AngloGold Ashanti (AU) surges on record cash flow, $1.8bn dividends and net cash

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Q: What dividends did AngloGold Ashanti (AU) declare for 2025?

Q: How did AngloGold Ashanti’s (AU) production and gold price realisations change in 2025?

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For 2025, AngloGold Ashanti declared total dividends of $1.8bn , or 357 US cents per share . This includes an interim Q4 2025 dividend of $875m (173 cents per share) and represents 62% of the year’s free cash flow, reflecting strong cash generation.

Group gold production increased to 3.1Moz in 2025 from 2.7Moz in 2024, helped by Sukari’s first full-year contribution. The average gold price received per ounce rose to $3,468/oz from $2,394/oz, providing a major boost to revenue and profitability.

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(Neutral)

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6-K

AngloGold Ashanti delivered a breakout 2025, posting record free cash flow of $2.9bn and Adjusted EBITDA of $6.3bn, driven by 16% higher gold production to 3.1Moz and a 45% rise in average gold price received to $3,468/oz.

Headline earnings jumped 186% to $2.7bn, while net cash flow from operating activities rose 143% to $4.8bn. The company declared a record $1.8bn in dividends for 2025, equal to 62% of free cash flow, and ended the year in a net cash position of $879m with total liquidity of about $4.4bn.

Total cash costs increased 7% to $1,242/oz and all-in sustaining costs rose 6% to $1,709/oz, mainly from higher royalties and inflation. For 2026, guidance calls for gold production of 2.80–3.17Moz and group total cash costs of $1,315–$1,430/oz.

The Arthur Gold Project in Nevada reported a first-time Probable Mineral Reserve of 4.9Moz supporting an initial nine-year mine life, with estimated AISC of $954/oz and forecast project capital expenditure of about $3.6bn, positioning it as a potential large, low-cost growth asset.

Record profitability and cash generation: 2025 Adjusted EBITDA rose 129% to $6.3bn, free cash flow climbed 204% to $2.9bn, and headline earnings increased 186% to $2.7bn, supported by 16% higher production and a 45% higher average gold price.
Stronger balance sheet and shareholder returns: The company shifted from $567m Adjusted net debt to $879m net cash, with total liquidity of about $4.4bn, while paying a record $1.8bn in dividends, equal to 62% of 2025 free cash flow.
High-quality growth pipeline: The Arthur Gold Project reported a first-time 4.9Moz Probable Mineral Reserve with an estimated AISC of $954/oz and forecast project capital expenditure of about $3.6bn, supporting an initial nine-year mine life at roughly 500koz per year.

None.

2025 I GROUP PERFORMANCE

2025 results show step-change in scale, cash generation and balance sheet strength.

AngloGold Ashanti combined a 16% production increase to 3.1Moz with a 45% higher average gold price of $3,468/oz, lifting Adjusted EBITDA 129% to $6.3bn. Free cash flow of $2.9bn and headline earnings of $2.7bn indicate strong operating leverage to gold prices.

Capital allocation was aggressive but covered by cash generation. The company paid a record $1.8bn in dividends, equal to 62% of free cash flow, while moving from Adjusted net debt of $567m to net cash of $879m. Liquidity of about $4.4bn provides flexibility for growth projects and volatility.

Costs did rise: 2025 total cash costs were $1,242/oz and AISC $1,709/oz, with 2026 guidance implying group total cash costs of $1,315–$1,430/oz and AISC of $1,780–$1,990/oz, largely from royalties and inflation. However, the Arthur Gold Project’s pre-feasibility case—4.9Moz reserve, roughly 500koz per year at estimated AISC of $954/oz and project capex of $3.6bn—adds a potentially Tier One, low-cost option that could reshape the portfolio once developed.

