AngloGold Ashanti: strong Q2 2025 gold production +21%, AISC remains flat
London, Denver, Johannesburg – AngloGold Ashanti said earnings and free cash flow more than doubled year on year in Q2 2025, driven by the average gold price received per ounce, continued cost discipline and a 21% increase in gold production, following another strong performance from its managed operations.
The Company generated $535m in free cash flow in Q2 2025, a 149% year-on-year increase from $215m in Q2 2024. The 25% year-on-year rise in gold production from managed operations was supported by strong contributions from Obuasi, in Ghana, and Geita, in Tanzania, and the addition of the Sukari gold mine in Egypt.
The average gold price received per ounce increased to $3,287/oz in Q2 2025, from $2,330/oz in Q2 2024.
“This is another strong result that again demonstrates our focus on cost control and the positive momentum we’re building across the business,” said CEO Alberto Calderon. “We’re reaping the benefit of consistent production and cash flow growth, supported by disciplined capital allocation.”
Balance sheet strengthened by earnings and cash flow AngloGold Ashanti has continued to strengthen its balance sheet, with Adjusted net debt down 92% year-on-year to $92m, and the ratio of Adjusted net debt to Adjusted EBITDA improving to 0.02x, from 0.62x a year earlier. The Group ended Q2 2025 with liquidity of $3.4bn, including $2.0bn in cash and cash equivalents.
Adjusted EBITDA increased 111% year-on-year to $1.44bn in Q2 2025, from $684m in Q2 2024. Headline earnings rose to $639m, or $1.25 per share, in Q2 2025, compared to $255m, or $0.60 per share, in Q2 2024 — an increase of 151% and 108% year-on-year, respectively. Net cash flow from operations rose 142% to $1.02bn in Q2 2025, from $420m in Q2 2024, boosting free cash flow for the quarter.
