AngloGold Q3 gold production rose 17% to 768koz. Adjusted EBITDA jumped 109% to $1.6bn and free cash flow rose 141% to $920m, moving the balance sheet to $450m adjusted net cash with liquidity of $3.9bn. Ave. realised gold price was $3,490/oz; AISC $1,720/oz (+6% YoY). Headline earnings were $672m ($1.32/sh). Interim dividend of 91c, taking YTD dividends to 183.5c. Full-year 2025 guidance reaffirmed.
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