Molten Gold dóre, Iduapriem, Ghana
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Investment case

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As one of the world’s largest gold producers, AngloGold Ashanti has a significant asset base, with detailed strategic plans and an investment programme aimed at establishing a Mineral Reserve pipeline and growing production in the long term. 

Salient features 2025

  • Produced 3.09Moz of gold, our primary product, and 3.70Moz of silver as a by-product (2024: 2.66Moz and 3.75Moz, respectively)
  • Generated higher revenues as a result of record gold prices that translated into a 204% increase in free cash flow to a record $2.9bn
  • Declared a record dividend of $1.8bn for the year, representing more than 50% of free cash flow generated
  • At 31 December 2025, reported a total gold Measured and Indicated Mineral Resource of 68.0Moz, a total gold Inferred Mineral Resource of 49.3Moz and a total gold Mineral Reserve of 36.5Moz
  • Achieved a total recordable injury frequency rate of 0.97 per million hours worked at our managed operations, the lowest in AngloGold Ashanti’s history
  • Acquired Augusta Gold Inc to further consolidate our landholding in the Beatty district and unlock synergies for our Nevada projects
  • Disposed of the Doropo and ABC projects in Côte d’Ivoire and our Serra Grande operation in Brazil

As at 31 December 2025

Gold produced

3.09

million ounces

Free cash flow

2.9

billion US dollars generated, a record

Adjusted EBITDA

6.3

billion US dollars

Total cash cost

1,242

US dollars per ounce

Capital expenditure(1)

1,6

billion US dollars

Record dividend declared

1.8

billion US dollars

(1) Includes projects as well as corporate and non-gold producing subsidiaries

Investment case

We are committed to lowering costs, maintaining our robust balance sheet, making value accretive investments and paying dividends to shareholders

Clear capital allocation framework

Robust balance sheet with ample
liquidity, low leverage

Focused on sustained shareholder returns

Creating and sharing value

World-class diversified portfolio

10 operating assets and a portfolio of
high-quality projects in 10 countries; a
major global gold producer

Strong pipeline

Organic project pipeline backed by
large Mineral Resource and
Mineral Reserve

Proven asset optimisation
programme

Full Asset Potential (FAP) programme
delivers real cost reductions

Sustainable business practices

Best-in-class safety record; Decarbonisation plan underway

Seasoned leadership

Experienced management, new
operating model, decisive action at
under-performing assets