AngloGold Ashanti (AU) Mining Forum Americas 2026 summary

Operational performance and safety

• Consistently meets production guidance and maintains strong cost control despite external factors like royalties and inflation.

• Safety remains a top priority, with a strong record ranking in the top 3 among ICMM members and continuous improvement in protocols.

• Flooding and a fatality impacted operations at Iduapriem and Obuasi, but medium-term production targets remain unchanged.

• Portfolio breadth and Tier 1 asset scale help offset operational disruptions, anchored by low-cost, high-margin assets in Africa, Australia, and the Americas.

• Decarbonization projects are advancing to meet 2030 environmental targets.

Asset portfolio and growth projects

• Majority of production comes from Tier 1 assets, with ambitions to reach 80% Tier 1 by mid-next decade.

• Quebradona copper project in Colombia is being fast-tracked with government support, aiming for approval within 18–24 months and production by decade's end.

• Five key brownfield projects (Geita, Cuiabá, Obuasi, Sukari, Siguiri) targeted to add 350,000–450,000 oz over three years through gradual increases.

• Obuasi's Block 11, with higher grades, expected to drive significant growth from 2029, targeting 400koz/year by 2028.

• Nevada's Arthur Gold project is set to become the largest and most valuable asset in the 2030s, with reserves expected to grow and production to average 700,000–800,000 oz for decades; feasibility study underway for 500koz/year over an initial 9-year mine life.

Financial discipline and capital allocation

• Maintains a clear capital allocation strategy: fund CapEx from operations, return at least 50% of free cash flow to shareholders via dividends and buybacks.

• Dividend payout framework delivers over 50% of free cash flow to shareholders, with $949m declared in H1 2026 and a new $2bn share repurchase program approved.

• Net cash position at end of June 2026 was $991m, with a net debt/EBITDA ratio of -0.13:1, reflecting a robust balance sheet.

• Total dividends declared since 2024 exceed $3.0bn, supported by strong cash generation and disciplined capital returns.

• Buyback program delayed in South Africa due to regulatory permissions but will proceed.