Earnings release
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AngloGold Ashanti posts strong Q3 2025 YoY: • Gold production +17% • Total cash costs* flat in real terms • Adjusted EBITDA* +109% to $1.6bn • Free cash flow* +141% to $920m • Adjusted net cash* of $450m • Q3 interim dividend of $460m, or 91cps • Total dividends declared for 9 months YTD of $927m, or 183.5cps London, Denver, Johannesburg, 11 November 2025 – AngloGold Ashanti plc’s (2) (“AngloGold Ashanti”, “AGA”, the “Company” or the “Group”) third quarter free cash flow* rose 141% year-on-year to a record $920m as continued cost discipline helped capture the benefits of a higher gold price. A quarterly dividend of $460m was declared, taking dividends declared this year to $927m. Annual guidance for 2025 was reaffirmed. Group(1)(2)(3) gold production rose 17% in Q3 2025 compared to Q3 2024. Strong contributions were made by Obuasi (Ghana), Geita (Tanzania), Cuiabá (Brazil), Kibali (DRC) and the addition of Sukari (2) (Egypt) to our portfolio. The average gold price received per ounce* (6) increased to $3,490/oz in Q3 2025, from $2,486/oz in Q3 2024. “This is another record quarter for cash generation and another healthy dividend declaration,” said CEO Alberto Calderon. “Cash costs again stayed flat in real terms, which means we can capture these stronger margins and show capital discipline by passing the benefit on to shareholders.” A 40% increase in the average gold price received per ounce*(6) in Q3 2025 compared to Q3 2024 translated into a 94% rise in cash generated from operations, reflecting strong price pass-through and cost discipline. Balance sheet strengthened by earni ngs and cash flow Free cash flow*(5) rose to $920m in Q3 2025, from $ 381m in Q3 2024. AngloGold Ashanti has continued to strengthen its balance sheet , moving from an Adjusted net debt* position into an Adjusted net cash* position of $450m at 30 September 2025. The Group ended Q3 2025 with liquidity of $3.9bn, including $2.5bn in cash and cash equivalents. Adjusted EBITDA* increased 109% y ear-on-year to $1.6bn in Q3 2025, from $746m in Q3 2024. Headline earnings (4) rose to $672m, or $1.32 per share, in Q3 2025, compared to $236m, or $0.5 6 per share, in Q3 2024 — an increase of 185% and 1 36% year-on-year, respectively. Net cash flow from operations rose 134% t o $1.4bn in Q3 2025, from $606m in Q3 2024, boosting free cash flow* for the quarter. Dividend demonstrates confidence, strong cash flow An interim dividend of 91 US cents per share was declared for Q3 2025, which includes the minimum quarterly dividend of $63m or 12.5 US cents, with the balance reflecting the decision to pay half of free cash flow* generated for the three months ended 30 September 2025. While AngloGold Ashanti’s dividend policy commits to this ‘true up’ payment to 50% of free cash flow* annually at year-end, the Board used its discretion to make the payment at the quarter given the strength of cash flows and its confidence in the outlook for the balance of the year. The Company maintained its strong safety performance, with a Total Recordable Injury Frequency Rate (“TRIFR”) of 0.96 injuries per million hours worked in Q3 2025, well below industry benchmarks. Momentum continued at managed operations(1) Gold production for the Group (1)(2)(3) increased by 17% year- on-year to 768,000oz in Q3 2025, up from 657,000oz in Q3 2024. This growth reflects the contribution from Sukari and improved performances at key assets, including Obuasi (+30%), Kibali (+21%), Geita (+6%), and Cuiabá (+6%). Managed operations(1) saw gold production up 16% year-on- year to 682,000oz in Q3 2025, compared to 586,000oz in Q3 2024. The increase, driven by Sukari’s inclusion and the continued ramp-up at Obuasi, was partially offset by lower output from Australia and Siguiri. Non-managed joint ventures(1), namely Kibali, recorded a year-on-year increase in gold production to 86,000oz in Q3 2025 from 71,000oz in Q3 2024 mainly due to higher grades mined. Production improvements were led by Obuasi, with a growing contribution from underhand drift-and-fill mining (“UHDF”) and a 23% year-on-year increase in recovered grade. Sukari posted another strong result, with the third consecutive quarterly production increase. Gold production at Cerro Vanguardia, Iduapriem and Serra Grande remained largely unchanged year-on-year. The focus on operational discipline and efficiencies was evident once again, with total cash costs* flat in real terms, year-on-year in Q3 2025. The inflation rate experienced across the business in Q3 2025 was approximately 5%. Total cash costs* for the Group(1)(2) increased by 5% year-on- year to $1,225/oz in Q3 2025 from $1,172/oz in Q3 2024 as the Full Asset Potential programme, operational excellence and the addition of Sukari to the portfolio partly offset market driven factors of inflation and higher gold price royalty payments. All-in sustaining costs* (“AISC”) rose 6% to $1,720/oz in Q3 2025, from $1,616/oz in Q3 2024. For managed operations (1), total cash costs* rose 5% year- on-year to $1,244/oz in Q3 2025 from $1,186/oz in Q3 2024, while AISC* rose 6% to $1,766/oz in Q3 2025 from $1,665/ oz in Q3 2024. These increases were mainly driven by a 20% increase in sustaining capital expenditure* and continued inflationary cost pressures of approximately 5% Q3 2025 EARNINGS RELEASE 2
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mainly driven by increases in labour and mining contractor costs. More than half of this AISC increase came from a $56/ oz average jump in the overall Group royalty charge linked to the higher gold price. Total cash costs* for the managed operations(1) increased by 3% year-on-year to $1,233/oz in year-to-date (“YTD”) Sep 2025 from $1,195/oz in YTD Sep 2024, significantly below the inflation rate of approximately 4% in YTD Sep 2025. Total capital expenditure for the Group (1)(2) rose in line with plan to $388m in Q3 2025, up 32% year-on-year from Q3 2024, with sustaining capital expenditure* increasing 24% year-on-year to $281m. The increase in sustaining capital expenditure* reflects the first-time inclusion of Sukari ($32m) and ongoing investment to support asset integrity and long- term operational resilience, in line with strategic priorities. Reinvesting in the portfolio As part of the strategy to further unlock shareholder value, the Company is reinvesting in the growth of its Mineral Reserve base and enhancing operational flexibility. Over the next three years, targeted spending will be directed towards exploration, Mineral Reserve Development, and the conversion of Mineral Resource to Mineral Reserve at sites with high geological potential. At the tier one Geita Gold Mine in Tanzania, this investment strategy is already underway, with additional capital expenditure already approved this year, and ongoing investment for the next three years is expected to increase the Mineral Reserve by approximately 60% and to extend life-of-mine to 10 years or more at current production rates of about 500,000oz a year. In addition, a conceptual study showing potential for a 1.0Mt per annum mill expansion could underpin an increase in production to about 600,000oz a year for at least a decade. A detailed feasibility study into this project is now underway, and is expected to be completed by 2027. Augusta transaction complete AngloGold Ashanti has further consolidated the Beatty District in Nevada and, on 23 October 2025, concluded the acquisition of Augusta Gold Corp., strengthening its position in one of the most significant emerging gold districts in the United States. This transaction enhances the Company’s ability to develop the region under a unified regional plan. Reaffirming guidance Full-year 2025 guidance remains unchanged. (1) 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. (2) On 22 November 2024, the acquisition of Centamin plc (“Centamin”) was successfully completed. Centamin has been included from the effective date of the acquisition. (3) Includes gold concentrate from the Cuiabá mine sold to third parties. (4) 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. (5) To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow*, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow* is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (i.e., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q3 2024 and YTD Sep 2024) have been adjusted to reflect this change in reporting. (6) The average gold price received per ounce* for Q3 2024 and YTD Sep 2024 has been restated to be based on the gold revenue from primary operating activities. Previously, the gold price received per ounce calculation included revenue from normal operating activities as well as hedging activities. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. 2025 I GROUP PERFORMANCE CONTINUED Q3 2025 EARNINGS RELEASE 3 Cerro Vanguardia, Argentina
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2025 I GROUP PERFORMANCE CONTINUED Q3 2025 EARNINGS RELEASE 4 FINANCIAL RESULTS Quarter Quarter Nine months Nine months ended ended % ended ended % Sep Sep Variance Sep Sep Variance US Dollar million, except as otherwise noted 2025 2024 2025 2024 Average gold price received*(1)(2)(6) ($/oz) 3,490 2,486 40 % 3,222 2,298 40 % Adjusted EBITDA* ($m) 1,556 746 109 % 4,119 1,863 121 % Headline earnings(4) ($m) 672 236 185 % 1,759 549 220 % Capital expenditure - Group(1)(2) ($m) 388 295 32 % 1,105 846 31 % Net cash flow from operating activities ($m) 1,419 606 134 % 3,162 1,278 147 % Free cash flow* ($m) 920 381 141 % 1,858 653 185 % Adjusted net debt (cash)* ($m) (450) 906 (150) % (450) 906 (150) % FINANCIAL HIGHLIGHTS • Adjusted EBITDA* rose by 109% year-on-year to $1,556m in Q3 2025, compared to $746m in Q3 2024, supported by increased production volumes, effective cost management, and a higher average gold price received per ounce* • Free cash flow* rose by 141% to $920m in Q3 2025, from $381m in Q3 2024 • Headline earnings(4) rose 185% year-on-year to $672m in Q3 2025, from $236m in Q3 2024; headline earnings(4) per share up 136% year-on-year to 132 US cents per share in Q3 2025, from 56 US cents per share in Q3 2024 • Total capital expenditure for the Group(1)(2), which included $59m at Sukari, increased 32% year-on-year to $388m in Q3 2025, from $295m in Q3 2024, including $281m in sustaining capital expenditure* and $107m in non-sustaining capital expenditure*, reflecting Sukari inclusion and reinvestment across the portfolio • Adjusted net debt* moved into a cash position of $450m at 30 September 2025 • Dividend of 91 US cents/share declared for Q3 2025 * Refer to “Non-GAAP disclosure” for definitions and reconciliations.
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2025 I GROUP PERFORMANCE CONTINUED Q3 2025 EARNINGS RELEASE 5 OPERATIONAL HIGHLIGHTS • TRIFR was 0.96 injuries per million hours worked in Q3 2025, well below industry benchmarks • Gold production for the Group(1)(2)(3) increased by 17% year-on-year in Q3 2025, reaching 768,000oz compared to 657,000oz in Q3 2024 • Strong year-on-year gold production growth in Q3 2025 at Obuasi (+30%), Kibali (+21%), Geita (+6%) and Cuiabá (+6%) • Sukari contributed 135,000oz for Q3 2025, firmly establishing its role as one of the top producers in the portfolio • Obuasi delivered a strong 69,000oz in Q3 2025, a 30% year-on-year increase, as grade improved and production ramped up steadily • Gold production from managed operations(1)(2)(3) rose 16% year-on-year to 682,000oz in Q3 2025, up from 586,000oz in Q3 2024, supported by consistent delivery from Sukari, Obuasi, Geita, Cuiabá, Cerro Vanguardia and Iduapriem • Australia’s production was lower year-on-year in Q3 2025, in line with internal expectations • Total cash costs per ounce* for the Group(1)(2) increased 5% to $1,225/oz in Q3 2025, from $1,172/oz in Q3 2024; AISC per ounce* for the Group(1)(2) rose 6% to $1,720/oz in Q3 2025, from $1,616/oz in Q3 2024 • Total cash costs per ounce* from managed operations(1)(2) increased 5% year-on-year to $1,244/oz in Q3 2025, from $1,186/oz in Q3 2024 • AISC per ounce* from managed operations(1)(2) rose 6% year-on-year to $1,766/oz in Q3 2025, from $1,665/oz in Q3 2024, reflecting sustaining capital expenditure* reinvestment, cost inflation, and higher gold royalty costs • AngloGold Ashanti reaffirmed its full-year 2025 guidance, with gold production, cost and capital spending expected to remain within the guided ranges * Refer to “Non-GAAP disclosure” for definitions and reconciliations. OPERATING RESULTS Quarter Quarter Nine months Nine months ended ended % ended ended % Sep Sep Variance Sep Sep Variance US Dollar million, except as otherwise noted 2025 2024 2025 2024 Gold production - Group(1)(2)(3) (koz) 768 657 17 % 2,292 1,911 20 % Gold production - Managed operations(1)(2)(3)(koz) 682 586 16 % 2,068 1,682 23 % Total cash costs* - Group(1)(2) ($/oz) 1,225 1,172 5 % 1,224 1,163 5 % Total cash costs* - Managed operations(1)(2) ($/oz) 1,244 1,186 5 % 1,233 1,195 3 % AISC* - Group(1)(2) ($/oz) 1,720 1,616 6 % 1,676 1,598 5 % AISC* - Managed operations(1)(2) ($/oz) 1,766 1,665 6 % 1,706 1,660 3 %
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KEY STATISTICS Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep US Dollar million, except as otherwise noted 2025 2024 2025 2024 Operating review Gold Produced - Group(1)(2)(3) - oz (000) 768 657 2,292 1,911 Produced - Managed operations(1)(2)(3) - oz (000) 682 586 2,068 1,682 Produced - Non-managed joint ventures(1) - oz (000) 86 71 224 229 Sold - Group(1)(2)(3) - oz (000) 764 667 2,302 1,954 Sold - Managed operations(1)(2)(3) - oz (000) 680 590 2,083 1,724 Sold - Non-managed joint ventures(1) - oz (000) 84 77 219 230 Financial review Gold income - $m 2,373 1,466 6,707 3,957 Cost of sales - Group(1)(2) - $m 1,348 1,025 3,933 2,961 Cost of sales - Managed operations(1)(2) - $m 1,225 921 3,597 2,683 Cost of sales - Non-managed joint ventures(1) - $m 123 104 336 278 Total operating costs - $m 894 720 2,669 2,096 Gross profit - $m 1,192 541 3,228 1,290 Average gold price received per ounce* - Group(1)(2)(6) - $/oz 3,490 2,486 3,222 2,298 Average gold price received per ounce* - Managed operations(1)(2)(6) - $/oz 3,488 2,484 3,220 2,296 Average gold price received per ounce* - Non-managed joint ventures(1)(6) - $/oz 3,502 2,502 3,240 2,313 All-in sustaining costs per ounce* - Group(1)(2) - $/oz 1,720 1,616 1,676 1,598 All-in sustaining costs per ounce* - Managed operations(1)(2) - $/oz 1,766 1,665 1,706 1,660 All-in sustaining costs per ounce* - Non-managed joint ventures(1) - $/oz 1,355 1,241 1,392 1,133 Total cash costs per ounce* - Group(1)(2) - $/oz 1,225 1,172 1,224 1,163 Total cash costs per ounce* - Managed operations(1)(2) - $/oz 1,244 1,186 1,233 1,195 Total cash costs per ounce* - Non-managed joint ventures(1) - $/oz 1,068 1,053 1,145 924 Profit before taxation - $m 1,057 394 2,832 974 Adjusted EBITDA* - $m 1,556 746 4,119 1,863 Total borrowings - $m 2,301 2,303 2,301 2,303 Adjusted net debt (cash)* - $m (450) 906 (450) 906 Profit attributable to equity shareholders - $m 669 223 1,781 534 - US cents/share 132 53 350 127 Headline earnings(4) - $m 672 236 1,759 549 - US cents/share 132 56 346 130 Net cash inflow from operating activities - $m 1,419 606 3,162 1,278 Free cash flow*(5) - $m 920 381 1,858 653 Capital expenditure - Group(1)(2) - $m 388 295 1,105 846 Capital expenditure - Managed operations(1)(2) - $m 342 267 995 757 Capital expenditure - Non-managed joint ventures(1) - $m 46 28 110 89 (1) 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. (2) On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin has been included from the effective date of the acquisition. (3) Includes gold concentrate from the Cuiabá mine sold to third parties. (4) 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. (5) To enhance comparability with industry peers, AngloGold Ashanti has revised its definition of free cash flow*, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow* is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests (i.e., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q3 2024 and YTD Sep 2024) have been adjusted to reflect this change in reporting. (6) The average gold price received per ounce* for Q3 2024 and YTD Sep 2024 has been restated to be based on the gold revenue from primary operating activities. Previously, the gold price received per ounce calculation included revenue from normal operating activities as well as hedging activities. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. $ represents US Dollar, unless otherwise stated. Rounding of figures may result in computational discrepancies. GROUP I FINANCIAL AND OPERATING KEY STATISTICS Q3 2025 EARNINGS RELEASE 6
