- AngloGold Ashanti Posts Record US$1.2bn as Gold Prices Lift Q1 Earnings
AngloGold Ashanti delivered record free cash flow of US$1.2 billion in the first quarter of 2026, almost triple the level recorded a year earlier, as steady production and historically strong gold prices boosted earnings and shareholder returns.
The gold producer said free cash flow rose 190% year-on-year to US$1.17 billion in Q1 2026, from US$403 million in Q1 2025, while net cash flow from operating activities increased 136% to US$1.71 billion, from US$725 million a year earlier.
EBITDA also rose sharply, increasing 130% year-on-year to US$2.29 billion, compared with US$996 million in the same period last year. Headline earnings climbed 187% to US$1.29 billion, equivalent to 252 US cents per share, from US$447 million, or 88 US cents per share, in Q1 2025.
The company attributed the performance to steady output from most of its operating assets and a continued high gold price environment. The average gold price received per ounce rose 69% year-on-year to US$4,863, compared with US$2,874 in Q1 2025.
Gold production for the group edged up to 724,000 ounces, from 720,000 ounces a year earlier. Production from managed operations increased to 666,000 ounces, from 657,000 ounces, partly offset by lower output from non-managed joint ventures.
Chief Executive Officer Alberto Calderon said the company’s focus remains on cost control and operational predictability.
“Our focus remains to control what we can control — managing underlying costs and ensuring safe, predictable operating results,” he said. “That has again enabled us to deliver record free cash flow and cash returns to our shareholders, while moving our organic growth projects forward.”
The strong cash generation allowed AngloGold Ashanti to declare a record interim dividend of US$585 million, or 116 US cents per share, compared with 12.5 US cents per share declared in Q1 2025.
The company said the base dividend of US$63 million, or 12.5 US cents per share, was topped up to 50% of free cash flow to arrive at the interim dividend declaration.
For beneficial owners on the Ghana sub-register and holders of Ghanaian Depositary Shares, the dividend will be converted into Ghana cedis at the applicable exchange rate. Assuming an exchange rate of US$1 to GH¢11.2425, the gross dividend payable per ordinary share is estimated at about GH¢13.0413, although the final payment rate will depend on the exchange rate on the currency conversion date.
AngloGold Ashanti also announced that its board had approved a proposed share repurchase programme of up to US$2.0 billion, subject to shareholder approval.
The company said the proposed buyback is supported by stronger cash generation and its prospective financial outlook, and is intended to provide another channel for shareholder returns while aligning its capital return framework with North American peers.
The balance sheet strengthened significantly during the period. AngloGold Ashanti moved from net debt of US$755 million in Q1 2025 to net cash of US$868 million at the end of Q1 2026, while continuing to make record dividend payments.
The company also said it bought back about US$666 million principal amount of its outstanding bonds on April 16, 2026, as part of efforts to optimise its capital structure and improve financial flexibility.
Despite the strong earnings performance, operating costs rose due to external pressures. Total cash costs per ounce increased to US$1,391, from US$1,223 in Q1 2025, largely reflecting higher royalty payments linked to record gold prices, inflationary pressures and foreign exchange movements.
All-in sustaining costs rose to US$1,955 per ounce, from US$1,640 per ounce, driven mainly by higher gold price-linked royalties and a planned increase in sustaining capital expenditure.
However, the company said structural efficiencies from its Full Asset Potential programme reduced underlying controllable costs by US$22 per ounce, helping to protect margins. Its total cash cost margin increased to 71%, from 57% a year earlier.
In Ghana, AngloGold Ashanti reported higher production from both Obuasi and Iduapriem during the quarter. Obuasi added 8,000 ounces year-on-year, while Iduapriem contributed an additional 4,000 ounces, helping support production growth across managed operations.
However, the company also reported a fatal incident at Obuasi after the end of the quarter. On April 24, 2026, a contractor was fatally injured following the release of waste material from an underground ore pass.
A comprehensive investigation is underway, with the company saying the family and colleagues affected are receiving support.
“We are heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones,” Mr Calderon said. “Safety has always been our first and highest priority and we will ensure we understand the root cause of this incident and apply every lesson learned.”
The company said its Total Recordable Injury Frequency Rate at managed operations improved to 0.86 injuries per million hours worked in Q1 2026, from 0.97 for 2025, although the Obuasi incident underscored the need for continued vigilance.
AngloGold Ashanti also highlighted progress on its Arthur Gold Project in Nevada, where a pre-feasibility study declared an initial probable mineral reserve of 4.9 million ounces of gold. The project is expected to become a cornerstone of the company’s United States growth platform.
At a gold price of US$3,500 per ounce, the project is estimated to generate an after-tax net present value of up to US$3.46 billion and an internal rate of return of up to 26%. It is modelled to deliver average annual production of about 500,000 ounces over an initial nine-year mine life.
The company said its full-year 2026 guidance for production, costs and capital expenditure remains unchanged.
Overall, AngloGold Ashanti’s first quarter was defined by record cash generation, a much stronger balance sheet and aggressive shareholder returns but also by a reminder that operational discipline in mining must include both financial performance and workplace safety.
