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 August 2025

Commission File Number: 001-41815

(Translation of registrant’s name into English)

Third Floor, 5, Hobhouse Court, Suffolk Street

London SW1Y 4HH

        United Kingdom        

6363 S. Fiddlers Green Circle, Suite 1000

Greenwood Village, CO 80111

        United States of America       

(Address of principal executive offices)

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

or Form 40-F.

Form 20-F ☒      Form 40-F ☐

This Report on Form 6-K shall be incorporated by reference into the registrant’s (i) Registration Statement

on Form S-8 as amended (File No. 333-274681) and (ii) its Registration Statement on Form S-8 as

amended (File No. 333-278925), in each case, to the extent not superseded by documents or reports

subsequently filed by the registrant under the Securities Act of 1933 or the Securities Exchange Act of

1934, in each case as amended

Enclosure:  Unaudited condensed consolidated interim financial statements as of and for each of the six-

month periods ended 30 June 2025 and 2024, prepared in accordance with IFRS Accounting Standards, and

related management’s discussion

Financial and Operating Report

Published 1 August 2025

June 2025

OVERVIEW

Comparison of operating performance in the six months ended 30 June 2025 with the six months ended 30 June 2024

In the Africa region, managed operations (including Sukari), gold production increased by 286,000 ounces, or 48 percent, to 879,000 ounces at a

cost of sales of $1,423 million and a total cash cost per ounce* of $1,138 in the six months ended 30 June 2025, compared to 593,000 ounces at a

cost of sales of $918 million and a total cash cost per ounce* of $1,220 in the six months ended 30 June 2024. In the Africa region, non-managed

joint ventures, gold production (on an attributable basis) decreased by 20,000 ounces, or 13 percent, to 138,000 ounces at a cost of sales of $213

million and a total cash cost per ounce* of $1,193 in the six months ended 30 June 2025, compared to 158,000 ounces at a cost of sales of $174

million and a total cash cost per ounce* of $866 in the six months ended 30 June 2024.

In Ghana, at Iduapriem, gold production decreased by 39,000 ounces, or 30 percent, to 89,000 ounces at a cost of sales of $201 million and a total

cash cost per ounce* of $1,586 in the six months ended 30 June 2025, compared to 128,000 ounces at cost of sales of $167 million and a total

cash cost per ounce* of $943 in the six months ended 30 June 2024. Gold production decreased year-on-year mainly due to an unplanned

seventeen-day plant shutdown in the first quarter of 2025 to investigate and repair a tear in the lining of the Beposo tailings storage facility (“TSF”).

Production was also temporarily impacted by delayed phased advancement at Ajopa and geological refinements to pit designs following a wall

slippage at Block 5. Cost of sales was higher year-on-year mainly due to higher deferred stripping amortisation, lower recharges and capital credits

and higher contractor and consultant charges, partially offset by a reduction in fuel costs attributable to lower tonnes mined. Total cash costs per

ounce* were higher year-on-year largely reflecting lower production volumes - including an estimated shortfall of approximately 12,000 ounces due

to the plant stoppage - and the processing of lower-grade ore. Additionally, costs increased due to higher open-put mining expenses related to

increased volumes mined. These increases were partially offset by lower labour costs, reflecting a reduction in bonus days accrued.

Also in Ghana, at Obuasi, gold production increased by 17,000 ounces, or 16 percent, to 125,000 ounces at a cost of sales of $202 million and a

total cash cost per ounce* of $1,293 in the six months ended 30 June 2025, compared to 108,000 ounces at a cost of sales of $180 million and a

total cash cost per ounce* of $1,269 in the six months ended 30 June 2024. Gold production was higher year-on-year mainly due to improved

underground mine health, with no Kokoteasua tailings processed during the first half of 2025, whereas surface sources accounted for 14 percent of

the feed in the first half of 2024. Consequently, while total tonnes milled declined by three percent year-on-year to 636 kilotonnes, the average head

grade strengthened 17 percent year-on-year to 7.09 grams per metric tonne in the first half of 2025, compared with 6.04 grams per metric tonne in

the first half of 2024. Cost of sales was higher year-on-year mainly due to increased operating costs related to higher labour and mining contractor

costs primarily resulting from increases in tonnes mined, higher royalties paid and higher amortisation costs resulting from higher mined ounces

and additional fleet capitalisation, partially offset by favourable change in unsold gold inventory. Total cash costs per ounce* were higher year-on-

year mainly due to increased contractor expenditure associated with increased tonnes mined and greater underground development, along with

higher royalties paid.

In Guinea, at Siguiri, gold production increased by 37,000 ounces, or 29 percent, to 165,000 ounces at a cost of sales of $300 million and a total

cash cost per ounce* of $1,595 in the six months ended 30 June 2025, compared to 128,000 ounces at a cost of sales of $261 million and a total

cash cost per ounce* of $1,791 in the six months ended 30 June 2024. Gold production increased year-on-year mainly due to an 11 percent

improvement in recovery, achieved by excluding Bidini ore from the blend, together with optimised carbon management, as well as a 13 percent

increase in tonnes treated, supported by improved plant stability. Cost of sales were higher year-on-year mainly due to higher amortisation, higher

operating costs related to labour, mining contractor costs, engineering and other stores as well as higher royalties paid, partially offset by movement

in Mineral Reserve stockpiles and a favourable change in unsold gold inventory. Total cash costs per ounce* decreased year-on-year mainly due to

higher gold production, partially offset by higher royalties paid.