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Gold production Group gold production for Q3 2025 totalled 768,000oz, a 17% increase from 657,000oz in Q3 2024. This strong year- on-year growth was the result of another full-quarter contribution from Sukari, combined with solid performances across a number of operations. In Q3 2025, the Group delivered notable year-on-year gold production increases at several operations, including Obuasi (+16koz), Kibali (+15koz), Geita (+7koz) and Cuiabá (+4koz). The Group experienced lower production at Siguiri (-32koz), impacted by a 42 day plant stoppage during which the mine continued normal operations (the plant has resumed operations in the meantime and gold production at Siguiri is still expected to grow significantly during Q4 2025); at Sunrise Dam (-21koz), mainly due to lower underground mined tonnes and grade from a revised mine plan, together with lower stope and equipment availability; and at Tropicana (-14koz), mainly due to a higher proportion of lower grade stockpile ore processed. Gold production at Cerro Vanguardia (+1koz), Iduapriem (+1koz), and Serra Grande (-1koz) remained largely unchanged year-on-year. Obuasi delivered a particularly strong performance in Q3 2025, with a growing contribution from UHDF, higher underground grades, improved plant recovery from a new flash cell, and no low-grade low-recovery surface material treated in Q3 2025 compared to Q3 2024. Tonnes treated also increased, overcoming the ventilation and equipment constraints experienced in Q3 2024. Kibali’s gold production increased by 21% in Q3 2025 , benefiting from improved plant feed grades compared to Q3 2024, partly offset by lower tonnes treated due to a mill shutdown and loader shortages. Group gold production for year-to-date (“YTD”) Sep 2025 totalled 2,292,000oz, a 20% increase from 1,911,000oz in YTD Sep 2024 . This strong year-on-year growth was driven by the addition of Sukari into the portfolio, and sustained production improvements across several key assets. Costs Total cash costs per ounce* for the Group increased by 5% year-on-year to $ 1,225/oz in Q3 2025, compared to $ 1,172/ oz in Q3 2024 . The increase was primarily driven by an estimated 5% rise in inflation, reflecting consumer price index (“CPI”) movements in the jurisdictions where the Group operates, and higher royalty costs linked to the stronger average gold price received per ounce* during Q3 2025. These impacts were partially offset by a favourable foreign currency exchange environment against the US dollar, which resulted in a 2% cost benefit. Managed operations recorded a 5% year-on-year increase in total cash costs per ounce*, rising from $1,186/oz in Q3 2024 to $1,244/oz in Q3 2025. In addition to the impacts of inflation mainly due to increases in labour and mining contractor costs, and higher gold royalties, the increase reflects lower gold production at Siguiri, Sunrise Dam and Tropicana, as well as higher operating costs at Obuasi. These pressures were partially offset by the addition of Sukari to the portfolio, and stronger production performances at Obuasi, Geita and Cuiabá. Total cash costs per ounce* at the Group’s non-managed joint ventures marginally increased by 1% year-on-year to $1,068/oz in Q3 2025, compared to $1,053/oz in Q3 2024. The increase was primarily driven by higher royalties and higher operating costs, partially offset by a stronger production performance in Q3 2025. All-in sustaining costs per ounce* (“AISC”) for the Group increased by 6% year-on-year to $ 1,720/oz in Q3 2025 , compared to $ 1,616/oz in Q3 2024 . At the managed operations, AISC per ounce* increased by 6% to $ 1,766/oz in Q3 2025, up from $ 1,665/oz in Q3 2024, reflecting higher total cash costs per ounce* and increased sustaining capital expenditure*. AISC per ounce* at the non-managed joint ventures increased by 9% to $ 1,355/oz in Q3 2025 , from $1,241/oz in Q3 2024, primarily due to year-on-year increase in sustaining capital expenditure* at Kibali. Total cash costs per ounce* for the Group increased by 5% year-on-year to $ 1,224/oz for YTD Sep 2025 , compared to $1,163/ oz in YTD Sep 2024 . Consistent with the quarterly trend, this increase was primarily driven by an estimated 4% rise in inflation driven by higher labour and mining contractor costs, and higher royalty costs associated with the stronger average gold price received per ounce*. These impacts were partially offset by a favourable cumulative foreign currency exchange rate against the US dollar, which resulted in a 3% cost benefit. Managed operations reported a 3% year-on-year increase in total cash costs per ounce*, increased from $ 1,195/oz in YTD Sep 2024 to $1,233/oz in YTD Sep 2025. This increase was primarily driven by inflationary pressures mainly due to higher labour and mining contractor costs, and higher gold royalty costs, including operational challenges at Iduapriem, Sunrise Dam and Serra Grande. These impacts were partially offset by the inclusion of Sukari into the portfolio and strong operational performances at Geita and Obuasi. Total cash costs per ounce* at non-managed joint ventures increased by 24% year-on-year to $1,145/oz for YTD Sep 2025, up from $924/oz in YTD Sep 2024 , primarily due to higher royalties, higher labour and mining contractor costs and higher open-pit volume-related operating costs. AISC per ounce* for the Group increased by 5% year-on- year to $1,676/oz in YTD Sep 2025 , from $1,598/oz in YTD Sep 2024 . For managed operations, AISC per ounce* increased by 3% to $1,706/oz for YTD Sep 2025 , up from $1,660/oz in YTD Sep 2024 , reflecting the impact of higher total cash costs per ounce*, partially offset by the positive impact of Sukari’s inclusion in the portfolio. AISC per ounce* at non-managed joint ventures increased by 23% to $1,392/ oz for YTD Sep 2025 , compared to $ 1,133/oz for YTD Sep 2024, primarily due to a year-on-year increase in operating costs. Adjusted EBITDA* Adjusted earnings before interest, tax, depreciation and amortisation* (“Adjusted EBITDA*”) for Q3 2025 increased to $1,556m, up from $ 746m in Q3 2024. This strong year-on- year growth was underpinned by a favourable operating and market environment, including a higher average gold price received per ounce*, increased gold sales volumes, no losses on non-hedge derivatives and other commodity contracts, and higher equity earnings from associates and non-managed joint ventures. These gains were partially offset by higher total operating costs—driven by increased royalty expenses, the first-time inclusion of Sukari, higher costs related to legacy tailings storage facilities (“TSFs”) and governmental fiscal claims, higher corporate costs, higher legal fees and other provisions, and higher indirect taxes. GROUP I FINANCIAL AND OPERATING RESULTS QUARTERLY REVIEW Q3 2025 EARNINGS RELEASE 7
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Adjusted EBITDA* for YTD Sep 2025 increased to $4,119m, compared to $1,863m in YTD Sep 2024 . This strong year- on-year growth was driven by a combination of favourable operational and market conditions, including a higher average gold price received per ounce*, increased gold sales volumes, no losses on non-hedge derivatives and other commodity contracts, favourable inventory movements, lower legal fees, and higher equity earnings from associates and non-managed joint ventures. These positive factors were partially offset by higher total operating costs, reflecting increased royalty expenses, the initial inclusion of Sukari, higher costs associated with legacy TSFs and governmental fiscal claims, higher corporate costs, higher restructuring costs and other provisions, higher costs relating to mining contractor rate adjustments, and higher indirect taxes. Earnings Basic earnings (profit attributable to equity shareholders) for Q3 2025 were $669m, or 132 US cents per share, compared to $223m, or 53 US cents per share, in Q3 2024. The strong year-on-year increase was largely driven by a higher average gold price received per ounce*, increased gold sales volumes, no losses on non-hedge derivatives and other commodity contracts, higher finance income, lower foreign exchange and fair value adjustments and higher equity earnings from associates and non-managed joint ventures. Q3 2025 also benefited from lower asset derecognitions, lower care and maintenance costs and higher profits on disposal of assets than Q3 2024. These positive contributions were partially offset by higher total operating costs, including increased royalty expenses and costs associated with the initial inclusion of Sukari, along with higher asset amortisation, elevated costs related to legacy TSFs and governmental fiscal claims, higher corporate and finance costs, higher legal fees and other provisions, higher indirect taxes, an asset impairment in Q3 2025, and a higher tax charge. Basic earnings (profit attributable to equity shareholders) for YTD Sep 2025 were $ 1,781m, or 350 US cents per share, compared to $534m, or 127 US cents per share, in YTD Sep 2024. This strong year-on-year growth was primarily driven by a higher average gold price received per ounce*, increased gold sales volumes, and no losses on non-hedge derivatives and other commodity contracts. Additional contributions came from favourable inventory movements, lower legal fees, lower care and maintenance costs, higher equity earnings from associates and non-managed joint ventures, lower asset derecognitions and an impairment reversal at Serra Grande which was not present in YTD Sep 2024. These positive impacts were partially offset by higher total operating costs, including increased royalty expenses and the first-time inclusion of Sukari, alongside higher amortisation of assets, elevated costs related to legacy TSFs and governmental fiscal claims, higher costs relating to mining contractor rate adjustments, higher corporate and finance costs, higher foreign exchange and fair value adjustments, higher indirect taxes, restructuring costs and other provisions, lower finance income, and loss on disposal of the Doropo and ABC projects in Côte d’Ivoire, and a higher tax charge. Headline earnings ‡ for Q3 2025 were $ 672m, or 132 US cents per share, compared to $ 236m, or 56 US cents per share in Q3 2024 . The increase in headline earnings ‡ reflects the same key drivers that supported the rise in basic earnings during Q3 2025 . In addition, headline earnings ‡ excludes impairment reversals/impairments, asset derecognitions and losses (profits) on disposal of assets and taxes thereon. Headline earnings‡ for YTD Sep 2025 were $1,759m, or 346 US cents per share, compared to $549m, or 130 US cents per share, for YTD Sep 2024 . The increase in headline earnings‡ reflects the same key drivers that supported the rise in basic earnings during YTD Sep 2025. ‡ 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. Cash flow Net cash inflow from operating activities reached $ 1,419m in Q3 2025 , representing a 134% year-on-year increase from $606m in Q3 2024 . This strong performance was underpinned by a higher average gold price received per ounce*, increased gold sales volumes from managed operations, and higher dividends received from joint ventures. These gains were partially offset by higher total operating costs and increased tax payments. After accounting for capital expenditure, loan repayments from Kibali, and dividends paid to non-controlling shareholders, the Company generated a free cash inflow* of $920m in Q3 2025, compared to $381m in Q3 2024. Net cash inflow from operating activities was $3,162m for YTD Sep 2025, a 147% increase year-on-year from $1,278m for YTD Sep 2024 . This strong performance was primarily driven by a higher average gold price received per ounce*, increased gold sales volumes from managed operations, and higher dividends received from joint ventures. These benefits were partially offset by higher total operating costs and increased tax payments. After accounting for capital expenditure, loan repayments from Kibali, dividends paid to non-controlling shareholders, and landholder duties of $37m paid in May 2025 in respect of the corporate restructuring, the Company generated a free cash inflow* of $1,858m in YTD Sep 2025 , compared to $653m in YTD Sep 2024. To enhance comparability with industry peers, AngloGold Ashanti revised its definition of free cash flow*, which is a Non-GAAP financial measure. Pursuant to its revised definition, free cash flow* is calculated as operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non- controlling interests (i.e., dividends paid to non-controlling interests in Sukari (50%), Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for prior periods (including Q3 2024 and YTD Sep 2024) have been adjusted to reflect this change in reporting. The dividend policy targets a 50% payout of annual free cash flow*, subject to maintaining an Adjusted net debt* to Adjusted EBITDA* ratio of 1.0 times. The dividend policy REGIONS I FINANCIAL AND OPERATING RESULTS QUARTERLY REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 8
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also introduced a base dividend of $0.50 per share per annum, payable in quarterly instalments of $0.125 per share. The interim dividend for Q3 2025, is 91 US cents per share. During Q3 2025 , AngloGold Ashanti received $ 37m in dividends from the Kibali joint venture, compared to $49m in loan repayments and $8m in dividends in Q3 2024 . The Company’s attributable share of outstanding cash balances awaiting repatriation from the Democratic Republic of the Congo (“DRC”) was $119m at 30 September 2025, up from $25m at 30 June 2025. Free cash flow* during Q3 2025 was impacted by ongoing movements in value-added tax (“VAT”) recoveries at Geita and Kibali, as well as foreign exchange controls and export duty-related restrictions at Cerro Vanguardia (“CVSA”): • In Tanzania, the net overdue recoverable VAT input credit balance (after discounting provisions) increased by $17m during Q3 2025 to $186m at 30 September 2025, up from $169m at 30 June 2025. This increase reflects foreign exchange gains of $14m, new claims submitted during the period of $22m, and a decrease in the discounting provision of $12m, partially offset by the application of $31m in verified VAT claims against corporate tax liabilities. AngloGold Ashanti expects to continue offsetting eligible VAT claims against corporate taxes as part of its recovery strategy. • In the DRC, the Company’s attributable share of the net recoverable VAT balance (including fuel duties and after discounting provisions) increased by $14m during Q3 2025 to $90m at 30 September 2025, up from $76m at 30 June 2025. This increase was driven by $7m in new claims submitted and $12m in revaluation adjustments, partially offset by $5m increase in the discounting provision. • In Argentina, CVSA’s cash balance decreased by $62m # during Q3 2025 to $109m # at 30 September 2025 from $171m# at 30 June 2025. The cash remains available for CVSA’s operational and exploration requirements. During Q2, 2025, CVSA approved its 2024 local financial statements and declared dividends attributable to the 2024 financial year to AngloGold Ashanti’s offshore ($251m#) and onshore ($28m #) investment holding companies. During Q3 2025, CVSA paid offshore dividends of $140m to AngloGold Ashanti by utilising a currency swap mechanism to secure the required US dollars. CVSA expects to continue with monthly dividend payments, subject to cash availability, in order to satisfy the remaining amount of declared dividends. # US dollar equivalent and at prevailing exchange rates. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTERLY REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 9 Geita, Tanzania
