AngloGold Ashanti : Q1 2026 – Earnings Release Report

Published: 2026-05-08 06:07:00 ET AU

Published on 05/08/2026 at 06:07 am EDT

AngloGold Ashanti delivers record free cash flow* of $1.2bn and EBITDA*(4) of $2.3bn • Gold production(1)(2) +1% • Net cash*(4) of $868m • Q1 2026 interim dividend of $585m, or 116 cps

Proposed $2.0bn share repurchase programme announced

London, Denver, Johannesburg, 8 May 2026 - AngloGold Ashanti plc ("AngloGold Ashanti", "AGA", the "Company" or the "Group") posted record free cash flow* of $1.2bn in Q1 2026, almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price. The Company remains on track to meet its 2026 annual guidance.

An interim dividend for Q1 2026 was declared of $585m, or 116 US cents per share, a new record, compared to 12.5 US cents per share declared in Q1 2025. On 7 May 2026, the Board of Directors approved a proposed share repurchase programme for AngloGold Ashanti's ordinary shares of up to $2.0bn, subject to shareholder approval.

"Our focus remains to control what we can control - managing underlying costs and ensuring safe, predictable operating results," said CEO Alberto Calderon. "That has again enabled us to deliver record free cash flow* and cash returns to our shareholders, while moving our organic growth projects forward."

AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.

At Obuasi, following the end of Q1 2026 on 24 April 2026, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.

"We are heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones," said CEO Alberto Calderon. "Safety has always been our first and highest priority and we will ensure we understand the root cause of this incident and apply every lesson learned."

During Q1 2026, safety remained at the core of continuous improvement efforts. The Total Recordable Injury Frequency Rate ("TRIFR") at the Company's managed operations(1) improved to

0.86 injuries per million hours worked in Q1 2026, compared to

0.97 injuries per million hours worked for 2025. While these injury rates remained well below industry averages, the incident at Obuasi underscored the importance of continued vigilance in the face of workplace hazards.

Free cash flow*, the strongest for a single quarter, represented a 190% increase year-on-year to $1.2bn in Q1 2026 from $403m in Q1 2025. Net cash flow from operating activities was up 136% year-on-year to $1.7bn in Q1 2026 (from $725m in Q1 2025). The average gold price received per ounce*(1) in Q1 2026 was 69% higher year-on-year compared to Q1 2025.

EBITDA*(4) increased 130% year-on-year to $2.3bn in Q1 2026 (from $1.0bn in Q1 2025), while headline earnings(3) rose 187% to $1.3bn in Q1 2026, or 252 US cents per share (from $447m, or 88 US cents per share, in Q1 2025).

In line with the Company's dividend policy, the base dividend of

$63m or 12.5 US cents per share was declared for Q1 2026. This was topped up to 50% of free cash flow*, to arrive at the interim dividend declaration of $585m, or 116 US cents per share.

The balance sheet continued to strengthen, swinging from $755m of net debt*(4) in Q1 2025 to $868m of net cash*(4) at the end of Q1 2026, all while making a series of record dividend payments in the intervening quarters.

Capitalising on the robust balance sheet and strong liquidity position, on 16 April 2026, the Company bought back approximately $666m principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.

The strategic decision by the Board to approve a proposed $2bn share repurchase programme is underpinned by stronger cash generation capabilities and the prospective financial outlook for the business. The proposed share repurchase programme is intended to offer another vector for shareholder returns, and align the Company's capital return framework with its North American peers. The proposed share repurchase programme reflects AngloGold Ashanti's disciplined approach to capital allocation, utilising excess liquidity to reduce ordinary shares in issue thereby increasing per-share value, earnings and cash flow for its

shareholders.

External pressures from inflation, exchange rates and royalties led to a year-on-year increase in total cash costs per ounce* for the Group(1) to $1,391/oz in Q1 2026, from $1,223/oz in Q1 2025.

The Company's continued focus on its Full Asset Potential programme and rigorous cost discipline held total cash costs per ounce* for managed operations(1) at $1,377/oz in Q1 2026. These external pressures included a $117/oz rise in royalties due to

8 May 2026

record realised gold prices, alongside $43/oz in inflationary impacts, specifically related to higher labour and mining contractor costs, and a $30/oz impact from foreign exchange movements.

Crucially, structural efficiencies delivered through the Full Asset Potential programme reduced underlying, controllable costs by

$22/oz in Q1 2026 compared to Q1 2025. Targeted optimisation of plant throughput (-$103/oz), improved open pit volume efficiencies (-$15/oz), and by-product credits (-$64/oz) successfully absorbed residual operating pressures.

This disciplined cost management ensured the higher gold price was translated into expanded margins, with the total cash cost margin* for the Group(1) increasing from 57% in Q1 2025 to 71% in Q1 2026.

Gold production for the Group(1)(2) remained stable, increasing to 724,000oz in Q1 2026, up from 720,000oz (or 710,000oz excluding Serra Grande) in Q1 2025. The result was driven by a solid performance from most managed operations(1)(2), partially offset by lower gold production at Kibali. At managed operations(1)(2), gold production rose 1% year-on-year to 666,000oz in Q1 2026, while total cash costs per ounce* and all-in sustaining costs per ounce* ("AISC") increased by 14% and 19% year-on-year in Q1 2026 to $1,377/oz and $1,980/oz, respectively, compared to Q1 2025. Meanwhile non-managed joint ventures experienced an 8% year-on-year reduction in gold production to 58,000oz in Q1 2026.

Year-on-year gold production improvements totalling 9koz (or 19koz excluding Serra Grande) were achieved for managed operations(1)(2) in Q1 2026, with higher gold production at Geita (+12koz), Cuiabá (+9koz), Obuasi (+8koz), Iduapriem (+4koz), Cerro Vanguardia (+3koz) and Tropicana (+2koz). These increases were partly offset by lower gold production contributions year-on-year in Q1 2026 from Sunrise Dam (-10koz), Siguiri (-5koz) and Sukari (-4koz), reflecting variations in mine sequencing and planned throughput compared to Q1 2025, alongside lower output from the remainder of the portfolio. The Serra Grande operation in Brazil was sold on 1 December 2025.

Total cash costs per ounce* for the Group(1) increased by 14% year-on-year to $1,391/oz in Q1 2026 from $1,223/oz in Q1 2025, primarily reflecting higher royalty payments driven by the record gold price and the impact from underlying inflation, mainly due to increases in labour and mining contractor costs in the jurisdictions in which the Company operates. AISC per ounce* for the Group(1) rose by 19% year-on-year to $1,955/oz in Q1 2026 from $1,640/oz in Q1 2025, driven mainly by the mechanical increase in gold price-linked royalties and a planned 29% increase in sustaining capital expenditure*.

The increase in sustaining capital expenditure* reflects deliberate and ongoing investment to advance the Full Asset Potential programme, support asset integrity, and ensure long-term operational resilience, in line with the Company's strategic priorities.

Total capital expenditure for the Group(1) was $467m in Q1 2026, up 39% year-on-year from $336m in Q1 2025. This included

$305m in sustaining capital expenditure* and $162m in non-sustaining capital expenditure*, the latter directed toward targeted development initiatives across the portfolio, particularly the advancement of the Nevada growth projects.

In response to the ongoing crisis in the Middle East, the Company has activated its global supply chain resilience protocols to ensure operational continuity. Proactive mitigation measures include, among other things, increasing fuel stocks and inventory buffers of critical spares and consumables at key African and Australian operations.

During Q1 2026, the Company published the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project in Nevada(5). The study declared an initial Probable Mineral Reserve of 4.9Moz of gold (88Mt at 1.75g/t), establishing the project as a cornerstone of the Company's US growth platform(5)(6).

"The exceptional economics detailed in the pre-feasibility study firmly establish the Arthur Gold Project as the cornerstone of our US growth platform," said CEO Alberto Calderon. "Generating an after-tax NPV of up to $3.46bn at a gold price of $3,500/oz with an IRR up to 26%, this project pairs immediate scale with outstanding financial returns. With a world-class oxide orebody, minimal technical risk, and a disciplined capital approach, we have a clear roadmap to driving immense long-term shareholder value in a premier mining jurisdiction."

The project demonstrates highly competitive economics and exceptional leverage to the gold price. At a $2,715/oz gold price, the project generates an estimated after-tax NPV (at a 5% discount rate) of $1.73bn to $1.78bn with an IRR of 15% to 19%. At a $3,500/oz gold price, the estimated after-tax NPV roughly doubles to $3.41bn to $3.46bn, driving the IRR up to 22% to 26%.

The operation is modelled to deliver an average annual production of approximately 500,000oz over an initial 9-year life of mine at a competitive life-of-mine AISC* of $925/oz-

$975/ oz(5)(6)(7). Because the Merlin reserve is predominantly oxide material (greater than 95%) amenable to conventional processing, the project is expected to avoid the complexity and technical risk of refractory processing. Feasibility-level environmental, hydrological and community baseline studies are already underway.

