AngloGold Ashanti PLC

In this annual report on Form 20-F, unless the context otherwise requires, references to AngloGold, AngloGold Ashanti, AGA, the

company, the Company, we, us, our, the group and the Group are references to (i) subsequent to the implementation of the

corporate restructuring described below, AngloGold Ashanti plc including, as appropriate, subsidiaries and associate companies

of AngloGold Ashanti plc and (ii) prior to the implementation of the corporate restructuring described below, AngloGold Ashanti

Limited including, as appropriate, subsidiaries and associate companies of AngloGold Ashanti Limited.

Corporate restructuring

company, AngloGold Ashanti plc, incorporated in England and Wales and tax resident in the United Kingdom (UK), with a primary

listing of its ordinary shares on the New York Stock Exchange (NYSE), and secondary listings of its ordinary shares on the

Johannesburg Stock Exchange (JSE) and A2X Market (A2X) in South Africa and of its ordinary shares and Ghanaian Depositary

Shares on the Ghana Stock Exchange (GSE) in Ghana.

Upon completion of the corporate restructuring, AngloGold Ashanti plc became the listed UK parent company of the Group and

the successor issuer to AngloGold Ashanti Limited. The previous South African parent company of the Group, AngloGold Ashanti

Limited, became a direct, wholly-owned subsidiary of AngloGold Ashanti plc and was renamed AngloGold Ashanti (Pty) Ltd.

AngloGold Ashanti Holdings plc, the Isle of Man company holding all of the Group’s operations and assets located outside South

Africa, also became a direct, wholly-owned subsidiary of AngloGold Ashanti plc.

In addition, upon completion of the corporate restructuring, the Group’s global headquarters were moved to Denver, Colorado in

the United States. The Company’s registered office and principal executive office are located in the United Kingdom. The Group

also retains a substantial corporate office in Johannesburg, South Africa.

IFRS financial statements and reporting

As a company incorporated in the United Kingdom, AngloGold Ashanti prepares annual audited consolidated financial

statements and unaudited consolidated quarterly financial statements in accordance with IFRS Accounting Standards as issued

by the International Accounting Standards Board (IASB). These financial statements are distributed to shareholders and are

submitted to the NYSE, JSE as well as the GSE.

AngloGold Ashanti qualifies as a foreign private issuer (“FPI”) in the United States for purposes of the U.S. Securities Exchange

Act of 1934, as amended (the “Exchange Act”), is filing annual reports on Form 20-F with the U.S. Securities and Exchange

Commission (the “SEC”) and is furnishing current reports on Form 6-K with the SEC as the SEC has prescribed for FPIs.

AngloGold Ashanti is continuing its preparation in order to be able to comply with the more comprehensive reporting framework

applicable to U.S. domestic issuers in the event that it becomes required to do so upon any loss of FPI status. In the meantime,

AngloGold Ashanti intends to continue to provide financial and operational updates, including unaudited condensed consolidated

interim financial statements, on a quarterly basis. Such quarterly financial and operational updates will be furnished on current

reports on Form 6-K to the SEC.

Currency

AngloGold Ashanti presents its consolidated financial statements in United States dollars.

In this annual report on Form 20-F, references to US dollar, dollar, USD, US$ or $ are to the lawful currency of the United States,

references to € or Euro are to the lawful currency of the European Union, references to ARS or Argentinean peso are to the

lawful currency of Argentina, references to AUD, Australian dollar or A$ are to the lawful currency of Australia, references to BRL

or Brazilian real are to the lawful currency of Brazil, references to TZS or Tanzanian shilling are to the lawful currency of the

United Republic of Tanzania, references to Ghanaian cedi, GHS, cedi or Gh¢ are to the lawful currency of Ghana, references to

CDF or Congolese franc are to the lawful currency of the Democratic Republic of the Congo, references to rand, ZAR or R are to

the lawful currency of the Republic of South Africa, references to GBP, British pounds or £ are to the lawful currency of the United

Kingdom, references to Canadian dollar, CAD or C$ are to the lawful currency of Canada, references to Colombian peso or COP

are to the lawful currency of Colombia and references to EGP or Egyptian pounds are to the lawful currency of Egypt.

Non-GAAP financial measures

From time to time AngloGold Ashanti may publicly disclose certain “Non-GAAP” financial measures in the course of its financial

presentations, earnings releases, earnings conference calls and otherwise.

In this annual report on Form 20-F, AngloGold Ashanti presents the financial items “total cash costs”, “total cash costs per

ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital

expenditure” and “non-sustaining capital expenditure”, which have been determined using industry guidelines and practices and

are not measures under IFRS. An investor should not consider these items in isolation or as alternatives to cost of sales, gold

income, capital expenditure or any other measure of financial performance presented in accordance with IFRS or as an indicator

of the Group’s performance. The Group uses certain Non-GAAP performance measures and ratios in managing the business

and may provide users of this financial information with additional meaningful comparisons between current results and results in

prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported

operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these

measures may not be comparable to similarly titled measures that other companies use.

During the financial year ended 31 December 2024, AngloGold Ashanti’s reporting for managed operations shifted from an

attributable basis of reporting to a consolidated basis of reporting. The change in reporting only impacts managed operations

with non-controlling interests (i.e., Siguiri, Cerro Vanguardia and Sukari), whereas joint operations (i.e., Tropicana), which are

proportionately consolidated, remain unaffected. Non-managed joint ventures (i.e., Kibali), which are accounted for under the

equity method, also remain unaffected and their gold production, related unit revenue and cost metrics continue to be reported

on an attributable basis. As a result of this change in reporting, certain adjustments to exclude non-controlling interests on gold

production, related unit revenue and cost metrics have been discontinued. The metrics for the financial years ended 31

December 2023 and 31 December 2022 have been adjusted to reflect this change in reporting.

