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Colabor Group Investor Presentation 2025
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Investor Presentation
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ANGLO-GOLDASHANTI
NYSE | JSE | GSE
FULL YEAR 2024 RESULTS
19 FEBRUARY 2025
MINING TO EMPOWER PEOPLE AND ADVANCE SOCIETIES
INVESTOR NOTE | DISCLAIMER
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in 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, 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 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.
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", "all-in costs", "all-in 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 AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024, which is available on its website.
Website: www.anglogoldashanti.com
FULL YEAR 2024 RESULTS
ANGLO GOLDASHANTI
MINERAL RESOURCE AND MINERAL RESERVE INFORMATION
The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) ("Regulation S-K 1300"). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti's Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold, copper, silver, sulphur and molybdenum estimated at 31 December 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. AngloGold Ashanti publishes its Mineral Resource and Mineral Reserve on an annual basis and has re-estimated its Mineral Resource and Mineral Reserve at 31 December 2024, taking into account economic assumptions, changes to future production, capital expenditure and operating costs (if any), 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, sulphur or molybdenum 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, which can be found on pages 29 to 36 of AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024. These summary tables will also be presented in AngloGold Ashanti's annual report on Form 20-F for the financial year ended 31 December 2024 to be 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.Sc.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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
SAFETY | HIGHEST PRIORITY
CONTINUED FOCUS TO REDUCE RISK
Total Recordable Injury Frequency Rate*
Injuries per million hours worked
TRIFR: Total Recordable Injury Frequency Rate (excludes non-managed joint ventures)
FULL YEAR 2024 RESULTS
ANGLOGOLDSHANTI
2024 IN REVIEW | A YEAR OF DELIVERY
CONSISTENT DELIVERY ON A CLEAR STRATEGY HAS IMPROVED OUR FINANCIAL AND OPERATING FUNDAMENTALS, SUPPORTING A VALUE ACCRETIVE ACQUISITION AND ADOPTION OF A MORE COMPETITIVE DIVIDEND POLICY
| Consistent Delivery | Robust Free Cash Flow | Strong Balance Sheet | Relative Outperformance | Value Accretive Acquisition | New Dividend Policy |
|---|---|---|---|---|---|
Cuiabá – Brazil
2024 HIGHLIGHTS | IMPROVING FUNDAMENTALS
STRONG OPERATIONAL AND FINANCIAL PERFORMANCE
Improved fundamentals supports full year performance
| 2.661_{Moz} | Cuiabá ▲ 8%
Cerro Vanguardia ▲ 7%
Siguiri ▲ 5% |
| --- | --- |
| ▲ Gold production
(2023: 2.644Moz) | Sunrise Dam ▲ 3%
Tropicana ▲ 1% |
Earnings, cash flow increase ahead of gold price
| $942_{m} | $954_{m} |
|---|---|
| ▲ 764% Free cash flow* | |
| (2023: $109m) | ▲ >100% Headline earnings*** |
| (2023: -$46m) | |
| $2.75_{bn} | $1.24_{bn} |
| --- | --- |
| ▲ 93% Adj. EBITDA* | |
| (2023: $1.42bn) | ▲ y-o-y turnaround |
| in basic earnings |
Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
Total cash costs $1,187/oz for managed operations and $935/oz for non-managed joint ventures in 2024
***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.
Dividends based on cash payments increased 89% from $91m in 2023 to $172m in 2024
| OPERATIONAL
DELIVERY |
| --- |
| CASH FLOW
AND EARNINGS |
| --- |
| BALANCE SHEET AND
CAPITAL ALLOCATION |
| --- |
| Real terms reduction in TCC of 2% y-o-y | |
| --- | --- |
| $1,157_{/oz} | y-o-y increase ▲ 4% |
| ▲ Group total
cash costs
(2023: $1,115/oz) | Aggregate inflation c.7% |
| Robust balance sheet underpinned by strong liquidity | |
| --- | --- |
| $2.58_{bn} | $567_{m} |
| Strong liquidity | ▼ (55%) Adjusted Net Debt
(2023: $1.27bn) |
| H1: $92_{m} | 0.21_{x} |
| H2: $347_{m} | |
| ▲ 362% Dividends
declared
(2023: $95m) | ▼ Adj. Net Debt /
Adj. EBITDA*
(2023: 0.89x) |
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
GROUP PERFORMANCE
2024 YEAR AT A GLANCE
OUR PORTFOLIO OF WORLD CLASS ASSETS AND PROJECTS
Notes:
(a) Expanded Silicon Project includes the Silicon and Merlin deposits
(b) Sterling includes the Crown Block deposits
(c) Archean-Birimian Contact (ABC) Project
(d) Operated by Barrick Gold Corporation (Barrick)
*Refer to "Non-GAAP disclosure" below for reconciliations
TIER 1
Longer life | lower cost | scale | growth potential
| Assets | Projects | |
|---|---|---|
| ↓ | ↓ | |
| Geita | Sukari | Nevada |
| Obuasi | Iduapriem | Quebradona |
| Kibali | Tropicana | |
| Gold Production | TCC* | AISC* |
| --- | --- | --- |
| 1,603koz | $1,059/oz | $1,462oz |
TIER 2
Steady performers | reliable cash generators | shorter life | FP focus | opportunities to improve cost competitiveness
| Assets | ||
|---|---|---|
| ↓ | ||
| Sunrise Dam | ||
| Siguiri | ||
| Cerro Vanguardia | ||
| Cuiabá | ||
| Gold Production | TCC* | AISC* |
| --- | --- | --- |
| 978koz | $1,266/oz | $1,668/oz |
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
OBUASI | TAKING CLEAR STEPS TO IMPROVE FUNDAMENTALS
HYBRID MINING MODEL TO FACILITATE RAMP-UP
UHDF Ore tonnes mined (t)
SLOS Slot opening (days)
The new hybrid mining schedule has been implemented
Sub-Level Open Stop (SLOS) in lower grade, good ground condition areas
Underhand Drift and Fill (UHDF) in higher grade areas with poor ground conditions
- UHDF ramp-up plus SLOS improvement resulted in $\triangle \sim 19\%$ improvement in ore tonnes mined in Q4 2024 vs. Q3 2024.
