AngloGold Ashanti plc

Reported Q2 2026 EBITDA rose 46% year over year to $2 billion, headline earnings rose 58% to $1 billion, free cash flow was $727 million versus $535 million in Q2 2025, and cash generated from operations rose 49% to $1.8 billion. Basic EPS rose 49% year over year to $1.97 from $1.32. Total cash costs were $1,480/oz, up 21% from $1,226/oz in Q2 2025. Net cash was $991 million and liquidity was $4.2 billion. For the half year, dividend declarations totaled $949 million, including $364 million in Q2. Management reaffirmed annual guidance, said production should be second-half weighted, noted Obuasi’s H2 production is expected to be 150,000 ounces, and said cash taxes should fall to about $230 million to $250 million in each of Q3 and Q4.

Alberto Calderon framed the quarter as evidence that AngloGold can keep earnings and cash flow growing faster than the gold price by controlling what it can control. He emphasized safety, disciplined execution, a strong balance sheet, and a portfolio built around Tier 1 assets plus a low-risk organic growth pipeline, especially in Nevada and across existing operations. His tone was confident and shareholder-focused, repeatedly stressing dividends, buybacks, and reinvestment only in high-return projects.

Gillian Doran highlighted free cash flow of $727 million, net cash from operations of $1.4 billion, EBITDA of $2 billion, and EPS of $1.97. She explained that Q2 costs were pressured by exogenous factors: inflation, a 45% rise in Brent crude, FX, and higher royalty costs, with total cash costs at $1,480/oz versus $1,226/oz a year ago. She also pointed to record earnings-related tax payments in Q2, said Q2 cash taxes were the highest on record, and reiterated that the second half should benefit from lower tax payments and strong working-capital discipline.

Analysts focused on the buyback, asking whether it would be opportunistic and whether total capital returns could exceed 50% of free cash flow; management said the buyback will likely be opportunistic and confirmed returns can exceed that level if gold prices remain high. Questions also centered on growth projects, with management saying the main near-term optionality sits in Obuasi, Geita, Sukari, Siguiri and Cuiaba, and that most growth capital needs are not large in the context of the business. Analysts asked about Obuasi’s recurring issues, and management said the fatality and related shutdown were the main disruptions, but the mine should return to a more normal run rate, with an additional ore pass expected by Q4. On Siguiri, management said discussions with the government over refinery requirements are ongoing and should be manageable.