{"id":8,"date":"2026-02-03T14:14:14","date_gmt":"2026-02-03T12:14:14","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/25\/?page_id=8"},"modified":"2026-03-26T04:27:01","modified_gmt":"2026-03-26T02:27:01","slug":"ar","status":"publish","type":"page","link":"https:\/\/reports.anglogoldashanti.com\/25\/ar\/","title":{"rendered":"2025 Annual report"},"content":{"rendered":"\n<div class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\" id=\"pageNavigation\">\n<div class=\"wp-block-group alignwide is-content-justification-space-between is-nowrap is-layout-flex wp-container-core-group-is-layout-788841da wp-block-group-is-layout-flex wp-container-1 is-position-sticky\">\n<h1 class=\"wp-block-heading has-medium-font-size\" style=\"font-style:normal;font-weight:300;letter-spacing:3px;text-transform:uppercase\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-primary-color\">2025<\/mark> <\/strong>Annual report<\/h1>\n\n\n<nav class=\"wp-block-navigation has-roboto-condensed-font-family is-layout-flex wp-container-core-navigation-is-layout-b506fa35 wp-block-navigation-is-layout-flex\" aria-label=\"AR\"><ul class=\"wp-block-navigation__container wp-block-navigation has-roboto-condensed-font-family\"><li class=\"wp-block-navigation-item wp-block-navigation-link\"><a class=\"wp-block-navigation-item__content\"  href=\"#snapshot\"><span class=\"wp-block-navigation-item__label\">2025 &#8211; a record year<\/span><\/a><\/li><li class=\"wp-block-navigation-item wp-block-navigation-link\"><a class=\"wp-block-navigation-item__content\"  href=\"#leadership\"><span class=\"wp-block-navigation-item__label\">View from the top<\/span><\/a><\/li><li class=\"wp-block-navigation-item wp-block-navigation-link\"><a class=\"wp-block-navigation-item__content\"  href=\"#strategy\"><span class=\"wp-block-navigation-item__label\">Delivering on our strategy<\/span><\/a><\/li><li class=\"wp-block-navigation-item wp-block-navigation-link\"><a class=\"wp-block-navigation-item__content\"  href=\"#footprint\"><span class=\"wp-block-navigation-item__label\">Our footprint<\/span><\/a><\/li><li class=\"wp-block-navigation-item wp-block-navigation-link\"><a class=\"wp-block-navigation-item__content\"  href=\"#financials\"><span class=\"wp-block-navigation-item__label\">Financial review<\/span><\/a><\/li><\/ul><\/nav><\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-776bf769 wp-block-group-is-layout-constrained\" id=\"introduction\" style=\"margin-top:var(--wp--preset--spacing--70);margin-bottom:var(--wp--preset--spacing--70)\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-198c7611 wp-block-group-is-layout-flex\">\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-2195425d5145d7bb9179764a19d0d716 wp-block-paragraph\" style=\"font-size:clamp(1.198rem, 1.198rem + ((1vw - 0.2rem) * 0.878), 1.9rem);font-style:normal;font-weight:500;letter-spacing:2px;line-height:1.2\">This webpage does not purport to be a complete summary of the underlying 2025 Annual Report and should be read in conjunction therewith, including the qualifications and limitations described therein, as there may be information in the underlying 2025 Annual Report that may be important.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link has-foreground-color has-text-color has-link-color has-normal-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/AGA-AR25.pdf\">2025 Annual Report (pdf)<\/a><\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-group alignwide is-nowrap is-layout-flex wp-container-core-group-is-layout-38250f08 wp-block-group-is-layout-flex\" id=\"snapshot\" style=\"margin-top:var(--wp--preset--spacing--50);margin-bottom:var(--wp--preset--spacing--50)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<h2 class=\"wp-block-heading\">2025 &#8211; a record year<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-default wp-container-content-9cfa9a5a\"\/>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:var(--wp--preset--spacing--60);margin-bottom:var(--wp--preset--spacing--60)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<div class=\"wp-block-group alignwide chart-grid is-layout-grid wp-container-core-group-is-layout-9897f74c wp-block-group-is-layout-grid\" style=\"margin-top:var(--wp--preset--spacing--50);margin-bottom:var(--wp--preset--spacing--50)\">\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Gold produced<\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-ca1df201af01bb069f1e56310d98d5ec wp-block-paragraph\"><strong>3.09Moz<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-1eYT2d wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1eYT2d-CSxWy43VWpjC\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-gold-produced.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1eYT2d-CSxWy43VWpjC', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Free cash flow<sup> APM<\/sup><\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-e85f96080dce1147231e99c486377036 wp-block-paragraph\"><strong>$2,908m<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-1qzUtM wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1qzUtM-U5kw5Dviw6Lt\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-free-cash-flow.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1qzUtM-U5kw5Dviw6Lt', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '0', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Adjusted EBITDA<sup> APM<\/sup><\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-ac7727a5a4d33a25f30344e5696bd788 wp-block-paragraph\"><strong>$6.29bn<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-iXO6s wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-iXO6s-XswVFnQX34Qg\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-adjusted-ebitda.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-iXO6s-XswVFnQX34Qg', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Total cash costs<sup>APM<\/sup><\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-c4036780095b6b2845ff3eddb152453b wp-block-paragraph\"><strong>$1,242\/oz<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-260Yzq wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-260Yzq-okMkgjJyZQde\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-total-cash-costs.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-260Yzq-okMkgjJyZQde', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '0', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">All-in sustaining costs<sup>APM<\/sup><\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-da9341a5298166f20d8899fc838b72fa wp-block-paragraph\"><strong>$1,709\/oz<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-1N5iXd wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1N5iXd-eeZGaKGLo8fH\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-aisc.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1N5iXd-eeZGaKGLo8fH', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '0', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Dividends declared<\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-f7e404c0f6c6e3a34edb6da74ef12b1a wp-block-paragraph\"><strong>$1.8bn<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-Z1H96SA wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-Z1H96SA-qATVxCQfuEPs\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-dividends.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-Z1H96SA-qATVxCQfuEPs', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '0', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Revenue from product sales<\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-de1b73ba8a2e055f215953721e705358 wp-block-paragraph\"><strong>$9.9bn<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-nhFju wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-nhFju-kIo47Sgct5q4\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-revenue-product-sales.