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- **Record cash flow and profitability**: $1 billion Q3 free cash flow, 141% YoY growth; 185% headline earnings increase.
- **Production milestone**: 17% year-over-year production growth, driven by Tier 1 assets.
- **Cost leadership**: 3% YTD cash cost increase vs. 9% inflation; real-term cost stability maintained.
- **Strategic growth engines**: 
  - **Geita Expansion**: $50 million investment targeting 60% reserve growth.
  - **Nevada Development**: Merlin deposit prefeasibility study expected Q4 completion.
- **Dividend strength**: 50% free cash flow payout; Q3 dividend $460 million, matching H1.

**【CEO Summary Section】**
- **Record financial performance**: Q3 free cash flow of $1 billion, exceeding 2024 full-year generation; adjusted net cash position of $450 million, strongest balance sheet in company history.
- **Production growth**: 17% year-over-year increase, driven by Obuasi, Kibali, Geita, and Cuyaba; Tier 1 assets now account for 70% of production and 80% of reserves.
- **Cost discipline**: Cash cost up only 3% YTD despite 9% inflation and higher royalties; real-term cost stability maintained.
- **Strategic projects**: 
  - **Geita Expansion**: $50 million exploration investment targeting 60% reserve growth; mill expansion to boost production by 20% to 600,000 oz/yr.
  - **Nevada Development**: Merlin deposit resource definition drilling underway; prefeasibility study expected Q4 completion.

**【CFO Financial Commentary】**
- **Financial highlights**: 
  - GAAP net income $420 million; Non-GAAP EPS $1.08 (vs. $0.95 prior year).
  - Free cash flow up 141%; EBITDA growth 109%; headline earnings up 185%.
- **Dividend policy**: 50% of free cash flow distributed; Q3 dividend $460 million, matching H1 payout.
- **Capital allocation**: Q3 CapEx $368 million; Q4 expected to meet $1.45 billion full-year guidance.

**【Q&A Highlights】**
- **CapEx outlook**: Q4 CapEx to remain within guidance range; exploration spend prioritized for high-impact projects.
- **Argentina cash flow**: CVSA dividend restrictions resolved; cash lockups reduced from $176 million to $100 million.
- **Debt management**: No bond repayments in Q3; focus on maintaining investment-grade balance sheet flexibility.

AngloGold Ashanti Ltd ADR (AU) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

AU

AU fundamentals

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