20-F: AngloGold Ashanti Reports Soaring 2025 Profit, Production Up 16%

AngloGold Ashanti plc reported a significant increase in profit and gold production for 2025, driven by higher gold prices and strategic portfolio optimization.

Summary

• Profit for the year increased by 203% to $3,174 million in 2025, up from $1,049 million in 2024.
• Revenue from product sales rose 71% year-on-year to $9,893 million in 2025, primarily due to higher gold income and by-product revenue.
• Attributable gold production (including non-managed joint ventures) increased by 16% to 3.091 million ounces in 2025 (2024: 2.661 million ounces).
• Average gold price received per ounce for managed operations increased by $1,073 to $3,466 per ounce in 2025.
• Total cash costs per ounce for managed operations marginally decreased by 2% to $1,182 per ounce in 2025 (2024: $1,212 per ounce).
• All-in sustaining costs (AISC) per ounce for managed operations decreased by 4% to $1,647 per ounce in 2025 (2024: $1,709 per ounce).
• Gold Measured and Indicated Mineral Resource increased from 67.1Moz at 31 December 2024 to 68.0Moz at 31 December 2025.
• Gold Mineral Reserve increased from 31.2Moz at 31 December 2024 to 36.5Moz at 31 December 2025.
• The Arthur Gold Project declared an initial Probable Mineral Reserve of 4.9Moz of contained gold and 7.8Moz of contained silver.
• The company completed the acquisition of Augusta Gold Corp. for $158 million, consolidating its Nevada landholding.
• Disposed of the Doropo and ABC projects in Côte d'Ivoire for $162 million and the Serra Grande mine in Brazil for $117 million.
• A definitive agreement was entered into on March 7, 2026, to sell the La Colosa project in Colombia to Mineros S.A. for approximately $10 million cash and an additional $60 million contingent on certain conditions.
• An impairment loss of $98 million was recognized for the Quebradona project in Colombia due to heightened political uncertainty.
• Identified a material weakness in internal control over financial reporting related to the integration of the Centamin business as of December 31, 2025.
• Successfully remediated a previously reported material weakness in impairment and impairment reversal assessment processes.
• Declared a gross interim cash dividend of 173 US cents per ordinary share for the three months ended December 31, 2025.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive filing, reflecting strong financial performance driven by higher gold prices and successful strategic execution, despite some operational challenges and identified internal control weaknesses. The significant increase in profit, revenue, and gold production, coupled with improved cost metrics and a growing Mineral Reserve, indicates robust health and future potential. The successful remediation of a prior material weakness and progress on key development projects further bolster confidence.

Positives

• Profit for the year increased by 203% to $3,174 million in 2025.
• Revenue from product sales increased 71% to $9,893 million in 2025.
• Attributable gold production increased by 16% to 3.091 million ounces in 2025.
• Average gold price received per ounce for managed operations increased by $1,073 to $3,466 per ounce.
• Total cash costs per ounce for managed operations marginally decreased by 2% to $1,182 per ounce.
• All-in sustaining costs (AISC) per ounce for managed operations decreased by 4% to $1,647 per ounce.
• Gold Measured and Indicated Mineral Resource increased from 67.1Moz to 68.0Moz.
• Gold Mineral Reserve increased from 31.2Moz to 36.5Moz.
• First-time Probable Mineral Reserve of 4.9Moz gold and 7.8Moz silver declared for the Arthur Gold Project.
• Successful acquisition of Augusta Gold Corp. for $158 million, consolidating Nevada landholding.
• Successful divestment of non-core assets (Doropo, ABC, Serra Grande).
• Strong safety performance with Total Recordable Injury Frequency Rate (TRIFR) improving by 1% to 0.97 injuries per million hours worked, the lowest in company history, and no fatalities in 2025 at managed operations.
• Full Asset Potential (FAP) program continues to deliver benefits, improving efficiencies and cost performance.
• Successful integration of Sukari into AngloGold Ashanti's systems.
• North Bullfrog project advanced into detailed engineering phase (70% complete by end of 2025).
• Mine plan of operations for Arthur Gold Project accelerated, moving Record of Decision (ROD) from 2032 to 2028.
• Geita connected to the national electricity grid in September 2024.
• Tropicana's renewable energy facility successfully commissioned in February 2025, integrating 62MW of clean energy and expected to reduce GHG emissions by 65kt CO2e annually.
• Remediation of previously reported material weakness in internal control over financial reporting successfully completed.
• Company's share price outperformed major peers, the GDX, the gold price, and the S&P 500.
• Global culture assessment score of 87 in 2025, a strong increase from 73 in 2021.