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-nhFju-kIo47Sgct5q4', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '1', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Adjusted net (cash) debt<sup>APM<\/sup> to adjusted EBITDA<sup>APM<\/sup><\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-ea88a5a64cafd640b9ead9845bbbf4a7 wp-block-paragraph\"><strong>(0.14)<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-290A8I wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-290A8I-fQWXoXjIAOXD\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-adjusted-debt-vs-ebidta.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-290A8I-fQWXoXjIAOXD', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group glassmorphic has-global-padding is-layout-constrained wp-container-core-group-is-layout-8d78d0e8 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--20);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--20);padding-left:var(--wp--preset--spacing--30)\">\n<h4 class=\"wp-block-heading\">Total recordable injury frequency rate (TRIFR) \nper million hours worked*<\/h4>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-d1da1201cc7557100e97d303adcedcb0 wp-block-paragraph\"><strong>0.97<\/strong><\/p>\n\n\n<div class=\"lazyblock-charts-1d8K9M wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1d8K9M-rqa4gjvkSeXu\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-snapshot-trifr.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1d8K9M-rqa4gjvkSeXu', '',\n               'dark', 'standard-bar', 'bottom',\n               '', 'stack-total', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Note: APM refers to \u201calternative performance measures\u201d, which are non-IFRS or non-GAAP financial measures. For more information on each of these measures, indicated by <sup>APM<\/sup> in the report, and how they are defined and calculated, see Alternative performance measures on pages 237\u2013256 in the full <a href=\"https:\/\/reports.anglogoldashanti.com\/25\/download\/AGA-AR25.pdf\">2025 Annual Report<\/a> (PDF \u2013 9.65MB)<\/em><\/p>\n<\/section>\n\n\n\n<div class=\"wp-block-group alignwide is-nowrap is-layout-flex wp-container-core-group-is-layout-38250f08 wp-block-group-is-layout-flex\" id=\"leadership\" style=\"margin-top:var(--wp--preset--spacing--50);margin-bottom:var(--wp--preset--spacing--50)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<h2 class=\"wp-block-heading\">View from the top<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-default wp-container-content-9cfa9a5a\"\/>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--60);margin-bottom:var(--wp--preset--spacing--60)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<div class=\"wp-block-group alignwide has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-b94141f8 wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-query alignwide is-layout-flow wp-block-query-is-layout-flow\"><ul class=\"wp-block-post-template is-layout-grid wp-container-core-post-template-is-layout-f9654b6d wp-block-post-template-is-layout-grid\"><li class=\"wp-block-post post-238 post type-post status-publish format-standard has-post-thumbnail hentry category-leadership-ar tag-leadership\">\n\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-bottom-center\" style=\"border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-left-radius:10px;border-bottom-right-radius:10px;padding-top:var(--wp--preset--spacing--40);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--40);min-height:640px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-background-color has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1119\" height=\"1978\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chairman-jochen-tilk.jpg\" class=\"wp-block-cover__image-background wp-post-image\" alt=\"\" data-object-fit=\"cover\" data-object-position=\"52% 1%\" style=\"object-position:52% 1%;\" srcset=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chairman-jochen-tilk.jpg 1119w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chairman-jochen-tilk-611x1080.jpg 611w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chairman-jochen-tilk-962x1700.jpg 962w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chairman-jochen-tilk-768x1358.jpg 768w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/chairman-jochen-tilk-869x1536.jpg 869w\" sizes=\"auto, (max-width: 1119px) 100vw, 1119px\" \/><div class=\"wp-block-cover__inner-container has-global-padding is-layout-constrained wp-container-core-cover-is-layout-c576fb49 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group glassmorphic has-dark-gray-color has-text-color has-link-color wp-elements-fea1eae7454c114df3898b98ff4d8f2b has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-c7062723 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\"><h3 class=\"has-link-color wp-elements-dbb0d6c7ff1f0e2fe6e087fd3d7d34c1 wp-block-post-title has-text-color has-foreground-color\"><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/leadership-ar\/chairs-message\/\" target=\"_self\" >Chair\u2019s letter<\/a><\/h3>\n\n<div class=\"has-link-color wp-elements-d164cbcda097cca5ea0ab1f6b405db7a wp-block-post-excerpt has-text-color has-teal-color has-large-font-size\"><p class=\"wp-block-post-excerpt__excerpt\">Governance, risk and shared value in a turbulent world <\/p><\/div>\n\n<a class=\"wp-elements-bc3c3cef83221b5c6d2a2e20d41074c6 wp-block-read-more has-text-color has-primary-color\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/leadership-ar\/chairs-message\/\" target=\"_self\"><strong>Read more<\/strong><span class=\"screen-reader-text\">: Chair\u2019s letter<\/span><\/a><\/div>\n<\/div><\/div>\n\n<\/li><li class=\"wp-block-post post-240 post type-post status-publish format-standard has-post-thumbnail hentry category-leadership-ar tag-leadership\">\n\n<div class=\"wp-block-cover is-light has-custom-content-position is-position-bottom-center\" style=\"border-top-left-radius:10px;border-top-right-radius:10px;border-bottom-left-radius:10px;border-bottom-right-radius:10px;padding-top:var(--wp--preset--spacing--40);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--40);min-height:640px;aspect-ratio:unset;\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-background-color has-background-dim-0 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1246\" height=\"2560\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-scaled.jpg\" class=\"wp-block-cover__image-background wp-post-image\" alt=\"\" data-object-fit=\"cover\" data-object-position=\"52% 1%\" style=\"object-position:52% 1%;\" srcset=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-scaled.jpg 1246w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-526x1080.jpg 526w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-828x1700.jpg 828w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-768x1578.jpg 768w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-748x1536.jpg 748w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/ceo-alberto-calderon-997x2048.jpg 997w\" sizes=\"auto, (max-width: 1246px) 100vw, 1246px\" \/><div class=\"wp-block-cover__inner-container has-global-padding is-layout-constrained wp-container-core-cover-is-layout-c576fb49 wp-block-cover-is-layout-constrained\">\n<div class=\"wp-block-group glassmorphic has-dark-gray-color has-text-color has-link-color wp-elements-fea1eae7454c114df3898b98ff4d8f2b has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-c7062723 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--30);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\"><h3 class=\"has-link-color wp-elements-dbb0d6c7ff1f0e2fe6e087fd3d7d34c1 wp-block-post-title has-text-color has-foreground-color\"><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/leadership-ar\/ceos-statement\/\" target=\"_self\" >CEO\u2019s statement<\/a><\/h3>\n\n<div class=\"has-link-color wp-elements-d164cbcda097cca5ea0ab1f6b405db7a wp-block-post-excerpt has-text-color has-teal-color has-large-font-size\"><p class=\"wp-block-post-excerpt__excerpt\">Delivering