Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Q1 2026 Earnings Presentation
24 slides from Anglogold Ashanti's earnings presentation, May 8, 2026
Slide 1: Q1 2026 Earnings Results
Q1 2026 EARNINGS RESULTS NYSE │ JSE │ GSE 08 MAY 2026 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 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 from 5.0 our operations. -81% 4.0 3.0 ICMM 2024 member companies avg. 2.29 2.0 1.0 0.86 2011 2012 2013 2014 2015 2016 20
Slide 5: Q1 2026 Highlights | Strong Start to the Year
Q1 2026 HIGHLIGHTS │ STRONG START TO THE YEAR STRONG OPERATIONAL AND FINANCIAL PERFORMANCE Improved fundamentals supporting performance Market-driven factors driving cost increases Geita ▲ 12koz 724 koz Cuiabá ▲ 9koz $ Group total cash costs* y-o-y increase ▲ 14% Obuasi ▲ 8koz OPERATIONAL COST $1,39
Slide 6: Group Performance | Q1 2026 at a Glance
GROUP PERFORMANCE │ Q1 2026 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 Nevada Regional Deposits(b) DRC Assets Projects Kibali (45%) (c) ▼ ▼ Egypt
Slide 7: Capital Allocation | Enhancing Future Returns
CAPITAL ALLOCATION │ ENHANCING FUTURE RETURNS Cash flow from operations 2025: Enhancing Shareholder Yield Operational Excellence • Established an industry-leading dividend payout framework Sustaining capital expenditure* • Declared >$2.0bn** in dividends since the end of 2024 Safe, stable operations
Slide 8: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS $1,169m ▲190% from Q1 2025 Free Cash Flow* *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconcil
Slide 9: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │ INDUSTRY CONTEXT GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED <blank> <blank> Inflation and Mar 2026 Mar0 2025 Pricing │ Group Average Gold Price Received* ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1) Local FX: US$(2) Country Local FX
Slide 10: Group Operating Results | Q1 2026
GROUP OPERATING RESULTS │ Q1 2026 HIGHER GOLD PRICE, INFLATION AND FOREIGN EXCHANGE IMPACTS DRIVING COST INCREASES Salient Features Q1 2026 Q1 2025 y-on-y Δ Gold production - Group (koz) 724 720 +1% Gold production - Managed operations (koz) 666 657 +1% Total cash costs* - Group ($/oz) 1,391 1,223 +
Slide 11: Group Financial Results | Q1 2026
GROUP FINANCIAL RESULTS │ Q1 2026 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Basic Average Gold Price EBITDA* Headline Earnings Received* $2,291m Earnings** $1,281m $4,863/oz $1,285m 2025 Q1: 2025 Q1: 2025 Q1: 2025 Q1: $2,874/oz $996m $443m $447m Capital Expenditure Net Cash Flow from Free
Slide 12: Business Cost Performance
BUSINESS COST PERFORMANCE STRONG CASH COST PERFORMANCE FROM MANAGED OPS DESPITE MARKET DRIVEN COST INCREASES Total Cash Costs* - Q1 2026 vs Q1 2025 ($/oz) Market driven Controllable +16% -2% 1,413 1,413 10 -32 1,391 30 0 117 43 1,223 Q1 2025 Inflation Royalty Fuel price Exchange Flex Cost Normalised
Slide 13: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW* GENERATION HIGHER GOLD PRICE REFLECTS IN BOTTOM LINE Free cash flow* – Q1 2026 vs Q1 2025 ($m) -63 51 -141 52 -215 -125 -83 1,169 1,290 403 Q1 2025 Price Sales Volume Cash Ops Cost Working capital Taxes Capital Distributions to Q1 2026 receipts from non-controlling Kibali** sh
Slide 14: Guidance | 2026
GUIDANCE │ 2026 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 – 1,990 Managed operati
Slide 15: Looking Ahead
LOOKING AHEAD DISCIPLINED IN DELIVERY, DISTINCT IN STRATEGY AND AN ATTRACTIVE ENTRY POINT. Cuiabá, Brazil
Slide 16: 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 17: Strategic Catalysts | De-risking High-Margin Growth
STRATEGIC CATALYSTS │ DE-RISKING HIGH-MARGIN GROWTH MULTI-STAGE OPTIONS IN EXECUTION AND STUDIES UNDERWAY ON CAPITAL EFFICIENT GROWTH PROJECTS Obuasi • Growing production by an additional ~130koz to achieve BROWNFIELD targeted 400koz/pa by 2028 GREENFIELD TARGETING LOW RISK, GROWTH GROWTH HIGH MARGI
Slide 18: 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, Bubble size: FCF Yield, High Return, Superior cash Attractive Multiple AGA AGA NTM 9% Premium Valuation flow and dividend yields, disciplined execution, and an attracti
Slide 19: 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 20: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 31 MARCH 2026 Non- AngloGold Cerro Corporate Tropicana - Kibali - Sunrise managed Managed Group ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Attr. 70% Ashanti Projects Sub-total Attr. 45% Tier 1 Dam Siguiri Iduapriem Vanguardi Tier 2 and othe
Slide 21: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS FOR THE QUARTER ENDED 31 MARCH 2026 AngloGold Non- 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 oper
Slide 22: Appendix C | EBITDA
APPENDIX C │ EBITDA Quarter Quarter EBITDA ended ended Mar Mar 2026 2025 US Dollar million, except as otherwise noted Unaudited Unaudited EBITDA Profit for the period 1,462 542 Add back: Finance costs and unwinding of obligations 90 41 Finance income (37) (32) Taxation 487 187 Amortisation of tangib
Slide 23: Appendix D | Net Debt (Cash)
APPENDIX D │ NET DEBT (CASH) As at As at As at NET DEBT (CASH) Mar Mar Dec 2026 2025 2025 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Borrowings - non-current portion 2,020 1,926 2,025 Borrowings - current portion 30 88 19 Lease liabilities - non-current portion 154 12
Slide 24: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Quarter Quarter FREE CASH FLOW ended ended Mar Mar 2026 2025 US Dollar million, except as otherwise noted Unaudited Unaudited Net cash flow from operating activities (1) 1,709 725 Repayment of loans advanced to joint ventures 50 60 Distributions to non-controlling interes