3A.[RESERVED] 3B.CAPITALISATION AND INDEBTEDNESS Not applicable. 3C.REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable. 3D.RISK FACTORS This section describes many of the risks that could affect AngloGold Ashanti. An investor should carefully consider the risks described below and the information included in other sections of this Annual Report on Form 20-F prior to investing in the Company’s securities. The risk factors described herein are not all of the risks that AngloGold Ashanti may face and additional risks currently unknown or other risks currently believed to be immaterial, may emerge or become material. These risks, either individually or collectively, could significantly affect the Group’s business, operational and financial performance, operating flexibility, reputation, costs, liabilities, or the price of its securities. Further, the summary and risks that follow are organised under headings as determined to be most applicable at the time of reporting, but such risks also may be or become relevant to other headings. SUMMARY OF RISK FACTORS 1.Risks Related to AngloGold Ashanti’s Industry •AngloGold Ashanti is subject to risks and uncertainties related to the operation and development of existing and new mining projects. •AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. •AngloGold Ashanti is subject to extensive tailings and waste management requirements and standards, and potential liabilities could arise in the event of a failure to timely comply with these requirements or an incident involving a tailings or other waste storage facility. •AngloGold Ashanti’s ability to replace Mineral Reserve is subject to risks and uncertainties inherent in exploration, technical and economic pre-feasibility and feasibility studies and other project evaluation activities. •Mining is inherently hazardous and events may occur that adversely impact the environment, the health, safety or security of workers or the local community, or the Company’s operations, production, cash flows and overall profitability. •Mining operations and projects are vulnerable to supply chain disruptions and transportation delays. •AngloGold Ashanti is increasingly expected to provide benefits and mitigate adverse impacts to communities affected by its operations. •AngloGold Ashanti’s operations are vulnerable to infrastructure constraints. •AngloGold Ashanti faces strong competition which has recently intensified due to industry consolidation as well as the favourable commodity price environment. 2.Risks Related to AngloGold Ashanti’s Operations and Business •AngloGold Ashanti’s mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly. 22 •AngloGold Ashanti’s Mineral Reserve, deposits and mining operations are located in countries that face instability, public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries. •Occupational health diseases and infectious diseases may result in significant potential costs and liabilities for the Company. •AngloGold Ashanti competes with other companies, both within and outside of the mining industry, to attract and retain key human resources with critical skills. •The Company is subject to significant labour costs and regulatory compliance obligations. •The use of contractors at certain of the Company’s operations may expose AngloGold Ashanti to delays or suspensions in mining activities and increased mining costs. •Labour unrest, activism and disruptions (including protracted stoppages) could adversely impact AngloGold Ashanti’s operations. •Artisanal and illegal mining occurs on AngloGold Ashanti’s properties, which can disrupt the Company’s business, have adverse environmental, health, safety and security impacts, and expose the Company to liability. •AngloGold Ashanti’s mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights. •Title to AngloGold Ashanti’s properties may be uncertain and subject to challenge. 3.Risks Related to AngloGold Ashanti’s Corporate and Financing Structure and Strategy •AngloGold Ashanti may have significant financing requirements. •Sales of large quantities of AngloGold Ashanti’s ordinary shares, or the perception that these sales may occur or other dilution of the Company’s equity, could adversely affect the prevailing market price of the Company’s securities. •AngloGold Ashanti may not pay dividends or make similar payments to shareholders in the future. •Certain factors may affect AngloGold Ashanti’s ability to support the carrying amount of its property, plant and equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti may be required to recognise an impairment charge, which could be significant. •AngloGold Ashanti does not have full management control over some of its significant joint ventures and other projects. •Any downgrade of credit ratings assigned to AngloGold Ashanti’s debt securities could increase future interest costs and adversely affect the availability of new financing. •The level of AngloGold Ashanti’s indebtedness could adversely impact its business. •Any acquisition or acquisitions that AngloGold Ashanti may complete may expose the Company to new geographic, political, legal, regulatory, social, operating, financial and geological risks. •The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and overall profitability. 4.Market Risks •The price of gold, AngloGold Ashanti’s principal product, and other commodity market price fluctuations could adversely affect the profitability of operations. •Foreign exchange fluctuations may adversely affect the Company and may reduce the market value of AngloGold Ashanti’s securities, as well as the market value of any dividends or distributions paid by the Company. •The profitability of mining companies’ operations and the cash flows generated by these operations are affected by fluctuations in input production prices. •Global political and economic conditions could adversely affect the profitability of operations. •Energy cost increases and power fluctuations and stoppages could adversely impact AngloGold Ashanti’s results of operations and financial condition. •Inflation may have an adverse effect on results of operations. 5.Other Regulatory and Legal Risks •The Company is subject to anti-fraud, anti-bribery and anti-corruption laws, regulations, standards and contractual obligations, a breach of which could lead to substantial fines, criminal or civil sanctions, reputational damage and associated impacts on the Company’s social and regulatory license to operate. •AngloGold Ashanti is subject to the risk of litigation, the causes and costs of which are uncertain. •Compliance with “conflict minerals” and “responsible gold” legislation and standards could result in significant costs. •AngloGold Ashanti’s operations are subject to various climate change-related physical risks which may adversely impact its production activities, mine sites and personnel and/or result in resource shortages or environmental damages. •Compliance with emerging climate change-related requirements could result in additional costs and expose AngloGold Ashanti to additional liabilities. •Increasing scrutiny and changing expectations from AngloGold Ashanti’s stakeholders with respect to AngloGold Ashanti’s ESG performance and policies may impact AngloGold Ashanti’s reputation, increase costs, hinder access to capital or expose AngloGold Ashanti to additional risks, including disinvestment and litigation. 23 •Transfers of AngloGold Ashanti ordinary shares may be subject to stamp duty or SDRT in the United Kingdom, which would increase the cost of dealing in AngloGold Ashanti ordinary shares. •AngloGold Ashanti’s inability to maintain effective disclosure controls and procedures and an effective system of internal control over financial reporting could negatively impact its ability to accurately and timely report its financial results and other material disclosures, or otherwise cause it to fail to meet its reporting obligations. •AngloGold Ashanti may be subject to cybersecurity breaches and the Company’s data protection practices may be insufficient or inconsistent with applicable laws. •U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a domestic U.S. issuer is required to disclose, and investors may receive less information about the Company than they might otherwise receive from a comparable U.S. company. Risks Related to AngloGold Ashanti’s Industry AngloGold Ashanti is subject to risks and uncertainties related to the operation and development of existing and new mining projects. Unexpected problems, costs and delays could impact AngloGold Ashanti’s ability to develop or operate existing or new mining projects as planned or desired. For example, constraints on the supply of mining and processing equipment, increases in capital and operating costs, or reduced availability of consistent skilled labour, utilities, transportation and/or appropriate smelting and refining arrangements and other logistical issues could result in delays in completing projects. The remote location of many mining properties, delays in obtaining or failure to obtain or maintain necessary environmental and other governmental permits and approvals, the impact of public health crises, third-party legal challenges to individual mining projects and broader social or political opposition to mining may increase the cost, timing and complexity of mine development and construction. AngloGold Ashanti may prove unable to successfully operate existing mine sites or to develop potential exploration sites due to a number of uncertain factors, including, but not limited to, social and community opposition; litigation; governmental, regulatory or administrative proceedings; changes in applicable regulations or other requirements; the classification of land covered by mining titles as an environmentally-protected area or a protected area for food production; ore body grades; the inability of any such project to meet AngloGold Ashanti’s investment hurdle rate; and delays that could result in the expiry of permits. Accordingly, AngloGold Ashanti’s future development activities may not result in an increase to or the replacement of current production, may not be developed as planned or may be less profitable than anticipated or even be loss-making. A failure in the Company’s ability to develop and operate current and future mining projects may lead to a reduction in the Company’s Mineral Resource and Mineral Reserve and/or negatively impact its results of operations, financial condition and prospects, any of which may be significant. For example, AngloGold Ashanti’s projects in Colombia have been, and continue to be, adversely impacted by a number of legislative and regulatory actions undertaken by the Colombian government in the past decade. These actions mainly concern (i) Resolution 1987/2016 issued in 2016 declaring certain wetlands and moorlands in and around the La Colosa project as “paramos” areas, or paramos transition areas, a form of environmentally-important protected areas; (ii) Decree No. 044 adopted in January 2024 empowering the government to declare temporary environmental protected areas, and Resolution No. 855 of 2025 issued thereunder in June 2025 declaring a temporary renewable natural resources reserve zone (which is a form of environmental protected area) that overlaps with the area in which the Quebradona project is located; and (iii) Resolution No. 377 of 2024 issued in December 2024 (based on Colombia’s National Development Plan 2022-2026), as well as Resolution No. 394 of 2025 issued thereunder in October 2025, which together effectively declared a specific protected area for food production that partially overlaps with the area of the Quebradona project. Additionally, in February 2026, the Colombian Ministry of Environment and Sustainable Development notified AngloGold Ashanti that it has started a sanctioning process and filed charges in relation to alleged unauthorised pruning in a forest reserve area in the vicinity of the La Colosa project. Each of these measures has imposed, or could impose, limitations, fines or bans on mining and mining-related activities, or could significantly delay the Group’s ability to conduct such activities, in the impacted areas. In addition, the Company has faced regulatory challenges to its operating permits in Colombia. At La Colosa, the Company’s activities have been suspended since 2017 pending a decision with respect to its applications for certain environmental permits allowing it to conduct exploration activities. As a result, the project was placed in force majeure, during which time the specified timelines for completing the various phases of the mining project under the concession contract were suspended. In October 2024, the Colombian government decided not to process the Company’s environmental permit application on the basis of restrictions arising from the 2017 popular consultation in Cajamarca relating to mining activities in the region. In April 2025, the Colombian National Mining Agency denied the Company’s application to extend the force majeure for the full June 2024-2025 period by issuing a resolution declaring that force majeure had ended in October 2024. In October 2025, the Colombian National Mining Agency also denied the Company’s application to extend force majeure for the full June 2025-2026 period. The Company has filed legal and administrative challenges to these various decisions. At Quebradona, the environmental licensing authority has ‘archived’ AngloGold Ashanti’s 2019 environmental licence application relating to the development of the project, meaning that the licensing authority neither denied nor granted the licence, but determined that the information provided by AngloGold Ashanti was insufficient for it to make a substantive decision. The decision to archive the application was confirmed on appeal in April 2022. Additionally, the most recent applications for a suspension and an extension of the exploration phase at Quebradona were denied by the Colombian National Mining Agency in October and December 2025, respectively. As a result of those decisions, the Colombian National Mining Agency ordered that the concession move to the construction and assembly phase. The Company has filed administrative appeals against the denial of its applications to suspend and extend the exploration 24 phase. While AngloGold Ashanti has challenged, and continues to challenge, the validity and applicability of certain regulations, actions and measures of the Colombian authorities before the relevant administrative bodies and/or courts as described above, the Company’s operations at its sites in Colombia will continue to be suspended or hampered, and there can be no guarantee that the Group will be successful in its challenges or that further restrictions will not be adopted by the Colombian government in the future. See “Item 8A: Legal Proceedings—Colombia” and “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas—Colombia” for further information on these matters. AngloGold Ashanti is subject to extensive and rapidly changing environmental, health and safety laws and regulations. AngloGold Ashanti’s operations are subject to extensive and stringent environmental, health and safety laws and regulations in the various jurisdictions in which it operates. These regulations, as well as international standards for the industry, establish limits and conditions on the Company’s ability to conduct its operations and govern, among other things, extraction, use, conservation and discharge of water; air emissions (including dust control and greenhouse gases (“GHGs”)); mine and dam safety; regulatory and community reporting; clean-up of environmental contamination; land use and conservation of protected areas; protection of threatened and endangered species; rehabilitation and closure of mined land; worker health and safety and community health; and the generation, use, transportation, storage and disposal of solid and hazardous wastes, such as reagents, radioactive materials and mine tailings. Failure to comply with these requirements could result in enforcement proceedings, claims, suspension of operations, suspension or revocation of operating permits, nullification of concession contracts, community protest and/or additional capital or operating expenditures that could adversely impact AngloGold Ashanti’s financial condition or reputation. See “Item 4B: Business Overview—Sustainability and Environmental, Social and Governance (“ESG”) Matters” and “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine”. The cost of compliance with environmental, health and safety laws and regulations is expected to continue to be significant to AngloGold Ashanti. From time to time, new or updated laws, regulations and standards are introduced and may be more stringent than those to which AngloGold Ashanti is currently subject, including with respect to tailings management and TSFs. In the event compliance with these laws, regulations and standards requires a material increase in expenditures or material changes or interruptions to operations or production, including as a result of any incident or failure to comply with applicable regulations, the Company’s results of operations and financial condition could be adversely affected. AngloGold Ashanti could also incur, and has incurred in the past, fines, penalties and other sanctions, clean-up costs and third-party claims for personal injury or property damage, suffer reputational damage, or be required to install costly pollution control equipment or to modify or suspend operations, as a result of actual or alleged violations of environmental, health and safety laws and regulations or the terms of AngloGold Ashanti’s permits. In some of the jurisdictions in which AngloGold Ashanti operates, the government may enforce a total or partial shutdown of facilities, including TSFs, or other aspects of mining operations, to conduct investigations into the cause of safety or environmental incidents involving those facilities or at those operations. See “—AngloGold Ashanti is subject to extensive tailings and waste management requirements and standards, and potential liabilities could arise in the event of a failure to timely comply with these requirements or an incident involving a tailings or other waste storage facility” below. AngloGold Ashanti’s reputation could be damaged by any significant governmental investigation or enforcement action for non-compliance with health and safety laws, regulations or standards. Any of these factors could have a material adverse effect on AngloGold Ashanti’s results of operations and financial condition. Environmental impacts arising in connection with AngloGold Ashanti’s current or historical operations could lead to the imposition of legal obligations, including the remediation of environmental contamination, claims for property damage and personal injury from adjacent communities and regulatory enforcement resulting in penalties or restrictions on mining operations. For example, AngloGold Ashanti expects to incur costs in connection with the treatment and disposal of a quantity of legacy arsenic trioxide waste located at the Obuasi mine, and such costs, which may be incurred over a several year period, may be material to the Company. Separately, the Ghana Environmental Protection Authority is investigating a 2025 release of wastewater from the treatment facility at Obuasi that contained unpermitted exceedances of cyanide and resulted in a fishkill in a watercourse near the mine. Environmental incidents, such as TSF leaks, pipeline failures or deficiencies in water management systems have also resulted in temporary gold processing stoppages at AngloGold Ashanti’s operations. For example, in 2025, a release of process water and related solids through a tear in the lining of the Beposo TSF, which services the Iduapriem mine, resulted in temporarily elevated levels of cyanide in the downstream watercourse and an unplanned 17-day plant shutdown, which had an adverse impact on gold production at the Iduapriem mine. The Ghana Environmental Protection Authority also imposed a fine of approximately $7 million in connection with this incident. In addition, processing at Siguiri was suspended for 42 days during the third quarter of 2025 while AngloGold Ashanti addressed seepage on a section of the south wall of the TSF following significant rainfall of more than 110mm in a single day, which also had an adverse impact on gold production. Leaks or discharges of hazardous materials, or the discovery of previously unknown contamination, could result in liabilities for clean-up or personal injury or penalties that may not be covered by insurance. The Company has also identified groundwater contamination plumes at certain of its operations that have occurred primarily as the result of seepage from surface operations and facilities, including TSFs and waste rock piles, or from sulphide or other substances in local rock formations which are exposed to water. In addition, the use of hazardous materials in metallurgical processing remains under continued scrutiny. As there are few, if any, effective substitutes for such materials in the process for extracting gold from the ore, any ban or material restrictions on the use of such materials in mining operations in the jurisdictions where AngloGold Ashanti conducts its operations could adversely affect the Company’s results of operations and financial condition. 