AngloGold Ashanti Plc.

Record Financial Performance: AngloGold Ashanti reported a record free cash flow of $2.9 billion in 2025, nearly triple the $956 million generated in 2024. Adjusted EBITDA also surged to $6.3 billion, up 129% year-on-year, while basic earnings rose to $2.6 billion from $1 billion in 2024. This demonstrates strong operational execution and effective cost management amid rising gold prices, which averaged $3,468 an ounce in 2025, a 45% increase compared to 2024.

Dividend Policy and Shareholder Returns: The company declared an $875 million dividend for Q4 2025, bringing total dividends for the year to nearly $2 billion or $3.57 per share, reflecting a commitment to returning value to shareholders. The dividend policy sets a payout ratio of 50% of free cash flow, with additional payments based on surplus cash flow, indicating confidence in sustained profitability. However, future payouts are uncertain, with no set ceiling at current gold prices.

Production Growth Outlook: For 2026, gold production is projected between 2.8 million ounces and 3.17 million ounces. The company aims to offset increased costs and royalties through active management of their high-quality Tier 1 assets, which currently account for over 70% of production. Obuasi is expected to increase its production contribution, targeting over 300,000 ounces with ongoing improvements in operations.