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 ☐

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

30 June 2025

London, Denver, Johannesburg, 1 August 2025 –

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

“Company” or the “Group”) said earnings and free cash flow*

more than doubled year on year in Q2 2025, driven by the

average gold price received per ounce*(6), continued cost

discipline and a 21% increase in gold production, following

another strong performance from its managed operations.

The Company generated $535m in free cash flow*(5) in Q2

2025, a 149% year-on-year increase from $215m in Q2

2024. The 25% year-on-year rise in gold production from

managed operations(1)(2)(3) was supported by strong

contributions from Obuasi, in Ghana, and Geita, in Tanzania,

and the addition of the Sukari gold mine(2) in Egypt. The

average gold price received per ounce*(6) increased to

$3,287/oz in Q2 2025, from $2,330/oz in Q2 2024.

The Company maintained its strong safety performance, with

a Total Recordable Injury Frequency Rate (“TRIFR”) of 0.80

injuries per million hours worked in Q2 2025, an

improvement of 17% year-on-year and well below industry

benchmarks.

“This is another strong result that again demonstrates our

focus on cost control and the positive momentum we’re

building across the business,” said CEO Alberto Calderon.

“We're reaping the benefit of consistent production and cash

flow growth, supported by disciplined capital allocation.”

AngloGold Ashanti remains committed to closing the

valuation gap with its North American peers by driving

continuous improvements in operating performance,

enhancing cash conversion, extending mine lives, and

maintaining discipline in allocating capital.

The Company actively manages its portfolio, completing the

disposal of its Archean-Birimian Contact (“ABC”) and Doropo

projects in Côte d’Ivoire in May, and announcing in June the

proposed sale of its Serra Grande mine in Brazil. AngloGold

Ashanti continues to consolidate the Beatty District in

Nevada, including the proposed acquisition of Augusta Gold,

which will strengthen its position in the most significant

emerging gold district in the US and enhance its ability to

develop the region under a unified regional plan.

Dividend demonstrates confidence, strong cash flow

An interim dividend of 80 US cents per share was declared

for Q2 2025, which includes the minimum quarterly dividend

of $63m or 12.5 US cents, with the balance reflecting our

decision to pay half of free cash flow* generated for the six

months through to 30 June. While our dividend policy

commits to this ‘true up’ payment to 50% of free cash flow*

annually at year-end, the Company’s board used its

discretion to make the payment at the half year given the

strength of cash flows and its confidence in the outlook.

Russell Indexation to boost liquidity

In June, AngloGold Ashanti was added to the Russell 1000®,

Russell 3000®, and Russell Midcap® Indexes following the

2025 FTSE Russell reconstitution. These inclusions mark

another important milestone for the Company since its

primary listing on the New York Stock Exchange in late 2023,

further enhancing visibility among US institutional investors

and access to a deeper pool of capital, driving improvements

in liquidity and breadth of ownership.

Balance sheet strengthened by earnings and cash flow

AngloGold Ashanti has continued to strengthen its balance

sheet, with Adjusted net debt* down 92% year-on-year to

$92m, and the ratio of Adjusted net debt* to Adjusted

EBITDA* improving to 0.02x, from 0.62x a year earlier. The

Group ended Q2 2025 with liquidity of $3.4bn, including

$2.0bn in cash and cash equivalents.

Adjusted EBITDA* increased 111% year-on-year to $1.44bn

in Q2 2025, from $684m in Q2 2024. Headline earnings(4)

rose to $639m, or $1.25 per share, in Q2 2025, compared to

$255m, or $0.60 per share, in Q2 2024 — an increase of

151% and 108% year-on-year, respectively. Net cash flow

from operations rose 142% to $1.02bn in Q2 2025, from

$420m in Q2 2024, boosting free cash flow* for the quarter.

Momentum continued at managed operations(1)

Gold production for the Group(1)(2)(3) increased by 21% year-

on-year to 804,000oz in Q2 2025, up from 663,000oz in Q2

2024. This growth reflects the contribution from Sukari and

improved performances at key assets, including Obuasi

(+31%), Geita (+20%), Cerro Vanguardia (+7%), Cuiabá

(+6%) and Siguiri (+6%). The TRIFR improved 17% year-on-

year to a record low of 0.80 injuries per million hours worked

in Q2 2025 versus 0.96 in Q2 2024.

Managed operations(1) drove the outperformance for Q2

2025, with gold production up 25% year-on-year to

729,000oz, compared to 581,000oz in Q2 2024. The

increase was partially offset by lower output from non-

managed joint ventures(1), which declined 9% year-on-year

to 75,000oz, mainly due to lower tonnes processed and

lower grades at Kibali.

Production improvements were led by Geita, which

continues to deliver consistently strong operating results,

and Obuasi, where the ramp-up of underhand drift-and-fill

mining (“UHDF”) progressed on schedule, supporting the

21% year-on-year increase in grade. Siguiri, Cerro

Vanguardia, and Cuiabá also posted modest gains. These

were partly offset by declines at Iduapriem, Serra Grande

and Tropicana, while Sunrise Dam held broadly steady.

Total cash costs* for the Group(1)(2) increased by 8% year-on-

year to $1,226/oz in Q2 2025 from $1,137/oz in Q2 2024,

while all-in sustaining costs* (“AISC”) rose 7% to $1,666/oz

in Q2 2025, from $1,560/oz in Q2 2024. For managed

operations(1), total cash costs* rose 6% year-on-year to

$1,241/oz in Q2 2025 from $1,171/oz in Q2 2024, while

AISC* rose 4% to $1,694/oz in Q2 2025 from $1,626/oz in

Q2 2024. These increases were driven primarily by a 28%

increase in sustaining capital expenditure*, inflationary cost

pressures of approximately 5%, and a $60/oz average

increase in the overall royalty charge linked to the higher

gold price. These factors were partly offset by higher gold

sales volumes.

