Will AngloGold Ashanti Deliver on Its 2025 Production Targets?

AngloGold Ashanti’s AU stock has emerged as a standout performer, appreciating 274.7% over the past year—significantly outpacing the broader Mining – Gold industry’s 139.7% gain. This rally reflects market confidence in the company’s operational trajectory and forward guidance. But can the company sustain this momentum by hitting its ambitious 2025 output goals?

Production Momentum and Guidance Outlook

The company has set its 2025 gold production target in the range of 2.900-3.225 million ounces, representing a potential 9-21% year-over-year increase. To put this in perspective, AngloGold Ashanti achieved 2.292 million ounces during the first three quarters of 2025 alone, reflecting a robust 20% jump compared to the same period in 2024.

This production surge has been anchored by strategic acquisitions and operational improvements across its asset base. The November 2024 acquisition of Centamin brought the Sukari mine—a tier-one, large-scale asset—into AngloGold Ashanti’s portfolio. Sukari has already demonstrated its significance, contributing 117,000 ounces in Q1, followed by 129,000 ounces in Q2 and 135,000 ounces in Q3 of 2025. The mine is expected to eventually produce 500,000 ounces annually, positioning it as a cornerstone contributor to long-term production capacity.

Core Assets Driving Growth

Beyond Sukari, other mines are pulling their weight. Obuasi has been particularly impressive, with output climbing 31% year over year in the second quarter and 30% in the third quarter, driven by grade improvements and a successful production ramp-up. Cerro Vanguardia and Geita have similarly contributed to the year-over-year gains, with Geita posting a 6% production increase in Q3.

At Siguiri, management is actively working to enhance operational efficiency by boosting fleet utilization and introducing gravity recovery systems to the processing workflow—efforts aimed at lifting metallurgical recovery rates.

The company anticipates 2026 production levels to remain consistent with 2025 guidance, underpinned by steady contributions from these key assets and the maturing Sukari operation.

How AngloGold Ashanti Stacks Up

When benchmarked against peers, AngloGold Ashanti’s positioning differs markedly.

Newmont Corporation NEM reported 1.42 million ounces in Q3 2025, down 15% year-over-year, and is maintaining its full-year 2025 guidance of 5.9 million ounces (having produced 6.85 million ounces in 2024). The company faces near-term production headwinds despite maintaining flat guidance.

Agnico Eagle Mines AEM has narrowed its 2025 gold output forecast to between 3.3-3.5 million ounces, compared to 3.4 million ounces produced in 2024. In Q3 2025, the company generated 866,963 ounces versus 863,445 ounces in the prior-year quarter—essentially flat performance.

Against this backdrop, AngloGold Ashanti’s trajectory appears distinctly more bullish, with double-digit production growth on the horizon.

Valuation and Market Positioning

AngloGold Ashanti is trading at a forward 12-month P/E multiple of 12.79X, trading at a modest discount to the Mining – Gold industry average of 13.11X. The stock carries a Value Score of B. This valuation contrasts with Agnico Eagle (17.57X) and Newmont (13.31X), both trading at higher multiples.

The Zacks Consensus Estimate projects 2025 sales of $9.67 billion, representing a 66.9% surge year-over-year. Earnings per share is estimated at $5.51 for 2025, implying a 149.3% year-over-year jump.

For 2026, consensus estimates point to a 13.3% dip in revenue but a 16.8% expansion in earnings—suggesting potential margin improvement as the business scales and integrates Sukari’s contribution.

Recent estimate revisions have been favorable: 2025 EPS forecasts have ticked up 3.8% over the past 60 days, while 2026 EPS estimates have climbed 29.6% in the same timeframe—indicating growing analyst confidence in the company’s medium-term earnings potential.

The Bottom Line

AngloGold Ashanti currently holds a Zacks Rank #1 (Strong Buy) designation. With strong production momentum, a strategic asset acquisition bearing fruit, and valuations that remain reasonable relative to peers, the company appears well-positioned to meet—and potentially exceed—its 2025 guidance. The convergence of operational excellence at existing mines and the ramping contribution from Sukari creates a compelling backdrop for the remainder of 2025 and into 2026.