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Tue 3 Mar 2026
Close: 83 000c 
Day's move: -9 097c (-9.88%)
Volume: 3 493 785
Trades: 21 622
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Revenue for the period rose to USD8.8 billion (2024: USD5.2 billion) with profit before royalties, taxation and non-recurring items increasing to USD4.6 billion (2024: USD2.1 billion). Profit attributable to owners of the parent grew to USD3.6 billion (2024: USD1.2 billion). In addition, headline earnings per share went up to USD288 cents per share (2024: USD133 cents per share).
Final and special dividend declaration
Final dividend
In line with the Company's dividend policy, the board approved and declared a final dividend number 103 of 1 850 cents per ordinary share (gross) in respect of the year ended 31 December 2025.
Special dividend
In addition the company declared a special dividend of 450 cents per share for the year ended 31 December 2025. The payment of the special dividend has been approved by the South African Reserve Bank.
FY 2026 guidance
Our primary focus for 2026 remains ensuring safe, reliable and cost effective delivery against our production plans and guidance for the year, which will provide the platform for continued progress of our strategic priorities.
Attributable gold-equivalent production for 2026 is expected to be between 2.400Moz – 2.600Moz (compared to 2.438Moz delivered in 2025). AISC is expected to be between USD1 800/oz – USD2 000/oz, and AIC is expected to be between USD2 075/oz – USD2 300/oz. The exchange rates used for our 2026 guidance are: R/USD16.00, USD/AUD0.70 and CAD/USD0.73. The metal price assumptions for the calculation of royalties and copper and silver by-products are: gold price USD5 000/oz (AUD7 100/oz, R2 450,000kg); copper price USD9v000/t and silver price USD65/oz.
2026 is another year in which capital expenditure levels will remain elevated, given the capital planned budgeted for Windfall, as well as sustaining capital expenditure across the portfolio required to maintain the production base of the Group. Total capital expenditure for the Group for the year is expected to be USD1 900 million – USD2 100 million in 2026. Sustaining capital expenditure is expected to be USD1 300 million – USD1 400 million, while non-sustaining capital expenditure is expected to be USD240 million – USD340 million, with the largest component of this being the Windfall Project capital of CAD495 million.
Guidance for 2026 remains unchanged from that provided at our Capital Markets Day in November 2025 for production. However, we have seen increases in AISC and AIC, driven primarily by the strengthening of exchange rates in Australia and South Africa as well as the impact of higher gold price on royalty payments. In comparison to the rates disclosed above, the exchange rates used at our Capital Markets Day were R/USD18.50, USD/AUD0.67 and CAD/USD0.71. The metal price assumptions for the Capital Markets Day were: gold price USD3 872/oz and silver price USD44/oz. The Capital Markets Day also excluded non-core assets (Cerro Corona and Damang).
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