AngloGold Ashanti : Q1 2020 - Market update presentation (3.6m)

Q1 2020 MARKET UPDATE

Results for the quarter ended 31 March 2020

1

DISCLAIMER

Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti Limited's (AngloGold Ashanti or the Company) operations, individually

or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti's

exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti's liquidity and capital resources and capital expenditures and the outcome and consequence of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social and political and market conditions, the success of business and operating initiatives, changes in the regulatory environment and other government actions,

including environmental approvals, fluctuations in gold prices and exchange rates, the outcome of pending or future litigation proceedings, any supply chain

disruptions, any public health crises, pandemics or epidemics (including the COVID-19 pandemic) and other business and operational risks and other factors. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2019, which has beenfiled with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti's actual results to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on future results. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law.

All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.

The financial information contained in this document has not been reviewed or reported on by the Company's external auditors.

Non-GAAP financial measures

This communication may contain certain "Non-GAAP" financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from

operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to

similarly titled measures other companies may use.

2

AGENDA

1

2

3

4

5

6

Kelvin Dushnisky

Introduction &Strategy

Christine Ramon

Financials

Sicelo Ntuli

Africa

Ludwig Eybers

International

Graham Ehm

Group Planning & Technical

Kelvin Dushnisky

Conclusion

3

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

Generate sustainable cash flows and shareholder returns by focusing

on five key areasaimed at driving our investments to deliver improving margins, extended mine lives and a pipeline for the future!

Portfolio improvements

Replace and grow reserves

Excellence in ESG

Robust balance sheet

Disciplined capital allocation

4

TARGETING ZERO HARM

Long-term safety improvements continue

Constituent of the

FTSE All World Index

Working towards zero harm,

excellence in environmental stewardship

and community development

• Regrettably four fatalities occurred in two separate fatal incidents in March at the Mponeng mine and; one fatality in April at Covalent Water

Fatalities

20

16

12

8

4

0

2012

2013

2014

2015

2016

2017

2018

2019

Q1 2020

AIFRper million hours worked

• All-injuryfrequency rate (AIFR) improved 2% to 2.75 injuries per million hours worked
• We pledge to protect the health of our employees and host communities, while working to ensure business continuity

20

16

12

8

4

0

2012

2013

2014

2015

2016

2017

2018

2019

Q1 2020

Reportable environmental incidents

20

16

12

8

4

0

2012

2013

2014

2015

2016

2017

2018

2019

Q1 2020

5

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING HIGHLIGHTS	FINANCIAL HIGHLIGHTS
•Q1 2020 production: 716,000oz; strong performances at Geita, Iduapriem and	•Adjusted EBITDA up 54% year-on-year to $473m; Adjusted net debt down 10%
Kibali	•Adjusted net debt to adjusted EBITDA improved to 0.85 times
•AISC* of $1,047/oz; AISC margin improved to 34%, from 22% in Q1 2019	•Free cash flow before growth capital increased 231% to $94m
•AIFR improved 2.75 versus Q1 2019 at 4.22	•Cash flow from operating activities up 227% to $219m
•Covid-19 impact limited: stoppages impacted 11,000oz Q1 2020	•$2.3bn** of available liquidity, no near-term debt maturities

Americas		Continental Africa		South Africa***		Australia
140,000oz	$1,157/oz AISC*		360,000oz	$879/oz AISC*		86,000oz	$1,227/oz AISC*		130,000oz	$1,184/oz AISC*

			Mali			716koz
		Guinea
					Produced from continuing and
		Ghana				discontinued operations
Colombia					$1,047/oz
		DRC
			Tanzania
				Group AISC* continuing and
	Brazil
					discontinued operations
				South Africa		$473m
					Australia	Group Adjusted EBITDA
Argentina
*AISCWorld Gold Council standard	Operations	Projects	Asset sales underway	Greenfields exploration
** At 30 April 2020, excludes cash lock-up positions at Kibali and Sadiola, where AngloGold Ashanti's combined share totals about $300m; no near term maturities

