Core Insights - AngloGold Ashanti PLC (AU) reported a 21% year-over-year increase in gold production for Q2 2025, reaching 804,000 ounces, surpassing Q1's production of 720,000 ounces, which was the best first-quarter performance since 2020 [1][9] - The increase in production is attributed to the newly acquired Sukari mine and strong performance across other key assets [1] Production Details - Sukari mine contributed 129,000 ounces in Q2 and 117,000 ounces in Q1, totaling 246,000 ounces for the first half of 2025, marking a 9% year-over-year improvement [2][3] - Sukari now represents 16% of AU's total production, while Geita operations contributed 254,000 ounces, accounting for 17% of the total [3] - The company maintains its 2025 production guidance of 2.900-3.225 million ounces, indicating a year-over-year growth of 9-21% [3] Competitive Landscape - Barrick Mining Corporation experienced a 15.9% decline in Q2 gold production to 797,000 ounces, following a 19% year-over-year drop in Q1 [4][5] - Agnico Eagle Mines Limited reported a 3% dip in Q2 gold production to 866,029 ounces, with a total of 1,739,823 ounces produced in 2025, a 2% decrease from the previous year [6][7] Stock Performance and Valuations - AngloGold Ashanti's stock has appreciated 135.3% year-to-date, outperforming the Zacks Mining – Gold industry's growth of 72.2% [8] - The company is currently trading at a forward 12-month earnings multiple of 10.12X, which is below the industry average of 13.45X [10] Financial Estimates - The Zacks Consensus Estimate for AU's 2025 sales is $9.01 billion, reflecting a 55.6% year-over-year growth, with earnings estimated at $4.96 per share, indicating a 124% increase [11]

Core Insights - AngloGold Ashanti PLC (AU) shares have increased by 26% since the release of its Q2 2025 results on August 1, indicating a potential short-term bullish trend despite earnings missing expectations due to higher costs [1][6][36] - The company reported a year-over-year increase in both revenue and earnings, with gold production rising by 21% to 804,000 ounces [6][11] - Year-to-date, AU's stock has surged by 152.5%, significantly outperforming the Zacks Mining – Gold industry, which grew by 71.1% [4][7] Financial Performance - Q2 gold revenues increased by 78% to $2.4 billion, while earnings per share rose by 108% to $1.25, driven by higher sales volumes and prices [13] - Total cash costs per ounce increased by 8% to $1,226, and all-in-sustaining costs (AISC) rose by 7% to $1,666, primarily due to inflationary pressures and increased sustaining capital expenditure [14][15] - The company generated $535 million in free cash flow in Q2, a 149% year-over-year increase, and reduced adjusted net debt by 92% to $92 million [16] Production and Outlook - Gold production for 2025 is projected to be between 2.9 million and 3.225 million ounces, indicating a year-over-year growth of 9-21% [17] - The Zacks Consensus Estimate for 2025 sales is $9.01 billion, reflecting a 55.6% year-over-year growth, while earnings are expected to rise by 133.5% to $5.16 per share [18][19] Valuation and Dividend - AU is currently trading at a forward 12-month earnings multiple of 11.78X, which is below the industry average of 13.45X [21] - The average price target for AU suggests a potential downside of 15.49% from its last closing price of $58.28, with the highest target indicating an 8% growth [23] - The company declared an interim dividend of 80 cents per share, resulting in a current dividend yield of 0.86%, lower than the industry average of 1.22% [28][29] Strategic Initiatives - AngloGold Ashanti is focusing on both organic and inorganic growth, highlighted by the acquisition of the Sukari mine, which has the potential to produce 500,000 ounces annually [30] - The company is streamlining operations and divesting higher-cost assets, including its interest in the Mineração Serra Grande mine in Brazil [32] - Proposed acquisitions, such as Augusta Gold, aim to strengthen its position in key emerging districts [33]