Negatives

• Cost of sales increased 35% year-on-year to $5,022 million in 2025.
• Total operating costs increased by 26% to $3,655 million in 2025, driven by higher royalties, labor, consumables, fuel, power, water, and mining contractor costs.
• Amortisation of tangible, right-of-use, and intangible assets increased by 71% to $1,287 million.
• Net impairment and net loss on disposal and derecognition of assets resulted in a loss of $88 million in 2025, including a $98 million impairment for the Quebradona project.
• Other expenses increased by $104 million to $248 million, due to legacy TSF obligations, governmental fiscal claims, group reorganisation costs, contractor claims, and business integration costs.
• Finance income decreased 5% to $152 million, mainly due to lower deposited funds in Argentina.
• Finance costs and unwinding of obligations increased 32% to $220 million, partly due to a $39 million interest accrual on a tax liability settlement in Brazil.
• Taxation expense increased 77% to $1,102 million.
• Iduapriem gold production decreased 16% due to an unplanned 17-day plant shutdown and lower grades.
• Siguiri gold production was impacted by a 42-day plant stoppage due to TSF seepage following significant rainfall.
• Geita gold production marginally increased by 2% despite lower plant recovery and 10 lost production days due to political unrest.
• Serra Grande gold production decreased 34% due to lower grades and ore volumes, prior to its sale.
• Safety performance in the Africa region (managed operations) regressed marginally, with TRIFR increasing 6% to 0.52 injuries per million hours worked.
• Safety performance in Australia regressed, with TRIFR increasing to 2.92 injuries per million hours worked (2024: 2.36).
• Identified a material weakness in internal control over financial reporting as of December 31, 2025, related to deficiencies in the integration of the Centamin business.
• Quebradona project fully impaired for $98 million due to heightened political uncertainty and potential changes to mining and environmental policy in Colombia.
• La Colosa project in Colombia was placed in force majeure in 2017, and applications for extension were denied, leading to suspension of activities.
• Uncertainty remains regarding the timing and level of cash receipts for VAT receivables in the DRC ($63 million outstanding).
• Cash balance at Cerro Vanguardia, Argentina, decreased by $37 million (equivalent) due to dividend payments, and is subject to foreign exchange controls.
• Geopolitical tensions and war in Ukraine and the Middle East have impacted oil prices and global energy markets, potentially increasing operating costs.
• Inflationary pressures continue in certain regions, potentially impacting operating margins and cash flows.
• The company is subject to various tax disputes in Brazil and Tanzania, with significant amounts involved.
• The UK Takeover Code is not currently applicable, but future changes could bring the company under its jurisdiction.
• U.S. securities laws require less disclosure from foreign private issuers, potentially providing less information to investors.