In Tanzania, at Geita, gold production increased by 25,000 ounces, or 11 percent, to 254,000 ounces at a cost of sales of $350 million and a total

cash cost per ounce* of $985 in the six months ended 30 June 2025, compared to 229,000 ounces at a cost of sales of $310 million and a total

cash cost per ounce* of $1,032 in the six months ended 30 June 2024. Gold production increased year-on-year mainly due to higher recovered

grades, supported by an 11 percent uplift in the mine call factor. A 43 percent increase in ore tonnage mined from the open pit further contributed to

higher stockpile levels, enhancing feed flexibility. This increase was partially offset by a six percent decline in ore tonnes treated year-on-year due

to lower plant throughput and mill utilisation. Cost of sales was higher year-on-year mainly due to higher asset amortisation, higher mining

contractor costs and higher royalties paid. Total cash costs per ounce* decreased year-on-year mainly due to higher gold production, partially offset

by higher direct operating costs, including increased backfilling activities, higher contractor and consultant expenditure, higher store costs, and

additional refining charges and higher royalties paid associated with an increased gold price.

In Egypt, at Sukari, which was acquired on 22 November 2024, gold production was 246,000 ounces at a cost of sales of $370 million and a total

cash cost per ounce* of $750. The mine’s performance was in line with plan.

In the DRC, at Kibali, gold production (on an attributable basis) decreased by 20,000 ounces, or 13 percent, to 138,000 ounces at a cost of sales of

$213 million and a total cash cost per ounce* of $1,193 in the six months ended 30 June 2025, compared to 158,000 ounces at a cost of sales of

$174 million and a total cash cost per ounce* of $866 in the six months ended 30 June 2024. Gold production was lower year-on-year mainly due to

lower recovered grades, as reduced underground ore treatment, impacted by operational challenges, resulted in a greater reliance on lower-grade

open-pit ore. Cost of sales increased year-on-year mainly due to higher operating costs driven by higher volumes mined, higher consumable stores

and higher royalties paid. Total cash costs per ounce* were higher year-on-year, largely reflecting the lower production base, higher royalties paid

driven by an increased gold price and royalty rate increase, and increased open-pit mining costs associated with higher volumes mined.

In the Americas region, gold production decreased by 11,000 ounces, or four percent, to 246,000 ounces at a cost of sales of $467 million and a

total cash cost per ounce* of $1,206 in the six months ended 30 June 2025, compared to 257,000 ounces at a cost of sales of $405 million and a

total cash cost per ounce* of $974 in the six months ended 30 June 2024.

In Brazil, at Cuiabá (AGA Mineração), gold production marginally decreased by 3,000 ounces, or two percent, to 126,000 ounces at a cost of sales

of $171 million and a total cash cost per ounce* of $922 in the six months ended 30 June 2025, compared to 129,000 ounces at a cost of sales of

$164 million and a total cash cost per ounce* of $876 in the six months ended 30 June 2024. Gold production was marginally lower year-on-year

mainly due to a five percent decline in plant recoveries, partially offset by an improvement in ore head grade. Cost of sales were higher year-on-

year mainly due to increased by-product costs. Total cash costs per ounce* were higher year-on-year mainly due to higher operating costs following

the Queiroz plant restart and marginally lower production volumes, partially offset by higher by-product revenue and the weakening of the Brazilian

real against the US dollar.

Also in Brazil, at Serra Grande, gold production decreased by 16,000 ounces, or 38 percent, to 26,000 ounces at a cost of sales of $68 million and

a total cash cost per ounce* of $2,144 in the six months ended 30 June 2025, compared to 42,000 ounces at a cost of sales of $65 million and a

total cash cost per ounce* of $1,302 in the six months ended 30 June 2024. Gold production was lower year-on-year mainly due to lower recovered

grade and reduced ore volumes treated, impacted by operational restrictions and geotechnical constraints. Cost of sales was higher year-on-year

mainly due to increased asset amortisation. Total cash costs per ounce* were higher year-on-year mainly due to lower gold production, partially

offset by the weakening of the Brazilian real against the US dollar.

In Argentina, at Cerro Vanguardia, gold production increased by 8,000 ounces, or nine percent, to 94,000 ounces at a cost of sales of $226 million

and total cash cost per ounce* of $1,305 in the six months ended June 30, 2025, compared to 86,000 ounces at a cost of sales of $175 million and

a total cash cost per ounce* of $954 in the six months ended 30 June 2024. Gold production was higher year-on-year mainly driven by improved

head grade and additional ore tonnes treated. Cost of sales was higher year-on-year mainly due to higher material and labour costs, increased

services and refinery costs, increased amortisation of stripping costs and higher royalties paid, partially offset by the weakening of the Argentinean

peso against the US dollar. Total cash costs per ounce* were higher year-on-year mainly due to higher material and labour costs and higher

royalties paid related to an increased gold price, partially offset by a weaker Argentinean peso against the US dollar and higher by-product revenue.

In the Australia region, gold production (on an attributable basis) increased by 15,000 ounces, or six percent, to 261,000 ounces at a cost of sales

of $475 million and a total cash cost per ounce* of $1,528 in the six months ended 30 June 2025, compared to 246,000 ounces at a cost of sales of

$438 million and a total cash cost per ounce* of $1,393 in the six months ended 30 June 2024.

At Sunrise Dam, gold production marginally increased by 2,000 ounces, or two percent, to 122,000 ounces at a cost of sales of $216 million and a

total cash cost per ounce* of $1,561 in the six months ended 30 June 2025, compared to 120,000 ounces at a cost of sales of $215 million and a

total cash cost per ounce* of $1,436 in the six months ended 30 June 2024. Gold production was marginally higher year-on-year mainly due to a six

percent improvement in plant recoveries, partially offset by lower head grades and reduced plant throughput. Cost of sales was marginally higher

year-on-year mainly due to additional cost for maintenance for high intensity grinding mill rebuild and carbon-in-leach (“CIL”) tank refurbishment and

higher inventory drawdown, partially offset by lower amortisation. Total cash costs per ounce* increased year-on-year mainly due to longer open-pit

haulage as surface operations changed from Neville East to Neville Main and SuperBowl, gold-in-process inventory movements linked to the timing

of gold pours, as well as higher contractor mining rates and higher royalties paid related to an increased gold price.

