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olivLaw · US equity research

AngloGold Ashanti plc AU

Gold and Silver Ores · SIC 1040 · Vertical: Gold and Silver Ores (SIC 1040)

87.91USD+7.98% · 1 dayClose 04 Nov 2026

AngloGold Ashanti plc is a global gold mining company with operations across Africa, Australia and the Americas, headquartered in the United Kingdom with its global headquarters in Denver. Product sales revenue reached 9893 million USD in fiscal 2025 as gold prices hit record levels, making the company relevant to investors following precious metals exposure, per the report. The company also reshaped its portfolio through acquisitions and asset sales.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, AngloGold Ashanti plc (AU) stock was 87.91 USD (+7.98% on the day), with market capitalisation 44.4 bn USD, P/E 17.0 on diluted EPS of 5.18 USD over the last 12 months, dividend yield 0.55%, beta 0.94, 52-week range 67.04–128.26 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
44.4 bn USD
shares as of 31 Dec 2025
P/E (TTM)
17.0
Diluted EPS TTM 5.18 · TTM to 31 Dec 2025
E/P (TTM)
5.89%
TTM to 31 Dec 2025
Dividend yield
0.55%
DPS 12m 0.48
Beta (2y)
0.94
Volatility (1y) 61%
52-week range
67.04128.26

Price history

Loading chart…

Technical reading

RSI (14)
47.6
neutral
Bollinger (20, 2)
79.72 – 96.41
in the lower half of the band · %B 0.49 · band width 19.0%
SMA 50 / 200
96.85 / 96.55
mixed trend
MACD (12, 26, 9)
-3.40 / -3.44
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−7.0%−1.1%−5.9 pp—
3 months−0.8%−0.5%−0.3 pp—
6 months−10.8%+4.4%−15.2 pp—
Year to date+3.1%+12.3%−9.2 pp—
1 year+38.2%+13.5%+24.7 pp−14.3%
3 years+361.2%+76.4%+284.8 pp+143.6%
5 years+365.4%+63.7%+301.7 pp—
Max drawdown (1y)
−41.6%
02 Mar 2026 → 20 Jul 2026
Max drawdown (5y)
−52.8%
08 Mar 2022 → 23 Sept 2022
Compound annual growth (5y)
+36.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 75 percentile of its own 4-quarter history (min 9.9, median 15.4, max 35.3; quarters with earnings only).

Fiscal years

Fiscal year20212022202320242025
Revenue4.0 bn4.5 bn4.6 bn5.8 bn9.9 bn
Revenue YoYunavailable+11.7%+1.8%+26.4%+70.8%
Net income638.0 m251.0 m-222.0 m1.0 bn3.2 bn
Net income YoYunavailable−60.7%−188.4%unavailable+202.6%
Diluted EPS1.460.55-0.562.335.18
Diluted EPS YoYunavailable−62.3%−201.8%unavailable+122.3%
net %15.8%5.6%-4.8%18.1%32.1%
Free cash flowunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
2.9 bn USD
Financial debt
2.0 bn USD
Net debt
-861.0 m USD
Equity
9.9 bn USD
Total assets
15.1 bn USD
Debt / equity
0.21x
Current ratio
2.87x
ROE
34.4%
ROA
22.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
4.6 bn
2024
5.8 bn
2025
9.9 bn

