Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Mining Forum Americas 2025
25 slides from Anglogold Ashanti's conference presentation, Sep 12, 2025
Slide 1: Mining Forum Americas 2025
MINING FORUM AMERICAS 2025 N Y S E │ J S E │ G S E S e p t e m b e r 2 0 2 5 M I N I N G T O E M P O W E R P E O P L E A N D A D V A N C E S O C I E T I E S Sunrise Dam, Australia
Slide 2: Forward-looking statements
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and othe
Slide 3: Mineral Resource and Reserve cautionary notes
The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti’s Mineral Resource and Mineral
Slide 4: Leading North American Major with a Global Footprint
LEADING NORTH AMERICAN MAJOR | WITH A GLOBAL FOOTPRINT Fit-For-Purpose Corporate Structure World-Class Diversified Portfolio Social License to Operate NYSE:AU primary listing Denver HQ Global scale Top 5 Producer, No.1 in Africa Strong safety record Ranked Top 3 among ICMM members Additional liquidi
Slide 5: Safety: Always Our Highest Priority
SAFETY │ ALWAYS OUR HIGHEST PRIORITY R E C O R D P E R F O R M A N C E A C H I E V E D *TRIFR: Total Recordable Injury Frequency Rate (excludes non-managed joint ventures) 1.0 2.0 3.0 4.0 5.0 0.80 -82% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 2025 2025 TRIFR ICMM 2
Slide 6: Global Portfolio: World Class Assets and Projects
GLOBAL PORTFOLIO | WORLD CLASS ASSETS AND PROJECTS F O C U S E D O N I N C R E A S I N G T I E R 1 C O N T R I B U T I O N Tier 1 Tier 2 PRODUCTION Tier 1 Tier 2 MINERAL RESERVE Nevada Quebradona Obuasi Kibali Geita Sukari Cuiabá Tropicana Siguiri Iduapriem Sunrise Dam Cerro Vanguardia TIER 1 Lower
Slide 7: Strong Balance Sheet: Ample Liquidity, Low Leverage
2.10 2.60 3.40 2023 2024 Cash and Cash Equivalents Q2 2025 RCFs* *US$1.4bn multi-currency RCF includes a capped facility of AU$500m ($/A$0.65798) and includes the Africa RCFs. The $1.4bn 2022 multi-currency RCF will mature in June 2029. During the last year prior to its scheduled maturity, the maxim
Slide 8: H1 2025 Highlights: Sustaining Business Momentum
Strong Operating Fundamentals 21% gold production growth year-on-year Controllable total cash costs** flat in real terms year-on-year Full Potential – continues to yield tangible results, contributing to cash flow generation Record Financial Results* Adjusted EBITDA* up 129% to $2.56bn Significant F
Slide 9: Sukari: A Tier One Mine in an Emerging Gold District
SUKARI │A TIER ONE MINE IN AN EMERGING GOLD DISTRICT chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predic
Slide 10: Exploration: Long-Term, Sector-Leading Performance
EXPLORATION │ LONG-TERM, SECTOR-LEADING PERFORMANCE Mineral Reserve* growth (2017 – 2024) (Moz) 27.3Moz organic Mineral Reserve* added in last 8 years at an average cost of c.$55/oz 31Moz Mineral Reserve additions* including Centamin 36% Mineral Reserve growth Strong track record of growing Mineral
Slide 11: Nevada Project: Moving Up the Value Curve
NEVADA PROJECT│ MOVING UP THE VALUE CURVE C R E A T I N G V A L U E I N N O R T H A M E R I C A ’ S M O S T P R O L I F I C , E M E R G I N G G O L D D I S T R I C T S The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are appl
Slide 12: Non-GAAP guidance note
(1)The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable effo
Slide 13: Competitive Cost Profile: Driving Margin Expansion
85 80 90 95 100 105 110 115 120 125 AGA real AISC Peer Group real AISC AISC* indexed – real Company reports, Peer group: Agnico-Eagle, Barrick, Gold Fields, Kinross and Newmont. *AISC in real terms adjusted for US CPI. COMPETITIVE COST PROFILE │ DRIVING MARGIN EXPANSION -0.5% +21% AISC* margin Full
Slide 14: Clear Strategic Execution: Delivering Superior Value
Best-in-Class Safety Ranked Top 3 among ICMM members; focus on safe, stable operations Leading Cost Performance Total cash costs c.1% higher since Q2 2021 vs peer average c.20% Tier One Production Growth and excellent brownfields optionality Robust Balance Sheet Approaching net cash; $3.4bn liquidit
Slide 15: Investment Case: A Strong Re-Rating Story
*Visible Alpha data – 12 September 2025 **Company reports, Peer group: Agnico-Eagle, Barrick, Gold Fields, Kinross and Newmont; “inferred all-in cost” based on peer group published FY2025 midpoint guidance inferred all-in cost calculated based on all-in sustaining costs plus (growth capital/ounces).
Slide 16: Investor Relations contacts
ANDREA MAXEY Mobile: +61 400 072 199 amaxey@ aga.gold w w w . a n g l o g o l d a s h a n t i . c o m YATISH CHOWTHEE Mobile: +27 78 364 2080 yrchowthee@ aga. gold INVESTOR RELATIONS General e-mail enquiries investors@ anglogoldashanti.com ANDY LARKIN Mobile: +1 (720) 618-6013 alarkin@aga.gold
Slide 17: Appendix A: All-In Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” ca
Slide 18: Appendix B: Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculate
Slide 19: (1) In addition to the operational performances of the mines, “all-in sustaining costs per
(1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amo
Slide 20: (1) In addition to the operational performances of the mines, “all-in sustaining costs per
(1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amo
Slide 21: Appendix C: Adjusted EBITDA
APPENDIX C │ ADJUSTED EBITDA M I N I N G F O R U M A M E R I C A S 2025 21 ADJUSTED EBITDA US Dollar million, except as otherwise noted Quarter ended Jun 2025 Unaudited Quarter ended Jun 2024 Unaudited Six months ended Jun 2025 Unaudited Six months ended Jun 2024 Unaudited Adjusted EBITDA (1) Profit
Slide 22: Appendix D: Adjusted Net Debt
APPENDIX D │ ADJUSTED NET DEBT (1)Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements. Rounding of figures may result in computational discrepancies. M I N I N G F O R U M A M E R I C A S 2025 22
Slide 23: Appendix E: Free Cash Flow
APPENDIX E │ FREE CASH FLOW M I N I N G F O R U M A M E R I C A S 2025 22
Slide 24: Appendix F: Free Cash Flow Margin
APPENDIX F │ FREE CASH FLOW MARGIN M I N I N G F O R U M A M E R I C A S 2025 22 FREE CASH FLOW MARGIN US Dollar million, except as otherwise noted Quarter ended Jun 2025 Unaudited Quarter ended Jun 2024 Unaudited Six months ended Jun 2025 Unaudited Six months ended Jun 2024 Unaudited Free cash flow
Slide 25: Non-GAAP guidance note
(1) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable eff