AngloGold Ashanti Delivers Steady Start to 2024; Gold Production1 Up +2% y-o-y; Gold Production Guidance Reconfirmed and Obuasi on Track to Achieve FY 2024 Forecast Gold Production

INDIA Newswire - 13 May 2024

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Release date- 10052024 - DENVER & LONDON & JOHANNESBURG - AngloGold Ashanti plc ('AngloGold Ashanti', 'AGA' or the 'Company') today reported a 2% year-on-year increase in first quarter gold production1, in line with its plans and despite the previously reported impact of rains and flooding in Western Australia on gold production which contributed to a drop of about 15,000oz in production in the first quarter relative to the previous quarter.

The Company reconfirmed its 2024 full-year gold production guidance and its 2024 annual gold production forecast for Obuasi in Ghana, which continues its ramp-up.

'This is a good start to the year, with another strong safety result and a good overall performance from the portfolio,' said Chief Executive Officer Alberto Calderon. 'We're seeing greater consistency from most of our operations; in Brazil, both sites have shown significantly better performance, with greater production control and stability. Geita and Kibali were strong again, and Obuasi's ramp-up remains on track.'

Denver-headquartered AngloGold Ashanti continues to take steps to close the value gap that exists with its North American peers by improving safety, relative cost performance and cash conversion, while increasing the life of its key mines and prioritising successful development of major projects.

The Company's Total Recordable Injury Frequency Rate ('TRIFR') was 1.08 injuries per million hours worked during the first quarter of 2024, compared to the most recent average (2022) of 2.66 for members of the International Council on Metals & Minerals ('ICMM'). No fatalities were recorded at mines operated by the Company in the first three months of 2024, for the eleventh consecutive quarter.

Gold production1 was 2% higher year-on-year at 581,000oz for the first quarter of 2024, compared to 572,000oz for the first quarter of 2023, driven mainly by higher recovered grades, and partly offset by lower tonnes processed. Strong improvements in gold production versus the first quarter of last year were recorded at Cuiaba (AGA Mineracao) (+55%) and Serra Grande (+40%), where initiatives have been taken to improve overall performance, as well as at Kibali (+19%) and at Geita (+16%).

This increase in gold production was partly offset by lower gold production at Siguiri (-35%), where carbonaceous ore in the Bidini pit resulted in poor recoveries, and at Tropicana (-17%), where severe flooding, caused by a tropical cyclone, inundated underground and open pit mining areas as well as access roads to the remote site. Both mines have since recovered to normalised gold production levels. Sunrise Dam (-8%) also suffered from the heavy rainfall in Western Australia, albeit to a lesser extent than Tropicana, while gold production at Cerro Vanguardia (-7%) was lower due to a planned plant stoppage.

At Obuasi, gold production was 54,000oz, in line with the mine plan, as mining occurred in lower-grade areas. Obuasi's underground ore tonnes treated averaged 91,000t/pm for the first three months of 2024. Underground tonnes treated and grade are expected to increase in the second half of 2024, supported by additional development. The mine remains on track to produce an anticipated 275,000oz - 320,000oz of gold in 2024.

As previously reported, gold production at Tropicana was impacted by heavy rains and flooding during the month of March. The area in which the Tropicana gold mine is located received 312mm of rain in a 72-hour period from 9 March, almost 40% higher than its average annual rainfall. The subsequent flooding interrupted power supply to the processing plant and required mining operations to be suspended. Since the flooding, remedial work to recommence operations was successfully completed and mining and processing has since restarted. Whilst gold production was impacted in the first quarter of 2024, and consequently for the first half of 2024, the Company expects to recover a significant portion of these production losses in the second half of 2024.

The Company provided gold production guidance for 2024 in February, which remains unchanged. Gold production is again expected to be second half weighted, with fourth quarter gold production expected to be the strongest quarter this year.

OPERATING HIGHLIGHTS

In the Africa region - subsidiaries, gold production (on an attributable basis) was 271,000oz for the quarter ended 31 March 2024, compared to 284,000oz for the quarter ended 31 March 2023. In the Africa region - joint ventures, gold production (on an attributable basis) was 76,000oz for the quarter ended 31 March 2024, compared to 64,000oz for the quarter ended 31 March 2023.

In Ghana, at Iduapriem, gold production was 62,000oz for the quarter ended 31 March 2024, compared to 63,000oz for the same period last year, mainly due to a marginal decrease in recovered grade, partly offset by higher tonnes processed.

