AngloGold Ashanti shares reached a fresh 52-week high this week, propelled by gold trading near record levels. Year-to-date, gold has climbed approximately 65%, with spot prices peaking above $4,350 per ounce earlier in the month. That rise in the underlying commodity has driven investor interest in the miner, lifting the company’s market capitalization to around $46 billion and pushing daily trading volumes to multi-million share levels.

In its latest quarterly report, AngloGold Ashanti delivered better-than-expected results, with revenue rising 18% year-over-year to $2.1 billion and adjusted EBITDA up 22% to $890 million. The miner produced 900,000 ounces of gold during the period, reflecting operational improvements at both its West African and South American assets. Costs per ounce declined by 5%, a testament to ongoing efficiency initiatives that management says will deliver further margin expansion in the coming quarters.

Free cash flow surged to $520 million in the third quarter, an increase of 35% compared to the same period last year, driven by higher realized gold prices and disciplined capital spending. That robust cash generation has enabled the company to maintain a dividend yield of approximately 2.7%, among the highest in the global gold sector, and reduce net debt by nearly $300 million since the start of the year. Analysts forecast earnings growth of more than 70% in the next fiscal year, underscoring confidence in the miner’s ability to sustain returns for shareholders.