AngloGold Ashanti AGM: Record $2.9B Free Cash Flow, Dividend, Nevada Growth; Obuasi Fatality Addressed

Key Points

• Record cash generation and shareholder returns: AngloGold Ashanti reported adjusted EBITDA of $6.3 billion, a record $2.9 billion of free cash flow and declared $1.8 billion of dividends (62% of FCF), ending 2025 with an adjusted net cash position of $879 million.
• Operational growth and Nevada build‑out: Production rose 16% to 3.1 million ounces led by Sukari (500,000 oz at $783/oz) and Obuasi ramp‑up, and the company declared a first-time reserve of 4.9 million ounces at the Arthur Gold Project with a PFS supporting ~9 years at ~500,000 oz/year and ~$954/oz AISC.
• Safety incident and sustainability commitments: Management is investigating a fatality at Obuasi linked to a material release from an ore pass despite a record-low TRIFR, and reiterated a 30% Scope 1/2 emissions reduction by 2030 with solar and grid projects while committing to honor silicosis obligations.

AngloGold Ashanti NYSE: AU highlighted record cash generation, balance-sheet strength and progress on major growth and sustainability initiatives during its 2026 annual general meeting, while also addressing a recent fatality at its Obuasi mine in Ghana and investor questions on pay equity, biodiversity reporting, emissions targets and legacy liabilities.

2025 financial performance and shareholder returns

Chair Jochen Tilk said 2025 represented “a year of historic operational and financial delivery” for the company, citing record free cash flow, a fortified balance sheet and a record dividend. Tilk noted that while AngloGold Ashanti benefited from strong gold prices—he said prices “broke records 53 times throughout the year”—management attributed the company’s results to a multi-year strategic shift toward “value over volume.”

Tilk reported adjusted EBITDA of $6.3 billion and free cash flow of $2.9 billion in 2025. The company declared total dividends of $1.8 billion for the year, which he said represented 62% of free cash flow and was the highest in company history. He also said AngloGold Ashanti ended 2025 with an adjusted net cash position of $879 million.

On payments to host governments, Tilk said AngloGold Ashanti contributed more than $1.1 billion in cash taxes and $380 million in royalties during 2025.

Safety, security incidents, and oversight

Tilk highlighted a safety milestone, saying the company achieved its lowest-ever total recordable injury frequency rate at managed operations—0.97 per million hours worked. However, he emphasized that recent events underscored ongoing risks. Tilk reported a fatality at the Obuasi mine in Ghana “barely two weeks ago,” offering condolences to the family of Nicholas Owuku and saying the board was “actively monitoring the investigation” and would ensure necessary steps are taken to prevent recurrence.

Chief Executive Officer Alberto Calderon addressed the incident in more detail, stating that as of the meeting, it appeared to have been caused by “the release of material from one of our underground ore passes.” Calderon said Owuku, 53, worked for contractor Mining Tools Ghana, and he committed to ensuring the family receives ongoing support. He said a “comprehensive multidisciplinary investigation team” was examining the incident “from every possible angle” to determine root causes and apply lessons learned.

Tilk also pointed to broader challenges associated with higher gold prices, including increased incentives for illegal mining and artisanal incursions. He said the company was “deeply saddened” by a “security-related incident” at Obuasi and referenced disruptions at Geita “around Tanzania’s elections,” calling the events a reminder of the need for constructive dialogue with governments, communities, investors and other stakeholders.

Operational results and cost discipline

Calderon said the company met its production guidance for the fifth consecutive year in 2025 and kept unit costs “roughly flat in real terms.” He contrasted this with industry trends, saying peers saw costs rise by an average of 24% in real terms since 2021, while AngloGold Ashanti’s Full Asset Potential program kept its increase to 4%.

Production totaled 3.1 million ounces in 2025, a 16% increase year over year, Calderon said. He attributed performance to several factors:

• Sukari integration: In its first full year under AngloGold Ashanti ownership, Sukari produced a record 500,000 ounces at a total cash cost of $783 per ounce, which Calderon described as the company’s lowest. He added that the operation delivered “almost a third of the net Centamin acquisition cost” in the first year.
• Obuasi ramp-up: The Obuasi mine produced 266,000 ounces as it continues to ramp toward full capacity.
• Geita and Cuiabá: Calderon said initiatives to improve grade and throughput “successfully offset localized disruptions,” contributing to operational growth.

Growth plans in Nevada and reserve replacement

Looking ahead, Calderon described Nevada as “the cornerstone” of the company’s longer-term strategy to establish a new low-cost production base in the U.S. He said AngloGold Ashanti declared a first-time mineral reserve of 4.9 million ounces at the Arthur Gold Project, which he called the epicenter of its district strategy.

According to Calderon, a completed pre-feasibility study supports an initial nine-year mine life with estimated annual production of 500,000 ounces and an all-in sustaining cost of $954 per ounce. He also said the company completed the acquisition of Augusta Gold in October, which he said “significantly enhances our development optionality” in the district.

On exploration and reserve replacement, Calderon said the company added more than 9 million ounces of new mineral reserve in 2025, about three times the amount depleted. He said this marked the ninth consecutive year of mineral reserve growth before depletion.

Sustainability, emissions targets, and shareholder questions

During the Q&A, Company Secretary Catherine Stead read questions submitted by Zizipho Mabuya of Aeon Investments Management covering region-specific gender pay gap disclosure, biodiversity and rehabilitation metrics, challenges to meeting a 2030 emissions goal following the Centamin acquisition, and timelines and liabilities tied to South African legacy assets.

Tilk said the board viewed the questions as “really relevant and detailed,” and he acknowledged the request for location-based gender pay gap data, saying the company would “contemplate” the suggestion. On biodiversity reporting, Tilk said the company would take the feedback on board as it looks to improve its sustainability reporting.

Addressing emissions, Calderon reiterated commitment to a 30% reduction in Scope 1 and Scope 2 emissions by 2030, stating that “the projects to achieve this are all on track and in progress.” He cited Sukari’s existing solar capacity and plans to expand it, as well as a likely grid connection “by next year” to reduce reliance on diesel. He also pointed to solar projects in Siguiri and a grid connection to hydropower in Geita, which he said has already been implemented. Separately, Calderon said the company commissioned the “largest off-grid hybrid renewable project in Australia’s mining sector” at Tropicana in 2025, and said it is materially reducing carbon footprint and improving energy security along with stabilized renewable grid power at Geita.

On South African legacy matters, Tilk said responsibilities largely “reside with the new owners” of the company’s former South African portfolio, with one exception: AngloGold Ashanti will “honor our obligations” related to the silicosis class action through payments under a previously agreed mechanism.

Tilk also noted the company is part of the International Council on Mining and Metals group that has signed onto a “no net loss obligation” for biodiversity across sites.

The meeting then moved to formal voting procedures for resolutions 1 through 17, with Tilk stating that results would be published on the company’s website and furnished on a Form 6-K with the U.S. Securities and Exchange Commission after the meeting’s conclusion.

About AngloGold Ashanti NYSE: AU

AngloGold Ashanti is a global gold mining company engaged in the exploration, development, production, processing and sale of gold. Headquartered in Johannesburg, South Africa, the company’s core activities span the full mining value chain from greenfield exploration and mine development through to ore processing and rehabilitation. Gold is the primary commodity produced, with individual operations sometimes yielding other by‑products depending on local geology and processing methods.

The company was formed in 2004 through the merger of AngloGold and Ashanti Goldfields, creating a diversified international gold producer.

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