AngloGold Ashanti Plc Q1 FY2024 earnings call

• Safety: Strong safety performance with total recordable injury frequency rate well under half of the average to ICMM members, and dedication to understanding root causes of accidents and near misses. - Production: Various assets had different performances, e.g., Geita, Kibali, Tropicana, Cuiaba, Serra Grande, Siguiri, Obuasi. - Brazil: Enormous work done in the past 9 months with a turnaround, including root and branch clean - up, placing CdS on care and maintenance, and Cuiaba and Serra Grande showing production increases. - Nevada: Permitting underway at North Bullfrog, detailed engineering on track for Expanded Silicon's PFS, and Sterling project in early - stage with metallurgical test work underway.

Production was up 2% year - on - year to 581,000 ounces. If not for the one - in - a - thousand - year rainfall event in Western Australia that postponed about 15,000 ounces of production, production would have been up more than 4%. Key assets: Geita's production improvements were driven by higher volumes in grade. Kibali saw a 19% gain in production with increases in recovery grades and ore tonnes processed. Tropicana was affected by flooding but production is back on track. Cuiaba recorded a 55% increase, producing 44,000 ounces from concentrate and 21,000 ounces from the gravity circuit. Serra Grande had a 40% year - on - year increase in production. Siguiri production was hit by poor equipment availability and drop in metallurgical recoveries, but recovered in April with 22,000 ounces of attributable production. Obuasi's V30 reamer is working well, with production expected to be between 275,000 and 320,000 ounces for the year. Brazil has seen a turnaround with Cuiaba and Serra Grande showing improved production.

• Still on track to achieve the guidance set out in February 2024. - Production guidance is intact. - Cost is at the lowest end of the full year guidance and has compensated almost completely for around 5% inflation.

• Western Australia's one - in - a - thousand - year rainfall event affected production. - Siguiri was hit by poor equipment availability and drop in metallurgical recoveries associated with carbonaceous ore. - Tarkwa - Iduapriem merger is a complex negotiation. - Tropicana has a short reserve life.

Q: On the financial statements, when will full financials be reported?

A: From Q2 onwards will report full financials, this is the last quarter with only production update.

Q: For Obuasi, how does the mining of high - grade areas in the second half incorporate mine plan revisions?

A: Accessing Block 10 will be for traditional mining method, and underhand cut and fill is in trial mode on Block 8.

Q: On the Tarkwa - Iduapriem merger, what's the status?

A: Made good progress with government recently, but still in negotiation, complex with many angles.

Q: On Tropicana, how does it fit into the portfolio going forward?

A: Still in Tier 1 assets, focused on making the most out of it currently, not attached to selling per se.

Q: On Brazil, how confident are you of consistent performance?

A: Confident with new team in place, made good progress in production and relations with regulators.

Q: On Siguiri's Q1 recovery, why did process recovery problem resurface?

A: Related to carbonaceous ore in Bidini pit, metallurgy complex with unexpected surprises, but recoveries and availabilities back to plan now.

Q: On reporting under U.S. GAAP, when will full financials start?

A: From Q2 is full financials, this is the last quarter with only production.

Q: On indices movement, what's the impact?

A: Anticipate not removed from Emerging Market Index until domestic filer status triggered, targeting Russell 2000 and CRSP when U.S. GAAP reported.

Q: On inflation impact, what are you seeing?

A: Labor still has about 5% inflation, some consumables like explosives starting to show relief.

Q: On Brazil assets, is Brazil a keeper?

A: Cuiaba is definitely a keeper, Serra Grande turnaround is good, CdS was closed as it was unprofitable.