- UHDF contributed 15,428.4t @ 8.65g/t for 4,292oz in Q4 2024.
- ▲ 15% improvement in lateral development and ore mined for 2024.
- Block 10 - accelerating vent access; breakthrough planned for Q1 2025.
- Block 11 - Ops Readiness - 432m ODD development in Q4 - ▲ 33% above plan.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
FULL ASSET POTENTIAL | TRACKING PHYSICALS
YIELDING TANGIBLE IMPROVEMENTS
Tropicana total underground ore tonnes (kt/month)
Geita Nyankanga underground ore tonnes (kt/month)
Sunrise Dam recovery (%)
Siguiri recovery (%)
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
SUNRISE DAM | REFRESH OPPORTUNITIES
PRIORITIZING ORE MINED AND METALLURGICAL RECOVERY TO UNLOCK VALUE
Near-term opportunities include increasing the volume of underground and open pit and improving metallurgical recovery
- Open pit - Accelerate drilling and mining of multiple smaller open pits to provide ~0.8 Mt of additional ore
- Underground: Increase from ~2.65 to ~2.95 Mtpa by redesigning stopes in the Frankie ore body and new mining front Astro
- Concentrated Leach project: Improve recovery rate by ~3.2%
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
FULL ASSET POTENTIAL | PROCESSING LEAGUE TABLE
PROCESSING LEAGUE TABLES HELPED DRIVE A STEP-CHANGE IN METALLURGICAL RECOVERY AND THIS APPROACH IS BEING EXTENDED TO OPEN PIT AND UNDERGROUND MINING
*Recovery OEE defines a Recovery measure of actual performance relative to the Theoretical Maximum Recovery (Full Asset Potential) performance determined for each process plant
FULL YEAR 2024 RESULTS
ANGLOGOLDAHANTI
FULL ASSET POTENTIAL | ACCRETIVE EBITDA VALUE 2022 - 2024
~$621M INCREMENTAL EBITDA BENEFIT DELIVERED BY OPERATIONAL IMPROVEMENTS ACROSS THE PORTFOLIO
Incremental EBITDA benefit from 2022 to 2024 ($m)
*Rounding of figures may result in computational discrepancies
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
CENTAMIN INTEGRATION | 90 DAYS MILESTONE, ON-TRACK
MULTI-DISCIPLINARY INTEGRATION PROGRAM PROGRESSING WELL
SUKARI ▶ Tier 1 Asset
KEY OPPORTUNITIES:
- Synergies incl. Centamin corporate overheads
- Supply chain purchasing capacity
- Projects and exploration costs
- Leverage AGA's Full Asset Potential framework
Q4 2024 performance since acquisition
| Production
40koz | FCF*
951m |
| --- | --- |
MAJOR ACHIEVEMENTS TO DATE
- Smooth Day 1 and Week 1 transition
- Deployment of AGA Values and Code of Business Principles and Ethics
- Focused engagement and onboarding, connecting teams to the AGA model
- Integration into year-end process and AGA management rituals
- Site rebranding largely complete
- Relationships established between Sukari teams and AGA technical teams – strong foundation for collaboration
- Maintaining Sukari safety performance and production volumes
*Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
NEVADA PROJECT | A NEW 20Moz DISTRICT
NORTH AMERICA'S LARGEST NEW GOLD DISCOVERY
BEATTY DISTRICT ▶ New Tier 1 District
+19.7 Moz of Au Mineral Resource*
North Bullfrog Project
Expanded Silicon Project
FEASIBILITY STUDY
- Basic Engineering completed in Q3 2024
- Permitting in progress
- Updated study – H2 2025
- Mineral Reserve ▲ 8% to 1.08Moz
- Mineral Resource ▲ 5% to 0.71Moz
CONCEPT STUDY
- PFS study in progress
- 1,200 m² core shed constructed
- 132 km of drilling completed
- Merlin and Silicon resource* ▲ 23% from 13.3Moz to 16.3Moz
Regional Opportunities
- Opportunities exist at Sterling, Mother Lode, Secret Pass and Daisy
*The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated (Dec 2024).