Full year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged.

Nevada, United States of America

(1) The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti.

Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.

(2) Includes gold concentrate from the Cuiabá mine sold to third parties.

(3) 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 US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.

(4) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio (leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.

(5) The Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project is filed as an exhibit to the Company's annual report on Form 20-F for the financial year ended 31 December 2025 as filed with the SEC on 26 March 2026.

(6) The Arthur Gold Project Mineral Reserve estimate is presented as at

31 December 2025, unless otherwise stated, and economic estimates presented are calculated based on the Mineral Reserve declared in the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project only, exclusive of Mineral Resource. For further information, see the Company's news release "AngloGold Ashanti Builds on Award-Winning Discovery, Advancing Arthur Gold Project in Nevada with first-time 4.9Moz Mineral Reserve and Robust PFS Economics," dated 26 March 2026.

(7) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP forward-looking information or 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.

(8) Outlook economic assumptions for 2026 guidance are as follows: $0.68/ A$, BRL5.47/$, AP1,606/$, ZAR16.90/$, Brent $61/bbl and gold price range 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. 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.

* Refer to "Non-GAAP disclosure" for definitions and reconciliations.

Sukari, Egypt

Financial results

Quarter

ended

Quarter

ended

Mar

Variance

US Dollar millions, except as otherwise noted

2026

2025

Average gold price received*(1) ($/oz)

4,863

2,874

69 %

EBITDA*(4) ($m)

2,291

996

130 %

Headline earnings(3) ($m)

1,285

447

187 %

Capital expenditure - Group(1) ($m)

467

336

39 %

Net cash flow from operating activities ($m)

1,709

725

136 %

Free cash flow* ($m)

1,169

403

190 %

Net debt (cash)*(4) ($m)

(868)

755

(215)%

Financial highlights

EBITDA*(4) rose by 130% year-on-year to $2,291m for Q1 2026, compared to $996m for Q1 2025, mainly due to increased production volumes, and supported by the higher average gold price received per ounce*

Free cash flow* rose by 190% year-on-year to $1,169m in Q1 2026, from $403m in Q1 2025

Headline earnings(3) rose 187% year-on-year to $1,285m in Q1 2026, from $447m in Q1 2025; headline earnings(3) per share up 186% year-on-year to 252 US cents per share in Q1 2026, from 88 US cents per share in Q1 2025

Total capital expenditure for the Group(1) increased 39% year-on-year to $467m for Q1 2026, from $336m in Q1 2025, including

$305m in sustaining capital expenditure* and $162m in non-sustaining capital expenditure*, reflecting strategic portfolio reinvestment

Net debt*(4) ended in a net cash(4) position of $868m at 31 March 2026

Interim dividend of 116 US cents/share declared for Q1 2026

* Refer to "Non-GAAP disclosure" for definitions and reconciliations.

Operating results

Quarter

ended

Quarter

ended

Mar

Variance

US Dollar millions, except as otherwise noted

2026

2025

Gold production - Group(1)(2)(3) (koz)

724

720

1 %

Gold production - Managed operations(1)(2)(3)(koz)

666

657

1 %

Total cash costs* - Group(1) ($/oz)

1,391

1,223

14 %

Total cash costs* - Managed operations(1) ($/oz)

1,377

1,213

14 %

AISC* - Group(1) ($/oz)

1,955

1,640

19 %

AISC* - Managed operations(1) ($/oz)

1,980

1,657

19 %

Operational highlights

TRIFR at managed operations was 0.86 injuries per million hours worked in Q1 2026

We are deeply saddened to report a fatal incident involving a contractor, which occurred at the Obuasi KMS operation on 24 April 2026 (subsequent to Q1 2026); a comprehensive investigation is currently underway and we extend our sincerest condolences to the family and colleagues affected by this tragedy

Gold production for the Group(1)(2) increased by 1% year-on-year in Q1 2026 to 724koz compared to 720koz in Q1 2025; excluding Serra Grande, there was a 2% year-on-year increase in Q1 2026

Gold production from managed operations(1)(2) rose 1% year-on-year to 666koz in Q1 2026, up from 657koz in Q1 2025, supported by increases at Geita, Cuiabá, Obuasi, Iduapriem, Cerro Vanguardia and Tropicana; excluding Serra Grande, there was a 3% year-on-year increase in Q1 2026

Obuasi delivered 62,000oz in Q1 2026, a significant 15% year-on-year increase, as underground mined tonnes improved, while Geita also grew production by 10% year-on-year

Sunrise Dam's gold production dropped 16% year-on-year in Q1 2026, mainly due to lower underground tonnes resulting from equipment issues and lower grades

Total cash costs per ounce* for the Group(1) increased 14% year-on-year to $1,391/oz in Q1 2026, from $1,223/oz in Q1 2025; AISC per ounce* for the Group(1)(2) rose 19% year-on-year to $1,955/oz in Q1 2026, from $1,640/oz in Q1 2025

Total cash costs per ounce* from managed operations(1) increased 14% year-on-year to $1,377/oz in Q1 2026, from $1,213/oz in Q1 2025 mainly due to market-driven factors, with higher gold royalty costs, increases in labour and mining contractor costs, as well as a stronger foreign currency exchange rate against the US Dollar

AISC per ounce* from managed operations(1) rose 19% year-on-year to $1,980/oz in Q1 2026, from $1,657/oz in Q1 2025, reflecting higher total cash costs per ounce* and higher sustaining capital expenditure* reinvestment

* Refer to "Non-GAAP disclosure" for definitions and reconciliations.

Group Financial and Operating Key Statistics

Key statistics

Quarter Quarter

ended ended

Mar Mar

US Dollar millions, except as otherwise noted 2026 2025

Operating review

Gold

Produced - Group(1)(2)(3)

- oz (000)

724

720

Produced - Managed operations(1)(2)(3)

- oz (000)

666

657

Produced - Non-managed joint ventures(1)

- oz (000)

Sold - Group(1)(2)(3)

- oz (000)

719

737

Sold - Managed operations(1)(2)(3)

- oz (000)

650

670

Sold - Non-managed joint ventures(1)

- oz (000)

Financial review

Gold income

- $m

3,154

1,927

Cost of sales - Group(1)

- $m

1,416

1,230

Cost of sales - Managed operations(1)

- $m

1,293

1,124

Cost of sales - Non-managed joint ventures(1)

- $m

123

106

Total operating costs

- $m

999

833

Gross profit

- $m

1,943

839

Average gold price received per ounce* - Group(1)

- $/oz

4,863

2,874

Average gold price received per ounce* - Managed operations(1)

- $/oz

4,857

2,875

Average gold price received per ounce* - Non-managed joint ventures(1)

- $/oz

4,918

2,865

All-in sustaining costs per ounce* - Group(1)

- $/oz

1,955

1,640

All-in sustaining costs per ounce* - Managed operations(1)

- $/oz

1,980

1,657

All-in sustaining costs per ounce* - Non-managed joint ventures(1)

- $/oz

1,719

1,463

Total cash costs per ounce* - Group(1)

- $/oz

1,391

1,223

Total cash costs per ounce* - Managed operations(1)

- $/oz

1,377

1,213

Total cash costs per ounce* - Non-managed joint ventures(1)

- $/oz

1,554

1,325

Profit for the period

- $m

1,462

542

EBITDA*(5)

- $m

2,291

996

Total borrowings

- $m

2,257

2,213

Net debt (cash)*(5)

- $m

(868)

755

Profit attributable to equity shareholders

- $m

1,281

443

- US cents/share

252

Headline earnings(4)

- $m

1,285

447

- US cents/share

252

Net cash inflow from operating activities

- $m

1,709

725

Free cash flow*

- $m

1,169

403

Capital expenditure - Group(1)

- $m

467

336

Capital expenditure - Managed operations(1)

- $m

428

303

Capital expenditure - Non-managed joint ventures(1)

- $m

(2) Includes gold concentrate from the Cuiabá mine sold to third parties.

(3) Includes Q1 2025 gold production and gold sold of 10,000oz for the Serra Grande operation, which was sold on 1 December 2025.

(4) 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 US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.

(5) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio (leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.

* Refer to "Non-GAAP disclosure" for definitions and reconciliations.

$ represents US Dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

Group Financial and Operating Results

Quarterly Review

Group gold production for Q1 2026 totalled 724,000oz, a 1% increase year-on-year from 720,000oz in Q1 2025, with solid year-on-year gold production increases at Geita (+12koz), Cuiabá (+9koz), Obuasi (+8koz), Iduapriem (+4koz), Cerro Vanguardia (+3koz) and Tropicana (+2koz). Excluding Serra Grande, which was sold on 1 December 2025, there was a 2% year-on-year increase in gold production for the Group in Q1 2026.

Geita delivered a strong Q1 2026, with gold production increasing by 10% year-on-year in Q1 2026 compared to Q1 2025, with higher open pit mined tonnes from Nyamulilima Cut 2 and higher underground mined tonnes due to improved stope flexibility. Tonnes treated increased by 20% year-on-year due to higher mill throughput and availability, with Q1 2025 impacted by a planned mill shutdown.

