AngloGold Ashanti Q4 and Year Ended 31 December 2025 Earnings Release and Dividend Declaration

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AngloGold Ashanti free cash flow* triples to record $2.9bn in 2025, as Adjusted EBITDA* more than doubles to $6.3bn• Gold production +16% • Total cash costs* and AISC* flat in real terms• Adjusted net cash* of $879m • Q4 interim dividend of $875m, or 173cps• Total dividends declared for 2025 of $1.8bn, or 357cps

LONDON & DENVER & JOHANNESBURG--(BUSINESS WIRE)-- AngloGold Ashanti plc’s⁽²⁾ delivered record free cash flow*⁽⁵⁾ of $2.9bn in 2025 on strong production growth, continued cost discipline and a higher average gold price received per ounce*. The Company announced an interim dividend of $875m for Q4 2025, taking the total payout declared for 2025 to $1.8bn, the highest ever.

AngloGold Ashanti again achieved guidance on gold production and sustaining capital expenditure*, as it continues to build a track record of reliability and resilience from its portfolio of ten operating assets across three continents.

“We continued to focus on safety, operational excellence and consistency of execution. This allowed us once again to safely meet production guidance, control costs better than most of the industry and consequently deliver record earnings and dividends” said CEO Alberto Calderon. “We delivered growth and kept costs flat in real terms, which translated into record earnings, cash flow and dividends.”

Total cash costs per ounce* for the Group⁽¹⁾⁽²⁾ of $1,242/oz in 2025, up 7% year-on-year primarily due to higher royalty costs ($67/oz) driven by an average gold price received per ounce* of $3,468/oz. Despite this increase, the Company demonstrated another disciplined performance for the year. Total cash costs per ounce* for managed operations⁽¹⁾⁽²⁾ were flat year on year in real terms.

Our portfolio optimisation through acquisitions and divestitures has continued to add value for our shareholders. The acquisition of Centamin is proving to be a great addition to our portfolio. In Nevada, we complemented our exploration findings with three acquisitions over the last few years, enabling us to create one of the most exciting new gold projects in the United States. We have also been disciplined in selling non-core assets to improve focus on our core portfolio, including the ABC and Doropo projects in Côte d’Ivoire, and most recently Serra Grande (MSG) in Brazil.

The Company delivered on key strategic initiatives: capturing synergies and Sukari’s integration into the portfolio; delivery of Obuasi’s ramp-up schedule; a more competitive dividend policy with a quarterly payout schedule; and admission to the Russell equity indexes, for greater liquidity and visibility among US investors.

At 31 December 2025, total Group gold Mineral Reserve was 36.5Moz, which represents a 17% increase from 31.2Moz at 31 December 2024. At 31 December 2025, total Group gold Measured and Indicated Mineral Resource was 68.0Moz and total Group gold Inferred Mineral Resource was 49.3Moz.

Record safety performance

The Total Recordable Injury Frequency Rate (“TRIFR”) at the Company’s managed operations⁽¹⁾⁽²⁾ improved from 0.98 injuries per million hours worked in 2024 to 0.97 injuries per million hours worked in 2025, the lowest level in AngloGold Ashanti’s history and well below the member average of the International Council on Metals and Minerals (ICMM) of 2.29 injuries per million hours worked in 2024.

Operating and financial review

Gold production for the Group^(1)(2)(3) increased 16% year-on-year to 3.1Moz in 2025 from 2.7Moz in 2024, mainly reflecting the first full-year production contribution from Sukari and improved operational performance at certain assets in the portfolio. The average gold price received per ounce*⁽¹⁾⁽²⁾ rose 45% year-on-year to $3,468/oz in 2025, from $2,394/oz in 2024.

Higher revenues translated directly into record cash flow and earnings, supported by continued focus on operational efficiency, working capital discipline and cost leadership. Adjusted EBITDA* increased 129% year-on-year to a record $6.3bn in 2025 (from $2.7bn in 2024), while free cash flow* rose 204% to $2.9bn in 2025 (from $1.0bn in 2024).

