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Johannesburg, 4 August 2023 - AngloGold Ashanti Limited (“AngloGold Ashanti”, “AGA” or the “Company”) is pleased to provide its financial and operational update for the six-month period ended 30 June 2023.

The following table presents cost of sales for the AngloGold Ashanti group for the six months ended 30 June 2023, the six months ended 30 June 2022 and the year ended 31 December 2022:

Gold production increased marginally by 3,000 ounces, or one percent, from 1,233,000 ounces for the six months ended 30 June 2022 to 1,236,000 ounces for the six months ended 30 June 2023. Gold production is measured as ounces of refined gold in saleable form derived from the mining process. The increase in gold production was mainly driven by higher overall recovered grade for the group, partially offset by lower tonnes processed. The Company continued to record an increasing recovered grade trend with grades increasing four percent year-on-year mainly on the back of the progression of the ongoing reinvestment in the portfolio. Ore tonnes processed in the first six months of 2023 were lower than in the corresponding period in the previous year mainly due to a number of factors which primarily occurred in the first quarter of the year. Such factors included lower tonnes processed at AGA Mineração following the suspension of depositions in the tailings storage facilities (“TSFs”) at the Cuiabá mine complex (which has transitioned to production of gold-in-concentrate and gold from the gravity plant in the meantime), at Geita following the planned mill shutdown (which has been completed) and at Siguiri following the carbon-in-leach (“CIL”) tank failure (which has since been repaired).

Gold production increases were recorded at Iduapriem, Obuasi, Geita, Sunrise Dam and Tropicana. At Iduapriem, gold production increased by 3,000 ounces, or three percent, from 115,000 ounces for the six months ended 30 June 2022 to 118,000 ounces for the six months ended 30 June 2023, mainly due to higher grades mined as the mine accesses higher grade ore tonnes from Teberebie Cut 2 compared to the same period in 2022, partially offset by lower tonnes processed as the site commissioned the new TSF. At Obuasi, gold production increased by 26,000 ounces, or 29 percent, from 91,000 ounces for the six months ended 30 June 2022 to 117,000 ounces for the six months ended 30 June 2023, mainly due to a continued ramp-up of the mine with a 23 percent year-on-year increase in underground tonnes processed complemented by a seven percent year-on-year increase in underground grades mined. At Geita, gold production increased by 10,000 ounces, or five percent, from 207,000 ounces for the six months ended 30 June 2022 to 217,000 ounces for the six months ended 30 June 2023, mainly due to higher grades mined, partially offset by lower tonnes processed due to a planned mill shutdown during the first quarter of 2023 (which has been completed). At Sunrise Dam, gold production increased by 10,000 ounces or nine percent, from 117,000 ounces for the six months ended 30 June 2022 to 127,000 ounces for the six months ended 30 June 2023, mainly due to a combination of improved mill feed grades and metallurgical recoveries, resulting in a nine percent improvement in recovered grade. At Tropicana, gold production increased marginally by 1,000 ounces, or one percent, from 137,000 ounces for the six months ended 30 June 2022 to 138,000 ounces for the six months ended 30 June 2023, mainly due to higher volumes processed, partially offset by lower grades mined.

These increases in gold production were partially offset by lower gold production from Kibali, Siguiri, Cerro Vanguardia, AngloGold Ashanti Mineração and Serra Grande. At Kibali, gold production decreased by 6,000 ounces, or four percent, from 157,000 ounces for the six months ended 30 June 2022 to 151,000 ounces for the six months ended 30 June 2023, mainly due to lower grades mined, partially offset by higher tonnes processed. At Siguiri, gold production decreased by 32,000 ounces, or 23 percent, from 142,000 ounces for the six months ended 30 June 2022 to 110,000 ounces for the six months ended 30 June 2023, mainly due to lower tonnes processed as a result of the CIL tank failure during the second quarter of 2023 as well as lower recovered grades as a result of lower metallurgical recoveries from the treatment of carbonaceous material. At Cerro Vanguardia, gold production decreased by 5,000 ounces, or six percent, from 84,000 ounces for the six months ended 30 June 2022 to 79,000 ounces for the six months ended 30 June 2023, mainly due to lower grades mined, partially offset by higher tonnes processed. At AngloGold Ashanti Mineração, gold production decreased marginally by 2,000 ounces, or one percent, from 144,000 ounces for the six months ended 30 June 2022 to 142,000 ounces for the six months ended 30 June 2023, mainly due to lower ore tonnes processed at the Cuiabá mine complex, partially offset by higher recovered grades at the Córrego do Sítio (“CdS”) mine complex. During the first six months of 2023, Cuiabá produced 112,000 ounces, which comprised 38,000 ounces of gravimetric gold and 74,000 ounces of gold-in-concentrate. At Serra Grande, gold production decreased by 2,000 ounces, or five percent, from 39,000 ounces for the six months ended 30 June 2022 to 37,000 ounces for the six months ended 30 June 2023, mainly due to lower ore tonnes processed, partially offset by higher grades mined.

Revenue from product sales increased by $31 million, or one percent, from $2,155 million in the six months ended 30 June 2022 to $2,186 million in the six months ended 30 June 2023. The increase in revenue from product sales was mainly due to an increase in gold income, partially offset by a decrease in by-product revenue. Gold income increased by $54 million, or three percent, from $2,090 million in the six months ended 30 June 2022 to $2,144 million in the six months ended 30 June 2023. The increase in gold income was mainly due to an increase in ounces of gold sold and an increase in the average gold price received of $46 per ounce. Gold sold increased by 9,000 ounces, or one percent, from 1,083,000 ounces in the six months ended 30 June 2022 to 1,092,000 ounces in the six months ended 30 June 2023, which resulted in an increase in gold income of $3 million. The average gold price received increased by $46 per ounce, or two percent, from $1,874 per ounce in the six months ended 30 June 2022 to $1,920 per ounce in the six months ended 30 June 2023, which resulted in an increase in gold income of $51 million. By-product revenue decreased by $23 million, or 35 percent, from $65 million in the six months ended 30 June 2022 to $42 million in the six months ended 30 June 2023, mainly due to a decrease in revenue from silver and sulphuric acid.

Cost of sales increased by $157 million, or ten percent, from $1,592 million in the six months ended 30 June 2022 to $1,749 million in the six months ended 30 June 2023. The increase was primarily due to an increase in cash operating costs (which include salaries and wages, stores, explosives, reagents, logistics, fuel, power, water and contractors’ costs), royalties paid, rehabilitation and other non-cash costs, amortisation of tangible assets as well as an increase in inventory change.

Total cash costs increased by $116 million, or nine percent, from $1,300 million in the six months ended 30 June 2022 to $1,416 million in the six months ended 30 June 2023. Total cash costs include cash operating costs (which include salaries and wages, stores, explosives, reagents, logistics, fuel, power, water and contractors’ costs), royalties and other cash costs.

Cash operating costs increased by $111 million, or nine percent, from $1,205 million in the six months ended 30 June 2022 to $1,316 million in the six months ended 30 June 2023. Cash operating costs increased mainly as a result of higher labour, contractors’ costs, fuel, power, consumables and services primarily due to cost increases which were experienced in the second and third quarters of 2022.

