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AngloGold Ashanti USD

AngloGold Ashanti plc is a gold mining company that operates mines in Africa, Australia, and the Americas, extracting gold along with by-products such as silver and sulphuric acid. Its flagship asset is the wholly owned Geita mine in Tanzania.

At a glance: strengths & risks
✓Revenue growing (+27% y/y, Q2 2026)✓Profit growing (+50% y/y, Q2 2026)✓Margins improving (55%→64%, Q2 2026)✓Net cash balance sheet✓Commodity price +6% vs 1-yr · -15% vs 3-yr✗Only 12 years of reserves

Sector: Gold mining

ZA_ANG

Price chart

94.48 USDDay -0.46%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
94.48 USD · -0.46%
Market cap
47.7 bn USD

Growth

Δ revenue y/y
27.0%
Δ EBITDA y/y
45.9%

Multiples

P/E (LTM)
12.5x
3y avg: 14.0x
P/B (FY)
5.9x
P/E (ann.)
11.9x
EV/EBITDA (LTM)
6.2x
3y avg: 6.3x
EV/EBITDA (ann.)
5.9x

Cash return

Dividend yield
4.8%
FCF yield (LTM)
2.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+9.7%
↓ details

Liquidity

Daily turnover (listing)
165 mln USD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK3104.0
y/y 27.0%
1662.0
y/y 58.1%
312.0
y/y 3.3%
1974.0
y/y 45.9%
1002.0
y/y 49.8%
1432.0-487.015554.0
y/y 10.1%
8957.0
y/y 20.8%
45.8%-991.0Link
2026-03-31Q1 2026 (3M)OK3236.0
y/y 64.8%
2002.0
y/y 171.3%
289.0
y/y 12.0%
2291.0
y/y 130.0%
1281.0
y/y 189.2%
1709.0-428.015705.0
y/y 17.3%
8535.0
y/y 26.0%
61.6%-868.0Link
2025-12-31Q4 2025 (3M)OK3068.0
y/y —
1419.0
y/y —
422.0
y/y —
1841.0
y/y —
855.0
y/y —
1622.0-454.015078.0
y/y 14.0%
8091.0
y/y 22.1%
33.4%-624.0Link
2025-09-30Q3 2025 (3M)OK2417.0
y/y —
1095.0
y/y —
305.0
y/y —
1400.0
y/y —
669.0
y/y —
1419.0-342.014836.0
y/y —
7690.0
y/y —
11.8%-231.0Link
2025-06-30Q2 2025 (3M)OK2445.0
y/y —
1051.0
y/y —
302.0
y/y —
1353.0
y/y —
669.0
y/y —
1018.0-350.014129.0
y/y —
7416.0
y/y —
37.7%311.0Link
2025-03-31Q1 2025 (3M)OK1963.0
y/y —
738.0
y/y —
258.0
y/y —
996.0
y/y —
443.0
y/y —
725.0-303.013391.0
y/y —
6774.0
y/y —
26.4%755.0Link
2024-12-31FY 2024 (12M)OK5793.0
y/y 26.4%
1679.0
y/y 1705.4%
752.0
y/y 14.3%
2431.0
y/y 223.7%
1004.0
y/y —
1968.0-1090.013230.0
y/y 60.2%
6629.0
y/y 78.6%
19.4%728.0Link
2023-12-31FY 2023 (12M)OK4582.0
y/y —
93.0
y/y —
658.0
y/y —
751.0
y/y —
-235.0
y/y —
971.0-1042.08257.0
y/y —
3711.0
y/y —
—1284.0Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%100%200%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

05001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-1 000-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.96x of reported net profit; after capex, 1.26x. Loss years (2023) are left out of the ratio.
year2022202320242025
cash flow / profit7.74x—1.96x1.81x
accruals, % of assets-19.6%-14.6%-7.3%-14.2%
Last twelve months (to 2026-06-30): 1.62x of profit came back as operating cash flow.
net debt / EBITDA -0.1x · capex 1.4x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Gold (Africa/Americas/Australia; incl. Sukari from 2025)

Proved reserves
36.50 Moz
2025
Reserve life (R/P)
11.8 yrs
reserves ÷ annual output
Annual production
3.09 Moz
2025

Production, Moz

2.6620243.092025

Proved reserves

YearReserves, Moz
202536.50
202431.20

Production

YearProduction, Mozper day, Moz
20253.09
+16.2%		0.01
20242.660.01

AngloGold Ashanti (JSE: ANG = NYSE: AU). Добыча 2025 — 3,091 млн унций (+16% г/г), 2024 — 2,661 млн унций: отчёт за 4кв2025 (SEC 6-K agaq4dec2025earningsrelease.htm) и форма 20-F за 2025 г. Запасы P&P 36,5 Moz на 31.12.2025 (31,2 Moz годом ранее) — Mineral Resource & Mineral Reserve Report 2025 (reports.anglogoldashanti.com). Прежний ряд стоял на 2023 годе с неполными периодами и был снят как сломанный по базе.