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FREE CASH FLOW* Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep US Dollar million, except as otherwise noted 2025 2024 2025 2024 Net cash flow from operating activities (1) 1,419 606 3,162 1,278 Repayment of loans advanced to joint ventures — 49 77 139 Dividends paid to non-controlling interests (157) (7) (386) (7) Operating cash flow 1,262 648 2,853 1,410 Capital expenditure on tangible and intangible assets (342) (267) (995) (757) Free cash flow* 920 381 1,858 653 (1) Includes landholder duties of $37m paid in May 2025. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. Rounding of figures may result in computational discrepancies. Balance sheet and liquidity During Q3 2025, Adjusted net debt* moved into a cash position, despite the payment of $ 562m in dividends during Q3 2025. Adjusted net cash* at 30 September 2025 was $450m, compared to Adjusted net debt* of $906m at 30 September 2024. At 30 September 2025 , the balance sheet remained robust, supported by significant available liquidity. This included the undrawn $1.4bn multi-currency revolving credit facility (“RCF”). AngloGold Ashanti held approximately $2.5bn in cash and cash equivalents (net of bank overdraft) at 30 September 2025 , bringing Group liquidity to approximately $3.9bn at 30 September 2025. Capital expenditure During Q3 2025 , sustaining capital expenditure* of the Group increased by 24% year-on-year to $ 281m, compared to $ 227m in Q3 2024 . Sustaining capital expenditure* at managed operations rose by 20% year-on-year to $ 255m in Q3 2025 , up from $ 212m in Q3 2024 . This increase was primarily driven by the inclusion of Sukari’s sustaining capital expenditure* of $32m in the portfolio and a $12m increase at Sunrise Dam mainly due to the concentrated leach project. At non-managed joint ventures, sustaining capital expenditure* increased by 73% year-on-year to $ 26m in Q3 2025, from $ 15m in Q3 2024 , mainly reflecting higher expenditure on underground equipment and increased Mineral Reserve development costs at Kibali, aligned with increased underground development metres. Non-sustaining capital expenditure* for the Group was $107m in Q3 2025, a 57% increase year-on-year from $68m in Q3 2024 . At managed operations, non-sustaining capital expenditure* rose by 58% year-on-year to $87m, from $55m in Q3 2024 , largely due to the addition of Sukari’s non- sustaining capital expenditure* of $27m to the portfolio, a $11m increase in the Havana growth capital expenditure at Tropicana and investment in growth at Cuiabá to ramp up production. This increase was partially offset by reduced growth capital expenditure at Obuasi, following the completion of Phase 3 of the Obuasi redevelopment project in Q4 2024. Non-managed joint ventures recorded a 54% year-on-year increase in non-sustaining capital expenditure* to $20m in Q3 2025, from $ 13m in Q3 2024, mainly driven by higher expenditure at Kibali on waste stripping for the Pamao deposition project, as well as expenditure on buttressing the TSF. During YTD Sep 2025, sustaining capital expenditure* of the Group increased by 22% year-on-year to $ 791m, compared to $647m in YTD Sep 2024 . Sustaining capital expenditure* at managed operations rose by 24% year-on-year to $ 741m in YTD Sep 2025 , up from $ 598m in YTD Sep 2024 . This increase was primarily driven by the inclusion of Sukari’s sustaining capital expenditure* of $101m in the portfolio, a $38m increase at Geita reflecting the acquisition of a new mining fleet and increased investment in Mineral Reserve development, and a $20m increase at Sunrise Dam mainly due to the concentrated leach project. This increase was partially offset by lower expenditure at Siguiri following elevated activity in Sep YTD 2024 related to waste mining, TSF life extension and recovery work on a carbon-in-leach (“CIL”) tank failure, and reduced expenditure at Iduapriem mainly due to lower stripping costs. At non-managed joint ventures, sustaining capital expenditure* at Kibali increased marginally by 2% year-on-year to $ 50m in YTD Sep 2025, from $49m in YTD Sep 2024. Non-sustaining capital expenditure* for the Group was $314m in YTD Sep 2025, a 58% increase year-on-year from $199m in YTD Sep 2024 . At managed operations, non- sustaining capital expenditure* rose by 60% year-on-year to $254m, from $ 159m in YTD Sep 2024 , primarily driven by the addition of Sukari’s non-sustaining capital expenditure* of $83m to the portfolio, investment in growth at Cuiabá to ramp up production and increased expenditure on the Beposo TSF at Iduapriem. These increases were partially offset by lower non-sustaining capital expenditure* at Obuasi following the successful completion of Phase 3 of the Obuasi redevelopment project in Q4 2024. Non-managed joint ventures recorded a 50% year-on-year increase in non- sustaining capital expenditure* to $ 60m in YTD Sep 2025 , from $ 40m in YTD Sep 2024 . The increase was primarily driven by higher investment at Kibali, including waste stripping for the Pamao deposition project and continued progress on buttressing the TSF. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. GROUP I FINANCIAL AND OPERATING RESULTS QUARTERLY REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 10
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Regional view Africa region In the Africa region, managed operations (including Sukari) produced 428,000oz at a total cash cost* of $ 1,154/oz in Q3 2025, compared to 301,000oz at a total cash cost* of $1,179/oz in Q3 2024 . In the Africa region, non-managed joint ventures produced (on an attributable basis) 86,000oz at a total cash cost* of $ 1,068/oz in Q3 2025, compared to 71,000oz at a total cash cost* of $1,053/oz in Q3 2024. Managed operations (including Sukari) produced 1,307,000oz at a total cash cost* of $ 1,144/oz in YTD Sep 2025, compared to 894,000oz at a total cash cost* of $1,206/oz in YTD Sep 2024. In the Africa region, non-managed joint ventures produced (on an attributable basis) 224,000oz at a total cash cost* of $1,145/oz in YTD Sep 2025 , compared to 229,000oz at a total cash cost* of $924/oz in YTD Sep 2024. In Ghana, at Iduapriem, gold production was 60,000oz at a total cash cost* of $ 1,321/oz for Q3 2025 , compared to 59,000oz at a total cash cost* of $ 1,191/oz during Q3 2024. Gold production marginally increased by 2% year-on-year in Q3 2025 compared to Q3 2024, due primarily to increased tonnes treated, with reduced engineering downtime leading to higher effective plant operating hours. The supply of higher grade ore from Block 7/8 Cut 1 also contributed to improved production. Total cash costs per ounce* increased by 11% year-on-year in Q3 2025 compared to Q3 2024 , largely reflecting increases in production taxes, royalties linked to a higher gold price, and an increase in maintenance-related expenditures, partially offset by a lower drawdown of metal inventories compared to Q3 2024. Gold production was 149,000oz at a total cash cost* of $1,480/oz for YTD Sep 2025 , compared to 187,000oz at a total cash cost* of $ 1,021/oz during YTD Sep 2024 . Gold production decreased by 20% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to an unplanned seventeen-day plant shutdown in Q1 2025 to investigate and repair a tear in the lining of the Beposo TSF, as well as a reduction in overall grade resulting from the depletion of the higher-grade Cut 2B pit in 2024 and increased operational downtime due to power supply interruptions. Total cash costs per ounce* increased by 45% year-on-year in YTD Sep 2025 compared to YTD Sep 2024, mainly driven by lower production - including an estimated shortfall of approximately 12,000oz due to the plant stoppage in Q1 2025 - and the processing of lower-grade ore. Additionally, operating costs increased due to higher expenditure on mining contractors, consultants and maintenance costs. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTER IN REVIEW Q3 2025 EARNINGS RELEASE 11 Iduapriem, Ghana
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At Obuasi, gold production was 69,000oz at a total cash cost* of $ 1,331/oz for Q3 2025, compared to 53,000oz at a total cash cost* of $ 1,153/oz during Q3 2024 . Gold production increased by 30% year-on-year in Q3 2025 compared to Q3 2024, mainly due to a growing contribution from UHDF delivering improved underground ore tonnes and grades to the plant, with Q3 2024 impacted by ventilation constraints and low equipment availability. Plant recoveries improved by 2% year-on-year, supported by the installation of a second flash cell and processing of higher-grade material. Total cash costs per ounce* increased by 15% year-on-year in Q3 2025 compared to Q3 2024, mainly due to higher operating costs associated with year-on-year increases in labour costs related to bonuses and once-off payment to bargaining unit employees, increases in mining contractor costs related to mining volume and updated rates, and elevated consultant and maintenance expenditure. Gold production was 194,000oz at a total cash cost* of $1,306/oz for YTD Sep 2025 , compared to 161,000oz at a total cash cost* of $ 1,231/oz during YTD Sep 2024 . Gold production increased by 20% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 . This strong performance was primarily due to UHDF delivering improved underground mine health, and no Kokoteasua tailings processed during YTD Sep 2025 — whereas surface sources accounted for 13% of the feed in YTD Sep 2024. Total underground tonnes milled increased by 16% year-on-year to 976kt and the average head grade improved significantly by 17%, rising to 7.09g/t in YTD Sep 2025 from 6.05g/t in YTD Sep 2024 . Total cash costs per ounce* increased by 6% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to higher labour costs associated with increases in labour complement, once-off payment to bargaining unit employees, bonuses linked to stronger production performance, contractor costs associated with increased tonnes mined and updated rates, along with elevated consultant and maintenance costs. In Guinea, at Siguiri, gold production was 39,000oz at a total cash cost* of $ 2,331/oz for Q3 2025 , compared to 71,000oz at a total cash cost* of $1,500/oz in Q3 2024. Gold production decreased by 45% year-on-year in Q3 2025 compared to Q3 2024, mainly due to the suspension of processing at the plant during Q3 2025 to address seepage on a section of the south wall of the TSF following rainfall of more than 110mm in a single day during the wet season. Processing resumed at the plant at the end of Q3 2025, while a project to buttress the perimeter of the TSF continues to make good progress. Mining had continued throughout the suspension and the Company expects to be able to process the mined ore in the next few months. Gold production is still expected to increase year-on-year by approximately 8% during 2025 compared to 2024. Total cash costs per ounce* increased by 55% year-on-year in Q3 2025 compared to Q3 2024, mainly due to lower production as a result of the plant stoppage, and volume- related increases in mining costs, partially offset by a build- up in metal inventories. Gold production was 204,000oz at a total cash cost* of $1,735/oz for YTD Sep 2025 , compared to 199,000oz at a total cash cost* of $ 1,687/oz in YTD Sep 2024 . Gold production increased by 3% in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to a 7% improvement in recovery, achieved by excluding deleterious Bidini ore from the blend and optimising carbon management. This increase was partly offset by a 5% decrease in tonnes treated, due to the plant stoppage in Q3 2025 to address TSF concerns. Total cash costs per ounce* increased by 3% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , largely reflecting an increase in gold royalty expenses associated with the higher gold price, partially offset by the higher production base year-on-year, and a build-up of metal inventories. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTER IN REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 12 Obuasi, Ghana
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In Tanzania, at Geita, gold production was 125,000oz at a total cash cost* of $ 1,010/oz for Q3 2025 , compared to 118,000oz at a total cash cost* of $ 995/oz in Q3 2024. Gold production increased by 6% year-on-year in Q3 2025 compared to Q3 2024 , mainly due to a 10% higher recovered grade resulting from improved mined grade from Nyamulilima, partly offset by reduced underground mined grade due to low availability of high grade stopes and a 4% decline in ore tonnes treated resulting from a planned mill shutdown. Total cash costs per ounce* marginally increased by 2% year-on-year in Q3 2025 compared to Q3 2024 , mainly due to the year-on-year increase in production, and metal inventory build-up. This benefit was partly offset by higher gold refining and royalty charges associated with the stronger gold price, along with increased backfilling, maintenance and stores costs. Gold production was 379,000oz at a total cash cost* of $993/ oz for YTD Sep 2025, compared to 347,000oz at a total cash cost* of $ 1,020/oz in YTD Sep 2024 . Gold production increased by 9% year-on-year in YTD Sep 2025 compared to YTD Sep 2024, mainly due to improved recovered grades, supported by a 10% uplift in the mine call factor, partially offset by a 6% decline in ore tonnes treated, due to lower plant throughput rates and mill utilisation. Total cash costs per ounce* decreased by 3% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , mainly reflecting the benefit of increased production volumes and a build-up of metal inventories. This decrease was partly offset by higher direct operating costs, including higher labour associated with benefit adjustments and production bonuses, higher contractor and consultant expenditure, higher stores costs, and additional maintenance expenditure on the plant and mining fleet. In Egypt, at Sukari, a third consecutive quarterly production increase was delivered, with gold production for Q3 2025 of 135,000oz ( Q3 2024 132,000oz) at a total cash cost* of $793/oz. Sukari was acquired by the Company on 22 November 2024. Float feed tonnes increased in Q3 2025 by 48kt, driven by higher plant throughput rates and increased mill availability, partly offset by a decline in heap leach production. The mine performed in line with plan with gold production for YTD Sep 2025 of 381,000oz (YTD Sep 2024 356,000oz) at a total cash cost* of $ 765/oz. Gold production increased by 7% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 mainly due to significantly higher mill grades, driven by higher mined grades from both open pit and underground. In the DRC, at Kibali, gold production (on an attributable basis) was 86,000oz at a total cash cost* of $1,068/oz for Q3 2025, compared to 71,000oz at a total cash cost* of $ 1,053/ oz in Q3 2024. Gold production increased by 21% year-on- year in Q3 2025 compared to Q3 2024 , mainly due to a greater proportion of higher grade ore fed from stockpiles. Tonnes treated in Q3 2025 were 3% below Q3 2024 mainly due to a shutdown overrun on Mill 1 and 2, as well as a shortfall in underground tonnes due to loader availability issues. Total cash costs per ounce* marginally increased by 1% year-on-year in Q3 2025 compared to Q3 2024, mainly due to higher operating costs associated with volume-related open-pit mining costs and higher gold royalties, partially offset by higher gold production. Gold production (on an attributable basis) was 224,000oz at a total cash cost* of $ 1,145/oz for YTD Sep 2025, compared to 229,000oz at a total cash cost* of $ 924/oz in YTD Sep 2024. Gold production marginally decreased by 2% year-on- year in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to operational challenges resulting in reduced underground ore available for treatment. Total cash costs per ounce* increased by 24% year-on-year in YTD Sep 2025 compared to YTD Sep 2024, mainly due to lower production and higher operating costs from volume-related increases in open-pit mining costs, and higher royalties driven by a stronger gold price. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTER IN REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 13 Geita, Tanzania