Total capital expenditure for the Group(1)(2) rose to $381m in

Q2 2025, up 33% year-on-year from Q2 2024, with

sustaining capital expenditure* increasing 28% year-on-year

to $273m. The increase in sustaining capital expenditure*

reflects the inclusion of Sukari and ongoing investment to

support asset integrity and long-term operational resilience,

in line with strategic priorities.

Reaffirming guidance

Full-year 2025 guidance remains unchanged. AngloGold

Ashanti remains focused on maintaining gold production and

cost guidance for the full year and is executing on its

strategic priorities, including enhancing margins, extending

mine lives, and maintaining capital discipline.

(1)The term “managed operations” refers to subsidiaries managed by

AngloGold Ashanti and included in its consolidated reporting, while the

term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted

joint ventures that are reported based on AngloGold Ashanti's share of

attributable earnings and are not managed by AngloGold Ashanti.

Managed operations are reported on a consolidated basis. Non-managed

joint ventures are reported on an attributable basis.

(2)On 22 November 2024, the acquisition of Centamin plc (“Centamin”) was

successfully completed. Centamin has been included from the effective

date of the acquisition.

(3)Includes gold concentrate from the Cuiabá mine sold to third parties in Q2

2024.

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

(loss) per share” are not calculated in accordance with IFRS® Accounting

Standards, but in accordance with the Headline Earnings Circular 1/2023,

issued by the South African Institute of Chartered Accountants (SAICA),

at the request of the Johannesburg Stock Exchange Limited (JSE). These

measures are required to be disclosed by the JSE Listings Requirements

and therefore do not constitute Non-GAAP financial measures for

purposes of the rules and regulations of the US Securities and Exchange

Commission (“SEC”) applicable to the use and disclosure of Non-GAAP

financial measures.

(5)To enhance comparability with industry peers, AngloGold Ashanti has

revised its definition of free cash flow*, which is a Non-GAAP financial

measure. Pursuant to its revised definition, free cash flow* is calculated

as operating cash flow less capital expenditure. Operating cash flow is

defined as net cash flow from operating activities, plus repayment of

loans advanced to joint ventures, less dividends paid to non-controlling

interests (i.e., dividends paid to non-controlling interests in Sukari (50%),

Siguiri (15%) and Cerro Vanguardia (7.5%)). Free cash flow* figures for

prior periods (including Q2 2024 and H1 2024) have been adjusted to

(6)The average gold price received per ounce* for Q2 2024 and H1 2024

has been restated to be based on the gold revenue from primary

operating activities. Previously, the gold price received per ounce

calculation included revenue from normal operating activities as well as

hedging activities.

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

Gold production

Group gold production for Q2 2025 totalled 804,000oz, a

21% increase from 663,000oz in Q2 2024. This strong year-

on-year growth was driven by another full-quarter

contribution from Sukari and solid operational performances

across several key assets.

In Q2 2025, the Group delivered notable year-on-year gold

production increases at several key assets, including Geita

(+23koz), Obuasi (+17koz), Siguiri (+5koz), Cuiabá (+4koz),

and Cerro Vanguardia (+3koz). These strong performances

were partially offset by lower gold production at Iduapriem

(-17koz), mainly due to the processing of lower-grade Apoja

ore; Tropicana (-8koz), mainly impacted by lower mined

grades from surface operations; Kibali (-7koz), mainly

reflecting reduced underground ore treated amid equipment

reliability challenges and staffing constraints; Serra Grande

(-5koz), mainly due to feed grade declines driven by stope

dilution; and Sunrise Dam (-3koz), mainly affected by lower

underground tonnes mined and reduced plant throughput.

Geita delivered a particularly strong performance in Q2

2025, driven by increased ore tonnes mined from both

underground and open-pit operations. Higher-grade

contributions from Nyamulilima further supported the

improved production outcome.

Obuasi delivered a solid performance in Q2 2025, with

higher underground ore tonnes and grades delivered to the

plant, reflecting a strong recovery from the operational

challenges encountered in Q2 2024. Plant recoveries

improved by 6% year-on-year, supported by the

commissioning of a second flash cell and the processing of

higher-grade material.

Group gold production for H1 2025 totalled 1,524,000oz, a

22% increase from 1,254,000oz in H1 2024. This strong

year-on-year growth was driven by a full-half contribution

from Sukari and sustained production improvements across

several key assets.

Costs

Total cash costs per ounce* for the Group increased by 8%

year-on-year to $1,226/oz in Q2 2025, compared to $1,137/

oz in Q2 2024. The increase was primarily driven by an

estimated 5% rise in inflation, reflecting consumer price

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

Group operates, and higher royalty costs linked to the

stronger average gold price received per ounce* during Q2

2025. These impacts were partially offset by a favourable

foreign currency exchange environment against the US

dollar, which resulted in a 2% cost benefit.

Managed operations recorded a 6% year-on-year increase in

total cash costs per ounce*, rising from $1,171/oz in Q2

2024 to $1,241/oz in Q2 2025. In addition to the impacts of

inflation and higher gold royalties, the increase reflects lower

gold production at Iduapriem and Serra Grande, as well as

higher operating costs at Tropicana and Siguiri. These

pressures were partially offset by the addition of Sukari to

the portfolio and stronger production performances at Geita

and Cuiabá.

