AngloGold Ashanti : 2021 Capital Markets Day Presentation (23.6m)

CAPITAL MARKETS DAY

23 FEBRUARY 2021

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, and the Risk Factors section in AngloGold Ashanti's Prospectus Supplement dated 28 September 2020, which have each 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.

All photographs depicted showing employees and / or community members in this presentation were taken prior to the onset of the COVID-19 pandemic.

COMPETENT PERSONS

Disclaimer

The information in this presentation that relates to Exploration Targets, Exploration Results, Mineral Resource is based on information compiled by Mr VA Chamberlain, a Competent Person who is a Member of the GSSA. He is a full-time employee of AngloGold Ashanti Ltd. Mr VA Chamberlain consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears. The information is extracted from the report entitled Mineral Resource and Ore Reserve Statement 2021 created on 22 February 2021 and is available to view onwww.anglogoldashanti.com

AngloGold Ashanti confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resource or Mineral Reserves, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

AGENDA

Part 1: Building a Diversified, Decisive, Sustainable Business

Christine Ramon: Overview and Strategy

• 02 Ian Kramer: Financial Overview

• 03 Stewart Bailey: Sustainability

• 04 Tim Thompson: Exploration

Part 2: Technical

• 05 Vaughan Chamberlain: Mineral Resource and Ore Reserves

• 06 Sicelo Ntuli: Continental Africa Assets

• 07 Ludwig Eybers: International Assets

• 08 Graham Ehm: Projects

• 09 Christine Ramon: Conclusion

Christine Ramon

Overview and Strategy

D I V E R S I F I E D, D E C I S I V E, S U S T A I N A B L E B U S I N E S S

World's 3rd largest producer of gold, well positioned to capitalise on recent portfolio optimisations and to invest in the long-term sustainability of the business

AN ATTRACTIVE VALUE PROPOSITION

Significant financial strength with $2.8bn of liquidity and a strong balance sheet (Adjusted Net Debt/EBITDA < 1.0x)

1 All-in sustaining costs (AISC) in nominal terms

Health and Safety

Zero harm

Healthy employees and communities

Enabling resilient communities

Social investment and skills training Human rights promotion and protection Support ASM formalisation efforts

Reducing environmental footprint

Continue reducing emissions, set new GHG targets Chart pathway to net zero

Optimise energy, water, land use

Inclusion and Diversity

Inclusion and Diversity framework fostering the empowerment of all staff

Human Rights

Integration of robust human rights standards

Overview & Strategy

01

LEADING SUSTAINABILITY PERFORMANCE

ENVIRONMENT Increasing water efficiency and lower emissions

GHG emissions intensity (Kilograms per tonne

treated)

45

48

46

2015

2016

2017

2018

2019

2020

2020 SOCIAL CONTRIBUTION

Total economic distribution

$3,470m

$1,664m	$1,055m	+	$508m	+	$221m	+	$22m
Suppliers & services+	Government	Employees	Providers of capital	Community

HEALTH Healthy workplaces, healthy employees and healthy communities

All Occupational Disease Frequency Rate per million hours worked

78%%

Three-year reduction in All occupational disease frequency rate

2013

2014

2015

2016

2017

2018

2019

2020 9

Metorexceeded productionguidance

2015

2016

2017

2018

2019

2020

MetorbelowAISC guidance

2015

2016

2017

2018

2019

2020

Metorbelowcapital expenditureguidance

Strong Balance Sheet

Improve Shareholders Returns

Extend LoM

Redevelopment Of Obuasi

Portfolio Optimisation

2015

2016

2017

2018

2019

2020

Below target Adjusted Net Debt/EBITDA of <1.0x -0.24x as at 31 December 2020

Portfolio Reserve life increased to c.11 years

Phase 1 completed and Phase 2 90% complete at year-end

Divestment of operating assets in South Africa, and Sadiola and Morila in MaliESG Performance

• • Reinvesting in our asset base to support the long-term sustainability of our business

• • Commitment to cash returns to shareholders

• • Solid balance sheet underpins flexibility and optionality through the cycle

• • Growth focused on risk-adjusted returns

• • Allocation of excess cash tested against shareholder returns

25

Increasing gross Ore Reserves 6.1Moz added2 - Top 3 additions

1.8Moz addition achieving a ~20-year Reserve life 1.4Moz addition achieving a ~5-year Reserve life 0.5Moz addition achieving a ~12-year Reserve life

ObuasiKibaliColombiaGeita

Iduapriem

Tropicana

Increased portfolio Reserve life in 2020 to c.11 years through strong progress on Ore Reserve conversion

• 1 Ore Reserve / FY2020 production

• 2 Gross amount of Ore Reserves added in FY2020

Siguiri

AGAMineração

SunriseDam

CVSA

SerraGrande

Total

Production Koz 3,600 CAGR: 4-6% 3,450 3,150 2,900 3,025 3,150 3,200 2,900 2,825 2,700
2021 2022 GUIDANCE	2023 2024 2025 INDICATIVE OUTLOOK

Total Capex $m AISC $/oz 1,230 1,230 1,200 1,150 1,150 1,130 1,130 1,050 1,270 1,250 950 1,200 900 1,140 1,100 1,120 1,050 990 950 800
2021 2022 GUIDANCE	2023 2024 2025 INDICATIVE OUTLOOK

Economic assumptions for 2021 are as follows: $/A$0.72, BRL5.00/$, AP98.00/$, ZAR16.95/$; and Brent $50/bbl.

Production, cost and capital expenditure forecasts include existing assets as well as the Quebradona and Gramalote projects that remain subject to approval, Mineral Resource conversion and high confidence inventory. Cost and capital forecast ranges are expressed in nominal terms.

In addition, both production and cost estimates assume neither operational or labour interruptions, or power disruptions, nor further changes to asset portfolio and/or operating mines (excepted as described above) 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. Measures taken at our operations together with our business continuity plans aim to enable our operations to deliver in line with our production targets; we, however, remain mindful that the COVID-19 pandemic, its impacts on communities and economies, and the actions authorities may take in response to it, are largely unpredictable. Accordingly, actual results could differ from guidance and/or indicative outlook 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 and the Risk Factors section in AngloGold Ashanti's Prospectus Supplement dated 28 September 2020, which have each been filed with the United States Securities and Exchange Commission (SEC). Furthermore, our five-year indicativeoutlook assumes that AngloGold Ashanti proceeds with the Quebradona and Gramalote projects.

