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AngloGold Ashanti Q1 31 March 2026 Earnings Release and Dividend Declaration
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
"AngloGold Ashanti", "AGA", the "Company" or the "Group"
AngloGold Ashanti Q1 31 March 2026 Earnings Release and Dividend Declaration
AngloGold Ashanti delivers record free cash flow* of $1.2bn and EBITDA*(4) of $2.3bn • Gold
production(1)(2) +1% • Net cash*(4) of $868m • Q1 2026 interim dividend of $585m, or 116 cps
• Proposed $2.0bn share repurchase programme announced
London, Denver, Johannesburg,8 May 2026 – AngloGold Ashanti plc ("AngloGold Ashanti", "AGA", the "Company" or the "Group")
posted record free cash flow* of $1.2bn in Q1 2026, almost triple the Q1 2025 amount, following steady performances from most of its
operating assets and the continued high gold price. The Company remains on track to meet its 2026 annual guidance.
An interim dividend for Q1 2026 was declared of $585m, or 116 US cents per share, a new record, compared to 12.5 US cents per share
declared in Q1 2025. On 7 May 2026, the Board of Directors approved a proposed share repurchase programme for AngloGold Ashanti's
ordinary shares of up to $2.0bn, subject to shareholder approval.
"Our focus remains to control what we can control - managing underlying costs and ensuring safe, predictable operating results," said CEO
Alberto Calderon. "That has again enabled us to deliver record free cash flow* and cash returns to our shareholders, while moving our
organic growth projects forward."
AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive
returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine
in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.
Safety performance and workplace fatality
At Obuasi, following the end of Q1 2026 on 24 April 2026, a contractor was fatally injured following a release of waste material from an
underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents
do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.
"We are heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones," said CEO Alberto
Calderon. "Safety has always been our first and highest priority and we will ensure we understand the root cause of this incident and apply
every lesson learned."
During Q1 2026, safety remained at the core of continuous improvement efforts. The Total Recordable Injury Frequency Rate ("TRIFR") at
the Company's managed operations(1) improved to 0.86 injuries per million hours worked in Q1 2026, compared to 0.97 injuries per million
hours worked for 2025. While these injury rates remained well below industry averages, the incident at Obuasi underscored the importance
of continued vigilance in the face of workplace hazards.
Cash flow supports leading capital allocation
Free cash flow*, the strongest for a single quarter, represented a 190% increase year-on-year to $1.2bn in Q1 2026 from $403m in Q1
2025. Net cash flow from operating activities was up 136% year-on-year to $1.7bn in Q1 2026 (from $725m in Q1 2025). The average gold
price received per ounce*(1) in Q1 2026 was 69% higher year-on-year compared to Q1 2025.
EBITDA*(4) increased 130% year-on-year to $2.3bn in Q1 2026 (from $1.0bn in Q1 2025), while headline earnings(3) rose 187% to $1.3bn
in Q1 2026, or 252 US cents per share (from $447m, or 88 US cents per share, in Q1 2025).
In line with the Company's dividend policy, the base dividend of $63m or 12.5 US cents per share was declared for Q1 2026. This was
topped up to 50% of free cash flow*, to arrive at the interim dividend declaration of $585m, or 116 US cents per share.
The balance sheet continued to strengthen, swinging from $755m of net debt*(4) in Q1 2025 to $868m of net cash*(4) at the end of Q1 2026,
all while making a series of record dividend payments in the intervening quarters.
Capitalising on the robust balance sheet and strong liquidity position, on 16 April 2026, the Company bought back approximately $666m
principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.
The strategic decision by the Board to approve a proposed $2bn share repurchase programme is underpinned by stronger cash generation
capabilities and the prospective financial outlook for the business. The proposed share repurchase programme is intended to offer another
vector for shareholder returns, and align the Company's capital return framework with its North American peers. The proposed share
1 Q1 2026 Earnings Release
2026 | Quarter 1 AngloGold Ashanti plc
Group Performance
repurchase programme reflects AngloGold Ashanti's disciplined approach to capital allocation, utilising excess liquidity to reduce ordinary
shares in issue thereby increasing per-share value, earnings and cash flow for its shareholders.
