AngloGold Ashanti (NYSE: AU) Q1 2026 gold output steady as costs climb
Rhea-AI Filing Summary
AngloGold Ashanti reported largely steady group gold production for Q1 2026 at 724,000 ounces, slightly above 720,000 ounces a year earlier, with managed operations contributing 666,000 ounces. Gold sold was 719,000 ounces, down from 737,000 ounces.
Cost metrics moved higher. Group total cash costs rose to $1,007m from $881m, while all-in sustaining costs increased to $1,405m from $1,209m. Sustaining capital expenditure climbed to $305m from $236m, with notable spending at Geita, Siguiri, Obuasi and Iduapriem as the company continued investing in its African, Australian and Americas operations.
Positive
- None.
Negative
- Group cost escalation outpaces output: total cash costs rose to $1,007m from $881m and all-in sustaining costs to $1,405m from $1,209m, while gold production was essentially flat at 724,000 ounces versus 720,000 ounces, pointing to margin pressure absent significantly higher realised prices.
Insights
Q1 2026 shows stable output but meaningfully higher costs and capex.
Group gold production for Q1 2026 was broadly flat at 724,000 ounces versus 720,000 ounces, indicating stable operational volumes across AngloGold Ashanti’s managed sites and its Kibali joint venture. Key mines like Geita, Obuasi and AngloGold Ashanti Mineração all increased production.
The pressure point is costs. Total cash costs rose to $1,007m from $881m and all-in sustaining costs increased to $1,405m from $1,209m, outpacing the modest production growth. Sustaining capex also stepped up to $305m from $236m, reflecting heavier reinvestment at several African assets and in Brazil.
Economically, this mix of flat volumes and higher all-in costs likely compresses unit margins unless higher realised gold prices offset the increase. The mine-level data show especially large cost and capex builds at Siguiri, Obuasi, Iduapriem and the Australian operations, which could continue to influence profitability in subsequent quarters if sustained.
Key Figures
Key Terms
Non-GAAP financial measures financial
total cash costs financial
all-in sustaining costs financial
sustaining capital expenditure financial
managed operations financial
equity-accounted joint venture financial
AI-generated analysis. How Rhea-AI works. Not financial advice.