However, the Board has not yet made a final decision on those projects and there can be no assurance that they will materialise. A negative decision or other discontinuation of those projects may have a material adverse impact on our indicative outlook.

World's 3rd largest producer of gold, well positioned to capitalise on recent portfolio optimisations and increased confidence in the long-term sustainability

A WORLD-CLASS INVESTMENT WITH SEVERAL CATALYSTS

STRONG MOMENTUM

SOLID FOUNDATIONS

Strong oversight of ESG performanceCommitted to the highest governance standards

Deep talent pool of experienced leaders and operators

Balanced, well-represented and diverse Board of Directors

Industry leading exploration team

EXCITING OUTLOOK

Long-term growth prospects and decreasing costs

Proven track record of replenishing depleted ounces

Self-generated project pipeline

Robust and flexible balance sheet

Transparent Shareholder focused capital allocation

Competitive dividend policy and attractive leverage to gold price upside

Catalysts to Unlock Further Value

Unwind Cash LockupsColombia Investment DecisionsGrowing Ore ReservesCapital and Cost DisciplineObuasi Phase 2 CompletionClimate Targets

ENSURE FINANCIAL FLEXIBILITY AND OPTIMISE OVERHEADS, COSTS AND CAPITAL EXPENDITURE

• • Reinvesting in our asset base to support the long-term sustainability of our business

• • Commitment to cash returns to shareholders

• • Solid balance sheet underpins flexibility and optionality through the cycle

• • Growth focused on risk-adjusted returns

• • Allocation of excess cash tested against shareholder returns

Strong track-record of operating and developing projects on-budget, with initiatives to reduce the capital intensity of the business

SUSTAINING AND GROWTH CAPEX

Sustaining Capex

Total 5Y cumulative Sustaining Capex: $3.2bn - $3.7bn

•  Capex intensity expected to decline in the outer years as targeted Ore Reserve levels are achieved and Brazilian tailings compliance spend reduces

•  Sustaining capex for next five years estimated at an average of $640m to $740m per year

•  Average intensity of c.$260/oz to $290/oz - normalised at c.$160/oz to $200/oz in outer years

•  Key areas of additional spend in 2021:

  •  Ore Reserve Development and Deferred Stripping excl.

    Obuasi (c.$30/oz)

  •  Growing Mineral Resource and Ore Reserve (c.$20/oz)

  •  TSF compliance capital in Brazil (c.$20/oz)

  •  TSF expansions at Iduapriem, Tropicana and Siguiri

    (c.$15/oz)

  •  Obuasi ORD and SIB (c.$30/oz)

Growth Capex

Total 5Y cumulative Growth Capex: $1.7bn - $2.3bn

•  Growth capex for next 5 years estimated to amount to an average of $340m to $460m per year

•  Obuasi redevelopment fully completed in 2022

•  Gramalote project spend forecast at c.$900m to $1bn

  (100% basis), based on PEA

•  Quebradona project spend forecast at c.$1.3 - $1.4bn based on the updated PFS

•  Gramalote will contribute an average estimated c.250koz to 300koz (100% basis) at an estimated AISC of c.$600/oz to $700/oz

•  Quebradona will contribute a copper AISC with an estimated margin of c.60% to 70%

Production, cost and capital forecasts includes existing assets, Quebradona and Gramalote which remain subject to approval, Mineral Resource conversion and high confidence inventory Cost and Sustaining and Growth Capital group forecast ranges are expressed in nominal terms

Quebradona and Gramalote Growth capex and AISC in real terms

Strong Balance SheetExcess Cash Flow Options

Sustaining and Growth Capex to drive Ore Reserve and production growth, as well as long-term cash flow generation

•  Updated dividend policy to 20% pay-out ratio of FCF pre-growth capex; in line with peers

 Balancing capital returns to $6.5bn

shareholders, with broader capital allocation priorities

•  Sustainable dividend policy

•  Attractive yield based on current gold price levels

$1,300/oz

$1,500/oz

5 Year Cumulative FCF (Low)

Current market capitalisation1

Free cash flow ranges shown are after accounting for Sustaining and Non-Sustaining (Growth) Capital, but before dividends

$1,700/oz

Free Cash Flow assumptions as of February 16, 2021; $1,300 gold price base generates ~$1.5 - 1.7bn Free Cash Flow from our five-year outlook

$1,900/oz

5 Year Cumulative FCF (High)

5 Year Cumulative Dividend Payout

Production, cost and capital forecasts includes existing assets, Quebradona and Gramalote which remain subject to approval, Mineral Resource conversion and high confidence inventory All financial metrics are expressed in nominal terms

1 Market capitalisation as of 22 February 2021

Excess Cash Flow OptionsOperating & Capital Productivity

Cumulative Five-Year Outlook

Managing near term debt

•  Liquidity management options for 2022 bonds

•  $1.4bn multi-currency RCF maturing in 2023

•  Ample headroom for project funding

•  Monitoring COVID-19 impact



Debt repayments  $700m - $1.0bn  Target <1X Net Debt: EBITDA through the cycle

 Interest payments  $400m - $500m

A strong balance sheet position allows us to self-fund sustaining and growth capex, reduce debt and continue to maintain the current dividend strategy

$1,400 $1,200 $1,000

US$million

$800 $600 $400 $200

1,400

750

41

$0

109

FY2021

Undrawn - Local

$150m RCFDrawn - Local $150m RCF

65

FY2022

$750m Bond 5.125%

Local $65m RCF

FY2023

Undrawn - multi-currency $1,400m RCF

700

FY2024

FY2025

FY2030

$700m Bond 3.75%

300

FY2040

$300m Bond 6.50%

Excess Cash Flow Options

Balance sheet remains robust with sufficient funding facilities available towithstand market volatility and self-fund growth

GrowthDebt ReductionAdditional Returns

• • Targeting a return in excess of our hurdle rate

• • Will pursue value accretive opportunities

• • Merits of further debt repayment to be considered based on through-the-cycle free cash flow generation and optimal capital structure that maximizes shareholder value

• • Dividend dependent on the gold price and above items, and other capital allocation decisions

• • Further capital returns considered when debt reduction and reinvestment needs are satisfied, and capacity exists

STRONG ESG PERFORMANCE UNDERPINS SUSTAINABLE BUSINESS SUCCESS

ANGLOGOLD ASHANTI'S SUSTAINABILITY MISSION

To ensure the RESPONSIBLE DEVELOPMENT of natural resources in MEANINGFUL PARTNERHIPS with our host governments and communities. We aim to ensure AngloGold Ashanti has the social licence to operate, allowing it over the long-term to generate IMPROVED

RETURNS for providers of capital, and to provide increased DEVELOPMENT OPPORTUNITIES for employees and other stakeholders.

