Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — FY2025 Earnings Presentation
38 slides from Anglogold Ashanti's earnings presentation, Feb 20, 2026
Slide 1: Q4 & Full Year 2025 Earnings Results
Q4 & FULL YEAR 2025 EARNINGS RESULTS NYSE │ JSE │ GSE 20 FEBRUARY 2026 M I N I NG TO E M P O W E R P E O P L E AN D AD V AN C E S O C I E TI ES Nevada, United States
Slide 2: Investor Note | Disclaimer
INVESTOR NOTE │ DISCLAIMER 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, mine life, total cash costs, all-in s
Slide 3: Mineral Resource and Mineral Reserve Information
MINERAL RESOURCE AND MINERAL RESERVE INFORMATION 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
Slide 4: Safety | Our Highest Priority
SAFETY │ OUR HIGHEST PRIORITY RECORD PERFORMANCE ACHIEVED Total Recordable Injury Frequency Rate* We continuously strive to Injuries per million hours worked remove harm and injury 5.0 from our operations. -79% 4.0 3.0 ICMM 2024 member companies avg. 2.29 2.0 0.97 1.0 2011 2012 2013 2014 2015 2016 2
Slide 5: Q4 2025 | Sustaining Strong Momentum
Q4 2025 │ SUSTAINING STRONG MOMENTUM ENDED 2025 W ITH A RECORD PERFORMANCE Q4 2025 HIGHLIGHTS │ ROBUST PERFORMANCE Gold Adjusted Free RECORD CASH Production EBITDA* Cash Flow* GENERATION - 799koz $2.2bn $1.0bn RECORD DIVIDEND DECLARATION Higher revenue translates into record cash flow and earnings S
Slide 6: 2025 Highlights | A Record Year
2025 HIGHLIGHTS │ A RECORD YEAR STRONG OPERATIONAL AND FINANCIAL PERFORMANCE Improved fundamentals supporting performance Continued cost discipline Sukari ▲ 460koz $ Group total cash costs* 3.091 Moz Obuasi ▲ 45koz $1,242 y-o-y increase ▲ 7% Siguiri ▲ 16koz OPERATIONAL COST /oz** DELIVERY MANAGEMENT
Slide 7: Converting Gold Price to Shareholder Returns
CONVERTING │ GOLD PRICE TO SHAREHOLDER RETURNS Cash flow from operations Free cash flow and Dividend Declared ($m) Operational Excellence 2 908 Sustaining capital expenditure Safe, stable operations Robust Balance Sheet < 1.0 x Adj. Net Debt* / Adj. EBITDA* 1 804 Base dividend (Minimum payout $0.125
Slide 8: Group Performance | 2025 at a Glance
GROUP PERFORMANCE │ 2025 AT A GLANCE OUR PORTFOLIO OF WORLD CLASS ASSETS AND PROJECTS United States of America Arthur Gold Project(a) Guinea Siguiri (85%) TIER 1 North Bullfrog Project │ Lower cost │ Scale │ Growth potential Mother Lode DRC Sterling(b) Assets Projects Kibali (45%) (c) ▼ ▼ Egypt Ghan
Slide 9: Sukari | Tier One Asset Fully Integrated Into Our Portfolio
SUKARI | TIER ONE ASSET FULLY INTEGRATED INTO OUR PORTFOLIO SUKARI IS A WORLD-CLASS, LONG-LIFE GOLD DEPOSIT, WITH SIGNIFICANT UPSIDE POTENTIAL 2025 PERFORMANCE Gold Production Total Cash Costs* AISC* 500,0000z $783/oz $1,094/oz Record gold Capital Adj. EBITDA* Free Cash Flow* production in 2025 $1.3
Slide 10: Exploration Growth
EXPLORATION GROWTH INVESTMENT IN EXPLORATION UNDERPINS LONG-TERM VALUE CREATION FIRST-TIME MINERAL RESERVE DECLARATION AT ARTHUR GOLD PROJECT IN 2025 Sunrise Dam, Australia
Slide 11: Exploration | Long-Term, Sector-Leading Performance
EXPLORATION │ LONG-TERM, SECTOR-LEADING PERFORMANCE EXPLORATION SUCCESS CONTINUES TO GROW MINERAL RESERVE ▲ 6% Mineral Reserve CAGR* ▲ 23.1 Moz Cumulative Mineral Reserve additions** Mineral Reserve additions** y-o-y (Moz) Arthur Gold Project 4.9Moz Geita 1.3Moz 10,0 Kibali 0.6Moz Obuasi 0.6Moz Idua
Slide 12: Nevada Arthur Gold Project
NEVADA ARTHUR GOLD PROJECT ONE OF THE LARGEST GREENFIELDS DISCOVERIES OF THE CENTURY IN THE UNITED STATES Arthur Gold Project, Nevada
Slide 13: Nevada | Paving the Way for Arthur Gold's Growth
NEVADA │ PAVING THE WAY FOR ARTHUR GOLD’S GROWTH ARTHUR GOLD PROJECT COMPRISED OF THE MERLIN AND SILICON DEPOSITS Merlin Mineral Reserve Pit Reno Beatty Las Vegas ARTHUR GOLD PROJECT HIGHLIGHTS ARTHUR GOLD PROJECT POTENTIAL • Large scale, continuous gold system with broadly disseminated mineralisati
Slide 14: Arthur Gold Project Processing & Mining Overview
