Core Insights - AngloGold Ashanti PLC (AU) and SSR Mining Inc. (SSRM) are benefiting from rising gold prices, which are currently above $4,153 per ounce, driven by safe-haven demand and geopolitical risks [1][2][11] AngloGold Ashanti Overview - AngloGold Ashanti has a diversified portfolio with operations in multiple countries, including recent acquisitions of Augusta Gold Corp and Centamin, enhancing its asset base [4][5] - The company reported a 17% year-over-year increase in gold production to 768,000 ounces in Q3 2025, with gold revenues surging 61.9% to $2.37 billion [6] - Projected gold production for 2025 is between 2.9-3.225 million ounces, indicating a year-over-year growth of 9-21% [7] - Despite facing higher operating costs, AU generated a record $920 million in free cash flow in Q3 2025, a 141% increase year-over-year [9] - The company is focused on its Full Asset Potential program to mitigate inflationary impacts and streamline operations [10] SSR Mining Overview - SSR Mining operates in the United States, Turkey, Canada, and Argentina, with the recent acquisition of the Cripple Creek & Victor mine, positioning it as the third-largest gold producer in the U.S. [13] - Total gold production for SSR Mining is expected to be in the lower half of 410,000-480,000 gold equivalent ounces for 2025 [15] - Operations at the Çöpler mine in Turkey are currently suspended, with reclamation costs expected to range from $250-$300 million for 2025 [16] - As of September 30, 2025, SSR Mining had a cash balance of $409 million and available liquidity of $909.3 million [17] Earnings Estimates - The Zacks Consensus Estimate for AngloGold Ashanti's 2025 earnings is $5.71 per share, reflecting a year-over-year growth of 158.4% [18] - SSR Mining's earnings estimate for 2025 is $1.84 per share, indicating a year-over-year jump of 557% [18] Stock Performance and Valuation - Over the past six months, AU stock has gained 105.5%, while SSRM has increased by 92.8% [20] - AU is trading at a forward 12-month earnings multiple of 13.88X, while SSRM is at 6.84X [21] Investment Outlook - Both companies are well-positioned to capitalize on the ongoing rally in gold prices, with AU showing stronger price performance and robust project pipeline [23][24]

Core Viewpoint - AngloGold Ashanti plc has reported significant financial performance improvements, including a record free cash flow and increased gold production, while also announcing executive transactions and board appointments [5][6]. Executive Transactions - Gillian Doran, an Executive Director, sold 22,033 ordinary shares on November 24, 2025, at an average price of US$82.4727, totaling approximately US$1.82 million [2][1]. - Post-transaction, Ms. Doran retains 51,271 shares and 89,738 unvested shares under the Performance Share Plan [1]. Financial Performance - The company achieved a record free cash flow of $920 million in Q3 2025, marking a 141% year-on-year increase, attributed to cost discipline and higher gold prices [5]. - A quarterly dividend of $460 million was declared, bringing the total dividends for the year to $927 million [5]. - Gold production increased by 17% in Q3 2025 compared to Q3 2024 [5]. Board Appointments - Marcus Randolph has been appointed as an independent non-executive director effective October 27, 2025, and will serve on the Compensation and Human Resources Committee and the Social, Ethics and Sustainability Committee [6].

Core Viewpoint - The average brokerage recommendation (ABR) for AngloGold Ashanti (AU) is 1.50, indicating a consensus leaning towards a "Strong Buy" [2]. Brokerage Recommendations - The ABR is based on recommendations from eight brokerage firms, with six ratings as "Strong Buy" and one as "Buy," accounting for 75% and 12.5% of the total recommendations respectively [2]. - Despite the positive ABR, relying solely on brokerage recommendations may not be advisable, as studies suggest they often fail to guide investors effectively towards stocks with high price appreciation potential [5][11]. Analyst Bias - Brokerage analysts tend to exhibit a strong positive bias in their ratings due to vested interests, with a ratio of five "Strong Buy" recommendations for every "Strong Sell" [6][11]. - This misalignment of interests can lead to misleading guidance for retail investors regarding stock price movements [7][11]. Zacks Rank Comparison - The Zacks Rank, a proprietary stock rating tool, categorizes stocks from 1 (Strong Buy) to 5 (Strong Sell) and is based on earnings estimate revisions, showing a strong correlation with near-term stock price movements [8][12]. - The Zacks Rank is more timely and reflects the latest earnings estimates, unlike the ABR, which may not be up-to-date [13]. Earnings Estimate Revisions - For AngloGold Ashanti, the Zacks Consensus Estimate for the current year has increased by 2.1% to $5.71, indicating growing analyst optimism about the company's earnings prospects [14]. - This increase in consensus estimates, along with other factors, has led to a Zacks Rank of 1 (Strong Buy) for AngloGold Ashanti, suggesting a potential for stock price appreciation [15].

