{"id":238,"date":"2026-03-01T00:00:38","date_gmt":"2026-02-28T22:00:38","guid":{"rendered":"https:\/\/reports.anglogoldashanti.com\/25\/?p=238"},"modified":"2026-03-24T14:41:02","modified_gmt":"2026-03-24T12:41:02","slug":"chairs-message","status":"publish","type":"post","link":"https:\/\/reports.anglogoldashanti.com\/25\/ar\/leadership-ar\/chairs-message\/","title":{"rendered":"Chair\u2019s letter"},"content":{"rendered":"\n
\n

Chair\u2019s letter<\/h1>\n\n\n
\n

Governance, risk and shared value in a turbulent world<\/p>\n\n\n\n

Jochen Tilk | Chair<\/strong>
16 March 2026<\/p>\n<\/div>\n\n\n\n

\n

Dear Shareholders,<\/h2>\n\n\n\n

The year in review was a period of stark contrasts. For AngloGold Ashanti, it was one of historic operational and financial delivery, characterised by record free cash flowsAPM<\/sup> and a fortified balance sheet.<\/strong><\/p>\n\n\n\n

Yet, we achieved these milestones\nagainst a global backdrop defined by a\nturbulent confluence of macro-economic\ndislocation and geopolitical fragility. The\ninterdependence of political turmoil and\nrising gold prices adds to the complexity\nof our business at a magnitude we have\nnot experienced before.<\/p>\n\n\n\n

While our CEO, Alberto Calderon, has\ndetailed our operational successes in his\nletter \u2013 including our disciplined cost\nmanagement and the successful integration\nof Sukari \u2013 I will reflect on the broader\nenvironment in which we operate, and how\nour Board is navigating this landscape\nthrough careful oversight of risk, capital\nallocation, and governance.<\/p>\n\n\n\n

The operating environment:\nnavigating uncertainty and\ncomplexity<\/h2>\n\n\n\n

The year was unprecedented for the gold\nmarket. As noted in recent analysis by the\nWorld Gold Council (WGC), the gold price\nshattered records 53 times during the year,\ndriven by a surge in safe-haven demand.\nThis rally was fuelled not merely by market\nmechanics, but by an increasingly fractured geopolitical order, escalating trade disputes,\nand flashing warning signs of financial\nmarket volatility.<\/p>\n\n\n\n

We saw political volatility manifest across\nboth the developed and developing world,\naccompanied by conflicts and social\npolarisation that continue to strain the fabric\nof international co-operation. Furthermore,\nwhile the gold price reached dizzying heights\n\u2013 breaching $5,500\/oz in early 2026 before\ncorrecting sharply to current levels \u2013 we also\nfaced stubborn inflationary pressures and\nthe complexities of tariff and trade risks.<\/p>\n\n\n\n

While AngloGold Ashanti and, by extension,\nour stakeholders are the beneficiaries of this\nenvironment, we cannot neglect the\nincreased responsibility that comes with it.<\/p>\n\n\n\n

In such an environment, our philosophy is\none of prudence. We recognise that while we\ncannot control the gold price or the\ngeopolitical winds, we can and must control\nour resilience. The sharp correction in prices\nfrom their recent peaks serves as a timely\nreminder that cyclical industries must be\nmanaged for the long term, not for the\nexuberance of a single moment.<\/p>\n\n\n\n

ESG as a risk management framework<\/h2>\n\n\n\n

In a world of deepening polarisation,\nEnvironmental, Social, and Governance\n(ESG) principles are often debated. For the\nBoard of AngloGold Ashanti, however,\nESG is not a philosophical abstraction;\nit is a prudent risk management framework\nessential to our business success and\ncontinuity, resilient to the volatility of\nsocietal priorities.<\/p>\n\n\n\n

Our social licence to operate is the bedrock\nof our existence. If we do not operate safely,\nresponsibly, and ethically, we cannot operate\nat all. This year, we achieved our lowest-ever\ntotal recordable injury frequency rate of 0.97\nper million hours worked at our managed\noperations. Yet, we faced significant\nchallenges that underscore the complex\nsocial dynamics of our operating\njurisdictions.<\/p>\n\n\n\n

The tragic security-related fatalities at\nObuasi, resulting from clashes between\npublic security forces and illegal miners, and\nthe post-election violence in Tanzania which\ndisrupted our Geita operation, serve as\nsombre reminders of these risks. It is crucial\nto acknowledge that the record gold prices\nwe enjoy bring an unintended consequence:\nthey sharply increase the incentive for\nartisanal and small-scale mining (ASM). This\ndynamic intensifies incursions onto our\ntenements, creating security and social\nchallenges that require rigorous, yet\ncompassionate, management and oversight.<\/p>\n\n\n\n

Capital allocation and balance\nsheet strength<\/h2>\n\n\n\n

The Board\u2019s approach to capital allocation\nremains steadfast: we aim to reward\nshareholders for their loyalty and faith in the\nfundamentals of our industry while ensuring\nthe business remains capitalised to\nwithstand any downturn.<\/p>\n\n\n\n