SEC (XBRL)· 26 Mar 2026verified

Cost of revenue
2023
3.5 bn
2024
3.7 bn
2025
5.0 bn

SEC (XBRL)· 26 Mar 2026verified

Gross profit
2023
1.0 bn
2024
2.1 bn
2025
4.9 bn

SEC (XBRL)· 26 Mar 2026verified

Interest expense
2023
113.0 m
2024
121.0 m
2025
116.0 m

SEC (XBRL)· 26 Mar 2026verified

Pre-tax income
2023
63.0 m
2024
1.7 bn
2025
4.3 bn

SEC (XBRL)· 26 Mar 2026verified

Income tax
2023
285.0 m
2024
623.0 m
2025
1.1 bn

SEC (XBRL)· 26 Mar 2026verified

Net income
2023
-222.0 m
2024
1.0 bn
2025
3.2 bn

SEC (XBRL)· 26 Mar 2026verified

Diluted EPS
2023
-0.56
2024
2.33
2025
5.18

SEC (XBRL)· 26 Mar 2026verified

Weighted average diluted shares
2023
421.1 m
2024
430.9 m
2025
509.1 m

SEC (XBRL)· 26 Mar 2026verified

Dividend per share
2023
0.25
2024
0.48
2025
—

SEC (XBRL)· 15 Apr 2025derived

Balance sheet · USD

Cash
2023
964.0 m
2024
1.4 bn
2025
2.9 bn

SEC (XBRL)· 26 Mar 2026verified

Receivables
2023
193.0 m
2024
356.0 m
2025
426.0 m

SEC (XBRL)· 26 Mar 2026verified

Inventories
2023
829.0 m
2024
1.1 bn
2025
1.1 bn

SEC (XBRL)· 26 Mar 2026verified

Current assets
2023
2.2 bn
2024
3.1 bn
2025
4.6 bn

SEC (XBRL)· 26 Mar 2026verified

Property, plant & equipment, net
2023
4.4 bn
2024
8.5 bn
2025
8.5 bn

SEC (XBRL)· 26 Mar 2026verified

Total assets
2023
8.3 bn
2024
13.2 bn
2025
15.1 bn

SEC (XBRL)· 26 Mar 2026verified

Accounts payable
2023
772.0 m
2024
957.0 m
2025
1.0 bn

SEC (XBRL)· 26 Mar 2026verified

Short-term debt
2023
207.0 m
2024
83.0 m
2025
19.0 m

SEC (XBRL)· 26 Mar 2026verified

Long-term debt
2023
2.0 bn
2024
1.9 bn
2025
2.0 bn

SEC (XBRL)· 26 Mar 2026verified

Current liabilities
2023
1.3 bn
2024
1.5 bn
2025
1.6 bn

SEC (XBRL)· 26 Mar 2026verified

Total liabilities
2023
4.5 bn
2024
4.7 bn
2025
5.2 bn

SEC (XBRL)· 26 Mar 2026verified

Equity
2023
3.7 bn
2024
8.5 bn
2025
9.9 bn

SEC (XBRL)· 26 Mar 2026verified

Shares outstanding at year end
2023
419.7 m
2024
503.5 m
2025
505.0 m

SEC (XBRL)· 26 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
971.0 m
2024
2.0 bn
2025
4.8 bn

SEC (XBRL)· 26 Mar 2026verified

Investing cash flow
2023
-897.0 m
2024
-762.0 m
2025
-1.2 bn

SEC (XBRL)· 26 Mar 2026verified

Financing cash flow
2023
-87.0 m
2024
-727.0 m
2025
-2.1 bn

SEC (XBRL)· 26 Mar 2026verified

Dividends paid
2023
107.0 m
2024
244.0 m
2025
—

SEC (XBRL)· 15 Apr 2025verified

Computed indicators

Growth

Revenue growth (YoY)
70.8%
computed by olivLawFY 2025
Revenue CAGR 3Y
30.0%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
202.6%
computed by olivLawFY 2025
Net income CAGR 3Y
133.0%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
122.3%
computed by olivLawFY 2025
EPS CAGR 3Y
111.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
49.2%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
32.1%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
43.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
22.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
9.4%
computed by olivLawFY 2025
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-861.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.3x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
2.2x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
1.8x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
4.8 bn USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
14 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days inventory outstanding
77 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
71 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
21 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Market and valuation

Market capitalisation
44.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
43.5 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
14.0x
computed by olivLawFY 2025
P/E (TTM)
17.0x
computed by olivLawFY 2025
Earnings yield
5.9%
computed by olivLawFY 2025
P/B
5.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
4.5x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
4.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.6%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.5%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 43.8% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

