Slide 1: Preliminary Financial Update
Preliminary Financial Update FOR THE SIX MONTHS AND YEAR ENDED 31 DECEMBER 2023 MERLIN-23-0243-RD, NEVADA, USA
Slide 2: Disclaimer
DISCLAIMER Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the 2023 MINERAL RESOURCE AND MINERAL RESERVE INFORMATION economic outlook for the gold mining industry, expectations regarding gold prices, production,
Slide 3: Overview
ANGLOGOLDASHANTI OVERVIEW
Slide 4: H2 2023 Overview
H2 2023 OVERVIEW • Strong operational and financial performance offset H1 2023 challenges • Gold production* +15% vs H1 2023; 1.39Moz vs 1.21Moz • Total cash costs* -9% vs H1 2023; $1,060/oz vs $1,162/oz (H2 2023: Subs. $1,112/oz + JV $741/oz vs H1 2023: Subs. $1,202/oz + JV $880/oz) • Free cash flo
Slide 5: FY2023 Overview
FY2023 OVERVIEW • Record safety result - TRIFR* 1.09, fatality-free second consecutive year at Company managed operations • Guidance achieved** - on production and cash cost • Redomicile complete - primary listing NYSE, HQ Denver, domicile UK • Decisive portfolio management - CDS placed on care and
Slide 6: Hard Work to Achieve Strong Safety Performance
HARD WORK TO ACHIEVE STRONG SAFETY PERFORMANCE Total Recordable Injury Frequency Rate* injuries per million hours worked 5 We put safety first, before anything else -76% 4 3 2022 member companies’ avg. 2.66 2 1.09 1 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 6 *Total Recordab
Slide 7: 2023 Operational and Financial Highlights
2023 OPER ATIONAL AND FINANCIAL HIGHLIGHTS GOLD PRODUCTION* RECOVERED GRADE TOTAL CASH COSTS* AISC* 2,593koz 1.96g/t Group $1,108/oz Group: $1,538/oz Subs. $1,152/oz; JV $802/oz Subs. $1,628/oz; JV $951/oz CAPITAL FREE CASH FLOW ADJUSTED NET DEBT DIVIDEND EXPENDITURE 19 US cents/share $1,127m $109m
Slide 8: 2023 Operational Review
2023 OPER ATIONAL REVIEW LONGER LIFE, LOWER COST, SCALE / GROWTH POTENTIAL, STEADY PERFORMERS, RELIABLE CASH GENERATORS, SHORTER LIFE, >CA.60% OF GOLD PRODUCTION FP FOCUS - OPPORTUNITIES TO IMPROVE COST COMPETITIVENESS TIER 1 ASSETS TIER 2 ASSETS GEITA ● OBUASI ● KIBALI ● IDUAPRIEM ● TROPICANA SUNRI
Slide 9: Full Asset Potential Yielding Tangible Improvements
FULL ASSET POTENTIAL YIELDING TANGIBLE IMPROVEMENTS SUNRISE DAM Total Underground Ore Tonnes (kt/month) TROPICANA Total Ore Tonnes (kt/month) 260 200 Full Potential target 180 240 Full Potential target 160 2023 Avg. 220 2023 Avg. 140 +10% +26% 2022 Avg. 120 2022 Avg. 200 100 180 80 20 0 0 Jan-22 Jan
Slide 10: Full Asset Potential Savings 2023
FULL ASSET POTENTIAL SAVINGS 2023 ~$215m in incremental EBITDA was delivered by improvements across four sites $25m $215m $35m $52m $103m Iduapriem CVSA (100%) Sunrise Dam Tropicana (70%) Total 10
Slide 11: Brazil Update
BR A ZIL UPDATE • Restructuring - Changes to leadership and organisational structure to drive efficiency and accountability; senior management roles reduced by 25% • Portfolio Review - CdS placed on care and maintenance, job count reduced by ca.1,000 • Capital Review - Reviewed capital programme, re
Slide 12: Growth
ANGLOGOLDASHANTI
Slide 13: Obuasi
13 Obuasi Obuasi - Ghana
Slide 14: Obuasi: Safely Ramping Up Our Next Tier One Gold Mine
OBUASI: SAFELY R AMPING UP OUR NEXT TIER ONE GOLD MINE • ca.9.7g/t average Mineral Reserve grade Large high-grade orebody in one of • ca.7Moz Mineral Reserve Africa’s top mining jurisdictions • ca.17Moz Mineral Resource* (Measured & Indicated ca.7.3Moz, Inferred ca.9.6Moz) • >20-year life • Producti
Slide 15: Obuasi: Wider Reaming Improves Set-up of Conventional Stopes
OBUASI: WIDER REAMING IMPROVES SET-UP OF CONVENTIONAL STOPES Drill hole design A near-term solution is to drill larger raise holes to successfully open stopes Top level Top level V30 hole with ITH • Most areas to continue using Sub-Level Open Stoping • V30 reamer drills 3X wider raise holes in more
Slide 16: UHDF Mining Trial for High-Grade Areas
