Key Takeaways AU's adjusted EBITDA surged 121% y/y to $4.12 billion in the first nine months of 2025.AU lifted gold output 20% y/y, driven by Sukari and improved results at Obuasi and other assets.AU affirmed 2025 output guidance of 2.9-3.225 million ounces as cost programs support margins.AngloGold Ashanti plc (AU) has been delivering year-over-year increases in its adjusted EBITDA throughout 2025, driven by higher production volumes, cost discipline and elevated gold prices. AU’s adjusted EBITDA surged 12 ...

Key Takeaways AU reaffirms 2025 gold production guidance of 2.900-3.225 million ounces.Sukari boosts AU with 129,000 and 135,000 ounces in the second and third quarters.Obuasi, Cerro Vanguardia and Geita add momentum with rising volumes across 2025.AngloGold Ashanti (AU) has delivered solid performance so far this year, backed by strong production growth and record gold prices. Backed by contributions from the recently acquired Sukari mine, along with solid performances from key assets, AU’s gold production ...

Key Takeaways AU's Q3 results showed higher gold production, and y/y revenue and EPS growth despite rising operating costs.AU boosted liquidity and improved its debt metrics as the third-quarter free cash flow jumped 141%.AU lifted its 2025 gold output outlook and advanced growth projects, including Sukari and Geita investments.AngloGold Ashanti PLC’s (AU) stock has rocketed 265.7% year to date, outperforming the Zacks Mining – Gold industry’s 132.7% upsurge. Meanwhile, the Basic Materials sector has risen ...

Core Insights - Oaktree Capital Management's latest 13F filing reveals a focus on deep-value cyclicals, energy companies with strong free cash flow, and special-situation equities with asymmetric payoff potential [1][2] Group 1: Top Holdings - TORM PLC (TRMD) is Oaktree's largest holding with 40,581,120 shares valued at $834.6 million, indicating strong conviction in the tanker cycle and a favorable supply/demand imbalance in the product tanker market [3] - Expand Energy Corp (CHK) holds 5,062,363 shares worth $537.8 million, reflecting Oaktree's long-term confidence in energy, particularly natural gas, despite minimal activity this quarter [4] - Garrett Motion (GTX) has 31,894,816 shares valued at $434.4 million, representing a classic special situation investment as the company continues to reduce leverage and grow cash flow post-restructuring [5] - AngloGold Ashanti (AU) consists of 4,185,261 shares worth $294.3 million, fitting Oaktree's strategy with improving margins and optionality in an inflationary environment [6] - Viper Energy (VNOM) has 6,285,062 shares valued at $240.2 million, showcasing a strong thematic bet on energy with predictable royalty cash flows [7] Group 2: Investment Strategy - Oaktree's portfolio heavily emphasizes deep-value cyclicals, particularly in tankers, energy producers, and commodity-linked businesses, all characterized by significant cash flow yield and depressed valuations [8] - The firm maintains a consistent philosophy of embracing dislocation, favoring investments in situations where pessimism is already priced in, such as restructuring plays and underfollowed foreign cyclicals [9] - Energy remains the highest-conviction theme for Oaktree, with multiple top holdings indicating an underestimation of cash generation durability across the sector [10] - Position changes reflect a blend of patience and opportunism, with Oaktree trimming stocks that rallied while increasing positions in VNOM and selected common stocks, aligning with a strategy of controlled aggression [11]

Summary of Global Precious Metals Conference Call Industry Overview - The focus is on the Precious Metals industry, specifically Platinum Group Metals (PGMs) and Gold - The analysis suggests a preference for PGMs over Gold for the year 2026 due to favorable risk/reward dynamics Key Insights 1. **Price Stability and Risk/Reward** - Gold prices have stabilized around $4000 per ounce, indicating a balanced risk/reward scenario - PGMs, particularly platinum and palladium, are seen as having skewed upside potential due to their lagging performance compared to gold over the past three years [1][2][3] 2. **Market Pricing Dynamics** - Gold stocks are currently pricing in approximately $3,200 per ounce, which is over a 25% discount to spot prices - PGM stocks are pricing in around $1,220 per ounce, reflecting a discount of over 20% to spot prices - Historically, precious metal stock prices have shown a strong correlation with underlying commodity performance, with gold stocks having an R² of over 82% to gold prices in the last five years [3][4] 3. **Investment Recommendations** - Impala is highlighted as the top PGM pick, while Goldfields is noted for its better jurisdictional risk characteristics - Fresnillo benefits from its FTSE listing and is expected to generate solid cash flow [4][5] 4. **Investor Sentiment** - Investor positioning is more cautious towards PGMs compared to gold, with PGM stocks like Sibanye and Impala being viewed as marginally 'consensus shorts' - In contrast, gold stocks such as AngloGold and Fresnillo are seen as 'consensus long' [5] Additional Important Points 1. **Substitution Potential** - There is potential for marginal substitution of gold with platinum in industrial demand, which could further support platinum and palladium prices [2] 2. **Valuation Metrics** - PGM stocks are considered cheaper on a free cash flow basis, and the cautious investor positioning may present a buying opportunity if spot prices hold [4][5] 3. **Future Catalysts** - The ramp-up of the Salares Norte mine is expected to drive volume growth for Goldfields in 2026 - The restart of the Two River Merensky project is seen as a potential catalyst for Impala [20][22] 4. **Cash Flow Expectations** - Strong cash flow generation is anticipated for Fresnillo and Goldfields, with expectations for special dividends and buybacks as net debt positions improve [19][20] 5. **Sector Stance for 2026** - The overall stance for the precious metals sector in 2026 is positive, with expectations of continued strong cash generation and favorable market conditions for both gold and PGMs [12][14] This summary encapsulates the key points discussed in the conference call regarding the precious metals industry, focusing on market dynamics, investment recommendations, and future outlooks.

