AngloGold Ashanti plc(AU)2025-05-09 10:11Production and Financial Performance - Q1 2025 gold production reached 720,000 oz, an increase of 22% compared to Q1 2024's 591,000 oz[18] - Gold production increased by 22% to 720koz in Q1 2025 compared to Q1 2024, with managed operations showing a 28% increase to 657koz[55] - Average gold price received rose by 39% to $2,874/oz in Q1 2025 from $2,063/oz in Q1 2024[56] - Free cash flow surged to $403 million, a 607% increase from $57 million in Q1 2024[18] - Free cash flow surged by 607% to $403 million in Q1 2025, up from $57 million in Q1 2024[56] - Adjusted EBITDA for Q1 2025 was $1.12 billion, up 158% from $434 million in Q1 2024[18] - Adjusted EBITDA increased by 158% to $1,120 million in Q1 2025 compared to $434 million in Q1 2024[56] - Profit before taxation for Q1 2025 was $729 million, a significant increase from $167 million in Q1 2024[95] - Net cash flow from operating activities reached $725 million in Q1 2025, compared to $252 million in Q1 2024[99] Costs and Expenditures - Total cash costs for managed operations decreased by 2% year-over-year to $1,223/oz, compared to $1,181/oz in Q1 2024[18] - Total cash costs for managed operations were $1,213/oz in Q1 2025, a slight decrease from $1,232/oz in Q1 2024[60] - AISC for managed operations decreased to $1,657/oz in Q1 2025 from $1,692/oz in Q1 2024[60] - Total cash costs for Q1 2025 amounted to $1,230 million, with a total cash cost per ounce of $1,213[93] - The total cash costs for non-managed joint ventures were $1,325/oz in Q1 2025, compared to $831/oz in Q1 2024[19] - The company reported total cash costs for 2025 expected to range from $1,125 to $1,225 per ounce, with total capital expenditure guidance between $1,620 and $1,770 million[71] - Capital expenditure increased by 27% to $336 million in Q1 2025 from $265 million in Q1 2024[56] - Capital expenditure for 2025 is projected to be between $1,620 million and $1,770 million[100] Debt and Liquidity - Adjusted net debt decreased to approximately $525 million, down 60% from $1.32 billion in Q1 2024[18] - Adjusted net debt as of March 2025 was $525 million, down from $1,322 million in March 2024[98] - The adjusted net debt to adjusted EBITA ratio improved to 0.15x in Q1 2025, down from 0.21x in 2024[70] - The adjusted net debt to adjusted EBITDA ratio improved to 0.15 in Q1 2025 from 0.86 in Q1 2024[98] - The company maintains a robust balance sheet with strong liquidity of approximately $3.0 billion[18] - As of March 31, 2025, the liquidity position was robust at $1.458 billion, with a debt maturity schedule indicating low and improving leverage[67] Projects and Future Outlook - The North Bullfrog Project is advancing with a revised ROD date anticipated by the end of 2026, and Phase 1 of detailed engineering expected to be completed in H1 2025[45] - The Tropicana renewable energy project aims to cut carbon emissions by over 65,000 tons annually, integrating 61MW of wind and solar generation[49] - Gold production guidance for 2025 is set between 2,900 and 3,225 koz, with all-in sustaining costs projected at $1,580 to $1,705 per ounce[71] - The outlook for 2026 includes gold production guidance similar to 2025, with costs expected to remain stable[71] - The company is focused on regaining global competitiveness through proven operating models and optimization processes[74] - The company aims to enhance safety and deliver consistent outcomes while focusing on operations and projects to optimize its portfolio[76] Inflation and Economic Factors - The company experienced aggregate inflation of approximately 5% during the quarter[18] - The total cash costs per ounce and all-in sustaining costs per ounce are affected by fluctuations in foreign currency exchange rates, impacting overall financial performance[91] - The average real cash costs for the company were reported at 1%, significantly lower than the peer group average of 20%[79]