AngloGold Ashanti : Q1 2026 – Earnings Release Presentation pdf , 3.2mb

Published: 2026-05-08 06:03:14 ET AU

Published on 05/08/2026 at 06:03 am EDT

N Y S E │ J S E │ G S E

0 8 M A Y 2 0 2 6

M I N I N G T O E M P 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

Nevada, United States

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 AngloGold Ashanti's Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold, copper, silver, sulphur and molybdenum estimated at 31 December 2025 and are based on information available at the time of estimation. Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. The Mineral Resource and Mineral Reserve estimates are published at 31 December 2025, taking into account economic assumptions, changes to future production and capital costs, depletion, additions as well as any acquisitions or disposals during 2025. The legal tenure of each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required mining permits or there exists a realistic expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with AngloGold Ashanti's (or its joint venture partners') current mine plans. For the Mineral Reserve, the term "economically viable" means that profitable extraction or production has been established or analytically demonstrated in, at a minimum, a pre-feasibility study, to be economically viable under reasonable investment and market assumptions. Mineral Reserve is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Probable and Proven Mineral Reserve categories. Mineral Reserve is aggregated from the Probable and Proven Mineral Reserve categories. Ounces of gold or silver or pounds of copper or sulphur included in the Probable and Proven Mineral Reserve are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility) and exclude losses during metallurgical treatment. In compliance with Regulation S-K 1300, the Mineral Resource herein is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Mineral Resource is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Inferred, Indicated and Measured Mineral Resource categories. Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred, Indicated and Measured Mineral Resource are those contained in situ prior to losses during extraction and processing. While it would be reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.

If estimations must be revised due to significantly lower commodity prices, increases in operating costs, reductions in metallurgical recovery or other factors, the Mineral Resource or Mineral Reserve may not be mined or processed profitably. In addition, material write-downs of AngloGold Ashanti's investment in its mining properties may be required, including impacts on goodwill, as well as increased amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain parts of its Mineral Resource or Mineral Reserve have become uneconomic, this may ultimately lead to a reduction in its reported aggregate Mineral Resource or Mineral Reserve, respectively. Consequently, if AngloGold Ashanti's actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and financial position may be materially impaired.

Pre-feasibility and feasibility studies for undeveloped ore bodies present estimated capital expenditure and operating costs based on anticipated tonnage and grades of ore to be mined and processed. Other factors underlying the estimations include, among others, the predicted configuration of the ore body, anticipated metal recovery rates, and estimated costs of operating and processing equipment and facilities. Actual operating and capital expenditure cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. The Mineral Resource is subject to further exploration and development, and is subject to additional risks, and no assurance can be given that they will eventually convert to Mineral Reserve.

For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of Item 1303 (Summary disclosure) of Regulation S-K, as presented in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2025, filed with the SEC on 26 March 2026. These summary tables include each class of Mineral Resource (Inferred, Indicated and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve (Probable and Proven) together with total Mineral Reserve. The Mineral Resource at the end of the financial year ended 31 December 2025 was estimated using a gold price of $2,000/oz (2024: $1,900/oz), a copper price of $3.50/lb (2024: $3.50/lb), a silver price of $23.00/oz (2024: $23.00/oz) and a molybdenum price of $12.00/lb (2024: $12.00/lb), unless otherwise stated. The Mineral Reserve at the end of the financial year ended 31 December 2025 was estimated using a gold price of $1,700/oz (2024: $1,600/oz), a copper price of $3.10/lb (2024: $2.90/lb) and a silver price of $19.50/oz (2024: $19.50/oz), unless otherwise stated.

The scientific and technical information in respect of AngloGold Ashanti's Mineral Resource and Mineral Reserve for the financial year ended 31 December 2025, contained in this document has been reviewed and approved for release by Mrs. TM Flitton, Chairperson of AngloGold Ashanti's Mineral Resource and Mineral Reserve Leadership Team, Vice President Resource and Reserve, Master of Engineering (Mining), Bachelor of Science (Honours, Geology), SME RM, Pr.Sci.Nat (SACNASP), FGSSA. Mrs. TM Flitton assumes responsibility for the Mineral Resource and Mineral Reserve processes for AngloGold Ashanti. Mrs. TM Flitton has 24 years' experience in mining with 13 years directly leading and managing Mineral Resource and Mineral Reserve reporting. She is employed full-time by AngloGold Ashanti and can be contacted at the following address: 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United States. Mrs. TM Flitton consents to the inclusion of the Mineral Resource and Mineral Reserve information in this document, in the form and context in which it appears in the narrative disclosure.

