JPM-JPM Mining Daily Iron ore 百分之1.6, Spodumene 百分之2.5, Copper Outlook...-20251118
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摘要原文摘录Q3’25 results wrap: Shareholder returns, Nevada growth pathway the key Q4’25flashpoints in Feb’26; Stay OW
机构观点归属摩根大通，研报雷达仅作摘要整理与机构观点聚合。以下为研报摘要原文摘录，内容以原始报告为准。
研报摘要
Q3’25 results wrap: Shareholder returns, Nevada growth pathway the key Q4’25flashpoints in Feb’26; Stay OW
We update our forecasts following AngloGold’s Q3’25 results (First Take: link). Q3’25results were in line vs JPMe with Q3 gold production of 768koz +3% vs JPMe and AISC of$1,720/oz -4% vs JPMe. Q3 EBITDA of $1,556m is+2% vs JPMe and in-line vs cons. HEPSof $1.32/sh is a miss, -13% vs JPMe and -15% vs cons. Mgmt also re-affirmed its 2025/26guidance. More positively, ANG brought forward the year-end dividend true-up in Q3 anddeclared a 91USc/sh interim dividend, including a base dividend of 12.5USc/sh and a true-upcalculated as 50% of the FCF generated this quarter. Thus ANG’s annualised dividend yield(Q1 - Q3) is now at 3% and we see further firepower from management to increaseshareholders returns at year end reporting (Feb’26), as we forecast ANG with ~$273m netcash balance at Q4’25. We include our key takeaways below:
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