6-K 1 agahy2dec2023preliminaryfi.htm 6-K AGA HY2 Dec 2023 Preliminary Financial Update - 6K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File Number: 001-41815
            AngloGold Ashanti plc           
(Translation of registrant’s name into English)
4th Floor, Communications House
South Street
Staines-upon-Thames, Surrey TW18 4PR
        United Kingdom        
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form
20-F or Form 40-F.
Form 20-F       Form 40-F ☐
Enclosure:  AngloGold Ashanti FY 2023 Preliminary Financial Update; Announcement of Non-Reliance on
Previously Issued Financial Statements
AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) delivered a strong improvement in production, total operating
cost and free cash flow* in the second half of 2023 versus the first half of 2023 and declared a 9.1Moz gold Inferred Mineral
Resource(2) at the Merlin deposit, nearly doubling its overall Nevada Mineral Resource(2) of gold.
Free cash inflow* of $314m in the six months ended 31 December 2023 compared with free cash outflow* of $205m in the six months
ended 30 June 2023 as gold production(1) rose 15% and total cash costs per ounce*(1) fell 9% in the same period. Total cash costs per
ounce* fell 7% for subsidiaries(1) and 16% for joint ventures in the second half of 2023 compared to the first half of 2023.
Geita, Iduapriem, Kibali and Tropicana made strong improvements in the second half of 2023 compared to the first half of 2023, with
Cuiabá delivering production above plan and Siguiri returning in early November 2023 to full capacity following a carbon-in-leach
(“CIL”) tank failure in its processing plant in May 2023.
“Free cash flow* was strong in the second half of 2023, with production up, total operating costs down and a major new discovery in
Nevada,” said Chief Executive Officer Alberto Calderon. “We were again able to safely deliver on our production commitments, which
is important for any business looking to build credibility.
Safety also improved. The Total Recordable Injury Frequency Rate (“TRIFR”) of 1.09 injuries per million hours worked for 2023 was
13% better than 2022. No fatal injuries were reported in 2023 at mines operated by the Company, for the second consecutive year.
AngloGold Ashanti is working to narrow the valuation gap with its North American-based peers by improving relative cost
performance, moving its primary listing to the United States, proposing a joint venture in Ghana to potentially create Africa’s largest
gold mine, closing loss-making operations and investing in new projects to grow production and improve margins.
Significant Growth in Nevada
The Company made an important new gold discovery in the United States, declaring a gold Inferred Mineral Resource(2) of 9.1Moz at
an average grade of 0.99g/t, at the Merlin deposit in Nevada. This new find takes AngloGold Ashanti’s total gold Mineral Resource(2)
in the Beatty District in Nevada to a total of 16.6Moz(3) at 31 December 2023.
“This is the largest new discovery in the United States in more than a decade,” said CEO Alberto Calderon. “We’ve found a lot of
gold, at a very good grade, in one of the best jurisdictions in the world; it’s potentially a game changer.”
The Company’s board of directors approved the North Bullfrog feasibility study, subject to receipt of necessary permits and approvals.
The project, which is anticipated to be the first of the Company’s Nevada operations to enter production, is expected  to produce an
Internal Rate of Return (“IRR”)(4) of 13% assuming a gold price of $1,600/oz. Regulatory approvals are anticipated during the first half
of 2025.
Stronger Second Half as Planned
Second-half gold production(1) for the group increased 15% over the first half of 2023, bringing total gold production(1) for 2023 to
2.593Moz, within the 2023 guidance range(1). Solid performances across most of the portfolio helped offset the impact of challenges
at Siguiri in the first half of 2023 and the impact of poor ground conditions at Obuasi in the second half of 2023.
Obuasi started to make a good recovery in the fourth quarter of 2023, gaining fresh momentum following the slowdown in the third
quarter of 2023 when poor ground conditions were encountered in some high-grade areas. Gold production in the fourth quarter of
2023 was 61,000oz, a 33% increase over the third quarter of 2023.
Total cash costs per ounce* were $1,154/oz for subsidiaries(1) and $802/oz for joint ventures in 2023. Total cash costs per ounce*(1)
for the group at $1,108/oz in 2023 was below the top end of guidance(1).
Non-Reliance on Previously Issued Financial Statements
During the FY 2023 year-end audit process, AngloGold Ashanti found a potential error in the calculation of a deferred tax asset with respect to
the Obuasi mine, which impacts its FY 2022 audited consolidated financial statements and H1 2023 unaudited condensed consolidated
interim financial statements by a total of up to approximately $146m in earnings. The potential error is non-cash in nature and has no impact
on production, costs or cash flow.
AngloGold Ashanti remains in discussions regarding this matter with its previous auditor, Ernst & Young Inc., about if and how much of this
potential error should be accounted for in the FY 2022 audited consolidated financial statements, after which unaudited condensed
consolidated preliminary financial statements for the six months and the year ended 31 December 2023 will be released.
For further information, refer to “Non-Reliance on Previously Issued Financial Statements” on p.12 below.
AngloGold Ashanti delivers strong second half improvement,
generating $314m free cash flow*; Nevada gold Mineral Resource(2)
nearly doubles to 16.6Moz(3) boosted by 9.1Moz gold Inferred Mineral
Resource(2) discovery at Merlin
FY 2023 PRELIMINARY FINANCIAL UPDATE
for the six months and the year ended 31 December 2023
allwhitewithorangea.jpg
Notes:
(1) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
(2) The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are applied.
Refer to “2023 Mineral Resource and Mineral Reserve Information” below.
(3) Includes gold Measured and Indicated Mineral Resource of 5.37Moz and gold Inferred Mineral Resource of 11.21Moz at 31 December 2023 in the Beatty District in
Nevada. Refer to “2023 Mineral Resource and Mineral Reserve Information” below.
(4)Actual IRR may differ materially from any IRR indicated above, and may therefore be lower, 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, and other business and operational risks and challenges and other factors, including mining accidents.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
Second Half 2023 Highlights
Strong H2 2023 recovery in gold production, total operating cost and free cash flow* recovery after H1 2023 headwinds
Gold production(1) for the group +15% to 1.388Moz in H2 2023 from 1.205Moz in H1 2023
Total cash cost per ounce*(1) (subsidiaries) -7% to $1,112/oz in H2 2023 from $1,202/oz in H1 2023
Total cash cost per ounce* (joint ventures) -16% to $741/ oz in H2 2023 from $880/oz in H1 2023
Total cash cost per ounce*(1) for the group -9% to $1,060/oz in H2 2023 from $1,162/oz in H1 2023
Free cash inflow* of $314m in H2 2023 vs free cash outflow* of $205m in H1 2023
Net cash inflow from operating activities of $678m in H2 2023 vs $293m in H1 2023
Obuasi gold production +33% to 61,000oz in Q4 2023 from 46,000oz in Q3 2023
Full Year 2023 Highlights
Gold production guidance(1) achieved at 2.593Moz
Total cash costs per ounce*(1) at $1,108/oz within guidance range(1), representing $1,154/oz for subsidiaries(1) and $802/oz
for joint ventures
All-in sustaining cost per ounce*(1) at $1,538/oz, above guidance on higher sustaining capital expenditure
Strong performances from Iduapriem, Kibali, Cuiabá, Sunrise Dam and Tropicana; Full Asset Potential gains traction
Free cash inflow* of $109m after strong H2 2023
Record safety result – TRIFR improved 13% year-on-year to 1.09 injuries per million hours worked; zero fatalities at mines
operated by the Company
9.1Moz Inferred Mineral Resource(2) of gold at an average grade of 0.99g/t for Merlin
Total Nevada Mineral Resource(2) of gold now a total of 16.6Moz(3)
North Bullfrog declares 1.0Moz Mineral Reserve of gold; feasibility study shows 13% IRR(4) at $1,600/oz gold price
Dividend of 19 US cents per share in respect of H2 2023
Financial and Operating Report
for the six months and the year ended 31 December 2023
London, Denver, Johannesburg, 23 February 2024 - AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA” or the “Company”) is pleased to provide its
preliminary financial and operating update for the six months and the year ended 31 December 2023.
GROUP - Key statistics
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
US dollar / Imperial
Operating review
Gold
Produced - Total (1)
- oz (000)
1,388
1,205
1,467
2,593
2,672
Produced - Subsidiaries (1) (2)
- oz (000)
1,196
1,054
1,287
2,250
2,335
Produced - Joint Ventures
- oz (000)
192
151
180
343
337
Sold - Total (1)
- oz (000)
1,357
1,216
1,442
2,573
2,648
Sold - Subsidiaries (1) (2)
- oz (000)
1,168
1,062
1,260
2,230
2,316
Sold - Joint Ventures
- oz (000)
189
154
182
343
332
Financial review
Gold income
- $m
2,335
2,144
2,298
4,480
4,388
Cost of sales
- $m
1,792
1,749
1,771
3,541
3,366
Gross profit (loss)
- $m
592
435
569
1,027
1,129
Average gold price received per ounce* - Subsidiaries
- $/oz
1,939
1,917
1,725
1,928
1,793
Average gold price received per ounce* - Joint Ventures
- $/oz
1,953
1,941
1,732
1,948
1,795
All-in sustaining costs per ounce* - Subsidiaries(1)
- $/oz
1,633
1,622
1,379
1,628
1,396
All-in sustaining costs per ounce* - Joint Ventures
- $/oz
862
1,060
959
951
979
All-in sustaining costs per ounce* - Total (1)
- $/oz
1,526
1,551
1,326
1,538
1,344
All-in costs per ounce* - Subsidiaries (1)
- $/oz
1,822
1,891
1,617
1,855
1,617
All-in costs per ounce* - Joint Ventures
- $/oz
988
1,180
1,069
1,074
1,075
All-in costs per ounce* - Total (1)
- $/oz
1,706
1,801
1,548
1,751
1,549
Total cash costs per ounce* - Subsidiaries(1)
- $/oz
1,112
1,202
1,006
1,154
1,040
Total cash costs per ounce* - Joint Ventures
- $/oz
741
880
698
802
725
Total cash costs per ounce* - Total(1)
- $/oz
1,060
1,162
968
1,108
1,000
Total borrowings
- $m
2,410
2,091
2,169
2,410
2,169
Adjusted net debt*
- $m
1,268
1,194
878
1,268
878
Net cash inflow from operating activities
- $m
678
293
812
971
1,804
Free cash flow*
- $m
314
(205)
185
109
657
Capital expenditure - Subsidiaries
- $m
589
453
594
1,042
1,028
Capital expenditure - Joint Ventures
- $m
41
44
52
85
90
(1) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
(2) Includes gold concentrate from the Cuiabá mine sold to third parties.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
$ represents US dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
1
Operations at a glance
for the six months ended 31 December 2023, 30 June 2023 and 31 December 2022
Gold production
oz (000)
Open-pit treated
000 tonnes
Underground milled /
treated
000 tonnes
Other milled / treated
000 tonnes
Open-pit Recovered
grade
g/tonne
Underground Recovered
grade
g/tonne
Other Recovered grade
g/tonne
Total Recovered grade
g/tonne
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
AFRICA Joint Ventures
192
151
180
990
1,075
1,103
879
755
769
1.81
1.37
1.16
4.76
4.28
5.62
3.20
2.57
2.99
Kibali - Attributable 45% (1)
192
151
180
990
1,075
1,103
879
755
769
1.81
1.37
1.16
4.76
4.28
5.62
3.20
2.57
2.99
AFRICA Subsidiaries
637
562
743
9,594
7,950
9,251
1,979
1,730
1,909
180
81
73
1.16
1.22
1.31
4.30
4.42
5.70
1.05
1.04
1.38
1.68
1.79
2.06
Iduapriem
150
118
133
2,912
2,518
2,847
1.60
1.46
1.45
1.60
1.46
1.45
Obuasi
107
117
159
515
502
654
180
81
73
6.10
7.08
7.44
1.05
1.04
1.38
4.79
6.24
6.82
Siguiri - Attributable 85%
112
110
137
5,175
4,152
4,687
0.67
0.82
0.91
0.67
0.82
0.91
Geita
268
217
314
1,507
1,280
1,717
1,464
1,228
1,255
1.96
2.08
2.17
3.67
3.34
4.80
2.80
2.69
3.28
AUSTRALIA
297
265
284
3,170
3,560
3,841
2,007
1,802
1,558
1.44
1.01
1.22
2.34
2.58
2.66
1.79
1.54
1.63
Sunrise Dam
125
127
115
648
741
933
1,290
1,223
1,050
1.37
1.27
1.04
2.34
2.46
2.49
2.01
2.01
1.81
Tropicana - Attributable 70%
172
138
169
2,522
2,819
2,908
717
579
508
1.46
0.94
1.28
2.34
2.84
3.00
1.65
1.26
1.53
AMERICAS
262
227
260
421
398
464
1,058
936
1,669
1,412
1,334
887
2.03
2.30
2.97
3.82
3.76
3.76
2.30
1.99
0.47
2.82
2.66
2.67
Cerro Vanguardia - Attributable 92.50%
73
79
86
357
390
367
226
189
229
817
828
887
2.17
2.32
3.17
5.32
6.37
4.92
0.36
0.42
0.45
1.62
1.74
1.81
AngloGold Ashanti Mineração (2) (3)
140
111
125
285
241
951
595
506
4.97
4.84
4.05
4.96
4.56
4.96
4.65
4.07
Serra Grande
49
37
49
64
8
97
547
506
489
1.28
1.18
2.24
2.59
2.28
2.66
2.46
2.26
2.59
Subsidiaries (2)
1,196
1,054
1,287
13,185
11,908
13,556
5,044
4,468
5,136
1,592
1,415
960
1.25
1.20
1.34
3.42
3.54
4.15
2.16
1.93
0.54
1.88
1.84
2.04
Joint Ventures
192
151
180
990
1,075
1,103
879
755
769
1.81
1.37
1.16
4.76
4.28
5.62
3.20
2.57
2.99
Total including equity-accounted joint
ventures (2)
1,388
1,205
1,467
14,175
12,983
14,659
5,923
5,223
5,905
1,592
1,415
960
1.29
1.21
1.33
3.62
3.65
4.34
2.16
1.93
0.54
1.99
1.91
2.12
(1) Equity-accounted joint venture.
(2) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023. CdS produced 12koz, 31koz and 42koz for the six months ended 31 December 2023, 30 June 2023 and 31 December 2022,
respectively.
(3) Includes gold concentrate from the Cuiabá mine sold to third parties.
Rounding of figures may result in computational discrepancies
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
2
Operations at a glance (continued)
for the six months ended 31 December 2023, 30 June 2023 and 31 December 2022
Cost of sales
Gross profit
Total cash costs* (1)
All-in sustaining costs*(1)
Sustaining MRD / Stripping
capital
Other sustaining capital
Non-sustaining capital
$m
$m
$/oz
$/oz
$m
$m
$m
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
Dec-23
Jun-23
Dec-22
AFRICA Joint Ventures
191
181
178
180
117
138
741
880
698
862
1,060
959
5
12
7
19
16
34
17
16
11
Kibali - Attributable 45% (2)
191
181
178
180
117
138
741
880
698
862
1,060
959
5
12
7
19
16
34
17
16
11
AFRICA Subsidiaries
860
879
891
364
300
391
1,082
1,166
967
1,646
1,477
1,259
158
115
94
164
43
91
67
78
122
Iduapriem
192
195
161
91
45
59
895
1,004
920
1,272
1,396
1,271
40
36
32
13
7
15
18
27
46
Obuasi
156
157
151
42
85
114
1,216
1,020
808
2,258
1,392
1,130
48
40
25
54
7
21
38
28
49
Siguiri - Attributable 85%
203
200
214
7
20
15
1,679
1,621
1,410
2,219
1,747
1,540
16
2
37
8
11
3
3
Geita
273
293
327
223
146
199
884
1,107
876
1,373
1,436
1,198
51
37
37
54
20
43
10
19
23
Non-controlling interests, administration and
other
36
34
38
1
4
4
3
6
1
1
1
1
1
AUSTRALIA
453
414
403
117
102
90
1,211
1,296
1,115
1,465
1,510
1,318
32
22
28
24
21
27
6
30
54
Sunrise Dam
202
196
186
45
54
6
1,333
1,304
1,429
1,625
1,541
1,747
14
7
13
12
15
17
Tropicana - Attributable 70%
237
202
202
86
64
99
1,043
1,182
818
1,255
1,363
957
18
15
15
12
6
10
6
30
54
Administration and other
14
16
15
(14)
(16)
(15)
AMERICAS
476
455
474
126
37
98
1,070
1,186
999
1,539
1,941
1,629
73
87
80
45
47
88
2
Cerro Vanguardia - Attributable 92.50%
145
140
128
54
41
42
954
1,128
994
1,555
1,607
1,508
20
18
17
19
13
25
AngloGold Ashanti Mineração(3)
230
222
254
62
2
50
1,013
1,077
897
1,373
2,001
1,594
36
49
47
12
25
48
2
Serra Grande
89
80
83
6
(8)
2
1,403
1,620
1,266
2,016
2,432
1,926
15
19
15
13
8
13
Non-controlling interests, administration and
other
12
13
9
4
2
4
2
1
1
1
1
2
PROJECTS
11
6
10
10
Colombian projects
6
5
9
North American projects
11
5
1
CORPORATE AND OTHER
3
1
3
(16)
(4)
(9)
1
Subsidiaries
1,792
1,749
1,771
591
435
570
1,112
1,202
1,006
1,633
1,622
1,379
263
224
202
245
111
206
81
118
186
Joint Ventures
191
181
178
180
117
138
741
880
698
862
1,060
959
5
12
7
19
16
34
17
16
11
Total including equity-accounted joint
ventures
1,983
1,930
1,949
771
552
708
1,060
1,162
968
1,526
1,551
1,326
268
236
209
264
127
240
98
134
197
(1) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023. CdS recorded total cash costs* of $2,069/oz, $2,278/oz and $1,667/oz for the six months ended 31 December 2023,
30 June 2023 and 31 December 2022, respectively. CdS recorded all-in sustaining costs* of $2,573/oz, $3,031/oz and $2,297/oz for the six months ended 31 December 2023, 30 June 2023 and 31 December 2022, respectively.
(2) Equity-accounted joint venture.
(3) Includes gold concentrate from the Cuiabá mine sold to third parties.
* Refer to "Non-GAAP disclosure" for definitions and reconciliations.
Rounding of figures may result in computational discrepancies
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
3
Operations at a glance
for the years ended 31 December 2023 and 31 December 2022
Gold production
oz (000)
Open-pit treated
000 tonnes
Underground milled /
treated
000 tonnes
Other milled / treated
000 tonnes
Open-pit Recovered
grade
g/tonne
Underground Recovered
grade
g/tonne
Other Recovered grade
g/tonne
Total Recovered grade
g/tonne
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
AFRICA Joint Ventures
343
337
2,065
2,005
1,635
1,511
1.58
1.09
4.54
5.50
2.89
2.98
Kibali - Attributable 45% (1)
343
337
2,065
2,005
1,635
1,511
1.58
1.09
4.54
5.50
2.89
2.98
AFRICA Subsidiaries
1,198
1,298
17,544
18,141
3,709
3,453
261
167
1.19
1.21
4.36
5.26
1.05
1.35
1.73
1.86
Iduapriem
268
248
5,430
5,448
1.54
1.42
1.54
1.42
Obuasi
224
250
1,017
1,062
261
167
6.58
7.11
1.05
1.35
5.45
6.32
Siguiri - Attributable 85%
221
279
9,326
9,390
0.74
0.93
0.74
0.93
Geita
485
521
2,788
3,303
2,692
2,391
2.01
1.69
3.52
4.43
2.75
2.84
AUSTRALIA
562
538
6,731
7,534
3,808
3,156
1.21
1.15
2.45
2.56
1.66
1.57
Sunrise Dam
252
232
1,390
1,784
2,512
2,169
1.31
1.14
2.40
2.40
2.01
1.83
Tropicana - Attributable 70%
310
306
5,341
5,750
1,296
987
1.18
1.15
2.56
2.93
1.45
1.41
AMERICAS (2)
490
499
819
985
1,994
3,263
2,746
1,672
2.16
2.33
3.79
3.82
2.15
0.46
2.74
2.62
Cerro Vanguardia - Attributable
92.50%
152
170
747
770
415
407
1,645
1,672
2.25
2.46
5.80
6.50
0.39
0.44
1.68
1.85
AngloGold Ashanti Mineração(2)(3)
252
241
526
1,869
1,101
4.91
4.00
4.78
4.82
4.02
Serra Grande
86
88
72
215
1,053
987
1.27
1.84
2.44
2.37
2.37
2.28
Subsidiaries (2)
2,250
2,335
25,094
26,660
9,511
9,872
3,007
1,839
1.23
1.24
3.48
3.92
2.05
0.54
1.86
1.89
Joint Ventures
343
337
2,065
2,005
1,635
1,511
1.58
1.09
4.54
5.50
2.89
2.98
Total including equity-accounted
joint ventures (2)
2,593
2,672
27,159
28,665
11,146
11,383
3,007
1,839
1.25
1.23
3.63
4.13
2.05
0.54
1.95
1.98
(1) Equity-accounted joint venture.