on our promises <\/p><\/div>\n\n<a class=\"wp-elements-bc3c3cef83221b5c6d2a2e20d41074c6 wp-block-read-more has-text-color has-primary-color\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/leadership-ar\/ceos-statement\/\" target=\"_self\"><strong>Read more<\/strong><span class=\"screen-reader-text\">: CEO\u2019s statement<\/span><\/a><\/div>\n<\/div><\/div>\n\n<\/li><\/ul>\n\n\n\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-group alignwide is-nowrap is-layout-flex wp-container-core-group-is-layout-38250f08 wp-block-group-is-layout-flex\" id=\"strategy\" style=\"margin-top:var(--wp--preset--spacing--50);margin-bottom:var(--wp--preset--spacing--50)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<h2 class=\"wp-block-heading\">Delivering on our strategy<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-default wp-container-content-9cfa9a5a\"\/>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide intersection has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-f96cb41d wp-block-group-is-layout-constrained\" style=\"min-height:400px;margin-top:var(--wp--preset--spacing--60);margin-bottom:var(--wp--preset--spacing--80)\">\n<div class=\"wp-block-group has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-8817736c wp-block-group-is-layout-constrained\">\n<p class=\"has-primary-color has-text-color has-link-color wp-elements-4ea5e4a8df1426bab4f9d20063ed8e8d wp-block-paragraph\" style=\"font-size:clamp(1.198rem, 1.198rem + ((1vw - 0.2rem) * 0.878), 1.9rem);font-style:normal;font-weight:500;letter-spacing:2px;line-height:1.2\">AngloGold Ashanti continues to deliver against its strategic focus areas, resulting in another record performance and providing a solid foundation for future growth and relative outperformance.  <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Record results across key financial metrics, including earnings and free cash flow<sup>APM<\/sup>, reflect our focus on consistent operational improvements, disciplined cost control, and strong execution to ensure gold price increases flow to the bottom line and enhance shareholder returns. Actively strengthening the portfolio remains a strategic priority. With the integration of Centamin, targeted disposals of non-core assets and a high-quality organic pipeline, we are well positioned to drive growth and maintain relative outperformance. Importantly, our strong operational and financial performance coincides with an unwavering commitment to safety, our highest priority. We remain clear that safety leadership is an ongoing journey that means sustainably eliminating serious injuries and fatalities from our business. We adopt a holistic approach in managing the delivery of key performance indicators (KPIs) against our five strategic focus areas.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-236ffaf5 wp-block-group-is-layout-constrained\" id=\"strategyIcons\">\n<div class=\"wp-block-group alignwide motion-container__wrapper has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-51f28d14 wp-block-group-is-layout-constrained\" style=\"min-height:200px\">\n<div class=\"wp-block-group alignwide motion-container strategy-icons is-layout-flow wp-block-group-is-layout-flow\">\n<svg id=\"path-rep\" height=\"400\" width=\"1200\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\">\n<path><\/path>\n<\/svg>\n\n\n\n<div class=\"wp-block-group neomorphic-bubble motion-element has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategic-overview\/prioritise-people-safety-health-and-sustainability\/\"><img loading=\"lazy\" decoding=\"async\" width=\"124\" height=\"123\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/icon-strategy-people.svg\" alt=\"\" class=\"wp-image-191\"\/><\/a><\/figure>\n\n\n\n<p class=\"has-text-align-center has-dark-green-color has-text-color has-link-color wp-elements-caa816a4b5ae5b5b5ac1667fc01aeb7e wp-block-paragraph\"><strong><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategy\/prioritise-people-safety-health-and-sustainability\/\" type=\"post\" id=\"211\">Prioritise \u2028people, safety, health and sustainability<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group neomorphic-bubble motion-element has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategic-overview\/maintain-financial-flexibility\/\"><img loading=\"lazy\" decoding=\"async\" width=\"135\" height=\"134\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/icon-strategy-flexibility.svg\" alt=\"\" class=\"wp-image-229\"\/><\/a><\/figure>\n\n\n\n<p class=\"has-text-align-center has-naartjie-color has-text-color has-link-color wp-elements-41105b6d41e720aa93b0b3f95514b27b wp-block-paragraph\"><strong><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategy\/maintain-financial-flexibility\/\" type=\"post\" id=\"213\">Maintain financial flexibility<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group neomorphic-bubble motion-element has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"135\" height=\"134\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/icon-strategy-costs-capital.svg\" alt=\"\" class=\"wp-image-230\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center has-teal-color has-text-color has-link-color wp-elements-46d1c682b19bc155f40ffff560769431 wp-block-paragraph\"><strong><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategy\/optimise-overhead-costs-and-capital-expenditure\/\" type=\"post\" id=\"215\">Drive operational excellence, optimise costs and capital expenditure<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group neomorphic-bubble motion-element has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"148\" height=\"147\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/icon-strategy-optionality.svg\" alt=\"\" class=\"wp-image-231\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center has-primary-color has-text-color has-link-color wp-elements-ee91335dcf3e176d41f495cdad1f6d68 wp-block-paragraph\"><strong><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategy\/maintain-long-term-optionality\/\" type=\"post\" id=\"219\">Maintain long-term optionality<\/a><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group neomorphic-bubble motion-element has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"148\" height=\"147\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/icon-strategy-portfolio.svg\" alt=\"\" class=\"wp-image-232\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center has-lilac-color has-text-color has-link-color wp-elements-2f7102c9d120aae96df13a3db8a0ca14 wp-block-paragraph\"><strong><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/strategy\/improve-portfolio-quality\/\" type=\"post\" id=\"217\">Improve portfolio quality<\/a><\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-group alignwide is-nowrap is-layout-flex wp-container-core-group-is-layout-38250f08 wp-block-group-is-layout-flex\" id=\"footprint\" style=\"margin-top:var(--wp--preset--spacing--50);margin-bottom:var(--wp--preset--spacing--50)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<h2 class=\"wp-block-heading\">Our footprint<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-default wp-container-content-9cfa9a5a\"\/>\n<\/div>\n\n\n\n<figure class=\"wp-block-image alignwide size-large style-svg\"><img decoding=\"async\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/neo_map_operations-projects.svg\" alt=\"\" class=\"wp-image-7029\"\/><\/figure>\n\n\n\n<div class=\"wp-block-buttons tab-nav is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a2b3a4d4 wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--40);margin-bottom:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-button is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link has-dark-green-color has-text-color has-link-color wp-element-button\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/footprint\/africa\/\">Regional review: Africa<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--4\"><a