AU · AngloGold Ashanti Plc

AngloGold Ashanti's Q1 2026 operating update shows stable group gold production at 724 thousand ounces, nearly matching prior year Q1's 720 thousand ounces despite the Serra Grande divestment on 1 December 2025, which eliminated 10 thousand ounces from both production and sales. Strength in Africa managed operations, rising to 422 thousand ounces from 407 thousand ounces, offset declines elsewhere including Kibali's attributable 58 thousand ounces and Australia's 127 thousand ounces. Gold sales dipped to 719 thousand ounces from 737 thousand ounces, reflecting inventory dynamics. Total cash costs increased to $1,007 million from $881 million, with notable rises in Africa managed operations to $583 million from $466 million, driven by higher costs at Iduapriem, Obuasi, Siguiri, Geita, and Sukari. All-in sustaining costs rose to $1,405 million from $1,209 million, incorporating elevated sustaining capital of $305 million versus $236 million prior year. Americas costs fell to $108 million from $134 million post-Serra Grande sale. Investors should note higher per-ounce costs at several mines, such as Iduapriem's TCC at $1,736 per ounce, alongside elevated gold prices received around $4,800-$4,900 per ounce at key operations like Kibali and Iduapriem.