(2) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023. CdS produced 42koz and 70koz for the years ended 31 December 2023 and 2022, respectively.
(3) Includes gold concentrate from the Cuiabá mine sold to third parties.
Rounding of figures may result in computational discrepancies
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
4
Operations at a glance (continued)
for the years ended 31 December 2023 and 31 December 2022
Cost of sales
Gross profit
Total cash costs*(1)
All-in sustaining costs*(1)
Sustaining MRD /
Stripping capital
Other sustaining capital
Non-sustaining capital
$m
$m
$/oz
$/oz
$m
$m
$m
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
Dec-23
Dec-22
AFRICA Joint Ventures
372
342
297
256
802
725
951
979
17
19
35
52
33
19
Kibali - Attributable 45% (2)
372
342
297
256
802
725
951
979
17
19
35
52
33
19
AFRICA Subsidiaries
1,739
1,666
664
721
1,121
1,023
1,563
1,291
273
168
207
126
145
192
Iduapriem
387
314
135
130
943
970
1,329
1,299
77
53
19
28
46
65
Obuasi
313
266
127
165
1,114
914
1,777
1,264
87
53
61
26
66
80
Siguiri - Attributable 85%
403
418
26
84
1,650
1,319
1,976
1,428
18
45
19
4
4
Geita
566
594
370
327
984
944
1,403
1,227
88
62
74
49
29
43
Non-controlling interests, administration
and other
70
74
6
15
3
8
4
AUSTRALIA
867
783
220
188
1,251
1,157
1,487
1,345
54
46
44
45
37
111
Sunrise Dam
399
371
99
40
1,318
1,402
1,583
1,666
21
24
26
26
Tropicana - Attributable 70%
438
382
151
177
1,105
881
1,304
1,014
33
22
17
19
37
111
Administration and other
30
30
(30)
(29)
1
AMERICAS
931
913
162
229
1,124
957
1,713
1,555
160
150
92
172
2
Cerro Vanguardia - Attributable 92.50%
285
253
94
113
1,045
913
1,581
1,301
38
30
32
31
AngloGold Ashanti Mineração (3)
453
477
63
111
1,041
841
1,615
1,543
85
88
37
111
2
Serra Grande
169
162
(2)
(2)
1,498
1,355
2,198
2,053
34
30
21
27
Non-controlling interests, administration
and other
24
21
7
7
3
2
2
3
PROJECTS
11
16
17
Colombian projects
11
16
North American projects
11
5
1
CORPORATE AND OTHER
4
4
(19)
(9)
1
1
Subsidiaries
3,541
3,366
1,027
1,129
1,154
1,040
1,628
1,396
487
364
355
344
200
320
Joint Ventures
372
342
297
256
802
725
951
979
17
19
35
52
33
19
Total including equity-accounted joint
ventures
3,913
3,708
1,324
1,385
1,108
1,000
1,538
1,344
504
383
390
396
233
339
(1) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023. CdS recorded total cash costs* of $2,217/oz and $1,946/oz for the years ended 31 December 2023 and
2022, respectively. CdS recorded all-in sustaining costs* of $2,894/oz and $2,887/oz for the years ended 31 December 2023 and 2022, respectively.
(2) Equity-accounted joint venture.
(3) Includes gold concentrate from the Cuiabá mine sold to third parties.
* Refer to "Non-GAAP disclosure" for definitions and reconciliations.
Rounding of figures may result in computational discrepancies
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
5
OPERATING AND FINANCIAL REVIEW 
OVERVIEW
AngloGold Ashanti is pleased to report a significantly improved second half of 2023 compared to the first half of the year, including improved
production, total operating cost and free cash flow* during the second half of the year. The Company more than offset the free cash outflow*
of $205m in the first half of 2023, generating $314m in free cash inflow* in the second half of 2023. Free cash flow* generation in 2023
amounted to free cash inflow* of $109m, compared to free cash inflow* of $657m in 2022.
Gold production1 for the group increased by 15% in the second half of 2023 to 1.388Moz from 1.205Moz in the first half of 2023, bringing
total gold production1 for the group to 2.593Moz for the year ended 31 December 2023, ending 2023 above the guidance range1.
The operational result in the second half of 2023 was underpinned by strong performances from Iduapriem, Kibali, Cuiabá, Tropicana and
Geita compared to the first half of 2023. Gold production1 for the group decreased by 3% in 2023 to 2.593Moz from 2.672Moz in 2022,
mainly due to one-off challenges at Siguiri, which experienced a CIL tank failure in its processing plant in May 2023 and Obuasi, where poor
ground conditions in high grade areas during the second half of 2023 had an adverse impact on gold production and total operating costs.
Processing at Siguiri returned to full capacity at the beginning of November 2023. Obuasi started to make a good recovery, with a 33%
increase in gold production from 46,000oz in the third quarter of 2023 to 61,000oz in the fourth quarter of 2023.
Total cash costs per ounce* for subsidiaries1 improved by 7% in the second half of 2023 to $1,112/oz, compared to $1,202/oz in the first half
of 2023. Total cash costs per ounce* for joint ventures improved by 16% in the second half of 2023 to $741/oz, compared to $880/oz in the
first half of 2023. Total cash costs per ounce*1 for the group improved 9% in the second half of 2023 to $1,060/oz, compared with $1,162/oz
in the first half of 2023. Total cash costs per ounce* for subsidiaries1 increased 11% in 2023 to $1,154/oz, compared to $1,040/oz in 2022.
Total cash costs per ounce* for joint ventures increased 11% in 2023 to $802/oz, compared to $725/oz in 2022. Total cash costs*1 for the
group increased 11% in 2023 to $1,108/oz, compared with $1,000/oz in 2022. This increase was mainly due to lower production and higher
total operating costs as a result of higher labour and contractors’ costs, commodity prices, logistics costs, consumable stores, services,
other charges and royalty payments.
All-in sustaining costs (“AISC”) per ounce* for subsidiaries1 increased 1% in the second half of 2023 to $1,633/oz, compared to $1,622/oz in
the first half of 2023. AISC per ounce* for joint ventures decreased 19% in the second half of 2023 to $862/oz, compared to $1,060/oz in the
first half of 2023. AISC per ounce*1 for the group decreased 2% in the second half of 2023 to $1,526/oz, compared with $1,551/oz in the first
half of 2023. AISC per ounce* for subsidiaries1 increased 17% in 2023 to $1,628/oz, compared to $1,396/oz in 2022. AISC per ounce* for
joint ventures decreased 3% in 2023 to $951/oz, compared to $979/oz in 2022. AISC per ounce*1 for the group increased 14% in 2023 to
$1,538/oz, compared with $1,344/oz in 2022. This increase was mainly due to higher total operating costs, higher sustaining capital
expenditure and lower gold sold.
AngloGold Ashanti has undertaken a multi-year initiative to increase its investment in Mineral Reserve development and brownfield
exploration. The aim of this investment is to increase the rate of Mineral Reserve conversion, extend the Mineral Reserve lives of its mines
and further enhance mining flexibility and understanding of the future potential of the ore bodies in the portfolio. This exploration initiative
has yielded the discovery of 14.4Moz of gold Mineral Reserve, before depletion, over the past four years at a cost of $62/oz.
The Company’s gold Mineral Reserve decreased from 28.8Moz at 31 December 2022 to 28.1Moz at 31 December 2023. Additions of
2.5Moz to the gold Mineral Reserve includes 2.0Moz from exploration and modelling changes and 0.5Moz due to other impacts. The 2.0Moz
from exploration and modelling changes includes the first-time reporting of the North Bullfrog gold Mineral Reserve of 1.0Moz after the
successful completion and approval of a feasibility study. Reductions include depletion of 2.9Moz and economic assumptions of 0.3Moz. As
a result, the net year-on-year gold Mineral Reserve reduction is 0.7Moz.
AngloGold Ashanti’s gold Measured and Indicated Mineral Resource2 decreased from 60.6Moz at 31 December 2022 to 59.9Moz at
31 December 2023. Additions include exploration and modelling of 1.5Moz. Reductions include the sale of Gramalote of 2.0Moz, and
economic assumptions of 0.2Moz. As a result, the net year-on-year gold Measured and Indicated Mineral Resource2 reduction is 0.7Moz.
AngloGold Ashanti’s Inferred Mineral Resource2 for gold increased from 40.8Moz at 31 December 2022 to 46.4Moz at 31 December 2023.
Additions include exploration and modelling changes of 8.7Moz. The additions were partially offset by reductions which include the sale of
Gramalote of 0.6Moz, changes in economic assumptions of 1.3Moz and other factors of 1.2Moz. As a result, the net year-on-year gold
Inferred Mineral Resource2 addition is 5.6Moz. The gold Inferred Mineral Resource2 includes for the first time the Inferred Mineral Resource2
of 9.1Moz at 0.99g/t declared at the Merlin deposit in the Expanded Silicon project after the successful completion and approval of an initial
assessment.
During 2023, the Company achieved a number of key milestones:
Completed the move of its primary listing to the New York Stock Exchange; headquartered in Denver, CO
Group guidance1 achieved on gold production1 and total cash costs per ounce*1
First-time 9.1Moz gold Inferred Mineral Resource2 declaration at the Merlin deposit, 284Mt at a 0.99g/t grade
North Bullfrog feasibility study approved, construction contingent on requisite permitting expected in Q1 2025
Announced the proposed JV between Iduapriem and Gold Fields’ Tarkwa mine, potentially creating Africa’s largest gold mine
Gold Mineral Reserve increased 2.2Moz pre-depletion, totaling 14.4Moz added over the last four years at a cost of $62/oz
Generated $314m free cash inflow* in H2 2023, more than reversing the free cash outflow* of $205m in H1 2023
Dividend of 19 US cents per share in respect of H2 2023; 2023 dividend 23 US cents per share
Commenced Tropicana renewable energy project; the project is expected to halve natural gas consumption at the site on
completion
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
6
1 Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
2 The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are
applied. Refer to “2023 Mineral Resource and Mineral Reserve Information” below.
Full year review
Gold production
Gold production1 for the group for the year ended 31 December 2023 was 2.593Moz compared to 2.672Moz for the year ended 31
December 2022. The 3% decline in gold production for the group year-on-year was mainly due to lower ore tonnes processed and lower
recovered grades.
Gold production was higher at Sunrise Dam (+9%), Iduapriem (+8%), Cuiabá (+5%), Kibali (+2%) and Tropicana (+1%).  This increase in
gold production was more than offset by lower production at Siguiri (-21%), Cerro Vanguardia (-11%), Obuasi (-10%), Geita (-7%) and Serra
Grande (-2%). This excludes the production impact of placing Córrego do Sítio (CdS) on care and maintenance in August 2023.
Costs
Total cash costs per ounce* for subsidiaries1 were $1,154/oz for the year ended 31 December 2023, compared with $1,040/oz for the year
ended 31 December 2022.  Total cash costs per ounce* for subsidiaries1 were higher year-on-year mainly due to lower production, higher
total operating costs as a result of higher labour and contractors’ costs, commodity prices, logistics costs, power costs, consumable stores,
services, other charges and royalty payments, the strengthening of the Brazilian real against the US dollar, higher waste stripping costs at
Tropicana in line with plan, as well as additional costs related to Brazil and the CIL tank failure at Siguiri. This increase was partially offset by
the weakening of the South African rand, the Australian dollar and the Argentinean peso against the US dollar, lower fuel cost and favourable
inventory movements. Total cash costs per ounce* for joint ventures were $802/oz for the year ended 31 December 2023, compared with
$725/oz for the year ended 31 December 2022. Total cash costs per ounce* for joint ventures were higher year-on-year mainly due to higher
total operating costs as a result of higher labour and contractors’ costs, commodity prices, logistics costs, consumable stores, services,
other charges, fuel costs and royalty payments, partially offset by cost reduction initiatives in both underground and open-pit mining and
higher gold production. Total cash costs per ounce*1 for the group in 2023 were $1,108/oz, compared with $1,000/oz in 2022. Total cash
costs per ounce*1 for the group in 2023 were higher year-on-year mainly due to higher labour and contractors’ costs, commodity prices,
logistics costs, power costs, consumable stores, services, other charges and royalty payments, the strengthening of the Brazilian real
against the US dollar, partly offset by the weakening of the South African rand, the Australian dollar and the Argentinean peso against the
US dollar, lower fuel cost and favourable inventory movements.
AISC per ounce* for subsidiaries1 was $1,628/oz for the year ended 31 December 2023, compared with $1,396/oz for the year ended 31
December 2022.  This increase in AISC per ounce* for subsidiaries1 year-on-year was mainly due to higher total operating costs, higher
sustaining capital expenditure and lower gold sold. AISC per ounce* for joint ventures was $951/oz for the year ended 31 December 2023,
compared with $979/oz for the year ended 31 December 2022. This decrease in AISC per ounce* for joint ventures year-on-year was mainly
due to lower sustaining capital expenditure and higher gold sold, partially offset by higher total operating costs. AISC per ounce*1 for the
group in 2023 was $1,538/oz, compared with $1,344/oz in 2022. AISC per ounce*1 for the group in 2023 were higher year-on-year mainly
due to higher total operating costs, higher sustaining capital expenditure and lower gold sold.
Impairment of Córrego do Sítio (“CdS”) mine
In 2023, an impairment loss of $32m ($47m gross of taxes) was recognised in respect of the CdS mine in Brazil. Following the impairment
loss of $151m ($189m gross of taxes) recognised in 2022, the CdS mine continued to experience operational underperformance in 2023. As
a result, CdS was placed on care and maintenance in August 2023, which resulted in a further impairment loss on the remaining asset
balances and new capital expenditures incurred during 2023. The impairment losses in 2022 and 2023 were recognised and included in the
Americas segment.
Impairment/ impairment reversal of Cuiabá mine
In 2022, the Cuiabá mine in Brazil recognised an impairment loss of $57m ($70m gross of taxes) largely due to the temporary suspension of
filtered tailings deposition on the Calcinados TSF and processing of gold concentrate at the Queiroz metallurgical plant. During the first half
of 2023, Cuiabá recognised a further impairment loss of $45m ($53m gross of taxes) largely due to the temporary suspension of operating
activities at the Queiroz metallurgical plant.
However, the transition to gold concentrate sales during 2023 significantly improved operating results at the Cuiabá mine compared to 2022,
which resulted in the recognition of a reversal of impairment of $28m ($38m gross of taxes) at 31 December 2023. The impairment losses in
2022 and the reversal of impairment in 2023 were recognised and included in the Americas segment.
Impairment of Serra Grande mine
The Serra Grande mine recognised an impairment loss of $90m ($105m gross of taxes) during December 2023 largely due to a projection of
lower grades and ounces. The impairment losses in 2023 were recognised and included in the Americas segment.
Impairment of Gramalote
In September 2023, AngloGold Ashanti completed the sale of its entire 50% indirect interest in the Gramalote project to B2Gold Corp. During
2023, Gramalote recognised an impairment loss of $25m ($25m gross of taxes) as the recoverable amount of Gramalote, based on its fair
value less cost to sell, was lower than its carrying value.
Cash Flow
Net cash inflow from operating activities decreased to $971m for the year ended 31 December 2023, compared to $1,804m for the year
ended 31 December 2022. This decrease was mainly due to the payment of $460m from the Kibali joint venture in 2022 related to the
legacy cash build-up at Kibali, which were not repeated in 2023 as well as the once-off costs associated with the corporate restructuring of
$268m.
After accounting for non-sustaining capital expenditure of $200m from subsidiaries, the Company recorded free cash inflow* of $109m for
the year ended 31 December 2023, compared to free cash inflow* of $657m for the year ended 31 December 2022.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
7
1 Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
Free cash flow* before non-sustaining capital expenditure, the metric on which the dividend payment is based, was $342m for the year
ended 31 December 2023, compared to $996m for the year ended 31 December 2022.
AngloGold Ashanti received a cash distribution of $143m from the Kibali joint venture during the second half of 2023, compared to a cash
distribution of $145m received during the second half of 2022. Cumulative cash distributions received from Kibali for the year ended
31 December 2023 were $180m, compared to $694m received during the year ended 31 December 2022 when the legacy cash build-up
was released. At 31 December 2023, the Company’s attributable share of the outstanding cash balances from the DRC was $51m,
compared to $40m at 31 December 2022.
Free cash flow* was impacted by continued lock-ups of value added tax (“VAT”) at Geita and Kibali and foreign exchange restrictions and
export duties at Cerro Vanguardia (“CVSA”):
In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) decreased by $15m during the
second half of 2023 to $153m at 31 December 2023 from $168m at 30 June 2023, as a result of offsetting verified VAT claims
against corporate tax payments of $54m and revaluation adjustments of $4m, partially offset by new claims submitted of $43m.
The Company plans to continue offsetting verified VAT claims against corporate taxes.
In the DRC, the Company’s attributable share of the net recoverable VAT balance (including recoverable VAT on fuel duties and
after discounting provisions) decreased by $29m during the second half of 2023 to $60m at 31 December 2023 from $89m at
30 June 2023, as a result of a new VAT offset agreement signed with the DRC government in the fourth quarter of 2023.
In Argentina, the net export duty receivables (after discounting provisions) decreased by $1m during the second half of 2023 to
$4m at 31 December 2023 from $5m at 30 June 2023, mainly due to a weaker exchange rate of the Argentinean peso against
the US dollar leading to a reduction in the receivable of $30m, partially offset by a decrease in discounting provisions of $20m
and new claims of $9m. In addition, CVSA’s cash balance decreased by $9m during the second half of 2023 to $89m at 31
December 2023 from $98m at 30 June 2023. The cash balance is available to be paid to AngloGold Ashanti’s offshore ($47m)
and onshore ($4m) investment holding companies in the form of declared dividends.
Applications have been made to the Argentinean Central Bank to approve the purchase of US dollars in order to distribute
offshore dividends related to the 2019, 2020 and 2021 financial years of $23m to AngloGold Ashanti. During the second half of
2023, CVSA submitted a new application to the Argentinean Central Bank to approve the purchase of US dollars in order to
distribute additional offshore dividends of $24m for the declared dividends related to the 2022 financial year. Also, under a special
regime established for dividend payments, a new petition to distribute a portion of the offshore dividends applied for, in the amount
of $45m, was submitted to the Argentinean Central Bank during the third quarter of 2023. While the remaining approvals are
pending, the cash remains fully available for CVSA’s operational and exploration requirements.
US dollar equivalent and at prevailing exchange rates.
Free cash flow ($m)*(1)
Six months ended
Dec 2023
Six months ended
Jun 2023
Six months ended
Dec 2022
Year ended
Dec 2023
Year ended
Dec 2022
Cash generated from operations
555
316
714
871
1,244
Dividends received from joint ventures
143
37
145
180
694
Taxation refund
36
32
36
32
Taxation paid
(56)
(60)
(79)
(116)
(166)
Net cash inflow from operating activities
678
293
812
971
1,804
Corporate restructuring costs
264
4
268
Capital expenditure on tangible and intangible assets
(589)
(453)
(594)
(1,042)
(1,028)
Net cash from operating activities after capital expenditure and excluding
corporate restructuring costs
353
(156)
218
197
776
Repayment of lease liabilities
(50)
(44)
(42)
(94)
(82)
Finance costs accrued and capitalised
(68)
(64)
(61)
(132)
(132)
Net cash flow after capital expenditure and interest
235
(264)
115
(29)
562
Other net cash inflow from investing activities
66
59
72
125
86
Other
5
(1)
4
4
5
Add backs:
Cash restricted for use
8
1
(6)
9
4
Free cash flow*
314
(205)
185
109
657
Kibali legacy free cash flow received
(460)
Free cash flow* (excluding Kibali legacy free cash flow received)
314
(205)
185
109
197
(1) Adjusted to exclude corporate restructuring costs.
Net Debt
Adjusted net debt* increased to $1,268m at 31 December 2023 from $878m at 31 December 2022. This year-on-year increase is mainly due
to lower cash generation from operating activities and the once-off costs associated with the corporate restructuring.
