AngloGold Ashanti : H1 2023 6K-A Restatement

Explanatory Note

General

This Amendment No. 1 on Form 6-K/A (the "Amended Half-Year 2023 Form 6-K") filed by AngloGold Ashanti plc (the "Company") amends and restates certain items in the report on Form 6-K initially filed by the Company's predecessor, AngloGold Ashanti Limited (currently known as AngloGold Ashanti (Pty) Ltd), with the U.S. Securities and Exchange Commission (the "SEC") on 4 August 2023 (at 8:11 a.m. Eastern Daylight Time), which contains AngloGold Ashanti Limited's previously issued unaudited condensed consolidated interim financial statements as of and for each of the six-month periods ended 30 June 2023 and 2022 (the "Original Half-Year 2023 Form 6-K") (the "Original Half-Year 2023 Financial statements").

Background

In connection with the preparation of its consolidated financial statements as of and for the financial year ended 31 December 2023, the Company, as successor issuer to AngloGold Ashanti Limited, concluded that (i) AngloGold Ashanti Limited's previously issued audited consolidated financial statements as of and for the financial year ended 31 December 2022, included in the annual report on Form 20-F for the financial year ended 31 December 2022 filed by AngloGold Ashanti Limited with the SEC on 17 March 2023 (the "Original Full-Year 2022 Financial Statements" and together with the Original Half-Year 2023 Financial Statements, the "Affected Financials") and (ii) the Original Half-Year 2023 Financial Statements, contained an error in the calculation of the net deferred tax asset with regard to the Obuasi mine. Additionally, the Company also identified other errors which were not considered material to the Affected Financials.

Non-Reliance

As previously reported, on 21 February 2024, the Audit and Risk Committee of the board of directors of the Company (the "Audit and Risk Committee"), based on the recommendation of, and after consultation with, the Company's management, concluded that the Affected Financials should no longer be relied upon.

Impact of the Restatements

The Audit and Risk Committee evaluated the effect of these prior period errors and determined that the Company needed to restate the Affected Financials, in both cases in accordance with IFRS Accounting Standards. The aggregate restatement due to the error related to the reported amount of the net deferred tax asset with regard to the Obuasi mine resulted in a reduction in profit for the financial year ended 31 December 2022 by $49 million, a reduction in profit for the six-month period ended 30 June 2023 by $79 million and no change in profit for the six-month period ended 30 June 2022. The restatement due to the other immaterial errors which were also corrected resulted in a reduction in profit for the financial year ended 31 December 2022 by $16 million, a reduction in profit for the six-month period ended 30 June 2023 by $1 million and an increase in profit for the six-month period ended 30 June 2022 by $3 million. The restatements had no impact on the Group's debt, the financial maintenance covenants in its credit facilities or its statement of cash flows. Furthermore, certain other information has also been adjusted to reflect the effects of the corporate restructuring. For further information on the restatements, including the impact thereof on each financial statement line item, see Note 1.1 to the restated Original Half- Year 2023 Financial Statements included herein.

Items Restated Herein

For the convenience of the reader, this Amended Half-Year 2023 Form 6-K presents the Original Half-Year 2023 Form 6-K in its entirety. Except as relating to the identified errors and the restatements described above, there were no changes to any other parts of the Original Half-Year 2023 Form 6-K. In addition, except as relating to the identified errors and the restatements described above, this Amended Half-Year 2023 Form 6-K is presented as of the date of the Original Half-Year 2023 Form 6-K and has not been updated to reflect events, results or developments that occurred at a later date or facts that became known to the Company subsequent to the submission of the Original Half-Year 2023 Form 6-K and should therefore be read in their historical context. Among other things, forward-looking statements made in the Original Half-Year 2023 Form 6-K have not been revised to reflect events, results or developments that occurred at a later date or facts that became known to the Company subsequent to the submission of the Original Half-Year 2023 Form 6-K, and such forward-looking statements should be read in conjunction with the Company's filings with the SEC, including those subsequent to the submission of the Original Half-Year 2023 Form 6-K.

Separately, the Company has also presented the restated Original Full-Year 2022 Financial Statements in its annual report on Form 20-F for the financial year ended 31 December 2023 filed by AngloGold Ashanti plc with the SEC on 25 April 2024.

Financial and Operating Report

for the six months ended 30 June 2023

London, Denver, Johannesburg, 25 April 2024 - AngloGold Ashanti plc ("AngloGold Ashanti", "AGA" or the "Company"), as successor issuer to AngloGold Ashanti Limited following the completion of the corporate restructuring of the AngloGold Ashanti group on 25 September 2023, is pleased to provide its restated financial and operational update for the six-month period ended 30 June 2023.