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Australia region In the Australia region, gold production (on an attributable basis) was 125,000oz at a total cash cost* of $ 1,638/oz in Q3 2025 , compared to 160,000oz at a total cash cost* of $1,245/oz in Q3 2024 . The region’s performance was broadly in line with expectations. Gold production (on an attributable basis) was 386,000oz at a total cash cost* of $ 1,564/oz in YTD Sep 2025, compared to 406,000oz at a total cash cost* of $ 1,335/oz in YTD Sep 2024. At Sunrise Dam, gold production was 52,000oz at a total cash cost* of $ 1,844/oz for Q3 2025, compared to 73,000oz at a total cash cost* of $ 1,132/oz in Q3 2024 . Gold production decreased by 29% year-on-year in Q3 2025 compared to Q3 2024 , mainly due to lower underground tonnes mined and grade, which was impacted by lower loader and stope availability, partially offset by improved recoveries driven by increased circuit residence time and reduced solution losses. Total cash costs per ounce* increased by 63% year-on-year in Q3 2025 compared to Q3 2024, largely reflecting the impact of lower production, a drawdown of metal inventories and volume-related increases in open-pit mining costs. Gold production was 174,000oz at a total cash cost* of $1,646/oz for YTD Sep 2025 , compared to 193,000oz at a total cash cost* of $ 1,321/oz in YTD Sep 2024 . Gold production decreased by 10% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to reduced underground mined tonnes and grade resulting from lower loader and stope availability, partially offset by an improvement in plant recoveries. Total cash costs per ounce* increased by 25% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to the lower production base, gold-in-process inventory movements linked to timing of gold pours, and additional crushing, reagents and maintenance expenditure incurred at the plant. At Tropicana, gold production (on an attributable basis) was 73,000oz at a total cash cost* of $ 1,364/oz in Q3 2025 , compared to 87,000oz at a total cash cost* of $ 1,243/oz in Q3 2024 . Gold production decreased by 16% year-on-year in Q3 2025 compared to Q3 2024, mainly due to a greater proportion of the lower-grade stockpile ore processed, partially offset by higher open-pit grade. Total cash costs per ounce* increased by 10% year-on-year in Q3 2025 compared to Q3 2024, mainly driven by the lower production base, inflationary pressures driven primarily by increases in mining contractor costs, and higher gold royalties. Gold production (on an attributable basis) was 212,000oz at a total cash cost* of $1,372/oz in YTD Sep 2025, compared to 213,000oz at a total cash cost* of $ 1,230/oz in YTD Sep 2024. Gold production largely remained in line year-on-year for YTD Sep 2025 compared to YTD Sep 2024 , with lower recovered grade, primarily driven by a greater proportion of lower-grade stockpile ore processed, partially offset by an increase in tonnes treated. Total cash costs per ounce* increased by 12% year-on-year for YTD Sep 2025 compared to YTD Sep 2024 , primarily driven by volume-related increases in underground costs, increase in maintenance expenditure, elevated gold royalties, and a lower level of open-pit capitalisation compared to YTD Sep 2024. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTER IN REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 14 Sunrise Dam, Australia
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Americas region In the Americas region, gold production was 129,000oz at a total cash cost* of $ 1,192/oz in Q3 2025 , compared to 125,000oz at a total cash cost* of $1,127/oz in Q3 2024. Gold production was 375,000oz at a total cash cost* of $1,201/oz in YTD Sep 2025 , compared to 382,000oz at a total cash cost* of $1,024/oz in YTD Sep 2024. In Brazil, at Cuiabá (AGA Mineração), gold production was 71,000oz at a total cash cost* of $ 983/oz for Q3 2025 , compared to 67,000oz at a total cash cost* of $ 896/oz in Q3 2024. Following the successful restart of the Queiroz plant in September 2024, gold production is now recorded upon refining and pouring at the plant, rather than at the shipment of gold concentrate. Gold production increased by 6% year- on-year in Q3 2025 compared to Q3 2024 , mainly due to higher ore tonnes mined, partially offset by a decrease in plant recoveries related to the shift to bar production. Total cash costs per ounce* increased by 10% year-on-year for Q3 2025 compared to Q3 2024, mainly due to the restart of the Queiroz plant, which had previously been under care and maintenance. This increase was partially offset by higher gold production and increased by-product revenue. Gold production was 196,000oz at a total cash cost* of $944/ oz for YTD Sep 2025, compared to 196,000oz at a total cash cost* of $ 883/oz in YTD Sep 2024 . Gold production remained unchanged year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , with an improvement in ore head grade and plant throughput offset by a 4% decline in plant recoveries. Total cash costs per ounce* increased by 7% year-on-year for YTD Sep 2025 compared to YTD Sep 2024 , mainly reflecting higher operating costs associated with the successful restart of the Queiroz plant. This increase was partially mitigated by increased by-product revenue and a weaker Brazilian real relative to the US dollar. At Serra Grande, gold production was 15,000oz at a total cash cost* of $ 2,253/oz for Q3 2025, compared to 16,000oz at a total cash cost* of $ 1,801/oz in Q3 2024 . Gold production decreased by 6% year-on-year in Q3 2025 compared to Q3 2024, mainly due to lower tonnes treated as a result of no open-pit mining in Q3 2025. Total cash costs per ounce* increased by 25% year-on-year in Q3 2025 compared to Q3 2024 , mainly driven by lower production and higher operating costs. The team continues to focus on enhancing operational efficiency to support improved cost performance. Gold production was 42,000oz at a total cash cost* of $2,184/oz for YTD Sep 2025 , compared to 57,000oz at a total cash cost* of $ 1,439/oz in YTD Sep 2024 . Gold production decreased by 26% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , mainly due to lower recovered grades and reduced ore volumes treated, impacted by a reduction in stope recovery resulting from operational and geotechnical constraints. Total cash costs per ounce* increased by 52% year-on-year for YTD Sep 2025 compared to YTD Sep 2024 , largely reflecting the impact of lower production. This increase was partially offset by the weakening of the Brazilian real against the US dollar, which helped mitigate some cost pressures. The proposed sale of Serra Grande is expected to be completed during Q4 2025. In Argentina, at Cerro Vanguardia, gold production was 43,000oz at a total cash cost* of $ 1,139/oz during Q3 2025, compared to 42,000oz at a total cash cost* of $ 1,224/oz in Q3 2024. Gold production marginally increased by 2% year- on-year in Q3 2025 compared to Q3 2024, mainly driven by an increase in tonnes treated, with higher tonnes placed on the heap leach pad, partially offset by a decrease in recovered grade. Total cash costs per ounce* decreased by 7% year-on-year in Q3 2025 compared to Q3 2024, mainly due to a year-on-year increase in by-product revenue driven by higher volumes sold and a stronger silver price, partially offset by higher gold royalties resulting from a higher gold price. Gold production was 137,000oz at a total cash cost* of $1,253/oz during YTD Sep 2025, compared to 129,000oz at a total cash cost* of $ 1,044/oz in YTD Sep 2024 . Gold production increased by 6% year-on-year in YTD Sep 2025 compared to YTD Sep 2024, mainly due to higher recovered grades and an increase in ore tonnes treated, supporting stronger operational performance. Total cash costs per ounce* increased by 20% year-on-year in YTD Sep 2025 compared to YTD Sep 2024 , primarily due to higher in- country inflation and higher royalty costs associated with the increased gold price. These increases were partially offset by a weaker Argentinean peso against the US dollar, higher by-product revenue and higher gold production, which helped mitigate overall cost increases. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTER IN REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 15
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Corporate update Issued share capital As at 10 November 2025, the total issued ordinary share capital of the Company consisted of 504,887,435 ordinary shares of $1.00 each. Each AngloGold Ashanti ordinary share carries one voting right. The Company does not hold any of its ordinary shares in treasury. This figure may be used by AngloGold Ashanti shareholders to determine whether they are required to notify their interest, or a change to their interest, in the Company under its Articles of Association or to comply with any other applicable laws and regulations. Proposed sale of the Serra Grande mine On 2 June 2025, the Company announced that it had agreed to sell Mineração Serra Grande S.A., which owns the Company’s Serra Grande mine (“MSG”) in the state of Goiás, Brazil, to Aura Minerals Inc. for the following consideration: • A cash consideration of $76m on closing subject to certain working capital adjustments at the closing date; and • Deferred consideration payments equivalent to a 3% net smelter returns participation over the current Mineral Resource of MSG inclusive of the Mineral Reserve, payable quarterly in cash. The proposed sale, which is expected to close by the end of 2025, is subject to the fulfilment of certain customary closing conditions. Acquisition of Augusta Gold Corp. On 23 October 2025, AngloGold Ashanti completed its acquisition of Augusta Gold Corp. (“Augusta Gold”). The transaction had previously been approved by the Augusta Gold shareholders at a special meeting held on 20 October 2025. Following completion of the acquisition, the Augusta Gold shares were delisted from the Toronto Stock Exchange (TSX) and ceased to be quoted on the OTCQB. Quebradona On 20 June 2025, the Colombian Ministry of Environment and Sustainable Development issued Resolution No. 855 of 2025, declaring a temporary renewable natural resources reserve zone over multiple municipalities in the southwest of the Department of Antioquia, including the area in which the Quebradona project is located. Resolution No. 855 restricts mining activities for three years (extendable for a further two years) while authorities conduct technical studies regarding the conservation value of the area and subsequently determine whether to convert the area to a permanent protected area or to withdraw the temporary designation. No new environmental permits or environmental licences may be issued as long as Resolution No. 855 is in force. On 17 October 2025, the Company submitted a conciliation request which is a mandatory prerequisite for filing a lawsuit seeking the annulment of Resolution No. 855 by the administrative courts. Change to Board of Directors Effective 27 October 2025, Mr. Marcus Randolph joined AngloGold Ashanti’s board of directors as an independent non-executive director. Mr. Randolph serves as a member of the Compensation and Human Resources Committee and the Social, Ethics and Sustainability Committee. Exploration update For detailed disclosure on the exploration work done for the three months ended 30 September 2025, see the Exploration Update document on the Company’s website at www.anglogoldashanti.com on both brownfield and greenfield exploration programmes. REGIONS I FINANCIAL AND OPERATING RESULTS QUARTER IN REVIEW CONTINUED Q3 2025 EARNINGS RELEASE 16 Serra Grande, Brazil
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Revision to selected line items in prior period consolidated statements of financial position The Company’s management has identified prior period errors relating to the classification of deferred and current taxation assets and liabilities in the Company’s consolidated statements of financial position as at 31 December 2023, as at 30 September 2024 and as at 31 December 2024. Selected line items for those consolidated statements of financial position have been revised to correct those errors, as presented in the tables that follow. Management has determined that these errors are not material. As at 31 December 2024 US Dollar million Previously Reported Adjustments Unaudited Revised Unaudited ASSETS Non-current assets Deferred taxation 12 73 85 Total assets 13,157 73 13,230 EQUITY AND LIABILITIES Non-current liabilities Deferred taxation 519 (17) 502 Current liabilities Taxation 187 90 277 Total liabilities 4,644 73 4,717 As at 30 September 2024 US Dollar million Previously Reported Adjustments Unaudited Revised Unaudited ASSETS Non-current assets Deferred taxation 14 59 73 Total assets 8,801 59 8,860 EQUITY AND LIABILITIES Non-current liabilities Deferred taxation 464 (27) 437 Current liabilities Taxation 171 86 257 Total liabilities 4,629 59 4,688 As at 31 December 2023 US Dollar million Previously Reported Adjustments Unaudited Revised Unaudited ASSETS Non-current assets Deferred taxation 50 82 132 Total assets 8,175 82 8,257 EQUITY AND LIABILITIES Current liabilities Taxation 64 82 146 Total liabilities 4,435 82 4,517 The revised amounts shown herein are preliminary, unaudited and have not been reviewed by PricewaterhouseCoopers Inc., the Company’s independent registered public accounting firm, and may be subject to change as the Company and PricewaterhouseCoopers Inc. complete their procedures. Controls and procedures Management is also in the process of evaluating the nature and magnitude of the deficiency or deficiencies in the Company’s internal control over financial reporting (“ICFR”) that led to these errors. The evaluation and remedial steps with regard to the relevant deficiency or deficiencies will be considered as part of management’s assessment of the effectiveness of ICFR as of 31 December 2025 as will be disclosed in the Company’s annual report on Form 20-F for the financial year ending 31 December 2025. GROUP I FINANCIAL RESULTS REVISION NOTE Q3 2025 EARNINGS RELEASE 17
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GROUP INCOME STATEMENT Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Revenue from product sales 2,417 1,491 6,825 4,043 Cost of sales (1,225) (921) (3,597) (2,683) (Loss) gain on non-hedge derivatives and other commodity contracts — (29) — (70) Gross profit 1,192 541 3,228 1,290 Corporate administration, marketing and related expenses (32) (20) (93) (86) Exploration and evaluation costs (72) (72) (177) (177) (Impairment) reversal of impairment, (derecognition of assets) and profit (loss) on disposal (1) (3) (13) 22 (14) Other expenses (62) (46) (186) (118) Finance income 43 33 114 122 Foreign exchange and fair value adjustments (12) (21) (57) (46) Finance costs and unwinding of obligations (81) (42) (166) (126) Share of associates and joint ventures’ profit 84 34 147 129 Profit before taxation 1,057 394 2,832 974 Taxation (242) (160) (669) (419) Profit for the period 815 234 2,163 555 Attributable to: Equity shareholders 669 223 1,781 534 Non-controlling interests 146 11 382 21 815 234 2,163 555 Basic earnings per ordinary share (US cents) (2) 132 53 350 127 Diluted earnings per ordinary share (US cents) (3) 131 53 350 127 (1) (Impairment) reversal of impairment, (derecognition of assets) and profit (loss) on disposal line item for the nine months ended 30 September 2025 includes a reversal of impairment for Mineração Serra Grande mine (MSG) of $74m (gross of taxation), partially offset by a loss on disposal of $47m relating to the sale of the Doropo and Archean-Birimian Contact (ABC) projects. (2) Calculated on the basic weighted average number of ordinary shares. (3) Calculated on the diluted weighted average number of ordinary shares. GROUP I FINANCIAL RESULTS INCOME STATEMENT Q3 2025 EARNINGS RELEASE 18
