AngloGold Ashanti plc (NYSE:AU) reported third-quarter adjusted earnings of $1.55 per share, below analysts’ expectations of $2.13, while revenue of $2.56 billion missed the consensus estimate of $3.1 billion.
Revenue increased from $2.37 billion in the corresponding quarter last year. Despite the earnings shortfall, the gold producer’s shares gained 3.3% following the announcement.
Gold Production Declines as EBITDA Increases
Third-quarter gold production declined to 696,000 ounces from 768,000 ounces a year earlier, reflecting planned grade sequencing and temporary operational challenges that the company said have since normalised.
Production for the first nine months of 2026 reached 2.16 million ounces. Five operations recorded year-over-year production increases, led by Siguiri, where output rose 49%.
EBITDA increased 12% to $1.57 billion from $1.40 billion, supported by higher gold prices. The average realised gold price rose to $4,239 per ounce from $3,490 a year earlier.
All-in sustaining costs increased to $2,170 per ounce from $1,720, with approximately 83% of the increase attributed to external factors, including price-linked royalties and energy expenses.
Free Cash Flow Reaches $722 Million
AngloGold Ashanti generated $722 million in free cash flow during the quarter and maintained a net cash position of $1.26 billion.
“Our Q3 2026 performance highlights AngloGold Ashanti’s structural quality and free cash flow generation,” said CEO Alberto Calderon. “We remain focused on operational predictability, balance sheet resilience, and delivering on our commitments.”
The company declared an interim dividend of $361 million, equivalent to $0.71 per share, bringing total dividends declared year to date to $1.31 billion.
Production Guidance Maintained and Expansion Projects Outlined
AngloGold Ashanti reaffirmed its full-year 2026 gold production guidance of 2.8 million to 3.17 million ounces.
The company also outlined brownfield expansion projects at Geita, Siguiri and Cuiabá, involving planned capital expenditure of $750 million to $900 million over three years.
These investments are expected to contribute an additional 300,000 to 450,000 ounces of annual gold production by the end of the decade.
The company maintained its annual production outlook despite lower third-quarter output, while higher realised gold prices contributed to increased EBITDA and free cash flow generation.