Anglogold Ashanti PLC (AU)
NYSE:AU
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Anglogold Ashanti PLC
(NYSE:AU)
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Rating:70Outperform
Price Target:
$93.00
▼(-14.80% Downside)
Action:Reiterated
Date:06/07/26
Score is driven by strong financial performance (material profitability and free-cash-flow improvement with lower leverage) and supportive valuation (modest P/E plus high dividend yield). These positives are tempered by weak technicals, with the stock trading below key moving averages and negative momentum indicators.
Positive Factors
Strong cash generation
Sustained, material free cash flow (about 70% of net income TTM) provides durable funding for capital expenditure, dividends and buybacks, reducing reliance on external financing. Robust OCF/FCF improves financial flexibility across commodity cycles and supports strategic optionality.
Negative Factors
Earnings cyclicality
As a commodity producer, AngloGold’s profitability, equity base and cash flow are materially exposed to gold price and operating volatility. Historical swings (including 2023 losses) mean earnings and FCF can reverse quickly, complicating multi‑year planning and stable return delivery.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Sustained, material free cash flow (about 70% of net income TTM) provides durable funding for capital expenditure, dividends and buybacks, reducing reliance on external financing. Robust OCF/FCF improves financial flexibility across commodity cycles and supports strategic optionality.
Read all positive factors
Anglogold Ashanti PLC (AU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$42.48B
Dividend Yield2.82%
Average Volume (3M)2.27M
Price to Earnings (P/E)12.2
Beta (1Y)1.01
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees12,634
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)6.86
Shares Outstanding505,007,480
10 Day Avg. Volume2,068,854
30 Day Avg. Volume2,265,346
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)5.35
Price to Sales (P/S)4.38
P/FCF Ratio13.95
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue4.30
Enterprise Value/Gross Profit8.24
Enterprise Value/Ebitda8.61
Forecast
1Y Price Target
$123.97Price Target Upside13.58% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)10.79
Revenue Forecast (FY)$14.08B
Anglogold Ashanti PLC Business Overview & Revenue Model
Company Description
AngloGold Ashanti Plc operates as a gold mining company in Africa, the Americas, and Australia. Its flagship property is a 100% owned Geita project located in the Lake Victoria goldfields of the Mwanza region in north-western Tanzania. The company...
How the Company Makes Money
AngloGold Ashanti primarily makes money by producing and selling gold. Revenue is recognized largely from gold sales volumes multiplied by realized gold prices, with sales typically made to refiners, bullion banks, traders, and/or end-market count...
Anglogold Ashanti PLC Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 31, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial picture driven by a much higher gold price, record free cash flow, large reserve additions (notably Arthur), improved earnings and a transformed balance sheet. Management emphasized disciplined capital allocation and shareholder returns while also investing heavily in organic growth and project development. Notable challenges include cost inflation and higher royalties, localized production setbacks (Iduapriem, Sunrise Dam), a one-off stoppage at Siguiri, and permitting/community considerations for Arthur. Overall, the positive achievements (record cash generation, reserves, earnings, safety and balance sheet leverage) materially outweigh the operational and cost headwinds.Positive Updates
Record Free Cash Flow and Quarterly Cash Generation
Generated record free cash flow of $2.9 billion in 2025 (almost 3x the $956 million in 2024); Q4 free cash flow exceeded $1 billion (more than 3x Q4 last year). Cash flow was described as almost $3 billion, up ~204% year-on-year.
Negative Updates
Cost Inflation and Higher Royalties
Cash costs from managed operations increased ~5% to $1,252/oz (several references in the call to cash costs up 5–7%); AISC for managed operations rose ~5% to $1,751/oz. Management attributes increases mainly to inflation, higher royalty payments linked to the higher gold price, fuel and FX movements.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Free Cash Flow and Quarterly Cash Generation
Generated record free cash flow of $2.9 billion in 2025 (almost 3x the $956 million in 2024); Q4 free cash flow exceeded $1 billion (more than 3x Q4 last year). Cash flow was described as almost $3 billion, up ~204% year-on-year.