Royalties, which are generally calculated as a percentage of revenue, increased by $3 million, or three percent, from $88 million in the six months ended 30 June 2022 to $91 million in the six months ended 30 June 2023. The increase in royalty costs, mainly at Obuasi and Iduapriem, was primarily due to an increase in the average gold price received per ounce and higher gold production.

Retrenchment costs included in cost of sales decreased by $2 million, or 50 percent, from $4 million in the six months ended 30 June 2022 to $2 million in the six months ended 30 June 2023.

Rehabilitation and other non-cash costs increased by $17 million from a credit of $4 million in the six months ended 30 June 2022 to a charge of $13 million in the six months ended 30 June 2023. The increase was primarily due to inflation, changes in cash flows and changes in discount rates (due to changes in global economic assumptions) used in calculating rehabilitation, compared to the same period in 2022.

Amortisation of tangible and right of use assets increased by $17 million, or six percent, from $283 million in the six months ended 30 June 2022 to $300 million in the six months ended 30 June 2023. There was no amortisation of intangible assets in either of the six months ended 30 June 2022 or 30 June 2023.

Amortisation of tangible assets increased by $18 million, or seven percent, from $243 million in the six months ended 30 June 2022 to $261 million in the six months ended 30 June 2023. The increase was mainly due to higher amortisation at Iduapriem (mainly due to higher gold production combined with higher deferred stripping amortisation at Teberebie Cut 2a which commenced in 2022) and at Obuasi (mainly due to higher gold production and the re-set of the useful life for the mining fleet), partially offset by lower amortisation at AGA Mineração (mainly due to marginally lower gold production and the impact of impairments at CdS and Cuiabá that were recognised in 2022), at Tropicana (mainly due to lower deferred stripping due to changes in mining activity and profile), at Geita (mainly due to lower Mineral Reserve development and tangible assets amortisation) and at Siguiri (mainly due to lower gold production).

Amortisation of right of use assets (as recognised in accordance with IFRS 16 Leases) decreased by $1 million, or three percent, from $40 million in the six months ended 30 June 2022 to $39 million in the six months ended 30 June 2023, mainly as a result of the impairment of leases in Brazil in December 2022.

Inventory change increased by $10 million, or 125 percent, from $8 million in the six months ended 30 June 2022 to $18 million in the six months ended 30 June 2023. The increase was primarily due to an increased cost of unsold gold due to timing of gold pours and shipment, partially offset by lower amortisation relating to inventory.

Impairment, derecognition of assets and profit (loss) on disposal increased by $124 million from a loss of $2 million in the six months ended 30 June 2022 to a loss of $126 million in the six months ended 30 June 2023.

In 2022, an impairment loss of $151 million ($189 million gross of taxes) was recognised in respect of the CdS mining complex cash generating unit (“CGU”) in Brazil. During the first half of 2023, the CdS mining complex CGU experienced further operational underperformance and as a result a further impairment loss of $26 million ($39 million gross of taxes) was recognised on the remaining asset balances and new capital expenditures incurred during 2023. The impairment losses in 2022 and the first half of 2023 were recognised and included in the Americas segment.

In 2022, an impairment loss of $57 million ($70 million gross of taxes) was recognised in respect of the Cuiabá mining complex CGU in Brazil. During the first half of 2023, Cuiabá recognised a further impairment loss of $45 million ($53 million gross of taxes) largely due to the current suspension of operating activities at the Queiroz metallurgical plant while additional buttressing at the Calcinados TSF is designed and completed, and a decision not to restart operations during the dry season (contrary to what was originally planned). The impairment losses in 2022 and the first half of 2023 were recognised and included in the Americas segment.

Decommissioning assets of $29 million at AGA Mineração and $9 million at Serra Grande relating to legacy TSFs were derecognised, mainly due to the uncertainty of future economic benefits to be generated from these assets.

Other expenses increased by $45 million from $13 million in the six months ended 30 June 2022 to $58 million in the six months ended 30 June 2023. The higher expenses during the six months ended 30 June 2023 were mainly due to an increase in environmental provisions for legacy TSFs of $57 million (mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs) as well as an increase in legal and project fees of $16 million (of which $14 million related to AngloGold Ashanti’s proposed corporate restructuring), partially offset by other movements of $23 million.

Finance costs and unwinding of obligations increased by $10 million, or 15 percent, from $65 million in the six months ended 30 June 2022 to $75 million in the six months ended 30 June 2023. Finance costs for borrowings increased by $4 million, or seven percent, from $54 million in the six months ended 30 June 2022 to $58 million in the six months ended 30 June 2023, mainly due to finance costs paid across all of the group’s revolving credit facilities (“RCF”). Finance costs for leases of $5 million in the six months ended 30 June 2023 remained unchanged from $5 million in the six months ended 30 June 2022. Unwinding of obligations increased by $6 million, or 100 percent, from $6 million in the six months ended 30 June 2022 to $12 million in the six months ended 30 June 2023, mainly due to higher discounting of environmental provisions of $4 million and discounting of indirect taxes at Geita of $2 million in the six months ended 30 June 2023.

Share of associates and joint ventures’ profit increased by $3 million, or four percent, from $72 million in the six months ended 30 June 2022 to $75 million in the six months ended 30 June 2023. The increase was mainly due to an increase in revenue at Kibali as a result of the higher average gold price received per ounce and net higher interest received, partially offset by an increase in operating costs, other expenses and taxation.

Taxation expense decreased by $62 million, or 66 percent, from an expense of $94 million in the six months ended 30 June 2022 to an expense of $32 million in the six months ended 30 June 2023. The decrease in taxation was mainly attributable to higher taxable losses as a result of the temporary suspension of operating activities and lower deferred taxation (mainly due to higher impairments and foreign exchange differences on non-monetary items) in Brazil, the recognition of deferred tax assets in Ghana (mainly due to higher taxable income) and the reversal of over-provisions in Colombia (as a result of the settlement of the 2011 income and equity tax claims and the 2010 income tax claim in the first half of 2023). The decrease was partially offset by higher taxation in Australia (mainly due to higher revenue) and the reversal of timing differences in Guinea during the five-year tax holiday period ending 31 December 2024.

Total capital expenditure (including equity-accounted joint ventures) increased by $25 million, or five percent, from $472 million in the six months ended 30 June 2022 to $497 million in the six months ended 30 June 2023. The increase was mainly due to an increase in total sustaining capital expenditure (capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output), partially offset by lower non-sustaining capital expenditure (capital expenditure incurred at new operations and capital expenditure related to “major projects” at existing operations where these projects will materially increase gold production). Capital expenditure on waste stripping at Tropicana (Havana) and Iduapriem (Cut 2) as well as feasibility work in Nevada continued to progress through the first half of 2023. At Geita, mining operations continued to ramp up at the Nyamulilima open pit. In Brazil, the Company completed the conversion of TSFs to dry-stacking facilities at all sites and continued its investment to comply with TSF-related regulatory requirements.

Total sustaining capital expenditure increased mainly due to higher sustaining capital expenditure on deferred waste stripping at Geita and Tropicana, higher Mineral Reserve development costs at Obuasi as well as higher sustaining capital expenditure on the heap leap pad expansion and higher Mineral Reserve development costs at Cerro Vanguardia, partially offset by a reduction in sustaining capital expenditure at AGA Mineração mainly due to lower investment in the TSF projects in the first half of 2023.

