DENVER GOLD FORUM

SEPTEMBER 2020

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 been filed 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

POSITIONED TO CREATE VALUE THROUGH THE CYCLE

Generate sustainable cash flows and shareholder

returns by focusing on

five key areas to

improve margins, extend mine lives, create an organic pipeline and enhance our license to operate.

1

Focus on

quality ounces

5

Disciplined

capital

allocation

4

Maintain

robust balance

sheet

2

Replace and grow reserves

3

Ensure

excellence

in ESG

3

WORLD CLASS GLOBAL PORTFOLIO

GROUP

3.196Moz

$2,129m

Produced from continuing and

discontinued operations

Group Adjusted EBITDA

Americas

Continental Africa

South Africa**

667,000oz

$1,072/oz AISC*

1,599,000oz

$864/oz AISC*

372,000oz

$1,170/oz AISC*

Mali

Guinea

Ghana

Colombia

DRC

Tanzania

Brazil

South Africa

Argentina

*AISC World Gold Council standard

Operations

Projects

Asset sales underway

Greenfields exploration

**Discontinued operations (undergoing sales processes)

All figures represent the last 12 months to 30 June 2020

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

$978/oz

Group AISC* continuing and

discontinued operations

Australia

558,000oz

$1,101/oz AISC*

Australia

4

DISCIPLINED EXECUTION OF STRATEGY OVER THE LONG-TERM

2014

2015

2016

2017

2018

2019

2020

• Peak net debt - $3.1bn

• CC&V sale - $820m

• Resumed dividends

• Obuasi studies

• Obuasi stability

• Initiated SA asset sale

• Agreed SA asset sale

• Obuasi first gold pour

• Obuasi moved to

• Explored JVs at

• Siguiri Combination

• Sold Moab Khotsong

agreements ratified

• Redeemed $700m bond

• Capital guardrails set -

Limited Operations

Obuasi and Colombia

Plant initiated

and Kopanang in SA

• CVSA sale initiated

ND/EBITDA; Returns

• Net debt/EBITDA <1.0x

• Restructuring initiated

• Positive FCF

• Expanding Kibali

• Closed TauTona in SA

• Quebradona Reserve -

• Gramalote JV deal

• Investing in Ore Reserve

Underground footprint

2.2Moz Au, 2.8Blb Cu

• Agreed Sadiola sale

• Ongoing Tropicana and

• Sadiola sale initiated

Development and

• Fatality free year

Kibali Investment

• Positive FCF

• Positive FCF

• Positive FCF

Reserve Conversion

• Positive FCF

• Positive FCF*

Fundamentally improving the business through disciplined self-help -

WITHOUT RAISING EQUITY CAPITAL IN THE LAST DECADE

EBITDA

28%

NET DEBT

54%

FREE CASH FLOW

270%

2014 $1.665bn

2014 $3.133bn

2014 $(198)m

2020* $2.129bn

2020* $1.428bn

2020* $336m

*Figures represent the last 12 months to 30 June 2020

5

DELIVERING ON OUR STRATEGY

QUALITY OUNCES

ROBUST BALANCE SHEET

PIPELINE

  • Ramp up Obuasi
  • Conclude sales*
  • Gramalote JV
  • Investing in Ore Reserve
  • Development and Reserve Conversion
  • Strong cash flow utilised for reinvestment and debt reduction
  • Net Debt / EBITDA ratio 0.67x
  • Emphasis on maintaining capital discipline
  • Advancing feasibility studies at Gramalote and Quebradona
  • Greenfields options in USA, Australia and Brazil