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
PROJECT UPDATE
MOVING UP THE VALUE CURVE
AN EMERGING TIER 1 ASSET
NORTH BULLFROG PROJECT
Progression and future effort
EXPANDED SILICON PROJECT
Advancing a Tier 1 opportunity
2024
- Completed dewatering pump test
- NEPA commenced with a public scoping session in April
- CGN** completed development of a water conservation alternative mine plan
- Updated ground water model and integrated monitoring plan completed
- Mineral Reserve* ▲ 8% due to plan optimization and other factors
-
Mineral Resource* ▲ 5% due to increase in the Mineral Resource gold price and other factors
-
Completed 132 km of drilling focusing on Mineral Resource definition at Merlin
- Advancing geotechnical and hydrogeology studies
- Constructed a new core shed at site
- PFS work focusing on strategic options analysis
- Mineral Resource ▲ 23% due to exploration drilling and re-interpretation of the Merlin geological model
2025
- Expect BLM permitting schedule to be released
- Anticipate completing Phase 1 of detailed engineering
-
Refine capital and operating cost estimates based on increased level of engineering detail
-
Continue engineering and drilling to progress the PFS
- Target Mineral Resource upgrades to Indicated Mineral Resource and conversion to Probable Mineral Reserve
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
NEVADA | MERLIN INFERRED MINERAL RESOURCE UP ANOTHER 3Moz
AN EMERGING TIER 1 ASSET
2024 Inferred Mineral Resource** increased from 9.05 Moz to 12.10 Moz for the Merlin deposit 2024
2024 $1,900/oz Mineral Resource pit
*The Mineral Resource in this presentation is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated (Dec 2024).
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
MRMR | FOUNDATIONAL FOR OUR BUSINESS
SECTOR-LEADING EXPLORATION PERFORMANCE
Mineral Resource* 2023 – 2024 (Moz)
Mineral Reserve 2023 – 2024 (Moz)
Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource in our 2024 reports. Refer to "2024 Mineral Resource and Mineral Reserve Information" in the Company's Earnings Release for the three months and year ended 31 December 2024.
FULL YEAR 2024 RESULTS
ANGLOGOLDAHANTI
EXPLORATION | LONG-TERM, SECTOR-LEADING PERFORMANCE
EXPLORATION SUCCESS OF THE PREVIOUS SEVEN YEARS CONTINUES
$\triangle$ 36% Mineral Reserve growth $\triangle$ 31 Moz Mineral Reserve additions*
Mineral Reserve additions (pre-depletion) y-o-y (Moz)
*pre-depletion, 2024 includes 4.1Moz from Sukari and Doropo
Restated to exclude non-continuing operations
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
FINANCIAL REVIEW
MONETIZING THE HIGH GOLD PRICE ENVIRONMENT INTO CASH FLOWS AND SHAREHOLDER RETURNS
▲ 764%
Free cash flow*
$942m
MACROECONOMIC FACTORS | INDUSTRY CONTEXT
GOLD CONTINUED TO OUTPACE MOST MAJOR ASSET CLASSES, FULLY UNHEDGED
*Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
| Inflation and Exchange Rates | 2024 | 2023 | ||
|---|---|---|---|---|
| Local CPI(1) | Local FX: US$(2) | Local CPI(1) | Local FX: US$(2) | |
| USA | ▼ 2.9% | - | 3.4% | - |
| Ghana | ▲ 23.8% | ▲ (25.6%) | 23.2% | (30.7%) |
| Argentina | ▼ 117.8% | ▼ (210.2%) | 211.4% | (126.1%) |
| Australia | ▼ 2.4% | ▲ (0.7%) | 4.1% | (4.4%) |
| Tanzania | ▲ 3.1% | ▼ (7.9%) | 3.0% | (4.2%) |
| Guinea | ▼ 6.4% | ▼ (0.3%) | 9.3% | 2.1% |
| Brazil | ▲ 4.8% | ▼ (7.9%) | 4.6% | 3.3% |
| Colombia | ▼ 5.2% | ▲ 5.9% | 9.3% | (1.7%) |
| Average inflation | 6.6% | 8.4% |
Information sourced from Bloomberg and not always up to current reporting date
(1) Percentage change in respective index (CPI – Consumer Price Index)
(2) Percentage variance of annual FX rate (FX – Foreign Exchange)
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
GROUP FINANCIAL RESULTS | FULL YEAR 2024
SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE
| Salient Features | FY 2024 | FY 2023 | y-o-y Δ |
|---|---|---|---|
| Average gold price received* ($/oz) | 2,394 | 1,930 | ▲ 24% |
| Adjusted EBITDA* ($m) | 2,747 | 1,420 | ▲ 93% |
| Basic earnings ($m) | 1,004 | (235) | ▲ 527% |
| Headline earnings** $m | 954 | (46) | ▲ 2,174% |
| Capital expenditure - Group ($m) | 1,215 | 1,127 | ▲ 8% |
| Net cash flow from operating activities ($m) | 1,968 | 971 | ▲ 103% |
| Free cash flow* ($m) | 942 | 109 | ▲ 764% |
| Adjusted net debt* ($m) | 567 | 1,268 | ▼ (55%) |
- Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
**The financial measures "headline earnings (loss)" and "headline earnings (loss) per share" are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
GROUP OPERATING RESULTS | FULL YEAR 2024
STRONG PERFORMANCE FROM MANAGED OPERATIONS
| Salient Features | FY 2024 | FY 2023 | y-o-y Δ |
|---|---|---|---|
| Gold production - Group (koz) | 2,661 | 2,644 | ▲ 1% |
| Gold production - Managed Ops (koz) | 2,352 | 2,301 | ▲ 2% |
| Total cash costs* - Group ($/oz) | 1,157 | 1,115 | ▲ 4% |
| Total cash costs* - Managed Ops ($/oz) | 1,187 | 1,162 | ▲ 2% |
| AISC* - Group ($/oz) | 1,611 | 1,544 | ▲ 4% |
| AISC* - Managed Ops ($/oz) | 1,672 | 1,634 | ▲ 2% |
All gold production and gold sold metrics are stated on a consolidated basis for managed operations and on an attributable basis for non-managed joint ventures, unless otherwise stated.
Total cash costs $1,187/oz for managed operations and $935/oz for non-managed joint ventures in 2024; $1,162/oz for managed operations and $802/oz for non-managed joint ventures in 2023.
AISC $1,672/oz for managed operations and $1,146/oz for non-managed joint ventures in 2024; $1,634/oz for managed operations and $951/oz for non-managed joint ventures in 2023.
* Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
BUSINESS COST PERFORMANCE
STRONG CASH COST PERFORMANCE, DESPITE CONTINUED INFLATIONARY PRESSURES
Total Cash Costs* - 2024 vs 2023 ($/oz)
AISC* - 2024 vs 2023 ($/oz)
Total cash costs $1,187/oz for managed operations and $935/oz for non-managed joint ventures in 2024: $1,162/oz for managed operations and $802/oz for non-managed joint ventures in 2023.
AISC $1,672oz for managed operations and $1,146/oz for non-managed joint ventures in 2024; $1,634/oz for managed operations and $951/oz for non-managed joint ventures in 2023.
* Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
STRONG FREE CASH FLOW GENERATION
HIGHER GOLD PRICE REFLECTS IN BOTTOM LINE
Free cash flow* – 2024 vs 2023 ($m)
(1) Operating costs adjusted to exclude $31m Centamin acquisition costs in 2024 and corporate restructure costs of $268m in 2023.
*Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations.
Rounding may result in computational differences
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
BALANCE SHEET | ROBUST LIQUIDITY
STRONG LIQUIDITY | LONG-DATED MATURITIES | LOW AND IMPROVING LEVERAGE
Liquidity as at 31 December 2024 ($bn)
Total calculated with ZAR150m O/N facility at R18.8506/$
** US$1.4bn multi-currency RCF includes a capped facility of AU$500m ($/A$0.6187) and includes the Africa RCFs
**Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
Adjusted Net Debt to Adjusted EBITAratio
Debt maturity schedule as at 31 December ($m)
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
NEW CAPITAL ALLOCATION FRAMEWORK
MORE GENEROUS DIVIDEND POLICY AFFIRMS STRONG CASH FLOW GENERATION AND POSITIVE OUTLOOK
Potential Share Buybacks
Under supportive market conditions
Supplemental Dividends
Additional returns to shareholders
Long-term Debt Reduction
$750m 2028 and $700m 2030
(1) Free cash flow is equal to operating cash flow less capital
* Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
FULL YEAR 2024 RESULTS
ANGLOGOLDAHANTI
GUIDANCE I 2025 – 2026
GROWING MARGINS AND SHAREHOLDER RETURNS
| 2025 | 2026 | ||
|---|---|---|---|
| Gold production (koz) | Group | 2,900 – 3,225 | 2,900 – 3,225 |
| Managed operations | 2,590 – 2,885 | ||
| Non-managed operations | 310 – 340 | ||
| Africa | 1,935 – 2,160 | ||
| Australia | 500 – 550 | ||
| Americas | 465 – 515 | ||
| Costs(1) ($/oz) | 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 | ||
| 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 | ||
| Capital Expenditure (1) ($m) | 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 | |
| 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 |
(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: A$0.65/$ , BRL5.86/$ , AP1.099/$ , ZAR16.00/$ 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 2023 filed with the SEC.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
LOOKING FORWARD
11
REGAINING GLOBAL COMPETITIVENESS
We have an operating model and optimization process that are now proven to work; the proof of the pudding is in the ability to deliver real cost improvements three years in a row.