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GROUP STATEMENT OF FINANCIAL POSITION As at As at As at Sep Sep Dec 2025 2024 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Revised Unaudited Revised ASSETS Non-current assets Tangible assets 8,456 4,724 8,512 Right of use assets 156 143 123 Intangible assets 105 109 98 Investments in associates and joint ventures 664 689 530 Other investments 13 48 54 Loan receivable 141 289 203 Inventories 170 20 158 Trade, other receivables and other assets (1) (2) 304 189 213 Contingent considerations (2) 68 34 30 Reimbursive right for post-retirement benefits 58 62 49 Deferred taxation 115 73 85 Cash restricted for use 43 34 41 10,293 6,414 10,096 Current assets Loan receivable 269 105 260 Inventories 1,058 832 1,055 Trade, other receivables and other assets (2) (3) 404 253 356 Contingent considerations (2) 12 5 18 Taxation 7 — — Cash restricted for use 24 19 20 Cash and cash equivalents 2,546 1,232 1,425 Assets held for sale (4) 223 — — 4,543 2,446 3,134 Total assets 14,836 8,860 13,230 EQUITY AND LIABILITIES Share capital and premium 552 438 526 Accumulated losses and other reserves 7,138 3,689 6,103 Shareholders’ equity 7,690 4,127 6,629 Non-controlling interests 1,864 45 1,884 Total equity 9,554 4,172 8,513 Non-current liabilities Borrowings 2,025 1,939 1,901 Lease liabilities 126 84 65 Environmental rehabilitation and other provisions (5) 751 650 656 Provision for pension and post-retirement benefits 65 72 57 Trade and other payables 5 5 6 Deferred taxation 550 437 502 3,522 3,187 3,187 Current liabilities Borrowings 96 200 83 Lease liabilities 54 80 76 Environmental rehabilitation and other provisions (5) 119 115 109 Trade and other payables 925 822 957 Taxation 453 257 277 Bank overdraft 14 7 28 Liabilities held for sale (4) 99 20 — 1,760 1,501 1,530 Total liabilities 5,282 4,688 4,717 Total equity and liabilities 14,836 8,860 13,230 (1) The increase in non-current trade, other receivables and other assets from December 2024 is mainly as a result of the deferred consideration recognised for the sale of the Doropo project of $103m. (2) Contingent considerations, which were previously reported as part of trade, other receivables and other assets, are now reported separately on the statement of financial position as these assets have a different measurement basis. Comparative periods have been reclassified. The increase in contingent considerations from December 2024 is mainly as a result of contingent considerations recognised for the sale of the Doropo and ABC projects of $34m. (3) The increase in current trade, other receivables and other assets from December 2024 is mainly as a result of an increase in trade receivables of $29m, other prepayments of $23m, Kibali dividend declared of $18m in September 2025 and recoverable taxes of $50m, partly offset by the receipt of the Siguiri insurance claim of $21m and the Kibali dividend of $55m declared in December 2024. (4) The increase in assets and liabilities held for sale is as a result of MSG being classified as a disposal group held for sale, pending completion of the sale. (5) The increase in environmental rehabilitation and other provisions in total from December 2024 is mainly as a result of an increase in the closure provisions at Brazil due to the finalisation of the design review for the de-characterisation of the TSFs at AngloGold Ashanti Mineração ($73m), other change in estimates ($38m) and unwinding of the provision ($25m), partly offset by MSG provisions transferred to liabilities held for sale ($34m). GROUP I FINANCIAL RESULTS STATEMENT OF FINANCIAL POSITION Q3 2025 EARNINGS RELEASE 19
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GROUP STATEMENT OF CASH FLOWS Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Cash flows from operating activities Cash generated from operations 1,457 615 3,507 1,350 Dividends received from joint ventures 37 8 55 44 Taxation refund 10 6 10 6 Taxation paid (85) (23) (410) (122) Net cash inflow from operating activities 1,419 606 3,162 1,278 Cash flows from investing activities Capital expenditure on tangible and intangible assets (342) (267) (995) (757) Proceeds from disposal of tangible assets — — — 1 Proceeds from disposal of subsidiary — — 25 — Deferred compensation received — — 19 5 Other investments and assets acquired — (11) (3) (29) Proceeds on disposal of investment (1) 70 — 70 — Loans advanced to associates and joint ventures — — — (1) (Increase) decrease in cash restricted for use (11) (1) (4) 15 Interest received 23 21 68 81 Repayment of loans advanced to joint ventures — 49 77 139 Net cash outflow from investing activities (260) (209) (743) (546) Cash flows from financing activities Proceeds from borrowings — 155 285 475 Repayment of borrowings — (151) (180) (571) Repayment of lease liabilities (23) (25) (69) (68) Finance costs – borrowings (21) (27) (75) (90) Finance costs – leases (4) (3) (12) (8) Other borrowing costs — (1) — (1) Dividends paid (562) (99) (1,201) (179) Net cash outflow from financing activities (610) (151) (1,252) (442) Net increase in cash and cash equivalents 549 246 1,167 290 Translation (11) (4) (20) (20) Reclassification to disposal group held for sale 8 — (12) — Cash and cash equivalents at beginning of period (net of bank overdraft) 1,986 983 1,397 955 Cash and cash equivalents at end of period (net of bank overdraft) 2,532 1,225 2,532 1,225 (1) The proceeds relate to the disposal of the investment in G2 Goldfields Inc. GROUP I FINANCIAL RESULTS STATEMENT OF CASH FLOWS Q3 2025 EARNINGS RELEASE 20
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AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business. Under the Group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical region and the Projects segment which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. In addition to the geographical reportable segments structure, the Group has voluntarily disaggregated and disclosed the financial information on a line-by-line basis for each mining operation to facilitate comparability of mine performance. GOLD INCOME Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited AFRICA 1,779 943 4,969 2,642 Kibali - Attributable 45% 294 193 711 533 Iduapriem 202 149 480 438 Obuasi 238 123 614 372 Siguiri 151 181 662 472 Geita 418 297 1,246 827 Sukari 476 — 1,256 — AUSTRALIA 429 392 1,226 953 Sunrise Dam 176 178 542 450 Tropicana - Attributable 70% 253 214 684 503 AMERICAS 459 324 1,223 895 Cerro Vanguardia 169 116 464 323 AngloGold Ashanti Mineração (1) 236 166 623 439 Serra Grande 54 42 136 133 2,667 1,659 7,418 4,490 Equity-accounted joint venture included above (294) (193) (711) (533) 2,373 1,466 6,707 3,957 (1) Includes income from sale of gold concentrate. BY-PRODUCT REVENUE US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited AFRICA 3 1 8 4 Kibali - Attributable 45% 1 — 2 1 Obuasi — — 1 — Siguiri — — — 1 Geita 1 1 3 2 Sukari 1 — 2 — AUSTRALIA 1 1 4 3 Sunrise Dam — — 1 1 Tropicana - Attributable 70% 1 1 3 2 AMERICAS 41 23 108 80 Cerro Vanguardia 36 23 94 80 AngloGold Ashanti Mineração 5 — 14 — 45 25 120 87 Equity-accounted joint venture included above (1) — (2) (1) 44 25 118 86 GROUP I SEGMENTAL GOLD AND BY-PRODUCT INCOME Q3 2025 EARNINGS RELEASE 21
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COST OF SALES Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited AFRICA 841 553 2,477 1,645 Kibali - Attributable 45% 123 104 336 278 Iduapriem 115 93 316 260 Obuasi 118 78 320 259 Siguiri 118 124 418 384 Geita 170 154 520 464 Sukari 198 — 568 — Administration and other (1) — (1) — AUSTRALIA 249 249 724 687 Sunrise Dam 110 101 326 317 Tropicana - Attributable 70% 128 139 369 344 Administration and other 11 9 29 26 AMERICAS 261 222 728 627 Cerro Vanguardia 121 94 347 269 AngloGold Ashanti Mineração 100 90 271 254 Serra Grande 40 38 108 103 Administration and other — — 2 1 CORPORATE AND OTHER (3) 1 4 2 1,348 1,025 3,933 2,961 Equity-accounted joint venture included above (123) (104) (336) (278) 1,225 921 3,597 2,683 GROSS PROFIT (1) US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited AFRICA 940 391 2,499 1,002 Kibali - Attributable 45% 172 89 377 256 Iduapriem 87 56 163 179 Obuasi 120 45 295 114 Siguiri 33 57 244 88 Geita 249 144 729 365 Sukari 278 — 690 — Administration and other 1 — 1 — AUSTRALIA 182 145 507 269 Sunrise Dam 67 78 218 135 Tropicana - Attributable 70% 126 76 318 161 Administration and other (11) (9) (29) (27) AMERICAS 239 125 603 347 Cerro Vanguardia 83 45 211 133 AngloGold Ashanti Mineração 141 77 366 185 Serra Grande 15 4 28 30 Administration and other — (1) (2) (1) CORPORATE AND OTHER 3 (31) (4) (72) 1,364 630 3,605 1,546 Equity-accounted joint venture included above (172) (89) (377) (256) 1,192 541 3,228 1,290 (1) The Group’s segmental profit measure is gross profit, which excludes the results of associates and joint ventures. For the reconciliation of gross profit to profit before taxation, refer to the Group income statement. GROUP I SEGMENTAL COST OF SALES AND GROSS PROFIT Q3 2025 EARNINGS RELEASE 22
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AMORTISATION Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited AFRICA 235 109 663 312 Kibali - Attributable 45% 32 23 79 67 Iduapriem 29 19 85 60 Obuasi 24 20 66 53 Siguiri 13 12 46 37 Geita 48 35 129 95 Sukari 89 — 258 — AUSTRALIA 46 49 122 132 Sunrise Dam 16 19 45 58 Tropicana - Attributable 70% 29 30 76 73 Administration and other 1 — 1 1 AMERICAS 57 48 156 133 Cerro Vanguardia 23 15 60 40 AngloGold Ashanti Mineração 26 28 74 78 Serra Grande 8 5 22 15 CORPORATE AND OTHER 1 1 3 3 339 207 944 580 Equity-accounted joint venture included above (32) (23) (79) (67) 307 184 865 513 CAPITAL EXPENDITURE US Dollar millions, except as otherwise noted Unaudited Unaudited Unaudited Unaudited AFRICA 271 212 781 567 Kibali - Attributable 45% 46 28 110 89 Iduapriem 38 49 110 119 Obuasi 57 60 145 149 Siguiri 20 30 52 73 Geita 51 45 180 137 Sukari 59 — 184 — AUSTRALIA 49 27 124 112 Sunrise Dam 28 16 58 38 Tropicana - Attributable 70% 21 11 66 74 AMERICAS 60 52 165 143 Cerro Vanguardia 12 19 43 48 AngloGold Ashanti Mineração 35 23 89 68 Serra Grande 13 10 33 27 PROJECTS 7 4 34 23 Colombian projects 2 2 12 5 North American projects 5 2 22 18 CORPORATE AND OTHER 1 — 1 1 388 295 1,105 846 Equity-accounted joint venture included above (46) (28) (110) (89) 342 267 995 757 GROUP I SEGMENTAL AMORTISATION AND CAPITAL EXPENDITURE Q3 2025 EARNINGS RELEASE 23
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TOTAL ASSETS As at As at As at Sep Sep Dec 2025 2024 2024 US Dollar millions, except as otherwise noted Unaudited Unaudited Revised Unaudited Revised AFRICA 9,451 4,773 9,081 Kibali - Attributable 45% 1,008 1,025 950 Iduapriem 706 604 579 Obuasi 1,584 1,429 1,481 Siguiri 609 558 591 Geita 1,415 1,151 1,231 Sukari 4,119 — 4,243 Administration and other 10 6 6 AUSTRALIA 997 946 845 AMERICAS 1,834 1,514 1,534 Cerro Vanguardia 564 641 626 AngloGold Ashanti Mineração 1,029 723 729 Serra Grande 223 131 161 Administration and other 18 19 18 PROJECTS 929 859 991 Colombian projects 222 199 207 North American projects 707 660 784 CORPORATE AND OTHER 1,625 768 780 14,836 8,860 13,230 By order of the Board J TILK Chairman A CALDERON Chief Executive Officer G DORAN Chief Financial Officer 10 November 2025 GROUP I SEGMENTAL TOTAL ASSETS Q3 2025 EARNINGS RELEASE 24
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AngloGold Ashanti plc today announces an interim dividend for the three months ended 30 September 2025 of 91 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) 2025 Ex-dividend on NYSE Friday, 28 November Record date Friday, 28 November Payment date Friday, 12 December 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 91 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: 2025 Declaration date Tuesday, 11 November Currency conversion rate for South African rands announcement date Friday, 21 November Last date to trade ordinary shares cum dividend Tuesday, 25 November Ordinary shares trade ex-dividend Wednesday, 26 November Record date Friday, 28 November Payment date Friday, 12 December 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, 26 November 2025 and Friday, 28 November 2025, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 21 November 2025 and Friday, 28 November 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, 21 November 2025. To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD 2025 Currency conversion date Friday, 21 November Last date to trade and to register shares cum dividend Tuesday, 25 November Shares trade ex-dividend Wednesday, 26 November Record date Friday, 28 November Approximate payment date of dividend Friday, 12 December 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 2025 Currency conversion date Friday, 21 November Last date to trade and to register GhDSs cum dividend Tuesday, 25 November GhDSs trade ex-dividend Wednesday, 26 November Record date Friday, 28 November Approximate payment date of dividend Friday, 12 December Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 91 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢10.20, the gross dividend payable per share, is equivalent to ca. ¢9.282 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”). 2025 I DIVIDENDS Q3 2025 EARNINGS RELEASE 25
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Non-GAAP disclosure From time to time AngloGold Ashanti may publicly disclose certain “Non-GAAP” financial measures in the course of its financial presentations, earnings releases, earnings conference calls and otherwise. In this document, AngloGold Ashanti presents the financial items “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” and “non- sustaining capital expenditure”, which have been determined using industry guidelines and practices and are not measures under IFRS. In addition, AngloGold Ashanti also presents the financial items “Adjusted EBITDA”, “Adjusted net debt (cash)” and “free cash flow” which are not measures under IFRS either. An investor should not consider these items in isolation or as alternatives to cost of sales, gold income, capital expenditure, profit (loss) before taxation, total borrowings, cash flows from operating activities or any other measure of financial performance presented in accordance with IFRS or as an indicator of the Group’s performance. The Group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use. The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” 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. All-in sustaining costs During 2018, the World Gold Council (“WGC”), an industry body, published a revised Guidance Note on the “all-in sustaining costs” metric, which gold mining companies can use to supplement their overall Non-GAAP disclosure. The WGC worked closely with its members (including AngloGold Ashanti) to develop these Non-GAAP measures which are intended to provide further transparency into the full cost associated with producing gold. It is expected that this metric, which AngloGold Ashanti provides herein, will be helpful to investors, governments, local communities and other stakeholders in understanding the economics of gold mining. “All-in sustaining costs” is a Non-GAAP measure which is an extension of the existing “total cash costs” metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. “All-in sustaining costs per ounce - managed operations” ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the consolidated ounces of gold sold. “All-in sustaining costs per ounce - non-managed joint ventures” ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold sold. Total cash costs “Total cash costs” is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a Non-GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November 1999. “Total cash costs” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs. “Total cash costs per ounce - managed operations” ($/oz) is calculated by dividing the consolidated US dollar value of this cost metric by the consolidated ounces of gold produced. “Total cash costs per ounce - non-managed joint ventures” ($/oz) is calculated by dividing the attributable US dollar value of this cost metric by the attributable ounces of gold produced. Average gold price received per ounce “Average gold price received per ounce” is a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and serves as a benchmark of performance against the market spot gold price. “Average gold price received per ounce - managed operations” is calculated by dividing the consolidated US dollar value of this revenue metric by the consolidated ounces of gold sold. “Average gold price received per ounce - non-managed joint ventures” is calculated by dividing the attributable US dollar value of this revenue metric by the attributable ounces of gold sold. The “average gold price received per ounce” for the three months and nine months ended 30 September 2024 has been restated to be based on the gold revenue from primary operating activities. Previously, the gold price received per ounce calculation included revenue from normal operating activities as well as hedging activities. Sustaining capital expenditure “Sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output and capital expenditure to extend useful lives of existing production assets. This includes replacement of vehicles, plant and machinery, Mineral Reserve development, deferred stripping and capital expenditure related to financial benefit initiatives, safety, health and the environment. NON-GAAP DISCLOSURE I RESULTS Q3 2025 EARNINGS RELEASE 26