SAFETY │OUR HIGHEST PRIORITY

our operations.

R E C O R D P E R F O R M A N C E A C H I E V E D

Total Recordable Injury Frequency Rate*

-81%

ICMM 2024 member companies avg. 2.29

0.86

Injuries per million hours worked 5.0

4.0

3.0

2.0

1.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

TRIFR

Q1 2026

*TRIFR: Total Recordable Injury Frequency Rate (excludes non-managed joint ventures)

Q1 2026 HIGHLIGHTS │ STRONG START TO THE YEAR

S T R O N G O P E R A T I O N A L A N D F I N A N C I A L P E R F O R M A N C E

Market-driven factors driving cost increases

OPERATIONAL

DELIVERY

COST MANAGEMENT

Group total

cash costs*

$1,391/oz**

y-o-y increase ▲ 14%

Managed operations**

y-o-y increase ▲ 14%

Robust balance sheet underpinned by strong liquidity

c.$4.6bn

▲Strong liquidity

CASH FLOW

AND EARNINGS

BALANCE SHEET

AND CAPITAL

ALLOCATION

$868m

▲Net cash*

(2025 Q1: Net debt* $755m)

$1.16/sh 2026

▲Dividends declared

c.$585m 2026 Q1

$467m

▲ 39% Group capital

expenditure

(2025 Q1: $336m)

Improved fundamentals supporting performance

Geita ▲ 12koz

724koz

Cuiabá ▲ 9koz Obuasi ▲ 8koz Iduapriem ▲ 4koz

▲ 1% Gold production

(2025 Q1: 720koz)

Cerro

Vanguardia

▲ 3koz

Tropicana ▲ 2koz

Earnings, cash flow increase ahead of gold price

$1.2bn $1.3bn

▲ 190% Free cash flow*

(2025 Q1: $0.4bn)

▲ 187% Headline earnings***

(2025 Q1: $0.45bn)

$2.3bn $1.3bn

▲ 130% EBITDA*

(2025 Q1: $1.0bn)

▲ 189% Basic earnings

(2025 Q1: $0.44bn)

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

**Total cash costs* $1,377/oz for managed operations and $1,554/oz for non-managed joint ventures in Q1 2026; $1,213/oz for managed operations and $1,325/oz for non-managed joint ventures in Q1 2025.

***The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.

GROUP PERFORMANCE │ Q1 2026 AT A GLANCE

O U R P O R T F O L I O O F W O R L D C L A S S A S S E T S A N D P R O J E C T S

Guinea

Siguiri (85%)

TIER 1

Lower cost │ Scale │ Growth potential

Iduapriem

Ghana

Obuasi

Colombia

Quebradona

DRC

Kibali (45%) (c)

Egypt

Sukari (50%)

United States of America

Arthur Gold Project(a) North Bullfrog Project

Nevada Regional Deposits(b)

Geita Obuasi Kibali

Assets

▼

Sukari Cuiabá Tropicana

Projects

▼

Nevada Quebradona

Tanzania

Geita

Gold Production

TCC* TCC

Margin*

AISC*

Legend

Tier 1 Assets

Tier 1 Projects

Tier 2 Assets Exploration

Brazil

AGA Mineração (Cuiabá)

Argentina

Cerro Vanguardia (92.5%)

Australia Tropicana (70%) Sunrise Dam

504koz $1,273/oz 74% $1,738/oz

TIER 2

Reliable cash generators │ FP focus │

Opportunities to improve cost competitiveness

Assets

▼

Sunrise Dam Siguiri Iduapriem

Cerro Vanguardia

Notes:

Arthur Gold Project (previously known as Expanded Silicon Project, includes the Silicon and Merlin deposits)

Includes deposits of Reward, Bullfrog, Mother Load, Crown Block (SNA, Secret Pass and Daisy) and the Sterling mine

Gold Production

TCC* TCC

Margin*

AISC*

Operated by Barrick Mining Corporation (Barrick) 220koz $1,615/oz 67% $2,185/oz

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

2025: Enhancing Shareholder Yield

Established an industry-leading dividend payout framework

Declared >$2.0bn** in dividends since the end of 2024

Successfully distributed >50% of our $2.9bn FCF in 2025

2026: Optimizing the Balance Sheet

Executed proactive liability management program

Successfully retired $666m of our long-dated bonds in April 2026

Stronger balance sheet to support long-term operational flexibility

Targeting a net cash* balance of c.$1bn at the end of 2026

2026: Strategic Share Repurchase

Proposing a new $2.0bn open-market share repurchase program

Enhancing capital returns in a disciplined way, in line with North American peers

