AngloGold Ashanti (AU) has delivered a strong performance in its Q2 earnings report, capitalising on a gold price surge and a substantial increase in production. The company's strategic initiatives, including disciplined cost management and the successful integration of new assets, have enabled it to more than double its earnings and free cash flow compared to the same period last year. This efficient operational performance has strengthened the company's balance sheet and led to a substantial increase in shareholder returns.
● Gold Production: 804 000 ounces, a 21% year-over-year (YoY) increase.
● Average Realised Gold Price: $3 287 per ounce, a 41% YoY increase.
● Revenue: $2.41 billion, a 78.5% increase from the previous year.
● Headline Earnings: $639 million, a 151% YoY increase.
● Headline Earnings Per Share (EPS): $1.25, up from $0.60 in Q2 2024.
● Free Cash Flow: $535 million, a 149% YoY increase.
● Net Debt: Reduced by 92% to $92 million.
● Dividend: An interim dividend of $0.80 per share was declared.
The gold miner enters the second half of 2025 with renewed momentum, highlighted by a solid operational performance and strong market fundamentals. Its 21% production surge in Q2, alongside a relatively modest 6% increase in total cash costs, showcases its ability to scale efficiently, even in a high inflation environment. Strategic moves like the integration of Sukari and Augusta Gold, combined with resource expansion at the Arthur Gold Project, enhance its long-term production profile.
Analyst sentiment reflects this momentum. The stock holds a strong buy consensus, with average 12-month price targets ranging from $45 to $54, and some bullish outlooks projecting up to $63. With added visibility from its NYSE primary listing and inclusion in the Russell Indexes, AngloGold may attract further institutional interest. For those tracking the gold sector, AngloGold's positioning, rooted in production growth, cost discipline and capital returns, makes it a key name to watch as it navigates a favourable commodity cycle.
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** This article was prepared by BROKSTOCK analyst Maboko Seabi
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