Risks

• Unexpected problems, costs, and delays in operating and developing existing and new mining projects (e.g., supply chain constraints, increased costs, labor shortages, permitting delays, social opposition).
• Extensive and rapidly changing environmental, health, and safety laws and regulations, leading to potential enforcement, claims, suspensions, or increased expenditures.
• Tailings and waste management requirements and standards, with potential liabilities from failures or non-compliance (e.g., TSF incidents, new regulations in Brazil).
• Ability to replace Mineral Reserve is subject to uncertainties in exploration, technical, and economic studies, leading to potential reductions in estimates.
• Mining is inherently hazardous, with risks of accidents, environmental impacts, social disputes, security incidents, fires, mechanical failures, geological issues, and natural phenomena.
• Vulnerability to supply chain disruptions and transportation delays, including import restrictions, natural disasters, civil unrest, and public health crises.
• Increasing expectations to provide benefits and mitigate adverse impacts to communities, leading to potential legal suits, increased costs, investor disinvestment, and loss of social license to operate.
• Operations are vulnerable to infrastructure constraints, including unreliable power supply and transportation.
• Strong competition in the mining industry for assets, exploration opportunities, and skilled human resources, intensified by industry consolidation and favorable commodity prices.
• Political, tax, and economic laws and policies in operating countries may change rapidly, leading to increased royalties, taxes, export restrictions, or exchange controls.
• Instability, public health, and security risks in operating countries (e.g., military coups, corruption, illegal mining, infectious disease outbreaks).
• Occupational health diseases (NIHL, OLD) and infectious diseases (Ebola, Marburg, HIV/AIDS, malaria) may result in significant costs and liabilities.
• Competition for attracting and retaining key human resources with critical skills, exacerbated by global shortages and remote locations.
• Significant labor costs and regulatory compliance obligations, with potential for increased wages or penalties.
• Use of contractors may expose the company to delays, suspensions, and increased costs, as well as reputational and liability risks.
• Labor unrest, activism, and disruptions (including protracted stoppages) could adversely impact operations.
• Artisanal and illegal mining on properties can disrupt business, have adverse EHS impacts, and expose the company to liability.
• Mining rights could be altered, suspended, or cancelled for various reasons, including breaches of obligations or changes in government policy (e.g., Colombia, Guinea, Egypt).
• Title to properties may be uncertain and subject to challenge, including native title claims.
• Significant financing requirements for development projects and ongoing activities, with ability to raise capital dependent on macroeconomic conditions, gold prices, and operational performance.
• Sales of large quantities of ordinary shares or perception of such sales, or other equity dilution, could adversely affect market price.
• No guarantee of future dividend payments, as fund availability depends on many factors.
• Factors affecting ability to support carrying amount of property, plant, and equipment, intangible assets, and goodwill, potentially requiring significant impairment charges.
• Lack of full management control over some significant joint ventures and projects (e.g., Kibali), leading to potential operational inefficiencies or disputes.
• Downgrade of credit ratings could increase interest costs and affect financing availability.
• Level of indebtedness could adversely impact business flexibility.
• Acquisitions may expose the company to new geographic, political, legal, regulatory, social, operating, financial, and geological risks.
• Uninsured events or inadequate insurance coverage may adversely affect cash flows and profitability.
• Price of gold and other commodity market price fluctuations could adversely affect the profitability of operations.
• Foreign exchange fluctuations may adversely affect the company and reduce market value of securities or dividends.
• Profitability affected by fluctuations in input production prices (fuel, energy, consumables, steel).
• Global political and economic conditions could adversely affect the profitability of operations (e.g., inflationary pressures, interest rate fluctuations, geopolitical conflicts).
• Energy cost increases and power fluctuations/stoppages could adversely impact results.
• Inflation may have an adverse effect on results of operations, exacerbated by geopolitical tensions and supply-chain constraints.
• Subject to anti-fraud, anti-bribery, and anti-corruption laws, a breach of which could lead to substantial fines, sanctions, and reputational damage.
• Risk of litigation, with uncertain causes and costs.
• Compliance with conflict minerals and responsible gold legislation could result in significant costs.
• Operations subject to climate change-related physical risks (e.g., extreme rainfall, water stress, fires).
• Compliance with emerging climate change-related requirements (e.g., GHG emissions limits, carbon pricing) could result in additional costs and liabilities.
• Increasing scrutiny and changing expectations from stakeholders regarding ESG performance and policies, impacting reputation, costs, access to capital, and litigation risk.
• Transfers of ordinary shares may be subject to stamp duty or SDRT in the United Kingdom, which would increase the cost of dealing in AngloGold Ashanti ordinary shares.
• Inability to maintain effective disclosure controls and procedures and an effective system of internal control over financial reporting could negatively impact its ability to accurately and timely report its financial results and other material disclosures, or otherwise cause it to fail to meet its reporting obligations.
• Cybersecurity breaches and the company's data protection practices may be insufficient or inconsistent with applicable laws.
• U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a domestic U.S. issuer is required to disclose, and investors may receive less information about the company than they might otherwise receive from a comparable U.S. company.

Future Outlook

AngloGold Ashanti aims to generate sustainable cash flow improvements and returns over the longer term, focusing on prioritizing people, safety, health, and sustainability, maintaining financial flexibility, driving operational excellence, optimizing costs and capital expenditure, improving portfolio quality, and maintaining long-term optionality by continually replenishing and increasing its Mineral Resource and Mineral Reserve pipeline. The North Bullfrog project is expected to be the first Nevada project to enter gold production, with detailed engineering 70% complete by end of 2025 and a Record of Decision (ROD) targeted for December 2026. The Arthur Gold Project's mine plan of operations has been accelerated, moving its ROD from 2032 to 2028. Remedial works at Siguiri's TSF are expected to continue through the first half of 2026. The annual collective bargaining and wage negotiation process in Tanzania is targeting a final wage deal by Q2 2026. The full implementation of Brazil's new tax regime, including a selective tax, is expected at a later stage, becoming operational beginning in 2030. The company expects to next assess the effectiveness of its ICFR as of December 31, 2026.