At Tropicana, gold production (on an attributable basis) increased by 13,000 ounces, or ten percent, to 139,000 ounces at a cost of sales of $241

million and a total cash cost per ounce* of $1,376 in the six months ended 30 June 2025, compared to 126,000 ounces at a cost of sales of $206

million and a total cash cost per ounce* of $1,221 in the six months ended 30 June 2024. Gold production was higher year-on-year, reflecting a

return to normal operating conditions following a significant rain event in March 2024, which had temporarily disrupted surface, underground and

milling activities due to flooding. Cost of sales was higher year-on-year mainly due to higher operating costs related to underground and surface

mining and increased contractor costs, partially offset by a favourable change in unsold gold inventory. Total cash costs per ounce* increased year-

on-year mainly due to higher operating costs, including higher contractor mining rates, increased fuel prices and higher royalties paid, lower open

pit capitalisation between 2025 and 2024, a higher proportion of garnet material and longer haul distances.

Comparison of financial performance in the six months ended 30 June 2025 with the six months ended 30 June 2024

Revenue from product sales

Revenue from product sales (excluding non-managed joint ventures) increased by $1,856 million, or 73 percent, from $2,552 million in the six

months ended 30 June 2024 to $4,408 million in the six months ended 30 June 2025. The increase in revenue from product sales was mainly due

to an increase in gold income and an increase in by-product revenue. Gold income (excluding non-managed joint ventures) increased by $1,843

million, or 74 percent, from $2,491 million in the six months ended 30 June 2024 to $4,334 million in the six months ended 30 June 2025. 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 per ounce*. Gold

sold (excluding non-managed joint ventures) increased by 270,000 ounces, or 24 percent, from 1,133,000 ounces in the six months ended 30 June

2024 to 1,403,000 ounces in the six months ended 30 June 2025, which resulted in an increase in gold income of $596 million. The average gold

price received per ounce* increased by $893 per ounce, or 41 percent, from $2,197 per ounce in the six months ended 30 June 2024 to $3,090 per

ounce in the six months ended 30 June 2025, which resulted in an increase in gold income of $1,247 million. By-product revenue (excluding non-

managed joint ventures) increased by $13 million, or 21 percent, from $61 million in the six months ended 30 June 2024 to $74 million in the six

months ended 30 June 2025, mainly due to an increase in revenue from silver.

Cost of sales

Cost of sales (excluding non-managed joint ventures) increased by $610 million, or 35 percent, from $1,762 million in the six months ended

30 June 2024 to $2,372 million in the six months ended 30 June 2025. The increase was primarily due to an increase in operating costs, royalties

paid, amortisation of tangible assets and amortisation of right of use assets, partially offset by a decrease in inventory change.

Total operating costs

Total operating costs increased by $399 million, or 29 percent, from $1,376 million in the six months ended 30 June 2024 to $1,775 million in the six

months ended 30 June 2025. Total operating costs include operating costs (such as salaries and wages, consumable stores, explosives, reagents,

logistics, fuel, power, water, contractors’ costs, services and other charges) and royalties paid.

Operating costs increased by $321 million, or 25 percent, from $1,268 million in the six months ended 30 June 2024 to $1,589 million in the six

months ended 30 June 2025. Operating costs increased mainly as a result of higher salaries and wages, contractor costs, consumable stores,

reagents, fuel, power and services, partially offset by higher cost capitalization and other credits.

Royalties paid, which are generally calculated as a percentage of revenue, increased by $78 million, or 72 percent, from $108 million in the six

months ended 30 June 2024 to $186 million in the six months ended 30 June 2025. The increase in royalty costs was primarily due to an increase

in the average gold price received per ounce*, sales from Sukari (acquired in November 2024) and higher gold sales mainly at Obuasi, Siguiri,

Geita, Tropicana and Cerro Vanguardia.

Retrenchment costs

Retrenchment costs included in cost of sales decreased by $1 million, or 50 percent, from $2 million in the six months ended 30 June 2024 to

$1 million in the six months ended 30 June 2025.

Rehabilitation and other non-cash costs

Rehabilitation and other non-cash costs increased by $7 million, or 58 percent, from $12 million in the six months ended 30 June 2024 to

$19 million in the six months ended 30 June 2025, primarily due to changes at Sukari (acquired in November 2024), increased community

investment and changes in estimates for rehabilitation provisions at Iduapriem, Obuasi and Cerro Vanguardia, partially offset by a decrease at

Serra Grande resulting from a change in estimate upon the finalisation of the design review for decharacterisation of the TSF.

Amortisation of tangible, intangible and right of use assets

Amortisation of tangible and right of use assets increased by $229 million, or 70 percent, from $329 million in the six months ended 30 June 2024 to

$558 million in the six months ended 30 June 2025. There was no amortisation of intangible assets in either of the six months ended 30 June 2024

or 30 June 2025.

Amortisation of tangible assets increased by $224 million, or 78 percent, from $286 million in the six months ended 30 June 2024 to $510 million in

the six months ended 30 June 2025. The increase was primarily due to the addition of Sukari in November 2024 (+$168 million),higher amortisation

at Geita (mainly due to higher deferred stripping due to higher ounces mined, Mineral Reserve development and fixed asset amortisation due to

increase of Nyamulilima growth project), higher amortisation at Iduapriem (mainly due to tangible asset additions and deferred stripping costs), at

Cerro Vanguardia (mainly due to higher deferred stripping amortisation and higher production) and at Obuasi (higher Mineral Reserve development

and heavy mobile equipment amortisation).

