Slide 1: Q1 2025 Results
Q1 2025 RESULTS NYSE │ JSE │ GSE 09 MAY 2025 MI N I N G T O E MP 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 Obuasi, Ghana
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, cost savings and ot
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 | Highest Priority
SAFETY │ HIGHEST PRIORITY CONTINUED FOCUS TO REDUCE RISK Total Recordable Injury Frequency Rate* Injuries per million hours worked 5.0 we continuously strive -75% to remove harm and injury from our 4.0 operations. 3.0 ICMM latest member companies avg. 2.59 2.0 1.11 0.98 1.0 2011 2012 2013 2014 2015
Slide 5: Strong Growth in Production
Q1 2025 │ STRONG START TO THE YEAR STRONG GROWTH IN PRODUCTION WITH ADDITION OF SUKARI, WHILE COST CONTROL EFFORTS CONTINUE TO OFFSET COST INFLATION 5 Sukari, Egypt
Slide 6: Q1 2025 Highlights | Improving Fundamentals
Q1 2025 HIGHLIGHTS │ IMPROVING FUNDAMENTALS STRONG OPERATIONAL AND FINANCIAL PERFORMANCE Improved fundamentals supporting the strong start TCC* for managed operations reduced 2% y-o-y Sukari ▲ 117koz $ $1,223 720,000 oz Siguiri ▲ 32koz OPERATIONAL COST /oz** y-o-y increase ▲ 4% Tropicana ▲ 21koz DEL
Slide 7: Our Portfolio of World Class Assets and Projects
GROUP PERFORMANCE │ Q1 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 Projec
Slide 8: Obuasi | Taking Clear Steps to Improve Fundamentals
OBUASI │ TAKING CLEAR STEPS TO IMPROVE FUNDAMENTALS HYBRID MINING MODEL TO FACILITATE RAMP-UP UHDF ore tonnes mined (t) 30,000 25,000 The new 20,000 hybrid mining 15,000 schedule has 10,000 been implemented 5,000 Sub-Level Open Stoping (SLOS) in lower Underhand Drift and Fill (UHDF) in higher grade,
Slide 9: Full Asset Potential | Tracking Physicals
FULL ASSET POTENTIAL │ TRACKING PHYSICALS OUR REFRESH PROGRAM CONTINUES TO IMPROVE ON PREVIOUS PERFORMANCE, WITH LATAM THE NEXT WAVE OF VALUE Tropicana total underground ore tonnes (kt/month) Geita underground ore tonnes (kt/month) 190 320 180 300 170 280 160 260 150 240 Q1 2025 Q1 2025 140 220 130
Slide 10: Full Asset Potential | Processing League Table
FULL ASSET POTENTIAL │ PROCESSING LEAGUE TABLE AS WE CONTINUE TO IMPROVE, WE ARE CHALLENGING OUR MAXIMUM THEORETICAL ASSUMPTIONS AND RESETTING OUR TARGETS BASED ON NEW MINERALOGICAL AND GOLD DEPORTMENT STUDIES 2024 Q1 2025 104.3% 1.9% 101.7% 101.1% 1.8% Q1, 2025 Recovery (%OEE*) 100.1% 99.7% 99.7% 9
Slide 11: Project Update | Moving Up the Value Curve
PROJECT UPDATE │MOVING UP THE VALUE CURVE AN EMERGING TIER 1 ASSET NORTH BULLFROG PROJECT ARTHUR GOLD PROJECT Progression and future effort (Previously EXPANDED SILICON PROJECT) Advancing a Tier 1 opportunity 2025 • BLM schedule received with a revised ROD date of end 2026 • Various trade-off studie
Slide 12: Renewables | Pursuing 2030 Decarbonisation Targets
RENEWABLES │ PURSUING 2030 DECARBONISATION TARGETS TROPICANA RENEWABLES • Australia’s largest off-grid, hybrid power system • Integration of 61MW wind and solar generation into Tropicana’s existing 54MW, gas-fired power station • Owned and operated by Pacific Energy under 10-year build, own and oper
Slide 13: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS $403m ▲607% from Q1 2024 Free Cash Flow* *Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2025 for definitions and reconciliations.