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

joint ventures increased by 20% year-on-year to $1,081/oz in

Q2 2025, compared to $899/oz in Q2 2024. The increase

was primarily driven by lower gold production due to reduced

underground ore mined, alongside higher royalties and

increased open-pit volume-related operating costs at Kibali.

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

increased by 7% year-on-year to $1,666/oz in Q2 2025,

compared to $1,560/oz in Q2 2024. At the managed

operations, AISC per ounce* rose by 4% to $1,694/oz in Q2

2025, up from $1,626/oz in Q2 2024, reflecting higher total

cash costs per ounce* and increased sustaining capital

expenditure*. AISC per ounce* at the non-managed joint

ventures rose by 26% to $1,367/oz in Q2 2025, from $1,085/

oz in Q2 2024, primarily due to the operational performance

at Kibali.

Total cash costs per ounce* for the Group increased by 6%

year-on-year to $1,224/oz for H1 2025, compared to

$1,158/ oz in H1 2024. Consistent with the quarterly trend,

this increase was primarily driven by an estimated 4% rise in

inflation and higher royalty costs associated with the

stronger average gold price received per ounce*. These

impacts were partially offset by a favourable cumulative

foreign currency exchange rate against the US dollar, which

resulted in a 3% cost benefit.

Managed operations reported a 2% year-on-year increase in

total cash costs per ounce*, increased from $1,200/oz in H1

2024 to $1,228/oz in H1 2025. This increase was primarily

driven by operational challenges at Iduapriem, as well as

inflationary pressures and higher gold royalty costs. These

impacts were partially offset by the inclusion of Sukari into

the portfolio and strong operational performances at Geita

and Siguiri.

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

increased by 38% year-on-year to $1,193/oz for H1 2025, up

from $866/oz in H1 2024, mainly due to Kibali having lower

gold production from reduced underground ore mined,

higher royalties and higher open pit volume-related operating

costs.

AISC per ounce* for the Group rose by 4% year-on-year to

$1,654/oz in H1 2025, from $1,589 /oz in H1 2024. For

managed operations, AISC per ounce* marginally increased

by 1% to $1,676/oz for H1 2025, up from $1,658/oz in H1

2024, reflecting the positive impact of Sukari’s inclusion in

the portfolio. AISC per ounce* at non-managed joint ventures

increased by 31% to $1,414/oz for H1 2025, compared to

$1,078/oz for H1 2024, due primarily to the weaker

operational performance at Kibali.

Adjusted EBITDA*

Adjusted earnings before interest, tax, depreciation and

amortisation* (“Adjusted EBITDA*”) for Q2 2025 increased to

$1,443m, up from $684m in Q2 2024. This strong year-on-

year growth was underpinned by a favourable operating and

market environment, including a higher average gold price

received per ounce*, increased gold sales volumes, and no

losses on non-hedge derivatives and other commodity

contracts. These gains were partially offset by higher total

operating costs—driven by increased royalty expenses, the

first-time inclusion of Sukari, higher costs related to legacy

tailings storage facilities (“TSFs”), higher costs relating to

mining contractor rate adjustments, and reduced indirect tax

credits.

Adjusted EBITDA* for H1 2025 increased to $2,563m,

compared to $1,118m in H1 2024. This strong year-on-year

growth was driven by a combination of favourable

operational and market conditions, including a higher

sales volumes, no losses on non-hedge derivatives and

other commodity contracts, and favourable inventory

movements. These positive factors were partially offset by

higher total operating costs, reflecting increased royalty

expenses, the initial inclusion of Sukari, higher costs

associated with legacy TSFs, higher costs relating to mining

contractor rate adjustments, and lower indirect tax credits.

Earnings

Q2 2025 were $669m, or 132 US cents per share, compared

to $253m, or 60 US cents per share, in Q2 2024. The strong

year-on-year increase was largely driven by a higher

sales volumes, and no losses on non-hedge derivatives and

other commodity contracts. The current period also benefited

from an impairment reversal at Serra Grande, which was not

present in Q2 2024.

These positive contributions were partially offset by higher

total operating costs, including increased royalty expenses

and costs associated with the initial inclusion of Sukari,

along with higher asset amortisation, increased losses on

asset disposals, elevated costs related to legacy TSFs,

higher costs relating to mining contractor rate adjustments,

reduced indirect tax credits, loss on disposal of the Doropo

and ABC projects in Côte d’Ivoire, lower equity earnings from

associates and non-managed joint ventures, and a higher

tax charge.

H1 2025 were $1,112m, or 219 US cents per share,

compared to $311m, or 74 US cents per share, in H1 2024.

This strong year-on-year growth was primarily driven by a

higher average gold price received per ounce*, increased

gold sales volumes, and no losses on non-hedge derivatives

and other commodity contracts. Additional contributions

came from favourable inventory movements, lower care and

maintenance costs, and an impairment reversal at Serra

Grande, which was not present in H1 2024.

These positive impacts were partially offset by higher total

operating costs, including increased royalty expenses and

the first-time inclusion of Sukari, alongside higher

amortisation of assets, elevated costs related to legacy

TSFs, higher costs relating to mining contractor rate

adjustments, higher exchange losses, reduced indirect tax

credits, loss on disposal of the Doropo and ABC projects in

Côte d’Ivoire, lower finance income, lower equity earnings

from associates and non-managed joint ventures, and a

higher tax charge.

Headline earnings‡ for Q2 2025 were $639m, or 125 US

cents per share, compared to $255m, or 60 US cents per

share, in Q2 2024. The increase in headline earnings‡

earnings during Q2 2025. In addition, headline earnings‡

excludes impairment reversals/impairments, asset

derecognitions and losses (profits) on disposal of assets and

taxes thereon.

