UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2025

Commission File Number: 001-41815

(Translation of registrant’s name into English)

4th Floor, Communications House, South Street

Staines-upon-Thames, Surrey TW18 4PR

        United Kingdom        

6363 S. Fiddlers Green Circle, Suite 1000

Greenwood Village, CO 80111

        United States of America       

(Address of principal executive offices)

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

20-F or Form 40-F.

Form 20-F ☒      Form 40-F ☐

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

December 2024

AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the

“Company”) delivered significant year-on-year gains in earnings

and free cash flow* in 2024, following continued focus on cost

control and the year’s strongest gold production period from its

managed operations(2)(3)(4) in Q4 2024.

Higher revenues were reflected in significantly stronger cash flow

and earnings in a year where costs rose by less than half the

inflation rate for managed operations, and the Company focused

on active management of working capital.

Free cash flow* rose to $942m in 2024, up from $109m in 2023.

amortisation (“Adjusted EBITDA*”) rose 93% to $2.747bn, from

$1.420bn in 2023.

"The significant growth in free cash flow* -- to almost a billion

dollars in 2024 — is a result of our focus on continued operational

and efficiency improvements, which in turn have allowed us to

capture the benefit of a healthy gold price,” CEO Alberto Calderon

said. “With the business receiving appropriate investment and the

balance sheet at its strongest position in well over a decade, we’re

able to pass on those benefits to shareholders in a more generous

dividend policy.”

Headline earnings(5) of $954m, or 221 US cents per share for

2024, compared to a headline loss(5) of $46m, or 11 US cents per

share for 2023. The average gold price received per ounce* for

the group rose 24% to $2,394/oz in 2024 from $1,930/oz in 2023.

New Dividend Policy Improves Competitiveness

As a result of improved operational fundamentals, a robust

balance sheet, and increased confidence in the Company’s

outlook, the Company’s Board of Directors has approved a

revised dividend policy aimed at delivering enhanced and

sustainable shareholder returns. Under the new policy, AngloGold

Ashanti will target a 50% payout of free cash flow, where free

cash flow is defined as operating cash flow less capital

expenditure of managed operations, subject to maintaining an

adjusted net debt to adjusted EBITDA ratio of 1.0 times.

Additionally, the revised policy introduces a base dividend of

$0.50 per share per annum, payable in quarterly increments of

$0.125 per share. This base dividend represents the minimum

payout, ensuring a stable return to shareholders even through

commodity price cycles. This enhanced policy reflects the

Company’s commitment to strong capital discipline, financial

resilience, and delivering long-term value to shareholders, while

providing greater predictability and downside protection in

varying market conditions.

An interim dividend of $347m, or 69 US cents per share, was

declared for the second half. This takes the total payout for 2024

to $439m, or 91 US cents per share.

The new policy is an important part of a balanced capital

allocation framework. The leverage target — a maximum of one

times Adjusted net debt* to Adjusted EBITDA*, through the cycle

— remains unchanged, as does ensuring a well capitalised

portfolio  and the ability to fund growth projects.

Lowest Leverage Since 2011

The balance sheet remained in a strong position after funding all

capital expenditure, the prior dividend payment and the cash

portion of the acquisition of Centamin plc (“Centamin”). At the end

of 2024, Adjusted net debt* was $567m, and the Adjusted net

debt* to Adjusted EBITDA* ratio was 0.21 times, the lowest since

2011. There was approximately $2.6bn in liquidity, including cash

and cash equivalents of $1.4bn, at year end.

Improved Fundamentals Support 2024 Performance

AngloGold Ashanti posted strong performances from several key

operations during 2024, demonstrating improved operational

resilience. The Australian mines recovered well from rains and

flooding in the first half of the year, while Siguiri finished the year

well after Q1 2024 production was impacted by metallurgical

recovery challenges.

The marked operational turnaround of the Brazilian operations

also continued to gain momentum following resumption of

concentrate processing at the Queiroz plant during Q3 2024.

Obuasi delivered an improved Q4 2024 performance, in line with

its revised mine plan, amid improved sub-level open stoping and

the continued rollout of the underhand drift and fill method.

The Company’ s Total Recordable Injury Frequency Rate (“TRIFR”)

of 0.98 injuries per million hours worked in 2024 improved

compared to 1.09 in 2023, and remains far better than the

average 2023 performance of 2.59 injuries per million hours

worked by the members of the International Council on Mining

and Metals.

Group gold production(2)(3)(4), including 40,000oz from Sukari, was

2.661Moz for 2024. Gold production(2)(3)(4) for the year was driven

by year-on-year improvements at Cuiabá (AGA Mineração) (+8%),

Cerro Vanguardia (+7%), Siguiri (+5%), Sunrise Dam (+3%) and

production contributions from Iduapriem (-12%), Kibali (-10%) and

Serra Grande (-7%). At Obuasi, gold production for the year was

221,000oz, in line with recent guidance, at a total cash cost* of

$1,214/oz. The Obuasi mine generated $26m of free cash flow*

for 2024.

The solid gold production performance from AngloGold Ashanti’s

managed operations, alongside continued implementation of the

Full Asset Potential programme and increased vigilance on

expenditures at the site level,  delivered a strong overall cost

performance despite persistent inflation across several of its

operating jurisdictions. The aggregate inflation rate for the group

was about 6.6%, which represents consumer price index (CPI)

changes in the jurisdictions in which the Company operates. This

increase in inflation was partially mitigated by favourable

exchange rate fluctuations.

Total cash costs per ounce* for the group(1)(2)(3) rose 4% year-on-

year to $1,157/oz in 2024 versus $1,115/oz in 2023. Total cash

costs per ounce* for managed operations(1)(2)(3) rose by only 2%

year-on-year to $1,187/oz in 2024 versus $1,162/oz in 2023,

despite inflationary pressures on labour, material and contractor

costs, and the impact of higher royalties paid, driven by the

increase in the average gold price received per ounce*. All-in

sustaining costs per ounce* (“AISC”) for the group(1)(2)(3) rose 4%

year-on-year to $1,611/oz in 2024 versus $1,544/oz in 2023

mainly due to increased total cash costs per ounce * and higher

sustaining capital expenditure*.

Continued Exploration Success

The Company has achieved significant exploration success over

the past five years, adding 20.9Moz to its gold Mineral Reserve

before accounting for depletion and including the acquisition of

Centamin. This marks the seventh consecutive year that

AngloGold Ashanti has recorded annual increases in gold Mineral

Reserve before depletion. Following the acquisition of Centamin,

total group Mineral Reserve at the end of 2024, was 31.2Moz,

total group gold Measured and Indicated Mineral Resource was

67.1Moz and total group gold Inferred Mineral Resource was

55.0Moz.

