AngloGold Ashanti Plc reported its third‑quarter 2025 results on November 11, 2025, delivering earnings per share of $1.32—slightly below the consensus estimate of $1.34 but still a beat of $0.02. Revenue fell short of the $2.53 billion consensus, landing between $2.37 billion and $2.42 billion, a miss of roughly $0.11 billion or 0.8%. The company’s headline earnings rose 185% from the same quarter a year earlier, and adjusted EBITDA grew 109%, underscoring a robust earnings trajectory.
The revenue shortfall was largely driven by a 5% year‑on‑year increase in cash costs, which offset the 17% jump in gold production to 768,000 ounces. Production gains were concentrated in the Sukari mine—added through the Centamin acquisition—and in key assets such as Obuasi, Kibali, Geita, and Cuiabá. A 40% rise in the average gold price received per ounce compared to Q3 2024 helped lift revenue, but the higher sustaining capital spend and inflationary cost pressures pushed cash costs flat in real terms and pushed the all‑in sustaining cost (AISC) up 6% to $1,766 per ounce.
Cash generation remained a highlight: free cash flow reached $920 million, the highest on record, and the company transitioned to an adjusted net cash position of $450 million from a net debt stance in prior periods. Cash costs stayed flat in real terms, allowing the firm to capture stronger margins despite the AISC increase. The company declared a $460 million interim dividend, reinforcing its commitment to shareholder returns while maintaining a solid liquidity buffer.
Management reaffirmed its full‑year 2025 production guidance of 2.9 million to 3.225 million ounces, signaling confidence in sustained gold output. Capital expenditure for the quarter rose 32% year‑on‑year to $388 million, directed toward the Geita expansion project and exploration at high‑potential sites. Safety performance remained strong, with a total recordable injury frequency rate of 0.96 injuries per million hours worked, well below industry benchmarks.
CEO Alberto Calderón highlighted the quarter as “another record quarter for cash generation and another healthy dividend declaration.” He emphasized that cash costs staying flat in real terms enabled the company to capture stronger margins and pass the benefit on to shareholders, while disciplined capital allocation underpinned the firm’s transition to a net cash position. The commentary underscored a focus on operational efficiency, strategic investment, and shareholder value creation.
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