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ANGLOGOLD ASHANTI LIMITED – AngloGold Ashanti hosts 2021 Capital Markets Day

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AngloGold Ashanti hosts 2021 Capital Markets Day

AngloGold Ashanti Limited
(Incorporated in the Republic of South Africa)
Reg. No. 1944/017354/06
ISIN: ZAE000043485 – JSE share code: ANG
CUSIP: 035128206 – NYSE share code: AU
(“AngloGold Ashanti”, “AGA”, the “Company” or the “Group”)

NEWS RELEASE

AngloGold Ashanti hosts 2021 Capital Markets Day

Shares strategic growth plan designed to unlock value across the Group’s world-
class, diversified portfolio

(JOHANNESBURG) – AngloGold Ashanti is today hosting a Capital Markets Day to update its
stakeholders on the Group’s momentum and progress towards its long-term strategic goals.
AngloGold Ashanti has worked steadily in recent years to optimise its global portfolio and has
seen good progress in the first 12 months of its focused initiative to increase Ore Reserve and
extend the life of its mines. Today’s update provides more information on AngloGold Ashanti’s
strategy, designed to unlock the full potential of the portfolio. The update also includes further
information underlying the five-year indicative outlook for the Company.

Christine Ramon, Interim Chief Executive Officer said:

“2020 was a strong year for AngloGold Ashanti. We are delivering on our strategy, thanks to
careful management and the diversified and balanced nature of our portfolio. Our investment
case is clear, with visible near-term and long-term catalysts to unlock value and realise the full
potential of the portfolio.”

“AngloGold Ashanti is at an exciting inflection point in its growth path, primed to generate
returns from its strategy. We are proving that there are high-return investment options open to
us, and after several years of rationalising our portfolio, we now have a clear and credible path
to disciplined, high-return and low-risk growth.”

Guided by a rigorous capital allocation framework and buoyed by strong momentum from Ore
Reserve conversion, the Company expects continued progress towards its strategic plan. The
primary drivers of production growth over five years are expected to be:

• The ramp-up to steady state production at Obuasi, following the site’s redevelopment
into a world-class asset;
• Tropicana reverting to normalised production levels following the reinvestment in its
life extension;
• Planned production gains above 2020 levels from, AGA Mineração, Siguiri and Sunrise
Dam; and
• Production in 2024 will have a contribution from the Gramalote project in Colombia, as
well as a contribution in 2025 from the start-up of Quebradona, also in Colombia,
assuming a positive investment decision by the Company’s Board in each case.
AngloGold Ashanti shared additional information on its long-term indicative outlook, including:

• On a five-year outlook, expecting an average 5% compound annual growth in gold
production;
• Sustaining capital expenditure for 2021 and 2022 is expected to range between $720m
and $820m ($260/oz to $290/oz). This includes investment of $330m and $380m in
Ore Reserve Development and Exploration, and Brazil tailings compliance capital in
2021 of $70m to $80m;
• Following completion of these [projects], as well as the expected return of sustaining
capital to normalised levels of $160/oz to $200/oz when the current, intensive
brownfields investment campaign comes to an end, long-term All-in sustaining costs
per ounce (AISC) is expected to decline by approximately 10%; and
• The Colombian investments mean total capital expenditure is expected to increase in
2022 to 2024, before falling off.

AngloGold Ashanti’s growth trajectory will harness the full potential of the portfolio to unlock
value. As AngloGold Ashanti looks to its next chapter, the foundation of this work is:

• Operational excellence, as evidenced by the early successes of AngloGold Ashanti’s
Ore Reserve growth programme, on-time and on-budget brownfields expansion
projects, and exciting potential greenfields opportunities;
• A healthy balance sheet that has been significantly deleveraged, providing strategic
flexibility through the cycle; and
• Commitment to ESG is a cornerstone of the Company’s strategy, underpinned by
rigorous governance and transparency in every community in which we operate.

AngloGold Ashanti’s commitment to its shareholders is firm, we have assessed, and will
continue to assess, all options to improve shareholder value, while remaining disciplined and
steadfast in our approach and in delivering on the strategy through the cycle.

The presentation materials and a presentation replay will be available on the Company’s
website at: AngloGold Ashanti Capital Markets Day Presentation

ENDS
Johannesburg
23 February 2021

JSE Sponsor: The Standard Bank of South Africa Limited

CONTACTS

Media
Chris Nthite +27 11 637 6388/ +27 83 301 2481 cnthite@anglogoldashanti.com
General inquiries media@anglogoldashanti.com

Investors
Sabrina Brockman +1 646 880 4526/ +1 646 379 2555 sbrockman@anglogoldashanti.com
Yatish Chowthee +27 11 637 6273 / +27 78 364 2080 yrchowthee@anglogoldashanti.com
Fundisa Mgidi +27 11 637 6763 / +27 82 821 5322 fmgidi@anglogoldashanti.com

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, all-in 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 consequence of any potential or pending litigation or
regulatory proceedings or environmental health and safety issues, are forward-looking statements regarding AngloGold Ashanti’s
operations, economic performance and financial condition. These forward-looking statements or forecasts involve known and
unknown risks, uncertainties and other factors that may cause AngloGold Ashanti’s actual results, performance or achievements
to differ materially from the anticipated results, performance 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
could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in
economic, social and political and market conditions, 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 (including the COVID-19 pandemic), and other business and operational risks and other factors. For a discussion of
such risk factors, refer to AngloGold Ashanti’s annual report on Form 20-F for the year ended 31 December 2019 and the Risk
Factors section in AngloGold Ashanti’s Prospectus Supplement dated 28 September 2020, which have each been 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 to differ materially from those expressed in any forward-looking statements. Other
unknown or unpredictable factors could also have material adverse effects on future results. 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.

The information contained in this announcement has not been reviewed or reported on by AngloGold Ashanti’s external auditors.
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.

Incorporated in the Republic of South Africa Reg No: 1944/017354/06
ISIN: ZAE000043485 – JSE share code: ANG CUSIP: 035128206 – NYSE share code: AU

Website: www.anglogoldashanti.com

Date: 23-02-2021 01:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (‘JSE’).
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.


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