Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Merger or Acquisition (September 2024)
28 slides from Anglogold Ashanti's merger presentation, Sep 10, 2024
Slide 1: AngloGold Ashanti to Acquire Centamin
AngloGold Ashanti to Acquire Centamin September 2024
Slide 2: Disclaimer
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 costs, all-in cos
Slide 3: Technical Disclaimer: Mineral Resource and Mineral Reserve Information
Technical DISCLAIMER MINERAL RESOURCE AND MINERAL RESERVE INFORMATION The AngloGold Ashanti 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
Slide 4: Technical Disclaimer: Mineral Resource and Mineral Reserve Information (Centamin)
Technical DISCLAIMER MINERAL RESOURCE AND MINERAL RESERVE INFORMATION Centamin’s Mineral Resource and Mineral Reserve estimates have been prepared with reference to the Canadian Institute of Mining Metallurgy and Petroleum (CIM) Definition Standards (2014) and CIM Best Practice Guidelines (2019), as
Slide 5: Highlights – a compelling strategic fit that matches our core competencies
highlights – a compelling strategic fit that matches our core competencies SUKARI, A WORLD CLASS TIER 1 ASSET: Long life, compelling cost profile and attractive development potential (2023A total cash costs of $970/oz1 and AISC of $1,196/oz1) STEP CHANGE IN PRODUCTION AND REDUCTION TO COST: Increase
Slide 6: Transaction overview: Recommended acquisition of Centamin
Transaction overview: RECOMMENDED ACQUISITION OF Centamin CONSIDERATION AND KEY TERMS Unanimously recommended by Centamin board of directors 0.06983 new AngloGold Ashanti shares and $0.125 per share in cash for each Centamin share, implying1,2: Offer value of 163 pence per Centamin share Equity valu
Slide 7: Centamin – north Africa's pre-eminent gold asset and a foothold in west Africa
Centamin – north Africa’s pre-eminent gold asset and a foothold in west africa DOROPO GOLD PROJECTCôte d’Ivoire (1,582km2) DFS published Mining License application underway 1.2Moz M+I1 (1.1Moz attributable) 0.3Moz Inferred1 (0.3Moz attributable) 1.9Moz P+P1 (1.7Moz attributable) ABC PROJECTCôte d’Iv
Slide 8: Source: AngloGold Ashanti and Note: Reflects attributable Mineral Resource and Mineral Reserve; for AngloGold
Source: AngloGold Ashanti and Centamin company filings Note: Reflects attributable Mineral Resource and Mineral Reserve; for AngloGold Ashanti refer to its annual report on Form 20-F for the year ended 31 December 2023 filed with the United States Securities and Exchange Commission (“SEC”) for infor
Slide 9: Sukari – a world-class, tier one asset in partnership with Egypt
Sukari – a world-class, tier one asset in partnership with egypt Long life, Tier 1 open pit and underground gold mine Comparable geology to Geita (orogenic, structurally controlled ore bodies) Recently completed waste stripping and other efficiency projects with additional enhancements in progress (
Slide 10: Improves production and cost, strengthens balance sheet, generates attractive returns
improves production and cost, strengthens balance sheet, generates attractive returns Transaction accretive to AngloGold Ashanti NAV/share and FCF/share in first full year post completion Source: AngloGold Ashanti and Centamin company filings See appendix for reconciliation of Non-GAAP financial mea
Slide 11: Full Asset Potential
Full Asset Potential Opportunity to leverage AngloGold Ashanti’s proven Full Asset Potential Efficiency Framework at a complementary asset Sukari has comparable operational characteristics and geology to existing AngloGold Ashanti assets such as Geita Leveraging Corporate Infrastructure Right sizing
Slide 12: Exploration Potential in Highly Prospective EDX Exploration Blocks
Exploration Potential in Highly Prospective EDX exploration Blocks Governed under separate Model Mining Exploitation Agreement1 EASTERN DESERT EXPLORATION (“EDX”) Source: Centamin company filings Key terms: 5% NSR to the Egyptian Government, 15% government net profit interest (post-tax income), 22.5
Slide 13: AngloGold Ashanti: An established partner in shared benefit
AngloGold Ashanti An established partner in shared benefit, aligned to world-class standards SHARED VALUE Local procurement and employment are strategic drivers, creating shared benefit Focus on robust stakeholder engagement at site, regional and national level Structures in place to ensure communit
Slide 14: Highlights – a compelling strategic fit that matches our core competencies
highlights – a compelling strategic fit that matches our core competencies SUKARI, A WORLD CLASS TIER 1 ASSET: Long life, compelling cost profile and attractive development potential (2023A total cash costs of $970/oz1 and AISC of $1,196/oz1) STEP CHANGE IN PRODUCTION AND REDUCTION TO COST: Increase
