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The record first-quarter (Q1) free cash flow of $1.2-billion delivered by AngloGold Ashanti is almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price.

The company, headed by CEO Alberton Calderon, remains on track to meet its 2026 annual guidance.

The interim Q1 2026 dividend of $585 or $1.16 per share is also a new record, compared to $0.125 per share declared in Q1 2025.

On 7 May, the board approved a proposed share repurchase programme for AngloGold's ordinary shares of up to $2-billion, subject to shareholder approval.

"Our focus remains to control what we can control – managing underlying costs and ensuring safe, predictable operating results," Calderon stated.

"That has again enabled us to deliver record free cash flow and cash returns to our shareholders, while moving our organic growth projects forward," Calderon added in a release to Mining Weekly.

AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.

WORKPLACE FATALITY

At Obuasi, following the end of Q1 2026 on April 24, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.

"We're heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones. We will ensure we understand the root cause of this incident and apply every lesson learned," Calderon stated.

During Q1 2026, safety remained at the core of continuous improvement efforts. The total recordable injury frequency rate at the company's managed operations improved to 0.86 injuries per million hours worked in Q1 2026, compared with 0.97 injuries per million hours worked for 2025.

Net cash flow from operating activities was up 136% year-on-year to $1.7-billion and the average gold price received per ounce was 69% higher year-on-year on that of Q1 2025.

Earnings before interest, taxes, depreciation and amortisation increased 130% year-on-year to $2.3-billion in Q1 2026 and headline earnings rose 187% to $1.3-billion.

Capitalising on the robust balance sheet and strong liquidity position, on April 16, the company bought back $666-million principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.

Mining Weekly Editor Martin Creamer discusses hydrogen mobility and platinum group metals being significant highlights for North-West University recently; China trailblazing in hydrogen with its new programme, which sees lowering costs as the main goal; and Sibanye-Stillwater’s 3

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation

Western governments just committed $12.1-billion in new mining project capital through 30 partnerships at the 2026 PDAC conference, while the US launched its FORGE coalition, pulling in 54 nations and locking down 11 bilateral supply agreements in a single day.

Canadian miner GoldHaven Resources says this spending is reactive and that a new Organisation for Economic Cooperation and Development (OECD) inventory confirms global export restrictions on critical raw materials have hit an all-time high, with supply concentration for cobalt, lithium, and rare earths now exceeding 90% among the top three producing nations.

The structural shift is pulling capital down the entire Western mineral pipeline, from early stage exploration to commercial production, and five companies are positioned directly in its path: GoldHaven, Almonty Industries, Brixton Metals, NioCorp Developments, and Energy Fuels.

Analysts now project the global critical minerals market will nearly double to $715-billion by 2035, with North American investment growing at the fastest rate as defence budgets, AI infrastructure, and electrification demand converge on the same finite set of inputs.

The OECD working paper on critical minerals and clean energy applications, published in April, reinforces the thesis: projects offering exposure to multiple designated critical minerals across defence, energy, and technology supply chains are now attracting the strongest institutional capital.

GoldHaven just announced the upsizing of its previously announced non-brokered financing to gross proceeds of up to $1.2-million owing to strong investor demand. The additional capital is set to further strengthen GoldHaven's fully funded 2026 exploration programme at its flagship Magno project in the Cassiar District of British Columbia, and it is expected to support an expanded drill campaign targeting a large-scale, multi-phase mineral system with significant and critical metals exposure, including tungsten and indium.

"The level of investor interest reflects growing recognition of the opportunity at Magno," says GoldHaven CEO Rob Birmingham.

"With drilling set to expand beyond our initial programme, we are entering a catalyst-rich phase where we can begin to test the scale of this system across multiple high-priority targets. We believe Magno has the characteristics of a large, multi-phase mineral system, and this programme is a key step in advancing that potential."

Magno is a district-scale polymetallic property spanning more than 37 200 ha, containing silver, tungsten, lead, zinc, and indium mineralization. Tungsten is classified as a critical mineral by both the Canadian and US governments, and Canada currently has no primary domestic tungsten production.

GoldHaven has already submitted its drill permit application at Magno and filed a technical report covering the polymetallic system, positioning the project for its first drill programme as the funding comes together.

"We are entering an exciting and highly strategic phase at Magno, where multiple high-grade zones and distinct mineralisation styles have now been defined across a large, consolidated land package. The combination of high-grade silver/lead/zinc mineralisation and growing exposure to critical minerals such as tungsten and indium continues to reinforce our view that Magno hosts the hallmarks, continues to reinforce our view that Magno is emerging as a compelling district-scale silver and critical minerals exploration opportunity in the Cassiar District," Birmingham states.

The company is also active in Brazil, where an independent geological review of its 100%-owned Copeçal gold project confirmed a large-scale, structurally controlled hydrothermal gold system. The review identified hig...

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South African gold mining company Gold Fields reported "significant increases" in a number of key commodities since the beginning of the US-Iran war.

During the three months to March 31, all-in sustaining costs (AISC) hit a 13%-higher $1 829/oz and all-in costs (AIC) a 10%-higher $2 046/oz amid strong cash flow generation driven by increased sales volumes and higher gold prices.

Also mainly owing to the high volatility in global markets since the beginning of the conflict adversely affecting gold and gold equity prices, share repurchases under the company's $100-million share buyback programme announced in February have been limited.

Since February, the price of diesel had risen by between 30% and 70%, explosive and cyanide increases were both approximately 10% up, while LNG was up by an estimated 30%, and freight by about 40%.

Assuming an oil price of $100/bl, the impact would be between $40/oz to $50/oz on a portfolio level.