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Non-sustaining capital expenditure “Non-sustaining capital (expenditure)” is a Non-GAAP measure comprising capital expenditure incurred at new operations and capital expenditure related to ‘major projects’ at existing operations where these projects will materially increase production. While the Gold Institute provided definitions for the calculation of “total cash costs” and the WGC published a revised Guidance Note on the “all-in sustaining costs” metric during 2018, the calculation of “total cash costs”, “total cash costs per ounce”, “all-in sustaining costs” and “all-in sustaining costs per ounce” may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold mining companies. However, AngloGold Ashanti believes that “total cash costs” and “all-in sustaining costs” in total by mine and per ounce by mine as well as “average gold price received per ounce”, “sustaining capital expenditure” and “non-sustaining capital expenditure” are useful indicators to investors and management as they provide: • an indication of profitability, efficiency and cash flows; • the trend in costs as the mining operations mature over time on a consistent basis; and • an internal benchmark of performance to allow for comparison against other mines, both within the Group and at other gold mining companies. Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating Decision Maker (CODM), on a total basis. The key metrics are based on the total ounces, gold income, “total cash costs”, “all-in sustaining costs”, “sustaining capital expenditure” and “non-sustaining capital expenditure” from each operation and as a consequence includes AngloGold Ashanti’s share of the “total cash costs”, “all-in sustaining costs”, “sustaining capital expenditure” and “non-sustaining capital expenditure” of its non-managed joint ventures that are accounted for under the equity method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity method. This basis of calculating the metrics is consistent with the WGC’s Guidance Note on the “all-in sustaining costs” metric. Although AngloGold Ashanti has shareholder rights and board representation commensurate with its ownership interests in its equity-accounted non-managed joint ventures and reviews the underlying operating results including “total cash costs”, “all-in sustaining costs”, “sustaining capital expenditure” and “non-sustaining capital expenditure” with them at each reporting period, it does not have direct control over their operations or resulting revenue and expenses, nor does it have a proportionate legal interest in each financial statement line item. AngloGold Ashanti’s use of “total cash costs”, “all-in sustaining costs”, “sustaining capital expenditure” and “non-sustaining capital expenditure” on a total basis, is not intended to imply that it has any such control or proportionate legal interest, but rather to reflect the Non-GAAP measures on a basis consistent with its internal and external segmental reporting. Adjusted EBITDA “Adjusted EBITDA” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes profit (loss) before taxation, amortisation of tangible, intangible and right of use assets, retrenchment costs at the operations, finance income, other gains (losses), care and maintenance costs, finance costs and unwinding of obligations, impairment and derecognition of assets, impairment of investments, profit (loss) on disposal of assets and investments, gain (loss) on early settlement of hedge contracts, fair value adjustments, repurchase premium and costs on settlement of issued bonds and the share of associates’ EBITDA. The Adjusted EBITDA calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant formula. “Adjusted EBITDA margin” is calculated as the percentage of Adjusted EBITDA divided by revenue from product sales. Adjusted net debt (cash) “Adjusted net debt (cash)” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes total borrowings adjusted for the unamortised portion of borrowing costs and IFRS 16 lease adjustments; less cash restricted for use and cash and cash equivalents (net of bank overdraft). The Adjusted net debt (cash) calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility Agreements for compliance with the debt covenant formula. Free cash flow AngloGold Ashanti has revised its definition of “free cash flow” in order to align it with industry practice. “Free cash flow" is a Non- GAAP measure and, as calculated and reported by AngloGold Ashanti, includes operating cash flow less capital expenditure. Operating cash flow is defined as net cash flow from operating activities, plus repayment of loans advanced to joint ventures, less dividends paid to non-controlling interests. “Free cash flow” for the three months and nine months ended 30 September 2024 has been adjusted to reflect this change in reporting. Reconciliations All-in sustaining costs and total cash costs per ounce A reconciliation of cost of sales as included in AngloGold Ashanti’s Earnings Release for the three months and nine months ended 30 September 2025 and 30 September 2024, to “all-in sustaining costs”, “all-in sustaining costs per ounce”, “total cash costs” and “total cash costs per ounce” for each of the three-month and nine-month periods ended 30 September 2025 and 30 September 2024, is presented on a total (Group), total (managed operations/non-managed joint ventures) and segment basis in Note A below. NON-GAAP DISCLOSURE I RESULTS CONTINUED Q3 2025 EARNINGS RELEASE 27
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In addition, the Company has provided detail of the consolidated ounces of gold produced and sold by mine for each of those periods below. Average gold price received per ounce A reconciliation of gold income as included in AngloGold Ashanti’s Earnings Release for the three months and nine months ended 30 September 2025 and 30 September 2024 , to “average gold price received per ounce” for each of the three-month and nine- month periods ended 30 September 2025 and 30 September 2024, is presented on a total (Group) and total (managed operations/ non-managed joint ventures) basis in Note B below. Sustaining capital expenditure and non-sustaining capital expenditure A reconciliation of capital expenditure as included in AngloGold Ashanti’s Earnings Release for the three months and nine months ended 30 September 2025 and 30 September 2024, to “sustaining capital expenditure” and “non-sustaining capital expenditure” for each of the three-month and nine-month periods ended 30 September 2025 and 30 September 2024 , is presented on a total (Group), total (managed operations/non-managed joint ventures) and segment basis in Note C below. Adjusted EBITDA A reconciliation of profit (loss) before taxation as included in AngloGold Ashanti’s Earnings Release for the three months and nine months ended 30 September 2025 and 30 September 2024 , to “Adjusted EBITDA” for each of the three-month and nine-month periods ended 30 September 2025 and 30 September 2024, is presented on a total (Group) basis in Note D below. Adjusted net debt (cash) A reconciliation of total borrowings as included in AngloGold Ashanti’s Earnings Release as at 30 September 2025, 30 September 2024 and 31 December 2024 to “Adjusted net debt (cash)” as at 30 September 2025, 30 September 2024 and 31 December 2024, is presented on a total (Group) basis in Note E below. Free cash flow A reconciliation of net cash flow from operating activities as included in AngloGold Ashanti’s Earnings Release for the three months and nine months ended 30 September 2025 and 30 September 2024 , to “free cash flow” for each of the three-month and nine- month periods ended 30 September 2025 and 30 September 2024, is presented on a total (Group) basis in Note F below. NON-GAAP DISCLOSURE I RESULTS CONTINUED Q3 2025 EARNINGS RELEASE 28 AGA Mineração, Cuiabá, Brazil
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ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2025 Corporate and other(3) AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) (3) 123 123 115 118 118 170 198 (1) 718 110 128 11 249 By-product revenue — (1) (1) — — — (1) (1) — (2) — (1) — (1) Amortisation of tangible, intangible and right of use assets (1) (32) (32) (29) (24) (13) (48) (89) — (203) (16) (29) (1) (46) Adjusted for decommissioning and inventory amortisation — — — — — — (1) — — (1) — — — — Corporate administration, marketing and related expenses 31 — — — — — — — — — — — — — Lease payment sustaining — (2) (2) 1 — 1 6 1 — 9 4 6 — 10 Sustaining exploration and study costs — — — — — 3 3 — — 6 — — — — T otal sustaining capital expenditure 1 26 26 23 49 18 46 32 — 168 28 8 — 36 All-in sustaining costs (5) 28 114 114 110 144 126 175 141 (1) 695 125 113 10 248 Gold sold - oz (000) — 84 84 58 68 45 120 135 — 426 51 73 — 124 All-in sustaining costs per ounce - $/oz (1) — 1,355 1,355 1,902 2,109 2,804 1,464 1,041 — 1,631 2,439 1,558 — 2,007 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 29
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ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2025 AMERICAS Projects GROUP GROUP EXCL. SUKARI(6) Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) Managed operations (Africa) Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 121 100 40 — 261 — 123 1,225 1,348 520 1,027 1,150 By-product revenue (36) (5) — — (41) — (1) (44) (45) (1) (43) (44) Amortisation of tangible, intangible and right of use assets (23) (26) (8) — (57) — (32) (307) (339) (114) (218) (250) Adjusted for decommissioning and inventory amortisation 2 — 1 — 3 — — 2 2 (1) 2 2 Corporate administration, marketing and related expenses — — — — — 1 — 32 32 — 32 32 Lease payment sustaining — 6 2 — 8 — (2) 27 25 8 26 24 Sustaining exploration and study costs 3 — — — 3 1 — 10 10 6 10 10 T otal sustaining capital expenditure 12 25 13 — 50 — 26 255 281 136 223 249 All-in sustaining costs (5) 80 99 47 1 227 2 114 1,200 1,314 554 1,059 1,173 Gold sold - oz (000) 47 68 15 — 130 — 84 680 764 291 545 629 All-in sustaining costs per ounce - $/oz (1) 1,691 1,459 3,105 — 1,740 — 1,355 1,766 1,720 1,907 1,946 1,867 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (6) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 30
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TOTAL CASH COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2025 Corporate and other(3) AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) (3) 123 123 115 118 118 170 198 (1) 718 110 128 11 249 - By-product revenue — (1) (1) — — — (1) (1) — (2) — (1) — (1) - Inventory change — 2 2 3 2 (12) 8 — — 1 2 2 — 4 - Amortisation of tangible assets (1) (32) (32) (27) (24) (12) (43) (89) — (195) (12) (23) (1) (36) - Amortisation of right of use assets — — — (2) — (1) (5) — — (8) (4) (6) — (10) - Amortisation of intangible assets — — — — — — — — — — — — — — - Rehabilitation and other non-cash costs — — — (10) (4) (2) (3) (1) — (20) — — — — - Retrenchment costs — — — — — — — — — — — — — — Total cash costs (5) (4) 92 92 79 92 90 126 107 (1) 493 96 100 9 205 Gold produced - oz (000) — 86 86 60 69 39 125 135 — 428 52 73 — 125 Total cash costs per ounce - $/oz (1) — 1,068 1,068 1,321 1,331 2,331 1,010 793 — 1,154 1,844 1,364 — 1,638 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 31
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TOTAL CASH COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2025 AMERICAS Projects GROUP GROUP EXCL. SUKARI(6) Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) Managed operations (Africa) Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 121 100 40 — 261 — 123 1,225 1,348 520 1,027 1,150 - By-product revenue (36) (5) — — (41) — (1) (44) (45) (1) (43) (44) - Inventory change (5) 1 1 — (3) — 2 2 4 1 2 4 - Amortisation of tangible assets (23) (21) (6) — (50) — (32) (282) (314) (106) (193) (225) - Amortisation of right of use assets — (5) (2) — (7) — — (25) (25) (8) (25) (25) - Amortisation of intangible assets — — — — — — — — — — — — - Rehabilitation and other non-cash costs (8) — 2 — (6) — — (26) (26) (19) (25) (25) - Retrenchment costs — (1) — — (1) — — (1) (1) — (1) (1) Total cash costs (5) 49 70 35 — 154 — 92 848 940 386 741 833 Gold produced - oz (000) 43 71 15 — 129 — 86 682 768 293 547 633 Total cash costs per ounce - $/oz (1) 1,139 983 2,253 — 1,192 — 1,068 1,244 1,225 1,322 1,356 1,317 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (6) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 32
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ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2024 Corporate and other(3) AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 1 104 104 93 78 124 154 — — 449 101 139 9 249 By-product revenue — — — — — — (1) — — (1) — (1) — (1) Amortisation of tangible, intangible and right of use assets (1) (23) (23) (19) (20) (12) (35) — — (86) (19) (30) — (49) Adjusted for decommissioning and inventory amortisation — — — — — — (1) — — (1) — — — — Corporate administration, marketing and related expenses 19 — — — — — — — — — — — — — Lease payment sustaining — — — 3 — 1 6 — — 10 4 3 — 7 Sustaining exploration and study costs — — — — — 2 4 — — 6 — — — — T otal sustaining capital expenditure — 15 15 27 43 24 41 — — 135 16 9 — 25 All-in sustaining costs (5) 20 96 96 103 101 139 169 — — 512 102 119 9 230 Gold sold - oz (000) — 77 77 60 49 73 118 — — 300 72 86 — 158 All-in sustaining costs per ounce - $/oz (1) — 1,241 1,241 1,719 2,063 1,916 1,428 — — 1,707 1,411 1,389 — 1,455 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 33
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ALL-IN SUSTAINING COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2024 AMERICAS Projects GROUP Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 94 90 38 — 222 — 104 921 1,025 By-product revenue (23) — — — (23) — — (25) (25) Amortisation of tangible, intangible and right of use assets (15) (28) (5) — (48) — (23) (184) (207) Adjusted for decommissioning and inventory amortisation 3 — — — 3 — — 2 2 Corporate administration, marketing and related expenses — — — — — 1 — 20 20 Lease payment sustaining — 7 3 — 10 — — 27 27 Sustaining exploration and study costs 2 — — — 2 1 — 9 9 T otal sustaining capital expenditure 19 23 10 — 52 — 15 212 227 All-in sustaining costs (5) 80 92 46 — 218 2 96 982 1,078 Gold sold - oz (000) 46 70 16 — 132 — 77 590 667 All-in sustaining costs per ounce - $/oz (1) 1,744 1,315 2,773 — 1,653 — 1,241 1,665 1,616 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 34
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TOTAL CASH COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2024 Corporate and other(3) AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 1 104 104 93 78 124 154 — — 449 101 139 9 249 - By-product revenue — — — — — — (1) — — (1) — (1) — (1) - Inventory change — (4) (4) (2) 6 (3) — — — 1 — — — — - Amortisation of tangible assets (1) (23) (23) (18) (20) (11) (29) — — (78) (15) (28) — (43) - Amortisation of right of use assets — — — (1) — (1) (6) — — (8) (4) (2) — (6) - Amortisation of intangible assets — — — — — — — — — — — — — — - Rehabilitation and other non-cash costs — (1) (1) (2) (3) (2) (1) — — (8) — (1) — (1) - Retrenchment costs — — — — — — — — — — — — — — Total cash costs (5) 1 75 75 70 61 106 117 — — 354 82 108 8 198 Gold produced - oz (000) — 71 71 59 53 71 118 — — 301 73 87 — 160 Total cash costs per ounce - $/oz (1) — 1,053 1,053 1,191 1,153 1,500 995 — — 1,179 1,132 1,243 — 1,245 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 35
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TOTAL CASH COSTS FOR THE QUARTER ENDED 30 SEPTEMBER 2024 AMERICAS Projects GROUP Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 94 90 38 — 222 — 104 921 1,025 - By-product revenue (23) — — — (23) — — (25) (25) - Inventory change 1 — (1) — — — (4) 1 (3) - Amortisation of tangible assets (15) (22) (4) — (41) — (23) (163) (186) - Amortisation of right of use assets — (6) (1) — (7) — — (21) (21) - Amortisation of intangible assets — — — — — — — — — - Rehabilitation and other non-cash costs (5) (1) (4) — (10) — (1) (19) (20) - Retrenchment costs — (1) — — (1) — — (1) (1) Total cash costs (5) 52 60 28 1 141 — 75 694 769 Gold produced - oz (000) 42 67 16 — 125 — 71 586 657 Total cash costs per ounce - $/oz (1) 1,224 896 1,801 — 1,127 — 1,053 1,186 1,172 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 36
