Slide 1: Full Year 2024 Results
FULL YEAR 2024 RESULTS NYSE │ JSE │GSE 19 FEBRUARY 2025 MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES Sukari - Egypt
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 | Highest Priority
SAFETY │ HIGHEST PRIORITY CONTINUED FOCUS TO REDUCE RISK Total Recordable Injury Frequency Rate* Injuries per million hours worked 0.98 TRIFR 2024 5.0 -78% 10% TRIFR y-o-y 4.0 3.0 ICMM 2023 member companies avg. 2.59 2.0 0.98 1.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 5: 2024 in Review | A Year of Delivery
2024 IN REVIEW │ A YEAR OF DELIVERY C O N SIST EN T D EL IVERY O N A C L EA R ST R AT EG Y H A S IM PR O VED O U R F IN A N C IA L A N D O PER AT ING F U N D A M EN TAL S, SU PPO R T IN G A VA L U E A C C R ET IVE A C Q U IST ION A N D A D O PT ION O F A M O R E C O M PET IT IVE D IVID EN D PO L IC
Slide 6: 2024 Highlights | Improving Fundamentals
2024 HIGHLIGHTS │ IMPROVING FUNDAMENTALS STRONG OPERATIONAL AND FINANCIAL PERFORMANCE Improved fundamentals supports full year performance Real terms reduction in TCC* of 2% y-o-y $ Cuiabá ▲ 8% 2.661 Moz Cerro Vanguardia ▲ 7% OPERATIONAL COST $1,157 /oz** y-o-y increase ▲ 4% Siguiri ▲ 5% DELIVERY MA
Slide 7: Group Performance | 2024 Year at a Glance
GROUP PERFORMANCE │ 2024 YEAR AT A GLANCE OUR PORTFOLIO OF WORLD CLASS ASSETS AND PROJECTS TIER 1 Guinea DRC United States of America Siguiri (85%) Kibali (45%) (d) Expanded Silicon (a) North Bullfrog Project Mother Lode Longer life │ lower cost │ scale │ growth potential Sterling (b) Egypt Assets P
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) 20,000 The new 15,000 hybrid mining 10,000 schedule has been implemented 5,000 Sub-Level Open Stoping (SLOS) in lower Underhand Drift and Fill (UHDF) in higher grade, good ground c
Slide 9: Full Asset Potential | Tracking Physicals
FULL ASSET POTENTIAL │ TRACKING PHYSICALS YIELDING TANGIBLE IMPROVEMENTS Tropicana total underground ore tonnes (kt/month) Geita Nyankanga underground ore tonnes (kt/month) 200 200 180 180 160 2024 Avg. 160 140 31% 140 2024 Avg. 120 2022 Avg. 120 37% 100 100 2022 Avg. 80 80 60 60 40 40 20 20 0 0 Jan
Slide 10: Sunrise Dam | Refresh Opportunities
SUNRISE DAM │ REFRESH OPPORTUNITIES PRIORITIZING ORE MINED AND METALLURGICAL RECOVERY TO UNLOCK VALUE Near-term opportunities include increasing the volume of underground and open pit and improving metallurgical recovery • Open pit - Accelerate drilling and mining of Accelerating smaller open pits (
Slide 11: Full Asset Potential | Processing League Table
FULL ASSET POTENTIAL │ PROCESSING LEAGUE TABLE PROCESSING LEAGUE TABLES HELPED DRIVE A STEP-CHANGE IN METALLURGICAL RECOVERY AND THIS APPROACH IS BEING EXTENDED TO OPEN PIT AND UNDERGROUND MINING 2023 2024 99.7% 99.7% 99.7% Q4, 2024 99.5% Average 99.3% 99.1% 99.6% 98.9% 98.8% 98.9% 98.5% 1.2% 2024 A
Slide 12: Full Asset Potential | Accretive EBITDA Value 2022-2024
FULL ASSET POTENTIAL │ACCRETIVE EBITDA VALUE 2022 - 2024 ~$621M INCREMENTAL EBITDA BENEFIT DELIVERED BY OPERATIONAL IMPROVEMENTS ACROSS THE PORTFOLIO Incremental EBITDA benefit from 2022 to 2024 ($m) 621 173 178 270 2022 Actual 2023 Actual 2024 Actual Total *Rounding of figures may result in computa
Slide 13: Centamin Integration | 90 Days Milestone, On-Track
CENTAMIN INTEGRATION │90 DAYS MILESTONE, ON-TRACK MULTI-DISCIPLINARY INTEGRATION PROGRAM PROGRESSING WELL SUKARI ► Tier 1 Asset MAJOR ACHIEVEMENTS TO DATE • Smooth Day 1 and Week 1 transition • Deployment of AGA Values and Code of Business Principles and Ethics • Focused engagement and onboarding, c
Slide 14: Nevada Project | A New 20Moz District
NEVADA PROJECT │A NEW 20Moz DISTRICT NORTH AMERICA’S LARGEST NEW GOLD DISCOVERY Silicon 4.2Moz BEATTY DISTRICT ► New Tier 1 District Mineral Resource* +19.7 Moz of Au Mineral Resource* (157.6Mt @ 0.83g/t) North Bullfrog Merlin 12.1Moz 0.7Moz Mineral Resource* Mineral Resource* (355.1Mt @1.06g/t) (84
