AngloGold Ashanti Plc Q4 FY2025 earnings call

• Safety: Achieved lowest ever total recordable injury frequency rate at 0.97, key milestone on safety journey. • Financials: Strong Q4 and full year results with new records in cash flow, earnings and dividend. Generated free cash flow over $1 billion in Q4, declared $875 million dividend in Q4. Cash flow almost $3 billion up 204% y-o-y. Adjusted EBITDA grew 129%, headline earnings up 186%. Balance sheet in excellent shape, net debt turned to net cash. • Operations: Managed operations had higher contribution from several assets. Obuasi produced 266,000 ounces, up 20% y-o-y, with progress on technical proof of concept. Sukari was a record year, integration complete, identified opportunities to increase value. Exploration team delivering exceptional results, adding reserves. Arthur Gold project as major high-return project in Nevada.

In Q4 and full year, AngloGold Ashanti had strong numbers. Generated free cash flow of over $1 billion in Q4, most ever, more than 3x same quarter last year. Cash flow of almost $3 billion up 204% y-o-y. Adjusted EBITDA grew 129%, headline earnings up 186%. Managed operations had higher contribution from Sukari, Obuasi, Siguiri, Geita and Cerro Vanguardia. Produced 3.7 million ounces of silver at CVSA. Obuasi delivered steady on-plan performance with improvements in recoveries and tonnes treated. Tier 1 assets now account for over 70% of production and 80% of reserves. Sukari was a record year, delivering best ever production and enormous cash flow. Added 10 million new ounces of reserves across assets, with Nevada adding 4.9 million ounces from Arthur project.

• 2026 group gold production guidance between 2.8 million ounces to 3.17 million ounces. • Total cash costs for managed operations estimated between $1,335 an ounce to $1,455 an ounce. • Sustaining capital guided at $1 billion to $1.14 billion. • Nonsustaining capital guided at $785 million to $835 million. • Focus on disciplined execution, protecting margins, allocating capital rigorously, strengthening portfolio. • Investing in growth projects like Geita, Sukari, Siguiri, Cuiaba to add production.

• Potential impact of regulatory and social factors on projects like Arthur Gold. • Uncertainties in gold price and macroeconomic environment affecting cash costs and margins. • Risks related to exploration and reserve conversion not meeting expectations.

Q: Regarding payout ratio, where does it stop and what to model if gold prices stay?

A: Payout ratio is one step at a time, will consider options and explain as gold price evolves.

Q: On organic growth options, unpick details?

A: 10%-15% growth over 3 years, including projects at Geita, Sukari, Siguiri, Cuiaba with low investments.

Q: On Arthur project permitting and development timelines?

A: Feasibility study starts in Q2 2026, federal permitting starts in Q1 2027, aim to produce in early next decade.

Q: On CVSA disposition and M&A thinking?

A: CVSA not for sale now due to changed market conditions, focus on organic growth for M&A.

Q: On dividend policy and buybacks?

A: Dividend policy is to pay 50% at end of year, will reassess buybacks one step at a time.

Q: On Geita's negative geological model conversion?

A: Will get back to specific answer.

Q: On Arthur project water opposition?

A: Constructive discussions had, project designed to minimize water use, have hydrogeological models to manage risks.