AngloGold Ashanti has reported a 58% increase in headline earnings for the second quarter of 2026 (Q2 2026) to $1bn, compared to $639m in Q2 2025.
The rise was driven by a focus on cost management and a 35% increase in the average gold price per ounce, which rose to $4,446.
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For the quarter ending 30 June 2026, the company’s earnings before interest, taxes, depreciation and amortisation climbed by 46% year-on-year (YoY) to $2bn from $1.4bn.
Free cash flow also showed a significant increase, reaching $727m, a 36% rise from the previous year, further bolstering the company’s balance sheet and facilitating enhanced shareholder returns.
AngloGold Ashanti CEO Alberto Calderon said: “This result shows the strong cash generation capacity of our assets and the resilience of our portfolio. 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 of $364m, equating to $0.72 per share, was declared for this quarter, contributing to a total of $949m for the first half (H1) of the year.
Cash generation from operations increased by 49% to $1.8bn, compared to the previous year’s $1.2bn. Increased profitability, along with a higher gold price, led to cash tax payments more than doubling to $542m.
Future tax payments for the year are anticipated to be between $230m and $250m quarterly.
The quarter also saw higher distributions to non-controlling interests, which rose to $234m from $150m YoY.
Meanwhile, gold production was 744,000oz, a decline from 804,000oz in 2025. This reduction was primarily due to the sale of the Serra Grande mine, decreased output at the Obuasi mine following a contractor fatality and planned maintenance activities. However, production is expected to increase in H2 2026.
Non-sustaining capital expenditure doubled from $108m to $217m.
AngloGold Ashanti is concentrating on leveraging its infrastructure to unlock high-return production enhancements and is progressing efforts at the North Bullfrog and Arthur Gold projects, aiming to boost production from 2029.
