining
86
36
70
37
Sustaining exploration and study costs
—
—
—
—
Sustaining capital expenditure
116
159
92
133
All-in sustaining costs* ($/ounce sold)
1,666
1,333
1,527
1,398
All-in sustaining costs* ($m)
108
89
216
183
Capital expenditure ($m):
Sustaining capital expenditure*
8
11
14
17
Non-sustaining capital expenditure*
21
17
31
46
Total capital expenditure
29
28
45
63
(1) On an attributable basis. Tropicana is owned 70% by AngloGold Ashanti.
(2) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the attributable ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
14
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OPERATING STATISTICS  I  CERRO VANGUARDIA
CERRO VANGUARDIA(1)
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
107
102
203
199
Underground waste
23
21
49
49
Total underground
130
123
252
248
Underground ore mined grade (g/tonne)
5.96
6.16
5.55
5.83
Open pit tonnes mined (000 tonnes):
Open pit ore
198
193
395
344
Open pit waste
4,475
4,972
8,578
9,163
Total open pit
4,673
5,165
8,973
9,507
Open pit mined grade (g/tonne)
3.40
2.58
2.96
2.69
Heap leach tonnes mined (000 tonnes):
Heap leach ore mined
235
210
406
497
Heap leach recovered grade (g/tonne)
0.70
0.60
0.64
0.57
Tonnes milled/processed (000 tonnes):
Underground operations
163
112
295
265
Open pit operations
163
193
347
340
Total tonnes milled/processed
326
306
642
605
Heap leach placed
446
493
966
979
Average mill head grade (g/tonne)
3.79
3.43
3.91
3.62
Recovery rate (%)
95.9
94.8
95.9
95.1
Total recovered grade (g/tonne)
1.90
1.71
1.81
1.69
Gold ounces produced oz(000)
47
44
94
86
Gold ounces sold oz(000)
47
42
96
95
Average gold price received*(2) ($/ounce)
3,269
2,331
3,084
2,195
Gold income per segment information ($m)
153
98
295
207
Total cash costs* ($/ounce):
Operating costs
1,803
1,437
1,721
1,442
By-product credits
(605)
(587)
(622)
(656)
Royalties
210
155
206
168
Total cash costs* ($/ounce produced)
1,409
1,005
1,305
954
Total cash costs* ($m)
66
44
123
82
All-in sustaining costs* ($/ounce):
Total cash costs*
1,409
1,005
1,305
954
Inventory movements
(58)
(22)
(10)
6
Adjusted for decommissioning, inventory amortisation and other
42
57
6
3
Rehabilitation and other non-cash costs
58
41
60
30
Sustaining exploration and study costs
30
38
17
30
Sustaining capital expenditure
341
408
319
300
All-in sustaining costs* ($/ounce sold)
1,823
1,527
1,697
1,323
All-in sustaining costs* ($m)
85
64
162
125
Capital expenditure ($m):
Sustaining capital expenditure*
16
17
31
28
Non-sustaining capital expenditure*
—
—
—
—
Total capital expenditure
16
17
31
28
(1) On a consolidated basis. Cerro Vanguardia is owned 92.50% by AngloGold Ashanti.
(2) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
15
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OPERATING STATISTICS  I  ANGLOGOLD ASHANTI MINERAÇÃO
ANGLOGOLD ASHANTI MINERAÇÃO
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
408
136
740
249
Underground waste
302
275
641
590
Concentrate ore
—
237
—
473
Total underground
710
648
1,381
1,312
Underground ore mined grade (g/tonne)
5.59
5.63
6.05
5.79
Tonnes milled/processed (000 tonnes):
Underground operations
394
135
725
253
Concentrate
—
237
—
479
Total tonnes milled/processed
394
372
725
732
Average mill head grade (g/tonne)
5.72
5.46
6.24
5.70
Recovery rate (%)
90.3
96.0
91.1
96.1
Total recovered grade (g/tonne)
5.39
5.33
5.41
5.49
Gold ounces produced oz(000)
68
64
126
129
Gold ounces sold oz(000)
67
64
125
130
Average gold price received*(1) ($/ounce)
3,243
2,266
3,092
2,093
Gold income per segment information ($m)
218
145
387
273
Total cash costs* ($/ounce):
Operating costs
967
863
938
844
By-product credits
(78)
(1)
(67)
(1)
Royalties
54
34
51
33
Total cash costs* ($/ounce produced)
943
897
922
876
Total cash costs* ($m)
64
57
116
113
All-in sustaining costs* ($/ounce):
Total cash costs*
943
897
922
876