02/20/2026 - 06:04 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 001-41815

AngloGold Ashanti plc

(Translation of registrant’s name into English)

Third Floor, Hobhouse Court, Suffolk Street

London SW1Y 4HH

United Kingdom

6363 S. Fiddlers Green Circle, Suite 1000

Greenwood Village, CO 80111

United States of America

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F

or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Enclosure: AngloGold Ashanti Earnings Release for the Three Months and Year Ended 31 December

2025





Q4 2025 EARNINGS RELEASE				2

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, 20 February 2026 –

AngloGold Ashanti plc’s(2) (“AngloGold Ashanti”, “AGA”, the

“Company” or the “Group”) delivered record free cash flow*

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.





Q4 2025 EARNINGS RELEASE				3

CONTINUED

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.

Iduapriem, Ghana





Q4 2025 EARNINGS RELEASE				4

CONTINUED

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”.

(6)Refer to the disclaimer below the heading “Guidance” herein for further

information.

*Refer to “Non-GAAP disclosure” for definitions and reconciliations.

Geita, Tanzania





Q4 2025 EARNINGS RELEASE				5

CONTINUED


FINANCIAL RESULTS	Quarter	Quarter		Year	Year
	ended	ended	%	ended	ended	%
	Dec	Dec	Variance	Dec	Dec	Variance
US Dollar millions, except as otherwise noted	2025	2024		2025	2024
Average gold price received*(1)(2) ($/oz)	4,171	2,653	57%	3,468	2,394	45%
Adjusted EBITDA* ($m)	2,175	884	146%	6,294	2,747	129%
Headline earnings(4) ($m)	967	405	139%	2,725	954	186%
Capital expenditure - Group(1)(2) ($m)	495	369	34%	1,600	1,215	32%
Net cash flow from operating activities ($m)	1,622	690	135%	4,784	1,968	143%
Free cash flow* ($m)	1,050	302	248%	2,908	956	204%
Adjusted net debt (cash)* ($m)	(879)	567	(255)%	(879)	567	(255)%

FINANCIAL HIGHLIGHTS

•Adjusted EBITDA* rose by 129% year-on-year to $6,294m for 2025, compared to $2,747m for 2024, mainly due to

increased production volumes, effective cost management and supported by the higher average gold price received per

ounce*

•Free cash flow* rose by 204% to $2,908m in 2025, from $956m in 2024

•Headline earnings(4) rose 186% year-on-year to $2,725m in 2025, from $954m in 2024; headline earnings(4) per share up

143% year-on-year to 537 US cents per share in 2025, from 221 US cents per share in 2024

•Total capital expenditure for the Group(1)(2), which included $262m at Sukari, increased 32% year-on-year to $1,600m in

2025, from $1,215m in 2024, including $1,141m in sustaining capital expenditure* and $459m in non-sustaining capital

expenditure*, reflecting Sukari’s inclusion and reinvestment across the portfolio

•Adjusted net debt* ended in a cash position of $879m at 31 December 2025

•Interim dividend of 173 US cents/share declared for Q4 2025


* Refer to “Non-GAAP disclosure” for definitions and reconciliations.





Q4 2025 EARNINGS RELEASE				6

CONTINUED


OPERATING RESULTS	Quarter	Quarter		Year	Year
	ended	ended	%	ended	ended	%
	Dec	Dec	Variance	Dec	Dec	Variance
US Dollar millions, except as otherwise noted	2025	2024		2025	2024
Gold production - Group(1)(2)(3) (koz)	799	750	7%	3,091	2,661	16%
Gold production - Managed operations(1)(2)(3)(koz)	720	670	7%	2,788	2,352	19%
Total cash costs* - Group(1)(2) ($/oz)	1,292	1,144	13%	1,242	1,157	7%
Total cash costs* - Managed operations(1)(2) ($/oz)	1,307	1,165	12%	1,252	1,187	5%
AISC* - Group(1)(2) ($/oz)	1,805	1,647	10%	1,709	1,611	6%
AISC* - Managed operations(1)(2) ($/oz)	1,881	1,702	11%	1,751	1,672	5%