Total cash costs per ounce* for the Group⁽¹⁾⁽²⁾ increased 7% year-on-year in 2025 broadly in line with aggregate inflation of about 3% across the portfolio, and materially higher royalties driven by the higher gold price, which resulted in an estimated 6% increase in total cash costs per ounce*.

The 45% increase in the average gold price received per ounce*⁽¹⁾⁽²⁾ in 2025 compared to 2024 translated into a 143% rise in net cash flow from operating activities.

Cash flow supports strong capital allocation

The Company generated record free cash flow* of $2.9bn for the full year, as AngloGold Ashanti continued to translate higher margins into cash generation.

Adjusted EBITDA* was a record $6.3bn in 2025, while headline earnings⁽⁴⁾ increased 186% year-on-year to $2.7bn for the year (from $1.0bn in 2024), reflecting higher realised gold prices, production growth and disciplined cost control.

An interim dividend of $875m, or 173 US cents per share, was declared for Q4 2025. The payout comprises 50% of free cash flow* and an additional amount of $350m, providing additional direct returns to shareholders and highlighting continued confidence in the outlook for operating performance and free cash flow* generation in 2026. This takes the total payout for 2025 to a record $1.8bn, or 357 US cents per share. This represents 62% of free cash flow* for 2025.

The balance sheet ended the year in its strongest position ever, even after record dividend payments, with an Adjusted net cash* position of $879m at 31 December 2025, compared with Adjusted net debt* of $567m at the end of 2024. Total liquidity was approximately $4.4bn at year end, including cash and cash equivalents of approximately $2.9bn.

Payments to host Governments

AngloGold Ashanti’s strong performance in 2025 translated into tangible benefits for a wide range of stakeholders, who realised a significant increase in benefits from the improved operational result and the higher gold price. During the year, $2.66bn was paid by the Company to host governments in various forms including direct and indirect taxes, royalties, dividends, profit share arrangements and taxes on employee payrolls. This was more than double the amount paid in 2024, reinforcing the Company’s role as a long-term development partner.

Momentum continued at managed operations⁽¹⁾⁽²⁾

Operational performance across the portfolio remained resilient, supported by improved execution, mine plan delivery and continued focus on safety and cost discipline.

Gold production for the Group^(1)(2)(3) was 3.1Moz for 2025 compared to 2.7Moz in 2024. Gold production for the year was mainly driven by year-on-year production improvements at Obuasi (+20%), Siguiri (+6%), Geita (+2%), Cerro Vanguardia (+2%) and AGA Mineração (Cuiabá) (+1%), as well as the first full-year contribution from Sukari (500koz).

These increases were partly offset by lower gold production contributions from Iduapriem (-16%), Sunrise Dam (-10%), Serra Grande (-34%), Tropicana (-3%) and Kibali (-2%).

The solid production performance from AngloGold Ashanti’s managed operations⁽¹⁾⁽²⁾, alongside an ongoing focus on site expenditures and implementation of the Full Asset Potential programme, helped partially offset inflationary pressures and materially higher royalty payments.

Total cash costs per ounce* for the Group⁽¹⁾⁽²⁾ rose 7% year-on-year to $1,242/oz in 2025, compared with $1,157/oz in 2024. All-in sustaining costs per ounce* (“AISC”) for the Group⁽¹⁾⁽²⁾ rose 6% year-on-year to $1,709/oz in 2025, compared with $1,611/oz in 2024, mainly due to higher total cash costs per ounce* and increased sustaining capital expenditure*.

Total cash costs per ounce* for managed operations⁽¹⁾⁽²⁾ rose 5% year-on-year to $1,252/oz in 2025, compared with $1,187/oz in 2024. AISC per ounce* for managed operations⁽¹⁾⁽²⁾ rose 5% year-on-year to $1,751/oz in 2025, compared with $1,672/oz in 2024.

Total capital expenditure for the Group⁽¹⁾⁽²⁾ rose to $1.6bn in 2025, up 32% year-on-year from $1.2bn in 2024, with sustaining capital expenditure* increasing 22% year-on-year to $1,141m, from $932m in 2024. The increase in sustaining capital expenditure* reflects the first full-year inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities. Non-sustaining capital expenditure* was $459m in 2025, up 62% from $283m in 2024.

