AU

Recently, AngloGold Ashanti was the subject of conflicting analyst views, with an average brokerage recommendation of 1.89 (between Strong Buy and Buy) but a Zacks Rank of #4 (Sell) driven by negative earnings estimate revisions. This unusual split between upbeat brokerage ratings and weakening earnings expectations highlights a potential disconnect in how the company’s prospects are being interpreted. We’ll now examine how this tension between optimistic recommendations and declining earnings estimates may reshape AngloGold Ashanti’s investment narrative. We've uncovered the 12 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own AngloGold Ashanti today, you need to believe that solid gold demand, cost discipline, and its growth projects can justify recent share price strength. The latest split between bullish brokerage ratings and a Zacks Rank of #4 (Sell) mainly reflects short term earnings concerns. Unless estimate cuts deepen or persist, this does not materially change the immediate catalysts around production delivery and project execution, though it does sharpen the focus on earnings quality as a key risk. In that context, the recent Arthur Gold Project technical report in Nevada stands out. It outlines a Tier One style deposit with initial probable reserves of 4.9 million ounces and an estimated all in sustaining cost of about US$954 per ounce, which ties directly into the debate raised by the new ratings data: whether AngloGold Ashanti can offset cost pressures and preserve margins through higher quality growth rather than relying solely on gold prices. Yet against the upbeat revenue and profit story, investors still need to be aware of the growing risk that rising royalties and fiscal demands in key jurisdictions could... Read the full narrative on AngloGold Ashanti (it's free!) AngloGold Ashanti's narrative projects $12.1 billion revenue and $5.5 billion earnings by 2029. This assumes broadly flat yearly revenue and a roughly $1.7 billion earnings increase from $3.8 billion today. Uncover how AngloGold Ashanti's forecasts yield a $113.12 fair value, a 7% downside to its current price. Some of the most optimistic analysts once projected earnings near US$6.4 billion by 2029, yet the current earnings downgrades and cost pressures show how sharply opinions can differ. Explore 5 other fair value estimates on AngloGold Ashanti - why the stock might be worth 7% less than the current price! Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts. A great starting point for your AngloGold Ashanti research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision. Our free AngloGold Ashanti research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate AngloGold Ashanti's overall financial health at a glance. Markets shift fast. These stocks won't stay hidden for long. Get the list while it matters: Find 48 companies with promising cash flow potential yet trading below their fair value. The future of work is here. Discover the 37 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Invest in the nuclear renaissance through our list of 92 elite nuclear energy infrastructure plays powering the global AI revolution. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AU. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Vancouver, British Columbia--(Newsfile Corp. - August 14, 2026) - Copper-gold explorer and hybrid project generator Kincora Copper Limited (ASX: KCC) (TSXV: KCC) ("Kincora" or "the Company") is pleased to report its financial and operating results for the quarter ended June 30, 2026. During the quarter, Kincora continued to advance its hybrid prospect generator strategy across its NSW portfolio, with key activities including: Partner-funded drilling continued with AngloGold Ashanti at the Nevertire South project, targeting a highly prospective porphyry setting in the Northern Junee-Narromine Belt. Completion of nine drill holes at the 100%-owned Condobolin project, representing the first systematic drilling program at the historic mining field in over a decade, with results pending. Completion of "traditional" geological and "next-generation" AI reviews across key NSW projects, generating and refining new exploration targets. Commencement of a formal process with potential new asset-level partners for the Trundle, Fairholme, Cowal East and Cundumbul projects. Advancement of planning for air-core drilling programs during the upcoming late Spring-Summer period. Progress on the divestment of Kincora's Mongolian assets for total consideration of US$10M. US$5M has now been received, with the final US$5M expected upon completion of the transaction. A current cash balance of approximately A$12M. President and Chief Executive Officer Sam Spring commented: "We made strong progress during the quarter advancing our portfolio, with drilling across two projects, new targets generated through both traditional and AI-supported technical reviews, and a formal process now underway with potential new asset-level partners. With approximately A$12M in cash, further proceeds expected from the Mongolian divestment and multiple exploration catalysts ahead, Kincora is well positioned to systematically advance our NSW portfolio and pursue the next stage of our hybrid prospect generator strategy." The full Quarterly Activities Report, Financial Statements and MD&A for the period ended June 30, 2026 have been filed on SEDAR+ (www.sedarplus.ca) and are also available on the Companys website at www.kincoracopper.com. About Kincora Kincora Copper Limited (ASX: KCC) (TSXV: KCC) is an emerging Australia-focused gold-copper explorer with a hybrid project generator strategy and currently drilling at two projects (Nevertire South and Condobolin). The Company is successfully proving up the prospectivity of its extensive project portfolio, which includes multiple district-scale landholdings and scalable drill ready targets. These assets are located in Australia's Lachlan Fold Belt and Mongolia's Southern Gobi, two of the globe's leading porphyry belts, and the historical Condobolin mining field within the Cobar basin in NSW. The Company has already unlocked over $100 million of potential partner funding for multiple earlier stage and/or non-core porphyry projects. These initial deals have supported over 20,000 metres of drilling and over A$10m of partner funded exploration since late 2024, with management fees and exploration ramping up. Various partner discussions are ongoing for its remaining 100% owned flagship and advanced exploration stage porphyry projects. By having a significant portfolio of partner funded large porphyry projects, and a very focused capital efficient programs at the Condobolin and other sole funded projects, the Company is seeking to position Kincora as a leading institutional grade explorer in the public Australian and Canadian markets, and the leading project generator on the ASX. The Company's website is: www.kincoracopper.com This announcement has been authorised for release by the Board of Kincora Copper Limited(ARBN 645 457 763) FOR FURTHER INFORMATION PLEASE CONTACT: Sam Spring, President and Chief Executive [email protected] or +61431 329 345 Kaitlin Taylor, Investor [email protected] Forward-Looking Statements Certain information regarding Kincora contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Kincora believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Kincora cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Kincora currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. Kincora does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) or the Australian Securities Exchange accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit https://www.newsfilecorp.com/release/309617

Image source: The Motley Fool. Friday, July 31, 2026 at 9:00 a.m. ET Executive Vice President, Corporate Affairs and Investor Relations - Stewart Bailey Chief Executive Officer - Alberto Calderon Chief Financial Officer - Gillian Doran Chief Technology Officer - Marcelo Godoy Operator: Good afternoon. Welcome to the AngloGold Ashanti Q2 2026 Earnings Release. [Operator Instructions] Please note that this event is being recorded. I will now hand you over to Mr. Stewart Bailey. Please go ahead. Stewart Bailey: Thanks very much, Judith. Good afternoon, good morning to everyone, depending on where you are, and welcome to our results for the second quarter and the first half of 2026. Alberto and Gillian will be presenting, but we have members of the executive team for any questions you might have. As always, we have a safe harbor statement at the front of the presentation, which has important information regarding forward-looking statements, and we would encourage you to read that. I'll hand over to Alberto. Alberto Calderon: Thank you, Stewart. I will start with safety. You will remember from our Q1 presentation that we had a tragic fatality at Obuasi on April 24. We suspended operations for 2 weeks to undertake a thorough investigation into the incident, and we are taking the necessary and important steps to prevent a reoccurrence. This kind of event validates the effort and resources that we spend every day to improve our safety performance. We do remain proud of the enormous strides we have made over the past 5 years, as you can see. Before we go into the quarter, let's take a step back and look at the first half, which -- really how are we doing after half a year. Production after stripping out the sale of Serra Grande was more or less stable year-on-year at around 1.5 million ounces. We had an exemplary cost performance again, managing controllable costs slightly lower in real terms. That is, if you strip away inflation, oil price, royalties, exchange rate, which is what we can control, we once more are below that level of controllables. Once again, you see strong growth in EBITDA and earnings. Comparisons are not usually nice, but probably we had the best EBITDA growth year-on-year of all of the large gold companies, comfortably outstripping the rise in the gold price along with a more than doubling in cash flows. We made sure that shareholders both see the full benefit and see it right away with just under $1 billion in dividends declared over 6 months. It's been an extraordinary period by any measure. As we look to Q2, there was a production impact from both Serra Grande sale and the temporary safety suspension at Obuasi. On the positive side of the ledger, we had standout performances at Tropicana and Cuiaba. Total cash cost to the group were $1,480 per ounce. Once again, as with the half year, the macro context is critical. As I mentioned