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Anglogold Ashanti Ltd

www: www.anglogoldashanti.com   email: investors@anglogoldashanti.com
Category: Major
Rating:
Upside Downside Quality
2.5 3.5 A-
Risk: High View History

Rating History

Date Category Rating Risk
Upside Downside Quality
07/14/2026 Major 3.0 3.5A-High
Current Major 2.5 3.5A-High
Profile
Notes
Forum
Your Data



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Price Data

Symbol Traded Checked Price
NYSE:AU 09/29/2026 09/29/2026 USD 94.60

Performance

+/-
since 		1 Day Last Friday 4 Weeks
1.98% 1.98% 1.98%
3 Months 6 Months 1 Year
16.10% 4.80% 38.51%

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Scorecard   (1 Star = Poor, 5 Stars = Excellent)

Category Don's Site Average Yours Category
Balance Sheet Balance Sheet
Costs (Exp/Dev/Prod) Costs (Exp/Dev/Prod)
Exploration Potential Exploration Potential
Management/Execution Management/Execution
Ownership/Hedging Ownership/Hedging
Project Locations/Taxes Project Locations/Taxes
Properties/Projects/Pipeline Properties/Projects/Pipeline
Share Structure/Dilution Share Structure/Dilution
Risk (1 = High, 5 = Low) Risk (1 = High, 5 = Low)
Upside Potential Upside Potential
6 Ratings

Your Summary (edit)

Stock Summary (from last analysis - 07/14/2026)

AngloGold Ashanti is one of the largest gold producers. They were cheap in 2018, crashing to $7 per share. This was due to strikes in South Africa and higher cash costs. They resolved those issues (and they sold their SA mines), and now the stock is back to $80 per share. Amazingly, it's still surprisingly cheap with a current 5% dividend yield, paid out as 50% of FCF.

The key for this company is reducing their debt ($2 billion) and lowering their costs, along with higher gold prices. They produce 3 million oz annually. They have plenty of reserves and 120 million oz of resources. They have an excellent pipeline with 5 mines currently under development to expand production. They are projecting costs to drop as they expand production. It could be a good story if they clean up their balance sheet, which should be easy. They are currently generating around $3B in FCF at $4000 gold.

Their ASIC is high at $1900 per oz, with breakeven costs around $3000 per oz. Cash flow could be huge in a few years with higher gold prices. That will create large dividends and push the stock price higher. The question is how high will the market value AngloGold? Currently, it has a $40 billion market cap. It could easily rise 5x if gold prices rise. For a major, it is cheap, trading at about 13x FCF. If gold prices rise, they have a lot of leverage.


DD

General Details

Financial 07/14/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $40,887.97M $48,151.40M 07/14/2026 $7,263.43M
MCap (OS): $40,807.64M $48,056.80M 07/14/2026 $7,249.16M
Total Assets: $7,600.00M $7,600.00M 07/14/2026 $0.00M
Total Liabilities: $3,900.00M $3,900.00M 07/14/2026 $0.00M
Current Assets: $3,000.00M $3,000.00M 07/14/2026 $0.00M
Current Liabilities: $959.00M $959.00M 07/14/2026 $0.00M
Total Debt: $2,100.00M $1,500.00M 07/31/2026 $-600.00M
Cash: $3,001.00M $2,501.00M 07/31/2026 $-500.00M
Debt (Net): $-901.00M $-1,001.00M $-100.00M
Enterprise Value: $39,986.97M $47,150.40M $7,163.43M
Cash Flow: $3,113.07M $3,535.32M never $422.25M
Cash Flow Multiple: 13.13 13.62 never 0.49
Net Debt to
Cash Flow Ratio:		 n/a n/a never 0.00
Finance within 1 year: 07/14/2026 n/a
Misc 07/14/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 508,000,000 508,000,000 07/14/2026 0
Shares (FD): 509,000,000 509,000,000 07/14/2026 0
Insider Ownership: n/a n/a 07/14/2026 n/a
Dividend (Annual): 5.78% 4.9% 09/01/2026 -0.88
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 07/14/2026 n/a
Production (Gold Eq Oz.): (guess) 
3,000,000		 (guess) 
3,000,000		 07/14/2026 0
Production (Silver Eq Oz.): (guess) 
206,813,556		 (guess) 
203,859,489		 07/14/2026 -2,954,067
Development Phase: Producer (Multiple Mines) Producer (Multiple Mines) 07/14/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 25
Producer: Quality
 25
Producer: Quality
 07/14/2026 0
Cash Flow Multiple: 22 22 07/14/2026 0.00

