AngloGold Ashanti PLC Earnings Summary — Q2 FY2026

• Revenue surged 44% YoY to $6.34 billion, primarily driven by the average gold price received increasing 50% to $4,647/oz.
• Net profit attributable to shareholders more than doubled to $2.28 billion, aided by a 416% increase in profit share from joint ventures like Kibali.
• Managed gold production saw a slight decline of 4% YoY to 1.33 million ounces due to lower output at Obuasi, Siguiri, and Geita.
• All-in Sustaining Costs (AISC) for managed operations rose 21% to $2,027/oz, reflecting persistent inflationary pressures on labor, fuel, and contractors.
• The company successfully executed portfolio cleaning, including the sale of the Serra Grande mine and the La Colosa project.
• Net cash inflow from operating activities jumped 80% to $3.14 billion, significantly strengthening the balance sheet and reducing total borrowings to $1.78 billion.
• Capital expenditure increased to $915 million, focused on growth projects like Havana at Tropicana and the Arthur Gold Project in North America.

Management continues to focus on narrowing the valuation gap with North American peers through operational excellence and project execution, specifically targeting Tier-1 asset development and AISC management.

Improving

Massive earnings growth fueled by gold prices has offset operational volume declines and cost inflation, leading to significant debt reduction.

The business outlook is tied to the gold price cycle and its ability to manage rising AISC. Key focus remains on the North American project pipeline following the declaration of reserves at the Arthur Gold Project.