Total non-sustaining capital expenditure decreased mainly due to lower project capital expenditure at Obuasi as well as lower project capital expenditure at Tropicana (as a result of the reclassification of growth capital expenditure to operating costs for the deferred waste stripping), partially offset by an increase in project capital expenditure as a result of project work in Nevada, TSF construction capital expenditure at Iduapriem and TSF buttressing capital expenditure at Kibali.

Cash flows from operating activities decreased by $699 million, or 70 percent, from a net inflow of $992 million in the six months ended 30 June 2022 to a net inflow of $293 million in the six months ended 30 June 2023. The decrease in cash flows from operating activities was mainly due to lower dividends received from joint ventures and lower cash generated from operations, partially offset by lower taxation paid.

Cash generated from operations decreased by $214 million, or 40 percent, from an inflow of $530 million in the six months ended 30 June 2022 to an inflow of $316 million in the six months ended 30 June 2023. The decrease was mainly due to higher cost of sales (mainly due to higher cash operating costs), higher exploration and evaluation costs and net working capital cash outflows.

Net cash outflow from operating working capital items (movements in working capital) amounted to $186 million in the six months ended 30 June 2023, compared with an outflow of $133 million in the six months ended 30 June 2022, representing a change of $53 million. The increase in net cash outflow from working capital mainly related to higher trade and other receivables for gold concentrate sales in Brazil.

Cash flows from operating activities were also impacted by movements in the lock-up of value added tax (“VAT”) at Geita in Tanzania as well as foreign exchange controls and export duties at Cerro Vanguardia (“CVSA”) in Argentina. In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) increased by $15 million, or ten percent, from $153 million at 31 December 2022 to $168 million at 30 June 2023, as a result of new claims submitted of $37 million and discounting adjustments of $3 million, partially offset by processing verified VAT claims against corporate tax payments of $18 million and foreign exchange adjustments of $7 million. AngloGold Ashanti expects to continue offsetting verified VAT claims against corporate taxes. In Argentina, the net export duty receivables (after discounting provisions) decreased by $4 million, or 44 percent, from $9 million at 31 December 2022 to $5 million at 30 June 2023, mainly due to foreign exchange movements against the US Dollar of $14 million, partially offset by a decrease in the discounting provision of $2 million and new claims of $8 million. In addition, CVSA’s cash balance decreased by $18 million (equivalent), or 16 percent, from $116 million (equivalent) at 31 December 2022 to $98 million (equivalent) at 30 June 2023. The cash balance is available to be paid to AngloGold Ashanti’s offshore ($147 million (equivalent)) and onshore ($17 million (equivalent)) investment holding companies in the form of declared dividends. Applications have been made to the Argentinean Central Bank to approve the purchase of US Dollars in order to distribute offshore dividends related to the 2019, 2020 and 2021 financial years of $73 million (equivalent) to AngloGold Ashanti. During the second half of 2023, CVSA plans to submit a new application to the Argentinean Central Bank to approve the purchase of US Dollars in order to distribute additional offshore dividends of $74 million (equivalent) for the declared dividends related to the 2022 financial year. While the remaining approvals are pending, the cash remains fully available for CVSA’s operational and exploration requirements.

Dividends received from joint ventures decreased by $512 million, or 93 percent, from $549 million in the six months ended 30 June 2022 to $37 million in the six months ended 30 June 2023. Cash flows from operating activities were impacted by the level of cash repatriation from, and movements in the VAT lock-up, at the Kibali joint venture in the DRC. The decrease in dividends received from joint ventures was mainly due to the remittance of large cash balances from the DRC of $549 million during the six months ended 30 June 2022 to clear the pre-existing balance which had grown over the preceding years. During the six months ended 30 June 2023, AngloGold Ashanti’s cumulative cash receipts from the Kibali joint venture, in the form of dividends from Kibali (Jersey) Limited, amounted to $37 million. Kibali (Jersey) Limited received such cash from Kibali Goldmines S.A. in the form of loan repayments (net of bank fees) (AngloGold Ashanti’s attributable share: $25 million) and dividends (net of withholding taxes) (AngloGold Ashanti’s attributable share: $12 million). AngloGold Ashanti’s attributable share of the outstanding cash balances awaiting repatriation from the DRC increased by $42 million, or 105 percent, from $40 million at 31 December 2022 to 82 million at 30 June 2023. The cash is fully available for the operational requirements of Kibali Goldmines S.A. In addition, Kibali Goldmines S.A. is due certain refunds of VAT which, to date, remain outstanding. During the six months ended 30 June 2023, AngloGold Ashanti did not recover any VAT offsets and refunds from its operations in the DRC. AngloGold Ashanti’s attributable share of the net recoverable VAT balance (including recoverable fuel duty and after discounting provisions) owed to AngloGold Ashanti by the DRC government increased by $3 million, or three percent, from $86 million at 31 December 2022 to $89 million at 30 June 2023.

Net taxation paid decreased by $27 million, or 31 percent, from $87 million in the six months ended 30 June 2022 to $60 million in the six months ended 30 June 2023. The decrease in net taxation paid was mainly due to lower tax payments in Tanzania, Ghana, Australia and Brazil, partially offset by higher tax payments in Colombia.

Cash flows from investing activities amounted to a net outflow of $394 million in the six months ended 30 June 2023, which was $392 million, or 50 percent, lower than a net outflow of $786 million in the six months ended 30 June 2022. The decrease in outflow from investing activities was mainly due to the acquisition of Corvus Gold Inc. in the six months ended 30 June 2022 for $365 million, a decrease in other investments and assets acquired of $16 million, an increase in interest received of $17 million, a decrease in cash restricted for use of $9 million and an increase in proceeds from disposal of tangible assets of $6 million, partially offset by higher capital expenditure of $19 million.

Cash flows from financing activities amounted to a net outflow of $248 million in the six months ended 30 June 2023, which was a change of $180 million from a net outflow of $68 million in the six months ended 30 June 2022. The increase in outflow was mainly due to lower proceeds from borrowings, as well as higher repayment of lease liabilities, finance costs and dividends paid, partially offset by lower repayment of borrowings and other borrowing costs.

Cash inflows from proceeds from borrowings decreased by $194 million from $202 million in the six months ended 30 June 2022 to $8 million for the six months ended 30 June 2023. During the six months ended 30 June 2022, the Company made a further drawdown of $41 million on the $295 million 2021 Geita multi-currency RCF, a further drawdown of $65 million on the Australian portion of the previous US$1.4 billion 2018 multi-currency RCF and a drawdown of $96 million on the Australian portion of the US$1.4 billion 2022 multi-currency RCF. During the six months ended 30 June 2023, the Company made a further drawdown of $8 million on the $295 million 2021 Geita multi-currency RCF.

Cash outflows from repayment of borrowings decreased by $22 million from $96 million in the six months ended 30 June 2022 to $74 million in the six months ended 30 June 2023. During the six months ended 30 June 2022, there was a full repayment of $96 million on the previous US$1.4 billion 2018 multi-currency RCF. During the six months ended 30 June 2023, AngloGold Ashanti repaid $50 million on the $65 million 2022 Siguiri RCF and $24 million on the US$1.4 billion 2022 multi-currency RCF.