Additional Dividends

Additional returns to shareholders

Long-term Debt Reduction

Potential Share Buybacks

Under supportive market conditions

Base dividend

(Minimum payout $0.125 per quarter)

Growth capital expenditure*

(Investing in future low cost growth)

Top up dividend

(payout to achieve 50% FCF* target)

Excess cash optionality

50% of Free Cash Flow

Robust Balance Sheet

< 1.0 x Net Debt* / EBITDA*

Sustaining capital expenditure*

Safe, stable operations

Cash flow from operations

Operational Excellence

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

** Includes $1,026m paid in dividends during Q1 2026.

RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS

▲190% from Q1 2025

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

G O L D C O N T I N U E D T O O U T P A C E M O S T M A J O R A S S E T C L A S S E S , F U L L Y U N H E D G E D

Mar 2026

Local CPI(1)

Local FX: US$(2)

Inflation and

Exchange Rates

Mar 2025

Local CPI(1) Local FX: US$(2)

Pricing │ Group Average Gold Price Received*

($/oz)

2,874

USA

3.3%

2.4%

Ghana

3.2%

24.7%

22.4%

(29.9%)

Argentina

32.6%

(37.3%)

55.9%

(113.2%)

Australia

4.6%

1.4%

2.4%

(0.9%)

Tanzania

3.2%

3.1%

3.3%

(5.9%)

Guinea

3.3%

(1.2%)

3.7%

(0.7%)

Egypt

15.2%

0.6%

13.6%

(52.9%)

Brazil

4.1%

3.1%

5.5%

(13.7%)

Colombia

5.6%

5.1%

(0.6%)

age inflation

3.5%

5.1%

Q1 2025

Q1 2026

Pricing │ Average Oil Price

($/bbl)

Q1 2025

4,863

Q1 2026

Brent Crude $bbl

Aver

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

Information sourced from Bloomberg and not always up to current reporting date

(1) Percentage change in respective index (CPI - Consumer Price Index)

(2) Percentage variance of annual average FX rate (FX - Foreign Exchange)

GROUP OPERATING RESULTS │ Q1 2026

H I G H E R G O L D P R I C E , I N F L A T I O N A N D F O R E I G N E X C H A N G E I M P A C T S D R I V I N G C O S T I N C R E A S E S

Salient Features

Q1 2026

Q1 2025

y-on-y Δ

Gold production - Group (koz)

724

720

+1%

Gold production - Managed operations (koz)

666

657

+1%

Total cash costs* - Group ($/oz)

1,391

1,223

+14%

Total cash costs* - Managed operations ($/oz)

1,377

1,213

+14%

AISC* - Group ($/oz)

1,955

1,640

+19%

AISC* - Managed operations ($/oz)

1,980

1,657

+19%

All gold production and gold sold metrics are stated on a consolidated basis for managed operations and on an attributable basis for non-managed joint ventures, unless otherwise stated.

Total cash costs* $1,377/oz for managed operations and $1,554/oz for non-managed joint ventures in Q1 2026; $1,213/oz for managed operations and $1,325/oz for non-managed joint ventures in Q1 2025. AISC* $1,980/oz for managed operations and $1,719/oz for non-managed joint ventures in Q1 2026; $1,657/oz for managed operations and $1,463/oz for non-managed joint ventures in Q1 2025.

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

GROUP FINANCIAL RESULTS │ Q1 2026

S I G N I F I C A N T C A S H F L O W A N D E A R N I N G S L E V E R A G E

Average Gold Price Received*

$4,863/oz

2025 Q1:

▲ $2,874/oz

EBITDA*

$2,291m

2025 Q1:

▲ $996m

Basic Earnings

$1,281m

2025 Q1:

▲ $443m

Headline Earnings**

$1,285m

2025 Q1:

▲ $447m

Capital Expenditure

- Group

$467m

2025 Q1:

▲ $336m

Net Cash Flow from Operating Activities

$1,709m

2025 Q1:

▲ $725m

Free Cash Flow*

$1,169m

2025 Q1:

▲ $403m

Net

(Cash) Debt*

$(868m)