Slide 15: Project Update | Moving Up the Value Curve
PROJECT UPDATE │MOVING UP THE VALUE CURVE AN EMERGING TIER 1 ASSET NORTH BULLFROG PROJECT EXPANDED SILICON PROJECT Progression and future effort Advancing a Tier 1 opportunity 2024 • Completed dewatering pump test • Completed 132 km of drilling focusing on Mineral Resource definition at Merlin • NEP
Slide 16: Nevada | Merlin Inferred Mineral Resource Up Another 3Moz
NEVADA │ MERLIN INFERRED MINERAL RESOURCE UP ANOTHER 3Moz AN EMERGING TIER 1 ASSET 2024 Inferred Mineral Resource** increased from 9.05 Moz to 12.10 Moz for the Merlin deposit 2024 A A’ Stratigraphy Debris Flow Rainier Mesa Owl Canyon Paintbrush Group Bullfrog Tuff Tram Tuff meters above sea level L
Slide 17: MRMR | Foundational for Our Business
MRMR │ FOUNDATIONAL FOR OUR BUSINESS SECTOR-LEADING EXPLORATION PERFORMANCE Mineral Resource* 2023 – 2024 (Moz) +15% 122.1 1.0 1.1 -0.6 -0.1 1.2 0.8 3.0 3.4 106.3 5.7 2023 Acquisition Obuasi Expanded Silicon Sunrise Dam Kibali Geita Iduapriem ABC Other 2024 Mineral Reserve* 2023 – 2024 (Moz) +11% 31
Slide 18: Exploration | Long-Term, Sector-Leading Performance
EXPLORATION │ LONG-TERM, SECTOR-LEADING PERFORMANCE EXPLORATION SUCCESS OF THE PREVIOUS SEVEN YEARS CONTINUES ▲ 36% Mineral Reserve growth ▲ 31 Moz Mineral Reserve additions* Mineral Reserve additions (pre-depletion) y-o-y (Moz) 35 31.2 28.1 28.8 30 28.0 28.1 25.0 6.4 23.8 25 22.5 2.2 3.5 20 2.7 15
Slide 19: Financial Review
FINANCIAL REVIEW M O N ET IZ IN G T H E H IG H G O L D PR IC E EN VIR O N MEN T IN TO C A SH F L O W S A N D SH A R EH O L DER R ET U R N S ▲ 764% Free cash flow* $942 m
Slide 20: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │ INDUSTRY CONTEXT GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED <blank> <blank> 0 Inflation and 2024 2023 Pricing │ Average Gold Price Received* ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CPI(1) Local FX: US$(2) Country Local FX: US$(2) Loca
Slide 21: Group Financial Results | Full Year 2024
GROUP FINANCIAL RESULTS │ FULL YEAR 2024 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Salient Features FY 2024 FY 2023 y-o-y Δ Average gold price received* ($/oz) 2,394 1,930 24% Adjusted EBITDA* ($m) 2,747 1,420 93% Basic earnings ($m) 1,004 (235) 527% Headline earnings** $m 954 (46) 2,174% Capital
Slide 22: Group Operating Results | Full Year 2024
GROUP OPERATING RESULTS │ FULL YEAR 2024 STRONG PERFORMANCE FROM MANAGED OPERATIONS Salient Features FY 2024 FY 2023 y-o-y Δ Gold production - Group (koz) 2,661 2,644 1% Gold production - Managed Ops (koz) 2,352 2,301 2% Total cash costs* - Group ($/oz) 1,157 1,115 4% Total cash costs* - Managed Ops
Slide 23: Business Cost Performance
BUSINESS COST PERFORMANCE STRONG CASH COST PERFORMANCE, DESPITE CONTINUED INFLATIONARY PRESSURES Total Cash Costs* - 2024 vs 2023 ($/oz) AISC* - 2024 vs 2023 ($/oz) Non-controllable Normalised Controllable +5% +67 3 (+4%) 1,611 1,544 25 -45 454 429 -1% 1,171 14 -12 1,163 -20 4 1,157 -0 73 1,115 1,15
Slide 24: Strong Free Cash Flow Generation
STRONG FREE CASH FLOW GENERATION HIGHER GOLD PRICE REFLECTS IN BOTTOM LINE Free cash flow* – 2024 vs 2023 ($m) 95 -73 3 -162 -92 -103 -7 121 -48 1,099 942 109 2023 Price Sales Volume Ops Cost (1) Lease pymnt Working capital Divs from JV’s Taxes Capital Other investing Finance cost 2024 (1) Operating
Slide 25: Balance Sheet | Robust Liquidity
BALANCE SHEET │ ROBUST LIQUIDITY STRONG LIQUIDITY │ LONG-DATED MATURITIES │ LOW AND IMPROVING LEVERAGE Adjusted Net Debt*** to Adjusted EBITA***ratio Positioned for 2023 0.89x long-term growth and value creation 2024 0.21x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x Liquidity as at 31 December 2024 ($bn) De
Slide 26: New Capital Allocation Framework
