AngloGold Ashanti (AU) Earnings Date & Reports

Key Takeaways

• AngloGold Ashanti (AU) is scheduled to report third-quarter 2026 results on November 5, 2026, before the market opens.
• Consensus estimates point to earnings per share (EPS) of roughly $1.92 and revenue near $2.9 billion for the September quarter.
• Record-high gold prices are supporting the top line, but inflation, royalties, and currency moves are pushing cash costs higher.
• Investors will focus on a projected second-half production recovery, the Obuasi ramp-up, and progress on the company's $2 billion share buyback.
• Management reaffirmed full-year 2026 guidance in the second quarter, keeping production and cost targets intact.

Earnings Context and Why It Matters

AngloGold Ashanti is one of the world's largest gold producers, and its quarterly results serve as a direct read on how miners are converting elevated bullion prices into profits. Gold has climbed sharply over the past year, driven by geopolitical tensions, tariff concerns, and steady central-bank buying. That backdrop has lifted the company's revenue and free cash flow, but it has also raised royalty payments and input costs. The third-quarter print will show whether AngloGold Ashanti can defend its margins while ramping up production, and it arrives just as management has positioned a major capital-return program and a brownfield growth pipeline.

Earnings Expectations

For the three months ended September 30, 2026, analysts expect AngloGold Ashanti to post EPS around $1.92, with revenue near $2.9 billion. Those figures follow a mixed second quarter, when the company reported headline EPS of $1.96, missing consensus of roughly $2.04, while revenue of $3.10 billion also came in below expectations.

Investors are watching three key metrics closely. First, gold production, which management expects to rise about 6% in the second half compared with the first half, with output weighted toward the fourth quarter. Second, total cash costs, which climbed 21% year over year to $1,480 per ounce in the second quarter on inflation, higher royalties, and currency effects. Third, all-in sustaining costs (AISC), a widely used mining metric that captures total costs including sustaining capital, which management guides at $1,780 to $1,990 per ounce for the full year.

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Market Reaction and Investor Sentiment

Sentiment heading into the report is cautiously constructive. AngloGold Ashanti shares have delivered strong returns over the past year, supported by the gold rally, but the stock pulled back after the second-quarter miss as investors digested higher costs and a lighter production quarter. Into the third-quarter print, attention is centered on whether cost pressures are stabilizing and whether output gains materialize as management has guided. Key risks include any operational disruptions, a pullback in gold prices, and the timing of regulatory approval for the proposed $2 billion share repurchase program, which is still pending authorization from the South African Reserve Bank.

Forward Outlook and Key Factors to Monitor

Looking beyond the third quarter, investors should monitor whether the projected second-half production recovery actually lands. Management expects a stronger fourth quarter, with the Obuasi mine in Ghana contributing meaningfully after a contractor fatality triggered a temporary suspension earlier in the year. A new ore-pass system at Obuasi is expected to be completed in the fourth quarter, which could support a steadier ramp-up toward the company's 2027 output targets.

Cost discipline will remain central. AngloGold Ashanti's Full Asset Potential program has been reducing controllable costs per ounce, but external factors such as labor inflation, fuel prices, and gold-linked royalties continue to weigh on cash costs. Investors should watch whether those controllable efficiencies can offset macro-driven cost increases.

Capital allocation is another key theme. The company ended the second quarter with a net cash position of roughly $991 million and has signaled plans to return excess cash to shareholders through dividends and the pending buyback. Progress on that program, combined with organic growth projects at Obuasi, Geita, Sukari, Siguiri, and Cuiabá, will shape how the market evaluates AngloGold Ashanti's ability to grow production and per-share value over the next several years.

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