Amortisation of right of use assets increased by $5 million, or 12 percent, from $43 million in the six months ended 30 June 2024 to $48 million in

the six months ended 30 June 2025, mainly as a result of new lease assets recognised at Tropicana, Siguiri, Iduapriem and Sukari, partially offset

by Geita leases reaching their end of contract.

Inventory change

Inventory change decreased by $24 million, or 56 percent, from $43 million in the six months ended 30 June 2024 to $19 million in the six months

ended 30 June 2025. The decrease was primarily due to less movement of unsold gold inventory during the first half of 2025 compared to the first

half of 2024.

Reversal of impairment (impairment), (derecognition of assets) and profit (loss) on disposal

Reversal of impairment (impairment), (derecognition of assets) and profit (loss) on disposal changed from a loss of $1 million in the six months

ended 30 June 2024 to a profit of $25 million in the six months ended 30 June 2025, primarily due to a reversal of impairment of Serra Grande of

$74 million (gross of taxation), partially offset by a loss on disposal of $47 million related to the sale of the Doropo and Archean-Birimian Contact

(“ABC”) projects.

Other (expenses) income

Other expenses increased by $52 million, or 72 percent, from $72 million in the six months ended 30 June 2024 to $124 million in the six months

ended 30 June 2025. The higher expenses during the six months ended 30 June 2025 were mainly due to an increase in environmental provisions

for legacy TSFs of $23 million, mining contractor cost adjustments of $21 million and credits received on other indirect taxes in the prior-year period

of $18 million not repeated in the current-year period, partially offset by a decrease in care and maintenance costs of $13 million in Brazil.

Finance costs and unwinding of obligations

Finance costs and unwinding of obligations marginally increased by $1 million, or one percent, from $84 million in the six months ended 30 June

2024 to $85 million in the six months ended 30 June 2025. Finance costs for borrowings decreased by $5 million, or eight percent, from $65 million

in the six months ended 30 June 2024 to $60 million in the six months ended 30 June 2025, mainly due to finance costs incurred on lower average

debt balances on the $295 million 2025 Geita multi-currency revolving credit facility (“RCF”) and the $1.4 billion 2022 multi-currency RCF. Finance

costs for leases increased by $2 million, or 33 percent, from $6 million in the six months ended 30 June 2024 to $8 million in the six months ended

30 June 2025 primarily due to the inclusion of the Tropicana renewable lease contract which commenced in February 2025. Unwinding of

obligations increased by $4 million, or 31 percent, from $13 million in the six months ended 30 June 2024 to $17 million in the six months ended 30

June 2025, primarily due to higher unwinding on the restoration and decommissioning provisions.

Share of associates and joint ventures’ profit

Share of associates and joint ventures’ profit decreased by $32 million, or 34 percent, from $95 million in the six months ended 30 June 2024 to

$63 million in the six months ended 30 June 2025. The decrease was primarily due to lower earnings at Kibali as a result of higher taxes (50

percent on revenue above $2,000 per ounce), partly offset by an increase in revenue as a result of the higher average gold price received per

ounce* despite lower gold production in the first half of 2025.

Taxation

Taxation expense increased by $168 million, or 65 percent, from an expense of $259 million in the six months ended 30 June 2024 to an expense

of $427 million in the six months ended 30 June 2025. The increase was primarily attributable to higher current taxation (due to higher gold prices

which generated higher taxable income) and higher withholding taxes in Tanzania (due to higher dividends). The increase was partially offset by

lower current taxation in Ghana due to lower gold sales at Iduapriem in the first half of 2025 as compared to the first half of 2024 as well as a

decrease in the deferred taxation expense (mainly due to the recognition of deferred tax assets on tax losses in Brazil and lower capital expenditure

in Ghana, offset by the higher capital expenditure and the utilisation of deferred tax assets in Guinea).

Comparison of capital expenditure in the six months ended 30 June 2025 with the six months ended 30 June 2024

Capital expenditure on tangible and intangible assets (which represents capital expenditure of managed operations) increased by $163 million, or

33 percent, from $490 million in the six months ended 30 June 2024 to $653 million in the six months ended 30 June 2025. This increase was

mainly due to an increase of $99 million in sustaining capital expenditure* and an increase of $63 million in non-sustaining capital expenditure*.

Sustaining capital expenditure* of managed operations increased by $99 million, or 26 percent, from $386 million in the six months ended 30 June

2024 to $485 million in the six months ended 30 June 2025. Sustaining capital expenditure* of managed operations increased year-on-year mainly

due to the inclusion of Sukari in the portfolio (+$69 million) and a $32 million increase at Geita in the first half of 2025 compared to the first half of

2024, reflecting the acquisition of a new mining fleet and increased investment in Mineral Reserve development. This increase was partially offset

by lower expenditure at Siguiri following elevated activity in the first half of 2024 related to waste mining, TSF life extension and recovery work on a

CIL tank failure which was not repeated in the first half of 2025.

Non-sustaining capital expenditure* of managed operations increased by $64 million, or 62 percent, from $104 million in the six months ended

30 June 2024 to $168 million in the six months ended 30 June 2025. Non-sustaining capital expenditure* of managed operations increased year-

on-year mainly due to the addition of Sukari to the portfolio (+$56 million) and increased investment in the Beposo TSF at Iduapriem. These

increases were partially offset by lower expenditure at the Havana project at Tropicana as well as completion of phase 3 of the Obuasi

redevelopment project in 2024.