Resource Data

GOLD 07/14/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: 30.00M 30.00M 07/14/2026 0.00M
Measured & Indicated: 90.00M 90.00M 07/14/2026 0.00M
Inferred: 30.00M 30.00M 07/14/2026 0.00M
Reserves & Resources: 120.00M 120.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: 27.00M 27.00M 07/14/2026 0.00M
Measured & Indicated: 70.20M 70.20M 07/14/2026 0.00M
Inferred: 13.50M 13.50M 07/14/2026 0.00M
Reserves & Resources: 83.70M 83.70M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
3,000,000oz.		 (guess) 
3,000,000oz.		 07/14/2026 0oz.
Cash Cost: $2,000 $2,000 07/14/2026 $0.00
Extra Operating Cost: $1,000 $1,000 07/14/2026 $0.00
Total: $3,000 $3,000 07/14/2026 $0.00
Margin (Free Cash Flow): $1,038 (26%) $1,178 (28%) $140.75
MCap / Production (AuEq): $13,629.32 $16,050.47 $2,421.14
EV / Production (AuEq): $13,328.99 $15,716.80 $2,387.81
G
R
A
D
E		 Underground (Avg): 2.00 g/t 2.00 g/t 07/14/2026 n/a
Open Pit (Avg): n/a 1.70 g/t 07/14/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 09/01/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 70.00M 70.00M 07/14/2026 0.00M
Annual Production: 3,000,000oz. 3,000,000oz. 07/14/2026 0oz.
Cash Cost: $2,200 $2,200 07/14/2026 $0
Extra Operating Cost: $1,000 $1,000 07/14/2026 $0
SILVER 07/14/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 07/14/2026 0.00M
Measured & Indicated: n/a n/a 07/14/2026 0.00M
Inferred: n/a n/a 07/14/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 07/14/2026 0.00M
Measured & Indicated: n/a n/a 07/14/2026 0.00M
Inferred: n/a n/a 07/14/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 07/14/2026 $0.00
Extra Operating Cost: n/a n/a 07/14/2026 $0.00
Total: n/a n/a 07/14/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $197.70 $236.20 $38.49
EV / Production (AgEq): $193.35 $231.29 $37.94
G
R
A
D
E		 Underground (Avg): n/a n/a 07/14/2026 n/a
Open Pit (Avg): n/a n/a 07/14/2026 n/a
Recovery Rate: n/a n/a 07/14/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 07/14/2026 0.00M
Annual Production: n/a n/a 07/14/2026 n/a
Cash Cost: n/a n/a 07/14/2026 n/a
Extra Operating Cost: n/a n/a 07/14/2026 n/a

Property

Last Analysis Data  (07/14/2026)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Cerro Vanguardia
92 n/a
Prod Cerro Vanguardia Silver
92 n/a
Prod Sunrise Dam
100 n/a
Dev Tropicana
70 n/a
Prod Mineracao
100 n/a
Prod Mineracao Sulphur
100 n/a
Prod Serra Grande
50 n/a
Dev Kibali
45 n/a
Exp Mongbwalu
86 n/a
Exp ABC
100 show
2M oz
Early exploration

Size: 114,000 ha
Exp Doropo
100 show
2.5M oz
200K yr
DFS due in 2024
Construction in 2025
Exp Gramalote
49 n/a
Exp La Colosa
100 n/a
Prod Sukari
50 show
13 million oz deposit (1 gtp). They own 50%.

450,000 oz production for 20 years and low cash costs ($700 per oz).

Size: 16,000 ha
Exp EDX
100 show
Early exploration

Size: 300,000 ha
Prod Iduapriem
100 n/a
Prod Obuasi
100 n/a
Prod Siguiri
85 n/a
Prod Morila
40 n/a
Prod Sadiola
41 n/a
Prod Yatela
40 n/a
Prod Navachab
100 n/a
Prod Geita
100 n/a
Prod CCV
100 n/a
Dev Bullfrog - Reward
100 show
PEA due.

Size: 1,500 ha
Dev North Bullfrog
100 show
PEA completed.
$175 million capex.
45% IRR at $1300 gold.
$635 cash costs.

Size: 7,500 ha
Exp Chisna
1 show
1% NSR
Exp Klondike
100 show
Early exploration.