Finance costs paid increased by $7 million from $54 million in the six months ended 30 June 2022 to $61 million in the six months ended 30 June 2023. The increase was mainly due to higher finance costs paid on the $295 million 2021 Geita multi-currency RCF and the $65 million 2022 Siguiri RCF as a result of higher interest rates and higher drawdowns.

Other borrowing costs decreased by $10 million from $11 million in the six months ended 30 June 2022 to $1 million in the six months ended 30 June 2023. The other borrowing costs paid during the six months ended 30 June 2022 related to the transaction costs of the US$1.4 billion 2022 multi-currency RCF. The other borrowing costs paid during the six months ended 30 June 2023 related to costs to extend the maturity of the US$1.4 billion 2022 multi-currency RCF.

Dividends paid increased by $7 million from $69 million in the six months ended 30 June 2022 to $76 million in the six months ended 30 June 2023. Dividends declared to non-controlling interests decreased by $31 million from $37 million in the six months ended 30 June 2022 to $6 million in the six months ended 30 June 2023. Due to timing of payments, dividends paid to non-controlling interests decreased by $7 million from $7 million in the six months ended 30 June 2022 to nil in the six months ended 30 June 2023. These dividends were, or will be, paid by the Company’s non-wholly owned subsidiaries CVSA and Siguiri to their respective non-AGA related shareholders. In the six months ended 30 June 2023, the Company declared and paid a dividend of $76 million to its shareholders, compared to a dividend of $62 million declared and paid in the six months ended 30 June 2022. On 4 August 2023, the Company declared an interim dividend of $17 million, or 4 US cents per share, for the six months ended 30 June 2023.

AngloGold Ashanti intends to finance its capital expenditure, capital lease obligations, other purchase obligations, environmental rehabilitation expenditures and debt repayment requirements in 2023 from cash on hand, cash flow from operations, existing credit facilities and, potentially, if deemed appropriate, long-term debt financing and the issuance of equity and equity-linked instruments. As part of the management of liquidity, funding and interest rate risk, the group regularly evaluates market conditions and may enter into transactions, from time to time, to repurchase outstanding debt, pursuant to open market purchases, privately negotiated transactions, tender offers or other means.

Total borrowings (including lease liabilities) decreased by $128 million, or six percent, from $2,219 million at 30 June 2022 to $2,091 million at 30 June 2023. AngloGold Ashanti’s cash and cash equivalents decreased by $389 million, or 35 percent, from $1.106 billion at 31 December 2022 to $717 million at 30 June 2023.

At 30 June 2023, the group had a cash position (cash and cash equivalents) of $717 million, with liquidity comprising the US$1.4 billion 2022 multi-currency RCF of which $1.387 billion was undrawn; the $65 million 2022 Siguiri RCF of which $50 million was undrawn; the South African R150 million ($8 million) RMB corporate overnight facility which was undrawn; and the $295 million 2021 Geita multi-currency RCF of which $141 million was undrawn, taking overall group liquidity to approximately $2.3 billion.

In February 2023, the 2021 Geita multi-currency RCF was amended to, among other matters, increase its size from an equivalent of $150 million to an equivalent of $295 million and change the reference rate to Term SOFR.

In May 2023, the maturity of the US$1.4 billion 2022 multi-currency RCF was extended by one year from 9 June 2027 to 9 June 2028, with the option, upon application, to extend it further by another year.

AngloGold Ashanti Holdings plc (the “Issuer”), a direct wholly-owned subsidiary of AngloGold Ashanti Limited (the “Guarantor”), has issued three series of outstanding debt securities which are each fully and unconditionally guaranteed by the Guarantor (the “guaranteed debt securities”). The Issuer is a company incorporated under the laws of the Isle of Man that holds certain of AngloGold Ashanti’s operations and assets located outside of South Africa. The guaranteed debt securities outstanding as of 30 June 2023 consisted of:

•a $300 million 30-year bond, with a maturity date of 15 April 2040 and a fixed coupon of 6.500% payable semi-annually;

•a $750 million 7-year bond, with a maturity date of 1 November 2028 and a fixed coupon of 3.375% payable semi-annually; and

•a $700 million 10-year bond, with a maturity date of 1 October 2030 and a fixed coupon of 3.750% payable semi-annually.

The Guarantor fully and unconditionally guarantees the payment of the principal of, premium, if any, and interest on each of the guaranteed debt securities, including any additional amounts, when and as any such payments become due, whether at maturity, upon redemption or declaration of acceleration, or otherwise. The Guarantor has obtained the approval of the South African Reserve Bank (SARB) to provide each of the guarantees. Each guarantee constitutes unsecured and unsubordinated debt of the Guarantor and ranks equally with all of its other unsecured and unsubordinated debt from time to time outstanding. Each guarantee is or will be effectively subordinated to any of the Guarantor’s existing and future secured debt, to the extent of the value of the assets securing such debt, and structurally subordinated to all of the existing and future liabilities (including trade payables) of each of the Guarantor’s subsidiaries (other than the Issuer). As at 30 June 2023, all of the debt of the Guarantor was unsecured. Under the terms of each full and unconditional guarantee, holders of the guaranteed debt securities will not be required to exercise their remedies against the Issuer before they proceed directly against the Guarantor.

The following summarised financial information reflects, on a combined basis, the assets, liabilities, and results of operations of the Issuer and the Guarantor (collectively, the “Obligor Group”). Intercompany balances and transactions within the Obligor Group have been eliminated. Amounts attributable to the Obligor Group’s investment in consolidated subsidiaries that have not issued or guaranteed the guaranteed debt securities (the “Non-Obligor Subsidiaries”) have been excluded. The Obligor Group’s amounts due from, amounts due to and transactions with Non-Obligor Subsidiaries have been separately disclosed, if considered to be material. The summarised financial information below should be read in conjunction with AngloGold Ashanti’s Condensed Consolidated Interim Financial Statements for the six months ended and as at 30 June 2023.

(1) Gross profit is not disclosed for the Obligor Group. The Guarantor changed the nature of its main operating activities from mining operations to investment holding in 2021 and has no costs and expenses applicable to revenue. As a result, cost of sales and gross profit are no longer presented. The principal activity of the Issuer is to act as a holding company for certain of AngloGold Ashanti’s operations and assets located outside of South Africa.

During the first quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 136,000 ounces of gold for the period from February 2023 to December 2023 in order to manage gold price downside risk associated with Cuiabá partly transitioning to gold concentrate sales and the current high cost associated with CdS. Furthermore, during the second quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 47,000 ounces of gold for the period from January 2024 to June 2024. During the first six months of 2023, AngloGold Ashanti recorded a realised gain of $1 million in respect of these gold derivatives. At 30 June 2023, the mark-to-market value of the remaining open positions was an unrealised gain of $3 million (at 31 March 2023: an unrealised loss of $4 million).

During July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent crude oil for the period from January 2023 to December 2023 that will be cash settled on a monthly basis against the contract price. This comprises approximately 40 percent of the Company’s total anticipated 2023 consumption. The average price achieved on the forward contracts is $89.20 per barrel of Brent crude oil. During the first six months of 2023, AngloGold Ashanti recorded a realised loss of $5 million in respect of these oil derivatives. At 30 June 2023, the mark-to-market value of the remaining open positions was an unrealised loss of $1 million (at 31 December 2022: an unrealised loss of $6 million; at 31 March 2023: an unrealised loss of $2 million).