before, royalties, fuel, broad inflation, FX basically accounted for all of the increase. While this impact is driving cost inflation across the industry, our underlying operational discipline is firmly intact. And that discipline is why our financial metrics are so strong. We've ensured that earnings and cash flow grow well ahead of the gold price. EBITDA was up 46% to $2 billion. Headline earnings were 58% better at $1 billion. You can see our cash flows remain robust. Cash generated from operations grew 49% to $1.8 billion. As we expected, cash taxes more than doubled year-over-year to $542 million. This reflects not only our improved profitability, but also the timing of payments across our operating jurisdictions. Importantly, it is a seasonal peak. As we start reading the analyst reports, I think that's probably something that needs to be adjusted because, for example, we do expect cash taxes to fall to less than half of that $542 million to about $230 million to $250 million in each of Q3 and Q4. So that points to an even stronger cash conversion over the remainder of the year. We continue to transform the balance sheet. Liquidity is ample at $4.2 billion, underpinned by a net cash position of nearly $1 billion. To put that in perspective, we had a net debt position of $311 million just 12 months ago. This allows us to comfortably invest in our growth pipeline while ensuring our shareholders benefit from strong cash returns. This is an interesting graph, and we could make this one since 2021, but right now, you're seeing it since H1 of 2024. As we look at the broader industry landscape, it's clear that external market-driven factors have fundamentally reshaped cost profiles across the industry. Every operator is navigating the same intense macroeconomic pressures, persistent inflation, fuel spikes and the impact of higher gold price-linked royalties. Our approach is not to passively accept them. We are relentlessly focused on executing what we can control. This chart provides important historical context of our cost performance. The gray bars represent our normalized cost. That is what our total cash cost would be if we simply accepted market inflation and royalty hikes and nothing else changed. However, through active mitigation strategies implemented across our portfolio, we have managed to partially offset these macro factors. This is reflected in the orange parts, which represents the total cash cost we actually reported, proving our ability to consistently outperform these macro-inflated baselines. Through rigorous operational discipline and our Full Asset Potential program, we have successfully compensated not only for the increase due to these external factors, but also for normal changes in grade and mining further from infrastructure that is inevitable. Ultimately, by decoupling our controllable operating costs from these escalating market headwinds, we ensure that the full benefit of record gold prices flows directly to the bottom line, maximizing free cash flow and driving our sector-leading yields. Our Tier 1 assets are the core growth and cash engine of the group, accounting for over 70% of total production at an exceptional 71% cash margin. These assets hold approximately 80% of our mineral reserves, underscoring the structural long-term quality of our global portfolio. Our Tier 2 assets continue to serve as reliable cash generators, delivering a solid 58% margin with ongoing focus on operational discipline and cost competitiveness. This combined asset structure provides superior cash flow leverage to the higher gold price environment while maintaining the quality foundation needed to keep us firmly on track for full year guidance. The high-quality portfolio we just walked through is not static. We are fortunate to have an emerging slate of low-risk, capital-efficient and potentially very high-return brownfield and greenfield opportunities. These projects underscore what I've said repeatedly, while we always scan the landscape for value-adding M&A, the best opportunities for us lie within our portfolio. Nevada is anticipated to become a significant production center for the company in the early 2030s. We're advancing to full feasibility study at Arthur. But even at our existing operation, we have options with the potential to add between [ 10% to 15% ] to our current production profile in the next 3 years, all from our existing operations. There are various opportunities identified through leveraging our established strategic asset review and option analysis processes. Key operational focus areas include additional ore sources and processing plant expansions aimed at sustainably improvement on current production bottlenecks at Cuiaba, Geita, Siguiri, Obuasi and Sukari. We are currently advancing high-value exploration opportunities, priority studies and project implementations all along the pipeline with a new more agile fast-track project framework. I will give a detailed update of these growth projects in Q3. This is what disciplined capital allocation looks like, taking part of our record free cash flow and reinvesting in its low-risk, high-return opportunities that will optimize the value we can deliver from our world-class ore bodies. We are prefunding the health and expansion of these assets today, ensuring they remain highly profitable cash generators well into the next decade. On dividends, it is worth having a quick reminder of our dividend policy. It provides for a quarterly payout of $0.125 a share. It also provides for an annual true-up payment, bringing the payout to 50% of free cash flow. We again use discretion to make that true-up at the half year, underlining not only the extraordinary cash flow generation, but also our confidence in the outlook of the business. That takes our dividend declaration for the half year to $949 million with $364 million declared in Q2. This remains one of the most generous yields in the sector. And as normal, we expect a strong second half. When you look at our overall capital allocation framework, you can see it working precisely as intended. Our portfolio is well capitalized and is performing consistently to plan. Our balance sheet is the strongest it's ever been. We're delivering sector-leading returns with one of the industry's most attractive yields. We've shown an investor-forward approach with more frequent dividend payments. In April, we executed a buyback of our outstanding bonds, retiring $666 million of our '28 and '30 notes. That's another reduction in our longer-term financing risk and a clear improvement in our strategic flexibility. That positions us well to deploy excess liquidity into a $2 billion open market share buyback program. Shareholders approved the program last week, and we're now waiting approval from the South African Reserve Bank. Again, if you step back, this is a business with a predictable operating base and unrivaled project pipeline and a balance sheet that will stand us in good stead in whatever market we encounter. With that, I hand over to Gillian. Gillian Doran: Thank you, Alberto. We generated free cash flow of $727 million in Q2, a 36% increase over the $535 million reported in Q2 of last year. This was underpinned by a 41% year-on-year increase in net cash flow from operating activities to $1.4 billion, driven by disciplined cost execution and a 35% higher average gold price received. The upward pressure on cost for our industry were particularly acute this quarter. U.S. CPI escalated to 3.5% in June of 2026 from 2.7% 12 months earlier. The primary driver was the 45% increase in Brent crude prices, which led to a spike in our energy inputs. Australia was the clearest example with inflation more than doubling to 4%, putting pressure on local labor and consumables. U.S. dollar weakness was matched by appreciation of our local currencies, creating strong cost headwinds. This currency-driven inflation is receiving aggressive focus on internal cost containment measures. Our internal realized inflation rate, which represents CPI changes in the jurisdictions that we operate, is currently just under 6%. We're working to offset those cost pressures with our Full Asset Potential program and by adopting a total cost of ownership supply chain framework, ensuring disciplined capital allocation by optimizing long-term asset performance. In our financials, the results show a significant rise in earnings and free cash flow. The increase in free cash flow was underpinned by higher realized price and improved cash receipts from Kibali. EBITDA rose 46% to $2 billion. Basic earnings per share rose 49% year-on-year to $1.97, up from $1.32 in Q2 of last year. As a result of the strong performance, we ended the quarter with net cash of $991 million, a $1.3 billion swing from June in the prior year. Total cash costs increased by 21% year-on-year to $1,480 per ounce compared to $1,226 per ounce in Q2 of 2025. We've been very clear on those exogenous factors driving the increase. Inflation, higher gold price-linked royalties and exchange rates collectively added around $216 per ounce or 18% to the cost base. The higher gold price meant higher revenue-linked royalty costs, while the 45% increase in oil price drove up our fuel costs across the portfolio. The suspension at Obuasi accounted for another $38 an ounce. In our managed operations, we saw the benefit of our Full Asset Potential programs, specifically our plant feed expansion program at Cuiaba. Total cash costs for our managed operations increased by 20% to $1,486 an ounce. Through Full Asset Potential and other operational improvement initiatives, we continue to look for opportunities to improve efficiencies and protect our margins. On free cash flow, the higher price added $733 million, offset by lower sales volumes, which reduced it by $151 million. Increases in operating costs were largely driven by higher royalties, inflationary pressure and the weaker U.S. dollar, partly offset by higher byproduct revenues and lower costs related to legacy tailings facilities. It's important to note that earnings-related tax payments in Q2 2026 were the highest on record and are expected to be, by some way, the highest for this year. Capital spend stepped up as planned, while distributions to our noncontrolling interests were $85 million year-on-year. We are pleased to again reaffirm annual guidance based on our stated assumptions, which underscores the robustness of our portfolio and the improving operational performance into the second half. We do expect a second-half weighted production profile, particularly in Q4. Production is expected to reduce slightly at Tropicana as open pit mining moves into the lower-grade Havana 6 pit and at Iduapriem due to difficulty accessing temporarily flooded higher-grade areas. Obuasi is running at a normalized run rate with half-2 production expected to be 150,000 ounces. We are keeping a close eye on developments in the Middle East to mitigate any impacts on our energy and global supply chains. With that, I'll pass back to Alberto to outline our relative market performance. Alberto Calderon: Thank you, Gillian. We've not changed our focus. 