Capital expenditure of non-managed joint ventures increased by $3 million, or five percent, from $61 million in the six months ended 30 June 2024

to $64 million in the six months ended 30 June 2025. This increase was mainly due to an increase of $13 million in non-sustaining capital

expenditure*, partially offset by a decrease of $10 million in sustaining capital expenditure*.

Sustaining capital expenditure* of non-managed joint ventures decreased by $10 million, or 29 percent, from $34 million in the six months ended

30 June 2024 to $24 million in the six months ended 30 June 2025. Sustaining capital expenditure* of non-managed joint ventures decreased year-

on-year mainly due to lower waste stripping capital expenditure at Kibali, aligned with reduced mining activity.

Non-sustaining capital expenditure* of non-managed joint ventures increased by $13 million, or 48 percent, from $27 million in the six months

ended 30 June 2024 to $40 million in the six months ended 30 June 2025. Non-sustaining capital expenditure* of non-managed joint ventures

increased year-on-year mainly due to higher investment at Kibali, including waste stripping for the Pamao deposition project, continued progress on

the CTSF3 Phase 1 project and additional non-sustaining exploration activity.

Comparison of cash flows in the six months ended 30 June 2025 with the six months ended 30 June 2024

Cash flows from operating activities

Cash flows from operating activities increased by $1,071 million, or 159 percent, from a net inflow of $672 million in the six months ended 30 June

2024 to a net inflow of $1,743 million in the six months ended 30 June 2024. The increase in cash flows from operating activities was mainly due to

higher cash generated from operations, partially offset by higher taxation paid.

Cash generated from operations increased by $1,315 million, or 179 percent, from an inflow of $735 million in the six months ended 30 June 2024

to an inflow of $2,050 million in the six months ended 30 June 2025. The increase was primarily driven by a higher average gold price received per

ounce* and increased gold sales volumes from managed operations, partially offset by higher total operating costs.

Net cash outflow from working capital items amounted to $308 million in the six months ended 30 June 2025, compared with an outflow of $160

million in the six months ended 30 June 2024. The outflow from operating working capital in the six months ended 30 June 2024 mainly related to

an increase in trade, other receivables and other assets and a decrease in trade and other payables, partially offset by a decrease in inventories.

Movement in working capital are generally timing-related.

Trade, other receivables and other assets 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 $6 million, or four percent, from $163 million at 31 December 2024 to $169 million at 30 June

2025, as a result of new claims submitted of $51 million partially offset by processing verified VAT claims against corporate tax payments of $29

million and foreign exchange adjustments of $16 million. AngloGold Ashanti expects to continue offsetting verified VAT claims against corporate

taxes. In Argentina, the net export duty receivables (after discounting provisions) remained unchanged at $3 million (equivalent) at 30 June 2025

when compared to 31 December 2024. In addition, CVSA’s cash balance increased by $37 million (equivalent), or 28 percent, from $134 million

(equivalent) at 31 December 2024 to $171 million (equivalent) at 30 June 2025. During the second quarter of 2025, following approval of the 2024

local financial statements, dividends attributable to the 2024 financial year were declared to AngloGold Ashanti’s offshore ($251 million (equivalent))

and onshore ($28 million (equivalent)) investment holding companies. During June 2025, CVSA paid offshore dividends of $35 million to AngloGold

Ashanti by utilising a currency swap mechanism to secure the required US dollars.

Dividends received from joint ventures decreased by $18 million, or 50 percent, from $36 million in the six months ended 30 June 2024 to $18

million in the six months ended 30 June 2025. In this connection, 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 Democratic Republic of the Congo (“DRC”). During the six

months ended 30 June 2024, AngloGold Ashanti’s cumulative cash receipts from Kibali (Jersey) Limited amounted to $126 million. Kibali (Jersey)

Limited received this cash in the first half of 2024 from Kibali Goldmines S.A. of which $36 million in the form of dividends (net of withholding taxes)

(AngloGold Ashanti’s attributable share: $36 million) and $90 million in the form of loan repayments (net of bank fees) (AngloGold Ashanti’s

attributable share: $90 million). During the six months ended 30 June 2025, AngloGold Ashanti’s cumulative cash receipts from Kibali (Jersey)

Limited amounted to $95 million. Kibali (Jersey) Limited received this cash in the first half of 2025 from Kibali Goldmines S.A. of which $18 million in

the form of dividends (net of withholding taxes) (AngloGold Ashanti’s attributable share: $18 million) and $77 million in the form of loan repayments

(net of bank fees) (AngloGold Ashanti’s attributable share: $77 million). AngloGold Ashanti’s attributable share of the outstanding cash balances

awaiting repatriation from the DRC decreased by $14 million, or 36 percent, from $39 million at 31 December 2024 to $25 million at 30 June 2025.

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 2025, AngloGold Ashanti did not recover any VAT offsets or 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 $11 million, or 17 percent, from $65 million at 31

December 2024 to $76 million at 30 June 2025.

Net taxation paid increased by $226 million, or 228 percent, from $99 million in the six months ended 30 June 2024 to $325 million in the six

months ended 30 June 2025. The increase in net taxation paid was mainly due to higher provisional and withholding tax payments due to the

higher gold price.

Cash flows from investing activities

Cash flows from investing activities amounted to a net outflow of $483 million in the six months ended 30 June 2025, which was $146 million, or 43

percent, higher than a net outflow of $337 million in the six months ended 30 June 2024. The increase in outflow from investing activities was

mainly due to higher capital expenditure on tangible and intangible assets of $163 million, a decrease in interest received of $15 million and a

decrease in the repayment of loans previously advanced to Kibali of $13 million, partially offset by $25 million in proceeds received from the sale of

the Company’s interest in the Doropo and ABC projects in Côte d’Ivoire, a decrease in other investments and assets acquired of $15 million and an

increase in deferred compensation received of $14 million.