Headline earnings‡ for H1 2025 were $1,087m, or 214 US

cents per share, compared to $313m, or 74 US cents per

share, for H1 2024. The increase in headline earnings‡

earnings during H1 2025.

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

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

IFRS® Accounting Standards, but in accordance with the

Headline Earnings Circular 1/2023, issued by the South African

Institute of Chartered Accountants (SAICA), at the request of the

Johannesburg Stock Exchange Limited (JSE). These measures

are required to be disclosed by the JSE Listings Requirements

and therefore do not constitute Non-GAAP financial measures

for purposes of the rules and regulations of the SEC applicable

to the use and disclosure of Non-GAAP financial measures.

Cash flow

Net cash inflow from operating activities reached $1,018m in

Q2 2025, representing a 142% year-on-year increase from

$420m in Q2 2024. This strong performance was

underpinned by a higher average gold price received per

ounce* and increased gold sales volumes from managed

operations. These gains were partially offset by higher total

operating costs, lower dividends received from joint

ventures, and increased tax payments.

cash inflow* of $535m in Q2 2025, compared to $215m in

Q2 2024.

Net cash inflow from operating activities was $1,743m for H1

2025, a 159% increase year-on-year from $672m for H1

2024. This strong performance was primarily driven by a

higher average gold price received per ounce* and

increased gold sales volumes from managed operations.

These benefits were partially offset by higher total operating

costs, lower dividends received from joint ventures, and

increased tax payments.

cash inflow* of $938m in H1 2025, compared to $272m in H1

2024.

To enhance comparability with industry peers, AngloGold

Ashanti revised its definition of free cash flow*, which is a

Non-GAAP financial measure. Pursuant to its revised

definition, free cash flow* is calculated as operating cash

flow less capital expenditure. Operating cash flow is defined

as net cash flow from operating activities, plus repayment of

loans advanced to joint ventures, less dividends paid to non-

controlling interests (i.e., dividends paid to non-controlling

interests in Sukari (50%), Siguiri (15%) and Cerro

Vanguardia (7.5%)). Free cash flow* figures for prior periods

(including Q2 2024 and H1 2024) have been adjusted to

The dividend policy targets a 50% payout of annual free

cash flow*, subject to maintaining an Adjusted net debt* to

Adjusted EBITDA* ratio of 1.0 times. The dividend policy

also introduced a base dividend of $0.50 per share per

annum, payable in quarterly instalments of $0.125 per share.

The interim dividend for Q2 2025, is 80 US cents per share.

During Q2 2025, AngloGold Ashanti received loan

repayments of $17m and $18m in dividends from the Kibali

joint venture, compared to $45m in loan repayments and

$22m in dividends in Q2 2024. The Company’s attributable

share of outstanding cash balances awaiting repatriation

from the Democratic Republic of the Congo (“DRC”) was

$25m at 30 June 2025, down from $47m at 31 March 2025.

Free cash flow* during Q2 2025 was impacted by ongoing

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

and Kibali, as well as foreign exchange controls and export

duty-related restrictions at Cerro Vanguardia (“CVSA”):

•In Tanzania, the net overdue recoverable VAT input credit

balance (after discounting provisions) increased by $22m

during Q2 2025 to $169m at 30 June 2025, up from

$147m at 31 March 2025. This increase reflects foreign

exchange losses of $3m and new claims submitted

during the period of $25m, partially offset by the

application of $4m in verified VAT claims against

corporate tax liabilities, and discounting adjustments of

$2m. AngloGold Ashanti expects to continue offsetting

eligible VAT claims against corporate taxes as part of its

recovery strategy.

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

recoverable VAT balance (including fuel duties and after

discounting provisions) increased by $5m during

Q2 2025 to $76m at 30 June 2025, up from $71m at

31 March 2025. This increase was driven by $5m in new

claims submitted and $1m in discounting provision

adjustments, partially offset by $1m in revaluation

adjustments.

•In Argentina, the net export duty receivables (after

discounting provisions) remained steady at $3m# during

Q2 2025 relative to Q1 2025. In addition, CVSA’s cash

balance increased by $4m# during Q2 2025 to $171m# at

30 June 2025 from $167m# at 31 March 2025. The cash

remains available for CVSA’s operational and exploration

requirements.

•During Q2 2025, CVSA approved its 2024 local financial

statements and declared dividends attributable to the

2024 financial year to AngloGold Ashanti’s offshore

($251m#) and onshore ($28m#) investment holding

companies. During June 2025, CVSA paid offshore

dividends of $35m to AngloGold Ashanti by utilising a

currency swap mechanism to secure the required US

dollars. CVSA expects to continue with monthly dividend

payments, subject to cash availability, in order to satisfy

the remaining amount of declared dividends.

#US dollar equivalent and at prevailing exchange rates.

(1) Includes landholder duties of $37m paid in May 2025.

Balance sheet and liquidity

Adjusted net debt* decreased to $92m at 30 June 2025,

following payment of $212m in dividends during Q2 2025.

This compares to Adjusted net debt* of $1,148m at 30 June

2024. The Adjusted net debt* to Adjusted EBITDA* ratio

improved to 0.02 times at 30 June 2025, compared to 0.62

times at 30 June 2024. The Company remains focused on

maintaining a strong and flexible balance sheet, with a

through-the-cycle target ratio of 1.0 times Adjusted net debt*

to Adjusted EBITDA*.

At 30 June 2025, the balance sheet remained robust,

supported by significant available liquidity. This included the

undrawn $1.4bn multi-currency revolving credit facility

(“RCF”).

AngloGold Ashanti held approximately $2.0bn in cash and

cash equivalents (net of bank overdraft) at 30 June 2025,

bringing Group liquidity to approximately $3.4bn at 30 June

2025.