2026 is about disciplined execution and controlling what we can control like we have done in the past 5 years. In a strong gold environment, discipline matters more, not less. Our aim is simple: protect margins, allocate capital rigorously, strengthen the portfolio. We remain laser-focused on cost discipline across the portfolio. For Full Asset Potential, we are systematically looking for ways to offset external pressures across the board. We're increasing the production contribution from our Tier 1 assets, which structurally lowers our cost base and improves margin resilience. Active portfolio management remains core. We've been active in this area, and we'll continue to direct capital to assist -- to assets that generate superior risk-adjusted returns. Sustaining capital is about protecting safety and reliability as well as asset longevity and growth. We are appropriately capitalizing our assets to ensure safe, stable and sustainable operations. We continue to invest in mineral reserve development to increase operational flexibility, particularly in complex ore bodies. Reserve replacement remains fundamental. Sustained reserve growth underpins long-term value creation. Growth capital is focused on high-quality, long-life projects, particularly in Nevada. These projects enhance jurisdictional quality and portfolio resilience. We are creating flexibility for life extension and brownfield growth across the portfolio by building new tailings and opening land to extend our mining operations. We are prioritizing short-cycle, high-return organic projects that strengthen free cash flow generation. Operational excellence alone is not enough. Social and regulatory stability are equally critical. We remain deeply committed to our host communities and governments where we're providing real-time benefit from the higher gold price through taxes, royalties, social investment and meaningful participation in our value chain. We've made steady progress narrowing the rating gap relative to our North American peers through a comprehensive multiyear plan to strengthen the business. Today, our fundamentals are robust. Our portfolio is performing and the higher gold price is flowing directly to the bottom line. This slide clearly illustrates our relative outperformance. The transparent bubbles represent where we and our peers sat exactly 1 year ago, while the solid bubbles show our position today. Over the last 12 months, you can see a sector-wide derating. For AngloGold over the past year, as you can see in the chart, we moved to higher dividend yield and a slightly higher EV-to-EBITDA multiple. All of our competitors saw the opposite. That is no accident for us. The market performance has followed our results. In fact, in Q2, we generated a sector-leading 36% year-over-year growth in free cash flow per share, outpacing the peer group. In the end, that is what matters, what flows to the bottom line to free cash flow. While some peers have built significant net cash positions, our capital allocation ensures we pass this strong cash generation directly to shareholders. At these elevated gold prices -- as these elevated gold prices hold, we are focused on realizing our operational catalysts, managing costs aggressively and delivering on our buyback program. With that clear focus, we believe AngloGold represents the most compelling investment proposition in the sector today with significant embedded upside. With that, I will hand over to the operator for your questions. Operator: [Operator Instructions] Our first question comes from Josh Wolfson of RBC. Joshua Wolfson: Alberto, we had a lot of questions on the last call on the buyback announcement. Many of the details couldn't be disclosed. With this now approved, can you provide me a bit more information on how the company is looking to leverage this? Is it going to be opportunistic purchases, more stable? And what are your thoughts on executing the full program, all things equal? Alberto Calderon: Thank you, Josh. We still, as I said -- mentioned, haven't had the authorization from the Reserve Bank of South Africa. And I can tell you at this stage, it's going to be more opportunistic. There's going to be probably at some point, a minimal buying, but it's going to be skewed more towards the downside and to [ liquidate ] more than anything else. But yes, we're still waiting for the reserve bank and then we see. Joshua Wolfson: Got it. And then on our end, we're very excited about this upcoming organic growth update. The company has issued some details at least at Geita, and we kind of know the outlook for Obuasi. When we think about the other assets that were identified, Sukari, Cuiaba and Siguiri, is there any more information you can provide, maybe early expectations there? And also, what should we be thinking about the capital needs for some of these opportunities? Alberto Calderon: Thank you, Josh. Look, I'm sort of resistant because I want to give what I've said, sort of the next quarter is going to be, I would imagine, with -- I know a significant detail per asset of what we expect to see in 3 years and probably before that. But obviously, we've continued to work. There's a whole team, let's say, that has been assembled in the corporate with an SVP that's equivalent to the Head of Africa. So it's a pretty senior position. And in that group, you have planning people, you have supply people, you have finance, you have HR people, you have projects people. And so they're looking at each one of these. The cost is not high. Probably it's where we have the processing plant in Geita, there's going to be a bit more cost. But in Sukari, it's basically equipment, trucks and shovels and things like that and exploration. In Cuiaba, it's going to be -- we will -- looking for bringing ore from other places, but it's pure mining. And Cuiaba, yes, we'll see if it's between -- it may be 75,000 or something in 3 years that we're looking for. And Siguiri, it's, again, pure mining. It is -- we've identified areas. We again need to do a bit more brownfield, but the initial estimates sort of solidify, strengthen our view that this is going to be just more of mining, open pit. There's not issues. We need to do some -- the issues of license to operate with resettlements, but nothing that we will see is going to be an issue within the next 3 years. So look, what I can tell you right now, we've given a guidance between 2025 baseline, so above 3 million ounces and between 300,000 and 450,000 ounces. And the more we see, I think that we're going to be in that range and what we will be talking in Q3. So low CapEx. Interestingly enough, and this is important, what you see in the growth CapEx and sustaining CapEx right now in this quarter is already contemplating the money to achieve that growth. For example, you will see in the growth capital, $120 million, from memory, for TSFs in Obuasi and TSFs in Siguiri from memory. So those two are needed as we grow the ounces. You are also seeing money on sustaining for stripping, money on sustaining for ORD, and that is all preparing the terrain. So we've started to spend within apparently normal course of business, but it's within this laying the groundwork to have -- to materialize these growth projects. And again, it's not that we're going to only see the growth in 3 years. We should start seeing some of the growth. So we expect growth. If this is a transition year, if I look at 2026, we will be sort of flat for -- versus '25. We expect to see growth in '27, growth in '28 and then bigger growth in '29. Joshua Wolfson: Okay. Very much looking forward to that. If I can sort of tuck in maybe one more question. There was a detailed exploration update also issued this morning, lots of sort of incremental pieces of insight, specifically for Arthur, where I guess we're focused on some of the upside there. Is there anything you can kind of point to? It looks like there's a lot of drilling that's been completed there. How should we be thinking about some of those opportunities and what that means for that project? Alberto Calderon: We are -- maybe I'll ask Marcelo Godoy just to help me out here or if he wants Nick, tell me, Marcelo. But look, we continue to advance. We had a Board meeting yesterday. We've given like significant more resources to finish this feasibility study. We are concentrated on that for -- to have it, I think, next year sometime. And everything we see is -- gives us more and more confidence that this is going to be the defining asset for AngloGold in the next decade. The progress in [indiscernible] but North Bullfrog, we expect record of decision by the end of this year. But Marcelo could -- you're somewhere else, but do you want to add something versus the question, please? Marcelo Godoy: Sure, Alberto. We have been -- we have finished a major drilling campaign at Arthur, and we are aiming to increase the reserves by -- our target is 1 million-plus ounces for this year. And now with the approval of the feasibility -- the approval from the Board, we have the funds to start the feasibility study now in August. So that's where we've been focusing on. Everything else is working according to plan. Thank you. Operator: The next question comes from Adrian Hammond of SBG. Adrian Hammond: Firstly, just talk about capital allocation, if you may. Your target for $1 billion cash buffer is largely achieved. So does this assume then you pay out all future free cash flows? Or are you going to build further cash buffers here in light of your growth aspirations? Alberto Calderon: Thanks, Adrian. No, the plan is to find a way to return that cash. At this stage, we don't -- our plan is to, yes, build that $1 billion. And so as I look at it, it all depends on the gold price. But if you believe that the gold prices staying where it is, we should double the free cash flows. And then you can just remember, let's say, it's $3.8 billion, and we already -- so that's $1.9 billion we're returning on dividends. And then on the other $1.9 billion, we use $666 million, close to $700 million for the repurchase. So