If prices moved higher, significant pressure would be placed on the company's ability to deliver cost within the guidance range, the Johannesburg- and New York-listed Gold Fields reported in its operational update for the three months to March 30.

To mitigate these cost pressures, management has initiated asset optimisation and broader cost optimisation initiatives such as strategic sourcing.

After payment of the final dividend of $1 234-million on March 16, net debt decreased by 34% year-on-year to $1 304-million reinforcing Gold Fields' solid financial position.

"We remain steadfast in our belief that fatality- and serious-injury-free mining is achievable and are encouraged to report that no fatalities or serious injuries were recorded in Q1 2026," Gold Fields CEO Mike Fraser reported.

"In 2026, we're focused on implementing our new group safety and risk standards and further cascading visible felt leadership behaviours to middle management and frontline supervisors through targeted training and coaching.

"We continue to embed our psychosocial risk framework and health standard to reduce workplace exposures, prevent occupational illness and protect the wellbeing of our people," Fraser stated, adding that delivering on the business simplification strategy required targeted investment in people, processes and systems.

He said that good progress had been made during the quarter to accelerate transformation objectives, which included the integration of supply chain capabilities, standardisation of systems and processes and targeted asset optimisation to lift productivity.

Group attributable gold-equivalent first-quarter production of 633 000 oz was slightly down on the 681 000 oz in the last quarter of 2025.

"Labour availability and workforce stability continue to present challenges across our Australian operations, impacting productivity. Workforce initiatives are progressing, supporting a more resilient and productive operating environment," Fraser pointed out.

PROGRESSING TO ARBITRATION

As previously disclosed in 2025 annual financial statements, Gold Fields received notices of dispute from mining contractor, Engineers and Planners (E&P) during March 2026 for historical claims relating to the Tarkwa and Damang mining contracts.

"Following engagement with E&P the matters are now progressing to arbitration. We are committed to resolving these matters in an orderly manner, while maintaining operational stability at Tarkwa," the company reported.

2026 GUIDANCE

Attributable gold-equivalent production for 2026 is expected to be between 2.4-million and 2.6-million ounces.

AISC is expected to be between $1 800/oz and $2 000/oz and AIC between $2 075/oz and $2 300/oz.

Total 2026 capital expenditure for the group is expected to be between $1 900-million and $2 100-million.

Sustai...

This audio is brought to you by Endress and Hauser, a global leader in process and laboratory measurement technology, offering a broad portfolio of instruments, solutions and services for industrial process measurement and automation.

Canadian miner Ivanhoe Mines posted a loss of $2-million and a total comprehensive loss of $35-million for the quarter ended March 31 – the first quarter of its 2026 financial year – compared with a profit of $122-million and total comprehensive income of $128-million reported for the first quarter of 2025.

The company attributed the loss for the period to the company's share of loss from the Kamoa Holding joint venture (JV), in the Democratic Republic of Congo (DRC), of $42-million, compared with a profit of $108-million in the prior comparable quarter.

Kamoa Holding incurred a loss for the quarter owing to a $183-million tax adjustment to settle tax claims related to tax audit assessments in prior years.

Ivanhoe points out that, although the JV files a tax return every year, the DRC tax authorities have up to five years to audit and raise any disputes arising from tax filings.

"Differences can arise due to ambiguity in mining taxation in the DRC. When disputes arise, DRC companies can either follow judicial proceedings or settle the matter before it goes to court. Kamoa Copper's tax settlement pertains to disputes raised for the 2022 to 2024 tax years.

"It is Kamoa Copper's expectation that the $183-million settlement will close out any income tax disputes up to the end of 2024. The total income tax expense previously paid for the period from 2022 to 2024 was $729-million," it notes.

Meanwhile, Ivanhoe says the total comprehensive loss for the quarter included an exchange loss on translation of foreign operations of $33-million, compared with an exchange gain on translation of foreign operations recognised for the same period in 2025 of $6-million, resulting mainly from the strengthening of the South African rand by 3% from December 31, 2025, to March 31, this year.

Ivanhoe further reported adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $191-million, compared with adjusted Ebitda of $226-million in the first quarter of 2025.

The adjusted Ebitda included $158-million of attributable Ebitda from Kamoa-Kakula, compared with the $231-million contribution in the prior comparable period.

Nevertheless, Ivanhoe continues to advance developments at its three main Tier 1 mining operations – Kamoa-Kakula and the ultrahigh-grade Kipushi zinc/copper/lead/germanium mine, in the DRC, and the Platreef platinum/palladium/nickel/rhodium/gold/copper mine, in South Africa.

"Our Kamoa-Kakula copper complex and smelter are ramping up in a very strong price environment for the two most critical elements on our planet: copper, which is the king of metals, and sulphuric acid (H2SO4), which is the king of chemicals.

"Kamoa-Kakula benefits from a powerful natural hedge: our sulphuric acid production. H2SO4, which is a by-product of our copper smelter, is growing into a one-million-dollar-a-day operating credit, massively offsetting rising diesel prices. This advantage is supported by our high-grade ore, which has the lowest hydrocarbon intensity per tonne of produced copper of any major mine in the world," Ivanhoe founder and co-chairperson Robert Friedland acclaims.

Concurrently, the team is executing a disciplined turnaround at Kamoa-Kakula, he points out.

An updated Kamoa-Kakula life-of-mine integrated development plan details a launchpad for copper production to return to over 500 000 t/y.

"The plan is clear; the execution is under way . . . and the strong tailwinds in copper prices adds to the momentum. We will fully capitalise on our strategic advantages," Friedland says.

Meanwhile, construction of the Platreef Shaft #3 was completed on schedule, increasing hoisting capacity five-fold, which is expected to increase production in the quarter to end on June 30.

Earthworks are a...