class=\"wp-block-button__link has-primary-color has-text-color has-link-color wp-element-button\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/footprint\/americas\/\">Regional review: Americas<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--5\"><a class=\"wp-block-button__link has-teal-color has-text-color has-link-color wp-element-button\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/footprint\/australia\/\">Regional review: Australia<\/a><\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide tab-group is-layout-flow wp-block-group-is-layout-flow\" id=\"regionTabs\" style=\"margin-bottom:var(--wp--preset--spacing--60)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<div class=\"wp-block-group alignwide is-style-glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:var(--wp--preset--spacing--30);margin-bottom:var(--wp--preset--spacing--30);padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-group alignwide chart-grid is-layout-grid wp-container-core-group-is-layout-bf245771 wp-block-group-is-layout-grid\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-container-core-group-is-layout-e66bea23 wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Gold produced<\/h4>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-f0b6b26e wp-block-group-is-layout-flex\">\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-ca1df201af01bb069f1e56310d98d5ec wp-block-paragraph\"><strong>3.09Moz<\/strong><\/p>\n<\/div>\n\n\n<div class=\"lazyblock-charts-RR8rO wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-RR8rO-6oGaKfNEwWDC\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-footprint-production.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-RR8rO-6oGaKfNEwWDC', '',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group wp-container-content-7d4755b8 has-global-padding is-layout-constrained wp-container-core-group-is-layout-e66bea23 wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Operating cash flow<sup>APM (2,3,4)<\/sup><\/h4>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-f0b6b26e wp-block-group-is-layout-flex\">\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-8a70a0b0d191c8d837d79cc206133aa3 wp-block-paragraph\"><strong>$4,357m<\/strong><\/p>\n<\/div>\n\n\n<div class=\"lazyblock-charts-JDa9E wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-JDa9E-oCTM8CQKIpEX\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-footprint-operating-cashflow.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-JDa9E-oCTM8CQKIpEX', '',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-container-core-group-is-layout-e66bea23 wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Mineral Reserve<sup> (4)<\/sup><\/h4>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-f0b6b26e wp-block-group-is-layout-flex\">\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-f651d9523b1f211bdfcb55824cc37038 wp-block-paragraph\"><strong>36.5Moz<\/strong><\/p>\n<\/div>\n\n\n<div class=\"lazyblock-charts-ZmEcIB wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-ZmEcIB-QBovg79IwpDw\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-footprint-reserve.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-ZmEcIB-QBovg79IwpDw', '',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group wp-container-content-7d4755b8 has-global-padding is-layout-constrained wp-container-core-group-is-layout-e66bea23 wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">People employed<sup> (1,3,4)<\/sup><\/h4>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-f0b6b26e wp-block-group-is-layout-flex\">\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-65517176fb1e0d8bf0ec694dd5b7a095 wp-block-paragraph\"><strong>38,243<\/strong><\/p>\n<\/div>\n\n\n<div class=\"lazyblock-charts-1zTr49 wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1zTr49-NGtATSYkZlso\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-footprint-people.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1zTr49-NGtATSYkZlso', '',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-container-core-group-is-layout-e66bea23 wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Capital expenditure<sup>(3,4)<\/sup><\/h4>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-f0b6b26e wp-block-group-is-layout-flex\">\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-8e020ac206d53ddcc0f5b39037a2e6fd wp-block-paragraph\"><strong>$1,600m<\/strong><\/p>\n<\/div>\n\n\n<div class=\"lazyblock-charts-2tnFq8 wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-2tnFq8-1G5cCJq0ppAO\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-footprint-capex.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-2tnFq8-1G5cCJq0ppAO', '',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n\n\n\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-container-core-group-is-layout-e66bea23 wp-block-group-is-layout-constrained\">\n<h4 class=\"wp-block-heading\">Community investment<sup> (3,4)<\/sup><\/h4>\n\n\n\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-f0b6b26e wp-block-group-is-layout-flex\">\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-72ed8d32d4fe73d3fc50e66abf6049e4 wp-block-paragraph\"><strong>$27.25m<\/strong><\/p>\n<\/div>\n\n\n<div class=\"lazyblock-charts-1OoMxi wp-block-lazyblock-charts\">  \n<div class=\"chart-wrapper\">\n<script>\n$chartCount = document.querySelectorAll('canvas').length;\n\n\n<\/script>  \n    <canvas id=\"chart-1OoMxi-H2QXRFZCjcuO\"\n        style=\"position: relative; min-height: 100px; height: 100px; width:100%\"><\/canvas>\n<\/div>\n\n<script type=\"text\/javascript\">\n$excelFileUrl = 'https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/03\/chart-footprint-community-investment.csv'\n\n\nif ($excelFileUrl && $excelFileUrl != '') {\n\n        d3.csv($excelFileUrl) \n        .then((data) => {\n        renderChart(data, 'bar', 'chart-1OoMxi-H2QXRFZCjcuO', '',\n               'dark', 'standard-bar', 'bottom',\n               '', '', '2', 'number','',''\n             );\n\n        });      \n        \n        \n}\n\n<\/script><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-794e3cfa wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:60%\">\n<ol style=\"list-style-type:lower-alpha\" class=\"wp-block-list\">\n<li class=\"has-small-font-size\"><em>Previously the Expanded Silicon project, and includes the Silicon and Merlin deposits<\/em><\/li>\n\n\n\n<li class=\"has-small-font-size\"><em>Includes the deposits of Reward, Bullfrog, Mother Lode, Crown Block (SNA, Secret Pass and\nDaisy), and the Sterling mine. Reward and Bullfrog were acquired by AngloGold Ashanti\nthrough the acquisition of Augusta Gold Corp. (Augusta Gold) in October 2025<\/em><\/li>\n\n\n\n<li class=\"has-small-font-size\"><em>Held for sale. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to\nsell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A.