Underlying operational costs down $22/oz, offsetting macro headwinds
External pressures from inflation, exchange rates and royalties led to a year-on-year increase in total cash costs per ounce* for the
Group(1) to $1,391/oz in Q1 2026, from $1,223/oz in Q1 2025.
The Company's continued focus on its Full Asset Potential programme and rigorous cost discipline held total cash costs per ounce* for
managed operations(1) at $1,377/oz in Q1 2026. These external pressures included a $117/oz rise in royalties due to
record realised gold prices, alongside $43/oz in inflationary impacts, specifically related to higher labour and mining contractor costs, and a
$30/oz impact from foreign exchange movements.
Crucially, structural efficiencies delivered through the Full Asset Potential programme reduced underlying, controllable costs by $22/oz in
Q1 2026 compared to Q1 2025. Targeted optimisation of plant throughput (-$103/oz), improved open pit volume efficiencies (-$15/oz), and
by-product credits (-$64/oz) successfully absorbed residual operating pressures.
This disciplined cost management ensured the higher gold price was translated into expanded margins, with the total cash cost margin* for
the Group(1) increasing from 57% in Q1 2025 to 71% in Q1 2026.
Momentum continued at managed operations(1)
Gold production for the Group(1)(2) remained stable, increasing to 724,000oz in Q1 2026, up from 720,000oz (or 710,000oz excluding Serra
Grande) in Q1 2025. The result was driven by a solid performance from most managed operations(1)(2), partially offset by lower gold
production at Kibali. At managed operations(1)(2), gold production rose 1% year-on-year to 666,000oz in Q1 2026, while total cash costs per
ounce* and all-in sustaining costs per ounce* ("AISC") increased by 14% and 19% year-on-year in Q1 2026 to $1,377/oz and $1,980/oz,
respectively, compared to Q1 2025. Meanwhile non-managed joint ventures experienced an 8% year-on-year reduction in gold production
to 58,000oz in Q1 2026.
Year-on-year gold production improvements totalling 9koz (or 19koz excluding Serra Grande) were achieved for managed operations(1)(2) in
Q1 2026, with higher gold production at Geita (+12koz), Cuiabá (+9koz), Obuasi (+8koz), Iduapriem (+4koz), Cerro Vanguardia (+3koz)
and Tropicana (+2koz). These increases were partly offset by lower gold production contributions year-on-year in Q1 2026 from Sunrise
Dam (-10koz), Siguiri (-5koz) and Sukari (-4koz), reflecting variations in mine sequencing and planned throughput compared to Q1 2025,
alongside lower output from the remainder of the portfolio. The Serra Grande operation in Brazil was sold on 1 December 2025.
Total cash costs per ounce* for the Group(1) increased by 14% year-on-year to $1,391/oz in Q1 2026 from $1,223/oz in Q1 2025, primarily
reflecting higher royalty payments driven by the record gold price and the impact from underlying inflation, mainly due to increases in
labour and mining contractor costs in the jurisdictions in which the Company operates. AISC per ounce* for the Group(1) rose by 19% year-
on-year to $1,955/oz in Q1 2026 from $1,640/oz in Q1 2025, driven mainly by the mechanical increase in gold price-linked royalties and a
planned 29% increase in sustaining capital expenditure*.
The increase in sustaining capital expenditure* reflects deliberate and ongoing investment to advance the Full Asset Potential programme,
support asset integrity, and ensure long-term operational resilience, in line with the Company's strategic priorities.
Total capital expenditure for the Group(1) was $467m in Q1 2026, up 39% year-on-year from $336m in Q1 2025. This included $305m in
sustaining capital expenditure* and $162m in non-sustaining capital expenditure*, the latter directed toward targeted development
initiatives across the portfolio, particularly the advancement of the Nevada growth projects.
Supply chain update
In response to the ongoing crisis in the Middle East, the Company has activated its global supply chain resilience protocols to ensure
operational continuity. Proactive mitigation measures include, among other things, increasing fuel stocks and inventory buffers of critical
spares and consumables at key African and Australian operations.
Arthur Gold Project technical report published(5)(6)(7)
During Q1 2026, the Company published the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project in
Nevada(5). The study declared an initial Probable Mineral Reserve of 4.9Moz of gold (88Mt at 1.75g/t), establishing the project as a
cornerstone of the Company's US growth platform(5)(6).