Strong Operational Performance Recorded in Q4 2024

Gold production for the group(1)(2)(3)(4), including 40,000oz from the

newly acquired Sukari mine, was 750,000oz for Q4 2024 versus

738,000oz in Q4 2023, mainly due to the addition of Sukari and

higher production from Siguiri, Cerro Vanguardia, Sunrise Dam,

Tropicana and Cuiabá (AGA Mineração). This was partly offset by

lower gold production year-on-year at the Kibali joint venture,

where lower grades resulted in gold production of 80,000oz in Q4

2024 compared with 93,000oz in Q4 2023. At Obuasi, Q4 2024

gold production increased 13% quarter-on-quarter as the mine

ramped up the underhand drift-and-fill mine plan, which targets

the higher-grade areas where challenging ground conditions

prevail.

Total cash costs per ounce* for the group(1)(2)(3) increased 9%

year-on-year to $1,144/oz in Q4 2024 from $1,050/oz in Q4 2023.

AISC per ounce* for the group(1)(2)(3) rose by 3% year-on-year in Q4

2024 to $1,647/oz compared with $1,598/oz in Q4 2023.

Headline earnings(5) of $405m, or 89 US cents per share, in Q4

2024, compared to headline earnings(5) of $87m, or 21 US cents

per share, in Q4 2023. Adjusted EBITDA* increased to $884m in

Q4 2024 from $574m in Q4 2023. Free cash flow* rose to $389m

during Q4 2024, from $293m in Q4 2023.

Sukari Acquisition Bolsters Portfolio

On 22 November 2024, the acquisition of Centamin was

successfully completed. Integration of the Sukari gold mine, and

Eastern Desert Exploration commenced immediately. Sukari

contributed 40,000oz of gold production at a total cash cost* of

$1,165/oz in 2024. The mine contributed $61m in free cash flow*

to group free cash flow* in 2024.

“The addition of Sukari, a true tier-one operation, provides a step-

change in our production profile, while improving the cost outlook

and enhancing cash flow generation”, CEO Alberto Calderon said.

Outlook(6)

The Company is pleased to provide updated 2025 guidance,

following the successful integration of Sukari into the portfolio.

Gold production for the group(2)(3)(4) is forecast to range between

2,900Moz and 3,225Moz.  Total cash cost* for the group(2)(3) is

forecast to range between $1,125/oz and $1,225/oz and AISC*

for the group(2)(3) is forecast to range between $1,580/oz and

$1,705/oz. Total capital expenditure for the group(2)(3) is expected

to be between $1,620m and $1,770m.

(1) All financial periods within the financial year ended 31 December 2023 have

been adjusted to exclude the Córrego do Sítio (“CdS”) operation that was placed

on care and maintenance in August 2023.

(2) 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.

(3) On 22 November 2024, the acquisition of Centamin was successfully

completed. Centamin was included in the financial year ended 31 December 2024

from the effective date of acquisition.

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

(5) 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.

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

information.

London, Denver, Johannesburg, 19 February 2025 - AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) is pleased to

provide its financial and operational update for the three months and year ended 31 December 2024.

GOLD PRODUCTION

Gold production for the group in 2024 was 2,661,000oz,

compared to 2,644,000oz in 2023.

Gold production for the group increased by 1% year-on-year, with

improvements recorded at Cuiabá (AGA Mineração) (+8%), Cerro

Vanguardia (+7%), Siguiri (+5%), Sunrise Dam (+3%) and

production contributions from Iduapriem (-12%) and Kibali (-10%)

both impacted by excessive rainfall, as well as Serra Grande (-7%)

and Obuasi (-1%), whilst gold production at Geita remained steady

relative to the prior year. The Company realised overall year-on-

year uplifts in milled tonnes and underground recovered-grade, on

the back of continued reinvestment in improvement initiatives.

Cuiabá (AGA Mineração) had a strong fourth quarter and year,

continuing its performance turnaround with consistent gold

production helped by the resumption of processing and refining

of gold concentrate at the Queiroz metallurgical plant in

September, contributing to a 16% reduction year-on-year in total

cash costs per ounce*. The Australian assets overcame

challenges from flooding, which occurred towards the end of Q1

2024, finishing the year strongly by delivering a 5% improvement

in gold production compared to Q4 2023. 

COSTS

Total cash costs per ounce* for the group increased by 9% year-

on-year to $1,144/oz in Q4 2024, from $1,050/oz in Q4 2023.

Total cash costs per ounce* for managed operations increased

7% year-on-year from  $1,092/oz in Q4 2023 to $1,165/oz in Q4

2024 mainly due to higher input costs. Total cash costs per

ounce* for non-managed joint ventures increased by 27% year-

on-year from $761/oz in Q4 2023 to $967/oz in Q4 2024,

reflecting Kibali’s weaker performance.

Total cash costs per ounce*  for the group increased by 4% year-

on-year to $1,157/oz in 2024 from $1,115/oz in 2023. Total cash

costs per ounce* for managed operations increased 2% year-on-

year from $1,162/oz in 2023 to $1,187/oz in 2024.  Total cash

costs per ounce* for non-managed joint ventures increased by

17% year-on-year from $802/oz in 2023 to $935/oz in 2024. The

overall cost performance came amid an about 6.6% inflation rate

increase, which represents CPI changes in the jurisdictions in

which the Company operates, and about 2% higher costs related

to royalties based on the average gold price received per ounce*

during 2024, partly offset by an about 4% weaker cumulative

foreign currency exchange rate against the US dollar.

AISC per ounce* for the group rose 3% year-on-year  to $1,647/oz

in Q4 2024, from $1,598/oz in Q4 2023.  AISC per ounce* for

managed operations remained steady year-on-year at $1,701/oz

in Q4 2023 versus $1,702/oz in Q4 2024,. AISC per ounce* for

non-managed joint ventures increased by 31% year-on-year from

$907/oz in Q4 2023 to $1,188/oz in Q4 2024.

AISC per ounce* for the group rose by 4% year-on-year to $1,611/

oz in 2024, from $1,544/oz in 2023.  AISC per ounce* for

managed operations increased by 2% year-on-year to $1,672/oz,

compared to $1,634/oz in 2023,  mainly due to an increase in

total cash costs per ounce*, sustaining capital expenditure*, and

rehabilitation costs. AISC per ounce* for non-managed joint

ventures increased by 21% year-on-year from $951/oz in 2023 to

$1,146/oz in 2024, reflecting Kibali’s weaker performance.