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ALL-IN SUSTAINING COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 Corporate and other (3) AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 4 336 336 316 320 418 520 568 (1) 2,141 326 369 29 724 By-product revenue — (2) (2) — (1) — (3) (2) — (6) (1) (3) — (4) Amortisation of tangible, intangible and right of use assets (3) (79) (79) (85) (66) (46) (129) (258) — (584) (45) (76) (1) (122) Adjusted for decommissioning and inventory amortisation — — — — — — (2) — — (2) 1 — — 1 Corporate administration, marketing and related expenses 91 — — — — — — — — — — — — — Lease payment sustaining 1 (1) (1) 3 — 4 17 2 — 26 11 16 1 28 Sustaining exploration and study costs — — — 2 — 6 9 — — 17 1 — — 1 T otal sustaining capital expenditure 1 50 50 62 127 49 166 101 — 505 58 22 — 80 All-in sustaining costs (5) 94 305 305 298 380 430 577 411 — 2,096 350 328 29 707 Gold sold - oz (000) — 219 219 148 190 210 385 389 — 1,322 170 214 — 384 All-in sustaining costs per ounce - $/oz (1) — 1,392 1,392 2,021 2,004 2,043 1,497 1,059 — 1,586 2,055 1,537 — 1,842 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 37
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ALL-IN SUSTAINING COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 AMERICAS Projects GROUP GROUP EXCL. SUKARI(6) Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) Managed operations (Africa) Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 347 271 108 2 728 — 336 3,597 3,933 1,573 3,029 3,365 By-product revenue (94) (14) — — (108) — (2) (118) (120) (4) (116) (118) Amortisation of tangible, intangible and right of use assets (60) (74) (22) — (156) — (79) (865) (944) (326) (607) (686) Adjusted for decommissioning and inventory amortisation 2 — 1 — 3 — — 2 2 (2) 2 2 Corporate administration, marketing and related expenses — — — — — 2 — 93 93 — 93 93 Lease payment sustaining — 18 6 — 24 1 (1) 80 79 24 78 77 Sustaining exploration and study costs 4 — — — 4 1 — 23 23 17 23 23 T otal sustaining capital expenditure 43 77 33 — 153 2 50 741 791 404 640 690 All-in sustaining costs (5) 243 278 126 2 649 6 305 3,552 3,857 1,685 3,141 3,446 Gold sold - oz (000) 143 193 41 — 377 — 219 2,083 2,302 933 1,694 1,913 All-in sustaining costs per ounce - $/oz (1) 1,695 1,438 3,051 — 1,719 — 1,392 1,706 1,676 1,806 1,854 1,801 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (6) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 38
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TOTAL CASH COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 Corporate and other (3) AFRICA AUSTRALIA Kibali Non- managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 4 336 336 316 320 418 520 568 (1) 2,141 326 369 29 724 - By-product revenue — (2) (2) — (1) — (3) (2) — (6) (1) (3) — (4) - Inventory change — 6 6 3 7 (13) (5) (13) — (21) 6 1 — 7 - Amortisation of tangible assets (2) (78) (78) (81) (66) (42) (112) (257) — (558) (35) (59) — (94) - Amortisation of right of use assets (1) (1) (1) (4) — (4) (17) (1) — (26) (10) (17) (1) (28) - Amortisation of intangible assets — — — — — — — — — — — — — — - Rehabilitation and other non-cash costs — (5) (5) (14) (8) (4) (7) (2) — (35) — — (1) (1) - Retrenchment costs — — — — — — — — — — — — — — Total cash costs (5) 1 256 256 221 253 354 376 292 (1) 1,495 286 291 27 604 Gold produced - oz (000) — 224 224 149 194 204 379 381 — 1,307 174 212 — 386 Total cash costs per ounce - $/oz (1) — 1,145 1,145 1,480 1,306 1,735 993 765 — 1,144 1,646 1,372 — 1,564 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 39
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TOTAL CASH COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 AMERICAS Projects GROUP GROUP EXCL. SUKARI(6) Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) Managed operations (Africa) Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 347 271 108 2 728 — 336 3,597 3,933 1,573 3,029 3,365 - By-product revenue (94) (14) — — (108) — (2) (118) (120) (4) (116) (118) - Inventory change (7) 3 1 — (3) — 6 (17) (11) (8) (4) 2 - Amortisation of tangible assets (60) (60) (18) — (138) — (78) (792) (870) (301) (535) (613) - Amortisation of right of use assets — (14) (4) — (18) — (1) (73) (74) (25) (72) (73) - Amortisation of intangible assets — — — — — — — — — — — — - Rehabilitation and other non-cash costs (13) — 4 — (9) — (5) (45) (50) (33) (43) (48) - Retrenchment costs (1) (1) — — (2) — — (2) (2) — (2) (2) Total cash costs (5) 172 185 91 2 450 — 256 2,550 2,806 1,203 2,258 2,514 Gold produced - oz (000) 137 196 42 — 375 — 224 2,068 2,292 926 1,687 1,911 Total cash costs per ounce - $/oz (1) 1,253 944 2,184 — 1,201 — 1,145 1,233 1,224 1,300 1,339 1,316 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (6) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 40
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ALL-IN SUSTAINING COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024 Corporate and other (3) AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 2 278 278 260 259 384 464 — 1,367 317 344 26 687 By-product revenue — (1) (1) — — (1) (2) — (3) (1) (2) — (3) Amortisation of tangible, intangible and right of use assets (3) (67) (67) (60) (53) (37) (95) — (245) (58) (73) (1) (132) Adjusted for decommissioning and inventory amortisation — — — — (1) — (1) — (2) — — — — Corporate administration, marketing and related expenses 84 — — — — — — — — — — — — Lease payment sustaining 1 1 1 4 — 2 17 — 23 13 7 1 21 Sustaining exploration and study costs — — — — 1 4 8 — 13 1 — — 1 T otal sustaining capital expenditure 1 49 49 80 112 67 128 — 387 38 26 — 64 All-in sustaining costs (5) 85 261 261 284 318 419 518 — 1,539 309 303 26 638 Gold sold - oz (000) — 230 230 191 163 203 358 — 915 194 217 — 411 All-in sustaining costs per ounce - $/oz (1) — 1,133 1,133 1,487 1,956 2,062 1,449 — 1,683 1,589 1,394 — 1,550 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 41
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ALL-IN SUSTAINING COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024 AMERICAS Projects GROUP Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 269 254 103 1 627 — 278 2,683 2,961 By-product revenue (80) — — — (80) — (1) (86) (87) Amortisation of tangible, intangible and right of use assets (40) (78) (15) — (133) — (67) (513) (580) Adjusted for decommissioning and inventory amortisation 3 — (1) — 2 — — — — Corporate administration, marketing and related expenses — — — — — 2 — 86 86 Lease payment sustaining — 21 7 — 28 1 1 74 75 Sustaining exploration and study costs 5 1 — — 6 — — 20 20 T otal sustaining capital expenditure 48 68 27 — 143 3 49 598 647 All-in sustaining costs (5) 205 266 122 1 594 6 261 2,862 3,123 Gold sold - oz (000) 140 200 58 — 398 — 230 1,724 1,954 All-in sustaining costs per ounce - $/oz (1) 1,460 1,330 2,113 — 1,493 — 1,133 1,660 1,598 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 42
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TOTAL CASH COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024 Corporate and other (3) AFRICA AUSTRALIA Kibali Non- managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 2 278 278 260 259 384 464 — 1,367 317 344 26 687 - By-product revenue — (1) (1) — — (1) (2) — (3) (1) (2) — (3) - Inventory change — — — (5) (1) (7) (10) — (23) (3) (6) — (9) - Amortisation of tangible assets (2) (66) (66) (58) (53) (35) (74) — (220) (46) (68) — (114) - Amortisation of right of use assets — (1) (1) (2) — (2) (21) — (25) (12) (5) (1) (18) - Amortisation of intangible assets (1) — — — — — — — — — — — — - Rehabilitation and other non-cash costs — 1 1 (4) (7) (4) (3) — (18) — — (1) (1) - Retrenchment costs — — — — — — — — — — — — — Total cash costs (5) (1) 212 212 191 198 335 354 — 1,078 255 262 25 542 Gold produced - oz (000) — 229 229 187 161 199 347 — 894 193 213 — 406 Total cash costs per ounce - $/oz (1) — 924 924 1,021 1,231 1,687 1,020 — 1,206 1,321 1,230 — 1,335 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 43
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TOTAL CASH COSTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024 AMERICAS Projects GROUP Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (4) in US Dollar million, except as otherwise noted Cost of sales per segmental information (2) 269 254 103 1 627 — 278 2,683 2,961 - By-product revenue (80) — — — (80) — (1) (86) (87) - Inventory change (7) (1) (1) — (9) — — (41) (41) - Amortisation of tangible assets (40) (61) (12) — (113) — (66) (449) (515) - Amortisation of right of use assets — (17) (3) — (20) — (1) (63) (64) - Amortisation of intangible assets — — — — — — — (1) (1) - Rehabilitation and other non-cash costs (7) (1) (4) — (12) — 1 (31) (30) - Retrenchment costs (1) (1) — — (2) — — (2) (2) Total cash costs (5) 134 173 83 1 391 — 212 2,010 2,222 Gold produced - oz (000) 129 196 57 — 382 — 229 1,682 1,911 Total cash costs per ounce - $/oz (1) 1,044 883 1,439 — 1,024 — 924 1,195 1,163 (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. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to Segmental reporting. (3) Corporate includes non-gold producing managed operations. (4) Total including equity-accounted non-managed joint ventures. (5) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE A Q3 2025 EARNINGS RELEASE 44
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AVERAGE GOLD PRICE RECEIVED PER OUNCE Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 Unaudited Unaudited Unaudited Unaudited US Dollar million, except as otherwise noted Managed operations Non- managed joint ventures Group (Equity) Managed operations Non- managed joint ventures Group (Equity) Managed operations Non- managed joint ventures Group (Equity) Managed operations Non- managed joint ventures Group (Equity) Gold income per income statement 2,373 294 2,373 1,466 193 1,466 6,707 711 6,707 3,957 533 3,957 Associates and joint ventures’ share of gold income 294 193 711 533 Gold income 2,373 294 2,667 1,466 193 1,659 6,707 711 7,418 3,957 533 4,490 Gold sold - oz (000) 680 84 764 590 77 667 2,083 219 2,302 1,724 230 1,954 Average gold price received per ounce - $/oz (1) 3,488 3,502 3,490 2,484 2,502 2,486 3,220 3,240 3,222 2,296 2,313 2,298 (1) The “average gold price received per ounce” for the three months and nine months ended 30 September 2024 has been restated to be based on the gold revenue from primary operating activities. Previously, the gold price received per ounce calculation included revenue from normal operating activities as well as hedging activities. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE B QUARTER 3 AND NINE MONTHS I 2025 AND 2024 Q3 2025 EARNINGS RELEASE 45
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CAPITAL EXPENDITURE FOR THE QUARTER ENDED 30 SEPTEMBER 2025 Corporate and other AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Sustaining capital expenditure 1 26 26 23 49 18 46 32 — 168 28 8 — 36 Non-sustaining capital expenditure — 20 20 15 8 2 5 27 — 57 — 13 — 13 Capital expenditure 1 46 46 38 57 20 51 59 — 225 28 21 — 49 CAPITAL EXPENDITURE AMERICAS Projects GROUP GROUP EXCL. SUKARI(2) Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (1) Managed operations (Africa) Managed operations Group total (1) in US Dollar million, except as otherwise noted Sustaining capital expenditure 12 25 13 — 50 — 26 255 281 136 223 249 Non-sustaining capital expenditure — 10 — — 10 7 20 87 107 30 60 80 Capital expenditure 12 35 13 — 60 7 46 342 388 166 283 329 CAPITAL EXPENDITURE FOR THE QUARTER ENDED 30 SEPTEMBER 2024 Corporate and other AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Sustaining capital expenditure — 15 15 27 43 24 41 — 135 16 9 — 25 Non-sustaining capital expenditure — 13 13 22 17 6 4 — 49 — 2 — 2 Capital expenditure — 28 28 49 60 30 45 — 184 16 11 — 27 CAPITAL EXPENDITURE AMERICAS Projects GROUP Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (1) in US Dollar million, except as otherwise noted Sustaining capital expenditure 19 23 10 — 52 — 15 212 227 Non-sustaining capital expenditure — — — — — 4 13 55 68 Capital expenditure 19 23 10 — 52 4 28 267 295 (1) Total including equity-accounted non-managed joint ventures. (2) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE C QUARTER 3 2025 AND 2024 Q3 2025 EARNINGS RELEASE 46
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CAPITAL EXPENDITURE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 Corporate and other AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Sustaining capital expenditure 1 50 50 62 127 49 166 101 — 505 58 22 — 80 Non-sustaining capital expenditure — 60 60 48 18 3 14 83 — 166 — 44 — 44 Capital expenditure 1 110 110 110 145 52 180 184 — 671 58 66 — 124 CAPITAL EXPENDITURE AMERICAS Projects GROUP GROUP EXCL. SUKARI(2) Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (1) Managed operations (Africa) Managed operations Group total (1) in US Dollar million, except as otherwise noted Sustaining capital expenditure 43 77 33 — 153 2 50 741 791 404 640 690 Non-sustaining capital expenditure — 12 — — 12 32 60 254 314 83 171 231 Capital expenditure 43 89 33 — 165 34 110 995 1,105 487 811 921 CAPITAL EXPENDITURE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2024 Corporate and other AFRICA AUSTRALIA Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia in US Dollar million, except as otherwise noted Sustaining capital expenditure 1 49 49 80 112 67 128 — 387 38 26 — 64 Non-sustaining capital expenditure — 40 40 39 37 6 9 — 91 — 48 — 48 Capital expenditure 1 89 89 119 149 73 137 — 478 38 74 — 112 CAPITAL EXPENDITURE AMERICAS Projects GROUP Cerro Vanguardia AngloGold Ashanti Mineração Serra Grande Americas other Americas Non- managed joint ventures Managed operations Group total (1) in US Dollar million, except as otherwise noted Sustaining capital expenditure 48 68 27 — 143 3 49 598 647 Non-sustaining capital expenditure — — — — — 20 40 159 199 Capital expenditure 48 68 27 — 143 23 89 757 846 (1) Total including equity-accounted non-managed joint ventures. (2) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE C NINE MONTHS 2025 AND 2024 Q3 2025 EARNINGS RELEASE 47
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ADJUSTED EBITDA Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Adjusted EBITDA (1) Profit before taxation 1,057 394 2,832 974 Add back: Finance costs and unwinding of obligations 81 42 166 126 Finance income (43) (33) (114) (122) Amortisation of tangible, right of use and intangible assets 307 184 865 513 Other amortisation (2) (2) — 1 Associates and joint ventures share of amortisation, interest, taxation and other 123 77 292 198 EBITDA 1,523 662 4,041 1,690 Adjustments: Foreign exchange and fair value adjustments 12 21 57 46 Unrealised non-hedge derivative loss — 5 — 22 Care and maintenance costs 7 35 18 80 Retrenchment and related costs 11 9 25 10 Impairment (reversal of impairment), derecognition of assets and (profit) loss on disposal 3 13 (22) 14 Joint ventures share of costs — 1 — 1 Adjusted EBITDA 1,556 746 4,119 1,863 (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. NON-GAAP DISCLOSURE I NOTE D Q3 2025 EARNINGS RELEASE 48
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ADJUSTED NET DEBT (CASH)(1) As at As at As at Sep Sep Dec 2025 2024 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Borrowings - non-current portion 2,025 1,939 1,901 Borrowings - current portion 96 200 83 Lease liabilities - non-current portion 126 84 65 Lease liabilities - current portion 54 80 76 Total borrowings 2,301 2,303 2,125 Less cash and cash equivalents, net of bank overdraft (2,532) (1,225) (1,397) Net debt (cash) (231) 1,078 728 Adjustments: IFRS16 lease adjustments (169) (146) (126) Unamortised portion of borrowing costs 17 27 26 Cash restricted for use (67) (53) (61) Adjusted net debt (cash) (450) 906 567 Adjusted net debt (cash) to Adjusted EBITDA ratio (0.09) :1 0.37 :1 0.21 :1 Total borrowings to profit before taxation 0.65 :1 2.06 :1 1.27 :1 (1) Net debt (cash) (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements. Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE E Q3 2025 EARNINGS RELEASE 49
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FREE CASH FLOW Quarter Quarter Nine months Nine months ended ended ended ended Sep Sep Sep Sep 2025 2024 2025 2024 US Dollar million, except as otherwise noted Unaudited Unaudited Unaudited Unaudited Net cash flow from operating activities (1)(2) 1,419 606 3,162 1,278 Repayment of loans advanced to joint ventures — 49 77 139 Dividends paid to non-controlling interests (157) (7) (386) (7) Operating cash flow 1,262 648 2,853 1,410 Capital expenditure on tangible and intangible assets (342) (267) (995) (757) Free cash flow 920 381 1,858 653 (1) Includes landholder duties of $37m paid in May 2025. (2) Includes working capital movements as per table below. (Increase) decrease in inventories (54) (57) (35) (23) (Increase) decrease in trade receivables 5 (2) (181) (121) (Decrease) increase in trade payables 155 88 14 13 Movement in working capital 106 29 (202) (131) Rounding of figures may result in computational discrepancies. NON-GAAP DISCLOSURE I NOTE F Q3 2025 EARNINGS RELEASE 50