Core Insights - AngloGold Ashanti plc (AU) reported a significant 111% increase in adjusted EBITDA to $1.4 billion in Q2 2025, driven by higher production volumes, cost discipline, and elevated gold prices [1][8] - The company generated a total of $2.56 billion in adjusted EBITDA in the first half of 2025, with a key driver being the Full Asset Potential Program that enhances cost efficiencies [2] - Gold production increased by 22% year-over-year to 1.52 million ounces in H1 2025, with projections for 2025 indicating production of 2.9-3.225 million ounces, representing 9-21% growth over the previous year [3] Financial Performance - Adjusted EBITDA margin expanded to 59% in Q2 2025 from 50% in the same quarter last year [1][8] - The Zacks Consensus Estimate for AngloGold Ashanti's 2025 sales is $8.85 billion, indicating a 52.8% year-over-year growth, while earnings are expected to be $4.99 per share, reflecting a 125.8% increase [10] Market Position - AngloGold Ashanti's stock has surged 144.6% year-to-date, outperforming the Zacks Mining – Gold industry growth of 63.7% [7][8] - The company is currently trading at a forward 12-month earnings multiple of 11.41X, which is below the industry average of 12.87X [9] Industry Comparison - Peers Newmont Corporation and Agnico Eagle Mines also reported improved EBITDA, with Newmont seeing a 52% increase to around $3 billion and Agnico Eagle Mines reporting a 63% jump to $1.9 billion in Q2 2025 [5][6]

01 AUGUST 2025 Q2 2025 EARNINGS RESULTS MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES NYSE │ JSE │ GSE Geita, Tanzania INVESTOR NOTE │ DISCLAIMER The information included in this presentation has not been reviewed or reported on by AngloGold Ashanti's external auditors. Non-GAAP financial measures This communication may contain certain "Non-GAAP" financial measures, including, for example, "total cash costs", "total cash costs per ounce", "all-in sustaining costs", "all-in sustaining costs per ounce", "ave ...

01 AUGUST 2025 Q2 2025 EARNINGS RESULTS MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES NYSE │ JSE │ GSE Geita, Tanzania INVESTOR NOTE │ DISCLAIMER Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, ...

Core Viewpoint - AngloGold Ashanti PLC is expected to report a significant year-over-year improvement in earnings for Q2 2025, driven by rising gold prices and increased production levels [1][11]. Earnings Expectations - The Zacks Consensus Estimate for Q2 2025 earnings is $1.31 per share, reflecting a 118% increase from the same quarter last year [1][2]. - The earnings estimate has increased by 2% over the past 30 days [1]. Production Performance - In Q1 2025, AngloGold Ashanti produced 720,000 ounces of gold, a 22% increase year-over-year, aided by contributions from the newly acquired Sukari mine [5][7]. - The Sukari mine added 117,000 ounces to Q1 output and is expected to continue boosting production in Q2 [7][11]. - Other operations, such as Siguiri, Tropicana, and Cerro Vanguardia, also reported significant production increases, contributing to overall strong performance [6][8]. Gold Price Trends - Average gold prices in the April-June 2025 period were approximately $3,301.42 per ounce, marking a 41% year-over-year increase [8]. - Factors contributing to the rise in gold prices include tariff threats, financial uncertainty, geopolitical tensions, and strong demand from central banks [8]. Cost Management - AngloGold Ashanti has maintained effective cost control, with only a 1% rise in average real cash costs over four years, outperforming major peers who have seen over a 20% increase [10][11]. - The company is focused on enhancing operational efficiency through its Full Asset Potential program [9][10]. Stock Performance and Valuation - AngloGold Ashanti shares have increased by 25.5% over the past three months, outperforming the Zacks Mining - Gold industry, which grew by 9.9% [12]. - The stock is currently trading at a forward 12-month earnings multiple of 10.11X, which is below the industry average of 12.40X [14][17]. Strategic Growth Initiatives - The company is pursuing both organic and inorganic growth strategies, including the acquisition of Centamin, which adds significant production capacity [18]. - The Obuasi project is expected to deliver 400,000 ounces of annual production by 2028, further strengthening the company's long-term strategy [18].

