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AngloGold Ashanti Q2 earnings call highlights. July 31, 2026 Key points. * Strong second-quarter financial performance: AngloGold Ashanti's EBITDA rose 46% year over year to $2 billion, while headline earnings increased 58% to $1 billion and free cash flow climbed 36% to $727 million, driven largely by higher gold prices. * Operational and cost pressures remain: A fatality-related suspension at Obuasi affected production, although the mine has resumed at a normalized rate and full-year production guidance was reaffirmed. Total cash costs increased 21% to $1,480 per ounce due to inflation, fuel prices, royalties, currency effects and the Obuasi disruption. * Shareholder returns and growth plans: The company declared $364 million in second-quarter dividends and may supplement dividends with share buybacks under its approved $2 billion program, pending regulatory approval. AngloGold is prioritizing organic growth across existing mines and advancing the Arthur project in Nevada and a grid connection at Sukari. * Interested in AngloGold Ashanti? Here are five stocks we like better. AngloGold Ashanti NYSE: AU reported higher second-quarter earnings, cash flow and free cash flow as stronger gold prices more than offset inflation, fuel costs, currency effects and a temporary operational suspension at its Obuasi mine. Chief Executive Officer Alberto Calderon said the company generated $2 billion in EBITDA during the quarter, up 46% from a year earlier, while headline earnings rose 58% to $1 billion. Chief Financial Officer Gillian Doran said basic earnings per share increased to $1.97 from $1.32 in the prior-year quarter. Free cash flow rose 36% year over year to $727 million in the second quarter, supported by a 41% increase in net cash flow from operating activities to $1.4 billion. Doran attributed the improvement to cost discipline, a 35% increase in the average gold price received and improved cash receipts from Kibali. Obuasi suspension affects production. Calderon opened the call by addressing a fatality at the Obuasi mine on April 24. AngloGold suspended operations for two weeks while it conducted an investigation and implemented measures intended to prevent a recurrence. The suspension, along with the sale of Serra Grande, affected second-quarter production. However, Calderon said first-half production, excluding Serra Grande, was broadly stable year over year at about 1.5 million ounces. Tropicana and Cuiabá delivered what he described as strong performances. Obuasi is operating at a normalized run rate, and the company expects second-half production from the mine of 150,000 ounces. Calderon said the mine is currently operating without the KM Shaft and certain ore passes following the incident, but management expects to restore normal operations and complete a replacement ore pass during the fourth quarter. For the full portfolio, AngloGold reaffirmed its annual guidance and expects production to be weighted toward the second half, particularly the fourth quarter. Calderon said the company anticipates second-half production could rise about 6% from the first half if operations proceed as expected. Discover more Cryptocurrency News Production at Tropicana is expected to decline slightly as open-pit mining moves into the lower-grade Havana 6 pit. At Iduapriem, production has been affected by difficulty accessing temporarily flooded higher-grade areas. Costs rise amid external pressures. Total cash costs increased 21% year over year to $1,480 per ounce in the second quarter, compared with $1,226 per ounce a year earlier. Doran said inflation, higher gold-price-linked royalties and foreign-exchange effects added about $216 per ounce, or 18%, to the company's cost base. The Obuasi suspension added another $38 per ounce. The company said a 45% increase in Brent crude prices increased energy costs across the portfolio, while a weaker U.S. dollar and strengthening local currencies created additional pressure. Doran said AngloGold's internal realized inflation rate was just under 6%. Management said it is seeking to offset those pressures through its Full Asset Potential program and a total-cost-of-ownership supply-chain framework. Calderon said the company's controllable costs remained below inflation-adjusted levels, despite external cost increases and operational factors such as grade changes and mining farther from infrastructure. At Iduapriem, Calderon said higher royalties were the primary reason for the quarter-over-quarter cost increase. He added that a reduction in Ghana's COVID levy partly mitigates the royalty effect, although that benefit is reflected below the line in taxes rather than in reported operating costs. Cash position, dividends and buyback plans. AngloGold ended the quarter with net cash of $991 million, representing a $1.3 billion improvement from June of the previous year. Liquidity totaled $4.2 billion. Calderon noted that the company had reported net debt of $311 million 12 months earlier. The company declared $364 million in dividends for the second quarter, bringing first-half declared dividends to $949 million. AngloGold's dividend policy provides for quarterly payments and an annual true-up intended to bring total dividends to 50% of free cash flow. Management used discretion to make a true-up payment at the half year. Calderon said the company intends to return additional cash to shareholders if gold prices remain at current levels, potentially through share repurchases in addition to dividends. Shareholders have approved a $2 billion open-market share buyback program, though the company is awaiting approval from the South African Reserve Bank before proceeding. In April, AngloGold repurchased $666 million of its 2028 and 2030 notes, reducing its longer-term financing obligations. Cash tax payments reached a record $542 million in the second quarter. Doran and Calderon said the payments reflected improved profitability and timing across operating jurisdictions. Management expects cash taxes to decline to roughly $230 million to $250 million in each of the third and fourth quarters, which it said should support stronger cash conversion in the second half. Organic growth focus. Management said it sees its most compelling near-term growth opportunities within its existing portfolio, particularly at Obuasi, Geita, Sukari, Siguiri and Cuiabá. Calderon said the company expects to provide a more detailed project update in the third quarter. AngloGold has previously outlined potential production growth of 300,000 to 450,000 ounces from its existing operations over roughly three years. Calderon said the identified opportunities generally require relatively low capital intensity, involving additional mining, equipment, exploration, processing