AngloGold Ashanti plc · NYSE:AU
AngloGold Ashanti — Q3 2026 Earnings Presentation
27 slides from AngloGold Ashanti's earnings presentation, Nov 5, 2026
Slide 1: Q3 2026 Earnings Results
Q3 2026 EARNINGS RESULTS NYSE │ JSE │ GSE NOVEMBER 2026 M I N I NG TO E M P O W E R P E O P L E AN D AD V AN C E S O C I E TI ES www.anglogoldashanti.com Cuiabá - Brazil
Slide 2: Investor Note | Disclaimer
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, mine life, total cash costs, all-in s
Slide 3: Safety | Our Highest Priority
SAFETY │OUR HIGHEST PRIORITY REINFORCING SAFETY PROTOCOLS IN OUR PURSUIT OF ZERO HARM Total Recordable Injury Frequency Rate* Injuries per million hours worked We continuously strive to remove harm and injury from our 5.0 -80% operations. 4.5 4.0 3.5 3.0 2.5 ICMM 2025 member companies avg. 2.10 2.0
Slide 4: YTD 2026 | Sustained Earnings & Cash Flow Momentum
YTD 2026│ SUSTAINED EARNINGS & CASH FLOW MOMENTUM STRONG YTD FINANCIAL PERFORMANCE DRVING SECTOR-LEADING SHAREHOLDER RETURNS Production Total Cash Costs* Capital Expenditure EBITDA* - Group - Group - Group 2,164koz $1,467/oz** $1,579m $5.8bn -4% y-o-y +20% y-o-y +43% y-o-y +56% y-o-y (excluding Serr
Slide 5: Q3 2026 | Robust Underlying Cash Generation Capacity
Q3 2026│ ROBUST UNDERLYING CASH GENERATION CAPACITY DELIVERING ROBUST FREE CASH FLOW* DESPITE TEMPORARY OPERATIONAL CHALLENGES Production Total Cash AISC* Capex Free Cash - Group Costs*- Group - Group - Group Flow* 696koz $1,534/oz** $2,170/oz** $563m $722m Geita - Tanzania *Refer to appendices belo
Slide 6: Cost Leadership | Proven Track Record of Mitigation
COST LEADERSHIP │ PROVEN TRACK RECORD OF MITIGATION ACTIVELY MITIGATING MACRO HEADW INDS THROUGH RIGOROUS OPERATIONAL DISCIPLINE Controllable costs trend 1,467 1,425 ($/oz) 1,238 1,224 1,199 1,163 Market driven factors, mainly royalties and Market driven fuel, added factors, mainly $201/oz to TCC ro
Slide 7: Global Portfolio | Tier Assets Driving Group Performance
GLOBAL PORTFOLIO | TIER 1 ASSETS DRIVING GROUP PERFORMANCE LOW-COST, HIGH-MARGIN TIER ONE ASSETS ANCHORING THE PORTFOLIO United States of America Arthur Gold Project(a) Guinea Siguiri (85%) TIER 1 North Bullfrog Project Lower cost │ Scale │ Growth potential Nevada Regional Deposits(b) DRC Assets Pro
Slide 8: Capital Allocation | Enhancing Future Returns
CAPITAL ALLOCATION │ ENHANCING FUTURE RETURNS A SECTOR-LEADING FRAMEW ORK DELIVERING ONE OF THE MOST BALANCED AND GENEROUS YIELDS IN THE INDUSTRY Cash flow from operations 2025: Enhancing Shareholder Yield Operational Excellence • Established an industry-leading dividend payout framework Sustaining
Slide 9: Dividends | Converting the Gold Price to Shareholder Returns
DIVIDENDS │ CONVERTING THE GOLD PRICE TO SHAREHOLDER RETURNS STRONG CASH GENERATION DROVE A YEAR-ON-YEAR INCREASE IN YTD 2026 DIVIDENDS Dividend declared** ($m) 2,617 1,858 1,310 929 653 92 YTD 2024 YTD 2025 YTD 2026 Free cash flow* Dividend Declared** Translating robust free cash flow* into >$3.5bn
