AngloGold Ashanti From Pullback to Power – JSE: ANG Share Price Resumes the Uptrend with Robust Q3
Thanks to strong third-quarter results and fresh hope in the gold industry, AngloGold Ashanti has resumed its record-breaking climb after...
Quick overview
- AngloGold Ashanti has resumed its stock rally following strong third-quarter results and renewed optimism in the gold sector.
- The company's Q3 performance showcased robust cash generation, rising dividends, and steady output growth, reaffirming its operational efficiency.
- AngloGold's free cash flow surged 141% year-on-year to a record $920 million, supported by higher gold prices and tight cost control.
- With a strong balance sheet and commitment to shareholder returns, AngloGold Ashanti remains a leading performer in the gold industry.
Thanks to strong third-quarter results and fresh hope in the gold industry, AngloGold Ashanti has resumed its record-breaking climb after a brief hiatus.
Rally Resumes After October Pause
Following an impressive year-long surge, AngloGold Ashanti’s (JSE: ANG) stock faced a pullback in late October as gold prices retreated. Yet, the correction found technical support at key moving averages, and by early November, buyers were back in force. The stock jumped 6% on Tuesday, signaling a revival in the broader uptrend.
ANGJ Chart Weekly – Off to New Highs As the 20 SMA Keeps Holding
Earnings Highlight Solid Fundamentals
The miner’s third-quarter results were released Tuesday morning, showing a mixed top line but strong underlying performance. Revenue came in just below expectations, while earnings per share matched forecasts.
The market responded positively to robust production figures and tight cost management, both of which underscored operational efficiency.
Financial Strength and Operational Discipline
AngloGold’s Q3 performance reflected resilient cash generation, rising dividends, and steady output growth. The company highlighted its commitment to cost discipline and shareholder returns, reaffirming its reputation as one of 2025’s most consistent global gold producers.
CEO Alberto Calderon noted that “cash costs again stayed flat in real terms, allowing us to capture stronger margins and reward shareholders.”
Technical Support and Market Reaction
On the charts, ANGJ shares found support near the 20-day simple moving average in October, forming a doji candlestick that signaled a potential reversal. This week’s follow-through rally, bolstered by positive earnings and a firmer gold price, suggests that the recent correction may have been a healthy consolidation within a longer-term uptrend.
AngloGold Ashanti Q3 2025 Results Overview
Strong Cash Generation and Dividend Boost
- Free cash flow surged 141% year-on-year to a record $920 million, supported by higher gold prices and tight cost control.
- The company declared a quarterly dividend of $460 million, bringing total dividends for 2025 to $927 million.
- Annual guidance for 2025 was reaffirmed, signaling continued operational confidence.
Production and Gold Price Highlights
- Group gold output increased 17% year-on-year, led by strong performances from Obuasi (Ghana), Geita (Tanzania), Cuiabá (Brazil), Kibali (DRC), and the addition of Sukari (Egypt).
- The average gold price received rose 40% to $3,490/oz in Q3 2025, compared with $2,486/oz a year earlier.
- This price strength translated into a 94% rise in operational cash generation, underpinned by efficient cost management.
Financial Performance and Balance Sheet Strength
- Adjusted EBITDA jumped 109% to $1.6 billion, up from $746 million in Q3 2024.
- Headline earnings rose 185% to $672 million, or $1.32 per share, versus $236 million ($0.56/share) last year.
- Net cash from operations climbed 134% to $1.4 billion, boosting quarterly free cash flow.
- The company transitioned from adjusted net debt to adjusted net cash of $450 million by September 30, 2025.
- Liquidity remained strong at $3.9 billion, including $2.5 billion in cash and equivalents.
Dividend Decision and Policy Update
- The interim dividend of 91 US cents per share includes the minimum 12.5 cents plus an additional payout reflecting half of Q3 free cash flow.
- The Board opted to pay this earlier than year-end, citing robust cash flow and confidence in future performance.
Operational Discipline and Safety
- AngloGold maintained a Total Recordable Injury Frequency Rate (TRIFR) of 0.96 per million hours worked, well below industry norms, underscoring its strong safety culture.
Conclusion: AngloGold Ashanti’s latest results confirm that its growth story remains intact. With record free cash flow, prudent balance sheet management, and a renewed rally in gold prices, the company enters year-end from a position of strength—continuing to shine as one of the sector’s top performers.
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