Summary of six months-on-six months operating and cost variations:

Particulars			Six months ended Jun 2023			Six months ended Jun 2022			%  Variance six months vs  prior year six months
Operating review
Gold production (kozs) (1)			1,236			1,233			—
Financial review
Gold income ($m)			2,144			2,090			3
Average gold price received per ounce ($/oz) (4)			1,920			1,874			2
Corporate & marketing costs ($m) (2)			44			42			5
Exploration & evaluation costs ($m)			112			84			33
Cost of sales - Subsidiaries ($m)			1,749			1,592			10
Cost of sales - Joint Ventures ($m)			181			163			11
All-in sustaining costs per ounce - Subsidiaries ($/oz) (3) (4)			1,661			1,475			13
All-in sustaining costs per ounce - Joint Ventures ($/oz) (3) (4)			1,060			1,003			6
All-in costs per ounce - Subsidiaries ($/oz) (3) (4)			1,927			1,675			15
All-in costs per ounce - Joint Ventures ($/oz) (3) (4)			1,180			1,082			9
Total cash costs per ounce - Subsidiaries ($/oz) (4)			1,232			1,114			11
Total cash costs per ounce - Joint Ventures ($/oz) (4)			880			756			16
Profit (loss) before taxation ($m)			77			407			(81)
Capital expenditure - Subsidiaries ($m)			453			434			4
Capital expenditure - Joint Ventures ($m)			44			38			16

(1) Includes gold concentrate from the Cuiabá mine complex sold to third parties.            

(2) Includes administration and related expenses.            

(3) World Gold Council guidance.

(4) Refer to “Non-GAAP disclosure” for definitions.

The Full Asset Potential (“FP”) review programme aims to achieve a step-change in AngloGold Ashanti’s operating and cost performance by the year 2025. This programme includes a comprehensive three-month assessment of each of the Company’s mine sites, which covers every aspect of an operation. The outcome is intended to enhance the Company’s understanding of the relative potential of each asset and includes developing a plan and implementation schedule to achieve the targeted performance over the next six to 24 months.

The FP programme continues to track its schedule and is currently in the “Deliver Phase” across eight sites. The near-term opportunities identified across sites are starting to make progress against key metrics such as improving development metres and underground ore tonnes mined. It should also be noted that there is a time lag between when projects are identified and when full value is realised given that most improvements involve changes to processes and/or infrastructure which need to be scoped, approved, procured, transported and installed – all before any value can be realised.

Progress at specific sites includes:

Sunrise Dam, the first site to implement the FP programme, continues to perform in line with expectations. Ore tonnes targets were achieved. Metallurgical recovery has improved following the recent ‘health check’ and work is underway to confirm the viability of investing in a concentrated leach project.

Tropicana continues to show progress since entering its “Deliver Phase”. Ore tonnes from the underground mine are steadily improving. Open pit material movement is also improving, with focus now on debottlenecking the loading and hauling. The processing plant throughput remains above the FP target of 9.4 million tonnes.

Geita is a recent site to implement its FP programme. Underground tonnes mined from Nyankanga have reached full potential because of achieving higher backfill volumes. Plant throughput and recovery continue to perform above the FP target and multiple design improvements, including a smart cyclone, mill slicer and shear reactor, are still in various stages of implementation.

Siguiri’s FP programme initiative to transition to owner mining is on-track. Following the CIL tank failure during the second quarter of 2023, which has since been repaired, the site team has restored plant throughput to full capacity and without incident.

As previously disclosed, tailings-related regulations introduced in Brazil required AngloGold Ashanti Brazil to conduct a new detailed risk assessment of its portfolio of TSFs by December 2022. The regulations required this new risk assessment be conducted with oversight from external consultants. One of the conclusions of this review was to increase buttressing of the Calcinados TSF to align its post liquefaction factor of safety with the international standards currently considered best practice. AngloGold Ashanti is proceeding with this buttressing programme and has therefore suspended filtered tailings deposition at the TSF, which services the Cuiabá mine complex (composed of the Cuiabá and Lamego mines).

The Calcinados TSF remains safe and stable, per the conclusions of risk assessments by external consultants and the Company’s internal TSF team. The TSF’s factors of safety, in both a drained and undrained state, are fully compliant with relevant Brazilian operating regulations.

AngloGold Ashanti’s focus is to maintain compliance with the tailings-related regulations in Brazil, including new requirements introduced last year, and to maintain a close and transparent relationship with the relevant authorities.

During the first six months of 2023, the Company carried out geotechnical investigations to support the buttressing programme. The timeline for completion of the buttressing is expected to be determined once engineering and geotechnical design has been completed by external consultants.

Processing of gold concentrate at the Queiroz plant, which services the Cuiabá mine complex, is expected to resume following completion of the Calcinados TSF buttressing programme and wastewater treatment upgrades at the Queiroz plant. In the meantime, mining of ore and production of gravimetric gold and gold-in-concentrate are continuing at the Cuiabá mine complex. The first shipment of such gold concentrate occurred in April 2023 and since then shipments have continued on a monthly basis. Refining activities at the Queiroz plant, including refining of gravimetric gold from the Cuiabá mine complex, remain unaffected.

The Cuiabá mine complex produced 241,000oz of gold in 2022. During the first six months of 2023, Cuiabá produced 112,000oz, which comprised 38,000oz of gravimetric gold and 74,000oz of gold-in-concentrate.

Tailings deposition is also temporarily suspended at the Company’s other active TSFs in Brazil pending certification by external consultants of on-site emergency response plans. Mining of ore is continuing pending this certification. Alternative tailings deposition sites have been identified at the Cuiabá mine complex in the interim, while Serra Grande uses in-pit tailings deposition.

The Company recorded a fatality-free first half of 2023.

The Total Recordable Injury Frequency Rate (“TRIFR”) improved by 27% to 0.98 injuries per million hours worked for the first half of 2023, compared to 1.35 injuries per million hours worked in the first half of 2022. The Company’s TRIFR compares favourably with the International Council on Mining and Metals members' average TRIFR of 2.66 injuries per million hours worked in 2022. TRIFR measures workplace safety in terms of the total number of recordable injuries and fatalities that occur per million hours worked.

AngloGold Ashanti’s safety strategy, with specific emphasis on the refreshed Major Hazard Management standard and critical control verifications, continued to be implemented at all the operations, intensifying employees’ focus on safety practices in all workplaces. AngloGold Ashanti continues to address high consequence incidents through the application of its Major Hazard Management process.

In the Africa region, subsidiaries produced 562,000 ounces at a cost of sales of $880 million and a total cash cost per ounce of $1,182 per ounce in the six months ended 30 June 2023, compared to 555,000 ounces at a cost of sales of $773 million and a total cash cost per ounce of $1,105 per ounce in the six months ended 30 June 2022. In the Africa region, joint ventures produced 151,000 ounces at a cost of sales of $182 million and a total cash cost per ounce of $880 per ounce in the six months ended 30 June 2023, compared to 157,000 ounces at a cost of sales of $163 million and a total cash cost per ounce of $756 per ounce in the six months ended 30 June 2022.