Beatty - Nevada
KEY PRIORITIES | 2025
LASER FOCUSED ON NARROWING THE VALUE GAP
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
INVESTMENT CASE
WHY ANGLOGOLD ASHANTI
IMPROVING OUR RATING BY DELIVERING ON STRATEGY
STRONG PORTFOLIO AND OPERATIONS
- Best in class safety record
- World-class diversified portfolio
- Real cost reductions over three years
- Proven asset optimization programme
- Large Mineral Resource and Mineral Reserve
CASH FLOW | BALANCE SHEET | CAPITAL ALLOCATION
- Strong free cash flow* generation; significant leverage to gold price
- Robust balance sheet with ample liquidity, low leverage
- Competitive capital allocation framework
*Refer to "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for the three months and year ended 31 December 2024 for definitions and reconciliations
Peer group includes Newmont, Agrico Eagle, Barrick, Gold Fields and Kinross
1 Company reported data, free cash flow reported, peer composite includes 9M 2024 data for Newmont, 6M 2024 data for Gold Fields
2 FactSet, as of 17 February 2025
FCF/share¹ ($)
EV/EBITDA FY1²
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
INVESTORS | WHY ANGLOGOLD ASHANTI
^{}[]
FACILITATING SECTOR-LEADING COST PERFORMANCE WITH FULL ASSET POTENTIAL PROGRAMME
Full Asset Potential programme has driven strong cost performance, offsetting inflationary impacts
Total cash costs* indexed – real (Q2 2021 = 100)
Company reports, Peer group: Agnico-Eagle, Barrick, Gold Fields, Kinross and Newmont; Q4 2024 data excludes Newmont and Gold Fields
*TCC in real terms adjusted for US CPI
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
ANGLOGOLDASHANTI
www.anglogoldashanti.com
ANDREA MAXEY
Telephone: +61 08 9435 4603
Mobile: +61 400 072 199
[email protected]
YATISH CHOWTHEE
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
[email protected]
INVESTOR RELATIONS
General e-mail enquiries
[email protected]
APPENDIX A | ALL-IN SUSTAINING COSTS
Q4 2024
(in US Dollar million, except as otherwise noted)
| ALL-IN SUSTAINING COSTS | Geita | Sukari | Obuasi | Iduapriem | Projects | Tropicana | Sub-total | Kibali | Tier 1 | Sunrise Dam | Siguiri | Cerro Vanguardia | AngloGold Ashanti Mineração | Tier 2 | Serra Grande | Other | Corporate and other (2) | Non-managed joint ventures | Managed operations | Group Total (3) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of sales | 148 | 83 | 101 | 91 | - | 135 | 558 | 101 | 659 | 114 | 134 | 99 | 98 | 445 | 32 | 32 | 8 | 101 | 1,043 | 1,144 |
| By-product revenue | (1) | - | - | - | - | (1) | (2) | - | (2) | - | - | (30) | (2) | (32) | - | - | - | - | (34) | (34) |
| Realised other commodity contracts | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Amortisation of tangible, intangible and right of use assets | (42) | (20) | (22) | (19) | - | (39) | (142) | (25) | (167) | (19) | (14) | (21) | (33) | (87) | (8) | (8) | (1) | (25) | (238) | (263) |
| Adjusted for decommissioning and inventory amortisation | - | - | - | - | - | - | - | - | - | - | - | 6 | - | 6 | - | - | - | - | 6 | 6 |
| Corporate administration, marketing and related expenses | - | - | - | - | 1 | - | 1 | - | 1 | - | - | - | - | - | - | - | 31 | - | 32 | 32 |
| Lease payment sustaining | 6 | - | - | 1 | - | 3 | 10 | (3) | 7 | 4 | 1 | - | 6 | 11 | 3 | 3 | 1 | (3) | 25 | 22 |
| Sustaining exploration and study costs | (2) | - | 1 | - | - | - | (1) | - | (1) | - | 2 | 1 | 1 | 4 | - | - | - | - | 3 | 3 |
| Total sustaining capital expenditure | 52 | 20 | 34 | 28 | 3 | 11 | 148 | 19 | 167 | 26 | 26 | 24 | 30 | 106 | 12 | 12 | - | 19 | 266 | 285 |
| All-in sustaining costs (4) | 161 | 83 | 113 | 100 | 4 | 109 | 570 | 93 | 663 | 125 | 150 | 79 | 100 | 454 | 40 | 40 | 38 | 93 | 1,102 | 1,195 |
| Gold sold - oz (000) | 122 | 44 | 59 | 47 | - | 100 | 372 | 78 | 450 | 66 | 69 | 44 | 74 | 253 | 22 | 22 | - | 78 | 647 | 725 |