you can see that, that will -- there is -- if we keep $1 billion, there's going to be more upside that we'll return one way or another. Adrian Hammond: Okay. Great. And then if we can talk about Obuasi, you've mentioned 3 issues, including equipment breakdowns, availability, operational delays. Every 6 months, it seems to be something unfortunate there at Obuasi. Do these issues -- are they temporary? Or do you think these risk the ramp up there? Alberto Calderon: So let me -- I think the main, main issue was the fatality. I don't think that if there was any -- before the fatality, we were heading towards -- the first quarter was fine, and we were heading towards delivering on our target for the year, which was between 300,000 and 350,000, something like that. We would have done that. And even -- but as you know, the fatality in an ore pass, the way it happened really obliged -- we had an obligation to deeply understand why it happened, how it happened and what we needed to do to avoid this. We also had a catastrophic failure in the system again. And so that impacted us not only in the weeks that we had operations closed. But for example, we're not using those ore passes right now. So basically, we're operating without the KMS shaft. And even without that, we expect to have an annualized 300,000 in the second half. Now we do expect to bring everybody back to normality, including the ore passes. So we're building another ore pass because remember, all of the gate into -- how do you say? Yes, the gate that you used to control the flow of the ore pass was completely destroyed. So we are building another ore pass that should be ready by the fourth quarter, and that sets well the groundwork to deliver on the 2027, which was around 325,000, 350,000 or something like that. So that's where we are preparing ourselves to and we are thinking, again, that mostly without the KMS shaft, we will do around annualized 300,000 in the second half of the year. Adrian Hammond: That's clear. And then third question, perhaps for Gillian, on the realized gold price versus market averages. They seem to be quite apart. Is this just timing? Or should we think there is a reason for this such as the potential discounts that you're required to sell gold to Ghana and Tanzanian authorities? Gillian Doran: Thanks, Adrian. It's exactly timing. You will know that there was quite a lot of volatility in gold price change in Q2. You saw the highest drop actually since 2013. And so it's effectively the timing of sales. So we had -- it was -- our realized price was $90 an ounce lower than the kind of the consensus or the spot price for the quarter. It is related to timing. The other thing we've got very small amounts of concentrate sales still in Brazil, 36,000 ounces. So that's a small premium or discount on the gold price. But otherwise, nothing impacting us achieving market prices. Adrian Hammond: And while you're on the line, just I noticed your working capital outflows have improved quite considerably. Do you think that will reverse completely, at all at 2H? Or is this going to be something where we should expect a steady balance going forward? Gillian Doran: No, I think -- thanks, and thank you for recognizing the achievement. The team is so focused on working capital. We're not anticipating any lumpiness in the second half. Of course, as your receivables are higher based on gold price, maybe there's some movement there, but we are laser-focused on working capital and don't anticipate any lumpiness in the second half. Operator: Our next question comes from Raj Ray of BMO. Raj Ray: A couple of questions. First, a follow-up and more a clarification on Adrian's question on the buybacks. So am I correct in understanding that in periods where you pay 50% of your free cash flow as dividend, you're still willing to go above that for share repurchases. So your total capital returns could be higher than the 50% of free cash flow. Is that correct, Alberto? Alberto Calderon: That is absolutely correct. And if the gold price stays where it is today, it will be -- that will be the case. Raj Ray: Okay. And then a second question is the comment you made on the growth of -- coming in the portfolio over the next few years. Can you comment on what it does to your capital intensity? Are you happy with your sustaining and nonsustaining capital intensity at these levels as you deliver on those growth? Or is that expected to increase? Alberto Calderon: No. Look, it is -- I would say it's going to be stable for some years. So we are doing about $480, something like that, per ounce, which you look at other like Agnico, I think it's double, they're not investing anything. We have, yes, a very important growth pipeline within our own organic assets. And we -- yes, you need to invest in it. So we expect to stay where it is high for some years, but not go higher than that. Operator: Our next question comes from Joseph Reagor of ROTH Capital Partners. Joseph Reagor: Two items I don't think have been touched on yet. So first, at Siguiri, there was this announcement that the government is going to force the flow of gold through their refinery. Has this occurred for you guys with Siguiri? And is there any impact from that going forward? Alberto Calderon: Thanks, Joseph. So yes, we are in conversations with the government. This is something that we have seen elsewhere, and we work with the governments like in Ghana. And yes, it's just about -- we have -- I think they gave 3 months. So we believe we will find a way of how to deal with it. But we understand the asks wanting to have more local adding value. And we will, again, talk to the government and the ways to deal with that. So at this stage, I don't want to comment more except that we believe that it's something that you can address within almost business as usual. Business as usual means it's not any significant thing. We just need to reach to how do we do this with the government. But we have a lot of, I would say, confidence the Minister of Mines is -- probably is very knowledgeable of the industry, understands what we are, the needs of the industry. And yes, we expect to continue constructive conversations on this front. Joseph Reagor: Okay. Fair enough. And then at Iduapriem, cash costs rose pretty significantly quarter-over-quarter, looking at grades and throughput, et cetera. It doesn't seem like there's any meaningful justification for it. Is there some color you guys can give there on what caused that and if it's sticky? Alberto Calderon: I will tell you, and it is related, there is a particular significant hit on this quarter on the royalties increase. That's it. If you look at Iduapriem in terms of -- for the quarter in terms of what we call flex cost, which is including royalties and fuel price and everything, we sort of are flat. So that is important. And then the other interesting thing that I can note, if I look at the outlook for the year for Iduapriem, we're going to be again flat in terms of the flat cost. And then that royalty impact is reduced. Let me just say one more thing, which is important, what the government did was increase the royalty. So right now, the increased impact is 5%, but they reduced the COVID levy by a net impact of about 2.6%. But that you see -- you don't see in cash flows. You see in taxes. And so there is a significant mitigation that you see below the line. So all in all, the sum is Iduapriem is doing well on cost. There was some increase in mining contractor, but the bulk of it for the quarter was the royalty impact. Operator: Our next question comes from Tanya Jakusconek of Scotiabank. Tanya Jakusconek: The first one is just a clarification, if I can, Alberto. I understood from Josh and others that for that 300,000 to 450,000 ounce growth from your portfolio, that's going to come at less than $100 million of capital and really not any additional change to the $480 per ounce of sustaining capital. Is that a correct way for me to think about that? Alberto Calderon: We will give you more details. The $100 million, we've never talked about that. What I've said is, overall, we don't expect the sustaining CapEx numbers to increase. And the other thing that I've said is that all of the projects, I think most of them is going to be -- I don't have the numbers yet, but it's going to be nothing significant in the scheme of things. They're very high IRR projects. But of course, if you need to buy more equipment in Siguiri and you need to buy more mining equipment in Sukari, that's just going to come at a cost. And I don't know how it's going to flow in -- exactly in the numbers. But it is nothing like you're going to have in billions of dollars that you have to do an expansion. So there will be no other projects that are as high IRRs as this one. That's the point I've tried to make. In the Q3, we will give probably some more detailed estimates of what we're assuming. But most of it is just more mining and the costs that are involved with that. Tanya Jakusconek: Okay. Sorry, I heard a $75 million number that was put out. I think you mentioned it. And so I thought that was for everything. Sorry, maybe it was my misunderstanding. Okay. So that was my first clarification. The second I wanted to focus on was on your costs. And I appreciate that the higher gold price impacts the royalties, the higher fuel price impacts the cost as well. Can you maybe just talk about some of the other inputs that maybe you are feeling some inflationary pressure on, maybe it's labor, maybe it's consumables. Are you seeing anything in those areas that are also impacting your costs? Alberto Calderon: Thanks, Tanya. Let me probably -- the number I did mention was 75,000 ounces additional in Cuiaba. I don't know if that's what I didn't say. It wasn't millions, but ounces additional in Cuiaba. Look, in terms of the costs, how do we -- the inflation impact in the half year is a bit larger than what we -- so it's -- usually, it's been 5%. It's about 5.8%. And this is excluding the fuel price. And so -- and the fuel price, it's about -- on the half-on-half, it's about $20 an ounce. So it's not significant, but everything adds up to it. So when you look at the impacts -- and this -- I'm talking again half-on-half year, you're having about [ $60 ] on inflation, you're having about [ $23 ] in fuel price and exchange rate like [ $46 ] and then you have the impact of the royalty that is significant. So that all adds up to a flex cost that is higher -- a bit higher than what you see in the numbers. If you go to our cost for the half year, cash cost is $1,436, the flex cost is a bit