At Iduapriem in Ghana, gold production increased by 3,000 ounces, or three percent, to 118,000 ounces at a cost of sales of $195 million and a total cash cost per ounce of $1,004 per ounce in the six months ended 30 June 2023, compared to 115,000 ounces at a cost of sales of $153 million and a total cash cost per ounce of $1,028 per ounce in the six months ended 30 June 2022. The increase in gold production year-on-year was mainly due to higher grades mined as the mine accesses higher grade ore tonnes from Teberebie Cut 2 compared to the same period in 2022, partially offset by lower tonnes processed as the site commissioned the new TSF. Cost of sales increased year-on-year mainly due to higher amortisation as a result of higher gold production combined with higher deferred stripping amortisation at Teberebie Cut 2 which commenced in 2022, higher operating costs related to labour, mining contractors, explosives and higher royalties paid and higher environmental rehabilitation provisions due to inflation and changes in discount rates (due to changes in global economic assumptions) used in calculating rehabilitation costs. Total cash costs per ounce decreased marginally year-on-year primarily due to higher gold production and favourable ore stockpile inventory movements, partially offset by higher royalties paid (related to the higher average gold price received per ounce).

At Obuasi in Ghana, gold production increased by 2,000 ounces, or two percent, to 117,000 ounces at a cost of sales of $157 million and a total cash cost per ounce of $1,020 per ounce in the six months ended 30 June 2023, compared to 91,000 ounces at a cost of sales of $115 million and a total cash cost per ounce of $1,102 per ounce in the six months ended 30 June 2022. The increase in gold production year-on-year was mainly due to a continued ramp-up of the mine with a 23 percent year-on-year increase in underground tonnes processed complemented by a seven percent year-on-year increase in underground grades mined. Cost of sales increased year-on-year mainly due to higher amortisation as a result of higher gold production, higher operating costs related to labour, mining contractors and consumables, as well as higher royalties paid. Total cash costs per ounce decreased year-on-year mainly due to higher gold production and favourable ore stockpile inventory movements, partially offset by higher mining costs (related to an increased consumption of maintenance spares) and higher royalties paid (related to the higher average gold price received per ounce and higher gold sold).

At Siguiri in Guinea, gold production decreased by 32,000 ounces, or 23 percent, to 110,000 ounces at a cost of sales of $235 million and a total cash cost per ounce of $1,621 per ounce in the six months ended 30 June 2023, compared to 142,000 ounces at a cost of sales of $237 million and a total cash cost per ounce of $1,232 per ounce in the six months ended 30 June 2022. The decrease in gold production year-on-year was mainly due to lower tonnes processed as a result of the CIL tank failure during the second quarter of 2023, as well as lower recovered grades as a result of lower metallurgical recoveries from the treatment of carbonaceous material. Cost of sales decreased marginally year-on-year mainly due to lower operating costs related to lower fuel prices, lower royalties paid and lower amortisation due to lower gold production. Total cash costs per ounce increased year-on-year mainly due to lower gold production and unfavourable ore stockpile inventory movements.

At Geita in Tanzania, gold production increased by 10,000 ounces, or five percent, to 217,000 ounces at a cost of sales of $293 million and a total cash cost per ounce of $1,107 per ounce in the six months ended 30 June 2023, compared to 207,000 ounces at a cost of sales of $268 million and a total cash cost per ounce of $1,046 per ounce in the six months ended 30 June 2022. The increase in gold production year-on-year was mainly due to higher grades mined, partially offset by lower tonnes processed due to a planned mill shutdown during the first quarter of 2023 (which has been completed).

Cost of sales increased year-on-year mainly due to higher operating costs related to labour, mining contractors, power and consumables, higher royalties paid, higher deferred stripping amortisation at Nyamulilima and higher tangible asset amortisation. Total cash costs per ounce increased year-on-year mainly due to the change in mining plan and higher mining costs resulting from an increase in open pit mining at Nyamulilima and underground mining at Nyankanga as well as an increase in backfilling at Star and Comet and Nyankanga underground mines.

At Kibali in the DRC, gold production decreased by 6,000 ounces, or four percent, to 151,000 ounces at a cost of sales of $181 million and a total cash cost per ounce of $880 per ounce in the six months ended 30 June 2023, compared to 157,000 ounces at a cost of sales of $163 million and a total cash cost per ounce of $756 per ounce in the six months ended 30 June 2022. The decrease in gold production year-on-year was mainly due to lower grades mined, partially offset by higher tonnes processed. Cost of sales increased year-on-year mainly due to higher volumes mined and higher operating costs related to higher oil and commodity prices, partially offset by favourable ore stockpile inventory movements. Total cash costs per ounce increased year-on-year mainly due to lower gold production, higher oil and commodity prices and higher diesel and reagent consumption costs, partially offset by favourable ore stockpile inventory movements.

In the Americas region, gold production decreased by 9,000 ounces, or three percent, to 258,000 ounces at a cost of sales of $455 million and a total cash cost per ounce of $1,313 per ounce in the six months ended 30 June 2023, compared to 267,000 ounces at a cost of sales of $439 million and a total cash cost per ounce of $1,062 per ounce in the six months ended 30 June 2022.

At AngloGold Ashanti Mineração in Brazil, gold production decreased by 2,000 ounces, or one percent, to 142,000 ounces at a cost of sales of $222 million and a total cash cost per ounce of $1,330 per ounce in the six months ended 30 June 2023, compared to 144,000 ounces at a cost of sales of $223 million and a total cash cost per ounce of $1,082 per ounce in the six months ended 30 June 2022. The marginal decrease in gold production year-on-year was mainly due to lower ore tonnes processed at the Cuiabá mine complex, partially offset by higher recovered grades at the CdS mine complex. During the first six months of 2023, Cuiabá produced 112,000 ounces, which comprised 38,000 ounces of gravimetric gold and 74,000 ounces of gold-in-concentrate. Cost of sales decreased marginally year-on-year mainly due to lower amortisation at CdS due to lower gold production and the impact of impairments at CdS and Cuiabá recognised in 2022, and favourable ore stockpile inventory movements, partially offset by higher operating costs relating to labour, mining contractors and consumables, additional costs to produce and sell gold-in-concentrate as well as higher environmental rehabilitation provisions due to inflation and changes in discount rates (due to changes in global economic assumptions) used in calculating rehabilitation costs. Total cash costs per ounce increased year-on-year mainly due to marginally lower gold production, lower by-product revenue as sulphuric acid sales remained suspended pending resumption of operation from the Queiroz plant, higher operating costs relating to labour, mining contractors and consumables, additional costs to produce and sell gold-in-concentrate and additional operating costs related to TSF management. This increase was partially offset by lower royalties paid.

At Serra Grande in Brazil, gold production decreased by 2,000 ounces, or five percent, to 37,000 ounces at a cost of sales of $80 million and a total cash cost per ounce of $1,620 per ounce in the six months ended 30 June 2023, compared to 39,000 ounces at a cost of sales of $79 million and a total cash cost per ounce of $1,466 per ounce in the six months ended 30 June 2022. The decrease in gold production year-on-year was mainly due to lower ore tonnes processed, partially offset by higher grades mined. Cost of sales increased marginally year-on-year mainly due to higher operating costs relating to labour, mining contractors and additional technical services, partially offset by lower amortisation due to lower gold production. Total cash costs per ounce increased year-on-year mainly due to lower gold production, unfavourable ore stockpile inventory movements as well as increases in operating costs relating to labour, mining contractors and additional technical services.