	OPERATIONAL HIGHLIGHTS •TRIFR at managed operations was 0.97 injuries per million hours worked in 2025, well below industry benchmarks •Gold production for the Group(1)(2)(3) increased by 16% year-on-year in 2025, reaching 3,091koz compared to 2,661koz in 2024 •Sukari contributed 500,000oz in gold production for 2025, cementing itself as a Tier 1 asset for the Group •Obuasi delivered a strong 266,000oz in 2025, a 20% year-on-year increase, as underground mined tonnes and grade improved, together with an uplift in plant recoveries, while Siguiri also grew production by 6% year-on-year •Gold production from managed operations(1)(2)(3) rose 19% year-on-year to 2,788koz in 2025, up from 2,352koz in 2024, supported by consistent production delivery from Sukari, Obuasi, Siguiri, Geita, Cerro Vanguardia and Cuiabá •Australia’s gold production was lower year-on-year in 2025, in line with internal expectations •Total cash costs per ounce* for the Group(1)(2) increased 7% to $1,242/oz in 2025, from $1,157/oz in 2024; AISC per ounce* for the Group(1)(2) rose 6% to $1,709/oz in 2025, from $1,611/oz in 2024 •Total cash costs per ounce* from managed operations(1)(2) increased 5% year-on-year to $1,252/oz in 2025, from $1,187/oz in 2024 mainly driven by cost inflation reflecting increases in labour, consumable stores and mining contractor costs, and higher gold royalty costs •AISC per ounce* from managed operations(1)(2) rose 5% year-on-year to $1,751/oz in 2025, from $1,672/oz in 2024, reflecting higher total cash costs per ounce* and higher sustaining capital expenditure* reinvestment •AngloGold Ashanti achieved full-year 2025 guidance for gold production. AISC per ounce* and total cash costs per ounce* were marginally above guidance due to higher royalty costs related to the higher gold price


* Refer to “Non-GAAP disclosure” for definitions and reconciliations.





Q4 2025 EARNINGS RELEASE				7


KEY STATISTICS		Quarter	Quarter	Year	Year
		ended	ended	ended	ended
		Dec	Dec	Dec	Dec
US Dollar millions, 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” for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.





Q4 2025 EARNINGS RELEASE				8

QUARTERLY REVIEW

Gold production

Group gold production for Q4 2025 totalled 799,000oz, a 7%

increase from 750,000oz in Q4 2024. This strong year-on-

year growth was mainly the result of another full-quarter

production contribution from Sukari, combined with solid gold

production increases at Obuasi (+12koz), Siguiri (+11koz)

and Cuiabá (+2koz). The Group experienced lower gold

production at Geita (-23koz), mainly due to lower mined

grades from underground operations, and lower plant

recoveries from poor grinding and underperformance of the

gravity gold circuit; at Serra Grande (-11koz), which was sold

on 1 December 2025; at Sunrise Dam (-8koz), mainly due to

lower recovered grade resulting from mine plan changes and

lower loader and stope availability; at Tropicana (-7koz),

mainly due to a higher proportion of lower grade stockpile

ore processed; and at Cerro Vanguardia (-5koz), mainly due

to lower tonnes treated from open pit operations. Gold

production at Iduapriem, and Kibali remained largely

unchanged year-on-year.

Group gold production for 2025 totalled 3,091,000oz, a 16%

increase from 2,661,000oz in 2024. This strong year-on-year

growth was mainly driven by the addition of Sukari

production into the portfolio, and production improvements at

Obuasi (+45koz), Siguiri (+16koz), Geita (+9koz), Cerro

Vanguardia (+4koz) and Cuiabá (+2koz). The Group

experienced lower gold production at Iduapriem (-38koz),

Sunrise Dam (-27koz), Serra Grande (-27koz), Tropicana

(-8koz) and Kibali (-6koz).

Obuasi delivered significant improvements for both the

quarter and year, with gold production increasing by 20% in

Q4 2025 compared to Q4 2024, as well as a 20% year-on-

year increase in 2025 compared to 2024. These increases

were mainly driven by an increase in tonnes treated from

underground operations; overcoming the ventilation and

equipment constraints experienced in 2024; and an increase

in recovered grades due to a combination of higher

underground feed grades, together with the commissioning

and optimisation of a second flash cell.