NEVADA │ ARTHUR GOLD PROJECT PROCESSING & MINING OVERVIEW Planned Arthur Gold Project Infrastructure Overlook of Merlin at the Arthur Gold Project ARTHUR GOLD PROJECT PLANNED MINING ARTHUR GOLD PROJECT PLANNED PROCESSING • Conventional open pit, drill, blast, load, haul mine • Conventional CIL oxide
Slide 15: Arthur Gold Project First-Time Mineral Reserve
NEVADA │ ARTHUR GOLD PROJECT FIRST-TIME MINERAL RESERVE MERLIN MINERAL RESERVE PIT - Mineralised blocks displayed ARTHUR GOLD PROJECT 2026 - MINERAL RESERVE RESULTS SUMMARY Mineral Reserve - Merlin deposit Probable: 88Mt @ 1.75g/t for 4.9Moz Mineral Reserve Gold Price ($/oz) 1,950 Gold Produced (Moz
Slide 16: Paving the Way for Arthur's Growth
NEVADA │ PAVING THE WAY FOR ARTHUR’S GROWTH ARTHUR GOLD PROJECT POTENTIAL Arthur Gold Project Potential Mineral Reserve & Resource 4.2 2.0 – 4.0 3.4 Arthur Gold Project Area - Plan View 5.1 0.8 0.6 Moz Au +218% +81% 4.5 1.4 4.9 0.4 1.0 Exploration potential Merlin Reserve Merlin Resource Merlin Sili
Slide 17: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS $2,908m ▲204% from 2024 Free Cash Flow* *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2025 for definitions and
Slide 18: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │ INDUSTRY CONTEXT GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED <blank> <blank> 0 Inflation and 2025 2024 Pricing │ Group Average Gold Price Received* ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1) Local FX: US$(2) Country Local FX: US$(2
Slide 19: Group Operating Results | 2025
GROUP OPERATING RESULTS │ 2025 ANOTHER STRONG PERFORMANCE FROM MANAGED OPERATIONS Salient Features 2025 2024 y-o-y Δ Gold production - Group (koz) 3,091 2,661 16% Gold production - Managed operations (koz) 2,788 2,352 19% Total cash costs* - Group ($/oz) 1,242 1,157 7% Total cash costs* - Managed op
Slide 20: Group Financial Results | 2025
GROUP FINANCIAL RESULTS │ 2025 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Adjusted Basic Average Gold Price Headline EBITDA* Earnings Received* Earnings** $6,294m $2,636m $3,468/oz $2,725m 2024: 2024: 2024: 2024: $2,394/oz $2,747m $1,004m $954m Capital Expenditure Net Cash Flow from Free Ca
Slide 21: Performance vs Guidance | 2025
PERFORMANCE VS GUIDANCE │ 2025 GROWING MARGINS AND SHAREHOLDER RETURNS 2025 Guidance 2025 Achieved Performance Drivers Gold Production (koz) Strong mining execution across operations supported by improved Group 2,900 – 3,225 3,091 grades and plant recoveries Group Costs (1) ($/oz) All-in sustaining
Slide 22: Business Cost Performance
BUSINESS COST PERFORMANCE STRONG CASH COST PERFORMANCE FROM MANAGED OPS DESPITE INFLATION AND SIGNIFICANT ROYALTY INCREASE Total Cash Costs* - 2025 vs 2024 ($/oz) Market driven Normalised Controllable +7% -1% 3 -24 1,251 12 -4 -21 1,243 12 1,242 67 40 1,157 2024 Inflation Royalty Fuel price Exchange
Slide 23: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW* GENERATION HIGHER GOLD PRICE AND IMPROVED MARGINS FLOW TO THE BOTTOM LINE Free cash flow* – 2025 vs 2024 ($m) 80 45 -790 1,044 -564 -359 -517 2,908 3,013 956 2024 Price Sales Working Receipts Ops Cost Taxes Capital Dividends 2025 Volume capital from pd to non- Kibali controlli
Slide 24: Strategic Capital Allocation Discipline
STRATEGIC CAPITAL ALLOCATION DISCIPLINE ► Cumulative cash dividends paid to shareholders (2021 to 2025): $2.7bn 2025 Operating cash flow allocation Dividends to NCI $588m Dividends Declared $1,804m Balance Sheet Strength $953m ~$4.945bn# Non-sustaining Capital* $459m Sustaining Capital* $1,141m Retu
Slide 25: Guidance | 2026 – 2027
GUIDANCE │ 2026 – 2027 GROWING MARGINS AND SHAREHOLDER RETURNS 1 Updated 2026 Guidance 2027 Guidance Group 2,800 – 3,170 2,850 – 3,220 Managed operations 2,530 – 2,860 Non-managed operations 270 – 310 Gold production (koz) Africa 1,890 – 2,150 Australia 495 – 555 Americas 415 – 465 Group All-in sust
Slide 26: Looking Ahead