ADJUSTED EBITDA*

amortisation* (“Adjusted EBITDA*”) for Q4 2024 was $884m,

compared with $574m for Q4 2023. Adjusted EBITDA* was higher

year-on-year mainly due to a higher average gold price received

per ounce*, higher gold ounces sold, lower costs associated with

old tailing storage facilities (“TSFs”) and governmental fiscal

claims and higher equity earnings from associates and non-

managed joint ventures. This increase was partly offset by higher

operating costs, higher indirect taxes, legal fees mainly related to

the Centamin acquisition, realised losses on non-hedge derivative

contracts, and lower insurance claim credits than the prior year

period.

Adjusted EBITDA* for 2024 was $2,747m, compared with

$1,420m in 2023. Adjusted EBITDA* was higher year-on-year

mainly due to a higher average gold price received per ounce*,

higher gold ounces sold, lower costs associated with old TSF and

governmental fiscal claims, higher equity earnings from

associates and non-managed joint ventures, and corporate

restructuring costs in the prior period which did not recur in the

current period.  This increase was partly offset by higher

operating and rehabilitation costs in the current period,

unfavourable inventory movements, higher corporate costs, legal

fees mainly related to the Centamin acquisition, and realised

losses on non-hedge derivative contracts.

EARNINGS

Basic earnings (profit attributable to equity shareholders) for Q4

2024 were $470m, or 103 US cents per share, compared  to

$28m, or 7 US cents per share in Q4 2023. Basic earnings were

higher year-on-year mainly due to a higher average gold price

received per ounce*, impairment reversals in the current period

versus impairments in Q4, 2023,  lower losses on derecognition of

assets, favourable foreign exchange and fair value adjustments

and lower care and maintenance costs. This increase was partly

offset by higher operating and royalty costs, lower insurance

credits than the prior period,  legal fees mainly associated with

the Centamin acquisition, higher other indirect taxes, lower equity

Basic earnings (profit attributable to equity shareholders) for 

2024 were $1,004m, or 233 US cents per share, compared  to a

loss of $235m, or 56 US cents per share in 2023. Basic earnings

were higher year-on-year mainly due to a higher average gold

price received per ounce*, impairment reversals in the current

period versus impairments in 2023, lower losses on derecognition

of assets, favourable foreign exchange and fair value

adjustments, lower costs associated with old TSF and

governmental fiscal claims, and corporate restructuring costs in

the prior period which did not recur in the current period. This

increase was partly offset by higher operating and rehabilitation

costs in the current period, unfavourable inventory movements,

higher corporate costs, legal fees mainly related to the Centamin

acquisition, higher care and maintenance costs, lower equity

Headline earnings‡ for Q4 2024 were $405m, or 89 US cents per

share, compared with $87m, or 21 US cents per share, in Q4

earnings in Q4 2024, in addition there were impairment reversals

in the current period versus impairments in the prior period, and

Headline earnings‡ for 2024 were $954m, or 221 US cents per

share, compared with a loss of $46m, or 11 US cents per share, in

earnings in 2024, in addition there were impairment reversals in

the current period versus impairments in the prior period, and

‡ The financial measures “headline earnings (loss)” and “headline

earnings (loss) per share” are not calculated in accordance with

IFRS® Accounting Standards, but in accordance with the Headline

Earnings Circular 1/2023, issued by the South African Institute of

Chartered Accountants (SAICA), at the request of the

Johannesburg Stock Exchange Limited (JSE). These measures

are required to be disclosed by the JSE Listings Requirements

and therefore do not constitute Non-GAAP financial measures for

purposes of the rules and regulations of the SEC applicable to the

use and disclosure of Non-GAAP financial measures.

CASH FLOW

Net cash inflow from operating activities was $690m in Q4 2024,

compared to $404m in Q4 2023. This 71% increase was mainly

due to the higher average gold price received per ounce* and

lower corporate restructuring costs, partly offset by lower

dividends received from joint ventures and higher net taxes paid.

After accounting for capital expenditure and loan repayments

from Kibali, the Company recorded free cash inflow* of $389m

during Q4 2024, compared to a free cash inflow* of $293m in Q4

2023.

Net cash inflow from operating activities was $1,968m in 2024,

compared to $971m in 2023. This 103% increase was mainly due

to the higher average gold price received per ounce* and lower

corporate restructuring costs, partly offset by lower dividends

received from joint ventures and higher net taxes paid. After

accounting for capital expenditure and loan repayments from

Kibali, the Company recorded free cash inflow* of $942m during

2024, compared to a free cash inflow* of $109m in 2023.

Free cash flow* before non-sustaining capital expenditure*

(attributable to ordinary shareholders), the metric on which the

dividend payment was previously based, was an inflow of $408m

in Q4 2024, compared to an inflow of $340m in Q4 2023. The

Company’s Board of Directors has reviewed the capital allocation

policy and approved an amendment to the calculation of the

gross dividend.  Under the new policy, AngloGold Ashanti will

target a 50% payout of free cash flow*, where free cash flow* is

defined as operating cash flow less capital expenditure of

managed operations, subject to maintaining an Adjusted net

debt* to Adjusted EBITDA* ratio of 1.0 times. Additionally, the

revised policy introduces a base dividend of $0.50 per share per

annum, payable in quarterly increments of $0.125 per share. The

proposed interim dividend, based on the revised dividend policy,

for the six months ended 31 December 2024, is 69 US cents per

share.

AngloGold Ashanti received dividends of $44m and loan

repayments of $10m from the Kibali joint venture during Q4 2024,

compared to dividends received of $94m during Q4 2023. At

31 December 2024, the Company’s attributable share of the

outstanding cash balances from the Democratic Republic of the

Congo (“DRC”) was $39m, compared to nil at 30 September 2024.

Free cash flow* was impacted by movements in the lock-up of

value added tax (“VAT”) at Geita and Kibali and foreign exchange

controls and export duties at Cerro Vanguardia (“CVSA”):

•In Tanzania, net overdue recoverable VAT input credit refunds

(after discounting provisions) increased by $25m during Q4

2024 to $163m from $138m at 30 September 2024, as a

result of foreign exchange adjustments of $25m,  new claims

submitted of $23m and discounting adjustments of $3m,

partially offset by processing verified VAT claims against

corporate tax payments of $26m. AngloGold Ashanti expects

to continue offsetting verified VAT claims against corporate

taxes.