Capital expenditure

During Q2 2025, sustaining capital expenditure* of the

Group increased by 28% year-on-year to $273m, compared

to $214m in Q2 2024. Sustaining capital expenditure* at

managed operations rose by 34% year-on-year to $262m in

Q2 2025, up from $196m in Q2 2024. This increase was

primarily driven by the inclusion of Sukari of $37m in the

portfolio and a $25m increase at Geita due to the acquisition

of a new mining fleet and increased Mineral Reserve

development expenditure due to additional underground

metres advanced. At non-managed joint ventures, sustaining

capital expenditure* decreased by 39% year-on-year to

$11m in Q2 2025, from $18m in Q2 2024, mainly reflecting

lower waste stripping capital expenditure at Kibali, aligned

with reduced mining activity.

$108m in Q2 2025, a 50% increase year-on-year from $72m

in Q2 2024. At managed operations, non-sustaining capital

expenditure* rose by 63% year-on-year to $88m, from $54m

in Q2 2024, largely due to Sukari’s addition to the portfolio of

$29m and an increase in the Havana growth capital

expenditure at Tropicana. This increase was partially offset

by reduced growth capital expenditure at Obuasi, following

the completion of Phase 3 of the Obuasi redevelopment

project in Q4 2024. Non-managed joint ventures recorded an

11% year-on-year increase in non-sustaining capital

expenditure* to $20m in Q2 2025, from $18m in Q2 2024,

mainly driven by higher expenditure at Kibali on waste

stripping for the Pamao deposition project, partly offset by

lower expenditure on the cyanide recovery plan and solar

energy initiative.

During H1 2025, sustaining capital expenditure* of the Group

increased by 21% year-on-year to $509m, compared to

$420m in H1 2024. Sustaining capital expenditure* at

managed operations rose by 26% year-on-year to $485m in

H1 2025, up from $386m in H1 2024. This increase was

primarily driven by the inclusion of Sukari of $69m in the

portfolio and a $32m increase at Geita in H1 2025 compared

to H1 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 H1 2024 related to

waste mining, TSF life extension, and recovery work on a

carbon-in-leach (“CIL”) tank failure. At non-managed joint

ventures, sustaining capital expenditure* decreased by 29%

year-on-year to $24m in H1 2025, from $34m in H1 2024,

mainly reflecting lower waste stripping capital expenditure at

Kibali, aligned with reduced mining activity.

$208m in H1 2025, a 59% increase year-on-year from

$131m in H1 2024. At managed operations, non-sustaining

capital expenditure* rose by 62% year-on-year to $168m,

from $104m in H1 2024, primarily driven by the addition of

Sukari of $56m to the portfolio and increased investment in

the Beposo TSF at Iduapriem. These increases were

partially offset by lower non-sustaining capital expenditure*

at the Havana project at Tropicana, as well as at Obuasi

following the successful completion of Phase 3 of the Obuasi

redevelopment project in Q4 2024. Non-managed joint

ventures recorded a 48% year-on-year increase in non-

sustaining capital expenditure* to $40m in H1 2025, from

$27m in H1 2024. The increase was primarily driven by

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.

Regional view

Africa region

In the Africa region, managed operations (including Sukari)

produced 472,000oz at a total cash cost* of $1,134/oz in Q2

2025, compared to 315,000oz at a total cash cost* of

$1,198/oz in Q2 2024. In the Africa region, non-managed

joint ventures produced (on an attributable basis) 75,000oz

at a total cash cost* of $1,081/oz in Q2 2025, compared to

82,000oz at a total cash cost* of $899/oz in Q2 2024.

Managed operations (including Sukari) produced 879,000oz

at a total cash cost* of $1,138/oz in H1 2025, compared to

593,000oz at a total cash cost* of $1,220/oz in H1 2024.

In the Africa region, non-managed joint ventures produced

(on an attributable basis) 138,000oz at a total cash cost* of

$1,193/oz in H1 2025, compared to 158,000oz at a total

cash cost* of $866/oz in H1 2024.

In Ghana, at Iduapriem, gold production was 49,000oz at a

66,000oz at a total cash cost* of $1,008/oz during Q2 2024.

Gold production decreased by 26% year-on-year in Q2 2025

compared to Q2 2024, due primarily to the mining of lower

grade ore at Ajopa. The shortfall in higher grade ore mined in

Q2 led to greater reliance on stockpile ore tonnes, with

increased treatment of lower grade stockpiles. As a result,

the recovered grade decreased from 1.53g/t in Q2 2024 to

1.13g/t in Q2 2025. Total cash costs per ounce* increased by

65% year-on-year in Q2 2025 compared to Q2 2024, largely

reflecting lower gold production driven by reduced mined

grades, higher gold royalties, increased processing plant

shutdown costs and a flow-on effect of metal inventory due

to movements and increased unit costs.

Gold production was 89,000oz at a total cash cost* of

$1,586/oz for H1 2025, compared to 128,000oz at a total

cash cost* of $943/oz during H1 2024. Gold production

decreased by 30% year-on-year in H1 2025 compared to H1

2024, mainly due to an unplanned seventeen-day plant

shutdown in Q1 2025 to investigate and repair a tear in the

lining of the Beposo 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. Total cash costs per ounce* increased

by 68% year-on-year in H1 2025 compared to H1 2024,

largely reflecting lower production volumes — including an

estimated shortfall of approximately 12,000oz due to the

plant stoppage — and the processing of lower-grade ore.

Additionally, costs increased due to higher open-pit mining

expenses related to increased volumes mined. These

increases were partially offset by lower labour costs,

reflecting a reduction in bonus days accrued.