87.91 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 44.4 bn USD

Key indicators

Market capitalisation
44.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
17.0x
computed by olivLawFY 2025
P/B
5.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
43.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
32.1%
computed by olivLawFY 2025
Revenue growth (YoY)
70.8%
computed by olivLawFY 2025
Dividend yield
0.6%
computed by olivLawFY 2025

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Mar 2026
verified 138derived 2

Score by group

44% · Insufficient data

Estimated value range

Low
71.14
USD per share
Mid
83.95
USD per share
High
159.84
USD per share
Price: 87.91 USD
The price is within the range
Potential to the central value: -4.5% (value / price − 1)
Margin of safety: -4.7% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 71.14 – 159.84 USD.

Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/E71.14 – 159.84 (Mid 83.95)
    21 companies used · median multiple 16.2x · quartiles 13.7x – 30.9x
    AEM, AG, AGI, ARIS, B, CDE, CMCL, EQX, FNV, FSM, GFI, IAG, IDR, KGC, MUX, NAMM, NEM, PAAS, SVM, TII, VOXR
  • Dividend discount (DDM)outside the aggregate6.37 – 8.56 (Mid 7.30)
    a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Multiple comparisons use the SIC vertical: Gold and Silver Ores (SIC 1040)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 43.8% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality32.1%69 (vs peers)14%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth30.0%100 (on a fixed band)19%
EPS CAGR 3Y · Growth111.2%100 (on a fixed band)19%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.9x100 (on a fixed band)10%
P/E (TTM) · Valuation17.0x48 (vs peers)24%
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.5%8 (on a fixed band)14%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality· partial69/100 · 1/3 factors with a value
  • Returns· partial8/100 · 1/2 factors with a value
  • Valuation· partial48/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

AngloGold Ashanti plc (AU). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 9.9 bn USD in 2025; YoY growth 70.8%; net margin 32.1%; ROE 43.1%.

The estimated value range is 71.14–159.84 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 83.95 USD, the price of 87.91 USD leaves a potential of -4.5% (value / price − 1) and a margin of safety of -4.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 30.0%
  • EPS CAGR 3Y: 111.2%
  • Current ratio: 2.9x

What contradicts it

  • Shareholder yield (distributions): 0.5%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Gold and Silver Ores (SIC 1040) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
17.0x
vertical median 16.2x
at median
EV/EBITDA
—
vertical median 10.1x
P/S
4.5x
vertical median 4.7x
at median
P/B
5.5x
vertical median 2.6x
above median (+108.3%)
ROE
43.1%
vertical median 8.3%
above median (+421.1%)
Net margin
32.1%
vertical median 21.7%
above median (+47.8%)
EBIT margin
—
vertical median 31.6%
Revenue YoY
70.8%
vertical median 34.3%
above median (+106.4%)
Net debt/EBITDA
—
vertical median -0.2x
Dividend yield
0.6%
vertical median 0.8%
below median (−33.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NEMNewmont Corporation122.7 bn13.726.8%34.7%+21.3%+30% / +194%
AEMAgnico Eagle Mines Limited91.7 bn20.719.6%37.5%+43.7%+5% / +242%
BBarrick Mining Corp67.2 bn13.719.6%29.4%+31.2%−3% / +128%
FNVFRANCO NEVADA Corp46.7 bn42.016.3%61.0%+63.7%+15% / +116%
AUAngloGold Ashanti plc44.4 bn17.043.1%32.1%+70.8%+38% / +361%
GFIGold Fields Limited32.9 bn26.625.7%23.9%+15.6%−14% / +140%
KGCKinross Gold Corp25.7 bn11.031.0%33.9%+36.9%−24% / +264%
PAASPan American Silver Corp.17.5 bn16.216.8%27.1%+28.4%−9% / +165%
CDECoeur Mining, Inc.14.9 bn16.010.3%19.2%+96.4%−16% / +378%
AGIAlamos Gold Inc.12.6 bn14.322.1%49.0%+34.3%−20% / +103%
HMYHarmony Gold Mining Company Limited10.4 bn———+25.8%−17% / +163%
IAGIAMGOLD Corporation10.3 bn15.319.5%25.7%+74.7%+12% / +588%
EQXEquinox Gold Corp.8.9 bn32.24.8%12.2%+99.1%−19% / +106%
AGFirst Majestic Silver Corp.7.6 bn45.38.0%13.1%+124.3%+1% / +158%
ARISAris Mining Corp3.2 bn38.37.0%8.4%+81.7%+12% / +396%
FSMFortuna Mining Corp.2.9 bn10.718.7%30.4%+39.8%−5% / +146%
NGNovagold Resources Inc.2.7 bn—-32.8%—unavailable−40% / +45%
AAUCAllied Gold Corporation2.5 bn—-13.8%-3.9%+82.3%−3% / unavailable
SVMSilvercorp Metals Inc.1.9 bn30.99.6%19.5%+38.9%+10% / +198%
HYMCHycroft Mining Holding Corporation1.6 bn—-72.3%—−100.0%+49% / +716%
MUXMcEWEN INC.916.1 m12.813.5%32.5%+13.2%−20% / +94%
GROYGold Royalty Corp.648.9 m—-0.7%-26.5%+54.5%−34% / +86%
OGGOsisko Development Corp.602.0 m—-27.0%-476.4%+678.0%−33% / −17%
ITRGIntegra Resources Corp.398.7 m—-1.4%-0.9%+703.7%−37% / +157%
CMCLCaledonia Mining Corp Plc397.9 m22.68.5%9.8%+25.1%−33% / +74%

