US Market News
1月前
AngloGold Ashanti Q1 31 March 2026 Earnings Release and Dividend DeclarationMay 8, 2026 6:05 AM
Business Wire AngloGold Ashanti delivers record free cash flow* of $1.2bn and EBITDA*(4) of $2.3bn • Gold production(1)(2) +1% • Net cash*(4) of $868m • Q1 2026 interim dividend of $585m, or 116 cps • Proposed $2.0bn share repurchase programme announced AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA”, the “Company” or the “Group”) posted record free cash flow* of $1.2bn in Q1 2026, almost triple the Q1 2025 amount, following steady performances from most of its operating assets and the continued high gold price. The Company remains on track to meet its 2026 annual guidance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260508397177/en/ An interim dividend for Q1 2026 was declared of $585m, or 116 US cents per share, a new record, compared to 12.5 US cents per share declared in Q1 2025. On 7 May 2026, the Board of Directors approved a proposed share repurchase programme for AngloGold Ashanti’s ordinary shares of up to $2.0bn, subject to shareholder approval. "Our focus remains to control what we can control - managing underlying costs and ensuring safe, predictable operating results,” said CEO Alberto Calderon. “That has again enabled us to deliver record free cash flow* and cash returns to our shareholders, while moving our organic growth projects forward." AngloGold Ashanti continues to focus on a series of key strategic initiatives: delivery of predictable operating results; providing competitive returns to shareholders; bringing a large, new production centre into operation in southern Nevada; the steady ramp-up of its Obuasi mine in Ghana; and realising a series of organic growth projects at its mines in Tanzania, Guinea, Egypt and Brazil. Safety performance and workplace fatality At Obuasi, following the end of Q1 2026 on 24 April 2026, a contractor was fatally injured following a release of waste material from an underground ore pass. A comprehensive investigation into the incident is underway, with the express aim of ensuring that similar incidents do not occur in the future. The family and colleagues affected by this tragedy are receiving ongoing support. “We are heartbroken by the loss of our colleague and offer our deepest sympathy to his family and loved ones," said CEO Alberto Calderon. “Safety has always been our first and highest priority and we will ensure we understand the root cause of this incident and apply every lesson learned.” During Q1 2026, safety remained at the core of continuous improvement efforts. The Total Recordable Injury Frequency Rate (“TRIFR”) at the Company’s managed operations(1) improved to 0.86 injuries per million hours worked in Q1 2026, compared to 0.97 injuries per million hours worked for 2025. While these injury rates remained well below industry averages, the incident at Obuasi underscored the importance of continued vigilance in the face of workplace hazards. Cash flow supports leading capital allocation Free cash flow*, the strongest for a single quarter, represented a 190% increase year-on-year to $1.2bn in Q1 2026 from $403m in Q1 2025. Net cash flow from operating activities was up 136% year-on-year to $1.7bn in Q1 2026 (from $725m in Q1 2025). The average gold price received per ounce*(1) in Q1 2026 was 69% higher year-on-year compared to Q1 2025. EBITDA*(4) increased 130% year-on-year to $2.3bn in Q1 2026 (from $1.0bn in Q1 2025), while headline earnings(3) rose 187% to $1.3bn in Q1 2026, or 252 US cents per share (from $447m, or 88 US cents per share, in Q1 2025). In line with the Company’s dividend policy, the base dividend of $63m or 12.5 US cents per share was declared for Q1 2026. This was topped up to 50% of free cash flow*, to arrive at the interim dividend declaration of $585m, or 116 US cents per share. The balance sheet continued to strengthen, swinging from $755m of net debt*(4) in Q1 2025 to $868m of net cash*(4) at the end of Q1 2026, all while making a series of record dividend payments in the intervening quarters. Capitalising on the robust balance sheet and strong liquidity position, on 16 April 2026, the Company bought back approximately $666m principal amount of its outstanding bonds, further optimising its capital structure and improving its overall flexibility through the cycle. The strategic decision by the Board to approve a proposed $2bn share repurchase programme is underpinned by stronger cash generation capabilities and the prospective financial outlook for the business. The proposed share repurchase programme is intended to offer another vector for shareholder returns, and align the Company’s capital return framework with its North American peers. The proposed share repurchase programme reflects AngloGold Ashanti’s disciplined approach to capital allocation, utilising excess liquidity to reduce ordinary shares in issue thereby increasing per-share value, earnings and cash flow for its shareholders. Underlying operational costs down $22/oz, offsetting macro headwinds External pressures from inflation, exchange rates and royalties led to a year-on-year increase in total cash costs per ounce* for the Group(1) to $1,391/oz in Q1 2026, from $1,223/oz in Q1 2025. The Company’s continued focus on its Full Asset Potential programme and rigorous cost discipline held total cash costs per ounce* for managed operations(1) at $1,377/oz in Q1 2026. These external pressures included a $117/oz rise in royalties due to record realised gold prices, alongside $43/oz in inflationary impacts, specifically related to higher labour and mining contractor costs, and a $30/oz impact from foreign exchange movements. Crucially, structural efficiencies delivered through the Full Asset Potential programme reduced underlying, controllable costs by $22/oz in Q1 2026 compared to Q1 2025. Targeted optimisation of plant throughput (-$103/oz), improved open pit volume efficiencies (-$15/oz), and by-product credits (-$64/oz) successfully absorbed residual operating pressures. This disciplined cost management ensured the higher gold price was translated into expanded margins, with the total cash cost margin* for the Group(1) increasing from 57% in Q1 2025 to 71% in Q1 2026. Momentum continued at managed operations(1) Gold production for the Group(1)(2) remained stable, increasing to 724,000oz in Q1 2026, up from 720,000oz (or 710,000oz excluding Serra Grande) in Q1 2025. The result was driven by a solid performance from most managed operations(1)(2), partially offset by lower gold production at Kibali. At managed operations(1)(2), gold production rose 1% year-on-year to 666,000oz in Q1 2026, while total cash costs per ounce* and all-in sustaining costs per ounce* (“AISC”) increased by 14% and 19% year-on-year in Q1 2026 to $1,377/oz and $1,980/oz, respectively, compared to Q1 2025. Meanwhile non-managed joint ventures experienced an 8% year-on-year reduction in gold production to 58,000oz in Q1 2026. Year-on-year gold production improvements totalling 9koz (or 19koz excluding Serra Grande) were achieved for managed operations(1)(2) in Q1 2026, with higher gold production at Geita (+12koz), Cuiabá (+9koz), Obuasi (+8koz), Iduapriem (+4koz), Cerro Vanguardia (+3koz) and Tropicana (+2koz). These increases were partly offset by lower gold production contributions year-on-year in Q1 2026 from Sunrise Dam (-10koz), Siguiri (-5koz) and Sukari (-4koz), reflecting variations in mine sequencing and planned throughput compared to Q1 2025, alongside lower output from the remainder of the portfolio. The Serra Grande operation in Brazil was sold on 1 December 2025. Total cash costs per ounce* for the Group(1) increased by 14% year-on-year to $1,391/oz in Q1 2026 from $1,223/oz in Q1 2025, primarily reflecting higher royalty payments driven by the record gold price and the impact from underlying inflation, mainly due to increases in labour and mining contractor costs in the jurisdictions in which the Company operates. AISC per ounce* for the Group(1) rose by 19% year-on-year to $1,955/oz in Q1 2026 from $1,640/oz in Q1 2025, driven mainly by the mechanical increase in gold price-linked royalties and a planned 29% increase in sustaining capital expenditure*. The increase in sustaining capital expenditure* reflects deliberate and ongoing investment to advance the Full Asset Potential programme, support asset integrity, and ensure long-term operational resilience, in line with the Company’s strategic priorities. Total capital expenditure for the Group(1) was $467m in Q1 2026, up 39% year-on-year from $336m in Q1 2025. This included $305m in sustaining capital expenditure* and $162m in non-sustaining capital expenditure*, the latter directed toward targeted development initiatives across the portfolio, particularly the advancement of the Nevada growth projects. Supply chain update In response to the ongoing crisis in the Middle East, the Company has activated its global supply chain resilience protocols to ensure operational continuity. Proactive mitigation measures include, among other things, increasing fuel stocks and inventory buffers of critical spares and consumables at key African and Australian operations. Arthur Gold Project technical report published(5)(6)(7) During Q1 2026, the Company published the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project in Nevada(5). The study declared an initial Probable Mineral Reserve of 4.9Moz of gold (88Mt at 1.75g/t), establishing the project as a cornerstone of the Company’s US growth platform(5)(6). “The exceptional economics detailed in the pre-feasibility study firmly establish the Arthur Gold Project as the cornerstone of our US growth platform,” said CEO Alberto Calderon. “Generating an after-tax NPV of up to $3.46bn at a gold price of $3,500/oz with an IRR up to 26%, this project pairs immediate scale with outstanding financial returns. With a world-class oxide orebody, minimal technical risk, and a disciplined capital approach, we have a clear roadmap to driving immense long-term shareholder value in a premier mining jurisdiction.” The project demonstrates highly competitive economics and exceptional leverage to the gold price. At a $2,715/oz gold price, the project generates an estimated after-tax NPV (at a 5% discount rate) of $1.73bn to $1.78bn with an IRR of 15% to 19%. At a $3,500/oz gold price, the estimated after-tax NPV roughly doubles to $3.41bn to $3.46bn, driving the IRR up to 22% to 26%. The operation is modelled to deliver an average annual production of approximately 500,000oz over an initial 9-year life of mine at a competitive life-of-mine AISC* of $925/oz- $975/ oz(5)(6)(7). Because the Merlin reserve is predominantly oxide material (greater than 95%) amenable to conventional processing, the project is expected to avoid the complexity and technical risk of refractory processing. Feasibility-level environmental, hydrological and community baseline studies are already underway. Outlook(7)(8) Full year 2026 guidance for gold production, costs and capital expenditure, which was issued in February 2026, remains unchanged. (1) The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures. (4) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio (leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change. (5) The Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project is filed as an exhibit to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025 as filed with the SEC on 26 March 2026. (6) The Arthur Gold Project Mineral Reserve estimate is presented as at 31 December 2025, unless otherwise stated, and economic estimates presented are calculated based on the Mineral Reserve declared in the Technical Report Summary on the Pre-Feasibility Study for the Arthur Gold Project only, exclusive of Mineral Resource. For further information, see the Company’s news release “AngloGold Ashanti Builds on Award-Winning Discovery, Advancing Arthur Gold Project in Nevada with first-time 4.9Moz Mineral Reserve and Robust PFS Economics,” dated 26 March 2026. (7) The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP forward-looking information or 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. (8) Outlook economic assumptions for 2026 guidance are as follows: $0.68/A$, BRL5.47/$, AP1,606/$, ZAR16.90/$, Brent $61/bbl and gold price range of approximately $4,250/oz. Cost and capital forecast ranges for 2026 are expressed in “nominal” terms. “Nominal” cash flows are current price term cash flows that have been inflated into future value, using an appropriate “inflation” rate. 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’s external auditors. Other unknown or unpredictable factors, or factors outside the Company’s control, including inflationary pressures on its cost base, could also have material adverse effects on AngloGold Ashanti’s 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’s operations together with AngloGold Ashanti’s 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’s annual report on Form 20-F for the financial year ended 31 December 2025 filed with the SEC. * Refer to “Non-GAAP disclosure” in the full announcement for definitions and reconciliations. Key statistics Quarter Quarter ended ended Mar Mar US Dollar millions, except as otherwise noted 2026 2025 Operating review Gold Produced - Group(1)(2)(3) - oz (000) 724 720 Produced - Managed operations(1)(2)(3) - oz (000) 666 657 Produced - Non-managed joint ventures(1) - oz (000) 58 63 Sold - Group(1)(2)(3) - oz (000) 719 737 Sold - Managed operations(1)(2)(3) - oz (000) 650 670 Sold - Non-managed joint ventures(1) - oz (000) 69 67 Financial review Gold income - $m 3,154 1,927 Cost of sales - Group(1) - $m 1,416 1,230 Cost of sales - Managed operations(1) - $m 1,293 1,124 Cost of sales - Non-managed joint ventures(1) - $m 123 106 Total operating costs - $m 999 833 Gross profit - $m 1,943 839 Average gold price received per ounce* - Group(1) - $/oz 4,863 2,874 Average gold price received per ounce* - Managed operations(1) - $/oz 4,857 2,875 Average gold price received per ounce* - Non-managed joint ventures(1) - $/oz 4,918 2,865 All-in sustaining costs per ounce* - Group(1) - $/oz 1,955 1,640 All-in sustaining costs per ounce* - Managed operations(1) - $/oz 1,980 1,657 All-in sustaining costs per ounce* - Non-managed joint ventures(1) - $/oz 1,719 1,463 All-in costs per ounce* - Group(1)(2) - $/oz 2,291 1,863 All-in costs per ounce* - Managed operations(1)(2) - $/oz 2,303 1,865 All-in costs per ounce* - Non-managed joint ventures(1) - $/oz 2,173 1,849 Total cash costs per ounce* - Group(1) - $/oz 1,391 1,223 Total cash costs per ounce* - Managed operations(1) - $/oz 1,377 1,213 Total cash costs per ounce* - Non-managed joint ventures(1) - $/oz 1,554 1,325 Profit for the period - $m 1,462 542 EBITDA*(5) - $m 2,291 996 Total borrowings - $m 2,257 2,213 Net debt (cash)*(5) - $m (868) 755 Profit attributable to equity shareholders - $m 1,281 443 - US cents/share 252 88 Headline earnings(4) - $m 1,285 447 - US cents/share 252 88 Net cash inflow from operating activities - $m 1,709 725 Free cash flow* - $m 1,169 403 Capital expenditure - Group(1) - $m 467 336 Capital expenditure - Managed operations(1) - $m 428 303 Capital expenditure - Non-managed joint ventures(1) - $m 39 33 (1) The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) Includes Q1 2025 gold production and gold sold of 10,000oz for the Serra Grande operation, which was sold on 1 December 2025. (4) The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures. (5) To enhance comparability with industry peers, AngloGold Ashanti will present net debt (cash)* and EBITDA* as well as its net debt (cash)* to EBITDA* ratio (leverage ratio), which are Non-GAAP financial measures, and will not further adjust these metrics in its reporting. Comparative periods will also reflect this change. * Refer to “Non-GAAP disclosure” for definitions and reconciliations. $ represents US Dollar, unless otherwise stated. Rounding of figures may result in computational discrepancies. AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 March 2026 of 116 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply. To holders of ordinary shares on the New York Stock Exchange (NYSE) 2026 Ex-dividend on NYSE Friday, 29 May Record date Friday, 29 May Payment date Friday, 12 June To holders of ordinary shares on the South African Register Additional information for South African resident shareholders of AngloGold Ashanti: Shareholders registered on the South African section of the register are advised that the distribution of 116 US cents per ordinary share will be converted to South African rands at the applicable exchange rate. In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows: 2026 Declaration date Friday, 8 May Currency conversion rate for South African rands announcement date Friday, 22 May Last date to trade ordinary shares cum dividend Tuesday, 26 May Ordinary shares trade ex-dividend Wednesday, 27 May Record date Friday, 29 May Payment date Friday, 12 June Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP (as defined below) or broker. To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 27 May 2026 and Friday, 29 May 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 22 May 2026 and Friday, 29 May 2026, both days inclusive. Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 22 May 2026. To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD 2026 Currency conversion date Friday, 22 May Last date to trade and to register shares cum dividend Tuesday, 26 May Shares trade ex-dividend Wednesday, 27 May Record date Friday, 29 May Approximate payment date of dividend Friday, 12 June To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share 2026 Currency conversion date Friday, 22 May Last date to trade and to register GhDSs cum dividend Tuesday, 26 May GhDSs trade ex-dividend Wednesday, 27 May Record date Friday, 29 May Approximate payment date of dividend Friday, 12 June Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 116 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/ ¢11.2425, the gross dividend payable per share, is equivalent to ca. ¢13.0413 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion. Entitlement to interim dividends A “Shareholder of Record” is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A “Beneficial Owner” is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant (“CSDP”), Shareholder of Record or other agent (sometimes referred to as holding shares “in street name”). AngloGold Ashanti plc
(Incorporated in England and Wales)
Registration No. 14654651
LEI No. 2138005YDSA7A82RNU96
ISIN: GB00BRXH2664
CUSIP: G0378L100
NYSE Share code: AU
JSE Share code: ANG
A2X Share code: ANG
GhSE (Shares): AGA
GhSE (GhDS): AAD Johannesburg, South Africa
8 May 2026
JSE Sponsor: The Standard Bank of South Africa Limited Forward-looking statements Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserves net of depletion from production and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein. Non-GAAP financial measures This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use. Website: www.anglogoldashanti.com March 2026 Published 8 May 2026 View source version on businesswire.com: https://www.businesswire.com/news/home/20260508397177/en/ Media
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold
General inquiries media@anglogoldashanti.com Investors
Yatish Chowthee: (+)27 11 637 6273 | (+)27 78 364 2080 | yrchowthee@aga.gold
Andrea Maxey: (+)61 08 9425 4603 | (+)61 400 072 199 | amaxey@aga.gold Original: AngloGold Ashanti Q1 31 March 2026 Earnings Release and Dividend Declaration
US Market News
1月前
Results of AngloGold Ashanti plc's 2026 Annual General MeetingMay 6, 2026 6:19 AM
Business Wire AngloGold Ashanti plc (the “Company") (NYSE: AU; JSE: ANG) held its 2026 Annual General Meeting (“2026 AGM”) at 9:00am (Mountain Daylight Time) on Tuesday 5 May 2026, and today announces the results of the poll vote for each resolution set out in the Notice of AGM published on 26 March 2026 (the “AGM Notice”). The full text of the resolutions proposed at the AGM is included in the AGM Notice. All of the resolutions were passed as ordinary resolutions. A copy of the poll results for the 2026 AGM, along with the AGM Notice, is available on the Company’s website at www.anglogoldashanti.com. Resolution Votes For1 % Votes Against % Votes Withheld/
Abstentions2 Broker
Non-Votes 1. To receive the 2025 Annual Report and Accounts 410,131,960 99.99 48,784 0.01 691,627 10,323,980 2. To approve the Directors’ Remuneration Report 384,007,796 93.50 26,710,298 6.50 154,277 10,323,980 3. To elect Mr. Marcus Randolph as a director 409,939,795 99.82 737,436 0.18 195,140 10,323,980 4. To re-elect Dr. Kojo Busia as a director 410,496,074 99.96 183,313 0.04 192,984 10,323,980 5. To re-elect Mr. Alberto Calderon as a director 410,624,483 99.99 53,604 0.01 194,284 10,323,980 6. To re-elect Mr. Bruce Cleaver as a director 409,840,346 99.80 839,403 0.20 192,622 10,323,980 7. To re-elect Ms. Gillian Doran as a director 380,026,140 92.54 30,655,976 7.46 190,255 10,323,980 8. To re-elect Mr. Alan Ferguson as a director 407,675,665 99.27 3,005,360 0.73 191,346 10,323,980 9. To re-elect Mr. Albert Garner as a director 319,230,471 77.73 91,445,187 22.27 196,713 10,323,980 10. To re-elect Ms. Jinhee Magie as a director 410,613,740 99.98 64,567 0.02 194,064 10,323,980 11. To re-elect Ms. Nicky Newton-King as a director 409,239,702 99.65 1,442,863 0.35 189,806 10,323,980 12. To re-elect Ms. Diana Sands as a director 408,028,556 99.35 2,649,778 0.65 194,037 10,323,980 13. To re-elect Mr. Jochen Tilk as a director 408,254,685 99.41 2,422,837 0.59 194,849 10,323,980 14. To re-appoint PricewaterhouseCoopers LLP as statutory auditor of the Company 420,961,551 99.97 109,438 0.03 125,362 0 15. To authorise the Audit and Risk Committee of the Company to determine the remuneration of the Company’s statutory auditor 410,501,685 99.94 255,527 0.06 115,159 10,323,980 16. To ratify the appointment of PricewaterhouseCoopers Inc. as independent registered public accountants of the Company 420,970,447 99.98 101,778 0.02 124,126 0 17. To authorise the Company to make political donations up to an aggregate limit of £100,000 309,205,954 75.31 101,344,934 24.69 321,483 10,323,980 1. Votes ‘for’ include those votes giving the Chair discretion. 2. For all relevant purposes votes which are “withheld” or “abstained” are not votes in law and are not counted in the calculation of the proportion of votes for and against each resolution. On Friday, 13 March 2026, the record date as set out in the AGM Notice, there were 505,577,721 ordinary shares in issue. Shareholders are entitled to one vote per share on a poll. JSE Sponsor: The Standard Bank of South Africa Limited View source version on businesswire.com: https://www.businesswire.com/news/home/20260506752614/en/ Media
Andrea Maxey
+61 8 9425 4603 / +61 400 072 199
amaxey@aga.gold General inquiries
media@anglogoldashanti.com Investors
Yatish Chowthee
+27 11 637 6273 / +27 78 364 2080
yrchowthee@aga.gold Andrea Maxey
+61 8 9425 4603 / +61 400 072 199
amaxey@aga.gold Website: www.anglogoldashanti.com Original: Results of AngloGold Ashanti plc's 2026 Annual General Meeting
US Market News
1月前
The Gold Projects Getting Funded All Have One Thing in CommonMay 4, 2026 10:30 AM
PR Newswire (Canada)
Issued on behalf of GoldHaven Resources Corp.VANCOUVER, BC, May 4, 2026 /CNW/ -- EquityInsider.com Sector Commentary — Gold exploration budgets climbed 11% to $6.15 billion last year, now accounting for half of all global exploration spending [1]. That kind of capital doesn't chase stories; it chases evidence. Central banks made the same bet in Q1 2026, adding 244 tonnes of gold on a net basis even as a handful of sovereign sellers moved the other way [2]. The signal is clear: money is flowing toward geological proof, not promotional noise, and five companies are running that playbook right now. GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF), AngloGold Ashanti (NYSE: AU), Fortuna Mining (NYSE: FSM) (TSX: FVI), San Lorenzo Gold (TSXV: SLG) (OTCPK: SNLGF), and Founders Metals (TSXV: FDR) (OTCQX: FDMIF) are each advancing through the kind of independent validation milestones that separate investable gold systems from sector noise.
The World Gold Council's Q1 2026 outlook reinforces why: gold posted a new quarterly average record of $4,873 per ounce, with investment demand now outpacing fabrication for the first time in this cycle[3]. At the same time, emerging market central banks are accelerating strategic gold accumulation, broadening the institutional base under the entire sector[4]. That combination of record pricing and structural sovereign demand is creating a clear validation premium for projects that can show independent technical reviews, environmental baselines, and systematic drill targeting over ones still selling on potential alone.GoldHaven Resources (CSE: GOH) (OTCQB: GHVNF) has received the results of an independent geological review of its 100%-owned Copeçal Gold Project in Mato Grosso, Brazil, and the findings point to something bigger than the company's initial drilling suggested. An outside specialist consultant examined drill core and data from GoldHaven's inaugural diamond drilling program and confirmed the presence of a large-scale, structurally controlled hydrothermal gold system with clear vectors toward higher-grade mineralization at both of the project's two main target areas.At the West Target, the review identified higher-grade gold enrichment tied to fold hinge structures, with dense sheeted quartz vein systems hosted in altered rock. Potassic alteration along vein margins suggests a robust hydrothermal system that extends along strike and at depth. Critically, the core of the West Target's roughly 6-kilometre gold-in-soil anomaly, originally defined by AngloGold Ashanti during earlier exploration, remains largely untested and now stands as a high-priority drill target.The East Target showed its own promise. The consultant confirmed a shear-hosted mineralized zone carrying zoned sulphide assemblages, specifically chalcopyrite with bornite, which indicates increasing temperature at depth. That mineral zonation provides a direct vector toward potentially stronger copper-gold mineralization below the surface."This independent review materially de-risks the project and strengthens our confidence that Copeçal hosts a large-scale mineralized system," said Rob Birmingham, CEO of GoldHaven. "We are now seeing clear vectors toward stronger mineralization at both the East and West targets, with significant portions of the system still untested."GoldHaven is now advancing detailed structural modelling and target refinement ahead of a Phase II drill program planned for Q2 2026, designed to test the high-priority structural and geophysical targets identified through this review.Beyond Brazil, GoldHaven continues to advance its Magno Project in British Columbia's Cassiar district, where the company has submitted its drill permit application and closed an oversubscribed $2.04 million flow-through financing. The company recently filed a technical report covering the polymetallic system at Magno, which carries silver, tungsten, lead, zinc, and indium mineralization across more than 37,200 hectares. Tungsten is classified as a critical mineral by both the Canadian and U.S. governments, and Canada currently has no primary domestic tungsten production.GoldHaven is a Canadian junior exploration company operating two active project pipelines across North and South America. With drill programs advancing on separate continents, a critical minerals portfolio in Brazil totalling 123,900 hectares, and diversified exposure to both gold and polymetallic systems, the company offers multi-commodity discovery potential at a stage where most juniors remain focused on a single asset.CONTINUED… Read this and more news for GoldHaven Resources at:https://equity-insider.com/2025/10/02/the-goldhaven-story-two-continents-one-strategy-systematic-historic-gold-district-exploration-2/In other industry developments:AngloGold Ashanti (NYSE: AU) announced a first-time Probable Mineral Reserve of 4.9Moz of contained gold at its Arthur Gold Project in Nevada's Beatty Mining District, supporting an initial nine-year mine life with average annual production of approximately 500,000oz. The project carries an estimated AISC of $954/oz and, at a $2,715/oz gold price, delivers an after-tax NPV (5%) of approximately $1.7 billion."The Arthur Gold Project is a cornerstone of our strategy to build a world-class, long-life production platform in the US," said Alberto Calderon, CEO of AngloGold Ashanti. "With average annual production of approximately 500,000oz in its initial phase, with some years projected to be well in excess of that, the project delivers immediate scale in a premier mining jurisdiction. This is just the beginning. With a world class orebody and a disciplined capital approach, we have a clear roadmap to growth and long-term shareholder value."The pre-feasibility study is expected to be presented to the AngloGold Ashanti Board of Directors for approval to transition to the feasibility study phase in June 2026. Aggressive drilling programmes remain underway to convert additional Mineral Resource, expand the mineralised footprint, and support further technical studies.Fortuna Mining (NYSE: FSM) (TSX: FVI) reported strong drill results from the Southern Arc deposit at its Diamba Sud Gold Project in Senegal, highlighted by 6.0 g/t gold over 24.1 meters, with bonanza intercepts including 29.8 g/t gold over 2.4 meters within that interval. The results contributed to an updated Southern Arc resource of 6 million tonnes averaging 1.9 g/t gold, containing 367,000 ounces, now the largest single deposit within the growing Diamba Sud project."Infill and extension drilling at Southern Arc continues to strengthen the scale and confidence of the deposit, contributing to the updated and expanded updated Mineral Resource of 6 million tonnes averaging 1.9 g/t Au, containing 367,000 gold ounces, making it today the largest single mineral deposit at the growing Diamba Sud Project," said Paul Weedon, Senior Vice President of Exploration of Fortuna Mining. "Southern Arc remains open at depth and along strike to both the southwest and northeast, with drilling continuing."Five drill rigs remain active across the project, with step-out drilling planned for Q2 2026 to test depth and strike extensions. Most drilling across the total project area sits at less than 200 meters depth, underscoring the potential for further resource growth.San Lorenzo Gold (TSXV: SLG) (OTCPK: SNLGF) has announced a significant land expansion at the Cerro Blanco target of its Salvadora property in Chile, adding 2,900 hectares through an option agreement with Mirasol Resources and the acquisition of three contiguous claim