Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Q2 2026 Earnings Presentation
27 slides from Anglogold Ashanti's earnings presentation, Jul 31, 2026
Slide 1: Q2 2026 Earnings Results
Q2 2026 EARNINGS RESULTS NYSE │ JSE │ GSE 31 JULY 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 Geita – Tanzania
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: Safety | Our Highest Priority
SAFETY │OUR HIGHEST PRIORITY REINFORCING SAFETY PROTOCOLS IN OUR PURSUIT OF ZERO HARM Total Recordable Injury Frequency Rate* Injuries per million hours worked We continuously strive to 5.0 remove harm and injury from -83% our operations. 4.0 3.0 ICMM 2024 member companies avg. 2.29 2.0 1.0 0.79 201
Slide 4: H1 2026 | Operational Discipline Driving Returns
H1 2026│ OPERATIONAL DISCIPLINE DRIVING RETURNS RIGOROUS CONTROLLABLE COST MANAGEMENT MAXIMIZING BOTTOM-LINE EARNINGS AND SHAREHOLDER DIVIDENDS Production Total Cash Costs* Capital Expenditure EBITDA* - Group - Group - Group $4.3bn 1,468koz $1,436/oz $1,016m +82% y-o-y -2% y-o-y +17% y-o-y +42% y-o-
Slide 5: Q2 2026 | Operational Resilience & Strong Cash Flow
Q2 2026 │ OPERATIONAL RESILIENCE & STRONG CASH FLOW ROBUST PERFORMANCE UNDERPINS FULL YEAR GUIDANCE Steady fundamentals supporting performance Market factors driving cost increases $ Tropicana ▲ 28koz Group Total 744 koz Cash Costs* y-o-y increase (royalties, fuel, inflation, FX ▲ 21% Cuiabá ▲ 4koz
Slide 6: Cost Leadership | Proven Track Record of Mitigation
COST LEADERSHIP │ PROVEN TRACK RECORD OF MITIGATION ACTIVELY MITIGATING MACRO HEADW INDS THROUGH RIGOROUS OPERATIONAL DISCIPLINE Controllable costs trend ($/oz) 1,449 1,436 1,225 1,224 1,202 Market driven factors, mainly 1,158 royalties and fuel, added Market driven $218/oz to TCC factors, mainly ro
Slide 7: Global Portfolio | Tier Assets Driving Group Performance
GLOBAL PORTFOLIO | TIER 1 ASSETS DRIVING GROUP PERFORMANCE LOW-COST, HIGH-MARGIN TIER ONE ASSETS ANCHORING THE PORTFOLIO United States of America Arthur Gold Project(a) Guinea Siguiri (85%) TIER 1 North Bullfrog Project Lower cost │ Scale │ Growth potential Nevada Regional Deposits(b) DRC Assets Pro
Slide 8: Strategic Catalysts | De-risking High-Margin Growth
STRATEGIC CATALYSTS │ DE-RISKING HIGH-MARGIN GROWTH MULTI-STAGE OPTIONS IN EXECUTION AND STUDIES UNDERW AY ON CAPITAL EFFICIENT GROWTH PROJECTS Obuasi • Growing production by an BROWNFIELD additional ~130koz to achieve targeted 400koz/pa by 2028 GREENFIELD GROWTH TARGETING LOW RISK, • Advancing addi
Slide 9: Dividends | Converting the Gold Price to Shareholder Returns
DIVIDENDS │ CONVERTING THE GOLD PRICE TO SHAREHOLDER RETURNS STRONG CASH GENERATION DROVE A 102% YEAR-ON-YEAR INCREASE IN H1 2026 DIVIDENDS Dividend declared ($/m) 1 895 938 949 469 206 92 H1 2024 H1 2025 H1 2026 Free cash flow* Dividend Declared* Translating robust free cash flow* into >$3.0bn of d
Slide 10: Capital Allocation | Enhancing Future Returns
CAPITAL ALLOCATION │ ENHANCING FUTURE RETURNS A SECTOR-LEADING FRAMEW ORK DELIVERING ONE OF THE MOST BALANCED AND GENEROUS YIELDS IN THE INDUSTRY Cash flow from operations 2025: Enhancing Shareholder Yield Operational Excellence • Established an industry-leading dividend payout framework Sustaining
Slide 11: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS $727m ▲36% from Q2 2025 Free Cash Flow* *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q2 2026 for definitions and reconciliations.