25 Water supply, quality and usage are areas of focus and potential concern across all of AngloGold Ashanti’s mining operations and development projects, including at its projects in Nevada and at Quebradona in Colombia. AngloGold Ashanti’s operations are dependent upon access to substantial volumes of water for use in the mining and extractive processes and typically are subject to water-use permits or rights to abstract water from certain natural sources that govern usage and require, among other things, that mining operations maintain certain water quality upon discharge. Any failure by AngloGold Ashanti to secure access to sufficient water supplies or volumes, or achieve and maintain compliance with applicable requirements of the permits or rights, could result in curtailment or halting of production at the affected operations. Incidents of water pollution or shortage can, in certain cases, lead to community protest and ultimately to the withdrawal of community and government support for AngloGold Ashanti’s operations. A failure by AngloGold Ashanti to comply with water contamination related directives may result in further, more stringent, directives being issued against AngloGold Ashanti, which may, in some cases, result in a temporary or partial shutdown of some of the Company’s operations. Mining companies are required by law to close their operations at the end of the mine life and rehabilitate the impacted areas. Estimates of the total ultimate closure, reclamation and rehabilitation costs for gold mining operations are significant and based principally on life-of-mine profiles, changing inflation and discount rate assumptions, changing infrastructure and facilities design and current legal and regulatory requirements that may change materially. Environmental liabilities are accrued when they become known, are probable and can be reasonably estimated. Increasingly, regulators are seeking security in the form of cash collateral or bank guarantees in respect of environmental obligations. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine”. Costs associated with rehabilitating land disturbed by mining processes and addressing environmental, health, safety and community issues are estimated and financial provision made based upon current available information based on AngloGold Ashanti’s commitments, applicable environmental legislation or agreements with governments. Estimates notably relate to discount rates, which may vary due to changes in global economic and political risk conditions and assumptions, each of which is subject to change and certain changes may not be reasonably foreseen, and mine plans, which may change in line with variations in cash flows, designs of tailings storage facilities and methodologies used to compute liabilities (including as a result of a request from environmental regulatory authorities). As such, estimates may be insufficient, and further costs may be identified at any stage that may exceed the provisions that AngloGold Ashanti has made. Any underestimated or unidentified rehabilitation costs would reduce earnings and could materially and adversely affect AngloGold Ashanti’s asset values, earnings and cash flows. Further, sudden changes in a life-of-mine plan or the accelerated closure of a mine may give rise to the recognition of additional liabilities that are not anticipated. Costs incurred by AngloGold Ashanti in excess of its existing provisions for such matters, or on a more accelerated or compressed timeline than currently anticipated, could have a material adverse impact on AngloGold Ashanti’s results of operations and financial condition. Environmental laws, regulations and standards are subject to change and are generally becoming more stringent. Changes to AngloGold Ashanti’s environmental compliance obligations or operating requirements, or its anticipated obligations for remediation or rehabilitation of environmental impacts, could adversely affect its operations, rate of production and revenue. Variations in laws and regulations, assumptions made to estimate liabilities, standards or operating procedures, more stringent emission or pollution thresholds or controls, or the occurrence of unanticipated conditions, may require operations to be suspended or permanently closed, and could increase AngloGold Ashanti’s expenses and provisions. These expenses and provisions could adversely affect AngloGold Ashanti’s results of operations and financial condition. AngloGold Ashanti is subject to extensive tailings and waste management requirements and standards, and potential liabilities could arise in the event of a failure to timely comply with these requirements or an incident involving a tailings or other waste storage facility. Mining and mineral processing operations generate waste rock and tailings. The impact of managing related solid and hazardous materials, including dust and residual chemicals and metals, or a breach, leak, or other failure of a waste rock pile, facility or TSF, including any associated dam, can be substantial. A significant incident at AngloGold Ashanti’s operations could result in the voluntary or mandatory shutdown of operations, penalties or other enforcement actions, obligations to remediate environmental contamination, negative press coverage, and claims for property or natural resources damages and personal injury by adjacent communities. An incident involving another mining company’s TSF or operations could also impact AngloGold Ashanti if it results in governmental action to tighten regulatory requirements or restrict certain mining or waste storage activities. For example, due to certain incidents relating to dry stacking operations at third-party mining facilities in Brazil, it is possible that new regulations relating to tailings piles and other geotechnical structures may be adopted in the future, and those requirements may impact AngloGold Ashanti’s operations in Brazil. In addition, affected communities increasingly seek engagement and information with respect to the adequacy of the safety measures in place to protect them from TSF-related incidents and perceived risks and AngloGold Ashanti expects continued increased scrutiny with respect to its operations, including in Brazil and at its African operations. Operational, technical or safety issues at a TSF could lead to a partial or full suspension of operating activities at a mining operation, which may adversely affect AngloGold Ashanti’s financial condition and results of operations. For example, tailings deposition at the Calcinados TSF in Brazil, as well as processing of gold concentrate at the Queiroz metallurgical plant, which services the Cuiabá mine complex (composed of the Cuiabá and Lamego mines), were suspended between December 2022 and September 2024 while engineering and geotechnical work was conducted and the decharacterisation plan for the Calcinados TSF was updated and submitted to the relevant authority. See “Item 4B: Business Overview—The Regulatory 26 Environment Enabling AngloGold Ashanti to Mine—Americas—Brazil—Environmental laws relating to mining” and “Item 4B: Business Overview—Sustainability and Environmental, Social and Governance (“ESG”) Matters—Waste Management”. Furthermore, in recent years, environmental licensing processes for mining companies have become more stringent, especially those involving TSFs. For example, following several major TSF-related incidents in the country, Brazilian authorities, both at the federal and state levels, have generally increased scrutiny of mining operations, and of TSFs and tailings piles in particular, and have adopted strict laws and regulations applicable to the approval, licensing, construction, management, closure and decharacterisation (or “descaracterização”, which generally means that the structure no longer serves its primary purpose of acting as a tailings containment) of TSFs in Brazil. Additionally, public prosecutors in Brazil have actively enforced new state and federal laws and regulations relating to TSFs and have brought legal action against several mining companies, including AngloGold Ashanti, to compel compliance with these new rules; the outcome of such lawsuits generally cannot be predicted. If any such lawsuit, or any future lawsuit of a similar nature, is filed against or resolved adversely to AngloGold Ashanti, such outcome may result in additional and accelerated operating or capital costs for the Company, including costs exceeding its current provisions for decharacterising its TSFs in Brazil, which may adversely affect AngloGold Ashanti’s financial condition and results of operations. The decharacterisation of TSFs can also necessitate the development and implementation of alternative tailings handling and storage arrangements, which can increase operating and capital costs, and trigger additional permitting requirements, which could delay or constrain mining and processing operations. It is likely that there will be further changes in federal and state legislation and regulation, as well as increased scrutiny, with respect to TSFs in Brazil, and there can be no guarantee that other jurisdictions in which AngloGold Ashanti operates will not pursue or adopt similar legislation or regulation. Any revised or additional regulatory requirements, including, among other things, additional risk assessments, required engineering certifications, mandatory installation of monitoring devices and inspections could result in increased costs associated with constructing and maintaining TSFs, which costs may be significant and impact AngloGold Ashanti’s financial condition or results of operations, or the viability of a mining operation or project. A new Global Industry Standard on Tailings Management (“GISTM”) was established in August 2020 by a panel composed of industry and non-governmental organisation (“NGO”) experts. AngloGold Ashanti has achieved substantial conformance with the GISTM at all of its TSFs and is committed to achieving full conformance. Failure, or perceived failure, to achieve such commitment, or higher than expected costs to achieve conformity with the GISTM, could adversely impact AngloGold Ashanti’s financial condition or reputation. AngloGold Ashanti’s ability to replace Mineral Reserve is subject to risks and uncertainties inherent in exploration, technical and economic pre-feasibility and feasibility studies and other project evaluation activities. AngloGold Ashanti’s results of operations and financial condition are directly related to the success of its exploration, project development and acquisition efforts and the ability to replace or increase the existing Mineral Reserve as it is depleted. AngloGold Ashanti must continually replace Mineral Reserve depleted by mining and production to maintain or increase production levels and mine life in the long term. This process includes exploration activities that are speculative in nature. The ability of AngloGold Ashanti to sustain or increase its present levels of gold production depends in part on the success of its exploration activities and related project studies and it may be unable to sustain or increase such production levels. Exploration and project studies necessary to establish the current or future viability of a mining operation, including the estimation of tonnages, grades and metallurgical characteristics of the ore, are inherently unpredictable and may be unsuccessful or differ significantly from expectations. Such activities often require substantial expenditure on exploration drilling to determine the presence, extent and grade (metal content) of mineralised material. Following, and in parallel with, ongoing exploration activities, AngloGold Ashanti undertakes project studies to estimate the technical and economic viability of mining projects and to determine appropriate mining methods and metallurgical recovery processes. Once mineralisation is discovered, it may take several years to determine whether an adequate Mineral Resource and Mineral Reserve exists, during which time the economic viability of the project may change due to fluctuations in factors that affect both revenue and costs, including, but not limited to: •delineation and definition of grade, tonnages and continuity of the mineralisation; •metallurgical recovery rates of gold and other metals from the ore; •prevailing and anticipated prices of metals and other commodities, including gold, silver, copper and related by- products; •prevailing and anticipated local or foreign currency exchange rates; •applicable regulatory requirements, including those relating to environmental or health and safety matters; •the required return on investment as based on the cost and availability of capital; and •capital expenditure and cash operating costs (which may be impacted by inflation). These estimates depend on assumptions available during a particular project phase, which may change. Mineral Resource and Mineral Reserve estimates are appropriate for the level of study, are not precise calculations and depend on the interpretation of limited information on the location, shape and continuity of the mineral occurrence and on available current and historical sampling results. Further exploration and project studies may result in new data becoming available that may change previous or historical Mineral Reserve estimates and impact a project’s technical and economic viability. Additionally, changes in the forecast prices of commodities, exchange rates, production costs or metallurgical recovery rates, among other inputs, may change the economic viability of the Mineral Reserve, resulting in revisions to previous or historical Mineral Reserve estimates. 27 These revisions, as well as changes in life-of-mine estimates could also impact depreciation and amortisation rates, asset carrying values and/or estimates for closure, restoration and environmental rehabilitation costs. AngloGold Ashanti undertakes annual revisions to its Mineral Reserve estimates based upon ongoing exploration and production results, depletion, new geological/geotechnical information, model revisions, revised mine planning, and fluctuations in production, forecasts of commodity prices, economic assumptions and operating and other costs as well as asset sales and acquisitions. These factors may result in reductions in Mineral Reserve estimates, which could adversely affect life-of-mine plans, the value of AngloGold Ashanti’s mining asset base, and the Company’s financial performance, financial condition and prospects. Mining is inherently hazardous and events may occur that adversely impact the environment, the health, safety or security of workers or the local community, or the Company’s operations, production, cash flows and overall profitability. Gold mining operations are subject to risks of hazards and other events that may adversely impact AngloGold Ashanti’s ability to produce gold and meet production and cost targets. These hazards and events include, but are not limited to: •accidents or incidents, including due to human error, during exploration, production, drilling, blasting or transportation resulting in injury, disease, loss of life, mass casualties or damage to equipment or infrastructure; •air, land and water pollution; •social or community disputes, interventions or unrest; •security, environmental or safety incidents, including as the result of the activities of artisanal or illegal miners, political instability, or terrorism; •surface or underground fires or explosions; •labour force disputes and disruptions; •loss of information integrity or data; •mechanical failure or breakdowns and ageing infrastructure; •failure of unproven or evolving technologies; •unusual or unexpected geological formations and/or ground conditions, including lack of mineable face length and ore- pass blockages; •fall-of-ground accidents in underground operations, cave-ins, sinkholes, subsidence, rock falls, rock bursts or landslides; •failure of mining pit slopes, heap-leach facilities, water or solution dams, waste stockpiles and tailings facilities; •flooding or inundation of mine pits; •safety-related stoppages; •seismic activity; and •other natural phenomena, such as floods, droughts, wildfires or weather conditions, potentially exacerbated by climate change. AngloGold Ashanti has been and may in the future be impacted by these or other, as now unknown, hazards and adverse conditions. For example, a fall-of-ground incident at Obuasi in 2023, significant rainfall resulting in flooding at the Australian operations (particularly at Tropicana) in 2024 and the tragic fatality in May 2024 at Geita when a light motor vehicle overturned adversely impacted gold production and the Company’s total operating costs. Additionally, incidents may occur at operations in which AngloGold Ashanti is invested but does not control, responsibility for which may be imputed to, or otherwise impact, the Company, either directly or indirectly. For example, two employees were fatally injured in 2025 in two separate incidents at Kibali in the DRC, which is co-owned by AngloGold Ashanti but operated by Barrick Mining Corporation (“Barrick”). Any of these or other hazards or events could, individually or in the aggregate, have a material adverse effect on AngloGold Ashanti’s results of operations and financial condition. Mining operations and projects are vulnerable to supply chain disruptions and transportation delays. AngloGold Ashanti’s operations and development projects depend heavily on the availability, delivery timing and transportation of strategic spares, critical consumables, mining equipment or metallurgical plant. However, AngloGold Ashanti has limited, if any, influence over third-party manufacturers and suppliers. AngloGold Ashanti may experience, and has in the past experienced, shortages, increased lead times, or transportation disruptions in the delivery of these items, forcing the Company to suspend some of its operations and adversely impacting its results of operations and financial condition, which impact may be significant. In certain cases, there are a limited number of suppliers for certain necessary parts, equipment and materials who command superior bargaining power relative to AngloGold Ashanti. The Company also faces competition from other mining companies or related businesses for specialized equipment, components and supplies necessary for its exploration, development and mining operations. AngloGold Ashanti could therefore at times face limited supply or increased lead time in the delivery of such items, as it has in the past, particularly as production capacity in the global mining industry expands in response to increased demand for commodities. Shortages in essential commodities, including, for example, ammonium nitrate, have resulted in unanticipated price increases and production delays and shortfalls, resulting in both increased operating costs and capital expenditure necessary to maintain and develop mining operations. Furthermore, supply