OUR VALUES

The Health and Safety of employees is our first value.

We treat each other with dignity and respect.

We value diversity.

We are accountable for our actions and undertake to deliver on our commitments.

We want the communities and societies in which we operate to be better off for AngloGold Ashanti having been there.

We respect the environment.

Health and Safety

Enabling resilient communities

Reducing environmental footprint

Inclusion and Diversity

Human Rights

SUSTAINABILITY IS EMBEDDED IN OUR VALUES, COMPENSATION AND OBJECTIVES

GOVERNANCE FRAMEWORK

1. Robust Board Oversight

• • Active Board oversight and engagement on sustainability issues

• • Social, Ethics and Sustainability Committee oversees detailed sustainability performance and governance

• • Audit & Risk Committee oversees risk management, including sustainability-related issues

2. Best-in-class Policies and Standards

• • World class stable of policies, standards and frameworks aligned with global good practices

• • Policies operationalized through robust management systems

• • Systems include safety, health, environment, community affairs, tailings management, security, human rights and closure

3. Active Management Oversight

• • Executive management team has direct accountability for all aspects of the business, including sustainability

• • Internal Climate Change Working Group oversees corporate climate change strategy

• • Monthly and ad hoc reporting across all operating sites and disciplines where key issues are discussed

4. Comprehensive Risk and Assurance Review Process

• • Internal: Detailed Combined Assurance audit of all sites annually/ biannually, led by Internal Audit, supported by all functional sustainability disciplines

• • External: Includes World Gold Council Responsible Gold Mining Principles, ICMM Mining Principles, ISO14001, ISO 45001 - aligned with best practice

• • AuRisk - comprehensive proprietary risk management system tracks performance on risk identification and mitigation measures

Driving towards zero harm

Healthy workplaces, employees and communities

• • All sites OHSAS 18001:2007 certified

• • Sunrise Dam, Siguiri, Geita, Tropicana and Cerro Vanguardia converted to ISO 45001:2018; others scheduled to convert

• • Safety strategy reassessed biennially

  All Injury Frequency Rate (AIFR)

Number of injuries per million hours worked

• • 47% reduction in occupational illness rate since 2019

• • Focused closely on reducing workplace exposures

• • Optimizing employee fitness for work and general wellbeing

All Occupational Disease Frequency Rate per million hours worked

2010

2013

2014 2015 2016

2011

2017

2018

2012

2019

2020

2013

2014

2015

2016

2017

2018

2019

2020

AODFR incl. SA OpsAODFR excl. SA Ops

Unaudited 2020 figures

Note: Only reported from 2013

HEALTH & SAFETY

A world-class example of delivering social value

Protecting more than 1 million people from malaria…extended to 16 districts in Ghana…

All Africa sites have community-based malaria control programmes

• • More than 90% reduction in malaria cases in Obuasi since inception

• • More than a million people protected from malaria

• • Significant drop in related school/work absenteeism

• • More than 1,300 seasonal community jobs created annually

kgCO2e/tonnetreated

2. TCFD DISCLOSURE IN 2021

Disclosure in line with TCFD Recommendations set for 2021

3. RENEWABLES FOR NEW PROJECTS

Hydropower used in Kibali, Brazil; to feature strongly in Colombia

CC WORKING GROUP TO DEVELOP NEW CC STRATEGY

• • Conducted physical risk and adaptation assessments at sites

• • Assessed carbon pricing risk in our countries of operation

• • Recommend CC metrics/targets, including for decarbonisation

• • Increasing level of CC integration into our business processes

OPERATIONAL MANAGEMENT

OVERSIGHT SYSTEM

TSF operator/superintendent manages day-to-day operation

Plant/process manager is the TSF "Owner"; implements TSF operations materials External Engineer of Record/TSF Designer ensures TSF is operated to design intent

REGIONAL MANAGEMENT

Provide technical guidance to operations Conduct quarterly TSF Reviews

Monitor implementation of recommended actions

INDEPENDENT CORPORATE REVIEW

Leads GISTM implementation and Custodian of AGA's Tailings Management Framework Conducts formal TSF audits and reviews TSFs for projects and M&A

We respect the environment.

• • Oversight from the Sustainability, Ethics and Social Committee and have a specific policy Gender Equality and Empowerment of Women policy

• • Gender assessments conducted across all sites - highlighted key areas of focus and improvement

• • Diversity goals are embedded in leadership KPIs

• • Signatory to UN Women's Empowerment Principles

We treat each other with dignity and respect.

BEST-IN-CLASS HUMAN RIGHTS Zero reported human rights incidents

• • Global Human Rights Policy applies to employees, contractors and other business partners including supply chain, state actors and joint venture partners.

• • 99.7% of security staff trained in Voluntary Principles on Security and Human Rights

• • 11,574 people received Human Rights Awareness Training

• • All sites have grievance and independent anonymous whistle-blowing mechanisms for internal and external stakeholders

• • All sites have conducted human rights due diligence assessments

RESPECT FOR INDIGENOUS PEOPLES

• • One country of operation (Australia) where Indigenous Peoples are adjacent to our sites

• • Constructive engagement with co-created agreements in place

• • Policies on Indigenous Peoples and Cultural Heritage Management publicly available on corporate website

• • Policy is aligned with International Standards and conventions, such as the ICMM Position Statement on Indigenous Peoples and the International Finance Corporation's Performance Standard 7 on Indigenous Peoples

CREATING RESILIENT AND SELF-SUSTAINING COMMUNITIES

Our aim is to make positive impacts wherever we operate by developing skills in our host communities and spending locally to build capacity in these markets

• • Build strong partnerships

  • • Establish and maintain strong partnerships, with host communities, governments and other stakeholders