•In the DRC, the Company's attributable share of the net

recoverable VAT balance (including recoverable fuel duties

and after discounting provisions) decreased by $11m during

Q4 2024 to $65m from $76m at 30 September 2024, as a

result of claim refunds of $11m and an unwinding of discount

and revaluation adjustments decrease of $6m, partially offset

by new claims submitted of $6m.

•In Argentina, the net export duty receivables (after discounting

provisions) remained steady at $3m# during Q4 2024 relative

to Q3 2024. In addition, CVSA’s cash balance decreased by

$36m# during Q4 2024 to $134m# from $170m# at

30 September 2024. The cash remains available for CVSA’s

operational and exploration requirements.

•During Q4 2024, CVSA paid the remaining offshore dividends

of $50m# to AngloGold Ashanti by entering into a currency

swap to obtain the necessary US dollars.

# US dollar equivalent and at prevailing exchange rates.

GOLD HEDGES

During Q4 2023, AngloGold Ashanti entered into zero-cost collars

for a total of approximately 300,000oz of gold for the period from

January 2024 to December 2024 in order to manage gold price

downside risk of the high costs associated with the Brazilian

operations. During Q4 2024, the price of gold remained elevated

above the cap of these gold derivatives. The call options on the

hedge structure were exercised by the banks resulting in a

realised loss position of approximately $38.5m during Q4 2024.

The average price of gold for Q4 2024 was calculated as

$2,661/ oz which was greater than the call strike of $2,148/oz on

those gold derivatives. AngloGold Ashanti recorded a total

realised loss of $86m in respect of these gold derivatives in 2024.

All gold hedges expired at 31 December 2024 and there are no

hedges in place for 2025. As a result, the Company is fully

unhedged with respect to its gold production as of 1 January

2025.

(1) Free cash flow* has been adjusted to exclude corporate restructuring costs and Centamin acquisition costs.

BALANCE SHEET AND LIQUIDITY

Adjusted net debt* decreased to $567m at 31 December 2024

from $1,268m at 31 December 2023. The ratio of Adjusted net

debt* to Adjusted EBITDA* was 0.21 times at 31 December  2024

compared to 0.89 times at 31 December 2023. The Company

remains committed to maintaining a flexible balance sheet with

an Adjusted net debt* to Adjusted EBITDA* target ratio of 1.0

times through the cycle. At 31 December 2024, the balance sheet

remained strong, with liquidity comprising the US$1.4bn 2022

multi-currency RCF of which $1.22bn was undrawn, and the

South African R150m ($8m) RMB corporate overnight facility

which was undrawn. The 2021 Geita multi-currency RCF matured

on 13 December 2024. At 31 December 2024, the $65m 2022

Siguiri RCF was fully drawn. At 31 December 2024, the Company

had a cash and cash equivalent  balance (net of bank overdraft)

of approximately $1.397bn, taking overall group liquidity to

approximately $2.6bn.

CAPITAL EXPENDITURE

For Q4 2024, sustaining capital expenditure* of the group

decreased by 7% year-on-year to $285m, from $308m in Q4 2023.

Sustaining capital expenditure* of managed operations for Q4

2024 was $266m, a year-on-year decrease of 10% compared to

$295m in Q4 2023. The decrease was mainly due to once-off

costs incurred in Q4 2023, including the carbon-in-leach (“CIL”)

Tank 1 failure recovery project at Siguiri.  Sustaining capital

expenditure* of non-managed joint ventures increased by 46%

year-on-year to $19m in Q4 2024, from $13m in Q4 2023, mainly

due to higher expenditure on heavy mobile equipment (“HME”)

rebuilds and IT projects.

Non-sustaining capital expenditure* of the group was 71% higher

year-on-year at $84m in Q4 2024, compared to $49m in Q4 2023.

Non-sustaining capital expenditure* of managed operations

increased by 72% year-on-year to $67m in Q4 2024, from $39m in

Q4 2023 mainly due to higher Beposo TSF spend at Iduapriem,

the Havana growth project at Tropicana and at Siguiri due to

infrastructure capital expenditure in preparation for Block 3

execution. Non-sustaining capital expenditure* of non-managed

joint ventures increased by 70% year-on-year to $17m in Q4 2024,

from $10m in Q4 2023,  mainly due to the solar energy project at

Kibali.

Capital expenditure of the group (including equity-accounted non-

managed joint ventures) was 8% higher year-on-year at  $1,215m,

compared to $1,127m in 2023.  Capital expenditure of managed

operations increased by 5% year-on-year to $1,090m in 2024,

compared to $1,042m in 2023. This increase  was mainly driven

by a $26m increase in non-sustaining capital expenditure*,

primarily due to higher Beposo TSF spend at Iduapriem, and a

$22m increase in sustaining capital expenditure*, mainly due to

acquisition of additional mining fleet at Siguiri and Mineral

Reserve development at Sunrise Dam. Capital expenditure of non-

managed joint ventures increased by 47% year-on-year to $125m

in 2024, from $85m in 2023, mainly as a result of the Kibali solar

energy project and cyanide TSF.

2025 GUIDANCE

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

factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions for 2025 guidance are

as follows: $0.65/A$, BRL5.88/$, AP1,099/$, ZAR18.00/$ and Brent $75/bbl.

Cost and capital forecast ranges for 2025 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 2023 filed with the SEC.

Gold production is expected to range from 2.900Moz to 3.225Moz. Total cash costs per ounce* for managed operations are expected to

range from $1,130/oz to $1,230/oz in 2025. Total cash costs per ounce* are forecast to remain within the guidance range due to the

continued realisation of benefits from the Company’s Full Asset Potential review programme and the integration of Sukari. Sustaining capital

expenditure* for 2025 is expected to grow from 2024 because of modest increases in stay-in-business capital and the full year of Sukari. The

Company’s managed operations are expected to operate at an AISC per ounce* ranging from $1,600/oz to $1,725/oz in 2025. Non-sustaining

capital expenditure* for 2025 is expected to increase from 2024 due to additional investment in North Bullfrog and mining development at

Siguiri and Tropicana and the inclusion of Sukari for the full year. The Company continues to enforce capital and cost discipline across the

business while prioritising the safety, health, and well-being of its employees and its host communities.

2026 GUIDANCE

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

factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Outlook economic assumptions for 2026 guidance are

as follows: $0.67/A$, BRL5.96/$, AP1,2540/$, ZAR18.00/$ and Brent $70/bbl.

