The following narrative included in this Item 5 generally discusses the Company's financial condition, results of operations, cash flows and capital expenditures for the financial years ended 31 December 2025 and 2024 and year-on-year comparisons between 2025 and 2024. Discussions of the financial condition, results of operations, cash flows and capital expenditures for the financial year ended 31 December 2023 and of year-on-year comparisons between 2024 and 2023 are included in “Item 5: Operating and Financial Review and Prospects” in AngloGold Ashanti’s annual report on Form 20-F for the financial year ended 31 December 2024 filed with the U.S. Securities and Exchange Commission (“SEC”) on 15 April 2025. For ease of reference, the tables included in this Item 5 also include previously reported 2023 figures. Upon completion of the corporate restructuring in September 2023, AngloGold Ashanti plc became the listed UK parent company of the Group and the successor issuer to AngloGold Ashanti Limited. See “Presentation of information—Corporate restructuring” for additional information. This item should be read in conjunction with the Company’s consolidated financial statements and the notes thereto which are included under Item 18 of this annual report on Form 20-F. The term “managed operations” refers to subsidiaries managed by AngloGold Ashanti and included in its consolidated reporting, while the term “non-managed joint ventures” (i.e., Kibali) refers to equity-accounted joint ventures that are reported based on AngloGold Ashanti’s share of attributable earnings and are not managed by AngloGold Ashanti. Managed operations are reported on a consolidated basis. Non-managed joint ventures are reported on an attributable basis. Management believes this discussion is relevant to an assessment and understanding of the consolidated financial condition and results of operations of AngloGold Ashanti plc under IFRS. Overview AngloGold Ashanti is a global gold mining company with its Group global headquarters located in Denver, Colorado in the United States. Both the Company’s registered office and principal executive office are located in the United Kingdom. The Group also retains a substantial corporate office in Johannesburg, South Africa. AngloGold Ashanti’s main product is gold. For the financial year ended 31 December 2025, AngloGold Ashanti reported gold production of approximately 2.79 million ounces from managed operations and 0.30 million ounces from non-managed joint ventures. 146 As part of extracting gold, the Company also produces silver and sulphuric acid as by-products. By-product revenue amounted to $163 million in 2025 (2024: $120 million; 2023: $102 million) out of total revenue from product sales of $9,893 million in 2025 (2024: $5,793 million; 2023: $4,582 million). See “Item 18: Financial Statements—Note 3—Revenue from product sales” for additional information. The Company sells its products on world markets. AngloGold Ashanti has ten continuing mining operations in the following regions: Africa (the Democratic Republic of the Congo (“DRC”), Egypt, Ghana, Guinea and Tanzania), Australia and the Americas (Argentina and Brazil) comprising open-pit and underground mines, which are supported by global exploration activities. In addition, AngloGold Ashanti has greenfield projects located in Colombia and Nevada, USA. AngloGold Ashanti’s operating segments are divided into geographical regions, in addition to a Projects segment, which comprises all the major non-sustaining capital projects with the potential to be developed into operating entities. Consequently, the Company’s financial results are reported to the chief operating decision maker per geographical region (in addition to the Projects segment). AngloGold Ashanti’s segmental information is described in “Item 18: Financial Statements—Note 2— Segmental information”. For information on the Company’s Mineral Resource and Mineral Reserve, see “Item 4D: Property, Plants and Equipment”. AngloGold Ashanti’s costs and expenses consist primarily of total operating costs, amortisation, corporate administration, other expenses, and exploration and evaluation costs. Total operating costs include operating costs (such as salaries and wages, consumable stores, explosives, reagents, logistics, fuel, power, water, contractors’ costs, services and other charges) and royalties paid. The Company’s mining operations consist of deep-level underground mines as well as open-pit operations, both of which are labour intensive, therefore salaries and wages are a significant component of total operating costs. Recent Activity In August 2023, AngloGold Ashanti placed its CdS operation on care and maintenance. In September 2023, AngloGold Ashanti completed the sale of its entire 50% indirect interest in the Gramalote project to B2Gold Corp. In October 2024, AngloGold Ashanti and IAMGOLD Corporation completed the sale of each of their 40% interests in Société d’Exploitation des Mines d’Or de Yatela S.A. (“Yatela”), the company operating the Yatela gold mine, to the government of Mali. Following completion of this transaction, AngloGold Ashanti no longer owns any mining operations in Mali. In November 2024, AngloGold Ashanti completed its acquisition of Centamin plc (“Centamin”), a Jersey gold mining and exploration company whose primary asset is the Sukari gold mine in Egypt, for a consideration of approximately $2.2 billion comprising a combination of AGA shares and cash. Throughout 2024, through a series of investments, AngloGold Ashanti acquired an approximate 15% interest in G2 Goldfields Inc. (“G2 Goldfields”), a Canadian gold mining company with exploration properties in Guyana, South America for a total consideration of approximately C$39 million. On 8 July 2025, AngloGold Ashanti completed the sale of its entire 15% interest in G2 Goldfields for approximately C$99 million (less broker fees). On 1 May 2025, AngloGold Ashanti completed the sale of the Doropo project and the Archean-Birimian Contact (“ABC”) project in Côte d’Ivoire to Resolute Mining Limited (“Resolute”). As part of the sale, AngloGold Ashanti will also acquire from Resolute the Mansala project in Guinea, which is adjacent to its Siguiri mine, which acquisition remains subject to several conditions. The value of the consideration for the sale of both projects in Côte d’Ivoire is $162 million (on a discounted basis), consisting of a cash payment of $25 million, deferred consideration of $103 million and contingent consideration of $34 million. For further information, see “Item 18: Financial Statements—Note 14—Disposals”. On 23 October 2025, AngloGold Ashanti completed the acquisition of all of the issued and outstanding common shares of TSX- listed Augusta Gold Corp. (“Augusta Gold”) at a price of C$1.70 per share of common stock in cash. AngloGold Ashanti also provided funds ($39 million) for the repayment of certain shareholder loans. The total cash consideration of $158 million includes the repayment of these shareholder loans. For further information, see “Item 18: Financial Statements—Note 13—Acquisitions”. On 1 December 2025, AngloGold Ashanti completed the sale of Mineração Serra Grande S.A., which owns the Serra Grande mine (“MSG”) in the state of Goiás, Brazil, to Aura Minerals Inc. for a total consideration of $117 million, consisting of a cash payment of $73 million and contingent consideration of $44 million. For further information, see “Item 18: Financial Statements— Note 14—Disposals”. On 7 March 2026, AngloGold Ashanti entered into a definitive agreement to sell AngloGold Ashanti Colombia S.A.S., which owns the La Colosa project, to Mineros S.A. for a cash consideration of approximately $10 million and an additional $60 million contingent on certain conditions. For more information on the Company’s business and operations, see “Item 4B: Business Overview”. 147 5A:OPERATING RESULTS Introduction The gold price once again hit a record high in 2025, reaching $4,519/oz (an annual gain of 119%), highlighting gold’s traditional role as a safe haven investment, providing a hedge against political uncertainty and inflation. According to the World Gold Council’s (“WGC”) Q4 and Full Year 2025 Gold Demand Trends reports, total annual gold demand exceeded 5,000 tonnes for the first time in 2025. Heightened investment activity drove overall demand growth, as global gold exchange-traded fund (ETF) holdings grew 801 tonnes while bar and coin buying accelerated to reach a 12-year high. Annual jewellery consumption levels fell to a five-year low of 1,542 tonnes, an expected trend given the increase in gold prices throughout 2025. However, spend on gold jewellery increased 18% to $172 billion in 2025. Technology demand was stable despite disruption in the consumer electronics space, supported by continued growth in AI-related applications. Central banks full year buying in 2025 was 863 tonnes, lower than the 1,092 tonnes bought in 2024. Per the WGC, reported gold buying was somewhat modest through much of 2025 as central banks navigated a rapid rally in prices, which reached multiple record highs during the year. Central bank net purchases surged in the fourth quarter of 2025, up 6% from the third quarter of 2025. For 16 consecutive years, central banks have been net buyers. Key factors affecting results Gold prices AngloGold Ashanti’s operating results are directly related to the market spot gold price, which can fluctuate widely and is affected by numerous factors beyond its control, including investment, jewellery and industrial demand (particularly in China and India), expectations with respect to the rate of inflation, the strength of the US dollar (the currency in which the price of gold is generally quoted) and of other currencies, interest rates, actual or expected gold sales and purchases by central banks and the International Monetary Fund (“IMF”), global or regional political or economic events or conditions, and production and cost levels in major gold-producing regions. The current demand for and supply of gold may affect gold prices, but not necessarily in the same manner as current supply and demand affects the prices of other commodities. The supply of gold consists of a combination of new production and fabricated gold held by governments, public and private financial institutions, industrial organisations and private individuals. As the global gold production in any single year constitutes a small portion of the total potential supply of gold, short-term variations in current production do not necessarily have a significant impact on the supply of gold or on its price. The market for gold bullion bar, the Company’s primary product, is generally limited to the bullion banks. The number of these banks has declined over the last decade. Additionally, due to the diversity and depth of the total gold market, the bullion banks do not possess significant pricing power. The price of gold is often subject to sharp, short-term changes. The shift in gold demand from physical demand to investment and speculative demand may exacerbate the volatility of gold prices. The market spot gold price opened the year on 1 January 2025 at $2,624 per ounce (compared to $2,066 per ounce on 1 January 2024). The market spot gold price in 2025 has been subject to volatile short-term swings, with a year high of $4,519 per ounce on 26 December 2025 and a year low of $2,624 per ounce on 1 January 2025. The average market spot gold price for 2025 was $3,445 per ounce. The market spot gold price at closing on 31 December 2025 was $4,322 per ounce (compared to $2,624 per ounce on 31 December 2024). Between 1 January 2026 and 16 March 2026, the market spot gold price traded between a low of $4,304 per ounce and a high of $5,595 per ounce. On 16 March 2026, the market spot gold price was $4,991 per ounce. Management uses the market spot gold price and the average gold price received to monitor the performance of the gold price and its effect on the Company’s results. Management believes that this gives an investor insight into the performance of the gold price and its impact on company results. The following chart lays out the yearly average gold price received per ounce by the Company, gold sold by the Company and gold income of the Company during the past three years under review: 148 Gold income of the Company (excluding $84 million from CdS in 2023) increased from $4,396 million in 2023 to $5,673 million in 2024 to $9,730 million in 2025, a 121% increase over the three-year period, primarily due to an 80% increase in the average gold price received by the Company over the three-year period and a 23% increase in ounces of gold sold over the same time frame. From time to time, the Company enters into hedging/derivative transactions to manage the downside risk of gold prices. For the financial year ended 31 December 2023, AngloGold Ashanti recorded a realised gain of $2 million in respect of these gold derivatives. For the financial year ended 31 December 2024, AngloGold recorded a total realised loss of $86 million in respect of these gold derivatives, which was partially offset with a $15 million reversal of unrealised losses recorded in prior years, resulting in a net $71 million loss recorded in 2024. All gold hedges expired at 31 December 2024 and the Company has been fully unhedged with respect to its gold production since 1 January 2025. Gold production levels In addition to gold prices, AngloGold Ashanti’s gold income in any year is also influenced by its level of gold production. Gold production levels are in turn influenced by grades, tonnages mined and processed through the plant, and metallurgical recoveries. Attributable gold production (including non-managed joint ventures) fluctuated between 2023 to 2025, from 2.69 million ounces (of which 42,000 ounces from CdS) in 2023 to 2.66 million ounces in 2024 to 3.09 million ounces in 2025. For more information on the Company’s business and operations, see “Item 4B: Business Overview”. Annual Gold Production(in thousand ounces, except for percentages) Variance (25vs24) Variance (24vs23) 2025 2024 Ounces % 2023 Ounces % Africa (managed operations) 1,746 1,254 492 39% 1,237 17 1% Australia 537 572 (35) (6%) 562 10 2% Americas 505 526 (21) (4%) 544 (18) (3%) Managed operations 2,788 2,352 436 19% 2,343 9 —% Non-managed joint ventures 303 309 (6) (2%) 343 (34) (10%) Group 3,091 2,661 430 16% 2,686 (25) (1%) 149 Geopolitical tensions 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 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. See “Item 3D: Risk Factors—Global political and economic conditions could adversely affect the profitability of operations”. Climate change and other environmental factors Rising temperatures, changing rainfall patterns, flooding, drought and severe weather conditions believed to be caused or exacerbated by climate change remain growing concerns for businesses, investors, broader society and governments. This has led to increased pressure on companies, including those in the mining sector, to reduce greenhouse gas (“GHG”) emissions consistent with national commitments made by numerous countries under the Paris Agreement, to promote responsible