Anglogold Ashanti Plc · NYSE:AU
Anglogold Ashanti — Corporate Update (March 2025)
49 slides from Anglogold Ashanti's corporate update, Mar 17, 2025
Slide 1: Obuasi Site Visit
OBUASI SITE VISIT NYSE │ JSE │GSE MARCH 2025 MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES
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 co
Slide 3: Investor Note | Mineral Resource and Mineral Reserve
INVESTOR NOTE │ MINERAL RESOURCE AND MINERAL RESERVE 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 use
Slide 4: Obuasi | Visit Itinerary
OBUASI | VISIT ITINERARY Date/Time Activity 8:00am Site presentation Monday, 17th March 2025 9:30am Underground Tour 12:30pm Lunch 1:30pm Underground tour Transfer to 5:00pm accommodation Date/Time Activity Tuesday, 18th March 2025 7:35am Transfer to ODD 8:30am Surface Tour 10:00am Transfer to Kumas
Slide 5: Obuasi | Overview
OBUASI | OVERVIEW • Historically, Obuasi faced a number of challenges to safe, sustainable and profitable operations, including: • Sub-optimal mining method – labour-intensive approach led to challenges including poor productivity, low development rates, high dilution • Ore body knowledge – insuffic
Slide 6: Obuasi | Redevelopment Project Journey
OBUASI | REDEVELOPMENT PROJECT JOURNEY Phase 1 Phase 2 Phase 3 TERMS OF END REFERENCE May Mar May Dec Sep Dec May Sep Dec Dec Dec Mar Dec LOM STATE 2014 2016 2018 2018 2019 2019 2021 2021 2021 2022 2023 2024 2024 2052 0 Delivery Obuasi Mine taken to care into portfolio and maintenance ORP 3 through
Slide 7: Obuasi | Leadership Team
OBUASI | LEADERSHIP TEAM TERRY STRONG Senior Vice President for the Africa Business Unit at AngloGold Ashanti and is responsible for overseeing the Company's operations in Ghana, Tanzania and Guinea. He is a mining industry executive with over 30 years’ experience working in Gold, Nickel, Diamonds,
Slide 8: Obuasi | Geology
OBUASI | GEOLOGY OBUASI SITE VISIT 2025 8
Slide 9: Geology | Regional Setting
GEOLOGY | REGIONAL SETTING Prolific Birimian Belts of West Africa (West African Craton) • Palaeoproterozoic age Birimian geology extends from Ghana to Senegal • The Paleoproterozoic rocks in the vicinity of Obuasi consist of volcanosedimentary rocks of Birimian and Tarkwaian series • The Birimian se
Slide 10: Geology | Mineralisation
GEOLOGY | MINERALISATION • Obuasi deposit comprises three identifiable trends: the Main trend, the Binsere trend c.5km NW of Main trend and Gyabunsu trend c.3km SE of Main trend • Five major shear zones identified within Main trend, with Obuasi Fissure most prominent, extending roughly NE-SW over a
Slide 11: Geology | Structural Controls on Mineralisation
GEOLOGY | STRUCTURAL CONTROLS ON MINERALISATION Geological risk management • Ore-body variability and complexity in terms of: • pinch and swell structures • presence of multiple lodes • variable grade due to the high nugget nature of the deposit • geotechnical issues related to development in graphi
Slide 12: Geology | Mineralisation Distribution
GEOLOGY | MINERALISATION DISTRIBUTION C’DOR Exclusive Mineral Tonnes Grade Contained Category Sansu Block 8 Block 10 Block 1 Block 2 Adansi Resource* million (g/t) gold (Moz) 0.39Moz 1.33Moz 1.92Moz 0.55Moz 0.52Moz 0.34Moz @7.98g/t @8.94g/t @9.69g/t @7.48g/t @8.75g/t @21.48g/t at 31 December 5000 50
Slide 13: Redevelopment Project Phase 3 | Upgrading Infrastructure
REDEVELOPMENT PROJECT PHASE 3 | UPGRADING INFRASTRUCTURE
