AngloGold Ashanti delivers nine-fold increase in 2024 free cash flow* to $942m versus prior year; Adjusted EBITDA* +93% year-on-year and H2 dividend growth of 263% to 69 US cents per share; total cash costs* +4% for FY 2024, below group inflation

AngloGold Ashanti plc ("AngloGold Ashanti", "AGA" or the "Company") delivered significant year-on-year gains in earnings and free cash flow* in 2024, following continued focus on cost control and the year's strongest gold production period from its managed operations^(2)(3)(4) in Q4 2024.

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Higher revenues were reflected in significantly stronger cash flow and earnings in a year where costs rose by less than half the inflation rate for managed operations, and the Company focused on active management of working capital.

Free cash flow* rose to $942m in 2024, up from $109m in 2023. Adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA*") rose 93% to $2.747bn, from $1.420bn in 2023.

"The significant growth in free cash flow* — to almost a billion dollars in 2024 — is a result of our focus on continued operational and efficiency improvements, which in turn have allowed us to capture the benefit of a healthy gold price," CEO Alberto Calderon said. "With the business receiving appropriate investment and the balance sheet at its strongest position in well over a decade, we're able to pass on those benefits to shareholders in a more generous dividend policy."

Headline earnings⁽⁵⁾ of $954m, or 221 US cents per share for 2024, compared to a headline loss⁽⁵⁾ of $46m, or 11 US cents per share for 2023. The average gold price received per ounce* for the group rose 24% to $2,394/oz in 2024 from $1,930/oz in 2023.

New Dividend Policy Improves Competitiveness

As a result of improved operational fundamentals, a robust balance sheet, and increased confidence in the Company's outlook, the Company's Board of Directors has approved a revised dividend policy aimed at delivering enhanced and sustainable shareholder returns. Under the new policy, AngloGold Ashanti will target a 50% payout of free cash flow, where free cash flow is defined as operating cash flow less capital expenditure of managed operations, subject to maintaining an adjusted net debt to adjusted EBITDA ratio of 1.0 times. Additionally, the revised policy introduces a base dividend of $0.50 per share per annum, payable in quarterly increments of $0.125 per share. This base dividend represents the minimum payout, ensuring a stable return to shareholders even through commodity price cycles. This enhanced policy reflects the Company's commitment to strong capital discipline, financial resilience, and delivering long-term value to shareholders, while providing greater predictability and downside protection in varying market conditions.

An interim dividend of $347m, or 69 US cents per share, was declared for the second half. This takes the total payout for 2024 to $439m, or 91 US cents per share.

The new policy is an important part of a balanced capital allocation framework. The leverage target — a maximum of one times Adjusted net debt* to Adjusted EBITDA*, through the cycle — remains unchanged, as does ensuring a well capitalised portfolio and the ability to fund growth projects.

Lowest Leverage Since 2011

The balance sheet remained in a strong position after funding all capital expenditure, the prior dividend payment and the cash portion of the acquisition of Centamin plc ("Centamin"). At the end of 2024, Adjusted net debt* was $567m, and the Adjusted net debt* to Adjusted EBITDA* ratio was 0.21 times, the lowest since 2011. There was approximately $2.6bn in liquidity, including cash and cash equivalents of $1.4bn, at year end.

Improved Fundamentals Support 2024 Performance

AngloGold Ashanti posted strong performances from several key operations during 2024, demonstrating improved operational resilience. The Australian mines recovered well from rains and flooding in the first half of the year, while Siguiri finished the year well after Q1 2024 production was impacted by metallurgical recovery challenges.

The marked operational turnaround of the Brazilian operations also continued to gain momentum following resumption of concentrate processing at the Queiroz plant during Q3 2024. Obuasi delivered an improved Q4 2024 performance, in line with its revised mine plan, amid improved sub-level open stoping and the continued rollout of the underhand drift and fill method.

The Company's Total Recordable Injury Frequency Rate ("TRIFR") of 0.98 injuries per million hours worked in 2024 improved compared to 1.09 in 2023, and remains far better than the average 2023 performance of 2.59 injuries per million hours worked by the members of the International Council on Mining and Metals.

Group gold production^(2)(3)(4), including 40,000oz from Sukari, was 2.661Moz for 2024. Gold production^(2)(3)(4) for the year was driven by year-on-year improvements at Cuiabá (AGA Mineração) (+8%), Cerro Vanguardia (+7%), Siguiri (+5%), Sunrise Dam (+3%) and Tropicana (+1%), as well as the introduction of Sukari into the portfolio. These increases were partly offset by lower gold production contributions from Iduapriem (-12%), Kibali (-10%) and Serra Grande (-7%). At Obuasi, gold production for the year was 221,000oz, in line with recent guidance, at a total cash cost* of $1,214/oz. The Obuasi mine generated $26m of free cash flow* for 2024.

The solid gold production performance from AngloGold Ashanti's managed operations, alongside continued implementation of the Full Asset Potential programme and increased vigilance on expenditures at the site level, delivered a strong overall cost performance despite persistent inflation across several of its operating jurisdictions. The aggregate inflation rate for the group was about 6.6%, which represents consumer price index (CPI) changes in the jurisdictions in which the Company operates. This increase in inflation was partially mitigated by favourable exchange rate fluctuations.