Cash flows from financing activities

Cash flows from financing activities amounted to a net outflow of $642 million in the six months ended 30 June 2025, which was a change of $351

million from a net outflow of $291 million in the six months ended 30 June 2024. The increase in outflow was mainly due to an increase in dividends

paid and lower proceeds from borrowings, partially offset by lower repayments of borrowings.

Cash inflows from proceeds from borrowings decreased by $35 million, from $320 million in the six months ended 30 June 2024 to $285 million for

the six months ended 30 June 2025. During the six months ended 30 June 2024, the Company made a drawdown of $300 million on the $1.4 billion

2022 multi-currency RCF and a drawdown of $20 million (equivalent) on the AUD portion of the $1.4 billion 2022 multi-currency RCF. During the six

months ended 30 June 2025, the Company made drawdowns of $285 million on the 2025 Geita multi-currency RCF, of which $180 million was in

USD and the remaining $105 million (equivalent) was in Tanzanian shillings.

Cash outflows from repayment of borrowings decreased by $240 million, from $420 million in the six months ended 30 June 2024 to $180 million in

the six months ended 30 June 2025. During the six months ended 30 June 2024, there was a partial repayment of $400 million on the $1.4 billion

2022 multi-currency RCF and a repayment of $20 million (equivalent) on the AUD portion of the $1.4 billion 2022 multi-currency RCF. During the six

months ended 30 June 2025, there was a full repayment of $180 million on the $1.4 billion 2022 multi-currency RCF.

Dividends paid increased by $559 million, from $80 million in the six months ended 30 June 2024 to $639 million in the six months ended 30 June

2025. Dividends paid to non-controlling interests increased by $229 million, from nil in the six months ended 30 June 2024 to $229 million in the six

months ended 30 June 2025, of which $207 million of dividends were paid to the non-controlling interests of Centamin. Such dividends were paid

by the Company’s non-wholly owned subsidiaries Siguiri and Sukari to their respective non-AGA related shareholders. In the six months ended 30

June 2025, the Company also paid dividends of $411 million to its external shareholders, compared to dividends of $80 million paid in the six

months ended 30 June 2024, in line with the Company’s revised dividend policy. On 1 August 2025, the Company declared an interim dividend of

$406 million, or 80 US cents per share, for the three months ended 30 June 2025.

Liquidity

AngloGold Ashanti intends to finance its capital expenditure, capital lease obligations, other purchase obligations, environmental rehabilitation

expenditures and debt repayment requirements in 2025 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) increased by $172 million, or eight percent, from $2,125 million at 31 December 2024 to $2,297 million

at 30 June 2025. AngloGold Ashanti’s cash and cash equivalents (net of bank overdraft) increased by $589 million, or 42 percent, from $1,397

million at 31 December 2024 to $1,986 million at 30 June 2025.

At 30 June 2025, the Group’s overall liquidity was approximately $3.4 billion and consisted of:

•cash and cash equivalents (net of bank overdraft) of $1,986 million;

•the $1.4 billion 2022 multi-currency RCF which was undrawn; and

•the $295 million 2025 Geita multi-currency RCF of which $5 million was undrawn.

At 30 June 2025, the $65 million 2022 Siguiri RCF remained fully drawn. The South African R150 million ($8 million) RMB corporate overnight

facility was cancelled effective 16 May 2025.

Supplemental parent guarantor and subsidiary issuer financial information

AngloGold Ashanti Holdings plc (the “Issuer”), a direct wholly-owned subsidiary of AngloGold Ashanti plc (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 all of AngloGold Ashanti’s operations and assets located outside of South

Africa. The guaranteed debt securities outstanding as of 30 June 2025 consisted of:

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

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

•a $300 million 30-year bond, with a maturity date of 15 April 2040 and a fixed coupon of 6.500% 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. 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 2025, 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 unaudited condensed consolidated interim financial statements as at and for the six-month period ended

30 June 2025.

Income statement information

(1) The Guarantor’s principal activity is to act as a holding company for AngloGold Ashanti’s operations and had no revenue or costs related to sales for the six months

ended 30 June 2025 and the financial year ended 31 December 2024. As a result, cost of sales and gross profit are not presented. The principal activity of the Issuer

is to act as a holding company for all of AngloGold Ashanti’s operations and assets located outside of South Africa.

Statement of financial position information

SAFETY UPDATE

The Total Recordable Injury Frequency Rate (“TRIFR”), the broadest measure of workplace safety, decreased by seven percent to 0.95 injuries per

million hours worked for the first half of 2025, compared to 1.02 injuries per million hours worked for the first half of 2024. By contrast, the TRIFR for

the first half of 2025 marginally increased by less than one percent compared to 0.94 injuries per million hours worked for the second half of 2024.

AngloGold Ashanti’s safety strategy, with specific emphasis on the Fatal Hazard Management standard and critical control verifications, continues

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 Fatal Hazard Management process.

Capital projects update

Tropicana

Development of the Havana underground decline is progressing according to plan, with detailed infrastructure design currently underway.

Nevada

In the United States, our greenfield concessions are located in the Beatty District of southern Nevada and include the North Bullfrog Project and the

adjacent Arthur Gold Project (formerly known as the Expanded Silicon Project). The Arthur Gold Project encompasses the Silicon and Merlin

deposits, further strengthening our presence in this prospective gold district.

North Bullfrog Project

In November 2024, the North Bullfrog Project (“NBP”) received approval from the Management Investment Committee (“MIC”) to advance into the

detailed engineering phase. By the end of the second quarter of 2025, this phase had progressed to 67 percent completion, marking a key

milestone in the NBP’s development.

