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AngloGold Ashanti Q3 30 September 2026 Earnings Release and Dividend Declaration
AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
“AngloGold Ashanti”, “AGA”, the “Company” or the “Group”
AngloGold Ashanti Q3 30 September 2026 Earnings Release and Dividend Declaration
Q3 2026 EBITDA*(5) +12% to $1.57bn • Q3 2026 free cash flow* $722m • YTD free cash flow* $2.6bn • Q3 2026
interim dividend of $361m, or 71 cps • Full-year 2026 guidance(6) reaffirmed • Net cash*(5) expands to $1.26bn
• Organic growth plan charted
London, Denver, Johannesburg, 5 November 2026 – AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA”, the “Company” or the
“Group”) delivered $722m in free cash flow* in Q3 2026, reflecting the underlying cash-generation capacity of its global portfolio to self-
fund strategic reinvestment while maintaining sector-leading shareholder returns.
Safety performance
AngloGold Ashanti reports with deep sadness the death of a colleague due to an underground rockfall at the Sukari underground mine in
August 2026. The Company’s Board of Directors (“Board”) and leadership team extend their sincere condolences to the family, friends, and
co-workers.
Operations were suspended immediately to investigate alongside authorities and review critical risk procedures with all site teams.
Operations have since resumed, with key learnings being implemented across the Group.
Operating performance
With year-to-date gold production for the Group(1)(2) of 2,164,000oz, AngloGold Ashanti confirms full-year output tracking to achieve annual
guidance(6).
Through a planned period of intensive reinvestment in growth and mine life extension projects, as well as scheduled mine sequencing,
AngloGold Ashanti generated $722m in free cash flow*, lifted net cash*(5) to $1.26bn, and supported an interim dividend for Q3 2026 of
$361m.
“Our Q3 2026 performance highlights AngloGold Ashanti’s structural quality and free cash flow* generation,” said CEO Alberto Calderon.
“We remain focused on operational predictability, balance sheet resilience, and delivering on our commitments.”
The operational catalysts that are expected to unlock a strong Q4 2026 are already active across the Company’s assets. Dewatering at
Iduapriem following flooding from a neighbouring mine earlier this year, has restored full access to high-grade mining blocks; open-pit
waste-stripping at Sukari is unlocking higher-grade ore and underground stopes at Obuasi are returning to their operational ramp-up
following a fatality earlier this year.
“We are well positioned to deliver a strong final quarter to achieve our full-year gold production targets while advancing our long-term, high-
margin pipeline in Nevada and our brownfield assets,” said CEO Alberto Calderon.
Cash conversion, balance sheet strength
The strong financial result translated into improved balance sheet strength. EBITDA*(5) for Q3 2026 rose 12% year-on-year to $1,568m,
from $1,400m(3) for Q3 2025, supported by the increase in the average gold price received per ounce*(1) for the Group to $4,239/oz, from
$3,490/oz(3) in Q3 2025.
Free cash flow* of $722m was achieved in Q3 2026, compared with $920m(3) in Q3 2025, as tax payments increased year-on-year in line
with improved profitability and the Company increased investment in safe, sustainable production and a portfolio of organic growth
projects. Free cash flow* was impacted in Q3 2026 mainly by lower ounces sold as well as:
• A planned 45% increase in total capital expenditure to $497m in Q3 2026, funding critical waste stripping campaigns, fleet upgrades,
and the continued advancement of the North Bullfrog and Arthur Gold Projects in Nevada.
• A year-on-year increase in net cash taxes paid to $174m in Q3 2026, from $75m(3) in Q3 2025.
• A working capital absorption mainly from lower payables and higher receivables, and higher operating costs.
1 Q3 2026 Earnings Release
2026 | Quarter 3 AngloGold Ashanti plc
Group Performance continued
The Group ended Q3 2026 in a net cash*(5) position of $1,256m, with overall liquidity of around $4.5bn, providing substantial headroom to
fund organic growth.
