Johannesburg, 22 February 2023 - AngloGold Ashanti Limited
(“AngloGold Ashanti”, “AGA” or the “Company”) delivered on its strategic
objectives in 2022, achieving improvements in production, cash flow and
safety performance, while holding cost increases at around half the
inflation rate. Mineral Reserve additions again exceeded depletion.
“It’s been a year of significant progress, with the right Operating Model
and the right people in the right place. We delivered on our production
and cost commitments to the market and have begun to regain cost
competitiveness versus our peers,” said Chief Executive Officer Alberto
Calderon. “We’re seeing good progress in a number of places which
confirm we’re on the right track.”
AngloGold Ashanti last year introduced new members to its senior
leadership team, and redesigned its Operating Model, as it progressed its
strategy to narrow the cost gap with peers. The Company has started an
asset optimisation programme while self-funding its successful
exploration programmes as well as developing mining projects in Ghana
and Nevada.
Gold production of 2.742Moz in the year through 31 December was an
11% improvement versus gold production of 2.472Moz in 2021, ending
2022 at the top half of guidance. The Company also met guidance for
total capital expenditure and all-in sustaining costs (“AISC”), while total
cash costs ended less than 1% above the guidance range amid inflation
at multi-decade highs.
The operational result was underpinned by solid performances across
most of the portfolio, with the Obuasi gold mine in Ghana meeting
targeted production of 250,000oz as it continues on the ramp-up path to
its full production run-rate in excess of 400,000oz, which is expected by
the end of 2024.
Cost control was another highlight in a year dominated by the highest
inflation rates in more than forty years. Despite this, total cash costs per
ounce increased 6% to $1,024/oz for 2022 compared to $963/oz for
2021. The increase in AISC was limited to only 2% year-on-year to
$1,383/oz in 2022, from $1,355/oz in 2021.
The exploration success of the previous three years continued, with the
addition of 12.2Moz of Mineral Reserve, pre-depletion, during that period.
This is the sixth consecutive year AngloGold Ashanti has achieved a
positive net outcome.
The Company’s Total Recordable Injury Frequency Rate (“TRIFR”) of
1.26 injuries per million hours worked in 2022 improved compared to
2021, and remains far better than the average 2021 performance of 2.90
injuries per million hours worked by the members of the International
Council on Metals and Minerals. No fatalities were recorded during the
calendar year ended 31 December 2022 at the mines operated by the
Company, for the second time in the Company’s history.
Adjusted EBITDA was marginally lower at $1.797bn in 2022, from
$1.801bn in 2021. The Company recorded free cash flow of $657m in
2022, compared to $104m in 2021. The balance sheet remained in a
solid position after funding capital expenditure, two property acquisitions
in Nevada and paying an interim dividend. There was approximately
$2.5bn in liquidity, including cash and cash equivalents of $1.1bn, at year
end.

2022 HIGHLIGHTS
Record safety result: TRIFR improved 41% year-on-year to 1.26 injuries
per million hours worked; Zero fatalities at the mines operated by the
Company
Improving grade profile, with 10% improvement over 2021, underpins
operating fundamentals
Mineral Reserve increased 3.5Moz pre-depletion; 12.2Moz predepletion added over the last three years
Underlying cash cost improvement despite significant inflationary
pressure across the industry; a clear demonstration of our continued
progress to recovering our cost competitiveness
Free cash flow of $657m; underpinned by cash distributions received
from Kibali
Obuasi achieved production guidance of 250,000oz; Phase 3 on
schedule for completion by year-end 2023
Declared Mineral Resource at North Bullfrog (1.5Moz), Mother Lode
(1.7Moz) and Sterling (0.9Moz); Silicon added 0.8Moz
Consolidated our position in the Beatty district in Nevada through the
completion of the Corvus Gold and Coeur Sterling acquisitions
Final dividend of ZAR322 cents per share (equivalent 18 US cents per
share) declared; Full year dividend ZAR815 cents per share (equivalent
47 US cents per share)
SALIENT FEATURES FOR 2022
• Fatality-free 2022 at the mines operated by the Company; TRIFR of 1.26 injuries per
million hours worked, which improved 41% versus 2.14 in 2021
• Cost increases held at about half the inflation rate; Total cash costs increased by 6%
year-on-year from $963/oz in 2021 to $1,024/oz in 2022
• Guidance achieved for production, AISC and total capital expenditure; Total cash costs
<1% above top end of guidance amid inflation at multi-decade highs
• Production increased by 11% year-on-year from 2.472Moz in 2021 to 2.742Moz in 2022,
the upper half of guidance range
• Obuasi achieved production guidance of 250,000oz; Phase 3 on track for 2023 year-end
completion
• Basic earnings decreased from $622m in 2021 to $297m in 2022 and included higher
operating and exploration costs and impairments in Brazil
• AISC of $1,383/oz in 2022, an increase of 2% year-on-year from $1,355/oz in 2021,
reflecting higher cash costs impacted by inflationary pressures
• Net cash inflow from operating activities increased by 42%, despite marginal lower gold
price, to $1,804m in 2022, from $1,268m in 2021
• Free cash flow of $657m in 2022; free cash flow before growth capital more than
doubled to $996m in 2022 from $426m in 2021
• Adjusted net debt $878m; Adjusted net debt to Adjusted EBITDA ratio of 0.49 times
• H2 2022 dividend of $75m; 2022 full year dividend of $194m

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