At Cerro Vanguardia in Argentina, gold production decreased by 5,000 ounces, or six percent, to 79,000 ounces at a cost of sales of $151 million and a total cash cost per ounce of $1,128 per ounce in the six months ended 30 June 2023, compared to 84,000 ounces at a cost of sales of $135 million and a total cash cost per ounce of $829 per ounce in the six months ended 30 June 2022. The decrease in gold production year-on-year was mainly due to lower grades mined, partially offset by higher tonnes processed. Cost of sales increased year-on-year mainly due to higher operating costs related to labour, consumables and power as well as higher environmental rehabilitation provisions due to inflation and changes in discount rates (due to changes in global economic assumptions) used in calculating rehabilitation costs. Total cash costs per ounce increased year-on-year mainly due to cost increases related to labour, fuel, power, explosives and services (annual inflation in Argentina is estimated at around 100 percent), lower by-product income (due to lower volumes of silver sold), higher consumption of materials and services as well as unfavourable ore stockpile inventory movements.

In the Australia region, gold production decreased by 11,000 ounces, or four percent, to 265,000 ounces at a cost of sales of $414 million and a total cash cost per ounce of $1,296 per ounce in the six months ended 30 June 2023, compared to 254,000 ounces at a cost of sales of $380 million and a total cash cost per ounce of $1,204 per ounce in the six months ended 30 June 2022.

At Sunrise Dam in Australia, gold production increased by 10,000 ounces, or nine percent, to 127,000 ounces at a cost of sales of $196 million and a total cash cost per ounce of $1,304 per ounce in the six months ended 30 June 2023, compared to 117,000 ounces at a cost of sales of $185 million and a total cash cost per ounce of $1,377 per ounce in the six months ended 30 June 2022. The increase in gold production year-on-year was mainly due to a combination of improved mill feed grades and metallurgical recoveries resulting in a nine percent improvement in recovered grade. Cost of sales increased year-on-year mainly due to higher operating costs related to labour, consumables, fuel and power. Total cash costs per ounce decreased year-on-year mainly due to higher gold production and favourable ore stockpile inventory movements, partially offset by higher royalties paid as well as higher labour and consumable costs.

At Tropicana in Australia, gold production increased by 1,000 ounces, or one percent, to 138,000 ounces at a cost of sales of $202 million and a total cash cost per ounce of $1,182 per ounce in the six months ended 30 June 2023, compared to 137,000 ounces at a cost of sales of $180 million and a total cash cost per ounce of $959 per ounce in the six months ended 30 June 2022. The marginal increase in gold production year-on-year was mainly due to higher volumes processed, partially offset by lower grades mined. Cost of sales increased year-on-year mainly due to higher operating costs related to fuel, labour and mining contractors, and higher environmental rehabilitation provisions due to inflation and changes in discount rates (due to changes in global economic assumptions) used in calculating rehabilitation costs, partially offset by lower amortisation of stripping assets and Mineral Reserve development amortisation. Total cash costs per ounce increased year-on-year mainly due to higher waste stripping costs and higher mining costs related to drilling and blasting, partially offset by favourable ore stockpile inventory movements.

Phase 3 of the Obuasi redevelopment project, which relates principally to extended capital expenditure to refurbish existing infrastructure around the KMS shaft, as well as to service the mine in deeper production areas, reached 82 percent overall completion during the first half of 2023.

Phase 3 achieved the following milestones:

•Completed the 50-level station and water handling system;

•Reamed ca.33 percent of the 945m vent raise;

•Licensed the winder for operations via the Ghanaian mining authorities;

•Started the installation of the new pipe columns;

•Ground support on 50-level has reached 50 percent completion;

•The KMS shaft is now complete and operational down to 51-level; and

•Completed mining of a new ore pass between the operational mine and 4100 rail.

The next key project milestones include completing the new ore pass, commissioning the rail system and completing the second shaft loading station at 5100.

Completion of a scoping study on the Havana underground mineralisation has justified the commencement of a pre-feasibility study (“PFS”). The PFS is progressing well with various options being considered to determine the most economical way to access the Havana underground orebody while open-pit mining remains active in the Havana pit. Options include a direct access portal from the pit via a dedicated decline and the development of the “Havana Link” drive connecting the Tropicana underground extension with the Havana underground orebody.

Completion of the feasibility study (“FS”) for the North Bullfrog Project is anticipated during the second half of 2023. The FS is proposing an open-pit mining alternative utilising both gravity milling and heap leaching for ore processing. Results from recent Mineral Resource conversion drilling are being incorporated into an update of the Mineral Resource model. This model will be the basis for the final optimisation of the FS. Permitting processes are underway for the North Bullfrog Project and environmental baseline studies are being reviewed by the agencies for completeness.

The Silicon Project has been rebranded as the Expanded Silicon Project to include both the northern and southern deposits of Silicon and Merlin, respectively. The acquisition of the assets of Coeur Sterling, Inc. has allowed optimisation of an Inferred Mineral Resource drilling programme targeting the Merlin deposit. This programme has returned encouraging results during the first half of 2023 and the mineralisation at Merlin remains open in several directions. As a consequence of the considerable potential evident at Merlin, the Silicon PFS has been rolled back to incorporate Merlin in a conceptual study (“CS”) for the Expanded Silicon Project.

Following the decision of Colombia’s national environmental agency (“ANLA”) in November 2021 to archive the Company’s environmental licence application related to the Quebradona project, and the confirmation of such decision in April 2022, AngloGold Ashanti has been working to complete the data acquisition required at the tunnel alignment area. In addition, an optimised FS is currently underway to implement improvements in water management, operational flexibility, maintainability, and constructability.

A FS was completed for the Gramalote gold project, which is a joint venture between AngloGold Ashanti and B2Gold Corp. (“B2Gold”). Both partners determined that the Gramalote project does not meet their investment thresholds for development of the project. The Gramalote project continues to benefit from government support as well as continuing support from local communities. AngloGold Ashanti and B2Gold completed a comprehensive review of the alternatives for the Gramalote project and consider that it would be in the best interest of all stakeholders for a new party to own the project. The partners commenced a joint sales process for the Gramalote project in the fourth quarter of 2022.

During March 2023, Gold Fields and AngloGold Ashanti agreed the key terms of a proposed joint venture in Ghana between Gold Fields’ Tarkwa and AngloGold Ashanti’s neighbouring Iduapriem mines. Both mines are located near the town of Tarkwa in the country’s Western Region.

Both companies have commenced engagements with senior government officials in Ghana and will continue engaging with the Government of Ghana (“GoG”), relevant regulators and other key stakeholders, with a view to implementing the proposed joint venture as soon as practically possible.

Both companies have agreed to mutual exclusivity during this engagement. Excluding the interest to be held by the GoG, Gold Fields will have an interest of 66.7 percent, or two-thirds, and AngloGold Ashanti will have an interest of 33.3 percent, or one-third, in the proposed joint venture.

There can be no certainty that the parties will enter into a definitive agreement with respect to the proposed joint venture or about the timing, terms and conditions of any such definitive agreement. Implementation of the proposed joint venture is subject to, among other matters, reaching agreement with the GoG regarding the proposed joint venture, conclusion of confirmatory due diligence and securing all requisite regulatory approvals.

