Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Q3 2025 Earnings Presentation
42 slides from Anglogold Ashanti's earnings presentation, Nov 12, 2025
Slide 1: Q3 2025 Earnings Results
Q3 2025 EARNINGS RESULTS NYSE │ JSE │ GSE 11 NOVEMBER 2025 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, total cash costs, all-in sustaining c
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* Injuries per million hours worked We continuously strive to 5.0 remove harm and injury -79% from our operations. 4.0 3.0 ICMM 2024 member companies avg. 2.29 2.0 0.96 1.0 2011 2012 2013 2014 2015 2016 2
Slide 5: Record Cash Generation - Another Healthy Dividend Declaration
Q3 2025 │ SUSTAINING STRONG MOMENTUM RECORD CASH GENERATION - ANOTHER HEALTHY DIVIDEND DECLARATION Sukari, Egypt
Slide 6: Q3 2025 Highlights | Robust Financial Performance
Q3 2025 HIGHLIGHTS │ ROBUST FINANCIAL PERFORMANCE STRONG OPERATIONAL AND FINANCIAL PERFORMANCE Improved fundamentals supporting performance TCC* for managed ops flat year on year in real terms Obuasi ▲ 16koz $ $1,225 768,000 oz Kibali ▲ 15koz OPERATIONAL COST /oz** y-o-y increase ▲ 5% Geita ▲ 7koz D
Slide 7: Converting Gold Price to Shareholder Returns
CONVERTING │ GOLD PRICE TO SHAREHOLDER RETURNS 1,858 Dividend Policy Change 956 927 439 2023 2024 2024 YTD 2025 Free cash flow* Dividend declared* Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q3 2025 for definitions and reconciliations. *Dividend da
Slide 8: Group Performance | Q3 2025 at a Glance
GROUP PERFORMANCE │Q3 2025 AT A GLANCE OUR PORTFOLIO OF WORLD CLASS ASSETS AND PROJECTS TIER 1 Guinea United States of America Siguiri (85%) Arthur Gold Project(a) North Bullfrog Project Mother Lode DRC │ Lower cost │ Scale │ Growth potential Sterling(b) Kibali (45%) (c) Assets Projects Egypt ▼ ▼ Gh
Slide 9: Organic Opportunities | Strong Runway for Growth
ORGANIC OPPORTUNITIES │STRONG RUNWAY FOR GROWTH UNLOCKING LATENT POTENTIAL BY LEVERAGING A PROVEN OPERATING MODEL Obuasi Ramp-up • Gold production up 30% y-o-y to 69koz in Q3 2025 tracking guidance • Tracking around midpoint of guidance 250koz – 300koz for 2025 Full Asset Potential • FP programme dr
Slide 10: Brownfields Growth: Geita Gold Mine
BROWNFIELDS GROWTH GEITA GOLD MINE WORLD CLASS, MULTI-DECADE, TIER ONE ASSET Geita, Tanzania
Slide 11: Geita | Unlocking Upside in a Large, Tier One Ore Body
GEITA | UNLOCKING UPSIDE IN A LARGE, TIER ONE ORE BODY GEITA IS A WORLD-CLASS, LONG-LIFE GOLD DEPOSIT, DISTINGUISHED BY ITS LARGE-SCALE, HIGH-QUALITY OREBODY, CONSISTENT PRODUCTION PROFILE, AND STRONG GEOLOGICAL POTENTIAL Production Contribution 2024 Performance Geita Hill 100% Gold Production Total
Slide 12: Geita | Unlocking the Potential
GEITA | UNLOCKING THE POTENTIAL EXPLORATION MINING PROCESSING TAILINGS DISPOSAL TARGET Increase Mineral Open Pit Reserve life from 7 yrs to 10 yrs by end 2028 Underground Plant expansion lifts production 600koz/pa 1 2 3 4 Increase Mineral Reserve by c.60% Maintain four sources of Conceptual study ev
Slide 13: Leveraging Prospectivity and Strong Exploration Track Record
LEVERAGING | PROSPECTIVITY AND STRONG EXPLORATION TRACK RECORD GEITA’S CONCESSION IS LARGE AND UNDEREXPLORED 4.3Moz produced between 2017 – 2024 40 4,0 2.0Moz Mineral Reserve added between 2017 – 2024 35 3,5 160% 30 3,0 Mineral Reserve growth after depletion 25 2,5 20 2,0 15 1,5 10 1,0 5 0,5 Mineral
Slide 14: Geita | A Target Rich Exploration Environment
GEITA | A TARGET RICH EXPLORATION ENVIRONMENT Conceptual Unclassified Mineral Resource: Inventory 0.85 Moz Measured 2.95 Moz Indicated 3.47 Moz Inferred In LOM Mineral Reserve: >2.5 Moz 3.25 Moz Star and Comet Geita Hill UG UG Star and Comet Nyankanga Nyamulilima UG UG Open Pit >1 Moz Nyankanga UG N
Slide 15: Geita Mineral Resource | Significant Upside (Geita Hill, Nyankanga)