GROUP - Key statistics

		Six months	Six months	Year
		ended	ended	ended
		Jun	Jun	Dec
		2023	2022	2022
		Restated	Restated	Restated
		US Dollar / Imperial
Operating review
Gold
Produced (1)	- oz (000)	1,236	1,233	2,742
Sold (1)	- oz (000)	1,246	1,233	2,717
Financial review
Gold income	- $m	2,144	2,090	4,388
Cost of sales	- $m	1,749	1,595	3,366
Total cash costs	- $m	1,416	1,300	2,753
Gross profit (loss)	- $m	435	560	1,129
Average gold price received per ounce *	- $/oz	1,920	1,874	1,793
Cost of sales - Subsidiaries	- $m	1,749	1,595	3,366
Cost of sales - Joint Ventures	- $m	181	163	342
All-in sustaining costs per ounce - Subsidiaries *	- $/oz	1,661	1,475	1,439
All-in sustaining costs per ounce - Joint Ventures *	- $/oz	1,060	1,003	979
All-in costs per ounce - Subsidiaries *	- $/oz	1,927	1,675	1,658
All-in costs per ounce - Joint Ventures *	- $/oz	1,180	1,082	1,075
Total cash costs per ounce - Subsidiaries *	- $/oz	1,232	1,114	1,066
Total cash costs per ounce - Joint Ventures *	- $/oz	880	756	725
Profit (loss) before taxation	- $m	76	410	472
Total borrowings	- $m	2,091	2,219	2,169
Profit (loss) attributable to equity shareholders	- $m	(39)	302	233
	- US cents/share	(9)	72	55
Headline earnings (2)	- $m	61	304	489
	- US cents/share	14	72	116
Net cash inflow (outflow) from operating activities	- $m	293	992	1,804
Capital expenditure - Subsidiaries	- $m	453	434	1,028
Capital expenditure - Joint Ventures	- $m	44	38	90

1. Includes gold concentrate from the Cuiabá mine complex sold to third parties.
2. Headline earnings and headline earnings per share disclosure has been included due to Johannesburg Stock Exchange requirements. * Refer to "Non-GAAP disclosure" for definitions.
   $ represents US Dollar, unless otherwise stated.
   Rounding of figures may result in computational discrepancies.

Published 25 April 2024 (Initially published on 4 August 2023)

June 2023

June 2023 Interim report - www.AngloGoldAshanti.com

1

Operations at a glance

for the six months ended 30 June 2023

	Gold production	Cost of sales	Gross profit (loss)	Total cash costs per	All-in sustaining
	ounce 1	costs per ounce	2
		Year-on-		Year-on-		Year-on-		Year-on-		Year-on-
		year		year		year		year		year
	oz (000)	%	$m	%	$m	%	$/oz	%	$/oz	%
	Variance 3	Variance 3	Variance 3	Variance 3	Variance 3
AFRICA	713	-	(1,060)	13	417	(7)	1,105	8	1,391		10
Kibali - Attributable 45% 4	151	(4)	(181)	11	117	(1)	880	16	1,060		6
Iduapriem	118	3	(195)	27	45	(37)	1,004	(2)	1,396		5
Obuasi	117	29	(157)	37	85	67	1,020	(7)	1,392		(7)
Siguiri - Attributable 85%	110	(23)	(200)	(2)	20	(71)	1,621	32	1,747		32
Geita	217	5	(293)	9	146	14	1,107	6	1,436		13
Non-controlling interests,			(34)	(6)	4	(67)
administration and other
AUSTRALIA	265	4	(414)	9	102	5	1,296	8	1,510		10
Sunrise Dam	127	9	(196)	6	54	64	1,304	(5)	1,541		(3)
Tropicana - Attributable 70%	138	1	(202)	12	64	(19)	1,182	23	1,363		25
Administration and other			(16)	7	(16)	7
AMERICAS	258	(3)	(455)	4	37	(72)	1,313	24	2,079		21
Cerro Vanguardia - Attributable	79	(6)	(140)	12	41	(42)	1,128	36	1,607		47
92.50%
AngloGold Ashanti Mineração 5	142	(1)	(222)	-	2	(97)	1,330	23	2,252		17
Serra Grande	37	(5)	(80)	1	(8)	100	1,620	11	2,432		10
Non-controlling interests,			(13)	8	2	(50)
administration and other
CORPORATE AND OTHER			(1)	-	(4)	-
Equity-accounted joint venture			181	(11)	(117)	1
included above
AngloGold Ashanti 5
1,236	-	(1,749)	10	435	(22)

• Refer to "Non-GAAP disclosure" for definition and note B thereunder for reconciliation.
  2 Refer to "Non-GAAP disclosure" for definition and note B thereunder for reconciliation. 3 Variance June 2023 six months on June 2022 six months - increase (decrease).
  4 Equity-accounted joint venture.
  5 Includes gold concentrate from the Cuiabá mine complex sold to third parties.

June 2023 Interim report - www.AngloGoldAshanti.com

2

OVERVIEW

Comparison of cost of sales

The following table presents cost of sales for the AngloGold Ashanti group for the six months ended 30 June 2023, the six months ended

30 June 2022 and the year ended 31 December 2022:

Cost of sales

	Six months	Six months	Year
	ended	ended	ended
	Jun	Jun	Dec
	2023	2022	2022
US Dollar million		Restated	Restated
Cost of sales	1,749	1,595	3,366
Inventory change	(18)	(8)	30
Amortisation of tangible assets	(261)	(245)	(555)
Amortisation of intangible assets	-	(1)	(1)
Amortisation of right of use assets	(39)	(41)	(81)
Retrenchment costs	(2)	(4)	(6)
Rehabilitation and other non-cash costs	(13)	4	-
Total cash costs	1,416	1,300	2,753
Royalties	(91)	(88)	(185)
Other cash costs	(9)	(7)	(14)
Cash operating costs	1,316	1,205	2,554

Comparison of operating performance in the six months ended 30 June 2023 with the six months ended 30 June 2022

Gold production increased marginally by 3,000 ounces, or one percent, from 1,233,000 ounces for the six months ended 30 June 2022 to 1,236,000 ounces for the six months ended 30 June 2023. Gold production is measured as ounces of refined gold in saleable form derived from the mining process. The increase in gold production was mainly driven by higher overall recovered grade for the group, partially offset by lower tonnes processed. The Company continued to record an increasing recovered grade trend with grades increasing four percent year-on- year mainly on the back of the progression of the ongoing reinvestment in the portfolio. Ore tonnes processed in the first six months of 2023 were lower than in the corresponding period in the previous year mainly due to a number of factors which primarily occurred in the first quarter of the year. Such factors included lower tonnes processed at AGA Mineração following the suspension of depositions in the tailings storage facilities ("TSFs") at the Cuiabá mine complex (which has transitioned to production of gold-in-concentrate and gold from the gravity plant in the meantime), at Geita following the planned mill shutdown (which has been completed) and at Siguiri following the carbon-in-leach ("CIL") tank failure (which has since been repaired).

