AngloGold Ashanti Plc

Reported Q2 2026 EBITDA was $2 billion, up 46% year over year. Basic earnings per share were $1.97, up 49% from $1.32 in Q2 2025. Free cash flow was $727 million, up 36% from $535 million, and net cash from operating activities was $1.4 billion, up 41%. Total cash costs were $1,480/oz, up 21% from $1,226/oz a year ago. The company also reported net cash of $991 million and liquidity of $4.2 billion. Half-year dividend declaration totaled $949 million, including $364 million declared in Q2. Management reaffirmed annual guidance, said production should be second-half weighted, and expects Obuasi H2 production of 150,000 ounces; cash taxes are expected to fall to about $230 million to $250 million in each of Q3 and Q4 after the unusually high $542 million in Q2.

Alberto Calderon framed the quarter as evidence that AngloGold is keeping controllable costs in check even as inflation, royalties, fuel and FX pressure the industry. He stressed that the company’s portfolio quality, balance sheet strength, and operational discipline are allowing earnings and cash flow to grow faster than the gold price. He was notably optimistic on the growth pipeline, saying the best opportunities are within the portfolio and that Nevada and multiple brownfield projects could add meaningful production over time.

Gillian Doran highlighted Q2 free cash flow of $727 million and EBITDA of $2 billion, with operating cash flow up to $1.4 billion. She pointed to the main cost drivers: U.S. CPI at 3.5%, Brent up 45%, local currency appreciation, and internal realized inflation just under 6%, while total cash costs rose to $1,480/oz. She also emphasized the balance sheet improvement to $991 million of net cash, the unusually high $542 million of cash taxes in Q2, and management’s expectation that working capital should not be lumpy in the second half.

Analysts focused on the buyback, growth optionality, Obuasi, cost inflation, and whether Tier 2 assets should be kept or sold. Management said the $2 billion buyback will be opportunistic and is still subject to South African Reserve Bank approval, while capital returns can exceed 50% of free cash flow if gold prices stay elevated. On growth, management said the main near-term upside is in Obuasi, Geita, Sukari, Siguiri and Cuiaba, with most projects being low-capex, high-IRR and detailed guidance coming in Q3. On Obuasi, management said the fatality and related shutdown hurt the quarter, but the mine is now running at a normalized rate and should reach about 150,000 ounces in H2.