Management Comments

• The FAP programme continues across our Africa operations, contributing to AngloGold Ashanti's ability to operate predictably, to drive better cash flows and to improve the long-term value of its business.
• The Company maintained a strong safety performance in 2025, with a TRIFR of 0.97 injuries per million hours worked at its managed operations, well below industry benchmarks.
• AngloGold Ashanti's share price has outperformed its major peers, the GDX, the gold price, and the S&P 500.
• We have grown our sell-side coverage by almost a third through a deliberate campaign. New, important US names continued to appear in the register or grow their holdings, with South African funds maintaining their holdings. A rejuvenated Asia and Europe campaign started to bear fruit.
• We have seamlessly integrated Sukari Gold Mines (SGM) in a reasonably short time frame. We have completed the operating model implementation and change management for all functions. AngloGold Ashanti values were embedded and standards applied.
• Our 2025 culture score is 87, a strong increase from 73 in 2021. Both results set us apart in the industry.
• We have developed a strong internal and external pipeline for the executive team, senior leadership and critical roles.
• Management has assessed this event [geopolitical tensions in the Middle East] and concluded that it represents a non-adjusting subsequent event as the escalation occurred after the reporting date and does not provide evidence of conditions that existed at that date.

Industry Context

StockSavvy.ai notes that AngloGold Ashanti's strong 2025 performance aligns with broader industry trends of increased gold demand and prices, with the World Gold Council reporting total annual gold demand surpassing 5,000 tonnes for the first time. The company's strategic divestments of non-core assets and acquisitions like Augusta Gold Corp. reflect a sector-wide focus on portfolio optimization and consolidation to enhance asset quality and long-term value. The continued emphasis on ESG, including net-zero GHG emissions targets by 2050 and renewable energy integration at sites like Tropicana, positions AngloGold Ashanti within the evolving sustainability expectations of the mining industry, which is facing increasing scrutiny from investors and regulators. The challenges faced in Colombia with legislative and regulatory actions highlight the persistent geopolitical and regulatory risks inherent in the global mining sector, impacting project development and operational stability for companies like AngloGold Ashanti and its peers.

Comparison to Industry Standards

• AngloGold Ashanti's TRIFR of 0.97 injuries per million hours worked at managed operations is stated to be 'well below industry benchmarks,' indicating strong safety performance compared to peers.
• The company's commitment to achieving net zero Scope 1 and Scope 2 GHG emissions by 2050 and a 30% reduction by 2030 aligns with the International Council on Mining and Metals (ICMM) targets, of which AngloGold Ashanti is a member. This demonstrates adherence to leading industry sustainability standards.
• The implementation of the Global Industry Standard on Tailings Management (GISTM) at all TSFs, with a commitment to full conformance, positions AngloGold Ashanti favorably against industry best practices for tailings management, especially in light of recent third-party TSF incidents in Brazil.
• The company's culture score of 87 in 2025, up from 73 in 2021, is noted to 'set us apart in the industry,' suggesting a strong internal culture relative to other mining companies.
• The company's share price outperformed 'major peers, the GDX, the gold price, and the S&P 500,' indicating strong market performance relative to broader market and gold sector indices.