blocks.The Mirasol option covers the 2,000-hectare Rubi Project, while the three additional claim blocks contribute 900 hectares, both on the eastern flank of Salvadora where the Cerro Blanco porphyry target is located. The expansion extends the north-south strike length at Cerro Blanco from approximately 2 kilometres to 6 kilometres, unlocking significant new terrain for geochemical, IP, and geological investigation. San Lorenzo Gold has previously achieved exploration success at Salvadora across the Cerro Blanco, Arco de Oro, and Cabello Muerto targets."We are excited to continue our Cerro Blanco exploration efforts 1.7 km north-eastward to the river valley floor where significant alteration is visible," said Terence Walker, VP Exploration of San Lorenzo Gold. "This acreage addition now allows us to continue southward as well where another surface litho-cap feature is present, and we now have 6 km of N/S strike length compared to the 2 km of N/S strike length previously."Founders Metals (TSXV: FDR) (OTCQX: FDMIF) has completed a two-year environmental baseline assessment at its Antino Gold Project in southeastern Suriname, the first such study ever conducted at the project area despite exploration activity dating back to the early 1990s. The study, executed by Caribbean Environmental Risk Solutions across four seasonal campaigns from July 2024 to November 2025, was conducted in accordance with IFC Performance Standards and the Convention on Biological Diversity, producing a dataset acceptable to potential international funding sources."Environmental baseline data is one of the longest lead-time items required to advance a project toward development, and completing this work now keeps us well ahead of the curve," said Colin Padget, President & CEO of Founders Metals. "The data collected over these four seasonal campaigns provides us with the evidence base required to design future development plans in a manner that meets international environmental standards."Founders Metals controls a 102,360-hectare contiguous land package in the Guiana Shield and is backed by strategic partnerships with Gold Fields and B2Gold. The company will continue baseline monitoring at least twice per year while advancing environmental impact assessment and feasibility studies in parallel with its ongoing drill program toward a maiden mineral resource estimate.FURTHER READING: https://equity-insider.com/2025/10/02/the-goldhaven-story-two-continents-one-strategy-systematic-historic-gold-district-exploration-2/CONTACT:
Equity Insider
info @acblanke1DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. Equity-Insider is wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is is being distributed for Baystreet.ca Media Corp. ("BAY"), who has been paid a fee for an advertising campaign. MIQ has not been paid a fee for GoldHaven Resources Corp. advertising or digital media, but the owner/operators of MIQ also co-owns BAY. There may also be 3rd parties who may have shares of GoldHaven Resources Corp. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material, including this article, which is disseminated by MIQ on behalf of BAY has been approved by GoldHaven Resources Corp. The scientific and technical information disclosed in this document have been reviewed and approved by two Qualified Persons (QPs). The Copeçal Technical Report identifies Jean-Marc Lopez, B.Sc., FAusIMM, as the Qualified Person responsible for the report. The report "GoldHaven Resources Completes Summer Exploration Programs" states that the technical information has been reviewed and approved by Jonathan Victor Hill, B.Sc. Hons, FAusIMM, an independent Qualified Person and Country Manager of GoldHaven. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between the any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.SOURCES:https://www.businessday.co.za/economy/2026-04-09-gold-drives-mining-exploration-as-global-budgets-fall-for-third-year/ https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026 https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026/outlook https://www.visualcapitalist.com/ranked-central-banks-buying-and-selling-gold-in-2026/Logo - https://mma.prnewswire.com/media/2840019/5951227/Equity_Insider_Logo.jpg
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Original: The Gold Projects Getting Funded All Have One Thing in Common
US Market News
2月前
AngloGold Ashanti Holdings plc Announces Pricing of Capped Cash Tender Offers for Part of Its 3.375% Notes Due 2028, 3.750% Notes Due 2030 and 6.500% Notes Due 2040April 14, 2026 1:19 PM
Business Wire
AngloGold Ashanti Holdings plc (the “Offeror”), a company incorporated under the laws of the Isle of Man, announces today the pricing of the previously announced capped cash tender offers that the Offeror commenced on March 30, 2026 (the “Offers”), for up to $650,000,000 aggregate purchase price (exclusive of Accrued Interest), for part of its outstanding (i) $750,000,000 3.375% notes due 2028 (the “2028 Notes”), (ii) $700,000,000 3.750% notes due 2030 (the “2030 Notes”) and (iii) $300,000,000 6.500% notes due 2040 (the “2040 Notes” and together with the 2028 Notes and the 2030 Notes, the “Notes”), issued by the Offeror and guaranteed by AngloGold Ashanti plc, a company incorporated under the laws of England and Wales (“AGA”). The terms and conditions of the Offers are described in an offer to purchase dated March 30, 2026 (the “Offer to Purchase”). Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.
As of April 13, 2026 at 5:00 p.m. (New York City time) (the “Early Tender Time”), as reported by Kroll Issuer Services Limited, the Information & Tender Agent for the Offers, the principal amounts of the Notes listed in the table below had been validly tendered and not validly withdrawn.
The following table sets forth certain pricing information for the Offers, including the Total Consideration determined based on the Reference Yield of the applicable Reference Treasury Security at 10:00 a.m. (New York City time) on April 14, 2026:
Title of Security
ISIN / CUSIP
Principal Amount Outstanding
Sub-Cap
Principal Amount Tendered as of the Early Tender Time
Principal Amount Accepted for Purchase
Pro-Ration Factor
Acceptance Priority Level
Reference Yield
U.S. Treasury
Reference Security
Fixed Spread (basis points)(1)
Early Tender Payment
Total Consideration(2)
3.375% notes due 2028
US03512TAF84 / 03512TAF8
$750,000,000
N/A
$558,561,000
$558,561,000
N/A
1
3.796 %
UST 3.500% due March 15, 2029
50
$50
$978.03 per $1,000 principal amount
3.750% notes due 2030
US03512TAE10 / 03512TAE1
$700,000,000
N/A
$446,457,000
$106,560,000
28.7775%
2
3.917 %
UST 3.875% due March 31, 2031
50
$50
$973.26 per $1,000 principal amount
6.500% notes due 2040
US03512TAB70 / 03512TAB7
$300,000,000
$50,000,000(3)
$78,925,000
$0
N/A
3
N/A
UST 4.125% due February 15, 2036
140
$50
N/A
(1)
The applicable Total Consideration is calculated with reference to the Fixed Spread in respect of the relevant series of Notes set out above and includes the Early Tender Payment. Each Total Consideration is calculated with reference to the relevant maturity date (or, as specified in the Offer to Purchase, the par call date) of the relevant Notes.
(2)
Per $1,000 principal amount of Notes validly tendered and received by the Information & Tender Agent at or prior to the Early Tender Time and accepted for purchase and subject to the applicable Minimum Authorized Denomination.
(3)
The aggregate maximum purchase price payable (exclusive of Accrued Interest) for the 2040 Notes pursuant to the relevant Offer is subject to a Sub-Cap of $50,000,000.
The Offeror plans to accept (i) the entire principal amount of the 2028 Notes tendered in the applicable Offer and (ii) $106,560,000 principal amount of the 2030 Notes using a proration factor of approximately 28.7775% in accordance with the Offer to Purchase, in each case validly tendered and not validly withdrawn prior to the Early Tender Time. None of the tendered 2040 Notes will be accepted for purchase. Notes not accepted for purchase will be promptly returned or credited to the Holder’s account.
The amount of each series of Notes to be purchased in the Offers on the Early Settlement Date has been determined in accordance with the Acceptance Priority Level specified in the table above, with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level, subject to the Aggregate Cap, the Sub-Cap and the proration arrangements described in more detail in the Offer to Purchase.
The Offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase. The Offers will expire at 5:00 p.m., New York City time, on April 28, 2026, unless extended or earlier terminated. However, because the aggregate purchase price (exclusive of Accrued Interest) of all series of Notes validly tendered in the Offers at or prior to the Early Tender Time exceeds the Aggregate Cap, the Offeror will not accept for purchase any Notes validly tendered after the Early Tender Time, but before the Expiration Time, unless the Offeror increases the Aggregate Cap.
Holders of Notes who validly tendered and did not validly withdraw their Notes at or prior to the Early Tender Time and whose Notes were accepted for purchase will receive the applicable Total Consideration, which already includes the Early Tender Payment specified in the table above. In addition to the applicable Total Consideration, Accrued Interest from and including the most recent interest payment date applicable to the relevant series of Notes up to, but not including, the Early Settlement Date will be paid in cash on all validly tendered Notes accepted for purchase as described in the Offer to Purchase.
The Total Consideration and the Accrued Interest for the Notes accepted for purchase in the Offers is expected to be paid on the Early Settlement Date. The Early Settlement Date is expected to be April 16, 2026.
The Offeror’s obligation to accept for payment and pay for the Notes validly tendered in the Offers is subject to the satisfaction or waiver of the conditions described in the Offer to Purchase.
Notes that are accepted in the Offers will be purchased by the Offeror and cancelled and will no longer remain outstanding obligations of the Offeror.
FURTHER INFORMATION
Questions and requests for assistance in connection with the Offers may be directed to the Dealer Managers:
Citigroup Global Markets Limited
Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB
United Kingdom
Attention:
Liability Management Group
In Europe:
+44 20 7986 8969
In the United States:
Toll Free: +1 800 558 3745
Collect: +1 212 723 6106
Email:
liabilitymanagement.europe@citi.com
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
United States
Attention:
Liability Management Group
Toll Free: +1 (800) 828-3182
Europe: +44 207 7744836
Email:
Liabilitymanagement.eu@gs.com
Questions and requests for assistance in connection with the tender of Notes including requests for a copy of the Offer to Purchase may be directed to:
INFORMATION & TENDER AGENT
Kroll Issuer Services Limited
The News Building
3 London Bridge Street
London SE1 9SG
United Kingdom
Attention: Owen Morris
Telephone: +44 20 7704 0880
E-mail: anglogoldashanti@is.kroll.com
Offer Website: https://deals.is.kroll.com/anglogoldashanti
NOTICE AND DISCLAIMER
Subject to applicable law, the Offeror or any of its affiliates may, at any time and from time to time, acquire Notes, other than pursuant to the Offers, through open market or privately negotiated transactions, through tender offers, exchange offers, redemptions or otherwise, or the Offeror may redeem Notes pursuant to their terms to the extent that such Notes then permit redemption. Any future purchases of Notes may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Offers, and could be for cash or other consideration.
This announcement must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Offers. If any Holder is in any doubt as to the action it should take or is unsure of the impact of the Offers, it is recommended to seek its own financial and legal advice, including as to any tax consequences, from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender Notes in the Offers (or to validly withdraw any such tender). None of the Offeror, the Dealer Managers, the Information & Tender Agent or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether Holders of Notes should participate in the Offers.
Cautionary Statement
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert mineral resource into mineral reserve and replace mineral reserves net of depletion from production and outlook of AGA’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AGA’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AGA’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AGA’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AGA’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AGA believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in AGA’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AGA’s annual report on Form 20-F for the year ended December 31, 2025, which has been filed with the United States Securities and Exchange Commission (the “SEC”). These factors are not necessarily all of the important factors that could cause AGA’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AGA’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AGA undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AGA or any person acting on its behalf are qualified by the cautionary statements herein.
General
This announcement is for informational purposes only and shall not constitute an offer to buy, a solicitation to buy or an offer to sell any securities. The Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. Please see the Offer to Purchase for certain important information on offer restrictions applicable to the Offers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260414805239/en/
Media
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
General inquiries
media@anglogoldashanti.com
Investors
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
Yatish Chowthee
+27 11 637 6273 / +27 78 364 2080
yrchowthee@aga.gold
Website: www.anglogoldashanti.com
Original: AngloGold Ashanti Holdings plc Announces Pricing of Capped Cash Tender Offers for Part of Its 3.375% Notes Due 2028, 3.750% Notes Due 2030 and 6.500% Notes Due 2040
US Market News
2月前
AngloGold Ashanti Holdings plc Announces Early Results of Capped Cash Tender Offers for Part of Its 3.375% Notes Due 2028, 3.750% Notes Due 2030 and 6.500% Notes Due 2040April 14, 2026 5:04 AM
Business Wire
AngloGold Ashanti Holdings plc (the “Offeror”), a company incorporated under the laws of the Isle of Man, announces today the early results of the previously announced capped cash tender offers that the Offeror commenced on March 30, 2026 (the “Offers”), for up to $650,000,000 aggregate purchase price (exclusive of Accrued Interest), for part of its outstanding (i) $750,000,000 3.375% notes due 2028 (the “2028 Notes”), (ii) $700,000,000 3.750% notes due 2030 (the “2030 Notes”) and (iii) $300,000,000 6.500% notes due 2040 (the “2040 Notes” and together with the 2028 Notes and the 2030 Notes, the “Notes”), issued by the Offeror and guaranteed by AngloGold Ashanti plc, a company incorporated under the laws of England and Wales (“AGA”). The terms and conditions of the Offers are described in an offer to purchase dated March 30, 2026 (the “Offer to Purchase”). Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.
