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ANGLOGOLDASHANTI Market update report for the quarter ended 30 September 2021 Johannesburg , 8 November 2021 - AngloGold Ashanti Limited ( " AngloGold Ashanti ” or the “ Company " ) is pleased to provide its selected financial and operational update for the three - month period ended 30 September 2021 . The Company registered an improved operating quarter from its producing assets ) versus the prior quarter , reporting production and cost improvements , underpinned by higher underground grades . The investment programme to extend mine lives and enhance operating flexibility , continued to make progress . Production and costs for 2021 are expected to be in line with revised guidance . The year - on - year performance , which saw costs rise and production decline from the third quarter of 2020 , was impacted by the voluntary suspension of underground mining activities at Obuasi in May , lower grades at certain operations , inflationary effects , and the ongoing impacts of COVID - 19 . Newly appointed CEO Alberto Calderon has prioritised reductions in all costs , improvements in operating and capital efficiencies and the implementation of a new operating model to ensure accountability and operational consistency and to enhance the Company's positioning through the cycle . " We must put in place the right foundation for long - term success , and the most crucial part of that is an operating model which prioritises efficiency , agility and accountability , ' Calderon said . “ My immediate aim is to ensure that we have the right people , in the right places , making the right decisions , to provide better outcomes . 39 AngloGold Ashanti remains focused on its strategy to create long - term value by improving the quality of its portfolio and production base , whilst maintaining a strong balance sheet . A new $ 750m bond was issued at a record - low coupon in October 2021 and the proposed acquisition of Corvus Gold Inc. , for which a definitive agreement was signed in September 2021 , provides the opportunity to establish a meaningful , low - cost production base in Nevada . The balance sheet remains in a solid position , with approximately $ 2.5bn in liquidity , including cash of $ 1.1bn at the end of September 2021 . " Doing the basics right , will help us realise production and cost improvements . By empowering the line , our operators will have the organisational clarity and resources - and also the clear accountability to deliver on their mine plans . " said Calderon . - ( * ) Excludes Obuasi www.anglogoldashanti.com THIRD QUARTER 2021 HIGHLIGHTS Operating model introduced to eliminate inefficiencies , improve performance and ensure accountability ● WALI . SALIENT FEATURES Production of 613,000oz in Q3 2021 up 5 % quarter - on - quarter , excluding Obuasi ● Operating trend stabilised , with quarter - on - quarter improvement in costs and production ; further improvements anticipated in the fourth quarter of 2021 ● Definitive agreement to acquire Corvus Gold Inc. signed in September 2021 to secure Tier 1 production opportunity in Nevada • Obuasi resumed underground mining activities in mid - October 2021 Underground grade improved 6 % quarter - on - quarter as reinvestment initiatives progress Balance sheet flexibility further improved by a $ 750m bond issue at a record low coupon of 3.375 % per annum • Total cash costs down 8 % quarter - on - quarter from $ 1,006 / oz in Q2 2021 to $ 927 / oz in Q3 2021 ; All - in sustaining costs down 1 % quarter - on - quarter from $ 1,380 / oz in Q2 2021 to $ 1,362 / oz in Q3 2021 . Reinvestment programme on track to grow Ore Reserve and production , at lower costs over the medium to long term Adjusted EBITDA improved 5 % quarter - on - quarter from $ 427m in Q2 2021 to $ 448m in Q3 2021 ; Adjusted EBITDA margin of 47 % in Q3 2021 Adjusted net debt to Adjusted EBITDA ratio of 0.43 times Cash flow from operating activities increased 8 % quarter - on - quarter from $ 318m in Q2 2021 to $ 342m in Q3 2021 ; free cash inflow of $ 17m in Q3 2021 Quebradona Mining Operations License approved . Official notification received from authorities of decision to ' archive ' the environmental licensing application . Licensing process to continue per 26 October 2021 announcement , new submission likely to add 18 to 24 months to the licensing process • On track to meet revised guidance ranges for 2021