Cost and capital forecast ranges for 2026 are expressed in “real” terms. “Real” cash flows are adjusted for “inflation” in order to reflect the change in value of money over time.

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 2023 filed with the SEC.

2026 guidance reflects similar output to that in 2025 with anticipated growth at Obuasi. Continued progression of our Full Asset Potential

programme and overall cost discipline underpins the guided flat cost metrics in real terms.  The expected increase in non-sustaining capital

expenditure reflects the anticipated incremental investment in the construction of North Bullfrog.

REGIONAL REVIEW

AFRICA REGION

In the Africa region, managed operations (including Sukari)

produced 360,000oz at a total cash cost* of $1,225/oz in Q4

2024, compared to 348,000oz at a total cash cost* of $1,076/oz

in Q4 2023. In the Africa region, non-managed joint ventures

produced (on an attributable basis) 80,000oz at a total cash cost*

of $967/oz in Q4 2024, compared to 93,000oz at a total cash

cost* of $761/oz in Q4 2023.

Managed operations (including Sukari) produced 1,254,000oz at a

total cash cost* of $1,212/oz in 2024, compared to 1,237,000oz

at a total cash cost* of $1,138/oz in 2023. In the Africa region,

non-managed joint ventures produced (on an attributable basis)

309,000oz at a total cash cost* of $935/oz in 2024, compared to

343,000oz at a total cash cost* of $802/oz in 2023.

In Ghana, at Iduapriem, gold production was 50,000oz at a total

cash cost* of $1,478/oz for Q4 2024, compared to 79,000oz at a

total cash cost* of $962/oz during Q4 2023. Gold production

decreased by 37% year-on-year in Q4 2024 compared to Q4 2023,

primarily due to lower ore tonnes mined and temporary

production challenges, including equipment and de-watering

issues. While these factors impacted recovered grades,

mitigation efforts included processing stockpile materials to

sustain operations and maintain production continuity. Total cash

costs per ounce* increased by 54% year-on-year in Q4 2024

compared to Q4 2023, primarily due to lower gold production and

higher operating costs. This was driven by increased explosive

usage and higher stockpile movement due to reduced ore mined.

Iduapriem’s gold production was 237,000oz at a total cash cost*

of $1,118/oz in 2024, compared to 268,000oz at a total cash

cost* of $943/oz in 2023. Gold production deceased by 12% year-

on-year in 2024 compared to 2023, primarily due to adverse

weather conditions, a 23% reduction in ore tonnes mined driven

by operational challenges and lower equipment productivity. The

decline in recovered grades (1.36g/t in 2024 vs. 1.54g/t in 2023),

mainly from Block 7&8 Cut 2b and Block 5, further negatively

impacted output. Gold production was also adversely affected by

the processing of increased volumes of lower-grade stockpile

material. Total cash cost per ounce* increased by 19% year-on-

year in 2024 compared to 2023, mainly reflecting the lower gold

production and higher operating costs. Key factors included

increased mining contractor costs, higher inventory movements

due to reduced ore delivery, and elevated royalties on higher gold

prices. This increase was partially offset by cost savings in fuel,

power, service, and refinery expenses, as well as the earlier-than-

expected completion of certain consultancy activities, and lower

labour costs.

At Obuasi, gold production was 60,000oz at a total cash cost* of

$1,169/oz for Q4 2024, compared to 61,000oz at a total cash

cost* of $1,040/oz during Q4 2023. Gold production marginally

decreased by 2% year-on-year in Q4 2024 compared to Q4 2023,

mainly due to a 16% decline in treated tonnes, partially offset by a

14% grade improvement and higher process recovery.

Underground contributions increased, while surface contributions

declined. Total cash costs per ounce* increased by 12% year-on-

year in Q4 2024 compared to Q4 2023, mainly due to higher

operating costs, including increased labour costs, higher support

costs, higher contractor spend due to increased tonnes mined,

and higher reagent consumption, partially offset by increased

capital credits related to Mineral Reserve development.

Obuasi’s gold production was 221,000oz at a total cash cost* of

$1,214/oz in 2024, compared to 224,000oz at a total cash cost*

of $1,114/oz in 2023. Gold production marginally decreased by

1% year-on-year in 2024 compared to 2023, primarily due to a 3%

decline in treated grade (6.25g/t in 2024 vs. 6.44g/t in 2023),

development delays, supply challenges with slag-based binder for

paste fill, poor ground conditions, and stope sterilisation in Block

10. Treated ore tonnes increased slightly, while mill recovery

remained consistent at 86%. Total cash cost per ounce* rose by

9% year-on-year in 2024 compared to 2023, mainly due to higher

labour, material, and contractor costs, driven by a 9% increase in

tonnes mined and a 1% rise in tonnes treated. Elevated reagent,

cement and power costs, and increased underground

development expenses were partially offset by lower

consumption of other materials and stores.

In Guinea, at Siguiri, gold production was 74,000oz at a total

cash cost* of $1,747/oz for Q4 2024, compared to 66,000oz at a

total cash cost* of $1,693/oz in Q4 2023. Gold production

increased by 12% year-on-year in Q4 2024 compared to Q4 2023,

mainly due to improved recovered grades, driven by the exclusion

of Bidini carbonaceous material from the plant feed. Total cash

costs per ounce* rose by 3% year-on-year in Q4 2024 compared

to Q4 2023, mainly driven by higher operating costs and royalties,

partially offset by the increase in gold production.

Siguiri’s gold production was 273,000oz at a total cash cost* of

$1,703/oz in 2024, compared to 260,000oz at a total cash cost*

of $1,650/oz in 2023. Gold production increased by 5% year-on-

year in 2024 compared to 2023, mainly due to improved

metallurgical recovery following the removal of Bidini

carbonaceous material from the plant feed. This increase was

partially offset by a reduction in head grade due to changes in the

mining sequence. Total cash cost per ounce* increased by 3%

year-on-year in 2024 compared to 2023, mainly driven by higher

mining and rehandle costs resulting from a 35% increase in

tonnes mined and 1% more tonnes treated.

In Tanzania, at Geita, gold production was 136,000oz at a total

cash cost* of $892/oz for Q4 2024, compared to 142,000oz at a

total cash cost* of $868/oz in Q4 2023. Gold production

decreased by 4% year-on-year in Q4 2024 compared to Q4 2023,

mainly due to a 1% decline in head grade, reduced plant recovery,

and 7% fewer tonnes treated, impacted by lower throughput rates

from crusher circuit reliability issues and unplanned breakdowns.

