AngloGold Ashanti Reports 185% Surge in Nine-Month Free Cash Flow to $1.86 Billion, Driven by Record Q3 Output and Gold Prices
AngloGold Ashanti plc (AU) has cemented its position as a top performer in the gold mining sector, reporting a massive 185% jump in its nine-month free cash flow (FCF) to $1.86 billion. This robust financial performance, driven by higher production volumes and elevated gold prices, has fueled significant optimism regarding the company’s outlook for the remainder of 2025.
Record Profitability Driven by Operational Strength
The third quarter of 2025 proved particularly strong for the South African miner. AngloGold Ashanti achieved a record quarterly FCF of $920 million, underscoring the effectiveness of its operational strategies and cost discipline amid a favorable pricing environment for the precious metal.
The surge in FCF is mirrored in the company's core profitability metric, adjusted EBITDA. For the first nine months of 2025, AU’s adjusted EBITDA surged 121% year-over-year, reaching $4.12 billion. This nine-month total has already surpassed the $2.75 billion adjusted EBITDA reported for the entire fiscal year 2024, signaling a substantial acceleration in earnings power.
Key Financial Metrics (First Nine Months of 2025)
- Free Cash Flow: $1.86 billion (185% year-over-year increase)
- Adjusted EBITDA: $4.12 billion (121% year-over-year increase)
- Q3 Gold Production: Increased 17% year-over-year
Catalysts: Production Gains and Elevated Gold Prices
The primary drivers behind AngloGold Ashanti’s strong financial results were two-fold: operational efficiency and market tailwinds. The company successfully capitalized on rising gold prices, which provided a significant revenue boost. Simultaneously, operational improvements led to material volume increases, with gold production rising 17% year-over-year in the third quarter.
The combination of higher realized prices and increased output volumes created a powerful leverage effect, directly translating into the record free cash flow generation observed in Q3 2025.
Market Reaction and Peer Comparison
The market has responded enthusiastically to AngloGold Ashanti’s performance. Over the past year, AU’s stock has skyrocketed 281.3%, dramatically outperforming the Zacks Mining – Gold industry, which saw a 146% surge over the same period. This outperformance highlights investor confidence in the company’s ability to sustain high growth rates.
When compared to major industry peers, AngloGold Ashanti’s growth rate in adjusted EBITDA stands out:
“AU’s adjusted EBITDA surged 121% year over year to $4.12 billion in the first nine months of 2025, driven by higher production volumes, cost discipline and elevated gold prices.”
In contrast, Newmont Corporation (NEM) reported adjusted EBITDA of $8.93 billion in the first nine months of 2025, representing a year-over-year increase of 58.8%. Similarly, Agnico Eagle Mines (AEM) saw its first nine months’ adjusted EBITDA increase by 67% year-over-year to $5.60 billion. While both competitors delivered strong results, AngloGold Ashanti’s percentage growth in profitability was significantly higher.
Forward Outlook and Sales Guidance
Looking ahead, analysts project continued momentum for the company. The Zacks Consensus Estimate for AngloGold Ashanti’s 2025 sales is $9.67 billion, which would represent a substantial 66.9% year-over-year jump. This guidance suggests that the favorable operating environment and internal efficiencies are expected to persist through the final quarter of the year, positioning AngloGold Ashanti for one of its strongest fiscal years on record.
