• AngloGold Ashanti has already released its Q4 2025 results, confirming an additional dividend on top of its regular payout to meet its annual distribution targets and align with its plan to return about half of free cash flows to investors.
• This announcement follows a series of portfolio changes that shifted capital away from higher-cost Tier 2 operations toward Tier 1 assets, aiming to support earnings and cash generation alongside firm gold prices.
• Next, we will consider how this increased dividend emphasis, backed by a tilt toward Tier 1 assets, shapes AngloGold Ashanti’s investment narrative.

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What Is AngloGold Ashanti's Investment Narrative?

To own AngloGold Ashanti, you have to believe in its ability to keep turning strong operational execution into durable free cash flow, while maintaining discipline on capital allocation. The expected Q4 2025 “top-up” dividend reinforces that message, signaling management’s commitment to returning roughly half of free cash flows and aligning with a year of sharply improved profitability and high returns on equity. In the near term, that income focus becomes a key catalyst alongside any moves in gold prices and further progress on shifting the portfolio toward Tier 1 assets. At the same time, a richer dividend stream can raise questions about how much cash is left for growth projects or balance sheet strength if conditions soften. The stock’s very large one year total return also keeps valuation risk firmly on the table.

But one emerging risk in particular is easy to overlook until it matters.

AngloGold Ashanti's shares have been on the rise but are still potentially undervalued by 20%. Find out what it's worth.

Exploring Other Perspectives

Eleven fair value views from the Simply Wall St Community span from US$18.63 to US$132. This wide dispersion sits alongside the company’s renewed dividend focus and portfolio tilt toward Tier 1 assets, reminding you that views on how sustainable today’s profits are can differ sharply and are worth comparing in detail.

Explore 11 other fair value estimates on AngloGold Ashanti - why the stock might be worth less than half the current price!

Build Your Own AngloGold Ashanti Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your AngloGold Ashanti research is our analysis highlighting 4 key rewards and 2 important warning signs that could impact your investment decision.
• Our free AngloGold Ashanti research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate AngloGold Ashanti's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.