Company Performance - AngloGold Ashanti closed at $49.51, reflecting a -1.3% change from the previous day, underperforming the S&P 500's gain of 0.02% [1] - Prior to the latest trading session, shares had increased by 14.31%, significantly outperforming the Basic Materials sector's gain of 4.33% and the S&P 500's gain of 4.93% [1] Earnings Projections - The company is expected to report earnings of $1.31 per share on August 1, 2025, indicating a year-over-year growth of 118.33% [2] - The Zacks Consensus Estimate for revenue is projected at $2.32 billion, which is a 67.73% increase from the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $4.99 per share and revenue at $8.85 billion, representing increases of +125.79% and +52.81% respectively from the prior year [3] - Recent changes in analyst estimates are crucial as they reflect near-term business trends, with positive revisions indicating analyst optimism [3] Valuation Metrics - AngloGold Ashanti has a Forward P/E ratio of 10.06, which is lower than the industry average Forward P/E of 11.79 [6] - The Mining - Gold industry is part of the Basic Materials sector and currently holds a Zacks Industry Rank of 37, placing it in the top 15% of over 250 industries [6] Analyst Ratings - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), indicates that AngloGold Ashanti currently holds a Zacks Rank of 1 (Strong Buy) [5] - Over the past month, there has been a 1.56% increase in the Zacks Consensus EPS estimate, reflecting positive sentiment among analysts [5]

Market Overview - The U.S. markets have shown an upward trend, with the S&P 500 and Nasdaq Composite reaching all-time highs, increasing by 1.32% and 0.64% respectively last week [1] - Positive corporate earnings and expectations of easing tariffs and trade policies have bolstered investor confidence [1] - Concerns over inflation and signs of a potential economic slowdown are influencing the Federal Reserve's cautious stance on interest rates [1] Economic Indicators - The Conference Board's Leading Economic Indicator fell by 0.3% in June, indicating early signs of a slowdown, with weakened consumer expectations and fewer manufacturing orders [2] - The S&P Global's U.S. flash PMI data for July indicated an acceleration in business activity driven by the services sector, while the manufacturing PMI dropped to 49.5 [2] - Initial jobless claims decreased by 4,000 to 217,000 for the week ending July 19, suggesting a resilient labor market with limited layoffs [2] Stock Performance - AngloGold Ashanti plc's shares increased by 23.1% since its upgrade to Zacks Rank 1 on May 19, outperforming the S&P 500's 7.2% increase [3][4] - NN Group N.V. saw a return of 12.1% since its upgrade to Zacks Rank 1 on May 29, compared to the S&P 500's 8.4% increase [4] - Zacks Rank 1 stocks returned +6.51% in May 2025, outperforming the S&P 500's +4.47% [5] Portfolio Performance - A hypothetical portfolio of Zacks Rank 1 stocks has outperformed the S&P 500 index by more than 12 percentage points since 1988 [6] - The Zacks Focus List portfolio returned +8.84% in 2025 (through June 30) compared to +6.21% for the S&P 500 [14] - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500's -4.30% decline [18] Notable Stocks - Intellia Therapeutics, Inc. gained 60.3% over the past 12 weeks, while Caterpillar Inc. returned 41.3% in the same period [13][14] - OptimizeRx Corporation and Artisan Partners Asset Management saw increases of 18.2% and 14.6% respectively since their upgrades to Outperform [10] - Hershey Company returned 17.8% over the past 12 weeks, benefiting from investor interest in quality dividend stocks [20]

