AngloGold Ashanti : FY 2023 Earnings Release

FY 2023 EARNINGS RELEASE

for the six months and the year ended 31 December 2023

AngloGold Ashanti releases preliminary unaudited condensed

consolidated financial statements as of and for the six months and the year ended 31 December 2023, and announces annual general meeting date and restatement of previously issued financial statements

London, Denver, Johannesburg, 19 March 2024 - AngloGold Ashanti plc ("AngloGold Ashanti", "AGA" or the "Company") is pleased to provide its preliminary unaudited condensed consolidated financial statements as of and for the six months and the year ended 31 December 2023 (the "FY 2023 Earnings Release").

FY 2023 Financial and Operating Update

The FY 2023 Earnings Release should be read together with AngloGold Ashanti's preliminary financial update for the six months and the year ended 31 December 2023, which was published by the Company on 23 February 2024 (the "FY 2023 Preliminary Financial Update"). No changes have been made in the FY 2023 Earnings Release with respect to the production, cost or cash flow information included in the FY 2023 Preliminary Financial Update. The FY 2023 Preliminary Financial Update combined with the FY 2023 Earnings Release provide the Company's financial and operating update for the six months and the year ended 31 December 2023.

Announcement of Annual General Meeting Date

The 2024 Annual General Meeting of AngloGold Ashanti ("AGM") will be held on Tuesday, 28 May 2024 in Denver, Colorado, USA. Shareholders are encouraged to participate in the AGM virtually and further details on how to participate and vote in the AGM will be set out in the AGM Notice to be published by AngloGold Ashanti in due course. The record date for the AGM is Tuesday, 2 April 2024.

Non-Reliance on and Restatement of Previously Issued Financial Statements

As previously reported in the FY 2023 Preliminary Financial Update, during the FY 2023 year-end audit process, AngloGold Ashanti found a potential error in the calculation of a deferred tax asset with respect to the Obuasi mine, which impacts its audited consolidated financial statements as of and for the year ended 31 December 2022 and its unaudited condensed consolidated interim financial statements as of and for the six-month period ended 30 June 2023. Following further discussions regarding this matter with its previous auditor, Ernst & Young Inc., and its current auditor, PricewaterhouseCoopers Inc., AngloGold Ashanti has concluded that the affected financial statements contained errors and has determined that it will restate the affected financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). The error related to the reported amount of the deferred tax asset with regard to the Obuasi mine is non-cash in nature and has no impact on production, costs or cash flow. For further information, refer to "Non-Relianceon and Restatement of Previously Issued Financial Statements" on pages 2 to 6 below.

GROUP - Key statistics

		Six months	Six months	Six months	Year	Year
		ended	ended	ended	ended	ended
		Dec	Jun	Dec	Dec	Dec
		2023	2023	2022	2023	2022
			Restated(2)	Restated(2)		Restated(2)
			US Dollar / Imperial
Financial review
(Loss) profit before taxation	- $m	(13)	76	62	63	472
Adjusted EBITDA*	- $m	744	676	923	1,420	1,792
(Loss) profit attributable to equity shareholders	- $m	(196)	(39)	(69)	(235)	233
	- US cents/share	(47)	(9)	(16)	(56)	55
Headline (loss) earnings(1)	- $m	(107)	61	185	(46)	489
	- US cents/share	(25)	14	44	(11)	116
Total borrowings	- $m	2,410	2,091	2,169	2,410	2,169
Adjusted net debt*	- $m	1,268	1,194	878	1,268	878
Total borrowings to profit (loss) before taxation	- times	38.25	15.15	4.60	38.25	4.60
Adjusted net debt* to Adjusted EBITDA*	- times	0.89	0.75	0.49	0.89	0.49

1. The financial measures "headline (loss) earnings" and "headline (loss) earnings per share" are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission ("SEC") applicable to the use and disclosure of Non-GAAP financial measures.
2. For further information, refer to "Non-Reliance on and Restatement of Previously Issued Financial Statements" on pages 2 to 6 below.

• Refer to "Non-GAAP disclosure" for definitions and reconciliations. $ represents US Dollar, unless otherwise stated.

Rounding of figures may result in computational discrepancies.