Siguiri also delivered a solid Q4 2025 and 2025 full year,

with gold production increasing by 15% in Q4 2025

compared to Q4 2024, benefiting from an increase in

recovered grade, with higher plant recoveries due to

improved carbon management, and an increase in tonnes

treated due to higher mill run time.

Costs

Total cash costs per ounce* for the Group increased by 13%

year-on-year to $1,292/oz in Q4 2025, compared to $1,144/

oz in Q4 2024. The increase was largely driven by higher

royalty costs linked to the stronger average gold price

received per ounce*, which resulted in an estimated 8%

increase in total cash costs per ounce*. In addition, costs

increased as a result of an estimated 4% rise in inflation

mainly due to increases in labour, consumable stores and

mining contractor costs, reflecting consumer price index

(“CPI”) movements in the jurisdictions where the Group

operates.

Managed operations recorded a 12% year-on-year increase

in total cash costs per ounce*, rising from $1,165/oz in Q4

2024 to $1,307/oz in Q4 2025. In addition to the impact of

the higher gold royalties, the increase reflects lower gold

production at Geita, Sunrise Dam, Tropicana, Cerro

Vanguardia and Serra Grande, as well as increases in

labour, consumable stores and contractor costs at Siguiri

and Obuasi. This increase was partially offset by the addition

of Sukari production to the portfolio, and stronger production

performances at Siguiri, Obuasi and Cuiabá.

Total cash costs per ounce* at the Group’s non-managed

joint ventures increased by 20% year-on-year to $1,156/oz in

Q4 2025, compared to $967/oz in Q4 2024. The increase

was primarily driven by higher royalties and increases in

labour, consumable stores and mining contractor costs at

Kibali year-on-year.

All-in sustaining costs per ounce* (“AISC”) for the Group

increased by 10% year-on-year to $1,805/oz in Q4 2025,

compared to $1,647/oz in Q4 2024. At the managed

operations, AISC per ounce* increased by 11% to $1,881/oz

in Q4 2025, up from $1,702/oz in Q4 2024, reflecting higher

total cash costs per ounce* and higher year-on-year

sustaining capital expenditure*. AISC per ounce* at the non-

managed joint ventures decreased by 7% to $1,108/oz in Q4

2025, from $1,188/oz in Q4 2024, primarily due to a year-on-

year decrease in rehabilitation and other expenditure at

Kibali.

Total cash costs per ounce* for the Group increased by 7%

year-on-year to $1,242/oz for 2025, compared to $1,157/ oz

in 2024. This increase was primarily driven by higher royalty

costs linked to the stronger average gold price received per

ounce*, which resulted in an estimated 6% increase in total

cash costs per ounce*, and an estimated 3% rise in inflation

driven by higher labour, stores and mining contractor costs.

These impacts were partially offset by a favourable

cumulative foreign currency exchange rate against the US

dollar, which resulted in a 2% cost benefit.

Managed operations reported a 5% year-on-year increase in

total cash costs per ounce*, from $1,187/oz in 2024 to

$1,252/oz in 2025. This increase was primarily driven by

higher gold royalty costs and higher labour, consumable

stores and mining contractor costs, including operational

challenges at Iduapriem, Sunrise Dam and Serra Grande.

This increase was partially offset by the inclusion of Sukari

production into the portfolio and strong operational

performances at Obuasi, Siguiri, Geita, Cerro Vanguardia

and Cuiabá.

Total cash costs per ounce* at non-managed joint ventures

increased by 23% year-on-year to $1,148/oz for 2025, up

from $935/oz in 2024, primarily due to year-on-year

increases in labour, consumable stores and mining

contractor costs and higher gold royalties at Kibali.

AISC per ounce* for the Group increased by 6% year-on-

year to $1,709/oz in 2025, from $1,611/oz in 2024. For

managed operations, AISC per ounce* increased by 5% to

$1,751/oz for 2025, up from $1,672/oz in 2024, reflecting the

impact of higher total cash costs per ounce*, and higher

sustaining capital expenditure*, partially offset by the positive

impact of the inclusion of Sukari production in the portfolio.