Market Overview - Wall Street's winning streak continues, driven by positive trade news and strong economic data, with the S&P 500 reaching a record high following a significant trade deal between the United States and Japan, which lowers tariffs and opens up $550 billion in new investments [1] - Retail sales exceeded expectations in June, and jobless claims decreased, indicating a robust labor market and steady consumer spending despite ongoing tariff concerns [1][9] Trade Negotiations and Economic Environment - Progress in trade negotiations with the U.K., Indonesia, and the Philippines, along with positive signals from China and the EU, creates an encouraging backdrop for equities [2] - The current earnings season is contributing to market momentum, suggesting that focusing on relative price strength can help investors identify leading stocks [2] Stock Recommendations - Recommended stocks based on relative price strength include Western Digital Corporation (WDC), Flowserve Corporation (FLS), OPENLANE, Inc. (KAR), AngloGold Ashanti plc (AU), and Jabil Inc. (JBL) [3][9] - These stocks are outperforming their peers, supported by strong relative price strength metrics [9] Relative Price Strength Strategy - Earnings growth and valuation multiples are crucial for assessing a stock's potential returns and its performance relative to peers [4] - Investors are advised to avoid underperforming stocks and focus on those that are outperforming their respective industries or benchmarks [5] Screening Parameters - Stocks are screened based on relative price changes over 12 weeks, 4 weeks, and 1 week, as well as positive current-quarter estimate revisions [8] - Stocks that have shown better performance than the S&P 500 over the last 1 to 3 months and have solid fundamentals are considered for investment [6] Company Profiles - **Western Digital Corporation (WDC)**: Market cap of $23.4 billion, expected EPS growth of 2,465% year-over-year for fiscal 2025, with a trailing four-quarter earnings surprise of approximately 7.3% [11][12] - **Flowserve Corporation (FLS)**: Market cap not specified, expected EPS growth rate of 14.2% over three to five years, with a 22.1% year-over-year growth estimate for 2025 [13][14] - **OPENLANE, Inc. (KAR)**: Market cap of $2.7 billion, expected EPS growth of 17.7% year-over-year for 2025, shares up 44% in a year [14][15] - **AngloGold Ashanti plc (AU)**: Market cap of $21.8 billion, expected EPS growth of 125.8% year-over-year for 2025, shares up 89% in a year [16] - **Jabil Inc. (JBL)**: Market cap not specified, expected EPS growth rate of 16.6% over three to five years, with a 10.6% year-over-year growth estimate for 2025 [17][18]

Core Insights - SSR Mining (SSRM) and AngloGold Ashanti PLC (AU) are prominent players in the gold mining sector, benefiting from a 31.7% increase in gold prices this year due to safe-haven demand and central bank purchases [1][2] SSR Mining Overview - SSR Mining operates in the USA, Türkiye, Canada, and Argentina, and became the third-largest gold producer in the U.S. after acquiring the Cripple Creek & Victor mine [3][4] - The CC&V mine is projected to produce approximately 170,000 ounces of gold annually, contributing to SSRM's total expected production of 320,000-380,000 ounces in 2025 [4] - As of March 31, 2025, SSR Mining had $319.6 million in cash and a debt-to-capital ratio of 0.08, indicating a strong financial position [5] - Operations at the Çöpler mine in Türkiye are currently suspended due to a heap leach failure, leading to significant care and maintenance costs [6][7] - SSRM's projected all-in sustaining cost (AISC) for 2025 is $1,890-$1,950 per payable ounce, reflecting a 3% increase at the midpoint [8] AngloGold Ashanti Overview - AngloGold Ashanti has a diverse portfolio across Africa, the Americas, and Australia, recently acquiring Centamin, which adds a potential 500,000 ounces of annual production from the Sukari mine [9][10] - The company reported a 22% year-over-year increase in gold production to 720,000 ounces, with a projected output of 2.9-3.225 million ounces for 2025 [10][12] - AngloGold ended Q1 2025 with $3 billion in liquidity and a debt-to-capital ratio of 0.19, showcasing a solid financial foundation [12] - The company is focused on a Full Asset Potential program to mitigate inflation impacts, with AISC projected between $1,580 and $1,705 per ounce for 2025, indicating a 2% year-over-year increase [13][18] - AngloGold has implemented a new dividend policy aimed at returning 50% of annual free cash flow, enhancing its attractiveness to income-focused investors [27] Comparative Analysis - Year-to-date, SSRM stock has increased by 84.5%, while AU stock has risen by 125% [21] - SSRM trades at a forward earnings multiple of 7.29X, lower than its five-year median, whereas AU trades at 10.49X, higher than its five-year median [22] - AngloGold offers a dividend yield of 0.96% with a payout ratio of 18.55%, while SSRM currently does not pay dividends [23][27] - AngloGold Ashanti is viewed as a more compelling investment choice due to its lower cost structure, stronger price performance, and robust growth pipeline compared to SSR Mining [28][29]