6-K
AngloGold Ashanti PLC (AU)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of September 2025
Commission File Number: 001-41815
AngloGold Ashanti plc
(Translation of registrant’s name into English)
| Third Floor, 5, Hobhouse Court, Suffolk Street<br><br> <br>London SW1Y 4HH<br><br> <br>United Kingdom | 6363 S. Fiddlers Green Circle, Suite 1000<br><br> <br>Greenwood Village, CO 80111<br><br> <br>United States of America |
|---|
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Enclosure: AngloGold Ashanti 2025 Mining Forum Americas Presentation
Exhibits to 6-K
| Exhibit Number | Description |
|---|---|
| Exhibit 99.1 | AngloGold Ashanti 2025 Mining Forum Americas Presentation |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.
| AngloGold Ashanti plc | |||
|---|---|---|---|
| Date: 12 September 2025 | By: | /s/ C STEAD | |
| Name: | C Stead | ||
| Title: | Company Secretary |
Exhibit 99.1
MINING FORUM AMERICAS 2025 N Y S E │ J S E │ G S E S e p t e m b e r 2 0 2 5 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 Sunrise Dam, Australia
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti plc’s (the “Company”, “AngloGold Ashanti” or “AGA”) operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (“SEC”). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. The information included in this presentation has not been reviewed or reported on by AngloGold Ashanti’s external auditors. Non-GAAP financial measures This communication may contain certain “Non-GAAP” financial measures, including, for example, “total cash costs”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital expenditure”, “non-sustaining capital expenditure”, “Adjusted EBITDA”, “Adjusted net debt” and “free cash flow”. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. Reconciliations from IFRS to Non-GAAP financial measures can be found in the appendices to this presentation or in AngloGold Ashanti’s Earnings Release for Q2 2025, which is available on its website. Website: w w w . a n g l o g o l d a s h a n t i . c o m M I N I N G F O R U M A M E R I C A S 2 0 2 5 2 INVESTOR NOTE │ DISCLAIMER
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 2024 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 2024, taking into account economic assumptions, changes to future production and capital costs, depletion, additions as well as any acquisitions or disposals during 2024. 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 metallurgical treatment. 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 are required to be revised using significantly lower commodity prices, increases in operating costs, reductions in metallurgical recovery or other modifying factors, this could result in the Mineral Resource or Mineral Reserve not being mined or processed profitably, material write-downs of AngloGold Ashanti’s investment in mining properties, goodwill and increased amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain of its Mineral Resource or Mineral Reserve have become uneconomic, this may ultimately lead to a reduction in its aggregate reported 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 The pre-feasibility and feasibility studies for undeveloped ore bodies derive estimates of capital expenditure and operating costs based upon anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. 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 future 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, in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (“SEC”). 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 2024 was estimated using a gold price of $1,900/oz (2023: $1,750/oz), a copper price of $3.50/lb (2023: $3.50/lb), a silver price of $23.00/oz (2023: $21.64/oz) and a molybdenum price of $12.00/lb (2023: $12.00/lb), unless otherwise stated. The Mineral Reserve at the end of the financial year ended 31 December 2024 was estimated using a gold price of $1,600/oz (2023: $1,400/oz), a copper price of $2.90/lb (2023: $2.90/lb) and a silver price of $19.50/oz (2023: $19.58/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 2024, 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 23 years’ experience in mining with 12 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. M I N I N G F O R U M A M E R I C A S 2 0 2 5 2 MINERAL RESOURCE AND MINERAL RESERVE INFORMATION