corporate practices, including with respect to the mitigation of climate-related risks, and to increase transparency about the risks and opportunities of transitioning to a low-carbon economy. Pressure from governments, investors and broader society for mining companies to improve environmental stewardship and, specifically, to reduce GHG emissions, both in terms of absolute emissions and in intensity of emissions per tonne mined, is likely to increase in the future. For further information, see “Item 3D: Risk Factors—Compliance with emerging climate change-related requirements could result in additional costs and expose AngloGold Ashanti to additional liabilities” and “Item 4B: Business Overview—Sustainability and Environmental, Social and Governance (“ESG”) Matters—Climate Change and GHG Regulation”. Foreign exchange fluctuations Total operating costs in all business segments are partially incurred in local currency where the relevant operation is located. US dollar denominated total operating costs and net income tend to be adversely impacted by local currency strength and favourably impacted by local currency weakness, assuming there are no other offsetting factors. AngloGold Ashanti’s financial results can be influenced significantly by the fluctuations in the exchange rate of the Brazilian real, the Australian dollar, and, to a lesser extent, the Argentinean peso and other local currencies against the US dollar. As set out below, during the financial year ended 31 December 2025, the Brazilian real, Australian dollar and Argentinean peso all weakened against the US dollar, which collectively had a favourable impact on AngloGold Ashanti’s US dollar denominated total operating costs. Average annual exchange rates to the US dollar 2025 2024 2023 Brazilian real 5.59 5.39 5.00 Australian dollar 1.55 1.52 1.51 Argentinean peso 1,246.73 916.78 293.67 In 2025, the Company derived 38% of its revenues from Brazil, Australia and Argentina, and incurred 43% of its total operating costs in Brazil, Australia and Argentina. Based on average exchange rates in 2025, the Company estimates that an average 1% strengthening of all of the Brazilian real, Argentinean peso, Australian dollar, Ghanaian cedi, Egyptian pound and the South African rand against the US dollar, other factors remaining equal (and excluding the effect of any foreign currency hedging arrangements entered into by the Company (if any)), would have resulted in an increase in cost of sales and total cash costs per ounce of approximately $18 million and $6.41 per ounce, respectively. Total operating costs and effects of inflation AngloGold Ashanti’s total operating costs include costs such as salaries and wages, consumable stores, explosives, reagents, logistics, fuel, power, water, contractors’ costs, services and other charges and royalties paid. The mining industry continues to experience price increases for costs of inputs used in the production of gold, which leads to higher total operating costs reported by many gold producers. AngloGold Ashanti is unable to control the prices at which it sells its gold. Accordingly, in the event of significant inflation in Brazil, Argentina or Australia, without a concurrent devaluation of the local currency or an increase in the price of gold, there could be a material adverse effect upon the Company’s results and financial condition. See “Item 3D: Risk Factors—Inflation may have an adverse effect on results of operations”. At 31 December 2025, AngloGold Ashanti had approximately 38,000 employees globally at its managed operations, including contractors, most of whom are members of trade unions, particularly in Africa and the Americas. Salaries and wages account for a significant component of local total operating costs and are impacted by annual wage increases. 150 Energy costs, comprising power, fuel and lubricants, are another material component of total operating costs. Due to the remote location of some of its mines in Africa, AngloGold Ashanti uses fuel to generate power and uses fuel and lubricants at its mines to run its fleet and processing plants. The average price of Brent Crude oil has decreased from $84 per barrel in 2023 to $79 per barrel in 2024, with a further decrease to $68 per barrel in 2025, representing a 19% per barrel decrease over the three-year period. AngloGold Ashanti estimates that for each $5 per barrel rise or fall in the oil price, other factors remaining equal (and excluding the effect of any oil hedging arrangements entered into by the Company (if any)), cost of sales and total cash costs per ounce of all its operations change by approximately $21 million or $7.40 per ounce, respectively. The cost of sales and total cash costs per ounce of certain of the Company’s mines, particularly Siguiri, Geita, Iduapriem, Sukari and Tropicana, which are more dependent on fuel, are most sensitive to changes in the price of oil. During the year, as a result of geopolitical tensions, the oil price has been volatile and, as of 16 March 2026, the price of oil was at $100 per barrel of Brent Crude oil. See “Item 3D: Risk Factors—The profitability of mining companies’ operations and the cash flows generated by these operations are affected by fluctuations in input production prices”. AngloGold Ashanti has no influence over the cost of most consumable stores. Furthermore, there has also been volatility in the price of steel, 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. Fluctuations in oil and steel prices as well as cost increases in respect of labour, explosives, cyanide and other production inputs have a significant impact on operating costs and capital expenditure. Royalties paid (excluding non-managed joint ventures), which are generally calculated as a percentage of revenue, increased over the past three years from $190 million in 2023 to $246 million in 2024 to $424 million in 2025, a 123% increase over the three-year period, primarily due to the increase in the average gold price received per ounce, royalty rates and the introduction of Sukari into the portfolio. Royalties are likely to continue to vary in the coming years due to the variations in the gold prices and the fact that, in a number of jurisdictions, host governments increasingly seek to obtain a higher share of revenue by increasing the royalty rates for gold mines. Environmental rehabilitation costs Total provisions for decommissioning and for environmental restoration activities (excluding non-managed joint ventures) totalled $625 million in 2023, $700 million in 2024 and $729 million in 2025. The provisions for decommissioning and restoration increased by $75 million and $29 million in 2024 and 2025, respectively, largely due to the recognition of a change in estimates attributable to shifts in discount rates from changes in global economic assumptions, alterations in mine plans resulting in a change in cash flows, changes in the designs for closure of tailings storage facilities (“TSFs”) as well as revised methodology following requests from environmental regulatory authorities, partially offset by utilisation. See also “Item 4B: Business Overview —Regulatory Environment Enabling AngloGold Ashanti to Mine”, “Item 4B: Business Overview—Mine Site Rehabilitation and Closure” and “Item 4B: Business Overview—Sustainability and Environmental, Social and Governance (“ESG”) Matters”. 151 Year ended 31 December 2025 compared to year ended 31 December 2024 Consolidated Results of Operations CONSOLIDATED INCOME STATEMENT Year Year Year ended ended $ % ended $ % Dec Dec Variance Variance Dec Variance Variance (US dollar million, except as otherwise noted) 2025 2024 (25vs24) (25vs24) 2023 (24vs23) (24vs23) Revenue from product sales 9,893 5,793 4,100 71% 4,582 1,211 26% Cost of sales: Operating costs (3,231) (2,665) (566) 21% (2,680) 15 (1%) Royalties (424) (246) (178) 72% (190) (56) 29% Total operating costs (3,655) (2,911) (744) 26% (2,870) (41) 1% Retrenchment Costs (3) (3) — — (4) 1 (25%) Rehabilitation and other non-cash costs (56) (42) (14) 33% (21) (21) 100% Amortisation of tangible assets (1,186) (666) (520) 78% (579) (87) 15% Amortisation of right of use assets (100) (85) (15) 18% (78) (7) 9% Amortisation of intangible assets (1) (1) — — (1) — — Inventory change (21) (18) (3) 17% 12 (30) (250%) Cost of sales (5,022) (3,726) (1,296) 35% (3,541) (185) 5% Loss on non-hedge derivatives and other commodity contracts — — — — (14) 14 (100%) Gross profit 4,871 2,067 2,804 136% 1,027 1,040 101% Corporate administration, marketing and related expenses (138) (118) (20) 17% (94) (24) 26% Exploration and evaluation costs (267) (252) (15) 6% (254) 2 (1%) Net (impairment) reversal of impairment and net loss on disposal and derecognition of assets (88) 58 (146) (252%) (221) 279 (126%) Corporate restructuring costs — — — — (314) 314 (100%) Other (expenses) income (248) (144) (104) 72% (104) (40) 38% Finance income 152 160 (8) (5%) 127 33 26% Foreign exchange and fair value adjustments (41) (87) 46 (53%) (154) 67 (44%) Finance costs and unwinding of obligations (220) (167) (53) 32% (157) (10) 6% Share of associates and joint ventures’ profit 255 155 100 65% 207 (52) (25%) Profit before taxation 4,276 1,672 2,604 156% 63 1,609 2,554% Taxation (1,102) (623) (479) 77% (285) (338) 119% Profit (loss) for the period 3,174 1,049 2,125 203% (222) 1,271 (573%) Total cash costs per ounce (in $/oz) (1) 1,252 1,187 65 5% 1,181 6 1% All-in sustaining costs per ounce (in $/oz) (1) 1,751 1,672 79 5% 1,657 15 1% (1) For managed operations only. Revenue from product sales Revenue from product sales increased 71% year-on-year in 2025 compared to 2024, mainly as a result of an increase in gold income and an increase in by-product revenue. Gold income increased by $4,057 million, or 72%, from $5,673 million in 2024 to $9,730 million in 2025 mainly due to an increase in the average gold price received per ounce and an increase in ounces of gold sold. The average gold price received per ounce for managed operations increased by $1,073 per ounce, from $2,393 per ounce during 2024 to $3,466 per ounce in 2025, which resulted in an increase in gold income of $3,013 million. Gold sold by managed operations increased by 437,000 ounces, or 18%, from 2,370,000 ounces in 2024 to 2,807,000 ounces in 2025, which resulted in an increase in gold income of $1,044 million. By-product revenue increased by $43 million, or 36%, from $120 million in 2024 to $163 million in 2025, mainly due to a stronger silver price and incremental silver sold in Egypt as a result of the acquisition of Sukari in November 2024, partially offset by a decrease in silver sold in Argentina. 152 Cost of sales Cost of sales increased 35% year-on-year in 2025 compared to 2024, primarily due to higher gold royalty costs, increased operating costs and increased amortisation on tangible assets. In addition, the inclusion of Sukari in November 2024 into the operating portfolio of the Company, as well as operational challenges at Iduapriem, Sunrise Dam and Serra Grande have resulted in increases to a majority of the Company’s costs for 2025. The currencies of Brazil, Argentina and Australia were, on average, weaker against the US dollar during 2025 as compared to 2024, which had a favourable impact on cost of sales. Total operating costs Total operating costs increased by $744 million, or 26%, from $2,911 million in 2024 to $3,655 million in 2025 primarily due to an increase in royalties paid and an increase in operating costs. Total operating costs include operating costs (such as salaries and wages, consumable stores, explosives, reagents, logistics, fuel, power, water, contractors’ costs, services and other charges) and royalties paid. Operating costs increased 21% year-on-year in 2025 compared to 2024, primarily due to, among other factors, higher labour, consumable stores, fuel, power and water costs, and mining contractors’ costs. The inclusion of Sukari (acquired in November 2024) contributed approximately $296 million to the overall $566 million increase in operating costs in 2025. Royalties paid, which are generally calculated as a percentage of revenue, increased 72% year-on-year in 2025 compared to 2024, primarily due to an increase in the average gold price received per ounce and an increase in gold sales at Obuasi, Siguiri and Geita, as well as the inclusion of Sukari (acquired in November 2024) which contributed an incremental $49 million in royalties paid. Retrenchment costs Retrenchment costs included in cost of sales remained unchanged at $3 million year-on-year in 2025 compared to 2024. Rehabilitation and other non-cash costs Rehabilitation and other non-cash costs increased 33% year-on-year in 2025 compared to 2024. This increase was mainly due to the recognition of changes in estimates resulting from changes in discount rates, changes in global economic assumptions, changes in mine plans resulting in a change in cash flows as well as changes in the designs for closure of TSFs. Amortisation of tangible, right of use and intangible assets Collectively, amortisation of tangible, intangible and right of use assets expense increased by $535 million, or 71%, from $752 million in 2024 to $1,287 million in 2025. Amortisation of tangible assets increased 78% year-on-year in 2025 compared to 2024, mainly due to higher amortisation at Obuasi (mainly due to increased gold production resulting in additional Mineral Reserve depreciation and fleet componentisation), at Iduapriem (mainly due to an increase in deferred stripping amortisation from the Ajopa pit due to increased contained gold from the pit), at Siguiri (mainly due to increased gold production and increased amortisation of deferred stripping charges), at Geita (mainly due to higher Mineral Reserve depletion, higher deferred stripping amortisation and increased HME amortisation), at AGA Mineração (mainly due to the resumption of gold concentrate processing and refining activities at the Queiroz metallurgical plant, as well as the reversal of impairment at Cuiabá in 2024), at Serra Grande (mainly due to the reversal of impairment in 2024), at Cerro Vanguardia (mainly due to higher deferred stripping due to higher gold production) and the incremental impact of amortisation (approximately $358 million) at Sukari since the acquisition in November 2024, partially offset by lower amortisation in the Australian region (mainly due to lower gold production). Amortisation of right of use assets increased 18% year-on-year in 2025 compared to 2024, mainly due to $16 million in increased amortisation in Australia as a result of increased capitalisations in 2025, partially offset by a $5 million decrease at Geita as leased assets are becoming fully amortised with no significant additions as of year-end. Amortisation of intangible assets remained unchanged at $1 million year-on-year in 2025 compared to 2024. Inventory change The expense increase related to inventory change was primarily due to depletion of gold stock at Geita, partially offset by a buildup of unsold gold in Australia. 