<\/em><\/li>\n\n\n\n<li class=\"has-small-font-size\"><em>Operated by Barrick Mining Corporation (Barrick)<\/em><\/li>\n<\/ol>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<ol class=\"wp-block-list\">\n<li class=\"has-small-font-size\"><em>Average employed at managed operations which includes contractors<\/em><\/li>\n\n\n\n<li class=\"has-small-font-size\"><em>Net cash flow from operating activities plus repayment of loans advanced to joint ventures less distributions paid to non-controlling interests<\/em><\/li>\n\n\n\n<li class=\"has-small-font-size\"><em>Includes corporate and non-gold producing subsidiaries<\/em><\/li>\n\n\n\n<li class=\"has-small-font-size\"><em>Includes projects<\/em><\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-group alignwide is-nowrap is-layout-flex wp-container-core-group-is-layout-38250f08 wp-block-group-is-layout-flex\" id=\"financials\" style=\"margin-top:var(--wp--preset--spacing--50);margin-bottom:var(--wp--preset--spacing--50)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<h2 class=\"wp-block-heading\">Financial review<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-default wp-container-content-9cfa9a5a\"\/>\n<\/div>\n\n\n\n<section class=\"wp-block-group alignwide has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" style=\"margin-top:var(--wp--preset--spacing--60);margin-bottom:var(--wp--preset--spacing--60)\" data-aos=\"fade\" data-aos-delay=\"100\" data-aos-duration=\"600\">\n<div class=\"wp-block-group alignwide is-style-glassmorphic has-background-background-color has-background has-global-padding is-content-justification-left is-layout-constrained wp-container-core-group-is-layout-c82f7ea7 wp-block-group-is-layout-constrained\" style=\"padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--60);padding-bottom:0;padding-left:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-338e9eaa wp-block-columns-is-layout-flex\" style=\"padding-right:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:400px\">\n<div class=\"wp-block-cover is-light\" style=\"min-height:400px;aspect-ratio:unset;\"><img loading=\"lazy\" decoding=\"async\" width=\"1505\" height=\"1676\" class=\"wp-block-cover__image-background wp-image-393 size-full\" alt=\"\" src=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/cfo-gillian-doran-e1771658072172-1.jpg\" style=\"object-position:32% 7%\" data-object-fit=\"cover\" data-object-position=\"32% 7%\" srcset=\"https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/cfo-gillian-doran-e1771658072172-1.jpg 1505w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/cfo-gillian-doran-e1771658072172-1-970x1080.jpg 970w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/cfo-gillian-doran-e1771658072172-1-768x855.jpg 768w, https:\/\/reports.anglogoldashanti.com\/25\/wp-content\/uploads\/2026\/02\/cfo-gillian-doran-e1771658072172-1-1379x1536.jpg 1379w\" sizes=\"auto, (max-width: 1505px) 100vw, 1505px\" \/><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-0 has-background-dim\" style=\"background-color:#c0bbb9\"><\/span><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size wp-block-paragraph\"><\/p>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\">CFO&#8217;s report<\/h2>\n\n\n\n<p class=\"has-teal-color has-text-color has-link-color has-x-large-font-size wp-elements-45263adb63d44b64100f6f99d60ef58b wp-block-paragraph\">Converting a higher gold price into cash, strengthening the balance sheet, and accelerating value delivery<\/p>\n\n\n\n<p class=\"has-normal-font-size wp-block-paragraph\">2025 marked a step-change in AngloGold Ashanti\u2019s financial performance and resilience. We did exactly what we set out to do; convert a stronger gold price into free cash flow<sup>APM<\/sup>, maintain operating discipline, invest to sustain and grow the portfolio, and return meaningful capital to shareholders. The outcome was record cash generation, record earnings leverage, and the strongest balance sheet position in our history.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-read-more-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/cfos-report\/\"><strong>Read more<\/strong><\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide tab-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" id=\"financialTabs\" style=\"margin-top:0;margin-bottom:0\">\n<div class=\"wp-block-buttons alignwide tab-nav is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a2b3a4d4 wp-block-buttons-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--40);margin-bottom:var(--wp--preset--spacing--40)\">\n<div class=\"wp-block-button is-style-outline is-active is-style-outline--6\"><a class=\"wp-block-button__link has-naartjie-color has-text-color has-link-color wp-element-button\" href=\"#income\">Income statement ($m)<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--7\"><a class=\"wp-block-button__link has-primary-color has-text-color has-link-color wp-element-button\" href=\"#financialposition\">Statement of financial position ($m)<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--8\"><a class=\"wp-block-button__link has-teal-color has-text-color has-link-color wp-element-button\" href=\"#cashflows\">Statement of cash flows ($m)<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--9\"><a class=\"wp-block-button__link has-foreground-color has-text-color has-link-color wp-element-button\" href=\"#guidance\">Guidance 2026 &#8211; 2027<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide  tab-content is-active has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" id=\"income\">\n<div class=\"wp-block-group alignwide glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:0;margin-bottom:0;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--60)\">\n<figure class=\"wp-block-table\"><table><col><col class=\"shade\"><col><thead><tr><th><\/th><th class=\"has-text-align-right\" data-align=\"right\">2025<\/th><th class=\"has-text-align-right\" data-align=\"right\">2024<\/th><\/tr><\/thead><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/revenue\/\" type=\"post\" id=\"472\">A<\/a><strong>Revenue<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,893<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,793<\/strong><\/td><\/tr><tr><td>Bullion sales<\/td><td class=\"has-text-align-right\" data-align=\"right\">9,610<\/td><td class=\"has-text-align-right\" data-align=\"right\">5,359<\/td><\/tr><tr><td>Concentrate sales<\/td><td class=\"has-text-align-right\" data-align=\"right\">120<\/td><td class=\"has-text-align-right\" data-align=\"right\">314<\/td><\/tr><tr><td>By-product revenue<\/td><td class=\"has-text-align-right\" data-align=\"right\">163<\/td><td class=\"has-text-align-right\" data-align=\"right\">120<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong> <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/cost-of-sales\/\" type=\"post\" id=\"474\">B<\/a><strong>Cost of sales<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,022<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,726<\/strong><\/td><\/tr><tr><td><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Operating costs<\/td><td class=\"has-text-align-right\" data-align=\"right\">3,231<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,665<\/td><\/tr><tr><td>Royalties<\/td><td class=\"has-text-align-right\" data-align=\"right\">424<\/td><td class=\"has-text-align-right\" data-align=\"right\">246<\/td><\/tr><tr><td>Amortisation<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,287<\/td><td class=\"has-text-align-right\" data-align=\"right\">752<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/expenses\/\" type=\"post\" id=\"474\">C<\/a><strong>Expenses<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>595<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>395<\/strong><\/td><\/tr><tr><td><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Corporate administration, marketing and related expense<\/td><td class=\"has-text-align-right\" data-align=\"right\">(138)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(118)<\/td><\/tr><tr><td>Net impairment (reversal of impairment) and net loss on disposal and derecognition of assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">88<\/td><td class=\"has-text-align-right\" data-align=\"right\">(58)<\/td><\/tr><tr><td>Exploration and evaluation<\/td><td class=\"has-text-align-right\" data-align=\"right\">267<\/td><td class=\"has-text-align-right\" data-align=\"right\">252<\/td><\/tr><tr><td>Other expenses<\/td><td class=\"has-text-align-right\" data-align=\"right\">248<\/td><td class=\"has-text-align-right\" data-align=\"right\">144<\/td><\/tr><tr><td>Associates and JV profit<\/td><td class=\"has-text-align-right\" data-align=\"right\">(255)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(155)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/taxation\/\" type=\"post\" id=\"478\">D<\/a><strong>Taxation<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,102<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>623<\/strong><\/td><\/tr><tr><td>Current