chains and rates can be impacted by a number of factors outside of the Company’s control, including import restrictions, natural disasters, severe weather, civil or political unrest, armed conflicts or wars, strikes, theft, fires or outbreaks of infectious diseases or other public health threats. Any of these events, individually or in conjunction with actions taken by 28 governments in response thereto or a fear of any of the foregoing, could adversely impact AngloGold Ashanti’s operations by causing supply chain delays and disruptions, import restrictions or shipping disruptions, as well as operational shutdowns. For example, governments can impose significant restrictions on the movement of goods, services and persons (including travel), including nationwide lockdowns of businesses and their citizens (quarantine) and even temporary suspension of mining activities, as was done in response to the COVID-19 outbreak in recent years. In addition, such restrictions could also be imposed, and have been imposed in the past, in the event of Ebola, Marburg or monkeypox virus outbreaks. Such disruptions could result in, and in the past have resulted in, extended lead times in supply and distribution networks, as well as the exercise of force majeure measures, the impacts of which could eventually result in stoppage of mining operations. They could also result in the need to increase inventories on long lead time items and critical consumables and spares which may lead to an increase in working capital. In addition, restrictions in travel, including air travel, and border access may impact, and in the past have impacted, AngloGold Ashanti’s ability to source and transport goods and services required to operate mines, transport gold doré to refineries and ship refined gold from refineries as well as increase the cost of such operations. AngloGold Ashanti cannot guarantee that its crisis management measures will be adequate to prevent disruptions in its supply chain and operations, or that its financial condition and results of operations will not be adversely impacted by any such potential event. AngloGold Ashanti’s procurement policy is to source mining, processing equipment and consumables from suppliers that meet its corporate values and ethical standards. Although AngloGold Ashanti monitors and assesses suppliers on their governance conduct, the Company may fail to identify actual instances of unethical conduct by those suppliers or other activities that are inconsistent with its values and standards. In certain locations, where only a limited number of suppliers meet these standards, additional strain is placed on the supply chain, thereby increasing the cost of supply and delivery times. AngloGold Ashanti’s efforts to monitor supply chain activities, including freight and logistics routes, and its engagement with its suppliers to identify potential disruptions to source materials or equipment, may not be sufficient to avoid disruptions that could have a material adverse effect on AngloGold Ashanti’s business or operations. Additionally, AngloGold Ashanti is restricted to local suppliers under the laws and regulations of some of the jurisdictions in which the Company operates. For example, under recent changes to Tanzanian law, certain goods and services, including contract- mining services, are reserved exclusively to indigenous Tanzanian companies that are wholly owned by Tanzanian citizens. Localisation restrictions may significantly impact the ability of the Company to competitively source certain goods and services, or utilize existing supply chain relationships, which may increase costs or cause operational disruptions. AngloGold Ashanti is increasingly expected to provide benefits and mitigate adverse impacts to communities affected by its operations. As a result of concerns about the perceived ill effects of economic globalisation and resource extraction activities, large multinational mining corporations, as well as other businesses, face increasing public scrutiny of their business activities and operations. Such pressures tend to be particularly targeted towards companies whose activities are perceived to have, or have had, a high impact on the social and physical environment. Mining companies in particular are under increasing pressure to demonstrate that, whilst they seek a satisfactory return on investment for shareholders, other social partners, including employees, host communities and, more broadly, the countries in which they operate, also benefit from their commercial activities. Failure to do so can result in legal suits, additional costs to address social or environmental impacts of operations, investor disinvestment, and loss of “social licence to operate”, any of which individually or in the aggregate could adversely impact AngloGold Ashanti’s reputation and financial condition. AngloGold Ashanti operates in several regions where poverty, unemployment and the lack of access to alternative livelihoods mean that the creation and distribution of economic benefit from mining operations is a significant area of focus for communities and governments. If AngloGold Ashanti fails, or is perceived to be failing, to create sufficient social and economic benefit, adverse publicity may result in or exacerbate reputational damage, active community opposition, allegations of human rights abuses, legal suits and shareholder divestiture. Social media and other web-based tools to share user-generated content further increase the potential scope and force of public scrutiny. The cost of measures to address negative publicity, or to promote issues relating to the sustainable development and operation of mining projects, could place significant demands on personnel resources, could increase capital and operating costs and could have an adverse impact on AngloGold Ashanti’s reputation, results of operations and financial condition. Mining projects, including exploration sites, are often located at or near existing towns and villages, natural waterways and other infrastructure or natural resources. The current, historical and potential future environmental and health impacts of dust generation or other air quality issues, waste storage, surface or ground water quality or water supply shortages may be directly adverse to those communities. Accordingly, poor operational or management practices, whether actual or perceived, or, in particular, adverse changes in the supply or quality of water or failure to mitigate other impacts to the environment in the areas where AngloGold Ashanti’s mining operations are located, can result in governments, community groups, NGOs and institutional investors raising concerns or commencing litigation, community protest, or regulatory sanctions against AngloGold Ashanti. For example, popular consultations prompted by these concerns have been held in the past in the Colombian municipalities of Piedras and Cajamarca in the Tolima department to oppose mining activities in those areas. Furthermore, a consolidated class action with respect to the La Colosa project is currently pending before the Council of State of Colombia with respect to the impact of the project on the environment. See “Item 8A: Legal Proceedings—Colombia”. Failure to address, mitigate or engage with these stakeholders on environmental, health and sustainability concerns could ultimately lead to the withdrawal of, or failure to obtain, community and government support for Company operations and projects. If AngloGold Ashanti is unsuccessful in securing or maintaining support from local communities and governments for its projects, or groups opposed to mining successfully pursue mechanisms to block planned exploration or extraction activities, there could be an adverse impact on AngloGold Ashanti’s reputation, access to supplies, its ability to develop its mining concessions, and its results of operations and financial condition. 29 AngloGold Ashanti’s access to land may be subject to the rights or asserted rights of various community stakeholders, including indigenous people. Access to land, which from time to time necessitates resettlement of communities, and land use is of critical importance to the Company for exploration and mining, as well as for ancillary infrastructure. In some cases, AngloGold Ashanti has had difficulty gaining access to new land because of perceived poor community compensation practices, and compensation remains a significant area of concern at Siguiri in Guinea, Geita in Tanzania and Iduapriem and Obuasi in Ghana. Furthermore, AngloGold Ashanti continues to experience strained relationships with certain of its host communities, which may pose reputational risks, including public criticism in Tanzania, Ghana and Guinea with respect to its land resettlement practices. Delays in projects as well as increased costs attributable to a lack of community support can translate directly into a decrease in the value of a project or into an inability to bring the project to production. Where consultation with stakeholders is statutorily or otherwise mandated and relations do not remain amicable, disputes may lead to reduced access to properties or delays in operations. AngloGold Ashanti’s operations are vulnerable to infrastructure constraints. Mining, processing, development and exploration activities depend on adequate infrastructure. Reliable rail, ports, roads, bridges, power sources, power transmission facilities and water supply are critical to AngloGold Ashanti’s business operations and affect capital and operating costs. These infrastructures and services are often provided by third parties whose operational activities are outside the control of the Company. Interferences in the maintenance or provision of infrastructure, including unusual weather phenomena, sabotage and social unrest could impede AngloGold Ashanti’s ability to maintain its expected mining and production schedule and adversely affect its business, results of operations and financial condition. Establishing infrastructure for AngloGold Ashanti’s development projects requires significant resources, identification of adequate sources of raw materials and supplies, and necessary cooperation from national and regional governments, none of which can be assured. AngloGold Ashanti has operations or potential development projects in countries where government-provided infrastructure is inadequate and regulatory regimes for access to infrastructure are uncertain, which could adversely impact the efficient operation and expansion of its business. For example, the instability of the public power supply to Geita provided by the Tanzania Electric Supply Company Limited (TANESCO) requires the Company to simultaneously maintain its own diesel generation power supply, resulting in duplication of costs to ensure consistent energy supply is available for the operation. AngloGold Ashanti may not secure and maintain access to adequate infrastructure in the future, or it may not do so on reasonable terms, which may adversely affect AngloGold Ashanti’s business, results of operations and financial condition. AngloGold Ashanti faces strong competition which has recently intensified due to industry consolidation as well as the favourable commodity price environment. AngloGold Ashanti competes with other mining companies, external investors and individuals for the acquisition of mining and exploration assets, for mining claims and leases on exploration properties. Some of these competitors have greater financial resources, operational experience and technical capabilities than AngloGold Ashanti and are lower on the industry cost curve or have lower cost of capital and better access to scarce capital than AngloGold Ashanti. Competition may increase AngloGold Ashanti’s cost of acquiring suitable claims, properties and assets, which could have a material adverse effect on its financial condition and results of operations. Due to a declining rate of discovery of new gold deposits in recent years and industry consolidation, AngloGold Ashanti faces increased competition for the acquisition of exploration and development projects, as well as operating mines which meet AngloGold Ashanti’s investment criteria. AngloGold Ashanti’s decision to acquire assets is based on a variety of factors, including historical operating and production results, estimates, forecasts and assumptions regarding potential Mineral Resource and Mineral Reserve, as well as capital and operating expenditure, and takes into account gold prices, projected economic returns and evaluations of existing or potential liabilities associated with the relevant asset. Such factors involve varying degrees of uncertainty and could have an impact on the Company’s revenue, cash and other operating costs, as well as the process used to estimate the relevant Mineral Reserve. While AngloGold Ashanti may, from time to time, evaluate potential acquisition opportunities, there can be no guarantee that the Company will ultimately undertake any acquisition, or that any such acquisition will be profitable. Recently, the consolidation of the mining industry has accelerated due to the favourable commodity price environment, which has led to strong cash flows among industry participants, and has attracted new investors to the sector. In this regard, many of AngloGold Ashanti’s competitors have made acquisitions or entered into business combinations, joint ventures, partnerships or other strategic relationships, and new competitors have emerged. Similar consolidations in the form of acquisitions, business combinations, joint ventures, partnerships or other strategic relationships may continue in the future. The companies or alliances resulting from these transactions or any further consolidation involving AngloGold Ashanti’s competitors may benefit from greater economies of scale as well as significantly larger, more diversified, lower cost and higher quality asset bases than AngloGold Ashanti. In addition, following such transactions certain of AngloGold Ashanti’s competitors may decide to sell specific mining assets, increasing the availability of such assets in the market, which could adversely impact any sale process that AngloGold Ashanti may undertake at the same time, including such sales processes taking longer to complete or not completing at all or not realising the full value of the assets being disposed of. Such developments may adversely affect AngloGold Ashanti’s business, operating results and financial condition. 30 Risks Related to AngloGold Ashanti’s Operations and Business AngloGold Ashanti’s mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly. Any existing and new mining, exploration operations and projects that AngloGold Ashanti carries out are subject to various national and local laws, policies and regulations governing the ownership, prospecting, development and mining of Mineral Reserve, taxation and royalties, exchange controls, import and export duties and restrictions, investment approvals, employee and social community relations and other matters. In addition, some of AngloGold Ashanti’s mineral deposits and mining and exploration operations are located in countries that are experiencing, or have experienced in the past, social and political instability as well as economic uncertainty. Based on the Company’s past experience, political, tax and economic laws and policies in countries in which AngloGold Ashanti operates can change rapidly, and increased socio-political tension, hyper- inflation and currency devaluation, and incidents at other companies’ mining operations, among other factors, can greatly increase the country risk of jurisdictions in which the Company operates. Additionally, political influence or administrations may delay or hinder strategic imperatives of the Company, including cost rationalisation, particularly in the areas of procurement and labour. As mining assets are fixed and largely immovable, the adverse impacts of any such changes may be unavoidable, material and immediate. If, in one or more of the countries in which it operates, AngloGold Ashanti were not able to obtain or maintain necessary permits, authorisations or agreements to implement planned projects or continue its operations under conditions or within timeframes that make such plans and operations economically viable, or if the applicable legal, ownership, fiscal (including all royalties and duties), exchange control, employment, environmental and social laws or regimes change materially, or if changes in governing political authorities result in amendments to such laws and regimes, there could be a material adverse effect on AngloGold Ashanti’s operating results, financial condition, and, in extreme situations, on the viability of an operation. See “—AngloGold Ashanti’s mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights” below and “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine”. In many of the countries in which AngloGold Ashanti operates, there is an ongoing focus by governments seeking greater economic benefit and increased financial and social benefits from extractive industries, particularly mining. This entails the review of mining codes and stability agreements, which were in many cases designed under particular economic conditions, and the formulation or amendment of laws, policies and regulations relating to issues such as mineral rights and asset ownership, royalties, taxation and taxation disputes, “windfall” or “super” taxation, non-recovery of taxation refunds, import and export duties, currency transfers, restrictions on foreign currency holdings and repatriation of earnings. The laws, policies and regulations are increasingly uncertain, changing and generally require progressively higher payments to governments, notably in the form of increased royalties and taxes, mandated beneficiation, export levies and increasing or retaining state or national ownership of resources (including by way of free-carried interests in mining companies for governments). Particularly, as a result of the sustained higher gold price, governments are increasingly modifying, or proposing modifications, to royalty and tax structures to capture increased revenue through increased base royalties or sliding-scale structures. For example, in December 2025, the government of Ghana introduced an increased sliding-scale royalty framework on gold, which went into effect in March 2026. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Ghana”. Certain countries in which AngloGold Ashanti operates have increased, or may increase, scrutiny of long-term mining stability agreements, including Ghana. Any future amendments to the mining codes of the countries in which AngloGold Ashanti operates or attempts to renegotiate, cancel, refuse to renew or even abolish its existing mining conventions in such countries could have further adverse effects on its financial condition and results of operations. Furthermore, changes to the fiscal terms governing AngloGold Ashanti’s operations may have a material adverse impact on its results of operations or financial condition, threaten the viability of existing operations, and discourage future investments in certain jurisdictions. This may therefore have an adverse impact on AngloGold Ashanti’s ability to access new assets and potentially reduce future growth opportunities. For example, in July 2017, the government of Tanzania enacted new legislation which purports to make a number of changes, including provisions for state participation, to the operating environment for Tanzania’s extractive industries, including its mining sector. Further legislation regarding state participation was enacted by the Tanzanian government in 2022. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania”. AngloGold Ashanti is also subject to an uncertain tax environment, with increased taxes expected in most countries of operation. Changes in tax laws could result in higher tax expense and payments and could materially impact AngloGold Ashanti’s tax receivables and liabilities, as well as deferred tax assets and deferred tax liabilities. In addition, the uncertain tax environment in some regions in which AngloGold Ashanti operates could limit its ability to enforce its rights. The interpretation and application of tax rules by tax authorities and courts in the countries in which the Company operates may be uncertain and unpredictable and could result in higher tax expense and payments than anticipated, even if such tax exposure is considered to be remote by the Company. Further interpretations or developments of tax regimes may affect the Company’s tax liabilities, return on investments and business operations. Additionally, AngloGold Ashanti is regularly the subject of tax audits in its various jurisdictions of operation. For example, the Tanzania Revenue Authority (“TRA”) has raised audit findings on various tax matters in relation to fiscal years 2009 to 2023, which AngloGold Ashanti has challenged through applicable administrative and judicial processes. The Company is currently in discussions with the TRA to settle all outstanding disputed amounts, which were estimated at $451 million at 31 December 2025 (2024: $449 million). For information on additional tax-related disputes, see “Item 8A: Legal Proceedings—Tax matters”. 31 In addition, AngloGold Ashanti is due refunds of input tax and fuel duties in Guinea, DRC and Tanzania, which have remained outstanding for periods longer than those provided for in the respective statutes. While the Company has been successful in reaching agreements for various refunds in some of those jurisdictions in the past, uncertainty remains regarding the timing and level of cash receipts and offsets against other taxes for purposes of the recovery of AngloGold Ashanti’s remaining tax-related receivables. For information on such tax-related receivables, see “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region”. It is not certain when or whether AngloGold Ashanti will be refunded all tax- related amounts due from any government. In addition, governmental authorities, whether tax, judicial or other, may also issue claims against the Company or its operations, which may be unfounded and without merit, involving substantial penalties and interest. For example, in the DRC, Kibali Goldmines S.A., which owns and operates the Kibali gold mine, has received several claims from the DRC customs and fiscal authorities regarding customs duties, VAT and other fiscal issues in the past few years. While these claims have been resolved or settled, including through the use of VAT offsets, there is no guarantee that additional claims will not arise in the future. AngloGold Ashanti’s inability to resolve such claims and other tax disputes favourably or to enforce its rights, may have a material adverse impact on its financial performance, cash flow and results of operations. The countries in which AngloGold Ashanti operates may also introduce export restrictions, exchange controls, impose restrictions to source materials and services locally, or impose other similar restrictions that hinder foreign companies’ operations within such countries and could have a material adverse impact on the Company’s results of operations and financial condition. For example, in 2017, the Tanzanian government announced an immediate ban on gold, silver, copper and nickel ore exports, in an attempt to ensure that mineral value-addition activities would be carried out in-country. In 2018, the DRC government imposed new exchange control rules, as part of its reform of the DRC’s mining code, which resulted in AngloGold Ashanti’s inability to repatriate cash from its DRC operations. The Company’s attributable share of the outstanding cash balances awaiting repatriation from the DRC amounted to $110 million (2024: $39 million) at 31 December 2025. In 2019, the Argentinean government re-introduced various foreign exchange and export controls. Cerro Vanguardia S.A. (“CVSA”) had a cash balance equivalent to $97 million (2024: equivalent to $134 million) at 31 December 2025, which cash remains available for CVSA’s operational and exploration requirements. AngloGold Ashanti’s temporary or permanent inability to repatriate cash from the countries in which AngloGold Ashanti operates could have a material adverse effect on the Company’s results of operations and financial condition. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine”. In December 2021, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (“BEPS”) released Model Global Anti-Base Erosion rules under Pillar Two (the “Model Rules”), outlining a framework for a global minimum tax rate of 15% for multinational companies with consolidated group revenues of at least €750 million. In response to this, the UK has implemented legislation that broadly aligns with the Model Rules, effective for AngloGold Ashanti from 2024, pursuant to which AngloGold Ashanti is liable to pay a top-up tax for the difference between its Pillar Two effective tax rate (per jurisdiction) and the global minimum tax rate of 15%. As a result, AngloGold Ashanti will be subject to additional reporting requirements and may be subject to additional tax in the UK if the tax liability in any of the countries that it operates in falls below the minimum rate. AngloGold Ashanti has recognised an estimated current tax expense relating to Pillar Two which amounted to $1 million for the financial year ended 31 December 2025 (2024: $6 million). AngloGold Ashanti’s Mineral Reserve, deposits and mining operations are located in countries that face instability, public health and security risks that may adversely affect both the terms of its mining concessions, as well as its ability to conduct operations in certain countries. Mining is a long-term activity and assets may be located in jurisdictions with elevated risk. Political instability and the resulting unstable business environment in such countries may discourage future investment in those jurisdictions, and may have an adverse impact on AngloGold Ashanti’s ability to access new assets, potentially reducing growth opportunities. Some of AngloGold Ashanti’s mineral deposits and mining and exploration operations are located in countries that are experiencing political and economic instability and other uncertainty. For example, in the past, military coups have taken place in some of the jurisdictions in which AngloGold Ashanti operates. In addition, allegations of corruption in Brazil, the DRC and Guinea against top political and industry leaders have increased political instability and distrust. Efforts at political and economic reforms in such countries may lead to increased instability. Furthermore, elections in the countries in which AngloGold Ashanti operates may be accompanied by social, political and economic uncertainty and instability, as was experienced at the Geita mine with the national elections in Tanzania in October 2025. Following the elections, Tanzania experienced significant public unrest, which resulted in roadblocks and curfews being established across the country. These roadblocks and curfews impacted the ability to safely transport people and consumables to and from the Geita site, resulting in the temporary shutdown of mining and processing operations and a loss of production at Geita. Further public unrest arose in the weeks leading up to Tanzania’s Independence Day in December 2025, resulting in additional operational slowdowns and related loss of production. High levels of unemployment, poverty and inequality remain in these countries, further increasing the risk of social instability that will continue to negatively impact their economies, business and the mining industry. Certain of the countries in which AngloGold Ashanti has mineral deposits or mining or exploration operations, including the DRC, Guinea, Ghana, Tanzania, Colombia and Brazil, have in the past experienced, and in certain cases continue to experience, a difficult security environment. In particular, various illegal groups active in regions in which the Company is present may pose a credible threat of organised crime, military repression, terrorism, civil unrest and disturbances, sabotage, extortion and kidnapping, which could have an adverse effect on its operations in these and other regions. Attacks on mining companies (for example, attacks targeting gold rooms where smelted gold bars are stored before being transported to other facilities and during transport) have also been occurring over the last couple of years, especially in South America and Africa, and the risk of future attacks remains a threat and could adversely affect the Company’s activities. In the event that continued instability or compromised security in any of the Company’s countries of operations compromise the Company’s security or business 32 principles, AngloGold Ashanti may withdraw from any such countries on a temporary or permanent basis. This could have a material adverse impact on AngloGold Ashanti’s results of operations and financial condition. Occupational health diseases and infectious diseases may result in significant potential costs and liabilities for the Company. For employees within AngloGold Ashanti’s operations, the primary areas of focus in respect of occupational health are noise- induced hearing loss and occupational lung diseases (“OLD”), which include pulmonary diseases, such as tuberculosis, and silicosis in individuals exposed to silica dust. If the costs associated with providing occupational health services, implementing dust control measures or supplying protective equipment increase significantly beyond anticipated or budgeted amounts, this could have an adverse effect on AngloGold Ashanti’s results of operations and financial condition. Actual and alleged health and safety incidents or breaches of standards may also adversely impact the Company’s reputation. From time to time, the Company has been, and may in the future be, subject to claims with respect to alleged OLD, including class action litigation. AngloGold Ashanti may be subject to significant liabilities as a result of such litigation, and any final settlement amount, costs and expenditures may differ materially from estimates made by the Company depending on various factors, including, but not limited to, the number and profile of eligible claimants. For example, the Company retained certain settlement obligations relating to OLD class action litigation by South African employees following the sale of the Company’s South African operating assets to Harmony in 2020. See “Item 18: Financial Statements—Note 26—Environmental rehabilitation and other provisions”. AngloGold Ashanti operates mines in regions that have experienced serious infectious disease outbreaks of public health concern and resulting deaths, which may have an adverse effect on the Company’s results of operations and financial condition. For example, Ebola outbreaks have impacted Guinea in 2021, the DRC in 2021 and 2022, and Uganda (which borders Tanzania and the DRC) in 2023. Tanzania also experienced an outbreak of Marburg disease between March 2023 and June 2023. Malaria and other tropical diseases, as well as HIV/AIDS infections, also pose significant health risks at all of the Company’s operations in Central, West and East Africa. Depending on the nature and severity of an outbreak, national or state governments in some countries could declare a state of emergency empowering such governments to take actions or impose restrictions to contain any outbreak that otherwise would not be permitted under the applicable legal and regulatory framework. Governments could also impose certain restrictions on travel or business activities as protective measures, including nationwide lockdowns (quarantine), which may disrupt, and have disrupted in the past, the Company’s activities and operations or even lead, and have led in the past, to a full or partial shutdown of the Company’s mining operations in those countries. Any such emergency governmental action may have a material adverse effect on AngloGold Ashanti’s operating and financial results, which may result in a negative impact on the Company’s cash flows, funding requirements and overall liquidity. Beyond government responses, such diseases and outbreaks may significantly impair, and have in the past significantly impaired, the health or mobility of the Company’s labour force and, as a result, AngloGold Ashanti’s ability to maintain its production levels or operations. The possible emergence, or re-emergence, of various infectious diseases (such as COVID-19, Ebola, Marburg or monkeypox) may lead to excessive absenteeism in, or travel restrictions impacting, the Company’s workforce or may cause operational disruptions, including a halt or significant slowdown in mining operations, and AngloGold Ashanti may incur significant costs in addressing these issues in the future. Such public health crises are also a threat to the stability of some of the countries in which AngloGold Ashanti operates, where limited local health infrastructure weakens governments’ ability to manage and contain outbreaks effectively, in particular with respect to prolonged or sustained outbreaks. Additionally, AngloGold Ashanti retained the legal and financial obligations in respect of a historical post-retirement medical scheme for certain South African employees and their dependents following the sale of the Company’s South African operating assets to Harmony in 2020. If the required contribution costs ultimately exceed the estimates on which the recorded provision is based, the additional costs incurred by the Company may have a material adverse effect on AngloGold Ashanti’s financial position. For further information, see “Item 18: Financial Statements—Note 27—Provision for pension and post-retirement benefits”. AngloGold Ashanti competes with other companies, both within and outside of the mining industry, to attract and retain key human resources with critical skills. AngloGold Ashanti competes on a global basis with mining and other companies to attract and retain key human resources at all levels with the appropriate technical skills and operating and managerial experience necessary to operate and supervise its business. This is exacerbated by the global shortage of persons with critical mining skills, including geologists, mining engineers, metallurgists and skilled artisans, the significant decrease in enrolments in higher education programmes focused on mining qualifications globally, and the often remote locations of mining operations. Changes in taxation and the regulatory environment where AngloGold Ashanti operates may also impact the Company’s ability to attract and retain key personnel, especially those from abroad. For example, it has become progressively more difficult to secure work permits for AngloGold Ashanti’s expatriate workforce in Tanzania as a result of increased pressure for localisation of labour, which, if it continues, may have an adverse impact on the Company’s operations in Tanzania. Similar impacts may occur elsewhere, with certain jurisdictions, such as Ghana, also adopting local content and local participation policies. The Company may incur significant costs to develop talent, capacity and expertise across its global operations. Despite AngloGold Ashanti’s investments, the Company may not be able to retain and attract sufficient skilled and experienced employees in all areas of the business. Should it fail to do so or lose any of its key personnel with critical skills, business and growth prospects may be harmed and this could have an adverse impact on AngloGold Ashanti’s results of operations and financial condition. Additionally, AngloGold Ashanti’s success depends largely upon the continued service of its senior management, including, among others, its executive officers at both the corporate and operational levels and the general managers at its mines. The inability of AngloGold Ashanti to retain its senior management could disrupt operations and may have 33 a material adverse effect on its business, results of operations and financial condition. In addition, the loss of one or more members of the senior management team could lead to the departures of other members of the management team. The Company is subject to significant labour costs and regulatory compliance obligations. Labour costs represent a substantial proportion of the Company’s total operating costs. Absent any simultaneous increase in productivity, any change to the Company’s wage agreements or other factors that could increase labour costs may have a material adverse effect on AngloGold Ashanti’s results of operations and financial condition. AngloGold Ashanti’s results may be further impaired if the Company incurs penalties for failing to meet standards set by labour laws regarding workers’ rights or incurs costs to comply with new labour laws, rules and regulations. For example, Ghanaian law contains broad provisions requiring mining companies to recruit and train Ghanaian personnel and to use the services of Ghanaian companies. Under recent changes to Tanzanian law, certain goods and services, including contract-mining services, are reserved exclusively to indigenous Tanzanian companies that are wholly owned by Tanzanian citizens. Penalties and compliance costs, as well as increased costs due to laws and regulations less favourable to employers, could have a material adverse effect on the Company’s results of operations and financial condition. The use of contractors at certain of the Company’s operations may expose AngloGold Ashanti to delays or suspensions in mining activities and increased mining costs. AngloGold Ashanti uses contractors at certain of its operations to mine and deliver ore to processing plants, as well as for other purposes. At mines employing mining contractors, contracting costs represent a significant proportion of the total operating costs of these operations. In the past, AngloGold Ashanti has experienced disputes with its contractors after the termination of the contractual relationship or the sale of the applicable mine, and any such disputes may also arise in the future. AngloGold Ashanti’s operations could be disrupted, resulting in additional costs and liabilities, if the mining contractors at affected mines have financial difficulties, if a dispute arises in renegotiating a contract, or if there is a delay in replacing an existing contractor and its operating equipment to meet business needs at expected cost levels. Such instances have occurred in the past. Increases in contract mining rates, in the absence of associated productivity increases, may also have an adverse impact on the Company’s results of operations and financial condition. In addition, AngloGold Ashanti has reduced control over those aspects of operations which are the responsibility of contractors. Their failure to comply with applicable legal, human rights and regulatory requirements, or their inability to manage their workforce or provide high quality services or a high level of productivity, could adversely affect AngloGold Ashanti’s reputation, results of operations and financial condition, and may result in the Company’s incurrence of liability to third parties due to the actions of contractors. Labour unrest, activism and disruptions (including protracted stoppages) could adversely impact AngloGold Ashanti’s operations. AngloGold Ashanti’s employees in Ghana, Guinea, Tanzania, Brazil and Argentina are highly unionised and unions are active at some of the Company’s other operations. Trade unions working with communities and NGOs, therefore, have a significant impact on the general labour relations environment, including labour relations at an operational level and operational stability at times. Unions are characterised by their robust engagement with the Company, both in the context of existing collective bargaining structures to improve and advance conditions of employment, and in the context of changing economic conditions, downsizing and downscaling of operations. These factors expose the Company’s operations to potential strike action and work stoppages. Future disruptions, strikes, and protest actions cannot be excluded and could have a material adverse effect on AngloGold Ashanti’s results of operations and financial condition, especially if these actions have a long duration. Unions are also increasingly affiliated