At Obuasi, gold production was 71,000oz at a total cash

cost* of $1,299/oz for Q2 2025, compared to 54,000oz at a

total cash cost* of $1,287/oz during Q2 2024. Gold

production increased by 31% year-on-year in Q2 2025

compared to Q2 2024, mainly due to improved underground

ore tonnes and grades delivered to the plant, marking a

strong recovery from the operational challenges experienced

in H1 2024. Plant recoveries also improved by 6% year-on-

year, supported by the installation of a second flash cell and

processing of higher-grade material. Total cash costs per

ounce* marginally increased by 1% year-on-year in Q2 2025

compared to Q2 2024, mainly due to higher operating costs

associated with increased mining volumes, elevated gold

royalties and higher consultant expenditure. Q3 2025

performance is expected to remain broadly in line with Q2

2025 results and aligned with the mid-point of full-year

guidance for Obuasi.

Gold production was 125,000oz at a total cash cost* of

$1,293/oz for H1 2025, compared to 108,000oz at a total

cash cost* of $1,269/oz during H1 2024. Gold production

increased by 16% year-on-year in H1 2025 compared to H1

2024. This strong performance was primarily driven by

improved underground mine health, with no Kokoteasua

tailings processed during H1 2025 — whereas surface

sources accounted for 14% of the feed in H1 2024. As a

result, while total tonnes milled declined by 3% year-on-year

to 636kt, the average head grade improved significantly by

17%, rising to 7.09g/t in H1 2025 from 6.04g/t in H1 2024.

Total cash costs per ounce* marginally increased by 2%

to higher contractor costs associated with increased tonnes

mined and greater underground development, along with

higher royalty costs.

In Guinea, at Siguiri, gold production was 85,000oz at a

80,000oz at a total cash cost* of $1,550/oz in Q2 2024. Gold

production increased by 6% year-on-year in Q2 2025

compared to Q2 2024. The improved production was

supported by a 7% rise in tonnes treated, driven by

optimised plant utilisation and favourable material

characteristics, alongside a 3% improvement in recovery

rates due to enhanced carbon management. Total cash

costs per ounce* increased by 7% year-on-year in Q2 2025

compared to Q2 2024, mainly due to higher gold royalties

associated with an improved gold price received per ounce*

and increased labour costs. These increases were partially

offset by a build-up in gold inventory, which helped mitigate

overall cost escalation.

Gold production was 165,000oz at a total cash cost* of

$1,595/oz for H1 2025, compared to 128,000oz at a total

cash cost* of $1,791/oz in H1 2024. Gold production

increased by 29% in H1 2025 compared to H1 2024, mainly

due to an 11% improvement in recovery, achieved by

excluding Bidini ore from the blend and optimising carbon

management, as well as a 13% increase in tonnes treated,

supported by improved plant stability. Total cash costs per

ounce* decreased by 11% year-on-year in H1 2025

compared to H1 2024, largely reflecting the higher

production base. This reduction in unit cost was partially

offset by an increase in gold royalty expenses associated

with the higher gold price.

In Tanzania, at Geita, gold production was 138,000oz at a

total cash cost* of $955/oz for Q2 2025, compared to

115,000oz at a total cash cost* of $1,019/oz in Q2 2024.

Gold production increased by 20% year-on-year in Q2 2025

compared to Q2 2024, mainly due to higher ore tonnes

mined from both underground and open-pit operations, with

Nyamulilima contributing higher-grade material. This

increase was partially offset by a 4% decline in ore tonnes

treated, reflecting lower throughput rates and mill utilisation.

Total cash costs per ounce* decreased by 6% year-on-year

in Q2 2025 compared to Q2 2024, mainly due to the strong

increase in production. This benefit was partly offset by

higher gold refining and royalty charges associated with the

stronger gold price, along with increased backfilling and

stores costs.

Gold production was 254,000oz at a total cash cost* of $985/

oz for H1 2025, compared to 229,000oz at a total cash cost*

of $1,032/oz in H1 2024. Gold production increased by 11%

to improved recovered grades, supported by an 11% uplift in

the mine call factor. A 43% increase in ore tonnes mined

from the open pit further contributed to higher stockpile

levels, enhancing feed flexibility. These gains were partially

offset by a 6% decline in ore tonnes treated, due to lower

plant throughput and mill utilisation. Total cash costs per

ounce* decreased by 5% year-on-year in H1 2025 compared

to H1 2024, mainly reflecting the benefit of increased

production volumes. This decrease was partly offset by

higher direct operating costs, including increased backfilling

activities, higher contractor and consultant expenditure,

higher stores costs, and additional refining and royalty

charges associated with the stronger gold price.

In Egypt, at Sukari, the mine performed in line with plan

with gold production for Q2 2025 of 129,000oz (Q2 2024

120,000oz) at a total cash cost* of $681/oz. Sukari was

acquired by the Company on 22 November 2024. While

milled tonnes were lower in Q2 2025 due to equipment

reliability and operational factors impacting throughput and

plant availability, higher float feed grades were the primary

driver of increased production and also contributed to

improved plant recoveries.

The mine performed in line with plan with gold production for

H1 2025 of 246,000oz (H1 2024 225,000oz) at a total cash

cost* of $750/oz. Gold production increased by 9% year-on-

year in H1 2025 compared to H1 2024 mainly due to higher

float feed grades and improved plant recoveries, partially

offset by lower milled tonnes following the decision to bring

forward the mill reline.