IMPROVING SOCIAL LICENSE TO OPERATE

*subject to any impact of the COVID-19 pandemic

6

DISCIPLINED CAPITAL ALLOCATION

Capital Allocation Framework

Priorities

Prioritising reserve increases, improved flexibility

Sustaining

capital

Growth capital

1X Net Debt/EBITDA

through the cycle

Debt

reduction

Dividends

Sustaining capital

  • Reinvesting in our ore bodies
  • Low capital / high return

Debt Reduction

  • Continue to deleverage the balance sheet

Dividends

  • 10% of FCF pre-growth capital
  • ~$137m returned to shareholders since 2016

Growth capital

  • Complete Obuasi Development
  • Longer term options in Colombia

Surplus cash

  • Continue to evaluate all options that seeks to enhance shareholder value

15% IRR @ $1,200/oz

Clear Dividend Policy

7

IMPROVING BALANCE IN CAPITAL ALLOCATION PRIORITIES

Total capital

Total capital

Total capital

Total capital

Total capital

Total capital

Total capital Gold price

$1.2bn

$856m

$811m

$953m

$724m

$814m

$366m

$/oz

100%

1,800

90%

1,700

80%

1,600

70%

60%

1,500

50%

1,400

40%

1,300

30%

1,200

20%

10%

1,100

0%

1,000

2014

2015

2016

2017

2018

2019

H1 2020

Sustaining capex

Growth capex

Exploration

Finance costs

Dividends

Gold price - RHS

The dividend policy provides for an annual dividend based on 10% of free cash flow generated before growth capital expenditure.

8

IMPROVING MARGIN TREND

Higher gold price provides opportunity to expand margins

All-in Sustaining Costs* vs. Gold Price Received

$/oz

2,100

1,900

SPOT ** $1,928/oz

1,700

1,500

1,300

14%

37%

28%

margin

margin

19%

16%

21%

23%

margin

1,100

margin

21%

margin

margin

margin

margin

900

700

2013

2014

2015

2016

2017

2018

2019

H1 2020

AISC*

Avg Gold Price

*AISC World Gold Council standard **Spot - 7 September 2020

9

BALANCE SHEET STRATEGY ENFORCES DISCIPLINE

Adjusted Net Debt

Adjusted Net Debt to Adjusted EBITDA

$m

4,000

Self-funded development of

3.0x

Tropicana, Kibali

3,000

1.0x

2.0x

Target through

the cycle

54%

2,000

decline

1.0x

*0.67times

Self-funded redevelopment of Obuasi

1,000

Redeemed $700m bond

0.0x

2013

2014

2015

2016

2017

2018

2019

H1 2020

2013

2014

2015

2016

2017

2018

2019

H1 2020

Last-12-months Adjusted net debt to Adjusted EBITDA ratio

*Calculations include discontinued operations

Facilities and Cash available

Balance sheet improvements over time, achieved through disciplined capital allocation and without equity issuance.

R2.05bn ZAR Facilities

US$60m**RCFs

On 15 April 2020

Facilities and cash

US$1,292m cash

used to redeem

c.$2.47bn*

$700m10-year bond

US$1,000m Stand-by RCF

*Total calculated with ZAR facility at R17.3210/$, and AUD facility at A$0.6902/$ ** US$1.4bn RCF includes a capped facility of AU$500m

10

WE ARE LED BY OUR VALUES, WHICH DEMAND A SHARP ESG FOCUS

Our values guide our behaviour, and drive us to make a positive impact.

These behaviours and beliefs link our business activities to our social performance.

The Health and Safety of

We treat each other with

We value diversity.

employees is our first value.

dignity and respect.

We are accountable for our

We want the communities and societies in

We respect the

actions and undertake to

which we operate to be better off for

environment.

deliver on our commitments.

AngloGold Ashanti having been there.

1 The Company's Human Rights Policy is available to public on the company website

11

BREATHING LIFE INTO OUR VALUES AND ESG AMBITIONS

ENVIRONMENT Zero harm and equitable use of natural resources

Water use efficiency

GHG emissions intensity

Reportable environmental incidents

Kilolitres per tonne treated

Kilograms per tonne treated

Number of incidents

0.64

48

0.59

0.61

0.59

45

46

4

32

32

0.57

3

3

2

1

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

SECURITY AND HUMAN RIGHTS

No human rights violations and communities assist in protecting our business

0

3

99.5%

VPSHR*

VPSHR

VPSHR training of

incidents

allegations

security personnel

(2018:0)

(2018:1)

(2018:98%)

*Voluntary Principles on Security and Human Rights

SAFETY Workplaces free of injury and harm

HEALTH Healthy workplaces, healthy

All occupancy disease frequency rate

All injury frequency rate

0

employees and healthy communities

per million hours worked

per million hours worked

82%

7.13

7.03

7.18

7.71

7.49

6.62

4.81

3.3

3.29

1.36

Fatalities in 2019

Three-year reduction in

All occupational disease

(2018:3)

frequency rate

2015

2016

2017

2018

2019

2015

2016

2017

2018

2019

As we deepen the integration of sustainability into our business, we are working to strengthen the connection between our activities and the United Nations Sustainable Development Goals (SDGs)

