AngloGold Ashanti (AGA) announced record quarterly financial results on Monday, with free cash flow surging to $920 million during the three months ending September 30, 2025. The Ghana Stock Exchange (GSE) listed company declared an interim dividend of 91 US cents per share following strong operational performance across multiple mining sites.
The mining giant’s third quarter performance showed dramatic improvement compared to the same period in 2024. Headline earnings reached $672 million, representing a 185 percent increase year over year. Chief Executive Officer Alberto Calderon attributed the results to disciplined cost management and favorable gold prices.
Net cash flow from operations climbed 134 percent to $1.4 billion during the quarter. The company’s Adjusted Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 109 percent to $1.6 billion, while total production increased 17 percent compared to Q3 2024.
Ghana’s Obuasi mine contributed significantly to the production gains alongside operations in Tanzania, Brazil, and the Democratic Republic of the Congo (DRC). The company recently added Egypt’s Sukari mine to its portfolio, further strengthening output capacity.
The company maintained cost discipline during the period despite rising gold prices. Total cash costs remained flat in real terms while a 40 percent increase in average gold price received per ounce translated into a 94 percent rise in cash generated from operations.
AngloGold Ashanti’s balance sheet strengthened considerably during the quarter. The company moved from an adjusted net debt position to an adjusted net cash position of $450 million by September 30. Total liquidity reached $3.9 billion, including $2.5 billion in cash and cash equivalents.
The declared dividend of 91 cents per share comprises the minimum quarterly dividend of 12.5 cents plus an additional payment reflecting half of the free cash flow generated during the quarter. While company policy typically commits to this payment annually at year end, the board exercised discretion to make the payment quarterly given strong cash flows and positive outlook.
Total dividends declared for the nine months through September reached $927 million. The company reaffirmed its full year 2025 guidance across all operational metrics.
Calderon emphasized the company’s commitment to shareholder returns through disciplined capital allocation. The results demonstrate how effective cost management can translate higher commodity prices into stronger margins and cash generation.
AngloGold Ashanti shares rose 2.7 percent in pre market trading following the earnings announcement. The company’s performance reflects broader strength in the gold mining sector driven by elevated gold prices and operational improvements.
