We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Can AU's Greenfield Exploration Boost Long-Term Production Growth?
Read MoreHide Full Article
Key Takeaways
AU is advancing Arthur Gold and North Bullfrog as the key greenfield growth projects in Nevada.
Arthur Gold targets 500,000 ounces of annual production in its initial phase.
North Bullfrog is expected to average 105,000 ounces annually in its first five years.
AngloGold Ashanti plc (AU - Free Report) is progressing with its greenfield growth strategy to achieve long-term, tier-one growth opportunities from the North Bullfrog and Arthur Gold projects in Nevada. The company’s greenfield exploration aims to discover large, high-value deposits that will develop new, standalone gold mines.
Following the Augusta Gold Corp acquisition in October 2025, AU consolidated its position in the Beatty District. This includes the flagship Arthur Gold Project, formerly the Expanded Silicon Project, which includes Silicon and Merlin deposits. AngloGold Ashanti expects the Arthur Gold Project to be a central pillar for its strategy to build a world-class, long-life production platform in the United States.
The company is advancing toward a full feasibility study for the Arthur Gold Project in the second half of 2026. The company is targeting an upgrade of 1.4 million ounces from Inferred to Indicated categories, driven by the ongoing Mineral Resource conversion drilling. AU expects annual production for the Arthur Gold Project to be 500,000 ounces in its initial phase, with some years potentially surpassing expectations.
The proposed North Bullfrog open-pit gold mine is located nine miles north of central Beatty. AngloGold Ashanti expects to receive the National Environmental Policy Act (NEPA) Record of Decision for the North Bullfrog project by the end of 2026. The company expects North Bullfrog to produce an average of 105,000 ounces of gold annually during its first five years of operation, and 76,000 ounces per year over its anticipated 11-year mine life.
Growth Drivers of Other Gold Miners
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. The company expects an updated life of mine plan by 2026-end.
The company increased the mine’s 2026 growth capital guidance from $48 million to $65 million as it plans to boost longer-term growth. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, Seabee and Puna, Marigold showcases significant potential upside.
Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year. A strong contributor of the upside was the addition of the precious metals purchase agreement (“PMPA”) with BHP Group Limited (BHP - Free Report) .
The BHP Antamina PMPA became effective as of April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down.
The $4.3-billion Antamina stream deal with BHP Group marks Wheaton Precious Metals’ largest transaction, adding long-life silver exposure and requiring ongoing payments equal to 20% of the spot silver price. The BHP Group Antamina PMPA, alongside the ramp-up of newer mines and contributions from assets, will likely drive Wheaton Precious Metals’ upside.
AU’s Price Performance, Valuations & Estimates
AngloGold Ashanti’s stock has rocketed 53.5% in a year, outperforming the Zacks Mining – Gold industry’s 35.6% return. Meanwhile, the Basic Materials sector has advanced 20.9% and the S&P 500 has rallied 15.7%.
Image Source: Zacks Investment Research
The AU stock is currently trading at a forward 12-month earnings multiple of 13.09X, which is a premium to the industry average of 12.37X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AngloGold Ashanti’s 2026 sales is $12.19 billion, indicating a 25.2% year-over-year jump. The consensus mark for the year’s earnings is pegged at $8.27 per share, suggesting a year-over-year upsurge of 54%.
The Zacks Consensus Estimate for 2027 sales implies a 1.9% year-over-year dip. The same for earnings suggests a dip of 2.1%.
EPS estimates for 2026 and 2027 have moved north over the past 60 days.
View the Zacks #1 Rank List
Image: Bigstock
Can AU's Greenfield Exploration Boost Long-Term Production Growth?
Key Takeaways
AngloGold Ashanti plc (AU - Free Report) is progressing with its greenfield growth strategy to achieve long-term, tier-one growth opportunities from the North Bullfrog and Arthur Gold projects in Nevada. The company’s greenfield exploration aims to discover large, high-value deposits that will develop new, standalone gold mines.
Following the Augusta Gold Corp acquisition in October 2025, AU consolidated its position in the Beatty District. This includes the flagship Arthur Gold Project, formerly the Expanded Silicon Project, which includes Silicon and Merlin deposits. AngloGold Ashanti expects the Arthur Gold Project to be a central pillar for its strategy to build a world-class, long-life production platform in the United States.
The company is advancing toward a full feasibility study for the Arthur Gold Project in the second half of 2026. The company is targeting an upgrade of 1.4 million ounces from Inferred to Indicated categories, driven by the ongoing Mineral Resource conversion drilling. AU expects annual production for the Arthur Gold Project to be 500,000 ounces in its initial phase, with some years potentially surpassing expectations.
The proposed North Bullfrog open-pit gold mine is located nine miles north of central Beatty.
AngloGold Ashanti expects to receive the National Environmental Policy Act (NEPA) Record of Decision for the North Bullfrog project by the end of 2026. The company expects North Bullfrog to produce an average of 105,000 ounces of gold annually during its first five years of operation, and 76,000 ounces per year over its anticipated 11-year mine life.
Growth Drivers of Other Gold Miners
SSR Mining Inc. (SSRM - Free Report) remains the third-largest U.S. gold producer, driven by the two high-quality, long-lived assets, Marigold in Nevada and CC&V in Colorado. SSR Mining is moving forward with growth initiatives across the Marigold mine, including Buffalo Valley. The company expects an updated life of mine plan by 2026-end.
The company increased the mine’s 2026 growth capital guidance from $48 million to $65 million as it plans to boost longer-term growth. With more than 38 years of operations, SSR Mining remains optimistic about Marigold's long-term growth. Along with SSRM’s other key projects like CC&V, Seabee and Puna, Marigold showcases significant potential upside.
Wheaton Precious Metals Corp. (WPM - Free Report) has delivered solid performance so far this year. A strong contributor of the upside was the addition of the precious metals purchase agreement (“PMPA”) with BHP Group Limited (BHP - Free Report) .
The BHP Antamina PMPA became effective as of April 1, 2026, lifting Wheaton Precious Metals’ attributable silver to 67.5% and adding another 33.75% of payable silver until delivery thresholds step down.
The $4.3-billion Antamina stream deal with BHP Group marks Wheaton Precious Metals’ largest transaction, adding long-life silver exposure and requiring ongoing payments equal to 20% of the spot silver price. The BHP Group Antamina PMPA, alongside the ramp-up of newer mines and contributions from assets, will likely drive Wheaton Precious Metals’ upside.
AU’s Price Performance, Valuations & Estimates
AngloGold Ashanti’s stock has rocketed 53.5% in a year, outperforming the Zacks Mining – Gold industry’s 35.6% return. Meanwhile, the Basic Materials sector has advanced 20.9% and the S&P 500 has rallied 15.7%.
The AU stock is currently trading at a forward 12-month earnings multiple of 13.09X, which is a premium to the industry average of 12.37X.
The Zacks Consensus Estimate for AngloGold Ashanti’s 2026 sales is $12.19 billion, indicating a 25.2% year-over-year jump. The consensus mark for the year’s earnings is pegged at $8.27 per share, suggesting a year-over-year upsurge of 54%.
The Zacks Consensus Estimate for 2027 sales implies a 1.9% year-over-year dip. The same for earnings suggests a dip of 2.1%.
EPS estimates for 2026 and 2027 have moved north over the past 60 days.
AU currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.