GEITA MINERAL RESOURCE | SIGNIFICANT UPSIDE Prospect 5 Geita Hill Nyankanga Geita Hill East Geita Hill West Lone Cone Kalondwa Hill Fukiri – Jumanne-Samena Nyankanga Mine LOM Planned Development Development GEITA HILL NYANKANGA Drilling to confirm ore body extensions, add Mineral Accelerated explora
Slide 16: Geita Mineral Resource | Significant Upside (Star and Comet, Nyamulilima)
GEITA MINERAL RESOURCE | SIGNIFICANT UPSIDE AFTER MORE THAN TWO DECADES OF OPERATION, WE HAVE HIGH CONFIDENCE IN RESERVE CONVERSION POTENTIAL Star and Comet Nyamulilima Open Pit Cut 3 Xanadu / Mabe Ridge 8 Cut 5 Cut 2 Selous (Exploration Targets) (Exploration Target) Mine LOM Planned Optimisation De
Slide 17: Geita | Clear Path to Lift Production and Extend Life
GEITA | CLEAR PATH TO LIFT PRODUCTION AND EXTEND LIFE Target Mineral Reserve life of mine c.10 years • Incremental $15m per annum allocated to Brownfields exploration • Maintaining a high Mineral Resource to Mineral Reserve conversion rate (current c.30%) • Supports a baseline gold production of +50
Slide 18: Nevada Arthur Gold Project
NEVADA ARTHUR GOLD PROJECT ONE OF THE LARGEST GREENFIELDS DISCOVERIES OF THE CENTURY IN THE UNITED STATES
Slide 19: Nevada | Paving the Way for Arthur's Growth
NEVADA | PAVING THE WAY FOR ARTHUR’S GROWTH DRILLING DATA CONTINUES TO CONFIRM THE QUALITY AND SCALE OF ARTHUR N 4 A B 2 1 2 Focus of 2025 drill conversion program 3 Future potential 2026 drill program A 3 B 1 Potential extension with down drop block within host rock 1 2025 Conversion Drill PFS Mine
Slide 20: Nevada | Paving the Way for Arthur's Growth
NEVADA | PAVING THE WAY FOR ARTHUR’S GROWTH SIGNIFICANT UPSIDE POTENTIAL AT ARTHUR Arthur Gold Project potential Extensive conversion drill program in 2024 & 2025 • Targeting Mineral Resource conversion to Mineral Reserve at year end 2026 - 2027 drilling objectives: • Expand on known mineralized str
Slide 21: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS $920m ▲141% from Q3 2024 Free Cash Flow* *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q3 2025 for definitions and reconciliations.
Slide 22: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │ INDUSTRY CONTEXT GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED <blank> <blank> 0 Inflation and 2025 2024 Pricing │ Average Gold Price Received* ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1) Local FX: US$(2) Country Local FX: US$(2) Loca
Slide 23: Group Operating Results | Q3 2025
GROUP OPERATING RESULTS │ Q3 2025 ANOTHER STRONG PERFORMANCE FROM MANAGED OPERATIONS Salient Features Q3 2025 Q3 2024 y-o-y Δ Gold production - Group (koz) 768 657 17% Gold production - Managed operations (koz) 682 586 16% Total cash costs* - Group ($/oz) 1,225 1,172 5% Total cash costs* - Managed o
Slide 24: Group Financial Results | Q3 2025
GROUP FINANCIAL RESULTS │ Q3 2025 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Salient Features Q3 2025 Q3 2024 y-o-y Δ Average gold price received* ($/oz) 3,490 2486*** 40% Adjusted EBITDA* ($m) 1,556 746 109% Basic earnings ($m) 669 223 200% Headline earnings** ($m) 672 236 185% Capital expenditure
Slide 25: Business Cost Performance
BUSINESS COST PERFORMANCE STRONG CASH COST PERFORMANCE FROM MANAGED OPS DESPITE INFLATION AND SIGNIFICANT ROYALTY INCREASE Total Cash Costs* - Q3 2025 vs Q3 2024 ($/oz) AISC* - Q3 2025 vs Q3 2024 ($/oz) Market driven Normalised Controllable -8% 1 330 +6% -18 1,720 +9% 1,616 58 11 -22 1 272 495 -87 4
Slide 26: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW* GENERATION HIGHER GOLD PRICE AND IMPROVED MARGINS FLOW TO THE BOTTOM LINE Free cash flow* – Q3 2025 vs Q3 2024 ($m) Free cash flow margin* trend – Q1 2024 to Q3 2025 (%) -20 50 224 -140 77 -59 45 -75 40 -151 920 35 30 683 25 20 381 15 10 5 0 Q3 2024 Price Sales Cash Ops Cost W