LEADING NORTH AMERICAN MAJOR | WITH A GLOBAL FOOTPRINT Fit-For-Purpose Corporate Structure World-Class Diversified Portfolio Social License to Operate NYSE:AU primary listing Denver HQ Global scale Top 5 Producer, No.1 in Africa Strong safety record Ranked Top 3 among ICMM members Additional liquidity Well-established JSE secondary listing Diversified 11 operations in 10 countries Successful track record Operating across Africa, Australia, Americas Russell US Indexes Inclusion broadens investor attractiveness High quality Mineral Resource and Mineral Reserve base Leadership team Experienced, proven, well-established Strong technical capability From Denver, Johannesburg and Perth, supporting Full Asset Potential Significant organic pipeline Tier One growth in Obuasi and Nevada Decarbonisation Advancing projects to achieve 2030 targets M I N I N G F O R U M A M E R I C A S 2 0 2 5 2
SAFETY │ ALWAYS OUR HIGHEST PRIORITY 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 *TRIFR: Total Recordable Injury Frequency Rate (excludes non-managed joint ventures) 1.0 2.0 3.0 4.0 5.0 0.80 -82% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1 Q2 2025 2025 TRIFR ICMM 2024 member companies avg. 2.29 Total Recordable Injury Frequency Rate* Injuries per million hours worked We continuously strive to remove harm and injury from our operations. Serra Grande, Brazil M I N I N G F O R U M A M E R I C A S 2 0 2 5 2
GLOBAL PORTFOLIO | WORLD CLASS ASSETS AND PROJECTS F O C U S E D O N I N C R E A S I N G T I E R 1 C O N T R I B U T I O N Tier 1 Tier 2 PRODUCTION Tier 1 Tier 2 MINERAL RESERVE Nevada Quebradona Obuasi Kibali Geita Sukari Cuiabá Tropicana Siguiri Iduapriem Sunrise Dam Cerro Vanguardia TIER 1 Lower cost │ Scale │ Growth potential Q2 2025 Production TCC* AISC* 546koz $1,009/oz $1,406/oz TIER 2 Reliable cash generators │ FP focus │ Opportunities to improve margins Q2 2025 Production TCC* AISC* 242koz $1,609/oz $1,970/oz Legend Tier 1 Project Tier 1 Asset Tier 2 Asset *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q2 2025 for definitions and reconciliations. M I N I N G F O R U M A M E R I C A S 2 0 2 5 6
2.10 2.60 3.40 2023 2024 Cash and Cash Equivalents Q2 2025 RCFs* *US$1.4bn multi-currency RCF includes a capped facility of AU$500m ($/A$0.65798) and includes the Africa RCFs. The $1.4bn 2022 multi-currency RCF will mature in June 2029. During the last year prior to its scheduled maturity, the maximum amount that can be outstanding is $1.134bn. STRONG BALANCE SHEET │ AMPLE LIQUIDITY, LOW LEVERAGE 0.89x 0.21x 0.02x 0.00x 0.20x 0.40x 0.60x 0.80x 1.00x 2023 2024 Q2 2025 Liquidity ($bn) Adjusted Net Debt** to Adjusted EBITDA** ratio **Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q2 2025 for definitions and reconciliations. M I N I N G F O R U M A M E R I C A S 2025 7
Strong Operating Fundamentals 21% gold production growth year-on-year Controllable total cash costs** flat in real terms year-on-year Full Potential – continues to yield tangible results, contributing to cash flow generation Record Financial Results* Adjusted EBITDA* up 129% to $2.56bn Significant FCF* growth of 245% to $938m Adjusted Net debt down 92% year-on-year to $92m Enhanced Shareholder Returns H1 2025: c.$470m dividend declared – returning 50% of FCF to shareholders Interim dividend true up demonstrates cash flow visibility, strong confidence and outlook H1 2025 HIGHLIGHTS │SUSTAINING BUSINESS MOMENTUM **Total cash costs* $1,241/oz for managed operations and $1,081/oz for non-managed joint ventures in Q2 2025; $1,171/oz for managed operations and $899/oz for non-managed joint ventures in Q2 2024. M I N I N G F O R U M A M E R I C A S 2025 8 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 F O R T H E S I X M O N T H S T O 3 0 J U N E 2 0 2 5 *Refer to appendices below and “Non-GAAP disclosure” in AngloGold Ashanti's Earnings Release for Q2 2025 for definitions and reconciliations.
