Gold in Africa: AngloGold Ashanti and Endeavour Mining on a Record-Breaking Streak
The two mining giants, AngloGold Ashanti and Endeavour Mining, are riding a massive wave of success thanks to the historic gold price rally. Yet, they approach their Africa strategy in completely different ways. While the widely diversified AngloGold Ashanti seeks its fortune through broad geographic diversification and flies its flags across the continent in Tanzania, Ghana, Guinea, Egypt, and the Democratic Republic of the Congo, Endeavour Mining, as a focused pure player, is betting entirely on the highly efficient West African “Gold Triangle” in Senegal, Côte d’Ivoire, and Burkina Faso. The raw numbers, however, paint a uniformly positive picture. When it comes to production volume, the two heavyweights are worlds apart, as AngloGold Ashanti is in a league of its own. After a stellar 3.1 million ounces last year, the giant is targeting another massive production of 2.80 to 3.17 million ounces of gold for the full year 2026. By contrast, Endeavour Mining is somewhat more modest in scale but shines with surgical precision, targeting an equally impressive and consistently confirmed production of 1.09 to 1.27 million ounces for 2026. This “ounce duel” is reflected exactly in the latest financial results, which are causing a real sensation in the markets. AngloGold Ashanti celebrated a sensational revenue jump and shattered records, reporting free cash flow of a staggering USD 2.9 billion, while adjusted profit in Q2 soared by a phenomenal 58% to a round figure of USD 1 billion. Endeavour Mining underscored its enormous profitability in the first half of 2026 with an adjusted EBITDA of an impressive USD 1.61 billion—a substantial increase of 38%. To top it all off, Endeavour posted a historic record free cash flow of USD 761 million in the first six months of 2026 alone, with both companies impressively demonstrating how to turn the current market situation into pure returns for shareholders. Analysts on the LSEG Refinitiv platform consider AngloGold overvalued after a gain of over 50% in 6 months, whereas they believe Endeavour Mining still has room to rise by 10%. Flip a coin!
DRC Gold: The Kilo-Moto Leverage Is Now Taking Shape
Away from the major African players, German star geologist Thomas Eckhof is setting out with his company DRC Gold to tap into the potential of millions of ounces. The company is evolving from a speculative African explorer into a much more focused gold story, with contractual access to two large properties—the Giro and Nizi projects—in the Kilo-Moto Gold Belt of the Democratic Republic of the Congo. Giro, in particular, covers 497 km², an exceptionally large area for a junior company, and is located just about 35 km west of the Kibali mine operated by Barrick, which produces more than 600,000 ounces of gold per year.
Through the transaction, which was bindingly agreed upon in February 2026, DRC Gold can initially secure up to a 65% stake in Giro and Nizi, turning the original project idea into a concrete investment platform. The key valuation driver for Giro is the historical resource at Kebigada, comprising 69.2 million metric tons at 1.09 g/t gold (2.43 million ounces) in the indicated category and an additional 54.4 million metric tons at 0.95 g/t gold (1.66 million ounces) in the inferred category. Together with Douze Match, this results in a historical inventory of approximately 4.4 million ounces of gold, with mineralization at Douze Match defined over a strike length of approximately 2.6 km and widths up to 600 m. What matters now is not so much the sheer size of these historical figures as the question of how much of it can be confirmed, expanded, and converted into a current technical resource standard through modern exploration. This is where we see potential catalysts for the share price, as a robust new resource estimate could transform a little-noticed explorer into a much more tangible investment case.
Nizi offers a second catalyst. The 113 km² project is home to the historic King Leopold underground mine and, in addition to areas already developed, features several vein structures that have so far undergone only limited modern exploration, making both high-grade and larger, lower-grade mineralization systems conceivable. Support is coming from the gold market itself, which is regaining momentum following the recent consolidation. Even the major players are getting involved. In the second quarter of 2026, central banks purchased a net total of 289 metric tons of gold, while global gold demand rose to 2,522 metric tons in the first half of the year and reached a record high of USD 380 billion, further underpinning the fundamental demand base for exploration stocks. For DRC Gold, the capital markets have also become more attractive following the appointment of David Wargo—CEO and Head of Investment Banking at SCP Resource Finance and formerly of Sprott Capital Partners—to the Board of Directors, bringing additional expertise in financing and transactions. In July, 5.9 million stock options with a four-year term and an exercise price of CAD 0.35 were granted to directors, advisors, and an employee, and this amount also serves as a current reference point for the team’s incentive structure. The investment story remains fundamentally highly noteworthy, especially since the option vesting schedule begins with a 50% premium.
IIF host Lyndsay Malchuk speaks with founder Klaus Eckhof about the unique opportunities for his gold projects in East Africa.
Sibanye-Stillwater: Platinum and PGMs Are Worth a Second Look
Further south, we come across the African mining group Sibanye-Stillwater. The company is making a comeback this quarter, demonstrating an impressive operational turnaround. Higher prices for gold, platinum, and the entire platinum group metals (PGMs) are giving this diversified commodities giant significant momentum in the market. The company is benefiting from the global rally in precious metals, offsetting historic lows with significantly improved operating margins. The South African gold business, in particular, is benefiting significantly from recent record prices and generating strong cash flow. At the same time, the PGM mines in South Africa are showing noticeable stabilization, bringing platinum and palladium production back onto a reliable growth trajectory. The US PGM operations are also shining, with a substantial increase in profits, thanks to a significantly higher basket price for platinum group metals and tax breaks. The Group’s booming recycling segment, which efficiently returns secondary metals to the global cycle, is also making a real splash. As a result of this synergy, management expects a veritable surge in earnings per share of over 560% for the half-year just ended. Sibanye-Stillwater thus impressively demonstrates that it is far more than just a traditional platinum producer. The stock is currently trading at a 2026 P/E ratio of 9.7 and is highly attractive for the medium term.
Gold is fun again! Enormous tailwinds are coming from the physical spot market itself, which, according to the World Gold Council, is structurally driven by geopolitical uncertainty and the strategic diversification of government reserves. In the latest central bank survey, 89% of the institutions surveyed expect global gold reserves to rise over the next twelve months, while a record-high 45% even forecast an increase in their own holdings. Let’s get started!
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