153 Net (impairment) reversal of impairment and net loss on disposal and derecognition of assets Net (impairment) reversal of impairment and net loss on disposal and derecognition of assets was a gain of $58 million in 2024 and a loss of $88 million in 2025, which represents a change of $146 million. In 2025, AngloGold Ashanti fully impaired exploration and evaluation costs of $98 million relating to the Quebradona project in Colombia, given the heightened political uncertainty and uncertainty regarding potential changes to mining and environmental policy. In addition, on 1 May 2025, AngloGold Ashanti completed the sale of its entire interest in the Doropo and Archean-Birimian Contact (ABC) projects in Côte d’Ivoire to Resolute Mining Limited for a total consideration of $162 million (on a discounted basis), which resulted in a loss on disposal of $47 million. For further information, refer to “Item 18: Financial Statements—Note 14—Disposals” and “Item 18: Financial Statements—Note 15—Tangible assets”. Other (expenses) income Other expenses increased by $104 million, from an expense of $144 million in 2024 to an expense of $248 million in 2025. The increase during 2025 compared to 2024 was largely due to an increase of $39 million for legacy TSF obligations, an increase of $11 million in governmental fiscal claims mainly in Brazil, an increase in Group reorganisation costs of $30 million primarily relating to an organisational redesign, $33 million in contractor claims and rate settlements mainly in the Africa business units and $18 million in business integration costs relating to Centamin. This increase was partially offset by lower care and maintenance costs of $24 million and lower pension and medical defined benefit costs of $2 million. Finance income Finance income decreased 5% year-on-year in 2025 compared to 2024, mainly due to lower average amount of deposited funds earning interest in Argentina, as a result of dividend payments, partially offset by an increase in deposited cash balances in other regions. Finance costs and unwinding of obligations Finance costs increased by $46 million, or 33%, from $139 million in 2024 to $185 million in 2025, mainly due to an accrual for interest of $39 million on a once-off settlement of a tax liability in Brazil of $90 million relating to the 2020 to 2024 financial years as a result of the misclassification of certain costs in those years. Unwinding of obligations increased by $7 million, or 25%, from $28 million in 2024 to $35 million in 2025, mainly due to higher unwinding on the environmental rehabilitation, restoration and other provisions. Share of associates and joint ventures’ profit Share of associates and joint ventures’ profit increased by $100 million, or 65%, from a profit of $155 million in 2024 to a profit of $255 million in 2025, mainly as a result of an increase in equity earnings of $90 million at Kibali due to an increase in gold prices and an increase of $10 million at Rand Refinery (Pty) Limited. Taxation A taxation expense of $1,102 million was recorded in 2025, compared to a taxation expense of $623 million in 2024, which represents a $479 million increase. Current tax in 2025 amounted to an expense of $1,031 million, compared to an expense of $462 million in 2024, which represents a $569 million increase. The increase in current tax was mainly due to higher taxable income resulting from the higher average gold price received and higher withholding taxes paid, resulting from higher dividends declared. Deferred tax in 2025 amounted to an expense of $71 million, compared to an expense of $161 million in 2024, which represents a $90 million decrease. The decrease in deferred tax was mainly due to a change in the amortisation policy at Geita resulting in an increase in the amortisation charge in the current year, reducing the taxable temporary differences on assets, and the utilisation of tax losses at Obuasi without a corresponding taxable temporary difference (as a deferred tax asset was not created in the prior years). This decrease was partially offset by the change in tax rates in future years due to the expiring of tax stability arrangements in Argentina and Ghana. See “Item 18: Financial Statements—Note 1.4—Error in the classification of deferred taxation assets and liabilities and current taxation liability” and “Item 18: Financial Statements—Note 10—Taxation” for more information. Total cash costs per ounce Total cash costs per ounce are impacted by cost of sales, amortisation and ounces of gold produced. See “—Non-GAAP analysis—Reconciliations—Note A” below for a breakout of total cash costs per ounce reconciled to cost of sales. 154 Overall, total cash costs per ounce for managed operations increased 5% year-on-year in 2025 compared to 2024. This increase was primarily driven by the 26% increase in total operating costs, partially offset by the inclusion of Sukari’s gold production into the portfolio and increased gold production at Obuasi, Siguiri, Geita, Cerro Vanguardia and Cuiabá. All-in sustaining costs (AISC) per ounce All-in sustaining costs per ounce are impacted by cost of sales, sustaining capital expenditure and ounces of gold sold. See “— Non-GAAP analysis—Reconciliations—Note A” below for a breakout of all-in sustaining costs per ounce reconciled to cost of sales. Overall, all-in sustaining costs per ounce for managed operations increased by 5% year-on-year in 2025 compared to 2024, mainly due to a 26% increase in total operating costs and an overall increase in sustaining capital expenditure (see “—Capital Expenditures—Comparison of capital expenditure in 2025 with 2024” below), partially offset by the inclusion of Sukari sales into the portfolio and an increase in ounces of gold sold at Obuasi, Siguiri and Geita. Operating Results by Segments Year ended 31 December 2025 compared to year ended 31 December 2024 The following discussion of operating results by segments includes references to “all-in sustaining costs per ounce” and “total cash costs per ounce”, both of which are Non-GAAP financial measures. For a reconciliation of these Non-GAAP financial measures to the most directly comparable GAAP financial measure, which is cost of sales, refer to “—Non-GAAP analysis— Reconciliations—Note A” below. For a discussion of capital expenditure by operation, refer to “—Capital Expenditures” below. AFRICA Gold Produced (‘000 oz) Gold Sold (‘000 oz) Gold Income ($ million) 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 Managed operations: Iduapriem 199 237 (16%) 268 (12%) 201 238 (16%) 268 (11%) 704 563 25% 522 8% Obuasi 266 221 20% 224 (1%) 269 222 21% 226 (2%) 942 530 78% 439 21% Siguiri (1) 289 273 6% 260 5% 289 272 6% 260 5% 990 653 52% 505 29% Geita 492 483 2% 485 — 499 479 4% 479 — 1,730 1150 50% 934 23% Sukari (1) 500 40 N/M — N/M 507 44 N/M — N/M 1,748 119 N/M — N/M 1,746 1,254 39% 1,237 1% 1,765 1,255 41% 1,233 2% 6,114 3,015 103% 2,400 26% Non-managed joint venture: Kibali (2) 303 309 (2%) 343 (10%) 298 309 (4%) 343 (10%) 1,038 741 40% 668 11% Total Africa 2,049 1,563 31% 1,580 (1%) — 2,063 1,564 32% 1,576 (1%) — 7,152 3,756 90% 3,068 22% “N/M” - Not meaningful (1) On a consolidated basis. Siguiri and Sukari are owned 85% and 50% by AngloGold Ashanti, respectively. (2) Equity-accounted non-managed joint venture. On an attributable basis. Kibali is owned 45% by AngloGold Ashanti. 155 Cost of Sales ($ million) All-in sustaining costs ($/oz) Total cash costs ($/oz) 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 Managed operations: Iduapriem 424 351 21% 387 (9%) 2,096 1,614 30% 1,329 21% 1,482 1,118 33% 943 19% Obuasi 458 360 27% 313 15% 2,026 1,942 4% 1,777 9% 1,325 1,214 9% 1,114 9% Siguiri (1) 591 518 14% 473 10% 2,165 2,093 3% 1,976 6% 1,783 1,703 5% 1,650 3% Geita 773 612 26% 566 8% 1,525 1,418 8% 1,403 1% 1,038 984 5% 984 — Sukari (1) 789 83 N/M — N/M 1,094 1,858 N/M — N/M 783 1,165 N/M — N/M Administration and other (1) — N/M — N/M — — N/M — N/M — — N/M — N/M 3,034 1,924 58% 1,739 11% 1,647 1,709 (4%) 1,576 8% 1,182 1,212 (2%) 1,138 7% Non-managed joint venture: Kibali (2) 432 380 14% 372 2% 1,317 1,146 15% 951 21% 1,148 935 23% 802 17% Total Africa 3,466 2,304 50% 2,111 9% “N/M” - Not meaningful (1) On a consolidated basis. Siguiri and Sukari are owned 85% and 50% by AngloGold Ashanti, respectively. (2) Equity-accounted non-managed joint venture. On an attributable basis. Kibali is owned 45% by AngloGold Ashanti. Africa – Managed Operations In the Africa region, gold production from managed operations increased 39% year-on-year in 2025 compared to 2024, mainly due to increased gold production resulting from a full year ownership of the Sukari mine. Sukari contributed 93% of the total change in gold production. Obuasi, Siguiri and Geita also contributed to the increased gold production, partially offset by lower gold production from Iduapriem. Revenue from product sales from the Africa managed operations increased by $3,104 million, or 103%, from $3,019 million in 2024 to $6,123 million in 2025, mainly as a result of an increase in gold income. Gold income increased by 103% year-on-year in 2025 compared to 2024. This increase was mainly due to an increase in the average gold price received per ounce and higher ounces of gold sold. The increase in the average gold price received of $1,073 per ounce from 2024 to 2025 resulted in an increase in gold income of $1,880 million. Gold sold increased 41%, which resulted in an increase in gold income of $1,219 million. Sukari contributed 91% of the total change in gold sold. Obuasi, Siguiri and Geita also contributed to the increased gold sales, partially offset by a decrease in gold sales at Iduapriem. By-product revenue increased $5 million from $4 million in 2024 to $9 million in 2025. Cost of sales increased 58% year-on-year in 2025 compared to 2024, with Sukari contributing 64% to the total change. The increase in cost of sales was mainly due to increased total operating costs and increased amortisation charges related to Mineral Development costs, deferred stripping costs and intangible assets. Total operating costs increased mainly due to higher labour costs and increased royalties paid. Total cash costs per ounce marginally decreased 2% year-on-year in 2025 compared to 2024, mainly due to the introduction of Sukari into the portfolio which more than offset cost increases at the remaining African operations. All-in sustaining costs per ounce decreased 4% year-on-year in 2025 compared to 2024, mainly due to an increase in ounces of gold sold, partially offset by an increase in total operating costs and an increase in sustaining capital expenditure. Iduapriem (Ghana) Gold production at Iduapriem decreased 16% year-on-year in 2025 compared to 2024, mainly due to an unplanned seventeen- day plant shutdown in the first quarter of 2025 to investigate and repair a tear in the lining of the Beposo TSF, as well as a reduction in overall grade resulting from the depletion of the higher-grade Cut 2B pit in 2024 and increased processing plant operational downtime due to power supply interruptions. Cost of sales increased 21% year-on-year in 2025 compared to 2024, mainly due to increased total operating costs and increased amortisation charges. The increase in total operating costs was mainly due to higher expenditure on mining contractor costs, consultant costs and repair and maintenance costs. Amortisation was higher mainly due to increased deferred stripping from the Ajopa pit due to increased full grade ore mined from the pit. Total cash costs per ounce increased 33% year-on-year in 2025 compared to 2024, mainly driven by the increase in total operating costs and a decrease in gold produced. All-in sustaining costs per ounce increased 30% year-on-year in 2025 compared to 2024, mainly due to increases in total operating costs combined with a decrease in ounces of gold sold, partially offset by lower sustaining capital expenditure. 156 Obuasi (Ghana) Gold production at Obuasi increased 20% year-on-year in 2025 compared to 2024, mainly driven by a 13% improvement in average mill head grade, together with a 3% recovery uplift due to the commissioning of the second flash cell and stable plant performance, as well as 4% higher tonnes treated compared to 2024 when output was constrained by multiple equipment breakdowns and poor ground conditions. Cost of sales increased 27% year-on-year in 2025 compared to 2024, mainly due to higher total operating costs and increased amortisation charges. The increase in total operating costs was mainly due to higher labour costs associated with increases in rate and labour complement, bonuses linked to stronger production performance, mining contractor costs associated with increased tonnes mined and updated rates, along with elevated consultant and maintenance costs and higher royalties paid. Amortisation was higher mainly due to increased Mineral Reserve amortisation and fleet componentisation. Total cash costs per ounce increased 9% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs, partially offset by increased gold production. All-in sustaining costs per ounce increased 4% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs and an increase in sustaining capital expenditure, partially offset by an increase in gold sold. Siguiri (Guinea) Gold production at Siguiri increased 6% year-on-year in 2025 compared to 2024, mainly due to a 9% improvement in recovered grade driven by plant efficiency measures and the exclusion of the Bidini ore from the blend. This increase was partially offset by a 3% decrease in tonnes treated, due to the plant stoppage in the third quarter of 2025 to address seepage on a section of the south wall of the TSF following a significant rainfall event. Remedial works, including buttressing, are well advanced and are expected to continue around the perimeter of the TSF through the first half of 2026. Cost of sales increased 14% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs and increased amortisation charges. The increase in total operating costs was mainly due to higher royalties paid and increases in labour contractor, material stores and maintenance costs, partially offset by a build-up of metal inventories year-on-year. Amortisation was higher mainly due to more depletion of Mineral Reserve following the increase in gold production and increased contained gold from the Kami and Saraya pits. Total cash costs per ounce increased 5% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs, partially offset by increased gold production. All-in sustaining costs per ounce increased 3% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs, partially offset by an increase in gold sold and decreased sustaining capital expenditure. Geita (Tanzania) Gold production at Geita marginally increased 2% year-on-year in 2025 compared to 2024, mainly due to a 17% higher mined grade from open-pit operations, despite lower plant recovery and a 4% decrease in tonnes treated due to lower mill throughput rate, major engineering breakdowns, an emergency shutdown and 10 lost production days due to political unrest. Cost of sales increased 26% year-on-year in 2025 compared to 2024, mainly due to increases in total operating costs and amortisation charges. Total operating costs increased mainly due to higher mining contractor costs related to updated rates, higher royalties paid, increases in contractor and