GFI vs. AU: Which Gold Mining Stock is the Better Buy Now?

By Soumya Roy | January 28, 2026, 10:20 AM

Gold Fields Limited GFI and AngloGold Ashanti Plc. AU are leading global gold producers. They are benefiting from the recent surge in gold prices, which have climbed above $5,000 per ounce amid safe-haven demand and market uncertainty. Both stocks have also rallied on strong production results and positive analyst sentiment.

Let’s dive deep and closely compare the fundamentals of these two South Africa-based miners to determine which one is a better investment now.

The Case for GFI

Gold Fields delivered a notably strong third quarter, underscoring a compelling operational case driven by higher gold production, attractive realized pricing, meaningful project progress and balance sheet improvements. Group attributable gold-equivalent production rose about 22% year over year to roughly 621,000 ounces, with a 6% quarter-on-quarter increase, reflecting broad execution across its asset base.

A major contributor was the continued ramp-up of the Salares Norte mine in Chile, which produced 112,000 ounces equivalent in the third quarter and saw output increase 53% sequentially as it progressed toward steady-state levels.

Salares Norte is well-positioned to be a meaningful contributor to 2025 guidance, with performance expected to improve further in 2026. All-in sustaining costs (AISC) were about $1,557 per ounce, down roughly 10% quarter on quarter, helping expand margins amidst realized gold prices near multi-year highs.

Gold Fields’ Tarkwa mine in Ghana remains a core, long-life asset, producing about 123,000 ounces in the third quarter of 2025 and typically delivering more than 500,000 ounces annually. In Australia, the Gruyere mine, now fully owned following the acquisition of Gold Road Resources, has produced more than 1.5 million ounces since commissioning, delivered 287,000 ounces in 2024, and is expected to have generated 325,000–355,000 ounces in 2025.

At the end of September 2025, GFI’s net debt was $791 million, a significant decrease of $696 million from $1,487 million in the second quarter. The debt to capital was 34.8%. Free cash flow in the third quarter was about $166 million.

The Case for AU

AngloGold reported strong operational performance in the third quarter of 2025, with Group gold production rising 17% year on year to around 768,000 ounces, led by higher output at key mines including Sukari, Obuasi, Geita, Kibali and Cuiabá, while managed operations contributed approximately 682,000 ounces.

The company sold about 764,000 ounces of gold during the quarter at the average realized gold price of $3,490 per ounce, above last year’s level, driving higher revenue and improved margins amid strong bullion market conditions.

Maintaining disciplined cost management, total cash costs for the Group were roughly $1,225 per ounce, and AISC increased to $1,720 per ounce.

It has progressed several key projects and strategic initiatives, supported by strong gold prices and healthy cash flow. In Tanzania, the company is investing in the Geita Gold Mine, expanding reserves by around 60% and extending the mine’s life to over a decade, with potential processing upgrades aimed at increasing annual output toward 600,000 oz.

In Nevada, the Augusta Gold acquisition enhances the company’s footprint and future production potential. Obuasi is being modernized and ramped up to achieve higher annual output, while Sukari continues to boost production.

At the end of September 2025, AU’s cash and cash equivalents were $2.57 billion. Long-term debt was $2.03 billion, an increase of $86 million from $1,939 million in the second quarter. The debt to capital was 17.6%. Free cash flow in the third quarter was about $1.07 billion.

GFI and AU: Price Performance & Valuation

GFI stock is up 240.3% in the past year, and AU is up 284.3% compared with the Zacks Mining-Gold industry’s rise of 168.1%.