# AngloGold Ashanti (AU)

Sector: Gold mining

| Field | Value |
|---|---|
| Price | $92.00 |
| Market cap | $46B |
| Intrinsic value source | Analysts |
| Data as of | 2026-11-12 |
| Next earnings | 2027-02-19 (estimate) |

Analysts: Bullish

Picks: Research only

Discount category: Far above intrinsic value

## In short

AngloGold Ashanti trades above its intrinsic value because investors pay for its gold cash flow and cash returns, and only lower unit costs, on-time growth projects and steady repurchases can support this price.

## Themes and gap

- Themes: Regulation and courts (regulation-legal)
- Gap type: Slow (slow)
- Why: Only several quarters of lower unit costs, on-time Nevada projects and steady cash returns can support the price, and the gold price also moves the result.

## About

AngloGold Ashanti plc (AngloGold Ashanti) is a gold mining company with its registered office in London and its main executive office in Greenwood Village, Colorado. Its ordinary shares trade on the New York Stock Exchange (AU) and the Johannesburg Stock Exchange (ANG). It files Form 20-F and Form 6-K as a foreign private issuer. It runs ten operating assets on three continents: Geita, Obuasi, Iduapriem, Siguiri and Sukari in Africa, the Kibali joint venture in the Democratic Republic of the Congo, Sunrise Dam and Tropicana in Australia, and Cuiabá and Cerro Vanguardia in the Americas. In 2025, group gold production was 3,091,000 ounces, adjusted EBITDA was $6,294 million and free cash flow was $2.9 billion. At December 31, 2025, the gold Mineral Reserve was 36.5 million ounces. Its growth projects include Arthur and North Bullfrog in Nevada. Alberto Calderon is Chief Executive Officer.

## Thesis

AngloGold Ashanti trades above its intrinsic value because investors pay for the large cash flow that the gold price gives it and for the cash it returns to shareholders, even though it is a miner with rising costs and risks in many countries. All-in sustaining costs rose to $2,170 per ounce in Q3 2026 from $1,720 a year before, and production fell at five of ten assets. A death at Sukari in August 2026, flooding at Iduapriem, a new Guinean rule that requires gold to be refined at home, and a cyber incident in October add doubt about whether it can keep to its plan. It also invests more, with capital spending of $2,000 million to $2,200 million guided for 2027. For the price to hold, three things must be true. Q4 production must lift the year into the guided 2.80 to 3.17 million ounces, with lower unit costs as Iduapriem, Sukari and Obuasi recover. The growth projects at Geita, Siguiri and Cuiabá ($750 million to $900 million) and North Bullfrog in Nevada must arrive on time and within budget. And free cash flow must keep paying the dividend and the repurchase programme of up to $2.0 billion that shareholders approved in July 2026, while net cash stays at $1.26 billion or more. The Q4 2026 report in February 2027 with the 2027 outlook, and the North Bullfrog permits, show whether this happens. The gold price also moves the shares, and the company does not control it.

## Checkpoints

- Nov 5, 2026: Q3 2026 results: cash flow and guidance. Status: Passed. Watch: Free cash flow of $600 million or more, net cash above $1 billion and reaffirmed guidance pass; a cut in guidance fails. Outcome: Free cash flow was $722 million, net cash was $1,256 million and the 2026 guidance was reaffirmed.
- Q4 2026 (estimate): North Bullfrog permits and Guinea refining rule. Status: Pending. Watch: Federal and state permits for North Bullfrog and a workable Guinea export arrangement pass; a permit delay or an export stop fails.
- Feb 19, 2027 (estimate): Q4 2026 results and 2027 outlook. Status: Pending. Watch: Full-year production inside 2.80 to 3.17 million ounces with falling unit costs passes; production below the range fails.
- May 2027 (estimate): Q1 2027 results: costs and repurchases. Status: Pending. Watch: AISC below $2,000 per ounce and repurchases under the $2.0 billion programme pass; higher costs and no repurchases fail.

## Balance sheet

- Cash: $3.1B
- Debt: $1.8B
- Net cash: $1.3B
- Undrawn credit line: $1.5B
- Debt due within 12 months: $81M

AngloGold Ashanti funds itself with cash flow, bonds and bank facilities. At September 30, 2026, total borrowings, with leases, were $1,804 million and cash was $3,060 million, so net cash was $1,256 million after $530 million of dividends paid in Q3. Liquidity was about $4.5 billion. It included an undrawn $1.4 billion multi-currency revolving credit facility and an undrawn $65 million Siguiri facility. The $488 million Geita facility was fully drawn. In April 2026, a subsidiary ran capped cash tender offers of up to $650 million for part of its notes due 2028, 2030 and 2040. In the first nine months of 2026, net cash flow from operating activities was $4,521 million, capital expenditure was $1,579 million and free cash flow was $2,617 million. Dividends declared in the nine months were $1,310 million, or 259 US cents per share. Shareholders approved a repurchase programme of up to $2.0 billion on July 23, 2026.

As of 2026-09-30.

