Performance summary 2022

• Production for the Africa region for the year was 15% up at 1.635Moz, achieved at a total cash cost of $962/oz. This compares to 1.419Moz at a total cash cost of $904/oz for 2021
• All-in sustaining cost of $1,227/oz for the year ended 31 December 2022, compared to $1,161/oz for 2021
• Regional capital expenditure of $576m, equivalent to 56% of Group expenditure (2021: $506m; 49%) – is broken down by operation as follows: Kibali $90m (2021: $72m); Iduapriem $146m (2021: $105m); Obuasi $159m (2021: $168m); Siguiri $27m (2021: $39m); Geita $154m (2021: $122m)
• Safety performance improved – there were no occupational fatalities at Company-operated mines and a TRIFR of 0.33 per million hours worked was recorded (2021:0.61)
• Regional community investment totalled $10.19m (2021: $10.5m)
• With Obuasi having received its ISO 45001 (health and safety) certification, all our Africa operations are now certified in terms of ISO 45001, ISO 14001 (environmental management) and the International Cyanide Management Code

Our African production rose 15% year-on-year and total cash costs increased by 6% as we worked to limit the impact of inflation on cost structures. We continued integration of the new Operating Model, the existing Operational Excellence programme, and the FP Programme launched during 2021.

Production for the year rose at Obuasi by 131%, at Iduapriem by 23%, at Siguiri by 8% and at Geita by 7%.

At Geita gold production was up year-on-year mainly due to increased ore volumes processed as well as higher recovered grades. Geita recorded strong production, exceeding 500,000oz for 2022. Higher volumes and grades drove performance in the second half of the year. We are reaching the end of the reinvestment programme at the mine and Geita is now back to operating a production rate of above 500,000oz annually.

In the second half of 2022, Geita was part of the FP programme designed to enhance understanding of the relative potential of each asset and includes developing a plan and implementation schedule to achieve the targeted performance over the next six to 24 months.

At Siguiri production increased in the year mainly due to higher recovered grades, partly offset by lower ore volumes processed. Reduced volumes of ore processed were a result of local community protests related to employment demands which led to mining disruptions and the temporary suspension of mining activities for ten days in July 2022.

Siguiri was the first of the African operations to be involved in the FP programme with the leadership team focusing on increasing the volume of high-grade oxide ore from Block 2. This increase was successful and is reflected in the year-on-year increase in production. We are starting to see the benefits of the FP programme at Siguiri and a second contractor was hired to deliver higher volumes of higher-grade oxide ore from Block 2.

At Iduapriem, gold production increased year-on-year, due, in the main to the higher ore volumes processed, supported by higher grades recovered as the mine accessed ore from Block 5 and Teberebie Cut 2a.

Obuasi’s production increased in the year, primarily due to the resumption of stoping activities following the temporary suspension of underground stoping activities in 2021 due to a sill pillar incident in May of that year. In the first months of 2023, we have been mining more than 4,000tpd of gold bearing rock.

In the DRC, Kibali’s production was lower year-on-year mainly due to lower grades. This was partly offset by a marginal increase in ore volumes processed. In the final quarter of 2022 production improved by 17% compared to the third quarter as grades and volumes increased.