FINANCIAL REVIEW

Full year review

Earnings

The basic loss (loss attributable to equity shareholders) for the year ended 31 December 2023 was $235m, or 56 US cents per share, compared with basic earnings (profit attributable to equity shareholders) of $233m, or 55 US cents per share, for the year ended 31 December 2022. Basic earnings were down year-on-year mainly due to lower gold sold (54 US cents per share), higher costs related to the corporate restructuring (taxes and fees) (75 US cents per share), higher environmental provisions for legacy tailings storage facilities ("TSFs") (16 US cents per share), higher care and maintenance and retrenchment costs associated with the Córrego do Sítio ("CdS") operation that was placed on care and maintenance in August 2023 (15 US cents per share), higher operating and exploration costs (40 US cents per share), higher foreign exchange losses (7 US cents per share), and higher tax expense (15 US cents per share). These effects were partially offset by higher equity-accounted joint venture income (11 US cents per share), higher finance income (11 US cents per share), lower impairments and derecognitions recognised in Brazil (26 US cents per share), and a higher average gold price received per ounce* (76 US cents per share).

Headline loss‡ for the year ended 31 December 2023 was $46m, or 11 US cents per share, compared with headline earnings of $489m, or 116 US cents per share, for the year ended 31 December 2022. Headline earnings‡ were down year-on-year mainly due to lower gold sold (54 US cents per share), higher costs related to the corporate restructuring (taxes and fees) (75 US cents per share), higher environmental provisions for legacy TSFs (16 US cents per share), higher care and maintenance and retrenchment costs associated with CdS (15 US cents per share), higher operating and exploration costs (40 US cents per share), higher foreign exchange losses (7 US cents per share), and higher tax expense (9 US cents per share). These effects were partially offset by higher equity-accounted joint venture income (11 US cents per share), higher finance income (11 US cents per share), and a higher average gold price received per ounce* (76 US cents per share).

Adjusted EBITDA*

Adjusted earnings before interest, tax, depreciation and amortisation ("Adjusted EBITDA")* for the year ended 31 December 2023 was $1,420m, compared with $1,792m for the year ended 31 December 2022. Adjusted EBITDA* was lower year-on-year mainly due to higher total operating costs, higher exploration and evaluation costs, higher environmental provisions for legacy TSFs as a result of new legislation in Brazil relating to emergency response and safety management for TSFs, costs related to the corporate restructuring and lower gold sold. This decrease was partially offset by higher equity-accounted joint venture income and the higher average gold price received per ounce*.

Balance Sheet

Adjusted net debt* increased to $1,268m at 31 December 2023 from $878m at 31 December 2022. This year-on-year increase is mainly due to lower cash generation from operating activities, lower dividends received from the Kibali joint venture and the once-off costs associated with the corporate restructuring. The ratio of Adjusted net debt* to Adjusted EBITDA* was 0.89 times at 31 December 2023 from 0.49 times at 31 December 2022. The Company remains committed to maintaining a strong balance sheet with an Adjusted net debt* to Adjusted EBITDA* target ratio of 1.0 times through the cycle. The balance sheet remained strong at year-end. At 31 December 2023, the Company had cash and cash equivalents of approximately $955m (net of bank overdraft).

Second half year review

Earnings

The basic loss (loss attributable to equity shareholders) for the second half of 2023 was $196m, or 47 US cents per share, compared to a basic loss of $69m, or 16 US cents per share, for the second half of 2022.

Headline loss‡ for the second half of 2023 was $107m, or 25 US cents per share, compared to headline earnings‡ of $185m, or 44 US cents per share, for the second half of 2022.

Adjusted EBITDA*

Adjusted EBITDA* was $744m during the second half of 2023, compared to $923m during the second half of 2022.

• The financial measures "headline (loss) earnings" and "headline (loss) earnings per share" are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
  * Refer to "Non-GAAP disclosure" for definitions and reconciliations.