improvements and related infrastructure rather than large-scale expansions. The company is also advancing the Arthur project in Nevada toward a full feasibility study. Calderon said Nevada is expected to become a significant production center for AngloGold in the early 2030s. At Sukari, AngloGold said feasibility work on an 80-megawatt connection to Egypt's national grid is nearly complete, with commissioning targeted for early 2028, subject to grid upgrades. The operation currently has a 30-megawatt solar facility. Calderon said the company has no immediate urgency to sell its Tier 2 assets, citing their cash-flow generation at current gold prices. He said Serra Grande was sold because of its relatively small scale and management demands, while other assets remain valuable contributors to the portfolio. About AngloGold Ashanti (NYSE:AU). AngloGold Ashanti is a global gold mining company engaged in the exploration, development, production, processing and sale of gold. Headquartered in Johannesburg, South Africa, the company's core activities span the full mining value chain from greenfield exploration and mine development through to ore processing and rehabilitation. Gold is the primary commodity produced, with individual operations sometimes yielding other by-products depending on local geology and processing methods. The company was formed in 2004 through the merger of AngloGold and Ashanti Goldfields, creating a diversified international gold producer. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider AngloGold Ashanti, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AngloGold Ashanti wasn't on the list. 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Waverly Advisors LLC takes position in AngloGold Ashanti PLC $AU. July 29, 2026 Key points. * Waverly Advisors purchased 43,867 AngloGold Ashanti shares during the first quarter, valued at approximately $4.27 million. Institutional investors and hedge funds collectively own 36.09% of the company. * AngloGold Ashanti reported quarterly EPS of $2.52, beating analyst expectations of $2.27, while revenue totaled $3.24 billion. The company also raised its quarterly dividend to $1.16 per share, representing an annualized yield of about 5.9%. * Analyst sentiment remains a "Moderate Buy", with a consensus price target of $110.50, although several firms recently lowered their targets and Zacks Research downgraded the stock to "strong sell." * MarketBeat previews the top five stocks to own by August 1st. Waverly Advisors LLC purchased a new stake in AngloGold Ashanti PLC (NYSE:AU - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 43,867 shares of the mining company's stock, valued at approximately $4,271,000. Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ascentis Independent Advisors bought a new stake in AngloGold Ashanti during the 1st quarter worth about $26,000. Zions Bancorporation National Association UT bought a new position in shares of AngloGold Ashanti in the 4th quarter valued at about $31,000. Garton & Associates Financial Advisors LLC bought a new position in shares of AngloGold Ashanti in the 4th quarter valued at about $34,000. Ancora Advisors LLC acquired a new stake in shares of AngloGold Ashanti during the 3rd quarter worth approximately $35,000. Finally, Mcguire Capital Advisors Inc. acquired a new stake in shares of AngloGold Ashanti during the 4th quarter worth approximately $36,000. 36.09% of the stock is currently owned by institutional investors and hedge funds. AngloGold Ashanti price performance. AngloGold Ashanti stock opened at $78.90 on Wednesday. The firm has a market capitalization of $39.84 billion, a P/E ratio of 11.57 and a beta of 0.65. AngloGold Ashanti PLC has a 1 year low of $45.36 and a 1 year high of $129.14. The business has a 50-day moving average of $85.03 and a 200-day moving average of $96.44. The company has a current ratio of 2.71, a quick ratio of 2.11 and a debt-to-equity ratio of 0.19. AngloGold Ashanti (NYSE:AU - Get Free Report) last announced its quarterly earnings results on Friday, May 8th. The mining company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.27 by $0.25. The company had revenue of $3.24 billion during the quarter, compared to analysts' expectations of $3.26 billion. AngloGold Ashanti had a return on equity of 36.41% and a net margin of 31.11%. On average, equities analysts anticipate that AngloGold Ashanti PLC will post 8.23 EPS for the current year. AngloGold Ashanti increases dividend. The company also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 29th were issued a dividend of $1.16 per share. This is an increase from AngloGold Ashanti's previous quarterly dividend of $0.17. This represents a $4.64 dividend on an annualized basis and a yield of 5.9%. The ex-dividend date was Friday, May 29th. AngloGold Ashanti's dividend payout ratio is presently 68.04%. Wall Street analyst weigh in. A number of equities research analysts recently weighed in on AU shares. Royal Bank Of Canada dropped their price target on shares of AngloGold Ashanti from $114.00 to $111.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Scotiabank reduced their price objective on shares of AngloGold Ashanti from $134.00 to $128.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. Zacks Research lowered shares of AngloGold Ashanti from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 15th. Citigroup dropped their target price on shares of AngloGold Ashanti from $130.00 to $125.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Finally, JPMorgan Chase & Co. cut their price target on AngloGold Ashanti from $155.00 to $134.00 and set an "overweight" rating on the stock in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $110.50. Discover more Stock Market News Premium Stock Reports AI Infrastructure Stocks About AngloGold Ashanti. AngloGold Ashanti is a global gold mining company engaged in the exploration, development, production, processing and sale of gold. Headquartered in Johannesburg, South Africa, the company's core activities span the full mining value chain from greenfield exploration and mine development through to ore processing and rehabilitation. Gold is the primary commodity produced, with individual operations sometimes yielding other by-products depending on local geology and processing methods. The company was formed in 2004 through the merger of AngloGold and Ashanti Goldfields, creating a diversified international gold producer. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. Before you consider AngloGold Ashanti, you'll want to hear this. MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and AngloGold Ashanti wasn't on the list. While AngloGold Ashanti currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys. 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