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

basis) was 75,000oz at a total cash cost* of $1,081/oz for Q2

2025, compared to 82,000oz at a total cash cost* of $899/oz

in Q2 2024. Gold production decreased by 9% year-on-year

in Q2 2025 compared to Q2 2024, mainly due to lower

recovered grades, as underground ore treated declined amid

equipment reliability challenges and staffing constraints,

resulting in a greater reliance on lower-grade open-pit ore.

Total cash costs per ounce* increased by 20% year-on-year

in Q2 2025 compared to Q2 2024, mainly due to the lower

production base and higher operating costs. These

increases included increased royalty payments driven by

both a higher gold price and an increase in the royalty rate,

as well as higher volume-related open-pit mining costs.

Gold production (on an attributable basis) was 138,000oz at

a total cash cost* of $1,193/oz for H1 2025, compared to

158,000oz at a total cash cost* of $866/oz in H1 2024. Gold

production decreased by 13% year-on-year in H1 2025

compared to H1 2024, mainly due to lower recovered grades

as operational challenges reduced the amount of

underground ore available for treatment, increasing reliance

on lower-grade open-pit ore. Total cash costs per ounce*

increased by 38% year-on-year in H1 2025 compared to H1

2024, largely reflecting the lower production base, higher

royalty payments driven by a stronger gold price and royalty

rate increase, and increased open-pit mining costs

associated with higher volumes mined.

Australia region

In the Australia region, gold production (on an attributable

basis) was 126,000oz at a total cash cost* of $1,605/oz in

Q2 2025, compared to 137,000oz at a total cash cost* of

$1,276/oz in Q2 2024.

Gold production (on an attributable basis) was 261,000oz at

a total cash cost* of $1,528/oz in H1 2025, compared to

246,000oz at a total cash cost* of $1,393/oz in H1 2024.

At Sunrise Dam, gold production was 61,000oz at a total

cash cost* of $1,644/oz for Q2 2025, compared to 64,000oz

at a total cash cost* of $1,264/oz in Q2 2024. Gold

production decreased by 5% year-on-year in Q2 2025

compared to Q2 2024, mainly due to lower underground

tonnes mined and reduced plant throughput, partially offset

by improved recoveries driven by increased circuit residence

time and reduced solution losses. Total cash costs per

ounce* increased by 30% year-on-year in Q2 2025

compared to Q2 2024, mainly reflecting the impact of lower

production, higher processing costs associated with

supplementary crushing and additional reagent use, and

increased plant maintenance.The latter included the

implementation of a revised shutdown strategy, unplanned

mill gearbox and motor replacements, major crusher repairs,

and CIL tank refurbishment, all contributing to the long-term

reliability and performance of the operation.

Gold production was 122,000oz at a total cash cost* of

$1,561/oz for H1 2025, compared to 120,000oz at a total

cash cost* of $1,436/oz in H1 2024. Gold production

increased by 2% year-on-year in H1 2025 compared to H1

2024, mainly due to a 6% improvement in plant recoveries,

partially offset by lower head grades and reduced plant

throughput. Total cash costs per ounce* increased by 9%

to longer open-pit haul distances following the transition from

Neville East to Neville Main and SuperBowl, gold-in-process

inventory movements linked to timing of gold pours, as well

as higher contractor mining rates and higher royalty costs

associated with the stronger gold price.

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

65,000oz at a total cash cost* of $1,442/oz in Q2 2025,

compared to 73,000oz at a total cash cost* of $1,168/oz in

Q2 2024. Gold production decreased by 11% year-on-year in

Q2 2025 compared to Q2 2024, mainly due to planned

progression through lower-grade surface ore, in line with the

mine schedule. Total cash costs per ounce* increased by

23% year-on-year in Q2 2025 compared to Q2 2024, mainly

due to the impact of lower open-pit grades, higher

underground mining volumes, higher contractor mining rates

and elevated fuel prices. Despite these cost headwinds, the

operation remains well-positioned to benefit from ongoing

underground development and optimisation efforts.

Gold production (on an attributable basis) was 139,000oz at

a total cash cost* of $1,376/oz in H1 2025, compared to

126,000oz at a total cash cost* of $1,221/oz in H1 2024.

Gold production increased by 10% year-on-year for H1 2025

compared to H1 2024. The improvement reflects 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. Total

cash costs per ounce* increased by 13% year-on-year for

H1 2025 compared to H1 2024, primarily driven by higher

operating costs, higher contractor mining rates, increased

fuel prices and elevated gold royalties. Additional

contributing factors included a lower level of open-pit

capitalisation compared to H1 2024, a higher proportion of

garnet material and longer haul distances.

Americas region

In the Americas region, gold production was 131,000oz at

a total cash cost* of $1,237/oz in Q2 2025, compared to

129,000oz at a total cash cost* of $1,002/oz in Q2 2024.

Gold production was 246,000oz at a total cash cost* of

$1,206/oz in H1 2025, compared to 257,000oz at a total

cash cost* of $974/oz in H1 2024.

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

68,000oz at a total cash cost* of $943/oz for Q2 2025,

compared to 64,000oz at a total cash cost* of $897/oz in Q2

2024. Following the successful restart of the Queiroz plant in

September 2024, gold production is now recorded upon

refining and pouring at the plant, rather than at the shipment

of gold concentrate. Gold production increased by 6% year-

on-year in Q2 2025 compared to Q2 2024, mainly due to

higher ore tonnes mined and a 5% improvement in ore head

grade, partially offset by a 6% decline in plant recoveries.

Total cash costs per ounce* increased by 5% year-on-year

for Q2 2025 compared to Q2 2024, mainly due to the restart

of the Queiroz plant, which had previously been under care

and maintenance. This increase was partially offset by

higher gold production and increased by-product revenue.