Sector-leading returns
Reflecting the continued robust cash flow generation, the Board declared an interim dividend of $361m, or 71 US cents per share for Q3
2026. This brings total dividends declared year-to-date to $1,310m, or 259 US cents per share.
Guidance reaffirmed(6)
Full-year gold production guidance of 2,800,000oz to 3,170,000oz is reaffirmed.
Gold production for the Group(1)(2) of 696,000oz in Q3 2026 reflected anticipated grade sequencing across key open pits and short-term
operating challenges that have since normalised. Five assets expanded production year-on-year compared with Q3 2025, led by Siguiri
(+49%), Sunrise Dam (+6%), Kibali (+6%), Cuiabá (+4%), and Cerro Vanguardia (+2%), reinforcing the benefits of the Group’s diversified
portfolio. Year-on-year production decreases were recorded at Tropicana, as anticipated (-15%), Iduapriem (-43%), Obuasi (-26%), Sukari
(-21%), and Geita (-4%) in Q3 2026.
Total cash costs per ounce* for Q3 2026 were $1,534/oz, versus $1,480/oz in Q2 2026 and $1,225/oz in Q3 2025. AISC per ounce* for Q3
2026 were $2,170/oz from $1,720/oz in Q3 2025, with most of the increase stemming from exogenous market-related factors. This
performance also reflects planned annual sustaining capital expenditure* and volume-sensitive fixed cost absorption during the lowest-
production quarter of the year.
Exogenous, market-driven factors accounted for $189/oz (61%) of the year-on-year increase in total cash costs per ounce* in Q3 2026,
and $201/oz (83%) of the year-on-year increase across the first nine months of 2026. These external factors reflect, among other things:
• Price-linked royalties: Average gold price received per ounce*(1) of $4,518/oz for year-to-date (“YTD”) Sep 2026, generated a royalty
impact of +$81/oz across the cost base compared to YTD Sep 2025.
• Energy pricing lags: The pass-through impacts on fuel from market-driven increases in global crude oil increased the cost base by +
$33/oz for YTD Sep 2026 compared to YTD Sep 2025.
Unlocking organic growth and long-term value
AngloGold Ashanti has identified targeted, capital efficient brownfield expansions across its portfolio. These projects – at
Geita, Siguiri, and Cuiabá, as well as the ongoing ramp-up at Obuasi – are designed to leverage existing infrastructure and operational
footprints to reduce execution risk and optimise capital intensity.
Total forecast capital expenditure for the growth projects at Geita, Siguiri and Cuiabá is estimated at $750m to $900m over a 3 year period,
which is projected to provide incremental production from a 2025 base of 300,000oz - 450,000oz by the end of the decade. At steady state,
these projects are expected to maintain or improve real operational costs.
In Nevada, the Arthur Gold Project Feasibility Study and North Bullfrog permitting activities are advancing on schedule, with the aim to
establish the Company’s next Tier One production centre in a premier mining jurisdiction. On 3 November 2026, the Board approved
funding for the execution phase of the North Bullfrog project, subject to receipt of federal and state-level permits.
“We have world-class, Tier One growth advancing in Nevada, and near-term upside within our existing operations,” said CEO Alberto
Calderon. “These are high-return, capital efficient projects at our operating mines that are expected to provide high-margin ounces and
unlock further value from our portfolio.”
(1) The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint
ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed
by AngloGold Ashanti.
Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2) Includes gold concentrate from the Cuiabá mine sold to third parties.
(3) Includes the results of Serra Grande operation to the date of disposal on 1 December 2025.
(4) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but
in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the
Johannesburg Stock Exchange Limited (JSE).
These measures are required to be disclosed by the 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.
(5) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio
(leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.
(6) Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been
reviewed by AngloGold Ashanti’s external auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary
pressures on its cost base, could also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations
expressed by AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with AngloGold Ashanti’s business
continuity plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be
significant. Please refer to the Risk Factors section in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025 filed with the
SEC.
* Refer to “Non-GAAP disclosure” in the Full Announcement for definitions and reconciliations.