As of April 13, 2026 at 5:00 p.m. (New York City time) (the “Early Tender Time”), as reported by Kroll Issuer Services Limited, the Information & Tender Agent for the Offers, the principal amounts of the Notes listed in the table below had been validly tendered and not validly withdrawn:
Title of Security
ISIN / CUSIP
Principal Amount
Outstanding
Sub-Cap
Acceptance
Priority Level
Principal
Amount
Tendered at
Early Tender
Time
Approximate
Percentage of
Outstanding Notes
Tendered at Early
Tender Time
3.375% notes due
2028
US03512TAF84
/ 03512TAF8
$750,000,000
N/A
1
$558,561,000
74.47%
3.750% notes due
2030
US03512TAE10
/ 03512TAE1
$700,000,000
N/A
2
$446,457,000
63.78%
6.500% notes due
2040
US03512TAB70
/ 03512TAB7
$300,000,000
$50,000,000(1)
3
$78,925,000
26.31%
(1) The aggregate maximum purchase price payable (exclusive of Accrued Interest) for the 2040 Notes pursuant to the relevant Offer is subject to a Sub-Cap of $50,000,000.
The amount of each series of Notes to be purchased in the Offers on the Early Settlement Date will be determined in accordance with the Acceptance Priority Level specified in the table above, with 1 being the highest Acceptance Priority Level and 3 being the lowest Acceptance Priority Level, subject to the Aggregate Cap, the Sub-Cap and the proration arrangements described in more detail in the Offer to Purchase.
The Total Consideration and the Late Tender Offer Consideration for each series of Notes accepted for purchase will be determined based on the formula set out in the Offer to Purchase on April 14, 2026 at 10:00 a.m., New York City time. The Total Consideration and Late Tender Offer Consideration for each series of Notes, together with the aggregate principal amount of validly tendered Notes of each series that is accepted for purchase and details of the applicable proration, will be announced by a separate release later on April 14, 2026. The Early Settlement Date is expected to be April 16, 2026.
The Withdrawal Deadline was April 13, 2026 at 5:00 p.m. (New York City time). Therefore, Notes that have been validly tendered and not validly withdrawn, and Notes tendered after that date, may not be withdrawn unless otherwise required by applicable law.
The Offers will expire at 5:00 p.m., New York City time, on April 28, 2026, unless extended or earlier terminated.
The Offers are being made upon and are subject to the terms and conditions set forth in the Offer to Purchase. The Offeror’s obligation to accept for payment and pay for the Notes validly tendered in the Offers is subject to the satisfaction or waiver of the conditions described in the Offer to Purchase.
Notes that are accepted in the Offers will be purchased by the Offeror and cancelled and will no longer remain outstanding obligations of the Offeror.
FURTHER INFORMATION
Questions and requests for assistance in connection with the Offers may be directed to the Dealer Managers:
Citigroup Global Markets Limited
Goldman Sachs & Co. LLC
Citigroup Centre
200 West Street
Canada Square, Canary Wharf
New York, New York 10282
London E14 5LB
United States
United Kingdom
Attention:
Attention:
Liability Management Group
Liability Management Group
Toll Free: +1 (800) 828-3182
In Europe:
Europe: +44 207 7744836
+44 20 7986 8969
Email:
In the United States:
Liabilitymanagement.eu@gs.com
Toll Free: +1 800 558 3745
Collect: +1 212 723 6106
Email:
liabilitymanagement.europe@citi.com
Questions and requests for assistance in connection with the tender of Notes including requests for a copy of the Offer to Purchase may be directed to:
INFORMATION & TENDER AGENT
Kroll Issuer Services Limited
The News Building
3 London Bridge Street
London SE1 9SG
United Kingdom
Attention: Owen Morris
Telephone: +44 20 7704 0880
E-mail: anglogoldashanti@is.kroll.com
Offer Website: https://deals.is.kroll.com/anglogoldashanti
NOTICE AND DISCLAIMER
Subject to applicable law, the Offeror or any of its affiliates may, at any time and from time to time, acquire Notes, other than pursuant to the Offers, through open market or privately negotiated transactions, through tender offers, exchange offers, redemptions or otherwise, or the Offeror may redeem Notes pursuant to their terms to the extent that such Notes then permit redemption. Any future purchases of Notes may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Offers, and could be for cash or other consideration.
This announcement must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Offers. If any Holder is in any doubt as to the action it should take or is unsure of the impact of the Offers, it is recommended to seek its own financial and legal advice, including as to any tax consequences, from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender Notes in the Offers (or to validly withdraw any such tender). None of the Offeror, the Dealer Managers, the Information & Tender Agent or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether Holders of Notes should participate in the Offers.
Cautionary Statement
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert mineral resource into mineral reserve and replace mineral reserves net of depletion from production and outlook of AGA’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AGA’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AGA’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AGA’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AGA’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AGA believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in AGA’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AGA’s annual report on Form 20-F for the year ended December 31, 2025, which has been filed with the United States Securities and Exchange Commission (the “SEC”). These factors are not necessarily all of the important factors that could cause AGA’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AGA’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AGA undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AGA or any person acting on its behalf are qualified by the cautionary statements herein.
General
This announcement is for informational purposes only and shall not constitute an offer to buy, a solicitation to buy or an offer to sell any securities. The Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. Please see the Offer to Purchase for certain important information on offer restrictions applicable to the Offers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260413496367/en/
Media
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
General inquiries
media@anglogoldashanti.com
Investors
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
Yatish Chowthee
+27 11 637 6273 / +27 78 364 2080
yrchowthee@aga.gold
Website: www.anglogoldashanti.com
Original: AngloGold Ashanti Holdings plc Announces Early Results of Capped Cash Tender Offers for Part of Its 3.375% Notes Due 2028, 3.750% Notes Due 2030 and 6.500% Notes Due 2040
US Market News
3月前
AngloGold Ashanti Holdings plc Announces Capped Cash Tender Offers for Part of Its 3.375% Notes Due 2028, 3.750% Notes Due 2030 and 6.500% Notes Due 2040March 30, 2026 5:29 AM
Business Wire
AngloGold Ashanti Holdings plc (the “Offeror”), a company incorporated under the laws of the Isle of Man, announces today the offers to purchase for cash the outstanding series of its (i) 3.375% notes due 2028 (the “2028 Notes”), (ii) 3.750% notes due 2030 (the “2030 Notes”) and (iii) 6.500% notes due 2040 (the “2040 Notes” and together with the 2028 Notes and the 2030 Notes, the “Notes”), issued by the Offeror and guaranteed by AngloGold Ashanti plc, a company incorporated under the laws of England and Wales (“AGA”) (the “Offers”) in accordance with the acceptance priority levels set forth in the table below (the “Acceptance Priority Levels”), with “1” being the highest Acceptance Priority Level and “3” being the lowest Acceptance Priority Level, subject to an aggregate purchase price (exclusive of Accrued Interest (as defined below)) for the 2040 Notes that does not exceed $50,000,000 (as such amount may be increased or decreased by the Offeror, the “Sub-Cap”), and for an aggregate purchase price (exclusive of Accrued Interest) for all series of Notes of up to $650,000,000 (as such amount may be increased or decreased by the Offeror, the “Aggregate Cap”). Subject to the Aggregate Cap and the Sub-Cap, the amount of a series of Notes that is purchased in the relevant Offer on the Early Settlement Date or Final Settlement Date (each as defined below), as applicable, will be based on the Acceptance Priority Level for such series of Notes and will be subject to the proration arrangements applicable to the Offers. The terms and conditions of the Offers are described in an offer to purchase dated March 30, 2026 (the “Offer to Purchase”).
Capitalized terms not otherwise defined in this announcement have the same meaning as assigned to them in the Offer to Purchase.
Holders are advised to read carefully the Offer to Purchase for full details of, and information on the procedures for participating in, the Offers.
The following table sets forth certain information relating to pricing for the Offers.
Title of Security
ISIN / CUSIP
Principal Amount Outstanding
Maturity Date
Sub-Cap
Acceptance Priority Level
Reference U.S. Treasury
Security
Fixed Spread (basis points)(1)
Bloomberg Reference Page
Early Tender Payment(2)
3.375% notes due 2028
US03512TAF84 / 03512TAF8
$750,000,000
November 1, 2028
N/A
1
UST 3.500% due March 15, 2029
50
FIT 1
$50
3.750% notes due 2030
US03512TAE10 / 03512TAE1
$700,000,000
October 1, 2030
N/A
2
UST 3.875% due March 31, 2031
50
FIT 1
$50
6.500% notes due 2040
US03512TAB70 / 03512TAB7
$300,000,000
April 15, 2040
$50,000,000(3)
3
UST 4.125% due February 15, 2036
140
FIT 1
$50
(1)
The applicable Total Consideration shall be calculated with reference to the Fixed Spread in respect of the relevant series of Notes set out above and includes the Early Tender Payment (each capitalized term, as defined below). Each Total Consideration will be calculated with reference to the relevant maturity date (or, as specified in the Offer to Purchase, the par call date) of the relevant Notes.
(2)
Per $1,000 principal amount of Notes validly tendered and received by Kroll Issuer Services Limited (the “Information & Tender Agent”) at or prior to the Early Tender Time (as defined below) and accepted for purchase (and subject to the applicable Minimum Authorized Denomination (as specified below)). The applicable Total Consideration, when calculated with reference to the Fixed Spread in respect of the relevant series of Notes set out above, already includes the Early Tender Payment. The applicable Late Tender Offer Consideration (as defined below) for Notes validly tendered and received by the Information & Tender Agent after the Early Tender Time but at or prior to the Expiration Time (as defined below) and accepted for purchase will be the applicable Total Consideration minus the Early Tender Payment.
(3)
The aggregate maximum purchase price payable (exclusive of Accrued Interest) for the 2040 Notes pursuant to the relevant Offer is subject to a Sub-Cap of $50,000,000.
The Offers
The Offeror will pay Total Consideration for each $1,000 principal amount of each series of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time and accepted for purchase by the Offeror (subject to the applicable Minimum Authorized Denomination (as defined below)) calculated in accordance with the formula set out in the Offer to Purchase in a manner that will be equal to an amount (rounded to the nearest cent, with half a cent rounded upwards) that would reflect, as of the Early Settlement Date, a yield to the maturity date (or, as specified in the Offer to Purchase, the par call date) of such series of Notes equal to the sum of:
the “Reference Yield” for such series of Notes, being the bid-side yield (rounded to the nearest 0.001% with 0.0005% being rounded upwards) on the Reference U.S. Treasury Security for such series of Notes calculated from the applicable bid-side price by the Dealer Managers (as defined below) in accordance with standard market practice as of the Tender Price Determination Time, as displayed for the Reference U.S. Treasury Security on the Reference Page set forth in the table above (in respect of each series of Notes, the “Reference U.S. Treasury Security”), plus
the applicable fixed spread for such series of Notes as specified in the table above (the “Fixed Spread”).
The sum of the Fixed Spread and the Reference Yield is referred to as the “Yield.” Specifically, the Total Consideration for each series of Notes will equal (i) the value of all remaining payments of principal and interest on such series of Notes up to and including maturity date (or, as specified in the Offer to Purchase, the par call date) of such series of Notes discounted to the Early Settlement Date at a discount rate equal to the sum of (x) the Reference Yield for such series of Notes plus (y) the Fixed Spread for such series of Notes, minus (ii) Accrued Interest to the Early Settlement Date for such series of Notes.
For the applicable series of Notes, at the Tender Price Determination Time, if the Yield as determined in accordance with the Offer to Purchase is less than the contractual annual rate of interest for such series of Notes, then such Total Consideration will be calculated based on the par call date; if the Yield as determined in accordance with the Offer to Purchase is higher than or equal to the contractual annual rate of interest for such series of Notes, then such Total Consideration will be calculated based on the maturity date. For the avoidance of doubt, the Total Consideration with respect to the 2040 Notes will be calculated based on the maturity date because the 2040 Notes are not redeemable at par prior to their maturity under the terms of the 2040 Notes.
The Total Consideration in respect of each series of Notes, when calculated in the manner set out above, already includes the early tender payment of $50 per $1,000 principal amount of such Notes (the “Early Tender Payment”). To receive the applicable Total Consideration, which includes the Early Tender Payment, holders must validly tender and not validly withdraw their Notes so that they are received by the Information & Tender Agent at or prior to 5:00 p.m., New York City time, on April 13, 2026, unless extended (such time, as the same may be extended, the “Early Tender Time”). Holders that validly tender Notes which tender is received by the Information & Tender Agent following the Early Tender Time, but at or prior to the Expiration Time, and whose Notes are accepted for purchase, will receive only the applicable Late Tender Offer Consideration, which is an amount equal to the applicable Total Consideration minus the Early Tender Payment.
In addition to the relevant Late Tender Offer Consideration or Total Consideration, as applicable, all Holders of Notes of a series accepted for purchase will also receive accrued and unpaid interest on such series of Notes from the last interest payment date up to, but not including, the Early Settlement Date or the Final Settlement Date (as specified below), as applicable (the “Accrued Interest”).