tax<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,031<\/td><td class=\"has-text-align-right\" data-align=\"right\">462<\/td><\/tr><tr><td>Deferred tax<\/td><td class=\"has-text-align-right\" data-align=\"right\">71<\/td><td class=\"has-text-align-right\" data-align=\"right\">161<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><tbody><tr><td>Profit for the period<\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>3,174<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,049<\/strong><\/td><\/tr><tr><td><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Basic earnings per share (US cents)<\/td><td class=\"has-text-align-right\" data-align=\"right\">519<\/td><td class=\"has-text-align-right\" data-align=\"right\">233<\/td><\/tr><tr><td class=\"rule\">Headline earnings per share (US cents)<\/td><td class=\"rule has-text-align-right\" data-align=\"right\">537<\/td><td class=\"rule has-text-align-right\" data-align=\"right\">221<\/td><\/tr><tr><td>Of which equity shareholders received ($m)<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,636<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,004<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide  tab-content has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" id=\"financialposition\">\n<div class=\"wp-block-group alignwide glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:0;margin-bottom:0;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-left:var(--wp--preset--spacing--60)\">\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><thead><tr><th class=\"has-text-align-left\" data-align=\"left\"><\/th><th class=\"has-text-align-right\" data-align=\"right\">2025<\/th><th class=\"has-text-align-right\" data-align=\"right\">*2024<\/th><\/tr><\/thead><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/tangible-assets\/\" type=\"post\" id=\"480\">E<\/a><strong>Total assets<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>15,078<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>13,230<\/strong><\/td><\/tr><tr><td><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Tangible assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">8,515<\/td><td class=\"has-text-align-right\" data-align=\"right\">8,512<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Inventories<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,251<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,213<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Cash and cash equivalents<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,905<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,425<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong> <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/total-liabilities\/\" type=\"post\" id=\"482\">F<\/a><strong>Total liabilities<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>5,162<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,717<\/strong><\/td><\/tr><tr><td colspan=\"2\"><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Borrowings<\/td><td class=\"has-text-align-right\" data-align=\"right\">2,044<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,984<\/td><\/tr><tr><td>Trade and other payables<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,015<\/td><td class=\"has-text-align-right\" data-align=\"right\">963<\/td><\/tr><tr><td>Environmental rehabilitation provisions<\/td><td class=\"has-text-align-right\" data-align=\"right\">729<\/td><td class=\"has-text-align-right\" data-align=\"right\">700<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col><col class=\"shade\"><col><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/total-equity\/\" type=\"post\" id=\"484\">G<\/a><strong>Total equity<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>9,916<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>8,513<\/strong><\/td><\/tr><tr><td>Total return to shareholders<\/td><td class=\"has-text-align-right\" data-align=\"right\">275 %<\/td><td class=\"has-text-align-right\" data-align=\"right\">25 %<\/td><\/tr><tr><td>Total dividends per share (US cents)<\/td><td class=\"has-text-align-right\" data-align=\"right\">357c<\/td><td class=\"has-text-align-right\" data-align=\"right\">91c<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>*  Restated. See Note 1.4 of the audited annual financial statements included elsewhere in this annual report<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Corporate transactions<\/h2>\n\n\n\n<h3 class=\"wp-block-heading has-primary-color has-text-color has-link-color wp-elements-01ab2148d94be8ed9fb0d026e777c845\">Acquisition of Augusta Gold<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On 23 October 2025, AngloGold Ashanti acquired all issued and\noutstanding shares of Augusta Gold at a cash price of C$1.70 per\nshare of common stock. The total cash consideration of $158m\nincluded the provision of funds of $39m for the settlement of certain\nshareholder loans and transaction costs of $14m.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-primary-color has-text-color has-link-color wp-elements-409bc8c4ac1a883f3adc8ffb9190eead\">Sale of Doropo and Archean-Birimian Contact (ABC) projects<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On 1 May 2025, AngloGold Ashanti completed the sale of its entire\ninterest in the Doropo and Archean-Birimian Contact (ABC) projects\nin C\u00f4te d\u2019Ivoire to Resolute Mining Limited for a total consideration of\n$162m, with $25m received as a cash payment, $103m as deferred\nconsideration and $34m as contingent consideration, resulting in a\nloss on disposal of $47m.<\/p>\n\n\n\n<h3 class=\"wp-block-heading has-primary-color has-text-color has-link-color wp-elements-ccf60ab36420e1a76bce91a478fd409c\">Sale of Serra Grande<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">On 1 December 2025, AngloGold Ashanti completed the sale of Serra\nGrande to Aura Minerals Inc. (Aura) for a total consideration of\n$117m, with $73m received as a cash payment and $44m as\ncontingent consideration.<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide  tab-content has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" id=\"cashflows\">\n<div class=\"wp-block-group alignwide glassmorphic is-layout-flow wp-block-group-is-layout-flow\" style=\"margin-top:0;margin-bottom:0;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--60)\">\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col\/><col class=\"shade\"\/><col\/><thead><tr><th class=\"has-text-align-left\" data-align=\"left\">Cash flow from\/used in:<\/th><th class=\"has-text-align-right\" data-align=\"right\">2025<\/th><th class=\"has-text-align-right\" data-align=\"right\">2024<\/th><\/tr><\/thead><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/operating-activities\/\" type=\"post\" id=\"486\">H<\/a><strong>Operating activities<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>4,784<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,968<\/strong><\/td><\/tr><tr><td><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Profit before taxation<\/td><td class=\"has-text-align-right\" data-align=\"right\">4,276<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,672<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Amortisation of tangible and right of use assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,286<\/td><td class=\"has-text-align-right\" data-align=\"right\">751<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Movements in working capital<\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">&nbsp;&nbsp;&nbsp;Increase in inventories<\/td><td class=\"has-text-align-right\" data-align=\"right\">(57)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(78)<\/td><\/tr><tr class=\"thickrule\"><td class=\"has-text-align-left\" data-align=\"left\">&nbsp;&nbsp;&nbsp;Increase in trade, other receivables and other assets<\/td><td