Advancing Arthur Gold Project studies⁽⁵⁾

The Company is declaring a first-time Merlin gold Mineral Reserve for the Arthur Gold Project totalling 4.9Moz. The completed pre-feasibility study supports an initial nine-year mine life with an estimated average annual production of approximately 500,000oz, with AISC per ounce* estimated at $954/oz (real terms). Project capital expenditure (real terms) is forecast at $3.6bn. The Arthur Gold Project integrates the Merlin and Silicon deposits into a large-scale, continuous mineralised system, demonstrating the possibility for a Tier One gold asset with strong economics and potential for further growth in southern Nevada's Beatty Mining District.

Continued exploration success

AngloGold Ashanti continued to invest in exploration and Mineral Resource to Mineral Reserve conversion to underpin long-term value creation. The Company has achieved significant exploration success over the past five years, adding 23.1Moz to its gold Mineral Reserve including acquisitions and before accounting for depletion.

In 2025, for the ninth consecutive year, AngloGold Ashanti has recorded an annual increase in gold Mineral Reserve before depletion (for the continuing operations), including a first time Mineral Reserve declaration at Merlin of 4.9Moz and a notable increase of 1.3Moz pre-depletion at Geita.

At 31 December 2025, total Group gold Mineral Reserve was 36.5Moz, total Group gold Measured and Indicated Mineral Resource was 68.0Moz and total Group gold Inferred Mineral Resource was 49.3Moz.

Updated outlook reflecting higher royalties⁽⁶⁾

The Company is pleased to provide updated 2026 guidance, following the divestment of Serra Grande from the portfolio.

The 2026 outlook includes estimated non-sustaining capital expenditure on the definitive feasibility study for the Arthur Gold Project ($111m), estimated early expenditure for North Bullfrog ($32m), estimated Kibali Pamoa waste stripping and tailings storage facilities (“TSFs”) ($134m attributable), estimated enhanced TSFs at Obuasi and Siguiri to facilitate production growth and life extensions in coming years ($131m) and estimated waste stripping at Sukari ($126m) to provide flexibility for future organic growth projects.

Gold production for the Group^(1)(2)(3) is forecast to range between 2.80Moz and 3.17Moz in 2026.

Total cash cost per ounce* for the Group⁽¹⁾⁽²⁾ is forecast to range between $1,315/oz and $1,430/oz. The midpoint of these range represents an approximate 11% increase (or $130/oz) compared to 2025, with approximately 50% of the increase reflecting higher royalty costs and 50% of the increase reflecting cost inflation. AISC per ounce* for the Group⁽¹⁾⁽²⁾ is forecast to range between $1,780/oz and $1,990/oz in 2026.

(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)		The Pre-Feasibility Technical Report Summary for the Arthur Gold Project will be filed as an exhibit to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025 to be filed with the SEC. A Tier One asset is generally defined by AngloGold Ashanti as a large, long-life, low-cost operation or project, located in a stable and supportive jurisdiction, capable of generating strong free cash flow* through commodity cycles and delivering sustained value to shareholders and host countries. In addition, refer to the disclaimers below “Corporate update—Arthur Gold Project pre-feasibility study” in the full announcement.
(6)		Refer to the disclaimer below the heading “Guidance” in the full announcement for further information.
(*)		Refer to “Non-GAAP disclosure” in the full announcement for definitions and reconciliations.