UHDF MINING TRIAL – FOR HIGH-GR ADE AREAS WITH POOR GROUND CONDITIONS Underhand drift and fill (UHDF) trial in Block 8 Lower is tracking to schedule with significant key milestones reached • Development through paste backfill completed, demonstrating paste Obuasi - Block 8L – Level 3300 to 3400 comp
Slide 17: Phase 3 Completion by End 2024
PHASE 3 COMPLETION BY END 2024 – ADDS FLEXIBILITY, DIRECT ACCESS BLOCK 11 Increases flexibility, Key milestones achieved Phase 3 – refurbish KMS Direct vertical access to Doubles materials handling accelerates waste shaft and infrastructure high-grade Block 11 capacity to 12,000tpd development KMS s
Slide 18: Nevada Emerging Tier Gold District
Nevada emerging tier 1 gold district Merlin gravity concentrate 18
Slide 19: Beatty, Southern Nevada – A New, World Class Gold District
BEATTY, SOUTHERN NEVADA – A NEW, WORLD CLASS GOLD DISTRICT • Total Nevada Mineral Resource* of 16.6Moz Silicon 4.22Moz − Measured and Indicated Mineral Resource of 5.4Moz Mineral Resource* − Inferred Mineral Resource of 11.2Moz (157.6Mt @ 0.83g/t) Beatty District • Mineral Reserve of 1.0Moz North Bu
Slide 20: North Bullfrog – Gateway Project to the Beatty District
NORTH BULLFROG – GATEWAY PROJECT TO THE BEATTY DISTRICT Feasibility study First-time Mineral approved Key recruitment and Reserve of 1.0Moz Operational Readiness (71.9Mt @ 0.43g/t) Construction start planning underway pending permit award Owner’s team and Long-lead Engineering of EPCM contractor pro
Slide 21: North Bullfrog Project – Key Metrics
NORTH BULLFROG PROJECT – KEY METRICS Base Case (LOM) First gold H1 20261 Gold from Project Area 801koz Total Tonnes Treated 75Mt Average Annual Gold Production (first five years) 117koz Average Annual Gold Production (LoM) 62koz Average Annual Tonnes Treated 9Mt Average Recovered Grade 0.44g/t Life
Slide 22: Merlin – Largest New US Gold Discovery of the Past Decade
MERLIN – THE LARGEST NEW US GOLD DISCOVERY OF THE PAST DECADE Merlin Inferred Mineral Resource* Visible gold – Merlin drill core (MER-23-0243-RD) 9.1Moz (283.9Mt @0.99g/t) 144 holes 102,650m completed in 2023 Initial Assessment (Concept Study) confirms strong economics of Merlin development AGA Mana
Slide 23: Expanded Silicon Project – Drill Bit Drives Tier One Discovery
EXPANDED SILICON PROJECT – DRILL BIT DRIVES TRUE TIER ONE DISCOVERY First-time 9.1Moz Inferred Mineral Resource* declared at Merlin, focus now on PFS and Mineral Resource conversion drilling Silicon Merlin Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before diluti
Slide 24: Endowment
ANGLOGOLDASHANTI ENDOWMENT
Slide 25: Sector-Leading Organic Mineral Reserve Additions and Growth
SECTOR-LEADING ORGANIC MINER AL RESERVE ADDITIONS AND GROWTH Mineral Resource* 2022 – 2023 (Moz) 0.2 1.1 0.4 9.1 106.3 -0.9 101.3 -2.3 -2.6 Dec 2022 Gramalote Merlin Obuasi Siguiri Geita North Bullfrog Other Dec 2023 Total │ Disposals │ Additions │ Reductions │ Total Mineral Reserve 2022 – 2023 (Moz
Slide 26: Sector-Leading Exploration – Foundational for Our Business
SECTOR-LEADING EXPLORATION – FOUNDATIONAL FOR OUR BUSINESS Moz + 14.4Moz* Mineral Reserve over last four years at a cost of $62/oz SECTOR-LEADING exploration – 24.9Moz* Mineral Reserve added over seven years 35 +25% Mineral Reserve* growth over six years 30 28.8 28.0 28.1 28.1 25 25.0 23.8 2.2 22.5
Slide 27: Financial Review
ANGLOGOLDASHANTI FINANCIAL REVIEW
Slide 28: Macroeconomic Factors and Industry Context
MACROECONOMIC FACTORS AND INDUSTRY CONTEXT GOLD PRICE (18 months to December 2023) COUNTRY INFLATION and Exchange (data is shown on Last 12 Months basis) Country 2023 2022 Change $/oz Local CPI1 Local fx2: US$ Local CPI1 Local fx2: US$ Local CPI1 Local fx2: US$ 2,200 Gold Collar Hedge - Ceiling USA
Slide 29: Strong H2 Production Performance
STRONG H2 PRODUCTION* PERFORMANCE Koz +15% 800 H2 2023 700 H1 2023 158 600 140 140 500 125 136 126 128 400 99 300 200 432 397 348 365 100 - Q1 Q2 Q3 Q4 Africa LATAM Australia 29 *Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023
