AngloGold Ashanti (AU) investor relations material

Executive summary

• Q3 production was 696koz, down 9% YoY; free cash flow was $722m and net cash reached $1.256bn, supported by an average received gold price of $4,239/oz.

• YTD production was 2,164koz, down 4% YoY excluding Serra Grande; EBITDA rose 56% to $5.8bn and headline earnings rose 75% to $3.1bn.

• FY2026 production guidance of 2,800–3,170koz was reaffirmed; stronger Q4 output is expected as higher-grade stopes become accessible.

Financial highlights

• Q3 revenue from product sales was $2.619bn vs $2.417bn YoY; gross profit was $1.303bn vs $1.192bn, and EBITDA was $1.568bn vs $1.400bn.

• Q3 profit was $927m vs $815m; attributable profit was $787m, or 154 US cents/share, and headline earnings were $790m, or 155 US cents/share.

• Q3 operating cash flow was $1.380bn, free cash flow $722m and capital expenditure $563m; free cash flow declined 22% YoY.

• YTD operating cash flow was $4.5bn, free cash flow $2.617bn and capital expenditure $1.579bn; dividends declared were $1.310bn.

• YTD total cash costs were $1,467/oz, up 20% YoY; market pressures included royalties, fuel, inflation and FX, while controllable costs rose ~4%.

Outlook and guidance

• FY2026 production guidance was reaffirmed at 2,800–3,170koz: managed operations 2,530–2,860koz and non-managed operations 270–310koz.

• 2026 total cash cost guidance is $1,315–$1,430/oz and AISC guidance is $1,780–$1,990/oz; production, costs and capital spending are expected within guided ranges.

• Q4 is expected to benefit from higher-grade stopes and operational improvements at Iduapriem, Sukari and Obuasi; Obuasi targets a ~300koz annualized Q4 run rate.

• Guidance assumptions include gold at ~$4,250/oz and Brent at $61/bbl, and exclude operational, labour or power interruptions.

• Geita, Siguiri and Cuiabá brownfield projects forecast $750m–$900m capex over three years and 150–450koz incremental production from a 2025 base by decade-end.