KEY STATISTICS				Quarter			Quarter		Year			Year
				ended			ended		ended			ended
				Dec			Dec		Dec			Dec
US Dollar million, except as otherwise noted				2025			2024		2025			2024
Operating review
Gold
Produced - Group(1)(2)(3)		- oz (000)		799			750		3,091			2,661
Produced - Managed operations(1)(2)(3)		- oz (000)		720			670		2,788			2,352
Produced - Non-managed joint ventures(1)		- oz (000)		79			80		303			309
Sold - Group(1)(2)(3)		- oz (000)		803			725		3,105			2,679
Sold - Managed operations(1)(2)(3)		- oz (000)		725			647		2,807			2,370
Sold - Non-managed joint ventures(1)		- oz (000)		78			78		298			309
Financial review
Gold income		- $m		3,023			1,716		9,730			5,673
Cost of sales - Group(1)(2)		- $m		1,521			1,144		5,454			4,106
Cost of sales - Managed operations(1)(2)		- $m		1,425			1,043		5,022			3,726
Cost of sales - Non-managed joint ventures(1)		- $m		96			101		432			380
Total operating costs		- $m		986			815		3,655			2,911
Gross profit		- $m		1,643			707		4,871			2,067
Average gold price received per ounce* - Group(1)(2)		- $/oz		4,171			2,653		3,468			2,394
Average gold price received per ounce* - Managed operations(1)(2)		- $/oz		4,172			2,652		3,466			2,393
Average gold price received per ounce* - Non-managed joint ventures(1)		- $/oz		4,162			2,662		3,483			2,401
All-in sustaining costs per ounce* - Group(1)(2)		- $/oz		1,805			1,647		1,709			1,611
All-in sustaining costs per ounce* - Managed operations(1)(2)		- $/oz		1,881			1,702		1,751			1,672
All-in sustaining costs per ounce* - Non-managed joint ventures(1)		- $/oz		1,108			1,188		1,317			1,146
Total cash costs per ounce* - Group(1)(2)		- $/oz		1,292			1,144		1,242			1,157
Total cash costs per ounce* - Managed operations(1)(2)		- $/oz		1,307			1,165		1,252			1,187
Total cash costs per ounce* - Non-managed joint ventures(1)		- $/oz		1,156			967		1,148			935
Profit before taxation		- $m		1,444			698		4,276			1,672
Adjusted EBITDA*		- $m		2,175			884		6,294			2,747
Total borrowings		- $m		2,258			2,125		2,258			2,125
Adjusted net debt (cash)*		- $m		(879	)		567		(879	)		567
Profit attributable to equity shareholders		- $m		855			470		2,636			1,004
		- US cents/share		168			103		519			233
Headline earnings(4)		- $m		967			405		2,725			954
		- US cents/share		190			89		537			221
Net cash inflow from operating activities		- $m		1,622			690		4,784			1,968
Free cash flow*		- $m		1,050			302		2,908			956
Capital expenditure - Group(1)(2)		- $m		495			369		1,600			1,215
Capital expenditure - Managed operations(1)(2)		- $m		454			333		1,449			1,090
Capital expenditure - Non-managed joint ventures(1)		- $m		41			36		151			125

(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.
*		Refer to “Non-GAAP disclosure” in the full announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.

AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 December 2025 of 173 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, 13 March
Record date		Friday, 13 March
Payment date		Friday, 27 March

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 173 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		Friday, 20 February
Currency conversion rate for South African rands announcement date		Friday, 6 March
Last date to trade ordinary shares cum dividend		Tuesday, 10 March
Ordinary shares trade ex-dividend		Wednesday, 11 March
Record date		Friday, 13 March
Payment date		Friday, 27 March

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, 11 March 2026 and Friday, 13 March 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 6 March 2026 and Friday, 13 March 2026, 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, 6 March 2026.

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, 6 March
Last date to trade and to register shares cum dividend		Tuesday, 10 March
Shares trade ex-dividend		Wednesday, 11 March
Record date		Friday, 13 March
Approximate payment date of dividend		Friday, 27 March

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, 6 March
Last date to trade and to register GhDSs cum dividend		Tuesday, 10 March
GhDSs trade ex-dividend		Wednesday, 11 March
Record date		Friday, 13 March
Approximate payment date of dividend		Friday, 27 March

Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 173 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢11.0000, the gross dividend payable per share, is equivalent to ca. ¢19.0300 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”).

London, Denver, Johannesburg

20 February 2026

JSE Sponsor: The Standard Bank of South Africa Limited

FORWARD-LOOKING STATEMENTS

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, 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.

Website: www.anglogoldashanti.com December 2025 Published 20 February 2026

View source version on businesswire.com: https://www.businesswire.com/news/home/20260219093601/en/

Media
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@aga.gold
General inquiries media@anglogoldashanti.com

Investors
Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 yrchowthee@aga.gold
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@aga.gold

Source: AngloGold Ashanti plc