AISC per ounce* at non-managed joint ventures increased

by 15% to $1,317/oz for 2025, compared to $1,146/oz for

2024, primarily due to increases in labour, consumable

stores and mining contractor costs and higher sustaining

capital expenditure*.

Adjusted EBITDA*

Adjusted earnings before interest, tax, depreciation and

amortisation* (“Adjusted EBITDA*”) for Q4 2025 increased to

$2,175m, up from $884m in Q4 2024. This strong year-on-

year growth was underpinned by a favourable operating and





Q4 2025 EARNINGS RELEASE				9

QUARTERLY REVIEW CONTINUED

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, lower costs related to legacy TSFs, lower legal

fees and other provisions, and higher equity earnings from

associates and non-managed joint ventures. These gains

were partially offset by higher total operating costs (mainly

driven by increased royalty expenses and higher costs

related to the inclusion of Sukari for the full quarter), higher

inventory movements, higher corporate and exploration

costs, higher governmental fiscal claims, higher costs

relating to mining contractor rates and no insurance claim

reimbursements in the current period.

Adjusted EBITDA* for 2025 increased to $6,294m,

compared to $2,747m in 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, lower legal fees and higher

equity earnings from associates and non-managed joint

ventures. This increase was partly offset by higher total

operating costs (mainly driven by higher royalty costs and

higher costs related to the full year inclusion of Sukari),

higher inventory movements, higher corporate and

exploration costs, higher costs associated with legacy TSFs,

higher governmental fiscal claims, higher indirect taxes,

higher costs relating to mining contractor rates, higher other

provisions and no insurance claim reimbursements in the

current period.

Earnings

Basic earnings (profit attributable to equity shareholders) for

Q4 2025 were $855m, or 168 US cents per share, compared

to $470m, or 103 US cents per share, in Q4 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 and higher equity earnings from

associates and non-managed joint ventures. Q4 2025 also

benefited from lower costs related to legacy TSFs as well as

lower legal fees and other provisions.

These positive contributions were partially offset by higher

total operating costs, including increased royalty expenses

and costs associated with the inclusion of Sukari for the full

quarter in the current period, along with higher asset

amortisation, higher inventory movements, higher corporate

and exploration costs, higher finance costs, lower foreign

exchange gains, higher care and maintenance costs in the

current period compared with a credit in the prior-year

period, higher costs relating to mining contractor rates, less

impairment reversals and higher asset impairment in the

current period compared with profits in the prior-year period,

and a higher tax charge.

Basic earnings (profit attributable to equity shareholders) for

2025 were $2,636m, or 519 US cents per share, compared

to $1,004m, or 233 US cents per share, in 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 lower legal fees, lower care and maintenance costs,

and higher equity earnings from associates and non-

managed joint ventures.

These positive impacts were partially offset by higher total

operating costs, including increased royalty expenses and

the costs associated with the full year inclusion of Sukari in

the current period, alongside higher amortisation of assets,

elevated costs related to legacy TSFs and governmental

fiscal claims, higher costs relating to mining contractor rates,

higher corporate and exploration costs, higher finance costs

and interest relating to the once-off settlement of a tax

liability in Brazil, higher foreign exchange losses, higher

indirect taxes, higher restructure costs and other provisions

in the current period, loss on disposal of the Doropo and

ABC projects in Côte d’Ivoire in the current period, higher

asset impairments, and a higher tax charge.

Headline earnings‡ for Q4 2025 were $967m, or 190 US

cents per share, compared to $405m, or 89 US cents per

share, in Q4 2024. The increase in headline earnings‡

reflects the same key drivers that supported the rise in basic

earnings during Q4 2025. In addition, headline earnings‡

excludes impairment reversals/impairments, asset

derecognitions and losses (profits) on disposal of assets and

taxes thereon.