SUKARI │A TIER ONE MINE IN AN EMERGING GOLD DISTRICT chain disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic), 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. M I N I N G F O R U M A M E R I C A S 2025 9 Accretive c.$1.8bn acquisition on a net basis completed end 2024 Integration process well advanced; synergies achieved, and Ivory Coast projects sold for $185m in 2025 Optimisation initiatives commenced - gravity circuit, RC underground grade control, fleet management system Full Asset potential process underway on site; exploration teams evaluating site and regional targets Supportive government partner with strong drive to grow Egypt's mining sector 2025 GOLD PRODUCTION 1,115 - 1,195$/oz 2025 AISC** 770 - 850$/oz 2025 CASH COSTS** 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 2024 filed with the SEC. *For further details on the Mineral Resource and Reserve, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024. ** The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its forward-looking 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 455 - 495koz Anticipated average production c.490koz over the next three years 2.09Moz Measured & Indicated Mineral Resource* 2.41Moz Mineral Reserve* 0.54Moz Inferred Sukari, Egypt
EXPLORATION │ LONG-TERM, SECTOR-LEADING PERFORMANCE Mineral Reserve* growth (2017 – 2024) (Moz) 27.3Moz organic Mineral Reserve* added in last 8 years at an average cost of c.$55/oz 31Moz Mineral Reserve additions* including Centamin 36% Mineral Reserve growth Strong track record of growing Mineral Reserve at a low exploration cost 27.3 *pre-depletion M I N I N G F O R U M A M E R I C A S 2 0 2 5 10 4.1 31.4 0 5 10 15 20 25 30 35 Cumulative Mineral Reserve Additions Centamin Acquistion Total
NEVADA PROJECT│ MOVING UP THE VALUE CURVE C R E A T I N G V A L U E I N N O R T H A M E R I C A ’ S M O S T P R O L I F I C , E M E R G I N G G O L D D I S T R I C T S The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated (31 December 2024). *For further details on the Mineral Resource and Reserve, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024. ** The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its forward-looking Non-GAAP financial guidance shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the SNA Daisy Secret Pass Mother Lode 1.6Moz Meas & Ind 0.2Moz Inferred Mineral Resource* Sterling & Crown 0.91Moz Inferred Mineral Resource* Beatty District North Bullfrog 0.4Moz Meas & Ind 0.3Moz Inferred Mineral Resource* 1.08 Moz Mineral Reserve* ARTHUR GOLD Silicon 3.4Moz Meas & Ind 0.8Moz Inferred Mineral Resource* Merlin 12.1Moz Inferred Mineral Resource* Proj. area with Resources Proj. area with Reserves Historic Producing Mine AGA Claims Augusta Claims SIGNIFICANT DISTRICT SCALE – c.20MOZ MINERAL RESOURCE AngloGold Ashanti is Beatty’s leading developer with multiple Tier 1 deposits NORTH BULLFROG PROJECT Record of Decision expected end 2026 2023 FS - LOM: Gold production: 801koz, AISC $854/oz** challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. M I N I N G F O R U M A M E R I C A S 2025 11 ARTHUR GOLD PROJECT Targeting Mineral Resource conversion to Mineral Reserve at year end PFS underway AUGUSTA GOLD PROPOSED TRANSACTION Consolidates position in Nevada’s top gold district Expands footprint and improves overall flexibility Unlocks value through synergies and optimised development 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 (including the COVID-19 pandemic), and other business and operational risks and