higher than that. So which means that we've been able to lower a bit versus the flex cost. I don't know if that's helpful. Tanya Jakusconek: I'm just wondering, as you -- is it labor -- is labor inflationary above the 3% to 5% in your portfolio? I'm just trying to understand, excluding that fuel and royalties, what else is just overall inflation? Just trying to understand that. And I know you've reduced on your productivity and optimization of assets separate from this about 2%. So you're gaining a little bit there. I'm just wondering where else am I seeing those pressures? Gillian Doran: Maybe, Tanya, I can just say that we're not seeing anything out of the ordinary in terms of inflationary pressure within the jurisdictions that we operate, particularly around labor. What we would say is it's a relatively fixed cost business, especially in the short term. And so yes, we -- if you kind of look at the volumes and the cost base, you can see that it's those primary drivers for the costs are the macro factors that we are kind of trying to manage as best we can. But there's nothing outside of that, that we would highlight as an issue for us. And we are again expecting really quite strong cost performance in the second half, in line with the sort of volume profile that we are anticipating. Alberto Calderon: I'm not going to say whom, but we have heard others talking about like extraordinary costs and you see their impact. We haven't seen that. That's just... Tanya Jakusconek: Okay. Well, that's good. And then my final question, Alberto, to you. When you put up a slide and you showed your Tier 1 portfolio, which has a nice production of over 500,000 ounces, great costs and then you have your Tier 2 that obviously brings up the cost structure. How do you think about that Tier 2 portfolio? Like if you -- it's always hindsight is 20/20, if you didn't have that portfolio, would you theoretically trade higher valuation with that cost base? So I just kind of think -- I wonder how you're thinking about those Tier 2 assets. What makes them important to stay within the portfolio? Maybe just review the -- maybe it's exploration upside, maybe it's increasing mine life. I'm just trying to understand why they're important. Alberto Calderon: Tanya, it's interesting. We were, at some point, trying to sell one of the assets that was Tier 2. And then at these gold prices, it's impossible to get the right value because it's sort of in nature that a lot of the offers come like at consensus pricing and with very conservative views of the gold price in 2 or 3 years, and we value them at futures, they're valued much, much more. So it wasn't -- it was not a secret that we were trying to sell the CVSA that -- and we -- I can tell you, the cash flows for this year are like 60% of what we were going to receive by selling it. So if -- what we now have in our Tier 2 assets is -- and the only one that is not working that well and is improving is Sunrise and you see in the performance. But again, talk about CVSA. It's working like a little charm. It's been -- increased its life from 3 to 5 years. Silver, obviously, is now a byproduct and it's a blessing in CVSA, but the free cash flow it's generating is amazing. And so we have no rush to dispose in the current environment of Tier 2 assets. Different was the case, for example, of Serra Grande that was just too small and it was just -- it drew on a lot of management time for the money that it produced. And so we're happy to have disposed of that one. But the rest, we're very happy to keep it. And then you have assets that -- like Siguiri that are turning and will turn into Tier 1. So at this stage, we're quite happy with our 9 operating assets. It's a footprint that we can manage easily. We will see in the future what happens. But for now, we're not -- we're quite happy with that 9 operating assets. Operator: Ladies and gentlemen, at this stage, I will hand over to Stewart Bailey for questions from the webcast. Stewart Bailey: Thanks, Judith. So the first question I'll ask is from Arnold Van Graan at Nedbank. He says, solid results and proper long-term delivery. So my question is, where do you see the most compelling near-term growth optionality in the portfolio? Also, please talk us through your risk-adjusted return methodology. Are you seeing good projects in certain jurisdictions that fall short once you add the risk component to your assessments? Alberto Calderon: That's an interesting question. Look, the near-term optionality is in those 5 assets that are the core of the growth portfolio, Obuasi, Geita, Sukari, Siguiri and Cuiaba. And as I said, there is a lot of focused attention even with a centralized team, even though it will be delivered by each of the assets, we want to understand what are the bottlenecks, what do we need to do, what we need to do in brownfields, what we need to do in license to operate, what we need to do in TSF, what we need to do in communities and have a very clear centralized view of that. And that's what we're working on. So those are the best near-term optionality that we have, and those are the ones that we are working to present in Q3. The risk-adjusted returns, we do have different discount rates, obviously, for each -- even though we have a company-weighted one, we have a different risk-adjusted return. So they all -- for example, these growth projects in different areas in Africa, they will all have to face the hurdles. Now what I've said is they are so profitable that with all of that risk -- because it's little investment to a significant impact in the growth, take, whatever, in Siguiri, if we go from 300,000 to 350,000 or 375,000, that's 50% -- like that's -- I'm sorry, what would be 20% increase in the production and with very significantly little capital. So even though we do explicitly do risk-adjusted returns, they are way above any hurdle that we have for investment. Stewart Bailey: All right. Thanks for that, Arnold. The next question is from [ Robert Kellaway, ] who says, please update on the connection of Sukari to the Egyptian National Grid in light of the operation's heavy dependence on HFO fuel generation. And Robert, just very quickly, the feasibility on that 80-megawatt grid connection is almost complete. We've got all the regulatory approvals we need and all going well. We're looking at commissioning early in 2028. The work to do between now and then is just to make sure that the -- there's certain upgrades to the grid just to ensure stability once that's connected. But just for the meantime, remember, we do have the 30-megawatt solar facility there that's working like a charm, so no problems there. Alberto, one other from Martin Creamer, which is just your thoughts on AI. Are we using any in the business for exploration or for safety? And do you think it can improve efficiency? Alberto Calderon: I think we can ask Marcelo, who is the expert on that, but we are using AI, but give us some, Marcelo, of your wisdom on that front. Marcelo Godoy: We have been implementing AI across the organization for quite a long time, especially machine learning, which we have been using for predictive maintenance, for process control and other activities around the mine. We also have a program to increase proficiency of AI across the group. So we have selected a single provider, blocked everything else and our technical teams and operating teams have access to generative AI for general tasks. We are not in the era of agentic AI. We have some proof of concepts going on. But given the security issues that we have with that type of technology, we are taking a very cautionary approach to deploying that type of technology. But we are very advanced in our adoption across the group generally. Yes. Stewart Bailey: Great. Thanks, Marcelo. I think that's it from the webcast, and we don't have any other questions on the line. So Alberto, if you'd give us a closing remark before we wrap up. Alberto Calderon: Thank you. Okay. Yes. Look, mining, I always say, it's a normal curve without the right-hand side. So there's always issues. This one was particularly difficult. We -- the fatality in Obuasi impacted us in many, many ways. But apart from that, the -- which is very bad, but apart from that, that impacted Obuasi, we have some impact in Sunrise. But the portfolio effect, Tropicana doing much better and many others, leads us to relatively stable production in the first half. We expect in the second half, if things go as expected, and that's always an if, if we don't have any additional surprises, to have an increase in the second half by about 6%. So that will also lead to -- we expect cash costs in the second half to actually go down versus the first half just because of higher production, obviously, higher denominator, and that will flow well. The other thing that I'd like to highlight is the free cash flow because in the end, you can talk about cash cost and who's better, you can talk about all-in sustaining, you could talk about all-in costs. But in the end, what matters is what flows to the bottom line, and we do exceptionally well there. Our increase in the half of 36% higher than anybody else -- much higher than most of them is something that we are proud of. And this is in spite -- and something that we had prepared for the questions but none came, which was the tax thing. We had an unusual lumpy tax in the second quarter of about $540 million. We expect half of that in Q3 and half of that in Q4, which by definition, if the gold price stays where it is today, should significantly improve the free cash flow in relative terms in Q3 and Q4. So we are very comfortable where we are. We expect, as we said, to be comfortably within guidance, and we expect to keep making the most of this high gold price environment in terms of what we can deliver to our shareholders. We were clear that it's going to be, if the gold price stays where it is, above the 50%. We are already in the $1 billion of net cash. So we -- yes, we're looking very much forward to a strong second half in all fronts, obviously, with a little grace from God that you always need. Thank you. Operator: Thank you. Ladies and gentlemen, that concludes today's event. Thank you for joining us, and you may now disconnect your lines. Before you buy stock in AngloGold Ashanti Plc, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and AngloGold Ashanti Plc wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,405!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,344,091!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. AngloGold Ashanti (AU) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