Gold production at Cuiabá increased by 16% year-on-year in Q1 2026 compared to Q1 2025, with total tonnes processed including concentrate ore, increasing by 34%, partly offset by lower mill head grade as a result of higher dilution from underground ore.

Obuasi achieved substantive improvements during Q1 2026, with gold production increasing by 15% year-on-year in Q1 2026 compared to Q1 2025, mainly driven by an increase in tonnes treated from underground operations, with an improvement in operating conditions and equipment availability.

The Group experienced lower gold production at Sunrise Dam (-10koz), mainly due to lower underground tonnes and grades resulting from lower loader availability from unplanned mechanical maintenance, as well as an increase in low grade stockpiles processed due to crusher challenges. There were modest decreases at Siguiri (-5koz), Kibali (-5koz) and Sukari (-4koz). Serra Grande, which produced 10koz in Q1 2025, was sold on 1 December 2025.

Total cash costs per ounce* for the Group increased by 14% year-on-year to $1,391/oz in Q1 2026, compared to $1,223/oz in Q1 2025. The increase was primarily driven by higher royalty costs linked to the stronger average gold price received per ounce*, which resulted in an estimated 10% increase in total cash costs per ounce*. In addition, costs increased as a result of an estimated 4% rise in inflation mainly due to increases in labour and mining contractor costs, reflecting consumer price index ("CPI") movements in the jurisdictions where the Group operates, including a stronger foreign currency exchange rate against the US Dollar which resulted in an estimated 2% increase in costs.

Managed operations recorded a 14% year-on-year increase in total cash costs per ounce*, rising from $1,213/oz in Q1 2025 to

$1,377/oz in Q1 2026. The impact of the higher gold royalties and inflation from higher labour and mining contractor costs were partially offset by stronger year-on-year production performances at Geita, Cuiabá, Obuasi, Iduapriem, Cerro Vanguardia and Tropicana, as well as higher by-product revenue at Cerro Vanguardia due to the higher silver price received in Q1 2026.

Total cash costs per ounce* at the Group's non-managed joint ventures increased by 17% year-on-year to $1,554/oz in Q1 2026, compared to $1,325/oz in Q1 2025. The increase was primarily driven by lower year-on-year gold production and higher gold price-linked royalties at Kibali.

All-in sustaining costs per ounce* ("AISC") for the Group increased by 19% year-on-year to $1,955/oz in Q1 2026, compared to $1,640/oz in Q1 2025. At the managed operations, AISC per ounce* increased by 19% year-on-year to $1,980/oz in Q1 2026, up from $1,657/oz in Q1 2025, primarily due to higher total cash costs per ounce* and higher year-on-year sustaining capital expenditure*. AISC per ounce* at the non-managed joint ventures increased by 17% year-on-year to $1,719/oz in Q1 2026, from $1,463/oz in Q1 2025, mainly due to a year-on-year increase in total cash costs per ounce*.

Earnings before interest, tax, depreciation and amortisation* ("EBITDA*") for Q1 2026 increased to $2,291m, up from $996m in Q1 2025. This strong year-on-year growth was mainly underpinned by a favourable operating and market environment, including a higher average gold price received per ounce*, higher equity earnings from associates and non-managed joint ventures and favourable inventory movements. These gains were partially offset by lower gold sales volumes, higher total operating costs (mainly driven by increased royalty expenses and global inflation primarily due to increases in labour and mining contractor costs), higher corporate and exploration costs, and higher care and maintenance costs.

Basic earnings (profit attributable to equity shareholders) for Q1 2026 were $1,281m, or 252 US cents per share, compared to

$443m, or 88 US cents per share, in Q1 2025. The strong year-on-year increase was largely driven by a higher average gold price received per ounce*, higher equity earnings from associates and non-managed joint ventures and favourable inventory movements.

These positive contributions were partially offset by lower gold sales volumes, higher total operating costs, including increased royalty expenses, along with higher asset amortisation, higher corporate and exploration costs, higher care and maintenance costs, higher finance costs and unwinding of obligations, and a higher tax charge.

Iduapriem, Ghana

Headline earnings‡ for Q1 2026 were $1,285m, or 252 US cents per share, compared to $447m, or 88 US cents per share, in Q1 2025. The increase in headline earnings‡ reflects the same key drivers that supported the rise in basic earnings during Q1 2026. In addition, headline earnings‡ excludes impairment reversals/ impairments, asset derecognitions and losses (profits) on disposal of assets and taxes thereon.

‡ 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.

Net cash inflow from operating activities reached $1,709m in Q1 2026, representing a 136% year-on-year increase from $725m in Q1 2025. This strong performance was underpinned by a higher average gold price received per ounce* and higher dividends received from joint ventures. These gains were partially offset by higher total operating costs and increased tax payments.

After accounting for capital expenditure, loan repayments from Kibali, and distributions to non-controlling shareholders, the Company generated a free cash inflow* of $1,169m in Q1 2026, compared to $403m in Q1 2025.

The dividend policy targets a 50% payout of annual free cash flow*, subject to maintaining a net debt* to EBITDA* ratio of no higher than 1.0 times. The interim dividend for Q1 2026, is 116 US cents per share.

During Q1 2026, AngloGold Ashanti received $61m in dividends and $50m in loan repayments from the Kibali joint venture, compared to $60m in loan repayments in Q1 2025. The Company's attributable share of outstanding cash balances awaiting repatriation from the Democratic Republic of the Congo ("DRC") was $146m at 31 March 2026, up from $110m at 31 December 2025.

Free cash flow* during Q1 2026 was impacted by ongoing movements in value-added tax ("VAT") recoveries at Geita and Kibali and foreign exchange controls at Cerro Vanguardia ("CVSA"):

In Tanzania, the net overdue recoverable VAT input credit balance (after discounting provisions) decreased by $21m during Q1 2026 to $150m at 31 March 2026, down from

$171m at 31 December 2025. This decrease reflects the application of $31m in verified VAT claims against corporate tax liabilities and foreign exchange gains of $13m, partially offset by new claims submitted during the period of $21m, and a decrease in the discounting provision of $2m. AngloGold Ashanti expects to continue offsetting eligible VAT claims against corporate taxes as part of its recovery strategy.

In the DRC, the Company's attributable share of the net recoverable VAT balance (including fuel duties and after discounting provisions) remained similar to Q4 2025 totalling

$63m at 31 March 2026. During Q1 2026, $15m of new claims were submitted, which were fully offset by $15m in revaluation adjustments.

In Argentina, CVSA's cash balance increased by $174m# during Q1 2026 to $271m# at 31 March 2026, up from $97m# at 31 December 2025. The cash remains available for CVSA's operational and exploration requirements.

During Q4 2025, CVSA paid the remaining offshore dividends related to the 2024 financial year to AngloGold Ashanti by utilising a currency swap mechanism to secure the required US dollars. Dividends related to the 2025 financial year are expected to be paid to AngloGold Ashanti during Q2 2026, once CVSA's 2025 local financial statements will be finished and the relevant dividend distribution will be approved.

# US dollar equivalent and at prevailing exchange rates.

AGA Mineração, Brazil

Free cash flow*

Net cash flow from operating activities

Repayment of loans advanced to joint ventures Distributions to non-controlling interests

1,709

(162)

725

(79)

Operating cash flow

1,597

706

Capital expenditure on tangible and intangible assets

(428)

(303)

Free cash flow*

1,169

403

US Dollar millions, except as otherwise noted 2026 2025

* Refer to "Non-GAAP disclosure" for definitions and reconciliations.

Rounding of figures may result in computational discrepancies.

During Q1 2026, net debt* ended in a cash position, despite the payment of $1,026m in dividends during Q1 2026. Net cash* at 31 March 2026 was $868m, compared to net cash* of $624m at 31 December 2025.

At 31 March 2026, the balance sheet remained robust, supported by significant available liquidity. This included the undrawn

$1.4bn multi-currency revolving credit facility ("RCF"), the undrawn $65m Siguiri RCF and $5m undrawn on the Geita multi-currency RCF. AngloGold Ashanti held approximately $3.1bn in cash and cash equivalents at 31 March 2026, bringing Group liquidity to approximately $4.6bn at 31 March 2026.

On 30 March 2026, AngloGold Ashanti Holdings plc ("AGAH") launched a capped cash tender offer for up to $650m aggregate purchase price (excluding accrued interest) ("Aggregate Cap") for part of its 3.375% notes due 2028 ("2028 Notes"), 3.750% notes

due 2030 ("2030 Notes") and 6.500% notes due 2040 ("2040 Notes"). The Aggregate Cap was met and in accordance with the terms and conditions of the capped cash tender offer, on 16 April 2026, AGAH purchased $559m principal amount of the 2028 Notes, $107m principal amount of the 2030 Notes and none of the 2040 Notes. The purchased notes were then cancelled on the same day. The purpose of the tender offer was to utilise available cash and reduce the overall principal amount of debt.