At Obuasi, gold production was 54,000oz for the quarter ended 31 March 2024, in line with the mine plan, compared to 60,000oz for the same period last year. Total ore tonnes mined and treated were 18% higher when compared with the first quarter of 2023, while grade was 24% lower, in line with the mine plan. During the first quarter of 2024, underground ore tonnes treated averaged 91kt/pm, supported by additional development. The site is contending with intermittent power disruptions from the public utility. Obuasi is forecast to produce between 275,000oz and 320,000oz of gold in 2024 and between 325,000oz and 375,000oz of gold in 2025, as it continues its ramp-up to steady state production.

In Guinea, at Siguiri, gold production (on an attributable basis) was 41,000oz for the quarter ended 31 March 2024, compared to 63,000oz for the same period last year. Gold production was lower year-on-year mainly due to poor equipment availability, lower feed grades and a significant decline in metallurgical recoveries in the plant, associated with highly carbonaceous ore feed from parts of the Bidini pit. The mine has taken delivery of a new excavator in April 2024 and subsequently prioritised ore from alternative mining areas, which has assisted a recovery in gold production rates after the quarter-end.

In Tanzania, at Geita, gold production was 114,000oz for the quarter ended 31 March 2024, compared to 98,000oz for the same period last year. Gold production was higher year-on-year mainly due to higher total recovered grade of 2.85g/t, compared to total recovered grade of 2.70g/t in the same period in 2023. Underground treated material increased mainly due to a stronger underground performance, partly offset by a relatively weaker open pit performance. A strong end to 2023 from the underground mining areas enabled additions to ore stockpiles, supporting the increased feed ratio from underground during the first quarter of 2024. In addition, tonnes treated were higher in the quarter ended 31 March 2024 given the impact of the SAG mill shutdown to replace the girth gear in the same period last year.

In the DRC, at Kibali, gold production (on an attributable basis) was 76,000oz for the quarter ended 31 March 2024, compared to 64,000oz for the same period last year. Gold production was higher year-on-year mainly due to higher recovered grades resulting from a higher proportion of underground ore tonnes treated at a higher feed grade as a result of increased underground efficiency in the quarter ended 31 March 2024 as compared to the same period in 2023 during which time the mine was converting to underground multi-lite mining.

In the Americas, gold production (excluding CdS) was 125,000oz of gold (on an attributable basis) for the quarter ended 31 March 2024, compared to 99,000oz for the quarter ended 31 March 2023.

Brazil delivered a significant turnaround following the operational issues encountered in 2023, with improvements on most production metrics across both operations. At Cuiaba (AGA Mineracao), gold production was 65,000oz for the quarter ended 31 March 2024, compared to 42,000oz for the same period last year. Gold production was higher year-on-year mainly due to higher tonnes processed and higher recovered grades. Cuiaba's gold production comprised 21,000oz of gravimetric gold and 44,000oz of gold-in-concentrate.

At Serra Grande, gold production was 21,000oz for the quarter ended 31 March 2024, compared to 15,000oz for the same period last year. Gold production was higher year-on-year mainly due to higher recovered grades, partly offset by lower tonnes processed.

In Argentina, at Cerro Vanguardia, gold production (on an attributable basis) was 39,000oz for the quarter ended 31 March 2024, compared to 42,000oz for the same period last year. Gold production was lower year-on-year mainly due to lower plant throughput as a result of a planned plant stoppage that was carried out in March 2024, partly offset by the placement of higher heap leach tonnes due to operational efficiencies.

In Australia, gold production was 109,000oz of gold (on an attributable basis) for the quarter ended 31 March 2024, compared to 125,000oz for the quarter ended 31 March 2023.

At Sunrise Dam, gold production was 56,000oz for the quarter ended 31 March 2024, compared to 61,000oz for the same period last year. Gold production was lower year-on-year mainly due to lower recovered grades, partly offset by higher tonnes processed.

At Tropicana, gold production (on an attributable basis) was 53,000oz for the quarter ended 31 March 2024, compared to 64,000oz for the same period last year. Gold production was lower year-on-year mainly due to lower tonnes processed. As noted above, gold production was impacted by heavy rains and flooding during the month of March. The area in which the Tropicana gold mine is located received 312mm of rain in a 72-hour period from 9 March, almost 40% higher than its average annual rainfall. The subsequent flooding interrupted power supply to the processing plant and required mining operations to be temporarily suspended. Since the flooding, remedial work to recommence operations was successfully completed and mining and processing has since restarted. The impact of the rainfall event at Tropicana is expected to continue into the second quarter of 2024 as water continues to be pumped out of the Havana 5 pit, which was scheduled to be the main source of open pit ore in the first half of 2024. The operation expects to process proportionally more ore from stockpiles whilst ore from Havana 5 has been deferred into the second half of 2024. The impact on gold production at Tropicana during the first half of 2024 is expected to be partly offset in the second half of the year, as higher-grade ore from the Havana 5 pit becomes available and the Havana 4 pit ramps up production.

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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's 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.

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