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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NON-RELIANCE ON AND RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

As previously announced in the FY 2023 Preliminary Financial Update, on 21 February 2024, the Audit and Risk Committee of the board of directors (the "Audit Committee") of the Company, as successor issuer to AngloGold Ashanti Limited (currently known as AngloGold Ashanti (Pty) Ltd) ("AGA Limited"), based on the recommendation of, and after consultation with, management, concluded that (i) AGA Limited's previously issued audited consolidated financial statements as of and for the financial year ended 31 December 2022, included in the annual report on Form 20-F for the year ended 31 December 2022 filed by AGA Limited with the United States Securities and Exchange Commission ("SEC") on 17 March 2023 (the "2022 Form 20-F") (the "Original Full-Year 2022 Financial Statements") and (ii) AGA Limited's previously issued unaudited condensed consolidated interim financial statements as of and for the six-month period ended 30 June 2023, included in a report on Form 6-K filed by AGA Limited with the SEC on 4 August 2023 (the "Half-Year 2023 Form 6-K") (the "Original Half- Year 2023 Financial Statements" and together with the Original Full-Year 2022 Financial Statements, the "Affected Financials"), should no longer be relied upon.

The Company has concluded that the Affected Financials contained an error related to the reported amount of the deferred tax asset with regard to the Obuasi mine. The Company believes the error relates to an incorrect interpretation of Ghanaian tax law with respect to the Obuasi mine, combined with the use of incorrect underlying data in the deferred tax model and the potential misapplication of the requirements of International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), specifically, of IAS 12 - Income Taxes, in both cases with respect to the Obuasi mine. The Affected Financials will accordingly be restated in accordance with IFRS as issued by the IASB. Additionally, as part of preparing the restatements of the Affected Financials, the Company will also correct other immaterial errors which it identified in those Affected Financials.

Following further discussions regarding this matter with Ernst & Young Inc., AGA Limited's independent registered public accounting firm for the financial year ended 31 December 2022, and PricewaterhouseCoopers Inc., the Company's independent registered public accounting firm for the financial year ended 31 December 2023, the Company has determined that it needs to restate the Affected Financials resulting in a reduction in profit for the year ended 31 December 2022 by $49m and a reduction in profit for the half year ended 30 June 2023 by $79m due to the error related to the reported amount of the deferred tax asset with regard to the Obuasi mine as mentioned above. The Company will also correct other immaterial errors previously identified in the Affected Financials, which will further reduce profit for the year ended 31 December 2022 by $16m and further reduce profit for the half year ended 30 June 2023 by $1m. For further information on the preliminary estimated restated amounts, refer to "-Schedulesof Affected Items" below. The Company notes that such errors have an aggregate negative impact of $65m on profit for the year ended 31 December 2022 (compared to up to approximately $113m as previously disclosed in its FY 2023 Preliminary Financial Update) and an aggregate negative impact of $80m on profit for the half year ended 30 June 2023 (compared to up to approximately $50m as previously disclosed in its FY 2023 Preliminary Financial Update).

The Audit Committee has discussed the matters described herein with management, with Ernst & Young Inc. and with PricewaterhouseCoopers Inc.

As previously announced in the FY 2023 Preliminary Financial Update, similarly, any press releases, earnings releases, and investor communications describing the Company's financial performance for the above-referenced periods should no longer be relied upon.

Schedules of Affected Items

The following tables summarise the previously reported amounts affected by the errors identified, as well as the preliminary estimated adjustments and the preliminary estimated restated amounts.

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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GROUP - INCOME STATEMENT

US Dollar million	Year ended Dec 2022
	Previously	Adjustment	Restated
	reported
		Unaudited	Unaudited
Cost of sales	(3,362)	(4)	(3,366)
Gross profit	1,133	(4)	1,129
Impairment, derecognition of assets and profit (loss) on disposal	(304)	(11)	(315)
Foreign exchange and fair value adjustments	(128)	3	(125)
Share of associates and joint ventures' profit	166	(5)	161
Profit before taxation	489	(17)	472
Taxation	(173)	(48)	(221)
Profit for the year	316	(65)	251
Earnings attributable to equity shareholders	297	(64)	233
Earnings attributable to non-controlling interests	19	(1)	18
Earnings per share
Basic earnings per ordinary share (US cents)	71	(16)	55
Diluted earnings per ordinary share (US cents)	71	(16)	55
Headline earnings (1)	544	(55)	489
Headline earnings per share (1)
Headline earnings per ordinary share (US cents) (1) (2)	129	(13)	116
Diluted headline earnings per ordinary share (US cents) (1) (3)	129	(13)	116
Basic weighted average number of shares	420,197,062	-	420,197,062
Diluted weighted average number of shares	420,869,866	-	420,869,866

1. The financial measures "headline earnings" and "headline earnings per share" are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
2. Calculated on the basic weighted average number of ordinary shares.
3. Calculated on the diluted weighted average number of ordinary shares.