consultant expenditure, higher store costs and additional maintenance expenditure on the plant and mining fleet. Amortisation charges increased mainly due to higher Mineral Reserve development amortisation, higher deferred stripping amortisation, higher fixed asset amortisation and increased HME amortisation, partially offset by savings for amortisation on leased assets. Total cash costs per ounce increased 5% year-on-year in 2025 compared to 2024, primarily due to the increase in total operating costs, partially offset by an increase in gold production. All-in sustaining costs per ounce increased 8% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs and increased sustaining capital expenditure, partially offset by an increase in gold sold. Sukari (Egypt) The Company acquired Sukari on 22 November 2024. Gold production at Sukari for 2025 was 500,000 ounces at a total cash cost of $783 per ounce. All-in sustaining cost per ounce was $1,094 per ounce. Africa – Non-managed Joint Venture Kibali (Democratic Republic of the Congo) The Kibali mine in the DRC, which is operated by Barrick, was the only operating asset that was a non-managed joint venture in 2025 and 2024. Kibali is accounted for under the equity method of accounting by AngloGold Ashanti. As a result, AngloGold Ashanti’s portion of Kibali’s earnings or losses are reported by the Company as share of associates and joint ventures’ profit within its consolidated income statement. Gold production at Kibali (on an attributable basis) marginally decreased 2% year-on- year in 2025 compared to 2024, mainly due to a marginal 2% decrease in tonnes treated in 2025 compared to 2024, while recovered grades remained in line with 2024. The Company recorded equity earnings of $228 million in 2025 related to its 157 investment in Kibali, an increase of $89 million, or 64%, from $139 million in 2024, mainly due to a 45% increase in the average gold price received. AUSTRALIA Gold Produced(‘000 oz) Gold Sold(‘000 oz) Gold Income($ million) 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 Managed operations: Sunrise Dam 232 259 (10%) 252 3% 230 261 (12%) 256 2% 789 626 26% 495 26% Tropicana (1) 305 313 (3%) 310 1% 309 317 (3%) 301 5% 1,087 768 42% 586 31% Total Australia 537 572 (6%) 562 2% 539 578 (7%) 557 4% 1,876 1,394 35% 1,081 29% (1) On an attributable basis. Tropicana is owned 70% by AngloGold Ashanti. Cost of Sales($ million) All-in sustaining costs($/oz) Total cash costs ($/oz) 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 Managed operations: Sunrise Dam 442 430 3% 399 8% 2,078 1,665 25% 1,583 5% 1,634 1,343 22% 1,318 2% Tropicana (1) 527 479 10% 438 9% 1,508 1,297 16% 1,304 (1%) 1,330 1,132 17% 1,105 2% Administration and other 40 36 11% 30 20% — — N/M — N/M — — N/M — N/M Total Australia 1,009 945 7% 867 9% 1,825 1,526 20% 1,487 3% 1,530 1,287 19% 1,251 3% “N/M” - Not meaningful (1) On an attributable basis. Tropicana is owned 70% by AngloGold Ashanti. Australia In the Australia region, gold production (on an attributable basis) decreased 6% year-on-year in 2025 compared to 2024. Revenue from product sales from the Australia operations increased by $483 million, or 35%, from $1,399 million in 2024 to $1,882 million in 2025, mainly as a result of an increase in gold income. Gold income increased 35% year-on-year in 2025 compared to 2024, mainly due to an increase in the average gold price received per ounce, partially offset by lower ounces of gold sold. The increase in the average gold price received of $1,073 per ounce from 2024 to 2025 resulted in an increase in gold income of $575 million. Gold sold decreased 7% year-on-year in 2025 compared to 2024, which resulted in a decrease in gold income of $93 million. By-product revenue increased $1 million from $5 million in 2024 to $6 million in 2025. Cost of sales increased 7% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs partially offset by a decrease in amortisation charges. Total operating costs increased primarily due to a buildup of material stores, higher costs in the open pit, unfavourable inventory movements and increased royalties paid, partially offset by a decrease in rehabilitation costs. Amortisation charges decreased mainly due to a decrease in the amortisation of intangible assets and deferred stripping costs, partially offset by increased lease amortisation charges. Total cash costs per ounce increased 19% year-on-year in 2025 compared to 2024, mainly due to increased total operating costs and lower gold production. All-in sustaining costs increased 20% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs, an increase in sustaining capital expenditure and a decrease in gold sold. Sunrise Dam Gold production at Sunrise Dam decreased 10% year-on-year in 2025 compared to 2024, mainly due to reduced underground ore tonnes mined resulting from lower loader and stope availability, partially offset by an improvement in plant recoveries. Cost of sales increased 3% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs, partially offset by a decrease in amortisation charges. Total operating costs increased mainly due to drawdowns on gold-in-process inventories and volume-related increases in mining costs. Amortisation charges decreased mainly due to a decrease in the amortisation of tangible assets. Total cash costs per ounce increased 22% year-on-year in 2025 compared to 2024, mainly driven by the increase in total operating costs and decreased gold production. All-in sustaining costs per ounce increased 25% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs, increased sustaining capital expenditure and a decrease in gold sold. 158 Tropicana Gold production at Tropicana (on an attributable basis) decreased 3% year-on-year in 2025 compared to 2024, with lower recovered grade, primarily driven by a higher proportion of lower-grade stockpile ore processed being partially offset by a 3% improvement in tonnes treated. Cost of sales increased 10% year-on-year in 2025 compared to 2024, primarily due to an increase in total operating costs. Total operating costs increased primarily due to volume-related increases in underground mining costs, higher royalties paid and drawdown of metal inventories year-on-year. Total cash costs per ounce increased 17% year-on-year in 2025 compared to 2024, primarily driven by the increase in total operating costs and lower gold production. All-in sustaining costs per ounce increased 16% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs, increased lease payments and a decrease in gold sold. Administration and other Other cost of sales increased 11% year-on-year in 2025 compared to 2024, mainly due to increased community investment, software licensing costs and employee share compensation. AMERICAS Gold Produced (‘000 oz) Gold Sold (‘000 oz) Gold Income ($ million) 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 Managed operations: Cerro Vanguardia (1) 179 175 2% 164 7% 178 183 (3%) 163 12% 612 439 39% 317 38% AGA Mineração (2) 273 271 1% 294 (8%) 272 274 (1%) 285 (4%) 946 634 49% 515 23% Serra Grande (3) 53 80 (34%) 86 (7%) 53 80 (34%) 86 (7%) 182 191 (5%) 167 14% Total Americas 505 526 (4%) 544 (3%) 503 537 (6%) 534 1% 1,740 1,264 38% 999 27% (1) On a consolidated basis. Cerro Vanguardia is owned 92.50% by AngloGold Ashanti. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) Serra Grande was sold on 1 December 2025. Cost of Sales $ million) All-in sustaining costs ($/oz) Total cash costs ($/oz) 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 2025 2024 25v24 2023 24v23 Managed operations: Cerro Vanguardia (1) 441 368 20% 307 20% 1,726 1,544 12% 1,581 (2%) 1,227 1,073 14% 1,045 3% AGA Mineração (2) 391 352 11% 453 (22%) 1,506 1,334 13% 1,807 (26%) 976 876 11% 1,210 (28%) Serra Grande (3) 139 136 2% 169 (20%) 2,951 2,039 45% 2,198 (7%) 2,165 1,411 53% 1,498 (6%) Administration and other 2 2 — 2 — — — N/M — N/M — — N/M — N/M Total Americas 973 858 13% 931 (8%) 1,741 1,514 15% 1,805 (16%) 1,195 1,027 16% 1,207 (15%) “N/M” - Not meaningful (1) On a consolidated basis. Cerro Vanguardia is owned 92.50% by AngloGold Ashanti. (2) Includes gold concentrate from the Cuiabá mine sold to third parties. (3) Serra Grande was sold on 1 December 2025. Americas In the Americas region, gold production decreased 4% year-on-year in 2025 compared to 2024, mainly due to lower gold production from Serra Grande, which was sold in December 2025. Revenue from product sales from the Americas operations increased by $513 million, or 37%, from $1,375 million in 2024 to $1,888 million in 2025, mainly as a result of an increase in gold income and by-product revenue. Gold income increased 38% year-on-year in 2025 compared to 2024. This increase was mainly due to an increase in the average gold price received per ounce, partially offset by lower ounces of gold sold. The increase in the average gold price received per ounce of $1,073 per ounce from 2024 to 2025 resulted in an increase in gold income of $556 million. The decrease in ounces of gold sold of 34,000 ounces resulted in a decrease in gold income of $80 million. By-product revenue increased by $37 million, or 33%, from $111 million in 2024 to $148 million in 2025, mainly due to an increase in silver sold in Argentina and an increase in sulphuric acid sales in Brazil. Cost of sales in the Americas region increased 13% year-on-year in 2025 compared to 2024, primarily due to an increase in total operating costs and an increase in amortisation charges. The Queiroz metallurgical plant resumed operations in September 2024, which resulted in an increased cost structure in 2025. Inflationary pressures continued in this region, but were mitigated to a certain extent by an average 36% weakening of the Argentinean peso against the US dollar. The increase in total operating 159 costs was mainly due to increased labour costs in Brazil, increased royalties paid, an increase in consumable stores, increased contributions to local communities in Argentina due to increased revenues. Amortisation charges increased mainly due to higher amortisation of tangible assets and deferred stripping costs, partially offset by a decrease in Mineral Reserve amortisation. Total cash costs per ounce increased 16% year-on-year in 2025 compared to 2024, mainly due to the increase in total operating costs and a decline in gold production, partially offset by an increase in by-product revenue from silver and sulphuric acid sales. All-in sustaining costs per ounce increased 15% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs, an increase in sustaining capital expenditure and a decrease in ounces of gold sold, partially offset by an increase in by- product revenue from silver and sulphuric acid sales. Cerro Vanguardia (Argentina) Gold production at Cerro Vanguardia marginally increased 2% year-on-year in 2025 compared to 2024, mainly due to a 3% increase in total recovered grades, partially offset by a marginal 1% decrease in heap leach tonnes placed. Cost of sales increased 20% mainly due to an increase in total operating costs and increased amortisation charges. Total operating costs increased primarily due to cost increases in consumable stores, higher royalties paid and higher contributions to the community due to the increase in revenue. Amortisation costs increased primarily due to higher amortisation of deferred stripping costs as a result of higher gold production. Both total operating costs and amortisation charges were favourably impacted by an average 36% weakening of the Argentinean peso against the US dollar. Total cash costs per ounce increased 14% year-on-year in 2025 compared to 2024, mainly driven by the increase in total operating costs, partially offset by increased gold production and increased by-product revenue from silver sales. All-in sustaining costs per ounce increased 12% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs and a decrease in gold sold, partially offset by an increase in by- product revenue from silver sales and a decrease in sustaining capital expenditure. AGA Mineração (Brazil) Gold production at Cuiabá (AGA Mineração) marginally increased less than 1% year-on-year in 2025 compared to 2024, mainly due to a 15% increase in mined ore, partially offset by 11% lower recovered grade. Cost of sales increased 11% mainly due to an increase in total operating costs. Total operating costs increased mainly due to volume-related increases in underground mining costs and increases in maintenance costs. Costs at AGA Mineração were favourably impacted by a 4% weakening of the Brazilian real against the US dollar. Total cash costs per ounce increased 11% year-on-year in 2025 compared to 2024, mainly due to increased operating costs, partially offset by a marginal increase in gold production and increased by-product revenue from sulphuric acid sales. All-in sustaining costs per ounce increased 13% year-on-year in 2025 compared to 2024, mainly due to an increase in total operating costs, increased sustaining capital expenditure and a marginal decrease in gold sold, partially offset by an increase in by-product revenue from sulphuric acid sales. Serra Grande (Brazil) Gold production at Serra Grande decreased 34% year-on-year in 2025 compared to 2024, mainly due to lower recovered grades and ore volumes mined, impacted by the completion of the sale of Serra Grande on 1 December 2025. Cost of sales marginally increased 2% year-on-year in 2025 compared to 2024, mainly driven by an increase in amortisation charges primarily due to prior period impairment reversals. Total cash costs per ounce increased 53% year-on-year in 2025 compared to 2024, mainly driven by lower gold production. All-in sustaining costs per ounce increased 45% year-on-year in 2025 compared to 2024, mainly due to a decrease in gold sold. Capital Expenditures To develop, operate and maintain its mining operations, AngloGold Ashanti spends a significant amount of funds on capital expenditure. This capital expenditure can take the form of sustaining or non-sustaining capital expenditure. “Sustaining capital expenditure” is a Non-GAAP financial measure comprising capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output and capital expenditure to extend useful lives of existing production assets. This includes replacement of vehicles, plant and machinery, Mineral Reserve development, deferred stripping and capital expenditure related to financial benefit initiatives, safety, health and the environment. “Non-sustaining capital expenditure” is a Non-GAAP financial measure comprising capital expenditure incurred at new operations and capital expenditure related to ‘major projects’ at existing operations where these projects will materially increase production. For a reconciliation of these Non-GAAP financial measures to the most directly comparable GAAP financial measure, which is capital expenditure, refer to “—Non-GAAP analysis—Reconciliations—Note C” below. 