GOVERNMENTS & COMMUNITIES Contributing to resilient, self-sustaining communities

$808m

$559m

$208m

$26m

$1,715m

=

$3,316m

Government + Employees + Providersof capital

+ Community + andSuppliersservices

Total economic value distributed

12

MANAGING COVID-19 - LIMITING IMPACT ON BUSINESS AND COMMUNITIES

H1 2020

85,000oz

~$11m

$53/oz

COVID-19

of impacted production

in additional costs related to PPE,

impact on Group AISC* of which

IMPACT

charter flights, working capital, fixed

increase in costs

$43/oz is related the impact of

costs and donations

production and $10/oz related to

Interventions to improve operating flexibility and reduce risk:

  • Steps taken to ensure uninterrupted bullion transport
  • Increased stocks of critical consumables
  • Additional facilities and infrastructure
  • Ore stockpiling strategies in key areas
  • Logistical arrangements to move critical skills to and from operations
  • Comprehensive protocols to limit spread at sites and surrounding areas
  • Humanitarian support provided to host governments and communities

*Continuing and discontinued operations

13

PRINCIPLE PORTFOLIO FOCUS AREAS

Nevada

Colombia

Siguiri

Obuasi

Tropicana

Developing district option

Quebradona and Gramalote

Accelerate CIL Recovery

Continue the ramp up of

Boston Shaker on track for

commercial production

Exploration underway

Feasibility Studies

Improvement Project

Phase 2

H2 2020

Mali

Guinea

Operations

Projects

Colombia

Ghana

DRC

Asset sales underway

Brazil

Tanzania

Greenfields exploration

South

Africa

ArgentinaAustralia

CVSA

Drilling programme - potential to add 1Moz Au and 7.5Moz Ag Resources over 3 years

AGA Mineração

Accelerate exploration activities at Cuiabá and Córrego do Sítio

Kibali

Drilling to confirm presence of mineralisation at KCD & satellite deposits at depth

Geita

Sunrise Dam

Advance Geita Hill

Continue intensive drill

underground studies

programme - enhancing

Testing promising

flexibility

open pit targets

14

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

Innovation and discipline has enabled the project to progress despite the current circumstances

Phase 1

Complete

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

*Status as of 30 June 2020

** Based on 2019 total group production

Phase 2

Ongoing

  • Phase 2: 68.4% complete*
  • Process plant: concrete and structural steel works completed
  • Equipment, piping, electrics and instrumentation works are advanced
  • Earthworks for BIOX TSF and water dams well advanced
  • Ball-millheads fitted

Operational

Readiness

  • Mining rates constrained at 60% - 70% capacity due to skilled labour shortages caused by COVID-19
  • Mining rates averaged 1,590tpd in Q2 2020
  • Mining commenced in Block 8 Lower - providing second mining front to Sansu

Steady State

  • Targeting steady state in 2021
  • ~11% uplift to current group production levels**

Adds

350-400koz

Gold production per year for the first 10 years

15

COLOMBIA - ACCELERATING THE MOVE UP THE VALUE CURVE

QUEBRADONA:

GRAMALOTE:

A HIGH MARGIN COPPER PROJECT

MOVING UP THE VALUE CURVE

Ore Reserves

6.6bn lb Cu & 2.5Moz Au

Mineral Resource (Indicated)

2.14Moz Au

Annual Production

128M lb & 62Koz (321Koz AuEq*)

Annual Production

284Koz

Plant feed grade

Averaging 1.21% Cu & 0.66g/t Au

Average grade

0.85g/t Au

Low Cost

AISC* $0.88/lb Cu

Competitive Cost

AISC $648/oz

Gramalote

Return

IRR 17%

Return

IRR 18.1%

Quebradona

Payback period

8 years

Payback period

3.6 years

Long Life

23 years

Life of Mine

14 years

    • Feasibility study drilling completed; engineering commenced
    • Geotechnical testing and conceptual hydrogeological model completed
    • Licensing process will align with the Feasibility Study
    • Local consulting programs underway
  • Commodity price assumptions: Cu $2.89/lb ; Au: $1,242/oz

Experienced partner in B2Gold

Low cost, improving fundamentals

Simple metallurgy / high recoveries

Strong community support

Project metrics on 100% basis

Based on B2Gold PFS published on 21 January 2020 - Gold price assumption: $1,350/oz