Management Changes

Corporate Governance

Legal Proceedings

• Brazilian Tax Authorities v. AngloGold Ashanti Mineração S.A.: Disputes dating back to 2005 involving federal tax assessments (income tax, royalties, social contributions, VAT, annual property tax) totaling approximately $38 million at December 31, 2025. The company considers the probability of an adverse outcome remote.
• Colombian Tax Authority (DIAN) v. AngloGold Ashanti Colombia S.A.S. (AGAC): DIAN disagreed with tax treatment of certain items in 2010, 2011, 2013, and 2014 tax returns. AGAC paid $28.4 million for 2010 and 2011 claims. In February 2026, the Council of State ruled against AGAC for the 2013 claim, resulting in a payment of less than $0.1 million. A lawsuit for the 2014 tax claim is pending, with a contingent liability of $9.0 million disclosed at December 31, 2025.
• Santa María-Montecristo and La Colosa Class Action Lawsuits (Colombia): Class action lawsuits filed to stop exploration and mining due to alleged environmental concerns. For Santa María-Montecristo, AGAC returned all tenements to the government in October 2022, but the court has not yet dismissed the case against AGAC. For La Colosa, a consolidated class action is pending before the Council of State, challenging the project's environmental impact. The company believes the judiciary lacks authority to cancel mining concessions.
• Cortolima's Injunction against AngloGold Ashanti Colombia S.A.S. (AGAC) (Colombia): Injunction issued in March 2013 alleging adverse environmental effects from La Colosa mine design activities. AGAC's challenge is pending before the Administrative Court of Tolima. The company expects a final resolution to include an immaterial penalty.
• Piedras and Cajamarca Popular Consultations (Colombia): Local popular consultations in 2013 and 2017 to ban mining activities. The Administrative Superior Court of Tolima ruled in July 2021 that the Piedras popular consultation results were not enforceable. AGAC suspended exploration at La Colosa in April 2017 due to uncertainty.
• Paramo Delimitation (Colombia): Resolution 1987/2016 delineated certain wetlands as environmentally important protected areas, impacting La Colosa. AGAC filed suit against the Colombian Ministry of the Environment in the Administrative Court of Cundinamarca to annul Resolution 1987/2016.
• Notice of Dispute under the United Kingdom-Colombia Bilateral Investment Treaty (UK-Colombia BIT): On November 27, 2025, AngloGold Ashanti plc and AngloGold Ashanti UK Colombia Holdings Ltd notified the Republic of Colombia of an investment dispute related to measures affecting the concession contract for the Quebradona project. A six-month negotiation period is underway, after which international arbitration may be initiated.
• Ghana Mining Leases Litigation: In January 2019, AGAG and AAIL, along with other Ghanaian mining companies, were served with writs by two members of the Ghanaian Parliament seeking a declaration that mining leases required timely parliamentary ratification. The Ghanaian Attorney General agreed with the plaintiffs. The Supreme Court has not yet set a date for the first hearing.
• Geita Gold Mining Limited (GGM) Litigation (Tanzania): In January 2007, a suit was filed against GGM alleging damages from blasting activities. GGM won in High Court in 2015, plaintiffs appealed. GGM filed a motion to dismiss the matter for want of prosecution in June 2024, which is pending before the Court of Appeal.
• Geita Gold Mining Limited (GGM) and Samax Resources Limited (Samax) v. Government of Tanzania (Arbitration): In July 2017, GGM and Samax filed a notice of arbitration against the government of Tanzania due to new legislation impacting the mining sector. Arbitration proceedings have been stayed several times, most recently until May 4, 2026, to allow for amicable resolution.
• Arbitration under the United Kingdom-Tanzania Bilateral Investment Treaty (UK-Tanzania BIT): In September 2017, GGM, Samax, Cluff Oil Limited, and Cluff Mineral Exploration Limited notified the government of Tanzania of a breach of commitments under the UK-Tanzania BIT. The cooling-off period expired in March 2018, allowing for ICSID arbitration.
• Arbitration between AngloGold Ashanti North America Inc. (AGANA) and Altius Royalty Corporation (Altius): Arbitration initiated in March 2023 regarding the geographic scope of a 1.5% net smelter returns royalty in Nevada. A final award was issued on August 12, 2025, resolving the dispute, with only 24 claims subject to the royalty. A memorandum was recorded on March 11, 2026.

Related Party Transactions

• Purchases and services acquired from associates amounted to $11 million in 2025 (2024: $12 million; 2023: $12 million).
• Loan advanced to joint ventures and associates (Kibali) amounted to $333 million in 2025 (2024: $463 million; 2023: $506 million).