Holders should be aware that the expected Final Settlement Date (expected to be May 1, 2026) coincides with a regular scheduled interest payment date for the 2028 Notes. As such, Accrued Interest on any 2028 Notes tendered after the Early Tender Time but before the Expiration Time and accepted for purchase by the Offeror will be paid pursuant to the usual payment process in the ordinary course of business and not in the context of the applicable Offer for such Notes. As such, no Accrued Interest shall be payable pursuant to the applicable Offer in respect of the 2028 Notes tendered after the Early Tender Time but before the Expiration Time, unless the Final Settlement Date is amended to a date which is not a regular scheduled interest payment date for the 2028 Notes. Accrued interest on the 2030 Notes and the 2040 Notes will be paid on the regular interest payment dates for such series of Notes (including, April 1, 2026 with respect to the 2030 Notes and April 15, 2026 with respect to the 2040 Notes) in accordance with the terms of such Notes and pursuant to the usual payment process in the ordinary course of business, and in the context of the applicable Offer, in accordance with the terms of the Offer to Purchase.
Holders of Notes that are validly tendered and not validly withdrawn at or prior to the Early Tender Time and that are accepted for purchase will receive the applicable Total Consideration plus Accrued Interest on the Early Settlement Date (subject to the right of the Offeror to extend the Early Tender Time and delay the acceptance of Tender Instructions as set out in the Offer to Purchase). The Early Settlement Date will be promptly following the Early Tender Time and is expected to be April 16, 2026, the third business day after the Early Tender Time. Holders of Notes that are validly tendered following the Early Tender Time but at or prior to the Expiration Time and that are accepted for purchase will receive the applicable Late Tender Offer Consideration plus Accrued Interest on the Final Settlement Date (subject to the right of the Offeror to extend the Expiration Time and delay the acceptance of Tender Instructions as set out in the Offer to Purchase). The Final Settlement Date will be promptly following the Expiration Time and is expected to be May 1, 2026, the third business day after the Expiration Time.
Tender Instructions must be submitted in respect of a principal amount of Notes of no less than the Minimum Authorized Denomination and may be submitted in respect of integral multiples of $1,000 above such Minimum Authorized Denomination. The “Minimum Authorized Denomination” is $200,000 for the 2028 Notes and the 2030 Notes and $1,000 for the 2040 Notes.
Subject to the Aggregate Cap, the Sub-Cap, the proration arrangements applicable to the Offers and subject to the satisfaction or waiver of the Conditions to the Offers, all Notes validly tendered on or prior to the Early Tender Time having a higher Acceptance Priority Level (with “1” being the highest Acceptance Priority Level and “3” being the lowest Acceptance Priority Level) will be accepted for purchase before any tendered Notes having a lower Acceptance Priority Level are accepted for purchase, and all Notes validly tendered after the Early Tender Time having a higher Acceptance Priority Level will be accepted for purchase before any Notes tendered after the Early Tender Time having a lower Acceptance Priority Level are accepted for purchase. However, subject to the Aggregate Cap and the Sub-Cap, Notes validly tendered on or prior to the Early Tender Time will be accepted for purchase in priority to any Notes tendered after the Early Tender Time even if such Notes tendered after the Early Tender Time have a higher Acceptance Priority Level than Notes tendered on or prior to the Early Tender Time.
The Offeror’s obligation to accept for purchase and to pay for Notes validly tendered pursuant to each Offer is subject to the satisfaction or waiver of the Conditions described in the Offer to Purchase. The Offers are not conditioned on any minimum amount of Notes being tendered. Subject to applicable law, the Offeror expressly reserves the right, in its sole discretion, to terminate any of the Offers with respect to the Notes if the conditions to the Offers are not satisfied.
If the Offeror is required to make an announcement relating to an extension of the Withdrawal Deadline, the Early Tender Time or the Expiration Time, an amendment or termination of the Offers, the results of proration of any series of Notes, or acceptance of the Notes of any series for purchase, the Offeror will do so as promptly as practicable and, in the case of an extension of the Expiration Time, no later than 9:00 a.m., New York City time, on the business day after the previously scheduled Expiration Time. Announcements in connection with the Offers will be made by issuing a press release to a widely disseminated news or wire service. Copies of all announcements, notices and press releases will be available from the Information & Tender Agent. All documentation relating to the Offers, together with any updates, will also be available (subject to eligibility confirmation and registration) on the Offer Website https://deals.is.kroll.com/anglogoldashanti operated by the Information & Tender Agent for the purpose of the Offers.
A tender of Notes for purchase pursuant to the Offers should be made by the submission of a valid Tender Instruction. A separate Tender Instruction must be submitted on behalf of each beneficial owner of the Notes and in respect of each series of Notes. Tenders and instructions other than in accordance with the procedures set out in the Offer to Purchase will not be accepted.
INDICATIVE TIMETABLE
The following table sets out the expected dates and times of the key events relating to the Offers. This is an indicative timetable and is subject to change.
Date and Time
Action
March 30, 2026
Commencement of the Offers
Offer to Purchase available from the Information & Tender Agent and on the Offer Website.
Offers announced through a press release to a recognized financial news service in the manner described under “Terms and Conditions of the Offers—Announcements” in the Offer to Purchase.
April 13, 2026, 5:00 p.m. (New York City time), unless extended
Early Tender Time
The deadline for Holders to validly tender Notes and for such tenders to be received by the Information & Tender Agent to be eligible for the applicable Total Consideration, which includes the Early Tender Payment, plus Accrued Interest.
The Offeror will issue a press release announcing the amount of each series of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Time. Notes tendered at or prior to the Early Tender Time will be subject to acceptance ahead of, and proration on a basis more favorable to, Notes tendered thereafter.
April 13, 2026, 5:00 p.m. (New York City time), unless extended
Withdrawal Deadline
The deadline for Holders to properly withdraw tenders of their Notes. If a tender of Notes is properly withdrawn, the Holder will not receive any consideration on the Early Settlement Date or the Final Settlement Date, as applicable (unless that Holder validly re-tenders such Notes and such re-tender is received by the Information & Tender Agent at or prior to the Early Tender Time or Expiration Time, as applicable, and the Notes are accepted by the Offeror).
April 14, 2026, 10:00 a.m. (New York City time), unless extended
Tender Price Determination Time
The time at which the Reference Yield, the applicable Total Consideration and the applicable Late Tender Offer Consideration with respect to each series of Notes validly tendered and accepted for purchase will be determined by the Dealer Managers.
The Offeror will issue a press release announcing the Reference Yield for each series of Notes, the applicable Total Consideration and Late Tender Offer Consideration for each such series of Notes, the amount of each series of Notes validly tendered and to be accepted for purchase on the Early Settlement Date and the details of proration, if any, as soon as practicable after the determination thereof.
Expected to be April 16, 2026
Early Settlement Date
The date on which the Offeror will deposit with DTC the amount of cash necessary to pay, and on which DTC will pay to each Holder whose Notes are accepted for purchase as at the Early Tender Time, the applicable Total Consideration, plus Accrued Interest, in respect of such Notes.
April 28, 2026, 5:00 p.m. (New York City time), unless extended
Expiration Time
The deadline for Holders to validly tender Notes and for such tenders to be received by the Information & Tender Agent to be eligible for the applicable Late Tender Offer Consideration, plus Accrued Interest.
The Offeror will, if applicable, issue a press release announcing the amount of each series of Notes validly tendered after the Early Tender Time and at or prior to the Expiration Time and the amount of each such series of Notes to be accepted for purchase as soon as reasonably practicable after the Expiration Time.
Expected to be May 1, 2026
Final Settlement Date
If applicable, the date on which the Offeror will deposit with DTC the amount of cash necessary to pay, and on which DTC will pay to each Holder whose Notes are accepted for purchase but have not been previously purchased, the applicable Late Tender Offer Consideration, plus Accrued Interest in respect of such Notes.
The Offeror expressly reserves the right, in its sole discretion, subject to applicable law, to (i) terminate any or all of the Offers and not accept for purchase any Notes of the relevant series tendered pursuant to any such Offer if any of the Conditions to any such Offer are not satisfied or waived, (ii) waive any and all of the Conditions to any Offer, (iii) extend the Early Tender Time or the Expiration Time with respect to any Offer, (iv) change the Withdrawal Deadline, the Early Settlement Date and/or the Final Settlement Date with respect to any Offer or (v) otherwise amend the other terms of any or all of the Offers, including increasing or decreasing the Aggregate Cap and/or the Sub-Cap and changing the Acceptance Priority Levels with respect to any of the series of Notes. In the event that any Offer is terminated or otherwise not completed, the Total Consideration or the Late Tender Offer Consideration, as applicable, and any Accrued Interest, relating to the Notes subject to such Offer will not be paid or become payable pursuant to the Offers, without regard to whether Holders have validly tendered their Notes (in which case such tendered Notes will be promptly returned to the Holders).
Holders of Notes are advised to read carefully the Offer to Purchase for full details of and information on the procedures for participating in the Offers.
FURTHER INFORMATION
Holders of Notes may access the Offer to Purchase (subject to eligibility confirmation and registration) at https://deals.is.kroll.com/anglogoldashanti.
Questions and requests for assistance in connection with the Offers may be directed to the Dealer Managers:
Citigroup Global Markets Limited
Citigroup Centre
Canada Square, Canary Wharf
London E14 5LB
United Kingdom
Attention:
Liability Management Group
In Europe:
+44 20 7986 8969
In the United States:
Toll Free: +1 800 558 3745
Collect: +1 212 723 6106
Email:
liabilitymanagement.europe@citi.com
Goldman Sachs & Co. LLC
200 West Street
New York, New York 10282
United States
Attention:
Liability Management Group
Toll Free: +1 (800) 828-3182
Europe: +44 207 7744836
Email:
Liabilitymanagement.eu@gs.com
Questions and requests for assistance in connection with the tender of Notes including requests for a copy of the Offer to Purchase may be directed to:
INFORMATION & TENDER AGENT
Kroll Issuer Services Limited
The News Building
3 London Bridge Street
London SE1 9SG
United Kingdom
Attention: Owen Morris
Telephone: +44 20 7704 0880
E-mail: anglogoldashanti@is.kroll.com
Offer Website: https://deals.is.kroll.com/anglogoldashanti
NOTICE AND DISCLAIMER
Subject to applicable law, the Offeror or any of its affiliates may, at any time and from time to time, acquire Notes, other than pursuant to the Offers, through open market or privately negotiated transactions, through tender offers, exchange offers, redemptions or otherwise, or the Offeror may redeem Notes pursuant to their terms to the extent that such Notes then permit redemption. Any future purchases of Notes may be on the same terms or on terms that are more or less favorable to Holders of Notes than the terms of the Offers, and could be for cash or other consideration.
This announcement must be read in conjunction with the Offer to Purchase. This announcement and the Offer to Purchase contain important information which must be read carefully before any decision is made with respect to the Offers. If any Holder is in any doubt as to the action it should take or is unsure of the impact of the Offers, it is recommended to seek its own financial and legal advice, including as to any tax consequences, from its stockbroker, bank manager, attorney, accountant or other independent financial or legal adviser. Any individual or company whose Notes are held on its behalf by a broker, dealer, bank, custodian, trust company or other nominee or intermediary must contact such entity if it wishes to tender Notes in the Offers (or to validly withdraw any such tender). None of the Offeror, the Dealer Managers, the Information & Tender Agent or any person who controls, or is a director, officer, employee or agent of such persons, or any affiliate of such persons, makes any recommendation as to whether Holders of Notes should participate in the Offers.
Cautionary Statement
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert mineral resource into mineral reserve and replace mineral reserves net of depletion from production and outlook of AGA’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AGA’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AGA’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AGA’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AGA’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AGA believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in AGA’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AGA’s annual report on Form 20-F for the year ended December 31, 2025, which has been filed with the United States Securities and Exchange Commission (the “SEC”). These factors are not necessarily all of the important factors that could cause AGA’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AGA’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AGA undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AGA or any person acting on its behalf are qualified by the cautionary statements herein.
OFFER AND DISTRIBUTION RESTRICTIONS
This announcement and the Offer to Purchase do not constitute an offer or an invitation to participate in the Offers in any jurisdiction in which, or to any person to or from whom, it is unlawful to make such offer or invitation or for there to be such participation under applicable laws. The distribution of this announcement and the Offer to Purchase in certain jurisdictions may be restricted by law. Persons into whose possession this announcement or the Offer to Purchase comes are required by the Offeror, the Dealer Managers and the Information & Tender Agent to inform themselves about and to observe any such restrictions.
United Kingdom
The Offer to Purchase and any other documents or materials relating to the Offers are only addressed to Holders where they would (if they were clients of the Offeror) be per se professional clients or per se eligible counterparties of the Offeror within the meaning of the rules of the Financial Conduct Authority (“FCA”). Neither the Offer to Purchase nor any other related documents or materials are addressed to or directed at any persons who would be retail clients within the meaning of the FCA rules and any such persons should not act or rely on them. Recipients of the Offer to Purchase and any other documents or materials relating to the Offers should note that the Offeror is acting on its own account in relation to the Offers and will not be responsible to any other person for providing the protections which would be afforded to clients of the Offeror or for providing advice in relation to the Offers.
This announcement, the Offer to Purchase and any other documents or materials relating to the Offers are not being made and such documents have not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000. Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of the Offer to Purchase, and any other documents or materials relating to the Offers, is exempt from the restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may only be communicated to persons falling within the definition of investment professionals (as defined by Article 19(5) of the Financial Promotion Order) or persons who are within Article 43 of the Financial Promotion Order, and any other persons to whom they may otherwise lawfully be communicated under the Financial Promotion Order.
