AngloGold Ashanti Posts Record $2.9B Free Cash Flow, Guides 2.8–3.17Moz 2026 Production
AngloGold Ashanti generated record $2.9 billion free cash flow in 2025 and over $1 billion in Q4, funding an $875 million Q4 dividend and ending the year with $1 billion net cash. The company forecasts 2026 gold output of 2.8–3.17 Moz at $1,335–$1,455/oz cash costs and unveiled a 4.9 Moz Nevada reserve requiring $3.6 billion initial capex.
1. Record Cash Flow and Dividends
AngloGold generated record free cash flow of $2.9 billion in FY2025, driven by higher gold prices, production gains and disciplined cost management. The Q4 free cash flow exceeded $1 billion, enabling an $875 million supplemental dividend and shifting the balance sheet to approximately $1 billion net cash by year-end.
2. 2026 Production and Cost Guidance
For 2026 the company forecasts group gold production of 2.8 to 3.17 million ounces with managed cash costs of $1,335 to $1,455 per ounce. It plans sustaining capital expenditure of $1.0 to $1.14 billion and non-sustaining capital of $785 to $835 million, reflecting royalty and inflation impacts.
3. Tier 1 Nevada Discovery
The Nevada Arthur Gold Project has been classified as a “Tier 1” discovery, with a first mineral reserve of 4.9 million ounces at Merlin and an initial capex estimate of $3.6 billion. Pre-feasibility metrics outline a nine-year life producing roughly 4.5 million ounces at an average of 500,000 ounces per year, with feasibility study work scheduled to start in Q2 2026.