The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting,

while the term “non-managed joint ventures” 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.

See“Glossary of selected terms—Financial terms—Total cash costs”, “Glossary of selected terms—Financial terms—All-in

sustaining costs”, “Glossary of selected terms—Financial terms—Average gold price received per ounce”, “Glossary of selected

terms—Financial terms—Sustaining capital (expenditure)”and “Glossary of selected terms—Financial terms—Non-sustaining

capital (expenditure)” for definitions.

During 2018, the World Gold Council (“WGC”), an industry body, published a revised Guidance Note on “all-in sustaining costs”

and “all-in costs” metrics, which gold mining companies can use to supplement their overall Non-GAAP disclosure. The WGC

worked closely with its members (including AngloGold Ashanti) to develop these Non-GAAP measures which are intended to

provide further transparency into the full cost associated with producing gold. It is expected that these metrics, in particular, the

“all-in sustaining cost” metric which AngloGold Ashanti provides herein, will be helpful to investors, governments, local

communities and other stakeholders in understanding the economics of gold mining.

“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. The Gold Institute, which has been incorporated into the National Mining Association, is a non-profit

international association of miners, refiners, bullion suppliers and manufacturers of gold products, which developed a uniform

format for reporting total cash costs on a per ounce basis. The guidance was first adopted in 1996 and revised in November

While the Gold Institute provided definitions for the calculation of “total cash costs” and the WGC published a revised Guidance

Note on “all-in sustaining costs” and “all-in costs” metrics during 2018, the calculation of “total cash costs”, “total cash costs per

ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “all-in costs” and “all-in costs per ounce” may vary

significantly among gold mining companies, and by themselves do not necessarily provide a basis for comparison with other gold

mining companies. However, AngloGold Ashanti believes that “total cash costs” and “all-in sustaining costs” in total by mine and

per ounce by mine as well as “average gold price received per ounce”, “sustaining capital expenditure” and “non-sustaining

capital expenditure” are useful indicators to investors and management as they provide:

•an indication of profitability, efficiency and cash flows;

•the trend in costs as the mining operations mature over time on a consistent basis; and

•an internal benchmark of performance to allow for comparison against other mines, both within the Group and at other gold

mining companies.

Management prepares its internal management reporting documentation, for use and decision making by the Chief Operating

Decision Maker (CODM), on a total basis. The key metrics are based on the total ounces, gold income, “total cash costs”, “all-in

sustaining costs”, “sustaining capital expenditure” and “non-sustaining capital expenditure” from each operation and as a

consequence includes AngloGold Ashanti’s share of the “total cash costs”, “all-in sustaining costs”, “sustaining capital

expenditure” and “non-sustaining capital expenditure” of its non-managed joint ventures that are accounted for under the equity

method. In a capital intensive industry, this basis allows management to make operating and resource allocation decisions on a

comparable basis between mining operations irrespective of whether they are consolidated or accounted for under the equity

method. This basis of calculating the metrics is consistent with the WGC’s Guidance Note on “all-in sustaining costs” and “all-in

costs” metrics.

Although AngloGold Ashanti has shareholder rights and board representation commensurate with its ownership interests in its

non-managed joint ventures and reviews the underlying operating results including “total cash costs”, “all-in sustaining costs”,

“sustaining capital expenditure” and “non-sustaining capital expenditure” with them at each reporting period, it does not have

direct control over their operations or resulting revenue and expenses, nor does it have a proportionate legal interest in each

financial statement line item. AngloGold Ashanti’s use of “total cash costs”, “all-in sustaining costs”, “sustaining capital

expenditure” and “non-sustaining capital expenditure” on a total basis, is not intended to imply that it has any such control or

proportionate legal interest, but rather to reflect the Non-GAAP measures on a basis consistent with its internal and external

segmental reporting.

A reconciliation of cost of sales as included in the Company’s audited financial statements to “all-in sustaining costs”, “all-in

sustaining costs per ounce”, “total cash costs” and “total cash costs per ounce” for each of the three financial years in the period

ended 31 December 2024 is presented on a total (managed operations/non-managed joint ventures) and segment basis herein.

In addition, the Company has provided detail of the consolidated ounces of gold produced and sold by mine (for managed

operations) and the attributable ounces of gold produced and sold by mine (for non-managed joint ventures) for each of those

periods herein.

A reconciliation of gold income as included in the Company’s audited financial statements to “average gold price received per

ounce” for each of the three financial years in the period ended 31 December 2024 is presented on a total (managed operations/

non-managed joint ventures) basis herein.

A reconciliation of capital expenditure as included in the Company’s audited financial statements to “sustaining capital

expenditure” and “non-sustaining capital expenditure” for each of the three financial years in the period ended 31 December

2024 is presented on a total (managed operations/non-managed joint ventures) and segment basis herein.

See“Item 5A: Operating Results—Non-GAAP analysis—Reconciliations” for reconciliations.

Shares and shareholders

In this annual report on Form 20-F, references to ordinary shares, ordinary shareholders, equity shareholders and shareholders/

members, should be read as common stock, common stockholders and stockholders, respectively, and vice versa.

Rounding

Rounding of figures in this annual report on Form 20-F may result in computational discrepancies.