BofA Securities 2024 Global Metals Mining and Steel Conference
May 2024
Tropicana - Australia
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 plc's (the "Company", "AngloGold Ashanti" or "AGA") 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, the consequences of the COVID-19 pandemic and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti's financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as "believe", "expect", "aim", "anticipate", "intend", "foresee", "forecast", "predict", "project", "estimate", "likely", "may", "might", "could", "should", "would", "seek", "plan", "scheduled", "possible", "continue", "potential", "outlook", "target" or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward- looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti's actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions 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, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, 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), the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company's internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti's annual report on Form 20-F for the year ended 31 December 2023 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, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti's future results, performance, actions or achievements. 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 information included in this presentation has not been reviewed or reported on by AngloGold Ashanti'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.
Website: www.anglogoldashanti.com
2
POSITIONED TO CREATE VALUE
C O M M I T T E D T O L O W E R I N G C O S T S , M A I N TA I N I N G R O B U S T B A L A N C E S H E E T, M A K I N G
V A L U E A C C R E T I V E I N V E S T M E N T S A N D R E T U R N I N G C A S H T O S H A R E H O L D E R S
- Improved Corporate Architecture - NYSE primary listing, Denver Headquarters
- Long-Lifeand Strong Optionality - Large Mineral Resource, high Mineral Reserve grades, World No.4 Gold Producer
- Diversified Portfolio, Sector Leading Pipeline - Ten producing assets, three high-quality projects, nine countries
- Robust Asset Optimisation Programme - Full Asset Potential is working to close the cost gap with peers
- World-ClassESG Practices - Best-in-class safety record, decarbonisation plan in progress
- Seasoned Leadership - Experienced management, new Operating Model, decisive action at under-performing assets
- Clear Capital Allocation Framework - Robust balance sheet, leverage targets, focus on shareholder returns
3
HARD WORK TO ACHIEVE STRONG SAFETY PERFORMANCE
Total Recordable Injury Frequency Rate*
injuries per million hours worked
5 | |||||||||||||
We put safety first, before anything else | |||||||||||||
-76% | |||||||||||||
4 | |||||||||||||
3 | 2022 member | ||||||||||||
companies' avg. 2.66 | |||||||||||||
2 | |||||||||||||
1.08 | |||||||||||||
1 | |||||||||||||
0 | |||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | Q1 2024 |
*Total Recordable Injury Frequency Rate (TRIFR) - the broadest measure of workplace safety, measures workplace safety in terms of the total number of injuries and fatalities that occur per million hours worked (by employees and contractors) | 4 |
ANGLOGOLD ASHANTI GLOBAL FOOTPRINT
LONGER LIFE, LOWER COST, SCALE / GROWTH POTENTIAL,
>CA.60% OF GOLD PRODUCTION
TIER 1 ASSETS / PROJECTS
GEITA ● OBUASI ● KIBALI ● IDUAPRIEM ● TROPICANA ● NEVADA ● QUEBRADONA
Gold | Gold | Total cash | AISC** |
production* | costs** | ||
FY2023 | 1,630koz | $980/oz | $1,329/oz |
Mineral Reserve | 22.3Moz | ||
M&I Mineral Resource*** | 24.3Moz | ||
Inferred Mineral Resource*** | 29.3Moz | ||
United States of America | ||
North Bullfrog | ||
Silicon | ||
Merlin | Guinea | |
Mother Lode | ||
Siguiri (85%) | ||
Sterling | ||
Colombia | Brazil | |
Quebradona | ||
AGA Mineração | ||
- Cuiabá |
STEADY PERFORMERS, RELIABLE CASH GENERATORS, SHORTER LIFE, FP FOCUS - OPPORTUNITIES TO IMPROVE COST COMPETITIVENESS
TIER 2 ASSETS
SUNRISE DAM ● SIGUIRI ● CERRO VANGUARDIA ● CUIABÁ (LAMEGO)
Gold | Gold | Total cash | AISC** |
production* | costs** | ||
FY2023 | 877koz | $1,275/oz | $1,692/oz |
Mineral Reserve | 4.9Moz | ||
M&I Mineral Resource*** | 10.1Moz | ||
Inferred Mineral Resource*** | 7.6Moz | ||
DRC
Kibali (45%)
Ghana
Iduapriem
Obuasi
Tanzania
Geita
Argentina | Australia | |
Sunrise Dam | ||
Cerro Vanguardia (92.5%) | ||
Tropicana (70%) | ||
*On an attributable basis. | ||
**For a reconciliation of these Non-GAAP financial measures, please refer to "Appendices: Non-GAAP Disclosure - Reconciliations" below, only relating to producing assets. | ||
***At 31 December 2023, Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. Measured and Indicated Mineral Resource (M&I) is reported separately from Inferred Mineral Resource in our reports | 5 | |
Refer to the Company's Mineral Resource and Mineral Reserve Report at 31 December 2023 |
WORLD CLASS PROJECT PIPELINE
O B U A S I
G h a n a
7.11Moz Mineral Reserve
7.30Moz M&I Mineral Resource*
9.64Moz Inferred Mineral Resource*
