AngloGold Ashanti Delivers Record $2.9bn Free Cash Flow, Declares Highest Dividend in 2025
AngloGold Ashanti plc delivered a record free cash flow of $2.9 billion in the 2025 financial year, supported by strong production growth, disciplined cost control and a sharp rise in realised gold prices.
The company declared an interim dividend of $875 million for the fourth quarter of 2025, bringing total dividends declared for the year to a record $1.8 billion, its highest-ever annual payout.
AngloGold Ashanti said it achieved guidance on gold production and sustaining capital expenditure, reinforcing a growing track record of operational reliability across its portfolio of ten operating assets spanning three continents.
“We continued to focus on safety, operational excellence and consistency of execution,” Chief Executive Officer Alberto Calderon said. “This allowed us once again to safely meet production guidance, control costs better than most of the industry and consequently deliver record earnings and dividends.”
Operating performance
Gold production increased by 16 per cent year-on-year to 3.1 million ounces in 2025, up from 2.7 million ounces in 2024, reflecting the first full-year contribution from the Sukari mine and improved performance across several assets in the portfolio.
The average gold price received rose sharply by 45 per cent to $3,468 per ounce in 2025, from $2,394 per ounce in the prior year, significantly boosting revenues and cash generation.
Adjusted EBITDA more than doubled to a record $6.3 billion in 2025, compared with $2.7 billion in 2024, while free cash flow rose by 204 per cent year-on-year from $1.0 billion to $2.9 billion.
Total cash costs for the Group increased by 7 per cent to $1,242 per ounce, driven mainly by higher royalty payments linked to elevated gold prices. Despite the increase, the company said total cash costs at its managed operations were flat year-on-year in real terms, underscoring continued cost discipline.
Capital allocation and dividends
Strong cash generation supported an enhanced capital allocation framework, with AngloGold Ashanti declaring an interim dividend of $875 million, equivalent to 173 US cents per share, for the fourth quarter of 2025.
The payout represents 50 per cent of free cash flow for the quarter, alongside an additional $350 million, reflecting management’s confidence in operating performance and cash flow outlook for 2026.
Total dividends declared for the year amounted to $1.8 billion, equivalent to 357 US cents per share, representing 62 per cent of free cash flow generated in 2025.
Balance sheet strength
The company ended the year in its strongest balance sheet position to date, recording an adjusted net cash position of $879 million at 31 December 2025, compared with adjusted net debt of $567 million at the end of 2024.
Total liquidity stood at approximately $4.4 billion, including cash and cash equivalents of about $2.9 billion.
Portfolio optimisation and growth
AngloGold Ashanti said its ongoing portfolio optimisation strategy continues to deliver shareholder value. The acquisition of Centamin has strengthened the group’s asset base, while recent acquisitions in Nevada have enabled the formation of one of the most promising new gold development projects in the United States.
At the same time, the company has divested non-core assets to sharpen focus on its core portfolio, including the ABC and Doropo projects in Côte d’Ivoire and the Serra Grande (MSG) operation in Brazil.
Key strategic milestones achieved during the year included the integration of Sukari into the portfolio, delivery of Obuasi’s ramp-up schedule, the introduction of a more competitive quarterly dividend policy, and admission to the Russell equity indices, enhancing visibility among US investors.
Reserves and safety performance
At 31 December 2025, total Group gold Mineral Reserves stood at 36.5 million ounces, representing a 17 per cent increase from 31.2 million ounces a year earlier. Measured and Indicated Mineral Resources totalled 68.0 million ounces, while Inferred Mineral Resources stood at 49.3 million ounces.
The company also recorded its best-ever safety performance, with Total Recordable Injury Frequency Rate (TRIFR) at managed operations improving to 0.97 injuries per million hours worked in 2025, down from 0.98 in 2024 and well below the International Council on Metals and Minerals industry average of 2.29.
AngloGold Ashanti said the combination of production growth, disciplined capital allocation and balance sheet strength positions the company to sustain strong cash generation and shareholder returns in the current gold price environment.