***Discontinued operations	6
All figures refer to continuing and discontinued operations, unless otherwise stated.

IMPROVING MARGIN TREND

Higher gold price provides opportunity to expand margins

All-in Sustaining Costs¹ vs. Gold Price Received

$/oz
1,800								SPOT²
							$1,720/oz
1,700
1,600
1,500
1,400								34%
	14%
1,300							margin
					28%
1,200	margin				16%
	19%			23%
		21%	margin
			margin
1,100
	margin	21%	margin		margin
1,000			margin
900
800
700
	2013	2014	2015	2016	2017	2018	2019	Q1 2020
			AISC*		Avg Gold Price

1. World Gold Council standard
2. Spot - 8 May 2020

7

DELIVERING ON OUR STRATEGY

South African asset sale

• Agreed to sell South African portfolio and liabilities to Harmony Gold
• Consideration package valued at approximately $300m
• SA Competition Tribunal has approved transaction
• Expected closing around 30 June 2020*

Sadiola sale

• Cash consideration of up to $52.5m
• $25m cash upfront
• $25m in deferred payments
• up to $2.5m additional payout depending on SEMOS cash at closing
• $6m attributable dividend prior to closing
• Expected closing around 30 June 2020*

Gramalote Project

• B2Gold to fund $13.9m investment and exploration programme to earn back to 50:50 partnership and assume management of the project
• Partners agree c. $37m budget for feasibility study
• Aim for final feasibility study by Q1 2021

Cerro Vanguardia sale process: Decision taken to retain CVSA following an extensive sale process

*subject to any impact of the COVID-19 pandemic	8

CORONAVIRUS PANDEMIC - ORGANISATIONAL RESPONSE

AngloGold Ashanti recognizes the critical role it plays in managing COVID-19 at our operations, in our communities and in the regions in which we operate. We are guided by our values and a pledge to protect the health of our employees and host communities, while working to ensure business continuity.

Our Aims	Strategic Measures
•Protect employees and the business	•Cross-functional team managing crisis response
•Stabilise our supply chains and ensure liquidity	•Primary consumables inventory: c.4 months and building
•Plan ahead, anticipate risks and adjust quickly	•Site contingency plans under regular testing and review
•Work closely with key stakeholders and communities	•Market guidance withdrawn
•Be transparent, communicate clearly	•Prudent approach to liquidity - $2.3bn* of available liquidity
	•Supporting host governments and communities

*At 30 April 2020, excludes cash lock-up positions at Kibali and Sadiola, where AngloGold Ashanti's combined share totals about $300m; no near term maturities

9

CORONAVIRUS PANDEMIC - IMPACT ON OUR OPERATIONS

Measures taken to limit the spread of COVID-19 at our operations

• Allnon-essential travel halted; heightened approval protocols for essential travel
• Increased awareness, surveillance and screening; strict quarantine protocols in place
• Voluntarywork-from-home for those roles that allow it at office sites
• Close collaboration with relevant national health authorities at all sites & offices to ensure responses are aligned
• Cooperating with local community healthcare systems to supplement and support wherever possible

IMPACT TO OUR OPERATIONS:Anticipated impact based on current forecasts ~2% of annual production

Site	Date suspended	Reason	Update
Serra Grande, Brazil	27 March 2020	Response to measures taken by local authorities	Operations resumed 5 April
CVSA, Argentina	21 March 2020	Countrywide restrictions on travel and border closings	Processing of stockpiles resumed on 6 April
South Africa	27 March 2020	Response to measures taken by national authorities	Surface operations resumed 6 April; 15 April: Mines
permitted to operate at 50% capacity

10

CORONAVIRUS PANDEMIC - HUMANITARIAN EFFORTS

AngloGold Ashanti introduced a host of initiatives on our mine sites and at the surrounding communities -

these include providing hand washing stations, alcohol-based hand sanitizers, and personal hygiene campaigns

Highlights of global humanitarian efforts:

South Africa	Ghana	Tanzania
•Two hospitals provided for	•Manufacturing hand	•Invested in various health
exclusive use by govt;	sanitiser for public use	projects in Geita region
direct contributions to state	•Donation to President's	which will facilitate the
healthcare institutions, to	efforts to fight the disease
aid frontline effort	COVID-19 Trust Fund	•Donation of $200,000 to the
•Pledged R20m to Solidarity	•AGA Health Foundation
Tanzanian government
Response Fund - for rapid,	supporting Ashanti	•Donation of 10X1,000 litres
targeted support of	Regional Health
healthcare system and	Directorate, Obuasi	water tanks for public
humanitarian support to	Municipal and District	handwashing campaigns
vulnerable communities	Assemblies and the	•Awareness campaigns
•Paid employee salaries/	Municipal Health
Directorate	•Construction of COVID-19
benefits during shutdown	•AGA Malaria team, helping
•Partnership with Sasol and	Isolation centre underway
disinfect health centres in	•Donations of essential PPE
Imperial to provide bulk	Obuasi Municipality and
sanitizer to public hospitals	District	•Additional interventions
•Additional interventions	•Additional interventions
underway
underway	underway

Guinea

• Donated masks, thermometers and gloves to Siguiri authorities to fight againstCOVID-19
• Broadcast information programme using local radio station to raise awareness on preventative measures
• Additional interventions underway

Brazil

• R$1.5m donated to hospitals in the Minas Gerais and Goiás states
• COVID-19awareness campaign, educating employees and communities about the virus and providing ways to protect themselves and loved ones
• Paid employee salaries and benefits during operational shutdown
• Additional interventions underway

Argentina

• Donations to the Province of Santa Cruz - these included a range of hospital resources including disposable coveralls, transparent glasses, latex gloves and breathing units
• Supplied ingredients for hand sanitiser to the Puerto San Julián police department and disposable coveralls to the Fire Department
• Paid employee salaries and benefits during operational shutdown
• Additional interventions underway

Colombia

• Launched the "A Purpose for Life" campaign to protect the health and well- being of the people as well as the delivery of food parcels and medical equipment including laser thermometers
• Donated US$15,280 to food banks in Bogota and Medellin, to help people who are unable to work during the quarantine period
• Additional interventions underway

11

AGENDA

1

2

3

4

5

6

Kelvin Dushnisky

Introduction &Strategy

Christine Ramon

Financials

Sicelo Ntuli

Africa

Ludwig Eybers

International

Graham Ehm

Group Planning & Technical

Kelvin Dushnisky

Conclusion

12

COMPARISON OF KEY METRICS

Particulars	Q1 2020	Q1 2019	Q1 2020 vs
Q1 2019 (% chg)
Gold Production from continuing ops (kozs)	630	661	(5)
Gold Production from discontinued ops (kozs)	86	91	(5)
Gold Production from continuing and discontinued ops (kozs)	716	752	(5)
Continuing and Discontinued operations
Gold price received ($/oz)	1,576	1,297	22
Total cash costs ($/oz)	814	791	3
Corporate & marketing costs ($m) (1)	16	20	(20)
Exploration & evaluation costs ($m)	27	25	8
All-in sustaining costs ($/oz) (2) (3)	1,047	1,009	4
All-in costs ($/oz) (2) (3)	1,221	1,108	10
Adjusted EBITDA ($m)	473	307	54
Cash inflow from operating activities ($m)	219	67	227
Interest, tax, working capital, Kibali ($m)	259	250	4
Free cash inflow (outflow) ($m)	4	(109)	104
Capital expenditure ($m) (4)	199	141	41

1. Includes administration and other expenses
2. World Gold Council standard
3. COVID-19impacts on the first quarter AISC was $18/oz, an impact on costs of around 1% and predominately related to production impacts

(4) Includes equity accounted investments	13
All figures refer to continuing and discontinued operations, unless otherwise stated.

COST PERFORMANCE

Total Cash Cost Q1 2020 vs Q1 2019

$/oz produced
1,000
900
800
700
600
500
791	(52)	36	775	105	13	12	(42)	(30)	(7)	(7)	(5)	814
Mar	Exch-	Inflation	Total	Grade	Royalty	Effic-	Stockpile &	Volume	Heap	Acq/	Other	Mar
2019	ange				costs	iency	Gip		leach	disposal		2020

All-in Sustaining Costs* Q1 2020 vs Q1 2019

$/oz sold 1,100

1,050

1,000

950

900
1,009	24	16	10	2	(8)	(5)	(1)	1,047
	Mar	Total	Rehab-	Total	Finance	Sustaining	Corporate	Other	Mar
2019	cash	ilitation	sustaining	lease	explor-	costs		2020
		costs		capex	payment	ation
					sustaining
*AISC - World Gold Council standard
All figures refer to continuing and discontinued operations, unless otherwise stated.