class=\"has-text-align-right\" data-align=\"right\">(219)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(182)<\/td><\/tr><tr class=\"rule\"><td class=\"has-text-align-left rule\" data-align=\"left\">&nbsp;&nbsp;&nbsp;Increase in trade and other payables<\/td><td class=\"has-text-align-right rule\" data-align=\"right\">102<\/td><td class=\"has-text-align-right rule\" data-align=\"right\">6<\/td><\/tr><tr class=\"thick-rule\"><td class=\"has-text-align-left\" data-align=\"left\"><\/td><td class=\"has-text-align-right\" data-align=\"right\">(174)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(254)<\/td><\/tr><tr><td class=\"has-text-align-left\" data-align=\"left\">Net taxation paid<\/td><td class=\"has-text-align-right\" data-align=\"right\">(747)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(183)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-center has-primary-color has-text-color has-link-color wp-elements-b40b558a59252c13bf62a0ecfcf52976 wp-block-paragraph\"><strong>Less <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\">\n    <table>\n        <col \/>\n        <col class=\"shade\" \/>\n        <col \/>\n        <tbody>\n            <tr>\n                <td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/investing-activities\/\" type=\"post\"\n                        id=\"487\">I<\/a><strong>Investing activities<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,180<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>762<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td><em>Of which:<\/em><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><\/td>\n            <\/tr>\n            <tr>\n                <td>Capital expenditure on tangible and intangible assets<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,449<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,090<\/td>\n            <\/tr>\n            <tr>\n                <td>Acquisition of assets<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">158<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n            <\/tr>\n            <tr>\n                <td>Proceeds on disposal of subsidiary, net of cash disposed<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(77)<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n            <\/tr>\n            <tr>\n                <td>Proceeds from disposal of other investments<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(70)<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n            <\/tr>            \n            <tr>\n                <td>Acquisition of subsidiary, net of cash acquired<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">\u2014<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(68)<\/td>\n            <\/tr>\n            <tr>\n                <td>Repayment of loans advanced to JVs<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(161)<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">(149)<\/td>\n            <\/tr>\n            <tr>\n                <td>Other investments and assets acquired<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">3<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">30<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<p class=\"has-text-align-center has-primary-color has-text-color has-link-color wp-elements-b40b558a59252c13bf62a0ecfcf52976 wp-block-paragraph\"><strong>Less <\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col\/><col class=\"shade\"\/><col\/><tbody><tr><td><a href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/financials\/financing-activities\/\" type=\"post\" id=\"490\">J<\/a><strong>Financing activities<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,104<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>727<\/strong><\/td><\/tr><tr><td><em>Of which:<\/em><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><td class=\"has-text-align-right\" data-align=\"right\"><\/td><\/tr><tr><td>Dividends paid to external shareholders and distributions to noncontrolling interests<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,871<\/td><td class=\"has-text-align-right\" data-align=\"right\">244<\/td><\/tr><tr><td>Repayment of borrowings<\/td><td class=\"has-text-align-right\" data-align=\"right\">245<\/td><td class=\"has-text-align-right\" data-align=\"right\">909<\/td><\/tr><tr><td>Interest on borrowings<\/td><td class=\"has-text-align-right\" data-align=\"right\">164<\/td><td class=\"has-text-align-right\" data-align=\"right\">126<\/td><\/tr><tr><td>Proceeds from borrowings<\/td><td class=\"has-text-align-right\" data-align=\"right\">(285)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(655)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-text-align-center has-primary-color has-text-color has-link-color wp-elements-94ab94f403f89a91527e20dba1b8f95d wp-block-paragraph\"><strong>Equals<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table alignwide is-style-regular\"><table><col\/><col class=\"shade\"\/><col\/><tbody><tr><td colspan=\"3\" class=\"rule\" style=\"padding: 0; height: 0\"><\/td><\/tr><tr><td>Net cash movement<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,500<\/td><td class=\"has-text-align-right\" data-align=\"right\">479<\/td><\/tr><tr><td>Translation<\/td><td class=\"has-text-align-right\" data-align=\"right\">(15)<\/td><td class=\"has-text-align-right\" data-align=\"right\">(37)<\/td><\/tr><tr ><td>Cash balance at the beginning of the year<\/td><td class=\"has-text-align-right\" data-align=\"right\">1,397<\/td><td class=\"has-text-align-right\" data-align=\"right\">955<\/td><\/tr><tr class=\"has-teal-background-color has-background-color\"><td><strong>Cash balance at the end of the year*<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>2,882<\/strong><\/td><td class=\"has-text-align-right\" data-align=\"right\"><strong>1,397<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><em>*  Comprises cash and cash equivalents of $2.905m (2024: $1,425m) less bank overdraft of $23m (2024: $28m).<\/em><\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide  tab-content has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\" id=\"guidance\">\n<div class=\"wp-block-group alignwide glassmorphic is-layout-flow wp-container-core-group-is-layout-183216c9 wp-block-group-is-layout-flow\" style=\"margin-top:0;margin-bottom:0;padding-top:var(--wp--preset--spacing--30);padding-right:var(--wp--preset--spacing--40);padding-bottom:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--60)\">\n<figure class=\"wp-block-table  is-style-regular guidance-table\">\n    <table class=\"has-fixed-layout\">\n<col style=\"width: 300px\"><col><col class=\"shade\" style=\"width: 200px\"><col style=\"width: 200px\">\n        <thead>\n            <tr>\n                <th class=\"has-text-align-left\" data-align=\"left\"><\/th>\n                <th class=\"has-text-align-left\" data-align=\"left\"><\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\">2026<\/th>\n                <th class=\"has-text-align-right\" data-align=\"right\"><mark style=\"background-color:rgba(0, 0, 0, 0)\"\n                        class=\"has-inline-color has-primary-color\">2027<\/mark><\/th>\n            <\/tr>\n        <\/thead>\n        <tbody>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Gold production (koz)<\/strong><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Total gold production<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>2,800 \u2013 3,170<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>2,850 \u2013 3,220<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Managed operations<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">2,530 \u2013 2,860<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Non-managed joint ventures<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">270 \u2013 310<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Africa<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,890 \u2013 