EEA
In the EEA, this announcement and the Offers will not, directly or indirectly, be made to, or for the account of, any person other than to qualified investors within the meaning of Article 2(e) of the Prospectus Regulation.
Neither this announcement nor the Offer to Purchase, nor any other documentation or material relating to the Offers, has been or will be submitted to a competent authority in the EEA for approval. Therefore, neither the Offer to Purchase nor any other documentation or material relating to the Offers qualify as an approved prospectus as meant in Article 6 of the Prospectus Regulation.
Accordingly, in the EEA, the Offers may not be made by way of an “offer of securities to the public” within the meaning of Article 2(d) of the Prospectus Regulation and the Offers may not be promoted and are not being made to, any person in the EEA (with the exception of “qualified investors” within the meaning of Article 2(e) in conjunction with Article 1(4)(a) of the Prospectus Regulation). This announcement, the Offer to Purchase and any other documentation or materials relating to the Offers (including memoranda, information circulars, brochures or similar documents) have not been forwarded or made available to, and are not being forwarded or made available to, directly or indirectly, any such person.
With regard to the EEA, this announcement and the Offer to Purchase have been transmitted only for personal use by the aforementioned qualified investors and only for the purpose of the Offers. Accordingly, the information contained in this announcement and the Offer to Purchase may not be used for any other purpose or be transmitted to any other person in the EEA.
Belgium
None of this announcement, the Offer to Purchase or any other documents or materials relating to the Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (Autorité des services marches financiers / Autoriteit voor financiële diensten en markten) and, accordingly, the Offers may not be made in the Kingdom of Belgium by way of a public offering, as defined in Articles 3 and 6 of the Belgian Law of April 1, 2007 on public takeover bids as amended or replaced from time to time. Accordingly, the Offers may not be advertised and the Offers will not be extended, and none of this announcement, the Offer to Purchase or any other documents or materials relating to the Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in the Kingdom of Belgium other than “qualified investors” in the sense of Article 2(e) of the Prospectus Regulation, acting on their own account. This announcement and/or the Offer to Purchase have been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Offers. Accordingly, the information contained in this announcement and/or Offer to Purchase may not be used for any other purpose or disclosed to any other person in the Kingdom of Belgium.
France
This announcement, the Offer to Purchase and any other documents or offering materials relating to the Offers may not be distributed in the Republic of France except to qualified investors (investisseurs qualifiés) as defined in Article L.411-2 1° of the French Code monétaire et financier Article 2(e) of the Prospectus Regulation. The Offer to Purchase has not been and will not be submitted for clearance to the Autorité des marchés financiers.
Italy
None of the Offers, this announcement, the Offer to Purchase or any other documents or materials relating to the Offers have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB”), pursuant to applicable Italian laws and regulations.
The Offers are being carried out in the Republic of Italy as an exempted offer pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of February 24, 1998, as amended (the “Financial Services Act”) and article 35-bis, paragraph 4 of CONSOB Regulation No. 11971 of May 14, 1999, as amended (the “Issuers’ Regulation”). The Offers are also being carried out in compliance with article 35-bis, paragraph 7 of the Issuers’ Regulation.
Holders or beneficial owners of the Notes that are located in Italy can tender the Notes through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 20307 of February 15, 2018, as amended from time to time, and Legislative Decree No. 385 of September 1, 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority.
General
This announcement is for informational purposes only and shall not constitute an offer to buy, a solicitation to buy or an offer to sell any securities. The Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. Please see the Offer to Purchase for certain important information on offer restrictions applicable to the Offers.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260329846914/en/
Media
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
General inquiries
media@anglogoldashanti.com
Investors
Andrea Maxey
+61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
Yatish Chowthee
+27 11 637 6273 / +27 78 364 2080
yrchowthee@anglogoldashanti.com
Website: www.anglogoldashanti.com
Original: AngloGold Ashanti Holdings plc Announces Capped Cash Tender Offers for Part of Its 3.375% Notes Due 2028, 3.750% Notes Due 2030 and 6.500% Notes Due 2040
US Market News
3月前
AngloGold Ashanti Builds on Award-Winning Discovery, Advancing Arthur Gold Project in Nevada with First-Time 4.9Moz Mineral Reserve and Robust PFS EconomicsMarch 26, 2026 6:33 AM
Business Wire
AngloGold Ashanti plc (“AngloGold Ashanti”, “AGA”, or the “Company”) is pleased to announce the Technical Report Summary for the Arthur Gold Project (“TRS”), showing a Tier One gold deposit with robust economics and strong potential for further growth in southern Nevada’s Beatty Mining District.1,2
With the completion of the pre-feasibility study, a first time Probable Mineral Reserve of 4.9Moz of contained gold (88Mt at 1.75 g/t) and 7.8Moz of contained silver (88Mt at 2.76g/t) was reported as at 31 December 2025.3 This supports an initial nine-year mine life with average annual production of approximately 500,000oz.1
At the Merlin deposit, there is also a gold Indicated Mineral Resource of 1.0Moz and gold Inferred Mineral Resource of 5.5Moz additional to the Mineral Reserve as at 31 December 2025.3,4 Silver by-product at Merlin includes an Indicated Mineral Resource of 2.0Moz and an Inferred Mineral Resource of 13.7Moz.3,4 Aggressive drilling programmes remain underway with the aim to convert additional Mineral Resource, expand the mineralised footprint and support technical studies.
“The Arthur Gold Project is a cornerstone of our strategy to build a world-class, long-life production platform in the U.S.,” said Alberto Calderon, Chief Executive Officer of AngloGold Ashanti. “With average annual production of approximately 500,000oz in its initial phase, with some years projected to be well in excess of that, the project delivers immediate scale in a premier mining jurisdiction. This is just the beginning. With a world class orebody and a disciplined capital approach, we have a clear roadmap to growth and long-term shareholder value.”
A Tier-One Nevada Discovery with Clear Jurisdictional Advantage
The Merlin and Silicon deposits form a large-scale, continuous mineralised system within the Arthur Gold Project. Nevada consistently ranks as one of the most mining-advantaged jurisdictions globally. The project’s proximity to the cities of Las Vegas (120 miles) and Pahrump (65 miles) provides access to a well-established permitting process, a deep pool of skilled labour, professional contractors and service providers, reliable utility grid power supply, and established logistical infrastructure, advantages seldom available to large, greenfield gold-mine developments.
Robust Economics & Capital Discipline
The Arthur Gold Project is anticipated to have a structurally competitive cost profile, with all-in sustaining costs ("AISC") estimated at $954/oz.5 This resilience is underpinned by predominantly oxide mineralization (>95%) and planned conventional processing flowsheets.
The project demonstrates positive leverage at higher gold prices when compared to the price used for the Mineral Reserve at $1,950/oz:1
At $2,715/oz gold price: Estimated after-tax NPV (5%) of c. $1.7bn
At $3,500/oz gold price: Estimated after-tax NPV (5%) of c. $3.4bn
Operational Excellence
The development plan envisions an integrated operation comprising a 7Mtpa milling facility and a 5.5Mtpa crushed heap-leach circuit. It is anticipated that mining will utilize conventional open-pit methods with electric rope shovels and ultra-class haul trucks. To promote environmental stewardship, the project is planned to use filtered, dry-stacked tailings for enhanced water conservation.
Pathway to Production
The pre-feasibility study is expected to be presented to the AGA Board of Directors for approval to transition to the feasibility study phase in June 2026. Feasibility level environmental, hydrological and community baseline studies are currently underway.
History of an Era-Defining Gold Discovery
The discovery of the Arthur Gold Project reflects a rare convergence of history, policy and geological conviction. Beatty has a century long history of mining, but more recently, mining and exploration were halted. For decades, large areas around Beatty were effectively closed or heavily constrained due to the proposed Yucca Mountain nuclear waste repository and its planned rail corridor, limiting meaningful mineral exploration. When the federal government shelved those plans in the mid-2010s, significant tracts of prospective ground were reopened to mineral exploration.
AngloGold Ashanti moved early, applying modern geological models and systematic drilling to terrain that had seen little contemporary exploration and, with the Silicon and Merlin discoveries in 2018, delineating an entirely new gold district. Just as importantly, the Arthur Gold Project brings commercial-scale gold mining back to a region with a proud mining heritage, reconnecting a historic Nevada mining district to a new generation of long-life, high-quality production. AngloGold Ashanti’s exploration team has also been recognised with one of the mining industry’s most prestigious awards for the Silicon and Merlin discoveries—the Prospectors and Developers Association of Canada (PDAC) 2026 Thayer Lindsley Award for an international mineral discovery.
Community Commitment and Engagement
AngloGold Ashanti has invested to advance the Beatty region, establishing the Beatty Foundation, an independent nonprofit led by local stakeholders and employees. In addition, AngloGold Ashanti provides annual funding for scholarships and other community initiatives in Nye County.
These efforts align with AngloGold Ashanti’s disciplined approach to stakeholder engagement and sustainable value creation as the project advances. “Beatty has a long history rooted in mining, and we recognize that legacy carries opportunity and responsibility as we work to progress the Arthur Gold Project,” said Nick Fouche, AngloGold Ashanti’s Sr. Vice President, Nevada Projects. “Community engagement is foundational to how we operate. We are committed to listening, investing locally, and building partnerships that reflect Beatty’s values while positioning the region for long-term economic benefit.”
Arthur Gold Project - 2026 Mineral Reserve Results Summary1,3
Key Metric
Mineral Reserve
Initial Mineral Reserve $1,950/oz
88Mt @ 1.75g/t for 4.9Moz
Gold Produced (Moz)
c. 4.5
Ore Tonnes (Mtpa)
c. 12.75
Life of Mine (Yrs) - initial
c. 9
Avg. Annual Production (Au koz)
c. 500
LOM Cash Costs ($/oz)
c. 778
LOM AISC ($/oz)
c. 954
Project Capital ($bn)
c. 3.6
Endnotes
1 The Pre-feasibility Technical Report Summary for Arthur Gold Project is available as an exhibit to the Company’s annual report on Form 20-F, filed with the U.S. Securities Exchange Commission (“SEC”) on 26 March 2026 (“20-F”) and available for review on EDGAR at sec.gov. Estimates are as of December 31, 2025, unless otherwise noted. Economics presented herein are calculated based on the Arthur Gold Project Mineral Reserve only. This press release does not purport to be a complete summary of the TRS and is qualified in its entirety by reference to the TRS as filed with the SEC. This press release should be read in conjunction with the TRS, including the qualifications and limitations described therein, as there may be information in the TRS that may be important
2 A Tier One asset is generally defined by AngloGold Ashanti as a large, long-life, low-cost operation or project, located in a stable and supportive jurisdiction, capable of generating strong free cash flow through commodity cycles and delivering sustained value to shareholders and host countries.
3 Refer to Item 4D. Mineral Resource and Mineral Reserve in the Company’s 20-F, as well as the Company’s 2025 Mineral Resource and Mineral Reserve Report, both of which are available on the Company’s website. Rounding of numbers may result in computational discrepancies in the Mineral Resource and Mineral Reserve tabulations. See Notes on the Mineral Resource and Mineral Reserve Estimates, below.
4 Mineral Resource in this document is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Measured and Indicated Mineral Resource is reported separately from Inferred Mineral Resource.
5 “All-in sustaining costs” is a Non-GAAP measure which is an extension of the “total cash costs” metric and incorporates all costs related to sustaining production and in particular, recognises sustaining capital expenditures associated with developing and maintaining gold mines. In addition, this metric includes the cost associated with Corporate Office structures that support these operations, the community and environmental rehabilitation costs attendant with responsible mining and any exploration and evaluation cost associated with sustaining current operations. “Total cash costs” is calculated in accordance with the guidelines of the Gold Institute industry standard and industry practice and is a Non-GAAP measure. As calculated and reported by AngloGold Ashanti, “Total cash costs” include costs for all mining, processing, onsite administration costs, royalties and production taxes, as well as contributions from by-products, but exclude amortisation of tangible, intangible and right of use assets, rehabilitation costs and other non-cash costs, retrenchment costs, corporate administration, marketing and related costs, capital costs and exploration costs.
The Company is not providing quantitative reconciliations to the most directly comparable IFRS measures for its Non-GAAP forward-looking information shown herein 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, and 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.
Forward-looking statements
Certain statements contained in this release, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, mine life, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects, preliminary financial and production metrics for in-process projects, the ability to convert Mineral Resource into Mineral Reserve and replace Mineral Reserves net of depletion from production and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition.
These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements.
These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025, filed with the U.S. Securities Exchange Commission. These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements.
AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
Notes on the Mineral Resource and Mineral Reserve Estimates
The Mineral Resource and Mineral Reserve stated herein were prepared in compliance with Subpart 1300 of Regulation S-K (17 CFR § 229.1300) (“Regulation S-K 1300”). Refer to Item 1300 (Definitions) of Regulation S-K for the meaning of the terms used in AngloGold Ashanti’s Mineral Resource and Mineral Reserve reporting. The Mineral Resource and Mineral Reserve represent the amount of gold, copper, silver, sulphur and molybdenum estimated at 31 December 2025 and are based on information available at the time of estimation. Such estimates are, or will be, to a large extent, based on the prices of the respective commodities and interpretations of geologic data obtained from drill holes and other exploration techniques, which data may not necessarily be indicative of future results. The Mineral Resource and Mineral Reserve estimates are published at 31 December 2025, taking into account economic assumptions, changes to future production and capital costs, depletion, additions as well as any acquisitions or disposals during 2025. The legal tenure of each material property has been verified to the satisfaction of the accountable Qualified Person and all of the Mineral Reserve has been confirmed to be covered by the required mining permits or there exists a realistic expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues necessary for mining and processing at a particular deposit will be accomplished in the ordinary course and in a timeframe consistent with AngloGold Ashanti’s (or its joint venture partners’) current mine plans. For the Mineral Reserve, the term “economically viable” means that profitable extraction or production has been established or analytically demonstrated in, at a minimum, a pre-feasibility study, to be economically viable under reasonable investment and market assumptions. Mineral Reserve is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Probable and Proven Mineral Reserve categories. Mineral Reserve is aggregated from the Probable and Proven Mineral Reserve categories. Ounces of gold or silver or pounds of copper or sulphur included in the Probable and Proven Mineral Reserve are estimated and reported as delivered to plant (i.e., the point where material is delivered to the processing facility) and exclude losses during metallurgical treatment. In compliance with Regulation S-K 1300, the Mineral Resource herein is reported as exclusive of the Mineral Reserve before dilution and other factors are applied, unless otherwise stated. Mineral Resource is subdivided and reported, in order of increasing geoscientific knowledge and confidence, into Inferred, Indicated and Measured Mineral Resource categories. Ounces of gold or silver or pounds of copper, sulphur or molybdenum included in the Inferred, Indicated and Measured Mineral Resource are those contained in situ prior to losses during extraction and processing. While it would be reasonable to expect that the majority of Inferred Mineral Resource would upgrade to Indicated Mineral Resource with continued exploration, due to the uncertainty of Inferred Mineral Resource, it should not be assumed that such upgrading will always occur.
If estimations must be revised due to significantly lower commodity prices, increases in operating costs, reductions in metallurgical recovery or other factors, the Mineral Resource or Mineral Reserve may not be mined or processed profitably. In addition, material write-downs of AngloGold Ashanti’s investment in its mining properties may be required, including impacts on goodwill, as well as increased amortisation, reclamation and closure charges. If AngloGold Ashanti determines that certain parts of its Mineral Resource or Mineral Reserve have become uneconomic, this may ultimately lead to a reduction in its reported aggregate Mineral Resource or Mineral Reserve, respectively. Consequently, if AngloGold Ashanti’s actual Mineral Resource and Mineral Reserve is less than current estimates, its business, prospects, results of operations and financial position may be materially impaired.
Pre-feasibility and feasibility studies for undeveloped ore bodies present estimated capital expenditure and operating costs based on anticipated tonnage and grades of ore to be mined and processed. Other factors underlying the estimations include, among others, the predicted configuration of the ore body, anticipated metal recovery rates, and estimated costs of operating and processing equipment and facilities. Actual operating and capital expenditure cost and economic returns on projects may differ significantly from original estimates. Further, it may take many years from the initial phases of exploration until commencement of production, during which time, the economic feasibility of production may change. The Mineral Resource is subject to further exploration and development, and is subject to additional risks, and no assurance can be given that they will eventually convert to Mineral Reserve.
For additional information, refer to Table 1 (Summary Mineral Resource) and Table 2 (Summary Mineral Reserve) to Paragraph (b) of Item 1303 (Summary disclosure) of Regulation S-K, which can be found on pages 27 to 35 of AngloGold Ashanti’s Earnings Release for the three months and year ended 31 December 2025. These summary tables will also be presented in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2025 to be filed with the SEC. These summary tables include each class of Mineral Resource (Inferred, Indicated and Measured) together with total Measured and Indicated Mineral Resource, and each class of Mineral Reserve (Probable and Proven) together with total Mineral Reserve. The scientific and technical information in respect of AngloGold Ashanti’s Mineral Resource and Mineral Reserve for the financial year ended 31 December 2025, contained in this document has been reviewed and approved for release by Mrs. TM Flitton, Chairperson of AngloGold Ashanti’s Mineral Resource and Mineral Reserve Leadership Team, Vice President Resource and Reserve, Master of Engineering (Mining), Bachelor of Science (Honours, Geology), SME RM, Pr.Sci.Nat (SACNASP), FGSSA. Mrs. TM Flitton assumes responsibility for the Mineral Resource and Mineral Reserve processes for AngloGold Ashanti. Mrs. TM Flitton has 24 years’ experience in mining with 13 years directly leading and managing Mineral Resource and Mineral Reserve reporting. She is employed full-time by AngloGold Ashanti and can be contacted at the following address: 6363 S. Fiddlers Green Circle, Suite 1000, Greenwood Village, CO 80111, United States. Mrs. TM Flitton consents to the inclusion of the Mineral Resource and Mineral Reserve information in this document, in the form and context in which it appears in the narrative disclosure.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260325120042/en/
Media
Andrea Maxey, +61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
General inquiries
media@anglogoldashanti.com
Investors
Andrea Maxey, +61 08 9425 4603 / +61 400 072 199
amaxey@aga.gold
Yatish Chowthee, +27 11 637 6273 / +27 78 364 2080
yrchowthee@aga.gold
Website: www.anglogoldashanti.com
Original: AngloGold Ashanti Builds on Award-Winning Discovery, Advancing Arthur Gold Project in Nevada with First-Time 4.9Moz Mineral Reserve and Robust PFS Economics
US Market News
4月前
AngloGold Ashanti Q4 and Year Ended 31 December 2025 Earnings Release and Dividend DeclarationFebruary 20, 2026 6:10 AM
Business Wire
AngloGold Ashanti free cash flow* triples to record $2.9bn in 2025, as Adjusted EBITDA* more than doubles to $6.3bn• Gold production +16% • Total cash costs* and AISC* flat in real terms• Adjusted net cash* of $879m • Q4 interim dividend of $875m, or 173cps• Total dividends declared for 2025 of $1.8bn, or 357cps
AngloGold Ashanti plc’s(2) delivered record free cash flow*(5) of $2.9bn in 2025 on strong production growth, continued cost discipline and a higher average gold price received per ounce*. The Company announced an interim dividend of $875m for Q4 2025, taking the total payout declared for 2025 to $1.8bn, the highest ever.
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AngloGold Ashanti again achieved guidance on gold production and sustaining capital expenditure*, as it continues to build a track record of reliability and resilience from its portfolio of ten operating assets across three continents.
“We continued to focus on safety, operational excellence and consistency of execution. This allowed us once again to safely meet production guidance, control costs better than most of the industry and consequently deliver record earnings and dividends” said CEO Alberto Calderon. “We delivered growth and kept costs flat in real terms, which translated into record earnings, cash flow and dividends.”
Total cash costs per ounce* for the Group(1)(2) of $1,242/oz in 2025, up 7% year-on-year primarily due to higher royalty costs ($67/oz) driven by an average gold price received per ounce* of $3,468/oz. Despite this increase, the Company demonstrated another disciplined performance for the year. Total cash costs per ounce* for managed operations(1)(2) were flat year on year in real terms.
Our portfolio optimisation through acquisitions and divestitures has continued to add value for our shareholders. The acquisition of Centamin is proving to be a great addition to our portfolio. In Nevada, we complemented our exploration findings with three acquisitions over the last few years, enabling us to create one of the most exciting new gold projects in the United States. We have also been disciplined in selling non-core assets to improve focus on our core portfolio, including the ABC and Doropo projects in Côte d’Ivoire, and most recently Serra Grande (MSG) in Brazil.
The Company delivered on key strategic initiatives: capturing synergies and Sukari’s integration into the portfolio; delivery of Obuasi’s ramp-up schedule; a more competitive dividend policy with a quarterly payout schedule; and admission to the Russell equity indexes, for greater liquidity and visibility among US investors.
At 31 December 2025, total Group gold Mineral Reserve was 36.5Moz, which represents a 17% increase from 31.2Moz at 31 December 2024. At 31 December 2025, total Group gold Measured and Indicated Mineral Resource was 68.0Moz and total Group gold Inferred Mineral Resource was 49.3Moz.
Record safety performance
The Total Recordable Injury Frequency Rate (“TRIFR”) at the Company’s managed operations(1)(2) improved from 0.98 injuries per million hours worked in 2024 to 0.97 injuries per million hours worked in 2025, the lowest level in AngloGold Ashanti’s history and well below the member average of the International Council on Metals and Minerals (ICMM) of 2.29 injuries per million hours worked in 2024.
Operating and financial review
Gold production for the Group(1)(2)(3) increased 16% year-on-year to 3.1Moz in 2025 from 2.7Moz in 2024, mainly reflecting the first full-year production contribution from Sukari and improved operational performance at certain assets in the portfolio. The average gold price received per ounce*(1)(2) rose 45% year-on-year to $3,468/oz in 2025, from $2,394/oz in 2024.
Higher revenues translated directly into record cash flow and earnings, supported by continued focus on operational efficiency, working capital discipline and cost leadership. Adjusted EBITDA* increased 129% year-on-year to a record $6.3bn in 2025 (from $2.7bn in 2024), while free cash flow* rose 204% to $2.9bn in 2025 (from $1.0bn in 2024).
Total cash costs per ounce* for the Group(1)(2) increased 7% year-on-year in 2025 broadly in line with aggregate inflation of about 3% across the portfolio, and materially higher royalties driven by the higher gold price, which resulted in an estimated 6% increase in total cash costs per ounce*.
The 45% increase in the average gold price received per ounce*(1)(2) in 2025 compared to 2024 translated into a 143% rise in net cash flow from operating activities.
Cash flow supports strong capital allocation
The Company generated record free cash flow* of $2.9bn for the full year, as AngloGold Ashanti continued to translate higher margins into cash generation.
Adjusted EBITDA* was a record $6.3bn in 2025, while headline earnings(4) increased 186% year-on-year to $2.7bn for the year (from $1.0bn in 2024), reflecting higher realised gold prices, production growth and disciplined cost control.
An interim dividend of $875m, or 173 US cents per share, was declared for Q4 2025. The payout comprises 50% of free cash flow* and an additional amount of $350m, providing additional direct returns to shareholders and highlighting continued confidence in the outlook for operating performance and free cash flow* generation in 2026. This takes the total payout for 2025 to a record $1.8bn, or 357 US cents per share. This represents 62% of free cash flow* for 2025.
The balance sheet ended the year in its strongest position ever, even after record dividend payments, with an Adjusted net cash* position of $879m at 31 December 2025, compared with Adjusted net debt* of $567m at the end of 2024. Total liquidity was approximately $4.4bn at year end, including cash and cash equivalents of approximately $2.9bn.
Payments to host Governments
AngloGold Ashanti’s strong performance in 2025 translated into tangible benefits for a wide range of stakeholders, who realised a significant increase in benefits from the improved operational result and the higher gold price. During the year, $2.66bn was paid by the Company to host governments in various forms including direct and indirect taxes, royalties, dividends, profit share arrangements and taxes on employee payrolls. This was more than double the amount paid in 2024, reinforcing the Company’s role as a long-term development partner.
Momentum continued at managed operations(1)(2)
Operational performance across the portfolio remained resilient, supported by improved execution, mine plan delivery and continued focus on safety and cost discipline.
Gold production for the Group(1)(2)(3) was 3.1Moz for 2025 compared to 2.7Moz in 2024. Gold production for the year was mainly driven by year-on-year production improvements at Obuasi (+20%), Siguiri (+6%), Geita (+2%), Cerro Vanguardia (+2%) and AGA Mineração (Cuiabá) (+1%), as well as the first full-year contribution from Sukari (500koz).
These increases were partly offset by lower gold production contributions from Iduapriem (-16%), Sunrise Dam (-10%), Serra Grande (-34%), Tropicana (-3%) and Kibali (-2%).
The solid production performance from AngloGold Ashanti’s managed operations(1)(2), alongside an ongoing focus on site expenditures and implementation of the Full Asset Potential programme, helped partially offset inflationary pressures and materially higher royalty payments.
Total cash costs per ounce* for the Group(1)(2) rose 7% year-on-year to $1,242/oz in 2025, compared with $1,157/oz in 2024. All-in sustaining costs per ounce* (“AISC”) for the Group(1)(2) rose 6% year-on-year to $1,709/oz in 2025, compared with $1,611/oz in 2024, mainly due to higher total cash costs per ounce* and increased sustaining capital expenditure*.
Total cash costs per ounce* for managed operations(1)(2) rose 5% year-on-year to $1,252/oz in 2025, compared with $1,187/oz in 2024. AISC per ounce* for managed operations(1)(2) rose 5% year-on-year to $1,751/oz in 2025, compared with $1,672/oz in 2024.
Total capital expenditure for the Group(1)(2) rose to $1.6bn in 2025, up 32% year-on-year from $1.2bn in 2024, with sustaining capital expenditure* increasing 22% year-on-year to $1,141m, from $932m in 2024. The increase in sustaining capital expenditure* reflects the first full-year inclusion of Sukari and ongoing investment to support asset integrity and long-term operational resilience, in line with strategic priorities. Non-sustaining capital expenditure* was $459m in 2025, up 62% from $283m in 2024.
Advancing Arthur Gold Project studies(5)
The Company is declaring a first-time Merlin gold Mineral Reserve for the Arthur Gold Project totalling 4.9Moz. The completed pre-feasibility study supports an initial nine-year mine life with an estimated average annual production of approximately 500,000oz, with AISC per ounce* estimated at $954/oz (real terms). Project capital expenditure (real terms) is forecast at $3.6bn. The Arthur Gold Project integrates the Merlin and Silicon deposits into a large-scale, continuous mineralised system, demonstrating the possibility for a Tier One gold asset with strong economics and potential for further growth in southern Nevada's Beatty Mining District.