2025 Q1:

$755m

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

**The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.

BUSINESS COST PERFORMANCE

S T R O N G C A S H C O S T P E R F O R M A N C E F R O M M A N A G E D O P S D E S P I T E M A R K E T D R I V E N C O S T I N C R E A S E S

Total Cash Costs* - Q1 2026 vs Q1 2025

($/oz)

Market driven

Controllable

+16%

-2%

1,413 1,413

1,391

1,223

Normalised Non-managed Managed

Q1 2026

Flex Cost

Exchange

Fuel price

Royalty

Inflation

Q1 2025

117

-32

Total cash costs* $1,377/oz for managed operations and $1,554/oz for non-managed joint ventures in Q1 2026; $1,213/oz for managed operations and $1,325/oz for non-managed joint ventures in Q1 2025.

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

STRONG FREE CASH FLOW* GENERATION

H I G H E R G O L D P R I C E R E F L E C T S I N B O T T O M L I N E

Free cash flow* - Q1 2026 vs Q1 2025

($m)

-63

-141

403

-215

1,290

-83

-125

1,169

Q1 2025

Price

Sales Volume

Cash

Ops Cost

Working capital

Taxes

Capital

Distributions to

Q1 2026

receipts from

non-controlling

Kibali**

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

**Includes dividends received and loan repayments.

shareholders

GUIDANCE │ 2026

G R O W I N G M A R G I N S A N D S H A R E H O L D E R R E T U R N S

2026 Guidance

Group

2,800 - 3,170

Managed operations

2,530 - 2,860

Gold production (koz) Non-managed operations

270 - 310

Africa

1,890 - 2,150

Australia

495 - 555

Americas

415 - 465

Group All-in sustaining costs

1,780 - 1,990

Managed operations

1,825 - 2,050

Non-managed operations

1,355 - 1,460

Africa

1,780

Australia

2,100

Costs (1) ($/oz) Americas

1,725

Group Total cash costs

1,315 - 1,430

Managed operations

1,335 - 1,455

Non-managed operations

1,135 - 1,225

Africa

1,300

Australia

1,815

Americas

1,190

Group Total capital expenditure

1,825 - 1,975

Managed operations

1,640 - 1,770

Non-managed operations

185 - 205

Group Sustaining capital expenditure

1,040 - 1,140

Capital Expenditure (1) ($m) Managed operations

985 - 1,075

Non-managed operations

55 - 65

Group Non-sustaining capital expenditure

785 - 835

Managed operations

655 - 695

Non-managed operations

130 - 140

(1) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain disruptions, any public health crises, pandemics or epidemics, and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions for 2026 guidance are as follows: $0.68/A$, BRL5.47/$, AP1,606/$, ZAR16.90/$, Brent $61/bbl and gold price of approximately $4,250/oz.

Cost and capital forecast ranges for 2026 are expressed in "nominal" terms. "Nominal" cash flows are current price term cash flows that have been inflated into future value, using an appropriate "inflation" rate. Cost and capital forecast ranges for 2027 are expressed in "real" terms. "Real" cash flows are adjusted for "inflation" in order to reflect the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance, and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2025 filed with the SEC.

LOOKING AHEAD

Cuiabá, Brazil

2026 FOCUS AREAS │ DISCIPLINED EXECUTION

L A S E R F O C U S E D O N M A I N T A I N I N G C O S T D I S C I P L I N E

Total Cash Costs*

Protecting Margins

Sustaining Capital*

Protecting the Core

Growth Capital*

Disciplined, High Return Expansion

Full Asset Potential to offset inflationary pressures

Increase production share from

Tier One assets

Active portfolio management

Appropriately capitalised assets for safe, sustainable operations

Advance Mineral Reserve

Development to improve flexibility

Continued Mineral Reserve replacement and growth

Major long-term growth projects in Nevada

Create flexibility for life extension,

brownfield growth

Short-cycle, high-return organic projects to strengthen portfolio

*Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 for definitions and reconciliations.