During Q1 2026, sustaining capital expenditure* of the Group increased by 29% year-on-year to $305m, compared to $236m in

Q1 2025. Sustaining capital expenditure* at managed operations rose by 30% year-on-year to $289m in Q1 2026, up from $223m in Q1 2025. This increase was primarily driven by increased Mineral Reserve development at Iduapriem and early acquisition of additional mining fleet at Siguiri. At non-managed joint ventures, sustaining capital expenditure* increased by 23% year-on-year to $16m in Q1 2026, from $13m in Q1 2025, mainly reflecting higher expenditure at Kibali on mining equipment and rebuilds to enhance both underground and open pit fleet availability.

Non-sustaining capital expenditure* for the Group was $162m in Q1 2026, a 62% increase year-on-year from $100m in Q1 2025. At managed operations, non-sustaining capital expenditure* rose by 74% year-on-year to $139m, from $80m in Q1 2025, largely due to tailings storage facility ("TSF") expenditure at Siguiri, with ongoing slope regulation to maintain stability of the TSF following the seepage issues experienced in Q3 2025, and an increase in Obuasi's underground decline development meters. This increase was partially offset by reduced growth capital expenditure at Iduapriem as a result of the completion of Phase 2 of the Beposo TSF project in Q1 2025.

Non-managed joint ventures recorded a 15% year-on-year increase in non-sustaining capital expenditure* to $23m in Q1 2026, from $20m in Q1 2025, mainly driven by higher expenditure at Kibali on waste stripping for the Pamao deposition project.

* Refer to "Non-GAAP disclosure" for definitions and reconciliations.

Cerro Vanguardia, Argentina

Regions Financial and Operating Results

Quarter in review

Notes

(a) Operated by Barrick Mining Corporation (Barrick)

$1,492/oz for Q1 2026, compared to 54,000oz at a total cash cost* of $1,284/oz during Q1 2025. Gold production increased by 15% year-on-year in Q1 2026 compared to Q1 2025. The strong production performance was mainly as a result of improved underground operational conditions and equipment availability, partially offset by lower recovered grade year-on-year stemming from lower plant recoveries.

Total cash costs per ounce* increased by 16% year-on-year in Q1 2026 compared to Q1 2025, mainly due to higher operating costs associated with increased royalties linked to the higher gold price, higher labour and mining contractor costs, increases in technical services due to updated rates, and higher reagents and power expenditure related to increased operational activity,

partially offset by a higher production base and an increase in metal inventories.

Australia region In the Australia region, gold production (on an attributable basis) was 127,000oz at a total cash cost* of $1,798/oz in Q1 2026, compared to 135,000oz at a total cash cost* of $1,456/oz

in Q1 2025.

At Tropicana, gold production (on an attributable basis) was 76,000oz at a total cash cost* of $1,456/oz in Q1 2026, compared to 74,000oz at a total cash cost* of $1,317/oz in Q1 2025. Gold production increased by 3% year-on-year in Q1 2026 compared to Q1 2025, primarily due to a marginal 2% year-on-year increase in tonnes treated and a marginal 1% year-on-year increase in recovered grade stemming from improved head grade, partially offset by lower plant recoveries in Q1 2026. Total cash costs per ounce* increased by 11% year-on-year in Q1 2026 compared to Q1 2025, mainly due to increased mining contractor costs, increased royalties linked to the higher gold price, as well as higher labour costs, partially offset by lower volume-related open pit mining costs and a build-up of metal inventories.

Tropicana, Australia

Notes

(a) Previously the Expanded Silicon project, and includes the Silicon and Merlin deposits

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

Americas region In the Americas region, gold production was 117,000oz at a total cash cost* of $923/oz in Q1 2026, compared to 115,000oz at

a total cash cost* of $1,170/oz in Q1 2025 (including gold production of 10,000oz for the Serra Grande operation, which was sold on 1 December 2025).

Nevada, United States of America

Corporate Update

Quarter in review

As at 7 May 2026, the total issued ordinary share capital of the Company consisted of 505,609,800 ordinary shares of $1.00 each. Each AngloGold Ashanti ordinary share carries one voting right. The Company does not hold any of its ordinary shares in treasury.

This figure may be used by AngloGold Ashanti shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under its Articles of Association or to comply with any other applicable laws and regulations.

On 7 May 2026, the Company's Board of Directors (the "Board") approved a proposed share repurchase programme for AngloGold Ashanti's ordinary shares of up to $2.0bn. The implementation of the proposed share repurchase programme is, among other things, subject to receiving shareholder approval, which the Company intends to seek by convening a general meeting of the Company's shareholders in due course, as well as any applicable regulatory approvals.

The implementation of the proposed share repurchase programme (including the timing, structure, manner, price and number of AngloGold Ashanti ordinary shares repurchased) will also depend on a number of factors, such as the Company's financial performance, availability of cash flows, business and

market conditions, and legal and regulatory requirements, and will be subject to the Company's discretion. The proposed share repurchase programme does not obligate AngloGold Ashanti to acquire any particular number of its ordinary shares, and the proposed share repurchase programme may be suspended or discontinued at any time without prior notice.

On 13 April 2026, AngloGold Ashanti completed the sale of AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project in the Department of Tolima in Colombia, to Mineros S.A. for a cash consideration of approximately $10m and an additional contingent consideration of up to $60m (linked to the total tonnage of mineral ore authorised under an approved work plan and environmental licence).

Mr. Bruce Cleaver was appointed as a member of the Nominations and Governance Committee with effect from 7 May 2026. He continues to serve as Chair of the Social, Ethics and Sustainability Committee and as a member of the Audit and Risk Committee.

For detailed disclosure on the exploration work done for the three months ended 31 March 2026, see the Exploration Update document on the Company's website at https://www.anglogoldashanti.com on both brownfield and greenfield exploration programmes.

Geita, Tanzania

Income Statement

Group Income Statement

US Dollar millions, except as otherwise noted Unaudited Unaudited

Revenue from product sales Cost of sales

3,236

(1,293)

1,963

(1,124)

Gross profit

1,943

839

Corporate administration, marketing and related expenses

(44)

(27)

Exploration and evaluation costs

(60)

(51)

(Impairment) reversal of impairment, (derecognition of assets) and profit (loss) on disposal

(4)

(1)

Other expenses

(25)

(14)

Finance income

Foreign exchange and fair value adjustments

(35)

(39)

Finance costs and unwinding of obligations

(90)

(41)

Share of associates' and joint ventures' profit

227

Profit before taxation

1,949

729

Taxation

(487)

(187)

Profit for the period

1,462

542

Attributable to:

Equity shareholders

1,281

443

Non-controlling interests

181

1,462

542

Basic earnings per ordinary share (US cents) (1)

252

Diluted earnings per ordinary share (US cents) (2)

251

(1) Calculated on the basic weighted average number of ordinary shares.

(2) Calculated on the diluted weighted average number of ordinary shares.

Statement of Financial Position

As at

Group Statement of Financial Position Mar

As at

Mar

As at

Dec

2026

2025

US Dollar millions, except as otherwise noted Unaudited

Unaudited Revised (1)

Audited

ASSETS

Non-current assets

Tangible assets

8,689

8,593

8,515

Right of use assets

174

180

187

Intangible assets

110

106

Investments in associates and joint ventures

890

562

726

Other investments

106

Loan receivable

210

142

200

Inventories

205

147

175

Trade, other receivables and other assets (2)

241

221

249

Contingent consideration (2)

Reimbursive right for post-retirement benefits

Deferred taxation (1)

125

106

Cash restricted for use

10,914

10,247

10,431

Current assets

Loan receivable

268

133

Inventories

1,054

1,063

1,076

Trade, other receivables and other assets (2)

467

374

426

Contingent consideration (2)

Cash restricted for use

Cash and cash equivalents

3,154

1,491

2,905

Assets held for sale (3)

4,791

3,219

4,647

Total assets

15,705

13,466

15,078

EQUITY AND LIABILITIES

Share capital and premium

568

537

554

Accumulated profit (losses) and other reserves

7,967

6,237

7,537

Shareholders' equity

8,535

6,774

8,091

Non-controlling interests

1,843

1,903

1,825

Total equity

10,378

8,677

9,916

Non-current liabilities

Borrowings

2,020

1,926

2,025

Lease liabilities

154

129

155

Environmental rehabilitation and other provisions

694

678

687

Provision for pension and post-retirement benefits

Trade and other payables

Deferred taxation (1)

614

520

600

3,557

3,320

3,542

Current liabilities

Borrowings

Lease liabilities

Environmental rehabilitation and other provisions

142

113

131

Trade and other payables

966

822

1,001

Taxation (1)

540

343

377

Bank overdraft

Liabilities held for sale (3)

1,770

1,469

1,620

Total liabilities

5,327

4,789

5,162

Total equity and liabilities

15,705

13,466

15,078

(1) The comparative period has been revised to correct immaterial prior period errors relating to the classification of deferred and current taxation assets and liabilities as previously reported in the Company's Q3 2025 and Q4 2025 financial results.

