AngloGold Ashanti: 'Buy' The Pullback, Own The Free Cash Flow Machine

AngloGold Ashanti offers compelling value after a 17% pullback, despite jurisdictional risks and a historical discount to peers. 2025 results were exceptional: $2.9B free cash flow, $6.3 billion EBITDA, and a net cash balance of $879 million, with disciplined cost control. The Arthur Gold project in Nevada provides significant low-cost, high-margin optionality that the market undervalues, supported by robust liquidity.