2,150<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Australia<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">495 \u2013 555<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"rule has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"rule has-text-align-left\" data-align=\"left\">Americas<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">415 \u2013 465<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Costs<sup>(1)<\/sup> ($\/oz)<\/strong><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>All-in sustaining costs<sup>APM<\/sup><\/strong>\n                <\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,780 \u2013 1,990<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,780 \u2013 1,990<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Managed operations<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,825 \u2013 2,050<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Non-managed joint ventures<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,355 \u2013 1,460<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Africa<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1780<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Australia<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">2100<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"rule has-text-align-left\" data-align=\"left\">Americas<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">1725<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Total cash costs<sup> APM<\/sup><\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,315 \u2013 1,430<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,315 \u2013 1,430<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Managed operations<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,335 \u2013 1,455<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Non-managed joint ventures<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,135 \u2013 1,225<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Africa<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1300<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Australia<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1815<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"rule has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"rule has-text-align-left\" data-align=\"left\">Americas<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">1190<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Capital expenditure<sup> (1)<\/sup>\n                        ($m)<\/strong><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Total capital expenditure<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,825 \u2013 1,975<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>2,000 \u2013 2,200<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Managed operations<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">1,640 \u2013 1,770<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"rule has-text-align-left\" data-align=\"left\">Non-managed joint ventures<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">185 \u2013 205<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Sustaining capital\n                        expenditure<sup>APM<\/sup><\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,040 \u2013 1,140<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>1,040 \u2013 1,140<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Managed operations<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">985 \u2013 1,075<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"rule has-text-align-left\" data-align=\"left\">Non-managed joint ventures<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">55 \u2013 65<\/td>\n                <td class=\"rule has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\"><strong>Non-sustaining capital\n                        expenditure<sup>APM<\/sup><\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>785 \u2013 835<\/strong><\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\"><strong>960 \u2013 1,060<\/strong><\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Managed operations<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">655 \u2013 695<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n            <tr>\n                <td class=\"has-text-align-left\" data-align=\"left\"><\/td>\n                <td class=\"has-text-align-left\" data-align=\"left\">Non-managed joint ventures<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">130 \u2013 140<\/td>\n                <td class=\"has-text-align-right\" data-align=\"right\">&nbsp;<\/td>\n            <\/tr>\n        <\/tbody>\n    <\/table>\n<\/figure>\n\n\n\n<ol class=\"wp-block-list has-small-font-size\">\n<li class=\"has-small-font-size\"><em>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, 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. <\/em><br><br><em>Outlook economic assumptions for 2026 and 2027 guidance are as follows: $0.68\/A$, BRL5.47\/$, AP1,606\/$, ZAR16.90\/$, Brent $61\/bbl and a gold price of approximately $4,250\/oz. <\/em><br><br><em>Cost and capital forecast ranges for 2026 are expressed in \u201cnominal\u201d terms. \u201cNominal\u201d cash flows are current price term cash flows that have been inflated into future value, using an appropriate inflation rate. Costs and capital forecast ranges for 2027 are expressed in \u201creal\u201d terms. \u201cReal\u201d cash flows are adjusted for \u201cinflation\u201d in order to reflect the change in value of money over time. Estimates assume neither operational or labour interruptions or power disruptions, nor further changes to asset portfolio and\/or operating mines and have not been reviewed by AngloGold Ashanti\u2019s external auditors. Other unknown or unpredictable factors, or factors outside the Company\u2019s control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti\u2019s 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\u2019s operations together with AngloGold Ashanti\u2019s 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\u2019s Annual Report on Form 20-F for the financial year ended 31 December 2025 filed with the SEC.<\/em><\/li>\n<\/ol>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignwide is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-right:var(--wp--preset--spacing--30);padding-left:var(--wp--preset--spacing--30)\">\n<p class=\"wp-block-paragraph\"><em><strong>Note: <\/strong>Our financial results are prepared in accordance with IFRS, see page 161 of the full <a href=\"https:\/\/reports.anglogoldashanti.com\/25\/download\/AGA-AR25.pdf\">2025 Annual Report<\/a> for further information. The detailed reconciliations of our APMs are set out on pages 237\u2013256.<\/em><\/p>\n<\/div>\n<\/div>\n<\/section>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>2025 Annual report This webpage does not purport to be a complete summary of the underlying 2025 Annual Report and should be read in conjunction therewith, including the qualifications and limitations described therein, as there may be information in the underlying 2025 Annual Report that may be important. 2025 &#8211; a record year Gold produced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"class_list":["post-8","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>2025 Annual report | Report Suite 2025<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/reports.anglogoldashanti.com\/25\/ar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"2025 Annual report | Report Suite 2025\" \/>\n<meta property=\"og:description\" content=\"2025 Annual report This webpage does not purport to be a complete summary of the underlying 2025 Annual Report and should be read in conjunction therewith, including the qualifications and limitations described therein, as there may be information in the underlying 2025 Annual Report that may be important. 2025 &#8211; 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