Freedom initiates coverage of AngloGold Ashanti with a “Buy” rating and a $114 target price

Freedom analysts have initiated coverage of AngloGold Ashanti (AU) with a “Buy” rating and a target price of $114 per share. In the experts’ view, the company has entered a new stage of development. Following the acquisition of the Sukari mine, the company improved the quality of its assets, strengthened its financial position, and gained additional opportunities to grow production.

AngloGold Ashanti mines gold in Africa, Australia, North and South America, with a diversified portfolio of assets. The company operates ten producing mines and is advancing projects, including in the United States. According to the analysts, geographic diversification reduces the business’s dependence on individual assets and supports the resilience of cash flows.

One of the key factors improving the investment case was the acquisition of the Sukari deposit in Egypt. The deal enabled the company to enhance portfolio quality by focusing on large, long-life assets with significant growth potential.

Analysts also view the Nevada projects—Arthur Gold and North Bullfrog—as an additional growth driver, expected to underpin long-term production expansion. The Arthur project has initial reserves of 4.9 million ounces of gold and is expected to be able to produce about 500 thousand ounces of gold annually.

Freedom also notes AngloGold Ashanti’s strong financial position. For FY2025, the company’s free cash flow amounted to $2.9 billion, and in Q1 2026 it reached about $1.2 billion. A net cash position and strong cash generation create opportunities to increase shareholder distributions, including the implementation of a share buyback program of up to $2 billion.

The $114 target price was calculated using a sum-of-the-parts (SOTP) approach. The analysts valued the company’s operating assets using an EV/EBITDA multiple of 4.6x and also incorporated the value of high-potential development projects and exploration assets that are not yet reflected in operating forecasts.

This is not an individual investment recommendation.