Slide 12: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │INDUSTRY CONTEXT OIL PRICE GAINS OUTPACE RISE IN GOLD PRICES, LEADING TO AN ACCELERATION IN INFLATIONARY PRESSURES <blank> June 2026 <blank> 0 2025 June Pricing │ Group Average Gold Price Received* Inflation and ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1)
Slide 13: Group Financial Results | Q2 2026
GROUP FINANCIAL RESULTS │ Q2 2026 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Basic Average Gold Price EBITDA* Headline Earnings Received* $1,974m Earnings** $1,002m $4,446/oz $1,010m 2025 Q2: 2025 Q2: 2025 Q2: 2025 Q2: $3,287/oz $1,353m $669m $639m Capital Expenditure Net Cash Flow from Fre
Slide 14: Cost Performance | Controllable Costs Contained
COST PERFORMANCE | CONTROLLABLE COSTS CONTAINED MACRO DRIVERS ACCOUNT FOR OVER 80% OF INCREASES WHILE MANAGED OPS DELIVERS IMPROVEMENTS Total Cash Costs* - Q2 2026 vs Q2 2025 ($/oz) Market-Driven Normalised Controllable +1% +18% 1,480 1,471 14 -5 -9 1,442 38 35 43 67 71 1,226 Q2 2025 Inflation Royal
Slide 15: Free Cash Flow | Strong Cash Generation
FREE CASH FLOW* | STRONG CASH GENERATION GOLD PRICE LEVERAGE OUTPACES PEAK SEASONAL TAX OUTFLOWS AND ELEVATED REINVESTMENT Free Cash Flow* – Q2 2026 vs Q2 2025 ($m) 96 -69 -85 111 -138 -151 733 -305 727 535 Q2 2025 Price (1) Cash Receipts Working Capital Ops Cost Distrib. to Capital Sales Volume (1)
Slide 16: Outlook | 2026 Guidance Reaffirmed
OUTLOOK │ 2026 GUIDANCE REAFFIRMED GROWING MARGINS AND SHAREHOLDER RETURNS XX 2026 Guidance Group 2,800 – 3,170 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 Sustaining Costs 1,780 – 1,
Slide 17: Looking Ahead
LOOKING AHEAD DISCIPLINED IN DELIVERY, DISTINCT IN STRATEGY AND AN ATTRACTIVE ENTRY POINT. Siguiri - Guinea
Slide 18: 2026 Focus Areas | Disciplined Execution
2026 FOCUS AREAS │ DISCIPLINED EXECUTION LASER FOCUSED ON MAINTAINING COST DISCIPLINE Total Cash Costs* Sustaining Capital* Growth Capital* Protecting Margins Protecting the Core Disciplined, High Return Expansion • Full Asset Potential to offset • Appropriately capitalised assets for • Major long-t
Slide 19: Conclusion | Premium Position with Significant Embedded Upside
CONCLUSION │ PREMIUM POSITION WITH SIGNIFICANT EMBEDDED UPSIDE MAINTAINING SECTOR-LEADING YIELDS W HILE ADVANCING A HIGH-RETURN GROWTH PIPELINE Resilient outperformance supported by future catalysts • Near-term Execution: Successful Bubble size: FCF Yield, AGA NTM 11% delivery of Obuasi ramp-up AGA
Slide 20: 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 21: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 30 JUNE 2026 Non- AngloGold Group Tropicana - Kibali - Sunrise Cerro Corporate managed Managed ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Attr. 70% Ashanti Projects Sub-total Attr. 45% Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 and othe
Slide 22: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS FOR THE QUARTER ENDED 30 JUNE 2026 Non- AngloGold Tropicana - Kibali - Attr. Cerro Corporate managed Managed Group Total TOTAL CASH COSTS Geita Sukari Obuasi Attr. 70% Ashanti Sub-total 45% Tier 1 Sunrise Dam Siguiri Iduapriem Vanguardia Tier 2 and other (2) joint opera
Slide 23: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS Six months Six months Six months ended ended ended Jun Jun Jun 2026 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Cost of sales 2,944 2,585 1,936 - By-product revenue (154) (75) (62) - Inventory change (7) (15) (38) - Amortisation
Slide 24: Appendix C | EBITDA
APPENDIX C │ EBITDA Quarter Quarter Six months Six months EBITDA ended ended ended ended Jun Jun Jun Jun 2026 2025 2026 2025 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited EBITDA Profit for the period 1,192 806 2,654 1,348 Add back: Finance costs and unwinding o
Slide 25: Appendix D | Net Debt (Cash)
APPENDIX D │ NET DEBT (CASH) As at As at NET DEBT (CASH) Jun Jun 2026 2025 US Dollar million, except as otherwise noted Unaudited Unaudited Borrowings - non-current portion 1,559 2,017 Borrowings - current portion 12 86 Lease liabilities - non-current portion 156 128 Lease liabilities - current port
Slide 26: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Six Quarter Quarter months Six months FREE CASH FLOW ended ended ended ended Jun Jun Jun Jun 2026 2025 2026 2025 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities (1) 1,432 1,018 3,141 1,743 Repaym
Slide 27: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Six months FREE CASH FLOW ended Jun 2024 US Dollar million, except as otherwise noted Unaudited Cash generated from operations 735 Dividends received from joint ventures 36 Taxation paid (99) Net cash inflow from operating activities 672 Corporate restructuring costs 2 Ca