1- and 3-year price returns: for AU from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
69.70
Total return -20% · Per year -20%
122.66
Total return 40% · Per year 40%
184.00
Total return 110% · Per year 110%
3 years
82.68
Total return -4% · Per year -1%
162.22
Total return 87% · Per year 23%
264.95
Total return 205% · Per year 45%
5 years
98.07
Total return 15% · Per year 3%
214.54
Total return 149% · Per year 20%
381.53
Total return 341% · Per year 35%
What moves the 3-year price the most
  • Exit P/E± 40.56
  • Net margin± 28.39
  • Annual revenue growth± 21.17
  • Annual dilution± 2.39

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (25 Sept 2026), 6-K (31 Jul 2026).

In brief

AngloGold Ashanti plc is a global gold mining company with operations across Africa, Australia and the Americas, headquartered in the United Kingdom with its global headquarters in Denver. Product sales revenue reached 9893 million USD in fiscal 2025 as gold prices hit record levels, making the company relevant to investors following precious metals exposure, per the report 1. The company also reshaped its portfolio through acquisitions and asset sales 1.

SWOT

Strengths

  • A diversified portfolio of operations across several continents and countries, with long-life assets.
  • Strongly rising gold sales revenue, supported by record prices.
  • A strategy centred on financial flexibility and a clear low-leverage objective.

Weaknesses

  • Near-total dependence on gold as the main product, with very small by-product revenue.
  • Exposure to gold price swings, with the company unhedged on production since 2025.
  • High operating costs, since underground and open-pit mining is labour intensive.

Opportunities

  • Development of greenfield projects in Nevada and Colombia could expand long-term production.
  • Portfolio rotation through acquisitions and disposals could improve asset quality.
  • Investment demand for gold and central bank buying could support prices over the longer term.

Threats

  • A sharp correction in the gold price could significantly reduce revenue and margins.
  • Geopolitical tensions can affect regional economies and create operational risks.
  • Competition for assets and human resources has intensified, which may raise acquisition costs.

Risks

  • Gold price volatilityhigh

    The spot gold price can fluctuate sharply and is shaped by inflation, the dollar and central bank decisions. The company has been unhedged on production since 2025.

  • Geopolitical riskhigh

    Regional conflicts and tensions in Eastern Europe, the Middle East and South America could affect economies and operations.

  • Regulatory riskmedium

    Changes to mining law in operating countries could affect mining rights and require additional compliance spending.