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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GROUP - INCOME STATEMENT

US Dollar million	Six months ended June 2023
	Previously	Adjustment	Restated
	reported
		Unaudited	Unaudited
Restructuring, care & maintenance and other (expenses) income	(58)	(10)	(68)
Share of associates and joint ventures' profit	75	9	84
Profit before taxation	77	(1)	76
Taxation	(32)	(79)	(111)
Profit (loss) for the year	45	(80)	(35)
Earnings (loss) attributable to equity shareholders	40	(79)	(39)
Earnings attributable to non-controlling interests	5	(1)	4
Earnings per share
Basic earnings (loss) per ordinary share (US cents)	10	(19)	(9)
Diluted earnings (loss) per ordinary share (US cents)	10	(19)	(9)
Headline earnings (1)	140	(79)	61
Headline earnings per share (1)
Headline earnings per ordinary share (US cents) (1) (2)	33	(19)	14
Diluted headline earnings per ordinary share (US cents) (1) (3)	33	(19)	14
Basic weighted average number of shares	420,818,545	-	420,818,545
Diluted weighted average number of shares	421,077,248	(258,703)	420,818,545

1. The financial measures "headline earnings" and "headline earnings per share" are not calculated in accordance with IFRS. These measures, however, are required to be disclosed by the Johannesburg Stock Exchange (JSE) Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the SEC applicable to the use and disclosure of Non-GAAP financial measures.
2. Calculated on the basic weighted average number of ordinary shares.
3. Calculated on the diluted weighted average number of ordinary shares.

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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GROUP - STATEMENT OF FINANCIAL POSITION

US Dollar million		As at Dec 2022
	Previously	Adjustment	Restated
	reported
		Unaudited	Unaudited
Assets
Non-current assets
Tangible assets	4,209	(1)	4,208
Investments in associates and joint ventures	1,100	(9)	1,091
Deferred taxation	72	(49)	23
Equity and liabilities
Shareholders' equity	4,100	(60)	4,040
Non-controlling interests	34	1	35
Non-current liabilities
Lease liabilities	102	13	115
Environmental rehabilitation and other provisions	634	(38)	596
Current liabilities
Lease liabilities	84	(13)	71
Environmental rehabilitation and other provisions	42	39	81
US Dollar million		As at June 2023
	Previously	Adjustment	Restated
	reported
		Unaudited	Unaudited
Assets
Non-current assets
Tangible assets	4,277	(11)	4,266
Deferred taxation	146	(105)	41
Equity and liabilities
Shareholders' equity	4,048	(139)	3,909
Non-current liabilities
Deferred taxation	318	23	341

The restated amounts shown herein are preliminary, unaudited and unreviewed and may be subject to change as the Company completes its procedures and prepares the restatements of the Affected Financials, and the independent registered public accounting firms, PricewaterhouseCoopers Inc. and Ernst & Young Inc., complete their procedures.

Controls and Procedures

As previously disclosed in the FY 2023 Preliminary Financial Update, as a result of the errors described above and the related restatements, management has identified one or more material weaknesses in the Company's internal control over financial reporting. Management has accordingly concluded that the Company's internal control over financial reporting was not effective as of 31 December 2022 and its disclosure controls and procedures were similarly not effective as of 31 December 2022. In addition, given that the conclusion to restate the Affected Financials was reached subsequent to 31 December 2023 and related remediation actions were not implemented as of 31 December 2023, the Company will report in its annual report on Form 20-F for the year ended 31 December 2023 (the "2023 Form 20-F") that its internal control over financial reporting and its disclosure controls and procedures were not effective as of 31 December 2023.

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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Neither management nor PricewaterhouseCoopers Inc. has completed its evaluation of the effectiveness of internal control over financial reporting as of 31 December 2023.

Other Information

The Company believes that in light of its intention to file the 2023 Form 20-F in the next few weeks, it is preferable to present any restated Original Full-Year 2022 Financial Statements together with the Company's audited consolidated financial statements as of and for the year ended 31 December 2023 in that 2023 Form 20-F. The Company believes this will allow readers to review more easily all pertinent data in a single document and therefore does not plan to amend the 2022 Form 20-F. In addition, the Company plans to present the restated Original Half-Year 2023 Financial Statements either in an amendment to the Half-Year 2023 Form 6-K or in the 2023 Form 20-F.