Slide 14: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │ INDUSTRY CONTEXT GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED <blank> <blank> 0 Inflation and 2025 2024 Pricing │ Average Gold Price Received* ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1) Local FX: US$(2) Country Local FX: US$(2) Loca
Slide 15: Group Operating Results | Q1 2025
GROUP OPERATING RESULTS │ Q1 2025 STRONG PERFORMANCE FROM MANAGED OPERATIONS Salient Features Q1 2025 Q1 2024 q-o-q Δ Gold production - Group (koz) 720 591 22% Gold production - Managed operations (koz) 657 515 28% Total cash costs* - Group ($/oz) 1,223 1,181 4% Total cash costs* - Managed operation
Slide 16: Group Financial Results | Q1 2025
GROUP FINANCIAL RESULTS │ Q1 2025 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Salient Features Q1 2025 Q1 2024 q-o-q Δ Average price received* ($/oz) 2,874 2,063 39% Adjusted EBITDA* ($m) 1,120 434 158% Basic earnings ($m) 443 58 664% Headline earnings** ($m) 447 58 671% Capital expenditure - Group
Slide 17: Business Cost Performance
BUSINESS COST PERFORMANCE STRONG CASH COST PERFORMANCE, DESPITE CONTINUED INFLATIONARY PRESSURES Total Cash Costs* - Q1 2025 vs Q1 2024 ($/oz) AISC* - Q1 2025 vs Q1 2024 ($/oz) Market driven Normalised Controllable +7% +20 5 (+1%) -1% 1,620 1,640 -45 439 417 58 1,259 45 (62) -19 1,240 1,223 1,181 1,
Slide 18: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION HIGHER GOLD PRICE REFLECTS IN BOTTOM LINE Free cash flow* – Q1 2025 vs Q1 2024 ($m) 1 (165) 246 (62) (75) (63) (80) 403 544 57 Q1, 2024 Price Sales Volume Cash Ops Cost Working capital Taxes Capital Divs pd Q1, 2025 receipts from to minority Kibali** shareholders * R
Slide 19: Balance Sheet | Robust Liquidity
BALANCE SHEET │ ROBUST LIQUIDITY STRONG LIQUIDITY │ LONG-DATED MATURITIES │ LOW AND IMPROVING LEVERAGE Adjusted Net Debt*** to Adjusted EBITA***ratio Positioned for 2023 0.89x long-term growth and 2024 0.21x value creation Q1 2025 0.15x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x Liquidity as at 31 March 20
Slide 20: Guidance | 2025 – 2026
GUIDANCE │ 2025 – 2026 GROWING MARGINS AND SHAREHOLDER RETURNS 2025 2026 Gold production (koz) Group 2,900 – 3,225 2,900 – 3,225 Group All-in sustaining costs 1,580 – 1,705 1,580 – 1,705 Costs(1) ($/oz) Group Total cash costs 1,125 – 1,225 1,125 – 1,225 Group Total capital expenditure 1,620 – 1,770
Slide 21: Regaining Global Competitiveness
LOOKING FORWARD REGAINING GLOBAL COMPETITIVENESS Our operating model and optimization process are now proven to work, with real cost improvements for three consecutive years. Tropicana, Australia
Slide 22: Key Priorities | 2025
KEY PRIORITIES I 2025 LASER FOCUSED ON NARROW ING THE VALUE GAP Consistent Full Asset Deliver Portfolio Nevada, Enhance Outcomes Potential Obuasi Optimization United States Safety Deliver guidance, ‘Refresher’ round, Improve UHDF Sharpen focus on Merlin PFS and Strive for improving cost with clear f
Slide 23: Investors | Why AngloGold Ashanti
INVESTORS │ WHY ANGLOGOLD ASHANTI FACILITATING SECTOR-LEADING COST PERFORMANCE W ITH FULL ASSET POTENTIAL PROGRAMME Full Asset Potential programme has driven strong cost performance, offsetting inflationary impacts Total cash costs* indexed – real (Q1 2021 = 100) 120 Peer group average real cash cos
Slide 24: High Yields, Strong Margins, Attractive Entry Point
HIGH YIELDS, STRONG MARGINS, ATTRACTIVE ENTRY POINT Free Cash Flow Yield* Dividend Yield* 12.0% 5.00% 4.50% 10.0% 4.00% 8.0% Average 7.0% 3.50% 3.00% 6.0% 2.50% Average 2.6% 2.00% 4.0% 1.50% 2.0% 1.00% 0.50% 0.0% 0.00% AGA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 AGA Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Inf
Slide 25: 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 26: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS Q1 2025 (in US Dollar million, except as otherwise noted) Non- AngloGold Sunrise Cerro Serra Corporate managed Managed Group ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Tropicana Ashanti Projects Sub-total Kibali Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 Gra
Slide 27: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS Q1 2025 (in US dollar million, except as otherwise noted) Non- AngloGold Sunrise Cerro Serra Corporate managed Managed Group TOTAL CASH COSTS Geita Sukari Obuasi Tropicana Ashanti Sub-total Kibali Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 Grande Other and other (2)
Slide 28: Appendix C | Adjusted EBITDA
APPENDIX C │ ADJUSTED EBITDA Q1 2025 RESULTS 28
Slide 29: Appendix D | Adjusted Net Debt
APPENDIX D │ ADJUSTED NET DEBT Q1 2025 RESULTS 29
Slide 30: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Q1 2025 RESULTS 30
Slide 31: 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,