Slide 30: Business Cost Performance
BUSINESS COST PERFORMANCE TOTAL CASH COST* – FY2023 vs FY2022 ($/oz) Non-controllable Normalise +5% 1,108 +4% 7 (2) 55 (47) 1,053 1,042 11 84 1,000 Year Dec 22 Inflation Royalties Fuel FX Flex cost Siguiri CIL plant Normalised Volume, grade and Year Dec 23 cost 30 Total cash costs* $1,154/oz for sub
Slide 31: Business Cost Performance
BUSINESS COST PERFORMANCE • Sustaining capital spend increase of $67/oz relates to: AISC* – FY2023 vs FY2022 ($/oz) • $34/oz Capitalised waste stripping as new areas are accessed in Nyamulilima at Geita, Block 5 and Ajopa at Iduapriem, 1,538 Havana at Tropicana and at Kibali 1,344 • $17/oz Mineral r
Slide 32: Group – Free Cash Flow
GROUP – FREE CASH FLOW H2 2023 vs H1 2023* ($m) 41 (135) 314 106 (3) (46) 34 285 (7) 53 166 25 (205) H1 2023 Price Sales volume Ops cost Lease pymnt Working capital Australia Divs from Taxes Capital Other investing Finance cost H2 2023 landholder assocs duties ** * Free cash flow excludes corporate
Slide 33: Prudent Balance Sheet Management
PRUDENT BALANCE SHEET MANAGEMENT Self-funded: Obuasi, Corvus and Coeur Sterling Long-term balance sheet improvement achieved acquisitions, major US exploration programme and through disciplined capital allocation redomicile transaction Adjusted net debt ($m) 3,500 3,000 2,500 2,000 1,500 1,000 500 0
Slide 34: 2024 Guidance
2024 GUIDANCE ORIGINAL GUIDANCE (1) (2) REVISED GUIDANCE (3) Production Group 2,530 - 2,730 2,590 - 2,790 Subsidiaries 2,270 - 2,430 (000oz) Joint ventures 320 - 360 Group All-in sustaining costs* 1,489 - 1,553 1,500 - 1,600 Subsidiaries 1,575 - 1,675 Costs ($/oz)(4) Joint ventures 980 - 1,080 Group
Slide 35: 2025 Guidance
2025 GUIDANCE GUIDANCE (1) Production (000oz) Group 2,650 - 2,850 Costs ($/oz) Group All-in sustaining costs 1,475 - 1,575 Group Total cash costs 1,050 - 1,150 Group Total capital expenditure 1,175 - 1,425 Capital Expenditure ($m) Group Sustaining capital expenditure 775 - 975 Group Non-sustaining c
Slide 36: Looking Forward
ANGLOGOLDASHANTI LOOKING FORWARD
Slide 37: 2024 Focus Areas: Narrowing the Value Gap
2024 FOCUS AREAS Narrowing the value gap FULL ASSET STRATEGY OBUASI NEVADA ENDOWMENT ESG POTENTIAL Deliver 2024 Delivery phase Progress Phase 3, North Bullfrog Replace Mineral Continue progress guidance ramp up volumes permitting, secure Reserve, Grow toward zero harm long-lead items Mineral Resourc
Slide 38: Positioned to Create Value
POSITIONED TO CREATE VALUE C O M M I T T E D T O L O W E R I N G C O S T S , M A I N T A I N I N G R O B U S T B A L A N C E S H E E T, M A K I N G VA LU E AC C R ET I V E IN V EST M EN TS A N D R ET U R N IN G C A S H TO S HA R EHO L D ER S NYSE primary listing, HQ Denver, 4th largest global gold
Slide 39: Clear Priorities
CLEAR PRIORITIES F O C U S O N C LO S I N G T H E C O S T G A P R E L AT I V E TO T H E P E E R G R O U P TCC trend vs. Comp group (Index Q2 2021 = 100) 160 AngloGold Ashanti Comp group range 150 140 130 120 110 100 90 80 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 202
Slide 40: Investor Relations Contacts
ANDREA MAXEY YATISH CHOWTHEE INVESTOR RELATIONS CONTACTS Telephone: +61 08 9435 4603 Telephone: +27 11 637 6273 GENERAL E-MAIL ENQUIRIES Mobile: +61 400 072 199 Mobile: +27 78 364 2080 Investors@anglogoldashanti.com amaxey@anglogoldashanti.com yrchowthee@anglogoldashanti.com
Slide 41: Appendices: Non-GAAP Disclosure - Reconciliations
APPENDICES: NON-GAAP DISCLOSURE - RECONCILIATIONS 41
Slide 42: Appendices: Non-GAAP Disclosure - Reconciliations
APPENDICES: NON-GAAP DISCLOSURE - RECONCILIATIONS 42
Slide 43: Appendices: Non-GAAP Disclosure - Reconciliations
APPENDICES: NON-GAAP DISCLOSURE - RECONCILIATIONS 43
Slide 44: Appendices: Non-GAAP Disclosure - Reconciliations
APPENDICES: NON-GAAP DISCLOSURE - RECONCILIATIONS 44