Capital Expenditure
Total capital expenditure for subsidiaries was $1,042m for the year ended 31 December 2023, compared to $1,028m for the year ended
31 December 2022. Total capital expenditure for joint ventures was $85m for the year ended 31 December 2023, compared to $90m for the
year ended 31 December 2022. Sustaining capital expenditure for subsidiaries was $842m for the year ended 31 December 2023,
compared to $708m for the year ended 31 December 2022. Sustaining capital expenditure for joint ventures was $52m for the year ended
31 December 2023, compared to $71m for the year ended 31 December 2022. Non-sustaining capital expenditure for subsidiaries was
$200m for the year ended 31 December 2023, compared to $320m for the year ended 31 December 2022. Non-sustaining capital
expenditure for joint ventures was $33m for the year ended 31 December 2023, compared to $19m for the year ended 31 December 2022.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
8
Gold hedges
During the first quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 136,000oz of gold for the period
from February 2023 to December 2023 in order to manage gold price downside risk associated with Cuiabá partially transitioning to gold
concentrate sales and the high cost associated with CdS. During the second quarter of 2023, AngloGold Ashanti entered into zero-cost
collars for a total of approximately 47,000oz of gold for the period from January 2024 to June 2024. During the fourth quarter of 2023,
AngloGold Ashanti entered into zero-cost collars for a total of approximately 300,000oz of gold for the period from January 2024 to
December 2024 in order to manage gold price downside risk of the high costs associated with the Brazilian operations. For the year ended
31 December 2023, AngloGold Ashanti recorded a realised gain of $2m in respect of these gold derivatives. At 31 December 2023, the
mark-to-market value of the remaining open positions was an unrealised loss of $15m (at 30 June 2023: an unrealised gain of $3m).
Oil hedges
During July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent crude oil for the period from
January 2023 to December 2023 that would be cash settled on a monthly basis against the contract price. This comprised approximately
40% of the Company’s total anticipated 2023 consumption. The average price achieved on the forward contracts was $89.20 per barrel of
Brent crude oil. For the year ended 31 December 2023, AngloGold Ashanti recorded a realised loss of $7m and a reversal of the prior year 
unrealised loss of $6m in respect of these oil derivatives (at 30 June 2023: an unrealised loss of $1m; at 31 December 2022: an unrealised
loss of $6m). There were no open contracts at the end of December 2023.
Second half year review
Gold production1 for the group for the second half of 2023 was 1.388Moz, compared to 1.467Moz for the second half of 2022.
Total cash costs per ounce* for subsidiaries1 was $1,112/oz for the second half of 2023, compared to $1,006/oz for the second half of 2022.
Total cash costs per ounce* for joint ventures was $741/oz for the second half of 2023, compared with $698/oz for the second half of 2022.
Total cash costs per ounce*1 for the group were $1,060/oz for the second half of 2023, compared with $968/oz for the second half of 2022.
AISC per ounce* for subsidiaries1 was $1,633/oz for the second half of 2023, compared to $1,379/oz for the second half for 2022. AISC per
ounce* for joint ventures was $862/oz for the second half of 2023, compared to $959/oz for the second half of 2022. AISC per ounce*1 for
the group was $1,526/oz for the second half of 2023, compared with $1,326/oz for the second half of 2022.
Net cash inflow from operating activities for the second half of 2023 was $678m, compared to $812m for the second half of 2022.
Free cash flow* increased 70% year-on-year to free cash inflow* of $314m for the second half of 2023, compared to free cash inflow* of
$185m for the second half of 2022. Free cash flow* before non-sustaining capital expenditure, the metric on which the dividend payment is
based, was $412m for the second half of 2023, compared to $383m for the second half of 2022.
Total capital expenditure for subsidiaries was $589m in the second half of 2023, compared to $594m in the second half of 2022.  Total
capital expenditure for joint ventures was $41m in the second half of 2023, compared with $52m in the second half of 2022. Sustaining
capital expenditure for subsidiaries amounted to $508m in the second half of 2023, compared to $408m in the second half of 2022.
Sustaining capital expenditure for joint ventures amounted to $24m in the second half of 2023, compared with $41m in the second half of
2022. Non-sustaining capital expenditure for subsidiaries amounted to $81m in the second half of 2023, compared to $186m in the second
half of 2022. Non-sustaining capital expenditure for joint ventures amounted to $17m in the second half of 2023, compared with $11m in the
second half of 2022.
GUIDANCE
2023 Guidance
Original guidance
Guidance excluding CdS
2023 Guidance (1)
Cuiabá 2023 Guidance
2023 Guidance (1) (3)
Cuiabá 2023 Guidance
Production (000oz)
2,450 - 2,610
180 (2)
2,355 - 2,515
180 (2)
Costs (4)
All-in sustaining costs* ($/oz)
1,405 - 1,450
1,389 - 1,434
Total cash costs* ($/oz)
1,050 - 1,120
1,396
1,039 - 1,109
1,396
(1) Excluded the Cuiabá mine.
(2) AngloGold Ashanti expected that the Cuiabá mine would continue to extract gold from the gravity circuit at a rate of 5,000oz on average per month and would
produce gold-in-concentrate at an average of approximately 10,000oz per month.
(3) Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
(4)The Company did not provide quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above in
reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations could not be performed without unreasonable efforts as such
IFRS measures could not be reliably estimated due to their dependence on future uncertainties and adjusting items that the Company could not reasonably
predict at the time but which could have been material.
Economic assumptions for 2023 were as follows: $/A$0.71, BRL5.40/$, AP260.00/$, ZAR17.00/$ and Brent $83/bbl.
Cost and capital forecast ranges for 2023 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into
future value, using an appropriate “inflation” rate. In addition, estimates assume neither operational or labour interruptions (including any further delays in the
ramp-up of the Obuasi redevelopment project), or power disruptions, nor further changes to asset portfolio and/or operating mines and have not been reviewed
by AngloGold Ashanti’s external auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on
its cost base, could also have material adverse effects on AngloGold Ashanti’s future results and no assurance can be given that any expectations expressed by
AngloGold Ashanti will prove to have been correct. Measures taken at AngloGold Ashanti’s operations together with AngloGold Ashanti’s business continuity
plans aim to enable its operations to deliver in line with its production targets. Actual results could differ from guidance and any deviations may be significant.
Please refer to the Risk Factors section in AngloGold Ashanti Limited’s annual report on Form 20-F for the year ended 31 December 2022 filed with the United
States Securities and Exchange Commission (“SEC”) and AngloGold Ashanti’s registration statement on Form F-4 initially filed with the SEC on 23 June 2023.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
9
1 Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
2024 Guidance
2024
Original Guidance (1) (2)
Revised Guidance (3)
Production
Production (000oz)
Subsidiaries
2,270 - 2,430
Joint ventures
320 - 360
Group
2,530 - 2,730
2,590 - 2,790
Costs (4)
All-in sustaining costs* ($/oz)
Subsidiaries
1,575 - 1,675
Joint ventures
980 - 1,080
Group
1,489 - 1,553
1,500 - 1,600
Total cash costs* ($/oz)
Subsidiaries
1,125 - 1,225
Joint ventures
770 - 850
Group
1,068 - 1,185
1,075 - 1,175
Capital
expenditure (4)
Total capital expenditure ($m)
Subsidiaries
1,015 - 1,225
Joint ventures
115 - 135
Group
1,025 - 1,142
1,130 - 1,360
Sustaining capital expenditure ($m)
Subsidiaries
790 - 980
Joint ventures
60 - 70
Group
726 - 811
850 - 1,050
Non-sustaining capital expenditure ($m)
Subsidiaries
225 - 245
Joint ventures
55 - 65
Group
299 - 331
280 - 310
(1) Excludes the Cuiabá mine. Original guidance for the Cuiabá mine was 180koz.
(2) The original 2024 cost and capital forecast ranges were previously reported using “real” terms and are now updated to reflect “nominal” terms. An appropriate
“inflation” rate has been added to the “real” cash flows to bring it to “nominal” terms.
(3) Adjusted to include the Cuiabá mine (which had previously been disclosed separately) and to exclude the Córrego do Sítio (CdS) operation that was placed
on care and maintenance in August 2023.
(4) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above
in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such
IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, 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 (including the COVID-19
pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict
at this time but which may be material.
Outlook economic assumptions for original 2024 guidance are as follows: $/A$0.74, BRL5.45/$, AP375.00/$, ZAR16.75/$ and Brent $87/bbl.
Outlook economic assumptions for revised 2024 guidance are as follows: $/A$0.68, BRL4.96/$, AP935.00/$, ZAR18.50/$ and Brent $77/bbl.
Cost and capital forecast ranges for 2024 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into
future value, using an appropriate “inflation” rate. Estimates assume neither operational or labour interruptions (including any further delays in the ramp-up of the
Obuasi redevelopment project), 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 Limited’s annual report on Form 20-F for the year ended 31 December 2022 filed with the SEC and AngloGold
Ashanti’s registration statement on Form F-4 initially filed with the SEC on 23 June 2023.
The Company previously provided guidance for 2024 which disclosed Cuiabá production separately and included Córrego do Sítio (CdS). 
This original guidance has been adjusted for these two factors to present the revised 2024 guidance on a like-for-like basis.
At the midpoint of guidance the Company expects to see production growth of approximately 4% in 2024 relative to 2023.  The primary
drivers of expected production growth is related to a step-up at Obuasi following the completion of Phase 3 of the Obuasi redevelopment
project and at Siguiri where the Company expects year-over-year recovery following the 2023 CIL tank failure.
Total cash costs per ounce* for subsidiaries are expected to range from $1,125/oz to $1,225/oz in 2024. Total cash costs per ounce* are
forecast to remain flat at the midpoint as the continued realisation of benefits from the Company’s Full Asset Potential review programme are
expected to be offset by inflation and an anticipated stronger Australian dollar against the US dollar.
Sustaining capital expenditure for 2024 is expected to grow slightly from 2023 because of increased Mineral Reserve Development (MRD)
investment.
Following the completion of these projects, the Company’s subsidiaries are expected to operate at an AISC per ounce* ranging from $1,575/
oz to $1,675/oz in 2024.
Non-sustaining capital expenditures is expected to increase from 2023 due to additional investment in North Bullfrog and supporting
infrastructure for the Beatty District.
The Company continues to enforce capital and cost discipline across the business, while prioritising the safety, health and wellbeing of its
employees and its host communities.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
10
2025 Guidance
2025
Guidance (1)
Production
Production (000oz)
2,650 - 2,850
Costs
All-in sustaining costs* ($/oz)
Group
1,475 - 1,575
Total cash costs* ($/oz)
Group
1,050 - 1,150
Capital
expenditure
Total capital expenditure ($m)
1,175 - 1,425
Sustaining capital expenditure ($m)
775 - 975
Non-sustaining capital expenditure ($m)
400 - 450
(1) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP financial guidance shown above
in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable efforts as such
IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, 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 (including the COVID-19
pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot reasonably predict
at this time but which may be material.
Outlook economic assumptions for 2025 are as follows: $/A$0.74, BRL5.25/$, AP1,496.00/$, ZAR17.95/$ and Brent $75/bbl.
Cost and capital forecast ranges for 2025 are expressed in “real” 2024 terms. “Real” cash flows are adjusted for “inflation” in order to reflect the change in value
of money over time. Estimates assume neither operational or labour interruptions (including any further delays in the ramp-up of the Obuasi redevelopment
project), 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 Limited’s annual report on Form 20-F for the year ended 31 December 2022 filed with the SEC and AngloGold Ashanti’s
registration statement on Form F-4 initially filed with the SEC on 23 June 2023.
2025 guidance reflects an anticipated 2% year-over-year growth in production driven primarily by the expected continued ramp-up at Obuasi
and modest gains across multiple mines.  Total cash costs per ounce* are expected to decrease as continued Full Asset Potential maturity
and production efficiencies are anticipated to drive unit costs lower.  The expected increase in non-sustaining capital expenditure reflects the
anticipated incremental investment in the construction of North Bullfrog.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
11
NON-RELIANCE ON PREVIOUSLY ISSUED FINANCIAL STATEMENTS
On 21 February 2024, the Audit and Risk Committee of the board of directors (the “Audit Committee”) of the Company, as successor issuer
to AngloGold Ashanti Limited (currently known as AngloGold Ashanti (Pty) Ltd) (“AGA Limited”), based on the recommendation of, and after
consultation with, management, concluded that (i) AGA Limited’s previously issued audited consolidated financial statements as of and for
the financial year ended 31 December 2022, included in the annual report on Form 20-F for the year ended 31 December 2022 filed by AGA
Limited with the United States Securities and Exchange Commission (“SEC”) on 17 March 2023 (the “2022 Form 20-F”) (the “Original Full-
Year 2022 Financial Statements”) and (ii) AGA Limited’s previously issued unaudited condensed consolidated interim financial statements as
of and for the six-month period ended 30 June 2023, included in a report on Form 6-K filed by AGA Limited with the SEC on 4 August 2023
(the “Half-Year 2023 Form 6-K”) (the “Original Half-Year 2023 Financial Statements” and together with the Original Full-Year 2022 Financial
Statements, the “Affected Financials”), should no longer be relied upon at this time.
The Company believes that due to errors resulting from the use of incorrect underlying data in the deferred tax model for the Obuasi mine,
combined with the misapplication of the requirements of International Financial Reporting Standards (“IFRS”), as issued by the International
Accounting Standards Board (“IASB”), specifically, of IAS 12 – Income Taxes, and an incorrect interpretation of Ghanaian tax law, the
deferred tax asset with respect to the Obuasi mine recorded in the Affected Financials (valued at $71 million in the Original Full-Year 2022
Financial Statements and $104 million in the Original Half-Year 2023 Financial Statements) was overstated.  As a result, the Company
expects that it will need to restate the Affected Financials to reduce profit for the year ended 31 December 2022 by up to approximately $97
million and to reduce profit for the half year ended 30 June 2023 by up to approximately $49 million. In this case, the Company also
anticipates correcting other immaterial errors previously identified in the Affected Financials, which will further reduce profit for the year
ended 31 December 2022 by approximately $16 million and further reduce profit for the half year ended 30 June 2023 by approximately $1
million.
The Audit Committee has discussed the matters described herein with management and with PricewaterhouseCoopers Inc., the Company’s
independent registered public accounting firm for the financial year ended 31 December 2023. The Audit Committee and management are
engaged in continuing discussions of these matters with Ernst & Young Inc., AGA Limited’s independent registered public accounting firm
with regard to the Original 2022 Financial Statements.
Similarly, any press releases, earnings releases, and investor communications describing the Company’s financial performance for the
above-referenced periods should no longer be relied upon at this time.
The amounts discussed above are preliminary, unaudited and unreviewed and may be subject to change as the Company and the
independent registered public accounting firms, PricewaterhouseCoopers Inc. and Ernst & Young Inc., complete their procedures.
Controls and Procedures
As a result of the errors described above and the anticipated restatements, management has identified one or more material weaknesses in
the Company’s internal control over financial reporting. Management has accordingly concluded that the Company’s internal control over
financial reporting was not effective as of 31 December 2022 and its disclosure controls and procedures were similarly not effective as of 31
December 2022.  In addition, given that the conclusion that the Affected Financials should not be relied upon was reached subsequent to 31
December 2023 and related remediation actions were not implemented as of 31 December 2023, the Company will report in its annual
report on Form 20-F for the year ended 31 December 2023 (the “2023 Form 20-F”) that its internal control over financial reporting and its
disclosure controls and procedures were not effective as of 31 December 2023.  Neither management nor PricewaterhouseCoopers Inc. has
completed its evaluation of the effectiveness of internal control over financial reporting as of 31 December 2023.
Other Information
The Company believes that in light of its intention to file the 2023 Form 20-F in the next month, it is preferable to present any restated
Original Full-Year 2022 Financial Statements together with the Company’s audited consolidated financial statements for the year ended 31
December 2023 in that 2023 Form 20-F.  The Company believes this will allow readers to review more easily all pertinent data in a single
document and therefore does not plan to amend the 2022 Form 20-F. In addition, the Company plans to present the restated Original Half-
Year 2023 Financial Statements either in an amendment to the Half-Year 2023 Form 6-K or in the 2023 Form 20-F.
CUIABÁ AND BRAZIL TSF UPDATE
The Calcinados TSF remains in a state of care and maintenance following a risk assessment conducted in December 2022 with oversight
from external consultants, as required by Brazilian regulations, which concluded that additional buttressing should be completed to align the
TSF’s post liquefaction factor of safety with international standards currently considered best practice. In 2023, the Company’s external
consultants conducted extensive engineering and geotechnical investigations to evaluate other potential options for alignment of the
Calcinados TSF with international standards, including additional excavation in the reservoir. The Calcinados TSF remains stable, per the
conclusions of assessments by external consultants and the Company’s internal TSF team.
SAFETY UPDATE
AngloGold Ashanti achieved zero workplace fatalities at the mines operated by the Company for the second year in a row. AngloGold
Ashanti continued to improve on all major safety indices year-on-year.
The Total Recordable Injury Frequency Rate (“TRIFR”) increased 21% to 1.19 injuries per million hours worked for the second half of 2023,
compared to 0.98 injuries per million hours worked in the first half of 2023. From August 2023 onwards, the TRIFR steadily improved,
resulting in a year-on-year TRIFR improvement of 13% from 1.26 injuries per million hours worked at 31 December 2022, compared to 1.09
injuries per million hours worked at 31 December 2023.  In addition to achieving internal improvement targets, this TRIFR also compares
favourably with the International Council on Mining and Metals members' average TRIFR of 2.66 injuries per million hours worked in 2022.
TRIFR measures workplace safety in terms of the total number of recordable injuries and fatalities that occur per million hours worked.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
12
AngloGold Ashanti’s safety strategy, with specific emphasis on the refreshed Major Hazard Management standard and critical control
verifications, continued to be implemented at all the operations, intensifying employees’ focus on safety practices in all workplaces.
AngloGold Ashanti continues to address high consequence incidents through the application of its Major Hazard Management process.
OPERATING HIGHLIGHTS
In the Africa region – subsidiaries, gold production (on an attributable basis) was 1.2Moz at a total cash cost* of $1,121/oz for the year
ended 31 December 2023, compared to 1.3Moz at a total cash cost* of $1,023/oz for the year ended 31 December 2022. AISC* from the
subsidiaries in Africa was $1,563/oz for the year ended 31 December 2023, compared to $1,291/oz for the year ended 31 December 2022.
In the Africa region – joint ventures, gold production (on an attributable basis) was 343,000oz at a total cash cost* of $802/oz for the year
ended 31 December 2023, compared with 337,000oz at a total cash cost* of $725/oz for the year ended 31 December 2022. AISC* from the
joint ventures in Africa was $951/oz for the year ended 31 December 2023, compared with $979/oz for the year ended 31 December 2022.
In Ghana, at Iduapriem, gold production was 268,000oz at a total cash cost* of $943/oz for the year ended 31 December 2023, compared to
248,000oz at a total cash cost* of $970/oz for the year ended 31 December 2022. Gold production was higher year-on-year mainly due to
higher grades mined as the mine accessed higher grade ore tonnes from Teberebie Cut 2 compared to 2022, partially offset by lower ore
tonnes processed as the site commissioned the new TSF. Total cash costs per ounce* were lower year-on-year primarily due to higher gold
production and favourable ore stockpile movements, partially offset by higher royalties paid (due to the higher average gold price received
per ounce*).
At Obuasi, gold production was 224,000oz at a total cash cost* of $1,114/oz for the year ended 31 December 2023, compared to 250,000oz
at a total cash cost* of $914/oz for the year ended 31 December 2022. Gold production was lower year-on-year mainly due to lower grades
mined and poor ground conditions in some of the higher-grade stopes partially offset by higher ore tonnes processed. Total cash costs per
ounce* were higher year-on-year primarily due to lower gold production, partially offset by favourable ore stockpile movements.
During the third quarter of 2023, some underground mining equipment was lost as a result of a fall-of-ground incident in one of the mine’s
high-grade stopes. Although no injuries resulted from the incident, the decision was taken to proceed more slowly to ensure the safety of
underground operators. During the fourth quarter of 2023, significantly larger drilling equipment (the V30 reamer) was introduced to establish
new stopes, which in turn allowed for the safe increase in production. Following the introduction of the V30 reamer, gold production
increased 33% quarter-on-quarter from 46,000oz in the third quarter of 2023 to 61,000oz in the fourth quarter of 2023. Obuasi is currently
undertaking a trial of the underhand cut and fill mining method in high-grade areas. This is a more selective mining method suited to
challenging ground conditions often associated with higher grades. The transition to this new method in higher-grade areas is expected to
take place throughout 2024 following completion of this initial trial period. As a result of this transition, Obuasi is forecast to produce between
275,000oz to 300,000oz in 2024 and 325,000oz to 375,000oz in 2025, as it continues its ramp-up to steady state production.