14

BALANCE SHEET STRATEGY ENFORCES DISCIPLINE

Adjusted Net Debt

$m

4,000

Self-funded development of Tropicana, Kibali

A diverse portfolio and proactive management of our balance sheet has given us flexibility during this unprecedented time.

Facilities and Cash available***

3,000

2,000

1,000

-49%

Self-funded redevelopment of Obuasi

R1.55bn	US$42m**
ZAR Facilities
	RCFs

On 15 April 2020 -

2012

2013

2014

2015

2016

2017

2018

2019

Q1 2020

Adjusted Net Debt to Adjusted EBITDA

3.0x

2.0x

								*0.85x	1.0X
1.0x									New Target
									through the cycle
0.0x
2013	2014	2015	2016	2017	2018	2019	Q1 2020

Last-12-months Adjusted net debt to Adjusted EBITDA ratio *Calculations include discontinued operations

AngloGold Ashanti utilised the

c.$2.0bn*facilities and cash available to redeem the $700m 10-year bond

US$1 880m

Cash

*Total calculated with ZAR facility at R17.8402/$, and AUD facility at A$0.6135/$

• US$1.4bn RCF includes a capped facility of AU$500m
  ***Prior to $700m bond redemption on 15 April 2020

15

2020 GUIDANCE WITHDRAWN IN LATE MARCH DUE TO COVID-19

•

•

•

•

•

Performance for the year to date consistent with prior guidance

Obuasi ramp-up and project continues to make progress; will contribute new ounces this year

Sale of SA assets and Sadiola pending; timing dictates impact on production, net debt and other metrics

Operating costs tailwinds: lower oil price and weaker local currencies

Working to recover from any impacts to our operations and mitigate potential risks that may arise

• Operating cost headwinds: working capital impacts of increasing spares inventories and ore stockpiles, increased logistics costs, etc.

•

•

Inventory levels increased to an average of four months across portfolio to mitigate possible disruptions

Growth capex related to Obuasi, Tropicana, Quebradona and Gramalote

16

AGENDA

1

2

3

4

5

6

Kelvin Dushnisky

Introduction &Strategy

Christine Ramon

Financials

Sicelo Ntuli

Africa

Ludwig Eybers

International

Graham Ehm

Group Planning & Technical

Kelvin Dushnisky

Conclusion

17

AFRICAN OPERATIONS PERFORMANCE

Production koz		AISC* by mine $/oz
							1,304					1,334
		1,198					1,257
			1,132						1,175	1,162
								1,051
		924			823		864
338	360			763	787
	704

92

86

Q1 2019

Q1 2020

Sadiola

Morila

Kibali

Geita

Iduapriem Mponeng** SA Surface

Siguiri

South Africa

Continental Africa

Q1 2019

Q1 2020

Ops**

Continental Africa

South Africa

• Produced 360,000oz at AISC of $879/oz for Q1 2020 compared to $969/oz for Q1 2019
• Strong production performances at Kibali, Iduapriem and Geita
• Geita delivered a 24%year-on-year increase in production; Geita Hill underground mining permit granted by Government of Tanzania
• Siguiri - Combination Plant throughput operating at design capacity, as well as the crusher plant exceeding the hard rock 50:50 design target
• SuccessfulCOVID-19 compliance audit of AngloGold Ashanti's systems and preparations was conducted by the DMRE
• Safestart-up processes in preparation for resumption of underground mining on a limited basis was complete by the end of April -- with technical teams assessing access tunnels and associated infrastructure
• As employees return to site, the current focus is on increasing screening and surveillance - includinghealth-status checks, temperature monitoring and recent travel history

*AISC - World Gold Council standard	18
**Discontinued operations

AFRICAN OPERATIONS: AREAS OF FOCUS

•

•

•

•

•

Maintain solid performances at Geita and Iduapriem

Further intensify focus on safety and health practices, particularly at SA assets Continue to improve on recovery rates at Siguiri

Maintain focus on increasing ORD and increasing Reserve Conversion over next 2 to 3 years

Proactively manage supply chains and work with host communities to prevent spread of COVID-19