Slide 15: Appendices
appendices
Slide 16: Doropo Overview
Doropo Overview Location Côte d’Ivoire - 480km north of Abidjan (Capital) North-eastern Bounkani region between the Comoè National Park and the border with Burkina Faso Geological Setting Tonalite-Trondhjemite-Granodiorite domain Mineral Resource and Mineral Reserve1 1.2Moz M&I Mineral Resource at a
Slide 17: Doropo DFS Profile
Doropo DFS Profile Mining & Geology 8 shallow deposits mined in open pit operation; 28Mtpa of material delivering up to 4.9Mtpa ore 4.9x LOM strip ratio Processing SAG and ball mills, followed by CIL processing Mill capacity: 5.4 Mtpa (oxide/transition ore) 4.0 Mtpa (fresh ore) 89% Gold recovery ove
Slide 18: ABC Overview
ABC Overview Location Côte d’Ivoire - 550km northwest of Abidjan (Capital) Northwestern Kabadougou region; 460km west of Doropo Project Consists of three permits: Kona (most advanced), Farako Nafana, and Windou, with other permits under application Located within highly prospective landholding along
Slide 19: Sukari ownership and Cost recovery Structure
Sukari ownership and Cost recovery Structure Sukari Fiscal Regime Overview License 160km2 30-year license, with opportunity to request an extension of a further 30 years Royalty 3% NSR paid to the Egyptian government Profit Share Payments 50% of revenue net of all qualifying costs is paid to Egyptia
Slide 20: Total Cash Costs Reconciliation for the Year Ended December 2023
TOTAL CASH COSTS RECONCILIATION FOR THE YEAR ENDED 31 DECEMBER 2023 Source: AngloGold Ashanti and Centamin company filings The Arab Republic of Egypt (“ARE”) is entitled to a royalty of 3% of net sales revenue (revenue net of freight and refining costs) as defined from the sale of gold and associate
Slide 21: Centamin Total Cash Costs Reconciliation
Centamin Total Cash Costs Reconciliation For The Year ended 31 December 2023 Source: Centamin company filings “Cash cost of production - gold produced” and “cash cost of production per ounce produced” ($/oz) are Non-GAAP measures used by Centamin. “Cash cost of production per ounce produced” ($/oz),
Slide 22: AISC Reconciliation for the Year Ended December 2023
AISC RECONCILIATION FOR THE YEAR ENDED 31 DECEMBER 2023 Source: AngloGold Ashanti and Centamin company filings Subsidiaries are reported on a consolidated basis. Joint ventures are reported on an attributable basis. Adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed on care a
Slide 23: Centamin AISC Reconciliation
Centamin AISC Reconciliation For The Year ended 31 December 2023 Source: Centamin company filings “All-in sustaining costs” is a Non-GAAP measure which, as calculated and reported by Centamin, is an extension of the existing ‘cash cost’ metric and incorporates all costs related to sustaining product
Slide 24: Free Cash Flow Reconciliation for the Year Ended December 2023
FREE CASH FLOW RECONCILIATION FOR THE YEAR ENDED 31 DECEMBER 2023 Source: AngloGold Ashanti and Centamin company filings Non-GAAP measures of “Free cash flow” and “Adjusted free cash flow”, as calculated and reported by Centamin, were adjusted to be consistent with AngloGold Ashanti’s definition of
Slide 25: Centamin Free Cash Flow Reconciliation
Centamin Free Cash Flow Reconciliation For The Year ended 31 December 2023 Source: Centamin company filings Adjustments made to free cash flow, for example the cost of the put options under the gold price protection programme, acquisitions and disposals of financial assets at fair value through prof
Slide 26: Adjusted Net Debt to Adjusted EBITDA Reconciliation
ADJUSTED NET DEBT TO ADJUSTED EBITDA RECONCILIATION FOR THE YEAR ENDED 31 DECEMBER 2023 Note: The Adjusted EBITDA and Adjusted net debt calculations included are based on the formula included in the AngloGold Ashanti Revolving Credit Facility Agreements for compliance with the debt covenant formula.
Slide 27: Centamin Adjusted EBITDA Reconciliation
CENTAMIN ADJUSTED EBITDA RECONCILIATION FOR THE YEAR ENDED 31 DECEMBER 2023 Source: Centamin company filings "EBITDA" is a Non-GAAP measure which, as calculated and reported by Centamin, excludes finance costs, finance income and depreciation and amortisation from profit before tax. "Adjusted EBITDA
Slide 28: Investor Relations Contacts
ANDREA MAXEY Telephone: +61 08 9435 4603 Mobile: +61 400 072 199 amaxey@anglogoldashanti.com YATISH CHOWTHEE Telephone: +27 11 637 6273 Mobile: +27 78 364 2080 yrchowthee@anglogoldashanti.com INVESTOR RELATIONS CONTACTS GENERAL E-MAIL ENQUIRIES Investors@anglogoldashanti.com SIGNATURES Pursuant to t
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