Headline earnings‡ for 2025 were $2,725m, or 537 US cents

per share, compared to $954m, or 221 US cents per share,

for 2024. The increase in headline earnings‡ reflects the

same key drivers that supported the rise in basic earnings

during 2025, except for impairment reversals/impairments,

asset derecognitions and losses (profits) on disposal of

assets and taxes thereon which are excluded.

‡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 $1,622m in

Q4 2025, representing a 135% year-on-year increase from

$690m in Q4 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

$1,050m in Q4 2025, compared to $302m in Q4 2024.

Net cash inflow from operating activities was $4,784m for

2025, a 143% increase year-on-year from $1,968m for 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.





Q4 2025 EARNINGS RELEASE				10

QUARTERLY REVIEW CONTINUED

After accounting for capital expenditure, loan repayments

from Kibali, dividends paid to non-controlling shareholders,

the Company generated a free cash inflow* of $2,908m in

2025, compared to $956m in 2024.

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 interim dividend for

Q4 2025, is 173 US cents per share, bringing the total

amount of dividends declared in relation to 2025 to $1.8bn.

During Q4 2025, AngloGold Ashanti received $67m in

dividends and $84m in loan repayments from the Kibali joint

venture, compared to $44m in dividends and $10m in loan

repayments in Q4 2024. The Company’s attributable share

of outstanding cash balances awaiting repatriation from the

Democratic Republic of the Congo (“DRC”) was $110m at

31 December 2025, down from $119m at 30 September

2025.

Free cash flow* during Q4 2025 was impacted by ongoing

movements in value-added tax (“VAT”) recoveries at Geita

and Kibali, foreign exchange controls and export duty-related

restrictions at Cerro Vanguardia (“CVSA”), as well as a tax

liability settlement in Brazil:

•In Tanzania, the net overdue recoverable VAT input credit

balance (after discounting provisions) decreased by

$15m during Q4 2025 to $171m at 31 December 2025,

down from $186m at 30 September 2025. This decrease

reflects the application of $41m in verified VAT claims

against corporate tax liabilities and foreign exchange

gains of $2m , partially offset by new claims submitted

during the period of $23m, and a decrease in the

discounting provision of $5m. 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) decreased by $27m during

Q4 2025 to $63m at 31 December 2025, down from

$90m at 30 September 2025. This decrease was driven

by $57m of VAT refunds received, partially offset by $7m

in new claims submitted, $12m in revaluation

adjustments and $11m decrease in the discounting

provision.

•In Argentina, CVSA’s cash balance decreased by $12m#

during Q4 2025 to $97m# at 31 December 2025, down

from $109m# at 30 September 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

($222m#) and onshore ($23m#) investment holding

companies. CVSA paid all the offshore dividends to

AngloGold Ashanti ($35m during Q2 2025, $140m during

Q3 2025 and $47m during Q4 2025), by utilising a

currency swap mechanism to secure the required US

dollars. Regarding onshore payments, CVSA paid $5m

during H2 2025 and expects to continue with onshore

dividend payments, subject to cash availability, in order

to pay the remaining amount of dividends declared.

#US dollar equivalent and at prevailing exchange rates.

•In Brazil there was a once-off settlement of a tax liability

in Q4 2025 relating to the 2020 to 2024 financial years of

$130m as a result of the misclassification of certain costs

in those years.†

†As previously reported in the Company’s Q3 2025 Earnings

Release, selected line items in its consolidated statement of

financial position as at 31 December 2024 have been revised to

correct immaterial prior period errors relating to the classification

of deferred and current taxation assets and liabilities.

AGA Mineração, Cuiabá, Brazil





Q4 2025 EARNINGS RELEASE				11

QUARTERLY REVIEW CONTINUED


FREE CASH FLOW*	Quarter	Quarter	Year	Year
	ended	ended	ended	ended
	Dec	Dec	Dec	Dec
US Dollar millions, except as otherwise noted	2025	2024	2025	2024
Net cash flow from operating activities	1,622	690	4,784	1,968
Repayment of loans advanced to joint ventures	84	10	161	149
Dividends paid to non-controlling interests	(202)	(65)	(588)	(71)
Operating cash flow	1,504	635	4,357	2,046
Capital expenditure on tangible and intangible assets	(454)	(333)	(1,449)	(1,090)
Free cash flow*	1,050	302	2,908	956

* Refer to “Non-GAAP disclosure” for definitions and reconciliations.