STRATEGIC CATALYSTS │ DE-RISKING HIGH-MARGIN GROWTH

M U L T I - S T A G E O P T I O N S I N E X E C U T I O N A N D S T U D I E S U N D E R W A Y O N C A P I T A L E F F I C I E N T G R O W T H P R O J E C T S

Siguiri

Options include - combine pits, expand fleet, transitioning plant to 12mtpa full fresh rock feed

Extend life through Mineral Reserve growth, infrastructure upgrades

Cuiabá

Extend life through Mineral Reserve growth, infrastructure upgrades

Increase plant throughput via Line 2 refurbishment

Higher ore feed from satellite operations

Sukari

Mining expansion: new portal, fleet upgrade, accelerated stripping

Processing: new adsorption tank, gravity circuit to improve recovery

Geita

Advancing plant expansion evaluation

Ongoing exploration to unlock potential underground and open pit upside

Obuasi

Growing production by an additional ~130koz to achieve targeted 400koz/pa by 2028

GREENFIELD

GROWTH

c.500koz/pa

Nevada

Arthur Gold Project (Merlin): Advancing to full Feasibility Study in H2 2026

Ongoing Mineral Resource conversion drilling targeting the upgrade of 1.4 Moz from Inferred to Indicated categories

North Bullfrog: NEPA Record of Decision anticipated by end of 2026

CONCLUSION │ RE-RATING GAINS MOMENTUM, MORE TO COME

Superior cash flow and dividend

yields, disciplined execution, and an attractive valuation position AngloGold Ashanti for continued outperformance

S U P E R I O R Y I E L D S I N T H E M A R K E T ' S M O S T A T T R A C T I V E V A L U A T I O N Q U A D R A N T

AGA

Low Return, Premium Valuation

Low Return, Discounted Valuation

Target Zone

High Return,

Premium Valuation

Bubble size: FCF Yield, AGA NTM 9%

High Return, Attractive Multiple

Visible Alpha data for the next twelve months (NTM) - 7 May 2026

Company reports, Grey bubbles represent the Peer group: Agnico-Eagle, Barrick, Gold Fields, Kinross and Newmont

w w w . a n g l o g o l d a s h a n t i . c o m

ANDREA MAXEY

Telephone: +61 08 9435 4603

Mobile: +61 400 072 199

[email protected]

YATISH CHOWTHEE

Telephone: +27 11 637 6273

Mobile: +27 78 364 2080

[email protected]

INVESTOR RELATIONS

General e-mail enquiries

[email protected]

APPENDIX A │ ALL-IN SUSTAINING COSTS

F O R T H E Q U A R T E R E N D E D 3 1 M A R C H 2 0 2 6

ALL-IN SUSTAINING COSTS

Geita

Sukari

Obuasi

Tropicana -Attr. 70%

AngloGold Ashanti Mineração

Projects

Sub-total

Kibali -Attr. 45%

Tier 1

Sunrise Dam

Siguiri

Iduapriem

Cerro Vanguardi a

Tier 2

Corporate and other

(2)

Non-managed joint ventures

Managed operations

Group Total (3)

Cost of sales

204

209

110

151

104

778

123

901

126

164

121

504

123

1 293

1 416

By-product revenue

(3)

(2)

(5)

(12)

(1)

(13)

(1)

(69)

(70)

(1)

(82)

(83)

Amortisation of tangible, intangible and right of use assets

(55)

(92)

(22)

(37)

(23)

(229)

(20)

(249)

(19)

(12)

(18)

(61)

(1)

(20)

(291)

(311)

Adjusted for decommissioning and inventory amortisation

Corporate administration, marketing and related expenses

Lease payment sustaining

Sustaining exploration and study costs

Total sustaining capital expenditure

182

198

107

289

305

All-in sustaining costs (4)

221

145

130

113

741

119

860

125

187

122

490

119

1 286

1 405

Gold sold - oz (000)

123

102

426

495

224

650

719

All-in sustaining costs per ounce - $/oz (1)

1 797

1 421

2 210

1 674

1 768

1 741

1 719

1 738

2 438

2 391

2 737

1 117

2 185

1 719

1 980

1 955

(1) In addition to the operational performances of the mines, "all-in sustaining costs per ounce" and "total cash costs per ounce" are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports "all-in sustaining costs per ounce" calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports "total cash costs per ounce" calculated to the nearest US dollar amount and gold produced in ounces. Costs per ounce may not be calculated based on amounts presented in this table due to rounding.

(2) Corporate and other includes non-gold producing managed operations and comprises Corporate, Africa other, Australia other and Americas other.

(3) Total including equity-accounted non-managed joint ventures.

(4) "Total cash costs per ounce" and "all-in sustaining costs per ounce" may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies.

Q1 2026 EARNINGS RESULTS 20

Disclaimer

Anglogold Ashanti plc published this content on May 08, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2026 at 10:02 UTC.