| All-in sustaining costs per ounce - $/oz (1) | 1,327 | 1,858 | 1,905 | 2,131 | - | 1,086 | 1,528 | 1,188 | 1,469 | 1,888 | 2,186 | 1,811 | 1,344 | 1,796 | 1,842 | 1,842 | - | 1,188 | 1,702 | 1,647 |
(1) In addition to the operational performances of the mines, "all-in sustaining costs per ounce", "all-in 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" and "all-in 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, all-in sustaining costs per ounce and all-in 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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
APPENDIX B | TOTAL CASH COSTS
Q4 2024
(in US dollar million, except as otherwise noted)
| TOTAL CASH COSTS | Geita | Sukari | Obuasi | Iduapriem | Tropicana | Sub-total | Kibali | Tier 1 | Sunrise Dam | Siguiri | Cerro Vanguardia | AngloGold Ashanti Mineração | Tier 2 | Serra Grande | Other | Corporate and other (2) | Non-managed joint ventures | Managed operations | Group Total (3) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of sales | 148 | 83 | 101 | 91 | 135 | 558 | 101 | 659 | 114 | 134 | 99 | 98 | 445 | 32 | 32 | 8 | 101 | 1,043 | 1,144 |
| - By-product revenue | (1) | - | - | - | (1) | (2) | - | (2) | - | - | (30) | (2) | (32) | - | - | - | - | (34) | (34) |
| - Inventory change | 17 | (17) | (1) | 6 | - | 5 | 1 | 6 | (1) | 11 | 9 | (1) | 18 | 1 | 1 | - | 1 | 24 | 25 |
| - Amortisation of tangible assets | (37) | (19) | (22) | (18) | (37) | (133) | (25) | (158) | (15) | (13) | (21) | (27) | (76) | (7) | (7) | (1) | (25) | (217) | (242) |
| - Amortisation of right of use assets | (5) | (1) | - | (1) | (2) | (9) | - | (9) | (4) | (1) | - | (6) | (11) | (1) | (1) | - | - | (21) | (21) |
| - Amortisation of intangible assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| - Rehabilitation and other non-cash costs | (1) | - | (7) | (3) | (2) | (13) | - | (13) | (1) | (2) | (2) | 2 | (3) | 4 | 4 | - | - | (12) | (12) |
| - Retrenchment costs | - | - | - | - | - | - | - | - | - | - | - | (1) | (1) | - | - | - | - | (1) | (1) |
| Total cash costs (4) | 121 | 46 | 71 | 74 | 93 | 405 | 77 | 482 | 93 | 129 | 54 | 64 | 340 | 30 | 30 | 6 | 77 | 781 | 858 |
| Gold produced - oz (000) | 136 | 40 | 60 | 50 | 100 | 386 | 80 | 466 | 66 | 74 | 47 | 75 | 262 | 22 | 22 | - | 80 | 670 | 750 |
| Total cash costs per ounce - $/oz (1) | 892 | 1,165 | 1,169 | 1,478 | 924 | 1,047 | 967 | 1,033 | 1,406 | 1,747 | 1,155 | 859 | 1,301 | 1,338 | 1,338 | - | 967 | 1,165 | 1,144 |
(1) In addition to the operational performances of the mines, "all-in sustaining costs per ounce", "all-in 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" and "all-in 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, all-in sustaining costs per ounce and all-in 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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
APPENDIX C | ALL-IN SUSTAINING COSTS
2024
(in US Dollar million, except as otherwise noted)
| ALL-IN SUSTAINING COSTS | Geita | Sukari | Obuasi | Iduapriem | Projects | Tropicana | Sub-total | Kibali | Tier 1 | Sunrise Dam | Siguiri | Cerro Vanguardia | AngloGold Ashanti Mineração | Tier 2 | Serra Grande | Other | Corporate and other (2) | Non-managed joint ventures | Managed operations | Group Total (3) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of sales | 612 | 83 | 360 | 351 | - | 479 | 1,885 | 380 | 2,265 | 430 | 518 | 368 | 352 | 1,668 | 136 | 136 | 37 | 380 | 3,726 | 4,106 |
| By-product revenue | (2) | - | (1) | - | - | (3) | (6) | (2) | (8) | (2) | (1) | (109) | (2) | (114) | - | - | - | (2) | (120) | (122) |
| Realised other commodity contracts | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Amortisation of tangible, intangible and right of use assets | (138) | (20) | (75) | (79) | - | (112) | (424) | (92) | (516) | (77) | (51) | (61) | (112) | (301) | (22) | (22) | (5) | (92) | (752) | (844) |