In Tanzania, at Geita, gold production was 485,000oz at a total cash cost* of $984/oz for the year ended 31 December 2023, compared to
521,000oz at a total cash cost* of $944/oz for the year ended 31 December 2022. Gold production was lower year-on-year mainly due to
lower ore tonnes processed on the back of a planned mill shutdown in the first half of 2023 and lower grades mined. Total cash costs per
ounce* were higher year-on-year mainly due to lower gold production and higher mining costs resulting from an increase in open-pit mining
at Nyamulilima and underground mining at Nyankanga, as well as an increase in backfilling at Star and Comet and Nyankanga underground
mines. This increase in total cash costs per ounce* was partially offset by favourable ore stockpile movements.
In Guinea, at Siguiri, gold production (on an attributable basis) was 221,000oz at a total cash cost* of $1,650/oz for the year ended
31 December 2023, compared to 279,000oz at a total cash cost* of $1,319/oz for the year ended 31 December 2022. Gold production was
lower year-on-year mainly due to lower ore tonnes processed due to the CIL tank failure during the second quarter of 2023, which impacted
metallurgical recoveries and lower grades mined. Gold production was further adversely impacted by community protests in relation to
additional employment opportunities. These protests have since subsided. Total cash costs per ounce* were higher year-on-year mainly due
to lower gold production and unfavourable ore stockpile movements, partially offset by lower royalties paid.
In the DRC, at the Kibali joint venture, gold production (on an attributable basis) was 343,000oz at a total cash cost* of $802/oz for the year
ended 31 December 2023, compared to 337,000oz at a total cash cost* of $725/oz for the year ended 31 December 2022. Gold production
was marginally higher year-on-year mainly due to higher ore tonnes processed, partially offset by lower grades mined. Total cash costs per
ounce* were higher year-on-year mainly due to higher oil and commodity prices related to diesel and reagent consumption costs, and higher
royalties paid, partially offset by favourable ore stockpile movements.
In the Latin America region, gold production1 (on an attributable basis) was 490,000oz at a total cash cost*1 of $1,124/oz for the year
ended 31 December 2023, compared to 499,000oz at a total cash cost*1 of $957/oz for the year ended 31 December 2022. The region’s
AISC*1 was $1,713/oz for the year ended 31 December 2023, compared to $1,555/oz for the year ended 31 December 2022.
In Brazil, at AGA Mineração, gold production1 was 252,000oz at a total cash cost*1 of $1,041/oz for the year ended 31 December 2023,
compared to gold production1 of 241,000oz at a total cash cost*1 of $841/oz for the year ended 31 December 2022. As the CdS operation
was placed on care and maintenance in August 2023, its production contribution and total cash cost* impact have been excluded from gold
production and total cash costs per ounce* for the years ended 31 December 2023 and 2022. Gold production1 was marginally higher year-
on-year mainly due to higher recovered grades at the Cuiabá mine, partially offset by lower ore tonnes processed. For 2023, Cuiabá
produced 252,000oz, which comprised 83,000oz of gravimetric gold and 169,000oz of gold-in-concentrate. Total cash costs per ounce*1
were higher year-on-year mainly due to lower by-product revenue as sulphuric acid sales remained suspended pending resumption of
operation from the Queiroz plant, higher operating costs relating to labour, mining contractors and consumables, the strengthening of the
Brazilian real against the US dollar, additional costs to produce and sell gold-in-concentrate and additional operating costs related to TSF
management. This increase in total cash costs per ounce*1 was partially offset by lower royalties paid.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
13
1 Adjusted to exclude the Córrego do Sítio (CdS) operation that was placed on care and maintenance in August 2023.
At Serra Grande, gold production was 86,000oz at a total cash cost* of $1,498/oz for the year ended 31 December 2023, compared to
88,000oz at a total cash cost* of $1,355/oz for the year ended 31 December 2022. Gold production was marginally lower year-on-year
mainly due to lower ore tonnes processed, partially offset by higher recovered grades. Total cash costs per ounce* were higher year-on-year
mainly due to marginally lower gold production, unfavourable ore stockpile movements as well as increases in operating costs relating to
labour, mining contractors, additional technical services and the strengthening of the Brazilian real against the US dollar.
In Argentina, at Cerro Vanguardia, gold production (on an attributable basis) was 152,000oz at a total cash cost* of $1,045/oz for the year
ended 31 December 2023, compared to 170,000oz at a total cash cost* of $913/oz for the year ended 31 December 2022. Gold production
was lower year-on-year mainly due to a combination of lower ore tonnes processed and lower grades mined. Total cash costs per ounce*
were higher year-on-year mainly due to cost increases related to labour, fuel, power, explosives and services (annual inflation rate in
Argentina ended 2023 at 211.4%), higher consumption of materials and services as well as unfavourable ore stockpile movements. This
increase in total cash costs per ounce* was partially offset by higher by-product income, the weakening of the Argentinean peso against the
US dollar and capitalised stripping costs.
In the Australia region, gold production (on an attributable basis) was 562,000oz at a total cash cost* of $1,251/oz for the year ended
31 December 2023, compared to 538,000oz at a total cash cost* of $1,157/oz for the year ended 31 December 2022. The region’s AISC*
was $1,487/oz for the year ended 31 December 2023, compared to $1,345/oz for the year ended 31 December 2022.
At Sunrise Dam, gold production was 252,000oz at a total cash cost* of $1,318/oz for the year ended 31 December 2023, compared to
232,000oz at a total cash cost* of $1,402/oz for the year ended 31 December 2022. Gold production was higher year-on-year mainly due to
higher mined grades, partially offset by lower ore tonnes processed. Total cash costs per ounce* were lower year-on-year primarily due to
higher gold production and favourable gold in process movements as well as the weakening of the Australian dollar against the US dollar,
partially offset by higher royalties paid as well as higher labour and consumable costs.
At Tropicana, gold production (on an attributable basis) was 310,000oz at a total cash cost* of $1,105/oz for the year ended
31 December 2023, compared to 306,000oz at a total cash cost* of $881/oz for the year ended 31 December 2022. Gold production was
marginally higher year-on-year mainly due to higher grades mined, partially offset by lower ore tonnes processed. Total cash costs per
ounce* were higher year-on-year mainly due to higher waste stripping costs and higher mining costs related to drilling and blasting, partially
offset by favourable ore stockpile movements and the weakening of the Australian dollar against the US dollar.
UPDATE ON CAPITAL PROJECTS
Obuasi
Phase 3 of the Obuasi redevelopment project relates primarily to capital expenditure required to refurbish and return to service existing
infrastructure around the KMS shaft. This infrastructure project, which provides direct access to high-grade Block 11 and other underground
mining areas and augments current underground materials handling capacity, is expected to be completed by the end of 2024 after being
extended during 2023 when mud, encountered on 5,000 and 5,100 levels, had to be cleared.
Phase 3 achieved the following milestones:
Completed 41-level station and water handling system
Reamed 71% of the 945m vent raise
Upgraded and licensed both the KMS Rock and Man Winders for operations via Ghanaian mining authorities
Completed installation of two new shaft pipe columns increasing dewatering capacity by 200 litres per second
Completed mud clearing on 50-level
Ground support on 50-level reached 50% completion
KMS shaft now complete and operational down to 51-level
Completed mining of a new ore pass between the operational mine and 4,100 level rail
The next key project milestones include:
Completing of two new ore passes between upper mine and the rail transport level
Installation and commissioning of three new pump stations
Installation and commissioning of the new vent shaft
Commissioning the rail system
Clearing mud on 5,100 level and shaft bottom
The Underhand Drift and Fill (“UHDF”) mining method trial in Block 8 Lower progressed well during the fourth quarter of 2023. The UHDF
trial aims to test the mining method to ensure it can be used safely and effectively to mine high-grade ore in areas with poor ground
conditions associated with weak graphitic shears and increasing mining depth.
Milestones achieved:
Initial trial of developing through paste backfill in an old paste filled stope completed successfully to demonstrate paste
competency
Top UHDF drive 3,300 level developed
Ground support in 3,300 level successfully installed
Paste hole drilled and reticulation line established successfully
Paste bulkheads on 3,300 level completed to close off UHDF volume
Paste backfilling of 3,300 level completed
Paste curing expected towards the end of February 2024
Next steps:
Develop parallel drive alongside the paste filled 3,300 level drive to expose and test the paste strength prior to developing under
the paste
Ground support installation and paste backfill of parallel development drive
Once paste is cured develop first drift under the paste
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
14
Tropicana
The Havana underground pre-feasibility study was successfully completed in 2023. The feasibility study commenced in the third quarter of
2023 and is expected to continue into the first half of 2024. A final investment decision is expected to be made in 2024 with the potential to
start the development of the link drive and portal access in the second half of 2024.
Tropicana ESG renewables
The Tropicana renewable energy project is in progress with all regulatory approvals received in the second half of 2023 and the Independent
Power Producers (“IPP”) mobilising to site in August 2023. The project is on track with the delivery and installation of the wind turbines and
solar plant expected to commence in the first half of 2024. The renewable energy project is expected to be commissioned in the first quarter
of 2025 and, upon completion, is expected to reduce greenhouse gas (“GHG”) emissions at Tropicana by 65,000 tonnes per annum on
average over the 10-year life of the power purchase agreement.
Nevada
North Bullfrog
AngloGold Ashanti’s board of directors approved the feasibility study for the North Bullfrog project to proceed into detailed engineering. The
feasibility study supports a first-time gold Mineral Reserve declaration of 1.0Moz. Pending the issuance of necessary regulatory approvals
and permits, North Bullfrog is expected to produce an average 117,000oz during the first five full years and an average of 62,000oz a year
over its life, currently anticipated to be 13 years. AISC per ounce*1 are anticipated at $882/oz over the first five full years and $854/oz
over .the life of the mine. Initial project capital expenditure is expected to be $369m. The internal rate of return (“IRR”)2 of the project,
assuming a gold price at $1,600/oz, is expected to be 13%. At a market spot gold price of $1,900/oz, the IRR2 is estimated to be 25%.
The project is expected to be the first of the Company’s projects for the Nevada district and, apart from the additional production it is
expected to provide, is anticipated to allow AngloGold Ashanti to build a cohesive project development team and improve understanding of
the permitting and project construction process in Nevada.
Merlin
A planned gold Mineral Resource conversion drilling programme was completed during the second half of 2023 with encouraging results.
These results were the basis of an initial assessment for the Expanded Silicon project that was completed during the fourth quarter of 2023.
The favorable outcome of the initial assessment supported a 9.1Moz gold Inferred Mineral Resource3 declaration at the Merlin deposit,
confirming another large discovery at the contiguous deposits of Silicon and Merlin. Together, these deposits representing the Expanded
Silicon project have a gold Mineral Resource of 13.3Moz4.
Quebradona
Following the decision of Colombia’s national environmental agency (“ANLA”) in November 2021 to archive the Company’s environmental
licence application related to the Quebradona Project, and the confirmation of such decision in April 2022, AngloGold Ashanti has been
working to complete the data acquisition required by ANLA. In addition, an optimised feasibility study is currently underway to implement
improvements in water management, operational flexibility, maintainability, and constructability. The new environmental licence application is
now expected to be filed with the ANLA in 2027.
Gramalote
On 18 September 2023, AngloGold Ashanti, agreed to sell its entire 50% indirect interest in the Gramalote project to B2Gold Corp for a total
consideration of up to $60m. The transaction closed on 29 September 2023, and AngloGold Ashanti received a cash payment of $20m on 5
October 2023, with the balance dependent on project construction and production milestones that the Gramalote project reaches.
CORPORATE UPDATE
AngloGold Ashanti makes a strategic investment in G2 Goldfields Inc.
On 19 January 2024, AngloGold Ashanti completed its acquisition of an 11.7% interest in G2 Goldfields Inc., a Canadian gold mining
company with exploration properties in Guyana, South America, for a consideration of approximately CAD $22.1m.
Reporting Update
AngloGold Ashanti qualifies as a foreign private issuer (“FPI”) in the United States for purposes of the US Securities Exchange Act of 1934,
as amended (the “US Exchange Act”) and is filing annual reports on Form 20-F and current reports on Form 6-K with the SEC. AngloGold
Ashanti plans to voluntarily file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the SEC
instead of filing on the reporting forms available to FPIs starting with the 10-Q filing for the second quarter of 2024. Prior to voluntarily filing
on forms that are available to US domestic issuers, AngloGold Ashanti will file its annual report for 2023 on Form 20-F and will only provide
production information for each mine and major project updates in its report for the first quarter of 2024.
* Refer to “Non-GAAP disclosure” for definitions and reconciliations.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
15
1 The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP forward-looking information
shown above in reliance on the exception provided by Rule 100(a)(2) of Regulation G because the reconciliations cannot be performed without unreasonable
efforts as such IFRS measures cannot be reliably estimated due to their dependence on future uncertainties and adjusting items, including, 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 (including the
COVID-19 pandemic), and other business and operational risks and challenges and other factors, including mining accidents, that the Company cannot
reasonably predict at this time but which may be material.
2 Actual IRR may differ materially from any IRR indicated above, and may therefore be lower, 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, and other business and operational risks and challenges
and other factors, including mining accidents.
3 The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors
are applied. Refer to “2023 Mineral Resource and Mineral Reserve Information” below.
4 Includes gold Measured and Indicated Mineral Resource of 3.40Moz and gold Inferred Mineral Resource of 9.86Moz at 31 December 2023 at Silicon and
Merlin (representing the Expanded Silicon project) in Nevada. Refer to “2023 Mineral Resource and Mineral Reserve Information” below.
EXPLORATION UPDATE
For detailed disclosure on the exploration work done during the six months ended 31 December 2023, see the Exploration Update document
on the Company’s website at www.anglogoldashanti.com on both brownfield and greenfield exploration programmes.
2023 MINERAL RESOURCE AND MINERAL RESERVE INFORMATION
The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR §
229.1300) (“Regulation S-K 1300”). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold
Ashanti’s Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold,
copper, silver, sulphur and molybdenum estimated at 31 December 2023 and are based on information available at the time of estimation.
Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of geologic data
obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. AngloGold Ashanti
publishes its Mineral Resource and Mineral Reserve on an annual basis and has re-estimated its Mineral Resource and Mineral Reserve at
31 December 2023, taking into account economic assumptions, changes to future production, capital expenditure and operating costs (if
any), depletion, additions as well as any acquisitions or disposals during 2023. The legal tenure of each material property has been verified
to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required
mining permits or there exists a realistic expectation, based on applicable laws and regulations, that issuance of permits or resolution of
legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe
consistent with AngloGold Ashanti’s (or its joint venture partners’) current mine plans. For the Mineral Reserve, the term “economically
viable” means that profitable extraction or production has been established or analytically demonstrated in, at a minimum, a pre-feasibility
study, to be economically viable under reasonable investment and market assumptions. Mineral Reserve is subdivided and reported, in
order of increasing geoscientific knowledge and confidence, into Probable and Proven Mineral Reserve categories. Mineral Reserve is
aggregated from the Probable and Proven Mineral Reserve categories. Ounces of gold or silver or pounds of copper, sulphur or
molybdenum included in the Probable and  Proven Mineral Reserve are estimated and reported as delivered to plant  (i.e., the point where
material is delivered to the processing facility) and exclude losses during metallurgical treatment. In compliance with Regulation S-K 1300,
the Mineral Resource herein is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise
stated. Mineral Resource is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Inferred, Indicated
and Measured Mineral Resource categories. Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred,
Indicated and Measured Mineral Resource are those contained in situ prior to losses during metallurgical treatment. While it would be
reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued
exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur. 
If estimations are required to be revised using significantly lower commodity prices, increases in operating costs, reductions in metallurgical
recovery or other modifying factors, this could result in the Mineral Resource or Mineral Reserve not being mined or processed profitably,
material write-downs of AngloGold Ashanti’s investment in mining properties, goodwill and increased amortisation, reclamation and closure
charges. If AngloGold Ashanti determines that certain of its Mineral Resource or Mineral Reserve have become uneconomic, this may
ultimately lead to a reduction in its aggregate reported Mineral Resource or Mineral Reserve, respectively. Consequently, if AngloGold
Ashanti’s actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and
financial position may be materially impaired.
The pre-feasibility and feasibility studies for undeveloped ore bodies derive estimates of capital expenditure and operating costs based upon
anticipated tonnage and grades of ore to be mined and processed, the predicted configuration of the ore body, expected recovery rates of
metals from the ore, the costs of comparable facilities, the costs of operating and processing equipment and other factors. Actual operating
and capital expenditure cost and economic returns on projects may differ significantly from original estimates. Further, it may take many
years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may
change. The Mineral Resource is subject to further exploration and development, and is subject to additional risks, and no assurance can be
given that they will eventually convert to future Mineral Reserve.
For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of Item
1303 (Summary disclosure) of Regulation S-K below. These summary tables will also be presented in AngloGold Ashanti’s annual report on
Form 20-F for the year ended 31 December 2023 to be filed with the SEC. These summary tables include each class of Mineral Resource
(Inferred, Indicated and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve
(Probable and Proven) together with total Mineral Reserve. The Mineral Resource at the end of the fiscal year ended 31 December 2023
was estimated using a gold price of $1,750/oz and a copper price of $3.50/lb, unless otherwise stated. The Mineral Reserve at the end of
the fiscal year ended 31 December 2023 was estimated using a gold price of $1,400/oz, and a copper price of $2.90/lb, unless otherwise
stated.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
16
The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Resource for gold at the end of the fiscal year ended 31 December 2023,
based on an estimated gold price of $1,750/oz, unless otherwise stated.