"The exceptional economics detailed in the pre-feasibility study firmly establish the Arthur Gold Project as the cornerstone of our US
growth platform," said CEO Alberto Calderon. "Generating an after-tax NPV of up to $3.46bn at a gold price of $3,500/oz with an IRR up to
26%, this project pairs immediate scale with outstanding financial returns. With a world-class oxide orebody, minimal technical risk, and a
disciplined capital approach, we have a clear roadmap to driving immense long-term shareholder value in a premier mining jurisdiction."
The project demonstrates highly competitive economics and exceptional leverage to the gold price. At a $2,715/oz gold price, the project
generates an estimated after-tax NPV (at a 5% discount rate) of $1.73bn to $1.78bn with an IRR of 15% to 19%. At a $3,500/oz gold price,
the estimated after-tax NPV roughly doubles to $3.41bn to $3.46bn, driving the IRR up to 22% to 26%.
The operation is modelled to deliver an average annual production of approximately 500,000oz over an initial 9-year life of mine at a
competitive life-of-mine AISC* of $925/oz- $975/ oz(5)(6)(7). Because the Merlin reserve is predominantly oxide material (greater than 95%)
amenable to conventional processing, the project is expected to avoid the complexity and technical risk of refractory processing.
Feasibility-level environmental, hydrological and community baseline studies are already underway.
Outlook(7)(8)
Full year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, 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.
2 Q1 2026 Earnings Release
2026 | Quarter 1 AngloGold Ashanti plc
Group Performance continued
Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2) Includes gold concentrate from the Cuiabá mine sold to third parties.
(3) 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.
(4) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio
(leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.
(5) The Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project is filed as an exhibit to the Company's annual report on Form 20-F for the
financial year ended 31 December 2025 as filed with the SEC on 26 March 2026.
(6) The Arthur Gold Project Mineral Reserve estimate is presented as at 31 December 2025, unless otherwise stated, and economic estimates presented are
calculated based on the Mineral Reserve declared in the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project only, exclusive of
Mineral Resource. For further information, see the Company's news release "AngloGold Ashanti Builds on Award-Winning Discovery, Advancing Arthur Gold
Project in Nevada with first-time 4.9Moz Mineral Reserve and Robust PFS Economics," dated 26 March 2026.
(7) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP forward-looking information or 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.
(8) 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 2025 filed with the SEC.
* Refer to "Non-GAAP disclosure" in the full announcement for definitions and reconciliations.
3 Q1 2026 Earnings Release
2026 | Quarter 1 AngloGold Ashanti plc
Group Financial and Operating Key Statistics
Quarter Quarter
Key statistics ended ended
Mar Mar
US Dollar millions, except as otherwise noted 2026 2025
Operating review
Gold
Produced - Group(1)(2)(3) - oz (000) 724 720
Produced - Managed operations(1)(2)(3) - oz (000) 666 657
Produced - Non-managed joint ventures(1) - oz (000) 58 63
Sold - Group(1)(2)(3) - oz (000) 719 737
Sold - Managed operations(1)(2)(3) - oz (000) 650 670
Sold - Non-managed joint ventures(1) - oz (000) 69 67
Financial review
Gold income - $m 3,154 1,927
Cost of sales - Group(1) - $m 1,416 1,230
Cost of sales - Managed operations(1) - $m 1,293 1,124
Cost of sales - Non-managed joint ventures(1) - $m 123 106
Total operating costs - $m 999 833
Gross profit - $m 1,943 839
Average gold price received per ounce* - Group(1) - $/oz 4,863 2,874
Average gold price received per ounce* - Managed operations(1) - $/oz 4,857 2,875
Average gold price received per ounce* - Non-managed joint ventures(1) - $/oz 4,918 2,865
All-in sustaining costs per ounce* - Group(1) - $/oz 1,955 1,640
All-in sustaining costs per ounce* - Managed operations(1) - $/oz 1,980 1,657
All-in sustaining costs per ounce* - Non-managed joint ventures(1) - $/oz 1,719 1,463
All-in costs per ounce* - Group(1)(2) - $/oz 2,291 1,863
All-in costs per ounce* - Managed operations(1)(2) - $/oz 2,303 1,865
All-in costs per ounce* - Non-managed joint ventures(1) - $/oz 2,173 1,849
Total cash costs per ounce* - Group(1) - $/oz 1,391 1,223
Total cash costs per ounce* - Managed operations(1) - $/oz 1,377 1,213
Total cash costs per ounce* - Non-managed joint ventures(1) - $/oz 1,554 1,325
Profit for the period - $m 1,462 542
EBITDA*(5) - $m 2,291 996
Total borrowings - $m 2,257 2,213
Net debt (cash)*(5) - $m (868) 755
Profit attributable to equity shareholders - $m 1,281 443
- US cents/share 252 88
Headline earnings(4) - $m 1,285 447
- US cents/share 252 88
Net cash inflow from operating activities - $m 1,709 725
Free cash flow* - $m 1,169 403
Capital expenditure - Group(1) - $m 467 336
Capital expenditure - Managed operations(1) - $m 428 303
Capital expenditure - Non-managed joint ventures(1) - $m 39 33
(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) Includes gold concentrate from the Cuiabá mine sold to third parties.