Gold production increases were recorded at Iduapriem, Obuasi, Geita, Sunrise Dam and Tropicana. At Iduapriem, gold production increased by 3,000 ounces, or three percent, from 115,000 ounces for the six months ended 30 June 2022 to 118,000 ounces for the six months ended 30 June 2023, mainly due to higher grades mined as the mine accesses higher grade ore tonnes from Teberebie Cut 2 compared to the same period in 2022, partially offset by lower tonnes processed as the site commissioned the new TSF. At Obuasi, gold production increased by 26,000 ounces, or 29 percent, from 91,000 ounces for the six months ended 30 June 2022 to 117,000 ounces for the six months ended 30 June 2023, mainly due to a continued ramp-upof the mine with a 23 percent year-on-yearincrease in underground tonnes processed complemented by a seven percent year-on-yearincrease in underground grades mined. At Geita, gold production increased by 10,000 ounces, or five percent, from 207,000 ounces for the six months ended 30 June 2022 to 217,000 ounces for the six months ended 30 June 2023, mainly due to higher grades mined, partially offset by lower tonnes processed due to a planned mill shutdown during the first quarter of 2023 (which has been completed). At Sunrise Dam, gold production increased by 10,000 ounces or nine percent, from 117,000 ounces for the six months ended 30 June 2022 to 127,000 ounces for the six months ended 30 June 2023, mainly due to a combination of improved mill feed grades and metallurgical recoveries, resulting in a nine percent improvement in recovered grade. At Tropicana, gold production increased marginally by 1,000 ounces, or one percent, from 137,000 ounces for the six months ended 30 June 2022 to 138,000 ounces for the six months ended 30 June 2023, mainly due to higher volumes processed, partially offset by lower grades mined.

These increases in gold production were partially offset by lower gold production from Kibali, Siguiri, Cerro Vanguardia, AngloGold Ashanti Mineração and Serra Grande. At Kibali, gold production decreased by 6,000 ounces, or four percent, from 157,000 ounces for the six months ended 30 June 2022 to 151,000 ounces for the six months ended 30 June 2023, mainly due to lower grades mined, partially offset by higher tonnes processed. At Siguiri, gold production decreased by 32,000 ounces, or 23 percent, from 142,000 ounces for the six months ended 30 June 2022 to 110,000 ounces for the six months ended 30 June 2023, mainly due to lower tonnes processed as a result of the CIL tank failure during the second quarter of 2023 as well as lower recovered grades as a result of lower metallurgical recoveries from the treatment of carbonaceous material. At Cerro Vanguardia, gold production decreased by 5,000 ounces, or six percent, from 84,000 ounces for the six months ended 30 June 2022 to 79,000 ounces for the six months ended 30 June 2023, mainly due to lower grades mined, partially offset by higher tonnes processed. At AngloGold Ashanti Mineração, gold production decreased marginally by 2,000 ounces, or one percent, from 144,000 ounces for the six months ended 30 June 2022 to 142,000 ounces for the six months ended 30 June 2023, mainly due to lower ore tonnes processed at the Cuiabá mine complex, partially offset by higher recovered grades at the Córrego do Sítio ("CdS") mine complex. During the first six months of 2023, Cuiabá produced 112,000 ounces, which comprised 38,000 ounces of gravimetric gold and 74,000 ounces of gold-in-concentrate. At Serra Grande, gold production decreased by 2,000 ounces, or five percent, from 39,000 ounces for the six months ended 30 June 2022 to 37,000 ounces for the six months ended 30 June 2023, mainly due to lower ore tonnes processed, partially offset by higher grades mined.

June 2023 Interim report - www.AngloGoldAshanti.com

3

Comparison of financial performance in the six months ended 30 June 2023 with the six months ended 30 June 2022

Revenue from product sales

Revenue from product sales increased by $31 million, or one percent, from $2,155 million in the six months ended 30 June 2022 to $2,186 million in the six months ended 30 June 2023. The increase in revenue from product sales was mainly due to an increase in gold income, partially offset by a decrease in by-product revenue. Gold income increased by $54 million, or three percent, from $2,090 million in the six months ended 30 June 2022 to $2,144 million in the six months ended 30 June 2023. The increase in gold income was mainly due to an increase in ounces of gold sold and an increase in the average gold price received of $46 per ounce. Gold sold increased by 9,000 ounces, or one percent, from 1,083,000 ounces in the six months ended 30 June 2022 to 1,092,000 ounces in the six months ended 30 June 2023, which resulted in an increase in gold income of $3 million. The average gold price received increased by $46 per ounce, or two percent, from $1,874 per ounce in the six months ended 30 June 2022 to $1,920 per ounce in the six months ended 30 June 2023, which resulted in an increase in gold income of $51 million. By-product revenue decreased by $23 million, or 35 percent, from $65 million in the six months ended 30 June 2022 to $42 million in the six months ended 30 June 2023, mainly due to a decrease in revenue from silver and sulphuric acid.

