AngloGold Ashanti said on Friday that full-year earnings almost tripled in 2025, helped by record gold prices and stronger output, while the miner also reported nearly 5 million ounces in reserves at its U.S. greenfield project.
The company posted headline earnings of $2.725 billion for the year to December 2025, up from $954 million a year earlier, reflecting a sharp improvement in trading conditions for gold producers.
Annual production rose to 3.1 million ounces, a 16% increase on the previous year. AngloGold said the gain was driven largely by the first full-year contribution from the Sukari mine in Egypt, after it acquired a 50% stake in 2024.
Gold prices were a major tailwind. With spot prices climbing by more than 60% last year to successive record highs, AngloGold said it realised an average gold price 45% higher than in the prior year. The stronger price environment supported a quarterly dividend of $1.73 per share, taking total payouts for 2025 to $1.8 billion.
AngloGold also disclosed initial mineral reserves of 4.9 million ounces at its Arthur Gold Project in Nevada, following pre-feasibility studies. The company said this made Arthur the second-largest reserve in its asset portfolio.
According to its results statement, the study supports an initial mine life of nine years, with estimated average annual production of about 500,000 ounces. Capital expenditure for the project is forecast at $3.6 billion.
“What started only a few years ago as an ambitious exploration thesis has now evolved into one of the largest and most significant greenfield gold discoveries of this century in the U.S.,” AngloGold CEO Alberto Calderon said during a results call.
AngloGold, formed in 1998, previously held Anglo American Plc’s South African gold assets before being spun off. It now operates in Australia, Ghana, Tanzania, Guinea, the Democratic Republic of Congo, Brazil and Egypt.
The group sold its last South African mines in 2020 and later moved its primary listing and headquarters from Johannesburg to New York and London respectively, as it pursues expansion in the Americas.