• • Mitigate social and environmental impact

  • • Proactively identify and mitigate past, current and future impacts; ensure clear, practical grievance mechanisms in place

• • Enhance community resilience

  • • focus on improving social infrastructure, health facilities/services, SME development education, training and skills development, and SME development

• • Focus on local employment and buying

  • • Develop skills locally and target local employment; make every reasonable effort to procure goods and services locally and drive strategic partnerships to create local employment, facilitate skills transfer, and realise economic value-addition

Social Investment

$22 Million

Targeting social infrastructure, health, education and youth support,

SME support, as well as donations and capacity building

We want the communities and societies in which we operate to be better off for AngloGold Ashanti having been there

Unaudited 2020 figures

RESILIENT AND SELF-SUSTAINING COMMUNITIES

We're working with our host communities to grow resilience

We have undertaken community development initiatives to maximise impact in:

• • Food security - stimulating commercial-level agriculture using locally adapted and hardy seed mixes (Colombia, Guinea, Tanzania)

• • Community energy-source switching - to realise health and emission-mitigation benefits

• • Water security - a highlight is Geita town's water project to offset the impact of severe drought

• • Waste management and sanitation - to reduce the risk of waterborne and pollution-related illness

  • • Broadening the economic base and skills beyond mining - to reduce dependency on artisanal and small-scale mining (ASM) and our operations (Brazil, Colombia, Guinea, Tanzania)

  • • Social infrastructure - development of roads to improve safety, cut travel times and reduce the effects of localised flooding - (Guinea, Ghana)

  • • Local employment - increase the skills of our host communities through education and training, thereby increasing local talent pool on

  • • Community awareness - environment and climate change, greening initiatives and climate adaptation

• • Education and youth development - to increase access to quality education and youth/women development

We want the communities and societies in which we operate to be better off for AngloGold Ashanti having been there.

• • Socio-economic development contributions - directed at addressing community developmental needs

We engage openly with index providers, which rate our sustainability performance, we are committed to sustainable practices and accountability

ESG DRIVES OUR BUSINESS PERFORMANCE

Sustainability Priorities

Health and Safety

Implement revised safety strategy

Drive toward Zero harm in workplace and communities Maintain compliance with COVID-19 protocols

Enable resilient communities

Launch community acceptance survey, reduce grievances Continue COVID-19 support, focus on vaccination

Local procurement, hiring, skills development

Reducing environmental footprint

Continue reducing emissions, set new GHG targets

Chart pathway to net zero

Optimise energy, water, land use

Inclusion and Diversity

Drive continued diversity across all levels Further training and development

Young Leaders Programme

Human Rights

DD assessment at all sites Further training

Initiate assurance in line with WGC and ICMM

Sustainability is embedded in our values, compensation and objectives

PLANNING FOR THE FUTURE

• • 19.2 Moz in New Ore Reserve added during the last 5 years

• • 15.4 Moz in New Mineral Resource added during the last 5 years

• • Average annual Brownfields Exploration cost of $105m over the last 5 years, representing an all-in $27.33/oz for new Ore Reserves added

• • Two new discoveries in the past 15 years are now in operation with two more advancing through study phases

Totals shown are net of the sale of the CC&V mine in 2015 and Sadiola mine in 2020

Focused grassroots exploration targeting discoveries aligned with regional business unitsStable budget allocations directed toward systematic identification and development of high probability mine site lease area targets

Investments targeted toward companies exploring in highly prospective terranes

• • Target Tier 1 discoveries in stable jurisdictions

• • Explore for deposit types known for long production life and expansion opportunities

• • Elevate priority toward projects with the potential synergy to improve the company portfolio for production and cost profile

• • Provide predictable ore reserve growth replacing production depletion

• • Extend mine life through investment in

Mineral Resource to Ore Reserve conversion

• • Improve confidence in scheduled production with infill drilling

• • Long-term horizon for investments

• • Elevated interaction when projects gain traction and begin to advance

  • • Periodic portfolio reviews to consider whether investments remain aligned with strategy or should exit the portfolio with funds redeployed with advancing projects or into new investments

$150m - $160m Brownfields Exploration Investment in 2021

• • Sunrise Dam drilling in Vogue extensions and the new Frankie discovery creates optionality

• • Geita's Nyamulilima discovery and Geita Hill Underground start up provide newsupplementary ore feed sources

• • Brazil Mineração drilling programs at Cuiaba and Corrego do Sitio will expand optionality

• • Cerro Vanguardia continues to convert Mineral Resource to Ore Reserves to extend mine life

Tropicana)

$30 - $35m Greenfield Project Areas in 2021

• • Terrane scale target generation and monitoring yielded several new concepts to advance in 2021

• • District scale prospects identified will advance through peer reviewed stage gates to the drill target stage if successful

• • Focused drilling is planned for established drill targets in Western Australia and Nevada

• • Priority on advancing successful projects, replenishing the project pipeline and dropping projects that do not pass peer stage gate reviews

Cleveland,

Known gold terraneAngloGold Ashanti projects

Butcher Well (70%), Northern Star JV (70%))

Key Investments Update

• • Pure Gold Mining has produced first gold at the Madsen mine near Red Lake, Ontario

• • Corvus Gold is conducting advanced exploration in Southern Nevada

• • Corvus Gold recently released updated PEA studies for the North Bullfrog and Mother Lode projects

• • AngloGold Ashanti actively monitors for companies with new early-stage projects that may be a fit for the company portfolio if their exploration programs are ultimately successful

Known gold terraneAngloGold Ashanti equity investment

REGION

AUSTRALIAN. AMERICAS. AMERICAAFRICA

Tropicana UG (TJV)

DROPPEDCREATE VALUE

Laverton District Targets (WA)

Cleveland (WA) Rhyolite (NV)

Silicon (NV) Transvaal (NV)

