AngloGold Ashanti (AU) Q1 2025 earnings summary

Executive summary

• Gold production rose 22% year-over-year to 720koz in Q1 2025, driven by Sukari's addition and operational improvements at Siguiri and Tropicana.

• Free cash flow surged 607% to $403m, headline earnings increased 671% to $447m, and adjusted EBITDA rose 158% to $1.12bn, supported by higher gold prices and operational improvements.

• The company maintained a robust balance sheet with strong liquidity, reduced adjusted net debt, and declared a $0.125/share dividend.

• Portfolio optimization included the sale of Doropo and ABC Projects in Côte d'Ivoire and acquisition of the Mansala Project in Guinea.

Financial highlights

• Revenue from product sales increased to $1.96bn from $1.17bn year-over-year; gross profit rose to $839m from $302m.

• Adjusted EBITDA increased 158% to $1,120m; free cash flow up 607% to $403m; headline earnings up 671% to $447m.

• Gold production rose 22% year-over-year to 720koz; managed operations up 28% to 657koz.

• Adjusted net debt decreased 60% year-over-year to $525m; net cash flow from operations up 188% to $725m.

• Dividend of $0.125/share declared for Q1 2025.

Outlook and guidance

• 2025–2026 gold production guidance: 2.9–3.225Moz annually; total cash cost: $1,125–$1,225/oz; AISC: $1,580–$1,705/oz; capital expenditure: $1,620–$1,770m.

• Guidance assumes no major operational or labor interruptions and a stable asset portfolio.

• Focus remains on margin growth, cost competitiveness, and portfolio optimization.