AngloGold Ashanti turned a record gold price into a half-year cash print that has no precedent in the company's recent history. EBITDA reached $4.27bn over the first six months of 2026, free cash flow more than doubled to $1.90bn, and the balance sheet crossed into a $991M net cash position - a complete reversal of the $311M net debt at the same point a year ago. Average gold received of $4,650/oz across the half, against an all-in sustaining cost of $1,998/oz, gave a margin of roughly $2,650/oz, and the company is converting that into shareholder returns at a pace that resets the capital-return narrative. A $364M interim dividend was declared for Q2 alone (72 US cents per share), bringing H1 dividends to $949M, and on 23 July 2026 shareholders approved a $2.0bn share repurchase program, the first buyback authorization in the company's modern era. The share price reaction has been modest at $96.30, roughly 25% off its March 2026 high of $129.14 even as the half's earnings power scaled toward a record run-rate, which is the central question the next two quarters answer: whether the $2.0bn buyback, the H2-weighted production step-up, and a sustained gold price can compress the valuation gap to the North American gold peer set.