Permitting activities for the NBP are also well underway. The first round of public scoping was completed in April 2024, with stakeholder feedback

primarily focused on potential impacts to groundwater-dependent ecosystems in the upper Amargosa River area. In response, the project team has

proactively updated an alternative plan to reduce water usage, supporting the permitting process and reinforcing the Company’s commitment to

responsible environmental stewardship.

NBP is expected to be the first of AngloGold Ashanti’s projects to enter production in the Nevada district. In addition to establishing a new

production base, it is expected to play a significant role in building a dedicated project development team and enhancing the Company’s

understanding of permitting and construction processes in the region.

Arthur Gold Project (previously Expanded Silicon)

The successful completion of the Arthur Gold Project concept study at the end of 2023 enabled the project to advance to the pre-feasibility study

(“PFS”) stage. The project, which comprises the Silicon and Merlin deposits, continues to progress well, with the PFS phase scheduled to run

through 2025. Key focus areas include the execution of an extensive drilling programme and the ongoing optimisation of development options

identified during the first quarter of 2024 project framing review. As of 31 December 2024, the Arthur Gold Project’s Measured and Indicated Mineral

Resource of 3.40 million ounces and Inferred Mineral Resource of 12.91 million ounces reflects continued exploration success and a refined

geological model. This strong resource growth further reinforces the project’s long-term potential within AngloGold Ashanti’s Nevada portfolio.

Corporate update

Issued share capital

As at 31 July 2025, the total issued ordinary share capital of the Company consisted of 504,744,430 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.

Proposed sale of the Serra Grande mine

On 2 June 2025, the Company announced that it had agreed to sell Mineração Serra Grande S.A., which owns the Company’s Serra Grande mine

(“MSG”) in the state of Goiás, Brazil, to Aura Minerals Inc. for the following consideration:

•A cash consideration of $76 million on closing subject to certain working capital adjustments at the closing date; and

•Deferred consideration payments equivalent to a three percent net smelter returns participation over the current Mineral Resource of MSG

inclusive of the Mineral Reserve, payable quarterly in cash.

The proposed sale is subject to the fulfilment of certain customary closing conditions.

Sale of entire equity interest in G2 Goldfields Inc.

On 8 July 2025, AngloGold Ashanti completed the sale of 35,948,965 common shares of G2 Goldfields Inc., a Canadian gold mining company with

exploration properties in Guyana, South America (“G2”), pursuant to a market sale on the Toronto Stock Exchange (“TSX”) for cash proceeds of

CAD $98.9 million or $70 million (less broker fees), resulting in a realised gain of 1.5 times the cost of the investment. Following this sale (which

represented approximately 14.91 percent of G2’s issued and outstanding share capital on a non-diluted basis), AngloGold Ashanti no longer owns

any shares in G2.

all of the issued and outstanding common shares of TSX-listed Augusta Gold at a price of CAD $1.70 per share, implying a fully-diluted equity value

for Augusta Gold of approximately CAD $152 million (approximately $111 million). Additionally, in connection with the proposed transaction,

AngloGold Ashanti will provide funds for the repayment of certain shareholder loans (which amounted to approximately $32.6 million at

31 March 2025).

The proposed acquisition will enable the Company to further consolidate its footprint in the Beatty District in southern Nevada. Augusta Gold’s

assets include Reward, a permitted, feasibility stage project, the Bullfrog deposit and all tenements surrounding these properties. These properties

are adjacent to AngloGold Ashanti’s claims in the Beatty District.

The proposed transaction is subject to the satisfaction of customary closing conditions, including certain approvals of the Augusta

Gold shareholders.

Quebradona

On 20 June 2025, the Colombian Ministry of Environment and Sustainable Development issued Resolution No. 855 of 2025, declaring a temporary

renewable natural resources reserve zone over multiple municipalities in the southwest of the Department of Antioquia, including the area in which

the Quebradona project is located.

Resolution No. 855 restricts mining activities for three years (extendable for a further two years) while authorities conduct technical studies

regarding the conservation value of the area and subsequently determine whether to convert the area to a permanent protected area or to withdraw

the temporary designation. The Company plans to take steps to preserve its rights to conduct exploration activities in the area. However, no new

environmental permits or environmental licences may be issued as long as Resolution No. 855 is in force.

Geita gold sale agreement

On 17 June 2025, AngloGold Ashanti’s Geita mine signed a gold sale agreement with the Bank of Tanzania to sell 20 percent of its gold production

from Geita through the Geita Gold Refinery, an independently owned and operated Tanzanian entity. The agreement supports the Tanzanian

government’s efforts to build gold reserves, stabilise the local currency, and enhance domestic refining capacity. AngloGold Ashanti is the first large-

scale mining company to sign such agreement. This milestone underscores Geita’s 25-year commitment to Tanzania and its role in advancing the

country’s beneficiation strategy and broader economic development.

Update on the new model mining exploitation agreements for EDX in Egypt

On 15 July 2025, AngloGold Ashanti, the Egyptian Mineral Resources and Mining Industries Authority (MRMIA) (the successor of EMRA) and the

Egyptian Minister of Petroleum and Mineral Resources signed a new Model Mining Exploitation Agreement (“MMEA”) covering the exploration

licence held by Centamin Central Mining S.A.E., following parliamentary approval of such MMEA by special law, which law currently awaits

ratification by the Egyptian President. It is expected that the MMEA covering the exploration licence held by Centamin North Mining S.A.E. will be

issued as a special law and signed by the relevant parties in Q4 2025. An MMEA takes precedence over existing Egyptian laws in case of direct

conflict.