(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 2025 guidance are as follows: $0.65/A$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl. Production and cash flow are expected to be weighted toward Q4 2025, given timing of production and sales at certain assets. Cost and capital forecast ranges for 2025 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into future value, using an appropriate “inflation” rate. Cost and capital forecast ranges for 2026 are expressed in “real” terms. “Real” cash flows are adjusted for “inflation” in order to reflect the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the SEC. Refer to Appendix G for full guidance breakdown. M I N I N G F O R U M A M E R I C A S 2025 12 2025 GUIDANCE CONFIRMED │ H2 PRODUCTION AND CASH FLOW WEIGHTED TO Q4 2025 Gold production (koz) Group 2,900 – 3,225 Group All-in sustaining costs 1,580 – 1,705 Costs (1) ($/oz) Group Total cash costs 1,125 – 1,225 Group Total capital expenditure 1,620 – 1,770 Capital Expenditure (1) ($m) Group Sustaining capital expenditure 1,085 – 1,185 Group Non-sustaining capital expenditure 535 – 585
85 80 90 95 100 105 110 115 120 125 AGA real AISC Peer Group real AISC AISC* indexed – real Company reports, Peer group: Agnico-Eagle, Barrick, Gold Fields, Kinross and Newmont. *AISC in real terms adjusted for US CPI. COMPETITIVE COST PROFILE │ DRIVING MARGIN EXPANSION -0.5% +21% AISC* margin Full Asset Potential has improved efficiency and stability Real AISC -0.5% vs +21% peer average since Q2 2021 Clear improvement to competitive position and quality of earnings 22% 40% 50% 53% AGA real AISC margin Peer real AISC margin Q2 2021 Q2 2025 M I N I N G F O R U M A M E R I C A S 2 0 2 5 13
Best-in-Class Safety Ranked Top 3 among ICMM members; focus on safe, stable operations Leading Cost Performance Total cash costs c.1% higher since Q2 2021 vs peer average c.20% Tier One Production Growth and excellent brownfields optionality Robust Balance Sheet Approaching net cash; $3.4bn liquidity, no near-term maturities Enhanced Capital Returns Strong dividend payout - 50% FCF c.$470m dividend declared for H1 2025 Superior, Predictable Active Portfolio Enhancing Operating Performance Management Capital Returns Streamlined Portfolio Divested non-core assets and closed loss makers to enhance portfolio focus Value Accretive Growth Added high-margin, long-life assets in Egypt and Nevada CONSISTENT DELIVERY COMPELLING VALUATION Geita, Tanzania M I N I N G F O R U M A M E R I C A S 2 0 2 5 13 CLEAR STRATEGIC EXECUTION | DELIVERING SUPERIOR VALUE G R O W I N G M A R G I N S A N D S H A R E H O L D E R R E T U R N S
*Visible Alpha data – 12 September 2025 **Company reports, Peer group: Agnico-Eagle, Barrick, Gold Fields, Kinross and Newmont; “inferred all-in cost” based on peer group published FY2025 midpoint guidance inferred all-in cost calculated based on all-in sustaining costs plus (growth capital/ounces). “Inferred all-in-cost” is an illustrative like-for-like metric to compare the peer group, before working capital changes, finance expenses, taxes and other items. INVESTMENT CASE │ A STRONG RE-RATING STORY 2.0x 4.0x 6.0x 8.0x 10.0x EV/EBITDA* 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% AGA Peer 5 Peer 4 Peer 2 Peer 1 Peer 3 Free Cash Flow Yield* 0.0% 1.0% 2.0% 3.0% 4.0% AGA Peer 4 Peer 3 Peer 2 Peer 1 Peer 5 Dividend Yield* 0.0x Peer 3 Peer 2 AGA Peer 4 Peer 5 Peer 1 Peer 1 Peer 2 AGA Peer 5 Peer 4 Peer 3 - 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 Inferred all-in cost ($/oz) Avg. 6.6% Avg. $1,804 Avg. 1.8% Avg. 7.5x M I N I N G F O R U M A M E R I C A S 2 0 2 5 13
ANDREA MAXEY Mobile: +61 400 072 199 amaxey@ aga.gold w w w . a n g l o g o l d a s h a n t i . c o m YATISH CHOWTHEE Mobile: +27 78 364 2080 yrchowthee@ aga. gold INVESTOR RELATIONS General e-mail enquiries investors@ anglogoldashanti.com ANDY LARKIN Mobile: +1 (720) 618-6013 alarkin@aga.gold