CRYSTALLIZE VALUE

Tropicana District

MSG Ore Extension Cuiaba Ore Extension CdS I Ore Extension

Siguiri Block 2 Geita Hill UG

Geita Ore Extenstions

Geita Nyamulilima

Reserve conversion/ Pre-feasibility study

Late-stage exploration

Production

time for Q&A…

Vaughan Chamberlain

Mineral Resource and Ore Reserve

UNDERPINNED BY APPROPRIATE MINERAL RESOURCE

MANAGEMENT PROCESSES AND PROTOCOLS

Adjust Probability of Occurrence

Endowment

Adjust for Conversion to Resource

Presence of Mineralisation

Adjust for Probability of

Minability

Size, Shape and Mineralogy

Grade, Tonnage and and Economics

Continuity

Metallurgical

Production

Illustrative Conversion Factors

CategoryBlue Sky

Inferred Mineral ResourceIndicated Mineral ResourceMeasured Mineral Resource

Conversion 100% 50%

Loss

-50%

30% 25%

-20% -5%

Incremental Exploration and Development Costs

Exploration Triangle

Exploration Categorisation

"Resource" CategorisationExploration Project Economical

Level Assessment

Financial

MeasuredIndicatedInferredBlue Sky

Year 1

Year 2

Year 3

Year 4

Year 5

Year 6

Year 7

Year 8

Year 9

Year 10

2019

DepletionExplorationMethodologyPrice

CostGeotechnical MetallurgicalOperational

OtherAcquisition /

Disposal

2020

Mineral Resource

Grade

Grade control Grade

Mining design: Grade control

Mining actual

Movement

Grade

Grade

Survey

TonnageTonnage

Delivered

Measurement / Modelled

Estimate

Plant

Plant

Stockpile to plant Stockpile received Stockpile accounted

Gold produced

Tonnage

Tonnage

Tonnage

Grade

Grade Tonnage

Grade Tonnage

Grade TonnageGold

Changeintonnage/grade

time delaytime delaytime delay

Reconciliation entities (stages in the mining chain)

Sicelo Ntuli

Africa Region Assets

GEITA, KIBALI, SIGUIRI, IDUAPRIEM

Operation Type:Deposit Type:Ownership:

Open-pit and undergroundVein / narrow vein, banded iron formation

100%

Throughput Capacity: 5.2 Mt p.a.

Land Package:

316 km2

Ore ReserveMineral Resource1

Production (koz)

Avg. Yield (g/t)

Tonnes treated

(Mt)

3.13 5.4

3.28 5.3

3.61 3.57

5.2 5.4

539

564

604

623

FY17

FY18

FY19

FY20

1 Mineral Resource stated exclusive of Ore Reserve

All-In Sustaining Cost ($/oz)

941

940

894

814

FY17

FY18

FY19

FY20

Capex Intensity ($/oz)

Non-sustaining Capex / Prod. OuncesSustaining Capex / Prod. Ounces

291

FY17

FY18

FY19

FY20

291
106	124	128

Asset Strategy Short-to-medium term

• • Grow Ore Reserve at Star & Comet and Nyankanga UG

• • Progress Geita Hill UG portal

• • Commence early works at Nyamulillma OP

Long term

• • Targeting Ore Reserve growth annually net of depletion - focused on extending the LOM

• • Additional satellite opportunities

Brownfields Exploration

• • Mineral Resource delineation and Ore Reserve conversion on UG targets

• • Potential supplementary satellite open pit targets

Base plan

Five-year asset outlook

• • Dip in production over the next two years from elevated 2020 levels

• • In the 2023 to 2025 production normalises to 500 - 550kozpa, with a declining AISC

• • Plant throughput maintained throughout the period at c. 5.4mtpa

• • Nyankanga, Geita Hill, Star & Comet, Ridge 8 underground

• • Nyamulilima Open Pit

Upside potential

• • Down-plunge extensions of main deposits at UG operations

• • Nyamulilima satellite targets

• • Matandani-Kukuluma Terrain refractory deposits

• • Provide opportunity to maintain full plant throughput to 2034

2015

2017

2019

2020

Measured ResourceIndicated ResourceInferred Resource

• • Ramping up production in Blocks 3, 4 and 5

• • Development ongoing at Block 1 - an additional platform for exploration and production

• • Successful Mineral Resource to Ore Reserve conversion ongoing underpinned by exploration

Blocks 1&26.37g/t

Targeting Mineral Resource addition from dip/plunge extensions Conversion of Inferred Mineral Resource to Indicated Mineral Resource

Block 5 3.13g/t

Assay value above 2 g/t

Underground Mine design

Advance Underground infrastructure

GEITA - GEITA HILL DEPOSIT - TESTING FOR DOWN-PLUNGE EXTENSIONS

06

• • Portal development at Geita Hill West pit commenced in Q4 2020 to access blocks 1&2 in 2021

• • The development will look to unlock 1.5Moz of Mineral Resource over the next 5 years

• • Upside potential of down-plunge extensions will be tested from underground exploration platforms

Geita Hill Deposit

Block 6

Block 5

Block 4

Block 3

Block 2

Block 1

Nyamulilima District Targets

Nyamulilima OP

• • 1.0 Moz Ore Reserve declared at the end 2020

• • Extends Open Pit Life of Mine to ~5 years

• • Exploration continues on strike and dip extensions

• • Highly prospective exploration targets within the district are priority targets in the exploration program

Operation Type:Deposit Type:

Ownership:

Throughput Capacity:Land Package:

Open-pit and undergroundOrogenic, banded iron formation

45% (45% Barrick / 10% SOKIMO)

7.2 Mt p.a.

1,836 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

3.84g/t

Avg. Exclusive Mineral

Resource Grade:

2.87g/t

Total

28.75 2.87 2.65

Asset Strategy Short-to-medium term

• • Maximising UG production and supplementing plant throughput with OP

• • Exploration targeted to replace depletion and provide a pipeline of new projects

Long term

• • Evaluation of UG opportunities beneath open pits

• • Exploration focused on down plunge extensions as well as lease area opportunities

Brownfields Exploration

• • UG exploration is focussed on delineating down and up plunge extensions on existing and new mined structures.