Total cash costs per ounce* for the group^(1)(2)(3) rose 4% year-on-year to $1,157/oz in 2024 versus $1,115/oz in 2023. Total cash costs per ounce* for managed operations^(1)(2)(3) rose by only 2% year-on-year to $1,187/oz in 2024 versus $1,162/oz in 2023, despite inflationary pressures on labour, material and contractor costs, and the impact of higher royalties paid, driven by the increase in the average gold price received per ounce*. All-in sustaining costs per ounce* ("AISC") for the group^(1)(2)(3) rose 4% year-on-year to $1,611/oz in 2024 versus $1,544/oz in 2023 mainly due to increased total cash costs per ounce * and higher sustaining capital expenditure*.

Continued Exploration Success

The Company has achieved significant exploration success over the past five years, adding 20.9Moz to its gold Mineral Reserve before accounting for depletion and including the acquisition of Centamin. This marks the seventh consecutive year that AngloGold Ashanti has recorded annual increases in gold Mineral Reserve before depletion. Following the acquisition of Centamin, total group Mineral Reserve at the end of 2024, was 31.2Moz, total group gold Measured and Indicated Mineral Resource was 67.1Moz and total group gold Inferred Mineral Resource was 55.0Moz.

Strong Operational Performance Recorded in Q4 2024

Gold production for the group^(1)(2)(3)(4), including 40,000oz from the newly acquired Sukari mine, was 750,000oz for Q4 2024 versus 738,000oz in Q4 2023.

Total cash costs per ounce* for the group^(1)(2)(3) increased 9% year-on-year to $1,144/oz in Q4 2024 from $1,050/oz in Q4 2023. AISC per ounce* for the group^(1)(2)(3) rose by 3% year-on-year in Q4 2024 to $1,647/oz compared with $1,598/oz in Q4 2023.

Headline earnings⁽⁵⁾ of $405m, or 89 US cents per share, in Q4 2024, compared to headline earnings⁽⁵⁾ of $87m, or 21 US cents per share, in Q4 2023. Adjusted EBITDA* increased to $884m in Q4 2024 from $574m in Q4 2023. Free cash flow* rose to $389m during Q4 2024, from $293m in Q4 2023.

Sukari Acquisition Bolsters Portfolio

On 22 November 2024, the acquisition of Centamin was successfully completed. Integration of the Sukari gold mine, and Eastern Desert Exploration commenced immediately. Sukari contributed 40,000oz of gold production at a total cash cost* of $1,165/oz in 2024. The mine contributed $61m in free cash flow* to group free cash flow* in 2024.

"The addition of Sukari, a true tier-one operation, provides a step-change in our production profile, while improving the cost outlook and enhancing cash flow generation", CEO Alberto Calderon said.

Outlook⁽⁶⁾

The Company is pleased to provide updated 2025 guidance, following the successful integration of Sukari into the portfolio. Gold production for the group^(2)(3)(4) is forecast to range between 2,900Moz and 3,225Moz. Total cash cost* for the group⁽²⁾⁽³⁾ is forecast to range between $1,125/oz and $1,225/oz and AISC* for the group⁽²⁾⁽³⁾ is forecast to range between $1,580/oz and $1,705/oz. Total capital expenditure for the group⁽²⁾⁽³⁾ is expected to be between $1,620m and $1,770m.

⁽¹⁾ All financial periods within the financial year ended 31 December 2023 have been adjusted to exclude the Córrego do Sítio ("CdS") operation that was placed on care and maintenance in August 2023.

⁽²⁾ 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.

⁽³⁾ On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin was included in the financial year ended 31 December 2024 from the effective date of acquisition.

⁽⁴⁾ Includes gold concentrate from the Cuiabá mine sold to third parties.

⁽⁵⁾ 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.

⁽⁶⁾ Refer to the disclaimer below the heading "Guidance" in the full announcement for further information.

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

AngloGold Ashanti plc today announces an interim dividend for the six months ended 31 December 2024 of 69 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.

To holders of ordinary shares on the New York Stock Exchange (NYSE)

To holders of ordinary shares on the South African Register

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 69 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:

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, 12 March 2025 and Friday, 14 March 2025, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 7 March 2025 and Friday, 14 March 2025, 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, 7 March 2025.

To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD

To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share

Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 69 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢15.5000, the gross dividend payable per share, is equivalent to ca. ¢10.695 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.

Entitlement to interim dividends

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").

AngloGold Ashanti plc

(Incorporated in England and Wales)

Registration No. 14654651

LEI No. 2138005YDSA7A82RNU96

ISIN: GB00BRXH2664

CUSIP: G0378L100

NYSE Share code: AU

JSE Share code: ANG

A2X Share code: ANG

GhSE (Shares): AGA

GhSE (GhDS): AAD

Johannesburg, South Africa

19 February 2025

JSE Sponsor: The Standard Bank of South Africa Limited

FORWARD-LOOKING STATEMENTS

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, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti's 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, the consequences of the COVID-19 pandemic 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 (including the COVID-19 pandemic), 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 2023 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.

Non-GAAP financial measures

This communication may contain certain "Non-GAAP" financial measures. 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.

Website: www.anglogoldashanti.com

December 2024 Published 19 February 2025

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Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 [email protected]

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Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 [email protected]

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