LOOKING AHEAD DISCIPLINED IN DELIVERY, DISTINCT IN STRATEGY AND AN ATTRACTIVE ENTRY POINT. Arthur Gold Project , Nevada
Slide 27: 2026 Focus Areas | Disciplined Execution
2026 FOCUS AREAS │ DISCIPLINED EXECUTION LASER FOCUSED ON MAINTAINING COST DISCIPLINE Total Cash Costs – Protecting Sustaining Capital – Protecting Growth Capital – Disciplined, Margins the Core High Return Expansion • Full Asset Potential to offset • Appropriately capitalised assets for • Major lon
Slide 28: Brownfield Growth | Projects Under Investigation
BROWNFIELD GROWTH │ PROJECTS UNDER INVESTIGATION STUDIES UNDERW AY ON CAPITAL EFFICIENT BROW NFIELD GROW TH PROJECTS - DETAIL TO FOLLOW IN H2 2026 Geita • Advancing plant expansion evaluation ~100koz/pa • Ongoing exploration to unlock underground and open pit upside Sukari • Mining expansion: new po
Slide 29: Conclusion | Re-Rating Gains Momentum, More to Come
CONCLUSION │ RE-RATING GAINS MOMENTUM, MORE TO COME SUPERIOR YIELDS IN THE MARKET’S MOST ATTRACTIVE VALUATION QUADRANT High Return, High Return, Attractive Multiple Premium Valuation AGA Bubble size: Dividend Yield, AGA NTM 4.0% Target Zone Superior cash flow and dividend yields, disciplined executi
Slide 30: Investor Relations Contacts
w w w. a n g l o g o l d a s h a n t i . c o m ANDREA MAXEY YATISH CHOWTHEE INVESTOR RELATIONS Telephone: +61 08 9435 4603 Telephone: +27 11 637 6273 General e-mail enquiries Mobile: +61 400 072 199 Mobile: +27 78 364 2080 amaxey@aga.gold yrchowthee@aga.gold investors@aga.gold
Slide 31: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS FULL YEAR ENDED DECEMBER 2025 Non- AngloGold Group Sunrise Cerro Serra Corporate managed Managed ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Tropicana Ashanti Projects Sub-total Kibali Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 Grande Other and other (2) join
Slide 32: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS FULL YEAR ENDED DECEMBER 2025 Non- AngloGold Cerro Corporate managed Managed Group Total TOTAL CASH COSTS Geita Sukari Obuasi Tropicana Ashanti Sub-total Kibali Tier 1 Sunrise Dam Siguiri Iduapriem Vanguardia Tier 2 Serra Grande Other and other (2) joint operations (3)
Slide 33: Appendix C | Adjusted EBITDA
APPENDIX C │ ADJUSTED EBITDA Quarter Quarter Year Year ADJUSTED EBITDA ended ended ended ended Dec Dec Dec Dec 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Adjusted EBITDA (1) Profit before taxation 1,444 698 4,276 1,672 Add back: Finance c
Slide 34: Appendix D | Adjusted Net Debt (Cash)
APPENDIX D │ ADJUSTED NET DEBT (CASH) As at As at ADJUSTED NET DEBT (CASH) (1) Dec Dec 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Borrowings - non-current portion 2,025 1,901 Borrowings - current portion 19 83 Lease liabilities - non-current portion 155 65 Lease liabi
Slide 35: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Quarter Quarter Year Year FREE CASH FLOW ended ended ended ended Dec Dec Dec Dec 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities (1) 1,622 690 4,784 1,968 Repayment of loans a
Slide 36: Appendix E | Free Cash Flow - Sukari
APPENDIX E │ FREE CASH FLOW - SUKARI Quarter Quarter Year Year FREE CASH FLOW ended ended ended ended Dec Dec Dec Dec 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities (1) 370 79 1,284 79 Dividends paid to
Slide 37: Appendix E | Free Cash Flow - Obuasi
APPENDIX E │ FREE CASH FLOW - OBUASI Year Year FREE CASH FLOW ended ended Dec Dec 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Net cash flow from operating activities (1) 549 227 Operating cash flow 549 227 Capital expenditure on tangible and intangible assets (209) (20
Slide 38: Appendix F | Free Cash Flow Margin
APPENDIX F │ FREE CASH FLOW MARGIN Quarter Quarter Year Year FREE CASH FLOW MARGIN ended ended ended ended Dec Dec Dec Dec 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Free cash flow (refer to Appendix E) 1,050 302 2,908 956 Dividends paid