Update on the proposed Ghana joint venture

In March 2023, AngloGold Ashanti and Gold Fields proposed a joint venture to combine their Iduapriem and Tarkwa gold mines in Ghana. The

companies have spent much of the intervening time in a constructive dialogue with the Government of Ghana to obtain the necessary approvals.

Over that time, AngloGold Ashanti has identified changes in its standalone mine plan for Iduapriem which have the potential to unlock significant

additional value. In early May 2025, the companies have decided to pause discussions around the proposed joint venture to allow them to focus on

improving the current, standalone performance at their respective sites, while also allowing AngloGold Ashanti to consolidate the improvements to

its long-term mining plan, which currently shows the highest value of its options.

Sukari tax exemption renewal

On 29 April 2025, the tax exemption granted to Sukari Gold Mines Company (“SGM”) under the Sukari Concession Agreement was renewed for an

additional 15-year period. The renewed tax exemption will expire on 28 April 2040. As a result, SGM will continue making profit share payments to

EMRA in lieu of any taxes imposed by the Egyptian government on its revenues (including Egyptian corporate income tax). The tax exemption does

not include (i) the fixed three percent royalty attributable to the Egyptian government, (ii) rental income on property and (iii) interest income on cash

and cash equivalents.

Sale of Côte d’Ivoire projects

On 1 May 2025, AngloGold Ashanti completed the sale of the Doropo Project and the Archean-Birimian Contact (“ABC”) Project in Côte d’Ivoire to

Resolute Mining Limited (“Resolute”). The Doropo and ABC Projects were acquired by AngloGold Ashanti as part of the Centamin transaction on 22

November 2024. As part of the sale of its two gold projects in Côte d’Ivoire, AngloGold Ashanti will also acquire the Mansala Project in Guinea,

which is adjacent to its Siguiri mine, from Resolute. The acquisition of the Mansala Project remains subject to several conditions, including the

renewal of certain permits and the approval of the Government of Guinea.

The value of the consideration for the sale of the Doropo Project is $175 million, comprising a cash payment of $150 million, plus either (i) the

acquisition of the Mansala Project or (ii) an additional amount of $25 million if such acquisition cannot be completed within 18 months. The

consideration for the sale of the ABC Project comprises a milestone payment of $10 million in cash on declaration of a JORC-compliant 1.0 million

ounces Mineral Reserve on the current ABC Project tenements, and a two percent Net Smelter Royalty over any gold production from any Mineral

Resource on the current ABC Project tenements.

Executive Committee changes

Effective 1 June 2025, Mr. Richard Jordinson retired as Chief Operating Officer (“COO”) of the Company and a member of its Executive Committee,

with Mr. Marcelo Pereira da Silva becoming COO and a member of the Executive Committee on the same date.

Mr. Pereira da Silva joined AngloGold Ashanti in 2023 and previously held the role of Senior Vice President LATAM at the Company. Prior to joining

AngloGold Ashanti, Mr. Pereira da Silva was Operations Director of Vale’s Paraopeba Complex in the state of Minas Gerais in Brazil following

various senior management roles at Kinross Gold Corporation, where he worked for eight years, including as Director of Operations and

Maintenance at Kinross Brasil, as well as Senior Corporate Manager of Operational Excellence at Kinross’ headquarters in Toronto, Canada.

New registered office address

With effect from 1 August 2025, the registered office of AngloGold Ashanti plc, and its UK subsidiaries, will change from 4th Floor, Communications

House, South Street, Staines-upon-Thames, Surrey, TW18 4PR, United Kingdom to Third Floor, 5, Hobhouse Court, Suffolk Street, London, SW1Y

4HH, United Kingdom.

(1) Reversal of impairment (impairment), (derecognition of assets) and profit (loss) on disposal line item includes a reversal of impairment for Mineração Serra Grande

mine (MSG) of $74m (gross of taxation), partially offset by a loss on disposal of $47m relating to the sale of the Doropo and Archean-Birimian Contact (ABC) projects.

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

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

(1) The increase in non-current trade, other receivables and other assets is mainly as a result of the deferred consideration recognised for the sale of the Doropo project

of $103m. See note 8.

(2) Contingent considerations, which were previously reported as part of trade, other receivables and other assets, are now reported separately on the statement of

financial position as these assets have a different measurement basis. Comparative periods have been reclassified. The increase in contingent considerations is

mainly as a result of contingent considerations recognised for the sale of the Doropo and ABC projects of $34m.

(3) The increase in current trade, other receivables and other assets is mainly as a result of an increase in trade receivables of $62m, other prepayments of $20m and

recoverable taxes of $20m, partly offset by the receipt of the Siguiri insurance claim of $21m and the Kibali dividend of $18m.

(4) The increase in environmental rehabilitation and other provisions in total is mainly as a result of an increase in the closure provisions at Brazil due to the finalisation of

the design review for the de-characterisation of the TSFs at AngloGold Ashanti Mineração ($73m) and unwinding of the provision( $16m), partly offset by Serra

Grande provisions transferred to liabilities held for sale ($34m).

(5) The decrease in current trade and other payables is mainly as a result of the timing of supplier payments of $66m, settlement of landowner duties previously accrued

of $45m, settlement of Yatela rehabilitation expenses previously accrued of $20m and Serra Grande trade and other payables of $22m reclassified to liabilities held

for sale.

(1) Foreign currency translation reserve includes a loss of $1,411m (December 2024: $1,411m; June 2024: $1,411m) that will not re-cycle through the income statement,

and a loss of $40m (December 2024: $81m; June 2024: $45m) relating to foreign operations that will re-cycle through the income statement on disposal.

Segmental reporting

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 and the Projects segment which comprises all the major non-sustaining capital projects with the potential to be developed into

operating entities.

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.

(1) Includes income from sale of gold concentrate, see note 2.