Stakeholder Impact

• Shareholders: Positive impact from increased profit, revenue, gold production, and Mineral Reserve. Potential negative impact from material weakness in ICFR, geopolitical risks, commodity price volatility, and potential dilution from future capital raises. Dividends declared (173 US cents per share for Q4 2025).
• Employees: Positive impact from strong safety performance (lowest TRIFR), improved culture score, and competitive remuneration policies. Potential negative impact from occupational health diseases, infectious disease outbreaks, and labor unrest.
• Host Communities: Increased community investment ($21.91 million in Africa in 2025). Potential negative impact from environmental incidents (TSF leaks, wastewater release), artisanal/illegal mining, land access disputes, and political instability.
• Governments/Regulators: Increased scrutiny and changing expectations regarding environmental, health, safety, and tax regulations (e.g., Ghana royalty changes, Brazil TSF regulations, Colombian mining policy changes). Tax disputes and outstanding VAT refunds in various jurisdictions.
• Suppliers/Contractors: Vulnerability to supply chain disruptions and transportation delays. Increased costs for consumables and services. Potential for disputes with contractors.
• Creditors: Indebtedness levels and compliance with financial covenants are monitored. Credit rating downgrades could increase future interest costs.

Next Steps

• Continue remedial works around the perimeter of the Siguiri TSF through the first half of 2026.
• Target a final wage deal by the second quarter of 2026 in Tanzania's annual collective bargaining and wage negotiation process.
• Complete commissioning of material handling infrastructure as part of the refurbishment at the KMS shaft at Obuasi in the second half of 2026.
• Focus FAP initiatives at Iduapriem in 2026 on improving maintenance, increasing mining productivity and optimising the fleet management system.
• Focus FAP initiatives at AGA Minerao in 2026 on increasing the capacity of the Cuiabá plant from 1.4 million tonnes per annum to 2.0 million tonnes per annum of concentrate to the Queiroz plant.
• Complete a FAP project at Tropicana to introduce mobile crushing in the second half of 2026, anticipated to incrementally lift throughput to 9.4 million tonnes and reduce costs.
• Conduct exploration at the Kame project in Tanzania, with the remainder of the RC drilling program expected to be completed in early 2026.
• Commence exploration at the Golden Eagle project in Tanzania in 2026.
• Conduct a high-resolution magnetic survey at the Dembu AOI in Kibali in early 2026.
• Continue northern extension drilling at Sukari into 2026.
• Update physical climate risk assessments for all operations in 2026.
• Assess the effectiveness of internal control over financial reporting (ICFR) as of December 31, 2026.
• Implement a cost leadership program in 2026.
• Conduct the next review of executive and senior management remuneration in 2026.
• All current directors will offer themselves for reappointment at the 2026 AGM (scheduled for May 5, 2026).
• The full implementation of Brazil's new tax regime, including the selective tax, is expected at a later stage, becoming operational beginning in 2030.
• North Bullfrog project is on track for a Record of Decision (ROD) in December 2026.
• Mine plan of operations for Arthur Gold Project accelerated, moving the ROD from 2032 to 2028.
• If the dispute with the Republic of Colombia regarding the Quebradona project is not resolved amicably by the end of May 2026, AngloGold Ashanti plc and AngloGold Ashanti UK Colombia Holdings Ltd will have the right to initiate international arbitration under the UK-Colombia BIT.
• Directors and certain officers of AngloGold Ashanti are required to comply with the reporting obligations of paragraph (a) of Section 16 of the Exchange Act beginning from March 18, 2026.

Key Dates

Recommendation

StockSavvy.ai recommends a "buy" for AngloGold Ashanti plc. The company demonstrated exceptional financial performance in 2025, with a 203% increase in profit and 71% revenue growth, largely driven by a favorable gold price environment and robust operational delivery. Key operational metrics, including gold production and all-in sustaining costs, showed positive trends. Strategic portfolio optimization through targeted acquisitions (Augusta Gold) and divestments of non-core assets, coupled with significant Mineral Reserve additions, enhances the company's long-term asset quality and growth pipeline, particularly with the accelerated Arthur Gold Project. While internal control weaknesses and geopolitical risks in certain operating regions warrant monitoring, the successful remediation of a prior material weakness and strong cash flow generation underscore a resilient and improving operational and financial foundation. The company's commitment to ESG standards and strong safety performance further de-risk the investment.

Keywords

Gold mining, AngloGold Ashanti, Financial results, Gold production, Mineral Reserve, Mineral Resource, ESG, Risk factors, Acquisitions, Divestments, Capital expenditure, Operating costs, Profit, Nevada, Colombia, Sukari, Kibali, Geita, Obuasi, Iduapriem, Siguiri, Cerro Vanguardia, Australia, Brazil, Tanzania, Ghana, Guinea, Egypt, South Africa, Exploration, Pre-feasibility study, Tailings management, Cybersecurity, Corporate governance, Share price, Dividends