Core Viewpoint - Canaccord Genuity downgraded AngloGold Ashanti to a Neutral rating despite strong performance metrics, indicating a cautious outlook for the company moving forward [1] Investment and Expansion - The company is investing $100 million in the Geita Gold Mine in Tanzania over the next three years, aiming for a 60% increase in mineral reserves and extending the mine's life to at least a decade [2][6] Production and Financial Performance - AngloGold Ashanti reported a 17% year-over-year increase in gold output, reaching 768,000 ounces in Q3, with earnings per share surging by 136% to $1.32 due to higher sales volumes and elevated metal prices [3][6] - The company achieved a record free cash flow of $920 million in Q3, a 141% increase year-over-year, attributed to cost discipline and higher gold prices [5] Stock Performance - The stock has increased by 283.3% year to date, significantly outperforming the Zacks Mining - Gold industry's increase of 125.2%, as well as the Basic Materials sector's 25.3% and the S&P 500's 19.6% [4][6] - Compared to peers, Newmont Corporation and Agnico Eagle Mines, which saw increases of 153.5% and 123.6% respectively, AngloGold Ashanti has demonstrated superior stock performance [4]

Core Insights - AngloGold Ashanti plc (AU) is advancing its investment strategy with approved capital expenditure for the Geita Gold Mine in Tanzania, including a planned $100 million investment over the next three years and an increase in annual exploration spending from $35 million to $50 million [1][9]. Investment Plans - The Geita Gold Mine has produced 4.3 million ounces of gold from 2017 to 2024 and has mineral reserves of 2 million ounces. The ongoing investment aims to increase these reserves by approximately 60%, extending the mine's life from seven years to at least a decade by 2028 [2]. - A conceptual study is being conducted to evaluate the potential upgrade of processing capacity by 1 million tons annually, which could boost annual production to 600,000 ounces, up from the current 500,000 ounces per year. A feasibility study for this expansion is expected to be completed by 2027 [3]. Operational Strategy - Geita will maintain a flexible ore sourcing strategy with one open pit and three underground fronts, focusing on high-value deposits to enhance overall production. The Tailings Storage Facility capacity will be maintained through incremental extensions, with a new facility anticipated to be built in the mid-2030s [4]. Market Performance - AngloGold Ashanti's stock has appreciated 239.2% year to date, outperforming the Zacks Mining – Gold industry's growth of 101.9%. The Basic Materials sector has risen by 10.5%, while the S&P 500 has gained 14.3% during the same period [8]. - The stock is currently trading at a forward 12-month earnings multiple of 12.87X, slightly above the industry average of 12.78X, and holds a Value Score of B [11]. Financial Estimates - The Zacks Consensus Estimate for AU's 2025 sales is $9.29 billion, indicating a year-over-year growth of 60.4%. The consensus for earnings per share (EPS) stands at $5.80, reflecting a year-over-year growth of 162.4%. For 2026, sales are expected to dip by 0.3%, while earnings are projected to grow by 11.4% [12]. - EPS estimates for 2025 and 2026 have been trending upward over the past 60 days, with significant revisions noted [13].

Core Insights - Cameo Resources Inc. has completed over 50% of the initial Induced Polarization (IP) geophysical survey on its Katoro Gold Property in Tanzania, indicating significant progress in exploration efforts [1][5] Survey Details - The IP survey, conducted by HETAMIS Mineral Services Limited, covers 58 line-kilometers across five grids, with three grids completed, revealing multiple priority targets with high chargeability readings up to 250mV/V [2][5] - Approximately 65% of the Katoro property exhibits structural features suggesting potential gold mineralization, with a focus on the northern and central areas for further exploration [3][4] Geological Context - The Katoro Gold Property spans 19.58 square kilometers within the Sukumaland Greenstone Belt, a region known for its multi-million-ounce gold deposits and ongoing operations by major gold companies [9][11] - The geological characteristics of the area include iron carbonate altered mafic volcanics and quartz feldspar porphyry intrusions, with gold associated with grey quartz veins [9][11]