Kibali Goldmines S.A. is continuing to engage in discussions with the DRC Customs Authority and DRC Ministry of Finance regarding the customs claims previously reported. In this regard, on 26 March 2023, the parties agreed to settle one of the DRC Customs Authority claims concerning historic export duties.

Discussions to resolve the remaining customs claims are ongoing. A formal reassessment notice has not yet been issued by the DRC Customs Authority with respect to these claims.

On 3 May 2023, a tank in the CIL circuit at Siguiri unexpectedly collapsed and damaged some surrounding infrastructure. No injuries were sustained and the environmental impact was contained to the operational area immediately adjacent to the plant. The site team returned mill 1 to service on 19 May 2023 and, following repairs to the CIL tank, the plant returned to full production at the end of the first half of 2023. The plant is currently achieving the planned throughput rate, although metallurgical recovery is lower due to fewer tanks and less residence time. All seven CIL tanks have been assessed, with four in operation. Based on third-party investigations, the cause of the failure is related to a failed weld, and the site is progressing an insurance claim for the repair and loss of production.

On 12 May 2023, AngloGold Ashanti Limited announced a change in the group’s corporate structure whereby it will be domiciled in the United Kingdom (“UK”) with a primary listing on the New York Stock Exchange (“NYSE”) and secondary listings on the Johannesburg Stock Exchange (“JSE”) and A2X Markets (“A2X”) in South Africa and on the Ghana Stock Exchange (“GhSE”) in Ghana.

A number of inter-conditional steps will be taken to implement the corporate restructuring (collectively, the “Proposed Transaction”), including:

•A new UK incorporated company, AngloGold Ashanti plc, will make an offer to purchase 100 percent of AngloGold Ashanti Holdings plc which, upon acceptance of the offer, will result in AngloGold Ashanti plc holding all of AngloGold Ashanti Limited’s operations and assets located outside South Africa;

•AngloGold Ashanti plc will then acquire all the issued shares of AngloGold Ashanti Limited in exchange for the issue of new AngloGold Ashanti plc ordinary shares through a scheme of arrangement in terms of section 114 of the South African Companies Act, No. 71 of 2008 between AngloGold Ashanti Limited and its shareholders (the “Scheme”); and

•Upon implementation of the Scheme, AngloGold Ashanti Limited shares will be delisted from all the exchanges on which they are listed and AngloGold Ashanti plc will seek a primary listing on the NYSE, with secondary listings on the JSE, A2X and GhSE.

If successfully completed, the Proposed Transaction will result in the new holding company, AngloGold Ashanti plc, owning all of AngloGold Ashanti Limited’s current assets with:

•The same underlying shareholders as AngloGold Ashanti Limited immediately prior to implementation of the Proposed Transaction;

•No change of economic substance to the group, save for the costs of implementation of the Proposed Transaction; and

•AngloGold Ashanti plc being subject to English company law.

The cost of the Proposed Transaction will be funded from available cash resources and existing debt facilities. The implementation of the Proposed Transaction is subject to the fulfilment or waiver of certain conditions precedent.

On 12 May 2023, AngloGold Ashanti Limited announced that the Company has requested and received formal approval from the Australian Securities Exchange (“ASX”) to be removed from the official list of ASX pursuant to ASX Listing Rule 17.11 (the “Delisting”). The Delisting occurred on Tuesday, 27 June 2023. The Company’s CHESS Depositary Interests (“CDIs”) were suspended and ceased to trade on the ASX at the close of trade on Friday, 23 June 2023 (being two business days before the Delisting).

On 29 May 2023, the Company announced the appointment of Ms. Diana Sands and Ms. Jinhee Magie as independent non-executive directors of the Company with effect from 1 June 2023. Ms. Sands serves as a member of the Remuneration and Human Resources Committee and the Social, Ethics and Sustainability Committee and Ms. Magie serves as a member of the Audit and Risk Committee and the Investment Committee.

On 23 June 2023, the Company announced the retirement of Mr. Ludwig Eybers as Chief Operating Officer (“COO”) of the Company and a member of the Executive Committee with effect from 30 June 2023. Mr. Eybers will be retiring from the Company in December 2023. From 1 July 2023, Mr. Marcelo Godoy, Chief Technology Officer (“CTO”) of the Company and a member of the Executive Committee, will assume the role of Interim COO and will work closely with Mr. Eybers in the coming months to ensure a smooth transition until a new permanent COO has been identified. Mr. Jason May, Senior Vice President: Technical, has been appointed interim CTO until Mr. Godoy resumes his role as CTO.

On 21 July 2023, the Company announced the resignation of Ms. Leeanne Goliath as Group Company Secretary of AngloGold Ashanti with effect from 20 July 2023 to pursue another opportunity. Ms. Goliath will continue to fulfil her duties until 20 October 2023. AngloGold Ashanti will commence a process of appointing a suitable replacement and advise shareholders of the appointment of a new Group Company Secretary in due course.

(1) Other (expenses) income for the first half of 2023 was $45m higher compared to the first half of 2022. This was mainly due to an increase in environmental provisions for legacy tailings storage facilities (TSFs) of $57m (mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs) and an increase in legal and project fees of $16m (of which $14m related to AngloGold Ashanti’s proposed corporate restructuring), partially offset by other movements of $23m.

(2) Calculated on the basic weighted average number of ordinary shares.

(3) Calculated on the diluted weighted average number of ordinary shares.

(1) Increase is mainly due to deferred taxation assets recognised at Obuasi, resulting from generated tax losses to be utilised against future taxable income and at Brazil due to further impairments.

(2) Mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs, as well as major restoration projects planned at Obuasi.

(1) Cash and cash equivalents at the end of the period is net of a bank overdraft of $5m (Jun 2022: nil; Dec 2022: $2m).

(1) Foreign currency translation reserve includes a loss of $1,409m (Jun 2022: $1,396m; Dec 2022: $1,400m) that will not re-cycle through the income statement on disposal of non-foreign operations, and a loss of $50m (Jun 2022: $35m; Dec 2022: $40m) relating to foreign operations that will re-cycle through the income statement on disposal.

AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are responsible for geographic regions of the business.

Under the group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical region.

In addition to the geographical reportable segments structure, the group has voluntarily disaggregated and disclosed the financial information on a line-by-line basis for each mining operation to facilitate comparability of mine performance.

        

									Six months			Six months			Year
									ended			ended			ended
									Jun			Jun			Dec
									2023			2022			2022
Gold income
US Dollar million									Unaudited			Unaudited			Audited
AFRICA *									1,475			1,386			2,981
Kibali - Attributable 45%									298			281			596
Iduapriem									239			224			443
Obuasi									242			165			431
Siguiri									258			321			591
Geita									438			395			920
AUSTRALIA *									514			475			967
Sunrise Dam									250			218			410
Tropicana - Attributable 70%									264			257			557
AMERICAS *									453			510			1,036
Cerro Vanguardia									158			168			319
AngloGold Ashanti Mineração (1)									223			267			557
Serra Grande									72			75			160
									2,442			2,371			4,984
Equity-accounted joint venture included above									(298)			(281)			(596)
									2,144			2,090			4,388

(1) Includes income from sale of gold concentrate.