AngloGold Ashanti will release results for the year ended 31 December 2022 (the “Period”) on the
Johannesburg Stock Exchange News Service on 22 February 2023.
With reference to the Listings Requirements of the JSE Limited, issuers are required to publish a trading
statement as soon as they become reasonably certain that the financial results for the period to be
reported on next will differ by at least 20% from those of the previous corresponding reporting period
(“comparative period”).
Operational Performance
AngloGold Ashanti delivered on its key strategic objectives during 2022, achieving improvements in production,
cash flow and safety performance.
AngloGold Ashanti achieved guidance for production, capital expenditure and all-in sustaining costs in the 12
months through 31 December 2022. Production for 2022 is expected to be 2.742Moz, compared to 2.472Moz in
2021, ending 2022 in the top half of the guidance range. In addition, the Obuasi gold mine in Ghana is expected
to achieve its production guidance for 2022 of 250,000oz.
Total cash costs in 2022 are expected to be less than 1% above the annual guidance range despite significant
volatility in the macro environment impacting input pricing and inflation across our industry.
The operational improvements followed solid performances across the portfolio, underpinned by an improving
grade profile amidst the ongoing reinvestment programme, and with Obuasi continuing its planned ramp-up.
Expected Headline Earnings and Basic Earnings
Shareholders are advised that AngloGold Ashanti has reasonable certainty that headline earnings for the Period
are expected to be between $530 million and $560 million, with headline earnings per share (“HEPS”) of
between 126 US cents and 133 US cents, a decrease of between 8% to 13% from the comparative period.
Headline earnings and HEPS for the comparative period in 2021 were $612 million and 146 US cents,
respectively.
Basic earnings for the Period are expected to be between $280 million and $315 million, resulting in total basic
earnings per share (“EPS”) of between 67 US cents and 75 US cents, a decrease of between 49% to 55% from
the comparative period. The basic earnings and EPS for the comparative period were $622 million and 148 US
cents, respectively.
The expected decrease in basic earnings for the Period compared to the comparative period is due mainly to
non-cash impairments recognised at our Brazilian operations, relating to Córrego do Sítio ($151 million net of
tax, or 36 US cents) as previously reported, Serra Grande ($38 million net of tax, or 9 US cents) and Cuiabá
($57 million net of tax, or 14 US cents), cumulatively affecting basic earnings unfavourably by $246 million net of
tax, or 59 US cents.
AngloGold Ashanti Brazil Tailings Update
Tailings-related regulations introduced in Brazil in 2022, required AngloGold Ashanti Brazil to conduct a new
detailed risk assessment of its portfolio of tailings storage facilities (“TSFs”). The regulations required this new
risk assessment be conducted with oversight from an independent expert.
One of the findings of this review was to increase buttressing of the Calcinados TSF to align its post liquefaction
factor of safety with the standard applied in Canada, which is currently considered best practice.
AngloGold Ashanti will proceed with this buttressing programme and has therefore suspended filtered tailings
deposition on the facility, which services the Cuiabá Mine Complex.
It is important to note that the operational and structural integrity of the Calcinados TSF remains safe and stable,
per the conclusions of recent assurance assessments by independent tailings experts and the company’s own
TSF team. The facility’s factors of safety - in both a drained and undrained state - are fully compliant with
relevant Brazilian operating regulations.
Information on the timeline for the completion of this buttressing programme is expected to be provided after
engineering and geotechnical work has been completed by independent tailings experts.
Processing of gold concentrate at the Queiroz plant, which also services the Cuiabá Mine Complex, will also be
suspended until this buttressing programme has been completed. In the meantime, mining of ore is continuing
at the Cuiabá Mine Complex. During this period, the Company expects that both sites will continue to extract
gold from the gravity circuit at a rate of 5,000oz on average per month and will produce gold in concentrate at an
average of approximately 10,000oz per month, with options being assessed to sell gold concentrate until the
Queiroz plant resumes operation.
For the twelve-month period ended 30 September 2022, the Cuiabá Mine Complex produced 257,00oz at an allin sustaining cost of $1,439/oz.
The financial information on which this trading statement is based has not been reviewed and reported on by AngloGold Ashanti’s external auditors.

Johannesburg
15 February 2023
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