APPENDIX A │ ALL-IN SUSTAINING COSTS (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. M I N I N G F O R U M A M E R I C A S 2025 18 Q 2 2 0 2 5 ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Tropicana AngloGold Ashanti Mineração Projects Sub-total Kibali Tier 1 Sunrise Dam Siguiri Iduapriem Cerro Vanguardia Tier 2 Serra Grande Other Corporate and other (2) Non- managed joint ventures Managed operations Group Total (3) Cost of sales 184 201 101 119 86 - 691 107 798 114 165 114 115 508 32 32 17 107 1,248 1,355 By-product revenue (1) - (1) (1) (6) - (9) (1) (10) (1) - - (28) (29) - - - (1) (38) (39) Amortisation of tangible, intangible and right of use assets (43) (102) (22) (23) (26) - (216) (26) (242) (15) (18) (29) (21) (83) (3) (3) (1) (26) (303) (329) Adjusted for decommissioning and inventory amortisation - - - - - - - - - - - - 2 2 - - - - 2 2 Corporate administration, marketing and related expenses - - - - - 1 1 - 1 - - - - - - - 33 - 34 34 Lease payment sustaining 6 1 - 6 6 - 19 1 20 4 1 1 - 6 2 2 1 1 28 29 Sustaining exploration and study costs 3 - - - 1 - 4 - 4 - 3 - 1 4 - - - - 8 8 Total sustaining capital expenditure 64 37 41 8 27 - 177 11 188 17 20 20 16 73 12 12 - 11 262 273 All-in sustaining costs (4) 212 137 119 108 89 1 666 93 759 120 171 106 85 482 44 44 49 93 1,241 1,334 Gold sold - oz (000) 141 137 62 65 67 - 472 69 541 59 88 50 47 244 16 16 - 69 732 801 All-in sustaining costs per ounce - $/oz (1) 1,503 996 1,918 1,666 1,327 - 1,412 1,367 1,406 2,010 1,928 2,136 1,823 1,970 2,766 2,766 - 1,367 1,694 1,666
APPENDIX B │ TOTAL CASH COSTS (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. M I N I N G F O R U M A M E R I C A S 2025 18 Q 2 2 0 2 5 TOTAL CASH COSTS Geita Sukari Obuasi Tropicana AngloGold Ashanti Mineração Sub-total Kibali Tier 1 Sunrise Dam Siguiri Iduapriem Cerro Vanguardia Tier 2 Serra Grande Other Corporate and other (2) Non- managed joint ventures Managed operations Group Total (3) Cost of sales 184 201 101 119 86 691 107 798 114 165 114 115 508 32 32 17 107 1,248 1,355 - By-product revenue (1) - (1) (1) (6) (9) (1) (10) (1) - - (28) (29) - - - (1) (38) (39) - Inventory change (4) (9) 15 - 1 3 5 8 2 (4) (2) 3 (1) - - - 5 2 7 - Amortisation of tangible assets (37) (102) (22) (17) (21) (199) (25) (224) (12) (17) (28) (21) (78) (2) (2) - (25) (279) (304) - Amortisation of right of use assets (6) - - (6) (5) (17) (1) (18) (3) (1) (1) - (5) (1) (1) (1) (1) (24) (25) - Amortisation of intangible assets - - - - - - - - - - - - - - - - - - - - Rehabilitation and other non-cash costs (4) (2) (1) (1) 8 - (6) (6) - (1) (1) (3) (5) 2 2 - (6) (3) (9) - Retrenchment costs - - - - - - - - - - - (1) (1) - - - - (1) (1) Total cash costs (4) 132 88 92 94 64 470 80 550 100 142 82 66 390 31 31 14 80 905 985 Gold produced - oz (000) 138 129 71 65 68 471 75 546 61 85 49 47 242 16 16 - 75 729 804 Total cash costs per ounce - $/oz (1) 955 681 1,299 1,442 943 998 1,081 1,009 1,644 1,663 1,663 1,409 1,609 1,930 1,930 - 1,081 1,241 1,226
(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. M I N I N G F O R U M A M E R I C A S 2025 19 APPENDIX A │ ALL-IN SUSTAINING COSTS S I X M O N T H S E N D E D J U N E 2 0 2 5 ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Tropicana AngloGold Ashanti Mineração Projects Sub-total Kibali Tier 1 Sunrise Dam Siguiri Iduapriem Cerro Vanguardia Tier 2 Serra Grande Other Corporate and other (2) Non- managed joint ventures Managed operations Group Total (3) Cost of sales 350 370 202 241 171 - 1,334 213 1,547 216 300 201 226 943 68 68 27 213 2,372 2,585 By-product revenue (2) (1) (1) (2) (9) - (15) (1) (16) (1) - - (58) (59) - - - (1) (74) (75) Amortisation