Cost of sales

Cost of sales increased by $154 million, or ten percent, from $1,595 million in the six months ended 30 June 2022 to $1,749 million in the six months ended 30 June 2023. The increase was primarily due to an increase in cash operating costs (which include salaries and wages, stores, explosives, reagents, logistics, fuel, power, water and contractors' costs), royalties paid, rehabilitation and other non-cash costs, amortisation of tangible assets as well as an increase in inventory change.

Total cash costs

Total cash costs increased by $116 million, or nine percent, from $1,300 million in the six months ended 30 June 2022 to $1,416 million in the six months ended 30 June 2023. Total cash costs include cash operating costs (which include salaries and wages, stores, explosives, reagents, logistics, fuel, power, water and contractors' costs), royalties and other cash costs.

Cash operating costs increased by $111 million, or nine percent, from $1,205 million in the six months ended 30 June 2022 to $1,316 million in the six months ended 30 June 2023. Cash operating costs increased mainly as a result of higher labour, contractors' costs, fuel, power, consumables and services primarily due to cost increases which were experienced in the second and third quarters of 2022.

Royalties, which are generally calculated as a percentage of revenue, increased by $3 million, or three percent, from $88 million in the six months ended 30 June 2022 to $91 million in the six months ended 30 June 2023. The increase in royalty costs, mainly at Obuasi and Iduapriem, was primarily due to an increase in the average gold price received per ounce and higher gold production.

Retrenchment costs

Retrenchment costs included in cost of sales decreased by $2 million, or 50 percent, from $4 million in the six months ended 30 June 2022 to $2 million in the six months ended 30 June 2023.

Rehabilitation and other non-cash costs

Rehabilitation and other non-cash costs increased by $17 million from a credit of $4 million in the six months ended 30 June 2022 to a charge of $13 million in the six months ended 30 June 2023. The increase was primarily due to inflation, changes in cash flows and changes in discount rates (due to changes in global economic assumptions) used in calculating rehabilitation, compared to the same period in 2022.

Amortisation of tangible, intangible and right of use assets

Amortisation of tangible and right of use assets increased by $14 million, or five percent, from $286 million in the six months ended 30 June 2022 to $300 million in the six months ended 30 June 2023. There was no amortisation of intangible assets in either of the six months ended 30 June 2022 or 30 June 2023.

Amortisation of tangible assets increased by $16 million, or seven percent, from $245 million in the six months ended 30 June 2022 to $261 million in the six months ended 30 June 2023. The increase was mainly due to higher amortisation at Iduapriem (mainly due to higher gold production combined with higher deferred stripping amortisation at Teberebie Cut 2a which commenced in 2022) and at Obuasi (mainly due to higher gold production and the re-set of the useful life for the mining fleet), partially offset by lower amortisation at AGA Mineração (mainly due to marginally lower gold production and the impact of impairments at CdS and Cuiabá that were recognised in 2022), at Tropicana (mainly due to lower deferred stripping due to changes in mining activity and profile), at Geita (mainly due to lower Mineral Reserve development and tangible assets amortisation) and at Siguiri (mainly due to lower gold production).

Amortisation of right of use assets (as recognised in accordance with IFRS 16 Leases) decreased by $2 million, or five percent, from $41 million in the six months ended 30 June 2022 to $39 million in the six months ended 30 June 2023, mainly as a result of the impairment of leases in Brazil in December 2022.

Inventory change

Inventory change increased by $10 million, or 125 percent, from $8 million in the six months ended 30 June 2022 to $18 million in the six months ended 30 June 2023. The increase was primarily due to an increased cost of unsold gold due to timing of gold pours and shipment, partially offset by lower amortisation relating to inventory.

Impairment, derecognition of assets and profit (loss) on disposal

Impairment, derecognition of assets and profit (loss) on disposal increased by $124 million from a loss of $2 million in the six months ended 30 June 2022 to a loss of $126 million in the six months ended 30 June 2023.

June 2023 Interim report - www.AngloGoldAshanti.com

4

Impairment of Córrego do Sítio ("CdS") complex

In 2022, an impairment loss of $151 million ($189 million gross of taxes) was recognised in respect of the CdS mining complex cash generating unit ("CGU") in Brazil. During the first half of 2023, the CdS mining complex CGU experienced further operational underperformance and as a result a further impairment loss of $26 million ($39 million gross of taxes) was recognised on the remaining asset balances and new capital expenditures incurred during 2023. The impairment losses in 2022 and the first half of 2023 were recognised and included in the Americas segment.

Impairment of Cuiabá complex

In 2022, an impairment loss of $57 million ($70 million gross of taxes) was recognised in respect of the Cuiabá mining complex CGU in Brazil. During the first half of 2023, Cuiabá recognised a further impairment loss of $45 million ($53 million gross of taxes) largely due to the current suspension of operating activities at the Queiroz metallurgical plant while additional buttressing at the Calcinados TSF is designed and completed, and a decision not to restart operations during the dry season (contrary to what was originally planned). The impairment losses in 2022 and the first half of 2023 were recognised and included in the Americas segment.

Derecognition of assets

Decommissioning assets of $29 million at AGA Mineração and $9 million at Serra Grande relating to legacy TSFs were derecognised, mainly due to the uncertainty of future economic benefits to be generated from these assets.