Slide 14: ORP 3 | Addressing Infrastructure Challenges
ORP 3 | ADDRESSING INFRASTRUCTURE CHALLENGES N KRS 1 ODD Portal 3 KMS Portal 2 4 ORP3 at $160m capex GCVS was final phase of SNVS Blackies GCS $812m budgeted Cote D’or reinvestment CAT300 KMVS-2 8 9 BSVS 7 BlK3&4 Started 2017/18, ended in 2024 1 Sansu 5 BlK1 2 BlK8L 41 RAIL 6 BlK2 Addresses four his
Slide 15: ORP 3 | Obuasi Deeps Decline Improves Ore Body Access
ORP 3 | OBUASI DEEPS DECLINE IMPROVES ORE BODY ACCESS Completion Decline Started – Suspended Restarted – End 2027 Justification June 2013 Jan 2016 Feb 2019 reach 50Lvl Efficient access for mechanized mining Additional material handling infrastructure Second access/egress to/from “Deeps” areas Fresh
Slide 16: ORP 3 | KMS Winders - Improving Long-Term Flexibility
ORP 3 | KMS WINDERS - IMPROVING LONG-TERM FLEXIBILITY Technical Specifications • Man-Material winder 100-person capacity • Rock winder capable of 6,000tpd hoisting • Shaft loading infrastructure • Shaft off loading and bunker Challenges Overcome • Operating the mine while undertaking works – shaft s
Slide 17: ORP 3 | Upgrading Pumping Capacity for Entire Mine
ORP 3 | UPGRADING PUMPING CAPACITY FOR ENTIRE MINE Technical Specifications • Pump Duty – 100l/sec/s • Three pump sets • Deep Level pumps from 50Level to 43/44Level to 29Level and to surface • System capability 25.9ML/day Challenges Overcome • Ongoing dewatering while installing • New shaft column i
Slide 18: ORP 3 | KMVS 2 – Largest Raise Bore on Record for Vent
ORP 3 | KMVS 2 – LARGEST RAISE BORE ON RECORD FOR VENT Technical Specifications • Largest raise bore on record at 944m below surface • Fan Duty - 750m3/s @ 5.00KPa • Bifurcated Duct Design • Shaft Diameter 6.5 m • VSD drive Challenges Overcome • Poor ground formation • Chippings handling with “small
Slide 19: ORP 3 | Rail Haulage Improves Flexibility, Efficiency
ORP 3 | RAIL HAULAGE IMPROVES FLEXIBILITY, EFFICIENCY Technical Specifications • Lithium battery technology • 4 x 50t Locomotives • 2 spans x 10 wagons x 20t each • 200t per trip • 6,000t per day capacity Challenges Overcome • Tunnel support and steel sets • Manual work • Managing tip constructio
Slide 20: ORP 3 | 50 Level and Mud Challenges
ORP 3 | 50 LEVEL AND MUD CHALLENGES Technical Specifications • Second egress • Access of deepest source of water • Access to shaft bottom • Access to 50 level Challenges Overcome • Mud build up on 50L • Manual load out by hand Main Objective • New MV substation • New water pumps • Solid launch pad i
Slide 21: ORP 3 | Material Handling Upgrades - Conveyor, Loading Stations
ORP 3 | MATERIAL HANDLING UPGRADES - CONVEYOR, LOADING STATIONS Technical Specifications • Crusher plant to address oversize material underground • Automated material handling from both 44L and 51L Show crusher Challenges Overcome • Ore Pass rehabilitation Main Objective • Ability to crush undergrou
Slide 22: ORP 3 | KMS Surface Infrastructure Upgrades
ORP 3 | KMS SURFACE INFRASTRUCTURE UPRGADES Technical Specifications • Capacity to support a 500-person mining crew at the KMS complex • Focused management from KMS • Centralized control room Challenges Overcome • Surface and underground concurrent operations • Change a “scrapyard” to a functional o
Slide 23: Obuasi | Hybrid Mining Approach
OBUASI | HYBRID MINING APPROACH
Slide 24: Obuasi | Improving Safety Trends
