Africa
55% stated share- Geita, Tanzania — 380,000 oz at US$1,050/oz
- Sukari, Egypt — 290,000 oz
- Siguiri, Guinea — 285,000 oz
- Prestea, Ghana (45%) — 360,000 oz on a 100% basis
Investor relations · 2025 reporting
Integrated Annual Report 2025
A structured presentation of the report supplied by Mugodhi Mining & Securities Ltd., with editorial corrections and transparent reconciliation notes where the source figures do not agree.
1.82 Moz
Gold production
US$1,285/oz
All-in sustaining cost
US$10.8bn
Revenue
US$3.4bn
Adjusted EBITDA
Company-provided report. No signed independent auditor’s opinion accompanied the supplied text, so this page does not represent independent verification.
Leadership review
Chairman’s letter
Dear Shareholders,
2025 was a transformative year for Mugodhi Mining & Securities. The company reports record gold production of 1.82 million ounces and free cash flow of US$1.6 billion. Its commitment to disciplined capital allocation, operational excellence and sustainability leadership is intended to position the company for long-term success.
The supplied report gives an all-in sustaining cost of US$1,285 per ounce in the Chief Executive Officer’s review. That figure is used throughout this publication because it is internally comparable with the supplied 2023 figure of US$1,340 per ounce. A conflicting US$3,431–3,442 range in the original chairman’s text has not been repeated.
Operational review
Production by region
Regional percentages and mine-level outputs are reproduced as supplied. Ownership bases are shown where the report stated them.
Americas
20% stated share- Cerro Vanguardia, Argentina — 165,000 oz
- AGA Mineração, Brazil — 195,000 oz
- Serra Grande, Brazil — 98,000 oz
Australia
25% stated share- Sunrise Dam — 225,000 oz
- Tropicana (70%) — 255,000 oz on a 100% basis
Reconciliation note
The listed mines total 2.253 Moz on the displayed 100% basis, or approximately 1.979 Moz after applying only the two stated ownership adjustments. Neither total reconciles to the reported 1.82 Moz. The regional percentages and mine outputs therefore remain subject to management confirmation.
Resources and reserves
105.2 Moz
Total inclusive Mineral Resource, compared with 102.8 Moz in 2023. The increase is corrected to 2.4 Moz. Total Mineral Reserve is stated as 42.1 Moz, compared with 40.5 Moz in 2023.
Sustainability
78%
Water recycling rate. The report also states TRIFR of 2.3, carbon intensity of 0.52 tCO2e/oz, US$112 million community investment and zero significant environmental incidents.
Governance
12 directors
Three executive and nine non-executive directors, seven stated as independent. The report states 42% female and 58% male board representation.
Financial statements
Summary income statement
US$ millions. Comparative year shown exactly as supplied in the report.
| Measure | 2025 | 2023 supplied |
|---|---|---|
| Revenue | 10,812 | 8,945 |
| Cost of sales | (7,124) | (6,210) |
| Gross profit | 3,688 | 2,735 |
| Operating profit | 2,845 | 2,015 |
| Profit before tax | 2,612 | 1,780 |
| Profit for the year | 1,890 | 1,285 |
Gross profit tallies: 10,812 − 7,124 = 3,688; the supplied 2023 calculation also tallies at 8,945 − 6,210 = 2,735.
Corporate information
Company-provided record
- Registered name
- Mugodhi Mining & Securities Ltd.
- Registration number
- M2005011283
- Headquarters
- 16 Millford Crest, 168 Bellairs Avenue, Northriding, Johannesburg, 2162
- UK registered office
- 4 Broach Road, Stourport-on-Severn, England, DY13 9PH, United Kingdom
- Finland registered office
- Hermannin rantatie 8, 00580 Helsinki, Finland
- Report designation
- Integrated Annual Report 2025
Publication status
Report text published
Editorial spelling and arithmetic corrections have been applied. The registry extract, certificate of incorporation, signed audited report, mineral rights and ownership records will remain unpublished until their original files are supplied.
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