| Adjusted for decommissioning and inventory amortisation | (1) | - | - | - | - | - | (1) | - | (1) | (1) | - | 9 | (1) | 7 | (1) | (1) | - | - | 5 | 5 |
| Corporate administration, marketing and related expenses | - | - | - | - | 3 | - | 3 | - | 3 | - | - | - | - | - | - | - | 115 | - | 118 | 118 |
| Lease payment sustaining | 22 | - | - | 6 | 1 | 10 | 39 | (1) | 38 | 18 | 3 | - | 27 | 48 | 10 | 10 | 2 | (1) | 99 | 98 |
| Sustaining exploration and study costs | 6 | - | 2 | - | 1 | - | 9 | - | 9 | 1 | 6 | 6 | 2 | 15 | - | - | - | - | 24 | 24 |
| Total sustaining capital expenditure | 181 | 20 | 145 | 108 | 5 | 37 | 496 | 68 | 564 | 65 | 93 | 71 | 98 | 327 | 40 | 40 | 1 | 68 | 864 | 932 |
| All-in sustaining costs (4) | 680 | 83 | 430 | 385 | 10 | 411 | 1,999 | 354 | 2,353 | 434 | 569 | 284 | 365 | 1,652 | 162 | 162 | 150 | 354 | 3,963 | 4,317 |
| Gold sold - oz (000) | 479 | 44 | 222 | 238 | - | 317 | 1,300 | 309 | 1,609 | 261 | 272 | 183 | 274 | 990 | 80 | 80 | - | 309 | 2,370 | 2,679 |
| All-in sustaining costs per ounce - $/oz (1) | 1,418 | 1,858 | 1,942 | 1,614 | - | 1,297 | 1,536 | 1,146 | 1,462 | 1,665 | 2,093 | 1,544 | 1,334 | 1,668 | 2,039 | 2,039 | - | 1,146 | 1,672 | 1,611 |
(1) In addition to the operational performances of the mines, "all-in sustaining costs per ounce", "all-in 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" and "all-in 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, all-in sustaining costs per ounce and all-in 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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
APPENDIX D | TOTAL CASH COSTS
2024
(in US dollar million, except as otherwise noted)
| TOTAL CASH COSTS | Geita | Sukari | Obuasi | Iduapriem | Tropicana | Sub-total | Kibali | Tier 1 | Sunrise Dam | Siguiri | Cerro Vanguardia | AngloGold Ashanti Mineração | Tier 2 | Serra Grande | Other | Corporate and other^{(1)} | Non-managed joint ventures | Managed operations | Group Total^{(1)} |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of sales | 612 | 83 | 360 | 351 | 479 | 1,885 | 380 | 2,265 | 430 | 518 | 368 | 352 | 1,668 | 136 | 136 | 37 | 380 | 3,726 | 4,106 |
| - By-product revenue | (2) | - | (1) | - | (3) | (6) | (2) | (8) | (2) | (1) | (109) | (2) | (114) | - | - | - | (2) | (120) | (122) |
| - Inventory change | 7 | (17) | (2) | 1 | (7) | (18) | 2 | (16) | (3) | 4 | 1 | (2) | - | - | - | - | 2 | (18) | (16) |
| - Amortisation of tangible assets | (111) | (19) | (75) | (75) | (106) | (386) | (91) | (477) | (61) | (48) | (61) | (89) | (259) | (18) | (18) | (3) | (91) | (666) | (757) |
| - Amortisation of right of use assets | (27) | (1) | - | (4) | (6) | (38) | (1) | (39) | (16) | (3) | - | (23) | (42) | (4) | (4) | (2) | (1) | (86) | (87) |
| - Amortisation of intangible assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| - Rehabilitation and other non-cash costs | (3) | - | (14) | (7) | (2) | (26) | 1 | (25) | (2) | (6) | (10) | 2 | (16) | - | - | (1) | 1 | (43) | (42) |
| - Retrenchment costs | - | - | - | - | - | - | - | - | - | - | (1) | (1) | (2) | (1) | (1) | - | - | (3) | (3) |
| Total cash costs^{(4)} | 476 | 46 | 268 | 265 | 354 | 1,409 | 289 | 1,698 | 347 | 465 | 189 | 237 | 1,238 | 113 | 113 | 30 | 289 | 2,790 | 3,079 |
| Gold produced - oz (000) | 483 | 40 | 221 | 237 | 313 | 1,294 | 309 | 1,603 | 259 | 273 | 175 | 271 | 978 | 80 | 80 | - | 309 | 2,352 | 2,661 |
| Total cash costs per ounce - $/oz^{(1)} | 984 | 1,165 | 1,214 | 1,118 | 1,132 | 1,089 | 935 | 1,059 | 1,343 | 1,703 | 1,073 | 876 | 1,266 | 1,411 | 1,411 | - | 935 | 1,187 | 1,157 |