with global union federations and championing broader political, economic and social issues, such as GHG emissions, environmental issues, health and safety, human rights, job losses, unemployment and restructuring, gender and inclusion issues, and migrant labour, as rallying points. Any labour unrest and disruptions caused by such international trade unions, including rolling mass action, picketing, protests and community involvement, may create safety, security and other related risks to the Company and its assets. Artisanal and illegal mining occurs on AngloGold Ashanti’s properties, which can disrupt the Company’s business, have adverse environmental, health, safety and security impacts, and expose the Company to liability. Intrusions onto AngloGold Ashanti’s tenement and operational areas, including artisanal and illegal mining-related activities in particular, continue to be a challenge. Artisanal and illegal small-scale mining is associated with a number of negative impacts, including environmental degradation, flouting of land rights, poor safety practices, erosion of civil society, human rights abuse and funding of conflict. The environmental, social, safety and health impacts of artisanal mining are frequently attributed to formal mining activity, and it is often assumed that artisanally-mined gold is channelled through large-scale mining operators, even though artisanal and large-scale miners have distinct supply and distribution chains. These misconceptions have a negative impact on the reputation of the industry. Artisanal and illegal miners are active on, or adjacent to, at least nine of AngloGold Ashanti’s properties, mainly in Guinea, Ghana, Tanzania, Egypt and Brazil. These external mining activities at times have resulted in, and may in the future lead to, interference with the Company’s operations and can result in conflicts that present a security threat to property as well as a 34 threat to human safety and life. To date, the most significant security challenges have occurred in Guinea, Ghana and Tanzania in areas with endemic poverty and high levels of unemployment. If the security environment surrounding AngloGold Ashanti’s operations that are most exposed to these challenges deteriorates, employee, third party and community member injuries and fatalities could increase. Any such increase could disrupt the Company’s operations in certain mines and adversely affect its reputation, results of operations and financial condition. In some instances, risk assessments categorise threats as serious enough to require resorting to public security forces, such as national police or military units, on a near-permanent basis. For example, in January 2025, a large group of armed, illegal miners attempted to forcibly gain unauthorised access to the fenced operational area of the Obuasi mining concession. The Ghanaian military responded in an effort to restore security and, in an armed confrontation that followed, nine illegal miners were fatally injured. The Company suspended production at Obuasi for more than a week to reduce risk to the safety of its employees amidst unrest in the aftermath of the incident. In general, the higher gold price environment during 2025 has led to an increase in artisanal and illegal mining activity, including around certain of AngloGold Ashanti’s properties. The activities of the illegal miners, which include theft and shrinkage, have resulted in and could in the future cause damage to AngloGold Ashanti’s properties, as well as impacts to surface water, pollution, disruptions to previously rehabilitated areas, underground fires, or, as the result of security interventions or poor safety practices by the illegal miners, personal injury or death, for which AngloGold Ashanti could potentially be held responsible. Illegal mining could also result in the depletion of mineral deposits, potentially making the future mining of such deposits uneconomical. The presence of illegal miners could lead, and has in the past led, to project delays and disputes regarding the development or operation of commercial gold deposits, and may increase expectations and demands to relinquish land for other economic development, or to support host communities through, for example, the formalisation of artisanal mining activities. In addition, illegal mining could lead, and has in the past led, to an increase in the level of organisation and funding of criminal activity around some of the Company’s operations and the influence of organised crime in illegal mining is increasing. More generally, illegal mining and theft could also result in lost gold production, a reduction in Mineral Reserve, mine stoppages, and the Company’s inability to manage its interaction with artisanal and small-scale (including illegal) miners may have other material adverse effects on AngloGold Ashanti’s results of operations or financial condition. AngloGold Ashanti’s mining rights in the countries in which it operates could be altered, suspended or cancelled for a variety of reasons, including breaches in its obligations in respect of such mining rights. AngloGold Ashanti’s right to own and develop Mineral Reserve and deposits is governed by the laws and regulations of the jurisdictions in which the mineral properties are located. Any existing and new mining and exploration operations and projects are subject to various national and local laws, policies and regulations governing the ownership and the right to prospect or mine or develop proposed projects, the formulation or implementation of which may be unpredictable. Changes in laws relating to mineral rights, ownership of mining assets and the right to prospect and mine in certain areas or at all, and in extreme cases, nationalisation, expropriation or nullification of existing concessions, licences, permits, agreements and contracts, may have a significant impact on the Company’s ability to operate and its financial condition. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine”. In addition, there may be, and in some cases are, discrepancies or potential discrepancies between the mining rights AngloGold Ashanti believes it has and the mining rights that the relevant government authority considers have been granted (including in relation to the duration of such mining rights). Some of AngloGold Ashanti’s mining concessions, authorisations, licences and permits are subject to expiry, limitations or restrictions on renewal or extension and various other risks and uncertainties. Obtaining, renewing and extending such mining concessions, authorisations, licences and permits may be costly or time-consuming, subject to the discretion of governments or require the cooperation or consent of such governments or other stakeholders. There is no guarantee that mining concessions, authorisations, licences or permits will be issued, granted or approved on favourable terms, in a timely manner or at all, and project implementation delays could result in mining concessions, authorisations, licences and permits not being obtained or renewed and the resulting loss of mining rights. For example, in Guinea, a renewal request for the Siguiri mining concession, which was filed in February 2022, remains pending. Furthermore, in Egypt, an extension of the exploitation lease for the Sukari mine upon expiry of the initial exploitation period may not be guaranteed and will require cooperation and consent from the Egyptian government. In addition, any dispute with governments or other stakeholders, including labour unions, involving one of AngloGold Ashanti’s operations, as a result of rationalisation efforts or otherwise, could negatively affect AngloGold Ashanti’s relationship with such government or stakeholders in respect of other operations within the same country, which could result in adverse consequences, including unfavourable regulatory action, claims and possible impacts on the issuance or continued authorisation of the Company’s applicable mining concessions, authorisations, licences or permits. Such adverse consequences could be exacerbated due to the holding company structure of AngloGold Ashanti’s subsidiaries in some of the countries in which it operates. See “Item 8A: Legal Proceedings”. See also “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine”. In particular, AngloGold Ashanti’s projects in Colombia have been, and continue to be, adversely impacted by a number of legislative and regulatory actions undertaken by the Colombian government in the past decade that have prevented AngloGold Ashanti from undertaking planned exploration or development activities at its La Colosa and Quebradona projects. See “—AngloGold Ashanti is subject to risks and uncertainties related to the operation and development of existing and new mining projects” above. If AngloGold Ashanti is not able to obtain or maintain necessary permits, authorisations or agreements to implement planned projects or continue its operations, or comply with all laws, regulations or requirements, or do so within timeframes that make such plans and operations economically viable; if the laws impacting the Company’s ownership of its mineral rights or the right to prospect or mine change materially; or if governments increase their ownership in the mines or nationalise them, AngloGold Ashanti’s results of operations and financial condition could be materially adversely affected. AngloGold Ashanti may also prove unable to deliver on production targets or on the timely, cost-effective and successful execution, including ramping-up, of key 35 capital projects. In addition, such challenges and difficulties may negatively affect the outcome of the Company’s project studies, which could, in some cases, lead to a reduction in its Mineral Resource and Mineral Reserve, which may be significant. Furthermore, AngloGold Ashanti’s insurance does not cover most losses caused by the risks described in this section. See “— The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and overall profitability” below. Title to AngloGold Ashanti’s properties may be uncertain and subject to challenge. AngloGold Ashanti has operations in several countries where ownership of land is uncertain and where disputes may arise in relation to ownership. Certain of AngloGold Ashanti’s properties may be subject to the rights or the asserted rights of various community stakeholders, including indigenous people. The presence of those stakeholders or any legal challenges by such stakeholders to AngloGold Ashanti’s title to its properties may have a material adverse impact on its ability to develop or operate its mining interests. Title legislation is complex and difficult to predict and disputes or failure to maintain title could negatively affect the business results of new or existing projects. For example, the Nangaanya-ku native title claim group previously initiated legal proceedings before the Federal Court of Australia against the state of Western Australia claiming inter alia that the consolidated mining lease for Tropicana (M39/1096) was invalid due to an alleged failure by the state of Western Australia to comply with certain procedural requirements of the Australian Native Title Act 1993 (Cth) during the consolidation process. AngloGold Ashanti was joined as a party to such legal proceedings for the sole purpose of responding to the claim regarding the validity of the Tropicana mining lease. In July 2024, the Court ruled in favour of AngloGold Ashanti, finding that the lease had been validly granted, which decision was subsequently confirmed on appeal in November 2025. In December 2025, the applicant filed an application for special leave to appeal to the High Court of Australia, which was refused by the High Court on 12 March 2026, thereby marking the end of the legal proceedings with respect to the validity of the Tropicana mining lease. Similar claims may be made in the future in respect of the Company’s mining claims in various jurisdictions, and there can be no guarantee that the Company will achieve similar, or positive, outcomes in future litigation, and any negative findings may significantly impact the operations or financial condition of the Company. Title to AngloGold Ashanti’s properties, particularly undeveloped ones, may also be defective or subject to challenge. Title insurance generally is not available, and title review does not necessarily preclude third parties from contesting ownership. The precise area and location of the Company’s claims may be in doubt and concessions granted under various titles in a single area may turn out not to be perfectly contiguous, leaving title to areas between concessions open to challenge. Accordingly, AngloGold Ashanti’s mineral properties may be subject to prior unregistered liens, agreements, transfers or claims, including native land claims, and title may be affected by, among other things, undetected defects. Further, title to the Company’s properties depends in some cases upon compliance with complex statutes and regulations, including those imposing periodic claim maintenance requirements. Failure to strictly comply with these requirements could invalidate the Company’s title to such properties, and such defects may not be readily curable. Risks Related to AngloGold Ashanti’s Corporate and Financing Structure and Strategy AngloGold Ashanti may have significant financing requirements. AngloGold Ashanti’s existing board-approved development projects and exploration initiatives, as well as its potential development projects, will require significant funding. The Company’s capital expenditure plans and requirements are subject to a number of risks, contingencies and other factors, some of which are beyond its control, including volatile or sustained lower gold prices, and therefore the actual future capital expenditure and investments may differ significantly from the current planned amounts. While gold prices increased significantly during 2025, there is no guarantee that such prices will continue or be sustained for any particular period. As a result, new sources of capital may be needed to help meet the funding requirements of these developments, and to fund ongoing business activities. AngloGold Ashanti’s ability to further raise and service significant new sources of capital will be a function of macroeconomic conditions, the condition of the financial markets, future gold prices, the Company’s operational performance and operating cash flow and debt position, among other factors. AngloGold Ashanti’s ability to raise further debt, equity or quasi-equity financing in the future and the cost of such financing will depend on, among other factors, its prevailing credit rating, which may be affected by the Company’s ability to maintain its outstanding debt and financial ratios at levels acceptable to the credit ratings agencies, its business prospects, risks relating to the countries in which it operates and other factors. As a result, in the event of depressed gold prices, unanticipated operating or financial challenges, any dislocation in financial markets or new funding limitations, AngloGold Ashanti’s ability to pursue new business opportunities on reasonable terms, invest in existing and new projects, fund its ongoing business activities, exit projects and retire or service outstanding debt and pay dividends could be significantly constrained, all of which could adversely impact the Company’s results of operations and financial condition. Sales of large quantities of AngloGold Ashanti’s ordinary shares, or the perception that these sales may occur or other dilution of the Company’s equity, could adversely affect the prevailing market price of the Company’s securities. The bulk of AngloGold Ashanti’s ordinary shares are held by a relatively small number of investors. According to information available to the Company, AngloGold Ashanti’s three largest shareholders beneficially owned approximately 27% (2024: 23%) of AngloGold Ashanti’s ordinary shares at 31 December 2025. Subject to applicable securities laws, holders of AngloGold Ashanti’s 36 ordinary shares may decide to sell them at any time. As a result, the market price of the Company’s securities could fall if large quantities of ordinary shares are sold in the public market, if there is disinvestment by certain types or groupings of investors, or if there is the perception in the marketplace that such sales could occur. The market price of the Company’s ordinary shares could also fall as a result of any future offerings AngloGold Ashanti makes of its ordinary shares, or securities exchangeable or exercisable for the Company’s ordinary shares, or the perception in the marketplace that these offerings might occur. AngloGold Ashanti may make such offerings, including offerings of additional share rights or similar securities, at any time or from time to time in the future and such offerings could adversely affect the prevailing market price of the Company’s securities. AngloGold Ashanti may not pay dividends or make similar payments to shareholders in the future. AngloGold Ashanti pays cash dividends only if there are sufficient funds available for that purpose. Fund availability depends upon many factors, including the amount of cash available, taking into account AngloGold Ashanti’s capital expenditure on existing infrastructure and exploration and other projects. Under English law, a public company is only entitled to pay a dividend or otherwise make a distribution to its shareholders: (i) if the company has sufficient distributable reserves (on a standalone basis) (such distributable reserves demonstrated by reference to a set of accounts drawn to a specific date); (ii) if at the time the dividend is paid or other distribution is made, the amount of its net assets is not less than the aggregate of its called-up share capital and non-distributable reserves; and (iii) if and to the extent that the distribution does not reduce the amount of those net assets to less than such aggregate. Given these factors, including the capital and investment needs of AngloGold Ashanti, and the board of directors’ discretion to declare a dividend (including the amount and timing thereof), cash dividends may not be paid in the future. Certain factors may affect AngloGold Ashanti’s ability to support the carrying amount of its property, plant and equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti may be required to recognise an impairment charge, which could be significant. With the exception of goodwill, AngloGold Ashanti reviews and tests the carrying amount of its assets when events or changes in circumstances suggest that the carrying amount may not be recoverable. The carrying amount of goodwill associated with the Company’s mines is tested on annual basis. The Company values individual mining assets at the lowest level for which cash flows are identifiable and independent of cash flows of other mining assets and liabilities. If there are indications that impairment may have occurred, AngloGold Ashanti prepares estimates of a recoverable amount for each group of assets. Expected future cash flows are inherently uncertain and could materially change over time. Recoverable amounts are significantly affected by Mineral Reserve and production estimates, together with economic factors such as spot and consensus gold prices and currency exchange rates, as well as discount rates and estimates of costs to produce Mineral Reserve and future capital expenditure. Estimated rehabilitation and closure costs could also materially affect the Company’s financial performance and could result in the need to recognise an impairment charge. If any of these uncertainties occur, either alone or in combination, management could be required to recognise an impairment, which could have a material adverse effect on the Company’s results of operations and financial condition. For example, during 2025, AngloGold Ashanti recognised impairment losses of $98 million in respect of its Quebradona exploration project. AngloGold Ashanti does not have full management control over some of its significant joint ventures and other projects. AngloGold Ashanti’s joint venture at Kibali in the DRC is managed by the Company’s joint venture partner, Barrick. In addition, certain of AngloGold Ashanti’s existing or proposed joint ventures and projects could be managed by the relevant joint venture or project partner. As AngloGold Ashanti is not the operator of these non-managed joint ventures or projects, the Company cannot ensure that these joint ventures or projects are operated, particularly on a day-to-day basis, in compliance with the standards that AngloGold Ashanti applies to its other operations. If these joint ventures or projects are not operated effectively or efficiently, including as a result of weaknesses in the policies, procedures and controls implemented by AngloGold Ashanti’s joint venture or project partners, the Company’s investment in the relevant joint venture or project could be adversely affected. In addition, negative publicity associated with operations that are ineffective or inefficiently operated, particularly relating to any resulting accidents or environmental incidents, could harm the Company’s reputation and therefore its prospects and potentially its financial condition. Furthermore, any failure of joint venture or project partners to meet their obligations to AngloGold Ashanti or to third parties, or any disputes with respect to the parties’ respective rights and obligations, could have a material adverse impact on AngloGold Ashanti’s results of operations and financial condition. For example, AngloGold Ashanti and Barrick retain equal representation on the board of the company that has overall management control of the Kibali joint venture. All major management decisions for this project, including approval of the budget, require board approval. If a dispute arises between AngloGold Ashanti and Barrick and the parties are unable to amicably resolve such dispute, it may be difficult for the parties to make strategic decisions relating to the project affected by such dispute, the day-to-day operations and the development of such project may be adversely affected and AngloGold Ashanti may have to participate in proceedings to resolve the dispute, which could adversely affect the Company’s results of operations and financial condition. 