Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Q2 2025 Earnings Presentation
30 slides from Anglogold Ashanti's earnings presentation, Aug 1, 2025
Slide 1: Q2 2025 Earnings Results
Q2 2025 EARNINGS RESULTS NYSE │ JSE │ GSE 01 AUGUST 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: Q2 2025 | Sustaining Strong Momentum
Q2 2025 │ SUSTAINING STRONG MOMENTUM CONTINUED PRODUCTION DELIVERY, DISCIPLINED COST CONTROL AND FREE CASH FLOW GROWTH DRIVE STRONG Q2 PERFORMANCE Sukari, Egypt
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 -82% from our operations. 4.0 3.0 ICMM 2024 member companies avg. 2.29 2.0 1.0 0.80 2011 2012 2013 2014 2015 2016 2
Slide 5: Q2 2025 Highlights | Robust Financial Performance
Q2 2025 HIGHLIGHTS │ ROBUST FINANCIAL PERFORMANCE STRONG OPERATIONAL AND FINANCIAL PERFORMANCE Improved fundamentals supporting the performance TCC* for managed operations increased 6% y-o-y Sukari ▲ 129koz $ $1,226 804,000 oz Geita ▲ 23koz OPERATIONAL COST /oz** y-o-y increase ▲ 8% Obuasi ▲ 17koz D
Slide 6: Q2 Dividend | Interim True Up
Q2 DIVIDEND │ INTERIM TRUE UP REFLECTING STRONG CONFIDENCE AND CASH FLOW GENERATION $406m ($0.80/sh) Dividend Declared Includes minimum + top-up for 50% of first six months of free cash flow* *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q2 2025 for
Slide 7: Group Performance | Q2 2025 at a Glance
GROUP PERFORMANCE │ Q2 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 Longer life │ Lower cost │ Scale │ Growth potential Sterling(b) Kibali (45%) (c) Assets Projects
Slide 8: 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 31% y-o-y to 71koz in Q2 2025 tracking guidance • Tracking around midpoint of guidance 250koz – 300koz for 2025 • FP programme has driven strong cost
Slide 9: Nevada | Strategic Consolidation of the Beatty District
NEVADA │STRATEGIC CONSOLIDATION OF THE BEATTY DISTRICT REINFORCING VALUE IN ONE OF NORTH AMERICA’S MOST PROLIFIC GOLD DISTRICTS North Bullfrog • District Synergy: Consolidates position in Nevada’s top gold district with adjacent, complementary assets Arthur Gold Silicon • Asset Quality: Adds permitt
Slide 10: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS $535m ▲149% from Q2 2024 Free Cash Flow* *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q2 2025 for definitions and reconciliations.
Slide 11: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │ INDUSTRY CONTEXT GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED <blank> <blank> 0 Inflation and 2025 2024 Pricing │ Average Gold Price Received* ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1) Local FX: US$(2) Country Local FX: US$(2) Loca
Slide 12: Group Operating Results | Q2 2025
GROUP OPERATING RESULTS │ Q2 2025 ANOTHER STRONG PERFORMANCE FROM MANAGED OPERATIONS Salient Features Q2 2025 Q2 2024 y-o-y Δ Gold production - Group (koz) 804 663 21% Gold production - Managed operations (koz) 729 581 25% Total cash costs* - Group ($/oz) 1,226 1,137 8% Total cash costs* - Managed o
Slide 13: Group Financial Results | Q2 2025
GROUP FINANCIAL RESULTS │ Q2 2025 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Salient Features Q2 2025 Q2 2024 y-o-y Δ Average gold price received* ($/oz) 3,287 2,330 41% Adjusted EBITDA* ($m) 1,443 684 111% Basic earnings ($m) 669 253 164% Headline earnings** ($m) 639 255 151% Capital expenditure -
Slide 14: Business Cost Performance
BUSINESS COST PERFORMANCE STRONG CASH COST PERFORMANCE FROM MANAGED OPERATIONS DESPITE CONTINUED INFLATIONARY PRESSURES Total Cash Costs* - Q2 2025 vs Q2 2024 ($/oz) AISC* - Q2 2025 vs Q2 2024 ($/oz) Market driven Controllable +8% +106 (+7%) 3 0% 1,666 (29) 1,560 18 (15) 1,226 1,223 1,223 440 60 423
Slide 15: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION HIGHER GOLD PRICE REFLECTS IN BOTTOM LINE Free cash flow* – Q2 2025 vs Q2 2024 ($m) Free cash flow margin* trend – Q1 2024 to Q2 2025 (%) (32) 35 (215) 353 30 (86) (151) 25 (100) 20 (150) 701 535 15 10 5 215 0 Q2, 2024 Price Sales Cash Ops Cost Working Taxes Capital