Continued exploration success
AngloGold Ashanti continued to invest in exploration and Mineral Resource to Mineral Reserve conversion to underpin long-term value creation. The Company has achieved significant exploration success over the past five years, adding 23.1Moz to its gold Mineral Reserve including acquisitions and before accounting for depletion.
In 2025, for the ninth consecutive year, AngloGold Ashanti has recorded an annual increase in gold Mineral Reserve before depletion (for the continuing operations), including a first time Mineral Reserve declaration at Merlin of 4.9Moz and a notable increase of 1.3Moz pre-depletion at Geita.
At 31 December 2025, total Group gold Mineral Reserve was 36.5Moz, total Group gold Measured and Indicated Mineral Resource was 68.0Moz and total Group gold Inferred Mineral Resource was 49.3Moz.
Updated outlook reflecting higher royalties(6)
The Company is pleased to provide updated 2026 guidance, following the divestment of Serra Grande from the portfolio.
The 2026 outlook includes estimated non-sustaining capital expenditure on the definitive feasibility study for the Arthur Gold Project ($111m), estimated early expenditure for North Bullfrog ($32m), estimated Kibali Pamoa waste stripping and tailings storage facilities (“TSFs”) ($134m attributable), estimated enhanced TSFs at Obuasi and Siguiri to facilitate production growth and life extensions in coming years ($131m) and estimated waste stripping at Sukari ($126m) to provide flexibility for future organic growth projects.
Gold production for the Group(1)(2)(3) is forecast to range between 2.80Moz and 3.17Moz in 2026.
Total cash cost per ounce* for the Group(1)(2) is forecast to range between $1,315/oz and $1,430/oz. The midpoint of these range represents an approximate 11% increase (or $130/oz) compared to 2025, with approximately 50% of the increase reflecting higher royalty costs and 50% of the increase reflecting cost inflation. AISC per ounce* for the Group(1)(2) is forecast to range between $1,780/oz and $1,990/oz in 2026.
(1)
The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti's share of attributable earnings and are not managed by AngloGold Ashanti.
Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2)
On 22 November 2024, the acquisition of Centamin plc (“Centamin”) was successfully completed. Centamin has been included from the effective date of the acquisition.
(3)
Includes gold concentrate from the Cuiabá mine sold to third parties.
(4)
The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures.
(5)
The Pre-Feasibility Technical Report Summary for the Arthur Gold Project will be filed as an exhibit to the Company’s annual report on Form 20-F for the financial year ended 31 December 2025 to be filed with the SEC. A Tier One asset is generally defined by AngloGold Ashanti as a large, long-life, low-cost operation or project, located in a stable and supportive jurisdiction, capable of generating strong free cash flow* through commodity cycles and delivering sustained value to shareholders and host countries. In addition, refer to the disclaimers below “Corporate update—Arthur Gold Project pre-feasibility study” in the full announcement.
(6)
Refer to the disclaimer below the heading “Guidance” in the full announcement for further information.
(*)
Refer to “Non-GAAP disclosure” in the full announcement for definitions and reconciliations.
KEY STATISTICS
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Dec
Dec
Dec
Dec
US Dollar million, except as otherwise noted
2025
2024
2025
2024
Operating review
Gold
Produced - Group(1)(2)(3)
- oz (000)
799
750
3,091
2,661
Produced - Managed operations(1)(2)(3)
- oz (000)
720
670
2,788
2,352
Produced - Non-managed joint ventures(1)
- oz (000)
79
80
303
309
Sold - Group(1)(2)(3)
- oz (000)
803
725
3,105
2,679
Sold - Managed operations(1)(2)(3)
- oz (000)
725
647
2,807
2,370
Sold - Non-managed joint ventures(1)
- oz (000)
78
78
298
309
Financial review
Gold income
- $m
3,023
1,716
9,730
5,673
Cost of sales - Group(1)(2)
- $m
1,521
1,144
5,454
4,106
Cost of sales - Managed operations(1)(2)
- $m
1,425
1,043
5,022
3,726
Cost of sales - Non-managed joint ventures(1)
- $m
96
101
432
380
Total operating costs
- $m
986
815
3,655
2,911
Gross profit
- $m
1,643
707
4,871
2,067
Average gold price received per ounce* - Group(1)(2)
- $/oz
4,171
2,653
3,468
2,394
Average gold price received per ounce* - Managed operations(1)(2)
- $/oz
4,172
2,652
3,466
2,393
Average gold price received per ounce* - Non-managed joint ventures(1)
- $/oz
4,162
2,662
3,483
2,401
All-in sustaining costs per ounce* - Group(1)(2)
- $/oz
1,805
1,647
1,709
1,611
All-in sustaining costs per ounce* - Managed operations(1)(2)
- $/oz
1,881
1,702
1,751
1,672
All-in sustaining costs per ounce* - Non-managed joint ventures(1)
- $/oz
1,108
1,188
1,317
1,146
Total cash costs per ounce* - Group(1)(2)
- $/oz
1,292
1,144
1,242
1,157
Total cash costs per ounce* - Managed operations(1)(2)
- $/oz
1,307
1,165
1,252
1,187
Total cash costs per ounce* - Non-managed joint ventures(1)
- $/oz
1,156
967
1,148
935
Profit before taxation
- $m
1,444
698
4,276
1,672
Adjusted EBITDA*
- $m
2,175
884
6,294
2,747
Total borrowings
- $m
2,258
2,125
2,258
2,125
Adjusted net debt (cash)*
- $m
(879
)
567
(879
)
567
Profit attributable to equity shareholders
- $m
855
470
2,636
1,004
- US cents/share
168
103
519
233
Headline earnings(4)
- $m
967
405
2,725
954
- US cents/share
190
89
537
221
Net cash inflow from operating activities
- $m
1,622
690
4,784
1,968
Free cash flow*
- $m
1,050
302
2,908
956
Capital expenditure - Group(1)(2)
- $m
495
369
1,600
1,215
Capital expenditure - Managed operations(1)(2)
- $m
454
333
1,449
1,090
Capital expenditure - Non-managed joint ventures(1)
- $m
41
36
151
125
(1)
The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis.
(2)
On 22 November 2024, the acquisition of Centamin was successfully completed. Centamin has been included from the effective date of the acquisition.
(3)
Includes gold concentrate from the Cuiabá mine sold to third parties.
(4)
The financial measures “headline earnings (loss)” and “headline earnings (loss) per share” are not calculated in accordance with IFRS® Accounting Standards, but in accordance with the Headline Earnings Circular 1/2023, issued by the South African Institute of Chartered Accountants (SAICA), at the request of the Johannesburg Stock Exchange Limited (JSE). These measures are required to be disclosed by the JSE Listings Requirements and therefore do not constitute Non-GAAP financial measures for purposes of the rules and regulations of the US Securities and Exchange Commission (“SEC”) applicable to the use and disclosure of Non-GAAP financial measures.
*
Refer to “Non-GAAP disclosure” in the full announcement for definitions and reconciliations.
$ represents US Dollar, unless otherwise stated.
Rounding of figures may result in computational discrepancies.
AngloGold Ashanti plc today announces an interim dividend for the three months ended 31 December 2025 of 173 US cents per share. In respect of the interim dividend, the timelines, including dates for currency conversions, set out below will apply.
To holders of ordinary shares on the New York Stock Exchange (NYSE)
2025
Ex-dividend on NYSE
Friday, 13 March
Record date
Friday, 13 March
Payment date
Friday, 27 March
To holders of ordinary shares on the South African Register
Additional information for South African resident shareholders of AngloGold Ashanti:
Shareholders registered on the South African section of the register are advised that the distribution of 173 US cents per ordinary share will be converted to South African rands at the applicable exchange rate.
In compliance with the requirements of Strate and the Johannesburg Stock Exchange (JSE) Listings Requirements, the salient dates for payment of the dividend are as follows:
2025
Declaration date
Friday, 20 February
Currency conversion rate for South African rands announcement date
Friday, 6 March
Last date to trade ordinary shares cum dividend
Tuesday, 10 March
Ordinary shares trade ex-dividend
Wednesday, 11 March
Record date
Friday, 13 March
Payment date
Friday, 27 March
Dividends in respect of dematerialised shareholdings will be credited to shareholders’ accounts with the relevant CSDP (as defined below) or broker.
To comply with further requirements of Strate, share certificates may not be dematerialised or rematerialised between Wednesday, 11 March 2026 and Friday, 13 March 2026, both days inclusive. No transfers between South African, NYSE and Ghanaian share registers will be permitted between Friday, 6 March 2026 and Friday, 13 March 2026, both days inclusive.
Details of the exchange rates applicable to the dividend and a summary of the tax considerations applicable to South African shareholders is expected to be published on Friday, 6 March 2026.
To Beneficial Owners on the Ghana sub-register holding shares through the nominee arrangement with the Central Securities Depositary (GH) LTD
2025
Currency conversion date
Friday, 6 March
Last date to trade and to register shares cum dividend
Tuesday, 10 March
Shares trade ex-dividend
Wednesday, 11 March
Record date
Friday, 13 March
Approximate payment date of dividend
Friday, 27 March
To Beneficial Owners holding Ghanaian Depositary Shares (GhDSs) and acting by National Trust Holding Company Ltd as depository agent 100 GhDSs represent one ordinary share
2025
Currency conversion date
Friday, 6 March
Last date to trade and to register GhDSs cum dividend
Tuesday, 10 March
GhDSs trade ex-dividend
Wednesday, 11 March
Record date
Friday, 13 March
Approximate payment date of dividend
Friday, 27 March
Beneficial owners on the Ghana sub-register holding shares and beneficial owners holding GhDSs are advised that the distribution of 173 US cents per ordinary share will be converted to Ghanaian cedis at the applicable exchange rate. Assuming an exchange rate of US$1/¢11.0000, the gross dividend payable per share, is equivalent to ca. ¢19.0300 Ghanaian cedis. However, the actual rate of payment will depend on the exchange rate on the date for currency conversion.
Entitlement to interim dividends
A “Shareholder of Record” is a person appearing on the register of members of the Company in respect of ordinary shares at the close of business on the relevant record date. A “Beneficial Owner” is a person who holds ordinary shares of the Company through a bank, broker, central securities depository participant (“CSDP”), Shareholder of Record or other agent (sometimes referred to as holding shares “in street name”).
London, Denver, Johannesburg
20 February 2026
JSE Sponsor: The Standard Bank of South Africa Limited
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document, other than statements of historical fact, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, total cash costs, all-in sustaining costs, cost savings and other operating results, return on equity, productivity improvements, growth prospects and outlook of AngloGold Ashanti’s operations, individually or in the aggregate, including the achievement of project milestones, commencement and completion of commercial operations of certain of AngloGold Ashanti’s exploration and production projects and the completion of acquisitions, dispositions or joint venture transactions, AngloGold Ashanti’s liquidity and capital resources and capital expenditures and the outcome and consequences of any potential or pending litigation or regulatory proceedings or environmental, health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s financial reports, operations, economic performance and financial condition. These forward-looking statements or forecasts are not based on historical facts, but rather reflect our current beliefs and expectations concerning future events and generally may be identified by the use of forward-looking words, phrases and expressions such as “believe”, “expect”, “aim”, “anticipate”, “intend”, “foresee”, “forecast”, “predict”, “project”, “estimate”, “likely”, “may”, “might”, “could”, “should”, “would”, “seek”, “plan”, “scheduled”, “possible”, “continue”, “potential”, “outlook”, “target” or other similar words, phrases, and expressions; provided that the absence thereof does not mean that a statement is not forward-looking. Similarly, statements that describe our objectives, plans or goals are or may be forward-looking statements. These forward-looking statements or forecasts involve known and unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from the anticipated results, performance, actions or achievements expressed or implied in these forward-looking statements. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements and forecasts are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results, performance, actions or achievements could differ materially from those set out in the forward-looking statements as a result of, 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, the failure to maintain effective internal control over financial reporting or effective disclosure controls and procedures, the inability to remediate one or more material weaknesses, or the discovery of additional material weaknesses, in the Company’s internal control over financial reporting, and other business and operational risks and challenges and other factors, including mining accidents. For a discussion of such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024 filed with the United States Securities and Exchange Commission (SEC). These factors are not necessarily all of the important factors that could cause AngloGold Ashanti’s actual results, performance, actions or achievements to differ materially from those expressed in any forward-looking statements. Other unknown or unpredictable factors could also have material adverse effects on AngloGold Ashanti’s future results, performance, actions or achievements. Consequently, readers are cautioned not to place undue reliance on forward-looking statements. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except to the extent required by applicable law. All subsequent written or oral forward-looking statements attributable to AngloGold Ashanti or any person acting on its behalf are qualified by the cautionary statements herein.
Non-GAAP financial measures
This communication may contain certain “Non-GAAP” financial measures. AngloGold Ashanti utilises certain Non-GAAP performance measures and ratios in managing its business. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, the reported operating results or cash flow from operations or any other measures of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures other companies may use.
Website: www.anglogoldashanti.com December 2025 Published 20 February 2026
View source version on businesswire.com: https://www.businesswire.com/news/home/20260219093601/en/
Media
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@aga.gold
General inquiries media@anglogoldashanti.com
Investors
Yatish Chowthee: +27 11 637 6273 / +27 78 364 2080 yrchowthee@aga.gold
Andrea Maxey: +61 08 9425 4603 / +61 400 072 199 amaxey@aga.gold
Original: AngloGold Ashanti Q4 and Year Ended 31 December 2025 Earnings Release and Dividend Declaration
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