NEW CAPITAL ALLOCATION FRAMEWORK MORE GENEROUS DIVIDEND POLICY AFFIRMS STRONG CASH FLOW GENERATION AND POSITIVE OUTLOOK Cash flow from operations Operational Excellence Sustaining capital expenditure Safe, stable operations Robust Balance Sheet < 1.0 x Adj. Net Debt* / Adj. EBITDA* Base dividend (Mi
Slide 27: Guidance | 2025 – 2026
GUIDANCE I 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 1,580 – 1,705
Slide 28: Looking Forward
LOOKING FORWARD R EG A IN IN G G L O B AL C O M PET ITIVEN ESS We h a ve a n o p e r a ting mo d e l a n d o p t imization p r o c e s s t h a t a r e n ow p r o ve n t o w or k; t h e p r o o f o f t h e p u d d in g is in t h e a b ilit y t o d e live r r e a l c o s t imp r o ve me n ts t h r e e
Slide 29: Key Priorities | 2025
KEY PRIORITIES I 2025 LASER FOCUSED ON NARROW ING THE VALUE GAP Improved Full Asset Deliver Portfolio Nevada, ESG Outcomes Potential Obuasi Optimization United States Delivery Deliver guidance, Refresher across Ramp up UHDF Grow Tier One North Bullfrog permit Strive for improving cost the portfolio,
Slide 30: Investment Case | Why AngloGold Ashanti
INVESTMENT CASE │ WHY ANGLOGOLD ASHANTI IMPROVING OUR RATING BY DELIVERING ON STRATEGY FCF/share1 ($) STRONG PORTFOLIO AND OPERATIONS 2.00 1.87 1.50 • Best in class safety record 1.14 0.99 1.00 • World-class diversified portfolio 0.50 • Real cost reductions over three years 0.25 • Proven asset optim
Slide 31: 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 (Q2 2021 = 100) 120 Calcinados TSF suspension, Sigui
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@anglogoldashanti.com yrchowthee@anglogoldashanti.com Investors@anglogo
Slide 33: Appendix A | All-In Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS Q4 2024 (in US Dollar million, except as otherw ise noted) Non- AngloGold Sunrise Cerro Serra Corporate managed Managed Group ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Iduapriem Projects Tropicana Sub-total Kibali Tier 1 Dam Siguiri Vanguardia Ashanti Tier 2 Gr
Slide 34: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS Q4 2024 (in US dollar million, except as otherwise noted) Non- AngloGold Group Sunrise Cerro Serra Corporate and managed Managed TOTAL CASH COSTS Geita Sukari Obuasi Iduapriem Tropicana Sub-total Kibali Tier 1 Dam Siguiri Vanguardia Ashanti Tier 2 Grande Other other (2)
Slide 35: Appendix C | All-In Sustaining Costs
APPENDIX C │ ALL-IN SUSTAINING COSTS 2024 (in US Dollar million, except as otherwise noted) Non- AngloGold Group Sunrise Cerro Serra Corporate and managed Managed ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Iduapriem Projects Tropicana Sub-total Kibali Tier 1 Dam Siguiri Vanguardia Ashanti Tier 2 Gr
Slide 36: Appendix D | Total Cash Costs
APPENDIX D │ TOTAL CASH COSTS 2024 (in US dollar million, except as otherw ise noted) Non- AngloGold Sub- Sunrise Cerro Serra Corporate managed Managed Group TOTAL CASH COSTS Geita Sukari Obuasi Iduapriem Tropicana total Kibali Tier 1 Dam Siguiri Vanguardia Ashanti Tier 2 Grande Other and other (2)
Slide 37: Appendix E | Adjusted EBITDA
APPENDIX E │ ADJUSTED EBITDA Quarter Quarter Year Year ended ended ended ended ADJUSTED EBITDA Dec Dec Dec Dec 2024 2023 2024 2023 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Adjusted EBITDA (1) Profit before taxation 698 144 1,672 63 Add back: Finance costs
Slide 38: Appendix E | Adjusted Net Debt
APPENDIX E │ ADJUSTED NET DEBT As at As at ADJUSTED NET DEBT (1) Dec Dec 2024 2023 US Dollar million, except as otherwise noted Unaudited Unaudited Borrowings - non-current portion 1,901 2,032 Borrowings - current portion 83 207 Lease liabilities - non-current portion 65 98 Lease liabilities - curre
Slide 39: Appendix E | Free Cash Flow
APPENDIX E │ FREE CASH FLOW Quarter Quarter Year Year ended ended ended ended FREE CASH FLOW Dec Dec Dec Dec 2024 2023 2024 2023 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Cash generated from operations(1) 713 306 2,063 871 Dividends received from joint vent