Other (expenses) income

Other expenses increased by $55 million from $13 million in the six months ended 30 June 2022 to $68 million in the six months ended 30 June 2023. The higher expenses during the six months ended 30 June 2023 were mainly due to an increase in environmental provisions for legacy TSFs of $57 million (mainly as a result of new legislation in Brazil relating to emergency response and safety management for TSFs) as well as an increase in legal and project fees of $16 million (of which $14 million related to AngloGold Ashanti's proposed corporate restructuring), partially offset by other movements of $23 million.

Finance costs and unwinding of obligations

Finance costs and unwinding of obligations increased by $10 million, or 15 percent, from $65 million in the six months ended 30 June 2022 to $75 million in the six months ended 30 June 2023. Finance costs for borrowings increased by $4 million, or seven percent, from $54 million in the six months ended 30 June 2022 to $58 million in the six months ended 30 June 2023, mainly due to finance costs paid across all of the group's revolving credit facilities ("RCF"). Finance costs for leases of $5 million in the six months ended 30 June 2023 remained unchanged from $5 million in the six months ended 30 June 2022. Unwinding of obligations increased by $6 million, or 100 percent, from $6 million in the six months ended 30 June 2022 to $12 million in the six months ended 30 June 2023, mainly due to higher discounting of environmental provisions of $4 million and discounting of indirect taxes at Geita of $2 million in the six months ended 30 June 2023.

Share of associates and joint ventures' profit (loss)

Share of associates and joint ventures' profit increased by $6 million, or eight percent, from $78 million in the six months ended 30 June 2022 to $84 million in the six months ended 30 June 2023. The increase was mainly due to an increase in revenue at Kibali as a result of the higher average gold price received per ounce and net higher interest received, partially offset by an increase in operating costs, other expenses and taxation.

Taxation

Taxation expense increased by $17 million, or 18 percent, from an expense of $94 million in the six months ended 30 June 2022 to an expense of $111 million in the six months ended 30 June 2023. The increase in taxation was mainly attributable to higher deferred tax liabilities raised in Ghana, higher taxation in Australia (mainly due to higher revenue) and the reversal of timing differences in Guinea during the five-year tax holiday period ending 31 December 2024. The increase was partially offset by higher taxable losses as a result of the temporary suspension of operating activities and lower deferred taxation (mainly due to higher impairments and foreign exchange differences on non-monetary items) in Brazil and the reversal of over-provisions in Colombia (as a result of the settlement of the 2011 income and equity tax claims and the 2010 income tax claim in the first half of 2023).

Comparison of capital expenditure in the six months ended 30 June 2023 with the six months ended 30 June 2022

Total capital expenditure (including equity-accounted joint ventures) increased by $25 million, or five percent, from $472 million in the six months ended 30 June 2022 to $497 million in the six months ended 30 June 2023. The increase was mainly due to an increase in total sustaining capital expenditure (capital expenditure incurred to sustain and maintain existing assets at their current productive capacity in order to achieve constant planned levels of productive output), partially offset by lower non-sustaining capital expenditure (capital expenditure incurred at new operations and capital expenditure related to "major projects" at existing operations where these projects will materially increase gold production). Capital expenditure on waste stripping at Tropicana (Havana) and Iduapriem (Cut 2) as well as feasibility work in Nevada continued to progress through the first half of 2023. At Geita, mining operations continued to ramp up at the Nyamulilima open pit. In Brazil, the Company completed the conversion of TSFs to dry-stacking facilities at all sites and continued its investment to comply with TSF- related regulatory requirements.

Total sustaining capital expenditure increased mainly due to higher sustaining capital expenditure on deferred waste stripping at Geita and Tropicana, higher Mineral Reserve development costs at Obuasi as well as higher sustaining capital expenditure on the heap leap pad expansion and higher Mineral Reserve development costs at Cerro Vanguardia, partially offset by a reduction in sustaining capital expenditure at AGA Mineração mainly due to lower investment in the TSF projects in the first half of 2023.

Total non-sustaining capital expenditure decreased mainly due to lower project capital expenditure at Obuasi as well as lower project capital expenditure at Tropicana (as a result of the reclassification of growth capital expenditure to operating costs for the deferred waste stripping), partially offset by an increase in project capital expenditure as a result of project work in Nevada, TSF construction capital expenditure at Iduapriem and TSF buttressing capital expenditure at Kibali.

June 2023 Interim report - www.AngloGoldAshanti.com

5

Comparison of cash flows in the six months ended 30 June 2023 with the six months ended 30 June 2022

Cash flows from operating activities

Cash flows from operating activities decreased by $699 million, or 70 percent, from a net inflow of $992 million in the six months ended 30 June 2022 to a net inflow of $293 million in the six months ended 30 June 2023. The decrease in cash flows from operating activities was mainly due to lower dividends received from joint ventures and lower cash generated from operations, partially offset by lower taxation paid.

Cash generated from operations decreased by $214 million, or 40 percent, from an inflow of $530 million in the six months ended 30 June 2022 to an inflow of $316 million in the six months ended 30 June 2023. The decrease was mainly due to higher cost of sales (mainly due to higher cash operating costs), higher exploration and evaluation costs and net working capital cash outflows.

Net cash outflow from operating working capital items (movements in working capital) amounted to $186 million in the six months ended 30 June 2023, compared with an outflow of $133 million in the six months ended 30 June 2022, representing a change of $53 million. The increase in net cash outflow from working capital mainly related to higher trade and other receivables for gold concentrate sales in Brazil.

