AngloGold Ashanti Plc Q3 FY2023 earnings call

• Safety is a top priority with a very low total recordable injury frequency rate. - Production performance: 3% increase vs Q2, holding to February 2023 guidance. - Completed corporate restructure, moved domicile to UK and primary listing to NYSE. - Sold stake in Gramalote project to B2Gold. - Placed CdS in Brazil on care and maintenance. - Cuiabá turnaround with strong volumes and grade, forecasting 240,000 ounces for the year. - Geita production in line with expectations, on track for 500,000 ounces target. - Kibali production up 13% QoQ due to higher ore tonnes processed and recovered rates. - Iduapriem production up driven by volumes and grade. - Obuasi working on transitioning mining methods to underhand cut and fill for safety and efficiency.

In the third quarter of 2023, AngloGold Ashanti saw a 3% increase in production versus Q2. Key assets had strong performances: Iduapriem had a 27% increase in production over Q2, Siguiri 22%, Kibali 13%, Serra Grande 9%, Geita 6%, and Tropicana 3%. Offsets included issues at Obuasi. Cuiabá showed a strong turnaround with a forecast of 240,000 ounces for the year. Siguiri recovered from the CIL tank failure, and Obuasi is working on recovering from ground issues.

• Holding to the guidance issued in February 2023. - Anticipate strong finishes in Cuiabá, which will outperform its production guidance. - Siguiri expected to stand back from the tank collapse. - Obuasi expected to have a similar production performance for Q4 2023 as it did in Q4 2022. - Forecast 240,000 ounces for Cuiabá year-end.

• Ground conditions at Obuasi impacted production in August and September. - CIL tank failure at Siguiri affected production earlier in the year. - Conversion to domestic filer status in the US affecting financial reporting in Q3 and first quarter next year.

Q: Whether your 4% growth target for FY '24 remains intact given the setback at Obuasi?

A: Obuasi's 2024 production reduced but overall guidance still expected to be within range.

Q: Update on Tarkwa-Iduapriem JV progress?

A: JV progresses well but slower than desired, focus on asset performance.

Q: Impact of moving to cut and fill at Obuasi on mining costs?

A: No meaningful impact on costs, may slightly lower due to less dilution.

Q: Progress on Serra Grande solution?

A: Serra Grande aims to be cash neutral next year.

Q: Cuiabá tailings update?

A: Work ongoing, expected to be completed by end of year, team making progress.

Q: Decarbonization project at Geita?

A: Shifting to national grid to reduce emissions and tariffs, progressing as planned.

Q: Impact of cut and fill on Obuasi 2024 production and costing?

A: No material cost impact, trial ongoing, expecting more reliability and consistent high-grade ore supply.