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AU · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is AngloGold Ashanti plc (AU) stock moving?
AU reported Q3 2026 results on Nov 5 that missed consensus on headline EPS ($1.55 vs $1.76 FactSet, $1.97 Benzinga) and sales ($2.559B vs $2.944B). The release still highlighted Q3 free cash flow of $722m, YTD free cash flow of $2.6bn, net cash expanding to $1.26bn, EBITDA up 12% to $1.57bn, a Q3 interim dividend of $361m (71 cps), and reaffirmed full-year 2026 guidance with YTD gold output of 2,164,000 oz. The company also committed $900m to mine expansions and paid $55m for five Matsa tenements, and it is advancing Nevada and Nevertire South exploration. Sell-side views are constructive: J.P. Morgan kept a Buy and raised its target to $139 on Nov 9, and TD Cowen is bullish with a $123 target. Price action reflects this: the stock closed at $79.79 on Oct 30 and at $99.37 on Nov 9 (intraday high $100.44), a gain of about 24%, with the biggest volume on the Nov 5 results day (4.44M shares). On Nov 10 it fell 5.6% to $93.85 on 3.06M shares, so the rally has begun to pull back. Risks include the earnings shortfall, the August fatal rockfall and suspension at Sukari, and the dependence of Q4 on Iduapriem dewatering and Sukari waste-stripping.
News behind the analysis
- AngloGold Ashanti Reports Q3 2026 Financial ResultsQ3 2026 headline EPS was $1.55 and gold income was $2.56B, below the $1.76 FactSet estimate. Free cash flow reached $722m and EBITDA rose 12% to $1.57bn.
- Anglogold Ashanti Q3 Adj. EPS $1.55 Misses $1.97 EstimateBenzinga reported Q3 adjusted EPS of $1.55 against a $1.97 consensus, a miss on the headline measure.
- Anglogold Ashanti Q3 Sales $2.559B Miss $2.944B EstimateBenzinga reported Q3 sales of $2.559B against a $2.944B estimate, a revenue shortfall.
- AngloGold Ashanti Announces $900 Million Investment in Mine ExpansionsThe company committed to a $900 million investment program focused on expanding its mining operations.
- J.P. Morgan Maintains Buy Rating and Raises Price Target for AngloGold AshantiAnalyst Patrick Jones at J.P. Morgan reaffirmed a Buy rating and raised the price target to $139.
- AngloGold Ashanti Increases Exploration Budget for Nevertire South ProjectThe 2026 drilling budget for the Nevertire South project, run with Kincora Copper, was increased.
- AngloGold Ashanti Advances Nevada Gold ProjectsThe company is investing in development of its Arthur Gold Project in Nevada, which includes the Silicon and Merlin deposits.
- TD Cowen Initiates Bullish Rating on AngloGold AshantiAnalyst Steven Green of TD Cowen issued a bullish rating on AU with a price target of $123.
About AngloGold Ashanti plc
AngloGold Ashanti is one of the world's largest gold miners. It runs mines in Africa (Ghana, Guinea, Tanzania), Australia and the Americas (Brazil, Argentina), and owns a share of the Kibali mine in the DR Congo. Its main listing is on the NYSE, after it moved its head office from South Africa to the UK in 2023. Most of its production comes from African mines, including the long-running rebuild of the Obuasi mine in Ghana.
How it makes money
Almost all of its revenue comes from selling the gold it mines, with small amounts from by-products such as silver. In the first half of 2026, gold revenue was about $6.3 billion, up roughly 44% from a year earlier. Higher gold prices more than made up for slightly lower output (about 1.47 million ounces), which fell partly because it sold the Serra Grande mine in Brazil in December 2025. Because its costs are mostly fixed, profits rise and fall sharply with the gold price.
What usually moves AU
- Gold price
- Production volumes and the Obuasi ramp-up
- Mining costs and inflation
- Political and tax risk in African host countries
- Dividends and capital spending decisions