37 AngloGold Ashanti’s joint venture or project partners may have economic or business interests or goals that are not consistent with the Company’s or may, as a result of financial or other difficulties, be unable or unwilling to fulfil their obligations under the joint venture or other project agreements. Disputes between AngloGold Ashanti and its joint venture or project partners may lead to legal action, including litigation between the Company and its joint venture or project partners. For example, a joint venture or project partner could decide to sell its shares in the joint venture or project in breach of any pre-emptive rights which the Company may have under the relevant joint venture or other project agreement. Such disputes could adversely affect the operation of the joint venture or project, may prevent the realisation of the joint venture’s or project’s goals and could adversely affect AngloGold Ashanti’s investment in the joint venture or project or harm the Company’s reputation. There is no assurance that AngloGold Ashanti’s joint venture or project partners will continue their relationship with the Company in the future or that the Company will be able to achieve its financial or strategic objectives relating to such joint ventures or projects. Any downgrade of credit ratings assigned to AngloGold Ashanti’s debt securities could increase future interest costs and adversely affect the availability of new financing. An actual, anticipated or unexpected negative development of AngloGold Ashanti’s results of operations or cash flows, country risk, financial metrics, or an increase in its net debt position could result in a deterioration of the Company’s credit ratings. AngloGold Ashanti’s ratings are influenced inter alia by the location of its domicile and its operations. Furthermore, AngloGold Ashanti operates in a number of jurisdictions which have a deteriorating credit quality and rating. Any downgrade of AngloGold Ashanti or any jurisdiction in which the Company has significant operations by any rating agency could increase the Company’s cost of capital, reduce its investor base and have a material adverse effect on AngloGold Ashanti’s business, results of operations and financial condition. The level of AngloGold Ashanti’s indebtedness could adversely impact its business. At 31 December 2025, AngloGold Ashanti had total borrowings of $2.044 billion (2024: $1.984 billion and 2023: $2.239 billion), excluding all leases. See “Item 18: Financial Statements—Note 25—Borrowings”. AngloGold Ashanti’s indebtedness could have a material adverse effect on its flexibility to conduct business in the future. For example, the Company may be required to use a large portion of its cash flow from operations to pay the principal and interest on its debt, which will reduce funds available to finance existing operations and the development of new organic growth opportunities and potential acquisitions. In addition, under the terms of the Company’s borrowing facilities from its banks, AngloGold Ashanti is obliged to meet certain financial and other covenants. AngloGold Ashanti’s ability to continue to meet these covenants and to service its debt will depend on its future financial performance, which will be affected by its operating performance as well as by financial and other factors, including, in particular, the gold price, certain of which are beyond its control. Should the cash flow from operations be insufficient, AngloGold Ashanti could breach its financial and other covenants. Covenant breaches, if interpreted as events of default under one or more debt agreements, could allow lenders to accelerate payment of such debt. Any such acceleration could result in the acceleration of indebtedness under other financial instruments. As a result, the Company may be required to refinance all or part of the existing debt, use existing cash balances, issue additional equity or sell assets. However, the Company may be unable to sell assets on reasonable or profitable terms as and when necessary. Additionally, AngloGold Ashanti cannot be sure that it will be able to refinance its debt on commercially reasonable terms, if at all. AngloGold Ashanti’s ability to access the bank, public debt or equity capital markets on an efficient basis may be constrained by dislocation in the credit markets or capital and liquidity constraints in the banking, debt or equity markets at the time of issuance. Disruption and volatility has occurred in the financial and capital markets in the past as result of various factors beyond the Company’s control, including, among others, the COVID-19 pandemic, the war between Russia and Ukraine and resulting geopolitical tensions, the expanding conflict in the Middle East and the recent inflationary pressures in the world economy. Any prolonged dislocations in financial and capital markets could impact the Company’s ability to refinance its debt on commercially reasonable terms, if at all, and could as a result have a material adverse effect on the Company’s funding requirements and overall liquidity. Any acquisition or acquisitions that AngloGold Ashanti may complete may expose the Company to new geographic, political, legal, regulatory, social, operating, financial and geological risks. AngloGold Ashanti may pursue the acquisition of assets, properties or companies, which may include producing, development and advanced stage exploration assets or properties. Any such acquisition may change the scale of the Company’s business and operations and may expose it to new geographic, geological, political, social, operating, financial, fiscal, legal, regulatory and contractual risks, as well as jurisdictions which may have a deteriorating credit quality and rating. For example, there may be a significant change in the legal, regulatory and fiscal framework applicable to the Company following a transaction; commodity prices may significantly change after the Company has established the purchase price or share exchange ratio in respect of a transaction; a material ore body may prove below expectations; AngloGold Ashanti may have more stringent criteria to recognise Mineral Reserve than any acquired business, which may lead to an amount of Mineral Reserve being recognised by the Company that is lower than the amount determined by such acquired business prior to the relevant acquisition; AngloGold Ashanti may have difficulty integrating and assimilating the operations and personnel of any acquired companies, realising anticipated synergies and maximising the financial and strategic position of the combined enterprise, and maintaining uniform standards, policies and controls; the integration may disrupt the Company’s ongoing business and its relationships with employees, suppliers and contractors; and the acquisition may divert management’s attention from AngloGold Ashanti’s day-to- day business. 38 In the event that AngloGold Ashanti chooses to raise debt capital to finance any acquisition, its level of indebtedness will be increased. Should the Company choose to use equity as consideration for an acquisition, existing shareholders may suffer dilution. Alternatively, the Company may choose to finance any acquisition with its existing cash resources, which could decrease its ability to fund future capital expenditures and to service its debt. For example, the consideration offered by AngloGold Ashanti in connection with its acquisition of Centamin plc consisted of new AngloGold Ashanti shares and a cash component. AngloGold Ashanti may not be successful in overcoming these risks or any other problems encountered in connection with acquisitions. Failure by AngloGold Ashanti to implement its acquisition strategy or to integrate acquired businesses successfully could have material adverse effects on its growth, financial performance and results of operations. The occurrence of events for which AngloGold Ashanti is not insured or for which its insurance is inadequate may adversely affect cash flows and overall profitability. AngloGold Ashanti maintains insurance to protect against events which could have a significant adverse effect on its operations and profitability. This insurance is maintained in amounts that the Company believes to be reasonable depending upon the circumstances surrounding each identified risk. However, damage and third-party claims arising from catastrophic events may exceed the limit of liability covered under these insurance policies. The failure to obtain adequate insurance could impair the Company’s ability to continue to operate in the normal course of its business and could adversely impact its cash flows, results of operations and financial condition. AngloGold Ashanti’s insurance does not cover all potential risks associated with its business and may exclude certain parts of its business. For example, there are specific exclusions for third-party and public liability insurance cover with respect to certain of the Company’s TSFs. AngloGold Ashanti may elect not to insure certain risks due to the high premia or for various other reasons, including an assessment that the risks are remote. For example, while AngloGold Ashanti’s insurance programme includes coverage for cyber-related crimes and incidents as part of the global insurance programme, such coverage is limited due to its relatively high cost and the sophisticated nature of cyber-crime. AngloGold Ashanti’s insurance coverage also contains customary exclusions for acts of war and terrorism. Insurance for certain risks in particular, such as loss of title to mineral property, political risks in certain jurisdictions, environmental pollution, or other hazards resulting from exploration and production, is not generally available to mining companies on acceptable terms. The availability and cost of insurance coverage can vary considerably from year to year as a result of events beyond the Company’s control or as a result of previous claims. This can result in higher premia and periodically being unable to maintain the levels or types of insurance the Company typically carries. Additionally, in order to reduce or maintain the cost of its insurance programme, AngloGold Ashanti may in some instances retain a portion of the financial loss associated with an insurable event. These financial losses could be significant and could have an adverse effect on its financial condition. Market Risks The price of gold, AngloGold Ashanti’s principal product, and other commodity market price fluctuations could adversely affect the profitability of operations. AngloGold Ashanti’s revenues are primarily derived from the sale of gold and, to a lesser extent, silver and sulphuric acid. The market prices for these commodities fluctuate significantly as a result of numerous factors beyond the Company’s control and any sharp or prolonged fluctuations in price may have a material adverse impact on the Company’s profitability and financial condition. The market price of gold has been and continues to be significantly volatile and is often subject to sharp, short-term changes. The market price of gold may change for a variety of reasons, including: •speculative positions taken by investors or traders in gold; •monetary policies announced or implemented by central banks, including the U.S. Federal Reserve, such as changes in interest rates; •changes in the demand for gold as an investment; •changes in the demand for gold used in jewellery and for other industrial uses, including as a result of prevailing economic conditions; •changes in the supply of gold from production, divestment, scrap and hedging; •financial market expectations regarding interest rates and the rate of inflation; •the strength of the U.S. dollar (the currency in which gold trades internationally) relative to other currencies; •actual or anticipated sales or purchases of gold by central banks and the International Monetary Fund (“IMF”); •gold hedging and unwinding of hedging by gold producers; •global or regional political or economic events; and •the cost of gold production in major gold-producing countries. Demand for gold is also significantly impacted by trends in China and India, which account for the highest gold consumption worldwide. Government policies in these countries or other large gold-importing countries could adversely affect demand for, and consequently prices of, gold and, as a result, may adversely affect AngloGold Ashanti’s financial condition and results of operations. Furthermore, the shift in demand from physical gold to gold-related investments and speculative instruments may 39 exacerbate the volatility of the gold price. Slower consumption of physical gold, resulting from a move toward gold-tracking investments or otherwise, may have an adverse impact on global demand for, and prices of, gold. The price of silver has also experienced significant fluctuations in past years. Factors affecting the price of silver include investor demand, physical demand for silver bars, industrial and retail off-take, and silver coin minting. In addition, any announcements or proposals by central banks, such as the U.S. Federal Reserve, or any of its board members or regional presidents or other similar officials in other major economies, may materially and adversely affect the price of gold or silver and, as a result, AngloGold Ashanti’s financial condition and results of operations. A sustained period of significant gold price volatility may adversely affect the Company’s ability to evaluate the feasibility of undertaking new capital projects or the continuity of existing operations, to meet its operational targets or to make other long- term strategic decisions. Lower and more volatile gold prices, together with other factors, have led AngloGold Ashanti in the past and may lead AngloGold Ashanti in the future to alter its expansion and development strategy and consider ways to align its asset portfolio to take account of such expectations and trends. As a result, the Company may decide to curtail or temporarily or permanently shut down certain of its exploration and production operations, which may be difficult and costly to effect. A sustained decrease in the price of gold could also have a material adverse effect on AngloGold Ashanti’s financial condition and results of operations, as it may be unable to quickly adjust its cost structure to reflect the reduced gold price environment. Mines with marginal headroom may be subject to decreases in value that are not temporary, which may result in impairment losses. See “—Certain factors may affect AngloGold Ashanti’s ability to support the carrying amount of its property, plant and equipment, intangible assets and goodwill on the balance sheet. If the carrying amount of its assets is not recoverable, AngloGold Ashanti may be required to recognise an impairment charge, which could be significant” above. The market value of gold inventory may be reduced, and marginal stockpile and heap leach inventories may be written down to net realisable value or may not be processed further as it may not be economically viable at lower gold prices. In addition, AngloGold Ashanti is obliged to meet certain financial covenants under the terms of its borrowing facilities and its ability to continue to meet these covenants could be adversely affected by a further sustained decrease in the price of gold. The use of lower gold prices in Mineral Reserve estimates or life-of-mine plans from those prices used previously to determine Mineral Reserve or life-of-mine plans could also result in material impairments of the Company’s investment in mining properties or a reduction in its Mineral Reserve estimates and corresponding restatements of its Mineral Reserve and increased amortisation, reclamation and closure charges. Whilst, from time to time, AngloGold Ashanti may enter, and has in the past entered, into gold price hedges on an ad hoc basis on a portion of its production, the Company does not systematically do so. In addition, even when AngloGold Ashanti enters into gold price hedges, there is no certainty that such hedges will adequately protect the Company against gold price volatility. In line with the absence of gold hedging in 2025, there are no gold hedges in place for 2026. Foreign exchange fluctuations may adversely affect the Company and may reduce the market value of AngloGold Ashanti’s securities, as well as the market value of any dividends or distributions paid by the Company. Gold is principally a U.S. dollar-priced commodity and most of AngloGold Ashanti’s revenues are realised in, or linked to, U.S. dollars, whilst cost of sales are partly incurred in the local currency where the relevant operation is located. Given AngloGold Ashanti’s global operations and local foreign exchange regulations, some of its funds are held in local currencies, such as the Brazilian real, Argentinean peso, Australian dollar, Ghanaian cedi, the Egyptian pound and the South African rand. The weakness of the U.S. dollar against local currencies results in higher cost of sales and other costs in U.S. dollar terms. Conversely, the strengthening of the U.S. dollar lowers local cost of sales and other costs in U.S. dollar terms. Exchange rate movements in the currency of any country in which AngloGold Ashanti operates may have a material impact on the Company’s operating results, and any fluctuations in currency prices generally may result in volatility. Relatedly, the adoption by governments or central banks of restrictions on the availability of the local currency or restrictions on the repatriation of capital across borders, may negatively impact the Company by reducing the immediately available capital that it could otherwise deploy for investment opportunities or the payment of expenses. As a result, the Company’s operations and financial condition may be significantly impacted. See “—AngloGold Ashanti’s mineral deposits, Mineral Reserve and mining operations are located in countries where political, tax and economic laws and policies may change rapidly” above. AngloGold Ashanti will declare dividends and other distributions, if any, in U.S. dollars. As a result, exchange rate movements affect the British pound, the South African rand and the Ghanaian cedi value of these dividends, as well as of any other distributions paid by the relevant depositary to holders of the Company’s securities. Moreover, since the Company’s securities are denominated in U.S. dollars, and any dividends to be paid in respect of them are expected to be declared in U.S. dollars, an investment in the Company’s securities by a person whose principal currency is not the U.S. dollar likely exposes the shareholder or investor to foreign currency risk. Furthermore, unless the rights attaching to or terms of issue of the relevant shares say otherwise, the Company’s articles of association allow for dividends and any other money payable in respect of a share to be paid in any currency at the discretion of the board of directors using an exchange rate selected by the directors for any currency conversions required. If, and to the extent that, AngloGold Ashanti opts to declare dividends and distributions in any currency other than U.S. dollars, exchange rate movements will affect the U.S. dollar value of such dividends or distributions. This may reduce the value of the Company’s securities to investors. Additionally, the market value of AngloGold Ashanti’s securities as expressed in Ghanaian cedis, U.S. dollars and South African rands will fluctuate in part as a result of foreign exchange fluctuations. 