Total cash cost per ounce* increased by 3% year-on-year in Q4

2024 compared to Q4 2023, mainly driven by higher operating

costs, royalties, and production taxes, partially offset by increased

metal inventory credits from higher ore stockpiles from mining at

Nyamulilima Cut 2.

Geita’s gold production was 483,000oz at a total cash cost* of

$984/oz in 2024, compared to 485,000oz at a total cash cost* of

$984/oz in 2023. Gold production remained stable year-on-year in

2024 compared to 2023, with a slight decrease attributed to

minor mining and processing activity variances. Total cash cost

per ounce* remained unchanged year-on-year in 2024 compared

to 2023, though individual cost components varied. Direct

operating costs decreased mainly due to labour, reagents, stores,

and fuel savings. Higher inventory credits were driven by

increased ore stockpiling from Nyamulilima Cut 2. These savings

were offset by higher royalties and production taxes due to

increased gold prices.

In Egypt, at Sukari, gold production was 40,000oz at a total cash

cost* of $1,165/oz since its acquisition by the Company on

22 November 2024.

In the DRC, at Kibali, gold production (on an attributable basis)

was 80,000oz at a total cash cost* of $967/oz for Q4 2024,

compared to 93,000oz at a total cash cost* of $761/oz in Q4

2023. Gold production decreased by 14% year-on-year in Q4 2024

compared to Q4 2023 mainly due to adverse weather conditions,

lower recovered grades, impacted by reduced tonnes and grades

from underground and open-pit mining, operational challenges,

and a higher proportion of open-pit ore treated compared to Q4

2023. Total cash cost per ounce* increased by 27% year-on-year

in Q4 2024 compared to Q4 2023, mainly driven by 14% lower

gold production and higher operating costs, partially offset by

increased stockpile addition credits.

Kibali’s gold production (on an attributable basis) was 309,000oz

at a total cash cost* of $935/oz in 2024, compared to 343,000oz

at a total cash cost* of $802/oz in 2023. Gold production

decreased by 10% year-on-year in 2024 compared to 2023, mainly

due to lower recovered grades from open-pit areas mined, driven

by operational challenges and high initial waste stripping. This

decrease was partially offset by higher open-pit tonnes treated

compared to 2023. Total cash cost per ounce* increased by 17%

year-on-year in 2024 compared to 2023, mainly due to higher

operating costs and lower production volumes. The cost increase

was primarily attributed to greater open-pit mining volumes,

reduced stockpile credits due to less full-grade ore mined, and a

higher stripping ratio. Increased waste-stripping capital credits

partially mitigated these factors. The weakening of the Congolese

franc against the US dollar had a minimal impact on overall costs

due to limited exposure to local currency expenses.

AUSTRALIA REGION

In the Australia region, gold production (on an attributable

basis) was 166,000oz at a total cash cost* of $1,171/oz in Q4

2024, compared to 158,000oz at a total cash cost* of $1,177/oz

in Q4 2023.

Gold production (on an attributable basis) was 572,000oz at a

total cash cost* of $1,287/oz in 2024, compared to 562,000oz at

a total cash cost* of $1,251/oz in 2023.

At Sunrise Dam, gold production was 66,000oz at a total cash

cost* of $1,406/oz for Q4 2024, compared to 62,000oz at a total

cash cost* of $1,314/oz in Q4 2023. Gold production increased by

6% year-on-year in Q4 2024 compared to Q4 2023, mainly driven

by a 5% improvement in recovery, despite lower open-pit material

mined, reduced milled tonnes, and additional shutdown activities.

Total cash cost per ounce* increased by 7% year-on-year in Q4

2024 compared to Q4 2023, mainly due to inventory movements.

Sunrise Dam’s gold production was 259,000oz at a total cash

cost* of $1,343/oz in 2024, compared to 252,000oz at a total

cash cost* of $1,318/oz in 2023. Gold production increased by

3% year-on-year in 2024 compared to 2023, mainly due to higher

grades from the underground mine and higher recoveries.

Total cash cost* per ounce increased by 2% year-on-year in 2024

compared to 2023, mainly due to longer haul distances, additional

ground support requirements and plant shutdown activities

during the year.

At Tropicana, gold production (on an attributable basis) was

100,000oz at a total cash cost* of $924/oz for Q4 2024, 

compared to 96,000oz at a total cash cost* of $1,015/oz in Q4

2023. Gold production increased by 4% year-on-year in Q4 2024

compared to Q4 2023, mainly driven by higher surface ore tonnes,

improved mined grades, and better underground grades. Total

cash cost per ounce* decreased by 9% year-on-year in Q4 2024

compared to Q4 2023, reflecting higher gold production, driven by

higher mined grade, as well as reduced open-pit costs due to

lower total material moved, with starting face position variances

and prior year delays. Additionally, improved stockpile material

buildup resulted in cost efficiencies .

Tropicana’s gold production (on an attributable basis) was

313,000oz at a total cash cost* of $1,132/oz in 2024, compared

to 310,000oz at a total cash cost* of $1,105/oz in 2023. Gold

production marginally increased by 1% year-on-year in 2024

compared to 2023, mainly due to higher grades from the open pit

and underground mines, partly offset by lower tonnes milled.

Total cash cost per ounce* increased by 2% in 2024 compared to

2023, primarily due to higher underground and surface mining

costs driven by longer haul distances. Operations were also

impacted by a significant rain event in Q1 2024 that disrupted

surface, underground, and milling activities, contributing to higher

costs and logistical challenges.

AMERICAS REGION

In the Americas region, gold production was 144,000oz at a

total cash cost* of $1,035/oz in Q4 2024, compared to 139,000oz

at a total cash cost* of  $1,017/oz in Q4 2023.

Gold production was 526,000oz at a total cash cost* of $1,027/oz

in 2024, compared to 502,000oz at a total cash cost* of  $1,122/

oz in 2023.

In Brazil, at Cuiabá (AGA Mineração), gold production was

75,000oz at a total cash cost* of $859/oz for Q4 2024, compared

to 73,000oz at a total cash cost* of $957/oz in Q4 2023. Gold

production rose by 3% year-on-year in Q4 2024 compared to Q4

2023, primarily driven by higher recovered grades at Cuiabá

mainly due to improved mining performance and Full Asset

Potential initiatives, despite a 23% reduction in ore treated

compared to Q4 2023. Total cash cost per ounce* decreased by

10% year-on-year in Q4 2024 compared to Q4 2023, mainly driven

by lower processing volumes and the absence of one-time legal

compliance costs from 2023, partially offset by higher labour

costs due to insourcing at Cuiabá.