Cash flows from operating activities were also impacted by movements in the lock-up of value added tax ("VAT") at Geita in Tanzania as well as foreign exchange controls and export duties at Cerro Vanguardia ("CVSA") in Argentina. In Tanzania, net overdue recoverable VAT input credit refunds (after discounting provisions) increased by $15 million, or ten percent, from $153 million at 31 December 2022 to $168 million at 30 June 2023, as a result of new claims submitted of $37 million and discounting adjustments of $3 million, partially offset by processing verified VAT claims against corporate tax payments of $18 million and foreign exchange adjustments of $7 million. AngloGold Ashanti expects to continue offsetting verified VAT claims against corporate taxes. In Argentina, the net export duty receivables (after discounting provisions) decreased by $4 million, or 44 percent, from $9 million at 31 December 2022 to $5 million at 30 June 2023, mainly due to foreign exchange movements against the US Dollar of $14 million, partially offset by a decrease in the discounting provision of $2 million and new claims of $8 million. In addition, CVSA's cash balance decreased by $18 million (equivalent), or 16 percent, from $116 million (equivalent) at 31 December 2022 to $98 million (equivalent) at 30 June 2023. The cash balance is available to be paid to AngloGold Ashanti's offshore ($147 million (equivalent)) and onshore ($17 million (equivalent)) investment holding companies in the form of declared dividends. Applications have been made to the Argentinean Central Bank to approve the purchase of US Dollars in order to distribute offshore dividends related to the 2019, 2020 and 2021 financial years of $73 million (equivalent) to AngloGold Ashanti. During the second half of 2023, CVSA plans to submit a new application to the Argentinean Central Bank to approve the purchase of US Dollars in order to distribute additional offshore dividends of $74 million (equivalent) for the declared dividends related to the 2022 financial year. While the remaining approvals are pending, the cash remains fully available for CVSA's operational and exploration requirements.

Dividends received from joint ventures decreased by $512 million, or 93 percent, from $549 million in the six months ended 30 June 2022 to $37 million in the six months ended 30 June 2023. 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. The decrease in dividends received from joint ventures was mainly due to the remittance of large cash balances from the DRC of $549 million during the six months ended 30 June 2022 to clear the pre-existing balance which had grown over the preceding years. During the six months ended 30 June 2023, AngloGold Ashanti's cumulative cash receipts from the Kibali joint venture, in the form of dividends from Kibali (Jersey) Limited, amounted to $37 million. Kibali (Jersey) Limited received such cash from Kibali Goldmines S.A. in the form of loan repayments (net of bank fees) (AngloGold Ashanti's attributable share: $25 million) and dividends (net of withholding taxes) (AngloGold Ashanti's attributable share: $12 million). AngloGold Ashanti's attributable share of the outstanding cash balances awaiting repatriation from the DRC increased by $42 million, or 105 percent, from $40 million at 31 December 2022 to 82 million at 30 June 2023. The cash is fully available for the operational requirements of Kibali Goldmines S.A. In addition, Kibali Goldmines S.A. is due certain refunds of VAT which, to date, remain outstanding. During the six months ended 30 June 2023, AngloGold Ashanti did not recover any VAT offsets and refunds 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 increased by $3 million, or three percent, from $86 million at 31 December 2022 to $89 million at 30 June 2023.

Net taxation paid decreased by $27 million, or 31 percent, from $87 million in the six months ended 30 June 2022 to $60 million in the six months ended 30 June 2023. The decrease in net taxation paid was mainly due to lower tax payments in Tanzania, Ghana, Australia and Brazil, partially offset by higher tax payments in Colombia.

Cash flows from investing activities

Cash flows from investing activities amounted to a net outflow of $394 million in the six months ended 30 June 2023, which was $392 million, or 50 percent, lower than a net outflow of $786 million in the six months ended 30 June 2022. The decrease in outflow from investing activities was mainly due to the acquisition of Corvus Gold Inc. in the six months ended 30 June 2022 for $365 million, a decrease in other investments and assets acquired of $16 million, an increase in interest received of $17 million, a decrease in cash restricted for use of $9 million and an increase in proceeds from disposal of tangible assets of $6 million, partially offset by higher capital expenditure of $19 million.

Cash flows from financing activities

Cash flows from financing activities amounted to a net outflow of $248 million in the six months ended 30 June 2023, which was a change of $180 million from a net outflow of $68 million in the six months ended 30 June 2022. The increase in outflow was mainly due to lower proceeds from borrowings, as well as higher repayment of lease liabilities, finance costs and dividends paid, partially offset by lower repayment of borrowings and other borrowing costs.

Cash inflows from proceeds from borrowings decreased by $194 million from $202 million in the six months ended 30 June 2022 to $8 million for the six months ended 30 June 2023. During the six months ended 30 June 2022, the Company made a further drawdown of $41 million on the $295 million 2021 Geita multi-currency RCF, a further drawdown of $65 million on the Australian portion of the previous US$1.4 billion 2018 multi-currency RCF and a drawdown of $96 million on the Australian portion of the US$1.4 billion 2022 multi-currency RCF. During the six months ended 30 June 2023, the Company made a further drawdown of $8 million on the $295 million 2021 Geita multi-currency RCF.

Cash outflows from repayment of borrowings decreased by $22 million from $96 million in the six months ended 30 June 2022 to $74 million in the six months ended 30 June 2023. During the six months ended 30 June 2022, there was a full repayment of $96 million on the previous

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US$1.4 billion 2018 multi-currency RCF. During the six months ended 30 June 2023, AngloGold Ashanti repaid $50 million on the $65 million 2022 Siguiri RCF and $24 million on the US$1.4 billion 2022 multi-currency RCF.