• • Exploration of previously un-tested mineralisation corridors 60

Base plan

Five-year asset outlook

• • Steady production outlook

• • Plant throughput maintained throughout the period at c. 7.2mtpa

• • Primary production sourced from KCD Underground

• • Supplementary ore sourced from open pits,

  • • Short term - KCD Pushback 3, Gorombwa and Sessenge

  • • Medium term - Pamoa, Kalima and Ikamva

Upside potential

• • 5-year exploration pipeline in place to replace Reserve depletion

• • Oxide and sulphide potential along the KZ trend

• • Down dip and plunge extensions on the KCD underground

• • UG potential below the open pits

Brownfields Exploration

• • A robust exploration pipeline in place to replace to target Reserve Depletion over the next couple of year

• • Main KZ trend remains prospective and a target for additional open pit opportunities

• • UG exploration is focussed on delineating down and up plunge extensions along the KCD corridor

Production (koz) Attributable production

Avg. Yield (g/t)

Tonnes treated

(Mt)

1.01 9.9

0.85 8.9

0.75 0.70

8.8 9.5

323

242

213

215

FY17

FY18

FY19

FY20

1 Mineral Resource stated exclusive of Ore Reserve

Operation Type:Deposit Type:Ownership:

Open-pitVein / narrow vein, orogenic

85% (15% Government of Guinea)

Throughput Capacity: 11.8 Mt p.a.

Land Package:

1,495 km2

All-In Sustaining Cost ($/oz)

1,397

1,176

930

796

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

0.80g/t

Avg. Exclusive Mineral

Resource Grade:

1.01g/t

FY17

FY18

FY19

FY20

Capex Intensity ($/oz)

Non-sustaining Capex / Prod. OuncesSustaining Capex / Prod. Ounces

335

89

61

28

FY19

217
298	1169
176
107
40	37
FY17	FY18	FY20

Asset Strategy Short-to-medium term

• • Achieve steady-state processing at the Combination Plant

• • Commence Block 2 development (Saraya and Foulata) following initial declaration of ~0.3Moz Ore Reserve

Long term

• • LOM extension beyond 2026 requires TSF investment - decision required in 2023

• • Block 3 opportunities

Brownfields Exploration

• • Exploration plan focused on Mineral Resource conversion

Recovery%

352020/05/01 2020/06/01 2020/07/01 2020/08/01 2020/09/01 2020/10/01 2020/11/01 2020/12/01 2021/01/01 2021/02/01 2021/03/01

• • Initial challenges commissioning new Combination plant were overcome and the circuit stabilised

• • Installed new infrastructure and made process modifications to address the initial challenges:

  • • Crusher plant improvements - Fine ore challenges

  • • Tank modifications/conversions - Preg-robbing material

  • • Pump upgrades - Engineering reliability

• • Consistent improvements to metallurgical recovery efficiency

• • Engineering reliability improvements and improved operational discipline reduced process-variability, improved recoveries

Base plan

Five-year asset outlook

• • Production step up on improved recovery at the Combination Plant

• • Introduction of Block 2 remote site provides grade uplift from 2022

• • Plant throughput maintained throughout the period at c. 10mtpa

• • Kami, Bidini, Tubani, Silakoro, Sintroko & Sokunu pits in Block 1

• • Foulata and Saraya Pits in Block 2

Upside potential

• • Kounkoun Mineral Resource in Block 3 + Spent Heap Leach

• • Resource and Blue Sky extensions to main deposits

• • Brownfields exploration targets

Section looking NE with results for one of 4 holes returned in Q4 2020

Saraya Section looking North

• • Block 1 has great Sulphide potential

• • Studies will be carried out to test the feasibility of further cutbacks

• • Two main orebodies currently exist in Block 2 namely Foulata and Saraya

• • An Ore Reserve of 314 Koz was declared in 2020

Operation Type:Deposit Type:Ownership:

Open-pitConglomerate-hosted

100%

Throughput Capacity: 5.0 Mt p.a.

Land Package:

140 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

1.29g/t

Avg. Exclusive Mineral

Resource Grade:

1.35g/t

Production (koz)

Avg. Yield (g/t)

Tonnes treated

(Mt)

1.40 5.1

1.47 5.3

1.68 1.71

5.1 5.0

228

253

275

275

FY17

FY18

FY19

FY20

1 Mineral Resource stated exclusive of Ore Reserve

All-In Sustaining Cost ($/oz)

1,033

977

985

890

FY17

FY18

FY19

FY20

Capex Intensity ($/oz)

Non-sustaining Capex / Prod. OuncesSustaining Capex / Prod. Ounces

224

215

166

FY17

FY18

FY19

FY20

224	215
166
62

Asset Strategy

Short-to-medium term

• • Review mine sequencing to deliver balanced ore mill feed

• • Opportunities to optimise Cutback 6

Long term

• • TSF expansion approval is required by 2023 to increase LOM

• • Potential LOM extension through exploration success notably at Effuanta

Brownfields Exploration

• • Upgrading Mineral Resource confidence at Block 1

• • Continued exploration of greater lease area

Base plan

Five-year asset outlook

• • Production dips in 2021 - 2023, from strong 2020 levels, as Mine Life Extension gets underway

• • Production recovers in 2024 to 2020 levels​, with commensurate cost improvement

• • Life extended to 2031, with more potential to be explored

• • Ore sourced primarily from Block 7&8 Cut 2 and Cut 5

• • Supplementary ore sourced from satellite pits at Block 5, Block 1 and Ajopa

• • Mill throughput expected to increase to 5.8Mtpa by 2024

Upside potential

• • Pushbacks at Block 7&8 (Cut 6)

• • Exploration testing at Effuanta

• • Block 7&8

  • • 3-year investment in waste stripping and TSF

  • • Mining executed with bigger equipment

• • Cut 21

  • • Split of the bigger Cut 2

  • • Stripping commenced in 2020

  • • Ore delivery in Q4 2021

• • Cut 5 Summary

  • • Stripping from (2022 to 2025)

  • • Ore delivery from 2025

  • • Waste deposition in Cut 2/Cut 3 to enhance value

• • Cut 6 Summary

  • • Excluded from the current LOM Plan

  • • Further cost optimisation underway

  • • Lower mining costs from new mining contract

• • Satellite Pits

  • • Block 5 delivers ore from 2021 to 2025

  • • Block 1 provides ore from 2024 to 2027

• • The portfolio is focused, with ESG at the centre of decision-making

• • We have a prioritised exploration programme

• • We are allocating capital optimally

• • There is a clear pathway for growth

• • Our Values will continue to guide our actions

• • We are collaborating with our host communities and governments

• • We have the right skills and teams to get this done

Ludwig Eybers

International Assets

TROPICANA, SUNRISE DAM, AGA MINERAÇÃO, SERRA GRANDE, CVSA

Operation Type:Deposit Type:Ownership:

Open-pit and undergroundOrogenic

70% (30% IGO Limited)

Throughput Capacity: 9 Mt p.a.