OBUASI | IMPROVING SAFETY TRENDS Total Recordable Injury Frequency Rate* Injuries per million hours worked 1.60 1.52 1.44 1.40 1.20 1.00 Group Ave 0.98 0.79 0.80 0.75 0.71 0.60 0.40 0.20 - 2020 2021 2022 2023 2024 TRIFR: Total Recordable Injury Frequency Rate (TRIFR for the Group excludes non-manage
Slide 25: Mining Method | Overview
MINING METHOD | OVERVIEW • Original approach at restart was based on bulk mining method, i.e. Sub-level open stoping • This method had its limitations once we encountered brittle ground conditions in high grade areas • Necessitated pivot to Underhand Drift and Fill, a selective method better suited
Slide 26: The Challenge | Improve Ore Body Knowledge
THE CHALLENGE | IMPROVE ORE BODY KNOWLEDGE Contrast between Open Pit vs Underground Drilling • Ore bodies are typically large and structurally complex • Ore definition is challenging: • manageable in Open pit with dense Reverse Circulation Grade Control drilling • UG difficult with broader spaced Di
Slide 27: Challenging Orthodoxy | Adapt Drilling Standards
CHALLENGING ORTHODOXY | ADAPT DRILLING STANDARDS OPEN PIT VS UNDERGROUND DRILLING STANDARDS • Reverse circulation drilling is used almost exclusively in open pits to improve ore body knowledge, but hardly ever deployed in underground mines despite being cheaper and faster than diamond drilling • Can
Slide 28: RC Drilling Grade Control | Solution Development
RC DRILLING GRADE CONTROL | SOLUTION DEVELOPMENT UNDERGROUND REVERSE CIRCULATION DRILLING (UGRC) SOLUTION SUMMARY Solution developed using ITH rigs with MDU Drilling and UGRC Rig setup Sample splitter Sunrise Dam geology team: • Surface RC drilling and sampling applied underground • Increase sample
Slide 29: RC Drilling Grade Control | Obuasi Results
RC DRILLING GRADE CONTROL | OBUASI RESULTS Diamond Drilling Reverse Circulation (RC) Drilling Grade Control Model (20mx20m) Grade Control Model (10mx10m) MODEL COMPARISON Diamond Grade Control Model RC Grade Control Model Differences Block Tonnes Grade oz Tonnes Grade oz Tonnes Grade oz Block 8 33 L
Slide 30: Summary | RCGC for Underground
SUMMARY | RCGC FOR UNDERGROUND Applying common integrated operational approaches for underground mining is part of our operational strategy Achieving the same level of ore body knowledge, which we generate for open pit operations was a key challenge that led us to test and prove Reverse Circulation
Slide 31: RC Drilling Grade Control | Obuasi Targets
RC DRILLING GRADE CONTROL | OBUASI TARGETS SANSU BLOCK 8 BLOCK 10 BLOCK 1 BLOCK 2 COTE D'OR ADANSI ADANSI Untested zone BLOCK 12 BLOCK 14 BLOCK 11 UG RC Drilling sites Block 8 Block 10&11 Cote D’Or Block 2 Resource conversion Resource conversion Resource conversion Block 2 resource conversion 3km of
Slide 32: Sub-Level Open Stoping | SLOS
SUB-LEVEL OPEN STOPING | SLOS
Slide 33: SLOS | Overview
SLOS | OVERVIEW Plan View: Plan View: A Transverse Opening Stoping C Longitudinal Retreat Stopes Sub-Level Open Stoping a selective and productive method of mining that can be employed for orebodies of varying thicknesses and dips This includes two kinds of stopes • An x-cut is developed at the cent
Slide 34: SLOS | Overview
SLOS | OVERVIEW A Typical Long sectional view of a SLOS stope B Typical production ring layout in SLOS 25m Upper Level 25m Slot Raise Low Level 25m 15-25m OBUASI SITE VISIT 2025 34
Slide 35: SLOS | Planned SLOS Blocks
SLOS | PLANNED SLOS BLOCKS OBUASI SITE VISIT 2025 35
Slide 36: SLOS | Transverse Stoping