160 The following tables present capital expenditure data for AngloGold Ashanti at its managed operations for the three-year period ended 31 December 2025: Capital Expenditure ($ in millions, except for percentages) Variance(25vs24) Variance(24vs23) 2025 2024 $ % 2023 $ % Managed operations Africa 984 689 295 43% 625 64 10% Iduapriem 173 169 4 2% 142 27 19% Obuasi 209 202 7 3% 214 (12) (6%) Siguiri (1) 102 102 — — 78 24 31% Geita 238 196 42 21% 191 5 3% Sukari (1)(2) 262 20 242 N/M — 20 N/M Australia 185 153 32 21% 135 18 13% Sunrise Dam 87 65 22 34% 47 18 38% Tropicana (3) 98 88 10 11% 88 — — Americas 236 209 27 13% 254 (45) (18%) AGA Mineração (4) 135 98 37 38% 124 (26) (21%) Serra Grande (5) 37 40 (3) (8%) 55 (15) (27%) Cerro Vanguardia (1) 64 71 (7) (10%) 75 (4) (5%) Projects 42 38 4 11% 27 11 41% Colombia 13 13 — — 11 2 18% North America 29 25 4 16% 16 9 56% Corporate and other 2 1 1 100% 1 — — Total Capital Expenditure 1,449 1,090 359 33% 1,042 48 5% “N/M” - Not meaningful (1) On a consolidated basis. Siguiri, Sukari and Cerro Vanguardia are owned 85%, 50% and 92.50% by AngloGold Ashanti, respectively. (2)Sukari was acquired on 22 November 2024. (3)On an attributable basis. Tropicana is owned 70% by AngloGold Ashanti. (4)The Córrego do Sítio (“CdS”) operation was placed on care and maintenance in August 2023. At CdS, total capital expenditure amounted to nil, nil and $21 million for the financial years ended 31 December 2025, 2024 and 2023, respectively. (5)Serra Grande was sold on 1 December 2025. Capital expenditure ($ in millions, except for percentages) Variance(25vs24) Variance(24vs23) 2025 2024 $ % 2023 (1) $ % Managed operations 1,449 1,090 359 33% 1,042 48 5% Sustaining capital expenditure 1,070 864 206 24% 842 22 3% Non-sustaining capital expenditure 379 226 153 68% 200 26 13% (1)The CdS operation was placed on care and maintenance in August 2023. At CdS, total capital expenditure amounted to $21 million, sustaining capital expenditure amounted to $19 million and non-sustaining capital expenditure amounted to $2 million for the financial year ended 31 December 2023. Comparison of capital expenditure in 2025 with 2024 Capital expenditure increased 33% year-on-year in 2025 compared to 2024. This increase was mainly due to an increase of $206 million in sustaining capital expenditure and an increase of $153 million in non-sustaining capital expenditure. In Africa, capital expenditure increased 43% year-on-year in 2025 compared to 2024. At Iduapriem in Ghana, capital expenditure marginally increased 2% year-on-year in 2025 compared to 2024, mainly due to higher non-sustaining capital expenditure on the Teberebie relocation and crusher and conveyor, partially offset by reduced expenditure mainly due to savings initiatives and temporary deferral of some sustaining capital expenditures. At Obuasi in Ghana, capital expenditure increased 3% year-on-year in 2025 compared to 2024, mainly due to an increase in sustaining capital expenditure related to an increased rate per meter in 161 Mineral Reserve development and underground infrastructure development, partially offset by lower non-sustaining capital expenditure following the successful completion of Phase 3 of the Obuasi redevelopment project in the fourth quarter of 2024. At Siguiri in Guinea, capital expenditure was flat in 2025 compared to 2024 as increased non-sustaining capital expenditure was offset by decreased deferred stripping expenditure. At Geita in Tanzania, capital expenditure increased 21% year-on-year in 2025 compared to 2024, mainly due to an increase in sustaining capital expenditure primarily due to the acquisition of a new mining fleet and increased investment in Mineral Reserve development. Capital expenditure at Sukari in Egypt amounted to $262 million, of which $145 million was sustaining and $117 million was non-sustaining. At Sukari, sustaining capital projects included capitalised maintenance on heavy mining equipment, additional equipment purchases and capitalised exploration whereas non- sustaining projects primarily included open-pit waste stripping and dump leach projects. In Australia, capital expenditure increased 21% year-on-year in 2025 compared to 2024. At Sunrise Dam, capital expenditure increased 34% year-on-year in 2025 compared to 2024, all of which was sustaining, mainly due to Mineral Reserve development and additional expenditure towards a concentrated leach project. At Tropicana, capital expenditure increased 11% year-on-year in 2025 compared to 2024, mainly due to non-sustaining expenditure towards the Havana growth project. In the Americas, capital expenditure increased 13% year-on-year in 2025 compared to 2024. At Cuiabá (AGA Mineração) in Brazil, capital expenditure increased 38% year-on-year in 2025 compared to 2024, mainly due to investment in growth at Cuiabá to ramp up production and investments in Full Asset Potential projects such as new equipment acquisitions and acceleration of primary development and exploration efforts. Serra Grande, which was sold in December 2025, incurred $37 million of capital expenditure in 2025. At Cerro Vanguardia in Argentina, capital expenditure, all of which was sustaining, decreased 10% year-on- year in 2025 compared to 2024, mainly due to lower deferred stripping capitalised. In Projects, capital expenditure increased 11% year-on-year in 2025 compared to 2024, primarily due to various feasibility studies in Colombia and continued capital expenditure towards the North Bullfrog and Arthur Gold (formerly Expanded Silicon) projects in Nevada, United States. Geographical Information The Company produces gold as its primary product and does not have distinct divisional segments in terms of principal business activity, but manages its business on the basis of different geographical segments. Therefore, information regarding separate geographical segments is provided. Gold income ($ in millions) Year ended 31 December 2025 2024 2023 $ % $ % $ % Geographical analysis of gold income by origin is as follows: Africa 7,152 74% 3,756 66% 3,068 69% Australia 1,876 19% 1,394 25% 1,081 24% Americas 1,740 18% 1,264 22% 999 22% 10,768 6,414 5,148 Less: Equity-accounted non-managed joint ventures included above (1,038) (11%) (741) (13%) (668) (15%) 9,730 100% 5,673 100% 4,480 100% Assets ($ in millions) At 31 December 2025 2024 (revised)(1) 2023 (revised)(1) $ % $ % $ % Geographical analysis of assets by origin is as follows: Africa 9,294 62% 9,081 69% 4,414 54% Australia 1,115 7% 845 6% 942 11% Americas 1,712 11% 1,533 12% 1,336 16% Projects 975 7% 991 7% 833 10% Other, including non-gold producing managed operations 1,982 13% 780 6% 732 9% Total assets 15,078 100% 13,230 100% 8,257 100% (1) Comparative periods for total assets have been revised to correct immaterial prior period errors relating to the classification of deferred and current taxation assets and liabilities for AGA Mineração and Serra Grande in Brazil. See “Item 18: Financial Statements—Note 1.4—Error in the classification of deferred taxation assets and liabilities and current taxation liability”. 162 Non-GAAP analysis In this annual report on Form 20-F, AngloGold Ashanti presents the financial items “total cash costs”, “total cash costs per ounce”, “all-in sustaining costs”, “all-in sustaining costs per ounce”, “average gold price received per ounce”, “sustaining capital expenditure” and “non-sustaining capital expenditure”, which have been determined using industry guidelines and practices and are not measures under IFRS. An investor should not consider these items in isolation or as alternatives to cost of sales, gold income, capital expenditure or any other measure of financial performance presented in accordance with IFRS or as an indicator of the Group’s performance. The Group uses certain Non-GAAP performance measures and ratios in managing the business and may provide users of this financial information with additional meaningful comparisons between current results and results in prior operating periods. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the reported operating results or any other measure of performance prepared in accordance with IFRS. In addition, the presentation of these measures may not be comparable to similarly titled measures that other companies use. See “Presentation of information—Non- GAAP financial measures” for additional information about the use of Non-GAAP financial measures and “—Reconciliations” below for reconciliations. Refer to “Glossary of selected terms—Financial terms—Total cash costs”, “Glossary of selected terms —Financial terms—All-in sustaining costs”, “Glossary of selected terms—Financial terms—Average gold price received per ounce”, “Glossary of selected terms—Financial terms—Sustaining capital expenditure” and “Glossary of selected terms— Financial terms—Non-sustaining capital expenditure” for definitions. Reconciliations All-in sustaining costs and total cash costs per ounce A reconciliation of cost of sales as included in the Company’s audited financial statements to “all-in sustaining costs”, “all-in sustaining costs per ounce”, “total cash costs” and “total cash costs per ounce” for each of the three financial years in the period ended 31 December 2025 is presented on a total (managed operations/non-managed joint ventures) and segment basis in Note A below. In addition, the Company has provided detail of the consolidated ounces of gold produced and sold by mine (for managed operations) and the attributable ounces of gold produced and sold by mine (for non-managed joint ventures) for each of those periods below. Average gold price received per ounce A reconciliation of gold income as included in the Company’s audited financial statements to “average gold price received per ounce” for each of the three financial years in the period ended 31 December 2025 is presented on a total (managed operations/ non-managed joint ventures) basis in Note B below. Sustaining capital expenditure and non-sustaining capital expenditure A reconciliation of capital expenditure as included in the Company’s audited financial statements to “sustaining capital expenditure” and “non-sustaining capital expenditure” for each of the three financial years in the period ended 31 December 2025 is presented on a total (managed operations/non-managed joint ventures) and segment basis in Note C below. 163 Note A — All-in sustaining costs and total cash costs per ounce reconciliation For the year ended 31 December 2025 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other(3) Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia All-in sustaining costs Cost of sales per segmental information(2) 6 432 432 424 458 591 773 789 (1) 3,034 442 527 40 1,009 By-product revenue — (2) (2) — (1) — (4) (4) — (9) (2) (4) — (6) Realised other commodity contracts — — — — — — — — — — — — — — Amortisation of tangible, intangible and right of use assets (4) (107) (107) (113) (87) (64) (256) (379) — (899) (67) (113) (1) (181) Adjusted for decommissioning and inventory amortisation — — — — (1) — (1) — — (2) 1 — — 1 Corporate administration, marketing and related expenses 135 — — — — — — — — — — — — — Lease payment sustaining 1 (1) (1) 6 — 5 21 3 — 35 15 21 1 37 Sustaining exploration and study costs — — — 4 1 10 9 — — 24 2 — — 2 Total sustaining capital expenditure 2 71 71 101 174 85 218 145 — 723 87 35 — 122 All-in sustaining costs(4) 139 393 393 421 544 627 760 554 — 2,906 478 467 40 985 Gold sold - oz (000) — 298 298 201 269 289 499 507 — 1,765 230 309 — 539 All-in sustaining costs per ounce - $/oz(1) — 1,317 1,317 2,096 2,026 2,165 1,525 1,094 — 1,647 2,078 1,508 — 1,825 AMERICAS Adjusted to exclude Sukari (5) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint ventures Managed operations Managed operations Africa Managed operations All-in sustaining costs Cost of sales per segmental information(2) 441 391 139 2 973 — 432 5,022 2,245 4,233 By-product revenue (130) (18) — — (148) — (2) (163) (5) (159) Realised other commodity contracts — — — — — — — — — — Amortisation of tangible, intangible and right of use assets (68) (105) (30) — (203) — (107) (1,287) (520) (908) Adjusted for decommissioning and inventory amortisation (3) (1) — — (4) — — (5) (2) (5) Corporate administration, marketing and related expenses — — — — — 3 — 138 — 138 Lease payment sustaining — 23 8 — 31 2 (1) 106 32 103 Sustaining exploration and study costs 6 1 — — 7 1 — 34 24 34 Total sustaining capital expenditure 64 119 37 — 220 3 71 1,070 578 925 All-in sustaining costs(4) 309 410 154 3 876 8 393 4,914 2,352 4,360 Gold sold - oz (000) 178 272 53 — 503 — 298 2,807 1,258 2,300 All-in sustaining costs per ounce - $/oz(1) 1,726 1,506 2,951 — 1,741 — 1,317 1,751 1,870 1,895 (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to “Item 18: Financial Statements—Note 2—Segmental information”. (3) Corporate includes non-gold producing managed operations. (4) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. 164 For the year ended 31 December 2025 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other(3) Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia Total cash costs Cost of sales per segmental information(2) 6 432 432 424 458 591 773 789 (1) 3,034 442 527 40 1,009 - By-product revenue — (2) (2) — (1) — (4) (4) — (9) (2) (4) — (6) - Inventory change — 8 8 (3) (4) — 3 (12) — (16) 3 (5) — (2) - Amortisation of tangible assets (3) (106) (106) (107) (87) (59) (234) (377) — (864) (52) (89) — (141) - Amortisation of right of use assets — (1) (1) (6) — (5) (22) (2) — (35) (15) (24) (1) (40) - Amortisation of intangible assets (1) — — — — — — — — — — — — — - Environmental rehabilitation and other non-cash costs — 17 17 (13) (13) (11) (6) (3) — (46) 4 — (1) 3 - Retrenchment costs — — — — — — — — — — — — — — Total cash costs (4) 2 348 348 295 353 516 510 391 (1) 2,064 379 406 37 822 Gold produced - oz (000) — 303 303 199 266 289 492 500 — 1,746 232 305 — 537 Total cash costs per ounce - $/oz(1) — 1,148 1,148 1,482 1,325 1,783 1,038 783 — 1,182 1,634 1,330 — 1,530 AMERICAS Adjusted to exclude Sukari (5) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint ventures Managed operations Managed operations Africa Managed operations Total cash costs Cost of sales per segmental information(2) 441 391 139 2 973 — 432 5,022 2,245 4,233 - By-product revenue (130) (18) — — (148) — (2) (163) (5) (159) - Inventory change (4) — 1 — (3) — 8 (21) (4) (9) - Amortisation of tangible assets (68) (86) (24) — (178) — (106) (1,186) (487) (809) - Amortisation of right of use assets — (19) (6) — (25) — (1) (100) (33) (98) - Amortisation of intangible assets — — — — — — — (1) — (1) - Environmental rehabilitation and other non-cash costs (18) — 5 — (13) — 17 (56) (43) (53) - Retrenchment costs (1) (1) (1) — (3) — — (3) — (3) Total cash costs (4) 220 266 115 2 603 — 348 3,491 1,673 3,100 Gold produced - oz (000) 179 273 53 — 505 — 303 2,788 1,246 2,288 Total cash costs per ounce - $/oz(1) 1,227 976 2,165 — 1,195 — 1,148 1,252 1,342 1,355 (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to “Item 18: Financial Statements—Note 2—Segmental information”. (3) Corporate includes non-gold producing managed operations. (4) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. 