Mineral Resource (1)
At 31 December 2023
Measured
Indicated
Total Measured and Indicated
Inferred
Gold
Tonnes
(3)
Grade
Contained Gold
Tonnes
(3)
Grade
Contained Gold
Tonnes
(3)
Grade
Contained Gold
Tonnes
(3)
Grade
Contained Gold
Million
g/t
Tonnes
Moz
Million
g/t
Tonnes
Moz
Million
g/t
Tonnes
Moz
Million
g/t
Tonnes
Moz
Africa Region
19.20
3.79
72.78
2.34
265.74
2.09
555.40
17.86
284.94
2.20
628.18
20.20
186.68
2.94
549.03
17.65
Democratic Republic of the Congo
5.79
3.65
21.15
0.68
18.11
2.83
51.20
1.65
23.90
3.03
72.35
2.33
8.82
2.79
24.57
0.79
Kibali (45%)(2)(9)(13)
5.79
3.65
21.15
0.68
18.11
2.83
51.20
1.65
23.90
3.03
72.35
2.33
8.82
2.79
24.57
0.79
Ghana
4.45
6.39
28.43
0.91
82.22
3.36
276.30
8.88
86.67
3.52
304.73
9.80
59.95
5.59
335.40
10.78
Iduapriem(13)
0.98
1.50
1.47
0.05
53.39
1.42
76.06
2.45
54.37
1.43
77.53
2.49
24.58
1.44
35.46
1.14
Obuasi(4)(13)
3.47
7.77
26.97
0.87
28.83
6.95
200.23
6.44
32.30
7.03
227.20
7.30
35.37
8.48
299.94
9.64
Guinea
128.41
1.11
142.03
4.57
128.41
1.11
142.03
4.57
87.01
1.17
101.57
3.27
Siguiri (85%)(2)(13)
128.41
1.11
142.03
4.57
128.41
1.11
142.03
4.57
87.01
1.17
101.57
3.27
Tanzania
8.96
2.59
23.20
0.75
37.00
2.32
85.87
2.76
45.95
2.37
109.07
3.51
30.90
2.83
87.49
2.81
Geita(5)(13)
8.96
2.59
23.20
0.75
37.00
2.32
85.87
2.76
45.95
2.37
109.07
3.51
30.90
2.83
87.49
2.81
Americas Region
16.57
4.13
68.36
2.20
35.82
2.99
107.02
3.44
52.39
3.35
175.38
5.64
53.72
3.90
209.66
6.74
Argentina
5.50
2.62
14.43
0.46
13.80
2.49
34.35
1.10
19.30
2.53
48.78
1.57
3.92
3.15
12.34
0.40
Cerro Vanguardia (92.5%)(2)(13)
5.50
2.62
14.43
0.46
13.80
2.49
34.35
1.10
19.30
2.53
48.78
1.57
3.92
3.15
12.34
0.40
Brazil
11.07
4.87
53.94
1.73
22.02
3.30
72.66
2.34
33.09
3.83
126.60
4.07
49.80
3.96
197.32
6.34
AGA Mineração - Córrego do Sítio(15)
3.03
3.31
10.04
0.32
7.80
3.16
24.66
0.79
10.83
3.20
34.70
1.12
20.45
3.94
80.56
2.59
AGA Mineração - Cuiabá(13)
3.39
8.31
28.20
0.91
3.22
6.08
19.60
0.63
6.62
7.22
47.81
1.54
10.99
5.49
60.30
1.94
AGA Mineração - Lamego(13)
1.12
3.57
4.01
0.13
2.64
2.25
5.94
0.19
3.76
2.64
9.95
0.32
2.37
2.24
5.32
0.17
Serra Grande(13)
3.51
3.33
11.69
0.38
8.36
2.69
22.45
0.72
11.88
2.87
34.14
1.10
16.00
3.20
51.15
1.64
Australia Region
26.75
1.69
45.27
1.46
29.43
1.85
54.44
1.75
56.18
1.77
99.71
3.21
46.16
2.40
110.84
3.56
Sunrise Dam(13)
15.49
1.89
29.35
0.94
18.82
1.87
35.23
1.13
34.31
1.88
64.58
2.08
24.86
2.27
56.36
1.81
Butcher Well (70%)(2)(11)
2.83
3.69
10.46
0.34
Tropicana (70%)(2)(13)
11.26
1.41
15.92
0.51
10.61
1.81
19.22
0.62
21.87
1.61
35.13
1.13
18.46
2.38
44.02
1.42
Projects
69.48
0.46
32.19
1.03
1,181.90
0.79
928.03
29.84
1,251.38
0.77
960.22
30.87
917.59
0.63
574.19
18.46
Colombia
45.15
0.37
16.93
0.54
982.40
0.79
776.20
24.96
1,027.55
0.77
793.13
25.50
523.83
0.43
225.50
7.25
Gramalote (50%)(2)(10)(11)
La Colosa(7)(11)
833.49
0.87
726.31
23.35
833.49
0.87
726.31
23.35
217.89
0.71
154.86
4.98
Quebradona(8)(12)
45.15
0.37
16.93
0.54
148.91
0.34
49.89
1.60
194.06
0.34
66.82
2.15
305.94
0.23
70.64
2.27
United States of America
24.33
0.63
15.26
0.49
199.49
0.76
151.82
4.88
223.82
0.75
167.08
5.37
393.76
0.89
348.69
11.21
North Bullfrog(12)
42.02
0.31
12.91
0.42
42.02
0.31
12.91
0.42
30.58
0.26
8.03
0.26
Silicon(11)
121.56
0.87
105.90
3.40
121.56
0.87
105.90
3.40
36.03
0.70
25.23
0.81
Merlin(6)(11)
283.88
0.99
281.60
9.05
Mother Lode(8)(11)
24.33
0.63
15.26
0.49
35.91
0.92
33.01
1.06
60.24
0.80
48.28
1.55
9.86
0.55
5.39
0.17
Sterling(14)(16)
33.41
0.85
28.43
0.91
AngloGold Ashanti Total
132.00
1.66
218.60
7.03
1,512.89
1.09
1,644.88
52.88
1,644.89
1.13
1,863.48
59.91
1,204.15
1.20
1,443.71
46.42
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
17
Notes:
Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. The Mineral Resource estimates with respect to our material properties have been prepared by the Qualified Persons (employed by
AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Resource at the end of the last completed fiscal year and the preceding fiscal year will be detailed for material properties, if applicable, in AngloGold
Ashanti’s annual report on Form 20-F for the year ended 31 December 2023 to be filed with the SEC. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage,
grade and content for gold to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material.
(1)All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors are
applied.
(2)      Mineral Resource attributable to AngloGold Ashanti’s percentage interest shown.
(3)      “Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
(4)      In 2023, a cut-off grade of 1.07g/t was applied to the open pit, and a cut-off grade range from 3.79g/t to 4.49g/t (varying according to area) was applied to the underground. In 2023, a metallurgical recovery factor of 88% was applied
to the underground.
(5)In 2023, a cut-off grade range from 0.60g/t to 1.40g/t (varying according to area) was applied to the open pit, and a cut-off grade range from 0.88g/t to 2.58g/t (varying according to area) was applied to the underground. In 2023, a
metallurgical recovery factor of 90.40% was applied to the open pit, a metallurgical recovery factor range from 91.07% to 91.63% (varying according to area) was applied to the stockpile, and a metallurgical recovery factor range
from 76.40% to 92.30% (varying according to area) was applied to the underground.
(6)In 2023, a cut-off grade of 0.137g/t for gold was applied to the Merlin open pit. In 2023, a metallurgical recovery factor of 94% for gold and 22% for silver was applied for mill material, and a metallurgical recovery factor of 70% for
gold and 12% for silver was applied for crushed heap leach material.
(7)      Based on a gold price of $1,400/oz.
(8)      Based on a gold price of $1,500/oz. 
(9)Operated by Barrick Gold Corporation (“Barrick”).  AngloGold Ashanti has recognised that in preparing this information, the Qualified Persons have relied on information provided by Barrick. Based on a gold price of $1,700/oz. In
2023, a cut-off grade range from 0.55g/t to 0.89g/t was applied to the open pit (varying according to rock type), and a cut-off grade of 1.50g/t was applied to the underground. In 2023, a metallurgical recovery factor range from
75.9% to 90.9% (varying according to area) was applied to the open pit and stockpile, and a metallurgical recovery factor of 90% was applied to the underground.
(10)    Managed by B2Gold Corp (“B2Gold”). Based on a gold price of $1,800/oz. AngloGold Ashanti sold its entire 50% indirect interest in the Gramalote project to B2Gold in September 2023.
(11)    Property currently in an exploration stage.
(12)    Property currently in a development stage.
(13)    Property currently in a production stage.
(14)    Based on a gold price of $1,700/oz.
(15)    The Córrego do Sítio (“CdS”) operation was placed on care and maintenance in August 2023.
(16)The Sterling project includes the Sterling mine, a mining property currently on care and maintenance, and the Crown Block deposits of SNA, Secret Pass and Daisy and the tenements surrounding the properties which are all in
exploration stage.
The below summary table is prepared in accordance with Table 1 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Resource for copper at the end of the fiscal year ended 31 December 2023,
based on an estimated copper price of $3.50/lb, unless otherwise stated.
Mineral Resource (1)
At 31 December 2023
Measured
Indicated
Total Measured and Indicated
Inferred
Copper
Tonnes
(2)
Grade
Contained
Copper
Tonnes
(2)
Grade
Contained
Copper
Tonnes
(2)
Grade
Contained
Copper
Tonnes
(2)
Grade
Contained
Copper
Million
%Cu
Tonnes
Million
Pounds
Million
Million
%Cu
Tonnes
Million
Pounds
Million
Million
%Cu
Tonnes
Million
Pounds
Million
Million
%Cu
Tonnes
Million
Pounds
Million
Americas Region
45.15
0.69
0.31
684
148.91
0.68
1.01
2,218
194.06
0.68
1.32
2,902
305.94
0.48
1.47
3,231
Colombia
45.15
0.69
0.31
684
148.91
0.68
1.01
2,218
194.06
0.68
1.32
2,902
305.94
0.48
1.47
3,231
Quebradona(3)
45.15
0.69
0.31
684
148.91
0.68
1.01
2,218
194.06
0.68
1.32
2,902
305.94
0.48
1.47
3,231
AngloGold Ashanti Total
45.15
0.69
0.31
684
148.91
0.68
1.01
2,218
194.06
0.68
1.32
2,902
305.94
0.48
1.47
3,231
Notes:
Rounding of numbers may result in computational discrepancies in the Mineral Resource tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports
tonnage and grade to two decimals and content for copper with no decimals. “Mlb” refers to million pounds. The Mineral Resource tonnages and grades are reported in situ and stockpiled material is reported as broken material.
(1)      All disclosure of Mineral Resource is exclusive of Mineral Reserve. The Mineral Resource exclusive of Mineral Reserve is defined as the inclusive Mineral Resource less the Mineral Reserve before dilution and other factors
are applied.
(2)      “Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
(3)      Property currently in a development stage.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
18
The below summary table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K  - Summary Mineral Reserve for gold at the end of the fiscal year ended 31 December 2023,
based on an estimated gold price of $1,400/oz, unless otherwise stated.
Mineral Reserve
At 31 December 2023
Proven
Probable
Total Mineral Reserve
Gold
Tonnes (2)
Grade
Contained Gold
Tonnes (2)
Grade
Contained Gold
Tonnes (2)
Grade
Contained Gold
Million
g/t
Tonnes
Moz
Million
g/t
Tonnes
Moz
Million
g/t
Tonnes
Moz
Africa Region
50.40
2.26
114.03
3.67
211.37
2.30
486.05
15.63
261.77
2.29
600.08
19.29
Democratic Republic of the Congo
13.82
3.44
47.58
1.53
33.36
2.92
97.40
3.13
47.18
3.07
144.98
4.66
Kibali (45%)(1)(5)(8)
13.82
3.44
47.58
1.53
33.36
2.92
97.40
3.13
47.18
3.07
144.98
4.66
Ghana
10.09
4.41
44.47
1.43
61.98
3.88
240.59
7.74
72.07
3.96
285.06
9.17
Iduapriem(8)
6.29
0.97
6.07
0.20
42.95
1.35
57.96
1.86
49.25
1.30
64.03
2.06
Obuasi(8)(10)
3.79
10.12
38.40
1.23
19.03
9.60
182.63
5.87
22.83
9.68
221.03
7.11
Guinea
12.21
0.62
7.53
0.24
75.78
0.78
58.97
1.90
87.99
0.76
66.50
2.14
Siguiri (85%)(1)(8)
12.21
0.62
7.53
0.24
75.78
0.78
58.97
1.90
87.99
0.76
66.50
2.14
Tanzania
14.27
1.01
14.45
0.46
40.25
2.21
89.09
2.86
54.52
1.90
103.53
3.33
Geita(8)(11)
14.27
1.01
14.45
0.46
40.25
2.21
89.09
2.86
54.52
1.90
103.53
3.33
Americas Region
7.38
3.52
25.96
0.83
17.06
3.15
53.74
1.73
24.44
3.26
79.70
2.56
Argentina
2.09
3.26
6.82
0.22
7.21
1.91
13.76
0.44
9.30
2.21
20.58
0.66
Cerro Vanguardia (92.5%)(1)(3)(8)
2.09
3.26
6.82
0.22
7.21
1.91
13.76
0.44
9.30
2.21
20.58
0.66
Brazil
5.28
3.62
19.14
0.62
9.85
4.06
39.99
1.29
15.14
3.91
59.13
1.90
AGA Mineração - Córrego do Sítio(9)
0.84
3.10
2.62
0.08
2.01
4.42
8.89
0.29
2.86
4.03
11.50
0.37
AGA Mineração - Cuiabá(4)(8)
1.67
5.10
8.51
0.27
3.91
4.99
19.52
0.63
5.58
5.02
28.03
0.90
AGA Mineração - Lamego(4)(8)
0.36
3.27
1.17
0.04
0.86
3.53
3.03
0.10
1.22
3.45
4.19
0.13
Serra Grande(8)
2.41
2.84
6.84
0.22
3.07
2.79
8.56
0.28
5.48
2.81
15.40
0.49
Australia Region
25.33
1.27
32.23
1.04
23.36
2.10
49.07
1.58
48.69
1.67
81.30
2.61
Sunrise Dam(8)(12)
10.53
1.50
15.81
0.51
5.72
2.89
16.56
0.53
16.25
1.99
32.37
1.04
Tropicana (70%)(1)(8)
14.81
1.11
16.42
0.53
17.64
1.84
32.51
1.05
32.44
1.51
48.93
1.57
Projects
191.94
0.58
111.89
3.60
191.94
0.58
111.89
3.60
Colombia
120.01
0.67
80.83
2.60
120.01
0.67
80.83
2.60
Quebradona(3)(6)(7)
120.01
0.67
80.83
2.60
120.01
0.67
80.83
2.60
United States of America
71.93
0.43
31.05
1.00
71.93
0.43
31.05
1.00
North Bullfrog(3)(7)(13)
71.93
0.43
31.05
1.00
71.93
0.43
31.05
1.00
AngloGold Ashanti Total
83.11
2.07
172.22
5.54
443.73
1.58
700.75
22.53
526.84
1.66
872.97
28.07
Notes:
Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. The Mineral Reserve estimates with respect to our material properties have been prepared by the Qualified Persons (employed by
AngloGold Ashanti unless stated otherwise). The net difference between the Mineral Reserve at the end of the last completed fiscal year and the preceding fiscal year will be detailed for material properties, if applicable, in AngloGold
Ashanti’s annual report on Form 20-F for the year ended 31 December 2023 to be filed with the SEC. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage,
grade and content for gold to two decimals. All ounces are Troy ounces. “Moz” refers to million ounces. The Mineral Reserve tonnages and grades are estimated and reported as delivered to plant (i.e., the point where material is delivered to
the processing facility).
(1)        Mineral Reserve attributable to AngloGold Ashanti’s percentage interest shown.
(2)        “Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
(3)        The Mineral Reserve contains 17.2Moz of silver for Cerro Vanguardia, 28.1Moz of silver for Quebradona and 3.3Moz of silver for North Bullfrog to be recovered as a by-product.
(4)        The Mineral Reserve contains 0.23 million tonnes of sulphur to be recovered as a by-product for AGA Mineração - Cuiabá and Lamego, contingent upon the recommencement of operations at the Queiroz plant.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
19
(5)Operated by Barrick.  AngloGold Ashanti has recognised that in preparing this information, the Qualified Persons have relied on information provided by Barrick. Based on a gold price of $1,300/oz, with the exception of the Pamao
Main pit (based on a gold price of $1,700/oz). In 2023, an average cut-off grade of 0.80g/t was applied to the open pit, a cut-off grade of 0.55g/t was applied to the stockpile, and a cut-off grade of 1.96g/t was applied to the
underground. In 2023, a metallurgical recovery factor range from 75.9% to 90.9% (varying according to area) was applied to the open pit and stockpile, and a metallurgical recovery factor of 90% was applied to the underground.
(6)        Based on a gold price of $1,200/oz.
(7)        Property currently in a development stage.
(8)        Property currently in a production stage.
(9)        The CdS operation was placed on care and maintenance in August 2023.
(10)      In 2023, a cut-off grade range from 4.74g/t to 5.61g/t was applied to the underground (varying according to area). In 2023, a metallurgical recovery factor of 88% was applied to the underground.
(11)In 2023, a cut-off grade of 1.00g/t was applied to the open pit, a cut-off grade range from 0.70g/t to 0.80g/t (varying according to area) was applied to the stockpile, and a cut-off grade range from 2.05g/t to 2.87g/t (varying according
to area) was applied to the underground. In 2023, a metallurgical recovery factor of 90.40% was applied to the open pit, and a metallurgical recovery factor range from 91.07% to 91.63% (varying according to area) was applied to
the stockpile, and a metallurgical recovery factor range from 76.40% to 92.30% (varying according to area) was applied to the underground.
(12)    Based on a gold price of AUD2,100/oz.
(13)    Based on a gold price of $1,600/oz.
The below summary table is prepared in accordance with Table 2 to Paragraph (b) of Item 1303 of Regulation S-K - Summary Mineral Reserve for copper at the end of the fiscal year
ended 31 December 2023, based on an estimated copper price of $2.90/lb, unless otherwise stated.
Mineral Reserve
At 31 December 2023
Proven
Probable
Total Mineral Reserve
Copper
Tonnes (1)
Grade
Contained Copper
Tonnes (1)
Grade
Contained Copper
Tonnes (1)
Grade
Contained Copper
Million
%Cu
Tonnes
Million
Pounds
Million
Million
%Cu
Tonnes
Million
Pounds
Million
Million
%Cu
Tonnes
Million
Pounds
Million
Americas Region
120.01
1.23
1.47
3,250
120.01
1.23
1.47
3,250
Colombia
120.01
1.23
1.47
3,250
120.01
1.23
1.47
3,250
Quebradona(2)(3)
120.01
1.23
1.47
3,250
120.01
1.23
1.47
3,250
AngloGold Ashanti Total
120.01
1.23
1.47
3,250
120.01
1.23
1.47
3,250
Notes:
Rounding of numbers may result in computational discrepancies in the Mineral Reserve tabulations. To reflect that figures are not precise calculations and that there is uncertainty in their estimation, AngloGold Ashanti reports tonnage and
grade to two decimals and content for copper with no decimals. “Mlb” refers to million pounds.  The reference point for the Mineral Reserve is the point of delivery to the process plant. The Mineral Reserve tonnages and grades are estimated
and reported as delivered to plant (i.e., the point where material is delivered to the processing facility). 
(1)        “Tonnes” refers to a metric tonne which is equivalent to 1,000 kilograms.
(2)        The Mineral Reserve contains 28.1Moz of silver to be recovered as a by-product.
(3)        Property currently in a development stage.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
20
Dividends
The board of directors of AngloGold Ashanti plc today announces an interim dividend for the year ended 31 December 2023 of 19 US cents
per share  in line with its policy, a minimum of 20% of free cash flow* before non-sustaining capital expenditure, following a strong second
half performance.
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 NYSE
2024
Ex-dividend on New York Stock Exchange
Thursday, 14 March
Record date
Friday, 15 March
Payment date
Thursday, 28 March
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 19 US cents per ordinary share will
be converted to South African rands at the applicable exchange rate to be published on Tuesday, 12 March 2024.
In compliance with the requirements of Strate and the JSE Listings Requirements, the salient dates for payment of the dividend are as
follows
To holders of ordinary shares on the JSE
2024
Declaration date
Friday, 23 February
Currency conversion rate for South African rands announced
Tuesday, 12 March
Last date to trade ordinary shares cum dividend
Tuesday, 12 March
Ordinary shares trade ex-dividend
Wednesday, 13 March
Record date
Friday, 15 March
Payment date
Thursday, 28 March
Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP or broker.
To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 13 March
2024 and Friday, 15 March 2024, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be
permitted between Tuesday, 12 March 2024 and Friday, 15 March 2024, both days inclusive.
Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders
will be included in the finalisation announcement, which is expected to be published on Tuesday,12 March 2024.
To holders of Ghanaian Depositary Shares (GhDSs)
100 GhDSs represent one ordinary share.
2024
Currency conversion date
Tuesday, 12 March
Last date to trade and to register GhDSs cum dividend
Wednesday, 13 March
GhDSs trade ex-dividend
Wednesday, 13 March
Record date
Friday, 15 March
Approximate payment date of dividend
Thursday, 28 March
Assuming an exchange rate of US$1/¢12.3828, the gross dividend payable per share, is equivalent to ca. ¢2.3527 Ghanaian cedis.
However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
21
By order of the Board
M RAMOS                                                    A CALDERON    G DORAN
Chairman                                                    Chief Executive Officer                                    Chief Financial Officer
21 February 2024
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
22
Segmental reporting
AngloGold Ashanti’s operating segments are being reported based on the financial information regularly provided to the Chief Executive Officer and
the Executive Committee, collectively identified as the Chief Operating Decision Maker (CODM). Individual members of the Executive Committee are
responsible for geographic regions of the business.
Under the group’s operating model, the financial results and the composition of the operating segments are reported to the CODM per geographical
region.
In addition to the geographical reportable segments structure, the group has voluntarily disaggregated and disclosed the financial information on a
line-by-line basis for each mining operation to facilitate comparability of mine performance.
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
Gold income
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA
1,592
1,475
1,595
3,068
2,981
Kibali - Attributable 45%
370
298
315
668
596
Iduapriem
283
239
219
522
443
Obuasi
197
242
266
439
431
Siguiri
246
258
270
505
591
Geita
496
438
525
934
920
AUSTRALIA
568
514
492
1,081
967
Sunrise Dam
246
250
192
495
410
Tropicana - Attributable 70%
322
264
300
586
557
AMERICAS
545
453
526
999
1,036
Cerro Vanguardia
158
158
152
317
319
AngloGold Ashanti Mineração (1)
292
223
290
515
557
Serra Grande
95
72
84
167
160
2,705
2,442
2,613
5,148
4,984
Equity-accounted joint venture included above
(370)
(298)
(315)
(668)
(596)
2,335
2,144
2,298
4,480
4,388
(1) Includes income from sale of gold concentrate.