(2) Contingent consideration, which was previously reported as part of trade, other receivables and other assets, is now reported separately on the statement of financial position as these assets have a different measurement basis. Current taxation asset, which was previously reported separately, is now reported as part of trade, other receivables and other assets. Comparative periods have been reclassified.

(3) The assets and liabilities held for sale relate to the La Colosa project being classified as a disposal group held for sale.

Statement of Cash Flows

Group Statement of Cash Flows

US Dollar millions, except as otherwise noted Unaudited Unaudited

Cash flows from operating activities Cash generated from operations Dividends received from joint ventures Taxation paid

1,951

(303)

813

- (88)

Net cash inflow from operating activities

1,709

725

Cash flows from investing activities

Capital expenditure on tangible and intangible assets

(428)

(303)

Contingent consideration received

Other investments and assets acquired (1)

(67)

(Increase) decrease in cash restricted for use

(2)

(1)

Interest received

Repayment of loans advanced to joint ventures

Net cash outflow from investing activities

(404)

(206)

Cash flows from financing activities

Proceeds from borrowings

199

Repayment of borrowings

(180)

Repayment of lease liabilities

(20)

(23)

Finance costs - borrowings

(18)

(22)

Finance costs - leases

(4)

Dividends paid

(1,026)

(427)

Net cash outflow from financing activities

(1,068)

(457)

Net increase in cash and cash equivalents

237

Translation

(1)

Cash and cash equivalents at beginning of period (net of bank overdraft)

2,882

1,397

Cash and cash equivalents at end of period (net of bank overdraft)

3,125

1,458

(1) This relates to the purchase of shares in Thesis Gold Inc. and Gold X2 Mining Inc.

Gold and by-product income

AngloGold Ashanti's operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business. Under the Group's operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical region and the Projects segment which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. In addition to the geographical reportable segments structure, the Group has voluntarily disaggregated and disclosed the financial information on a line-by-line basis for each mining operation to facilitate comparability of mine performance.

Gold Income

US Dollar millions, except as otherwise noted Unaudited Unaudited

AFRICA

2,321

1,389

Kibali - Attributable 45%

341

191

Iduapriem

217

114

Obuasi

283

171

Siguiri

377

221

Geita

604

362

Sukari

499

330

AUSTRALIA

623

388

Sunrise Dam

247

170

Tropicana - Attributable 70%

376

218

AMERICAS

551

341

Cerro Vanguardia

248

142

AngloGold Ashanti Mineração (1)

303

169

Serra Grande

Equity-accounted joint venture included above

3,495

(341)

2,118

(191)

3,154

1,927

(1) Includes income from sale of gold concentrate.

By-product Revenue

US Dollar millions, except as otherwise noted Unaudited Unaudited

AFRICA

Kibali - Attributable 45%

Geita

Sukari

AUSTRALIA

Sunrise Dam

Tropicana - Attributable 70%

AMERICAS

Cerro Vanguardia

AngloGold Ashanti Mineração

Equity-accounted joint venture included above

(1)

Cost of sales and gross profit

Cost of Sales

US Dollar millions, except as otherwise noted Unaudited Unaudited

AFRICA

903

764

Kibali - Attributable 45%

123

106

Iduapriem

Obuasi

110

101

Siguiri

164

135

Geita

204

166

Sukari

209

169

AUSTRALIA

288

233

Sunrise Dam

126

102

Tropicana - Attributable 70%

151

122

Administration and other

AMERICAS

225

232

Cerro Vanguardia

121

111

AngloGold Ashanti Mineração

104

Serra Grande

CORPORATE AND OTHER

Equity-accounted joint venture included above

1,416

(123)

1,230

(106)

1,293

1,124

Gross Profit (1)

US Dollar millions, except as otherwise noted Unaudited Unaudited

AFRICA

1,424

628

Kibali - Attributable 45%

219

Iduapriem

124

Obuasi

174

Siguiri

213

Geita

402

197

Sukari

292

162

AUSTRALIA

338

155

Sunrise Dam

122

Tropicana - Attributable 70%

227

Administration and other

(11)

(10)

AMERICAS

400

143

Cerro Vanguardia

196

AngloGold Ashanti Mineração

204

Serra Grande

(6)

Administration and other

(1)

CORPORATE AND OTHER

(1)

Equity-accounted joint venture included above

2,162

(219)

925

(86)

1,943

839

(1) The Group's segmental profit measure is gross profit, which excludes the results of associates and joint ventures. For the reconciliation of gross profit to profit for the period, refer to the Group income statement.

Amortisation and capital expenditure

Amortisation

US Dollar millions, except as otherwise noted Unaudited Unaudited

AFRICA

213

188

Kibali - Attributable 45%

Iduapriem

Obuasi

Siguiri

Geita

Sukari

AUSTRALIA

Sunrise Dam

Tropicana - Attributable 70%

AMERICAS

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

CORPORATE AND OTHER

Equity-accounted joint venture included above

311

(20)

276

(21)

291

255

Capital Expenditure

US Dollar millions, except as otherwise noted Unaudited Unaudited

AFRICA

342

241

Kibali - Attributable 45%

Iduapriem

Obuasi

Siguiri

Geita

Sukari

AUSTRALIA

Sunrise Dam

Tropicana - Attributable 70%

AMERICAS

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande

PROJECTS

Colombian projects

North American projects

Equity-accounted joint venture included above

467

(39)

336

(33)

428

303

Total Assets

As at

Total Assets Mar

As at

Mar

As at

Dec

2026

2025

US Dollar millions, except as otherwise noted Unaudited

Unaudited Revised

Audited

AFRICA

9,807

9,094

9,294

Kibali - Attributable 45%

1,041

922

981

Iduapriem

682

594

668

Obuasi

1,644

1,531

1,617

Siguiri

918

620

700

Geita

1,348

1,263

1,283

Sukari

4,164

4,158

4,034

Administration and other

AUSTRALIA

1,290

924

1,115

AMERICAS

1,846

1,594

1,712

Cerro Vanguardia

726

656

560

AngloGold Ashanti Mineração

948

775

1,080

Serra Grande

145

Administration and other

172

PROJECTS

1,031

923

975

Colombian projects

117

216

117

North American projects

914

707

858

CORPORATE AND OTHER

1,731

931

1,982

15,705

13,466

15,078

By order of the Board

J TILK

Chairman

A CALDERON

Chief Executive Officer

G DORAN

Chief Financial Officer

7 May 2026

AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2026 of 116 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.

2026

Ex-dividend on NYSE Friday, 29 May

Record date Friday, 29 May

Payment date Friday, 12 June

Additional information for South African resident shareholders of AngloGold Ashanti:

Shareholders registered on the South African section of the register are advised that the distribution of 116 US cents per ordinary share will be converted to South African rands at the applicable exchange rate.

In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows:

2026

Declaration date Friday, 8 May

Currency conversion rate for South African rands announcement date Friday, 22 May

Last date to trade ordinary shares cum dividend Tuesday, 26 May

Ordinary shares trade ex-dividend Wednesday, 27 May

Record date Friday, 29 May

Payment date Friday, 12 June

Dividends in respect of dematerialised shareholdings will be credited to shareholders' accounts with the relevant CSDP (as defined below) or broker.

To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 27 May 2026 and Friday, 29 May 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 22 May 2026 and Friday, 29 May 2026, both days inclusive.

Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 22 May 2026.

2026

Currency conversion date Friday, 22 May

Last date to trade and to register shares cum dividend Tuesday, 26 May Shares trade ex-dividend Wednesday, 27 May

Record date Friday, 29 May

Approximate payment date of dividend Friday, 12 June

2026

Currency conversion date Friday, 22 May

Last date to trade and to register GhDSs cum dividend Tuesday, 26 May GhDSs trade ex-dividend Wednesday, 27 May

Record date Friday, 29 May

Approximate payment date of dividend Friday, 12 June

Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 116 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/ ¢11.2425, the gross dividend payable per share, is equivalent to ca. ¢13.0413 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

A "Shareholder of Record" is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A "Beneficial Owner" is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant ("CSDP"), Shareholder of Record or other agent (sometimes referred to as holding shares "in street name").

Non-GAAP Disclosure Results

From time to time AngloGold Ashanti may publicly disclose certain "Non-GAAP" financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise.

In this document, AngloGold Ashanti presents the financial items "total cash costs", "total cash costs per ounce", "all-in sustaining costs", "all-in sustaining costs per ounce", "average gold price received per ounce", "total cash cost margin", "sustaining capital expenditure" and "non-sustaining capital expenditure", which have been determined using industry guidelines and practices and are not measures under IFRS. In addition, AngloGold Ashanti also presents the financial items "EBITDA", "net debt (cash)" and "free cash flow" which are not measures under IFRS either. An investor should not consider these items in isolation or as alternatives to cost of sales, gold income, capital expenditure, profit (loss) for the period, total borrowings, cash flows from operating activities or any other measure of financial performance presented in accordance with IFRS or as an indicator of the Group's performance. The Group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use.