Read all positive updates
Company Guidance
The company guided 2026 group gold production of 2.8–3.17 million ounces, with total cash costs for managed operations of $1,335–$1,455/oz, group sustaining capital of $1.0–$1.14 billion and non‑sustaining (growth) capital of $785–$835 million (key growth spend on Nevada, Sukari waste stripping and tailings at Obuasi and Siguiri); Obuasi is targeted to grow to over 300,000 oz in 2026, the business expects to add 10–15% of current production (~300k–450k oz) over the next three years from organic projects (including ~100k oz from Sukari and ~100k from Geita), and 2027 project-related spend includes c.$320 million for North Bullfrog and c.$90 million for Arthur.Anglogold Ashanti PLC Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 11.17B | 9.89B | 5.79B | 4.58B | 4.50B | 4.03B |
| Gross Profit | 5.82B | 4.60B | 2.07B | 1.03B | 1.13B | 1.17B |
| EBITDA | 5.58B | 5.48B | 2.58B | 872.00M | 1.25B | 1.23B |
| Net Income | 3.47B | 2.64B | 1.00B | -235.00M | 233.00M | 614.00M |
Balance Sheet | ||||||
| Total Assets | 15.71B | 15.08B | 13.16B | 8.18B | 8.01B | 8.01B |
| Cash, Cash Equivalents and Short-Term Investments | 3.18B | 2.93B | 1.43B | 964.00M | 1.11B | 1.15B |
| Total Debt | 2.29B | 2.44B | 2.15B | 2.42B | 2.17B | 2.09B |
| Total Liabilities | 5.33B | 5.16B | 4.64B | 4.43B | 3.94B | 3.91B |
| Stockholders Equity | 8.53B | 8.09B | 6.63B | 3.71B | 4.04B | 4.05B |
Cash Flow | ||||||
| Free Cash Flow | 4.00B | 3.10B | 878.00M | -71.00M | 257.00M | 196.00M |
| Operating Cash Flow | 5.75B | 4.71B | 1.97B | 971.00M | 1.80B | 1.22B |
| Investing Cash Flow | -1.49B | -1.27B | -762.00M | -897.00M | -1.56B | -1.01B |
| Financing Cash Flow | -2.57B | -1.94B | -727.00M | -87.00M | -224.00M | -345.00M |
Anglogold Ashanti PLC Technical Analysis
Negative
109.15
Price Trends
96.82
Negative
99.58
Negative
85.67
Negative
Market Momentum
-2.13
Positive
38.05
Neutral
15.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU, the sentiment is Negative. The current price of 109.15 is above the 20-day moving average (MA) of 94.66, above the 50-day MA of 96.82, and above the 200-day MA of 85.67, indicating a bearish trend. The MACD of -2.13 indicates Positive momentum. The RSI at 38.05 is Neutral, neither overbought nor oversold. The STOCH value of 15.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU.
Anglogold Ashanti PLC Risk Analysis
Anglogold Ashanti PLC disclosed 1 risk factors in its most recent earnings report. Anglogold Ashanti PLC reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anglogold Ashanti PLC Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
83 Outperform | $106.45B | 12.79 | 25.22% | 0.95% | 25.14% | 73.19% | |
76 Outperform | $16.93B | 13.01 | 16.27% | ― | 116.56% | 325.61% | |
76 Outperform | $32.72B | 8.83 | 50.82% | 1.51% | 68.87% | 187.55% | |
73 Outperform | $10.01B | 10.08 | 32.51% | 0.87% | 31.10% | 57.19% | |
73 Outperform | $17.49B | 27.54 | 11.91% | 0.77% | 70.98% | 38.91% | |
70 Outperform | $42.48B | 12.23 | 43.79% | 2.82% | ― | ― | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
AU
Anglogold Ashanti PLC
84.12
40.17
91.39%
CDE
Coeur Mining
16.37
7.06
75.85%
GFI
Gold Fields
36.62
12.72
53.24%
HMY
Harmony Gold Mining
15.71
1.07
7.34%
NEM
Newmont Mining
99.71
46.99
89.13%
RGLD
Royal Gold
206.07
30.83
17.60%
Anglogold Ashanti PLC Corporate Events
AngloGold Ashanti Posts Record Q1 2026 Cash Flow and Launches $2bn Buyback Plan
May 8, 2026
AngloGold Ashanti reported record free cash flow of $1.2bn and EBITDA of $2.3bn for the quarter ended 31 March 2026, driven by a sustained high gold price and steady production of 724,000 ounces, a 1% year-on-year increase. The company boosted its...
AngloGold Ashanti Posts Higher Q1 2026 Gold Output Despite Asset Sale
May 8, 2026
AngloGold Ashanti reported unaudited operating statistics for the three months ended 31 March 2026, showing group gold production of 724,000 ounces, slightly up from 720,000 ounces a year earlier, driven mainly by higher output at African managed ...
