AngloGold Ashanti : at the BofA 2020 Global Metals Mining and Steel Conference (2.3m)

BofA SECURITIES

2020 GLOBAL METALS, MINING & STEEL CONFERENCE

May 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 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

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

3

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

4

OPERATING AND FINANCIAL HIGHLIGHTS

OPERATING HIGHLIGHTS	FINANCIAL HIGHLIGHTS
•Q1 2020 production: 716,000oz; strong performances at Geita,	•Adjusted EBITDA up 54% year-on-year to $473m; Adjusted net debt down 10%
Iduapriem and 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	5
All figures refer to continuing and discontinued operations, unless otherwise stated.

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	6

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

7

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;	sanitizer 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

8

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

9

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 cost 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

10

VALUE GENERATION BLUEPRINT

53Moz *

*Ore Reserves; includes Quebradona and Gramalote, and excludes La Colosa

11

ESG: OUR MATERIAL ISSUES

Our material issues identify the main challenges and opportunities facing AngloGold Ashanti, which are central to our actions.

		Talent management,		Employee,
Navigating political
	skills development and		community and
uncertainty and risk
	employee relations		asset security

		Employee and		Respecting
Employee safety
	community health		human rights

Contributing to resilient,				Responsible
	Artisanal and
self-sustaining			environmental
	small-scale mining
communities			stewardship

12

IMPROVING ON OUR ENVIRONMENTAL PERFORMANCE

Water use		Water use efficiency
Megalitres		Kilolitres per tonne treated
63,721 59,601			0.64
52,219 45,89247,896	0.60	0.61
50,716	0.59	0.59
				0.57

2014

2015

2016

2017

2018

2019

2014

2015

2016

2017

2018

2019

Energy Consumption			Energy Intensity
Petajoules						Gigajoule per tonne treated
32									0.33	0.34		0.33
29	29	30		26					0.32
		25
							0.31
							0.30
2014	2015	2016	2017	2018	2019	2014	2015	2016	2017	2018	2019
GHG Emissions				GHG Emissions Intensity
Kilotonnes						Kilogram of GHG per tonne treated
4,613	4,162	4,062	3,953			43	45	48	46
					32	32
					2,556	2,570
2014	2015	2016	2017	2018	2019	2014	2015	2016	2017	2018	2019

The sale of the SA assets is expected to result

in a shift in our environmental footprint*

		GHG	Water
Ounces	Cyanide	emissions	consumption Energy use
-13%			-17%
			-29%
	-52%	-47%

* Rebased on 2019 actuals

13

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

14

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 quarter end.

15

QUEBRADONA: A HIGH MARGIN COPPER PROJECT

Gramalote

Quebradona

La Colosa

Ore Reserves	6.6bn lb Cu & 2.5Moz Au
Annual Production	128M lb & 62Koz (321Koz AuEq*)
Plant feed grade	Averaging 1.21% Cu & 0.66g/t Au
Low Cost	AISC* $0.88/lb Cu
Return	IRR 17%
Payback period	8 years
Long Life	23 years

* Commodity price assumptions: Cu $2.89/lb ; Au: $1,242/oz

• 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

16

GRAMALOTE: MOVING UP THE VALUE CURVE

Gramalote

Quebradona

La Colosa

Mineral Resource	2.14Moz Au
(Indicated)
Annual Production	284Koz
Average grade	0.85g/t Au
Competitive Cost	AISC $648/oz
Return	IRR 18.1%
Payback period	3.6 years
Life of Mine	14 years

• 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

17

EXPLORATION SUCCESS - BACKED BY A PROVEN TRACK RECORD

Ringfencing incremental capital for brownfield drilling and associated ore reserve development…

		Implied LoM (years)				Gold discoveries 2003 - 2017
20							Moz
18							100						100
	Balance sheet stabilisation and reinvestment		Reserve growth
			90						90
16
15 years
						80						80
14							70						70
12	10 years						60						60
10							50						50
8							40						40
6							30						30
4							20						20
2							10						10
-							-						-
2013	2014	2015	2016	2017	2018	2019	AGA	Peer 1	Peer 2	Peer 3	Peer 4	Peer 5	Peer 6
	AGA (Ex-SA)	AGA (with SA)	AGA Avg. (Ex-SA)	AGA Avg. (with SA)	S&P Global	Operating	Potential	Limited	Disposed

…to improve ore-body knowledge and planning, and more reliable longer-term forecasting.

18

GROUP ORE RESERVE

Ore Reserve base is primarily concentrated in Continental Africa…

Reserves (Moz)

40

35

30

25	4.28
20	2.17
0.77
	3.22
15	1.51
	1.76

Ore Reserve

27Moz

Mineral
Resource
93Moz		100
		90
		80	(Moz)
		70
		60
		Resources
		50
		40
		30

Ore

10

5

8.92

20	Mineral
10

4.16

0

DRC	Ghana	Guinea Tanzania Australia Argentina Brazil Colombia Group Ore
		Reserve

0

Group Mineral

Resource

*Excludes South Africa, Mali and La Colosa

Mineral Resource and Ore Reserves at 31 December 2019

The Competent Persons consent to the inclusion of Exploration Results, Mineral Resource and Ore Reserve information in this
presentation, in the form and context in which it appears. A detailed breakdown of Mineral Resource and Ore Reserve and backup
detail will be provided on the AngloGold Ashanti website (www.anglogoldashanti.com) and www.aga-reports.com.	…with focus on growing Americas going forward.

19

PRIORITISING RESERVE CONVERSION

Years of Reserve reported

							Significant potential exists across our assets, which we aim to
80.0		60.0									unlock through exploration & project pipelines.
70.0
60.0
50.0
40.0
			32.8
30.0				21.2
					26.5
20.0								15.5	10.7	16.1
													8.2
10.0														8.7
-		15.0	4.7	8.5			3.0	6.4	10.3	4.2	7.8	2.4
	Obuasi	AGA Mineração	Siguiri	Serra Grande	Iduapriem	Kibali	Sunrise Dam	Tropicana	Geita
							Reserve Life (Years)			Resource Life (Years)

20

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

21