Strong Production Growth
Attributable production rose 18% year-on-year to 2.44 million ounces, at the upper end of guidance (2.25–2.45 Moz). Salares Norte ramp-up was a major contributor to the increase.
Record Cash Generation and Earnings
Adjusted free cash flow was just under $3.0 billion (up ~391% year-on-year). Headline earnings rose 117% to $2.6 billion. Operations generated $5.5 billion before tax; cash flows from operations before investing were $4.5 billion.
Significant Shareholder Returns
Delivered record shareholder returns of ~ZAR 31.9 per share (≈220% increase vs 2024). Declared a base dividend of ZAR 25.50/share, a special dividend of ZAR 4.50/share, and a $100 million share buyback; additional returns of $353 million announced. Top-up program increased from $500m to $750m over 2 years.
Balance Sheet Strength
Net debt of $1.4 billion (including ~$500 million leases) and a net debt-to-EBITDA ratio of 0.26x after completing Osisko and Gold Road transactions.
Portfolio Progress — Key Asset Deliveries
Salares Norte reached commercial production in Q3 with steady-state in Q4 and better-than-expected recoveries. Gold Road acquisition consolidated 100% of Gruyere. Windfall advanced toward FID with permitting, community engagement and execution plan updates underway.
Reserve Replacement and Exploration Success
Added ~4.0 million ounces to reserves, a 9% increase year-on-year (offsetting ~2.5 Moz depletion). Brownfields spend USD 129m and greenfields USD 101m, including investment in Founders Metals (Antino exposure).
Operational Improvements at Key Mines
Tonnes mined at Gruyere up 37% year-on-year with record mill throughput (9.6 Mt). South Deep production up ~16% due to improved stope turnover; St Ives production up 12% with better mill yields.
ESG and Stewardship Achievements
Zero serious environmental incidents for seven consecutive years. Delivered 15% absolute emissions reduction (vs 2026 baseline) and 74% water recycling (target 73%). Gender diversity: 27% female employees and 28% female in leadership.