AngloGold Ashanti Files Q1 2026 Earnings Results Presentation with U.S. SEC
May 8, 2026
AngloGold Ashanti plc, a multinational gold producer with headquarters in London and Colorado and listings on the NYSE, JSE and GSE, focuses on large-scale gold mining and related activities across multiple jurisdictions. The company presents itse...
AngloGold Ashanti Shareholders Back All Resolutions at 2026 AGM
May 6, 2026
AngloGold Ashanti plc has reported the voting outcomes of its 2026 Annual General Meeting, held on 5 May 2026 in Mountain Daylight Time. All resolutions set out in the March 2026 AGM Notice, including receipt of the 2025 Annual Report and Accounts...
AngloGold Ashanti Holdings Sets Pricing and Allocation for $650 Million Capped Cash Tender Offers
Apr 14, 2026
On April 14, 2026, AngloGold Ashanti Holdings plc, a wholly owned subsidiary of AngloGold Ashanti plc, announced the pricing of capped cash tender offers for portions of its outstanding dollar‑denominated notes maturing in 2028, 2030 and 204...
AngloGold Ashanti Reveals Strong Early Take-Up in $650 Million Note Tender
Apr 14, 2026
On April 14, 2026, AngloGold Ashanti Holdings plc reported early results from its capped cash tender offers launched on March 30, 2026, to buy back up to $650 million of its outstanding notes due 2028, 2030 and 2040. By the early tender deadline o...
AngloGold Ashanti Holdings Launches $650 Million Capped Cash Tender for 2028–2040 Notes
Mar 30, 2026
AngloGold Ashanti Holdings plc, a wholly owned subsidiary of AngloGold Ashanti plc incorporated in the Isle of Man, launched on 30 March 2026 a series of capped cash tender offers for portions of its outstanding U.S. dollar notes maturing in 2028,...
AngloGold Ashanti Discloses Reduction in Major Shareholding by South Africa’s PIC
Mar 30, 2026
AngloGold Ashanti plc disclosed a change in a major shareholding after receiving a regulatory TR-1 notification from South Africa’s Public Investment Corporation SOC Limited. The filing shows that on 25 March 2026 the PIC reduced its direct ...
AngloGold Ashanti Unveils 4.9Moz Reserve and PFS for Arthur Gold Project in Nevada
Mar 26, 2026
AngloGold Ashanti has released a Technical Report Summary and pre-feasibility study for its Arthur Gold Project in Nevada’s Beatty Mining District, declaring a first-time Probable Mineral Reserve of 4.9 million ounces of gold and 7.8 million...
AngloGold Ashanti Files 2025 Annual Reports and Sets May 5, 2026 AGM
Mar 26, 2026
On 26 March 2026, AngloGold Ashanti published its suite of 2025 annual reporting documents for the year ended 31 December 2025, including its UK Annual Report with audited consolidated financial statements, its Form 20-F filing, a Sustainability R...
AngloGold Ashanti Files Form 6-K, Releases 2025 Reports and 2026 AGM Notice
Mar 26, 2026
AngloGold Ashanti plc, the multinational gold miner headquartered in London and Colorado, operates a diversified portfolio of gold mining assets and associated exploration and development projects, serving global precious metals markets. Its scale...
AngloGold Ashanti Files New Technical Reports Ahead of 2025 Form 20-F
Mar 26, 2026
AngloGold Ashanti plc has filed technical report summaries for key managed properties as part of its March 2026 Form 6-K, to be incorporated into its Form 20-F for the year ended 31 December 2025. The company plans to file the Form 20-F with the U...
AngloGold Ashanti Files Updated Kibali Technical Report Ahead of 2025 Annual Form 20-F
Mar 26, 2026
On March 26, 2026, AngloGold Ashanti plc filed a Form 6-K in the U.S. disclosing that it had submitted a Technical Report Summary for the Kibali Gold Mine in the Democratic Republic of Congo. The report, prepared by qualified persons and current a...
AngloGold Ashanti Executive Adjusts Equity Holdings After Deferred Share Vesting
Mar 10, 2026
On 9 March 2026, AngloGold Ashanti disclosed that executive officer Stewart Bailey received 33,814 ordinary shares off-market at no cost under the company’s 2023 Deferred Share Plan. The vested shares form part of his deferred compensation, ...
AngloGold Ashanti Executives Sell Shares to Cover Taxes After Incentive Vesting
Mar 9, 2026
On 6 March 2026, AngloGold Ashanti’s chief executive Alberto Calderon and chief financial officer Gillian Doran received ordinary shares that vested under the company’s 2023 Deferred Share Plan. The awards formed part of their long-ter...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.