Cash GenerationSubstantially higher operating and free cash flow across 2024–2025 materially improves the firm's ability to fund sustaining and growth capex, pay dividends, buy back shares, and withstand commodity downturns. Strong cash conversion underpins durable capital allocation flexibility despite cyclical swings.
Balance Sheet StrengthMaterial debt reduction and a strengthened equity base, plus near-zero net debt and a Moody's upgrade, lower financial risk and borrowing costs. This creates lasting strategic optionality for M&A, project funding, shareholder returns, and resilience against cyclical revenue drops.
Portfolio & ProjectsAdding Ahafo North and progressing projects (Tanami expansion, Cadia underground) extends mine life and diversifies production by geography and by-product metals. A deep project pipeline and global footprint support sustained production, margin resilience and long-term optionality.