Key-commodity price — Gold

Current 4 167spot vs LTM +6%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +9.7%

Main driver: Gold +6% vs LTM; revenue ×1.06 vs costs ×1.06; EBITDA 6 885→6 141; at 11.4× EV/EBITDA → +10%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Gold (rev)+100%4 166.943 936.853 357.35+6%-15%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue11 166
LTM EBITDA6 885
LTM cash costs (revenue − EBITDA)4 281
2 · Revenue projection
Revenue multiplier — spot×1.058 (+6%)
= Spot revenue11 819
Revenue multiplier — 3y price×0.853 (-15%)
= 3-year-price revenue9 522
3 · Costs projection
Cost multiplier — spot×1.058 (+6%)
= Spot cash costs4 529
Cost multiplier — 3y price×1.058 (+6%)
= 3-year-price cash costs4 529
4 · EBITDA projection (revenue − costs)
= Spot EBITDA7 289
= 3-year-price EBITDA4 992
Conservative EBITDA = min(spot, avg)6 141
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)11.4x
Target EV = EV/EBITDA × conservative EBITDA70 171
Net debt-868
Target market cap = EV − net debt71 039
Current market cap47 789

Upside = target market cap ÷ current − 1 = +9.7%

Life of mine: 12 yrs — before haircut +48.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY4 5824 855-5.6%7511 380-45.6%
2024 FY5 7935 634+2.8%2 4311 650+47.4%
2025 FY9 8938 341+18.6%5 5904 845+15.4%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +71% vs +26% the year before — a +44.3 pp move. 3-year CAGR +30%.
revenue growth by year: 2023 +2% · 2024 +26% · 2025 +71%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.3x · target 75th pct (3y) 29.8x · LTM avg 11.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Gold mining. Each peer is shown as it trades and re-priced onto this company's market (South Africa) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
IAMGOLDglobal10.74.8x3.0x
Kinross Goldglobal28.94.9x3.1x
Barrick Mining Corporationglobal67.45.2x3.3x
Harmony GoldSouth Africa10.83.8x3.8x
Gold FieldsSouth Africa31.64.4x4.4x
Coeur Miningglobal11.37.0x4.5x
Newmont Corporationglobal125.87.6x4.8x
Northern Star ResourcesAustralia23.68.1x5.0x
Evolution MiningAustralia18.38.4x5.2x
Agnico Eagle Minesglobal92.28.7x5.6x
Alamos Goldglobal13.79.0x5.8x
Hecla Mining Companyglobal11.512.0x7.7x
Group median7.3x4.7x
Group average7.0x4.7x
This companySouth Africa47.96.2x6.2x

Group median 7.3x as traded, 4.7x adjusted; this company 6.2x — a 34% premium.

Group average 7.0x as traded, 4.7x adjusted; against the average this company is at a 33% premium.

At the adjusted group median the market cap would be -25% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.8x, Russia 3.9x, South Africa 5.1x, Kazakhstan 6.6x, India 18.2x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-05; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-210.72 USDEx-dividend: 0.72 USD per sharePaidYahoo Finance (ex-div)
2026-05-291.16 USDEx-dividend: 1.16 USD per sharePaidYahoo Finance (ex-div)
2026-03-131.73 USDEx-dividend: 1.73 USD per sharePaidYahoo Finance (ex-div)
2025-11-280.91 USDEx-dividend: 0.91 USD per sharePaidYahoo Finance (ex-div)
2025-08-220.8 USDEx-dividend: 0.8 USD per sharePaidYahoo Finance (ex-div)
2025-05-300.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2025-03-140.69 USDEx-dividend: 0.69 USD per sharePaidYahoo Finance (ex-div)
2024-08-300.22 USDEx-dividend: 0.22 USD per sharePaidYahoo Finance (ex-div)
2024-03-140.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2024-03-130.19 USDEx-dividend: 0.19 USD per sharePaidYahoo Finance (ex-div)
2023-08-240.037 USDEx-dividend: 0.037 USD per sharePaidYahoo Finance (ex-div)
2023-03-160.177 USDEx-dividend: 0.177 USD per sharePaidYahoo Finance (ex-div)
2022-08-250.294 USDEx-dividend: 0.294 USD per sharePaidYahoo Finance (ex-div)
2022-03-100.145 USDEx-dividend: 0.145 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.anglogoldashanti.com/investors/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of AngloGold Ashanti — from primary filings.

Frequently asked questions

What is AngloGold Ashanti's P/E ratio?
AngloGold Ashanti trades at a P/E of 12.5x (price to trailing 12-month earnings).
What is AngloGold Ashanti's EV/EBITDA?
AngloGold Ashanti trades at 6.2x EV/EBITDA.
What is AngloGold Ashanti's P/B ratio?
AngloGold Ashanti trades at a P/B of 5.9x.
What is AngloGold Ashanti's dividend yield?
AngloGold Ashanti's trailing 12-month dividend yield is 4.8%.
What is AngloGold Ashanti's return on equity (ROE)?
AngloGold Ashanti's ROE is 45.8%.
What is AngloGold Ashanti's market capitalization?
AngloGold Ashanti's market cap is 47.7 bn USD.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · Gold Mining Stocks: The Cheapest Gold Miners by Valuation (2026) · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map