of tangible, intangible and right of use assets (81) (169) (42) (47) (48) - (387) (47) (434) (29) (33) (56) (37) (155) (14) (14) (2) (47) (558) (605) Adjusted for decommissioning and inventory amortisation (1) - - - - - (1) - (1) - - - - - - - - - (1) (1) Corporate administration, marketing and related expenses - - - - - 1 1 - 1 - - - - - - - 60 - 61 61 Lease payment sustaining 11 1 - 10 12 1 35 2 37 8 3 2 - 13 4 4 1 2 53 55 Sustaining exploration and study costs 5 - - - 1 - 6 - 6 - 4 2 1 7 - - - - 13 13 Total sustaining capital expenditure 119 69 78 14 52 2 334 24 358 30 31 39 31 131 20 20 - 24 485 509 All-in sustaining costs (4) 401 270 237 216 179 4 1,307 192 1,499 225 304 188 162 879 79 79 86 192 2,351 2,543 Gold sold - oz (000) 265 253 122 141 125 - 906 135 1,041 119 166 90 96 471 26 26 - 135 1,403 1,538 All-in sustaining costs per ounce - $/oz (1) 1,512 1,068 1,945 1,527 1,427 - 1,441 1,414 1,438 1,889 1,837 2,099 1,697 1,872 3,019 3,019 - 1,414 1,676 1,654
(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. M I N I N G F O R U M A M E R I C A S 2025 20 APPENDIX B │ TOTAL CASH COSTS S I X M O N T H S E N D E D J U N E 2 0 2 5 TOTAL CASH COSTS Geita Sukari Obuasi Tropicana AngloGold Ashanti Mineração Sub-total Kibali Tier 1 Sunrise Dam Siguiri Iduapriem Cerro Vanguardia Tier 2 Serra Grande Other Corporate and other (2) Non- managed joint ventures Managed operations Group Total (3) Cost of sales 350 370 202 241 171 1,334 213 1,547 216 300 201 226 943 68 68 27 213 2,372 2,585 - By-product revenue (2) (1) (1) (2) (9) (15) (1) (16) (1) - - (58) (59) - - - (1) (74) (75) - Inventory change (13) (13) 5 (1) 1 (21) 4 (17) 4 (2) 1 (1) 2 - - - 4 (19) (15) - Amortisation of tangible assets (69) (168) (42) (36) (38) (353) (46) (399) (22) (31) (53) (37) (143) (12) (12) (2) (46) (510) (556) - Amortisation of right of use assets (12) (1) - (11) (10) (34) (1) (35) (7) (2) (3) - (12) (2) (2) - (1) (48) (49) - Amortisation of intangible assets - - - - - - - - - - - - - - - - - - - - Rehabilitation and other non-cash costs (4) (2) (3) - 1 (8) (5) (13) - (2) (4) (6) (12) 2 2 (1) (5) (19) (24) - Retrenchment costs - - - - - - - - - - - (1) (1) - - - - (1) (1) Total cash costs (4) 250 185 161 191 116 903 165 1,068 190 263 142 123 718 56 56 24 165 1,701 1,866 Gold produced - oz (000) 254 246 125 139 126 890 138 1,028 122 165 89 94 470 26 26 - 138 1,386 1,524 Total cash costs per ounce - $/oz (1) 985 750 1,293 1,376 922 1,015 1,193 1,039 1,561 1,595 1,586 1,305 1,527 2,144 2,144 - 1,193 1,228 1,224
APPENDIX C │ ADJUSTED EBITDA M I N I N G F O R U M A M E R I C A S 2025 21 ADJUSTED EBITDA US Dollar million, except as otherwise noted Quarter ended Jun 2025 Unaudited Quarter ended Jun 2024 Unaudited Six months ended Jun 2025 Unaudited Six months ended Jun 2024 Unaudited Adjusted EBITDA (1) Profit before taxation 1, 046 413 1, 775 580 Add back: Finance costs and unwinding of obligations 44 44 85 84 Finance income (39) (42) (71) (89) Amortisation of tangible, right of use and intangible assets 303 180 558 329 Other amortisation (1) (1) 2 3 Associates and joint ventures share of amortisation, interest, taxation and other 92 62 169 122 EBITDA 1, 445 656 2,518 1,029 Adjustments: Foreign exchange and fair value adjustments 6 15 45 42 Care and maintenance costs 11 12 11 45 Retrenchment and related costs 10 - 14 - Reversal of impairment (impairment) impairment, (derecognition of assets) and profit (loss) on disposal (29) 1 (25) 1 Joint ventures share of costs - - - 1 Adjusted EBITDA 1 ,443 684 2 ,563 1 ,118 (1) EBITDA (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements. Rounding of figures may result in computational discrepancies.
