JOHANNESBURG (miningweekly.com) – The record first-quarter (Q1) free cash flow of $1.2-billion delivered by AngloGold Ashanti is almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price.

The company, headed by CEO Alberton Calderon, remains on track to meet its 2026 annual guidance. (Also watch attached Creamer Media video.)

The interim Q1 2026 dividend of $585 or $1.16 per share is also a new record, compared to $0.125 per share declared in Q1 2025.

On 7 May, the board approved a proposed share repurchase programme for AngloGold’s ordinary shares of up to $2-billion, subject to shareholder approval.

"Our focus remains to control what we can control – managing underlying costs and ensuring safe, predictable operating results,” Calderon stated.

“That has again enabled us to deliver record free cash flow and cash returns to our shareholders, while moving our organic growth projects forward," Calderon added in a release to Mining Weekly.

AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.

WORKPLACE FATALITY

At Obuasi, following the end of Q1 2026 on April 24, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.

“We’re heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones. We will ensure we understand the root cause of this incident and apply every lesson learned,” Calderon stated.

During Q1 2026, safety remained at the core of continuous improvement efforts. The total recordable injury frequency rate at the company’s managed operations improved to 0.86 injuries per million hours worked in Q1 2026, compared with 0.97 injuries per million hours worked for 2025.

Net cash flow from operating activities was up 136% year-on-year to $1.7-billion and the average gold price received per ounce was 69% higher year-on-year on that of Q1 2025.

Earnings before interest, taxes, depreciation and amortisation increased 130% year-on-year to $2.3-billion in Q1 2026 and headline earnings rose 187% to $1.3-billion.

Capitalising on the robust balance sheet and strong liquidity position, on April 16, the company bought back $666-million principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.

In line with the Company’s dividend policy, the base dividend of $63-million or 12.5 US cents per share was declared for Q1 2026. This was topped up to 50% of free cash flow, to arrive at the interim dividend declaration of $585-million, or 116 US cents per share.

The balance sheet continued to strengthen, swinging from $755-million of net debt in Q1 2025 to $868-million of net cash at the end of Q1 2026, all while making a series of record dividend payments in the intervening quarters.

Capitalising on the robust balance sheet and strong liquidity position, on 16 April 2026, the company bought back $666-million principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.

The strategic decision by the board to approve a proposed $2-billion share repurchase programme is underpinned by cash generation capabilities and the prospective financial outlook for the business. The proposed share repurchase programme is intended to offer another vector for shareholder returns and align the company’s capital return framework with its North American peers.

External pressures from inflation, exchange rates and royalties led to a year-on-year increase in total cash costs per ounce for the group to $1 391/oz in Q1 2026, from $1 223/oz in Q1 2025.

Gold production for the group remained stable, increasing to 724 000 oz in Q1 2026, up from 720 000 oz.

Total cash costs per ounce for the group increased by 14% year-on-year to $1 391/oz from $1 223/oz in Q1 2025, primarily reflecting higher royalty payments driven by the record gold price and the impact from underlying inflation, mainly due to increases in labour and mining contractor costs in the jurisdictions in which the Company operates.

All-in sustaining cost per ounce rose by 19% year-on-year to $1 955/oz, driven mainly by the mechanical increase in gold price-linked royalties and a planned 29% increase in sustaining capital expenditure.

Full year 2026 guidance for gold production, costs and capital expenditure, which was issued in February, remains unchanged.