The term "managed operations" refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term "non-managed joint ventures" refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.

During 2018, the World Gold Council ("WGC"), an industry body, published a revised Guidance Note on the "all-in sustaining costs" metric, which gold mining companies can use to supplement their overall Non-GAAP disclosure. The WGC worked closely with its members (including AngloGold Ashanti) to develop these Non-GAAP measures which are intended to provide further transparency into the full cost associated with producing gold. It is expected that this metric, which AngloGold Ashanti provides herein, will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining.

"All-in sustaining costs" is a Non-GAAP measure which is an extension of the existing "total cash costs" metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. "All-in sustaining costs per ounce - managed operations" ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the consolidated ounces of gold sold. "All-in sustaining costs per ounce - non-managed joint ventures" ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold sold.

"Total cash costs" is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a Non-GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November 1999.

"Total cash costs" is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs. "Total cash costs per ounce - managed operations" ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the consolidated ounces of gold produced. "Total cash costs per ounce - non-managed joint ventures" ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold produced.

"Average gold price received per ounce" is a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and serves as a benchmark of performance against the market spot gold price. "Average gold price received per ounce - managed operations" is calculated by dividing the consolidated US dollar value of this revenue metric by the consolidated ounces of gold sold. "Average gold price received per ounce - non-managed joint ventures" is calculated by dividing the attributable US dollar value of this revenue metric by the attributable ounces of gold sold.

"Total cash cost margin" is a Non-GAAP measure which gives an indication of profitability after covering total cash costs, representing the difference between the average realised price of gold per ounce and the total cash costs per ounce required to produce it, expressed on a percentage basis. "Total cash cost margin" is calculated by AngloGold Ashanti as "average gold price received per ounce" minus "total cash costs per ounce", divided by "average gold price received per ounce", expressed on a percentage basis.

"Sustaining capital expenditure" is a Non-GAAP measure comprising capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output and capital expenditure to extend useful lives of existing production assets. This includes replacement of vehicles, plant and machinery, Mineral Reserve development, deferred stripping and capital expenditure related to financial benefit initiatives, safety, health and the environment.

"Non-sustaining capital expenditure" is a Non-GAAP measure comprising capital expenditure incurred at new operations and capital expenditure related to 'major projects' at existing operations where these projects will materially increase production.

While the Gold Institute provided definitions for the calculation of "total cash costs" and the WGC published a revised Guidance Note on the "all-in sustaining costs" metric during 2018, the calculation of "total cash costs", "total cash costs per ounce", "all-in sustaining costs" and "all-in sustaining costs per ounce" may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies.

However, AngloGold Ashanti believes that "total cash costs" and "all-in sustaining costs" in total by mine and per ounce by mine as well as "average gold price received per ounce", "sustaining capital expenditure" and "non-sustaining capital expenditure" are useful indicators to investors and management as they provide:

an indication of profitability, efficiency and cash flows;

the trend in costs as the mining operations mature over time on a consistent basis; and

an internal benchmark of performance to allow for comparison against other mines, both within the Group and at other gold mining companies.

Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating Decision Maker (CODM), on a total basis.

The key metrics are based on the total ounces, gold income, "total cash costs", "all-in sustaining costs", "sustaining capital expenditure" and "non-sustaining capital expenditure" from each operation and as a consequence includes AngloGold Ashanti's share of the "total cash costs", "all-in sustaining costs", "sustaining capital expenditure" and "non-sustaining capital expenditure" of its non-managed joint ventures that are accounted for under the equity method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity method. This basis of calculating the metrics is consistent with the WGC's Guidance Note on the "all-in sustaining costs" metric.

Although AngloGold Ashanti has shareholder rights and board representation commensurate with its ownership interests in its equity-accounted non-managed joint ventures and reviews the underlying operating results including "total cash costs", "all-in sustaining costs", "sustaining capital expenditure" and "non-sustaining capital expenditure" with them at each reporting period, it does not have direct control over their operations or resulting revenue and expenses, nor does it have a proportionate legal interest in each financial statement line item. AngloGold Ashanti's use of "total cash costs", "all-in sustaining costs", "sustaining capital expenditure" and "non-sustaining capital expenditure" on a total basis, is not intended to imply that it has any such control or proportionate legal interest, but rather to reflect the Non-GAAP measures on a basis consistent with its internal and external segmental reporting.

"EBITDA" is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes profit (loss) for the period, adding back finance costs and unwinding of obligations, taxation, amortisation of tangible, right of use and intangible assets, and other amortisation, less finance income for the period.

To enhance comparability with industry peers, AngloGold Ashanti will present EBITDA, and will not further adjust this metric in its reporting. Comparative periods will also reflect this change.

"Net debt (cash)" is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes total borrowings less cash and cash equivalents (net of bank overdraft).

To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash), and will not further adjust this metric in its reporting. Comparative periods will also reflect this change.

"Free cash flow" is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less distributions to non-controlling interests.

Siguiri, Guinea

A reconciliation of cost of sales as included in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 and 31 March 2025, to "all-in sustaining costs", "all-in sustaining costs per ounce", "total cash costs" and "total cash costs per ounce" for each of the three-month periods ended 31 March 2026 and 31 March 2025, is presented on a total (Group), total (managed operations/non-managed joint ventures) and segment basis in Note A below.

In addition, the Company has provided detail of the consolidated ounces of gold produced and sold by mine (for managed operations) and the attributable ounces of gold produced and sold by mine (for non-managed joint ventures) for each of those periods below.

A reconciliation of gold income as included in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 and 31 March 2025, to "average gold price received per ounce" for each of the three-month periods ended 31 March 2026 and 31 March 2025, is presented on a total (Group) and total (managed operations/non-managed joint ventures) basis in Note B below.

A reconciliation of capital expenditure as included in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 and 31 March 2025, to "sustaining capital expenditure" and "non-sustaining capital expenditure" for each of the three-month periods ended 31 March 2026 and 31 March 2025, is presented on a total (Group), total (managed operations/non-managed joint ventures) and segment basis in Note C below.

A reconciliation of profit (loss) for the period as included in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 and 31 March 2025, to "EBITDA" for each of the three-month periods ended 31 March 2026 and 31 March 2025, is presented on a total (Group) basis in Note D below.

A reconciliation of total borrowings as included in AngloGold Ashanti's Earnings Release as at 31 March 2026, 31 March 2025 and 31 December 2025 to "net debt (cash)" as at 31 March 2026, 31 March 2025 and 31 December 2025, is presented on a total (Group) basis in Note E below.

A reconciliation of net cash flow from operating activities as included in AngloGold Ashanti's Earnings Release for the three months ended 31 March 2026 and 31 March 2025, to "free cash flow" for each of the three-month periods ended 31 March 2026 and 31 March 2025, is presented on a total (Group) basis in Note F below.

Sukari, Egypt

Non-GAAP Disclosure Note A

All-in sustaining costs

FOR THE QUARTER ENDED 31 MARCH 2026

Corporate and other(3)

AFRICA

AUSTRALIA

Kibali - Attr.

45%

Non-managed joint ventures

Iduapriem

Obuasi

Siguiri

Geita

Sukari

Africa other

Managed operations

Sunrise Dam

Tropicana -Attr. 70%

Australia other

Australia

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

123

110

164

204

209

780

126

151

288

By-product revenue

(1)

(3)

(2)

(5)

(1)

(2)

(3)

Amortisation of tangible, intangible and right of use assets

(1)

(20)

(12)

(22)

(12)

(55)

(92)

(193)

(19)

(37)

(56)

Adjusted for decommissioning and inventory amortisation

Corporate administration, marketing and related expenses

Lease payment sustaining

Sustaining exploration and study costs

Total sustaining capital expenditure

209

All-in sustaining costs (5)

119

122

130

187

221

145

805

125

130

267

Gold sold - oz (000)

123

102

407

129

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

1,719

2,737

2,210

2,391

1,797

1,421

1,980

2,438

1,674

2,070

(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. "All-in sustaining costs per ounce" and "total cash costs per ounce" may not be calculated based on amounts presented in this table due to rounding.

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

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

All-in sustaining costs

FOR THE QUARTER ENDED 31 MARCH 2026

AMERICAS

Projects

GROUP

Cerro Vanguardia

AngloGold Ashanti Mineração

Americas other

Americas

Non-managed joint ventures

Managed operations

Group total (4)

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

121

104

225

123

1,293

1,416

By-product revenue

(69)

(5)

(74)

(1)

(82)

(83)

Amortisation of tangible, intangible and right of use assets

(18)

(23)

(41)

(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

289

305

All-in sustaining costs (5)

113

169

119

1,286

1,405

Gold sold - oz (000)

114

650

719

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

1,117

1,768

1,481

1,719

1,980

1,955

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

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

Total cash costs

FOR THE QUARTER ENDED 31 MARCH 2026

Corporate and other(3)

AFRICA

AUSTRALIA

Kibali - Attr.