Slide 16: Balance Sheet | Robust Liquidity
BALANCE SHEET │ ROBUST LIQUIDITY STRONG LIQUIDITY │ LONG-DATED MATURITIES │ LOW AND IMPROVING LEVERAGE Positioned for Adjusted Net Debt** to Adjusted EBITDA** ratio long-term growth and 2023 0,89x value creation 2024 0,21x Q2 2025 0,02x 0,02x 0,22x 0,42x 0,62x 0,82x 1,02x Liquidity at 30 June 2025 (
Slide 17: Guidance | 2025 – 2026
GUIDANCE │ 2025 – 2026 GROWING MARGINS AND SHAREHOLDER RETURNS 2025 2026 Gold production (koz) Group 2,900 – 3,225 2,900 – 3,225 Group All-in sustaining costs 1,580 – 1,705 1,580 – 1,705 Costs (1) ($/oz) Group Total cash costs 1,125 – 1,225 1,125 – 1,225 Group Total capital expenditure 1,620 – 1,770
Slide 18: Looking Ahead
LOOKING AHEAD DISCIPLINED IN DELIVERY, DISTINCT IN STRATEGY AND AN ATTRACTIVE ENTRY POINT Cerro Vanguardia, Argentina
Slide 19: Conclusion | Delivering on Our Commitments
CONCLUSION │ DELIVERING ON OUR COMMITMENTS Superior, Predictable Active Portfolio Enhancing CONSISTENT Operating Performance Management Capital Returns DELIVERY COMPELLING Best-in-Class Safety Practices Streamlining Portfolio Robust Balance Sheet Ranked Top 3 safety performance Divested non-core ass
Slide 20: Conclusion | Re-rating Gaining Momentum
CONCLUSION │ RE-RATING GAINING MOMENTUM Free Cash Flow Yield* Dividend Yield* 14,0% 5,0% 12,0% 4,0% 10,0% Avg. 8.6% 8,0% 3,0% Avg. 2.5% 6,0% 2,0% 4,0% 1,0% 2,0% 0,0% 0,0% Peer 5 AGA Peer 4 Peer 2 Peer 3 Peer 1 Peer 4 AGA Peer 3 Peer 2 Peer 1 Peer 5 Inferred all-in cost ($/oz) EV/EBITDA* 2 000 Avg. $
Slide 21: www.anglogoldashanti.com
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 22: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS Q2 2025 Non- AngloGold Corporate Sunrise Cerro Serra managed Managed Group Total 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 joint operations (3) Min
Slide 23: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS Q2 2025 Non- AngloGold Corporate Sunrise Cerro Serra managed Managed Group Total TOTAL CASH COSTS Geita Sukari Obuasi Tropicana Ashanti Sub-total Kibali Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 Grande Other and other joint operations (3) Mineração (2) ventures Cos
Slide 24: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS SIX MONTHS ENDED JUNE 2025 Non- AngloGold Corporate Sunrise Cerro Serra managed Managed Group Total 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 joint
Slide 25: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS SIX MONTHS ENDED JUNE 2025 Non- AngloGold Corporate Sunrise Cerro Serra managed Managed Group Total TOTAL CASH COSTS Geita Sukari Obuasi Tropicana Ashanti Sub-total Kibali Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 Grande Other and other joint operations (3) Mineraç
Slide 26: Appendix C | Adjusted EBITDA
APPENDIX C │ ADJUSTED EBITDA Quarter Quarter Six months Six months ADJUSTED EBITDA ended ended ended ended Jun Jun Jun Jun 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Adjusted EBITDA (1) Profit before taxation 1, 046 413 1, 775 580 Add bac
Slide 27: Appendix D | Adjusted Net Debt
APPENDIX D │ ADJUSTED NET DEBT (1)Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements. Rounding of figures may result in computational discrepancies. Q2 2025 EARNINGS RESULTS 27
Slide 28: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Q2 2025 EARNINGS RESULTS 28
Slide 29: Appendix F | Free Cash Flow Margin
APPENDIX F │ FREE CASH FLOW MARGIN Quarter Quarter Six months Six months FREE CASH FLOW MARGIN ended ended ended ended Jun Jun Jun Jun 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Free cash flow (refer Appendix E) 535 215 938 272 Dividends
Slide 30: Appendix F | Guidance 2025 – 2026
APPENDIX F │ 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,