We are now nearing the end of 2025, and investors might want to position their portfolios for next year. Stocks look set to close with double-digit gains this year, which would mark the third consecutive year of such a feat. Despite concerns over geopolitical tensions, recession, and more recently, an artificial intelligence (AI) bubble, stocks have had a strong year overall. However, that's not to say that the concerns are totally unfounded. Just take a look at gold (GCZ25) prices. The safe-haven asset i ...

Core Insights - Cameo Resources Inc. has completed the field data collection from its initial Induced Polarization (IP) geophysical survey at the Katoro Gold Property in Tanzania, indicating high prospectivity for gold mineralization [1][3][4] Summary by Sections IP Survey Highlights - The IP survey covered 58 line-kilometers across 5 grids, totaling an area of 3.1855 square kilometers, revealing multiple targets with high chargeability readings up to 250 mV/V [2][4] - The raw data has been handed over to Dr. Didas M. Mabula for expert processing and interpretation, with a final report expected within two weeks [2][4] Drilling Plans - The company aims to fast-track the selection of priority drill targets, with groundwork completed and drilling expected to commence in early January [3][4] - This will mark the first drilling campaign at the Katoro Property, with initial results suggesting mineralization depths comparable to known deposits in the region [3][4] Property Overview - The Katoro Gold Property spans 19.58 square kilometers within the Sukumaland Greenstone Belt, a significant mining area in Tanzania known for multi-million-ounce gold deposits [9][11] - The property has been previously mined by artisanal miners, with geological features indicating potential for gold mineralization [9][11]

I work on the buy-side in Fixed Income. In my spare time, I'm out here Seeking Alpha. When it comes to my investment outlook—I'm here to remind you to "Always Protect Your Nuts!" I have a special interest in the Mining and Real Estate sectors.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in AU over the next 72 ...

I work on the buy-side in Fixed Income. In my spare time, I'm out here Seeking Alpha. When it comes to my investment outlook—I'm here to remind you to "Always Protect Your Nuts!" I have a special interest in the Mining and Real Estate sectors.Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in AU over the next 72 ...

Core Insights - AngloGold Ashanti plc has successfully completed the acquisition of Augusta Gold Corp, enhancing its presence in the Beatty District of Nevada, a significant emerging gold district in the U.S. [1][2] - The acquisition was funded with cash at a price of C$1.70 (approximately $1.24) per share, resulting in an equity value of C$152 million (around $111 million) [1][2]. - The deal includes the Reward project, which is construction-ready and expected to commence production within 12 months, targeting an annual output of 150,000 ounces of gold by 2027 [2][7]. Acquisition Details - The acquisition was approved by Augusta Gold shareholders on October 20, 2025, and adds the Bullfrog deposit and surrounding tenements to AngloGold Ashanti's portfolio, strengthening its position in the U.S. gold market [2][3]. - The adjacent properties are expected to significantly enhance AngloGold Ashanti's mineral resources [3]. Industry Context - Competitors in the industry are also pursuing acquisitions, such as Coeur Mining's acquisition of New Gold, which aims to create a leading North American precious metals producer with a projected output of 900,000 ounces of gold and 20 million ounces of silver by 2026 [4]. - Newmont Corporation's acquisition of Newcrest Mining is expected to generate substantial synergies and deliver significant value to shareholders, with $500 million in annual run-rate synergies achieved post-acquisition [5]. Financial Performance - AngloGold Ashanti's stock has appreciated 265.4% over the past year, outperforming the Zacks Mining – Gold industry, which saw a 125.1% increase [6]. - The company is currently trading at a forward 12-month earnings multiple of 13.33X, slightly below the industry average of 13.42X [9]. - The Zacks Consensus Estimate for 2025 sales is $9.67 billion, reflecting a 66.9% year-over-year increase, while earnings are expected to rise by 158.3% to $5.71 per share [11].