45%

Non-managed joint ventures

Iduapriem

Obuasi

Siguiri

Geita

Sukari

Africa other

Managed operations

Sunrise Dam

Tropicana -Attr. 70%

Australia other

Australia

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

123

110

164

204

209

780

126

151

288

- By-product revenue

(1)

(3)

(2)

(5)

(1)

(2)

(3)

- Inventory change

(13)

(1)

(7)

(1)

(2)

(3)

- Amortisation of tangible assets

(20)

(10)

(22)

(11)

(49)

(92)

(184)

(17)

(30)

(47)

- Amortisation of right of use assets

(1)

(2)

(1)

(6)

(9)

(2)

(7)

(9)

- Amortisation of intangible assets

- Rehabilitation and other non-cash costs

(4)

(2)

(3)

(1)

(6)

(16)

- Retrenchment costs

Total cash costs (5)

(1)

142

146

125

583

106

110

227

Gold produced - oz (000)

128

113

422

127

Total cash costs per ounce - $/oz (1)

1,554

1,736

1,492

1,895

1,141

1,106

1,379

2,087

1,456

1,798

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

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

Total cash costs

FOR THE QUARTER ENDED 31 MARCH 2026

AMERICAS

Projects

GROUP

Cerro Vanguardia

AngloGold Ashanti Mineração

Americas other

Americas

Non-managed joint ventures

Managed operations

Group total (4)

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

121

104

225

123

1,293

1,416

- By-product revenue

(69)

(5)

(74)

(1)

(82)

(83)

- Inventory change

(3) 3

(13)

- Amortisation of tangible assets

(18)

(19)

(37)

(20)

(268)

(288)

- Amortisation of right of use assets

(4)

(23)

- Amortisation of intangible assets

- Rehabilitation and other non-cash costs

(1) -

(1)

(17)

(16)

- Retrenchment costs

Total cash costs (5)

108

917

1,007

Gold produced - oz (000)

117

666

724

Total cash costs per ounce - $/oz (1)

602

1,159

923

1,554

1,377

1,391

Average gold price received per ounce - $/oz

4,918

4,857

4,863

Total cash cost margin - %

68 %

72 %

71 %

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

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

All-in sustaining costs

FOR THE QUARTER ENDED 31 MARCH 2025

Corporate and other(3)

AFRICA

AUSTRALIA

Kibali - Attr.

45%

Non-managed joint ventures

Iduapriem

Obuasi

Siguiri

Geita

Sukari

Africa other

Managed operations

Sunrise Dam

Tropicana -Attr. 70%

Australia other

Australia

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

106

101

135

166

169

658

102

122

233

By-product revenue

(1)

(2)

(1)

Amortisation of tangible, intangible and right of use assets

(1)

(21)

(27)

(20)

(15)

(38)

(67)

(167)

(14)

(24)

(38)

Adjusted for decommissioning and inventory amortisation

Corporate administration, marketing and related expenses

Lease payment sustaining

Sustaining exploration and study costs

Total sustaining capital expenditure

155

All-in sustaining costs (5)

118

134

189

134

656

105

108

223

Gold sold - oz (000)

124

116

417

136

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

1,463

2,053

1,973

1,733

1,521

1,153

1,573

1,768

1,409

1,636

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

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

All-in sustaining costs

FOR THE QUARTER ENDED 31 MARCH 2025

AMERICAS

Projects

GROUP

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande(6)

Americas other

Americas

Non-managed joint ventures

Managed operations

Group total (4)

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

111

232

106

1,124

1,230

By-product revenue

(30)

(3)

(33)

(36)

Amortisation of tangible, intangible and right of use assets

(16)

(22)

(11)

(49)

(21)

(255)

(276)

Adjusted for decommissioning and inventory amortisation

(2)

Corporate administration, marketing and related expenses

Lease payment sustaining

Sustaining exploration and study costs

Total sustaining capital expenditure

223

236

All-in sustaining costs (5)

203

1,111

1,209

Gold sold - oz (000)

117

670

737

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

1,577

1,544

3,403

1,731

1,463

1,657

1,640

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

(5) "Total cash costs" and "all-in sustaining costs" may not be calculated based on amounts presented in this table due to rounding.

(6) Serra Grande was sold on 1 December 2025.

Rounding of figures may result in computational discrepancies.

Total cash costs

FOR THE QUARTER ENDED 31 MARCH 2025

Corporate and other(3)

AFRICA

AUSTRALIA

Kibali - Attr.

45%

Non-managed joint ventures

Iduapriem

Obuasi

Siguiri

Geita

Sukari

Africa other

Managed operations

Sunrise Dam

Tropicana -Attr. 70%

Australia other

Australia

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

106

101

135

166

169

658

102

122

233

- By-product revenue

(1)

(2)

(1)

- Inventory change

(1)

(10)

(9)

(4)

(18)

- Amortisation of tangible assets

(1)

(21)

(26)

(20)

(14)

(32)

(66)

(158)

(10)

(19)

(29)

- Amortisation of right of use assets

(1)

(6)

(1)

(9)

(4)

(5)

(9)

- Amortisation of intangible assets

- Rehabilitation and other non-cash costs

(3)

(2)

(1)

(6)

- Retrenchment costs

Total cash costs (5)

122

118

466

197

Gold produced - oz (000)

116

117

407

135

Total cash costs per ounce - $/oz (1)

1,325

1,493

1,284

1,521

1,021

826

1,144

1,479

1,317

1,456

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

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

Total cash costs

FOR THE QUARTER ENDED 31 MARCH 2025

AMERICAS

Projects

GROUP

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande(6)

Americas other

Americas

Non-managed joint ventures

Managed operations

Group total (4)

in US Dollar millions, except as otherwise noted

Cost of sales per segmental information (2)

111

232

106

1,124

1,230

- By-product revenue

(30)

(3)

(33)

(36)

- Inventory change

(5)

(1)

(21)

(22)

- Amortisation of tangible assets

(16)

(17)

(10)

(43)

(21)

(231)

(252)

- Amortisation of right of use assets

(5)

(1)

(6)

(24)

- Amortisation of intangible assets

- Rehabilitation and other non-cash costs

(3)

(7)

(9)

(15)

(14)

- Retrenchment costs

(1)

Total cash costs (5)

134

797

881

Gold produced - oz (000)

115

657

720

Total cash costs per ounce - $/oz (1)

1,201

897

2,485

1,170

1,325

1,213

1,223

Average gold price received per ounce - $/oz

2,865

2,875

2,874

Total cash cost margin - %

54 %

58 %

57 %

(2) Refer to Segmental reporting.

(3) Corporate includes non-gold producing managed operations.

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

(5) "Total cash costs" and "all-in sustaining costs" may not be calculated based on amounts presented in this table due to rounding.

(6) Serra Grande was sold on 1 December 2025.

Rounding of figures may result in computational discrepancies.

Non-GAAP Disclosure Note B

Quarter 1 | 2026 and 2025

Average gold price received per ounce

Quarter ended Mar 2026

Unaudited

Quarter ended Mar 2025

Unaudited

US Dollar millions, except as otherwise noted

Managed operations

Non-managed joint ventures

Group (Equity)

Managed operations

Non-managed joint ventures

Group (Equity)

Gold income per income statement

3,154

341

3,154

1,927

191

1,927

Associates' and joint ventures' share of gold income

341

191

Gold income

3,154

341

3,495

1,927

191

2,118

Gold sold (oz 000) (1)

650

719

670

737

Average gold price received per ounce - $/oz

4,857

4,918

4,863

2,875

2,865

2,874

(1) Includes Q1 2025 gold sold of 10,000oz for the Serra Grande operation, which was sold on 1 December 2025. Rounding of figures may result in computational discrepancies.

Non-GAAP Disclosure Note C

Quarter 1 | 2026 and 2025

Capital expenditure

FOR THE QUARTER ENDED 31 MARCH 2026

Corporate and other

AFRICA

AUSTRALIA

Kibali - Attr.

45%

Non-managed joint ventures

Iduapriem

Obuasi

Siguiri

Geita

Sukari

Africa other

Managed operations

Sunrise Dam

Tropicana -Attr.70%

Australia other

Australia

in US Dollar millions, except as otherwise noted

Sustaining capital expenditure

209

Non-sustaining capital expenditure

Capital expenditure

303

Capital expenditure

AMERICAS

Projects

GROUP

Cerro Vanguardia

AngloGold Ashanti Mineração

Americas other

Americas

Non-managed joint ventures

Managed operations

Group total (1)

in US Dollar millions, except as otherwise noted

Sustaining capital expenditure

289

305

Non-sustaining capital expenditure

139

162

Capital expenditure

428

467

Capital expenditure

FOR THE QUARTER ENDED 31 MARCH 2025

Corporate and other

AFRICA

AUSTRALIA

Kibali - Attr.