Gold production was  271,000oz at a total cash cost* of $876/oz

in 2024, compared to 252,000oz at a total cash cost* of $1,041/

oz in 2023. Gold production increased by 8% year-on-year in 2024

compared to 2023, mainly driven by higher recovered grades at

Cuiabá (5.89g/t in 2024 vs 4.82g/t in 2023) despite a 12%

reduction in ore-treated volumes. Improved mining performance

and the implementation of Full Asset Potential initiatives

enhanced dilution control and recovery rates. Total cash cost* per

ounce decreased by 16% year-on-year in 2024 compared to 2023,

mainly reflecting higher production volumes and reduced

operating costs. Key savings resulted from insourcing services

and process improvements, which reduced contractor costs by

$25m. Lower costs related to legal compliance activities initially

undertaken in 2023, including tailings management and

emergency planning measures, also contributed to savings.

Increased labour costs partially offset this decrease due to

workforce adjustments to support mining insourcing. The 2023

stoppage of the Queiroz metallurgical plant, mandated by the

Brazilian authorities, significantly impacted production in early

2023 but did not recur in 2024, further aiding cost efficiency.

At Serra Grande, gold production was 22,000oz at a total cash

cost* of $1,338/oz for Q4 2024, compared to 25,000oz at a total

cash cost* of $1,307/oz in Q4 2023. Gold production decreased

by 12% year-on-year in Q4 2024 compared to Q4 2023 mainly due

to a lower recovered grade, impacted by operational restrictions

in accessing the high-grade Ingá stope. Total cash cost per

ounce* increased by 2% year-on-year in Q4 2024 compared to Q4

2023, mainly driven by higher processed tonnes, lower recovered

grades, and increased labour costs, partially offset by the

weakening of the Brazilian real against the US dollar, cost-saving

initiatives, and reduced contractor and consulting expenses.

Serra Grande’s gold production was 80,000oz at a total cash

cost* of $1,411/oz in 2024, compared to 86,000oz at a total cash

cost* of $1,498/oz in 2023. Gold production decreased by 7%

year-on year compared to 2023, primarily due to reduced tonnes

processed (1,039kt in 2024 vs. 1,125kt in 2023). This decrease

was partially offset by a slightly higher recovered grade of 2.39g/t

compared to 2.37g/t in 2023. Total cash cost per ounce*

decreased by 6% year-on-year in 2024 compared to 2023, mainly

driven by lower variable costs resulting from reduced mining and

processing volumes. Cost savings were achieved through

insourcing underground development activities, which reduced

contractor costs and lower spending on technical consulting

services related to Full Asset Potential initiatives conducted in

2023. Additionally, the weakening of the Brazilian real against the

US dollar and reduced costs for consumables and services

further contributed to the improvement.

In Argentina, at Cerro Vanguardia, gold production was

47,000oz at a total cash cost* of $1,155/oz during Q4 2024,

compared to 41,000oz a total cash cost* of $943/oz in Q4 2023.

Gold production increased by 15% year-on-year in Q4 2024

compared to Q4 2023, mainly driven by improved plant and heap

leach performance and higher grades. Total cash cost per ounce*

increased by 22% year-on-year in Q4 2024 compared to Q4 2023,

mainly driven by lower silver by-product revenue, reduced

stripping cost capitalisation, higher mining volumes, inflationary

pressures on materials and labour, and increased royalties,

partially offset by a weaker Argentinian peso against the US

dollar.

Cerro Vanguardia’s gold production was 175,000oz at a total

cash cost* of $1,073/oz in 2024, compared to 164,000oz at a

total cash cost* of $1,045/oz in 2023. Gold production increased

by 7% year-on-year in 2024 compared to 2023, mainly driven by

improved feed grades and better heap leach performance. Total

cash cost per ounce* increased by 3% year-on-year in 2024

compared to 2023, primarily due to cost increases related to 

wages, materials, and services. The weakening of the Argentinian

peso against the US dollar partially offset this increase. Additional

cost pressures came from higher royalties, reflecting increased

gold sales and prices and greater consumption of materials and

services due to higher mining activity. The cost increase was also

mitigated by higher by-product revenue from improved silver

prices ($28/oz in 2024 vs. $23/oz in 2023).

OVERVIEW

The last phase of the Obuasi redevelopment project, Phase 3,

was completed on 20 December 2024 and the project was

handed over to the operations team for final testing, ramp-up and

commissioning. This marked the end of a project which started in

2018 with the aim of getting the mine both refurbished and

modernised while addressing the historical production challenges

centered around dewatering, ventilation, and material handling.

Phase 1, completed in 2019, returned a refurbished plant to

production with capacity to treat 2,000tpd. Phase 2 further

increased the plant capacity to 6,000tpd and introduced the first

underground shaft (KRS) to the Obuasi system in 2021. The last

phase, Phase 3, refurbished the deeper KMS and BSVS shafts,

which will support ore production up to 6,000tpd to match the

plant capability. Phase 3, which was delayed by nine months due

to the unexpected presence of significant mud build-up at 50 and

51 levels, has successfully dewatered the mine which had been

flooded since 2018. The entire KMS surface infrastructure has

been rebuilt and refurbished, to support production from existing

areas and allow access to the deeper ore bodies of block 10

lower and future high-grade block 11.

Phase 3 also introduced a new exhaust ventilation system, adding

750m3/sec of ventilation while increasing dewatering capacity to

above 21ML per day. This increased capability will support 

mining in the central and lower blocks.

Lastly, to support underground ore handing and hoisting, Phase 3

introduced an electric rail haulage system, allowing underground

material to be efficiently transported from the southern mining

blocks to KMS for hoisting, thereby decongesting the decline

system while relieving some of the ventilation requirements.

Phase 3 introduced a centralised control centre to monitor and

manage all mining and haulage activities. Other Phase 3 activities

included replacing the entire electrical system, removing

centralised compressed air systems, returning an underground

crusher plant to service, and introducing shaft loading systems at

4400L. Together, these systems will add a cost-effective, energy-

efficient, and reliable material handling infrastructure to the

Obuasi mine. Phase 3 closes at $140m against a budget of

$161m, and the overall Obuasi redevelopment project closes at

$812m.

UHDF NOW PROVEN, WILL RAMP UP TO PROVIDE

GROWTH OUNCES

•Underhand Drift and Fill (UHDF) mining method contributed

31.6kt @ 12.17g/t for 12.4Koz mined in 2024.