CORPORATE UPDATE

Tropicana Rainfall Event

Gold production at the Tropicana gold mine in Western Australia was impacted by heavy rains and flooding during the month of March. Tropicana is a joint operation between AngloGold Ashanti (70 percent and the operator), and AFB Resources Pty Limited (30 percent), a subsidiary of Regis Resources Limited. Tropicana is located 200km east of Laverton and 330km east-northeast of Kalgoorlie in Western Australia.

The area in which the Tropicana gold mine is located received more than 350mm of rain in a 72-hour period from 9 March, almost 50% higher than its average annual rainfall. The subsequent flooding interrupted power supply to the processing plant and required mining operations to be temporarily suspended. Power has been restored to the site and access to the underground mine has resumed. However, mining from the open pits remains restricted until surface water is cleared through pumping and evaporation. There have been no safety incidents during this period and the mine infrastructure remains sound. The supply road to the Tropicana gold mine is flooded in parts and the processing plant is treating stockpiled ore at a reduced throughput rate. Processing may have to be suspended if consumable stocks at the site are exhausted before the road reopens.

While AngloGold Ashanti anticipates that there may be some impact on gold production at Tropicana in the first half of 2024, any decrease is expected to be largely recovered in the second half of 2024. Consequently, the Company does not believe that this event will have an impact on its gold production and cost guidance provided in February 2024, which guidance is therefore maintained.

By order of the Board
M RAMOS	A CALDERON	G DORAN
Chairperson	Chief Executive Officer	Chief Financial Officer
19 March 2024

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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GROUP - INCOME STATEMENT

	Six months	Six months	Six months	Year	Year
	ended	ended	ended	ended	ended
	Dec	Jun	Dec	Dec	Dec
	2023	2023	2022	2023	2022
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
US Dollar million		Restated	Restated		Restated
Revenue from product sales	2,396	2,186	2,346	4,582	4,501
Cost of sales	(1,792)	(1,749)	(1,771)	(3,541)	(3,366)
Loss on non-hedge derivatives and other commodity contracts	(12)	(2)	(6)	(14)	(6)
Gross profit	592	435	569	1,027	1,129
Corporate administration, marketing and related expenses	(50)	(44)	(37)	(94)	(79)
Exploration and evaluation costs	(142)	(112)	(121)	(254)	(205)
Impairment, derecognition of assets and profit (loss) on disposal	(95)	(126)	(313)	(221)	(315)
Restructuring, care & maintenance and other (expenses) income (1)	(350)	(68)	(13)	(418)	(26)
Finance income	70	57	50	127	81
Foreign exchange and fair value adjustments	(79)	(75)	(72)	(154)	(125)
Finance costs and unwinding of obligations	(82)	(75)	(84)	(157)	(149)
Share of associates and joint ventures' profit	123	84	83	207	161
(Loss) profit before taxation	(13)	76	62	63	472
Taxation	(174)	(111)	(127)	(285)	(221)
(Loss) profit for the period	(187)	(35)	(65)	(222)	251
Allocated as follows:
Equity shareholders	(196)	(39)	(69)	(235)	233
Non-controlling interests	9	4	4	13	18
	(187)	(35)	(65)	(222)	251
Basic (loss) earnings per ordinary share (US cents) (2)	(47)	(9)	(16)	(56)	55
Diluted (loss) earnings per ordinary share (US cents) (3)	(47)	(9)	(16)	(56)	55

1. Restructuring, care & maintenance and other (expenses) income for the second half of 2023 was $337m higher compared to the second half of 2022. This was mainly due to an increase in the corporate restructuring and project cost of $286m (mainly as a result of the cost associated with the AngloGold Ashanti corporate restructuring and related taxes), care and maintenance of $50m (mainly relating to the Córrego do Sítio (CdS) and Cuiabá mines) and an increase in retrenchment and related cost of $14m (mainly in Brazil), partially offset by other movements of $13m.
2. Calculated on the basic weighted average number of ordinary shares.
3. Calculated on the diluted weighted average number of ordinary shares.

The operating profit (loss) sub-total which was previously included in the presentation of the income statement has been removed as it is not an IFRS measure and not considered relevant to users of the annual financial statements.

