The first quarter of 2025 saw AngloGold Ashanti report a stellar performance by posting a gross profit of $839 million.

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This is a sharp rise of 117.81% compared to the $302 million recorded in Q1 2024.

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The growth has been attributed to higher gold production, effective cost management, and a stronger average gold price which surged to $2,874/oz, up from $2,063/oz a year earlier.

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"This is a very strong start to the year, particularly at our managed operations,” said CEO Alberto Calderon. “We’ve seen strong growth in production with the addition of Sukari and our cost control efforts continue to offset inflation, which has ensured that we capture the benefit of the higher gold price.”

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Group gold production rose by 22% year-on-year to 720,000 ounces, buoyed by the first full-quarter contribution from Egypt’s Sukari Gold Mine, which was acquired in late 2024. Production also saw meaningful increases at Siguiri (+32koz) and Tropicana (+21koz), among other sites. These gains were only partially offset by lower outputs at Iduapriem and Serra Grande.

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The company’s profit before taxation jumped from $167 million in Q1 2024 to $729 million in Q1 2025—an increase of 337%, while profit attributable to equity shareholders rose almost eightfold over the same period. Free cash flow also skyrocketed to $403 million, representing a 607% year-on-year increase from the $57 million achieved in Q1 2024.

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“We remain committed to closing the valuation gap with our North American peers by driving continuous improvements in operating performance, enhancing cash conversion, and maintaining a disciplined approach to capital allocation,” Calderon added.

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The company’s total cost of sales grew from $949 million in Q1 2024 to $1.23 billion in Q1 2025, reflecting inflationary pressures and royalty increases linked to the higher gold price.

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Despite this, total cash costs per ounce across managed operations dropped by 2%, declining from $1,232/oz to $1,213/oz, largely due to Sukari’s inclusion and improved efficiency at Siguiri. In contrast, non-managed joint ventures like Kibali saw their cash costs rise sharply by 59%, reaching $1,325/oz.

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AngloGold Ashanti also revealed a 188% increase in net cash inflow from operating activities, rising to $725 million in Q1 2025, up from $252 million a year prior. This was driven by stronger gold prices and increased sales volumes, although partly offset by higher operating costs and tax payments.

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Earlier this month, the company finalized the sale of its Doropo and ABC Projects in Côte d’Ivoire, signaling a strategic move to sharpen focus on core operations across its portfolio, particularly in the United States.

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Ashanti Gold Q1 2025 Earnings ReleaseDownload

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