165 For the year ended 31 December 2024 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other (3) Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia All-in sustaining costs Cost of sales per segmental information(2) (1) 380 380 351 360 518 612 83 — 1,924 430 479 36 945 By-product revenue — (2) (2) — (1) (1) (2) — — (4) (2) (3) — (5) Realised other commodity contracts — — — — — — — — — — — — — — Amortisation of tangible, intangible and right of use assets (4) (92) (92) (79) (75) (51) (138) (20) — (363) (77) (112) (1) (190) Adjusted for decommissioning and inventory amortisation — — — — — — (1) — — (1) (1) — — (1) Corporate administration, marketing and related expenses 115 — — — — — — — — — — — — — Lease payment sustaining 1 (1) (1) 6 — 3 22 — — 31 18 10 1 29 Sustaining exploration and study costs — — — — 2 6 6 — — 14 1 — — 1 Total sustaining capital expenditure 1 68 68 108 145 93 181 20 — 547 65 37 — 102 All-in sustaining costs(4) 112 354 354 385 430 569 680 83 — 2,147 434 411 36 881 Gold sold - oz (000) — 309 309 238 222 272 479 44 — 1,255 261 317 — 578 All-in sustaining costs per ounce - $/oz(1) — 1,146 1,146 1,614 1,942 2,093 1,418 1,858 — 1,709 1,665 1,297 — 1,526 AMERICAS Adjusted to exclude Sukari (5) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint ventures Managed operations Managed operations Africa Managed operations All-in sustaining costs Cost of sales per segmental information(2) 368 352 136 2 858 — 380 3,726 1,841 3,643 By-product revenue (109) (2) — — (111) — (2) (120) (4) (120) Realised other commodity contracts — — — — — — — — — — Amortisation of tangible, intangible and right of use assets (61) (112) (22) — (195) — (92) (752) (343) (732) Adjusted for decommissioning and inventory amortisation 9 (1) (1) — 7 — — 5 (1) 5 Corporate administration, marketing and related expenses — — — — — 3 — 118 — 118 Lease payment sustaining — 27 10 — 37 1 (1) 99 31 99 Sustaining exploration and study costs 6 2 — — 8 1 — 24 14 24 Total sustaining capital expenditure 71 98 40 — 209 5 68 864 527 844 All-in sustaining costs(4) 284 365 162 2 813 10 354 3,963 2,064 3,880 Gold sold - oz (000) 183 274 80 — 537 — 309 2,370 1,211 2,326 All-in sustaining costs per ounce - $/oz(1) 1,544 1,334 2,039 — 1,514 — 1,146 1,672 1,704 1,668 (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to “Item 18: Financial Statements—Note 2—Segmental information”. (3) Corporate includes non-gold producing managed operations. (4) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. 166 For the year ended 31 December 2024 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other(3) Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia Total cash costs Cost of sales per segmental information(2) (1) 380 380 351 360 518 612 83 — 1,924 430 479 36 945 - By-product revenue — (2) (2) — (1) (1) (2) — — (4) (2) (3) — (5) - Inventory change — 2 2 1 (2) 4 7 (17) — (7) (3) (7) — (10) - Amortisation of tangible assets (3) (91) (91) (75) (75) (48) (111) (19) — (328) (61) (106) — (167) - Amortisation of right of use assets (1) (1) (1) (4) — (3) (27) (1) — (35) (16) (6) (1) (23) - Amortisation of intangible assets — — — — — — — — — — — — — — - Environmental rehabilitation and other non-cash costs — 1 1 (7) (14) (6) (3) — — (30) (2) (2) (1) (5) - Retrenchment costs — — — — — — — — — — — — — — Total cash costs (4) (5) 289 289 265 268 465 476 46 (1) 1,519 347 354 34 735 Gold produced - oz (000) — 309 309 237 221 273 483 40 — 1,254 259 313 — 572 Total cash costs per ounce - $/oz(1) — 935 935 1,118 1,214 1,703 984 1,165 — 1,212 1,343 1,132 — 1,287 AMERICAS Adjusted to exclude Sukari (5) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint ventures Managed operations Managed operations Africa Managed operations Total cash costs Cost of sales per segmental information(2) 368 352 136 2 858 — 380 3,726 1,841 3,643 - By-product revenue (109) (2) — — (111) — (2) (120) (4) (120) - Inventory change 1 (2) — — (1) — 2 (18) 10 (1) - Amortisation of tangible assets (61) (89) (18) — (168) — (91) (666) (309) (647) - Amortisation of right of use assets — (23) (4) — (27) — (1) (86) (35) (86) - Amortisation of intangible assets — — — — — — — — — — - Environmental rehabilitation and other non-cash costs (10) 2 — — (8) — 1 (43) (30) (43) - Retrenchment costs (1) (1) (1) — (3) — — (3) — (3) Total cash costs (4) 189 237 113 2 541 — 289 2,790 1,473 2,744 Gold produced - oz (000) 175 271 80 — 526 — 309 2,352 1,214 2,312 Total cash costs per ounce - $/oz(1) 1,073 876 1,411 — 1,027 — 935 1,187 1,213 1,187 (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to “Item 18: Financial Statements—Note 2—Segmental information”. (3) Corporate includes non-gold producing managed operations. (4) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (5) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. 167 For the year ended 31 December 2023 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other(3) Kibali Other Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia All-in sustaining costs Cost of sales per segmental information(2) 4 372 — 372 387 313 473 566 — 1,739 399 438 30 867 By-product revenue — (2) — (2) — (1) — (2) — (3) (1) (3) — (4) Realised other commodity contracts 7 — — — — — — — — — — — — — Amortisation of tangible, intangible and right of use assets (5) (99) — (99) (129) (61) (39) (91) — (320) (58) (104) (1) (163) Adjusted for decommissioning and inventory amortisation — 1 — 1 — — — (1) — (1) (1) — — (1) Corporate administration, marketing and related expenses 92 — — — — — — — — — — — — — Lease payment sustaining 2 2 — 2 3 — — 26 — 29 16 11 1 28 Sustaining exploration and study costs — — — — — 2 6 12 (1) 19 2 1 — 3 Total sustaining capital expenditure 1 52 — 52 96 148 74 162 — 480 47 50 1 98 All-in sustaining costs(4) 101 326 — 326 357 401 514 672 (1) 1,943 404 393 31 828 Gold sold - oz (000) — 343 — 343 268 226 260 479 — 1,233 256 301 — 557 All-in sustaining costs per ounce - $/oz(1) — 951 — 951 1,329 1,777 1,976 1,403 — 1,576 1,583 1,304 — 1,487 AMERICAS Adjusted to exclude theCórrego do Sítio operation (5) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non managed joint ventures Managed operations Córrego do Sítio AngloGoldAshantiMineração Americas Managed operations All-in sustaining costs Cost of sales per segmental information(2) 307 453 169 2 931 — 372 3,541 104 349 827 3,437 By-product revenue (93) (2) — — (95) — (2) (102) — (2) (95) (102) Realised other commodity contracts — — — — — — — 7 — — — 7 Amortisation of tangible, intangible and right of use assets (39) (88) (43) — (170) — (99) (658) (6) (82) (164) (652) Adjusted for decommissioning and inventory amortisation 1 (3) — — (2) (1) 1 (5) — (3) (2) (5) Corporate administration, marketing and related expenses — — — — — 2 — 94 — — — 94 Lease payment sustaining — 33 8 (1) 40 1 2 100 7 26 33 93 Sustaining exploration and study costs 6 1 — 1 8 2 — 32 — 1 8 32 Total sustaining capital expenditure 75 122 55 — 252 11 52 842 19 103 233 823 All-in sustaining costs(4) 257 516 189 2 964 15 326 3,851 124 392 840 3,727 Gold sold - oz (000) 163 285 86 — 534 — 343 2,324 43 242 491 2,281 All-in sustaining costs per ounce - $/oz(1) 1,581 1,807 2,198 — 1,805 — 951 1,657 2,894 1,615 1,710 1,634 (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to “Item 18: Financial Statements—Note 2—Segmental information”. (3) Corporate includes non-gold producing managed operations. (4) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (5) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. Rounding of figures may result in computational discrepancies. 168 For the year ended 31 December 2023 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other(3) Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia Total cash costs Cost of sales per segmental information(2) 4 372 372 387 313 473 566 — 1,739 399 438 30 867 - By-product revenue — (2) (2) — (1) — (2) — (3) (1) (3) — (4) - Inventory change — 2 2 (2) 4 1 5 (1) 7 (6) 14 — 8 - Amortisation of tangible assets (3) (98) (98) (126) (61) (39) (68) — (294) (43) (97) — (140) - Amortisation of right of use assets (1) (1) (1) (3) — — (23) — (26) (15) (7) (1) (23) - Amortisation of intangible assets (1) — — — — — — — — — — — — - Environmental rehabilitation and other non-cash costs 1 2 2 (3) (6) (6) (1) — (16) (1) (2) (1) (4) - Retrenchment costs — — — — — — — — — — — — — Total cash costs (4) — 275 275 253 249 429 477 (1) 1,407 333 343 28 704 Gold produced - oz (000) — 343 343 268 224 260 485 — 1,237 252 310 — 562 Total cash costs per ounce - $/oz(1) 802 802 943 1,114 1,650 984 — 1,138 1,318 1,105 — 1,251 AMERICAS Adjusted to exclude theCórrego do Sítio operation (5) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint ventures Managed operations Córrego do Sítio AngloGoldAshantiMineração Americas Managed operations Total cash costs Cost of sales per segmental information(2) 307 453 169 2 931 — 372 3,541 104 349 827 3,437 - By-product revenue (93) (2) — — (95) — (2) (102) — (2) (95) (102) - Inventory change (2) (2) — 1 (3) — 2 12 (2) — (1) 14 - Amortisation of tangible assets (39) (66) (37) — (142) — (98) (579) (3) (63) (139) (576) - Amortisation of right of use assets — (22) (6) — (28) — (1) (78) (3) (19) (25) (75) - Amortisation of intangible assets — — — — — — — (1) — — — (1) - Environmental rehabilitation and other non-cash costs (1) (4) 3 (1) (3) — 2 (22) (3) (1) — (19) - Retrenchment costs — (2) (1) (1) (4) — — (4) — (2) (4) (4) Total cash costs (4) 172 355 128 1 656 — 275 2,767 93 262 563 2,674 Gold produced - oz (000) 164 294 86 — 544 — 343 2,343 42 252 502 2,301 Total cash costs per ounce - $/oz(1) 1,045 1,210 1,498 — 1,207 — 802 1,181 2,217 1,041 1,122 1,162 (1) In addition to the operational performances of the mines, “all-in sustaining costs per ounce” and “total cash costs per ounce” are affected by fluctuations in the foreign currency exchange rate. AngloGold Ashanti reports “all-in sustaining costs per ounce” calculated to the nearest US dollar amount and gold sold in ounces. AngloGold Ashanti reports “total cash costs per ounce” calculated to the nearest US dollar amount and gold produced in ounces. “All-in sustaining costs per ounce” and “total cash costs per ounce” may not be calculated based on amounts presented in this table due to rounding. (2) Refer to “Item 18: Financial Statements—Note 2—Segmental information”. (3) Corporate includes non-gold producing managed operations. (4) “Total cash costs” and “all-in sustaining costs” may not be calculated based on amounts presented in this table due to rounding. (5) Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. Rounding of figures may result in computational discrepancies. 169 Note B — Average gold price received per ounce reconciliation Year ended 31 December (in US dollar million, except as otherwise noted) 2025 2024 2023 ManagedOperations Non-ManagedJoint Ventures ManagedOperations Non-ManagedJoint Ventures ManagedOperations Non-ManagedJoint Ventures Gold income 9,730 1,038 5,673 741 4,480 668 Adjustment for CdS gold income (1) — — — — (84) — 9,730 1,038 5,673 741 4,396 668 Gold sold - oz (000) (1) 2,807 298 2,370 309 2,281 343 Average gold price received per ounce ($/oz) 3,466 3,483 2,393 2,401 1,927 1,948 (1)Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. Rounding of figures may result in computational discrepancies. Note C — Sustaining capital expenditure and non-sustaining capital expenditure reconciliation For the year ended 31 December 2025 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia Sustaining capital expenditure 2 71 71 101 174 85 218 145 — 723 87 35 — 122 Non-sustaining capital expenditure — 80 80 72 35 17 20 117 — 261 — 63 — 63 Capital expenditure 2 151 151 173 209 102 238 262 — 984 87 98 — 185 AMERICAS Adjusted to exclude Sukari (1) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint operations Managed operations Managed operations Africa Managed operations Sustaining capital expenditure 64 119 37 — 220 3 71 1,070 578 925 Non-sustaining capital expenditure — 16 — — 16 39 80 379 144 262 Capital expenditure 64 135 37 — 236 42 151 1,449 722 1,187 (1) Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. 170 For the year ended 31 December 2024 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Sukari Africa other Managed operations Sunrise Dam Tropicana Australia other Australia Sustaining capital expenditure 1 68 68 108 145 93 181 20 — 547 65 37 — 102 Non-sustaining capital expenditure — 57 57 61 57 9 15 — — 142 — 51 — 51 Capital expenditure 1 125 125 169 202 102 196 20 — 689 65 88 — 153 AMERICAS Adjusted to exclude Sukari (1) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint Ventures Managed operations Managed operations Africa Managed operations Sustaining capital expenditure 71 98 40 — 209 5 68 864 527 844 Non-sustaining capital expenditure — — — — — 33 57 226 142 226 Capital expenditure 71 98 40 — 209 38 125 1,090 669 1,070 (1)Adjusted to exclude the Sukari operation which was acquired on 22 November 2024 as part of the Centamin acquisition. Rounding of figures may result in computational discrepancies. 171 For the year ended 31 December 2023 (in US dollar million, except as otherwise noted) AFRICA AUSTRALIA Corporate and other Kibali Non-managed joint ventures Iduapriem Obuasi Siguiri Geita Africa other Managed operations Sunrise Dam Tropicana Australia other Australia Sustaining capital expenditure 1 52 52 96 148 74 162 — 480 47 50 1 98 Non-sustaining capital expenditure — 33 33 46 66 4 29 — 145 — 37 — 37 Capital expenditure 1 85 85 142 214 78 191 — 625 47 87 1 135 AMERICAS Adjusted to exclude theCórrego do Sítio operation (1) CerroVanguardia AngloGoldAshantiMineração Serra Grande Americas other Americas Projects Non-managed joint ventures Managed operations Córrego do Sítio AngloGoldAshantiMineração Americas Managed operations Sustaining capital expenditure 75 122 55 — 252 11 52 842 19 103 233 823 Non-sustaining capital expenditure — 2 — — 2 16 33 200 2 — — 198 Capital expenditure 75 124 55 — 254 27 85 1,042 21 103 233 1,021 (1)Adjusted to exclude the Córrego do Sítio (CdS) operation which was placed on care and maintenance in August 2023. Rounding of figures may result in computational discrepancies. 172 5B.LIQUIDITY AND CAPITAL RESOURCES In management’s opinion, AngloGold Ashanti’s working capital is sufficient to meet the Company’s present requirements. Comparison of cash flows in 2025 with 2024 Cash flows from operating activities Cash flows from operating activities increased by $2,816 million, or 143%, from $1,968 million in 2024 to $4,784 million in 2025. This increase in cash flows from operating activities was primarily due to increased revenue across AngloGold Ashanti’s mining operations (driven by a higher average gold price received per ounce), increased gold sales volumes and higher dividends received from joint ventures, partially offset by higher total operating costs and increased tax payments. Net cash outflow from working capital items amounted to $174 million in 2025, compared with an outflow of $254 million in 2024. The decrease in outflow from working capital items in 2025 mainly related to a decrease in inventories and an increase in trade and other payables, partially offset by an increase in trade, other receivables and other assets. Movements in working capital are generally timing-related. Trade, other receivables and other assets were also impacted by ongoing movements in value added tax (“VAT”) recoveries at Geita in Tanzania as well as foreign exchange controls at Cerro Vanguardia in Argentina. In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) increased by $8 million, or 5%, from $163 million at 31 December 2024 to $171 million at 31 December 2025, as a result of new claims of $96 million submitted to the Tanzania Revenue Authority during 2025 and revaluation and discounting adjustments of $13 million, reduced by verified VAT claims of $101 million offset against corporate tax payments in 2025. AngloGold Ashanti expects to continue offsetting eligible VAT claims against corporate taxes as part of its recovery strategy. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Tanzania”. In Argentina, Cerro Vanguardia’s cash balance decreased by $37 million (equivalent), or 28%, from $134 million (equivalent) at 31 December 2024 to $97 million (equivalent) at 31 December 2025. The cash remains fully available for Cerro Vanguardia’s operational and exploration requirements. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Americas Region—Argentina”. See “—Liquidity—Sources of liquidity—Cash and cash equivalents” below for information regarding cash movements at Cerro Vanguardia, AngloGold Ashanti’s Argentinean operation. Dividends received from joint ventures increased by $34 million, or 39%, from $88 million in 2024 to $122 million in 2025. In this connection, cash flows from operating activities were impacted by the level of cash repatriation from, and movements in the VAT lock-up at, the Kibali joint venture in the DRC. During 2025, AngloGold Ashanti’s cumulative cash receipts from the Kibali joint venture amounted to $283 million, of which $122 million (net of withholding taxes) in the form of dividends and $161 million in the form of loan repayments (net of bank fees). This compares to cumulative cash receipts of $237 million received by AngloGold Ashanti in 2024 from the Kibali joint venture consisting of dividends of $88 million (net of withholding taxes) and $149 million in loan repayments (net of bank fees). AngloGold Ashanti’s attributable share of the outstanding cash balances awaiting repatriation from the DRC increased by $71 million, or 182%, from $39 million at 31 December 2024 to $110 million at 31 December 2025. The cash is fully available for the operational requirements of the Kibali joint venture. In addition, the Kibali joint venture is due certain refunds of VAT which, to date, remain outstanding. During 2025, AngloGold Ashanti recovered VAT refunds of $57 million attributable to it from its operations in the DRC. AngloGold Ashanti’s attributable share of the net recoverable VAT balance (including recoverable fuel duty and after discounting provisions) owed to AngloGold Ashanti by the DRC government decreased by $2 million, or 3%, from $65 million at 31 December 2024 to $63 million at 31 December 2025. This decrease was driven by $57 million of VAT refunds received, partially offset by $25 million in new claims submitted, $7 million in revaluation adjustments and a $23 million decrease in the discounting provision. See “Item 4B: Business Overview—The Regulatory Environment Enabling AngloGold Ashanti to Mine—Africa Region—Democratic Republic of the Congo (DRC)”. Net taxation paid increased by $564 million from $183 million in 2024 to $747 million in 2025. This increase in net taxation paid was mainly due to higher taxable income due to the increase in the average gold price received, higher withholding taxes paid resulting from higher dividends declared and a once-off settlement of a tax liability in Brazil relating to the 2020 to 2024 financial years of $90 million due to the misclassification of certain costs in those years. See “Item 18: Financial Statements—Note 1.4— Error in the classification of deferred taxation assets and liabilities and current taxation liability”. Cash flows from investing activities Cash flows from investing activities amounted to a net outflow of $1,180 million in 2025, $418 million, or 55%, higher than an outflow of $762 million in 2024. This increase was largely due to an increase in capital expenditure on tangible and intangible assets of $359 million, the acquisition of Augusta Gold Corp. for $158 million in October 2025 and $68 million less net cash acquired from the 2024 acquisition of Centamin, partially offset by $25 million in proceeds received on the sale of AngloGold Ashanti’s interests in the Doropo project in Côte d’Ivoire, $52 million in net proceeds received on the sale of Mineração Serra Grande S.A., $70 million received on the disposal of the Company’s investment in G2 Goldfields and less investment in other assets (primarily the Company’s investments in G2 Goldfields during 2024). 173 Cash flows from financing activities Cash flows from financing activities in 2025 amounted to a net outflow of $2,104 million, which is a change of $1,377 million from an outflow of $727 million in 2024. This increase in outflow was mainly due to higher dividends paid to external shareholders and distributions to non-controlling interests, increased finance costs on borrowings and lower proceeds from borrowings, partially offset by lower repayments of borrowings. Cash inflows from proceeds from borrowings decreased by $370 million, from $655 million in 2024 to $285 million in 2025. In 2025, AngloGold Ashanti drew $285 million on the 2025 Geita RCF (as defined below). This was in the form of $180 million (USD component) and TZS 286.6 billion (equivalent to $105 million) (Tanzanian shilling component). In 2024, AngloGold Ashanti partially drew $655 million on the $1.4 billion 2022 multi-currency RCF (as defined below). Cash outflows from repayment of borrowings decreased by $664 million, from $909 million in 2024 to $245 million in 2025. In 2025, AngloGold Ashanti repaid $180 million under the $1.4 billion 2022 multi-currency RCF and repaid $65 million under the 2025 Siguiri RCF (as defined below). In 2024, AngloGold Ashanti repaid $725 million under the $1.4 billion 2022 multi-currency RCF and $184 million under the $289 million 2021 Geita RCF that has since matured. Finance costs paid on borrowings increased by $38 million, from $126 million in 2024 to $164 million in 2025, primarily due to interest paid of $39 million on a once-off settlement of a tax liability in Brazil of $90 million relating to the 2020 to 2024 financial years as a result of the misclassification of certain costs in those years. See “Item 18: Financial Statements—Note 1.4—Error in the classification of deferred taxation assets and liabilities and current taxation liability”. Dividends paid to external shareholders and distributions to non-controlling interests increased by $1,627 million, from $244 million in 2024 to $1,871 million in 2025. Dividends paid to AngloGold Ashanti’s shareholders increased by $1,111 million, from $172 million in 2024 to $1,283 million in 2025. Distributions paid to non-controlling interests increased by $516 million, from $72 million in 2024 to $588 million in 2025, of which $485 million were distributions paid to the non-controlling interests of Centamin. Such distributions were paid by the Company’s non-wholly owned subsidiaries CVSA, Siguiri and Sukari to their respective non- AGA related shareholders. Liquidity Sources of liquidity To service the capital commitments and other operational requirements, AngloGold Ashanti is dependent on existing cash resources, cash generated from operations and borrowings (in the form of bonds and credit facilities). AngloGold Ashanti intends to finance its capital expenditure, capital lease obligations, other purchase obligations, environmental rehabilitation expenditures and debt repayment requirements in 2026 from cash on hand, cash flow from operations, existing credit facilities and, potentially, if deemed appropriate, long-term debt financing and the issuance of equity and equity-linked instruments. As part of the management of liquidity, funding and interest rate risk, the Group regularly evaluates market conditions and may enter into transactions, from time to time, to repurchase outstanding debt, pursuant to open market purchases, privately negotiated transactions, tender offers or other means. Cash and cash equivalents At 31 December 2025, AngloGold Ashanti had cash and cash equivalents (net of bank overdraft) of $2,882 million. Of this amount, 90% is held in US dollars, 5% in Australian dollars, 2% in Ghanaian cedis and 3% in other currencies. Amounts are converted to US dollars at exchange rates at 31 December 2025. During the second quarter of 2025, CVSA approved its 2024 local financial statements and declared dividends attributable to the 2024 financial year to AngloGold Ashanti’s offshore (equivalent $222 million) and onshore (equivalent $23 million) investment holding companies. CVSA has paid all the offshore dividends to AngloGold Ashanti by utilising a currency swap mechanism to secure the required US dollars. Regarding onshore payments, CVSA paid $9 million and expects to continue with onshore dividend payments, subject to cash availability, in order to pay the remaining amount of dividends declared. Cash generated from operations Cash generated from operations is subject to operational, market and other risks. Distributions from operations may be subject to foreign investment, exchange control laws and regulations and the quantity of foreign exchange available in offshore countries. For example, in accordance with the rules and regulations of the Central Bank of Argentina, cash generated by our Argentinean operations is held in Argentinean peso and is subject to monetary and exchange policy controls. In addition, distributions from joint ventures are subject to relevant board approvals. AngloGold Ashanti’s revenues are derived primarily from the sale of gold produced at its mines. Cash flows from operating activities are therefore the function of gold produced that is sold at a specific price. The market price of gold can fluctuate widely, which impacts the profitability of the Company’s operations and the cash flows generated by these operations. 174 Borrowings The credit facilities contain financial covenants and other similar undertakings. To the extent that external borrowings are required, the Company’s covenant performance indicates that existing financing facilities will be available to meet the above commitments. To the extent that any of the financing facilities mature in the near future, the Company believes that sufficient measures are in place to ensure that these facilities can be refinanced. A full analysis of the borrowings as presented on the statement of financial position is included in “Item 18: Financial Statements —Note 25—Borrowings”. Bonds Each of the series of notes described below were issued under the indenture dated as of 28 April 2010, as amended and supplemented by the first supplemental indenture dated as of 23 September 2023 (as so amended and supplemented), among AngloGold Ashanti Holdings plc, as issuer, AngloGold Ashanti plc, as successor guarantor to AngloGold Ashanti Limited (currently known as AngloGold Ashanti (Pty) Ltd), and The Bank of New York Mellon, as trustee. During April 2010, AngloGold Ashanti Holdings plc issued a rated bond, fully and unconditionally guaranteed by AngloGold Ashanti plc. The 30-year ($300 million) bond with a semi-annual coupon of 6.50% per annum (the “2040 notes”) will mature on 15 April 2040, unless the Company redeems the bond earlier. See also “Item 10C: Material Contracts—Notes—2040 Notes”. During October 2020, AngloGold Ashanti Holdings plc issued a rated bond, fully and unconditionally guaranteed by AngloGold Ashanti plc. The 10-year ($700 million) bond with a semi-annual coupon of 3.750% per annum (the “2030 notes”) will mature on 1 October 2030, unless the Company redeems the bond earlier. See also “Item 10C: Material Contracts—Notes—2030 Notes”. During October 2021, AngloGold Ashanti Holdings plc issued a rated bond, fully and unconditionally guaranteed by AngloGold Ashanti plc. The 7-year ($750 million) bond with a semi-annual coupon of 3.375% per annum (the “2028 notes”) will mature on 1 November 2028, unless the Company redeems the bond earlier. See also “Item 10C: Material Contracts—Notes—2028 Notes”. Credit facilities On 17 February 2025, Geita Gold Mining Limited, as borrower, completed the negotiation of a new three-year unsecured multi- currency revolving credit facility with Nedbank Limited (“Nedbank”), as underwriter and agent, and certain financial institutions party thereto (the “2025 Geita RCF”). The 2025 Geita RCF consists of a Tanzanian shilling component capped at TZS 189.57 billion, bearing interest at the Tanzanian treasury bill rate plus a 5% margin, with a floor of 12.5% and a ceiling of 17.5%, and a USD component capped at $200 million, bearing interest at Term SOFR plus a margin of 6.7% and a credit adjustment spread. In addition, the 2025 Geita RCF provides for an accordion option providing additional availability of up to a maximum of TZS 97.0 billion, capped at a total commitment not to exceed an equivalent of approximately $300 million in total borrowings. On 13 March 2025, the TZS portion of the 2025 Geita RCF was increased by TZS 97.0 billion to TZS 286.57 billion. In connection with this increase, the USD portion of the 2025 Geita RCF was decreased by $15 million to $185 million. As of 31 December 2025, $180 million was drawn under the USD component of the 2025 Geita RCF, which proceeds were used to repay the intercompany loan from AngloGold Ashanti Holdings plc and TZS 286.57 billion (equivalent to approximately $117 million) was drawn under the Tanzanian shilling component for in-country working capital expenses. As of 16 March 2026, $180 million was drawn under the USD component of the 2025 Geita RCF and TZS 286.57 billion (equivalent to approximately $111 million) was drawn under the Tanzanian shilling component. On 9 June 2022, AngloGold Ashanti Holdings plc and AngloGold Ashanti Australia Limited, as borrowers, entered into a new five- year unsecured multi-currency syndicated revolving credit facility of $1.4 billion (the “2022 multi-currency RCF”) with the Bank of Nova Scotia, as facility agent, and certain financial institutions party thereto, as lenders. The 2022 multi-currency RCF refinanced the Company’s prior multi-currency RCF. The loan consists of (i) a US dollar based facility with interest charged at a margin of 1.45% above Compounded SOFR adjusted for CAS and (ii) an Australian dollar based facility capped at A$500 million with interest charged at a margin of 1.45% above BBSY. The applicable margin is subject to a ratings grid. In this regard, the interest margin will reduce if the Group’s credit rating improves from its current BB+/Baa3 status and will increase if its credit rating worsens. It is expected that the A$500 million portion of the 2022 multi-currency RCF will be used to fund the working capital and development costs associated with the Group’s mining operations within Australia without eroding the Group’s headroom under its other facilities and exposing the Group to foreign exchange gains/losses each quarter. On 24 May 2023, the maturity of the 2022 multi-currency RCF was extended by one year from 9 June 2027 to 9 June 2028, with the option, upon application, to extend it further by another