Gold production was 126,000oz at a total cash cost* of $922/

oz for H1 2025, compared to 129,000oz at a total cash cost*

of $876/oz in H1 2024. Gold production decreased by 2%

year-on-year in H1 2025 compared H1 2024, primarily due to

a 5% decline in plant recoveries, partially offset by an

improvement in ore head grade. Total cash costs per ounce*

increased by 5% year-on-year for H1 2025 compared to H1

2024, mainly reflecting higher operating costs associated

with the successful restart of the Queiroz plant and slightly

lower production volumes. These increases were partially

mitigated by increased by-product revenue and a weaker

Brazilian real relative to the US dollar.

At Serra Grande, gold production was 16,000oz at a total

cash cost* of $1,930/oz for Q2 2025, compared to 21,000oz

at a total cash cost* of $1,300/oz in Q2 2024. Gold

production decreased by 24% year-on-year in Q2 2025

compared to Q2 2024, mainly due to lower recovered grade,

partially offset by an increase in the volume of ore treated.

Total cash costs per ounce* increased by 48% year-on-year

in Q2 2025 compared to Q2 2024, largely reflecting the

impact of lower production volumes and higher operating

costs. The team continues to focus on optimising grade

control and enhancing operational efficiency to support

improved cost performance.

Gold production was 26,000oz at a total cash cost* of

$2,144/oz for H1 2025, compared to 42,000oz at a total cash

cost* of $1,302/oz in H1 2024. Gold production decreased

by 38% year-on-year in H1 2025 compared to H1 2024,

mainly due to lower recovered grades and reduced ore

volumes treated, as a result of operational restrictions and

geotechnical constraints. Total cash costs per ounce*

increased by 65% year-on-year for H1 2025 compared to H1

2024, largely reflecting the impact of lower production. This

increase was partially offset by the weakening of the

Brazilian real against the US dollar, which helped mitigate

some cost pressures.

The proposed sale of Serra Grande is expected to be

completed by the end of 2025.

In Argentina, at Cerro Vanguardia, gold production was

47,000oz at a total cash cost* of $1,409/oz during Q2 2025,

compared to 44,000oz at a total cash cost* of $1,005/oz in

Q2 2024. Gold production increased by 7% year-on-year in

Q2 2025 compared to Q2 2024, mainly driven by improved

plant performance and higher head grade. Total cash costs

per ounce* increased by 40% year-on-year in Q2 2025

compared to Q2 2024, primarily due to higher material and

labour costs, as well as higher royalty payments. These

increases were partially offset by a weaker Argentinean peso

against the US dollar and increased by-product revenue.

Gold production was 94,000oz at a total cash cost* of

$1,305/oz during H1 2025, compared to 86,000oz at a total

cash cost* of $954/oz in H1 2024. Gold production increased

by 9% year-on-year in H1 2025 compared to H1 2024,

mainly due to higher head grades and an increase in ore

tonnes treated, supporting stronger operational performance.

Total cash costs per ounce* increased by 37% year-on-year

in H1 2025 compared to H1 2024, primarily due to higher

material and labour costs, and higher royalty costs

associated with the increased gold price. These increases

were partially offset by a weaker Argentinean peso against

the US dollar and higher by-product revenue, which helped

mitigate overall cost increases.

Capital projects update

Tropicana

Development of the Havana underground decline is

progressing according to plan, with detailed infrastructure

design currently underway. The project remains on track to

deliver first gold in H1 2027, in line with the feasibility study.

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 promising Silicon and

Merlin deposits, further strengthening our presence in this

highly 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 Q2 2025, this phase had progressed to

67% 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.

Based on current timelines, a Record of Decision from the

Bureau of Land Management (BLM) is anticipated by the

end of 2026, subject to regulatory review and related factors.

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 Q1

2024 project framing review. As of 31 December 2024, the

Arthur Gold Project’s Measured and Indicated Mineral

Resource of 3.40Moz and Inferred Mineral Resource of

12.91Moz 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.

Exploration update

For detailed disclosure on the exploration work done for the

three months ended 30 June 2025, see the Exploration

Update document on the Company’s website at

www.anglogoldashanti.com on both brownfield and

greenfield exploration programmes.

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 $76m on closing subject to

certain working capital adjustments at the closing date;

and

•Deferred consideration payments equivalent to a 3% net

smelter returns participation over the current Mineral

Resource of MSG inclusive of the Mineral Reserve,

payable quarterly in cash.

The proposed sale, which is expected to close by the end of

2025, 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 $98.9m or $70m (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% of G2’s issued and outstanding share capital on a

non-diluted basis), AngloGold Ashanti no longer owns any

shares in G2.

Proposed acquisition of Augusta Gold Corp.

On 16 July 2025, AngloGold Ashanti announced that it had

entered into a definitive agreement with Augusta Gold Corp.

(“Augusta Gold”) to acquire 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 $152m (approximately

$111m). Additionally, in connection with the proposed

transaction, AngloGold Ashanti will provide funds for the

repayment of certain shareholder loans (which amounted to

approximately $32.6m 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 and are expected to provide additional Mineral

Resources to the Company’s inventory.

The proposed transaction is expected to close in Q4 2025,

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%

of its gold production from Geita through the Geita Gold

Refinery, an independently owned and operated Tanzanian

entity. This 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.

Executive Committee changes

As previously announced, with effect from 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, formerly

Senior Vice President LATAM, becoming COO and a

member of the Executive Committee on the same date.

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) The increase in non-current trade, other receivables and other assets from December 2024 is mainly as a result of the deferred consideration recognised for the sale

of the Doropo project of $103m.

(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 from

December 2024 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 from December 2024 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 from December 2024 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 from December 2024 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.

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.