By-product revenue
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA
2
2
1
5
4
Kibali - Attributable 45%
1
2
1
Iduapriem
1
Obuasi
1
1
Siguiri
1
Geita
1
1
1
2
1
AUSTRALIA
3
2
2
4
4
Sunrise Dam
1
1
1
1
1
Tropicana - Attributable 70%
2
1
1
3
3
AMERICAS
57
38
45
95
106
Cerro Vanguardia
57
37
31
93
75
AngloGold Ashanti Mineração
1
14
2
31
62
42
48
104
114
Equity-accounted joint venture included above
(1)
(2)
(1)
61
42
48
102
113
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
23
Segmental reporting (continued)
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
Cost of sales
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA
1,051
1,060
1,069
2,111
2,008
Kibali - Attributable 45%
191
181
178
372
342
Iduapriem
192
195
161
387
314
Obuasi
156
157
151
313
266
Siguiri
239
234
252
473
492
Geita
273
293
327
566
594
AUSTRALIA
453
414
403
867
783
Sunrise Dam
202
196
186
399
371
Tropicana - Attributable 70%
237
202
202
438
382
Administration and other
14
16
15
30
30
AMERICAS
476
455
474
931
913
Cerro Vanguardia
157
151
138
307
273
AngloGold Ashanti Mineração
230
222
254
453
477
Serra Grande
89
80
83
169
162
Administration and other
2
(1)
2
1
CORPORATE AND OTHER
3
1
3
4
4
1,983
1,930
1,949
3,913
3,708
Equity-accounted joint venture included above
(191)
(181)
(178)
(372)
(342)
1,792
1,749
1,771
3,541
3,366
Gross profit (1)
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA
544
417
528
961
977
Kibali - Attributable 45%
180
117
138
297
256
Iduapriem
91
45
59
135
130
Obuasi
42
85
114
127
165
Siguiri
8
23
18
31
99
Geita
223
146
199
370
327
Administration and other
1
1
AUSTRALIA
117
102
90
220
188
Sunrise Dam
45
54
6
99
40
Tropicana - Attributable 70%
86
64
99
151
177
Administration and other
(14)
(16)
(15)
(30)
(29)
AMERICAS
126
37
98
162
229
Cerro Vanguardia
58
44
45
102
122
AngloGold Ashanti Mineração
62
2
50
63
111
Serra Grande
6
(8)
2
(2)
(2)
Administration and other
(1)
1
(1)
(2)
CORPORATE AND OTHER
(15)
(4)
(9)
(19)
(9)
772
552
707
1,324
1,385
Equity-accounted joint venture included above
(180)
(117)
(138)
(297)
(256)
592
435
569
1,027
1,129
Unaudited
(1) The group’s segmental profit measure is gross profit, which excludes the results of associates and joint ventures.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
24
Segmental reporting (continued)
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
Amortisation
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA
222
197
207
419
371
Kibali - Attributable 45%
54
45
50
99
95
Iduapriem
63
66
49
129
80
Obuasi
31
30
24
61
40
Siguiri
24
15
28
39
54
Geita
50
41
56
91
102
AUSTRALIA (1)
98
66
95
163
172
Sunrise Dam
32
25
28
58
54
Tropicana - Attributable 70%
65
40
66
104
117
Administration and other
1
1
1
1
1
AMERICAS
90
80
97
170
185
Cerro Vanguardia
20
19
23
39
39
AngloGold Ashanti Mineração
46
42
54
88
106
Serra Grande
24
19
20
43
40
CORPORATE AND OTHER
2
2
2
5
4
412
345
401
757
732
Equity-accounted joint venture included above
(54)
(45)
(50)
(99)
(95)
358
300
351
658
637
(1) The Australia amortisation disaggregated segment disclosures only relate to property, plant and equipment which do not represent shared assets between the
mining operations within the Australia geographical region and for which the group can disaggregate and allocate on a reasonable basis to the different mining
operations within such region.
Capital expenditure
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
AFRICA
430
280
359
710
576
Kibali - Attributable 45%
41
44
52
85
90
Iduapriem
71
70
93
142
146
Obuasi
140
75
95
214
159
Siguiri
63
15
16
78
27
Geita
115
76
103
191
154
AUSTRALIA
62
73
109
135
202
Sunrise Dam
26
22
30
47
50
Tropicana - Attributable 70%
36
51
79
87
152
Administration and other
1
AMERICAS
120
134
168
254
322
Cerro Vanguardia
42
33
45
75
66
AngloGold Ashanti Mineração
50
74
95
124
199
Serra Grande
28
27
28
55
57
PROJECTS
17
10
10
27
17
Colombian projects
6
5
9
11
16
North American projects
11
5
1
16
1
CORPORATE AND OTHER
1
1
1
630
497
646
1,127
1,118
Equity-accounted joint venture included above
(41)
(44)
(52)
(85)
(90)
589
453
594
1,042
1,028
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
25
Non-GAAP disclosure
From time to time AngloGold Ashanti may publicly disclose certain “Non-GAAP” financial measures in the course of its financial
presentations, earnings releases, earnings conference calls and otherwise.
In this document, AngloGold Ashanti presents the financial items “total cash costs net of by-product revenue”, “total cash costs per ounce”,
“all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs”, “all-in costs per ounce” and “average gold price received per
ounce”, which have been determined using industry guidelines and practices and are not measures under IFRS. In addition, AngloGold
Ashanti also presents the financial items “Adjusted net debt” and “free cash flow” which are not measures under IFRS either. An investor
should not consider these items in isolation or as alternatives to cost of sales, cash flows from operating activities, total borrowings or any
other measure of financial performance presented in accordance with IFRS or as an indicator of the AngloGold Ashanti group’s
performance. The AngloGold Ashanti group uses certain Non-GAAP performance measures and ratios in managing the business and may
provide users of this financial information with additional meaningful comparisons between current results and results in prior operating
periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any
other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to
similarly titled measures that other companies use.
All-in sustaining costs and all-in costs
During 2018, the World Gold Council (“WGC”), an industry body, published a revised Guidance Note on “all-in sustaining costs” and “all-in
costs” metrics, which gold mining companies can use to supplement their overall Non-GAAP disclosure. The WGC worked closely with its
members (including AngloGold Ashanti) to develop these Non-GAAP measures which are intended to provide further transparency into the
full cost associated with producing gold. It is expected that these metrics, in particular, the “all-in sustaining cost” and “all-in cost” metrics
which AngloGold Ashanti provides herein, will be helpful to investors, governments, local communities and other stakeholders in
understanding the economics of gold mining.
“All-in sustaining costs” is a Non-GAAP measure which is an extension of the existing “total cash costs net of by-product revenue” metric
and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with
developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support
these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and
evaluation cost associated with sustaining current operations. “All-in sustaining costs per ounce” is arrived at by dividing the US dollar value
of this cost metric by the ounces of gold sold.
“All-in costs” is a Non-GAAP measure comprising “all-in sustaining costs” including additional costs which reflect the varying costs of
producing gold over the life-cycle of a mine including costs incurred at new operations and costs related to growth projects at existing
operations, which are expected to increase production. “All-in costs per ounce” is arrived at by dividing the US dollar value of this cost metric
by the ounces of gold sold.
Total cash costs net of by-product revenue
“Total cash costs net of by-product revenue” is calculated in accordance with the guidelines of the Gold Institute industry standard and
industry practice and is a Non-GAAP measure. The Gold Institute, which has been incorporated into the National Mining Association, is a
non-profit international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform
format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November 1999.
“Total cash costs net of by-product revenue” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, include costs
for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclude
amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate
administration, marketing and related costs, capital costs and exploration costs. “Total cash costs per ounce” is calculated by dividing
attributable total cash costs net of by-product revenue by attributable ounces of gold produced.
Average gold price received per ounce
“Average gold price received per ounce” is a Non-GAAP measure which gives an indication of revenue earned per ounce of gold sold and
includes gold income and realised non-hedge derivatives in its calculation and serves as a benchmark of performance against the market
spot gold price. This metric is calculated by dividing attributable gold income (“price received”) by attributable ounces of gold sold.
While the Gold Institute provided definitions for the calculation of “total cash costs net of by-product revenue” and the WGC published a
revised Guidance Note on “all-in sustaining costs” and “all-in costs” metrics during 2018, the calculation of “total cash costs net of by-product
revenue”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs” and “all-in costs per ounce”
may vary significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold
mining companies. However, AngloGold Ashanti believes that “total cash costs net of by-product revenue”, “all-in sustaining costs” and “all-in
costs” in total by mine and per ounce by mine as well as “average gold price received per ounce” are useful indicators to investors and
management as they provide:
an indication of profitability, efficiency and cash flows;
the trend in costs as the mining operations mature over time on a consistent basis; and
an internal benchmark of performance to allow for comparison against other mines, both within the AngloGold Ashanti group and
at other gold mining companies.
Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating Decision
Maker (CODM), on an attributable basis. The key metrics are based on the attributable ounces, gold income, “total cash costs net of by-
product revenue”, “all-in costs” and “all-in sustaining costs” from each operation and as a consequence includes AngloGold Ashanti’s share
of the “total cash costs net of by-product revenue”, “all-in costs” and “all-in sustaining costs” of its joint ventures that are accounted for under
the equity method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
26
comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity method. This
basis of calculating the metrics, where costs should be reported on the same basis as sales (i.e., if sales are reported on an attributable
basis, then costs should be reported on an attributable basis), is also consistent with the WGC’s Guidance Note on “all-in sustaining costs”
and “all-in costs” metrics.
Although AngloGold Ashanti has shareholder rights and board representation commensurate with its ownership interests in its equity-
accounted joint ventures and review the underlying operating results including “total cash costs net of by-product revenue”, “all-in costs” and
“all-in sustaining costs” with them at each reporting period, it does not have direct control over their operations or resulting revenue and
expenses, nor does it have a proportionate legal interest in each financial statement line item. AngloGold Ashanti’s use of “total cash costs
net of by-product revenue”, “all-in costs” and “all-in sustaining costs” on an attributable basis, is not intended to imply that it has any such
control or proportionate legal interest, but rather to reflect the Non-GAAP measures on a basis consistent with its internal and external
segmental reporting.
Adjusted net debt
“Adjusted net debt” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes total borrowings adjusted for
the unamortised portion of borrowing costs and IFRS 16 lease adjustments; less cash restricted for use and cash and cash equivalents (net
of bank overdraft). The Adjusted net debt calculation is based on the formula included in AngloGold Ashanti’s Revolving Credit Facility
Agreements for compliance with the debt covenant formula.
Free cash flow
“Free cash flow” is a Non-GAAP measure and, as calculated and reported by AngloGold Ashanti, includes cash inflow from operating
activities, less cash outflow from investing activities and after finance costs, adjusted to exclude once-off acquisitions, disposals and 
corporate restructuring costs, and movements in restricted cash.
Reconciliations
A reconciliation of cost of sales as included in AngloGold Ashanti’s preliminary financial update for the six months and the year ended 31
December 2023 to “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs”, “all-in costs per ounce”, “total cash costs net of
by-product revenue” and “total cash costs per ounce” for each of the six-month periods ended 31 December 2023, 30 June 2023 and 31
December 2022 and the years ended 31 December 2023 and 2022 is presented on a total (group), total (subsidiaries/joint ventures) and
segment basis in Note A. In addition, the Company has provided detail of the attributable ounces of gold produced and sold by mine for each
of those periods below.
A reconciliation of gold income as included in AngloGold Ashanti’s preliminary financial update for the six months and the year ended 31
December 2023 to “average gold price received per ounce” for each of the six-month periods ended 31 December 2023, 30 June 2023 and
31 December 2022 and the years ended 31 December 2023 and 2022 is presented on a total (group), total (subsidiaries/joint ventures)
basis in Note B.
A reconciliation of total borrowings as included in AngloGold Ashanti’s preliminary financial update for the six months and the year ended 31
December 2023 to “Adjusted net debt” at 31 December 2023, 30 June 2023 and 31 December 2022 is presented on a total (group) basis in
Note C.
A reconciliation of net cash flow from operating activities as included in AngloGold Ashanti’s preliminary financial update for the six months
and the year ended 31 December 2023 to “free cash flow” for each of the six-month periods ended 31 December 2023, 30 June 2023 and
31 December 2022 and the years ended 31 December 2023 and 2022 is presented on a total (group) basis in Note D.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
27
ASummary of operations by mine 
For the six months ended 31 December 2023
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
All-in sustaining costs
Cost of sales per segmental information(4)
3
191
191
192
156
239
273
860
202
237
14
453
By-product revenue
(1)
(1)
(1)
(1)
(1)
(2)
(3)
Realised other commodity contracts
2
Amortisation of tangible, intangible and right of use assets
(2)
(54)
(54)
(63)
(31)
(24)
(50)
(168)
(32)
(65)
(1)
(98)
Adjusted for decommissioning and inventory amortisation
(1)
(1)
(1)
1
Corporate administration, marketing and related expenses
48
Lease payment sustaining
1
3
3
2
13
15
10
5
1
16
Sustaining exploration and study costs
3
8
11
1
1
Total sustaining capital expenditure
1
24
24
53
102
62
105
322
26
30
56
All-in sustaining costs
53
163
163
184
227
280
347
1,038
205
206
14
425
Adjusted for non-controlling interests and non-gold producing
companies(1)
(42)
(42)
All-in sustaining costs adjusted for non-controlling interest and non-
gold producing companies
53
163
163
184
227
238
347
996
205
206
14
425
All-in sustaining costs
53
163
163
184
227
280
347
1,038
205
206
14
425
Non-sustaining project capital expenditure
17
17
18
38
1
10
67
6
6
Non-sustaining lease payments
1
1
Non-sustaining exploration and study costs
4
5
1
10
4
3
13
20
Care and maintenance
Closure and social responsibility costs not related to current operations
3
6
1
7
(5)
1
(4)
Other provisions
(15)
All-in costs
41
186
1
187
202
260
285
364
1
1,112
209
215
27
451
Adjusted for non-controlling interests and non-gold producing
companies(1)
(43)
(43)
All-in costs adjusted for non-controlling interest and non-gold
producing companies
41
186
1
187
202
260
242
364
1
1,069
209
215
27
451
Gold sold - oz (000)(2)
189
189
144
101
107
253
605
126
164
290
All-in sustaining cost per ounce - $/oz(3)
862
862
1,272
2,258
2,219
1,373
1,646
1,625
1,255
1,465
All-in cost per ounce - $/oz(3)
984
988
1,398
2,595
2,255
1,438
1,767
1,654
1,311
1,555
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.
(2) Attributable portion.
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce”
calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US Dollar amount and gold produced in ounces.
(4) Refer to Segmental reporting.
(5) Corporate includes non-gold producing subsidiaries.
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
(7) Total including equity-accounted joint ventures.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
28
For the six months ended 31 December 2023
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
All-in sustaining costs
Cost of sales per segmental information(4)
157
230
89
476
191
1,792
1,983
28
202
448
1,764
1,955
By-product revenue
(57)
(57)
(1)
(61)
(62)
(57)
(61)
(62)
Realised other commodity contracts
2
2
2
2
Amortisation of tangible, intangible and right of use assets
(20)
(46)
(24)
(90)
(54)
(358)
(412)
(1)
(45)
(89)
(357)
(411)
Adjusted for decommissioning and inventory amortisation
1
(11)
1
(9)
(10)
(10)
(11)
(9)
(10)
(10)
Corporate administration, marketing and related expenses
2
50
50
50
50
Lease payment sustaining
16
4
20
3
52
55
2
14
18
50
53
Sustaining exploration and study costs
2
1
3
1
16
16
1
3
16
16
Total sustaining capital expenditure
42
48
28
118
11
24
508
532
4
44
114
504
528
All-in sustaining costs
125
238
97
1
461
14
163
1,991
2,154
33
205
428
1,958
2,121
Adjusted for non-controlling interests and non-gold producing
companies(1)
(9)
(9)
(51)
(51)
(9)
(51)
(51)
All-in sustaining costs adjusted for non-controlling
interest and non-gold producing companies
116
238
97
1
452
14
163
1,940
2,103
33
205
419
1,907
2,070
All-in sustaining costs
125
238
97
1
461
14
163
1,991
2,154
33
205
428
1,958
2,121
Non-sustaining project capital expenditure
2
2
6
17
81
98
2
79
96
Non-sustaining lease payments
2
2
3
3
2
1
1
Non-sustaining exploration and study costs
2
4
1
1
8
88
126
126
1
3
7
125
125
Care and maintenance
49
49
1
50
50
34
15
15
16
16
Closure and social responsibility costs not related to current
operations
13
4
17
7
16
23
1
12
16
15
22
Other provisions
(15)
(15)
(15)
(15)
All-in costs
127
308
102
2
539
109
187
2,252
2,439
73
235
466
2,179
2,366
Adjusted for non-controlling interests and non-gold producing
companies(1)
(9)
(9)
(52)
(52)
(9)
(52)
(52)
All-in costs adjusted for non-controlling interest and non-
gold producing companies
118
308
102
2
530
109
187
2,200
2,387
73
235
457
2,127
2,314
Gold sold - oz (000)(2)
75
162
48
285
189
1,180
1,369
12
150
273
1,168
1,357
All-in sustaining cost per ounce - $/oz(3)
1,555
1,468
2,016
1,585
862
1,644
1,536
2,573
1,373
1,539
1,633
1,526
All-in cost per ounce - $/oz(3)
1,582
1,902
2,120
1,860
988
1,864
1,743
5,674
1,577
1,680
1,822
1,706
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
29
For the six months ended 31 December 2023
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
Total cash costs
Cost of sales per segmental information(4)
3
191
191
192
156
239
273
860
202
237
14
453
- By-product revenue
(1)
(1)
(1)
(1)
(1)
(2)
(3)
- Inventory change
3
3
6
9
8
16
39
11
11
- Amortisation of tangible assets
(2)
(53)
(53)
(61)
(31)
(24)
(40)
(156)
(23)
(61)
(1)
(85)
- Amortisation of right of use assets
(1)
(1)
(2)
(10)
(12)
(9)
(4)
(13)
- Amortisation of intangible assets
- Rehabilitation and other non-cash costs
3
3
(1)
(4)
(3)
(1)
(9)
(1)
(2)
(3)
- Retrenchment costs
Total cash costs net of by-product revenue
1
142
142
134
130
220
237
721
168
179
13
360
Adjusted for non-controlling interests and non-gold producing
companies (1)
(33)
(33)
Total cash costs adjusted for non-controlling interests and non-gold
producing companies
1
142
142
134
130
187
237
688
168
179
13
360
Gold produced - oz (000)(2)
192
192
150
107
112
268
637
125
172
297
Total cash costs per ounce - $/oz(3)
741
741
895
1,216
1,679
884
1,082
1,333
1,043
1,211
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
30
For the six months ended 31 December 2023
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
Total cash costs
Cost of sales per segmental information(4)
157
230
89
476
191
1,792
1,983
28
202
448
1,764
1,955
- By-product revenue
(57)
(57)
(1)
(61)
(62)
(57)
(61)
(62)
- Inventory change
(5)
(15)
(20)
3
30
33
(1)
(14)
(19)
31
34
- Amortisation of tangible assets
(20)
(35)
(21)
(76)
(53)
(319)
(372)
(35)
(76)
(319)
(372)
- Amortisation of right of use assets
(11)
(3)
(14)
(1)
(39)
(40)
(1)
(10)
(13)
(38)
(39)
- Amortisation of intangible assets
- Rehabilitation and other non-cash costs
4
4
3
(8)
(5)
4
(8)
(5)
- Retrenchment costs
(1)
(1)
(2)
(2)
(2)
(1)
(1)
(1)
(1)
Total cash costs net of by-product revenue
75
168
68
311
142
1,393
1,535
25
143
286
1,368
1,510
Adjusted for non-controlling interests and non-gold producing
companies (1)
(6)
(6)
(39)
(39)
(6)
(39)
(39)
Total cash costs adjusted for non-controlling interests and non-
gold producing companies
69
168
68
305
142
1,354
1,496
25
143
280
1,329
1,471
Gold produced - oz (000)(2)
73
152
49
274
192
1,208
1,400
12
140
262
1,196
1,388
Total cash costs per ounce - $/oz(3)
954
1,098
1,403
1,115
741
1,122
1,069
2,069
1,013
1,070
1,112
1,060
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
31
For the six months ended 30 June 2023
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
All-in sustaining costs
Cost of sales per segmental information(4)
1
181
181
195
157
234
293
879
196
202
16
414
By-product revenue
(1)
(1)
(2)
(1)
(1)
(2)
Realised other commodity contracts
5
Amortisation of tangible, intangible and right of use assets
(2)
(45)
(45)
(66)
(30)
(15)
(41)
(152)
(25)
(40)
(1)
(66)
Adjusted for decommissioning and inventory amortisation
Corporate administration, marketing and related expenses
44
(1)
1
Lease payment sustaining
(1)
(1)
2
(1)
1
12
14
6
5
1
12
Sustaining exploration and study costs
3
5
8
2
2
Total sustaining capital expenditure
28
28
43
47
11
57
158
22
21
43
All-in sustaining costs
48
163
163
173
174
233
325
905
200
187
16
403
Adjusted for non-controlling interests and non-gold producing
companies(1)
(35)
(35)
All-in sustaining costs adjusted for non-controlling interest and non-
gold producing companies
48
163
163
173
174
198
325
870
200
187
16
403
All-in sustaining costs
48
163
163
173
174
233
325
905
200
187
16
403
Non-sustaining project capital expenditure
16
16
27
28
4
19
78
30
30
Non-sustaining lease payments
1
1
Non-sustaining exploration and study costs
1
3
4
8
1
3
9
13
Care and maintenance
Closure and social responsibility costs not related to current operations
3
2
2
Other provisions
16
All-in costs
67
181
181
201
202
240
349
992
201
220
25
446
Adjusted for non-controlling interests and non-gold producing
companies(1)
(36)
(36)
All-in costs adjusted for non-controlling interest and non-gold
producing companies
67
181
181
201
202
204
349
956
201
220
25
446
Gold sold - oz (000)(2)
154
154
124
125
114
226
589
129
137
266
All-in sustaining cost per ounce - $/oz(3)
1,060
1,060
1,396
1,392
1,747
1,436
1,477
1,541
1,363
1,510
All-in cost per ounce - $/oz(3)
1,174
1,180
1,618
1,613
1,798
1,544
1,623
1,553
1,608
1,675
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.