AngloGold Ashanti plc AU used its Q2 2026 earnings call to reinforce a second-half production recovery while keeping full-year guidance unchanged. CEO Alberto Calderon expects higher volumes to ease unit costs despite royalty, fuel and currency pressures. Capital allocation was another major theme, pairing dividends and a proposed $2 billion share repurchase program with organic growth spending. CEO Calderon said second-half production should rise about 6% from H1, provided operations avoid additional disruptions. He also expects cash costs to decline as output increases. CFO Gillian Doran said production will be weighted toward Q4. She expects Obuasi to contribute 150,000 ounces in H2, while Tropicana shifts to lower-grade ore and Iduapriem manages flooded higher-grade areas. Headline earnings per share of $1.98 missed the Zacks Consensus Estimate of $2.04 by 2.90%. Revenues of $3.104 billion beat the Zacks Consensus Estimate by 1.00%. AngloGold Ashanti PLC price-consensus-eps-surprise-chart | AngloGold Ashanti PLC Quote CFO Doran said Q2 total cash costs rose 21% to $1,480 per ounce. Inflation, higher gold-linked royalties and exchange rates added about $216 per ounce, while the Obuasi suspension added $38 per ounce. CEO Calderon emphasized controllable costs. Full Asset Potential and related improvements reduced underlying controllable costs at managed operations by $20 per ounce in the first half. During Q&A, CFO Doran told a Scotiabank analyst that labor inflation was not outside normal patterns in its jurisdictions. She expects stronger second-half cost performance alongside higher production. CEO Calderon said existing operations could add 10% to 15% to the production profile within three years. The near-term focus is Obuasi, Geita, Sukari, Siguiri and Cuiaba, with details due in Q3. An RBC Capital Markets analyst pressed management on capital needs. CEO Calderon said current capital spending already includes tailings and mine-development work, with growth expected in 2027 and 2028 and a larger step-up in 2029. A Scotiabank analyst asked whether the program would cost less than $100 million. CEO Calderon corrected that framing, saying no such figure had been given, while maintaining the projects should require relatively modest capital rather than billion-dollar expansions. CEO Calderon said the proposed $2 billion share repurchase program, approved by shareholders, still requires South African Reserve Bank authorization. Once cleared, management plans to execute opportunistically rather than at a fixed pace. A BMO Capital Markets analyst asked whether buybacks could push total shareholder returns above the dividend policy’s 50% free-cash-flow payout level. CEO Calderon said that would occur if the gold price remained around current levels. CFO Doran highlighted $991 million of net cash at quarter-end. CEO Calderon said the company intends to keep roughly a $1 billion cash buffer and return excess cash over time. An SBG Securities analyst challenged recurring operational setbacks at Obuasi. CEO Calderon said the April contractor fatality was the main disruption and the mine is operating without the KMS shaft while a new ore pass is built for Q4 completion. A Scotiabank analyst questioned retaining higher-cost Tier 2 assets. CEO Calderon said current gold prices make acceptable sale valuations difficult and pointed to strong cash generation at Cerro Vanguardia as a reason not to rush disposals. CEO Calderon added that Siguiri has the potential to move into the Tier 1 category and said management remains comfortable with the nine-mine operating footprint after the sale of Serra Grande. CEO Calderon closed by stressing cost control, portfolio discipline and free-cash-flow conversion for the remainder of 2026. He expects cash taxes of about $230 million to $250 million in each of Q3 and Q4, down from Q2. Across the call, CEO Calderon and CFO Doran emphasized higher production, controllable costs, high-return organic projects and excess cash returns while preserving balance-sheet flexibility. AU currently carries a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Its Growth Score is A, Momentum Score is B and VGM Score is A, while its Value Score is C, placing valuation in the middle of the A-to-F Style Score hierarchy. Zacks Style Scores complement the Rank, with A or B readings most constructive alongside Zacks Rank #1 or #2 stocks. The current #5 tempers favorable style readings, and the Zacks Rank can change as earnings estimates are revised after the just-reported results. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AngloGold Ashanti PLC (AU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

AngloGold Ashanti has reported a 58% increase in headline earnings for the second quarter of 2026 (Q2 2026) to $1bn, compared to $639m in Q2 2025. The rise was driven by a focus on cost management and a 35% increase in the average gold price per ounce, which rose to $4,446. For the quarter ending 30 June 2026, the company’s earnings before interest, taxes, depreciation and amortisation climbed by 46% year-on-year (YoY) to $2bn from $1.4bn. Free cash flow also showed a significant increase, reaching $727m, a 36% rise from the previous year, further bolstering the company’s balance sheet and facilitating enhanced shareholder returns. AngloGold Ashanti CEO Alberto Calderon said: “This result shows the strong cash generation capacity of our assets and the resilience of our portfolio. We remain focused on managing the factors in our control to optimise margins as we look to a production increase in the second half of the year.” An interim dividend of $364m, equating to $0.72 per share, was declared for this quarter, contributing to a total of $949m for the first half (H1) of the year. Cash generation from operations increased by 49% to $1.8bn, compared to the previous year’s $1.2bn. Increased profitability, along with a higher gold price, led to cash tax payments more than doubling to $542m. Future tax payments for the year are anticipated to be between $230m and $250m quarterly. The quarter also saw higher distributions to non-controlling interests, which rose to $234m from $150m YoY. Meanwhile, gold production was 744,000oz, a decline from 804,000oz in 2025. This reduction was primarily due to the sale of the Serra Grande mine, decreased output at the Obuasi mine following a contractor fatality and planned maintenance activities. However, production is expected to increase in H2 2026. Non-sustaining capital expenditure doubled from $108m to $217m. AngloGold Ashanti is concentrating on leveraging its infrastructure to unlock high-return production enhancements and is progressing efforts at the North Bullfrog and Arthur Gold projects, aiming to boost production from 2029. "AngloGold reports 58% rise in Q2 2026 headline earnings" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved sector-leading EBITDA growth of 46% and a 58% increase in headline earnings, outstripping the rise in gold prices through rigorous cost discipline. Maintained stable production of 1.5 million ounces in H1 2026, despite a temporary safety suspension at Obuasi and the strategic sale of the Serra Grande asset. Managed controllable costs below inflationary baselines by utilizing the Full Asset Potential program to offset macro headwinds like fuel spikes and royalty hikes. Transitioned the balance sheet to a net cash position of nearly $1 billion, providing a robust foundation for both growth investment and aggressive capital return. Prioritized Tier 1 assets which now account for over 70% of production at a 71% cash margin, underpinning the structural quality of the global portfolio. Focused on organic brownfield opportunities over M&A, identifying potential to add 10% to 15% to current production profiles within the next three years. Attributed the variance in realized gold prices versus spot to specific timing of sales and high market volatility during the second quarter. Reaffirmed full-year 2026 guidance with production expected to be second-half weighted, particularly in the fourth quarter as Obuasi returns to a normalized run rate. Anticipates a significant increase in free cash flow conversion for Q3 and Q4 as seasonal cash tax payments are expected to fall by more than half to approximately $230 million to $250 million per quarter. Plans to advance the Nevada project as a major production center for the early 2030s, with a feasibility study at Arthur expected to be completed next year. Targets a production growth trajectory starting in 2027, following a transitional 2026, driven by low-CapEx debottlenecking at Geita, Siguiri, and Sukari. Expects to maintain a $1 billion cash buffer while returning excess liquidity to shareholders through dividends and a $2 billion open market share buyback program. A tragic fatality at Obuasi on April 24 led to a two-week operational suspension and ongoing repairs to ore pass infrastructure, impacting Q2 production. Macroeconomic factors including a 45% increase in Brent crude and higher gold-linked royalties added approximately $216 per ounce to total cash costs. The company retired $666 million of outstanding 2028 and 2030 bonds to reduce long-term financing risk and enhance strategic flexibility. Ongoing discussions with the Guinean government regarding new requirements to refine gold locally at Siguiri, which management expects to resolve without significant business disruption. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the buyback will be opportunistic rather than a fixed schedule, with a bias toward buying on price downsides. The program is currently awaiting final approval from the South African Reserve Bank before execution begins. Growth initiatives at existing mines are characterized as high-IRR and low-CapEx, primarily involving equipment procurement and debottlenecking rather than major builds. Sustaining capital is expected to remain stable at current levels as the company is already pre-funding these expansions within existing budgets. Management indicated no rush to sell Tier 2 assets like CVSA, as they are generating exceptional free cash flow at current gold prices that exceeds market offers. The portfolio has been streamlined to nine operating assets, which management views as an efficient and manageable global footprint. The mine is currently operating without the KMS shaft due to ore pass damage, yet is still expected to achieve an annualized rate of 300,000 ounces in H2. A new ore pass is under construction and scheduled for completion in Q4 to support the 2027 production ramp-up targets.

