AngloGold Ashanti (AU) Q1 2026 earnings summary

Executive summary

• Achieved strong operational and financial performance in Q1 2026, with gold production up 1% year-over-year to 724koz and significant increases in earnings and cash flow.

• Free cash flow rose 190% to $1.2bn, EBITDA increased 130% to $2.3bn, and headline earnings surged 187% to $1.3bn compared to Q1 2025.

• Maintained robust balance sheet with net cash of $868m, reversing from net debt of $755m in Q1 2025.

• Declared interim dividends of $585m and proposed a $2.0bn share repurchase program.

• Safety performance improved, but a fatal incident occurred at Obuasi post-quarter-end.

Financial highlights

• Average gold price received was $4,863/oz, up 69% year-over-year from $2,874/oz in Q1 2025.

• Group total cash costs increased 14% year-over-year to $1,391/oz, and all-in sustaining costs (AISC) rose 19% to $1,955/oz.

• Capital expenditure grew 39% to $467m, with sustaining capex up 29% and non-sustaining capex up 62%.

• Basic earnings reached $1.28bn, up 189% from Q1 2025.

• Net cash flow from operating activities up 136% to $1.7bn.

Outlook and guidance

• 2026 gold production guidance set at 2,800–3,170koz, with group AISC forecasted at $1,780–$1,990/oz.

• Capital expenditure for 2026 expected between $1,040m and $1,140m.

• Strategic focus on predictable operations, cost discipline, margin protection, and advancing high-return growth projects in Nevada, Ghana, Tanzania, Guinea, Egypt, and Brazil.

• Full-year 2026 guidance for gold production, costs, and capital expenditure remains unchanged.