Size: 1,800 ha
Exp LMS
3 show
3% NSR.
Exp Mother Lode
100 show
1.1 million oz at .7 gpt

Plus 13,000 meters of drilling.
Exp Terra
100 n/a
Exp West Pogo
3 show
3% NSR
Prod Great Noligwa
100 n/a
Prod Kopanang
100 n/a
Prod Moab Khotsong
100 n/a
Prod Mponeng
100 n/a
Prod SA Uranium
100 n/a
Prod Savuka
100 n/a
Prod TauTona
100 n/a
Prod Vaal River Surface
100 n/a
Prod West Wits Surface
100 n/a
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Prod Cerro Vanguardia
92 n/a
Prod Cerro Vanguardia Silver
92 n/a
Prod Sunrise Dam
100 n/a
Dev Tropicana
70 n/a
Prod Mineracao
100 n/a
Prod Mineracao Sulphur
100 n/a
Prod Serra Grande
50 n/a
Dev Kibali
45 n/a
Exp Mongbwalu
86 n/a
Exp ABC
100 show
2M oz
Early exploration

Size: 114,000 ha
Exp Doropo
100 show
2.5M oz
200K yr
DFS due in 2024
Construction in 2025
Exp Gramalote
49 n/a
Exp La Colosa
100 n/a
Prod Sukari
50 show
13 million oz deposit (1 gtp). They own 50%.

450,000 oz production for 20 years and low cash costs ($700 per oz).

Size: 16,000 ha
Exp EDX
100 show
Early exploration

Size: 300,000 ha
Prod Iduapriem
100 n/a
Prod Obuasi
100 n/a
Prod Siguiri
85 n/a
Prod Morila
40 n/a
Prod Sadiola
41 n/a
Prod Yatela
40 n/a
Prod Navachab
100 n/a
Prod Geita
100 n/a
Prod CCV
100 n/a
Dev Bullfrog - Reward
100 show
PEA due.

Size: 1,500 ha
Dev North Bullfrog
100 show
PEA completed.
$175 million capex.
45% IRR at $1300 gold.
$635 cash costs.

Size: 7,500 ha
Exp Chisna
1 show
1% NSR
Exp Klondike
100 show
Early exploration.

Size: 1,800 ha
Exp LMS
3 show
3% NSR.
Exp Mother Lode
100 show
1.1 million oz at .7 gpt

Plus 13,000 meters of drilling.
Exp Terra
100 n/a
Exp West Pogo
3 show
3% NSR
Prod Great Noligwa
100 n/a
Prod Kopanang
100 n/a
Prod Moab Khotsong
100 n/a
Prod Mponeng
100 n/a
Prod SA Uranium
100 n/a
Prod Savuka
100 n/a
Prod TauTona
100 n/a
Prod Vaal River Surface
100 n/a
Prod West Wits Surface
100 n/a

Profitability (by resource)

Proven &
Probable		 07/14/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 30.00M 30.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -29.54M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 27.00M 27.00M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -26.59M
Maximum Profit (Gold): $28,017.63M $31,817.88M n/a $3,800.25M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $28,017.63M $31,817.88M n/a $3,800.25M
Max Profit / Current MCap: 0.685 0.661 n/a -0.024
Max Profit Per Share (Gold): $55.04 $62.51 n/a $7.47
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $55.04 $62.51 n/a $7.47
Total Free Profit Per Share: $0.00 $0.00 n/a $0.00
FD MCap / Gold Eq.: $1,514.37 $1,783.39 n/a $269.02
FD MCap / Silver Eq.: $21.97 $26.24 n/a $4.28
FD MCap / Per Metal
as % Spot Price:		 37.51% 42.68% n/a 5.17%
EV / Gold Eq.: $1,481.00 $1,746.31 n/a $265.31
EV / Silver Eq.: $21.48 $25.70 n/a $4.22
EV / Per Metal
as % Spot Price:		 36.68% 41.79% n/a 5.11%
Measured &
Indicated		 07/14/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 90.00M 90.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -88.62M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 70.20M 70.20M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -69.13M
Maximum Profit (Gold): $72,845.84M $82,726.49M n/a $9,880.65M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $72,845.84M $82,726.49M n/a $9,880.65M
Max Profit / Current MCap: 1.782 1.718 n/a -0.064
Max Profit Per Share (Gold): $143.12 $162.53 n/a $19.41
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $143.12 $162.53 n/a $19.41
Total Free Profit Per Share: $62.79 $67.93 n/a $5.14
FD MCap / Gold Eq.: $582.45 $685.92 n/a $103.47
FD MCap / Silver Eq.: $8.45 $10.09 n/a $1.65
FD MCap / Per Metal
as % Spot Price:		 14.43% 16.42% n/a 1.99%
EV / Gold Eq.: $569.61 $671.66 n/a $102.04
EV / Silver Eq.: $8.26 $9.88 n/a $1.62
EV / Per Metal
as % Spot Price:		 14.11% 16.07% n/a 1.97%