Slide 27: Financial Position | Robust Liquidity
FINANCIAL POSITION │ ROBUST LIQUIDITY STRONG LIQUIDITY │ LONG-DATED MATURITIES ADJUSTED NET GEARING** LIQUIDITY CASH* $450m (0.09)x $3.9bn *Adjusted Net Cash at 30 September 2025 **Adjusted Net Debt (Cash) /Adjusted EBITDA ratio at 30 September 2025 Q3 2025 EARNINGS RESULTS 27
Slide 28: Guidance | 2025
GUIDANCE │ 2025 GROWING MARGINS AND SHAREHOLDER RETURNS 2025 Gold production (koz) Group 2,900 – 3,225 Group All-in sustaining costs 1,580 – 1,705 Costs (1) ($/oz) Group Total cash costs 1,125 – 1,225 Group Total capital expenditure 1,620 – 1,770 Capital Expenditure (1) ($m) Group Sustaining capital
Slide 29: Looking Ahead
LOOKING AHEAD DISCIPLINED IN DELIVERY, DISTINCT IN STRATEGY AND AN ATTRACTIVE ENTRY POINT Arthur Gold Project , Nevada
Slide 30: Competitive Cost Profile | Driving Margin Expansion
COMPETITIVE COST PROFILE │ DRIVING MARGIN EXPANSION TCC* Real TCC* margin indexed – real (Q2 2021 = 100) 80% 130 70% 68% 65% 120 60% 57% +19% 50% 43% 110 40% 100 -0.4% 30% 20% 90 10% 80 0% AGA real TCC margin Peer real TCC margin Q2 2021 Q3 2025 AGA real TCC Peer Group real TCC Full Asset Potential
Slide 31: 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 Superior cash flow and Bubble size: Dividend dividend yields, Yield, AGA NTM 5.0% disciplined execution, and an a
Slide 32: 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@anglogoldashanti.com
Slide 33: Appendix A | All-in Sustaining Costs (Q3 2025)
APPENDIX A │ ALL-IN SUSTAINING COSTS Q3 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) joint operations Total (3)
Slide 34: Appendix B | Total Cash Costs (Q3 2025)
APPENDIX B │ TOTAL CASH COSTS Q3 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) Mineração ventures Cos
Slide 35: Appendix A | All-in Sustaining Costs (Nine Months)
APPENDIX A │ ALL-IN SUSTAINING COSTS NINE MONTHS ENDED SEPTEMBER 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) j
Slide 36: Appendix B | Total Cash Costs (Nine Months)
APPENDIX B │ TOTAL CASH COSTS NINE MONTHS ENDED SEPTEMBER 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 (
Slide 37: Appendix C | Adjusted EBITDA
APPENDIX C │ ADJUSTED EBITDA Quarter Quarter Nine months Nine months ADJUSTED EBITDA ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Adjusted EBITDA (1) Profit before taxation 1,057 394 2,832 974 Add bac
Slide 38: Appendix D | Adjusted Net Debt (Cash)
APPENDIX D │ ADJUSTED NET DEBT (CASH) As at As at As at ADJUSTED NET DEBT (CASH) (1) Sep Sep Dec 2025 2024 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Borrowings - non-current portion 2,025 1,939 1,901 Borrowings - current portion 96 200 83 Lease liabilities - non
Slide 39: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Quarter Quarter Nine months Nine months FREE CASH FLOW ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities (1) (2) 1,419 606 3,162 1,278 Re
Slide 40: Appendix F | Free Cash Flow Margin
APPENDIX F │ FREE CASH FLOW MARGIN Quarter Quarter Nine months Nine months FREE CASH FLOW MARGIN ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Free cash flow (refer Appendix E) 920 381 1,858 653 Divide
Slide 41: Appendix G | Guidance 2025 – 2026
APPENDIX G │ GUIDANCE 2025 – 2026 GROWING MARGINS AND SHAREHOLDER RETURNS 1 2025 2026 Group 2,900 – 3,225 2,900 – 3,225 Managed operations 2,590 – 2,885 Non-managed operations 310 – 340 Gold production (koz) Africa 1,935 – 2,160 Australia 500 – 550 Americas 465 – 515 Group All-in sustaining costs 1,
Slide 42: Appendix I | Free Cash Flow for Geita
APPENDIX I │ FREE CASH FLOW FOR GEITA Year FREE CASH FLOW ended Dec 2024 US Dollar million, except as otherwise noted Unaudited Operating cash flow (1) 484 Capital expenditure on tangible and intangible assets (196) Free cash flow 288 (1) Includes working capital movements as per table below. (Incre