APPENDIX D │ ADJUSTED NET DEBT (1)Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements. Rounding of figures may result in computational discrepancies. M I N I N G F O R U M A M E R I C A S 2025 22
APPENDIX E │ FREE CASH FLOW M I N I N G F O R U M A M E R I C A S 2025 22
APPENDIX F │ FREE CASH FLOW MARGIN M I N I N G F O R U M A M E R I C A S 2025 22 FREE CASH FLOW MARGIN US Dollar million, except as otherwise noted Quarter ended Jun 2025 Unaudited Quarter ended Jun 2024 Unaudited Six months ended Jun 2025 Unaudited Six months ended Jun 2024 Unaudited Free cash flow (refer Appendix E) 535 215 938 272 Dividends paid to non-controlling interests 150 - 229 - Free cash flow before dividends paid to non-controlling interests 685 215 1,167 272 Gold income 2,407 1, 353 4,334 2,491 Free cash flow margin 28% 16% 27% 11%
(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 (including the COVID-19 pandemic), 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 2025 guidance are as follows: $0.65/A$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl. Outlook economic assumptions for 2026 guidance are as follows: $0.67/A$, BRL5.96/$, AP1,254/$, ZAR18.00/$ and Brent $70/bbl. Cost and capital forecast ranges for 2025 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into future value, using an appropriate “inflation” rate. Cost and capital forecast ranges for 2026 are expressed in “real” terms. “Real” cash flows are adjusted for “inflation” in order to reflect the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti's external auditors. Other unknown or unpredictable factors, or factors outside the Company's control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti's future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti's operations together with AngloGold Ashanti's business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 filed with the SEC. M I N I N G F O R U M A M E R I C A S 2025 22 APPENDIX G │ GUIDANCE 2025 – 2026 G R O W I N G M A R G I N S A N D S H A R E H O L D E R R E T U R N S 2025 2026 Group 2,900 – 3,225 2,900 – 3,225 Managed operations 2,590 – 2,885 Gold production (koz) Non-managed operations 310 – 340 Africa 1,935 – 2,160 Australia 500 – 550 Americas 465 – 515 Group All-in sustaining costs 1,580 – 1,705 1,580 – 1,705 Managed operations 1,600 – 1,725 Non-managed operations 1,160 – 1,260 Africa 1,530 Australia 1,700 Costs (1) ($/oz) Americas 1,700 Group Total cash costs 1,125 – 1,225 1,125 – 1,225 Managed operations 1,130 – 1,230 Non-managed operations 970 – 1,050 Africa 1,090 Australia 1,425 Americas 1,225 Group Total capital expenditure 1,620 – 1,770 1,710 – 1,860 Managed operations 1,505 – 1,635 Non-managed operations 115 – 135 Group Sustaining capital expenditure 1,085 – 1,185 1,085 – 1,185 Capital Expenditure (1) ($m) Managed operations 1,035 – 1,125 Non-managed operations 50 – 60 Group Non-sustaining capital expenditure 535 - 585 625 – 675 Managed operations 470 - 510 Non-managed operations 65 – 75