Sources:

- https://www.sec.gov/Archives/edgar/data/1973832/000197383226000171/agaq3sep2026earningsrelease.htm
- https://www.sec.gov/Archives/edgar/data/1973832/000197383226000080/projectmoet-pricingresults.htm

## Dividends

- Dividend yield: 4.9% (last 12 months, at the current price)
- Paid per share, last 12 months: $4.52 (4 payments)
- Current annual rate: $2.88 ($0.72 x 4 a year)
- Latest ex-dividend date: 2026-08-21, $0.72 per share
- Growth from 2020 to 2025: 87.1% a year

Dividends per share by year: 2016: $0.00, 2017: $0.099, 2018: $0.06, 2019: $0.068, 2020: $0.11, 2021: $0.54, 2022: $0.439, 2023: $0.214, 2024: $0.60, 2025: $2.525.

Source: company filings and market data, read on 2026-11-13.

## Recent events

- 2026-11-05: AngloGold Ashanti reported Q3 2026 results. EBITDA rose 12% to $1,568 million, free cash flow was $722 million, net cash was $1,256 million, and production was 696,000 ounces. It declared an interim dividend of 71 US cents per share, or $361 million, and reaffirmed its 2026 guidance. It also reported the death of a colleague in an underground rockfall at the Sukari mine in August 2026.
- 2026-11-03: AngloGold Ashanti's board approved funding for the execution phase of the North Bullfrog project in Nevada, subject to federal and state permits.
- 2026-10-20: AngloGold Ashanti completed the purchase of certain Lake Carey tenements near Sunrise Dam from Matsa Resources for A$55 million (US$39 million).
- 2026-10-16: AngloGold Ashanti said it found unauthorised activity in some of its systems. It said that its containment measures were successful, an investigation continues, and mining production was not affected.
- 2026-10-01: A presidential decree in Guinea took effect that requires all raw gold to be refined in Guinea before export. AngloGold Ashanti, which owns the Siguiri mine there, is in talks with the government about how to apply it.
- 2026-09-22: The South African Reserve Bank gave the final regulatory approval for AngloGold Ashanti's share repurchase programme of up to $2.0 billion. Shareholders approved it on July 23, 2026.
- 2026-07-31: AngloGold Ashanti reported first-half 2026 results and said that its 2026 guidance for production, costs and capital spending was unchanged, with production weighted to the second half.
- 2026-04-14: AngloGold Ashanti Holdings plc, a subsidiary, reported the results of capped cash tender offers of up to $650 million for part of its 3.375% notes due 2028, 3.750% notes due 2030 and 6.500% notes due 2040.
- 2026-03-26: AngloGold Ashanti filed its Form 20-F for 2025 and reported a first Mineral Reserve of 4.9 million ounces of gold at the Arthur project in Nevada, with an initial nine-year mine life and average production of about 500,000 ounces a year.

## Latest news and filings

- Next earnings: 2027-02-19 (expected; the company has not confirmed it)

| Filed | Form | Headline | Period end | XBRL document | Link |
| --- | --- | --- | --- | --- | --- |
| 2026-07-31 | 6-K | Interim report for the period ended Jun 30, 2026 | 2026-06-30 | au-20260630 | https://www.sec.gov/Archives/edgar/data/1973832/000197383226000123/au-20260630.htm |
| 2026-03-26 | 20-F | Annual report for the period ended Dec 31, 2025 | 2025-12-31 | au-20251231 | https://www.sec.gov/Archives/edgar/data/1973832/000197383226000066/au-20251231.htm |
| 2025-08-01 | 6-K | Interim report for the period ended Jun 30, 2025 | 2025-06-30 | au-20250630 | https://www.sec.gov/Archives/edgar/data/1973832/000162828025037113/au-20250630.htm |
| 2025-04-15 | 20-F | Annual report for the period ended Dec 31, 2024 | 2024-12-31 | au-20241231 | https://www.sec.gov/Archives/edgar/data/1973832/000162828025017760/au-20241231.htm |

Every filing on SEC EDGAR (CIK 1973832): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001973832&type=&dateb=&owner=include&count=40

## Risks

- High: The gold price drives cash flow. At about 3 million ounces a year, each $100 per ounce change in the price moves revenue by about $300 million before royalties and taxes, and royalties rise with the price.
- High: Operations and safety: there were deaths at Sukari in August 2026 and at Obuasi earlier in 2026. Flooding hit Iduapriem, and production fell year on year in Q3 2026 at Iduapriem (43%), Obuasi (26%), Sukari (21%), Tropicana (15%) and Geita (4%).
- Medium: Country risk is high. Guinea now requires raw gold to be refined at home, $163 million of the company's share of cash was awaiting repatriation from the Democratic Republic of the Congo at September 30, 2026, and other mines are in Ghana, Tanzania and Egypt.
- Medium: Costs are rising. AISC was $2,170 per ounce in Q3 2026 against $1,720 a year before. Price-linked royalties added $81 per ounce and fuel added $33 per ounce in the first nine months.
- Medium: Growth projects need permits and money. North Bullfrog needs federal and state permits, the Arthur feasibility study is not finished, and capital spending is guided to rise to $2,000 million to $2,200 million in 2027.
- Low: A cyber incident in October 2026 is still under investigation. The company said that production was not affected.

## Links

- Page: https://picks.utilarium.app/company/AU/
- History of changes: https://picks.utilarium.app/company/AU/history/
- JSON with full history: https://picks.utilarium.app/data/company/AU.json

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