AngloGold Ashanti plc (NYSE:AU) saw its shares climb 2.7% in premarket trading on Tuesday after the gold miner posted a record-breaking third quarter, driven by higher gold prices and strong cost management.

The company reported free cash flow of $920 million, up 141% year-on-year, while headline earnings jumped to $672 million, or $1.32 per share, compared to $236 million, or $0.56 per share, a year earlier. Revenue rose to $2.37 billion from $1.47 billion, supported by a 17% increase in gold production to 768,000 ounces. Key operational gains came from Obuasi in Ghana, Geita in Tanzania, and Kibali in the Democratic Republic of Congo.

“This is another record quarter for cash generation and another healthy dividend declaration,” said CEO Alberto Calderon. “Cash costs again stayed flat in real terms, which means we can capture these stronger margins and show capital discipline by passing the benefit on to shareholders.”

The strong results were fueled by a 40% jump in the average gold price received, which reached $3,490 per ounce in Q3 2025, compared to $2,486 per ounce in the same period last year. Despite industry inflation of around 5%, total cash costs per ounce rose only 5% to $1,225, reflecting effective cost control.

AngloGold Ashanti declared a quarterly dividend of 91 cents per share, bringing total dividends declared for the year to $927 million. The company also improved its financial position, moving from adjusted net debt to an adjusted net cash balance of $450 million as of September 30, 2025.

The miner reaffirmed its full-year 2025 guidance, maintaining both production and cost targets. Additionally, AngloGold announced plans to expand its mineral reserve base at the Geita Gold Mine in Tanzania, expecting to boost reserves by about 60% and extend the mine’s life beyond 10 years.

AngloGold Ashanti stock price

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