•First and second panels of the 8m uppers were successfully

mined in August and September 2024 respectively and

successfully filled with paste.

•Third panel of the 8m uppers was mined in November 2024

and filled with paste.

•First UHDF reef drive of the 3500-level development

commenced in December and has been completed and filled

with paste.

•Development of the of 3500-level drift 2 is currently ongoing.

•Operational readiness review of additional UHDF work areas

in Block 8 and Block 10 has commenced.

OBUASI GOLD PRODUCTION OUTLOOK

The gold production guidance provided for the Obuasi mine in

November 2024 remains unchanged.

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 2023 filed with the SEC.

CAPITAL PROJECTS UPDATE

TROPICANA

The Havana underground decline development is progressing.

Detailed infrastructure design is underway, and procurement of

long lead items has commenced, with the primary purchase

orders issued at the end of 2024. Production of first gold is

expected in Q1 2027 as per the feasibility study.

ESG RENEWABLES PROJECT

The Tropicana solar farm and battery energy storage system

were successfully commissioned in Q4 2024, resulting in the

project's first renewable energy generation. Construction of the

four wind turbines was completed and commissioning and

reliability testing is in progress. The Tropicana renewable energy

project is on track to reach full operation in Q1 2025.

SUNRISE DAM CONCENTRATE LEACH

The Concentrate Leach project, which will improve metallurgical

recoveries at Sunrise Dam, was approved at the start of Q4 2024.

Detailed engineering designs are in progress, and procurement of

long lead items has commenced. The civil construction

contractor mobilized to the site, and civil works are underway.

The Concentrate Leach project is on track for completion in Q4

2025.

NEVADA

In the United States, our greenfield concessions, including the

North Bullfrog project and the adjacent Expanded Silicon project, 

are in the Beatty District in southern Nevada. The Expanded

Silicon project comprises the Silicon and Merlin deposits.

NORTH BULLFROG PROJECT (“NBP”)

In November 2024, the NBP received approval from the

Management Investment Committee (MIC) to pursue the

engineering design through the detailed engineering phase of the

project.  This scope is expected to be complete by the end of Q2

2025, representing approximately 65% of total engineering.  A

CAPEX control estimate for the project is expected to be available

by end of Q2 2025. The project team plans to update the project’s

financial model during Q2 2025 and update the MIC and Board of

Directors in July 2025.

Permitting processes are underway for the NBP. The first round

of public scoping occurred in April 2024.  The public’s comments

have been primarily focused on potential impacts to

groundwater-dependent ecosystems within the upper reaches of

the Amargosa River. The project team has been updating an

alternative plan to consume less water in connection with the

project’s progress through the permitting process.

The NBP is expected to be the first of the Company’s projects for

the Nevada district. Apart from the initial production, it is

anticipated to allow AngloGold Ashanti to build a cohesive project

development team and improve understanding of the permitting

and project construction processes in Nevada.

EXPANDED SILICON

The successful completion of the Expanded Silicon project

concept study  at the end of 2023 allowed the project to proceed

to the next stage gate of pre-feasibility study (PFS). The project

comprises the Silicon and Merlin deposits. This program is

expected to continue to be performed throughout 2025, focusing

on the completion of an extensive drilling program and further

optimisation of development options identified during a project

framing review held during Q1 2024. The Expanded Silicon

deposit gold Inferred Mineral Resource for 2024 has grown  due

to exploration success and reinterpretation of the geological

model to 12.91Moz.

CORPORATE UPDATE

ISSUED SHARE CAPITAL

As at 18 February 2025, the total issued ordinary share capital of

the Company comprised 503,539,626 ordinary shares of $1.00

each. Each AngloGold Ashanti ordinary share carries one voting

right. The Company does not hold any of its ordinary shares in

treasury.

This figure may be used by AngloGold Ashanti shareholders to

determine whether they are required to notify their interest, or a

change to their interest, in the Company under its Articles of

Association or to comply with any other applicable laws and

regulations.

CHANGE IN BOARD OF DIRECTORS

Effective 15 October 2024, Mr. Scott Lawson resigned from

AngloGold Ashanti’s Board of Directors. Mr. Lawson was an

independent non-executive director and served as a member of

the Audit and Risk Committee and the Social, Ethics and

Sustainability Committee.

On 20 December 2024, the Company announced several changes

to the composition of its Board Committees effective 1 January

2025. In addition, the Company announced that Mr. Rhidwaan

Gasant, after serving 14 years on the Board, has decided not to

stand for re-election at the 2025 Annual General Meeting (“2025

AGM”), following which he will retire as a non-executive director.

Following the 2025 AGM, Mr.  Alan Ferguson will succeed him as

Lead Independent Director and step down as the Chair of the

Audit and Risk Committee, upon which Ms. Diana Sands will

become the new Chair of the Audit and Risk Committee. These

changes remain subject to the re-election of the relevant directors

at the 2025 AGM.

YATELA SALE UPDATE

On 17 October 2024, AngloGold Ashanti and IAMGOLD

Corporation completed the sale of each of their 40 percent

interests in Société d’Exploitation des Mines d’Or de Yatela S.A.

(“Yatela”), the company operating the Yatela gold mine, to the

Government of Mali. Following completion of this transaction,

AngloGold Ashanti no longer owns any mining operations in Mali.

CENTAMIN ACQUISITION

On 22 November 2024, AngloGold Ashanti completed its

acquisition of Centamin plc, a Jersey gold mining and exploration

company whose primary asset is the Sukari gold mine in Egypt,

for a consideration of approximately $2.2bn, comprising a

combination of AGA shares and cash.

UPDATE ON THE PROPOSED GHANA JOINT

VENTURE

Despite constructive engagement with the Government of Ghana

following the announcement of the proposed joint venture in

March 2023, the requisite approvals by the Government for the

proposed joint venture have not yet been obtained. Following the

recent national elections, Gold Fields and AngloGold Ashanti are

working to engage with the new Government on the potential joint

venture.

Gold Fields and AngloGold Ashanti continue to believe that a

combination of Tarkwa and Iduapriem into a single managed

entity is compelling, given that it is anticipated to extend life of

mine, increase production and lower costs, thereby creating value

for all stakeholders. Gold Fields and AngloGold Ashanti continue

to pursue improvements to their respective assets.

EXPLORATION UPDATE

For detailed disclosure on the exploration work done for the three

months and year ended 31 December 2024, see the Exploration

Update document on the Company’s website at

www.anglogoldashanti.com on both brownfield and greenfield

exploration programmes.