2 Q3 2026 Earnings Release
2026 | Quarter 3 AngloGold Ashanti plc
Group Financial and Operating Key Statistics
Nine Nine
Quarter Quarter months months
Key statistics ended ended ended ended
Sep Sep Sep Sep
US Dollar millions, except as otherwise noted 2026 2025 2026 2025
Operating review
Gold
Produced - Group(1)(2)(3) - oz (000) 696 768 2,164 2,292
Produced - Managed operations(1)(2)(3) - oz (000) 605 682 1,939 2,068
Produced - Non-managed joint ventures(1) - oz (000) 91 86 225 224
Sold - Group(1)(2)(3) - oz (000) 697 764 2,168 2,302
Sold - Managed operations(1)(2)(3) - oz (000) 604 680 1,935 2,083
Sold - Non-managed joint ventures(1) - oz (000) 93 84 233 219
Financial review
Gold income - $m 2,559 2,373 8,747 6,707
Cost of sales - Group(1) - $m 1,456 1,348 4,400 3,933
Cost of sales - Managed operations(1) - $m 1,316 1,225 4,010 3,597
Cost of sales - Non-managed joint ventures(1) - $m 140 123 390 336
Total operating costs - $m 1,025 894 3,087 2,669
Gross profit - $m 1,303 1,192 4,949 3,228
Average gold price received per ounce* - Group(1) - $/oz 4,239 3,490 4,518 3,222
Average gold price received per ounce* - Managed operations(1) - $/oz 4,238 3,488 4,520 3,220
Average gold price received per ounce* - Non-managed joint ventures(1) - $/oz 4,248 3,502 4,503 3,240
All-in sustaining costs per ounce* - Group(1) - $/oz 2,170 1,720 2,053 1,676
All-in sustaining costs per ounce* - Managed operations(1) - $/oz 2,273 1,766 2,104 1,706
All-in sustaining costs per ounce* - Non-managed joint ventures(1) - $/oz 1,497 1,355 1,628 1,392
Total cash costs per ounce* - Group(1) - $/oz 1,534 1,225 1,467 1,224
Total cash costs per ounce* - Managed operations(1) - $/oz 1,597 1,244 1,483 1,233
Total cash costs per ounce* - Non-managed joint ventures(1) - $/oz 1,117 1,068 1,334 1,145
Profit for the period - $m 927 815 4,871 2,832
EBITDA*(5) - $m 1,568 1,400 5,833 3,749
Total borrowings - $m 1,804 2,301 1,804 2,301
Net cash*(5) - $m 1,256 231 1,256 231
Profit attributable to equity shareholders - $m 787 669 3,070 1,781
- US cents/share 154 132 603 350
Headline earnings(4) - $m 790 672 3,085 1,759
- US cents/share 155 132 606 346
Net cash inflow from operating activities - $m 1,380 1,419 4,521 3,162
Free cash flow* - $m 722 920 2,617 1,858
Capital expenditure - Group(1) - $m 563 388 1,579 1,105
Capital expenditure - Managed operations(1) - $m 497 342 1,412 995
Capital expenditure - Non-managed joint ventures(1) - $m 66 46 167 110
(1) The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint
ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed
by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2) Includes gold concentrate from the Cuiabá mine sold to third parties.
(3) Includes gold production and gold sold for the Serra Grande operation, which was sold on 1 December 2025, comprising (i) gold produced and gold sold of 15,000oz
for Q3 2025 and (ii) gold produced of 42,000oz and gold sold of 41,000oz for YTD Sep 2025.
(4) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in
accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg
Stock Exchange Limited (JSE). These measures are required to be disclosed by the 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.
(5) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio
(leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change.
* Refer to “Non-GAAP disclosure” in the Full Announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
3 Q3 2026 Earnings Release
2026 | Quarter 3 AngloGold Ashanti plc
Dividends
AngloGold Ashanti plc today announces an interim dividend for the three months ended 30 September 2026 of 71 US cents per share. In
respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.
To holders of ordinary shares on the New York Stock Exchange (NYSE)
2026
Ex-dividend on NYSE Friday, 27 November
Record date Friday, 27 November
Payment date Friday, 11 December
To holders of ordinary shares on the South African Register
Additional information for South African resident shareholders of AngloGold Ashanti:
Shareholders registered on the South African section of the register are advised that the distribution of 71 US cents per ordinary share will
be converted to South African rands at the applicable exchange rate.