AngloGold Ashanti will publish its own pricing sensitivities upon

completion of the Feasibility Study

16

EXPLORATION SUCCESS - BACKED BY A PROVEN TRACK RECORD

Ringfencing incremental capital for brownfield drilling and associated ore reserve development, to improve ore-body knowledge and planning, and more reliable longer-term forecasting

Implied LoM

years

16

14

Balance sheet stabilisation and reinvestment

Reserve growth

12

10 years

10

8

6

4

2

-

2013

2014

2015

2016

2017

2018

2019

Implied LoM excludes South Africa

Gold discoveries 2003 - 2017

Moz

100

90

80

70

60

50

40

30

20

10

-

AGA

Peer 1

Peer 2 Peer 3

Peer 4

Peer 5 Peer 6

Operating

Potential

La Colosa

Disposed

S&P Global

AGA excludes South Africa

17

PRIORITISING RESERVE CONVERSION

We're working to unlock the significant potential (AND VALUE) from our portfolio through exploration & project pipelines

Years of Reserve reported

80.0

60.0

Our geologists have added

70.0

53Moz of Ore

60.0

Reserves between 2004 and

2019 across the Group at a

50.0

cost of $33/oz

40.0

32.8

30.0

21.2

26.5

20.0

15.5

10.7

16.1

10.0

8.2

11.3

8.7

15.0

4.7

8.5

3.0

6.4

10.3

4.2

7.8

4.3

2.4

-

Obuasi

AGA

Siguiri

Serra Grande

Iduapriem

Kibali

Sunrise Dam

Tropicana

CVSA

Geita

Mineração

Reserve Life (Years)

Resource Life (Years)

18

HIGH QUALITY LEVERAGE TO THE GOLD PRICE

671%

H1 2020 year-on-year changes

376%

237%

278%

59%

76%

101%

26%

-18%

Gold

Net

EBITDA

Net

Gross

Headline

Cash

FCF

FCF

price

Debt

CFO

Profit

Earnings

and Cash

(Ex- growth)

Equivalents

19

2020 GUIDANCE REINSTATED

Updated 2020 Group Guidance

(including contribution from SA assets to end of Sep 2020)

Updated 2020 Group Guidance

(excluding SA assets for the full year 2020)

Production (000oz) *#

3,030

3,100

All-in sustaining costs ($/oz) ^

1,060

1,120

Total capital expenditure ($m) ^

890

950

Sustaining capital expenditure ($m) ^

610

650

Non-sustaining capital expenditure ($m) ^

280

300

Production (000oz) #

All-in sustaining costs ($/oz) ^

Total capital expenditure ($m) ^

Sustaining capital expenditure ($m) ^

Non-sustaining capital expenditure ($m) ^

2,800

2,860

1,050

1,100

850

905

570

605

280

300

  • South African assets are expected to have produced approximately 240,000oz in the nine months to 30 September 2020, at an AISC of approximately $1,300/oz.
    # Production includes pre-production ounces from Obuasi.
    ^ All-in sustaining costs and capital expenditure assume three months of commercial production from Obuasi relating to Phase 1 of the Redevelopment Project.

# Production includes pre-production ounces from Obuasi.

  • All-insustaining costs and capital expenditure assume three months of commercial production from Obuasi relating to Phase 1 of the Redevelopment Project.

Economic assumptions are as follows: ZAR16.66/$; A$/$0.69; BRL5.12/$; AP70.00/$; Brent $44/bbl.

Both production and cost estimates assume neither operational or labour interruptions, or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed by our external auditors. Other unknown or unpredictable factors could also have material adverse effects on our future results and no assurance can be given that any expectations expressed by AngloGold Ashanti will prove to have been correct. Accordingly, actual results could differ from guidance and any deviation may be significant. Please refer to the Risk Factors section in AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2019, filed with the United States Securities and Exchange Commission (SEC).

AISC - World Gold Council standard

20

POSITIONED AS A LEADING, RESPONSIBLE MINING COMPANY

Strategy is clear and remains unchanged

We are guided by our values

Prioritising the welfare and safety of people

Committed to excellence in ESG

Capital allocation focused on returns

Business is in solid shape

Balance sheet strong and getting stronger

Robust cash flow aiding debt reduction

Portfolio quality improving

Clear set of priorities

Navigate safely through COVID-19 pandemic

Improve cash conversion

Maintain safe and efficient operations

Enhance Ore Reserve profile

21

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AngloGold Ashanti Ltd. published this content on 21 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2020 08:39:05 UTC