40 The profitability of mining companies’ operations and the cash flows generated by these operations are affected by fluctuations in input production prices. Fuel, energy and consumables, including diesel, heavy fuel oil, chemical reagents, explosives, tyres, steel and mining equipment used or consumed in mining operations form a significant part of the operating costs and capital expenditure of any mining company. AngloGold Ashanti has no influence over the cost of these consumables, many of which are linked to some degree to the price of oil and steel. Fluctuations in oil and steel prices have a significant impact on operating costs and capital expenditure estimates. In the absence of other economic fluctuations, could result in significant changes in the total expenditure estimates for new mining projects or render certain projects non-viable, which could have a material adverse impact on the Company’s results of operations and financial condition. The Company’s operations are dependent on fuel, therefore cost of sales and total cash costs per ounce are sensitive to changes in the price of oil. Outside of normal market price volatility, the ongoing wars in Ukraine and the Middle East have significantly impacted the price of oil, and increased volatility can be expected so long as such conflicts continue and even after any potential resolution. Even when fuel prices are in decline, expected savings may be partly offset by increases in governments’ fixed fuel levies or the introduction of new levies. Whilst, from time to time, AngloGold Ashanti may implement, and has in the past implemented, financial derivatives intended to reduce exposure to volatility in the oil price, such input cost protection strategies may not always be successful, and any of the Company’s diesel consumption not covered by these derivatives will continue to be subject to market fluctuations. In line with the absence of oil hedging in 2025, there are no oil hedges in place for 2026. Furthermore, the price of steel has also been volatile. Steel is used in the manufacture of most forms of fixed and mobile mining equipment, which is a relatively large contributor to the operating costs and capital expenditure of a mine. Global political and economic conditions could adversely affect the profitability of operations. AngloGold Ashanti’s operations and performance depend significantly on worldwide economic conditions. Global economic turmoil, or the expectation that economic turmoil could worsen, could have follow-on effects on AngloGold Ashanti’s business that include inflationary cost pressures, interest rate fluctuations and commodity market fluctuations. Deterioration in economic conditions could lead to a decline, which may be prolonged, in demand for gold and negatively impact AngloGold Ashanti’s business, and any such negative impact may be material. Furthermore, the geopolitical tensions and war between Russia and Ukraine and the retaliatory measures that have been taken, and could be taken in the future, by the United States, the European Union (“EU”), the United Kingdom, NATO and other jurisdictions, as well as the expanding conflict in the Middle East, including the military operations involving Iran, and tensions in South America, have created global security concerns that could result in a regional or global conflict and otherwise have a lasting impact on regional and global economies, any or all of which could adversely affect AngloGold Ashanti’s business. Disruptions to international credit markets and financial systems have caused in the past, and may cause in the future, a loss of investor confidence resulting in widening credit spreads, a lack of price transparency, increased credit losses and tighter credit conditions. Economic decline or recovery may be limited in geographic scope and may be slow. Additionally, the global economy or any local economy in which the Company operations could fall into a recession or even a depression if economic decline is sustained or worsens. Other factors resulting from economic conditions that could negatively affect AngloGold Ashanti’s financial results and results of operations include, for example: •the insolvency of key suppliers or contractors, which could result in contractual breaches and a supply chain breakdown; •the insolvency of one or more joint venture partners, which could result in contractual breaches and disruptions at the operations of the Company’s joint ventures; •changes in other income and expense, which could vary materially from expectations, depending on gains or losses realised on the sale or exchange of financial instruments and impairment charges that may be incurred with respect to investments; •a reduction in the availability of credit, which may make it more difficult for the Company to obtain financing for its operations and capital expenditures or make that financing more costly; •exposure to the liquidity and insolvency risks of the Company’s lenders and customers; and •impairment of the carrying value of operations in AngloGold Ashanti’s financial statements. In addition to the potentially adverse impact on the profitability of the Company’s operations, any deterioration in or increased uncertainty regarding global economic conditions may increase volatility or negatively impact the market value of AngloGold Ashanti’s securities. Energy cost increases and power fluctuations and stoppages could adversely impact AngloGold Ashanti’s results of operations and financial condition. Increasing global demand for energy, concerns about nuclear power and the limited growth of new supply are impacting the price and supply of energy. The transition of emerging markets to higher energy consumption, actual and proposed pricing or taxation of GHG emissions, climate change-related physical risks, the war between Russia and Ukraine as well as the expanding conflict in the Middle East, among other factors, could result in sharply escalating oil and energy prices and constrained supply or supply 41 disruptions. For example, the military operations involving Iran have recently led to a sharp increase in oil and energy prices and disruptions to global fuel supply chains, resulting in high volatility in the global energy markets. In addition, for example, in Australia, in order to meet the emissions reduction targets outlined in the Safeguard Mechanism and encourage investment in renewable energy projects, AngloGold Ashanti may be required to purchase Australian Carbon Credit Units (“ACCUs”) and invest in renewable energy sources. AngloGold Ashanti’s mining operations are substantially dependent upon a mix of electrical power generated by local power utilities and by its own power generation plants situated at some of its operations, with diesel-generated electricity utilised for certain emergency back-up equipment. Loss of power can therefore impact production and employee safety, and prolonged outages could lead to flooding of workings and ore sterilisation. The unreliability of local power utilities in some of the countries in which AngloGold Ashanti operates could have a material adverse effect on the Company’s operations, as significant amounts of power are required for ventilation, exploration, development, extraction, processing and other mining activities. For example, in Tanzania, government policies have placed increased pressure on companies to utilise the national grid, which could adversely impact the Company’s mining operations in the country due to potential power quality supply concerns as the national grid expands to meet increasing load demands, while also transitioning from a thermal to hydroelectric base. Further, at Iduapriem, power supply interruptions during 2025 contributed to a drop in gold production as the processing plant throughput was impacted. Certain of AngloGold Ashanti’s mining operations depend on supplies of fuel delivered by road which have been disrupted in the past and may be disrupted again in the future. Any such disruptions could negatively impact operating costs and cash flows from these operations. For example, in December 2023, Guinea’s fuel supply distribution within the country was impacted due to an oil terminal blast that damaged fuel tanks and pipelines at the main oil terminal handling fuel imports, creating widespread shortages of fuel in the country. Similarly, Western Australia experienced an exceptional flooding event in March 2024, resulting in site access roads being temporarily closed and disrupting operations for several weeks. Inflation may have an adverse effect on results of operations. Inflation, cost escalation and highly inflationary conditions in certain jurisdictions could materially adversely affect the Company’s results of operations and financial condition. Many of AngloGold Ashanti’s operations and projects are located in countries that have experienced elevated or volatile inflation and/or currency volatility. Inflationary pressures may be exacerbated by geopolitical tensions, armed conflict, sanctions, trade restrictions, tariff increases, and supply-chain constraints, which can increase the cost and reduce the availability of key inputs (including diesel and other fuels, electricity, explosives, cyanide and other processing reagents, steel and spare parts, consumables, transport and freight, and contractor services). Inflation can also drive higher labour costs (including wage settlements, contractor rates, and shortages of critical skills), higher security and community-related costs, and increased sustaining and project capital costs. Although gold is sold in U.S. dollars, a significant portion of the Company’s operating and capital costs is incurred in local currencies and/or linked to U.S. dollars through import pricing, fuel pricing, freight, and equipment supply contracts. If local- currency cost inflation is not offset by local-currency devaluation against the U.S. dollar and/or an increase in the U.S. dollar gold price, the Company’s operating margins and cash flows may be adversely affected. Sustained cost escalation could result in the deferral, resizing or cancellation of capital projects, the impairment of assets, and/or the rationalisation (including closure) of higher-cost operations. Inflationary episodes can also increase working-capital requirements and may elevate closure and rehabilitation cost estimates, insurance premiums and other long-term obligations. In addition, higher inflation is often associated with higher interest rates and tighter credit conditions, which could increase the Company’s cost of funding and reduce the availability of financing for key suppliers and for the Company. Where inflation reaches highly inflationary levels in a country where AngloGold Ashanti operates, the Company may experience increased labour unrest, union activity, and social instability, which can disrupt operations and further increase costs. Certain jurisdictions have historically experienced very high and/or volatile inflation which may from time to time be considered hyper- inflationary for accounting and financial-reporting purposes, including Argentina where the inflation rate was recorded at 31.5% in 2025 (117.8% in 2024 and 211.4% in 2023). However, hyper-inflationary movements are not reflected in the Group’s consolidated financial statements as AngloGold Ashanti’s local Argentinean subsidiary is deemed to have a U.S. dollar functional currency. Changes in inflation conditions, exchange controls, currency convertibility and/or accounting requirements in such jurisdictions could increase reporting complexity and volatility and may adversely affect the Company’s results of operations and financial condition. 42 Other Regulatory and Legal Risks The Company is subject to anti-fraud, anti-bribery and anti-corruption laws, regulations, standards and contractual obligations, a breach of which could lead to substantial fines, criminal or civil sanctions, reputational damage and associated impacts on the Company’s social and regulatory license to operate. AngloGold Ashanti’s operations must comply with the U.S. Foreign Corrupt Practices Act, the UK Bribery Act and similar anti- corruption and anti-bribery laws of the jurisdictions in which AngloGold Ashanti operates. There has been a substantial increase in the global enforcement of these laws and an increased focus on the actions of mining companies. Any violation of such laws could result in significant criminal or civil sanctions. Conversely, in certain circumstances, strict compliance with anti-bribery laws may conflict with certain local customs and practices. Since AngloGold Ashanti operates globally in multiple jurisdictions, including those with less developed political and regulatory environments, and within numerous and complex frameworks, its governance and compliance processes may not prevent potential breaches of law, accounting principles or other governance or customary practices. Additionally, AngloGold Ashanti’s Code of Business Principles and Ethics, Business Integrity Group Policy and Anti-Bribery and Anti-Corruption Group Standard, among other policies, standards and guidance, and training thereon may not prevent instances of unethical or unlawful behaviour, including bribery or corruption. They also may not guarantee compliance with legal and regulatory requirements and may fail to enable management to detect breaches of such requirements. Sanctions for failure by the Company or others acting on its behalf to comply with these laws, regulations, standards and contractual obligations could include fines, penalties, resignation or removal of officers, imprisonment of officers, litigation, and loss of operating licences or permits, suspensions of operations and negative effects on AngloGold Ashanti’s reported financial results and may damage its reputation. Such sanctions could have a material adverse impact on the Company’s financial condition and results of operations. AngloGold Ashanti is subject to the risk of litigation, the causes and costs of which are uncertain. AngloGold Ashanti is subject to litigation, arbitration and other legal proceedings arising in the normal course of business and may be involved in disputes that may result in litigation. The causes of potential future litigation cannot be known and may arise from, among other things, business activities, environmental, health and safety concerns, share price volatility or failure to comply with disclosure obligations. The results of litigation cannot be predicted with certainty but could include costly damage awards or settlements, fines, and the loss of licences, concessions, or rights, among other things. Should AngloGold Ashanti be unable to resolve disputes favourably or to enforce its rights, this may have a material adverse impact on its financial performance, cash flow and results of operations. For information on certain legal and other proceedings involving the Company, see “Item 8A: Legal Proceedings”. In addition, in the event of a dispute, AngloGold Ashanti may not be successful in establishing the jurisdiction of the courts in England and Wales and/or may be subject to the jurisdiction of courts outside of England and Wales. An adverse or arbitrary decision of a foreign court could have a material adverse impact on AngloGold Ashanti’s financial performance, cash flow and results of operation. Compliance with “conflict minerals” and “responsible gold” legislation and standards could result in significant costs. Stringent standards relating to “conflict minerals” and “responsible” gold have been introduced, including, but not limited to, the U.S. Dodd-Frank Act, the EU Regulation 2017/821 on supply chain due diligence obligations for EU importers of gold originating from conflict-affected and high-risk areas, the OECD Due Diligence Guidelines for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas, the World Gold Council Conflict-Free Gold Standard and the London Bullion Market Association Responsible Gold Guidance. Any such legislation and standards may result in significant costs to ensure and demonstrate compliance (particularly where standards change rapidly or lack certainty due to court challenges) and may complicate the sale of gold emanating from certain areas. The complexities of the gold supply chain, especially as they relate to “scrap” or recycled gold, and the fragmented and often unregulated supply of artisanal and small-scale mined gold are such that there may be significant uncertainties at each stage in the chain as to the provenance of the gold. As a result of the uncertainties in the process, the costs of due diligence and audit, or the reputational risks of defining their product or a constituent part as containing a “conflict mineral” may be too burdensome for the Company’s customers. Accordingly, manufacturers may decide to switch supply sources or to substitute gold with other minerals not covered by the initiatives. This could have a material negative impact on the gold industry, including on AngloGold Ashanti’s results of operations and financial condition. AngloGold Ashanti’s operations are subject to various climate change-related physical risks which may adversely impact its production activities, mine sites and personnel and/or result in resource shortages or environmental damages. AngloGold Ashanti’s operations are exposed to a number of physical risks resulting from or exacerbated by climate change, such as changes in rainfall rates or patterns leading to increased water stress or floods, rising sea levels, higher temperatures, fires and severe weather events such as tropical cyclones. These events or conditions could disrupt the Company’s mining, transport and supply chain operations, mineral processing and environmental rehabilitation efforts, create resource or energy shortages, damage the Company’s property or equipment and increase on-site health and safety risks due to, for example, erosion and geotechnical instability. Extreme rainfall events are also a significant risk for AngloGold Ashanti’s Australian operations. For example, in March 2024, significant rains and subsequent flooding in the area where the Tropicana mine is located resulted in 43 the temporary suspension of mining and processing operations. A significant increase in rainfall also has the potential to adversely impact normal TSF operating procedures, as well as AngloGold Ashanti’s ability to operate processing plants. For example, in the third quarter of 2025, processing at Siguiri had to be suspended for a number of weeks due to seepage being detected from a TSF wall after 110mm of rain fell in only a few hours. In contrast, increasing water stress at some of AngloGold Ashanti’s operations could in the future, negatively impact the Company’s ability to