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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GROUP - STATEMENT OF FINANCIAL POSITION

	At	At	At
	Dec	Jun	Dec
	2023	2023	2022
US Dollar million	Unaudited	Unaudited	Unaudited
		Restated	Restated
ASSETS
Non-current assets
Tangible assets	4,419	4,266	4,208
Right of use assets	142	152	156
Intangible assets	107	104	106
Investments in associates and joint ventures	599	1,129	1,091
Other investments	1	1	3
Loans receivable	358	-	-
Inventories	2	4	5
Trade, other receivables and other assets	254	222	231
Reimbursive right for post-retirement benefits	35	12	12
Deferred taxation	50	41	23
Cash restricted for use	34	34	33
	6,001	5,965	5,868
Current assets
Loans receivable	148	-	-
Inventories	829	800	773
Trade, other receivables and other assets	199	317	237
Cash restricted for use	34	25	27
Cash and cash equivalents	964	722	1,108
	2,174	1,864	2,145
Total assets	8,175	7,829	8,013
EQUITY AND LIABILITIES
Share capital and premium	420	-	-
Accumulated profits and other reserves	3,291	3,909	4,040
Shareholders' equity	3,711	3,909	4,040
Non-controlling interests	29	33	35
Total equity	3,740	3,942	4,075
Non-current liabilities
Borrowings	2,032	1,896	1,965
Lease liabilities	98	106	115
Environmental rehabilitation and other provisions	636	611	596
Provision for pension and post-retirement benefits	64	68	71
Trade and other payables	5	8	7
Deferred taxation	395	341	300
	3,230	3,030	3,054
Current liabilities
Borrowings	207	17	18
Lease liabilities	73	72	71
Environmental rehabilitation and other provisions	80	103	81
Trade and other payables	772	641	667
Taxation	64	19	45
Bank overdraft	9	5	2
	1,205	857	884
Total liabilities
4,435	3,887	3,938
Total equity and liabilities	8,175	7,829	8,013

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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GROUP - STATEMENT OF CASH FLOWS

	Six months	Six months	Six months	Year	Year
	ended	ended	ended	ended	ended
	Dec	Jun	Dec	Dec	Dec
	2023	2023	2022	2023	2022
US Dollar million	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited
Cash flows from operating activities
Cash generated from operations	555	316	714	871	1,244
Dividends received from joint ventures	143	37	145	180	694
Taxation refund	36	-	32	36	32
Taxation paid	(56)	(60)	(79)	(116)	(166)
Net cash inflow from operating activities	678	293	812	971	1,804

Cash flows from investing activities

Capital expenditure on tangible and intangible assets Interest capitalised and paid

Acquisition of assets

Dividends from associates and other investments Proceeds from disposal of tangible assets Other investments and assets acquired Proceeds from disposal of other investments Loans advanced

(Increase) decrease in cash restricted for use Interest received

Net cash outflow from investing activities

Cash flows from financing activities

Share issue expenses

Proceeds from borrowings Repayment of borrowings Repayment of lease liabilities Finance costs - borrowings Finance costs - leases Other borrowing costs Dividends paid

Net cash inflow (outflow) from financing activities

Net increase (decrease) in cash and cash equivalents Translation

Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

(589)	(453)	(594)	(1,042)	(1,028)
-	-	(1)	-	(2)
-	-	(152)	-	(517)
6	6	10	12	18
8	6	8	14	8
-	-	-	-	(16)
20	-	-	20	-
-	(1)	(1)	(1)	(1)
(8)	(1)	6	(9)	(4)
60	49	49	109	81
(503)	(394)	(675)	(897)	(1,461)
(19)	-	-	(19)	-
335	8	64	343	266
(13)	(74)	(88)	(87)	(184)
(50)	(44)	(42)	(94)	(82)
(55)	(56)	(50)	(111)	(99)
(6)	(5)	(5)	(11)	(10)
-	(1)	-	(1)	(11)
(31)	(76)	(134)	(107)	(203)
161	(248)	(255)	(87)	(323)
336	(349)	(118)	(13)	20
(98)	(40)	(42)	(138)	(68)
717	1,106	1,266	1,106	1,154
955	717	1,106	955	1,106

Preliminary Unaudited Condensed Consolidated Financial Statements - www.AngloGoldAshanti.com

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