Anglogold Ashanti PLC

F:HT3

Profitability: AngloGold said first-half production was broadly stable at about 1.5 million ounces after excluding Serra Grande, while EBITDA and earnings rose sharply and cash flow more than doubled.

Cash returns: The company declared just under $1 billion of dividends in the first half and reiterated that total shareholder returns can exceed 50% of free cash flow, including buybacks.

Cost pressures: Q2 total cash costs were $1,480 per ounce, with management blaming most of the increase on inflation, fuel, royalties and foreign exchange rather than internal operational weakness.

Obuasi impact: The fatality and temporary shutdown at Obuasi hurt Q2 output, but management still expects about 300,000 ounces annualized in the second half as operations normalize.

Growth pipeline: Management highlighted low-capital, high-return growth opportunities across the portfolio, especially Obuasi, Geita, Sukari, Siguiri and Cuiaba, with more detail promised in Q3.

Balance sheet: Net cash reached $991 million and liquidity was $4.2 billion, giving the company room to fund growth while also pursuing an opportunistic $2 billion share buyback once South African approval is received.