Inventory movements
(3)
(9)
(1)
3
Adjusted for decommissioning, inventory amortisation and other
6
3
2
3
Rehabilitation and other non-cash costs
(114)
(2)
(6)
(1)
Lease payment sustaining
88
107
95
107
Sustaining exploration and study costs
1
3
1
3
Sustaining capital expenditure
407
367
415
347
All-in sustaining costs* ($/ounce sold)
1,327
1,366
1,427
1,338
All-in sustaining costs* ($m)
89
87
179
174
Capital expenditure ($m):
Sustaining capital expenditure*
27
24
52
46
Non-sustaining capital expenditure*
2
—
2
—
Total capital expenditure
29
24
54
46
(1) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
QUARTER 2 2025 EARNINGS RELEASE: OPERATING STATISTICS
16
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OPERATING STATISTICS  I  SERRA GRANDE
SERRA GRANDE
Quarter
Quarter
Six months
Six months
ended
ended
ended
ended
Jun
Jun
Jun
Jun
2025
2024
2025
2024
Unaudited
Unaudited
Unaudited
Unaudited
Underground tonnes mined (000 tonnes):
Underground ore
235
204
397
420
Underground waste
102
160
220
295
Total underground
337
364
617
715
Underground ore mined grade (g/tonne)
2.26
3.39
2.23
3.31
Open pit tonnes mined (000 tonnes):
Open pit ore
—
2
2
2
Open pit waste
—
341
—
341
Total open pit
—
343
2
343
Open pit mined grade (g/tonne)
—
1.74
1.31
1.74
Tonnes milled/processed (000 tonnes):
Underground operations
228
204
391
418
Open pit operations
—
2
2
2
Total tonnes milled/processed
228
206
393
420
Average mill head grade (g/tonne)
2.21
3.03
2.12
3.00
Recovery rate (%)
92.5
94.0
92.2
94.2
Total recovered grade (g/tonne)
2.21
3.20
2.08
3.08
Gold ounces produced oz(000)
16
21
26
42
Gold ounces sold oz(000)
16
22
26
41
Average gold price received*(1) ($/ounce)
3,295
2,330
3,136
2,213
Gold income per segment information ($m)
52
50
82
91
Total cash costs* ($/ounce):
Operating costs
1,872
1,244
2,084
1,251
By-product credits
(4)
—
(3)
—
Royalties
62
56
62
52
Total cash costs* ($/ounce produced)
1,930
1,300
2,144
1,302
Total cash costs* ($m)
31
27
56
54
All-in sustaining costs* ($/ounce):
Total cash costs*
1,930
1,300
2,144
1,302
Inventory movements
33
(24)
7
9
Adjusted for decommissioning, inventory amortisation and other
(1)
3
2
(7)
Rehabilitation and other non-cash costs
(96)
(28)
(84)
3
Lease payment sustaining
136
117
167
122
Sustaining exploration and study costs
—
2
—
2
Sustaining capital expenditure
765
439
784
417
All-in sustaining costs* ($/ounce sold)
2,766
1,809
3,019
1,848
All-in sustaining costs* ($m)
44
39
79
77
Capital expenditure ($m):
Sustaining capital expenditure*
12
9
20
17
Non-sustaining capital expenditure*
—
—
—
—
Total capital expenditure
12
9
20
17
(1) Average gold price received per ounce* is calculated by dividing the consolidated US dollar value of gold income revenue metric by the consolidated ounces of gold
sold.
*  Refer to “Non-GAAP disclosure” in AngloGold Ashanti’s Earnings Release for the three months and six months ended 30 June 2025, for definitions and
reconciliations.
Rounding of figures may result in computational discrepancies.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
                                                                    AngloGold Ashanti plc
Date: 1 August 2025
By:/s/ C STEAD
Name:C Stead
Title:Company Secretary

Source: View Original Filing on SEC EDGAR

FAQ

How much gold did AngloGold Ashanti (AU) produce in Q2 2025?

804 koz, up 21% from 663 koz in Q2 2024.

What was AU’s H1 2025 group production excluding Sukari?

1.278 Moz, versus 1.254 Moz in H1 2024, a 2% increase.

How did the Sukari acquisition impact costs?

Sukari produced 129 koz at AISC US$996/oz, below many legacy mines, helping moderate group cost per ounce.

Which mine showed the largest YoY production increase?

Geita rose to 138 koz (+20%) in Q2 2025.

What happened to sustaining capital expenditure?

Sustaining capex climbed 28% to US$273 m in Q2 2025, mainly in African operations.