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EXCHANGE RATES Sep Sep Dec 2025 2024 2024 Unaudited Unaudited Unaudited ZAR/USD Average for the year to date 18.11 18.46 18.32 Average for the quarter 17.63 17.97 17.89 Closing 17.25 17.26 18.85 AUD/USD Average for the year to date 1.56 1.51 1.52 Average for the quarter 1.53 1.49 1.53 Closing 1.51 1.45 1.62 BRL/USD Average for the year to date 5.65 5.24 5.39 Average for the quarter 5.45 5.54 5.83 Closing 5.32 5.45 6.19 ARS/USD Average for the year to date 1,182.19 888.30 916.78 Average for the quarter 1,330.75 942.19 1,000.92 Closing 1,366.58 970.92 1,032.50 EGP/USD Average for the year to date 49.78 43.96 45.36 Average for the quarter 48.61 48.56 49.54 Closing 47.80 48.46 50.89 OTHER INFORMATION I EXCHANGE RATES Q3 2025 EARNINGS RELEASE 51
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OPERATIONS AT A GLANCE FOR THE QUARTERS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024 Gold production oz (000) Open-pit treated 000 tonnes Underground milled / treated 000 tonnes Other milled / treated 000 tonnes Open-pit recovered grade g/tonne Underground recovered grade g/tonne Other recovered grade g/tonne Total recovered grade g/tonne Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 AFRICA Non-managed joint ventures 86 71 578 581 357 384 — — 1.86 0.91 4.46 4.41 — — 2.85 2.30 Kibali - Attributable 45% (1) 86 71 578 581 357 384 — — 1.86 0.91 4.46 4.41 — — 2.85 2.30 AFRICA Managed operations 428 301 6,687 4,862 1,344 968 — 40 1.17 1.05 4.02 4.36 — 0.97 1.66 1.59 Iduapriem 60 59 1,420 1,380 — — — — 1.31 1.32 — — — — 1.31 1.32 Obuasi 69 53 — — 340 279 — 40 — — 6.31 5.75 — 0.97 6.31 5.15 Siguiri (3) 39 71 1,686 2,754 — — — — 0.72 0.80 — — — — 0.72 0.80 Geita 125 118 640 728 715 689 — — 2.46 1.46 3.23 3.80 — — 2.87 2.60 Sukari (3) 135 — 2,941 — 289 — — — 1.07 — 3.27 — — — 1.31 — AUSTRALIA 125 160 1,717 1,714 911 921 — — 1.03 1.33 2.33 2.89 — — 1.48 1.88 Sunrise Dam 52 73 425 425 561 552 — — 1.03 1.48 2.10 2.95 — — 1.64 2.31 Tropicana - Attributable 70% 73 87 1,292 1,289 350 369 — — 1.03 1.29 2.71 2.80 — — 1.39 1.62 AMERICAS 129 125 194 238 728 509 544 651 3.47 2.40 3.71 3.74 1.15 2.19 2.73 2.79 Cerro Vanguardia (3)(5) 43 42 194 183 100 125 483 445 3.47 2.78 3.84 4.56 0.58 0.56 1.72 1.76 AngloGold Ashanti Mineração (2) 71 67 — — 362 165 61 206 — — 5.09 5.48 5.65 5.73 5.17 5.62 Serra Grande 15 16 — 55 266 219 — — — 1.16 1.80 1.95 — — 1.80 1.79 Managed operations 682 586 8,598 6,814 2,983 2,398 544 691 1.19 1.17 3.43 3.66 1.15 2.12 1.75 1.84 Non-managed joint ventures 86 71 578 581 357 384 — — 1.86 0.91 4.46 4.41 — — 2.85 2.30 Group total including equity-accounted non- managed joint ventures 768 657 9,176 7,395 3,340 2,782 544 691 1.23 1.15 3.54 3.77 1.15 2.12 1.83 1.88 Managed operations (excluding Sukari)(4) 547 586 5,657 6,814 2,694 2,398 544 691 1.25 1.17 3.45 3.66 1.15 2.12 1.91 1.84 Non-managed joint ventures 86 71 578 581 357 384 — — 1.86 0.91 4.46 4.41 — — 2.85 2.30 Group total including equity-accounted non- managed joint ventures (excluding Sukari)(4) 633 657 6,235 7,395 3,051 2,782 544 691 1.31 1.15 3.56 3.77 1.15 2.12 2.00 1.88 (1) Equity-accounted joint venture. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively. (4) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. (5) Cerro Vanguardia has adjusted the basis of allocation between open-pit, underground and other treated tonnes resulting in an adjustment of treated tonnes and related grades for Q3 2024. Rounding of figures may result in computational discrepancies. OPERATING RESULTS I OPERATIONS AT A GLANCE QUARTER 3 2025 AND 2024 Q3 2025 EARNINGS RELEASE 52
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OPERATIONS AT A GLANCE FOR THE QUARTERS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024 Cost of sales Gross profit Total cash costs per ounce* All-in sustaining costs per ounce* Sustaining MRD / Stripping capital Other sustaining capital Non-sustaining capital* $m $m $/oz $/oz $m $m $m Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 AFRICA Non-managed joint ventures 123 104 172 89 1,068 1,053 1,355 1,241 4 7 22 8 20 13 Kibali - Attributable 45% (1) 123 104 172 89 1,068 1,053 1,355 1,241 4 7 22 8 20 13 AFRICA Managed operations 718 449 768 302 1,154 1,179 1,631 1,707 89 82 79 53 57 49 Iduapriem 115 93 87 56 1,321 1,191 1,902 1,719 18 20 5 7 15 22 Obuasi 118 78 120 45 1,331 1,153 2,109 2,063 33 29 16 14 8 17 Siguiri (3) 118 124 33 57 2,331 1,500 2,804 1,916 3 8 15 16 2 6 Geita 170 154 249 144 1,010 995 1,464 1,428 22 25 24 16 5 4 Sukari (3) 198 — 278 — 793 — 1,041 — 13 — 19 — 27 — Administration and other (1) — 1 — — — — — — — — — — — AUSTRALIA 249 249 182 145 1,638 1,245 2,007 1,455 14 14 22 11 13 2 Sunrise Dam 110 101 67 78 1,844 1,132 2,439 1,411 12 10 16 6 — — Tropicana - Attributable 70% 128 139 126 76 1,364 1,243 1,558 1,389 2 4 6 5 13 2 Administration and other 11 9 (11) (9) — — — — — — — — — — AMERICAS 261 222 239 125 1,192 1,127 1,740 1,653 33 33 17 19 10 — Cerro Vanguardia (3) 121 94 83 45 1,139 1,224 1,691 1,744 8 7 4 12 — — AngloGold Ashanti Mineração (2) 100 90 141 77 983 896 1,459 1,315 15 19 10 4 10 — Serra Grande 40 38 15 4 2,253 1,801 3,105 2,773 10 7 3 3 — — Administration and other — — — (1) — — — — — — — — — — PROJECTS — — — — — — — — — — — — 7 4 Colombian projects — — — — — — — — — — — — 2 2 North American projects — — — — — — — — — — — — 5 2 CORPORATE AND OTHER (3) 1 3 (31) — — — — — — 1 — — — Managed operations 1,225 921 1,192 541 1,244 1,186 1,766 1,665 136 129 119 83 87 55 Non-managed joint ventures 123 104 172 89 1,068 1,053 1,355 1,241 4 7 22 8 20 13 Group total including equity-accounted non- managed joint ventures 1,348 1,025 1,364 630 1,225 1,172 1,720 1,616 140 136 141 91 107 68 Managed operations (excluding Sukari)(4) 1,027 921 914 541 1,356 1,186 1,946 1,665 123 129 100 83 60 55 Non-managed joint ventures 123 104 172 89 1,068 1,053 1,355 1,241 4 7 22 8 20 13 Group total including equity-accounted non- managed joint ventures (excluding Sukari)(4) 1,150 1,025 1,086 630 1,317 1,172 1,867 1,616 127 136 122 91 80 68 (1) Equity-accounted joint venture. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively. (4) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS I OPERATIONS AT A GLANCE QUARTER 3 2025 AND 2024 Q3 2025 EARNINGS RELEASE 53
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OPERATIONS AT A GLANCE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024 Gold production oz (000) Open-pit treated 000 tonnes Underground milled / treated 000 tonnes Other milled / treated 000 tonnes Open-pit recovered grade g/tonne Underground recovered grade g/tonne Other recovered grade g/tonne Total recovered grade g/tonne Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 AFRICA Non-managed joint ventures 224 229 1,798 1,652 1,015 1,204 — — 1.29 0.94 4.58 4.63 — — 2.48 2.50 Kibali - Attributable 45% (1) 224 229 1,798 1,652 1,015 1,204 — — 1.29 0.94 4.58 4.63 — — 2.48 2.50 AFRICA Managed operations 1,307 894 21,566 14,221 3,770 2,799 190 130 1.08 1.07 4.42 4.45 0.34 0.99 1.59 1.62 Iduapriem 149 187 3,771 3,988 — — — — 1.23 1.46 — — — — 1.23 1.46 Obuasi 194 161 — — 976 843 — 130 — — 6.17 5.77 — 0.99 6.17 5.14 Siguiri (3) 204 199 7,792 8,166 — — — — 0.81 0.76 — — — — 0.81 0.76 Geita 379 347 1,828 2,067 1,965 1,956 — — 2.31 1.56 3.84 3.88 — — 3.11 2.69 Sukari (3) 381 — 8,175 — 829 — 190 — 1.00 — 3.73 — 0.34 — 1.29 — AUSTRALIA 386 406 4,910 4,824 2,786 2,732 — — 1.07 1.08 2.42 2.70 — — 1.56 1.67 Sunrise Dam 174 193 1,089 1,164 1,794 1,777 — — 1.28 1.16 2.23 2.61 — — 1.87 2.04 Tropicana - Attributable 70% 212 213 3,821 3,660 992 955 — — 1.01 1.06 2.76 2.87 — — 1.37 1.43 AMERICAS 375 382 543 580 2,139 1,446 1,510 2,109 2.93 2.44 4.13 4.04 0.82 2.20 2.78 2.88 Cerro Vanguardia (3)(5) 137 129 541 523 395 390 1,449 1,424 2.93 2.58 4.49 4.74 0.62 0.57 1.78 1.71 AngloGold Ashanti Mineração (2) 196 196 — — 1,087 418 61 685 — — 5.30 5.44 5.65 5.59 5.32 5.53 Serra Grande 42 57 2 57 657 638 — — 1.17 1.17 1.97 2.70 — — 1.97 2.57 Managed operations 2,068 1,682 27,019 19,625 8,695 6,977 1,700 2,239 1.12 1.11 3.71 3.68 0.77 2.13 1.72 1.81 Non-managed joint ventures 224 229 1,798 1,652 1,015 1,204 — — 1.29 0.94 4.58 4.63 — — 2.48 2.50 Group total including equity-accounted non- managed joint ventures 2,292 1,911 28,817 21,277 9,710 8,181 1,700 2,239 1.13 1.10 3.80 3.82 0.77 2.13 1.77 1.87 Managed operations (excluding Sukari)(4) 1,687 1,682 18,844 19,625 7,866 6,977 1,510 2,239 1.17 1.11 3.71 3.68 0.82 2.13 1.86 1.81 Non-managed joint ventures 224 229 1,798 1,652 1,015 1,204 — — 1.29 0.94 4.58 4.63 — — 2.48 2.50 Group total including equity-accounted non- managed joint ventures (excluding Sukari)(4) 1,911 1,911 20,642 21,277 8,881 8,181 1,510 2,239 1.18 1.10 3.81 3.82 0.82 2.13 1.91 1.87 (1) Equity-accounted joint venture. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively. (4) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. (5) Cerro Vanguardia has adjusted the basis of allocation between open-pit, underground and other treated tonnes resulting in an adjustment of treated tonnes and related grades for the nine months ended 30 September 2024. Rounding of figures may result in computational discrepancies. OPERATING RESULTS I OPERATIONS AT A GLANCE FOR THE NINE MONTHS ENDED SEPTEMBER 2025 AND 2024 Q3 2025 EARNINGS RELEASE 54
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OPERATIONS AT A GLANCE FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2025 AND 30 SEPTEMBER 2024 Cost of sales Gross profit Total cash costs per ounce* All-in sustaining costs per ounce* Sustaining MRD / Stripping capital Other sustaining capital Non-sustaining capital* $m $m $/oz $/oz $m $m $m Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 Sep-25 Sep-24 AFRICA Non-managed joint ventures 336 278 377 256 1,145 924 1,392 1,133 14 27 36 22 60 40 Kibali - Attributable 45% (1) 336 278 377 256 1,145 924 1,392 1,133 14 27 36 22 60 40 AFRICA Managed operations 2,141 1,367 2,122 746 1,144 1,206 1,586 1,683 281 261 224 126 166 91 Iduapriem 316 260 163 179 1,480 1,021 2,021 1,487 52 68 10 12 48 39 Obuasi 320 259 295 114 1,306 1,231 2,004 1,956 91 78 36 34 18 37 Siguiri (3) 418 384 244 88 1,735 1,687 2,043 2,062 14 22 35 45 3 6 Geita 520 464 729 365 993 1,020 1,497 1,449 90 93 76 35 14 9 Sukari (3) 568 — 690 — 765 — 1,059 — 34 — 67 — 83 — Administration and other (1) — 1 — — — — — — — — — — — AUSTRALIA 724 687 507 269 1,564 1,335 1,842 1,550 31 34 49 30 44 48 Sunrise Dam 326 317 218 135 1,646 1,321 2,055 1,589 22 22 36 16 — — Tropicana - Attributable 70% 369 344 318 161 1,372 1,230 1,537 1,394 9 12 13 14 44 48 Administration and other 29 26 (29) (27) — — — — — — — — — — AMERICAS 728 627 603 347 1,201 1,024 1,719 1,493 106 105 47 38 12 — Cerro Vanguardia (3) 347 269 211 133 1,253 1,044 1,695 1,460 22 28 21 20 — — AngloGold Ashanti Mineração (2) 271 254 366 185 944 883 1,438 1,330 58 56 19 12 12 — Serra Grande 108 103 28 30 2,184 1,439 3,051 2,113 26 21 7 6 — — Administration and other 2 1 (2) (1) — — — — — — — — — — PROJECTS — — — — — — — — — — 2 3 32 20 Colombian projects — — — — — — — — — — — — 12 5 North American projects — — — — — — — — — — 2 3 20 15 CORPORATE AND OTHER 4 2 (4) (72) — — — — — — 1 1 — — Managed operations 3,597 2,683 3,228 1,290 1,233 1,195 1,706 1,660 418 400 323 198 254 159 Non-managed joint ventures 336 278 377 256 1,145 924 1,392 1,133 14 27 36 22 60 40 Group total including equity-accounted non- managed joint ventures 3,933 2,961 3,605 1,546 1,224 1,163 1,676 1,598 432 427 359 220 314 199 Managed operations (excluding Sukari)(4) 3,029 2,683 2,538 1,290 1,339 1,195 1,854 1,660 384 400 256 198 171 159 Non-managed joint ventures 336 278 377 256 1,145 924 1,392 1,133 14 27 36 22 60 40 Group total including equity-accounted non- managed joint ventures (excluding Sukari)(4) 3,365 2,961 2,915 1,546 1,316 1,163 1,801 1,598 398 427 292 220 231 199 (1) Equity-accounted joint venture. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively. (4) Adjusted to exclude Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. Rounding of figures may result in computational discrepancies. FINANCIAL RESULTS I OPERATIONS AT A GLANCE FOR THE NINE MONTHS ENDED SEPTEMBER 2025 AND 2024 Q3 2025 EARNINGS RELEASE 55
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AngloGold Ashanti plc Incorporated in England & Wales Registration No. 14654651 LEI No. 2138005YDSA7A82RNU96 Share codes: ISIN: GB00BRXH2664 CUSIP: G0378L100 NYSE: AU JSE: ANG A2X: ANG GhSE (Shares): AGA GhSE (GhDS): AAD JSE Sponsor: The Standard Bank of South Africa Limited Auditors: PricewaterhouseCoopers Inc. PricewaterhouseCoopers LLP Offices Registered and Corporate Third Floor, Hobhouse Court Suffolk Street London SW1Y 4HH United Kingdom Telephone: +44 (0) 203 968 3320 Fax: +44 (0) 203 968 3325 Global headquarters 6363 S. Fiddlers Green Circle, Suite 1000 Greenwood Village, CO 80111 United States of America Telephone: +1 303 889 0700 Australia Level 10, AMP Building, 140 St George’s Terrace Perth, WA 6000 (PO Box Z5046, Perth WA 6831) Australia Telephone: +61 8 9425 4602 Fax: +61 8 9425 4662 South Africa 112 Oxford Road Houghton Estate, Johannesburg, 2198 (Private Bag X 20, Rosebank, 2196) South Africa Telephone: +27 11 637 6000 Fax: +27 11 637 6624 Ghana Gold House Patrice Lumumba Road (PO Box 2665) Accra Ghana Telephone: +233 303 773400 Fax: +233 303 778155 Directors Executive A Calderon (Chief Executive Officer) GA Doran (Chief Financial Officer) Non-Executive JE Tilk (Chairman) KOF Busia B Cleaver AM Ferguson AH Garner J Magie N Newton-King M Randolph DL Sands Company Secretary C Stead Company secretarial e-mail companysecretary@anglogoldashanti.com Investor Relations contacts Yatish Chowthee Telephone: +27 11 637 6273 Mobile: +27 78 364 2080 E-mail: yrchowthee@aga.gold Andrea Maxey Telephone: +61 08 9425 4603 Mobile: +61 400 072 199 E-mail: amaxey@aga.gold AngloGold Ashanti website www.anglogoldashanti.com Share Registrars United States Computershare Trust Company, N.A. 150 Royall Street Suite 101 Canton, MA 02021 United States of America Telephone US: 866-644-4127 Telephone non-US: +1-781-575-2000 Shareholder Online inquiries: https://www-us.computershare.com/Investor/ #Contact Website: www.computershare.com/investor South Africa Computershare Investor Services (Pty) Limited Rosebank Towers, 15 Biermann Avenue Rosebank, 2196 (PO Box 61051, Marshalltown 2107) South Africa Telephone: 0861 100 950 (in SA) Fax: +27 11 688 5218 E-mail: queries@computershare.co.za Website: www.computershare.com Ghana Central Securities Depository (GH) LTD 4th Floor, Cedi House PMB CT 465, Cantonments Accra, Ghana Telephone: +233 302 689313 Fax: +233 302 689315 Ghana depositary NTHC Limited 18 Gamel Abdul Nasser Avenue Ringway Estate Accra, Ghana Telephone: +233 302 235814/6 Fax: +233 302 229975 FORWARD-LOOKING I 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, 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 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. 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. ADMINISTRATION AND CORPORATE I INFORMATION Q3 2025 EARNINGS RELEASE 56 AngloGold Ashanti posts information that may be important to investors on the main page of its website at www.anglogoldashanti.com and under the “Investors” tab on the main page. This information is updated periodically. AngloGold Ashanti intends to use its website as a means of disclosing material non-public information to the public in a broad, non-exclusionary manner and for complying with its disclosure obligations. Accordingly, investors should visit this website regularly to obtain important information about AngloGold Ashanti, in addition to following its press releases, documents it files with, or furnishes to, the United States Securities and Exchange Commission (SEC) and public conference calls and webcasts. No material on the AngloGold Ashanti website forms any part of, or is incorporated by reference into, this document. References herein to the AngloGold Ashanti website shall not be deemed to cause such incorporation. PUBLISHED BY ANGLOGOLD ASHANTI