(2) Attributable portion.
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce”
calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US Dollar amount and gold produced in ounces.
(4) Refer to Segmental reporting.
(5) Corporate includes non-gold producing subsidiaries.
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
(7) Total including equity-accounted joint ventures.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
32
For the six months ended 30 June 2023
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
All-in sustaining costs
Cost of sales per segmental information(4)
151
222
80
2
455
181
1,749
1,930
76
146
379
1,673
1,854
By-product revenue
(37)
(1)
(38)
(42)
(42)
(1)
(38)
(42)
(42)
Realised other commodity contracts
5
5
5
5
Amortisation of tangible, intangible and right of use
assets
(19)
(42)
(19)
(80)
(45)
(300)
(345)
(5)
(37)
(75)
(295)
(340)
Adjusted for decommissioning and inventory
amortisation
7
7
7
7
7
7
7
7
Corporate administration, marketing and related
expenses
44
44
44
44
Lease payment sustaining
18
3
21
(1)
47
46
5
13
16
42
41
Sustaining exploration and study costs
4
4
1
15
15
4
15
15
Total sustaining capital expenditure
33
74
27
134
28
335
363
15
59
119
320
348
All-in sustaining costs
132
278
91
2
503
1
163
1,860
2,023
91
187
412
1,769
1,932
Adjusted for non-controlling interests and non-gold
producing companies(1)
(10)
(10)
(45)
(45)
(10)
(45)
(45)
All-in sustaining costs adjusted for non-controlling
interest and non-gold producing companies
122
278
91
2
493
1
163
1,815
1,978
91
187
402
1,724
1,887
All-in sustaining costs
132
278
91
2
503
1
163
1,860
2,023
91
187
412
1,769
1,932
Non-sustaining project capital expenditure
10
16
118
134
118
134
Non-sustaining lease payments
1
1
1
1
Non-sustaining exploration and study costs
4
2
1
7
70
98
98
2
5
96
96
Care and maintenance
2
2
2
2
2
Closure and social responsibility costs not related to
current operations
49
5
54
2
57
59
4
45
50
53
55
Other provisions
16
16
16
16
All-in costs
136
329
97
2
564
83
181
2,152
2,333
97
232
467
2,055
2,236
Adjusted for non-controlling interests and non-gold
producing companies(1)
(10)
(10)
(46)
(46)
(10)
(46)
(46)
All-in costs adjusted for non-controlling interest and
non-gold producing companies
126
329
97
2
554
83
181
2,106
2,287
97
232
457
2,009
2,190
Gold sold - oz (000)(2)
76
123
38
237
154
1,092
1,246
30
93
207
1,062
1,216
All-in sustaining cost per ounce - $/oz(3)
1,607
2,252
2,432
2,079
1,060
1,661
1,587
3,031
2,001
1,941
1,622
1,551
All-in cost per ounce - $/oz(3)
1,649
2,663
2,587
2,335
1,180
1,927
1,835
3,214
2,486
2,208
1,891
1,801
1654
1311
0
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
33
For the six months ended 30 June 2023
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
Total cash costs
Cost of sales per segmental information(4)
1
181
181
195
157
234
293
879
196
202
16
414
- By-product revenue
(1)
(1)
(2)
(1)
(1)
(2)
- Inventory change
(1)
(1)
(9)
(5)
(8)
(10)
(32)
(5)
3
(2)
- Amortisation of tangible assets
(2)
(44)
(44)
(64)
(30)
(15)
(29)
(138)
(20)
(36)
(56)
- Amortisation of right of use assets
(1)
(1)
(2)
(12)
(14)
(5)
(4)
(1)
(10)
- Amortisation of intangible assets
- Rehabilitation and other non-cash costs
(2)
(2)
(1)
(3)
(2)
(1)
(7)
1
(1)
- Retrenchment costs
Total cash costs net of by-product revenue
(1)
133
133
119
119
208
240
686
166
163
15
344
Adjusted for non-controlling interests and non-gold producing
companies (1)
(31)
(31)
Total cash costs adjusted for non-controlling interests and non-gold
producing companies
(1)
133
133
119
119
177
240
655
166
163
15
344
Gold produced - oz (000)(2)
151
151
118
117
110
217
562
127
138
265
Total cash costs per ounce - $/oz(3)
880
880
1,004
1,020
1,621
1,107
1,166
1,304
1,182
1,296
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
34
For the six months ended 30 June 2023
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do
Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
Total cash costs
Cost of sales per segmental information(4)
151
222
80
2
455
181
1,749
1,930
76
146
379
1,673
1,854
- By-product revenue
(37)
(1)
(38)
(42)
(42)
(1)
(38)
(42)
(42)
- Inventory change
3
13
16
(1)
(18)
(19)
13
16
(18)
(19)
- Amortisation of tangible assets
(19)
(30)
(16)
(65)
(44)
(261)
(305)
(3)
(27)
(62)
(258)
(302)
- Amortisation of right of use assets
(12)
(3)
(15)
(1)
(39)
(40)
(2)
(10)
(13)
(37)
(38)
- Amortisation of intangible assets
- Rehabilitation and other non-cash costs
(2)
(3)
(1)
(6)
(2)
(13)
(15)
(3)
(3)
(10)
(12)
- Retrenchment costs
(1)
(1)
(2)
(2)
(2)
(1)
(2)
(2)
(2)
Total cash costs net of by-product revenue
96
188
60
1
345
133
1,374
1,507
68
120
277
1,306
1,439
Adjusted for non-controlling interests and non-gold producing
companies (1)
(7)
(7)
(38)
(38)
(7)
(38)
(38)
Total cash costs adjusted for non-controlling interests and non-
gold producing companies
89
188
60
1
338
133
1,336
1,469
68
120
270
1,268
1,401
Gold produced - oz (000)(2)
79
142
37
258
151
1,085
1,236
31
111
227
1,054
1,205
Total cash costs per ounce - $/oz(3)
1,128
1,330
1,620
1,313
880
1,232
1,189
2,278
1,077
1,186
1,202
1,162
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
35
For the six months ended 31 December 2022
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
All-in sustaining costs
Cost of sales per segmental information(4)
3
178
178
161
151
252
327
891
186
202
15
403
By-product revenue
(1)
(1)
(1)
(1)
(2)
Realised other commodity contracts
Amortisation of tangible, intangible and right of use assets
(2)
(50)
(50)
(49)
(24)
(28)
(56)
(157)
(28)
(66)
(1)
(95)
Adjusted for decommissioning and inventory amortisation
(1)
(1)
Corporate administration, marketing and related expenses
37
Lease payment sustaining
1
5
5
1
13
14
7
5
1
13
Sustaining exploration and study costs
2
3
2
7
1
1
2
Total sustaining capital expenditure
41
41
47
46
13
80
(1)
185
30
25
55
All-in sustaining costs
39
174
174
162
173
240
364
(1)
938
195
166
15
376
Adjusted for non-controlling interests and non-gold producing
companies(1)
(36)
(36)
All-in sustaining costs adjusted for non-controlling interest and non-
gold producing companies
39
174
174
162
173
204
364
(1)
902
195
166
15
376
All-in sustaining costs
39
174
174
162
173
240
364
(1)
938
195
166
15
376
Non-sustaining project capital expenditure
11
11
46
49
3
23
1
122
54
54
Non-sustaining lease payments
1
1
Non-sustaining exploration and study costs
(1)
(1)
1
5
2
8
9
3
10
22
Care and maintenance
Closure and social responsibility costs not related to current operations
3
10
10
(14)
(14)
Other provisions
14
All-in costs
56
194
194
209
208
248
390
1,055
204
223
25
452
Adjusted for non-controlling interests and non-gold producing
companies(1)
(37)
(37)
All-in costs adjusted for non-controlling interest and non-gold
producing companies
56
194
194
209
208
211
390
1,018
204
223
25
452
Gold sold - oz (000)(2)
182
182
127
153
133
304
717
112
173
285
All-in sustaining cost per ounce - $/oz(3)
959
959
1,271
1,130
1,540
1,198
1,259
1,747
957
1,318
All-in cost per ounce - $/oz(3)
1,067
1,069
1,647
1,363
1,592
1,283
1,422
1,824
1,287
1,586
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.
(2) Attributable portion.
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce”
calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US Dollar amount and gold produced in ounces.
(4) Refer to Segmental reporting.
(5) Corporate includes non-gold producing subsidiaries.
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
(7) Total including equity-accounted joint ventures.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
36
For the six months ended 31 December 2022
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
All-in sustaining costs
Cost of sales per segmental information(4)
138
254
83
(1)
474
178
1,771
1,949
83
171
391
1,688
1,866
By-product revenue
(31)
(14)
(45)
(48)
(48)
(14)
(45)
(48)
(48)
Realised other commodity contracts
Amortisation of tangible, intangible and right of use
assets
(23)
(54)
(20)
(97)
(50)
(351)
(401)
(11)
(43)
(86)
(340)
(390)
Adjusted for decommissioning and inventory
amortisation
4
1
5
4
4
(1)
2
6
5
5
Corporate administration, marketing and related
expenses
37
37
37
37
Lease payment sustaining
16
3
19
5
47
52
5
11
14
42
47
Sustaining exploration and study costs
2
2
1
12
12
2
12
12
Total sustaining capital expenditure
45
95
28
168
41
408
449
21
74
147
387
428
All-in sustaining costs
135
298
94
(1)
526
1
174
1,880
2,054
97
201
429
1,783
1,957
Adjusted for non-controlling interests and non-gold
producing companies(1)
(10)
(10)
(46)
(46)
(10)
(46)
(46)
All-in sustaining costs adjusted for non-controlling
interest and non-gold producing companies
125
298
94
(1)
516
1
174
1,834
2,008
97
201
419
1,737
1,911
All-in sustaining costs
135
298
94
(1)
526
1
174
1,880
2,054
97
201
429
1,783
1,957
Non-sustaining project capital expenditure
10
11
186
197
186
197
Non-sustaining lease payments
1
1
1
1
Non-sustaining exploration and study costs
1
6
2
1
10
68
(1)
108
107
5
1
5
103
102
Care and maintenance
Closure and social responsibility costs not related to
current operations
6
2
8
1
10
(2)
8
1
5
7
(3)
7
Other provisions
14
14
14
14
All-in costs
136
310
98
544
80
194
2,187
2,381
103
207
441
2,084
2,278
Adjusted for non-controlling interests and non-gold
producing companies(1)
(10)
(10)
(47)
(47)
(10)
(47)
(47)
All-in costs adjusted for non-controlling interest and
non-gold producing companies
126
310
98
534
80
194
2,140
2,334
103
207
431
2,037
2,231
Gold sold - oz (000)(2)
83
168
49
300
182
1,302
1,484
42
126
258
1,260
1,442
All-in sustaining cost per ounce - $/oz(3)
1,508
1,769
1,926
1,723
959
1,409
1,354
2,297
1,594
1,629
1,379
1,326
All-in cost per ounce - $/oz(3)
1,524
1,838
1,992
1,781
1,069
1,644
1,573
2,437
1,639
1,673
1,617
1,548
1654
1311
0
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
37
For the six months ended 31 December 2022
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
Total cash costs
Cost of sales per segmental information(4)
3
178
178
161
151
252
327
891
186
202
15
403
- By-product revenue
(1)
(1)
(1)
(1)
(2)
- Inventory change
(2)
(2)
9
3
8
10
30
6
(6)
- Amortisation of tangible assets
(2)
(49)
(49)
(47)
(24)
(28)
(44)
(143)
(23)
(62)
(85)
- Amortisation of right of use assets
(1)
(1)
(2)
(12)
(14)
(5)
(4)
(1)
(10)
- Amortisation of intangible assets
- Rehabilitation and other non-cash costs
1
(1)
(5)
(5)
(10)
1
9
10
- Retrenchment costs
Total cash costs net of by-product revenue
1
126
126
122
129
227
275
753
164
138
14
316
Adjusted for non-controlling interests and non-gold producing
companies (1)
(34)
(34)
Total cash costs adjusted for non-controlling interests and non-gold
producing companies
1
126
126
122
129
193
275
719
164
138
14
316
Gold produced - oz (000)(2)
180
180
133
159
137
314
743
115
169
284
Total cash costs per ounce - $/oz(3)
698
698
920
808
1,410
876
967
1,429
818
1,115
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
38
For the six months ended 31 December 2022
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
Total cash costs
Cost of sales per segmental information(4)
138
254
83
(1)
474
178
1,771
1,949
83
171
391
1,688
1,866
- By-product revenue
(31)
(14)
(45)
(48)
(48)
(14)
(45)
(48)
(48)
- Inventory change
9
9
(2)
39
37
9
39
37
- Amortisation of tangible assets
(23)
(41)
(17)
(81)
(49)
(311)
(360)
(9)
(32)
(72)
(302)
(351)
- Amortisation of right of use assets
(13)
(3)
(16)
(1)
(40)
(41)
(2)
(11)
(14)
(38)
(39)
- Amortisation of intangible assets
- Rehabilitation and other non-cash costs
(3)
(1)
(4)
(4)
(4)
(2)
(1)
(2)
(2)
(2)
- Retrenchment costs
(1)
(1)
(2)
(2)
(2)
(1)
(2)
(2)
(2)
Total cash costs net of by-product revenue
93
182
62
(2)
335
126
1,405
1,531
70
112
265
1,335
1,461
Adjusted for non-controlling interests and non-gold producing
companies (1)
(7)
(7)
(41)
(41)
(7)
(41)
(41)
Total cash costs adjusted for non-controlling interests and non-
gold producing companies
86
182
62
(2)
328
126
1,364
1,490
70
112
258
1,294
1,420
Gold produced - oz (000)(2)
86
167
49
302
180
1,329
1,509
42
125
260
1,287
1,467
Total cash costs per ounce - $/oz(3)
994
1,092
1,266
1,092
698
1,027
988
1,667
897
999
1,006
968
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
39
For the year ended 31 December 2023
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
All-in sustaining costs
Cost of sales per segmental information(4)
4
372
372
387
313
473
566
1,739
399
438
30
867
By-product revenue
(2)
(2)
(1)
(2)
(3)
(1)
(3)
(4)
Realised other commodity contracts
7
Amortisation of tangible, intangible and right of use assets
(5)
(99)
(99)
(129)
(61)
(39)
(91)
(320)
(58)
(104)
(1)
(163)
Adjusted for decommissioning and inventory amortisation
1
1
(1)
(1)
(1)
(1)
Corporate administration, marketing and related expenses
92
Lease payment sustaining
2
2
2
3
26
29
16
11
1
28
Sustaining exploration and study costs
2
6
12
(1)
19
2
1
3
Total sustaining capital expenditure
1
52
52
96
148
74
162
480
47
50
1
98
All-in sustaining costs
101
326
326
357
401
514
672
(1)
1,943
404
393
31
828
Adjusted for non-controlling interests and non-gold producing
companies(1)
(77)
(77)
All-in sustaining costs adjusted for non-controlling interest
and non-gold producing companies
101
326
326
357
401
437
672
(1)
1,866
404
393
31
828
All-in sustaining costs
101
326
326
357
401
514
672
(1)
1,943
404
393
31
828
Non-sustaining project capital expenditure
33
33
46
66
4
29
145
37
37
Non-sustaining lease payments
2
2
Non-sustaining exploration and study costs
1
1
7
9
1
17
5
6
22
33
Care and maintenance
Closure and social responsibility costs not related to current
operations
5
7
1
8
(1)
(4)
1
1
(3)
1
(1)
(1)
(1)
Other provisions
1
All-in costs
107
367
1
368
402
463
525
713
1
2,104
410
435
52
897
Adjusted for non-controlling interests and non-gold producing
companies(1)
(79)
(79)
All-in costs adjusted for non-controlling interest and non-
gold producing companies
107
367
1
368
402
463
446
713
1
2,025
410
435
52
897
Gold sold - oz (000)(2)
343
343
268
226
221
479
1,194
256
301
557
All-in sustaining cost per ounce - $/oz(3)
951
951
1,329
1,777
1,976
1,403
1,563
1,583
1,304
1,487
All-in cost per ounce - $/oz(3)
1,069
1,074
1,500
2,050
2,020
1,488
1,696
1,603
1,446
1,612
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.
(2) Attributable portion.
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce”
calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US Dollar amount and gold produced in ounces.
(4) Refer to Segmental reporting.
(5) Corporate includes non-gold producing subsidiaries.