SLOS | TRANSVERSE STOPING Failures on Stope shoulders (2800 325 Stope) Unstable Stope Stable crown and walls Stable Stope OBUASI SITE VISIT 2025 36
Slide 37: SLOS | Longitudinal Stoping
SLOS | LONGITUDINAL STOPING Failures on Stope walls (2602 363 RDS) B) Excessive Overbreak Stable crown and walls (3400 260 RDS P7) OBUASI SITE VISIT 2025 37
Slide 38: SLOS | Slot Opening Improvement
SLOS | SLOT OPENING IMPROVEMENT • Management of slot charging and blasting by dedicated Mine Engineering team • Introduction of easer-L to speed up with slot opening Easer L Rig Slot Opening Slot opening (days) Monthly Avg 2025 Target H1/2024 8 19 6 Jul 24 – Feb 25 Avg. 14 12 9 FAP 6 5 5 Target 3 4
Slide 39: SLOS | Mine Schedule
SLOS | MINE SCHEDULE 2025 TO 2028 MINE SCHEDULE • Stopes: 12 – 18 per month • Ore tonnes: 1.0 – 1.2 Mtpa • Ounces: c.200koz/pa (2023 – 2024 avg. 223koz) • Target mined grade: 5.0g/t – 7.0g/t OBUASI SITE VISIT 2025 39
Slide 40: Underhand Drift & Fill | UHDF
UNDERHAND DRIFT & FILL | UHDF
Slide 41: UHDF | Transition to UHDF – Look Back at Factors Driving the Change
UHDF | TRANSITION TO UHDF – LOOK BACK AT FACTORS DRIVING THE CHANGE R AM P U P I N G O L D P R O D U C T I O N W AS H AM P E R E D B Y P O O R G R O U N D I M P R O V I N G D E V E L O P M E N T - K E Y C AP A B I L I T Y F O R U H D F R AM P - U P CONDITIONS 1,750 35,000 Target: • Development +50%
Slide 42: UHDF and SLOS | Mitigating Geotechnical Challenges
UHDF and SLOS | MITIGATING GEOTECHNICAL CHALLENGES A) Introducing V-Seal to replace Fibrecrete C) MDX Bolt installation UG We’ve taken a two-pronged approach: Improved execution of SLOS in lower-grade areas and test UHDF suitability for higher-grade areas • V-Seal trial application to replace Fibrec
Slide 43: UHDF | Introduction to UHDF
UHDF | INTRODUCTION TO UHDF Underhand Drift and Fill (UHDF) is literally horizontal development • A central access is typically established from a footwall ramp system and a crosscut is developed to the furthest contact of the orebody • Filling is using slack base binder (Minecem) 35L UHDF Pastefill
Slide 44: UHDF | Introduction to UHDF
UHDF | INTRODUCTION TO UHDF Fully exposed and meshed paste on the RHW for over 80.0m strike length OBUASI SITE VISIT 2025 44
Slide 45: UHDF | Pathway to Opening Up More UHDF
UHDF | PATHWAY TO OPENING UP MORE UHDF END ROADMAP TO IMPROVING UHDF • Ramping up annual development from c.4km to c.8km per year by 2028 supported by multiple work areas in Block 8, Block 10 & Block 11 • Flexible development, unconstrained by • Ground support requirement (underground V-seal batchin
Slide 46: UHDF | Mine Schedule
UHDF | MINE SCHEDULE 2025 TO 2028 MINE SCHEDULE • Development ramping up from a planned c.4,000m in 2025 to c.8,000m/pa by 2028 – using dedicated crews • Ore tonnes ramping up to from a planned c.150kt in 2025 to c.500kt/pa by 2028 • Medium term targeted mined grade: >10.0 g/t • Ounces: ramping up a
Slide 47: Conclusion
CONCLUSION Insert image OBUASI SITE VISIT 2025 47
Slide 48: Overall | A Clear Pathway to 400Koz
OVERALL | A CLEAR PATHWAY TO 400Koz OPTIMISING SLOS IN LOWER-GRADE AREAS + INCREASING PRODUCTION FROM UHDF IN HIGHER-GRADE AREAS = SAFER, MORE PREDICTABLE RAMP-UP PROFILE Critical Item Status 2025: 250koz – 300koz • Inc. UHDF 50koz – 100koz Implement UHDF in high-grade areas with difficult Complete
Slide 49: w w w. a n g l o g o l d a s
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@anglogoldashanti.com yrchowthee@anglogoldashanti.com Investors@anglogo