In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for
payment of the dividend are as follows:
2026
Declaration date Thursday, 5 November
Currency conversion rate for South African rands announcement date Friday, 20 November
Last date to trade ordinary shares cum dividend Tuesday, 24 November
Ordinary shares trade ex-dividend Wednesday, 25 November
Record date Friday, 27 November
Payment date Friday, 11 December
Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP (as defined below)
or broker.
To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 25
November 2026 and Friday, 27 November 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share
registers will be permitted between Friday, 20 November 2026 and Friday, 27 November 2026, both days inclusive.
Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders
is expected to be published on Friday, 20 November 2026.
To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement
with the Central Securities Depositary (GH) LTD
2026
Currency conversion date Friday, 20 November
Last date to trade and to register shares cum dividend Tuesday, 24 November
Shares trade ex-dividend Wednesday, 25 November
Record date Friday, 27 November
Approximate payment date of dividend Friday, 11 December
To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust
Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share
2026
Currency conversion date Friday, 20 November
Last date to trade and to register GhDSs cum dividend Tuesday, 24 November
GhDSs trade ex-dividend Wednesday, 25 November
Record date Friday, 27 November
Approximate payment date of dividend Friday, 11 December
Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 71
US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of
US$1/ ¢11.6600, the gross dividend payable per share, is equivalent to ca. ¢8.27860 Ghanaian cedis. However, the actual rate of payment
will depend on the exchange rate on the date for currency conversion.
Entitlement to interim dividends
A “Shareholder of Record” is a person appearing on the register of members of the Company in respect of ordinary shares at the close of
business on the relevant record date. A “Beneficial Owner” is a person who holds ordinary shares of the Company through a bank, broker,
central securities depository participant (“CSDP”), Shareholder of Record or other agent (sometimes referred to as holding shares “in street
name”).
4 Q3 2026 Earnings Release
2026 | Quarter 3 AngloGold Ashanti plc
Administration and Corporate Information
This short form announcement (the “JSE Announcement”) is the responsibility of the board of directors of the Company, who certify that, to
the best of their knowledge and belief, there are no facts that have been omitted which would make the information false, misleading or
inaccurate, and that all reasonable enquiries to ascertain such facts have been made.
The details contained in this JSE Announcement are only a summary of the information contained in the Full Announcement which
contains an Earnings Release for the three months and nine months ended 30 September 2026. Investors and/or shareholders should
base any investment decisions on consideration of the Full Announcement and are therefore directed to the Full Announcement available
for viewing via the JSE SENS link, provided below, and available on the Company’s website at www.anglogoldashanti.com. The Full
Announcement may be requested by email to CompanySecretary@Anglogoldashanti.com or by contacting Yatish Chowthee on
+27 11 637 6273.
The JSE link is as follows:
https://senspdf.jse.co.za/documents/2026/jse/isse/ange/ERSEP26.pdf
Shareholders are further advised that AngloGold Ashanti will furnish its Q3 2026 Earnings Release, Q3 2026 Operating Statistics and the
Q3 2026 Earnings Release Investor Presentation on a Form 6-K to the U.S. Securities and Exchange Commission (“SEC”) and will be
made available on the SEC’s website at www.sec.gov. in due course. The forms are currently available online on the Company’s website
at www.anglogoldashanti.com .
Johannesburg, South Africa
5 November 2026
JSE Sponsor: The Standard Bank of South Africa Limited
Contacts
Media
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
General inquiries media@anglogoldashanti.com
Investors
Yatish Chowthee: (+)27 11 637 6273 | (+)27 78 364 2080 | yrchowthee@aga.gold
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
Forward-looking statements
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, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects,
preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserve net of depletion from production 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, development and production projects as well as growth projects, the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s
liquidity and capital resources and capital expenditures 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, 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 financial year ended 31 December 2025 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.
Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP
financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in
accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.
Website: www.anglogoldashanti.com September 2026 Published 5 November 2026
5 Q3 2026 Earnings Release
Date: 05/11/2026 01:00:00
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