Can AngloGold Ashanti Meet Its Upbeat 2025 Gold Production Guidance?

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 increased 20% year over year in the first nine months of 2025 and reached 2.292 million ounces. This upbeat performance has set an optimistic tone for the fourth quarter.

The company affirmed its 2025 production guidance of 2.900-3.225 million ounces, suggesting year-over-year growth of 9-21%. The 2026 output is expected to remain at similar levels.

This will be driven by strong contributions from the Sukari mine, which has the potential to produce 500,000 ounces annually. The acquisition of Egyptian gold producer Centamin in November 2024 added the large-scale, long-life, world-class Tier 1 asset, Sukari, to the AngloGold Ashanti portfolio. Sukari has already established itself as a top producer in the company’s portfolio and added 129,000 ounces and 135,000 ounces in the second and third quarters of 2025, respectively. Sukari added 117,000 ounces in the first quarter.

Obuasi remains a significant contributor to the company’s growth, with its production increasing 31% year over year in the second quarter and 30% in the third quarter. The mine’s growth is driven by grade improvement and steady production ramp-up.

Cerro Vanguardia and Geita also saw increased production throughout the first nine months, with Geita’s production increasing 6% in the third quarter. At the Siguiri mine, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization, and to introduce gravity recovery in the processing plant to further improve metallurgical recovery.

AngloGold Ashanti’s Peers 2025 Guidance

Newmont Corporation NEM produced 1.42 million ounces of gold in the third quarter of 2025, down 15% year over year. Newmont anticipates maintaining its expected gold production for 2025 at 5.9 million ounces. The company produced 6.85 million ounces of gold in 2024. 

Agnico Eagle Mines AEM maintains gold production expectations between 3.3 million and 3.5 million ounces for 2025. The company produced 3.4 million ounces of gold in 2024. Agnico Eagle Mines’ gold production was 866,963 ounces in the third quarter, up from 863,445 ounces in the prior-year quarter.

AU’s Price Performance, Valuations & Estimates

AngloGold Ashanti’s stock has appreciated 274.7% in a year, outperforming the Zacks Mining – Gold industry’s 139.7% rally. During this time, the Basic Materials sector has risen 28.6%, whereas the S&P 500 has grown 20.1%.

AngloGold Ashanti is currently trading at a forward 12-month earnings multiple of 12.79X, slightly discounted compared with the industry average of 13.11X. The stock has a Value Score of B.

Meanwhile, Agnico Eagle Mines and Newmont are trading higher at 17.57X and 13.31X, respectively.

The Zacks Consensus Estimate for AngloGold Ashanti’s 2025 sales is $9.67 billion, indicating a 66.9% year-over-year jump. The consensus mark for the year’s earnings is pegged at $5.51 per share, indicating a year-over-year upsurge of 149.3%.

The Zacks Consensus Estimate for 2026 sales implies a 13.3% year-over-year dip. The same for earnings suggests growth of 16.8%.

EPS estimates for 2025 have moved 3.8% north over the past 60 days, while the same for 2026 has moved up 29.6% over the past 60 days.

AU currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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