The record adjusted EBITDAAPM<\/sup> of $6.3bn and free cash flowAPM<\/sup> of $2.9bn achieved in 2025 provided us with a unique opportunity. We have declared a total dividend payout for the year of $1.8bn, the highest in our history, directly transferring the benefits of the high gold price to our shareholders.<\/p>\n\n\n\n

We have been equally rigorous in strengthening our foundations. Ending the year with an adjusted net cashAPM<\/sup> position of $879m \u2013 compared to an adjusted net debtAPM<\/sup> position the previous year \u2013 provides AngloGold Ashanti with a \u2018fortress balance sheet\u2019. This liquidity is our buffer against the political and economic volatility mentioned above, ensuring we can continue to invest in our high-quality portfolio without jeopardising our financial stability.<\/p>\n\n\n\n

Shared value: broadening\nstakeholder participation<\/h2>\n\n\n\n

A resilient business must ensure that a\nbroad set of stakeholders participates in its\nsuccess. The narrative of mining often\nmisses the profound economic contribution\nmade to host countries. In 2025, beyond the\ndividends paid to shareholders, AngloGold\nAshanti paid $1,137m (2024: $435m) in cash\ntaxes and $380m (2024: $207m) in royalties\nto our host governments.<\/p>\n\n\n\n

These funds provide critical fiscal support to\nthe nations hosting our mines. Furthermore,\nthrough the payment of salaries and our\ncommitment to local procurement, we\nintegrate thousands of people into the value\nchain, driving economic development in our\noperating jurisdictions. This concept of\nshared value is central to our governance\napproach; it aligns our long-term interests\nwith those of our host communities and\ngovernments, helping to stabilise our operating environment amidst global\nuncertainty. It is a proactive approach that\nincludes an ongoing dialogue with\ncommunity and government\nrepresentatives.<\/p>\n\n\n\n

At the same time, governments globally are\nincreasingly reassessing what constitutes a\n\u2018fair share\u2019 of the value derived from mineral\nendowments and are exploring a range of\nfiscal and regulatory mechanisms to capture\na greater proportion of the economic benefit.\nThis creates a more dynamic and, at times,\nuncertain operating environment for mine\noperators. AngloGold Ashanti seeks to\nnavigate this context through constructive\nengagement, transparency and good-faith\nnegotiation, recognising the legitimate\ndevelopment objectives of host\ngovernments while advocating for stable,\ncompetitive and predictable frameworks that\nsupport long-term investment and shared\nvalue creation.<\/p>\n\n\n\n

Governance and Board composition<\/h2>\n\n\n\n

A critical function of the Board is ensuring\nwe possess the right mix of skills and\nbackgrounds to guide the Company\u2019s\nstrategy. In this regard, I am pleased to\nwelcome Marcus Randolph to the Board as\na Non-executive Director. Marcus brings a\nlong and distinguished career in the mining\nindustry; his appointment significantly\nbolsters our technical know-how at a pivotal\ntime as we work to realise the potential from\nour significant discovery at the Arthur Gold\nProject in southern Nevada.<\/p>\n\n\n\n

I would also like to take this opportunity to thank Rhidwaan Gasant for his more than a decade of dedicated service as a Non-executive Director. His counsel and financial acumen were invaluable during a transformative period for the Company.<\/p>\n\n\n\n

Outlook<\/h2>\n\n\n\n

Looking to 2026, we do not presume that the\ntailwinds of 2025 will persist. Whether prices\nremain high or volatility intensifies, our focus\nremains on the factors within our control.<\/p>\n\n\n\n

Accordingly, the Board will continue to\nemphasise fiscal discipline, balance sheet\nresilience and operational excellence across\nthe portfolio. Capital allocation decisions will\nbe guided by long-term value creation rather\nthan short-term price signals, while\nmanagement\u2019s focus on cost discipline,\nsafety and reliability remains central to\nsustaining performance through the cycle.<\/p>\n\n\n\n

In an environment marked by uncertainty, we\nbelieve this measured approach positions\nAngloGold Ashanti to remain resilient,\ncompetitive and well prepared for whatever\nconditions lie ahead.<\/p>\n\n\n\n

Thanks<\/h2>\n\n\n\n

On behalf of the Board, I extend my gratitude\nto Alberto Calderon and his executive team\nfor their steady hand, to our employees for\ntheir commitment and resilience, and to our\nshareholders for their continued trust.<\/p>\n<\/div>\n<\/div>\n\n\n\n

\n
<\/span>\"\"
\n

<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Governance, risk and shared value in a turbulent world<\/p>\n","protected":false},"author":1,"featured_media":249,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[32],"tags":[10],"class_list":["post-238","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-leadership-ar","tag-leadership"],"acf":[],"yoast_head":"\nChair\u2019s letter | 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\/leadership-ar\/chairs-message\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chair\u2019s letter | Report Suite 2025\" \/>\n<meta property=\"og:description\" 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