Slide 10: Financial Review
FINANCIAL REVIEW RELIABLY CONVERTING HIGHER GOLD PRICE INTO CASH FLOWS AND SHAREHOLDER RETURNS Delivered $722m in Q3 2026 Free Cash Flow*, bringing YTD 2026 total to $2.6bn *Refer to appendices below and "Non-GAAP disclosure" in AngloGold Ashanti's Earnings Release for Q3 2026 for definitions and re
Slide 11: Macroeconomic Factors | Industry Context
MACROECONOMIC FACTORS │INDUSTRY CONTEXT OIL PRICE GAINS OUTPACE RISE IN GOLD PRICES, LEADS TO ACCELERATION IN INFLATIONARY PRESSURES <blank> September 2026 <blank> 0 September 2025 Pricing │ Group Average Gold Price Received* Inflation and ($/oz) Exchange Rates Local CPI(1) Local FX: US$(2) Local CP
Slide 12: Group Financial Results | Q3 2026
GROUP FINANCIAL RESULTS │ Q3 2026 SIGNIFICANT CASH FLOW AND EARNINGS LEVERAGE Basic Average Gold Price EBITDA* Headline Earnings Received* $1,568m Earnings** $787m $4,239/oz $790m 2025 Q3: 2025 Q3: 2025 Q3: 2025 Q3: $3,490/oz $1,400m $669m $672m Capital Expenditure Net Cash Flow from Free Ca
Slide 13: Cost Performance | Market-Driven Increases to the Cost Base
COST PERFORMANCE | MARKET-DRIVEN INCREASES TO THE COST BASE COST INCREASES DRIVEN BY MACRO-ECONOMIC INFLUENCES AND TEMPORARY OPERATIONAL HEADW INDS Total Cash Costs* - YTD Sep 2026 vs YTD Sep 2025 ($/oz) Market-Driven Controllable +3% +16% 39 3 33 33 81 1,467 1,425 54 1,224 YTD Sep 2025 Inflation Ro
Slide 14: Free Cash Flow | Strong Cash Generation
FREE CASH FLOW* | STRONG CASH GENERATION GOLD PRICE LEVERAGE OUTPACES PEAK SEASONAL TAX OUTFLOWS AND ELEVATED REINVESTMENT Free Cash Flow* – YTD Sep 2026 vs YTD Sep 2025 ($m) -444 -199 -418 85 2 340 -619 186 -172 2 617 1 858 YTD Sep 2025 Price (1) Sales Volume (1) Ops Cost Capital Working Capital Ta
Slide 15: Outlook | 2026 Guidance Reaffirmed
OUTLOOK │ 2026 GUIDANCE REAFFIRMED GROWING MARGINS AND SHAREHOLDER RETURNS XX 2026 Guidance Group 2,800 – 3,170 Managed Operations 2,530 – 2,860 Non-Managed Operations 270 – 310 Gold Production (Koz) Africa 1,890 – 2,150 Australia 495 – 555 Americas 415 – 465 Group All-in Sustaining Costs 1,780 – 1,
Slide 16: Looking Ahead
LOOKING AHEAD DISCIPLINED IN DELIVERY, DISTINCT IN STRATEGY AND AN ATTRACTIVE ENTRY POINT. Nevada - USA
Slide 17: Organic Growth | Targeting Low Risk, High Return Projects
ORGANIC GROWTH │TARGETING LOW RISK, HIGH RETURN PROJECTS PROGRESSING LOW-RISK PRODUCTION GROWTH WITHIN THE LOWEST QUARTILE OF CAPITAL INTENSITY Projected Capex Intensity ($/oz) 10 000 9 000 8 000 7 000 6 000 5 000 4 000 Targeted: 3 000 2 000 1 000 0 Source: Public company reports available at the ti
Slide 18: Cuiabá | Increasing Baseline Production
CUIABA │ INCREASING BASELINE PRODUCTION UNLOCKING QUEIROZ PLANT SPARE CAPACITY VIA LOW-CAPEX SATELLITE ORE SOURCE Target production growth: c.75 koz per annum [2025 production: 273koz] Estimated Capex: $200m - $250m Key Growth Projects: CDS satellite opportunity (Implementation / Target startup Q1 2
Slide 19: Geita | Scaling Production to Target 600 koz pa