19

AGENDA

1

2

3

4

5

6

Kelvin Dushnisky

Introduction &Strategy

Christine Ramon

Financials

Sicelo Ntuli

Africa

Ludwig Eybers

International

Graham Ehm

Group Planning & Technical

Kelvin Dushnisky

Conclusion

20

INTERNATIONAL OPERATIONS PERFORMANCE

Production koz		AISC* by mine $/oz
					1,447			1,336
165			1,005	1,101		1,000	1,170	1,060
		974
	140
		823
		729
158	130

Australia Americas

Q1 2019		Q1 2020	Tropicana	CVSA		Serra Grande	AGA Mineração	Sunrise Dam
		Australia		Americas				Q1 2019	Q1 2020

• Production for the region was impacted by lower grades, geotechnical issues in the underground areas in Brazil, unexpected heavy rainfalls and the impacts of theCOVID-19 pandemic
• Safe restart at Serra Grande on 5 April 2020, and at CVSA on 6 April 2020
• CVSA sales process terminated recognising the maximum potential value from the remaining resource endowment will be better realised within the AngloGold Ashanti portfolio
• Sunrise Dam's stoping flexibility continues to improve and underground exploration drilling was ahead of expectations in Q1 2020
• Boston Shaker underground mine remains on track to begin production in H2 2020 with key underground infrastructure progressing to schedule
• Tropicana gold production reached the3-million-ounce milestone

*AISC - World Gold Council standard

21

INTERNATIONAL OPERATIONS - AREAS OF FOCUS

• Drive additional cost savings through Operational Excellence initiatives
• Improve the flexibility of assets through increased drilling
• Maintain focus on increasing ORD and increasing Reserve Conversion over next 2 to 3 years
• Progress feasibility studies at Quebradona
• Boston Shaker on track to being in production during the second half of 2020
• Close management of costs to balance competing needs of assets

22

AGENDA

1

2

3

4

5

6

Kelvin Dushnisky

Introduction &Strategy

Christine Ramon

Financials

Sicelo Ntuli

Africa

Ludwig Eybers

International

Graham Ehm

Group Planning & Technical

Kelvin Dushnisky

Conclusion

23

OBUASI MINE - INVESTING IN AFRICA'S NEXT GENERATION GOLD MINE

Our management team is closely monitoring progress and activities at Obuasi to maintain the trajectory of good work and continue Phase 2 construction activities safely

Phase 1

Complete

• Construction and commissioning activities completed - key toramp-up to 2,000tpd
• BIOX inoculation complete
• First gold pour achieved on 19 Dec 2019

Phase 2

Ongoing

• Phase 2 works includes both refurbishment, demolition and new build activities on the surface and underground, pipelines, TSF and paste plant
• Engineering, procurement and construction is 54.9% complete*

Operational

Readiness

• Working towards the planned production rate of 4,000tpd
• Mine development opening up the Block 8 orebody
• Ore pass development to KRS shaft loading level
• GCVS Vent shaft pilot hole drilling in progress

Steady State

• Targeting steady state in 2021
• 350 - 400koz/pa

*Status as of 31 March 2020

24

PHASE 2 - RAMPING UP TO 4,000TPD CAPACITY

Phase 2 comprises new plant build, surface infrastructure and new and refurbished underground infrastructure. Phase 2 reached 55% completion at the end of Q1 2020

25

AGENDA

1

2

3

4

5

6

Kelvin Dushnisky

Introduction &Strategy

Christine Ramon

Financials

Sicelo Ntuli

Africa

Ludwig Eybers

International

Graham Ehm

Group Planning & Technical

Kelvin Dushnisky

Conclusion

26

ANGLOGOLD ASHANTI IS A PREMIER GOLD INVESTMENT

Track record of disciplined

capital allocation

and project delivery

Clear and predictable	Focus on advancing
strong pipeline of
strategic approach
options

Minimising Risk andimproving

Shareholder returns

2020Priorities

• Proactive Health and Safety management
• Continued focus on sustainability and safety improvements
• Target increased Reserve Conversion
• Aim to progress divestment processes
• Obuasiramp-up production towards 4,000tpd
• Optimise margins and cash conversion
• Enforce capital discipline in rising gold price environment

27