year. On 4 July 2024, the maturity of the 2022 multi-currency RCF was extended by another year from 9 June 2028 to 9 June 2029, with no further option to extend. As of 31 December 2025, the 2022 multi-currency RCF was undrawn. As of 16 March 2026, the 2022 multi-currency RCF was undrawn. See also “Item 10C: Material Contracts—Multi- currency Revolving Credit Facility”. On 14 October 2025, Société AngloGold Ashanti de Guinée S.A., as borrower, entered into a three-year unsecured revolving credit facility of $65 million with Nedbank, as lender (the “2025 Siguiri RCF”). The current interest rate charged is Term SOFR plus 8%. The 2025 Siguiri RCF will mature on 14 October 2028, with the potential to extend it for an additional two years. The 175 2025 Siguiri RCF is a refinancing of an existing credit facility between Société AngloGold Ashanti de Guinée S.A. and Nedbank. As of 31 December 2025, the 2025 Siguiri RCF was undrawn. As of 16 March 2026, the 2025 Siguiri RCF remained undrawn. Environmental obligations Pursuant to environmental regulations in the countries in which the Group operates, in connection with plans for the eventual end of life of its mines, the Group is obligated to rehabilitate the lands where such mines are located. In most cases, AngloGold Ashanti is required to provide financial guarantees for such work, including reclamation bonds or letters of credit issued by third party entities, independent trust funds or cash reserves maintained by the operation, to the respective environmental protection agency, or such other government department with responsibility for environmental oversight in the respective country, to cover the estimated environmental rehabilitation obligations. In most cases, the environmental obligations will expire on completion of the rehabilitation although, in some cases, the Group may be required to post bonds for potential events or conditions that could arise after the rehabilitation has been completed. In Australia, since 2014, AngloGold Ashanti has paid into a Mine Rehabilitation Fund an amount of A$16 million (A$14 million as of 31 December 2024). At Iduapriem, AngloGold Ashanti has provided a bond comprising a cash component of $12 million ($12 million as of 31 December 2024) with a further bond guarantee amounting to $49 million ($45 million as of 31 December 2024) issued by ABSA Bank Ghana Limited, Standard Chartered Bank Ghana Ltd, Ecobank Ghana Ltd, United Bank for Africa, First Rand Bank Ghana Ltd and Stanbic Bank Ghana Ltd for a current carrying value of the liability of $61 million ($47 million as of 31 December 2024). At Obuasi, AngloGold Ashanti has provided a bond comprising a cash component of $22 million ($22 million as of 31 December 2024) with a further bank guarantee amounting to $30 million ($30 million as of 31 December 2024) issued by First National Bank Ghana Limited, Stanbic Bank Ghana Ltd and Standard Chartered Bank Ghana PLC for a current carrying value of the liability of $160 million ($148 million as of 31 December 2024). At Córrego do Sítio, AngloGold Ashanti has provided a bank guarantee amounting to $9 million ($7 million as of 31 December 2024) issued by Banco De Desenvolvimento De Minas Gerais S.A. for a current carrying value of the liability of $130 million ($91 million as of 31 December 2024). In some circumstances AngloGold Ashanti may be required to post further bonds in due course which will have a consequential income statement charge for the fees charged by the providers of the reclamation bonds. Current borrowings AngloGold Ashanti’s current borrowings decreased by $64 million, from $83 million at 31 December 2024 to $19 million at 31 December 2025. See “Item 18: Financial Statements—Note 25—Borrowings”. Non-current borrowings AngloGold Ashanti’s non-current borrowings increased by $124 million, from $1,901 million at 31 December 2024 to $2,025 million at 31 December 2025. See “Item 18: Financial Statements—Note 25—Borrowings”. As at 31 December 2025, AngloGold Ashanti’s total borrowings, including the short-term portion maturing within 2026, was made up as follows: $ (million) Total borrowings 2,044 Less: Short-term maturities (current borrowings) 19 Total non-current borrowings 2,025 Amounts falling due are scheduled as follows: $ (million) Within one year 19 Between one and two years — Between two and five years 1,732 After five years 293 Total 2,044 At 31 December 2025, there were $117 million of borrowings denominated in Tanzanian shillings. The remaining borrowings were denominated in US dollars. 176 At 31 December 2025, AngloGold Ashanti had the following undrawn amounts available under its borrowing facilities: $ (million) 2022 Multi-currency RCF 1,400 2025 Geita RCF 5 2025 Siguiri RCF 65 Total undrawn facilities 1,470 AngloGold Ashanti had no other committed lines of credit as of 31 December 2025. At 31 December 2025, the Group was in compliance with all debt covenants and provisions related to potential defaults under its bonds and credit facilities. See “Item 18: Financial Statements—Note 34—Financial risk management activities—Capital management” and “Item 10C: Material Contracts”. At 31 December 2025, lease liabilities were as follows: $ (million) Non-current 155 Current 59 Total 214 AngloGold Ashanti, through its executive committee, reviews its short-, medium- and long-term funding, treasury and liquidity requirements and positions monthly. Supplemental parent guarantor and subsidiary issuer financial information AngloGold Ashanti Holdings plc (the “Issuer”), a direct wholly-owned subsidiary of AngloGold Ashanti plc (the “Guarantor”), has issued three series of outstanding debt securities which are each fully and unconditionally guaranteed by the Guarantor (the “guaranteed debt securities”). The Issuer is a company incorporated under the laws of the Isle of Man that holds all of AngloGold Ashanti’s operations and assets (except for the remaining South African assets and liabilities). The guaranteed debt securities outstanding as of 31 December 2025 consisted of the 2028 notes, the 2030 notes and the 2040 notes. See “Item 10C: Material Contracts—Notes”. The Guarantor fully and unconditionally guarantees the payment of the principal of, premium, if any, and interest on each of the guaranteed debt securities, including any additional amounts, when and as any such payments become due, whether at maturity, upon redemption or declaration of acceleration, or otherwise. Each guarantee constitutes unsecured and unsubordinated debt of the Guarantor and ranks equally with all of its other unsecured and unsubordinated debt from time to time outstanding. Each guarantee is or will be effectively subordinated to any of the Guarantor’s existing and future secured debt, to the extent of the value of the assets securing such debt, and structurally subordinated to all of the existing and future liabilities (including trade payables) of each of the Guarantor’s subsidiaries (other than the Issuer). As at 31 December 2025, all of the debt of the Guarantor was unsecured. Under the terms of each full and unconditional guarantee, holders of the guaranteed debt securities will not be required to exercise their remedies against the Issuer before they proceed directly against the Guarantor. The following summarised financial information reflects, on a combined basis, the assets, liabilities, and results of operations of the Issuer and the Guarantor (collectively, the “Obligor Group”). Intercompany balances and transactions within the Obligor Group have been eliminated. Amounts attributable to the Obligor Group’s investment in consolidated subsidiaries that have not issued or guaranteed the guaranteed debt securities (the “Non-Obligor Subsidiaries”) have been excluded. The Obligor Group’s amounts due from, amounts due to and transactions with Non-Obligor Subsidiaries have been separately disclosed, if considered to be material. The summarised financial information below should be read in conjunction with AngloGold Ashanti’s consolidated financial statements as at and for the financial year ended 31 December 2025, see “Item 18: Financial Statements”. 177 Income statement information Obligor Group (1) $ (million) Year ended 31 December 2025 Net intergroup dividends, interest, royalties and fees with Non-Obligor Subsidiaries 4 Loss for the period (213) (1)The Guarantor’s principal activity is to act as a holding company for AngloGold Ashanti’s operations and had no revenue or costs related to sales for the financial year ended 31 December 2025. As a result, cost of sales and gross profit are not presented. The principal activity of the Issuer is to act as a holding company for all of AngloGold Ashanti’s operations and assets (except for the remaining South African assets and liabilities). Statement of financial position information Obligor Group $ (million) As at 31 December 2025 ASSETS Current assets Receivables due from Non-Obligor Subsidiaries 1,715 Receivables due from other related parties 133 Other current assets 1,707 3,555 Non-current assets Receivables due from other related parties 200 Other non-current assets 17 217 LIABILITIES Current liabilities Payables due to Non-Obligor Subsidiaries 623 Other current liabilities 25 648 Non-current liabilities 1,732 Contractual commitments and contingencies For a detailed discussion of commitments and contingencies, see “Item 18: Financial Statements—Note 33—Contractual commitments and contingencies”. At 31 December 2025, capital commitments can be summarised over the periods shown below as follows: Expiration per period Commitment Totalamount Less than1 year 1 – 3years 4 – 5years Over 5years (in millions) $ $ $ $ $ Capital expenditure (contracted and not yet contracted) (1) 1,189 927 262 — — (1)There were no commitments through contractual arrangements with equity-accounted non-managed joint ventures. To service the above capital commitments and other operational requirements, the Company is dependent on existing cash resources, cash generated from operations and borrowings on its credit facilities. 178 Contractual obligations At 31 December 2025, AngloGold Ashanti had the following known contractual obligations: Total Less than1 year 1 – 3years 4 – 5years More than5 years (in millions) $ $ $ $ $ Long-term debt obligations including interest(1) 2,614 108 1,229 792 485 Purchase obligations: - Contracted capital expenditure(2) 378 368 10 — — - Other purchase obligations(3) 1,686 741 858 86 1 Environmental rehabilitation costs(4) 1,141 114 220 98 709 Other(5) 355 85 130 61 79 Total 6,174 1,416 2,447 1,037 1,274 (1)Interest calculations are at the rate existing at the year end. Actual rates are set at floating rates for some of the borrowings (Refer to “Item 18: Financial Statements—Note 25—Borrowings”). (2)Represents contracted capital expenditure for which contractual obligations exist. (3)Other purchase obligations represent contractual obligations for mining contract services, purchase of power, supplies, consumable stores, inventories, explosives and activated carbon. (4)Pursuant to environmental requirements, AngloGold Ashanti is obligated to close its operations and reclaim and rehabilitate the lands upon which it conducted its mining and gold recovery operations. The present value of estimated closure costs at existing operating mines as well as mines in various stages of closure are reflected in this table. Costs are calculated using undiscounted real cash flows, not nominal cash flows. The amount will change from year to year depending on rehabilitation work undertaken, changes in design and methodology, and new occurrences. For more information on AngloGold Ashanti’s environmental rehabilitation obligations, see “Item 4B: Business Overview—Mine Site Rehabilitation and Closure” and “Item 4B: Business Overview— Sustainability and Environmental, Social and Governance (“ESG”) Matters”. (5) Other known contractual obligations includes right of use lease obligations, pensions and other post-retirement obligations, and a provision relating to the settlement of a silicosis and tuberculosis class action lawsuit in South Africa in 2019. Off-balance sheet arrangements AngloGold Ashanti does not engage in off-balance sheet financing activities, and does not have any off-balance sheet debt obligations, special purpose entities or unconsolidated associates. Recent developments Recent developments disclosed in “Item 18: Financial Statements—Note 35—Subsequent events” include the following details: Dividend declaration — On 20 February 2026, AngloGold Ashanti plc announced the payment of a gross interim cash dividend for the three months ended 31 December 2025 of 173 US cents per ordinary share. Geopolitical developments — Subsequent to the reporting date, geopolitical tensions in the Middle East escalated following military operations involving Iran. Management has assessed this event and concluded that it represents a non-adjusting subsequent event as the escalation occurred after the reporting date and does not provide evidence of conditions that existed at that date. Related party transactions For a detailed discussion of related party transactions, see “Item 7B: Related Party Transactions”. Recently adopted accounting standards and amendments to published accounting standards AngloGold Ashanti’s adoption of new accounting standards and amendments to published accounting standards are described in “Item 18: Financial Statements—Note 1—Statement of compliance—IFRS Accounting Standards, interpretations and amendments to published IFRS Accounting Standards”. Critical accounting policies AngloGold Ashanti’s accounting policies are described in the relevant notes to “Item 18: Financial Statements” under the heading “Accounting policies”. 179 Use of estimates and making of assumptions The preparation of the Company’s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the use of management estimates and assumptions relate to Mineral Reserve that are the basis of future cash flow estimates and unit-of-production depreciation, depletion and amortisation calculations; as well as environmental, reclamation, rehabilitation and closure obligations. The complex or subjective judgements that have the most significant effect on amounts recognised and the sources of estimation uncertainty where there is a significant risk of material adjustment to the carrying amounts of assets or liabilities in the next reporting period are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates and assumptions; however, actual amounts could differ significantly due to the ultimate conclusion of uncertainties. AngloGold Ashanti’s significant accounting judgements and estimates are described in the relevant notes to “Item 18: Financial Statements” under the heading “Significant accounting judgements and estimates”. 5C.RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES, ETC. Research and development expenditure included in the income statement was nil, less than $1 million and nil during 2025, 2024 and 2023, respectively. 5D.TREND INFORMATION For a discussion of trends affecting AngloGold Ashanti’s business and operations, see “Item 5A: Operating Results—Key factors affecting results”. 5E.CRITICAL ACCOUNTING ESTIMATES Not applicable.