  • Environmental and climate riskmedium

    Climate change and extreme weather can disrupt operations and increase pressure to reduce emissions.

  • Asset concentration risklow

    Reliance on a limited number of mines can amplify the impact of any single operational disruption.

Investment thesis

What would need to be true (bull case)

  • If gold prices stay at elevated levels, revenue and cash flow could remain solid and debt could be reduced.
  • A portfolio spread across several countries may limit the impact of a local problem and support long-term output.
  • Greenfield projects and asset rotation could add higher-quality production in the coming years.

What would break the thesis

  • If gold prices fall from record highs, margins and revenue could drop quickly, and the company is unhedged.
  • Rising energy and labour costs could compress margins, especially at underground operations.
  • Geopolitical and regulatory risks across several countries could affect operations and mining rights.

What to watch

  • Production and operating cost performance against company guidance2026
  • Completion of the La Colosa sale to Mineros and the Mansala acquisition in Guinea2026
  • Spot gold price trend and investment demandQ1 2027
  • Leverage level against the below 1.0x targetnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (25 Sept 2026), 6-K (31 Jul 2026).

The business

AngloGold Ashanti plc is an independent gold producer incorporated in England and Wales and primarily listed on the NYSE, with secondary listings on the JSE, A2X and GSE, according to the annual report 1. Its main product is gold, which is processed into doré on site and refined to at least 99.5% purity before being sold directly to bullion banks. Silver in Argentina and sulphuric acid in Brazil are by-products 1. The group's global headquarters is in Denver, Colorado, with a substantial corporate office in Johannesburg 1.

The strategy aims to generate sustainable cash flow improvements and longer-term returns through five focus areas: prioritising people, safety and sustainability, maintaining financial flexibility, driving operational excellence and cost control, improving portfolio quality and maintaining long-term optionality 1. The company aims to keep leverage below 1.0x through the cycle and has been fully unhedged on gold production since 1 January 2025 1.

In 2025 the company completed significant transactions, including the acquisition of Augusta Gold in Nevada and the sale of assets such as Serra Grande in Brazil and its G2 Goldfields interests. On 7 March 2026 it signed an agreement to sell the La Colosa project in Colombia 1. These moves point to a shift of the portfolio toward assets it considers higher quality.

Market context

The bullion bar market is limited to a few bullion banks, whose number has declined over the last decade, and their pricing power is limited, according to the report 1. This means the price is set by global supply and demand rather than by individual producers 1.

Trends

  • Record gold pricestailwind

    The gold price reached a record high in 2025, significantly boosting the company's revenue, per the report 1. If the price corrects, revenue could fall quickly.

  • Investment demandtailwind

    Gold investment through ETFs and coins grew strongly, supporting demand and near-term prices 1.

  • Geopolitical tensionsmixed

    Conflicts in Eastern Europe and the Middle East could increase demand for safe-haven assets, but could also affect regional economies and the company's operations 1.

  • Energy and materials costsheadwind

    Energy and some materials prices rose in 2025, and sector companies face cost pressure, according to the report 1.

Competitive position

The company states that competition for sales does not play a role in its operations, as gold trades on large world markets independent of mine supply 1. However, producers compete for mining assets, exploration opportunities and human resources, and industry consolidation has intensified this competition 1.

The favourable price environment has heightened competition for quality assets, and sector companies seek long-term assets to sustain their portfolios 1.

  • Other gold producers in general

    The report refers only in general terms to producers competing for assets and human resources, without naming specific companies.

  • Producers involved in industry consolidation

    Industry consolidation is cited as intensifying competition, but the source does not identify the participants.

  • Buyers of the company's assets

    The company sold assets to buyers such as Resolute and Aura Minerals, but these are not presented as direct rivals.

  • Buyers of portfolio assets

    Mineros and other entities buy assets from the portfolio, indicating a competitive market for mining properties.

News & filings

In the press

The latest news item in our archive is from 10 Sept 2026; the newest SEC filing is from 25 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / AngloGold Ashanti plc · 26 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.