AngloGold Ashanti delivers record free cash flow* of $1.2bn and EBITDA*⁽⁴⁾ of $2.3bn • Gold production⁽¹⁾⁽²⁾ +1% • Net cash*⁽⁴⁾ of $868m • Q1 2026 interim dividend of $585m, or 116 cps • Proposed $2.0bn share repurchase programme announced

LONDON & DENVER & JOHANNESBURG--(BUSINESS WIRE)--May 8, 2026-- AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA”, the “Company” or the “Group”) posted record free cash flow* of $1.2bn in Q1 2026, almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price. The Company remains on track to meet its 2026 annual guidance.

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An interim dividend for Q1 2026 was declared of $585m, or 116 US cents per share, a new record, compared to 12.5 US cents per share declared in Q1 2025. On 7 May 2026, the Board of Directors approved a proposed share repurchase programme for AngloGold Ashanti’s ordinary shares of up to $2.0bn, subject to shareholder approval.

"Our focus remains to control what we can control - managing underlying costs and ensuring safe, predictable operating results,” said CEO Alberto Calderon. “That has again enabled us to deliver record free cash flow* and cash returns to our shareholders, while moving our organic growth projects forward."

AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil.

Safety performance and workplace fatality

At Obuasi, following the end of Q1 2026 on 24 April 2026, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support.

“We are heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones," said CEO Alberto Calderon. “Safety has always been our first and highest priority and we will ensure we understand the root cause of this incident and apply every lesson learned.”

During Q1 2026, safety remained at the core of continuous improvement efforts. The Total Recordable Injury Frequency Rate (“TRIFR”) at the Company’s managed operations⁽¹⁾ improved to 0.86 injuries per million hours worked in Q1 2026, compared to 0.97 injuries per million hours worked for 2025. While these injury rates remained well below industry averages, the incident at Obuasi underscored the importance of continued vigilance in the face of workplace hazards.

Cash flow supports leading capital allocation

Free cash flow*, the strongest for a single quarter, represented a 190% increase year-on-year to $1.2bn in Q1 2026 from $403m in Q1 2025. Net cash flow from operating activities was up 136% year-on-year to $1.7bn in Q1 2026 (from $725m in Q1 2025). The average gold price received per ounce*⁽¹⁾ in Q1 2026 was 69% higher year-on-year compared to Q1 2025.

EBITDA*⁽⁴⁾ increased 130% year-on-year to $2.3bn in Q1 2026 (from $1.0bn in Q1 2025), while headline earnings⁽³⁾ rose 187% to $1.3bn in Q1 2026, or 252 US cents per share (from $447m, or 88 US cents per share, in Q1 2025).

In line with the Company’s dividend policy, the base dividend of $63m or 12.5 US cents per share was declared for Q1 2026. This was topped up to 50% of free cash flow*, to arrive at the interim dividend declaration of $585m, or 116 US cents per share.

The balance sheet continued to strengthen, swinging from $755m of net debt*⁽⁴⁾ in Q1 2025 to $868m of net cash*⁽⁴⁾ at the end of Q1 2026, all while making a series of record dividend payments in the intervening quarters.

Capitalising on the robust balance sheet and strong liquidity position, on 16 April 2026, the Company bought back approximately $666m principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle.

The strategic decision by the Board to approve a proposed $2bn share repurchase programme is underpinned by stronger cash generation capabilities and the prospective financial outlook for the business. The proposed share repurchase programme is intended to offer another vector for shareholder returns, and align the Company’s capital return framework with its North American peers. The proposed share repurchase programme reflects AngloGold Ashanti’s disciplined approach to capital allocation, utilising excess liquidity to reduce ordinary shares in issue thereby increasing per-share value, earnings and cash flow for its shareholders.

Underlying operational costs down $22/oz, offsetting macro headwinds

External pressures from inflation, exchange rates and royalties led to a year-on-year increase in total cash costs per ounce* for the Group⁽¹⁾ to $1,391/oz in Q1 2026, from $1,223/oz in Q1 2025.

The Company’s continued focus on its Full Asset Potential programme and rigorous cost discipline held total cash costs per ounce* for managed operations⁽¹⁾ at $1,377/oz in Q1 2026. These external pressures included a $117/oz rise in royalties due to record realised gold prices, alongside $43/oz in inflationary impacts, specifically related to higher labour and mining contractor costs, and a $30/oz impact from foreign exchange movements.

Crucially, structural efficiencies delivered through the Full Asset Potential programme reduced underlying, controllable costs by $22/oz in Q1 2026 compared to Q1 2025. Targeted optimisation of plant throughput (-$103/oz), improved open pit volume efficiencies (-$15/oz), and by-product credits (-$64/oz) successfully absorbed residual operating pressures.

This disciplined cost management ensured the higher gold price was translated into expanded margins, with the total cash cost margin* for the Group⁽¹⁾ increasing from 57% in Q1 2025 to 71% in Q1 2026.