(1) In addition to the operational performances of the mines, "all-in sustaining costs per ounce", "all-in 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" and "all-in 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, all-in sustaining costs per ounce and all-in 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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
APPENDIX E | ADJUSTED EBITDA
| ADJUSTED EBITDA
US Dollar million, except as otherwise noted | Quarter ended Dec 2023
Unaudited | Quarter ended Dec 2023
Unaudited | Year ended Dec 2024
Unaudited | Year ended Dec 2023
Unaudited |
| --- | --- | --- | --- | --- |
| Adjusted EBITDA(1)
Profit before taxation | 698 | 144 | 1,672 | 63 |
| Add back:
Finance costs and unwinding of obligations | 41 | 44 | 167 | 157 |
| Finance income | (38) | (35) | (160) | (127) |
| Amortisation of tangible, right of use and intangible assets | 238 | 197 | 752 | 658 |
| Other amortisation | (4) | 4 | (3) | 3 |
| Associates and joint ventures share of amortisation, interest, taxation and other EBITDA | 109 | 59 | 307 | 202 |
| | 1,044 | 413 | 2,735 | 956 |
| Adjustments:
Foreign exchange and fair value adjustments | (68) | 48 | 1 | 170 |
| Care and maintenance costs | (28) | 36 | 51 | 52 |
| Retrenchment and related costs | 8 | 12 | 17 | 19 |
| Reversal of impairment (net impairment), (derecognition of assets) and profit (loss) on disposal | (72) | 65 | (58) | 221 |
| Joint ventures share of costs | - | - | 1 | 2 |
| Adjusted EBITDA | 884 | 574 | 2,747 | 1,420 |
(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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
APPENDIX E | ADJUSTED NET DEBT
| ADJUSTED NET DEBT(1) | As at
Dec
2024
Unaudited | As at
Dec
2023
Unaudited |
| --- | --- | --- |
| US Dollar million, except as otherwise noted | | |
| Borrowings - non-current portion | 1,901 | 2,032 |
| Borrowings - current portion | 83 | 207 |
| Lease liabilities - non-current portion | 65 | 98 |
| Lease liabilities - current portion | 76 | 73 |
| Total borrowings | 2,125 | 2,410 |
| Less cash and cash equivalents, net of bank overdraft | (1,397) | (955) |
| Net debt | 728 | 1,455 |
| Adjustments: | | |
| IFRS16 lease adjustments | (126) | (149) |
| Unamortised portion of borrowing costs | 26 | 30 |
| Cash restricted for use | (61) | (68) |
| Adjusted net debt | 567 | 1,268 |
| Adjusted net debt to Adjusted EBITDA ratio | 0.21 | 0.89 |
| Total borrowings to profit before taxation | 1.27 | 38.25 |
(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.
FULL YEAR 2024 RESULTS
ANGLOGOLDASHANTI
APPENDIX E | FREE CASH FLOW
A
| FREE CASH FLOW | Quarter ended Dec 2024 | Quarter ended Dec 2023 | Year ended Dec 2024 | Year ended Dec 2023 |
|---|---|---|---|---|
| Unaudited | Unaudited | Unaudited | Unaudited | |
| Cash generated from operations(1) | 713 | 306 | 2,063 | 871 |
| Dividends received from joint ventures | 44 | 94 | 88 | 180 |
| Taxation refund | — | 36 | 6 | 36 |
| Taxation paid | (67) | (32) | (189) | (116) |
| Net cash inflow from operating activities | 690 | 404 | 1,968 | 971 |
| Corporate restructuring costs | — | 238 | 2 | 268 |
| Capital expenditure on tangible and intangible assets | (333) | (334) | (1,090) | (1,042) |
| Net cash from operating activities after capital expenditure | 357 | 308 | 880 | 197 |
| Repayment of lease liabilities | (23) | (27) | (91) | (94) |
| Finance costs accrued and capitalised | (33) | (37) | (139) | (132) |
| Net cash flow after capital expenditure and interest | 301 | 244 | 650 | (29) |
| Repayment of loans advanced to joint ventures | 10 | — | 149 | — |
| Other net cash inflow from investing activities | 42 | 47 | 113 | 125 |
| Other | 26 | 2 | 35 | 4 |
| Add backs: | ||||
| Cash restricted for use | 10 | — | (5) | 9 |
| Free cash flow(2) | 389 | 293 | 942 | 109 |
(1) Includes working capital movements.
(2) Free cash flow has been adjusted to exclude corporate restructuring costs and Centamin acquisition costs.
FULL YEAR 2024 RESULTS
ANGLOGOLDSHANTI