Land Package:

2,600 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

1.71g/t

Avg. Exclusive Mineral

Resource Grade:

1.60g/t

Tonnes	Grade
Category	(Mt)	(g/t)
39.78	1.05	1.35
Measured + Indicated
Inferred	27.37	2.41	2.12
Total	67.15	1.60	3.46
Asset strategy
Short-to-medium term

• • Ramp-up Boston Shaker UG

• • Continue to progress Havana Stage 2 cutback in 2021 - 2023

• • Complete trade-off studies on OP vs. UG at Havana Stage 3

• • Near mine exploration of OP and UG sources to extend LOM

Long term

• • Analysis of combinations of near mine/regional targets to extend LOM

Brownfields Exploration

• • Boston Shaker underground infill and extensions

• • Drilling in support of Havana Stage 3 trade-off studies

• • Potential near-mine UG targets leveraging off existing development

• • Open pit resources to the north along the mineralised trend e.g.

Springbok

Base Plan

Five-year asset outlook

• • Havana cutbacks underway which will allow access to the deeper Havana open pit ore from late 2021 onwards

• • Mill feed sourced from the Boston Shaker open pit, Boston Shaker UG, Havana open pit supplemented in 2021 by approximately 4 Mtpa of low grade (0.85 - 1.05 g/t) stockpiled ore, resulting in a lower milled grade

• • Production increases to 450Koz - 500Koz from 2022 as higher volumes of ore are delivered from the Havana pit and Boston Shaker underground

• • Boston Shaker open pit

• • Havana open pit

• • Boston Shaker UG achieving steady state production in H2 2021

• • Open pit stockpiles

Upside Potential

• • Lease area opportunities to extend LOM

• • Potential to unlock known extensions of mineralisation under Tropicana and Havana pits and the extensions at depth of the Boston Shaker Underground

• • Trade-off studies underway on Havana Stage 3 cut-back and Havana underground to find optimal open pit - underground interface

Operation Type:Deposit Type:Ownership:

UndergroundVein / narrow vein, orogenic

100%

Throughput Capacity: 4.1 Mt p.a.

Land Package:

~883 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

1.81g/t

Avg. Exclusive Mineral

Resource Grade:

1.68g/t

Production (koz)

Avg. Yield (g/t)

Tonnes treated

(Mt)

1.84 4.0

2.23 4.0

1.93 1.98

4.1 4.0

289

238

254

256

FY17

FY18

FY19

FY20

1 Mineral Resource stated exclusive of Ore Reserve

All-In Sustaining Cost ($/oz)

1,246

1,320

1,203

1,223

FY17

FY18

FY19

FY20

Capex Intensity ($/oz)

Non-sustaining Capex / Prod. OuncesSustaining Capex / Prod. Ounces

256

273

207

FY17

FY18

FY19

FY20

256	273
169	195

Asset strategy Short-to-medium term

• • Optimisation of the underground production rate and grade to deliver the best outcome

• • Develop and drill Frankie to fast-track extraction by 2023 or sooner

• • Exploration to delineate the next major UG production ore source

• • Continue the development and optimisation of Golden Delicious OP in 2021

Long term

• • Increased underground development and exploration to grow Ore Reserves

Brownfields Exploration

• • Testing near-mine targets to supplement UG ore

• • Greenfields and regional exploration programme to complimentcurrent ore sources

Base plan

Five-year asset outlook

• • Steady production over the next two years followed by step-ups toward 300kozpa in the outer years

• • Improvements driven by a combination of grade and underground volumes displacing low-grade stockpile feed

• • Golden Delicious is a short-term surface ore source to supplement underground mill feed

• • Remains reliable, longer-term costs forecast between $1,000 - $1,200/oz

• • Vogue underground ore body

• • Carey Shear

• • Sunrise Shear Panel 4

• • GQ

• • Low Grade Stockpiles / Golden Delicious open pit

Upside potential

• • New discoveries - Frankie

• • Remnant mining Sunrise Shear South, Dolly, Cosmo, Astro, Western Shear

Operation Type:Deposit Type:Ownership:

Open pit and undergroundVein / narrow vein, orogenic, banded iron formation

100%

Throughput Capacity: 3.4 Mt p.a.

Land Package:

113 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

3.84g/t

Avg. Exclusive Mineral

Resource Grade:

4.04g/t

Asset strategy Short-to-medium term

• • Exploration, evaluation and implementation of additional production sources at Cuiabá and CdS II

Long term

• • Increased exploration and ORD performance to ensure a robust short-term production plan

• • Replacement of the Lamego mine Expansion opportunities at CdS

Brownfields Exploration

• • Target near-term production sources to further improve confidence in planning

• • Evaluate additional secondary orebodies and new mines to replace depleting or increasingly complex ore sources

Base plan

Five year asset outlook

• • Steady production in 2021, stepping up in each subsequent year to above 450kozpa

• • Improvements driven by higher grades in outer years and commensurate cost improvement

• • Underground operations are mine constrained

• • Capital intensive operation with increase across 2021 to 2022 due to higher ORD and exploration (increase orebody confidence) and conversion to dry-stacking tails

• • Increase flexibility at Cuiabá mine

• • Implementation of triple stopes layout to maximize productivity

• • Increase flexibility and growth of Córrego do Sítio (CdS) I, CdS II and CdS III

• • Ramp-up CDSII UG mine

Upside potential

• • Potential to grow Mineral Resource by testing beyond current resource boundary, including Rosalino UG, Carvoaria Deep and CDSIII (around ~3Moz)

• • Unlock surface potential in current mining lease to fill Heap Leach plant capacity

Operation Type:Deposit Type:Ownership:

Open-pit and undergroundVein / narrow vein, orogenic

100%

Throughput Capacity: 1.5 Mt p.a.