(3) Includes Q1 2025 gold production and gold sold of 10,000oz for the Serra Grande operation, which was sold on 1 December 2025.
(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 will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio
(leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.
* Refer to "Non-GAAP disclosure" for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
4 Q1 2026 Earnings Release
2026 | Quarter 1 AngloGold Ashanti plc
Dividends
AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2026 of 116 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)
2026
Ex-dividend on NYSE Friday, 29 May
Record date Friday, 29 May
Payment date Friday, 12 June
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 116 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:
2026
Declaration date Friday, 8 May
Currency conversion rate for South African rands announcement date Friday, 22 May
Last date to trade ordinary shares cum dividend Tuesday, 26 May
Ordinary shares trade ex-dividend Wednesday, 27 May
Record date Friday, 29 May
Payment date Friday, 12 June
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, 27 May
2026 and Friday, 29 May 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be
permitted between Friday, 22 May 2026 and Friday, 29 May 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, 22 May 2026.
To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement
with the Central Securities Depositary (GH) LTD
2026
Currency conversion date Friday, 22 May
Last date to trade and to register shares cum dividend Tuesday, 26 May
Shares trade ex-dividend Wednesday, 27 May
Record date Friday, 29 May
Approximate payment date of dividend Friday, 12 June
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
2026
Currency conversion date Friday, 22 May
Last date to trade and to register GhDSs cum dividend Tuesday, 26 May
GhDSs trade ex-dividend Wednesday, 27 May
Record date Friday, 29 May
Approximate payment date of dividend Friday, 12 June
Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 116
US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of
US$1/ ¢11.2425, the gross dividend payable per share, is equivalent to ca. ¢13.0413 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").
5 Q1 2026 Earnings Release
2026 | Quarter 1 AngloGold Ashanti plc
Administration and Corporate Information
This short form announcement (the "JSE Announcement") is the responsibility of the board of directors of the Company, who certify that, to
the best of their knowledge and belief, there are no facts that have been omitted which would make the information false, misleading or
inaccurate, and that all reasonable enquiries to ascertain such facts have been made.
The details contained in this JSE Announcement are only a summary of the information contained in the Full Announcement which
contains an Earnings Release for the three months ended 31 March 2026. Investors and/or shareholders should base any investment
decisions on consideration of the Full Announcement and are therefore directed to the Full Announcement available for viewing via the JSE
SENS link, provided below, and available on the Company's website at www.anglogoldashanti.com. The Full Announcement may be
requested by email to CompanySecretary@Anglogoldashanti.com or by contacting Yatish Chowthee on +27 11 637 6273.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2026/jse/isse/ange/ERMAR26.pdf
Shareholders are further advised that AngloGold Ashanti will furnish its Q1 2026 Earnings Release, Q1 2026 Operating Statistics and the
Q1 2026 Earnings Release Investor Presentation on a Form 6-K to the U.S. Securities and Exchange Commission ("SEC") and will be
made available on the SEC's website at www.sec.gov. in due course. The forms are currently available online on the Company's website
at www.anglogoldashanti.com .
Johannesburg, South Africa
8 May 2026
JSE Sponsor: The Standard Bank of South Africa Limited
Contacts
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
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, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects,
preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserves net of depletion from production 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 2025 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 March 2026 Published 8 May 2026
6 Q1 2026 Earnings Release
Date: 08-05-2026 12:08:00
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