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AngloGold Ashanti Q2 30 June 2026 Earnings Release and Dividend Declaration
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
"AngloGold Ashanti", "AGA", the "Company" or the "Group"
AngloGold Ashanti Q2 30 June 2026 Earnings Release and Dividend Declaration
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, 31 July 2026 – 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.
Group Performance
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.
(1) The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint
ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed
by AngloGold Ashanti.
Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2) Includes gold concentrate from the Cuiabá mine sold to third parties.
(3) Subject to macroeconomic factors, primarily realised gold prices. Tax payment estimates reflect consensus market gold price forecasts for the remainder of 2026
and are subject to change.
(4) The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but
in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the
Johannesburg Stock Exchange Limited (JSE).
These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the
rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.
(5) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio
(leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.
(6) Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been
Group Performance continued
reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary
pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations
expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business
continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be
significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2025 filed with the
SEC.
* Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.
Group Financial and Operating Key Statistics
Six Six
Quarter Quarter months months
Key statistics ended ended ended ended
Jun Jun Jun Jun
US Dollar millions, except as otherwise noted 2026 2025 2026 2025
Operating review
Gold
Produced - Group(1)(2)(3) - oz (000) 744 804 1,468 1,524
Produced - Managed operations(1)(2)(3) - oz (000) 668 729 1,334 1,386
Produced - Non-managed joint ventures(1) - oz (000) 76 75 134 138
Sold - Group(1)(2)(3) - oz (000) 753 801 1,472 1,538
Sold - Managed operations(1)(2)(3) - oz (000) 682 732 1,332 1,403
Sold - Non-managed joint ventures(1) - oz (000) 71 69 140 135
Financial review
Gold income - $m 3,034 2,407 6,188 4,334
Cost of sales - Group(1) - $m 1,528 1,355 2,944 2,585
Cost of sales - Managed operations(1) - $m 1,401 1,248 2,694 2,372
Cost of sales - Non-managed joint ventures(1) - $m 127 107 250 213
Total operating costs - $m 1,063 942 2,062 1,775
Gross profit - $m 1,703 1,197 3,646 2,036
Average gold price received per ounce* - Group(1) - $/oz 4,446 3,287 4,650 3,089
Average gold price received per ounce* - Managed operations(1) - $/oz 4,448 3,287 4,647 3,090
Average gold price received per ounce* - Non-managed joint ventures(1) - $/oz 4,431 3,285 4,672 3,078
All-in sustaining costs per ounce* - Group(1) - $/oz 2,039 1,666 1,998 1,654
All-in sustaining costs per ounce* - Managed operations(1) - $/oz 2,073 1,694 2,027 1,676
All-in sustaining costs per ounce* - Non-managed joint ventures(1) - $/oz 1,710 1,367 1,715 1,414
Total cash costs per ounce* - Group(1) - $/oz 1,480 1,226 1,436 1,224
Total cash costs per ounce* - Managed operations(1) - $/oz 1,486 1,241 1,431 1,228
Total cash costs per ounce* - Non-managed joint ventures(1) - $/oz 1,426 1,081 1,482 1,193
Profit for the period - $m 1,192 806 3,609 1,775
EBITDA*(5) - $m 1,974 1,353 4,265 2,349
Total borrowings - $m 1,778 2,297 1,778 2,297
Net debt (cash)*(5) - $m (991) 311 (991) (624)
Profit attributable to equity shareholders - $m 1,002 669 2,283 1,112
- US cents/share 197 132 448 219
Headline earnings(4) - $m 1,010 639 2,295 1,087
- US cents/share 198 125 451 214
Net cash inflow from operating activities - $m 1,432 1,018 3,141 1,743
Free cash flow* - $m 727 535 1,895 938
Capital expenditure - Group(1) - $m 549 381 1,016 717
Capital expenditure - Managed operations(1) - $m 487 350 915 653
Capital expenditure - Non-managed joint ventures(1) - $m 62 31 101 64
(1) The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint
ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed
by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2) Includes gold concentrate from the Cuiabá mine sold to third parties In Q2 2026 and H1 2026.
(3) Includes gold production and gold sold for the Serra Grande operation, which was sold on 1 December 2025, comprising 16,000oz for Q2 2025 and 26,000oz for
H1 2025.
(4) The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in
accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg
Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial
measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP
financial measures.
(5) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio
(leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.
* Refer to "Non-GAAP disclosure" in the Full Announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
Dividends
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)
2026
Ex-dividend on NYSE Friday, 21 August
Record date Friday, 21 August
Payment date Friday, 4 September
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:
2026
Declaration date Friday, 31 July
Currency conversion rate for South African rands announcement date Friday, 14 August
Last date to trade ordinary shares cum dividend Tuesday, 18 August
Ordinary shares trade ex-dividend Wednesday, 19 August
Record date Friday, 21 August
Payment date Friday, 4 September
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
2026
Currency conversion date Friday, 14 August
Last date to trade and to register shares cum dividend Tuesday, 18 August
Shares trade ex-dividend Wednesday, 19 August
Record date Friday, 21 August
Approximate payment date of dividend Friday, 4 September
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
2026
Currency conversion date Friday, 14 August
Last date to trade and to register GhDSs cum dividend Tuesday, 18 August
GhDSs trade ex-dividend Wednesday, 19 August
Record date Friday, 21 August
Approximate payment date of dividend Friday, 4 September
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").
Administration and Corporate Information
This short form announcement (the "JSE Announcement") is the responsibility of the board of directors of the Company, who certify that, to
the best of their knowledge and belief, there are no facts that have been omitted which would make the information false, misleading or
inaccurate, and that all reasonable enquiries to ascertain such facts have been made.
The details contained in this JSE Announcement are only a summary of the information contained in the Full Announcement which
contains an Earnings Release for the three months and six months ended 30 June 2026. Investors and/or shareholders should base any
investment decisions on consideration of the Full Announcement and are therefore directed to the Full Announcement available for viewing
via the JSE SENS link, provided below, and available on the Company's website at www.anglogoldashanti.com. The Full Announcement
may be requested by email to CompanySecretary@Anglogoldashanti.com or by contacting Yatish Chowthee on +27 11 637 6273.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2026/jse/isse/ange/ERJUN26.pdf
Shareholders are further advised that AngloGold Ashanti will file its SEC Interim report and furnish its Q2 2026 Earnings Release, Q2 2026
Operating Statistics and the Q2 2026 Earnings Release Investor Presentation on a Form 6-K to the U.S. Securities and Exchange
Commission ("SEC") and will be made available on the SEC's website at www.sec.gov. in due course. The forms are currently available
online on the Company's website at www.anglogoldashanti.com
Johannesburg, South Africa
31 July 2026
JSE Sponsor: The Standard Bank of South Africa Limited
Contacts
Media
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
General inquiries media@anglogoldashanti.com
Investors
Yatish Chowthee: (+)27 11 637 6273 | (+)27 78 364 2080 | yrchowthee@aga.gold
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
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.
Website: www.anglogoldashanti.com June 2026 Published 31 July 2026
Q2 2026 Earnings Release
Date: 31-07-2026 12:05:00
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