Core Insights - AngloGold Ashanti plc (AU) shares have experienced a 34% return since the last coverage, driven by a sustained rally in gold prices over the past year [1] Company Performance - The company has successfully navigated through Q3 2025, indicating strong operational performance amidst favorable market conditions [1] Investment Approach - The focus is on companies with competitive advantages, excellent future prospects, good cash flow generation, growing income, healthy margins, solid asset bases, and sustainable debt levels [1]

Core Insights - AngloGold Ashanti plc (AU) shares have experienced a 34% return since the last coverage, driven by a sustained rally in gold prices over the past year [1] Company Performance - The company has successfully navigated through Q3 2025, indicating strong operational performance amidst favorable market conditions [1] Investment Approach - The focus is on companies with competitive advantages, excellent future prospects, good cash flow generation, growing income, healthy margins, solid asset bases, and sustainable debt levels [1]

Market Overview - U.S. stocks have shown resilience, maintaining a strong upswing despite volatility, with major indexes near record levels supported by robust corporate earnings and investor appetite [1][2] - The end of the government shutdown has alleviated concerns, allowing for a more optimistic outlook on gradual policy easing from the Federal Reserve [2] Investment Strategy - A relative price strength strategy is recommended, focusing on stocks that outperform the market even during pauses, which helps investors align with market leadership [3][4] - Stocks that exceed their industry or benchmark performance should be prioritized for inclusion in investment portfolios, as they are more likely to yield significant returns [5] Stock Screening Criteria - Stocks should demonstrate positive relative price changes over 1, 4, and 12 weeks, outperforming the S&P 500 [8] - The screening highlights five stocks with strong relative price strength amid market gains, including Par Pacific Holdings, AngloGold Ashanti, Globus Medical, Allient Inc., and Sandisk Corporation [8] Company Highlights - **Par Pacific Holdings (PARR)**: Market cap of $2.2 billion, with a 146.2% share gain over the past year and a 112.3% increase in 2025 earnings estimates [11][8] - **AngloGold Ashanti (AU)**: Market cap over $33 billion, with a 220% share gain in the past year and a 162.4% year-over-year growth in 2025 earnings estimates [12][11] - **Globus Medical (GMED)**: Expected EPS growth rate of 14.3%, with a 3.2% share increase in a year and a positive revision in earnings estimates [13][14] - **Allient Inc. (ALNT)**: Market cap nearly $900 million, with a 117.7% share gain in a year and a 5.2% increase in 2025 earnings estimates [15][16] - **Sandisk Corporation (SNDK)**: Market cap of $37.3 billion, with a 422.9% share gain in a year and a 308% growth in fiscal 2026 earnings estimates [17][18]

Core Insights - AngloGold Ashanti PLC (AU) shares reached a new 52-week high of $85.85, driven by strong third-quarter results, although revenues and earnings fell short of the Zacks Consensus Estimate [1][6] Financial Performance - The company reported a 17% year-over-year increase in gold production to 768,000 ounces in Q3, aided by the recently acquired Sukari mine and strong performances from key assets [5][7] - Gold revenues surged 61.9% to $2.37 billion, while earnings per share increased 136% to $1.32, despite missing the Zacks Consensus Estimate of $1.34 [6][9] - Total cash costs per ounce rose 5% to $1,225, and all-in-sustaining costs (AISC) increased 6% to $1,720, influenced by inflationary pressures [7][8] Cash Flow and Debt Management - The company generated a record $920 million in free cash flow in Q3, marking a 141% year-over-year increase, with an improved adjusted net debt to adjusted EBITDA ratio of 0.09X [9] Future Guidance - AngloGold Ashanti reaffirmed its 2025 gold production guidance of 2.9-3.225 million ounces, indicating a year-over-year growth of 9-21% [10] Market Performance - Year-to-date, AngloGold Ashanti's stock has increased by 283.3%, outperforming the Zacks Mining – Gold industry, which rose 125.2% [2] - The stock is currently trading at a forward 12-month earnings multiple of 13.36X, slightly above the industry average of 13.35X, reflecting its growth prospects [18] Strategic Initiatives - The company is focusing on organic and inorganic growth, highlighted by the acquisition of Centamin, which added the Sukari asset, capable of producing 500,000 ounces annually [21] - Efforts are underway to enhance operations at the Obuasi mine, targeting 400,000 ounces of annual production by 2028 [22] - Recent acquisition of Augusta Gold Corp enhances AU's presence in Nevada [23] Analyst Outlook - Given the strong year-to-date performance and positive Q3 results, along with an optimistic 2025 outlook, AU is considered a solid investment opportunity, supported by a Zacks Rank 1 (Strong Buy) [24]