successfully implement its environmental rehabilitation programmes and/or to suppress dust from its operations. These events or conditions also could have adverse effects on AngloGold Ashanti’s workforce and on the communities around its mines, such as an increased risk of food insecurity, drinking water scarcity, access to power and prevalence of disease. AngloGold Ashanti has completed climate change-related physical risk assessments for all of its operated assets other than Sukari, where work is underway, as well as the Quebradona project. While the assessments indicate that many of the identified physical climate risks are included in the risk management strategy for these sites, AngloGold Ashanti may not have identified all potential risks or all the potential impacts of such risks. Events or conditions that are unprecedented or unanticipated, or are otherwise not adequately addressed by AngloGold Ashanti’s adaptation and risk management strategies, could have a material adverse effect on its production activities, assets, results of operations and financial condition. Compliance with emerging climate change-related requirements could result in additional costs and expose AngloGold Ashanti to additional liabilities. GHGs are emitted directly by AngloGold Ashanti’s operations as well as by external utilities from which AngloGold Ashanti purchases electricity. In 2015, certain members of the international community negotiated a treaty (the “Paris Agreement”) which requires signatory countries to set targets for GHG emissions reductions. In order to meet national reduction commitments under the Paris Agreement, various countries have adopted, and in the future will likely continue to implement or adopt, additional measures addressing GHG emissions, including stricter GHG emissions limits and/or some form of carbon pricing. Carbon pricing refers to various initiatives that seek to internalise the social or environmental cost of carbon emissions on industries by imposing taxes, cap-and-trade schemes and/or elimination of free credits for GHG emissions. Carbon pricing systems have been and are likely to continue to be implemented in jurisdictions where AngloGold Ashanti operates including, for example, Australia’s Safeguard Mechanism. Such measures could require AngloGold Ashanti to reduce its direct GHG emissions or energy use or to incur significant costs for GHG emissions allowances or taxes, including as a result of costs or taxes passed on by electricity utilities which supply the Company’s operations. AngloGold Ashanti has voluntarily committed to certain GHG emissions reduction targets and could also incur significant costs associated with capital equipment to reduce GHG emissions, as well as GHG monitoring and reporting and other obligations to comply with applicable requirements. Such measures could drive up the costs of capital goods, energy and other utility costs that are critical inputs to the Company’s mining operations. Certain countries are developing or are considering GHG trading or tax schemes and/or other regulation of GHG emissions, although the precise impact on AngloGold Ashanti’s operations cannot yet be determined for pending or proposed schemes or regulations until final requirements are issued or enacted by the relevant authority. For example, Brazil enacted a law to establish the Brazilian Emissions Trading System as a regulated carbon market. While supporting rules and regulation are being finalised, the potential impacts on AngloGold Ashanti’s operations remain uncertain. AngloGold Ashanti’s ability to implement steps to decarbonise its operations varies across its portfolio. Since all sites currently rely on fossil fuels for energy, mandated GHG reductions and/or carbon pricing measures could have a material adverse effect on AngloGold Ashanti’s production activities, results of operations and financial condition. See also “Item 4B: Business Overview —Sustainability and Environmental, Social and Governance (“ESG”) Matters”. Additionally, a number of regulators are adopting or considering new environmental disclosure rules, including in the United Kingdom, which is mandating disclosure of climate-related risks and effects. These recently enacted and proposed regulations may impose significant costs and demand substantial attention from management, all of which could affect AngloGold Ashanti’s business and its results of operations. Climate change and the transition to a lower carbon global economy may also result in increased market volatility and an uncertain environment for investment demand for gold. Any related sustained economic downturn or disruptions in certain industrial sectors where gold is integral to manufacturing, including electronic devices such as phones, computers and global positioning systems as well as jewellery, could reduce the demand for gold and, consequently, have an adverse impact on AngloGold Ashanti’s production, financial condition and results of operations. Increasing scrutiny and changing expectations from AngloGold Ashanti’s stakeholders with respect to AngloGold Ashanti’s ESG performance and policies may impact AngloGold Ashanti’s reputation, increase costs, hinder access to capital or expose AngloGold Ashanti to additional risks, including disinvestment and litigation. Companies across all industries are facing scrutiny related to ESG issues, including their internal ESG policies and governance practices. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG-related matters and in recent years have placed increasing scrutiny on the environmental and social costs and impact of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company’s ESG practices. In addition, host communities, as well as certain governmental and non- governmental actors, are increasingly focused on a company’s ability to operate in a sustainable manner and to mitigate related risks, as well as the public commitments and quantitative metrics used to demonstrate ESG-related performance and track progress. For AngloGold Ashanti, this includes, in particular, the safe operation of its mines, mitigating its impact to local 44 environments and communities affected by its operations and reducing GHG emissions in line with the Company’s voluntary commitments. If AngloGold Ashanti’s performance fails, or is perceived to fail, to meet internal, mandatory or adopted external ESG standards, or AngloGold Ashanti otherwise fails to satisfy stakeholder expectations with respect to its commitments and performance, regardless of whether there is a legal requirement to do so, such failure could result in reputational damage to, and potential litigation against, the Company, and its business, financial condition, and/or stock price could be materially and adversely affected. In particular, AngloGold Ashanti faces growing pressures from stakeholders to prioritise energy efficiency in its operations, reduce its carbon footprint and improve water and other resource consumption, as well as to be transparent about how climate- related risks and opportunities are managed to foster and promote business resiliency, accountability and stakeholder value. AngloGold Ashanti has implemented initiatives and made certain voluntary commitments to address these concerns, and continues to maintain its governance around climate-related risks and opportunities, including implementing the action plans of its Climate Change Strategy, which was approved by its board in November 2021. Nevertheless, AngloGold Ashanti may be required to implement even more stringent ESG practices or standards to meet the expectations of existing and future stakeholders and, if the Company fails to do so, or is perceived to be insufficiently committed to addressing ESG concerns across all of its operations and activities, the Company’s reputation could be damaged, it could lose the trust of its stakeholders (including governments, NGOs, investors, customers and employees) or be subject to litigation brought by those stakeholders, and its business, financial condition and results of operations could be adversely impacted. In January 2024, along with other member companies of the International Council on Mining & Metals (“ICMM”), AngloGold Ashanti voluntarily committed to a new Nature Position Statement containing five overarching objectives that support a nature positive future by 2030, expanding on the previous existing ICMM biodiversity commitments. Pursuit of the new commitments are expected to be spread over the operational life of operations and may require material investment of resources, including financial, specialist and technological resources. Failure to achieve these commitments, whether actual or as perceived by the Company’s stakeholders, may pose reputational and disinvestment risks to the Company. ESG practices, especially regarding inclusion, diversity and equity (“ID&E”), have been increasingly subject to political controversy in the United States in recent years. AngloGold Ashanti’s policies and practices regarding ID&E and other ESG- related matters, including previously established goals and initiatives, or disclosures that may be required by non-U.S. law, may expose the Company to legal, reputational and other risks, including anti-ESG and anti-ID&E-related orders, investigations, legislation, litigation, media coverage and scrutiny, boycotts and negative publicity from investors and other stakeholders. AngloGold Ashanti cannot predict what regulatory or other changes may occur in the future as a result of this controversy, and the Company may not be able to meet the conflicting expectations of some or all of its investors, customers, vendors, employees and other third parties (including governmental entities and officials and non-governmental organisations) regarding various aspects of its business, including with respect to ID&E and other ESG matters. Transfers of AngloGold Ashanti ordinary shares may be subject to stamp duty or SDRT in the United Kingdom, which would increase the cost of dealing in AngloGold Ashanti ordinary shares. Stamp duty and/or stamp duty reserve tax (“SDRT”) are generally imposed in the United Kingdom on certain transfers of chargeable securities (which include shares in companies incorporated in the United Kingdom) at a rate of 0.5% of the amount or value of the consideration paid for the transfer. Certain transfers of shares (a) to, or to a nominee or an agent for, a person whose business is or includes the provision of clearance services (including DTC or its nominees) (a “Clearance Service”); or (b) to, or to a nominee or an agent for, a person whose business is or includes issuing depositary receipts (a “Depositary Receipt System”), are charged at a higher rate of 1.5%. Pursuant to arrangements that AngloGold Ashanti has entered into with DTC, AngloGold Ashanti ordinary shares are currently eligible to be held in book-entry form through the facilities of DTC. Based on the Company’s understanding that DTC has not made an election under section 97A(1) of the UK Finance Act 1986, transfers of AngloGold Ashanti ordinary shares held in book- entry form through DTC should not attract a charge to UK stamp duty or SDRT. A transfer of AngloGold Ashanti ordinary shares (a) from within the DTC system out of DTC, (b) on sale of the AngloGold Ashanti ordinary shares outside of DTC, or (c) in connection with a redeposit of AngloGold Ashanti ordinary shares into DTC, may be liable to UK stamp duty or SDRT. See “Item 10E: Taxation—United Kingdom Taxation—UK Tax Consequences of Holding AngloGold Ashanti’s Ordinary Shares”. It is possible that the United Kingdom may amend its laws applicable to UK stamp duty or SDRT, or enact new laws in this field, which could have a material adverse effect on the cost of trading in, or issuing, AngloGold Ashanti ordinary shares. For example, in April 2025, the UK Government confirmed a planned modernisation of UK stamp duty and SDRT proposing to replace those taxes with a new single tax, the Securities Transfer Charge, from 2027. The precise details and impact of this new single tax cannot be fully ascertained at this time, as draft legislation has not yet been published and final legislation and regulations may differ significantly from current proposals. AngloGold Ashanti’s inability to maintain effective disclosure controls and procedures and an effective system of internal control over financial reporting could negatively impact its ability to accurately and timely report its financial results and other material disclosures, or otherwise cause it to fail to meet its reporting obligations. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of AngloGold Ashanti’s financial statements for external purposes in accordance with IFRS 45 Accounting Standards as issued by the International Accounting Standards Board (“IASB”). Disclosure controls and procedures are designed to ensure that information required to be disclosed by a company in reports that it files or submits under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) is recorded, processed, summarised and reported within the time periods specified in the rules and forms of the SEC. These disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that relevant information is accumulated and communicated to the Company’s management, including its chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding disclosure. See “Item 15: Controls and Procedures”. The Company has identified a material weakness that caused its disclosure controls and procedures, and its internal control over financial reporting, to be ineffective as of 31 December 2025. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of a company’s annual or interim financial statements will not be prevented or detected on a timely basis. As of the date of this annual report on Form 20-F, the identified material weakness has not been remediated and, accordingly, the Company’s disclosure controls and procedures and its internal control over financial reporting remain ineffective. While the Company’s management is actively engaged in the planning for, and implementation of, remediation efforts to address the material weakness, there can be no assurance those efforts will be successful. If the Company does not remediate a material weakness in a timely manner, or if additional material weaknesses are discovered, they may adversely affect the Company’s ability to record, process, summarise and report financial information timely and accurately and, as a result, the Company’s financial statements may contain material misstatements or omissions. The Company has incurred, and expects to continue to incur, additional expenses and to spend significant management time and resources in complying with testing requirements and working to establish effective disclosure controls and procedures and internal control over financial reporting. Additionally, the Company’s internal control environment and remediation efforts do not provide absolute assurance regarding timely detection or prevention of control deficiencies and thus do not insulate the Company from the possibility of future failures to meet its financial reporting obligations. It is possible that additional control deficiencies could be identified by the Company’s management or by its independent registered public accounting firm in the future or may occur without being identified. Such a failure could require the Company to again incur the time and expenses associated with remediation; result in regulatory scrutiny, investigations, enforcement actions or litigation; cause investors to lose confidence in the Company’s reported financial condition; have a negative effect on the trading price of AngloGold Ashanti’s ordinary shares; lead to a default or event of default under the Company’s indebtedness; reduce the Company’s ability to obtain debt, equity or quasi-equity financing or increase the cost of any such financing; or otherwise have a material adverse effect on its business, financial condition, results of operations and cash flows. AngloGold Ashanti may be subject to cybersecurity breaches and the Company’s data protection practices may be insufficient or inconsistent with applicable laws. AngloGold Ashanti maintains necessary global information, digital technology and communication networks and applications to support its business activities and also outsources several critical digital technology functions and applications to third-party vendors. The primary company systems managed by third-party vendors include cloud infrastructure, data centre management, some server/personal computing support, enterprise resource planning business applications, email and digital documents and the Cyber Security Operations Centre. These engagements and the Company’s reliance on third-party vendors could have a material and negative impact on the overall cybersecurity position of the Company. See “Item 16K: Cybersecurity”. The sophistication and magnitude of cybersecurity incidents is increasing. This includes malicious software, ransomware and other attempts to gain unauthorised access to, or control over, data and computer systems, and other electronic security and protected information breaches. Continuous cyber breaches via third-party solutions have also become increasingly frequent, which may have an impact on the overall cybersecurity position of the Company. Further, the role of AI as a potential vector for cyber threats is an emerging aspect of such risks. While the Company has not experienced a material cybersecurity attack to date, there can be no assurance that the Company’s digital security processes or solutions will prevent future malicious actions, denial-of-service attacks, or fraud. Attacks on, or breaches of, the Company’s information technology systems and networks could significantly disrupt AngloGold Ashanti’s business operations and cause the Company to suffer financial losses, including the cost of remedial actions, loss of business or customers, and reputation harm. Such attacks or breaches could also result in corruption, manipulation or improper use of operating systems and data, misappropriation of funds, unauthorised access or theft of commercially sensitive or otherwise protected data, production downtimes, operational delays, or safety incidents. While AngloGold Ashanti’s global insurance programme includes limited coverage for cyber-related crimes and incidents, there can be no assurance that any cybersecurity incident will be adequately covered by insurance, if at all. Additionally, the interpretation and application of consumer and data protection laws in England and Wales, the United States and elsewhere are constantly evolving. These laws may be interpreted and applied in a manner that is inconsistent with AngloGold Ashanti’s current data practices. The Company could incur substantial costs to comply with these various laws or may be required to change its practices in a manner adverse to its business. 46 U.S. securities laws do not require AngloGold Ashanti to disclose as much information to investors as a domestic U.S. issuer is required to disclose, and investors may receive less information about the Company than they might otherwise receive from a comparable U.S. company. AngloGold Ashanti is currently subject to the periodic reporting requirements of the SEC and the New York Stock Exchange that apply to “foreign private issuers”. The periodic disclosure required of foreign private issuers under applicable rules is more limited than the periodic disclosure required of domestic U.S. issuers. Accordingly, there may be less publicly available information concerning AngloGold Ashanti than there is for similarly situated domestic U.S. public companies. In addition, AngloGold Ashanti is not required to file or furnish periodic reports and financial statements with the SEC as frequently or as promptly as domestic U.S. companies. As a result, investors may also receive less timely and more limited financial reports than they otherwise might receive from a comparable domestic U.S. company or from certain of the Company’s peers in the industry. This may have an adverse impact on investors’ ability to make decisions about their investment in AngloGold Ashanti.