Finance costs paid increased by $7 million from $54 million in the six months ended 30 June 2022 to $61 million in the six months ended 30 June 2023. The increase was mainly due to higher finance costs paid on the $295 million 2021 Geita multi-currency RCF and the $65 million 2022 Siguiri RCF as a result of higher interest rates and higher drawdowns.

Other borrowing costs decreased by $10 million from $11 million in the six months ended 30 June 2022 to $1 million in the six months ended 30 June 2023. The other borrowing costs paid during the six months ended 30 June 2022 related to the transaction costs of the US$1.4 billion 2022 multi-currency RCF. The other borrowing costs paid during the six months ended 30 June 2023 related to costs to extend the maturity of the US$1.4 billion 2022 multi-currency RCF.

Dividends paid increased by $7 million from $69 million in the six months ended 30 June 2022 to $76 million in the six months ended 30 June 2023. Dividends declared to non-controlling interests decreased by $31 million from $37 million in the six months ended 30 June 2022 to $6 million in the six months ended 30 June 2023. Due to timing of payments, dividends paid to non-controlling interests decreased by $7 million from $7 million in the six months ended 30 June 2022 to nil in the six months ended 30 June 2023. These dividends were, or will be, paid by the Company's non-wholly owned subsidiaries CVSA and Siguiri to their respective non-AGA related shareholders. In the six months ended 30 June 2023, the Company declared and paid a dividend of $76 million to its shareholders, compared to a dividend of $62 million declared and paid in the six months ended 30 June 2022. On 4 August 2023, the Company declared an interim dividend of $17 million, or 4 US cents per share, for the six months ended 30 June 2023.

Liquidity

AngloGold Ashanti intends to finance its capital expenditure, capital lease obligations, other purchase obligations, environmental rehabilitation expenditures and debt repayment requirements in 2023 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.

Total borrowings (including lease liabilities) decreased by $128 million, or six percent, from $2,219 million at 30 June 2022 to $2,091 million at 30 June 2023. AngloGold Ashanti's cash and cash equivalents decreased by $389 million, or 35 percent, from $1.106 billion at 31 December 2022 to $717 million at 30 June 2023.

At 30 June 2023, the group had a cash position (cash and cash equivalents) of $717 million, with liquidity comprising the US$1.4 billion 2022 multi-currency RCF of which $1.387 billion was undrawn; the $65 million 2022 Siguiri RCF of which $50 million was undrawn; the South African R150 million ($8 million) RMB corporate overnight facility which was undrawn; and the $295 million 2021 Geita multi-currency RCF of which $141 million was undrawn, taking overall group liquidity to approximately $2.3 billion.

In February 2023, the 2021 Geita multi-currency RCF was amended to, among other matters, increase its size from an equivalent of $150 million to an equivalent of $295 million and change the reference rate to Term SOFR.

In May 2023, the maturity of the US$1.4 billion 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.

Supplemental parent guarantor and subsidiary issuer financial information

AngloGold Ashanti Holdings plc (the "Issuer"), a direct wholly-owned subsidiary of AngloGold Ashanti Limited (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 certain of AngloGold Ashanti's operations and assets located outside of South Africa. The guaranteed debt securities outstanding as of 30 June 2023 consisted of:

• a $300 million 30-year bond, with a maturity date of 15 April 2040 and a fixed coupon of 6.500% payable semi-annually;
• a $750 million 7-year bond, with a maturity date of 1 November 2028 and a fixed coupon of 3.375% payable semi-annually; and
• a $700 million 10-year bond, with a maturity date of 1 October 2030 and a fixed coupon of 3.750% payable semi-annually.

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. The Guarantor has obtained the approval of the South African Reserve Bank (SARB) to provide each of the guarantees. 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 30 June 2023, 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.

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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 Condensed Consolidated Interim Financial Statements for the six months ended and as at 30 June 2023.

Income statement information

	Obligor Group (1)
	Six months	Year
	ended	ended
	Jun	Dec
US Dollar million	2023	2022
Revenues from Non-Obligor Subsidiaries	1	1
Revenues from Investments	6	18
Net intergroup dividends, interest, royalties and fees with Non-Obligor Subsidiaries	1	1
Loss for the period from continuing operations	(70)	(141)
Loss for the period	(70)	(141)

1. Gross profit is not disclosed for the Obligor Group. The Guarantor changed the nature of its main operating activities from mining operations to investment holding in 2021 and has no costs and expenses applicable to revenue. As a result, cost of sales and gross profit are no longer presented. The principal activity of the Issuer is to act as a holding company for certain of AngloGold Ashanti's operations and assets located outside of South Africa.

Statement of financial position information

	Obligor Group
	As at	As at
	Jun	Dec
US Dollar million	2023	2022
ASSETS
Receivables due from Non-Obligor Subsidiaries	1,836	1,640
Other current assets	291	604
Total current assets	2,127	2,244
Non-current assets	33	36
LIABILITIES
Payables due to Non-Obligor Subsidiaries	275	276
Other current liabilities	182	198
Total current liabilities	457	474
Non-current liabilities	1,799	1,806

Gold hedges

During the first quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 136,000 ounces of gold for the period from February 2023 to December 2023 in order to manage gold price downside risk associated with Cuiabá partly transitioning to gold concentrate sales and the current high cost associated with CdS. Furthermore, during the second quarter of 2023, AngloGold Ashanti entered into zero-cost collars for a total of approximately 47,000 ounces of gold for the period from January 2024 to June 2024. During the first six months of 2023, AngloGold Ashanti recorded a realised gain of $1 million in respect of these gold derivatives. At 30 June 2023, the mark-to- market value of the remaining open positions was an unrealised gain of $3 million (at 31 March 2023: an unrealised loss of $4 million).

