Johannesburg, 22 February 2022 - AngloGold Ashanti Limited (“AngloGold Ashanti”, “AGA” or the “Company”)
continued taking clear steps under CEO Alberto Calderon to
ensure delivery on its strategic objectives, with an improved
second-half performance complemented by changes to its
leadership team and implementation of a new Operating Model.
The recovery from a difficult first half of 2021 continued, with a
12% step-up in production from operating assets* in the second
half of the year versus the first half. Cash costs fell 8% over
that period.
The Company continued to show exploration success, with the
addition of 2.7Moz of new Ore Reserve in 2021, more than
replacing depletion. A 3.4Moz new Mineral Resource was
added at the Silicon project in the US, and the Obuasi mine in
Ghana resumed production in January 2022 as planned. Free
cash flow for the year was $104m, more than reversing a first
half outflow.
The new Operating Model is now being implemented,
simplifying the organisational structure, eliminating duplication,
and ensuring the operating sites are properly resourced to
safely deliver planned production. This restructuring resulted in
the reduction of functional support roles at mid- and senior
management level across the global business, from 526 to 311,
for an estimated annualised saving of $40m.
“This new operating model brings a profound change to the
business; it sharpens our focus on safe, consistent delivery,
reduces wasteful effort and spending, and ensures clear,
single-point accountability for meeting our commitments,” Mr.
Calderon said. “These are all essential elements for us to start
closing the value gap with our peers.”
The Company continued to reinforce its leadership team. In
addition to Mr. Calderon’s appointment in September, three key
external appointments have been made in recent months
adding significant experience in transformation, talent
management, business improvement and mine planning, to a
seasoned group of existing executives.
Terry Briggs, a 30-year veteran of the industry and currently
Vice President: Planning at Newmont, has been appointed
Chief Development Officer, with oversight of planning,
exploration and business development; Lisa Ali, joins on 1 April
2022 as Chief People Officer after a long career with senior
leadership roles at BP and most recently Newcrest; and
Marcelo Godoy was appointed in November 2021 as Chief
Technology Officer from a senior leadership role at Newmont,
where he served for nine years and latterly headed up
exploration.
* Excludes production performance at the Obuasi mine.

2021 HIGHLIGHTS
Ore Reserve increased 2.7Moz pre-depletion, for a total of 8.7Moz
pre-depletion added over the last two years
In Nevada, maiden Mineral Resource at Silicon totalling 3.4Moz;
Corvus acquisition successfully completed on 18 January 2022
Inaugural Climate Change Report published; Absolute carbon
emissions in 2021 declined by 41% to 1.39Mt compared to 2.34Mt
in 2020**; GHG emissions reduced 69% since 2008
Improved balance sheet flexibility with new $750m, 7-year bond at
a record low coupon for AGA of 3.375% per annum
New Operating Model design completed to eliminate
inefficiencies, improve performance and ensure accountability;
Implementation of the new Operating Model ongoing
Key executive appointments concluded as part of new Operating
Model implementation
Full Asset Potential Review initiated across the portfolio
** Includes reduction due to sale of South African operations in 2020
SALIENT FEATURES
• Fatality-free second half of 2021; All-injury frequency rate of 2.13 injuries per million
hours worked in 2021
• Achieved revised production and capital guidance; cost guidance achieved when
adjusting for impacts of COVID-19
• Production of 2.472Moz for 2021; with 12% increase in production from operating assets
(excluding Obuasi) from 1,115koz in H1 2021 to 1,249koz in H2 2021
• Basic earnings decreased from $946m in 2020 to $622m in 2021, after once-off
expenses amounting to $87m
• Total cash costs of $963/oz for 2021; total cash costs down 8% from $1,003/oz in H1
2021 to $925/oz in H2 2021
• All-in sustaining costs (“AISC”) of $1,355/oz for 2021, reflecting higher sustaining capital
expenditures on reinvestment programme and Brazilian tailings storage facilities
(“TSFs”)
• Net cash inflow from operating activities decreased by 18% to $1,268m in 2021 from
$1,545m in 2020
• Free cash flow of $104m in 2021, a transitional year with significant portfolio
reinvestment, COVID-19 impact and voluntary suspension of mining at Obuasi
• Obuasi restarted and tracking ramp-up plan; Phase 2 construction complete, Phase 3 in
progress
• Adjusted net debt of $765m at end 2021; Adjusted net debt to Adjusted EBITDA ratio of
0.42 times
• Cash dividend of $107m received from Kibali in Q4 2021
• Final dividend declared of $60m or 14 US cents per share.

Financial and Operating Report
for the six months and year ended 31 December 2021
GROUP - Key statistics
Six months Six months Year Year
ended ended ended ended
Dec Dec Dec Dec
2021 2020 2021 2020
Operating review US Dollar / Imperial
Gold
Produced - oz (000) 1,272 1,482 2,472 2,806
Sold - oz (000) 1,269 1,471 2,483 2,834
Financial review
Price received per ounce * - $/oz 1,792 1,895 1,796 1,778
Total cash costs per ounce * - $/oz 925 807 963 790
All-in sustaining costs per ounce * - $/oz 1,376 1,069 1,355 1,037
All-in costs per ounce * - $/oz 1,631 1,209 1,577 1,185
Gold income - $m 1,992 2,405 3,903 4,322
Cost of sales - $m 1,457 1,409 2,857 2,699
Total cash costs - $m 1,171 1,129 2,334 2,074
Gross profit - $m 607 1,051 1,172 1,709
Profit (loss) attributable to equity shareholders - $m 260 564 622 946
- US cents/share 62 135 148 225
Headline earnings - $m 249 596 612 1,000
- US cents/share 59 142 146 238
Profit before taxation - $m 451 992 958 1,589
Adjusted EBITDA * - $m 925 1,434 1,801 2,470
Net cash inflow from operating activities - $m 801 993 1,268 1,545
Free cash inflow * - $m 129 566 104 743
Total borrowings - $m 2,094 2,084 2,094 2,084
Adjusted net debt * - $m 765 597 765 597
Capital expenditure (including equity-accounted joint ventures) - $m 640 411 1,100 757
* Refer to "Non-GAAP disclosure" following the Preliminary Condensed Consolidated Financial Statements for the year ended 31 December 2021 below and the “Glossary of Terms and
Abbreviations—Glossary of Terms and Non-GAAP Metrics” in the Company’s annual financial statements for the year ended 31 December 2020, for definitions.
$ represents US Dollar, unless otherwise stated. Rounding of figures may result in computational discrepancies.
The information in this Financial and Operating Report related to the six-month period and the year ended 31 December 2021 is based on the
continuing operations of the AngloGold Ashanti group, unless otherwise indicated. The South African producing assets and related liabilities, which
were sold on 30 September 2020, are recorded as discontinued operations. The Non-GAAP disclosures on pages 48 to 52 following the Preliminary
Condensed Consolidated Financial Statements for the year ended 31 December 2021 are based on the continuing operations of the AngloGold
Ashanti group, where indicated. For a breakdown of results between continuing and discontinued operations, refer to the comprehensive table on
page 4.

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