Land Package:

615 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

2.79g/t

Avg. Exclusive Mineral

Resource Grade:

2.93g/t

Production (koz)

Avg. Yield (g/t)

Tonnes treated

(Mt)

2.88 1.4

3.48 1.2

2.95 2.33

1.3 1.5

133

129

123

114

FY17

FY18

FY19

FY20

1 Mineral Resource stated exclusive of Ore Reserve

All-In Sustaining Cost ($/oz)

1,103

1,105

945

953

FY17

FY18

FY19

FY20

Capex Intensity ($/oz)

Non-sustaining Capex / Prod. OuncesSustaining Capex / Prod. Ounces

293

271

276

289

FY17

FY18

FY19

FY20

293

271

276

289

Asset strategy Short-to-medium term

• • Developing Palmeiras Sul as a significant ore source from 2023

• • Maintain flexibility of multiple ore sources

• • Converting Mineral Resource to Ore Reserves across the lease area

Long term

• • Based on the extensive endowment leverage incremental growth, through higher grades or increased tonnages, opportunities as circumstances allow

Brownfields Exploration

• • Targeting higher-grade extensions and new targets within the footprint

• • Identifying supplementary shallow low-cost open pit opportunities

Five-year asset outlook

Base plan

Upside potential

• • Production steady this year, then edging up on higher volumes and grades

• • Additional underground ore to displace some lower-grade open pit material and use spare mill capacity

• • Transition to dry-stacking for tails deposition in 2021

• • Steady costs are expected

• • Mature asset with additional near-mine opportunities

• • Maintain throughput with current ore sources

• • Developing Palmeiras Sul as a primary ore source from 2023

• • Exploration & ORD creates an option to further scale-up production and extend LOM

• • Potential increase in Mineral Resource down plunge at the UG

• • Opportunity to unlock OP potential in the greenstone belt

Production (koz) Attributable production

Avg. Yield (g/t)

Tonnes treated

(Mt)

6.81 1.2

6.62 1.2

4.75 4.39

1.2 1.0

283

282

225

173

FY17

FY18

FY19

FY20

1 Mineral Resource stated exclusive of Ore Reserve

Operation Type:Deposit Type:Ownership:

Open-pit and undergroundEpithermal, vein / narrow vein

92.5% (7.5% Fomicruz)

Throughput Capacity: 1.2 Mt p.a.

Land Package:

543 km2

All-In Sustaining Cost ($/oz)

859

931

772

652

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

1.82g/t

Avg. Exclusive Mineral

Resource Grade:

2.25g/t

FY17

FY18

FY19

FY20

Capex Intensity ($/oz)

Non-sustaining Capex / Prod. OuncesSustaining Capex / Prod. Ounces

184

121

133

162

FY17

FY18

FY19

FY20

184
121	133	162

Tonnes	Grade	Contained Gold
Category	(Mt)	(g/t)	(Moz)
23.74	2.38	1.81
Measured + Indicated (gold)
Inferred (gold)	6.89	1.79	0.40
Total	30.64	2.25	2.21
Asset strategy
Short-to-medium term

• • Delineate the full Ore Reserve footprint - extend LOM

• • Optimise the cost base

Long term

• • Target Mineral Resource to unlock full resource potential across the lease

Brownfields Exploration

• • Increase exploration over the next two years

• • Priority to extend LOM

Base plan

Five-year asset outlook

• • Production expected to be flat over period

• • Higher exploration spend in 2021 to increase orebody confidence and test new targets.

• • Investment in TSF lift, heap leach and fleet

• • Cost improvements in outer years

• • Four-year exploration program targeting near-mine potential, as well as regional targets

Upside potential

• • Ongoing exploration which will target around ~3Moz of Mineral Resource

20162020

The International Operations has a clear path to create value:

• • Commitment to safeguarding the health, wellbeing and safety of our people

• • Operational Excellence Program to continuously improve costs, capital and efficiencies

• • Improve Resource confidence and growing near-term Ore Reserves

• • Margin accretive low-cost production to the portfolio

• • Using technology to strengthen and improve our metrics on ESG

• • Highly skilled and motivated teams to deliver on these commitments

OBUASI, QUEBRADONA, GRAMALOTE

Operation Type:Deposit Type:Ownership:

UndergroundVein / narrow vein

100%

Throughput Capacity: 1.6 - 1.8 Mt p.a.

Land Package:

140 km2

Ore ReserveMineral Resource1

Avg. Ore Reserve

Grade:

8.62g/t

Avg. Exclusive Mineral

Resource Grade:

7.24g/t

Project Statistics

Avg. annual LOM production:

• 1 Mineral Resource stated exclusive of Ore Reserve

• 2 Real terms

• 3 Represents estimated life-of-mine

Avg. annual LOM throughput: 1.6 - 1.8 Mt

Avg. annual LOM head grade: 8.8g/t

350 - 450koz

Avg. annual LOM AISC2:

$800/oz

Reserve life3:

21 years

Illustrative Timeline

2019

2020

Q1 2021

Q2 2021

Q3 2021

Q4 2021

2022

2023

Phase 1

Phase 2

Ramp up tosteady state

Steady state operationsPhase 3

Obuasi is a long-life, world class asset - continue to track metrics at approval

• • Obuasi has embarked on the process of rebuilding all aspects of the operation to deliver a modern, efficient, mechanised, underground operation

  Project Metrics1 (Annual average over LOM)
  Plant throughput	Mt	1.6 - 1.8
  Head grade	g/t	8.8
  Gold production	Koz	350 - 450

• • Underground development restarted 2019; first gold poured December 2019

  Cash costs	$/oz	590 - 680
  All-in sustaining costs	$/oz	725 - 825

• • Expected to reach steady state operations in H2 2021

• • Production of ~8.6Moz over 21-years at average head grade of 8.8g/t

  Project capital (Y1 - Y3)	$m	495 - 545
  Project capital (Y4 - Y6)	$m	85

• • Government consents and approvals in place:

  • • Security Agreement

    Payback period	Years	6.5
    Reserve life	Years	21.5

  • • Development Agreement

  • • Tax Concession Agreement

  • • Settlement Agreement

  • • Reclamation Security Agreement

• • Social Management Plan implemented since 2019 - contributing to self-sustaining local economy by creation of alternative industries, institutional capacitation and strong partnerships

1 At project approval, 2018 real terms

MASSIVE RESOURCE AND HIGH CONFIDENCE IN A GROWING RESERVE

08

Ore Reserve increase to 8.7Moz from 7.12Moz with in-fill drilling and Mineral Resource conversion…

…while Mineral Resource decreased slightly to ~30Moz with improvement to resource models and minor depletions

100