Rounding of figures may result in computational discrepancies.

Balance sheet and liquidity

During Q4 2025, Adjusted net debt* ended in a cash

position, despite the payment of $670m in dividends during

Q4 2025. Adjusted net cash* at 31 December 2025 was

$879m, compared to Adjusted net debt* of $567m at

31 December 2024.

At 31 December 2025, the balance sheet remained robust,

supported by significant available liquidity. This included the

undrawn $1.4bn multi-currency revolving credit facility

(“RCF”), the undrawn $65m Siguiri RCF and $5m undrawn

on the Geita multi-currency RCF. AngloGold Ashanti held

approximately $2.9bn in cash and cash equivalents at 31

December 2025, bringing Group liquidity to approximately

$4.4bn at 31 December 2025.

Capital expenditure

During Q4 2025, sustaining capital expenditure* of the

Group increased by 23% year-on-year to $350m, compared

to $285m in Q4 2024. Sustaining capital expenditure* at

managed operations rose by 24% year-on-year to $329m in

Q4 2025, up from $266m in Q4 2024. This increase was

primarily driven by the inclusion of Sukari’s sustaining capital

expenditure* of $43m to the portfolio (including additional

mining fleet replacements and adjusted rebuild schedules in

Q4 2025), and a $13m increase at Obuasi mainly due to an

increased rate per meter in Mineral Reserve development

and underground infrastructure development. At non-

managed joint ventures, sustaining capital expenditure*

increased by 11% year-on-year to $21m in Q4 2025, from

$19m in Q4 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

$145m in Q4 2025, a 73% increase year-on-year from $84m

in Q4 2024. At managed operations, non-sustaining capital

expenditure* rose by 87% year-on-year to $125m, from

$67m in Q4 2024, largely due to the addition of Sukari’s non-

sustaining capital expenditure* of $35m to the portfolio, and

a $10m increase at Siguiri due to Block 3 implementation,

with haul road construction and mining hub workshops

underway. 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 an 18% year-on-year

increase in non-sustaining capital expenditure* to $20m in

Q4 2025, from $17m in Q4 2024, mainly driven by higher

expenditure at Kibali on waste stripping for the Pamao

deposition project, as well as expenditure on the

implementation of the Oere resettlement action plan.

During 2025, sustaining capital expenditure* of the Group

increased by 22% year-on-year to $1,141m, compared to

$932m in 2024. Sustaining capital expenditure* at managed

operations rose by 24% year-on-year to $1,070m in 2025, up

from $864m in 2024. This increase was primarily driven by

the inclusion of Sukari’s sustaining capital expenditure* of

$145m in the portfolio, a $37m increase at Geita reflecting

the acquisition of a new mining fleet and increased

investment in Mineral Reserve development, and a $29m

increase at Obuasi mainly due to an increased rate per

meter in Mineral Reserve development and underground

infrastructure development. This increase was partially offset

by lower expenditure at Siguiri following elevated deferred

stripping expenditure in 2024, and reduced expenditure at

Iduapriem mainly due to savings initiatives and temporary

deferral of some stay-in-business capital. At non-managed

joint ventures, sustaining capital expenditure* at Kibali

increased by 4% year-on-year to $71m in 2025, from $68m

in 2024.

Non-sustaining capital expenditure* for the Group was

$459m in 2025, a 62% increase year-on-year from $283m in

2024. At managed operations, non-sustaining capital

expenditure* rose by 68% year-on-year to $379m, from

$226m in 2024, primarily driven by the addition of Sukari’s

non-sustaining capital expenditure* of $117m to the portfolio,

investment in growth at Cuiabá to ramp up production and

increased expenditure on the Havana growth project at

Tropicana. 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 40% year-on-year increase in non-

sustaining capital expenditure* to $80m in 2025, from $57m

in 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.