Oil hedges

During July 2022, AngloGold Ashanti entered into forward contracts for a total of 999,000 barrels of Brent crude oil for the period from January 2023 to December 2023 that will be cash settled on a monthly basis against the contract price. This comprises approximately 40 percent of the Company's total anticipated 2023 consumption. The average price achieved on the forward contracts is $89.20 per barrel of Brent crude oil. During the first six months of 2023, AngloGold Ashanti recorded a realised loss of $5 million in respect of these oil derivatives. At 30 June 2023, the mark-to-market value of the remaining open positions was an unrealised loss of $1 million (at 31 December 2022: an unrealised loss of $6 million; at 31 March 2023: an unrealised loss of $2 million).

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Summary of six months-on-six months operating and cost variations:

	Six months	Six months	%
	Variance
	ended Jun	ended Jun	six months vs
	2023	2022	prior year
Particulars	Restated	Restated	six months
Operating review
Gold production (kozs) (1)	1,236	1,233	-
Financial review
Gold income ($m)	2,144	2,090	3
Average gold price received per ounce ($/oz) (4)	1,920	1,874	2
Corporate & marketing costs ($m) (2)	44	42	5
Exploration & evaluation costs ($m)	112	84	33
Cost of sales - Subsidiaries ($m)	1,749	1,595	10
Cost of sales - Joint Ventures ($m)	181	163	11
All-in sustaining costs per ounce - Subsidiaries ($/oz) (3) (4)	1,661	1,475	13
All-in sustaining costs per ounce - Joint Ventures ($/oz) (3) (4)	1,060	1,003	6
All-in costs per ounce - Subsidiaries ($/oz) (3) (4)	1,927	1,675	15
All-in costs per ounce - Joint Ventures ($/oz) (3) (4)	1,180	1,082	9
Total cash costs per ounce - Subsidiaries ($/oz) (4)	1,232	1,114	11
Total cash costs per ounce - Joint Ventures ($/oz) (4)	880	756	16
Profit (loss) before taxation ($m)	76	410	(81)
Capital expenditure - Subsidiaries ($m)	453	434	4
Capital expenditure - Joint Ventures ($m)	44	38	16

1. Includes gold concentrate from the Cuiabá mine complex sold to third parties.
2. Includes administration and related expenses.
3. World Gold Council guidance.
4. Refer to "Non-GAAP disclosure" for definitions.

Rounding of figures may result in computational discrepancies.

FULL ASSET POTENTIAL REVIEW PROGRAMME

The Full Asset Potential ("FP") review programme aims to achieve a step-change in AngloGold Ashanti's operating and cost performance by the year 2025. This programme includes a comprehensive three-month assessment of each of the Company's mine sites, which covers every aspect of an operation. The outcome is intended to enhance the Company's understanding of the relative potential of each asset and includes developing a plan and implementation schedule to achieve the targeted performance over the next six to 24 months.

The FP programme continues to track its schedule and is currently in the "Deliver Phase" across eight sites. The near-term opportunities identified across sites are starting to make progress against key metrics such as improving development metres and underground ore tonnes mined. It should also be noted that there is a time lag between when projects are identified and when full value is realised given that most improvements involve changes to processes and/or infrastructure which need to be scoped, approved, procured, transported and installed - all before any value can be realised.

Progress at specific sites includes:

Sunrise Dam, the first site to implement the FP programme, continues to perform in line with expectations. Ore tonnes targets were achieved. Metallurgical recovery has improved following the recent 'health check' and work is underway to confirm the viability of investing in a concentrated leach project.

Tropicana continues to show progress since entering its "Deliver Phase". Ore tonnes from the underground mine are steadily improving. Open pit material movement is also improving, with focus now on debottlenecking the loading and hauling. The processing plant throughput remains above the FP target of 9.4 million tonnes.

Geita is a recent site to implement its FP programme. Underground tonnes mined from Nyankanga have reached full potential because of achieving higher backfill volumes. Plant throughput and recovery continue to perform above the FP target and multiple design improvements, including a smart cyclone, mill slicer and shear reactor, are still in various stages of implementation.

Siguiri's FP programme initiative to transition to owner mining is on-track. Following the CIL tank failure during the second quarter of 2023, which has since been repaired, the site team has restored plant throughput to full capacity and without incident.

CUIABÁ AND BRAZIL TSF UPDATE

As previously disclosed, tailings-related regulations introduced in Brazil required AngloGold Ashanti Brazil to conduct a new detailed risk assessment of its portfolio of TSFs by December 2022. The regulations required this new risk assessment be conducted with oversight from external consultants. One of the conclusions of this review was to increase buttressing of the Calcinados TSF to align its post liquefaction factor of safety with the international standards currently considered best practice. AngloGold Ashanti is proceeding with this buttressing programme and has therefore suspended filtered tailings deposition at the TSF, which services the Cuiabá mine complex (composed of the Cuiabá and Lamego mines).

The Calcinados TSF remains safe and stable, per the conclusions of risk assessments by external consultants and the Company's internal TSF team. The TSF's factors of safety, in both a drained and undrained state, are fully compliant with relevant Brazilian operating regulations.

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