Momentum continued at managed operations⁽¹⁾

Gold production for the Group⁽¹⁾⁽²⁾ remained stable, increasing to 724,000oz in Q1 2026, up from 720,000oz (or 710,000oz excluding Serra Grande) in Q1 2025. The result was driven by a solid performance from most managed operations⁽¹⁾⁽²⁾, partially offset by lower gold production at Kibali. At managed operations⁽¹⁾⁽²⁾, gold production rose 1% year-on-year to 666,000oz in Q1 2026, while total cash costs per ounce* and all-in sustaining costs per ounce* (“AISC”) increased by 14% and 19% year-on-year in Q1 2026 to $1,377/oz and $1,980/oz, respectively, compared to Q1 2025. Meanwhile non-managed joint ventures experienced an 8% year-on-year reduction in gold production to 58,000oz in Q1 2026.

Year-on-year gold production improvements totalling 9koz (or 19koz excluding Serra Grande) were achieved for managed operations⁽¹⁾⁽²⁾ in Q1 2026, with higher gold production at Geita (+12koz), Cuiabá (+9koz), Obuasi (+8koz), Iduapriem (+4koz), Cerro Vanguardia (+3koz) and Tropicana (+2koz). These increases were partly offset by lower gold production contributions year-on-year in Q1 2026 from Sunrise Dam (-10koz), Siguiri (-5koz) and Sukari (-4koz), reflecting variations in mine sequencing and planned throughput compared to Q1 2025, alongside lower output from the remainder of the portfolio. The Serra Grande operation in Brazil was sold on 1 December 2025.

Total cash costs per ounce* for the Group⁽¹⁾ increased by 14% year-on-year to $1,391/oz in Q1 2026 from $1,223/oz in Q1 2025, primarily reflecting higher royalty payments driven by the record gold price and the impact from underlying inflation, mainly due to increases in labour and mining contractor costs in the jurisdictions in which the Company operates. AISC per ounce* for the Group⁽¹⁾ rose by 19% year-on-year to $1,955/oz in Q1 2026 from $1,640/oz in Q1 2025, driven mainly by the mechanical increase in gold price-linked royalties and a planned 29% increase in sustaining capital expenditure*.

The increase in sustaining capital expenditure* reflects deliberate and ongoing investment to advance the Full Asset Potential programme, support asset integrity, and ensure long-term operational resilience, in line with the Company’s strategic priorities.

Total capital expenditure for the Group⁽¹⁾ was $467m in Q1 2026, up 39% year-on-year from $336m in Q1 2025. This included $305m in sustaining capital expenditure* and $162m in non-sustaining capital expenditure*, the latter directed toward targeted development initiatives across the portfolio, particularly the advancement of the Nevada growth projects.

Supply chain update

In response to the ongoing crisis in the Middle East, the Company has activated its global supply chain resilience protocols to ensure operational continuity. Proactive mitigation measures include, among other things, increasing fuel stocks and inventory buffers of critical spares and consumables at key African and Australian operations.

Arthur Gold Project technical report published^(5)(6)(7)

During Q1 2026, the Company published the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project in Nevada⁽⁵⁾. The study declared an initial Probable Mineral Reserve of 4.9Moz of gold (88Mt at 1.75g/t), establishing the project as a cornerstone of the Company’s US growth platform⁽⁵⁾⁽⁶⁾.

“The exceptional economics detailed in the pre-feasibility study firmly establish the Arthur Gold Project as the cornerstone of our US growth platform,” said CEO Alberto Calderon. “Generating an after-tax NPV of up to $3.46bn at a gold price of $3,500/oz with an IRR up to 26%, this project pairs immediate scale with outstanding financial returns. With a world-class oxide orebody, minimal technical risk, and a disciplined capital approach, we have a clear roadmap to driving immense long-term shareholder value in a premier mining jurisdiction.”

The project demonstrates highly competitive economics and exceptional leverage to the gold price. At a $2,715/oz gold price, the project generates an estimated after-tax NPV (at a 5% discount rate) of $1.73bn to $1.78bn with an IRR of 15% to 19%. At a $3,500/oz gold price, the estimated after-tax NPV roughly doubles to $3.41bn to $3.46bn, driving the IRR up to 22% to 26%.

The operation is modelled to deliver an average annual production of approximately 500,000oz over an initial 9-year life of mine at a competitive life-of-mine AISC* of $925/oz- $975/ oz^(5)(6)(7). Because the Merlin reserve is predominantly oxide material (greater than 95%) amenable to conventional processing, the project is expected to avoid the complexity and technical risk of refractory processing. Feasibility-level environmental, hydrological and community baseline studies are already underway.

Outlook⁽⁷⁾⁽⁸⁾

Full year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged.

AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2026 of 116 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)

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 116 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:

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, 27 May 2026 and Friday, 29 May 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 22 May 2026 and Friday, 29 May 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, 22 May 2026.

To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD

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

Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 116 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/ ¢11.2425, the gross dividend payable per share, is equivalent to ca. ¢13.0413 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”).

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

Johannesburg, South Africa
8 May 2026
JSE Sponsor: The Standard Bank of South Africa Limited

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 Reserves 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 and production projects and 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.comMarch 2026Published 8 May 2026

View source version on businesswire.com: https://www.businesswire.com/news/home/20260508397177/en/

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

Source: AngloGold Ashanti plc