Reserves &
Resources		 07/14/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 120.00M 120.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a -118.16M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 83.70M 83.70M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a -82.42M
Maximum Profit (Gold): $86,854.65M $98,635.43M n/a $11,780.78M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $86,854.65M $98,635.43M n/a $11,780.78M
Max Profit / Current MCap: 2.124 2.048 n/a -0.076
Max Profit Per Share (Gold): $170.64 $193.78 n/a $23.14
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $170.64 $193.78 n/a $23.14
Total Free Profit Per Share: $90.31 $99.18 n/a $8.87
FD MCap / Gold Eq.: $488.51 $575.29 n/a $86.78
FD MCap / Silver Eq.: $7.09 $8.47 n/a $1.38
FD MCap / Per Metal
as % Spot Price:		 12.10% 13.77% n/a 1.67%
EV / Gold Eq.: $477.74 $563.33 n/a $85.58
EV / Silver Eq.: $6.93 $8.29 n/a $1.36
EV / Per Metal
as % Spot Price:		 11.83% 13.48% n/a 1.65%

Future Valuation (Cash Flow & Totals)

Totals 07/14/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
C
U
R
R
E
N
T		 R & R Valuation: $84,488.66M $87,433.86M n/a $2,945.19M
FD MCap: $40,887.97M $48,151.40M n/a $7,263.43M
Annual Gold Production: (guess) 
3,000,000oz.		 (guess) 
3,000,000oz.		 07/14/2026 0oz.
Annual Silver Production: n/a n/a 0oz.
F

U

T

U

R

E		 FD MCap (Resources): $122,500.00M $122,500.00M n/a $0M
FD MCap Growth (Resources): 200% 154% n/a -45%
FD MCap (Cash Flow): $250,800.00M $250,800M n/a 0.00M
FD MCap Growth (Cash Flow): 513% 421% n/a -93%
Estimated
Price		 USD: $492.73 $492.73 n/a $0.00
Ratio FD MCap (Resources : Cash Flow): 0.49 0.49 n/a 0.00
Annual
Production		 Gold: 3,000,000 oz. 3,000,000 oz. n/a 0 oz.
Silver: n/a n/a n/a n/a
Current
FD MCap / 		Gold Eq. Reserves: 584.11 687.88 n/a 103.76
Silver Eq. Reserves: 16.69 19.65 n/a 2.96
Gold Eq. Production: 13,629.32 16,050.47 n/a 2,421.14
Silver Eq. Production: 389.41 458.58 n/a 69.18
P&P
Reserves
(oz.)		 Gold: 70.00M 70.00M 07/14/2026 n/a
Silver: n/a n/a 07/14/2026 n/a
Gold Eq.: 70.00M 70.00M 07/14/2026 n/a
Silver Eq.: 2,450.00M 2,450.00M 07/14/2026 n/a
P&P Reserves
per FD
Share (oz.)		 Gold: 0.138 0.138 n/a n/a
Silver: n/a n/a n/a n/a
Gold Eq.: 0.138 0.138 n/a n/a
Silver Eq.: 4.813 4.813 n/a n/a
Free Cash Flow 07/14/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Current: $3,113.07M $3,535.32M n/a $422.25M
Current Multiple: 13.13 13.62 n/a 0.49
Current FCF/MCap Ratio: 7.61% 7.34% n/a -0.27%
Current FCF/Share: $6.12 $6.95 n/a $0.83
F
U
T
U
R
E		 @ current pm prices: $2,513.07M $2,935.32M n/a $422.25M
Multiple @ current pm prices: 16.27 16.40 n/a 0.13
Growth @ current pm prices: -19.27% -16.97% n/a 0.02
@ future prices: $11,400.00M $11,400.00M n/a $0.00M
Multiple @ future prices: 3.59 4.22 n/a 0.64
Growth @ future prices: 222.46% 222.46% n/a -0.44

Defaults

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