GEITA │ SCALING PRODUCTION TO TARGET 600 KOZ PA TARGETING RESERVE GROWTH TO EXTEND MINE LIFE AND SUPPORT LONG-TERM PRODUCTION GROWTH Target production growth: c.100koz per annum [2025 production: 492koz] Estimated Capex: $480m - $580m Key Growth Projects: Paste fill plant at Nyankanga underground (F
Slide 20: Siguiri | Developing a Tier 1 Asset
SIGUIRI │ DEVELOPING A TIER 1 ASSET UNLOCKING ADDITIONAL FULL GRADE ORE TO GROW PRODUCTION THROUGH IMPROVED FEED GRADE Target production growth: c.100koz per annum [2025 production: 289koz] Estimated Capex: $70m Key Growth Projects: Block 3 open pit development (Implementation / Target first gold in
Slide 21: Obuasi | Unlocking World-Class Potential
OBUASI │ UNLOCKING WORLD-CLASS POTENTIAL ESTABLISHING FULL UNDERGROUND SCALE WHILE UNLOCKING ADDITIONAL ORE SOURCES Target production growth: c.130koz per annum [2025 production: 266koz] Obuasi Underground Overview Key Growth Projects : Hybrid mining ramp up (Implementation) • Continue to target 400
Slide 22: Conclusion | Premium Position with Significant Embedded Upside
CONCLUSION │ PREMIUM POSITION WITH SIGNIFICANT EMBEDDED UPSIDE MAINTAINING SECTOR-LEADING CASH RETURNS W HILE UNLOCKING HIGH-MARGIN ORGANIC GROWTH PREDICTABLE ROBUST BALANCE COMPELLING CAPITAL DELIVERY SHEET GROWTH RETURNS 2026 Guidance Intact Expanding Net Cash* Anticipated Organic Engine Dividends
Slide 23: Investor Relations Contacts
w w w. a n g l o g o l d a s h a n t i . c o m ANDREA MAXEY YATISH CHOWTHEE INVESTOR RELATIONS Telephone: +61 08 9435 4603 Telephone: +27 11 637 6273 General e-mail enquiries Mobile: +61 400 072 199 Mobile: +27 78 364 2080 [email protected] [email protected] [email protected]
Slide 24: Appendix A | All-in Sustaining Costs
APPENDIX A │ ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2026 Non- AngloGold Group Group Tropicana - Kibali - Attr. Cerro Corporate managed ALL-IN SUSTAINING COSTS Geita Sukari Obuasi Attr. 70% Ashanti Projects Sub-total 45% Tier 1 Sunrise Dam Siguiri Iduapriem Vanguardia Tier 2 and o
Slide 25: Appendix B | Total Cash Costs
APPENDIX B │ TOTAL CASH COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2026 AngloGold Corporate and Group Tropicana - Kibali - Attr. Sunrise Cerro Non-managed TOTAL CASH COSTS Geita Sukari Obuasi Attr. 70% Ashanti Projects Sub-total 45% Tier 1 Dam Siguiri Iduapriem Vanguardia Tier 2 other (2) joint ventur
Slide 26: Appendix C | Total Cash Costs
APPENDIX C │ TOTAL CASH COSTS Nine months Nine months Nine months ended ended ended Sep Sep Sep 2026 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Cost of sales 4,400 3,933 2,961 - By-product revenue (215) (120) (87) - Inventory change (5) (11) (41) - Amortisat
Slide 27: Appendix D | Free Cash Flow
APPENDIX D │ FREE CASH FLOW Nine months Nine months FREE CASH FLOW ended ended Sep Sep 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Net cash flow from operating activities (1) 3,162 1,278 Repayment of loans advanced to joint ventures 77 139 Distributions to non-controll