45%

Non-managed joint ventures

Iduapriem

Obuasi

Siguiri

Geita

Sukari

Africa other

Managed operations

Sunrise Dam

Tropicana -Attr. 70%

Australia other

Australia

in US Dollar millions, except as otherwise noted

Sustaining capital expenditure

155

Non-sustaining capital expenditure

Capital expenditure

208

Capital expenditure

AMERICAS

Projects

GROUP

Cerro Vanguardia

AngloGold Ashanti Mineração

Serra Grande(2)

Americas other

Americas

Non-managed joint ventures

Managed operations

Group total (1)

in US Dollar millions, except as otherwise noted

Sustaining capital expenditure

223

236

Non-sustaining capital expenditure

100

Capital expenditure

303

336

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

(2) Serra Grande was sold on 1 December 2025.

Rounding of figures may result in computational discrepancies.

Non-GAAP Disclosure Note D

EBITDA

US Dollar millions, except as otherwise noted Unaudited Unaudited

EBITDA

Profit for the period

1,462

542

Add back:

Finance costs and unwinding of obligations

Finance income

(37)

(32)

Taxation

487

187

Amortisation of tangible, right of use and intangible assets

291

255

Other amortisation

(2)

EBITDA

2,291

996

Rounding of figures may result in computational discrepancies.

Non-GAAP Disclosure Note E

Net debt (cash)

US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited

Borrowings - non-current portion

2,020

1,926

2,025

Borrowings - current portion

Lease liabilities - non-current portion

154

129

155

Lease liabilities - current portion

Total borrowings

2,257

2,213

2,258

Less cash and cash equivalents, net of bank overdraft

(3,125)

(1,458)

(2,882)

Net debt (cash)

(868)

755

(624)

Net debt (cash) to EBITDA ratio

(0.13) :1

0.22:1

(0.11):1

Total borrowings to profit for the period

0.55:1

1.44:1

0.71:1

Rounding of figures may result in computational discrepancies.

Non-GAAP Disclosure Note F

Free cash flow

US Dollar millions, except as otherwise noted Unaudited Unaudited

Net cash flow from operating activities (1)

Repayment of loans advanced to joint ventures Distributions to non-controlling interests

1,709

(162)

725

(79)

Operating cash flow

1,597

706

Capital expenditure on tangible and intangible assets

(428)

(303)

Free cash flow

1,169

403

(1) Includes working capital movements as per table below.

(Increase) decrease in inventories (Increase) decrease in trade receivables (Decrease) increase in trade payables

Movement in working capital

(8)

(72)

(37)

- (42)

(127)

(117)

(169)

Rounding of figures may result in computational discrepancies.

Other Information Exchange Rates

Exchange Rates

ZAR/USD

Average for the year to date

16.34

18.47

17.86

Average for the quarter

16.34

18.47

17.10

Closing

16.93

18.30

16.56

AUD/USD

Average for the year to date

1.44

1.59

1.55

Average for the quarter

1.44

1.59

1.52

Closing

1.45

1.60

1.50

BRL/USD

Average for the year to date

5.26

5.85

5.59

Average for the quarter

5.26

5.85

5.39

Closing

5.22

5.74

5.50

ARS/USD

Average for the year to date

1,417.69

1,056.67

1,246.73

Average for the quarter

1,417.69

1,056.67

1,436.37

Closing

1,382.76

1,073.88

1,459.42

EGP/USD

Average for the year to date

48.82

50.47

49.19

Average for the quarter

48.82

50.47

47.45

Closing

54.48

50.52

47.65

Operating Results Operations at a glance

Quarter 1 | 2026 and 2025

Operations at a glance

FOR THE QUARTERS ENDED 31 MARCH 2026 AND 31 MARCH 2025

Gold production oz (000)

Open pit treated 000 tonnes

Underground milled / treated 000 tonnes

Other milled / treated

000 tonnes

Open pit recovered grade g/tonne

Underground recovered grade g/tonne

Other recovered grade g/tonne

Total recovered grade g/tonne

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

AFRICA Non-managed joint ventures

910

607

274

323

0.70

0.85

4.28

4.50

1.52

2.12

Kibali - Attr. 45% (1)

910

607

274

323

0.70

0.85

4.28

4.50

1.52

2.12

AFRICA Managed operations

422

407

7,324

6,901

1,422

1,159

699

111

1.02

1.00

3.87

4.68

0.31

0.39

1.39

1.55

Iduapriem

1,393

999

0.98

1.26

0.98

1.26

Obuasi

353

282

5.48

5.95

5.48

5.95

Siguiri (3)

2,669

2,947

0.88

0.84

0.88

0.84

Geita

128

116

595

521

756

605

2.25

1.88

3.50

4.34

2.95

3.20

Sukari (3)

113

117

2,667

2,434

313

272

699

111

0.89

0.91

2.95

4.12

0.31

0.39

0.95

1.30

AUSTRALIA

127

135

1,686

1,550

796

928

1.24

1.22

2.32

2.49

1.58

1.69

Sunrise Dam

449

308

480

640

1.24

1.36

2.13

2.31

1.70

2.00

Tropicana - Attr. 70%

1,237

1,242

316

288

1.24

1.18

2.61

2.88

1.52

1.50

AMERICAS

117

115

179

186

459

627

525

520

2.91

2.49

4.88

4.47

1.68

0.58

3.13

2.68

Cerro Vanguardia (3)

179

184

134

133

408

520

2.91

2.50

5.31

5.23

0.77

0.58

2.15

1.74

AngloGold Ashanti Mineração (2)

325

331

117

4.70

5.43

4.84

4.74

5.43

Serra Grande (4)

163

1.17

1.92

1.91

Managed operations

666

657

9,189

8,637

2,677

2,714

1,224

631

1.09

1.07

3.58

3.88

0.90

0.55

1.58

1.71

Non-managed joint ventures

910

607

274

323

0.70

0.85

4.28

4.50

1.52

2.12

Group total including equity-accounted non-

724

720

10,099

9,244

2,951

3,037

1,224

631

1.06

3.65

3.95

0.90

0.55

1.58

1.74

managed joint ventures

(1) Equity-accounted joint venture.

(2) Includes gold concentrate from the Cuiabá mine sold to third parties.

(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.

(4) Serra Grande was sold on 1 December 2025.

Rounding of figures may result in computational discrepancies.

Financial Results Operations at a glance

Quarter 1 | 2026 and 2025

Operations at a glance

FOR THE QUARTERS ENDED 31 MARCH 2026 AND 31 MARCH 2025

Cost of sales

Gross profit

Total cash costs per ounce*

$/oz

All-in sustaining costs per ounce*

$/oz

Sustaining MRD / Stripping capital

Other sustaining capital

Non-sustaining capital*

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

Mar-26

Mar-25

AFRICA Non-managed joint ventures

123

106

219

1,554

1,325

1,719

1,463

Kibali - Attr. 45% (1)

123

106

219

1,554

1,325

1,719

1,463

AFRICA Managed operations

780

658

1,205

542

1,379

1,144

1,980

1,573

109

100

Iduapriem

124

1,736

1,493

2,737

2,053

Obuasi

110

101

174

1,492

1,284

2,210

1,973

Siguiri (3)

164

135

213

1,895

1,521

2,391

1,733

Geita

204

166

402

197

1,141

1,021

1,797

1,521

Sukari (3)

209

169

292

162

1,106

826

1,421

1,153

Administration and other

AUSTRALIA

288

233

338

155

1,798

1,456

2,070

1,636

Sunrise Dam

126

102

122

2,087

1,479

2,438

1,768

Tropicana - Attr. 70%

151

122

227

1,456

1,317

1,674

1,409

Administration and other

(11)

(10)

AMERICAS

225

232

400

143

923

1,170

1,481

1,731

Cerro Vanguardia (3)

121

111

196

602

1,201

1,117

1,577

AngloGold Ashanti Mineração (2)

104

204

1,159

897

1,768

1,544

Serra Grande (4)

(6)

2,485

3,403

Administration and other

(1)

PROJECTS

Colombian projects

North American projects

CORPORATE AND OTHER

(1)

Managed operations

1,293

1,124

1,943

839

1,377

1,213

1,980

1,657

160

139

129

139

Non-managed joint ventures

123

106

219

1,554

1,325

1,719

1,463

Group total including equity-accounted non-

1,416

1,230

2,162

925

1,391

1,223

1,955

1,640

166

145

139

162

100

managed joint ventures

(1) Equity-accounted joint venture.

(2) Includes gold concentrate from the Cuiabá mine sold to third parties.

(3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively.

(4) Serra Grande was sold on 1 December 2025.

* Refer to "Non-GAAP disclosure" for definitions and reconciliations. Rounding of figures may result in computational discrepancies.

Q1 2026 Earnings Release

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 10:05 UTC.