Q4 2025 EARNINGS RELEASE				12

GUIDANCE


2026 GUIDANCE		2026 Guidance(1)
Gold production	Gold production (koz)
	–Managed operations	2,530 - 2,860
	–Non-managed joint ventures	270 - 310
	–Group	2,800 - 3,170
	Africa	1,890 - 2,150
	Australia	495 - 555
	Americas	415 - 465
Costs(1)	All-in sustaining costs per ounce* ($/oz)
	–Managed operations	1,825 - 2,050
	–Non-managed joint ventures	1,355 - 1,460
	–Group	1,780 - 1,990
	Africa	1,780
	Australia	2,100
	Americas	1,725
	Total cash costs per ounce* ($/oz)
	–Managed operations	1,335 - 1,455
	–Non-managed joint ventures	1,135 - 1,225
	–Group	1,315 - 1,430
	Africa	1,300
	Australia	1,815
	Americas	1,190
Capital expenditure(1)	Capital expenditure ($m)
	–Managed operations	1,640 - 1,770
	–Non-managed joint ventures	185 - 205
	–Group	1,825 - 1,975
	Sustaining capital expenditure* ($m)
	–Managed operations	985 - 1,075
	–Non-managed joint ventures	55 - 65
	–Group	1,040 - 1,140
	Non-sustaining capital expenditure* ($m)
	–Managed operations	655 - 695
	–Non-managed joint ventures	130 - 140
	–Group	785 - 835

(1)The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance

shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without

unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items,

including, among other factors, changes in economic, social, political and market conditions, including related to inflation or international

conflicts, the success of business and operating initiatives, changes in the regulatory environment and other government actions, including

environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply

chain disruptions, any public health crises, pandemics or epidemics, and other business and operational risks and challenges and other factors,

including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions

for 2026 guidance are as follows: $0.68/A$, BRL5.47/$, AP1,606/$, ZAR16.90/$, Brent $61/bbl and gold price range of approximately $4,250/

oz.

Cost and capital forecast ranges for 2026 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have

been inflated into future value, using an appropriate “inflation” rate. Estimates assume neither operational or labour interruptions or power

disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by AngloGold Ashanti’s external

auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on its cost base,

could also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations expressed

by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with AngloGold Ashanti’s

business continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and

any deviations may be significant. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the financial

year ended 31 December 2024 filed with the SEC.





Q4 2025 EARNINGS RELEASE				13

GUIDANCE CONTINUED

Group gold production is expected to range from 2.80Moz to 3.17Moz and total cash costs per ounce* for managed operations are

expected to range from $1,335/oz to $1,455/oz in 2026. After accounting for macroeconomic factors, the range of total cash costs

per ounce* is expected to increase slightly in 2026 due to higher forecast royalties, additional material movement in both our

underground and open pit operations and generally lower grades. Our continued enhancements of, and investments in, the Sukari

operation are anticipated to maintain sustaining capital expenditure* at our managed operations broadly in line with 2025 level in

2026. This includes Full Asset Potential investments expected to unlock productivity gains in late 2026 and into 2027. Non-

sustaining capital expenditure* at our managed operations in 2026 is planned to focus on Nevada, waste stripping at Sukari, and

TSFs at Obuasi and Siguiri.


2027 GUIDANCE		2027 Guidance(1)
Gold production	Gold production (koz) - Group	2,850 - 3,220
Costs(1)	All-in sustaining costs per ounce* ($/oz) - Group	1,780 - 1,990
Costs(1)	Total cash costs per ounce* ($/oz) - Group	1,315 - 1,430
Capital expenditure(1)	Capital expenditure ($m) - Group	2,000 - 2,200
	Sustaining capital expenditure* ($m) - Group	1,040 - 1,140
	Non-sustaining capital expenditure* ($m) - Group	960 - 1,060