In the first half of 2026, AngloGold Ashanti plc reported net income of US$2.28 billion, roughly double the prior-year period, alongside higher earnings per share, a new US$2.00 billion share buyback program, an interim dividend of US$0.72 per share, and reaffirmed full-year production guidance despite slightly lower gold output. This combination of stronger profitability, increased cash returns through dividends and buybacks, and steady production guidance underlines management’s focus on capital discipline and shareholder rewards even as volumes softened. We’ll now explore how this earnings strength and the substantial share buyback plan may reshape AngloGold Ashanti’s existing investment narrative. Outshine the giants: these 16 early-stage AI stocks could fund your retirement. To hold AngloGold Ashanti, you need to believe that solid profitability, disciplined costs, and a growing project pipeline can offset exposure to gold price swings and higher-cost ounces. The latest half-year results, with much stronger earnings despite slightly lower production, support that earnings story for now. However, the most important near term catalyst remains consistent execution on production and costs, while the biggest current risk is that sustained inflation and deeper, lower grade mining could steadily squeeze margins. The newly approved US$2.0 billion share buyback stands out in this context. It sits alongside higher earnings and an interim dividend of US$0.72 per share, signaling a step-up in cash being returned to shareholders. For investors focused on catalysts, this program could magnify the impact of any future earnings strength on per share metrics, but its long term effect will still depend heavily on how well AngloGold Ashanti manages production costs and the quality of its remaining reserves. Yet beneath the stronger profits and large buyback, investors should still be aware of how rising costs and aging assets could eventually... Read the full narrative on AngloGold Ashanti (it's free!) AngloGold Ashanti's narrative projects $13.7 billion revenue and $5.4 billion earnings by 2029. This requires 7.0% yearly revenue growth and about a $1.9 billion earnings increase from $3.5 billion today. Uncover how AngloGold Ashanti's forecasts yield a $118.00 fair value, a 49% upside to its current price. Some of the most optimistic analysts were already assuming revenue could reach about US$20.0 billion and earnings US$6.4 billion, which is a far more upbeat story than the baseline that highlights cost inflation and asset maturity risks. This latest earnings beat and the new US$2.0 billion buyback may either reinforce that bullish view or prompt a rethink, so it is worth weighing how different these expectations are before you decide which narrative you find more convincing. Explore 5 other fair value estimates on AngloGold Ashanti - why the stock might be worth just $114.12! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your AngloGold Ashanti research is our analysis highlighting 5 key rewards and 1 important warning sign that could impact your investment decision. Our free AngloGold Ashanti research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate AngloGold Ashanti's overall financial health at a glance. Right now could be the best entry point. These picks are fresh from our daily scans. Don't delay: This technology could replace computers: discover 26 stocks that are working to make quantum computing a reality. The future of work is here. Discover the 35 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. Find 55 companies with promising cash flow potential yet trading below their fair value. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AU. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Q2 2026 EBITDA*(5) +46% to $2.0bn • Q2 2026 free cash flow* +36% to $727m • YTD free cash flow* $1.9bn • Q2 2026 interim dividend of $364m, or 72 cps • Proposed $2.0bn share repurchase programme approved • Net cash*(5) of $991m after debt buyback LONDON & DENVER & JOHANNESBURG, July 31, 2026--(BUSINESS WIRE)--AngloGold Ashanti plc ("AngloGold Ashanti", "AGA", the "Company" or the "Group") said Q2 2026 free cash flow* rose 36% year-on-year to $727m, further strengthening its balance sheet and providing for increased shareholder returns. The Company reaffirmed its 2026 annual guidance.(6) "This result shows the strong cash generation capacity of our assets, and the resilience of our portfolio," said CEO Alberto Calderon. "We remain focused on managing the factors in our control to optimise margins as we look to a production increase in the second half of the year." An interim dividend for Q2 2026 was declared of $364m, or 72 US cents per share. This takes the dividend declared for H1 2026 to $949m, or 188 US cents per share, compared to $469m, or 92.5 US cents per share declared in H1 2025. A proposed $2bn share buyback programme was approved by the Company’s shareholders on 23 July 2026. AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada in the United States; the steady ramp-up of its Obuasi mine in Ghana; and realising organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil. Earnings, free cash flow* increase even after tax payments more than double Cash flows continued to be robust in Q2 2026, underpinned by the steady operating performance. Cash generated from operations for Q2 2026 rose 49% to $1.8bn, compared with $1.2bn in Q2 2025, demonstrating the robust performance of the portfolio. As expected, cash taxes for Q2 2026 more than doubled year-over-year to $542m, from $237m in Q2 2025, representing the higher gold price and improved profitability as well as timing of tax payments across the operating jurisdictions. Remaining 2026 cash taxes(3) are expected to be paid in equal quarterly instalments of between $230m to $250m. Headline earnings(4) increased 58% year-on-year to $1.0bn in Q2 2026 from $639m in Q2 2025, and EBITDA*(5) rose 46% year-on-year to $2.0bn in Q2 2026, from $1.4bn in Q2 2025, supported by continued focus on cost management and a 35% increase year-on-year in the average gold price received per ounce*(1) to $4,446/oz. Distributions to non-controlling interests of $234m in Q2 2026 were also markedly higher versus $150m in Q2 2025 and $162m in Q1 2026. Free cash flow* for H1 2026 more than doubled year-on-year to $1.9bn. Balance sheet supports disciplined capital allocation The Group’s balance sheet strengthened significantly as a result of the growth in free cash flow*, ending H1 2026 with net cash*(5) of $991m, reversing the net debt*(5) position of $311m at 30 June 2025. On 16 April 2026, the Group completed the repurchase of approximately $666m principal amount of its outstanding bonds. This bond buyback has reduced gross debt, lowered future interest obligations, and partially eliminated maturities in 2028 and 2030, enhancing financial flexibility through the cycle. To further optimise capital allocation, on 23 July 2026, the Company’s shareholders approved a proposed share repurchase programme for up to $2.0bn of AngloGold Ashanti’s ordinary shares. This programme is expected to provide the Company with an additional mechanism for shareholder returns, alongside the existing dividend framework, aligning AngloGold Ashanti’s capital allocation with its North American peer group. Crucially, the Group retains ample capacity to continue investing in safe, stable operations and funding its pipeline of high-return organic growth projects. Steady production performance Gold production for the Group(1)(2) was 744,000oz in Q2 2026 compared to 804,000oz in Q2 2025, mainly reflecting the sale of Serra Grande in December 2025, lower production at Obuasi as a result of the previously reported contractor fatality in April 2026, and planned mine sequencing and maintenance across certain operations. H2 2026 production is expected to be higher than in H1 2026. Underlying operational costs down $20/oz at managed operations(1) partially offsetting macro headwinds The Company’s continued focus on rigorous cost discipline held total cash costs per ounce* for managed operations(1) at $1,431/oz for H1 2026. External pressures included a $93/oz rise in royalties due to higher realised gold prices, $60/oz in inflationary impacts, specifically related to higher labour and mining contractor costs, a $50/oz impact from foreign exchange movements and the follow-on impact of rising oil price contributed a further $20/oz increase in costs. Crucially, structural efficiencies delivered through the Full Asset Potential programme reduced underlying, controllable costs by $20/oz in H1 2026 compared to H1 2025. Total cash costs per ounce* for the Group(1) rose to $1,480/oz in Q2 2026 from $1,226/oz in Q2 2025, predominantly driven by macroeconomic market factors representing a $216/oz increase, while operational factors contributed $29/oz. The external factors included: general inflation (average CPI) linked mainly to increases in labour and mining contractor costs (+$71/oz); higher gold-price-linked royalties (+$67/oz); and elevated fuel prices ($43/oz), reflecting the 45% increase in average Brent crude prices as the Company prioritised fuel supply security during the ongoing US-Iran conflict. Foreign exchange headwinds added $35/oz, driven primarily by the year-on-year strengthening of the Australian dollar (+10%), Brazilian real (+11%) and Ghanaian cedi (+9%) against the US dollar. Management remains focused on the cost drivers within its control. The Group’s Full Asset Potential programme and broader operational-improvement initiatives remain central to protecting margins and improving the efficiency and resilience of the portfolio. All-in sustaining costs per ounce* ("AISC") for the Group(1) were $2,039/oz in Q2 2026 compared with $1,666/oz in Q2 2025. The increase was mainly driven by the impact of lower gold sales and higher sustaining capital expenditure*, which rose to $332m in Q2 2026, from $273m in Q2 2025. The Company increased its investment in Mineral Reserve development and mine life extensions, and advanced its pipeline of organic greenfield and brownfield growth projects. Non-sustaining capital expenditure* doubled to $217m in Q2 2026, from $108m in Q2 2025. Momentum and resilience at managed operations The tragic fatality of a contractor on 24 April 2026 at the Obuasi mine in Ghana was previously reported along with the Q1 2026 results in May. An investigation into the incident has been completed and work is underway to implement corrective actions. The Total Recordable Injury Frequency Rate ("TRIFR") at the Company’s managed operations improved to 0.79 injuries per million hours worked in Q2 2026 compared to 0.86 injuries per million hours worked in Q1 2026. Unlocking value from within the portfolio AngloGold Ashanti has undertaken an in-depth review of its portfolio to identify opportunities to create additional value from its current suite of operating assets. The Group has identified a pipeline of high-return, capital-efficient brownfield opportunities with the potential to increase gold production from 2029 onwards. These opportunities span mining, processing and recovery improvements at Obuasi, Geita, Sukari, Siguiri and Cuiabá. The strategy is focused on leveraging existing infrastructure and ore bodies to bring forward potentially high-return ounces from existing assets. Work is also underway to advance the longer-term, Tier One growth opportunities from the North Bullfrog and Arthur Gold projects in Nevada. "We have two major advantages – world class greenfield growth projects in Nevada, and a wealth of untapped value right inside our existing mines," said CEO Alberto Calderon. "Our priority is to unlock it, boosting production, extending life and lowering unit costs by expanding capacity and using the infrastructure we already have in place. This high-return brownfield growth is anticipated to be highly efficient." Guidance on track with an improved H2 2026(6) Gold production is expected to be significantly weighted toward H2 2026. As production volumes increase, unit costs are expected to trend lower during H2 2026. Full-year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged. AngloGold Ashanti plc today announces an interim dividend for the three months ended 30 June 2026 of 72 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply. To holders of ordinary shares on the New York Stock Exchange (NYSE) To holders of ordinary shares on the South African Register Additional information for South African resident shareholders of AngloGold Ashanti: Shareholders registered on the South African section of the register are advised that the distribution of 72 US cents per ordinary share will be converted to South African rands at the applicable exchange rate. In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows: Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP (as defined below) or broker. To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 19 August 2026 and Friday, 21 August 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 14 August 2026 and Friday, 21 August 2026, both days inclusive. Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 14 August 2026. To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 72 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$X/ ¢11.6600, the gross dividend payable per share, is equivalent to ca. ¢8.3952 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. Entitlement to interim dividends A "Shareholder of Record" is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A "Beneficial Owner" is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant ("CSDP"), Shareholder of Record or other agent (sometimes referred to as holding shares "in street name"). AngloGold Ashanti plc(Incorporated in England and Wales)Registration No. 14654651LEI No. 2138005YDSA7A82RNU96ISIN: GB00BRXH2664CUSIP: G0378L100NYSE Share code: AUJSE Share code: ANGA2X Share code: ANGGhSE (Shares): AGAGhSE (GhDS): AAD Johannesburg, South Africa31 July 2026JSE Sponsor: The Standard Bank of South Africa Limited Forward-looking statements Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserve net of depletion from production and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects, the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as "believe", "expect", "aim", "anticipate", "intend", "foresee", "forecast", "predict", "project", "estimate", "likely", "may", "might", "could", "should", "would", "seek", "plan", "scheduled", "possible", "continue", "potential", "outlook", "target" or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. Non-GAAP financial measures This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. View source version on businesswire.com: https://www.businesswire.com/news/home/20260731433108/en/ Contacts Media Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | [email protected] General inquiries [email protected] Investors Yatish Chowthee: (+)27 11 637 6273 | (+)27 78 364 2080 | [email protected] Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | [email protected]

This article first appeared on GuruFocus. Revenue: Not explicitly disclosed in the call; however, the average gold price received rose 35% year-on-year. EBITDA: Rose 46% year-on-year to $2 billion. Headline Earnings: Improved 58% year-on-year to $1 billion. Basic Earnings Per Share (EPS): Increased 49% year-on-year to $0.97, up from $0.132 in Q2 2025. Free Cash Flow: Totaled $727 million in Q2, a 36% increase from $535 million in Q2 2025. Net Cash Flow from Operating Activities: Increased 41% year-on-year to $1.4 billion. Total Cash Costs: Increased 21% year-on-year to $1,480 per ounce, compared to $1,226 per ounce in Q2 2025. Managed Operations Total Cash Cost: Increased 20% to $1,486 per ounce. Cash Taxes: More than doubled year-over-year to $542 million; expected to fall to $230 million-$250 million in Q3 and Q4. Net Cash Position: Ended the quarter at $991 million, a $1.3 billion swing from June 2025. Liquidity: Ample at $4.2 billion. Dividends Declared: Totaled $949 million for the half year, with $364 million declared in Q2. Production: First-half production was stable year-on-year at around 1.5 million ounces (excluding Serra Grande sale). Bond Buyback: Retired $666 million of 2028 and 2030 notes in April. Warning! GuruFocus has detected 2 Warning Sign with AU. Is AU fairly valued? Test your thesis with our free DCF calculator. Release Date: July 31, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Strong financial performance with EBITDA up 46% to $2 billion and headline earnings up 58% to $1 billion. Robust cash generation with operating cash flow up 49% to $1.8 billion, leading to a net cash position of nearly $1 billion. Sector-leading shareholder returns with nearly $1 billion in dividends declared over six months and a $2 billion share buyback program approved. Successful cost management, offsetting external inflationary pressures through operational discipline and the Full Asset Potential program. High-quality Tier 1 assets accounting for over 70% of production with a 71% cash margin, providing strong leverage to higher gold prices. Promising organic growth pipeline with potential to add 10-15% to production in the next three years from existing operations at low capital intensity. Strong balance sheet transformation, reducing net debt to net cash within 12 months and improving strategic flexibility. Tragic fatality at Obuasi in April led to a two-week suspension, impacting production and highlighting safety risks. Total cash costs increased 21% year-on-year to $1,480 per ounce, driven by inflation, higher royalties, and fuel costs. External macro pressures, including a 45% increase in Brent crude prices and currency appreciation, are creating significant cost headwinds. Cash taxes more than doubled to $542 million in Q2, a seasonal peak that temporarily reduces free cash flow. Production impacted by the Serra Grande sale and the Obuasi suspension, with lower sales volumes reducing free cash flow by $151 million. Operational challenges at Tropicana and Idiapurim due to lower grades and temporary flooding, respectively, are expected to reduce production. Uncertainty regarding the government's directive to refine gold locally in Guinea (Siguiri) could pose operational or financial impacts. Q: Can you provide more information on how the company plans to leverage the approved $2 billion share buyback program? Will purchases be opportunistic or more stable?A: Alberto Calderon (CEO): We are still waiting for approval from the South African Reserve Bank. Once that is received, we will execute the program. The plan is to return excess cash to shareholders, and if the gold price stays at current levels, total capital returns could exceed the 50% of free cash flow dividend policy. Q: Can you provide more details on the organic growth opportunities identified at assets like Sukari, Cuiaba, and Siguiri, and what the capital requirements might be?A: Alberto Calderon (CEO): We will provide a detailed update in Q3. The projects are low-capEx and high-return. For example, Cuiaba could add around 75,000 ounces in three years, primarily through mining optimization. Siguiri and Sukari involve additional mining equipment and exploration. The current sustaining and growth capital expenditure already includes funding to lay the groundwork for these projects, and we expect to add between 300,000 and 450,000 ounces from a 2025 baseline of about 3 million ounces. Q: Is it correct that in periods where you pay 50% of free cash flow as dividends, you are still willing to go above that for share repurchases, making total capital returns higher than 50%?A: Alberto Calderon (CEO): That is absolutely correct. If the gold price stays where it is today, that will be the case. Q: Regarding the growth coming into the portfolio, are you happy with your sustaining and non-sustaining capital intensity at these levels, and will it deliver on that growth?A: Alberto Calderon (CEO): We expect capital intensity to remain stable for some years at around $480 per ounce. We have a significant growth pipeline within our own organic assets, and while we need to invest in it, we do not expect the sustaining capital numbers to increase beyond current levels. Q: Can you elaborate on the issues at Obuasi, including equipment breakdowns and operational delays? Do these issues risk the ramp-up?A: Alberto Calderon (CEO): The main issue was the tragic fatality in April, which led to a two-week suspension. We also had a catastrophic failure in the ore pass system, which we are operating without currently. We are building a new ore pass expected to be ready by Q4. Despite these challenges, we expect an annualized production rate of 300,000 ounces in the second half, setting the groundwork to deliver on the 2027 target of around 325,000-350,000 ounces. Q: The realized gold price seems to be quite a bit lower than market averages. Is this just timing, or are there discounts from selling gold to Ghana and Tanzanian authorities?A: Gillian Doran (CFO): It is exactly timing. There was significant volatility in the gold price in Q2, including the largest drop since 2013. The realized price was $90 per ounce lower than the spot price for the quarter due to the timing of sales. We have very small amounts of concentrated sales in Brazil (36,000 ounces), but otherwise, nothing impacts our ability to achieve market prices. Q: There was an announcement that the government of Guinea will force the flow of gold through their refinery. Has this impacted Siguiri, and is there any impact going forward?A: Alberto Calderon (CEO): We are in conversation with the government. This is something we have seen elsewhere, and we work with governments like in Ghana. We believe we will find a way to deal with it within business as usual. The Minister of Mines is knowledgeable about the industry, and we expect to continue constructive conversations. Q: Cash costs rose significantly quarter over quarter. Can you provide color on what caused that and if it's sticky?A: Alberto Calderon (CEO): The significant hit this quarter was the increase in royalties. If you look at our "flex costs" (including royalties, fuel price, etc.), we were flat for the quarter. The government increased the royalty by 5%, but reduced the COVID levy by a net of about 2.6%, which you see in taxes below the line. The bulk of the cost increase for the quarter was the royalty impact. Q: How do you think about the Tier 2 portfolio? Would you theoretically trade at a higher valuation without it, and what makes these assets important to keep?A: Alberto Calderon (CEO): At current gold prices, it's impossible to get the right value for these assets. For example, we tried to sell CASA, but the cash flows for this year are about 60% of what we would receive by selling it. CASA has increased its life from three to five years, and silver is now a byproduct, generating amazing free cash flow. We are happy with our nine operating assets and have no rush to dispose of Tier 2 assets in the current environment. Q: Where do you see the most compelling near-term growth optionality in the portfolio, and how do you assess risk-adjusted returns?A: Alberto Calderon (CEO): The near-term optionality is in the five core growth assets: Obuasi, Geita, Sukari, Siguiri, and Cuiaba. We have a centralized team focused on understanding bottlenecks and what's needed for growth. We use different discount rates for risk-adjusted returns, but these projects are so profitable that they are way above any hurdle we have for investment, even with the risk component. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in AngloGold Ashanti PLC? Here are five stocks we like better. 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. Can't Choose Between Silver and Gold? These ETFs Hold Both 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. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now These 3 Surging Gold & Silver Stocks Just Boosted Dividends 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. 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. → Microsoft Just Flipped the AI Spending Narrative Overnight Why New Tariffs Could Boost These 3 Basic Materials Stocks 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. → Carrier Earnings Could Send the Stock to a New All-Time High 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. 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. 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. 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. 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. 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]. The article "AngloGold Ashanti Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.