ca.400 - 450koz
Anticipated steady state production
N E V A D A
U S A
1.0Moz Mineral Reserve
5.37Moz M&I Mineral Resource*
11.21Moz Inferred Mineral Resource*
ca.400 - 500koz
Anticipated steady state production
Q U E B R A D O N A
C o l o m b i a
2.60Moz Au / 3,250Mlb Cu Mineral Reserve
2.15Moz Au / 2,902Mlb Cu M&I Mineral Resource*
2.27Moz Au / 3,231Mlb Cu Inferred Mineral Resource*
ca.500 koz AuEq
Anticipated steady state production
ca.1.30 - 1.45Moz organic growth potential
Lower quartile costs
*At 31 December 2023, Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource in our reports | 6 |
Refer to the Company's Mineral Resource and Mineral Reserve Report at 31 December 2023 |
OBUASI: SAFELY RAMPING UP OUR NEXT TIER ONE GOLD MINE
LARGE HIGH-GRADE OREBODY IN ONE OF AFRICA'S TOP MINING JURISDICTIONS
- ca.9.7g/t average Mineral Reserve grade
- ca.7Moz Mineral Reserve
- ca.17Moz Mineral Resource*
(Measured & Indicated ca.7.3Moz, Inferred ca.9.6Moz)
RAMPING UP AN
EFFICIENT, LONG-LIFE
MECHANIZED MINE
>20-year life
Production estimated at:
- 275koz - 320koz in 2024
- 325koz - 375koz in 2025
- Steady state production >400koz by 2026
STRONG LICENSE
TO OPERATE
- 98% Ghanaian workforce; >70% from Obuasi
- >70% project capital expenditure spent locally
- World class community hospital
- Malaria programme covers >1m people,16 districts
- Schools and technical university on site
*At 31 December 2023, Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource in our reports | 7 |
Refer to the Company's Mineral Resource and Mineral Reserve Report at 31 December 2023 |
BEATTY, SOUTHERN NEVADA - A NEW, WORLD CLASS GOLD DISTRICT
The most significant new discovery in the US in more than a decade, with the total district Mineral Resource now 16.6Moz
• | Total Nevada Mineral Resource* of 16.6Moz | |
− Measured and Indicated Mineral Resource of 5.4Moz | ||
− Inferred Mineral Resource of 11.2Moz | ||
Beatty District | • | Mineral Reserve of 1.0Moz |
• | Multi-decade gold district in Southern Nevada | |
• | Potential for production to average >500Koz over multi-year period | |
• | First-time Mineral Reserve of 1.0Moz (71.9Mt @ 0.43g/t) declared | |
North Bullfrog | • | Feasibility Study completed, permitting underway |
• | Detailed engineering in process | |
• | Production expected ca. 12-months from permit award | |
Expanded Silicon | • | Initial Assessment (Concept Study) completed |
• | First-time Merlin Inferred Mineral Resource* of 9.1Moz | |
(Silicon + Merlin) | ||
(283.9Mt @ 0.99g/t) declared | ||
North Bullfrog
0.7Moz
Mineral Resource* (72.6Mt @ 0.29g/t)
1.0Moz
Mineral Reserve
(71.9Mt @ 0.43g/t)
Secret Pass
SNA
Daisy
Beatty
District
Legend
Project area with Mineral Resource
Project area with Mineral Reserve
Historic Producing Mine
AGA Claims
Silicon
4.22Moz
Mineral Resource* (157.6Mt @ 0.83g/t)
Merlin
9.1Moz
Mineral Resource*
(283.9Mt @0.99g/t)
Mother Lode
1.73Moz
Mineral Resource* (70.1Mt @ 0.77g/t)
Sterling & Crown
0.91Moz
Mineral Resource* (33.4Mt @ 0.85g/t)
*At 31 December 2023, Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource in our reports | 8 |
Refer to the Company's Mineral Resource and Mineral Reserve Report at 31 December 2023 |
NORTH BULLFROG PROJECT - KEY FORECAST METRICS*
Base Case (LOM) | ||
First gold | H1 20261 | |
Gold from Project Area | 801koz | |
Total Tonnes Treated | 75Mt | |
Average Annual Gold Production (first five years) | 117koz | |
Average Annual Gold Production (LoM) | 62koz | |
Average Annual Tonnes Treated | 9Mt | |
Average Recovered Grade | 0.44g/t | |
Life of Mine | 13 years | |
Cost Base (Real) | ||
All-in-Sustaining Cost (AISC) | $854/oz | |
All-in-Cost (AIC) | $1,315/oz | |
Investment Evaluation (Real) | ||
Gold Price Assumption | $1,600/oz | |
Initial Project Capital Investment | $369m | |
SIB | $34m | |
IRR | 13%2 | |
Payback | 7.3 years3 | |
1 Reflects latest updated ROD timeline | 2 Using $1,600/oz | 3 Discounted |
- The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown below in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, among other factors, changes in economic, social, political and market conditions, including related to inflation or international conflicts, 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-19Ïandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict at this time but which may be material. Actual IRR may differ materially from any IRR indicated above, and may therefore be lower.
9 | Bullfrog, USA |
EXPANDED SILICON PROJECT - DRILL BIT DRIVES TRUE TIER ONE DISCOVERY
First-time 9.1Moz Inferred Mineral Resource* declared at Merlin, focus on PFS and Mineral Resource conversion drilling
Silicon
Merlin
*At 31 December 2023, Exclusive Mineral Resource = Inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied. Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource in our reports | 10 |
Refer to the Company's Mineral Resource and Mineral Reserve Report at 31 December 2023 | |
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Anglogold Ashanti plc published this content on 21 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2024 18:10:03 UTC.