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
(7) Total including equity-accounted joint ventures.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
40
For the year ended 31 December 2023
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
All-in sustaining costs
Cost of sales per segmental information(4)
307
453
169
2
931
372
3,541
3,913
104
349
827
3,437
3,809
By-product revenue
(93)
(2)
(95)
(2)
(102)
(104)
(2)
(95)
(102)
(104)
Realised other commodity contracts
7
7
7
7
Amortisation of tangible, intangible and right of use assets
(39)
(88)
(43)
(170)
(99)
(658)
(757)
(6)
(82)
(164)
(652)
(751)
Adjusted for decommissioning and inventory amortisation
1
(3)
(2)
(1)
1
(5)
(4)
(3)
(2)
(5)
(4)
Corporate administration, marketing and related expenses
2
94
94
94
94
Lease payment sustaining
33
8
(1)
40
1
2
100
102
7
26
33
93
95
Sustaining exploration and study costs
6
1
1
8
2
32
32
1
8
32
32
Total sustaining capital expenditure
75
122
55
252
11
52
842
894
19
103
233
823
875
All-in sustaining costs
257
516
189
2
964
15
326
3,851
4,177
124
392
840
3,727
4,053
Adjusted for non-controlling interests and non-gold producing
companies(1)
(19)
(19)
(96)
(96)
(19)
(96)
(96)
All-in sustaining costs adjusted for non-controlling interest and
non-gold producing companies
238
516
189
2
945
15
326
3,755
4,081
124
392
821
3,631
3,957
All-in sustaining costs
257
516
189
2
964
15
326
3,851
4,177
124
392
840
3,727
4,053
Non-sustaining project capital expenditure
2
2
16
33
200
233
2
198
231
Non-sustaining lease payments
2
2
4
4
2
2
2
Non-sustaining exploration and study costs
7
6
1
1
15
158
1
223
224
3
3
12
220
221
Care and maintenance
49
49
3
52
52
34
15
15
18
18
Closure and social responsibility costs not related to current
operations
62
10
1
73
8
74
82
4
58
69
70
78
Other provisions
1
1
1
1
All-in costs
264
637
200
4
1,105
192
368
4,405
4,773
169
468
936
4,236
4,604
Adjusted for non-controlling interests and non-gold producing
companies(1)
(20)
(20)
(99)
(99)
(20)
(99)
(99)
All-in costs adjusted for non-controlling interest and non-gold
producing companies
244
637
200
4
1,085
192
368
4,306
4,674
169
468
916
4,137
4,505
Gold sold - oz (000)(2)
151
285
86
522
343
2,273
2,616
43
242
479
2,230
2,573
All-in sustaining cost per ounce - $/oz(3)
1,581
1,807
2,198
1,810
951
1,652
1,560
2,894
1,615
1,713
1,628
1,538
All-in cost per ounce - $/oz(3)
1,616
2,231
2,325
2,076
1,074
1,895
1,787
3,949
1,927
1,909
1,855
1,751
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
41
For the year ended 31 December 2023
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
Total cash costs
Cost of sales per segmental information(4)
4
372
372
387
313
473
566
1,739
399
438
30
867
- By-product revenue
(2)
(2)
(1)
(2)
(3)
(1)
(3)
(4)
- Inventory change
2
2
(2)
4
1
5
(1)
7
(6)
14
8
- Amortisation of tangible assets
(3)
(98)
(98)
(126)
(61)
(39)
(68)
(294)
(43)
(97)
(140)
- Amortisation of right of use assets
(1)
(1)
(1)
(3)
(23)
(26)
(15)
(7)
(1)
(23)
- Amortisation of intangible assets
(1)
- Rehabilitation and other non-cash costs
1
2
2
(3)
(6)
(6)
(1)
(16)
(1)
(2)
(1)
(4)
- Retrenchment costs
Total cash costs net of by-product revenue
275
275
253
249
429
477
(1)
1,407
333
343
28
704
Adjusted for non-controlling interests and non-gold
producing companies (1)
(64)
(64)
Total cash costs adjusted for non-controlling interests
and non-gold producing companies
275
275
253
249
365
477
(1)
1,343
333
343
28
704
Gold produced - oz (000)(2)
343
343
268
224
221
485
1,198
252
310
562
Total cash costs per ounce - $/oz(3)
802
802
943
1,114
1,650
984
1,121
1,318
1,105
1,251
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
42
For the year ended 31 December 2023
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries (6)
Group total (6)(7)
Total cash costs
Cost of sales per segmental information(4)
307
453
169
2
931
372
3,541
3,913
104
349
827
3,437
3,809
- By-product revenue
(93)
(2)
(95)
(2)
(102)
(104)
(2)
(95)
(102)
(104)
- Inventory change
(2)
(2)
1
(3)
2
12
14
(2)
(1)
14
16
- Amortisation of tangible assets
(39)
(66)
(37)
(142)
(98)
(579)
(677)
(3)
(63)
(139)
(576)
(674)
- Amortisation of right of use assets
(22)
(6)
(28)
(1)
(78)
(79)
(3)
(19)
(25)
(75)
(76)
- Amortisation of intangible assets
(1)
(1)
(1)
(1)
- Rehabilitation and other non-cash costs
(1)
(4)
3
(1)
(3)
2
(22)
(20)
(3)
(1)
(19)
(17)
- Retrenchment costs
(2)
(1)
(1)
(4)
(4)
(4)
(2)
(4)
(4)
(4)
Total cash costs net of by-product revenue
172
355
128
1
656
275
2,767
3,042
93
262
563
2,674
2,949
Adjusted for non-controlling interests and non-gold producing
companies (1)
(13)
(13)
(77)
(77)
(13)
(77)
(77)
Total cash costs adjusted for non-controlling interests and
non-gold producing companies
159
355
128
1
643
275
2,690
2,965
93
262
550
2,597
2,872
Gold produced - oz (000)(2)
152
294
86
532
343
2,292
2,635
42
252
490
2,250
2,593
Total cash costs per ounce - $/oz(3)
1,045
1,210
1,498
1,211
802
1,174
1,125
2,217
1,041
1,124
1,154
1,108
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
43
For the year ended 31 December 2022
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
All-in sustaining costs
Cost of sales per segmental information(4)
4
342
342
314
266
492
594
1,666
371
382
30
783
By-product revenue
(1)
(1)
(1)
(1)
(1)
(3)
(1)
(3)
(4)
Realised other commodity contracts
Amortisation of tangible, intangible and right of use assets
(4)
(95)
(95)
(80)
(40)
(54)
(102)
(276)
(54)
(117)
(1)
(172)
Adjusted for decommissioning and inventory amortisation
1
1
Corporate administration, marketing and related expenses
79
Lease payment sustaining
2
8
8
4
1
22
27
12
11
1
24
Sustaining exploration and study costs
2
5
8
15
1
1
2
Total sustaining capital expenditure
1
71
71
81
79
23
111
294
50
41
91
All-in sustaining costs
82
325
325
320
304
467
632
1,723
379
316
30
725
Adjusted for non-controlling interests and non-gold producing companies(1)
(70)
(70)
All-in sustaining costs adjusted for non-controlling interest and non-
gold producing companies
82
325
325
320
304
397
632
1,653
379
316
30
725
All-in sustaining costs
82
325
325
320
304
467
632
1,723
379
316
30
725
Non-sustaining project capital expenditure
19
19
65
80
4
43
192
111
111
Non-sustaining lease payments
3
3
Non-sustaining exploration and study costs
2
2
1
7
5
13
18
6
19
43
Care and maintenance
Closure and social responsibility costs not related to current operations
7
10
1
11
1
(23)
(22)
Other provisions
14
All-in costs
103
356
1
357
387
361
478
683
1,909
397
433
49
879
Adjusted for non-controlling interests and non-gold producing companies(1)
(72)
(72)
All-in costs adjusted for non-controlling interest and non-gold
producing companies
103
356
1
357
387
361
406
683
1,837
397
433
49
879
Gold sold - oz (000)(2)
332
332
247
241
278
515
1,281
228
311
539
All-in sustaining cost per ounce - $/oz(3)
979
979
1,299
1,264
1,428
1,227
1,291
1,666
1,014
1,345
All-in cost per ounce - $/oz(3)
1,072
1,075
1,570
1,499
1,461
1,325
1,434
1,746
1,391
1,631
(1) Adjusting for non-controlling interest of items included in calculation, to disclose the attributable portions only.
(2) Attributable portion.
(3) In addition to the operational performances of the mines, “all-in sustaining cost per ounce”, “all-in cost per ounce” and “total cash costs per ounce” are affected by fluctuations in the currency exchange rate. AngloGold Ashanti reports “all-in sustaining cost per ounce” and “all-in cost per ounce”
calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US Dollar amount and gold produced in ounces.
(4) Refer to Segmental reporting.
(5) Corporate includes non-gold producing subsidiaries.
(6) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023.
(7) Total including equity-accounted joint ventures.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
44
For the year ended 31 December 2022
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
All-in sustaining costs
Cost of sales per segmental information(4)
273
477
162
1
913
342
3,366
3,708
163
314
750
3,203
3,545
By-product revenue
(75)
(31)
(106)
(1)
(113)
(114)
(31)
(106)
(113)
(114)
Realised other commodity contracts
Amortisation of tangible, intangible and right of use assets
(39)
(106)
(40)
(185)
(95)
(637)
(732)
(24)
(82)
(161)
(613)
(708)
Adjusted for decommissioning and inventory amortisation
6
(1)
5
6
6
(3)
3
8
9
9
Corporate administration, marketing and related expenses
79
79
79
79
Lease payment sustaining
32
4
36
1
8
90
98
8
24
28
82
90
Sustaining exploration and study costs
3
1
4
21
21
1
4
21
21
Total sustaining capital expenditure
66
199
57
322
71
708
779
55
144
267
653
724
All-in sustaining costs
234
572
182
1
989
1
325
3,520
3,845
199
373
790
3,321
3,646
Adjusted for non-controlling interests and non-gold producing
companies(1)
(18)
(18)
(88)
(88)
(18)
(88)
(88)
All-in sustaining costs adjusted for non-controlling interest and
non-gold producing companies
216
572
182
1
971
1
325
3,432
3,757
199
373
772
3,233
3,558
All-in sustaining costs
234
572
182
1
989
1
325
3,520
3,845
199
373
790
3,321
3,646
Non-sustaining project capital expenditure
17
19
320
339
320
339
Non-sustaining lease payments
3
3
3
3
Non-sustaining exploration and study costs
1
9
3
1
14
113
2
183
185
6
3
8
177
179
Care and maintenance
Closure and social responsibility costs not related to current
operations
16
2
18
11
3
14
3
13
15
11
Other provisions
14
14
14
14
All-in costs
235
597
187
2
1,021
131
357
4,043
4,400
208
389
813
3,835
4,192
Adjusted for non-controlling interests and non-gold producing
companies(1)
(18)
(18)
(90)
(90)
(18)
(90)
(90)
All-in costs adjusted for non-controlling interest and non-gold
producing companies
217
597
187
2
1,003
131
357
3,953
4,310
208
389
795
3,745
4,102
Gold sold - oz (000)(2)
166
310
89
565
332
2,385
2,717
69
241
496
2,316
2,648
All-in sustaining cost per ounce - $/oz(3)
1,301
1,841
2,053
1,718
979
1,439
1,383
2,887
1,543
1,555
1,396
1,344
All-in cost per ounce - $/oz(3)
1,309
1,923
2,102
1,775
1,075
1,658
1,587
3,016
1,611
1,603
1,617
1,549
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
45
For the year ended 31 December 2022
(in US dollar million, except as otherwise noted)
AFRICA
AUSTRALIA
Corporate
and other(5)
Kibali
Other
Joint Ventures
Iduapriem
Obuasi
Siguiri
Geita
Africa other
Subsidiaries
Sunrise Dam
Tropicana
Australia other
Australia
Total cash costs
Cost of sales per segmental information(4)
4
342
342
314
266
492
594
1,666
371
382
30
783
- By-product revenue
(1)
(1)
(1)
(1)
(1)
(3)
(1)
(3)
(4)
- Inventory change
3
3
3
6
4
7
(1)
19
8
(5)
3
- Amortisation of tangible assets
(3)
(93)
(93)
(77)
(39)
(53)
(77)
(246)
(43)
(109)
(152)
- Amortisation of right of use assets
(1)
(2)
(2)
(3)
(1)
(25)
(29)
(11)
(8)
(1)
(20)
- Amortisation of intangible assets
(1)
(1)
- Rehabilitation and other non-cash costs
(4)
(4)
4
(2)
(8)
(7)
(13)
2
12
(1)
13
- Retrenchment costs
(1)
(1)
Total cash costs net of by-product revenue
245
245
240
229
434
491
(1)
1,393
326
269
27
622
Adjusted for non-controlling interests and non-gold producing
companies (1)
(65)
(65)
Total cash costs adjusted for non-controlling interests and non-gold
producing companies
245
245
240
229
369
491
(1)
1,328
326
269
27
622
Gold produced - oz (000)(2)
337
337
248
250
279
521
1,298
232
306
538
Total cash costs per ounce - $/oz(3)
725
725
970
914
1,319
944
1,023
1,402
881
1,157
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
46
For the year ended 31 December 2022
(in US dollar million, except as otherwise noted)
AMERICAS
Adjusted to exclude the Córrego do Sítio operation
Cerro
Vanguardia
AngloGold
Ashanti
Mineração
Serra Grande
Americas other
Americas
Projects
Joint Ventures
Subsidiaries
Group total (7)
Córrego do
Sítio
AngloGold
Ashanti
Mineração(6)
Americas(6)
Subsidiaries(6)
Group total (6)(7)
Total cash costs
Cost of sales per segmental information(4)
273
477
162
1
913
342
3,366
3,708
163
314
750
3,203
3,545
- By-product revenue
(75)
(31)
(106)
(1)
(113)
(114)
(31)
(106)
(113)
(114)
- Inventory change
9
1
(1)
(1)
8
3
30
33
(2)
3
10
32
35
- Amortisation of tangible assets
(39)
(79)
(36)
(154)
(93)
(555)
(648)
(19)
(60)
(135)
(536)
(629)
- Amortisation of right of use assets
(27)
(4)
(31)
(2)
(81)
(83)
(5)
(22)
(26)
(76)
(78)
- Amortisation of intangible assets
(1)
(1)
(1)
(1)
- Rehabilitation and other non-cash costs
2
(1)
(1)
(4)
(4)
(2)
1
2
2
(2)
- Retrenchment costs
(2)
(2)
(1)
(5)
(6)
(6)
(2)
(5)
(6)
(6)
Total cash costs net of by-product revenue
168
338
119
625
245
2,640
2,885
135
203
490
2,505
2,750
Adjusted for non-controlling interests and non-gold producing
companies (1)
(13)
(13)
(78)
(78)
(13)
(78)
(78)
Total cash costs adjusted for non-controlling interests and non-
gold producing companies
155
338
119
612
245
2,562
2,807
135
203
477
2,427
2,672
Gold produced - oz (000)(2)
170
311
88
569
337
2,405
2,742
70
241
499
2,335
2,672
Total cash costs per ounce - $/oz(3)
913
1,088
1,355
1,078
725
1,066
1,024
1,946
841
957
1,040
1,000
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
47
BAverage gold price received per ounce
Six months
Six months
Six months
Year
Year
ended
ended
ended
ended
ended
Dec
Jun
Dec
Dec
Dec
2023
2023
2022
2023
2022
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Subsidiaries
Joint Ventures
Gold income
2,335
370
2,144
298
2,298
315
4,480
668
4,388
596
Realised gain on non-hedge derivatives
1
1
2
Adjusted for non-controlling interests
(49)
(50)
(51)
(99)
(112)
Attributable gold income including realised non-hedge derivatives
2,287
370
2,095
298
2,247
315
4,383
668
4,276
596
Attributable gold sold - oz (000) (1)
1,180
189
1,092
154
1,302
182
2,273
343
2,385
332
Average gold price received per ounce - $/oz
1,939
1,953
1,917
1,941
1,725
1,732
1,928
1,948
1,793
1,795
(1) Includes gold sold from CdS.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
48
CAdjusted net debt (1)
At
At
At
Dec
Jun
Dec
2023
2023
2022
US Dollar million
Unaudited
Unaudited
Unaudited
Borrowings - total
2,239
1,913
1,983
Lease liabilities - total
171
178
186
Total borrowings
2,410
2,091
2,169
Less cash and cash equivalents (net of bank overdraft)
(955)
(717)
(1,106)
Net debt
1,455
1,374
1,063
Adjustments:
IFRS16 lease adjustments
(149)
(153)
(158)
Corporate office lease
Unamortised portion of borrowing costs
30
32
33
Cash restricted for use
(68)
(59)
(60)
Adjusted net debt
1,268
1,194
878
(1) Net debt (as adjusted) and prepared in terms of the formula set out in the Revolving Credit Agreements.
DFree cash flow (2)
Six months
ended
Dec 2023
Six months
ended
Jun 2023
Six months
ended
Dec 2022
Year ended
Dec 2023
Year ended
Dec 2022
US Dollar million
Unaudited
Unaudited
Unaudited
Unaudited
Unaudited
Cash generated from operations
555
316
714
871
1,244
Dividends received from joint ventures
143
37
145
180
694
Taxation refund
36
32
36
32
Taxation paid
(56)
(60)
(79)
(116)
(166)
Net cash inflow from operating activities
678
293
812
971
1,804
Corporate restructuring costs
264
4
268
Capital expenditure on tangible and intangible assets
(589)
(453)
(594)
(1,042)
(1,028)
Net cash from operating activities after capital
expenditure and excluding corporate restructuring
costs
353
(156)
218
197
776
Repayment of lease liabilities
(50)
(44)
(42)
(94)
(82)
Finance costs accrued and capitalised
(68)
(64)
(61)
(132)
(132)
Net cash flow after capital expenditure and interest
235
(264)
115
(29)
562
Other net cash inflow from investing activities
66
59
72
125
86
Other
5
(1)
4
4
5
Add backs:
Cash restricted for use
8
1
(6)
9
4
Free cash flow
314
(205)
185
109
657
Kibali legacy free cash flow received
(460)
Free cash flow (excluding Kibali legacy free cash flow
received)
314
(205)
185
109
197
(2) Adjusted to exclude corporate restructuring costs.
Rounding of figures may result in computational discrepancies.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
49
Other information - Exchange rates
Dec
Jun
Dec
2023
2023
2022
Unaudited
Unaudited
Unaudited
ZAR/USD average for the year to date
18.45
18.21
16.37
ZAR/USD average for the half year to date
18.68
18.21
17.33
ZAR/USD closing
18.28
18.83
17.00
AUD/USD average for the year to date
1.51
1.48
1.44
AUD/USD average for the half year to date
1.53
1.48
1.49
AUD/USD closing
1.47
1.50
1.47
BRL/USD average for the year to date
5.00
5.07
5.16
BRL/USD average for the half year to date
4.92
5.07
5.25
BRL/USD closing
4.84
4.82
5.22
ARS/USD average for the year to date
293.67
212.58
130.87
ARS/USD average for the half year to date
378.60
212.58
149.03
ARS/USD closing
808.48
256.68
177.13
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
50
Administration and corporate information
AngloGold Ashanti plc
Incorporated in England & Wales
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
Share codes:
ISIN: GB00BRXH2664
CUSIP:  G0378L100
NYSE: AU
JSE: ANG
A2X: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD
JSE Sponsor:
The Standard Bank of South Africa Limited
Auditors: PricewaterhouseCoopers Inc.
Offices
Registered and Corporate
4th Floor, Communications House
South Street
Staines-upon-Thames
Surrey TW18 4PR
United Kingdom
Telephone: +44 (0) 203 968 3320
Fax:  +44 (0) 203 968 3325
Australia
Level 10, AMP Building,
140 St George’s Terrace
Perth, WA 6000
(PO Box Z5046, Perth WA 6831)
Australia
Telephone:  +61 8 9425 4602
Fax:  +61 8 9425 4662
Ghana
Gold House
Patrice Lumumba Road
(PO Box 2665)
Accra
Ghana
Telephone:  +233 303 773400
Fax:  +233 303 778155
Directors
Executive
A Calderon (Chief Executive Officer)
GA Doran (Chief Financial Officer)
Non-Executive
MDC Ramos^ (Chairman)
KOF Busia
AM Ferguson*
AH Garner#
R Gasant^ 
SP Lawson#
J Magie§
MC Richter#~
DL Sands#
JE Tilk§ 
* British  § Canadian  #American  Australian
~Panamanian  ^South African  Ghanaian
Officers
HC Grantham
Interim Company Secretary
Company secretarial e-mail
Companysecretary@anglogoldashanti.com
Investor Relations contacts
Yatish Chowthee
Telephone: +27 11 637 6273
Mobile: +27 78 364 2080
E-mail: yrchowthee@anglogoldashanti.com
Andrea Maxey
Telephone: +61 08 9425 4603
Mobile: +61 400 072 199
E-mail: amaxey@anglogoldashanti.com
AngloGold Ashanti website
www.anglogoldashanti.com
AngloGold Ashanti posts information that may be important
to investors on the main page of its website at
www.anglogoldashanti.com and under the “Investors” tab on
the main page. This information is updated periodically.
AngloGold Ashanti intends to use its website as a means of
disclosing material non-public information to the public in a
broad, non-exclusionary manner and for complying with its
disclosure obligations. Accordingly, investors should visit
this website regularly to obtain important information about
AngloGold Ashanti, in addition to following its press
releases, documents it files with, or furnishes to, the United
States Securities and Exchange Commission (SEC) and
public conference calls and webcasts. No material on the
AngloGold Ashanti website forms any part of, or is
incorporated by reference into, this document. References
herein to the AngloGold Ashanti website shall not be
deemed to cause such incorporation.
PUBLISHED BY ANGLOGOLD ASHANTI
Share Registrars
United States
Computershare Trust Company, N.A.
150 Royall Street
Suite 101
Canton, MA 02021
United States of America
Telephone US: 866-644-4127
Telephone non-US: +1-781-575-2000
Shareholder Online Inquiries:
https://www-us.computershare.com/Investor/#Contact
Website: www.computershare.com/investor
South Africa
Computershare Investor Services (Pty) Limited
Rosebank Towers, 15 Biermann Avenue
Rosebank, 2196
(PO Box 61051, Marshalltown 2107)
South Africa
Telephone: 0861 100 950 (in SA)
Fax: +27 11 688 5218
E-mail: queries@computershare.co.za
Website: www.computershare.com
Ghana
Central Securities Depository (GH) LTD
4th Floor, Cedi House
PMB CT 465, Cantonments
Accra, Ghana
Telephone: +233 302 689313
Fax: +233 302 689315
Ghana depositary
NTHC Limited
18 Gamel Abdul Nasser Avenue
Ringway Estate
Accra, Ghana
Telephone: +233 302 235814/6
Fax: +233 302 229975
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, total cash costs, all-in sustaining costs, all-in costs, cost savings and other operating results, return on equity, productivity improvements, growth
prospects 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, the consequences of the COVID-19 pandemic 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 (including the COVID-19 pandemic), 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 Limited’s annual report on Form 20-F for the year ended 31 December 2022 filed with the United States Securities and Exchange Commission (SEC) and
AngloGold Ashanti’s registration statement on Form F-4 initially filed with the SEC on 23 June 2023. 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.
FY 2023 Preliminary Financial Update - www.AngloGoldAshanti.com
51
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
                                                                    AngloGold Ashanti plc
Date: 23 February 2024
By:/s/ HC GRANTHAM
Name:HC Grantham
Title:Interim Company Secretary